Key Takeaways TotalEnergies signed a 10-year Heads of Agreement with KOGAS for 1 Mt LNG supply yearly.From 2028, TTE will deliver 3 Mt LNG annually from its U.S. and global portfolio.TTE aims to expand LNG to nearly 50% of its sales mix by 2030 while cutting emissions.TotalEnergies SE (TTE) announced the signing of a Heads of Agreement with South Korea’s national natural gas company KOGAS. The deal includes the annual delivery of 1 million tons (“Mt”) of liquefied natural gas (“LNG”) to South Korea over a 1 ...

SECOND QUARTER 2025 RESULTS August 14, 2025 Golar LNG Limited 2025 I 1 Forward looking statements This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Word ...

Core Insights - Golar LNG Limited has secured a 20-year charter agreement for the FLNG Hilli in Argentina, generating a net charter hire of $285 million per year, totaling $5.7 billion over the contract term [2][6][7] - The company reported a Q2 2025 net income of $16 million and an Adjusted EBITDA of $49 million, with a total cash position of $891 million [6][20][27] - Golar's share of contractual debt as of June 30, 2025, is approximately $2.05 billion, reflecting a significant increase from the previous year [20][28][38] Financial Performance - The company experienced a 13% decrease in net income year-over-year for Q2 2025, with total operating revenues increasing by 17% [20][21] - Adjusted EBITDA backlog increased by $13.7 billion, with significant upside potential from commodity-linked tariffs [6][11] - The company declared a dividend of $0.25 per share for Q2 2025, with a total of 102.3 million shares outstanding [18][20] Operational Developments - The FLNG Gimi achieved Commercial Operations Date (COD) in June 2025, with Golar owning 70% of the asset and an expected net earnings backlog of approximately $3 billion [4][6] - The MKII FLNG conversion project is on schedule, with $0.8 billion spent to date, and is expected to be delivered in Q4 2027 [5][8] - Golar is exploring additional FLNG growth units and has engaged with three prospective shipyards for future projects [12][13] Market Position and Strategy - Golar is positioned as a leading provider of FLNG solutions, capitalizing on the increasing demand for flexible LNG export options [13][14] - The company aims to optimize asset-level debt and secure attractive financing for future FLNG projects [3][5] - Golar's 10% ownership in Southern Energy S.A. (SESA) provides additional commodity exposure, equating to approximately $28 million in annual commodity exposure for every $1/MMBtu change in achieved FOB prices [10][11]

Financial Performance - Cheniere's Net Income increased to $1626 million in 2Q 2025, compared to $880 million in 2Q 2024[12] - Consolidated Adjusted EBITDA increased to $1416 million in 2Q 2025, compared to $1322 million in 2Q 2024[12] - Distributable Cash Flow increased to approximately $920 million in 2Q 2025, compared to approximately $700 million in 2Q 2024[12] - Approximately $13 billion was deployed in 2Q 2025, including ~$306 million for repurchasing ~14 million shares[16] Guidance and Outlook - The company is raising and tightening its full-year 2025 Consolidated Adjusted EBITDA guidance to $66 billion - $70 billion, from a prior range of $65 billion - $70 billion[13] - The company is raising and tightening its full-year 2025 Distributable Cash Flow guidance to $44 billion - $48 billion, from a prior range of $41 billion - $46 billion[13] - Cheniere expects to have >$25 billion of available cash through 2030, aiming to reach >$25/share of run-rate Distributable Cash Flow[16] Operational Highlights - Cheniere loaded 550 TBtu of LNG and exported 154 cargoes in 2Q 2025[16] - CCL Stage 3 Train 2 achieved Substantial Completion in August[16] - CCL Stage 3 total project completion was 867% as of June 30, 2025[21] Commercial Progress - Cheniere signed a commercial agreement for ~10 MTPA FOB from 2029 through 2050[14] - Cheniere signed a commercial agreement for ~085 MTPA IPM for 15 years beginning in ~2030[15]

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the Global Gas & LNG industry, particularly the dynamics of LNG supply and demand in the context of recent weather patterns and geopolitical developments. Core Insights and Arguments 1. **Weather Impact on LNG Demand**: Hotter weather in Northeast Asia in July led to a recovery in LNG imports, with China's imports flat compared to 2024 levels, contrasting with a -19% year-over-year decline in the first half of 2025 [3][8][45] 2. **European LNG Storage**: Despite some LNG being diverted to Asia, European storage levels continued to fill at a healthy rate, with inventories sitting at approximately 66%, below last year's 84% and the 2015-2023 average of 73% [49] 3. **Global Supply Dynamics**: Global LNG supply is expected to rise, with North America leading the way. The global export capacity utilization was strong at around 94% in July, compared to 82% a year ago [4][62] 4. **Price Forecasts**: The forecast for the Japan Korea Marker (JKM) remains unchanged at $13/mmbtu for the second half of 2025, with expectations of softening prices in 2026 and beyond as new capacity comes online [3][12] 5. **Geopolitical Risks**: The potential for secondary tariffs on Russian LNG, which accounts for about 8% of global supply, poses a risk worth monitoring, although supply disruptions are not expected [27] Additional Important Insights 1. **Regional Demand Trends**: Global LNG demand (excluding Europe) is down 3% year-to-date compared to 2024, with notable declines in China (-17%), India (-11%), and Japan (-1%). However, South Korea has seen a 2% increase in imports [9][51] 2. **New Capacity Developments**: New LNG projects in the U.S. are progressing ahead of schedule, with significant contracts signed in 2025, particularly with Asian buyers [14][16] 3. **Contracting Activity**: LNG contracting accelerated in the second quarter of 2025, with Asian buyers accounting for over half of the new contracts signed year-to-date [16] 4. **Inflation in Project Costs**: U.S. project costs have seen approximately 10% inflation over the past year, impacting the pricing of new project engineering, procurement, and construction (EPC) contracts [21] 5. **Long-term Supply Outlook**: The U.S. is projected to add around 95 million tons per annum (mtpa) of global supply over the next five years, contingent on further final investment decisions (FIDs) [24] Conclusion The conference call highlighted the interplay between weather patterns, geopolitical risks, and market dynamics in the Global Gas & LNG industry. The insights provided a comprehensive overview of current trends, future forecasts, and potential risks that investors should consider when evaluating opportunities in this sector.

Core Insights - Technip Energies has been awarded a significant Engineering, Procurement, and Construction (EPC) contract by Commonwealth LNG for a 9.5 Mtpa liquefied natural gas (LNG) facility in Cameron Parish, Louisiana, USA [1][4] - The contract involves the delivery of six identical liquefaction trains utilizing Technip Energies' SnapLNG by T.EN modular and scalable solution, which enhances schedule acceleration and cost optimization [2][3] - This project reinforces Technip Energies' position as a global leader in LNG, having contributed to over 20% of the world's operating LNG capacity [3] Company Overview - Technip Energies is recognized as a global technology and engineering powerhouse with leadership in LNG, hydrogen, ethylene, sustainable chemistry, and CO2 management [7] - The company generated revenues of €6.9 billion in 2024 and operates with over 17,000 employees across 34 countries [8] Project Details - The awarded contract is classified as a "major" award, representing revenue above €1 billion [5] - The project is pending Final Investment Decision (FID) by Commonwealth LNG, and will not be included in Technip Energies' backlog until FID or full notice to proceed is achieved [4]

Core Insights - Sempra Infrastructure and JERA Co., Inc. have signed a 20-year sale and purchase agreement for the supply of 1.5 million tonnes per annum of liquefied natural gas from the Port Arthur LNG Phase 2 project in Texas [1][2] - This agreement signifies a commitment to energy security and a lower carbon future through stable LNG supply [2][3] - The Port Arthur LNG Phase 2 project aims to double the liquefaction capacity of the facility from approximately 13 Mtpa to up to 26 Mtpa [4] Company Developments - Sempra Infrastructure is focused on advancing the Port Arthur LNG Phase 2 project towards a final investment decision, enhancing the U.S. role as a preferred LNG supplier [3] - The project has received all key permits and is actively being marketed and developed, with construction expected to begin soon [4][5] - The Port Arthur LNG Phase 1 project is currently under construction and is expected to achieve commercial operation in 2027 and 2028 for its two trains [6] Strategic Relationships - The agreement with JERA establishes a long-term relationship, ensuring reliable access to U.S. natural gas for Japan and the broader Asian market [3] - JERA's commitment to securing a dependable LNG supply aligns with its growth strategy and enhances its LNG portfolio [3][8] - JERA is Japan's largest power generation company and a significant player in the global LNG market, producing one-third of Japan's electricity [8]

Group 1 - Eni S.p.A has signed a long-term sales and purchase agreement with Venture Global Inc. for the purchase of 2 million tons per annum of LNG from the CP2 LNG facility in Louisiana, marking Eni's first long-term agreement with a U.S.-based LNG company [2][8] - The SPA has a duration of 20 years and is expected to enhance Europe's energy security by diversifying LNG supplies, supporting Eni's strategy to expand its presence in the global LNG market [2][8] - With Eni's agreement, the total contracted volume from the CP2 LNG facility has reached 13.5 million tons per annum, with other customers including PETRONAS and SEFE [3][8] Group 2 - Venture Global is developing multiple LNG projects, including the CP2 Project, which is currently under development, and is expected to begin LNG exports by the third quarter of 2027 [4] - The Calcasieu Pass and Plaquemines facilities have already started exporting LNG cargoes under long-term contracts, contributing to the overall growth of Venture Global's LNG export capabilities [4]

Investment Rating - The report does not explicitly state an investment rating for the LNG industry Core Insights - The report highlights a projected recovery in China's LNG demand in the second half of 2025, despite an overall decline in annual volumes due to various factors including mild weather and increased renewable energy output [5][26][29] - Global LNG trade in June 2025 reached 46.5 Bcm, showing a slight month-over-month decline but a year-over-year increase of 5.9% [5] - The report anticipates a total of approximately 294 Bcm/year of LNG projects currently under construction to begin operations by 2030, with the US accounting for about half of this capacity [1][6] Summary by Sections Global LNG Balances - Year-to-date global LNG demand growth was primarily driven by Europe and the East Mediterranean region, while demand from Asia, particularly China, saw a decline [5][26] - The report forecasts a total LNG trade volume of 590 Bcm for the full year 2025, reflecting a growth of around 5% [5][17] Spotlight on China - China's LNG demand has been weak in 2025, with a 1.3% decline in overall natural gas demand in the first five months compared to the previous year [26][27] - The Power of Siberia pipeline has reduced the need for more expensive LNG imports, contributing to a projected total LNG import volume of 101 Bcm for the year, down 4.7% year-over-year [28][29] Import Trends by Country - The report details that YTD LNG supply growth has been led by the US, with an increase of 11.5 Bcm to 72.4 Bcm, largely due to the Plaquemines LNG facility [5][6] - European imports have increased significantly, while demand from Asia, particularly China, has decreased [5][19] Export Trends by Country - The report notes that North America, the Middle East, and the Pacific regions are the primary exporters, with total exports reaching 46.5 Bcm in June 2025 [19][20] - The report highlights various upcoming projects and expansions in the LNG sector, including those in Mozambique and Canada, which are expected to contribute to future supply [10][11]

Core Insights - Venture Global Inc. has signed an expanded LNG offtake agreement with SEFE Energy for an additional 0.75 million tons per annum (mtpa) from its CP2 LNG project, increasing total purchases to 3 mtpa over a 20-year contract [1][2][9] - The company has long-term agreements with SEFE Energy and EnBW, totaling 5 mtpa, and has delivered nearly 80 LNG cargoes to Germany, sufficient to power approximately 8 million households annually [3][9] - The CP2 LNG facility, currently under development, is expected to have a capacity of 20 mtpa and commence exports by Q3 2027, playing a crucial role in global energy security [5] Strengthening Energy Security - The new contract enhances Venture Global's partnership with SEFE Energy, contributing to Germany's energy security and supporting the European gas market with a reliable energy supply [4] Project Overview - The CP2 LNG facility is located near the Calcasieu Pass LNG facility and is designed to have 36 liquefaction trains, reinforcing Venture Global's position in the LNG market [5]