Financial Performance - 3Q 2025 - Net Income reached $55.0 million in 3Q 2025 [21] - Adjusted Net Income was $57.1 million in 3Q 2025 [21] - Adjusted EBITDA amounted to $129.3 million in 3Q 2025 [21] - Compared to 2Q 2025, Net Income increased from $20.8 million, Adjusted Net Income increased from $46.8 million, and Adjusted EBITDA increased from $107.1 million [21] - Compared to 3Q 2024, Net Income increased from $45.5 million, Adjusted Net Income increased from $45.5 million, and Adjusted EBITDA increased from $92.3 million [21] Balance Sheet - Cash and Cash Equivalents stood at $462.6 million as of September 30, 2025 [36] - Total Debt and Finance Leases amounted to $1,280.9 million, including $942.1 million in debt facilities, $163.6 million in debt facilities from related parties, and $175.2 million in finance lease liabilities [36] 2025 Financial Outlook - The company projects an Adjusted EBITDA between $435 million and $450 million for 2025 [35]

Financial Data and Key Metrics Changes - The existing fleet of three FLNGs is fully contracted with a total EBITDA backlog of $17 billion before commodity upside and inflationary adjustments [2][4] - The company generated $221 million of adjusted EBITDA over the last 12 months, with a net income of $46 million for the quarter [3][28] - The cash position stands at $1 billion, with a net debt position of approximately $1.4 billion [3][28] Business Line Data and Key Metrics Changes - Hilli generated $51 million of adjusted EBITDA, while GIMI contributed $48 million during the quarter [27] - The company added $8 billion of firm EBITDA backlog through the successful fulfillment of all conditions precedent (CPs) for the Mark II's 20-year charter in Argentina [6][7] Market Data and Key Metrics Changes - The company is observing strong interest in long-term offtake agreements in Argentina, particularly due to the country's significant shale gas reserves [42] - The FLNG industry is experiencing increased adoption, with a growing number of projects being planned globally [22][75] Company Strategy and Development Direction - The key focus is on developing the fourth FLNG unit, with significant technical and commercial progress made in deciding on size and design [2][3] - The company aims to maintain a maximum of one unchartered FLNG at a time while pursuing long-term infrastructure contracts [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings visibility for all assets through 2045 and beyond, with expectations for EBITDA to quadruple by 2028 [4][30] - The company is positioned to benefit from lower production costs compared to the largest LNG producers, enhancing its competitive advantage [25][81] Other Important Information - A new $150 million buyback program has been approved, continuing the company's track record of returning capital to shareholders [30][38] - The company is in advanced stages of securing a $1.2 billion bank refinancing facility for GIMI, expected to close within the quarter [11][31] Q&A Session Summary Question: Comments on CESSA's strategy for long-term offtake agreements - Management noted that CESSA is actively working to lock in offtake for Hilli volumes and expects to sign contracts soon, given the strong interest from major industrial and trading houses [42][43] Question: Future projects and CAPEX to EBITDA ratio - Management indicated that while there is cost inflation, they aim to target similar CAPEX to EBITDA ratios for new projects as seen in existing projects [44][45] Question: GIMI's capacity and potential for production increase - Management confirmed that GIMI's nameplate capacity is 2.7 MTPA, with potential to produce more than 2.4 MTPA through debottlenecking exercises [48][49] Question: Competition in the FLNG market - Management acknowledged increased competition for shipyard slots and long lead items but emphasized that Golar remains the only proven provider of FLNG as a service [51][52] Question: Buyback program metrics and deployment - Management stated that the new buyback program will be executed opportunistically, similar to past approaches [56][57] Question: Status of the pipeline for Argentina - Management provided updates on the pipeline construction timeline, indicating that it is expected to be completed within the timeline for Mark II's arrival [70][71]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated consolidated adjusted EBITDA of approximately $1.6 billion, distributable cash flow of approximately $1.6 billion, and net income of approximately $1 billion [7][30] - The full-year 2025 guidance for consolidated adjusted EBITDA remains at $6.6 to $7 billion, while the distributable cash flow guidance has been raised from $4.4 to $4.8 billion to $4.8 to $5.2 billion [7][39] - The increase in distributable cash flow guidance is primarily due to a discrete IRS rule change related to the Corporate Alternative Minimum Tax [7][39] Business Line Data and Key Metrics Changes - The company produced and exported 163 cargoes of LNG during the third quarter, achieving a milestone of the 3,000th LNG cargo produced at Sabine Pass [8] - The operational challenges faced were primarily due to variability in natural gas quality, which required real-time adjustments to liquefaction processes [9][10] Market Data and Key Metrics Changes - Global LNG demand in Q3 2025 was supported by European imports, while Asian demand remained soft, leading to price differentials that incentivized U.S. cargoes to Europe [18][20] - European LNG imports increased year on year, while Russian piped gas volumes decreased by 43% year on year [21][24] - Asian LNG imports declined by 4% year on year in Q3 2025, with a notable decrease in demand from China and India [22][24] Company Strategy and Development Direction - The company is focused on expanding its Corpus Christi Stage 3 and Sabine Pass projects while maintaining operational excellence and a disciplined capital allocation program [4][5] - The company aims to achieve over 50 million tons of LNG production in 2026, supported by the startup of remaining trains at Corpus Christi Stage 3 [10][41] - The company emphasizes a disciplined approach to new liquefaction capacity under long-term contracts, ensuring high visibility into future cash flows [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025, including geopolitical unrest and rising costs, but expressed confidence in the company's ability to deliver predictable results [4][6] - The company expects a record year for LNG production in 2026, with planned maintenance designed to enhance long-term production reliability [10][41] - Management remains optimistic about the long-term demand for LNG, particularly in Asia, as new supply enters the market [26][28] Other Important Information - The company deployed approximately $1.8 billion under its capital allocation plan in Q3 2025, including $600 million in growth CapEx and $1 billion in share repurchases [10][32] - The company declared a dividend of $0.555 per common share, marking a 10% increase from the prior quarter [36] Q&A Session Summary Question: Thoughts on buybacks and future trajectory - Management indicated that the buyback program is expected to continue at a similar pace, with plans to seek an increase in the authorization next year [51] Question: LNG market demand and pricing - Management discussed the potential for lower prices to incentivize demand in Asia, highlighting the importance of power generation and industrial demand as key drivers [52][54] Question: Impact of EU's ban on Russian gas imports - Management expressed optimism about increased marketing opportunities in Europe, given the strong relationships with EU counterparties [63] Question: Incremental capacity expansion plans - Management confirmed a disciplined approach to future expansions, focusing on projects that meet robust financial hurdles and are fully contracted [65][67] Question: Variability in feed gas composition - Management explained ongoing efforts to address feed gas variability through process adjustments and small capital investments [71][73]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated consolidated adjusted EBITDA of approximately $1.6 billion, distributable cash flow of approximately $1.6 billion, and net income of approximately $1 billion [7][30]. - The full-year 2025 guidance for consolidated adjusted EBITDA remains at $6.6 billion to $7 billion, while the distributable cash flow guidance has been raised from $4.4 billion-$4.8 billion to $4.8 billion-$5.2 billion [7][40]. Business Line Data and Key Metrics Changes - The company produced and exported 163 cargoes of LNG during the third quarter, achieving production levels within financial forecasts despite operational challenges [8][9]. - The substantial completion of the third train of Corpus Christi Stage 3 was achieved ahead of schedule, with expectations for 2026 to be a record year for LNG production, targeting over 50 million tons [6][10]. Market Data and Key Metrics Changes - Global LNG demand in Q3 2025 was primarily driven by European imports, while Asian demand remained subdued, leading to price stability in the market [17][18]. - European LNG imports increased year on year, while piped gas volumes from Russia decreased by 43% compared to the previous year [20][21]. Company Strategy and Development Direction - The company is focused on executing its growth strategy, including the expansion of Corpus Christi Stage 3 and the development of mid-scale trains [4][5]. - The company aims to maintain a disciplined approach to capital allocation, ensuring investments meet robust financial hurdles and are primarily contracted with investment-grade counterparties [16][62]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the operating environment, including geopolitical unrest and rising costs, but emphasized a disciplined approach to navigating these challenges [4][6]. - The company expects a significant increase in liquefaction capacity globally, which will help stabilize prices and catalyze demand in price-sensitive markets [26][28]. Other Important Information - The company repurchased approximately 4.4 million shares for just over $1 billion during the third quarter, reflecting confidence in long-term value [11][34]. - A dividend of $0.555 per common share was declared, marking a 10% increase from the previous quarter and a nearly 70% increase since initiation [37]. Q&A Session Summary Question: Thoughts on the pace of buybacks going forward - Management indicated that the buyback program is expected to continue at a strong pace, with plans to seek an increase in the buyback authorization next year [51][52]. Question: Comments on LNG market demand in Asia - Management expressed optimism about medium to long-term demand growth in Asia, particularly in power generation and industrial sectors, despite current volatility [54][56]. Question: Impact of EU's ban on Russian natural gas imports - Management anticipates increased marketing opportunities in Europe as the EU leans further into U.S. LNG, with strong relationships with EU counterparties [59][60]. Question: Incremental capacity expansion plans - The company plans to remain disciplined in capital investments, focusing on brownfield developments and ensuring projects meet financial hurdles [62][64]. Question: Future FID timing for Sabine Train 7 - Management indicated that FID for Sabine Train 7 is contingent on receiving necessary permits, with potential for early preparations to lock in costs [74][75].

Financial Data and Key Metrics Changes - In Q3 2025, the company generated consolidated adjusted EBITDA of approximately $1.6 billion, distributable cash flow of approximately $1.6 billion, and net income of approximately $1 billion [6][32][41] - The full-year 2025 guidance for consolidated adjusted EBITDA remains at $6.6 to $7 billion, while the distributable cash flow guidance has been raised from $4.4 to $4.8 billion to $4.8 to $5.2 billion [6][41] Business Line Data and Key Metrics Changes - During Q3, the company produced and exported 163 cargoes of LNG, achieving a milestone of the 3,000th LNG cargo produced at Sabine Pass [7][32] - The company reported higher total volumes of LNG produced due to the substantial completion of mid-scale Trains 1 and 2 at Corpus Christi Stage 3 [32] Market Data and Key Metrics Changes - Global LNG demand in Q3 2025 was supported by European imports, while Asian demand remained subdued, with LNG imports into Asia declining 4% year on year [18][24] - European gas storage injections reduced a deficit from 20 bcm to 13 bcm, indicating tighter balances compared to previous years [21] Company Strategy and Development Direction - The company is focused on expanding its Corpus Christi Stage 3 and Sabine Pass projects while maintaining operational excellence and a disciplined capital allocation program [4][5] - The company aims to achieve over 50 million tons of LNG production in 2026, supported by the startup of remaining trains at Corpus Christi Stage 3 [9][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025 due to geopolitical unrest, rising costs, and supply chain issues but emphasized a disciplined approach to navigate these challenges [4][5] - The company expects a record year for LNG production in 2026, with a preliminary forecast of 51 to 53 million tons of LNG [43][44] Other Important Information - The company repurchased approximately 4.4 million shares for just over $1 billion during the third quarter, marking the second highest quarterly buyback amount to date [10][35] - A dividend of $0.555 per common share was declared, representing a 10% increase from the prior quarter [38] Q&A Session Summary Question: Thoughts on the pace of buybacks - Management indicated that the buyback program is expected to continue at a similar pace, with plans to seek an increase in the buyback authorization next year [52][56] Question: Impact of lower prices on LNG demand - Management expressed optimism about medium to long-term demand growth in Asia, driven by power generation and industrial demand [60][62] Question: Upside to marketing activities with EU's ban on Russian gas - Management highlighted strong relationships with EU counterparties and anticipated opportunities for increased marketing activities in Europe [68][70] Question: Incremental capacity expansion plans - Management confirmed a disciplined approach to growth, focusing on brownfield LNG development and ensuring all investments meet financial hurdles [74][78] Question: Variability in feed gas composition - Management discussed ongoing efforts to address feed gas variability through process adjustments and small capital investments [81][83]

Core Viewpoint - Cheniere has shown significant improvement in its performance due to better margins, increased capacity, and a tighter global LNG market, leading to strong stock performance [1] Company Analysis - Cheniere has successfully navigated past solvency concerns and is now experiencing growth driven by favorable market conditions [1] - The company is positioned to capitalize on secular growth opportunities in the LNG sector, which is characterized by barriers to entry [1] Industry Insights - The investment landscape is shifting due to an aging population, low population growth, and stagnating productivity, creating new opportunities distinct from historical trends [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance as competition diminishes [1] - The economy is increasingly influenced by asset-light businesses, leading to a reduced need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited number of investment opportunities, resulting in rising asset prices and compressed risk premiums [1]

The U.S. LNG industry will start facing restrictions just as export volumes are set to surge, Leslie Palti- Guzman writes in a guest commentary. ...

Core Insights - Delfin Midstream has signed a letter of award (LoA) with Samsung Heavy Industries (SHI) for the first floating liquefied natural gas (FLNG) vessel at the Delfin LNG project, moving towards a final investment decision (FID) [1][2] - The project is set to have an FID in November 2025 and aims to establish the first LNG export deep-water port facility in the US, with a production capacity of up to 13.2 million tonnes per annum (mtpa) [2][5] - The collaboration between Delfin Midstream and SHI will extend to the second and third FLNG vessels, with a focus on strategic business opportunities including shipbuilding cooperation [3][4] Project Details - The LoA designates SHI as the exclusive engineering, procurement, construction, and installation (EPCI) contractor, granting Delfin exclusive construction rights at SHI's dock [1][2] - An early engagement phase and project de-risking will be initiated to prepare for execution, following Delfin's procurement of gas turbine manufacturing capacity from Siemens Energy [2] - The Delfin project is expected to contribute to the economy and create jobs over the long term, with a heads of agreement signed for the long-term supply of 1.5 mtpa of LNG for a minimum of 15 years [5] Leadership Perspective - Delfin Midstream CEO Dudley Poston expressed satisfaction with the progress towards FID, emphasizing the strengthening of the construction pathway for all three FLNG vessels and the potential for increased cooperation in trade and energy between Korea and the USA [4]

Group 1 - Cheniere Energy (NYSE: LNG) is currently viewed as a buy despite recent stock price declines, indicating a solid long-term outlook for the LNG sector [1] - The analyst has over 10 years of experience researching various companies across multiple industries, including commodities and technology, which enhances the quality of insights provided [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on numerous companies has been conducted [1] Group 2 - The analyst expresses a potential interest in initiating a long position in LNG within the next 72 hours, indicating a favorable outlook for the stock [2] - There is no current ownership of stock or derivatives in the companies mentioned, ensuring an unbiased perspective in the analysis [2]

Group 1 - Cheniere Energy (NYSE: LNG) is identified as a potential investment opportunity despite recent stock price declines, with a focus on its long-term LNG market prospects [1] - The analyst has over 10 years of experience researching various companies across multiple sectors, including commodities and technology, which informs their investment insights [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, indicating a shift in content delivery and audience engagement [1] Group 2 - The analyst expresses a potential interest in initiating a long position in LNG within the next 72 hours, suggesting a favorable outlook on the stock [2] - There is no current ownership of stock or derivatives in the companies mentioned, indicating an unbiased perspective in the analysis [2]