Trade and Economic Strategy - Canada prioritizes multilateralism in trade and economic matters within the Indo-Pacific region, aiming to build resilient supply chains and diversify trade relationships [2] - Canada is actively negotiating a free trade agreement with ASEAN to benefit businesses and stakeholders in both regions [2] - Despite existing robust trade agreements, Canada emphasizes the importance of the Canada-ASEAN free trade agreement due to stress in the global economic environment [4] - Canada aims to finalize the ASEAN free trade agreement as soon as possible, focusing on resilient supply chains for the benefit of business and other stakeholders [5] - Canada is committed to opening doors to trade, free trade, and multilateralism amidst global geostrategic stress [8] - Diversification is considered the most important economic tool for Canada as a trading nation committed to multilateralism [15] Energy and Resources - Canada positions itself as a powerhouse in energy and critical minerals, with LNG shipments leaving Canadian shores [6] - Canada views energy and natural resources as its superpower, leveraging its competitive advantage [14] Trade Relations and Tariffs - Canada acknowledges the impact of tariffs, particularly from the US, on sectors like autos, steel, and aluminum [7][8] - Canada is engaged in complex negotiations with the United States to address tariffs and reach an agreement [8] - Canada has counter tariffs in place and is working to secure the best deal for Canadian industry and workers [12] - Approximately 300 billion USD of trade passes through the US-Canada border daily, emphasizing the need for an agreement that addresses the needs of Canadian workers, businesses, and the population [10]

One of the largest US exporters of LNG is raising questions over how to share a common waterway with a planned neighbor, underscoring a coming bottleneck for shipping space https://t.co/iRTeQlcl9j ...

Industry Overview - The liquified natural gas (LNG) market is rapidly growing as Asian countries transition from coal to natural gas to reduce emissions [1] - The U.S. LNG export market is expanding due to an abundance of natural gas, with Shell predicting a 60% increase in LNG demand by 2040 [1] Company: Energy Transfer - Energy Transfer operates one of the largest integrated midstream energy systems in the U.S., with a strong position in natural gas transportation and storage [2][4] - The company is investing $5 billion in capital expenditures by 2025 to capture AI-driven power demand and increase LNG export volumes [3] - Energy Transfer has a well-covered distribution with over 2x coverage last quarter, and 90% of its EBITDA comes from fee-based contracts, providing stable cash flows [4] Company: Williams Companies - Williams owns the Transco pipeline system, connecting Appalachian gas fields to high-demand centers, benefiting from the shift from coal to gas and rising LNG exports [8] - The company has eight major expansions planned for Transco through 2030, supported by long-term contracts, and is also focusing on data center projects [9] - Williams is expanding its position in the Haynesville Basin, which is well-positioned for future LNG export growth [10] Company: Cheniere Energy - Cheniere Energy is the largest LNG exporter in the U.S., owning the Sabine Pass and Corpus Christi terminals [11] - The company operates on a business model of long-term, take-or-pay contracts, with 95% of its capacity contracted until the mid-2030s [12] - Cheniere is expanding its capacity through the CCL Stage 3 project, with expectations of producing 47 million to 48 million tons of LNG in 2025 [13][14]

Core Viewpoint - The recent transfer of control of Hangzhou Gaoxin (300478.SZ) to Beijing Jirong Weiye Energy Technology Co., Ltd. marks a significant shift in the capital market, indicating the ambitions of Jirong Energy in the energy chemical sector and the urgency of the current controlling shareholder to exit the company [1][2]. Group 1: Transaction Details - The transaction is based on an overall valuation of 2.6 billion yuan for the listed company, with a premium of approximately 28.9% compared to the market capitalization of 2.017 billion yuan as of July 3 [1][2]. - The deal involves Jirong Weiye acquiring 19.03% of the shares from the current controlling shareholder, Donghang Group, and transferring the actual control of the company to Jirong Weiye [1][2]. Group 2: Company Performance and Strategy - Jirong Energy has shown significant growth, with a projected 100% increase in production capacity and a 185% increase in output for 2024 compared to 2023, alongside a compound annual growth rate of 144% in revenue over four years [5]. - The strategic goal set by Lin Rongsheng for Jirong Energy includes expanding from the western region to nationwide coverage and radiating to Eurasia, indicating a need for substantial funding, which the listed company can provide [5]. Group 3: Historical Context and Challenges - Hangzhou Gaoxin has faced challenges with continuous losses in net profit since 2018, despite some revenue growth in 2025, which may have contributed to Donghang Group's willingness to transfer control [7][11]. - The company has experienced frequent changes in control over the past six years, with the current controlling shareholder, Hu Min, having taken over in 2022 but failing to turn around the company's financial performance significantly [10].

Project Status - A floating LNG terminal chartered by Germany has left its temporary location [1] - The project aimed at boosting energy security is unlikely to resume soon [1]

Financial Data and Key Metrics Changes - The company achieved total operating revenues of $63 million in Q1 2025, with FLNG tariffs reaching $73 million for the quarter [34] - Total EBITDA for Q1 was $41 million, driven largely by lower Brent and TTF prices, with a twelve-month EBITDA of $218 million [35] - The net income for the quarter was $13 million, consistent with the previous quarter, including $32 million of non-cash items [36] - The company maintains a strong liquidity position with approximately $680 million in cash at the end of the quarter [36] Business Line Data and Key Metrics Changes - The Hilli FLNG unit maintained a 100% operational uptime and has delivered 132 cargoes since 2018, producing over 9.2 million tonnes of LNG [4][5] - The Gimi FLNG is in the final stages of commissioning, with a contractual EBITDA of $151 million based on 90% capacity utilization [6] - The Mark II FLNG conversion is progressing well, with a projected delivery by the end of 2027 [8][9] Market Data and Key Metrics Changes - The global LNG market is projected to grow significantly, with the U.S. being the largest producer, holding a 23% market share [21] - The delivered price of U.S. export projects is above $10 per MMBtu, while Golar's contracts in Argentina have a gross tariff of around $2.45 per MMBtu [22][24] Company Strategy and Development Direction - Golar LNG is focused on becoming a market-leading infrastructure company with a significant backlog of contracts, currently standing at $17 billion [11][69] - The company aims to secure additional FLNG units and is in discussions for potential projects with competitive wellhead gas [29] - The strategic focus includes risk mitigation through regulatory frameworks and maintaining a strong position in the LNG market [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing a robust backlog and favorable market conditions for LNG [66] - The company anticipates significant additional EBITDA contributions from commodity price increases, with a focus on long-term contracts [15][17] - Management highlighted the importance of maintaining a strong team and innovative approaches to capture market opportunities [59][62] Other Important Information - The company declared a dividend of $0.25 per share for the quarter, with a record date of June 3 and payment scheduled for June 10 [36] - Golar has fully exited LNG shipping with the sale of Golar Arctic and its equity stake in Avenir LNG [3] Q&A Session Summary Question: Could you touch on the overall commercial strategy for offtake on the Argentina projects? - The strategy involves a mix of Brent, JKM, and TTF linked volumes, with some left for spot sales, targeting high-paying countries near Argentina [74] Question: Is there any additional upside on the base charter rate for excess production similar to the Gimi contract? - No, the charter for the Argentina project is for full capacity, with earnings above 90% captured through the shareholding in Southern Energy [76] Question: When do we start thinking about ordering the long lead items for another new build? - For Mark I and II, the conversion time is approximately three years, while Mark III would take about four years [77] Question: How do we think about the JV's breakeven price for the commodity exposure? - The breakeven is assumed to start at $7.5, with upside from $8, and Golar is liable for 10% of the required investments by CESA [78] Question: Is the company currently considering strategic alternatives if the share price stays low? - The focus remains on running the business, but the board will consider options if the share price does not reflect the company's value over time [84][90] Question: Can you clarify around any remaining CapEx associated with Gimi? - No material payments are expected in the second quarter, with revenues from Gimi to start contributing to the P&L upon commencement of operations [92]

AB KN Energies (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the 3 months ended 31 March 2025. Key financial indicators for the 1- 3 months of 2025: EUR millionsGroupCompany 1-3 months of 20251-3 months of 20241-3 months of 20251-3 months of 2024Revenue25.324.4<td style="width:121.8px;;vertical-align: middle; text-align: left; pa ...

Financial Data and Key Metrics Changes - In Q1 2025, the company generated consolidated adjusted EBITDA of approximately $1.9 billion, distributable cash flow of approximately $1.3 billion, and net income of approximately $350 million [9][39]. - Compared to Q1 2024, the results reflect higher total margins due to increased international gas prices and optimization of cargo sales [39]. Business Line Data and Key Metrics Changes - The company achieved substantial completion on the first train of the Corpus Christi Stage three project ahead of schedule and within budget, with commissioning completed in March [9][10]. - The company produced and sold approximately 6 TBtu of LNG attributable to the commissioning of Train one of the Stage three project [39]. Market Data and Key Metrics Changes - LNG imports into Europe rose 23% year-on-year in Q1 to 36 million tons, with U.S. deliveries increasing 34% to 20.5 million tons [27]. - In contrast, China's LNG imports declined 25% year-on-year to 15.1 million tons due to stronger domestic production and increased pipeline imports [30]. Company Strategy and Development Direction - The company is focused on expanding its LNG platform and developing new production capacity to meet global energy demands [7]. - The company aims to achieve first LNG from Train two by the end of the month and expects Train four to be commissioned by the end of the year [11][19]. Management's Comments on Operating Environment and Future Outlook - Management noted that the LNG market is characterized by heightened volatility and geopolitical risks, but remains committed to operational excellence [8][14]. - The long-term LNG demand outlook remains strong, with the company well-positioned to navigate trade dynamics and maintain its competitive edge [46][47]. Other Important Information - The company has locked in over $500 million of costs for midscale trains eight and nine, mitigating risks associated with inflation for materials and equipment [17][43]. - The company declared a dividend of $0.50 per common share for Q1 and remains committed to growing its dividend by approximately 10% annually [41]. Q&A Session Summary Question: Current contracting market and trade agreements - Management highlighted the strong position of LNG in balancing trade and the company's selective partnerships to capture market premiums [52][55]. Question: Competitive advantage in the marketplace - Management emphasized the company's focus on differentiated opportunities and strong customer relationships, avoiding commoditized competition [58]. Question: Permitting process and future projects - Management discussed the administration's focus on permitting reform and the positive progress on permits for midscale trains eight and nine [61][63]. Question: Vulnerability to LNG supply shocks in 2025 - Management acknowledged Europe's vulnerability due to low inventories and the cessation of Russian gas flows, indicating potential for increased demand for U.S. LNG [64][66]. Question: 2020 Vision capital allocation update - Management confirmed progress on the 2020 Vision, with significant capital deployed towards shareholder returns and growth initiatives [70][71]. Question: Future contracting strategy in light of global trade realignment - Management reiterated the importance of Chinese counterparties while emphasizing that U.S. volumes to China are not critical for the company's strategy [80][82].

Core Viewpoint - Golar LNG Limited has announced the Final Investment Decision for a 20-year re-deployment charter of the FLNG Hilli and signed agreements for a 20-year charter for the MKII FLNG, both to be operated offshore Argentina, which is expected to significantly enhance the company's earnings backlog and commodity exposure [1][2][4]. Group 1: Charter Agreements - The two FLNG agreements are projected to contribute US$ 13.7 billion in earnings backlog over 20 years, before adjustments based on US-CPI and commodity-linked tariff upside [2]. - For every US$ 1/mmbtu increase above US$ 8/mmbtu, Golar will gain approximately US$ 100 million when both FLNGs are operational [2]. - SESA has the option to reduce the term of the agreement to 12 years for FLNG Hilli and 15 years for MKII FLNG, subject to a 3-year notice and payment of a fee [2]. Group 2: Commodity Linked Tariff - Golar will receive 25% of realized FOB prices above a threshold of US$ 8/mmbtu, with no cap on the upside for gas prices [3]. - A mechanism allows for partial reduction of charter hire if FOB prices fall below US$ 7.5/mmbtu, down to a floor of US$ 6/mmbtu, with a maximum accumulated discount capped at US$ 210 million [3]. - Any outstanding discounted charter hire amounts will be repaid through additional upside sharing if FOB prices exceed US$ 7.5/mmbtu [3]. Group 3: Project Support and Infrastructure - The project has received full support from the National and Provincial Governments in Argentina, including a 30-year LNG export authorization and qualification for the Incentive Regime for Large Investments [5]. - The FLNGs will be located offshore in the Gulf of San Matias, monetizing gas from the Vaca Muerta formation, which is the world's second-largest shale gas resource [6]. - SESA plans to construct a dedicated pipeline from Vaca Muerta to the Gulf of San Matias to ensure gas supply to the FLNGs, enhancing operational efficiencies [6]. Group 4: Company and Market Position - Golar LNG Limited is a leading maritime LNG infrastructure company, recognized for pioneering floating LNG projects and is the only proven provider of FLNG as a service [10]. - The partnership with leading Argentinian gas producers positions Golar to benefit from the vast resources of the Vaca Muerta formation, contributing to Argentina's LNG export capabilities [7].