Rio Grande LNG Facility Development - NextDecade is developing a 5-Train, 27 MTPA liquefaction facility in Brownsville, TX, with Trains 1-3 under construction and first LNG expected in 2027[16] - Phase 1 (Trains 1-3) is under construction with a combined nameplate capacity of 17.6 MTPA, and FID was achieved in July 2023[83, 86, 96] - The EPC contract for Train 4 was finalized in August 2024, with a price of approximately $4.3 billion and validity through December 31, 2024[52] - A 20-year SPA with ADNOC for 1.9 MTPA of LNG and a Heads of Agreement with Aramco for 1.2 MTPA of LNG support Train 4's commercial progress[28, 54] Financial and Commercial Aspects - Phase 1 has total estimated capital project costs of $18 billion, fully funded through a combination of equity and debt financing[116, 118] - Over 90% of Phase 1 nameplate capacity is contracted with creditworthy customers, providing approximately $1.8 billion in expected annual fixed fees[113] - Equity partners have options to provide 60% of equity financing for each of Train 4 and 5[28] - NextDecade expects an economic interest of up to 20.8% in Phase 1[118] Market and Sustainability - Global LNG demand is expected to grow, requiring over 350 MTPA of incremental LNG supply by 2040[59] - NextDecade is committed to sustainability and social responsibility, aiming to deliver reliable and sustainable energy solutions through liquefaction and CCS infrastructure[33] - Next Carbon Solutions aims to reduce GHG emissions through the development of end-to-end CCS solutions[33]

Project Overview - Rio Grande LNG Facility has a potential liquefaction capacity of approximately 48 MTPA, with Phase 1 (Trains 1-3) under construction and Trains 4-5 in commercialization[12] - First LNG is expected in 2027[13] - NextDecade is developing a potential CCS project at the Rio Grande Facility[14] Financial Highlights - Phase 1 has an estimated capital project cost of $18 billion, fully funded through $6.1 billion in equity commitments and $12.3 billion in debt financing[111] - Over 90% of Phase 1 nameplate capacity is contracted with diverse customers, with Henry Hub-linked SPAs providing approximately $1.8 billion in expected annual fixed fees[105] - NextDecade expects an economic interest of up to 20.8% in Phase 1[111] - Projected distributable cash flow from Trains 1-3 is estimated between $0.2 billion and $0.3 billion per year over 20 years, and Trains 4-5 is estimated between $0.7 billion and $1.0 billion per year[123] Expansion and Growth - Equity partners have options to provide 60% of equity financing for each of Train 4 and 5[27] - A 20-year SPA with ADNOC for 1.9 MTPA of LNG and a Heads of Agreement with Aramco for 1.2 MTPA for 20 years have been executed for Train 4[27] - TotalEnergies holds an LNG purchase option for 1.5 MTPA from Train 4 for a 20-year SPA[27] - Expansion plans include developing Trains 6-8 with a total potential liquefaction capacity of approximately 18 MTPA[35] Construction Progress - Trains 1 and 2 are 38.1% complete, while Train 3 is 15.3% complete[35] - A $175 million senior secured loan was entered into for working capital and development expenses for expansion trains[35]

Rio Grande LNG Facility Development - Rio Grande LNG Facility has approximately 48 MTPA of potential liquefaction capacity under construction or in development[15] - Phase 1 (Trains 1-3) is under construction with first LNG expected in 2027[15, 16] - Train 4 commercialization is complete, supported by 4.6 MTPA of LNG SPAs with ADNOC, Aramco, and TotalEnergies[30, 37] - Equity partners have options to provide 60% of equity financing for each of Train 4 and 5[30] - Trains 1 and 2 are 42.8% complete, and Train 3 is 17.8% complete[38, 48] Commercial Agreements and Financial Structure - Over 90% of Phase 1 nameplate capacity is contracted with creditworthy customers, with Henry Hub-linked SPAs providing approximately $1.8 billion in expected annual fixed fees[114] - Total estimated capital project costs for Phase 1 are $18 billion, fully funded by project financing[120] - NextDecade expects an economic interest of up to 20.8% in Phase 1[120] Market and Sustainability - Global gas demand increased approximately 2.5% in 2024 despite limited new LNG supplies[75] - Global gas demand is expected to outpace LNG supply growth of approximately 170 MTPA to 2030 in a conservative growth case[79] - NextDecade is developing a potential CCS project at the Rio Grande LNG Facility, focused on post-combustion carbon capture[34, 139]

Core Viewpoint - The U.S. Department of Energy has issued a permit for the Port Arthur LNG Phase 2 project, allowing the export of approximately 13.5 million tonnes per annum of U.S.-produced LNG to non-FTA countries, marking a significant regulatory milestone for the project [1][2]. Group 1: Project Development - The Port Arthur LNG Phase 2 project aims to enhance the U.S. position in global energy markets and support trade goals while providing economic opportunities at various levels [2]. - The project is under active marketing and development, with authorization from the Federal Energy Regulatory Commission received in September 2023 [2]. - The Phase 2 project will include two liquefaction trains, increasing the total liquefaction capacity of the Port Arthur facility from approximately 13 million tonnes per annum for Phase 1 to about 26 million tonnes per annum [2]. Group 2: Strategic Partnerships - In June 2024, Sempra Infrastructure and a subsidiary of Aramco signed a non-binding heads of agreement for a long-term LNG offtake agreement and equity investment in the Port Arthur LNG Phase 2 project [3]. - Bechtel was selected for a fixed-price engineering, procurement, and construction contract for the project in July 2024 [3]. Group 3: Current Status and Future Outlook - The Port Arthur LNG Phase 1 project is currently under construction, with expected commercial operation dates for the first two trains set for 2027 and 2028, respectively [4]. - Future phases of the Port Arthur LNG project are in the early development stage, indicating ongoing expansion plans [2].

Financial Performance & Backlog - Golar reported total operating revenues of $63 million in Q1 2025[68] - Adjusted EBITDA for Q1 2025 was $41 million[68] - Golar's Adjusted EBITDA backlog is approximately $17 billion, before commodity upside and inflationary adjustments[70, 88, 89] - Golar's share of contractual debt is $1495 million and Total Golar Cash is $678 million, resulting in Adjusted Net Debt of $817 million[68] FLNG Operations & Projects - FLNG Hilli has produced over 92 million tons of LNG since commercial operation date (COD)[10] - FLNG Gimi's COD is expected in Q2 2025, activating $151 million of annual Adjusted EBITDA to Golar[20] - Total spend to date on MKII FLNG is approximately $07 billion, fully equity funded, with project delivery scheduled for Q4 2027[25] Argentina & SESA Contracts - Golar has secured approximately $14 billion+ in Adjusted EBITDA backlog from Argentina contracts[32] - Golar's 10% shareholding in Southern Energy S A (SESA) adds approximately $28 million in annual Adjusted EBITDA commodity exposure per $1/MMBtu change in LNG FOB prices[38] - Commodity upside in Adjusted EBITDA of $70 million per year for every $1/MMBtu achieved FOB prices are above $8/MMBtu[35]

Core Viewpoint - TotalEnergies SE has signed a long-term agreement to purchase 2 million tons per annum of liquefied natural gas (LNG) from the Ksi Lisims LNG project for 20 years, contingent upon the final investment decision for the project [1] Group 1: Agreement Details - The Ksi Lisims LNG project, located in British Columbia, Canada, is fully electrified and powered by hydroelectricity, making it one of the lowest carbon dioxide-emitting LNG projects globally [2] - The LNG plant has a total capacity of 12 million tons per annum and will have privileged access to the Asian market, which is the largest LNG market [2] - TotalEnergies is making a 5% investment in Western LNG, the company developing the Ksi Lisims LNG plant, with the potential to increase its ownership stake to 10% upon the final investment decision [3] Group 2: Strategic Objectives - By acquiring LNG from the Ksi Lisims facility, TotalEnergies aims to expand its LNG portfolio in North America and leverage Western Canada's competitive LNG supply to serve its Asian customers better [4] - TotalEnergies holds an integrated position across the LNG value chain, including production, transportation, and access to over 20 million tons per annum of regasification capacity in Europe [5] - The company's global LNG portfolio is projected to reach 40 million tons per annum by 2024, supported by its interests in liquefaction plants worldwide [6] Group 3: Market Trends and Demand - TotalEnergies' LNG expansion aligns with its long-term goal to increase the share of natural gas in its sales mix to nearly 50% by 2030 while reducing carbon and methane emissions [7] - According to Shell plc, global LNG demand may rise by approximately 60% by 2040, driven by economic growth in Asia and emission reduction efforts [10] - The anticipated increase in LNG supply, exceeding 170 million tons by 2030, is expected to meet the growing gas demand, particularly in Asia [10] Group 4: Competitor Insights - Companies like Cheniere Energy and BP are positioned to benefit from the rising LNG demand, with Cheniere operating terminals with a total capacity of over 46 million tons per annum and BP targeting a 25 million tons per annum LNG portfolio by 2025 [11][12][13]

Financial Performance & Projections - Q1 2025 Adjusted EBITDA was $82 million[8], with zero net deferred earnings from contracted sales and $10 million of depreciation in cost of sales from Fast LNG 1[64] - The company expects 2025 AEBITDA to be between $1.25 billion and $1.5 billion, higher than previous estimates, including ~$500 million in core earnings and $750 million to $1 billion in one-off gains[9] - Net loss attributable to stockholders in Q1 2025 was $200 million, a $42 million decrease QoQ[67] - Total liquidity after the Jamaica sale is $1.116 billion, including $393 million from the sale[67] Jamaica Sale & Debt Reduction - The sale of the Jamaica business for $1.055 billion is expected to yield net proceeds of $778 million[16] and a book gain of ~$430 million[11] - Proceeds from the Jamaica sale will be used to pay down $270 million of revolver debt and $55 million of Term Loan A[56] FSRU Sub-charters - Sub-chartering four FSRUs is expected to generate $312 million nominally over the lives of the contracts[11, 61], with a PV10 of ~$236 million[11] Brazil Operations - Construction of CELBA 2 is ~95% complete, with cash flows expected to commence in the second half of 2025[42] - PortoCem is ~54% complete, with capacity revenues expected to commence in the second half of 2026[42] - The company has registered for 2 GW+ of its own projects in the upcoming Brazil energy auctions and has been requested by 3rd parties to supply gas to 3 GW+ of projects[46, 47]

Financial Data and Key Metrics Changes - Revenue for the first quarter decreased by 12% compared to the first quarter of 2024, primarily due to the roll-off of a large contract and planned downtime with a major marine customer [12] - GAAP net loss was $1.6 million or $0.09 per diluted share, compared to net income of $1.5 million or $0.08 per diluted share in the first quarter of 2024 [13] - Adjusted EBITDA was $2.1 million, down from $3.1 million in the first quarter of last year, with an adjusted EBITDA margin of 11.9%, down from 15.7% [13] Business Line Data and Key Metrics Changes - Revenue in marine and aerospace markets grew by over 13% year over year, driven by increased activity with a major aerospace customer [6] - Approximately 51% of revenues were derived from marine and aerospace customers compared to 39% in the first quarter of last year [12] - Power generation revenues remained consistent with Q1 of 2024 [12] Market Data and Key Metrics Changes - The company is focused on expanding its position in high-growth sectors such as marine bunkering, aerospace, and power generation, supported by significant multiyear demand [5] - The company expects steady utilization and demand under existing contracts, with potential upside as new opportunities are converted into signed agreements [7] Company Strategy and Development Direction - The strategy remains focused on becoming the leading small-scale LNG supplier in high-growth sectors where access to traditional LNG supply infrastructure is limited [6] - The company is evaluating potential expansion of liquefaction capacity in South Texas and along the Gulf Coast as part of its long-term growth strategy [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in revenues does not reflect the underlying momentum in the business, and they continue to generate consistent positive operating cash flow [6] - The company remains focused on maintaining a strong balance sheet and liquidity position to fund future growth [9] Other Important Information - Cash generated from operations during the first quarter was $1 million, representing a conversion rate of 50% of adjusted EBITDA [14] - Capital expenditures were $0.5 million, with about 70% allocated to growth initiatives [14] Q&A Session Summary Question: Update on contracting side and liquefaction train - Management is actively working on commercial contracts and expects to provide clarity on timing in the second or third quarter of this year [21] Question: Customer inquiries in power generation - Management indicated they are seeing inquiries for various types of power needs, including data centers and emergency power, with projects ranging from six months to five years [24] Question: Details on bunkering operation downtime - The planned downtime was a one-week maintenance period for crew operators, which reduced bunkering events during the quarter [30] Question: Indicators of demand for small-scale LNG services - Management is focused on increased bidding and customer needs in aerospace, marine bunkering, and distributed power markets [33] Question: Space industry demand - The normalization of commercial aerospace activity and increased launches are seen as positive indicators for demand [35]

Cheniere Energy, Inc. First Quarter 2025 May 8, 2025 Safe Harbor Statements Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical or present facts or conditions, included or incorporated by reference herein are "forward- looking stat ...

Company Overview - Cheniere Energy, Inc. is one of the largest pure-play LNG companies globally, with a market capitalization exceeding $50 billion [2]. Market Position - The company benefits from low U.S. natural gas prices, which enhances its competitive edge in the LNG market [2]. Investment Strategy - The Value Portfolio focuses on building retirement portfolios through a fact-based research strategy, which includes thorough analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]. Analyst Position - The analyst has a beneficial long position in Cheniere Energy shares, indicating confidence in the company's future performance [3].