自10月初起，随着北美新项目产能提升，需要更多船舶将这一超冷燃料运往包括亚洲在内的客户，运价 持续反弹。 然而，Spark Commodities指出，运价急涨已促使部分LNG买家寻求延后在大西洋盆地的装船。此外， 太平洋航线LNG运输船的日租金亦创下一年多新高。 智通财经APP获悉，液化天然气(LNG)运输船的即期运价持续大幅上扬，原因是北美地区创纪录的液化 天然气出口量占用了更多运力船舶，致使市场运力紧张。据船舶追踪数据显示，上周四北美LNG出口 的30日移动均值升至纪录最高，同比增长约50%。运价骤然飙升，扭转了因全年多数时间船舶过剩而导 致的市场低迷格局。 Spark Commodities数据显示，上周五，从美国向欧洲运送LNG的船舶日租金上涨约12%，至130,750美 元，为2023年12月以来最高。而上周一美国运往欧洲的LNG即期租船费率涨19%，至98250美元/日，为 2024年1月以来最高。 据知情人士透露，运价似乎仍有进一步上行空间——已经有一艘12月下旬启程的大西洋航线LNG船， 被租家以超过15万美元/日的价格拿下。 值得一提的是，运费上涨或加大欧亚天然气价格差距，因美货运往太平洋 ...

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, reflecting tariff adjustments that were insufficient to offset inflation impacts [7][8] - EBITDA for the liquids segment tripled to ARS 55.2 billion in Q3 2025, compared to ARS 18.2 billion in Q3 2024, due to increased export volumes and higher prices [8][9] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in EBITDA, attributed to higher export volumes rising from 43,000 to 104,000 metric tons and increased ethane sales [9][10] - The midstream and other services segment's EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by higher sales from increased natural gas volumes transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - The company plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - TGS is evaluating participation in a new gas pipeline project to supply gas to LNG facilities planned by CESA Southern Energy [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the current production levels are extraordinary due to the richness of the gas stream from Vaca Muerta, which is expected to remain substantial in the coming years [20] - However, it was indicated that gas production typically decreases in the fourth quarter compared to the third quarter, which may affect overall output [20] Other Important Information - The cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12] - The company recorded a positive variation in financial results amounting to ARS 31.1 billion, mainly due to increased income from financial assets [12] Q&A Session Summary Question: Breakdown of the $780 million capex for the expansion project - The company expects to spend $150 million this year, $450 million in 2026, and the remaining $27 million in the first five months of 2027 [16] Question: Status of the insurance claim for the Complejo Cerri event - The expected recovery amount is over $50 million, with $10 million anticipated this year and the remainder in the following year [18] Question: Sustainability of current production and margins in the liquids segment - Current production levels are extraordinary, but lower gas production is expected in Q4 compared to Q3, which may affect margins [20] Question: Acceleration of cash capex deployment until year-end - Cash capex is expected to be higher than previous levels, with significant spending anticipated in the last quarter [23] Question: Expected income tax payments in the next quarter - Income tax payments in Q4 are expected to be similar to those in Q3 [27] Question: FID for the NGL fractionation facility - The company is working hard on the project, with FID expected in the first quarter of next year [28] Question: Participation in the NGL project with partners - The company aims to have partners in the liquids project, particularly in transportation and fractionation [30] Question: Further midstream segment synergy by 2027 - The company expects to benefit from increased transport capacity in the midstream business due to the expansion [31]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, with a decline of ARS 10.5 billion attributed to insufficient tariff adjustments to offset inflation [7][8] - EBITDA for the liquids segment tripled to ARS 55.2 billion in Q3 2025 from ARS 18.2 billion in Q3 2024, driven by increased export volumes and higher prices [9][10] - The cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12][13] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in EBITDA, primarily due to higher export volumes rising from 43,000 to 104,000 metric tons [9] - The midstream and other services segment's EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by increased billable volumes of natural gas transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - TGS plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - The company is evaluating participation in a new gas pipeline project to supply LNG facilities planned for completion by 2027-2028 [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the current high levels of production and margins in the liquids segment may not be sustainable into Q4 2025, with expectations of lower gas production [20][21] - The company anticipates that international liquid prices may decrease in 2026 compared to the current year [21] Other Important Information - The company is expecting to recover over $50 million from insurance claims related to the Complejo Cerri event, with partial payments expected this year [18] - CapEx for the expansion project is expected to be higher, with $150 million planned for this year, primarily in Q4 [23] Q&A Session Summary Question: Breakdown of the $780 million CapEx for the expansion project - Management indicated that $150 million is expected to be spent this year, $450 million in 2026, and the remaining $27 million in early 2027 [16] Question: Status of insurance claims for the Complejo Cerri event - The estimated recovery amount is over $50 million, with $10 million expected this year and the remainder in the following year [18] Question: Sustainability of current production and margins in the liquids segment - Management stated that while current production levels are extraordinary, they may not be sustainable into Q4 due to seasonal variations [20][21] Question: Acceleration of cash CapEx deployment until year-end - Management confirmed that cash CapEx is expected to be higher than previous levels due to the ongoing expansion project [23] Question: Expected income tax payments in the next quarter - Management indicated that income tax payments in Q4 are expected to be similar to those in Q3 [27] Question: FID for the fractionation facility regarding liquids - Management is working hard on the project, with FID expected in Q1 of the following year [28] Question: Participation in the NGL project and potential partnerships - Management is considering partnerships for the liquids project, particularly in transportation and fractionation [30] Question: Synergies in the midstream segment by 2027 - Management confirmed that the midstream business will benefit from increased transport capacity and volumes [31]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, attributed to insufficient tariff adjustments to offset inflation [7][8] - Liquids segment EBITDA tripled to ARS 55.2 billion in Q3 2025 from ARS 18.2 billion in Q3 2024, driven by increased export volumes and higher prices [8][9] - Cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12][13] Business Line Data and Key Metrics Changes - Natural gas transportation EBITDA declined by ARS 10.5 billion due to tariff adjustments and rising operating expenses [7][8] - Liquids segment saw a significant increase in EBITDA, primarily due to higher export volumes and favorable pricing conditions [9][10] - Midstream and other services EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by increased billable volumes of natural gas transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - TGS plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - The company aims to commercialize the incremental capacity and collect a dollar-denominated unregulated tariff during the 15-year operational period [5] Management Comments on Operating Environment and Future Outlook - Management noted that the current high levels of production and margins in the liquids business may not be sustainable into Q4 2025 due to seasonal variations [21][22] - The company anticipates that international liquid prices may be lower in 2026 compared to the average of the current year [22] Other Important Information - The company is working on a project to build a new gas pipeline towards LNG facilities planned by CESA Southern Energy, with no immediate updates on participation [27] - The expected recovery amount from the insurance claim related to the Complejo Cerri event is estimated to exceed $50 million, with partial collection expected this year [19] Q&A Session Summary Question: Breakdown of the $780 million capex for the transportation system expansion - Management indicated that $150 million will be spent this year, $450 million in 2026, and the remaining $27 million in the first five months of 2027 [17] Question: Status of the insurance claim for Complejo Cerri - The expected recovery amount is over $50 million, with $10 million anticipated this year and the remainder next year [19] Question: Sustainability of current production and margins in the liquids business - Management stated that while current production levels are extraordinary, they may not be sustainable into Q4 due to seasonal factors [21][22] Question: Acceleration of cash capex deployment until year-end - Management confirmed that cash capex is expected to be higher than previous levels, particularly in the last quarter of the year [24] Question: Expected income tax payments in the next quarter - Income tax payments in Q4 are expected to be similar to those in Q3 [28] Question: FID for the NGL fractionation facility - Management is working hard on the project, with FID expected in the first quarter of next year [29] Question: Participation in the NGL project with partners - The company is looking to have partners in the liquids project, particularly for transportation and fractionation facilities [31]

Core Insights - The successful maiden voyage of China's self-designed 17.4 million cubic meter LNG carrier "Green Energy Star" marks a significant advancement in the scale and technology of China's LNG transportation fleet [1] - The vessel is part of China National Offshore Oil Corporation's (CNOOC) long-term FOB resource matching LNG transportation project, showcasing the country's capabilities in large-scale LNG shipbuilding [1] - The "Green Energy Star" can meet the annual gas needs of 290,000 households, highlighting its capacity and efficiency in LNG transportation [1] Group 1 - The "Green Energy Star" is the third ship in CNOOC's major LNG transportation project, measuring 299 meters in length and featuring a deck area equivalent to three standard football fields [1] - The ship is equipped with four -162°C "super cold storage" units, allowing it to transport 17.4 million cubic meters of LNG [1] - The Salt City border inspection station has implemented a "zero waiting" service mechanism, significantly reducing the average port stay time for each vessel by three hours [2] Group 2 - The Salt City "Green Energy Port" is the largest LNG energy hub in China, with a cumulative unloading capacity exceeding 8 million tons [2] - The border inspection station has streamlined processes, reducing nearly 70% of inspection-related declarations for enterprises [2] - The coordination between customs and maritime departments has led to a "one-time boarding, full-process completion" approach, effectively shortening the time vessels spend in port and reducing costs for enterprises [2]

Core Viewpoint - The successful naming and delivery of two large LNG carriers, "Green Energy Star" and "Green Energy Moon," marks a significant advancement in China's LNG transportation capabilities, contributing to national energy security and carbon neutrality goals [1][4][5] Group 1: Project Details - The "Green Energy Star" and "Green Energy Moon" are part of China National Offshore Oil Corporation's (CNOOC) long-term FOB resource matching LNG transportation project, enhancing the scale and technology level of China's LNG fleet [1][4] - These vessels represent the highest technological standards for large LNG carriers, with a capacity of 174,000 cubic meters, sufficient to meet the monthly gas needs of 7 million households [4] Group 2: Environmental Impact and Recognition - The first two vessels of the project, "Green Energy Ying" and "Green Energy Pearl," are set to be delivered in May and December 2024, respectively, and have already received the "Green Ship Award" from Singapore's Maritime and Port Authority for their performance [4] - The vessels are designed to exceed the International Maritime Organization's carbon emission standards by 15 years, showcasing advanced environmental performance [4] Group 3: Company Position and Market Impact - CNOOC is a leading player in China's LNG industry and a significant participant in global LNG trade, with operations spanning 27 countries and regions, having imported over 330 million tons of LNG by 2024 [5] - The delivery of "Green Energy Star" and "Green Energy Moon" will strengthen CNOOC's LNG fleet, enhancing China's autonomous LNG transportation capabilities and its bargaining power in the international LNG market [5]

Core Viewpoint - The article highlights the historical and ongoing significance of the China-Pakistan Friendship Road, emphasizing its role in the development of the China-Pakistan Economic Corridor and regional connectivity through various infrastructure projects [2] Group 1: Historical Context - The China-Pakistan Friendship Road, built in the 1960s and 1970s, symbolizes the cooperative spirit between the two nations, transforming challenging terrains into accessible routes [2] - The Karakoram Highway is positioned as a crucial node in the Belt and Road Initiative, marking the evolution of the China-Pakistan Economic Corridor from its inception to its current advanced stage [2] Group 2: Current Developments - The article mentions various infrastructure projects, including the China-Central Asia Gas Pipeline, the China-Kyrgyzstan-Uzbekistan Railway, and the China-Europe Railway Express, which are part of broader regional connectivity efforts [2] - The collaboration with Shanghai Cooperation Organization partners is highlighted as a means to promote regional development and benefit local populations through enhanced connectivity [2] Group 3: Future Prospects - The narrative suggests that the path of friendship between China and Pakistan is expanding, indicating a positive outlook for future cooperation and infrastructure development [2]

Financial Data and Key Metrics Changes - The company reported a total net income of ARS 40.3 billion for Q2 2025, a decline from ARS 119.7 billion in the same quarter of 2024, primarily due to a negative variation of ARS 76 billion in financial results [8][9][14] - EBITDA for the natural gas transportation business decreased to ARS 85.6 billion in Q2 2025 from ARS 118.2 billion in Q2 2024, attributed to transitional tariff adjustments and inflation [10][11] - The cash position decreased by 33% to ARS 676 billion, equivalent to approximately EUR 565 million [15] Business Line Data and Key Metrics Changes - EBITDA for the liquids business fell over 50% to ARS 25.3 billion in Q2 2025 from ARS 52.6 billion in Q2 2024, impacted by extraordinary expenses from a flood and reduced sales volume [11][12] - The midstream and other services segment saw EBITDA rise to ARS 52 billion compared to ARS 41.5 billion in 2024, driven by increased natural gas transportation volumes [13] Market Data and Key Metrics Changes - The natural gas transportation volume increased from an average of 25 million permits per day in 2024 to 30 million in Q2 2025, while natural gas conditioning volume rose from 16 million to 27 million cubic meters per day [13] Company Strategy and Development Direction - The company is focused on expanding its transportation capacity through a project to enhance the Perito Moreno pipeline, with a bid submitted and a contract expected to be awarded by October 13, 2025 [6][7][34] - The company has received a 20-year extension of its license, allowing for continued operations and capacity commercialization [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the monthly tariff adjustments will help mitigate the impact of inflation on revenues, although operating expenses have increased due to the tariff revision process [28][33] - The company expects regulated EBITDA to reach ARS 300 million annually post-tariff adjustments, contingent on inflation rates in Argentina [43] Other Important Information - The company approved a dividend payment of ARS 200 billion, equivalent to approximately ARS 170 million, paid on June 11, 2025 [8] - Extraordinary expenses of ARS 16.6 billion were incurred due to the flood event on March 7, 2025, with expectations of insurance recovery [12][20] Q&A Session Summary Question: Confirmation of impairment related to the climate event - Management confirmed an impact of ARS 16.6 billion due to extraordinary expenses from the flood [20] Question: Update on the NCL project timeline - Management is evaluating costs and expects results by September [21][22] Question: Sustainability of current EBITDA levels - Management indicated that midstream services are expected to continue growing [23][24] Question: Recovery of profitability in the liquids segment - Full operations resumed on May 7, 2025, with expectations for improved performance [25][26] Question: Details on increased costs - Management noted that tariff revisions began in April, affecting operational costs [27][28] Question: Status of insurance claims related to the flood - Insurance assessments are ongoing, with expectations for compensation in two to four months [29][30] Question: Outlook for the regulated transportation segment - Future revenues will depend on the level of monthly inflation adjustments [32][33] Question: Financial investment decision timing for projects - Discussions with gas producers are ongoing, with potential decisions expected by the end of the year [35] Question: Total cost of maintenance due to the flood - Estimated total costs are around $40 million [36] Question: Amount received for ship or pay contract compensation - The amount received was $7 million [37] Question: Deterioration of account receivables - The issue was related to a specific marketer, with partial cash recovery expected [39] Question: CapEx for the Perito Moreno pipeline - Estimated CapEx is around $500 million for the expansion project [40] Question: Financing for the GPM pipeline project - The project is expected to be financed through a mix of cash and potential debt [44]

Core Viewpoint - The successful completion of the first online bidding transaction for LNG transportation in North China marks a significant milestone in the digital and market-oriented transformation of the LNG transportation market in the region [1][2]. Group 1: Transaction Overview - The online bidding transaction was conducted by China National Offshore Oil Corporation Gas and Power Group's North China branch in collaboration with the Shanghai Petroleum and Natural Gas Trading Center, covering nearly 100 gas stations across Beijing, Tianjin, Hebei, Shanxi, and Shandong [1]. - The transaction involved 181 segments, all of which were successfully completed, making it the largest single capacity transaction in terms of coverage and number of segments in the trading center's history [1]. Group 2: Market Mechanism and Efficiency - The introduction of the online bidding model addressed the issues of tight capacity resources and information asymmetry in the LNG transportation sector, which had previously hindered the development of terminal stations [2]. - The bidding process attracted over 40 certified carriers, with a total of nearly 100,000 tons of transportation volume completed through 2,200 rounds of bidding over two and a half days [2]. Group 3: Digital Transformation and Industry Impact - The successful implementation of this online bidding transaction represents a key step in the digital transformation strategy of the China National Offshore Oil Corporation Gas and Power Group, enhancing the efficiency of the LNG transportation management process [3]. - The market-oriented approach led to a noticeable decrease in transportation rates, benefiting both end-users and carriers by providing stable and reliable LNG transportation services while improving vehicle efficiency [3]. - This transaction lays a solid foundation for a more standardized, efficient, and transparent LNG transportation market in North China, signaling the acceleration of digital transactions in China's LNG logistics sector [3].