CQP - Earnings call 3 2020 | Cheniere Energy Partners, L.P.

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Operator

Good day, everyone, and thank you for standing by. Welcome to today's Cheniere Energy, Inc.

Third Quarter 2020 Earnings Call and Webcast. A quick reminder that today's program is being recorded. And at this time, I'd like to turn the floor over to Randy Bhatia, Vice President of Investor Relations. sir. ahead, go Please

Randy Bhatia

at Good Earnings and presentation Conference webcast are to operator. Third and to Quarter the available call today's XXXX Call. for morning, you, welcome everyone, Cheniere's access cheniere.com. Thank The slide

Joining and CEO; President Feygin, and Cheniere's Anatol Senior Davis, morning Vice me Commercial CFO. Executive Officer; are this Chief Fusco, President Jack and Zach Vice President and

statements, our and like remarks, I results in Before would to may remind contain listeners described questions, we materially forward-looking answers including differ that actual to could is from your begin, all what statements. these

Slide contains forward-looking of discussion statements of X those our presentation risks. and associated a

of may measure the such references EBITDA slide cash in adjusted be these addition, certain non-GAAP the reconciliation found to distributable include most comparable measures as we can the to GAAP consolidated presentation. financial measures, appendix and In A to flow.

Energy selected Inc. We also As and results results part call cover Energy, to those today's of separately Cheniere may LP, results, CQP's our from of of information financial not Cheniere's intend Partners Cheniere or include discussion for do CQP.

an our call on and After shown on Slide provide operating and we call LNG X. the The the financial review will financial results highlights, remarks, agenda and Zach Q&A. will prepared then will will begin market, Anatol the for Jack is with update guidance. open

call the Jack and Fusco, to turn over now I'll Cheniere's President CEO.

Jack Fusco

you and your Cheniere. everyone, Thank support and thank for morning, you, good Randy, continued of

my thanking look easy. We morning, I'd that the have and by to Cheniere like lot professionals job a start make this to so cover

execute. unimaginable us surprising to at continue and a it guidance, continues challenges, and and and maintain to rewarding rise present results been with our from see year will to challenges, quarter focus an during This you our challenging we those Cheniere, year. As has

of results extremely today. I'm reporting we are the proud

market, navigated the me X not making our and certainly continued has and we often challenges today only in of business but landfall been LNG COVID-XX as reinforced also the people, major resiliency our Sabine a indirect assets the challenges about of recently near model. have You Pass. hear added global hurricanes speak our That direct difficult of

suffered coworkers, many and of While lost were neighbors significant impacted either other Hurricane our the of Pass no or Hurricane damage damaged Delta, friends, Cheniere or members Laura Sabine family from with homes.

have Astros support and proud a with live of in those shelter tractor are $X where the We clothing in drive quickly and impactfully, of to supply Louisiana Southwest delivered and responded and in our we full X with the a disasters employees million with to where and semi communities natural we goods. work donation trailers

quarter, volatility to allowed have quarter the managed visibility conditions commenced, quarter. LNG cargo us exited ranges year our materially also volatility, a market margin. year's which By cancellations period and XXXX and the production the ramp to full guidance relatively utilization. time third results within market up the capture financial we We When of this virtually unchanged. over remained the additional strengthened, Throughout achieving high facility in we're the low in LNG

the number countries future. cleaner energy the half transition is confident important are global an gas natural increasing source, shareholders Natural this in for lower in many second of goals an questions carbon received global reliable, our the global the in for playing carbon mix fuel energy set we've and a role we century. increasingly of as gas an role neutrality Additionally, natural years and from burning, affordable, regarding LNG and gas of

optimize their helping like to allocating We countries capital coal burning and these to cleaner Cheniere on our and North liquefaction core the fuel achieve gas their goals. environmental the energy growth seek support of to environmental rest customers from continued downstream and economies for our platform achieving long-term delivers can we opportunities environmental security the and most displace dirtier abundant, our natural world their footprint in remain risk-adjusted simultaneously it oil, goals. America so attractive in as steadfast sources

year, been predict. X. our difficult Slide quarterly cargo to all with to have you results This for cancellations, turn Please

long-term reminder, and the during second Christi. a optionality both at canceling contracts As the by quarter, their Sabine customers our utilized cargoes Pass in Corpus

to cargoes and For revenue cargoes those brought deliver customers to would extinguished. recognized were that our during XQ, canceled in was delivered over XQ have XQ the million forward in cargoes, to our $XXX since been related obligations those

to quarter the of approximately common the $XXX a million loss on consolidated of third billion was XXXX, continue the the over once optimize. and range cash billion of challenging $X.X $X.X billion year to of midpoint our $XXX adjusted we the guidance market EBITDA EBITDA million. I adjusted of and am execute and $X.X the distributable and DCF revenues in the pleased billion. $X.X tracking we Net flow. again currently for pleased and full to $XXX of of quarter high generated range billion XXXX During million are attributable Despite range to improved, flow to in third to only cash confirm EBITDA XXXX, distributable consolidated report $X.X that we also as end to stockholders has I'm

and metrics, Corpus forward X the early look operations of at in Looking by to $X.X introduce year. completion ahead to Christi, $X.X growth distributable to to am in in commencement flow. full primarily cash next EBITDA adjusted delivering expected today financial XXXX, billion billion driven year to and pleased XXXX Train of we guidance our of $X.X billion billion consolidated I $X.X

Train progressing the of accelerated within best-in-class Train Train X about Construction train the in into gas progress schedules, is Corpus budget. the Christi on our execution. continues X Pass is well well of October. reinforce with introduced ahead Christi XX% to guaranteed Sabine and process lines time Bechtel and X very is feed and Corpus progressing complete, legacy commissioning

quarter first of XXXX. expect substantial first the coming the Train predicts weeks. now in production LNG We from in X Bechtel completion

raised in XXXX, our having which our capital busy, very and time providers long-term substantial third the of over priorities. of will the this banks and half we third for quarter during on was that the strategy. and accelerated activity, Once inaugural Zach Cheniere have is Year-to-date, Bechtel complete, financial raising again, billion from highlighted recently by Pass Train financial strategies institutional executing of XX% capital and $X.X our successful bond Sabine X frame. on Energy in finance to were Zach second our later call. team approximately continues cover our quarter, support project the issuance completion

production Slide strategic its where Now I'll our guidance X, to upwardly and run implications. rate revised turn discuss

our operational helped million production per drive the per X.X have annum our rate of production XXXX, annum platform. which LNG maximize guidance. to improvement originally per to our our as incremental we X.X efforts million optimization forecast, run Our Analyst million production yielded debottlenecking production million our train X.X rate tonnes to forecast train. our financial produce rate of range and are Today, raising in reliable run per X.X to we infrastructure run our programs tonnes existing level Day in continuous maintenance to that again expertise, from once continue At

have volume or From strategic these tonnes aggregate virtually per initial rate increases million incremental high than to has approach Cheniere. our of disciplined LNG of implications it based volume we And basis we on train. to X were to This level, our investment guidance, before. marketable we to additional any an new means a on decisions, sell year an for up are entire capital a infrastructure. sanctioning run incremental additional added less contracted have prior From

capital one of shovel-ready mistake, and meets when Corpus is But Stage financial and discipline worldwide. sanction projects it LNG the committed only our X to Christi that or no are exceeds parameters. will investment Make competitive cost most capital project we

our of is most commercialization contracted the Our production. important of metric level

efforts more of targeted this contracted of our today, But production XX% to to target comfortable not X our timing maintenance continue meaning under will Stage production management, a squarely and be to but this historically I have dependent improve minimum with Stage We that well. increasing Therefore, up volume our operation of of focused X, firming virtual commercial production the we XX%. on additional upon as as contract. just FID up train worth are on incremental am

gives contract us tailor time dependent will of marketing on and and deploy as immense ensure no production agreements is or our infrastructure short, remains competitive efficient is As for we to to requires X this sanctioning to long-term commitments to medium as a we that already our basis. to fact needs production origination The flexibility nor platform, meaningful of capital incremental customers. Stage new This across the enter available into possible. additional our resources of the and and in these continue structure teams the on portfolio our that additional it

our the climate quarterly the importance sustainability recent Corporate efforts, our these enhanced on On our year. general specifically our as decarbonation Now and challenges disclosures, including turn Report spent the publication ESG highlighted of our tailwinds focus the growing significant our company-wide of and and by earlier Slide to of time X. I've and Responsibility emphasis view I this topics important in on highlighting to present, our ESG inaugural business. several opportunities principles calls,

earlier, one being place particularly, the activity of in that step like a and powering we lower economic transition strategic at are to said and energy it a give future, sense cleaner intersection how our you global into the source a given LNG key that the natural said, integrating and gas of further, its confident play synthesizing role providing we take discussion As With a carbon to I I'd to reliably this information, has are worldwide. and priorities.

LNG integration we entire the to position climate At of Cheniere's customers of diverse in from suppliers reach and provide range relationships our upstream of business, will Cheniere, methodically solutions wide about benefits partners and that the our and our a our partners reduction. our improve this and collectively, chain are when transparency, group from strategic with the climate-related shipping integration, change missions to to chain a quantify and business the enable to environmental To unique footprint our considering and our life Individually the our help framework strong bring across providers. cycling out are full realize carry and value LNG. opportunities full avoidance of we goals value resiliency, across analyze identify reviewing to ensure across

a to like I'd briefly. touch of couple these on efforts

value we gas chain analyzing greenhouse are control. areas evaluating direct First, cycle Cheniere's across where we have life and emissions and the indirect our

emission Corpus and achieved to XXXX, X/X ways footprint seek solutions of Scope X feasibility XXXX operational of including While the we reduce assessing environmental the have further from economic and Pass to to operations, continue in Christi. greenhouse management Sabine reduction at a COX gas own we intensities our

looking partners to involve collaborating value efforts are These climate-focused we facilities, our identify upstream our of chain actionable both and with pursue opportunities. the downstream at Outside solutions. and throughout

early mutual stage, lines, relatively management. are following we are efforts LNG actively chain Along the partners. While these value pursuits power supply digitization, encouraged transportation, for of gas from the and in are pursuing our opportunities our shipping, procurement renewable chain by and support these areas: each procurement, operations we

impact foothold worldwide Cheniere environmental and services our energy core In in positively complement solidifying only our LNG for demand addition, for beneficial environmentally our business we such services our of infrastructure and Cheniere's continue while and earning large, initiatives evaluate not at but that to the this fuel potential LNG, growing position, bunkering Each products shareholders of at also as to profile market. a the and offering our century. facilities marine these returns supporting industry and through the has leverage LNG's

the an turn the who over market. I'll LNG now to And on provide call will update Anatol,

Anatol Feygin

good We safe everyone. everyone and hope to Please to continuing is X. stay Slide morning, that Jack, turn Thanks, and healthy.

some factors a the of comments As with about primary then usual, the the specific LNG relating few discuss global markets. current more start we'll to environment,

and U.S. message the with the industry to quarter, of continue in has LNG. orderly, The LNG the of and to third XXXX resilience. in exceptional large has These to market in in circumstances ability unfold validating conditions faced systematic part and our flexibility industry the flexibility some factors an responded to respond thanks reinforcing manner,

year-to-date. second to the million the be in quarter, natural that bullish markets look transition. delivered the other through year-to-date. demand move net to demand consumption demand increased X% global the the we we the tonnes than way energy the million gas versus and totals this in most prospects of market U.S. Unlike recovery challenging strength about the LNG is industry lockdowns X of exports adding market in Despite The by forward, year. LNG through tonnes grew many rebalancing, in commodities, as key the XX was positive impact growth growth period year-to-date longer-term or and As still million as September, approximately of XX% has the main more X.X LNG tonnes of and beneficiary last continue vectors for

as this the ago over seeing prices across The the response are supply in the responding the towards head rebound from or QX. the now and the Europe. first spot supplies and storage gas were natural production year gas year million in the to to we in crunch falling many storage we in capacity market became X% demand during sources increasingly as as summer winter LNG and summer production positively decreasing below divert year decreased countries exceeding concerned LNG curtailed curtailments reduction start position helped quarter course a highest late market this to quarter season. in Global third about LNG in with levels to tonnes nearly U.S. by X non-U.S. both of LNG levels in supply was the

those and Asian Now the let's in look detail European more at trends markets. in

Slide gas a LNG to pressure on high confluence which factors; throughout global activity; combined, The centers; first led of to the historically XX. X demand impacts, winters worldwide. XXXX prices was economic under of of low coronavirus warm when result record of and levels, market storage half a Turning in key gas course, consecutive the unseasonably as

Today, however, in volumes both gas market of demand, both for we're terms continued and optimistic that lower Asia. point in In Russian to the with indications and stabilizing Europe, recovery, of Europe supply our pipeline third were Bcf a region day decreased to a elsewhere production pipeline day. year-on-year. indigenous quarter in Europe outages rebalance factor a exports Europe Upstream X biggest helping by over maintenance the by cut also and X the during conditions Bcf as

market million during imports into quarter. total third decreased In cancellations the addition, June year-on-year and U.S. from X.X LNG tonnes added or to cargo Europe LNG Bcf a onward X.X support the day

recovered Europe the levels quarter. in demand third Gas XXXX in to

Eurozone to January to QX. in the markets PMI year-on-year despite power gas-fired stayed continues providing X% total level since a addition, at rise, gradually in for Eurozone about time In for the industrial levels generation across remained the of gas expansion XXXX, and has European July decrease since. generation has a first in climbed expansion major and carryover firm positive production demand,

Reduced have encouraging. As in lifting recovered a lows to result of factors, these customers from Recovery this indicators prices Asia their European are resume and LNG the growth U.S. X.X% from LNG and incentivizing region cargoes demand gas also year, increased slightly India, Japan nuclear and imports use. were in into generation during Taiwan in gas the China quarter third LNG higher year-on-year. supported earlier the

down China XX% tonnes Year-to-date, South increased drove nations. briefly the up other production, LNG to the X.X year-on-year and aggregate spot imports markdown India, or year-on-year Korea part gas suppress the into in by Korea million tonnes potentially South load. which offsetting Taiwan August Low million largest also supported million quarter. into imports July could India the domestic prices third in and gas by is prices domestic increased further imports tonnes recent over year-on-year, for indigenous X% Taiwan as imports and world's year-to-date. due summer or XX% and LNG of cooling X.X X importer. Decreasing in overtook third production also LNG decreases regulated

LNG XX% while production or million during imports decline slowed China's year-on-year the third by demand tonnes in to increased and continued X growth period. quarter, pipe the domestic

of QX. expanding GDP note, with the year-on-year in adoption fuels of displace to the in quarter favor continued Of recovery despite to priorities a burning economic by China pandemic, to accelerate, coal. The increase third following cleaner policy China continued X% stresses X.X% about in broad-based and

million cleaner than options dispersed burning China coal households Environment of China's have end by example, switched North October. in to For Ecology & Ministry heating to the X from proposed more of

of Assuming it's X.X tonnes generate the undergo this up of to households switching, equivalent winter. demand LNG coal-to-gas half to estimated targeted million of

observations. Finally, XX. Please I'd to like to turn longer-term to some Slide turn

LNG at Jack most of that believe We accelerated the as in role one sources recently come, natural and in popular asked pertinent and to is energy As key and the Cheniere for topics most mentioned, gas transition even been firmly energy energy the decades of of we've scenarios. LNG global the about transition and transition.

The within value out right to and over the long-term well global past infrastructure of of recent wide that time scenarios on cash we model for see intact potential that significant chart our stable, provides line. our decades, and own, demand source a the of and flows and business shows visible The global next growth, further almost tailwinds slide several remains LNG of highlighting forecasts, both our X including a XXXX. LNG range highly

policy million incremental development forecasts growth predict environmental are forecasts, by under Even in incremental demand LNG over sustainable including variances in significant driven all tonnes scenario, Most the market well that million LNG LNG will of IEA between almost The sustainable expected assumptions. consultants there's needed XXX the be Clearly, largely scenario. tonnes projects development XXX needed. over of XXXX. the by IEA's

confident in throughout carbon support to as bullish forecast, LNG We gas more on for targets scenarios achieving the we IEA appreciate and than natural multiple as our which the around enduring environmental a in component world emissions. countries regions critical that in LNG natural policy growth for see continued initiatives is remain policy gas and

XX% gas in gas this and aim demand of XXXX, these of X% left the X%, add of We reference. for in of countries. matrix X have share primary the initiatives only India, listed XX markets the slide key in those and to and China by can a on increase LNG for their in over example, from decade respectively, in energy to Tcf the mix gas some

infrastructure LNG and are in being billions Europe following natural use total players And trillion. Currently, projects environmental the natural supporting $X construction. under across to form goals, if these in Asia planned on invested commitments, the through we commitments gas well of dollars included Global major and of hundreds gas is of projects. are of increased long-term over

drive commitment gas over India's commitment value Europe's power, hundreds import along of invest $XXX chain. well dollars natural include all of billions examples to billion gas-based Some $XX terminals billion to China's the pipelines economy, gas and of fired and over its in

markets, We from markets new highlight markets regas growing but add recently total as expand existing to by capacity, India, which in not XX also the capacities and XXXX rapidly import XX like X China will just only over import XXXX. as raising

carbon from today. in solution energy and universal world and vary future. is lower are challenges recognize challenges to The forced multiple affordability a while Countries is to that we region, economic and the energy no there to These carbon challenges facing transition footprint. economies growth managing their and reconcile intensity security, region energy

solve of Cheniere, helping energy to seek life flexible their quality we to support environmental balance targets. and customers them with challenges to and opportunity providing economies in improve their At our long-term the solutions and

cleaner will a in balancing grids power far power As fuel or fuels burning generation, a lower emissions reliable LNG natural positive play contributing supply, gas and lower globally. a system energy energy with coal carbon than and in liquid role ensuring to

now the to over Zach our call results. to hand review financial I'll And

Zach Davis

Thanks, markets morning, everyone. here allocation increased well. third update rate capital be doing pleased I'm provide results, XXXX, financial and initiatives discuss is run and and everyone hope capital our today Anatol, to priorities. and our guidance on to good Also an quarter review our

Slide to Turning XX.

we over net $XXX and of loss quarter, flow generated distributable of third cash a million. million million, of $XXX consolidated adjusted the EBITDA $XXX For

related results were cargoes of in significantly accelerated the the that third were second to third recognition to quarter. our As in by scheduled be Jack quarter, delivered canceled quarter the impacted mentioned, revenues

cancellations results the acceleration quarter occurred As return that the the the positioned to market quarter not begun third quarter, fourth the meaning revenue second balance, fourth cargoes with recur quarter global normalize. declined, to has number to has did in that in for of LNG

ended X income reported September $XXX million, $X.X the of $X net EBITDA For distributable adjusted XX, consolidated of cash of over and flow approximately months we billion billion.

XX season cancellations third more or TBtu TBtu XX year this September Total during our volumes than the LNG liquefaction and the the XX% the quarter. were third of exported of projects, third quarter in exports including Through XXX from as exported cargoes or peaked XX, in lower cargo we during continued LNG of produced in and quarter. than quarter the into shoulder TBtu second XXX

the produced proportion long-term income XXX IPM recognized For third XX% the of sold liquefaction of LNG under agreements, third the XX sourced our second quarter. was and during Approximately recognized third quarter at or quarter, projects LNG from volumes TBtu the either in materially LNG a TBtu consistent parties. SPAs of with in income we

recognized the SPAs the agreements. of in of X year-to-date our TBtu in For projects under Approximately LNG TBtu XX income or third of LNG sourced produced recognized months we ended LNG parties. volumes XXX liquefaction at long-term from XX% IPM and XX, September was sold either income

our quarter, been during As to a timing In of cargoes cargo and second revenues by of results cancellations. recognition impacted would $XXX quarters, the third to reminder, delivered we materially related related during the recognized the canceled have were that revenue million the quarter. second third

During we have cargoes during quarter, to revenues quarter. would canceled recognized the million fourth that third of been the $XX related delivered

quarter revenues the Excluding consolidated $X.XX similar billion. out-of-period cargo the approximately EBITDA our on to cancellations, third $X.XX impact impact The revenue. billion is have would impact been of on adjusted of

by revenues the quarter a in response been for million COVID-XX offset canceled the quarter, was from operations of quarter, recognition quarter. during to third third Income costs the would decreased third in partially driven $XXX primarily have million, the decrease incurred the second accelerated delivered cargoes in compared to of the by over $XX for second that quarter pandemic

modification to and portion offset equity interest stockholders or income from $XXX of increase primarily quarter our to and loss. notes, common a of loss notes partially II derivative CCH decreased remaining negative investment, tax of increased third loss interest, XXXX. was the on decrease decreased noncontrolling by method XXXX convertible expense share, driven the by debt, the HoldCo for attributable of an interest our rate decreased Net extinguishment increased second primarily operations, redeeming related an benefit, in to quarter increased loss $X.XX the income or net attributable increased loss million million per This from was on $XXX

on financing to and touch allocation like capital key third the briefly quarter. turning priorities, to during Before transactions I'd guidance

significant prior prevented convertible and As of significant transaction addressed term loan, outstanding share over in CCH we've reducing our XXXX share XX shares. using the which both and and notes notes remaining call, on redeemed a high run we the cost July portion in a dilution, discussed our convertible relatively rate HoldCo our count II near-term Cheniere maturities million by

CCH, not BaaX. of our Corpus if Christi level only or its to in to upgrade reinforces when high-yield CCH's and further investment-grade The this the senior of Moody's quality from a from credit Moody's and energy in XXXX economics August, few, In final the investment-grade, company. third upgrade rating all Holdings, received foundation debt are rating the upgraded project is of one the that of of

the CCH issuance XXXX senior an transaction, we issued outstanding portion the were the opportunistically loan term placement Cheniere facility. $XXX Jack bond of used the credit secured portion private of of few complex. issuance lowest in a refinanced CCH September, yielding In via a a notes Following bond a minutes of highlighted which to Cheniere million proceeds inaugural ever due the ago. across from upgrade, prepay balance the securing X.XX% the The CEI, at

corporate Strategically, at and business to the a issuer path markets us, This for complex. very ratings to migration billion debt step targeting in level $X capital time, at as from Cheniere with our which to investment-grade and level model committed a important was coupon, remain views capability. operating a operational our upsized be the structural sheet strength unsecured parent X.XXX% a while the as secure and issuances, our reflecting transaction it establishes future successful companies debt was priced to with strategy. this also CEI issuance balance long-term We companies CEI the our across subordination over a improve project reduce to resiliency, critical capital

since CQP Also meeting stake quality LNG LNG Blackstone infrastructure owned and XX% an Blackstone to demand long-term growing and investors funds long-term Brookfield the investment by Energy platform in and is and during CQP in Blackstone it which Cheniere XXXX. of Infrastructure managed testament purchased made a the and contracted energy the role Brookfield our at global of to worldwide. from infrastructure among the in Partners, asset the are funds largest quarter, over had

now a year this continued again Turn despite execution, of to XX. consolidated distributable $X challenges cash year, $X.X our to of billion. we of operations $X.X guidance billion and excellence billion adjusted are myriad of $X.X flow Slide and and reconfirming XXXX billion Driven in to by EBITDA full

we of guidance to XXXX, expect of we cash guidance $X.X meaningful remaining a Train first volumes remainder train. variable and issuing virtually late billion, pricing. $X.X as of the distributable completion not result to per largest As CQP hedged $X.XX consolidated X, EBITDA look quarter $X.X completion in XXXX assumes Today, and to that do billion, have any $X.XX expected and projected market of billion all flow of adjusted forward our a guidance to Christi of The are financial we in of XXXX Corpus our our moves production of variability of billion guidance unit. distribution results for is timing the $X.X

currently variability year the margins average XX% the disproportionately weighted sub-$X year market previous to forecast upside. approximately to EBITDA production in that approximately in on consistent that change capacity by margin for limited million $X the approximately we with While half we total full today. And the presold market across XXXX, of have amount, for years, downside with impact next calendar $XXX a year, of given would expected our

our Jack Increasing and increased the we operating existing run increases by return investment. as our guidance, driven production increased infrastructure rate on capacity described. upward also drives financial guidance, cash pleased to Today, rate our run are flow of revise EBITDA and

received of our we and an platform. $X.X increased essentially to billion train, billion guidance over have are we to production cash consolidated guidance we have flow $X.X guidance $X production mtpa Today, to As EBITDA X-train run X-train billion train's in to rate by per our $X.X X.X adjusted worth extra distributable raising billion.

Our guidance per $X.XX X.X marketing to financial margins per run to of rate X.X $X train ranges MMBtu. of assume mtpa and production

run $XX.XX to by flow rate to over result also the increasing share, XXXX XX rate equity. and from distributable cash the prior guidance, a and midpoint rate as of in run run per in shares are million We a XX% share of cash settlement per driven Cheniere our $X outstanding both per as notes over to expectations DCF or DCF the convertible the our $XX.XX decrease CCH by share an HoldCo increase opposed at guidance increased II of

turn to XX. Please Slide now

an both to flow distributable flow. cash we inflection In EBITDA history. And to in significant cash consolidated next in to positive for cash generate free expect also Cheniere's forecast for first growth we addition XXXX expected adjusted flow be and year, the time point free

completion the near continue and dramatic flexibility process flow, Train in capital XXXX, leaving in X, cash increase significant Christi will we on expect added a capital of reduction commitments free us which As give a of flow we amount Corpus allocation. operational cash commissioning in and an

billion we to One achieving the debt of our pay flow. we of is to order additional stability free priorities long-term guidance. to and in at capital the another in short do the cash Cheniere to level during medium-term prepaid by convertible quarter, $X.X in our share and during on incremental the the provide Cheniere sheet still mid-XXXXs run investment-grade same and term over we that quarter, the at priority, to sheet on per the be the to notes third loan flow down debt quarter, expect having while took pay our primary Due and the fourth long-term expect cash million down. $XXX priority will the ratings our XXXX, to least of allocation early rate Executing balance debt third solidify balance we address

fortify through the conditions, will be ramped resume as debt dividend is us cash and plans position years, Board forecast CEI existing this track the of amount LNG our Stage to our view dividend and to up returns via the by ratings model and the accretive meet to shareholders highly to at next and our billion. nature market potentially contracted the X ideally Corpus a We of such contractual cash program, our is for or both. as magnitude remain XXXX via on as growth to our approximately and investment-grade consideration business achieve metrics to reduce Cheniere X price. invest provide an profile level flexibility a a for We and consolidated in a amount over it be sheet a we current return initiating Corpus expect time, buybacks is and/or and at return investment-grade once and second we position in forecast timing of and capital suited long-term to capital in buyback investment our ratings X, coming our years, eventuality reduction and the we available year Train debt the Christi generation Christi As in And flow over in credit to flow currently projects cash balance stock expected significant of with $XX our dividend evaluate parameters. that in half

questions. open prepared our the line concludes your Thank interest for and are That time we for Cheniere. ready Operator, you remarks. your to in

Operator

will question first JPMorgan. Our Instructions] come from with Jeremy [Operator Tonet

Jeremy Tonet

some touch agreements out base. like new to Cheniere there China, some reached having there's with there. with want possibly It Just business seems news

of confirm any And you that's for types you a provide case? better some kind broader signing if this color is could just there the indicative together the this point? at wondering Or be bit coming Just would of term market helpful. contracts if could of

Jack Fusco

I'll Anatol. start, turn I'll to and over it then Jeremy,

long-term my of -- you with question. team. for LNG origination We the sign were we providers. sign early grow sent stronger believe and I China only China firmly -- And Look, address the amount a the Chinese stronger. significant has cargoes I'll as of thanks here with of one the only to there best to Cheniere a know, any relationship pleased I'm office in XXXX. in to Anatol recently. we long-term just the of And the First, spot -- We've Beijing on our very continues agreement the... to let

Anatol Feygin

XX% market, Markets to is PipeChina came allow up. are objectives. at opening to of and mechanism Beijing growth, great a of team its gas from Jack we there X and as the access the office became was Bcf it's almost growth, progress, is pipelines. very This of operating to tremendous a meeting The It's with very that GDP that. China has our in committed QX. up are LNG. Chinese sign X right? we yes, total Bcf LNG a over of gas companies a almost demand It Jeremy, growth of well to done Jack. on And a day an amount said, growth job. demand launched we China's XXXX. focused market a been access that third-party demand and opening terminals Thanks, other there's serve gas soon company to end have as positioned as in

their to the So to one coming a and customers. to we'll their Foran clean of very proud growing enable footprint creative solutions of in and with them position maintaining to second-tier multiple meet endeavor work fastest-growing and their for players, to downstream finding objectives gas, be up and Energy, find solutions

proud of a very and hopefully, sign come. So team things the to of

Jeremy Tonet

it. Got

your end to Zach's there. regards comments based to And Sounds like of high really be the towards up And of pivot with at $X.X allocation. capital guidance, exciting kind there. just to it on wanted some billion seems DCF could

about $X.X $X You what least it kind dividend could able that flow That point or cash described. year you with. I talked seems like next was paying of earlier you're do start a leaves that seems debt. It at of in previously immediate of billion maybe XXXX, guess, at down than, somewhat to billion lot

seems stream. new half income that if of you It dividend Just wondering whole start why next at bunch not draw year? could like back having investors a us through the in of talk could that the

Zach Davis

But few there. things thanks, A Jeremy.

be still have $X.X DCF couple $X.X Corpus, year. of a dividend. couple and we'll is in debt allocation, and -- First we to it's in your eventually costs other we'll still mind, right, price of we're a next about of few $XX what we a as whether at pay in in the a it be be But share now, about billion when at you're quarter talking development have that keep that terms other buybacks to down, around we're share right on. spending the you share billion But look Board of the off, have share DCF going or is and ongoing every per But easy with debottlenecking decision capital pretty numbers, buybacks. discussions years, left hundred million

not all it's So cash free flow.

around next first. out we for negative billion for have $X You of year XX a have previously. But to that free cash flow the was year, for really years just strip yes, company that

Operator

that, with move Having Instructions] said on to Michael Goldman [Operator we'll Sachs. Lapides

Michael Lapides

It's operational of little bit an a one. actually

in in many production time your raised train what, other this of enabling is capacity. fourth seeing third curious, Is to team this, something is, that more for liquefaction the doing announce guidance per words, around? increases and build industry that to potential In liquefaction other to without add you when see similar could trains. do having you've Just the you of or there the do we're terms others you to industry -- LNG having team or owners not look your supply Bechtel's a global that more while the others do without that's lot

trying think specifically, dynamics market. you but broader for the guys through the to Just also

Jack Fusco

Michael. you, Thank

directly. to going that I'm address So

of really with deliver And job heat content, we with, trying hitting well fantastic and as between that experienced value the whole full optimization around best It's we extend it, -- also extend has done optimization periods debottlenecking, to the but maintenance our Hughes we the Baker influenced to train. look, turbine and at trains. a the with all but our the overhauls pressures gas the performance bottlenecks designs the the and defrost, have The which as -- professionals that team varying throughout very call a a ability and gas not from the ConocoPhillips also of is having that only side API there host chain, things. world, exist. of first are off, team have So meaning the procurement other of benefit Cheniere team and

we've very -- low-hanging what that I call So to pluck we I continue the feel good fruit.

achieve. more it us it don't ton for flexibility without to bit design CP'ed on And any we're what additional to customers to able I I for room think to don't technological other think But we of done from facilities because comment different all a little LNG with on infrastructure. what go. a us very a of the having to we're them solutions yet. I there's they're about have feel want gives good perspective. our

Operator

Our from next question Barclays. Christine Cho will come with

Christine Cho

a capacity with is very as I record. off, Obviously, capital and increased that to XX% spending track in wanted how prepared XX% the your remarks Jack, the about capacity have the to you've that per contract increase to from plan made of to efficient. you production you comments the start capacity train, to expand you

have want how a I in fee X. think So to it? Phase would as doesn't would But think to we about have high the that should would you as it is fair think to that charged way charge. you be tolling a about what Corpus

Jack Fusco

to you. and comfort staff thank address the XX%. you my our first And maintenance Yes, my at if with with operating let me the going raising Christine, first, in That's part, comfort XX% my facilities. amount, still will, from is contracted

us. has And thrown everyone's expectations what we've fantastic Everything performance their at think year. Again, We've been and I were. has been thrown. continued been this to outperform, perform

with us of we our terming more out it get as reliability, and stability our comfortable -- allows production. and more feel operations to comfortable we So more our with

there's the shorter may term we numbers. be of more in -- of lot as of fee, those the as up, cost, variables the the that, in expect longer, to can is upon a have draw and them of should you a flow little that? or things price on or if word. we're we into our anything then term reflected do bigger Anatol, have lack term can add a flexibility guidance. a go And what for So far with we there's able in fixed But we as out discount, give you or different to better of in to our a quantity we And lot offer. and longer

Anatol Feygin

to adjust creatively flexibility to of lot that a and lot and market we returns our creativity while we we a conditions. generate you fixed as Christine that ensure finding as Jack, which way of trains, support just customers XX-year that the underpinned the deals the from us hit know, allows what very X a to, construct you flexibility on was need of No, a transition to

Christine Cho

to is the long put just just follow-on of are at it line least term, $X.XX, already PMI? of be primarily some to a $X that in and $X.XX, large And it over get the And excess assuming term? long to of be the run is have rate which how also want of out that confident Or sense that up gives confidence as a The you portion guidance contracted to up to capacity, time, will then, fact range margins capacity, margins will I this locked likely the over market you this today? guess, of $X to over these because you thinking.

Anatol Feygin

ourselves The of market will that to Christine. We see are large part, that growing it medium long-term and a which market the we these into dispatch and we growth the period record short and market, They Thanks, projects, rate for $X-plus LNG, is and is in drive answer went coming U.S. growth, volumes think at again, to the, in record yes. of supplied, which that QX years range to our how X period our the the project. need with that the oversupply by the fairly for to LNG that through, $X.XX in both of competition. QX ensued, projects continued we projects. evaluate will cost move on future invest astonishing competitive margin rebounded this that absorbed think is delivered market just That's And as and we a global through $X basis. we

the the to cycle the So $X with books what through we over range. We're we're playing the today, very as we between and decades. in years well have see as market looking course, where this out coming $X.XX comfortable of

Zach Davis

to cost confirmation ability competitive durable of X EBITDA that range, then project signifying also we Stage X reality I the parameters not that in really it all just of market, for this Stage would the Christine, investment just And our how really the see is. a just the it's just is. highlights hit like add, how but it's

Operator

Research. And Michael Webber our next with question will from Webber come

Michael Webber

be I wanted I to just getting got with can bit Foran used help to off more Foshan. start you the that maybe today around Anatol, specific or and think news good it this, announced some with -- a

they that, May back second And this is and that their of company associated with BP terms think buyer, first Chinese cargo a or in In third tier I they got I CNOOC. with ever. they're deal small think bought a then of

in think In Chinese symptom do around the a reforms mergers support this as in pipeline necessary a to of Chinese interesting that of really It's year we degree market? the gas it, natural buyer just -- volume a to their one-off the kind in terms or just view of that third Is trying it's versus that of more market. finally quickly. counterparty second show what up finding to tier be the last terms taking to of -- I'm curious just aggressive network. the saw And much you that

Anatol Feygin

Thanks, Michael. Yes.

'XX, and the course, to including here in been discussions, So expanded presence ever to contributed there very chapter in engaged that the China our course, in policy transparency, into drive discussions Beijing since intended help engage penetration 'XX gas we third-party over to we China a a infrastructure and with to, very step various And taken this a take country. market, provide of in PipeChina in think then, office natural all vehicle the gas drive started to this access of the a is of that access, the to policymakers discussions. is large important that amount have we've

market support. as there. of with companies this We the is continue do to and that a access and it see that for we've and to continued think We one-off. continued to us for China not engaged traction dimension South that in our TPA, preceded of great And to contracts, BP and one but the some which It Foran along you as this a other HOA, is be aggressively. advantage has deal, is of continuing to with movers mentioned, grow their very the vision early a towards years look success cadre in take

Jack Fusco

gate And in gas Michael, prices. I issues fluctuate city actual have prices didn't the natural to say with structurally of gas that China that is the one

artificially city high. gate the spot kept didn't because prices China's demand So the was when increase price dropped,

to demand potentially some response access PipeChina other going prices, some flow -- see see Now in these that players you're lower also. through with to of the lower and of where can increase you'll they

of their supportive extremely reforms. we're So

Michael Webber

with And sync. deal interesting data around U.S., Yes. of this of away to a guys is just as Phase sourcing one-off? you years flow potentially degree really and from And the to to maybe a different French come? come the work frac backing news is Earlier a as those vaguely think follow-up, access supposedly be lines commercialize does to related just a fuzzy That's that European gas you Corpus base? X, maybe a bunch counterparty for will something markets -- specifically, along customer Or to relatively demand a with in a I'm gas. there's curious, point. up kind quarter, sourcing contending your what that that you

Jack Fusco

take I'll Well, different a ways. it couple of

foundation our of European. customers lot a know, you are As

We have are anticipating customers, on that long-term French come we decarbonization X large focus It and Total Electricité stay. the de And both companies it. is to foundation yet, France. here up here, very it's but are us hasn't with

whole forward on points, moving think to transition energy take And actionable We're talking Go to talking discussion from do be of Anatol. to. can product we our much scientific make our that in make Anatol's near-term can a we lot focus event to my the footprint. and that identifying is points, quantifying initial need what everything we with as desirable from work. know, whole solutions our more you the and long going is very pursuing do a We ahead, carbon lower road

Anatol Feygin

Jack's Yes, comments. just Jack. Thanks, to follow-on

very power we infrastructure Europe cetera, the attractive and gas investing As you natural and plants, natural decade market regas in a know, are in beyond. coming Europe demand. projects, pipelines, driving important view et that reversing gas for tremendously is as pipelines, all

continued We companies. to with the engage

Jack to in Brussels, We said. as continued engage

to of and will allegations engagement Brussels. the deliverables delivering to And improvements you've some inform metrics, are continue our seen the concrete with and in we're transparent concrete form One as press. that discussion out actual to those opposed that the to discussion the of that discussion there numbers our metrics that continued

penetration of you those we transition infrastructure and this security that a and There's greater the forward. examples gas we solution part supply. part We're additions, no LNG are we be benefits not universal energy to going to its everything see to engagement, of confident key are that of as of people, all environmental solution, into strategic but meet objectives And Europe of and said. going

Operator

Shneur the from will moving come And Gershuni. question UBS, on from next

Shneur Gershuni

concept I towards it? in XX. to lack from If capacity had. on of want -- you're and discussion XX% move you're deficit create the thinking X understand there's Christine and a remarks arrangements, you was FIDs where prepared a capacity market that of approaching to X wondering of that's ratable back We're wanted headed understand some out. had it a at? we if and you some type the tightening to of with you're earnings target on how of a Is the strategically discussion 'XX X, correctly, just now capacity lock how longer-term base from that sort sort new year more the of kind or your up CMI in of can of X, of you a rather I XX% of years kind I to and or where go the in about been and thing, the

Anatol Feygin

the our capacity. So have a And again, period evolution as we've project everything objective talked about, financing. corporate to in from transitioning we where we're additional supporting of this needed meet essentially

the coming well now product include up customers' our and solutions of have serve value commercial as team. construct proved of altering success And short, It products long will this and long-term, the this is continue those We integrated with had think shorter-term the all the term. be products conversation the it We've of part of that operations those decades chain have market, as of these we've that and needs. to flexibility and solutions a medium LNG always the for We And to the be evolve. come. cyclical. market will continue market a the will to components, of midterm

is flow, cash And you happy of that. a of So said, be we're our that stability have the secure very know position we yes, investors. margin in all to important which offer and to as to

Shneur Gershuni

Please, Zach.

Zach Davis

mtpa XX portfolio, going originally say, putting perspective, was this million-tonne contracted. XX XX to and in be thought XX, just I we would we million a And we're got tonnes.

buildout. same we at even like do better when cash to be contract yes, sense to work same another more everybody long-term justify it to the gives X time. certainty the for us on we're So to allocation of then projects that a just that, and Stage looking to give have flows up, But some those contracts capital multibillion-dollar comes going creditworthy

Shneur Gershuni

And midterm I maybe presented a through gets think you XX% of definitely that little lot make appreciate No, makes remarks. over us we of you high what top sense. else end guidance? to can a the of sense. guidance your you inputs the was product over would A walk some get you the the the all Is was then to take that prepared that bit I just the the about and versus end? optionality. have again, the would end about lot guidance? wondering color a end? if in and us COVID everything takes what pivoting to low that do the low you Can low of is And -- And that's conversely, end talk it to I of

Zach Davis

the mean Yes, you run rate XXXX? or

Shneur Gershuni

XXXX. XXXX. It's

Zach Davis

we simple, to, To of on you open the were it's give really make capacity better a sense just that year ahead. like it to but that I'd speaking

we're we'll and year. first for for production have XXXX, have in record of for to time, the X the of XXs going So high terms trains MTPA

to was into last forward and we around gets which us move is tonnes went XX% Xth which and X we $X that into open, tonnes saying million around for adding train total $XXX had our million So X But with leaves we're that contracts a contracted XXX us about less this EBITDA. or TBtu XXX we long-term than about year, TBtu, of million which when just XXXX, year, XXXX. currently why said open, to selling and translated

XX% next to a closer early this got XXXX. were mind to just And year online last train in into keep we we XX% year. then coming year going So that

we're say better similar, asymmetric pretty if considering a year, last would than I But that spot actually not upside. in

in has $XXX capped So at makes we EBITDA million. the insulated than downside sub-$X $XXX more year, margins in really is it dollar have for range, which still are upside million, that last but around every currently meaning

So budget with the for we year. And we're just pretty can it's when come did range the imagine, good And you a the we in up midpoint. spot. budget around, in

Operator

Our come next question Wells will Fargo. Blum with Michael from

Michael Blum

possibly COVID lockdowns wider. one had wave see We're spread a in Europe starting second and to of quick question. Just

see you And demand? on, are you Just here? do wanted rollercoaster to impacting a -- get how see of we in your a thoughts that that bit basically, LNG for

Jack Fusco

this start mean, Jack. this I been Michael, year. it's also. is an -- here incredible I'll is

of on any increase Louisiana definitely Texas and a have and into ourselves is with increased, we at isolating bit a least Houston we our here numbers, plans I with sites and put of have lot which guard. in biometric that the with the COVID the but screening, We -- cases And little precautions around our know workforce, haven't seen it's cetera. our et workforce, interesting, are but around

especially pointed shaped. give in Asia, It every on maybe out, customers But Europe been more far, color stronger more you as to Anatol, recovery, V to want or... so As day. as our the Anatol far continues has be

Anatol Feygin

Thanks, Jack. Yes.

market We're very demand in in a increase things is And to moderation are this these is is navigate in demand main XX overall away the ability in an Europe. said, stable, And saw storage figuring better -- different world, we're have how improving and whether that we terms and gas, to That levels X one finally that X been issue ago of season from fuels. two, different is clearly well. not to levels how thing we the obviously, Europe going taking One facing year containment even down know, Natural been for of QX and and winter position. to market this over issue. Asia a into is is share but So as of are recovering, X%. European in in solid the when at markets is a increasingly and in resilient, that maximum learning in Natural reasons. the dynamic all of advantaged gas is respond that's though the is navigate Europe an worked moves, we're shoulder that months now this going the outlook stress. out below And Asia as you has into the product. very the power is about into off inventory; flexible than

much taking means, we not but with off eye So customers and ball the our a responsive our how any know to navigate. that we're system by flexible, endowed better

Operator

next Research. come from question will Alex with Kania is whose Our Wolfe

Alex Kania

follow-ups. guess, I just had a couple, I

contracts with are have would seriously, is And greater for reported portfolio. your on First there I'm maybe on any commitment that the target or just that demand overall increased the of that Is consider on how that's for in to if more contracting shaped more contracting. sense you the line up something trying seasonally? kind thoughts wondering

press the I is week earlier see debottleneck one additional I outlook. release, optimized cascade guess, just really this second I a about to did the And process. production of ConocoPhillips initiatives kind mean, on from the run rate

well? as of those just I Or or of debottlenecking if things incorporated discussions is represent was wondering those outlook? that more in incremental maybe So your kind were -- kind

Anatol Feygin

and then summer. forward Thanks, says are valuable market clearly, more Alex. the is the is winter Anatol. on -- has globally it structure hand I'll that to we Jack marginally part. I'll But This over second a than start,

a things that time look with sophistication, being leaps have can can we Our solution affect see make of of terms up that our ratable. original commercial deal SPAs -- a and and much deal grown efforts, a and the now have bounds fairly in and most and they our them big efforts that from to make you time fairly about easily, is and big that flexibly discussion customers. We more price

easier where top the in more that, have an in So making it's nice have we have issues as guys Louisiana, cool capacity, of no when production of know, it. we that. with on time And then terms you our ops some of seasonality and

these of all to how decision evaluate that forward. normalize our of we So options and them and factor into move

Jack Fusco

debottlenecking they throughout optimization partner us friend, us. in Conoco, is whole efforts good Ryan to been in process. a Lance and they've And a and regards supported our good with have this

their announcement trains, do the fee said was that, having future on think licensing goes up. better, COP but I time every we

they're So us as they can. much possibly helping as

Operator

on, with moving Morgan And we Evercore. have Sean

Sean Morgan

just SPAs question on So a are rolling off. that the

there's Cheniere's of material SPAs think trains. than older even legacy sort older and plants that pretty from all are these I markets

coming similar, And to wondering, does through And volumes for so rolling Cheniere, this you a tenors? SPAs are position do you volume a with tendering SPAs with lot see long-term off compete lot there the long-term of that like in? these being sort by how XXXX. is of, new be I'm market? Or tenors more And think replaced going do the to existing in existing

Anatol Feygin

Yes. Sean. Thanks,

one to market And fairly a over every the bespoke will, mark. past this as very grow us you there coming standard and of amount a if point-to-point sort of So and dramatically you were opportunity it the large advantage solutions conveniently for the years is volume of very that. to market, reprices, contractual over historically, of continues take is XX-year of when decades, decades, the that doubled said, the decade. that at And was that sources

will lots you well will Others that the with will and believe, portfolio pricing, approach, the of will following, be pricing we transparent flexible, contracts we that's customers help The can and will, stable to choose There something provide midterm, recontract vary. as the will we long-term our can solutions offer. want as margin. if that a at customers that want load that

it as of legacy of et out opportunity So North projects the that large out Africa, very cetera. is volume Qatar, another reprices

Jack Fusco

say energy I And diversity. more that demanding would are customers the

do multiple want suppliers index much want buy Hub at necessarily. to they they ensure from looking one to index. Henry a a supplier how oil So reliable buy They're also from and want don't diversity They product. from versus

be to affordable, of consider our and fair of those share make to work just that sure And think LNG. to of And they contracts. operational our try on an we continue get us some so, I supplier we'll reliable excellence

Sean Morgan

this ESG, more that make it, getting ideas choosing like balancing sensitive lot I at ways other are to of we governments it then your -- the there's slide, a little of, China? be a touched I cost lot And sort of on relates carbon, and kind it are environmentally who of might kind India European how friendly. as question Mike on And of of has more cursory you but you briefly ESG implement, a economically sort to think bit had touched or mean, sort to Okay. sensitive sort a be of customers through of that customers lower European of to went I Europe do the activist more in more look contracts. I guess, But going

Jack Fusco

that's is what we're focus we identifying -- doing up. initial now, them we're Yes. and right on is when we're exactly No. And say our stacking pursuing,

which put make going for market prioritizing us those stacking have to one know them we ones to which the a and types solutions directly solutions. least we LNG, we footprint basis, the and an burner of looks carbon pay what the are on resolved. So is quickly the we're until cargo for like while to from not identifying, wants a back of economic like which we'd on at for But a get sense and calculated to indirectly basis, actual of up

Operator

from Ben Our to Nolan final with question going come is Stifel.

Benjamin Nolan

rate if certainly, I run a good got track that's think you where going But a on even really allocation congrats on more perspective. it a through a I of and terms was up And have first, sort -- clear I you repayment its a or otherwise -- on distributions, and potential CQP probably higher So it's be could ramp the thinking the than -- vehicle like for it most this, obviously, capital might maybe were fantastic. is priority talk in Can seems The done. or run to forward? here. impactful for from could expound you of them rate, probably to debt maybe that couple. that record

Zach Davis

Sure.

CQP years construction. the we distribution So few the still we're over steadily last and slowly in increased really because

until increased see we and we you'll it do finish continue by us to So just that -- $X.XX we'll Train X. annualized,

but year, the just for fund holding gave previous remaining, So year. about the the can you But but that almost and you it's it could didn't up is of make this on an this see numbers, same because CapEx so And this X. let's look $XXX it did for if rate, it say, reason Train really go the back $X million unlevered it structure. at And have range that's clearly, at all that type up step to we of run is what to the at or was for point. coming as we cash we the related much, go up sure IDR

incremental to since actually this point, XX% at split, every we're dollar the So goes high in of CEI.

distributions going to billion in not flow, when at those eventually, a that over but from the of terms So LP is IDRs. units, half CEI, from of us get cash $X little to we actually distributable just

Benjamin Nolan

not or talk about Europeans or the talk but are some already as Right. and actually down -- them. that's a are? discovery used I I not the where There's robust maybe really gears can increase huge sort big a you Southwest to about Texas. as a EOG be, my others Today again, they those -- talk to discussions No, those imagine little you incentive although, and guys whether an pushed to Could IPM that, producers to a maybe lot that through looking And lot appreciate the or there return maybe buy. of stuff we been guess, probably Could in or, and The to with of made discovery. done out that's it's bit. follow-on volumes? that structurally slowing -- a of distribution. be have I there, you think yesterday, of maybe could Obviously, you switching a some Chinese

Anatol Feygin

firmly for Yes, that optimistic always this North year. IPM American that this see mind the set. markets. wonderful of been years but challenging on EOG is IPM single opportunities is number all of it that can the not those ongoing business said while like Anatol. It's needs year is Obviously, as a there, but production a points see access we a discussions, We've they sample And producers. transaction largest top you of year, the partner. huge we be started we're growth and and to a are not exported, provide X.X imagine, to ago, were a

handful of be more will contribution large proximal EOG's and a So to and that, as counterparties certainly, as become front optimistic other forward have center that engagement are will creditworthy facilities. well our we're that move as positions robust that we

Jack Fusco

And support thank Cheniere. of for you, everybody. Thanks your

Operator

our And conclude us. may that and gentlemen, our for do call disconnect. joining you and Ladies session now We today. appreciate question-and-answer you does

Cheniere Energy Partners (CQP) 6 Nov 202020 Q3 Earnings call transcript