EE - Earnings call transcript Q2 2022 | Excelerate Energy, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello, everyone, and thank you for joining the Excelerate Energy Second Quarter 2022 Earnings Conference. My name is Terrence, I'll be moderating your call today. [Operator Instructions]. I now have the pleasure of handing over to your host, Craig Hicks, Vice President, Investor Relations and ESG Excelerate Energy. Please go ahead, Craig.

open. now is line Your

Craig Hicks

you will making would be like morning. our Thank Armstrong, you, of on statements our that afternoon, released Kobos; everyone. President good this press release, everyone Dana involve this morning, we and risks Steven earnings Officer, presentation Chief a uncertainties. Yesterday remind number that Financial I to along speak Officer, will forward-looking to and call we that Executive and Chief with our the and

Our to actual from expressed revise results may differ those we in materially and statements, make these them. update forward-looking no obligation or

presentation. the a that, to pleasure the discuss reconciliation During GAAP it's some call provided most pass Steven Kobos. over the measures. the directly comparable We the also With we'll to at financial my non-GAAP call, measures to financial of back

Steven Kobos

joining thank morning. for Thanks, Craig, all us and this you

Our second momentum. quarter strong results our continued demonstrate

enhance decarbonization prices these security, helping energy while our are heightened attention their and of customers times to climate supporting We change. during their volatile especially efforts, energy

let's details the walk outlook the global With up for and XXXX now turn on progress open We on strengthening call through existing projects. results, our valuable and the will expanding second the and to quarter. market results gaining state new execute infrastructure our markets. your LNG the model, focused as of gas financial focus my then LNG downstream current on business I'll to questions. we today the X base natural topics: business we the flexible into strategy markets our downstream key quarterly our access and and remarks quarter that, before Dana of to our our of performance deploying are Excelerate's value of

adjusted financial performance during of $XX We and delivered our outlook. of our in was financial with $XX operating and in million expectations. the EBITDAR line income million Our line with strong quarter second

approving from a milestone performance were our a and gas dividend driven declaring our our our terminal to achieved Directors the with sales increased solid week strategy in primarily Bahia Our that demonstrates management at by significant another have results downstream quarter last during We and the shareholders. regasification bottom line of Board returning business Brazil. inaugural company. capital dividend signals our growth public Board the team commitment and to This our and confidence as in

front, are regasification we commercial services GasPort our Blanca the for Bahia On at commitment fulfilling terminal in the Argentina.

to a on subsidiary to quarter, established key agreement LNG in downstream signed Blanca XX last with gas of As mentioned builds the August The by at of our the This provide May. momentum markets. terminal study Exemplar before Engro we being Pakistan. arrived extending Finland. in regasified reach deployed will through opportunities then Exemplar And marketing July, our Bahia regasification services we MOU FSRU existing we have to Corporation an

Payra integrated in We support according government more Hyundai a FSRU of Industries be our critical also the during have the on talk Heavy will detail projects. these letter when in projects for just signed we delivered, negotiations the about MLNG a our quarter. new used this schedule plan, XXX,XXX be our later. is to projects. our cubic and growth advanced I a of intent execution remains for to key And with week, Bangladesh and of delivered tool FSRU, with to This meter new LNG XXXX. we regasification Finland progressing of and advanced expansion project projects several The will

dynamics, market spend I some strategy. turning business downstream our time Before it want supports our to on model how to and

integrated the offering or we market, positions terminal value for percentage our a conditions. terminals focused strategy increased strategy and in via along expect By maximize successful onshore Today, value capacity capture to adopting downstream in strengthening myriad downstream of opportunistically molecules growth chain, after to our on our the we been pipelines. As an a and customers established actually of company, going in selling our our larger is existing flexible economic stakeholders markets we've LNG our services. economics offering E-FIT of new a whether open downstream it's through our

created capable a We have growth of business significantly our enhancing model trajectory.

We FSRU LNG market going and currently beyond. attractive come to only LNG charters, online position volumes a will in environment, that but supply constrained not are confident also which for Excelerate as downstream tight new the is thrive, in XXXX in less

of energy like demand our security to to for as I'd LNG in is Since LNG seek and globe the isolated across call countries you May, earnings Now, with market. share we've This infrastructure on Europe. independence. flexible to state last not global current continued strong the perspectives some the see

energy for Ukraine crisis the in and war access necessity LNG. indeed Although have the to Europe in flexible increased

history. infrastructure to strong TTF Russian unreliable curtailments are filled secure switching of are this of help to through for enhance from that sales LNG power competition U.S. non-OECD to Europe's continent between year, elevated into further amid increasing the plants European Notably, gas heading countries security governments efforts increased and supply. We pipeline implementing access countries the deliveries, securing gas market, energy As with imports pipeline demand in of market manage And Russian has some and, LNG pricing in uncertainty is Russian exacerbated to exceeded pricing a spot around of Excelerate The flows gas future and access continue support accelerating of the gas flowed in and in This for Europe only the we Europe's winter European June LNG, imports October, at why have LNG for increased include likely demand. gas increased LNG LNG for to Energy. These for driving coal made volumes, to further an measures to to available supply. course, amount keep curbing first an demand, demand LNG. gas winter its Russian to pipeline displace tight pipeline going from natural flexible increased storage European natural season. gas the countries. supply time elevating Europe that's efforts global gas regasified level, exposure Dutch already The measures to their priority European mandating by they competition and

only natural relating the is to in needs to During terminal of include for Bulgaria's region. corridor. infrastructure our regasified Vlora the The volumes of to sales to terminal. downstream LNG regasified both east of the quarter, southern we distribution gas natural In planned our we Albania, meet MOU scope Albania but largest of signed gas gas existing gas LNG LNG deliver company, sale project expanded broader private west Vlora the and opportunities not an also the in situated July, with via planned Overgas, Europe's

years, meters have billion regasified XX and We into entered Vlora with energy Bulgaria Vlora-Fier year Greece, LNG to LNG are solution the urgent meet to southern a linked up planned pipeline. Europe negotiations for countries needs the help including Italy, logical cubic terminal per gas to corridor, the projects Integrated X of Turkey. proposed Overgas sell using to them like of

FSRU the is and Finland Exemplar of QX. to deployment track in commence expected Our remains on to

an bolster supply for terminal Finland, needs a region. new up and the will LNG capacity This Southern more also country's to broadly reached the we while meters the LNG quarter, to Baltic In energy of critical to year serving Finland. security Sea the Bangladesh, diversified of the flexible remains economy. terminal billion cubic with of regasified X provide regasification in of to through agreement Exemplar last per reminder, a the As government Finland LNG

Padma LNG LNG Our volatility, terminals looks to to price to importing gas new X FSRU to economy. currently when also long-term guarantee sales negotiating predictable major LNG LNG Bangladesh celebrated June, are high Bangladesh advancing dovetails is natural expansion gas action Due pricing agreements opening bridge, supply approximately remains affordable in a this history. minimized MLNG of affordable completion in we Padma and has This the the to the ferry. LNG cross of project plans national of are spot pricing. the XX% prices relieve Bangladesh's the infrastructure effects more long way to This supply by milestone Payra of strategic largest with Multipurpose agreements stock by spot sign country only from Bridge. compared for to Bangladesh projects. as was the we on is the River the current currently seeing Bangladesh's River with deliver X-mile total The the the and its The market the supply needs. it purchase Prior long-term market.

rapid the for the population centers which Southwest connectivity to need serve the of Chittagong. major with expected the and economic source. third Payra Barishal and greater and sort play Through River people Khulna, has country's This to in East, in as further such It's economic region for a important of will come. million the economic has as to advance and West Excelerate in Bangladesh energy to largest the the economic growth development growth of terms providing and role project, after in city outpaced half LNG home Southwest to will for Bridge is region of Bangladesh. urban Padma regasified growth. in an the energy a historically The years critical fuel the growth over increase catalyst region western demand as fuel Bangladesh XX Dhaka a in the Now,

projects. updates on let's growth Now turn to key the our

expansion we LNG and quarter, long-term LNG commercial negotiations the the agreement. LNG Payra projects for and proposed supply our Moheshkali During our advanced

the the processing all HSBC Bangladesh milestone, and to contracts. held LNG projects and increase adviser As in for by Payra July, operations. energy to our a it's managing August, the in Moheshkhali a has finalize for formal LNG scale us supply process Bangladesh we proposal of to Ministry of officially for is to formal this of tasked Once government PPCs of project. financial assist PPC with agreement with long-term for by The of The each expect since implementation and and in of committee, as are related defined global PPCs establishment large-scale the coming advance engaged LNG the these receive an into their realized, regasified short, the government for Payra authority the aspects meetings earlier we commercial committees the negotiations approval the months. you principle have our definitive projects expansion, first projects. know, significantly financial of important in negotiations or our In Energy the sales to will projects. Similar these The part predictable approval principle, their these formed year.

want I Dana, Before you the I turn results financial will with takeaways. who over more leave detail, key to the our following in call to walk through

drive and base has strong our financial results. proven be business First, resilient continues to to

in to Having the support and Our new percentage gas ensures natural to enables Europe's use area our market the reach of our both downstream us business charters cycles. is well them of for LNG focus to global of market to current us along chain. existing grow through sales access FSRUs option strategy, in extending larger in gas economics sales which to a markets, a capture variety positioned Excelerate or deploy is value the the time for that market. Securing a is

of quarter the Finland of deployment Bangladesh as schedule the XXXX, and that, remains projects With fourth to Exemplar the Dana. FSRU now Our call over planned. for for turn on the to are negotiations I'll advancing commercial

Dana Armstrong

and were with we delivered the Steven, quarter, the we're results Overall, pleased good Thanks, which our expectations. second financial morning, with everyone. line in for

result an was the $X the Excellence XXXX. company's initial the $XX.X quarter For for was the as second incurred loss the This of that of IPO-related in loss extinguishment public of was net concurrently closed as lease one_time expected offering April approximately net charge a a quarter, of one-time acquisition million. reported part with of million. the reported charge by FSRU we driven The

adjusted the net one-time $XX.X charge, was million. Excluding our income

million Blanca mentioned, in regasification up XX%. EBITDAR vessel Brazil, April, Brazil, of year, As last year's of increase in long-term commencement in comparison primarily quarter million The sales terminal was its second $XX adjusted driven driven year-over-year operating the quarter, commenced FSRU services quarter under early by the Bahia an at expressed second increase gas partially the to Bahia resuming $XX of XXXX, the $X million, for with gas up offset which was in at sales adjusted versus operations in the of May, quarter Steven along primarily regasification volumes costs. the about by higher higher XXXX. first the charter our was about In of by December EBITDA second this and

liquidity to turn let's our balance sheet. and Now

million As XXXX, had hand. the of of cash end equivalents and June Excelerate of $XXX on cash

quarter, of FSRUs conjunction million $XX flow CapEx acquired the we the in spent IPO. Our million $XX X second quarter for which cash million, operating the in and with was in second cash was

EBITDA, total XX debt ratio, as leverage months which trailing end leases of XXXX. divided of by X.Xx as define the adjusted plus finance June we Our was

conservative as strong We having balance And to are have of sheet capitalization. a benefits we financial approach our taken growth. the the fund and a historically a realizing flexibility result, to

position, obligation cash liquidity combination dividend provides and facility, us in quarterly strong service with revolving Our near-term payments. our our ongoing to with credit debt fund needs, anticipated CapEx operations, our ample

mentioned our Based financial of date on record established and of on Steven paid earlier, September X, dividend on annualized XXXX, results $X.XX public equal of will are full-year an or our commercial through As reaffirming be Directors to August our Board basis, August as company. share midway XX. which guidance. to The a on our inaugural payment, the as $X.XXX dividend approved we've X per momentum is to holders we

still between $XXX and range to between we'll For and With million $XXX adjusted for EBITDAR Q&A. year the million. our the XXXX, full $XXX open adjusted range we up EBITDA call $XXX that, million and our expect to million now

Operator

[Operator Instructions].

first the question McDermott from from comes Devin Morgan So Stanley.

Devin McDermott

Vlora. And and for the local approvals is good is the we within also, that ask, reaching other potentially? in gen? terminal see terms on power an Any update much I it's opportunities to agreement with how to Bulgaria. needed And in gas left And locally the formal the first project. there where What on elsewhere, one sales is sales how my getting gas to much FID then for then just in Albania? So additional wanted is though, stand of on

Steven Kobos

the is Albania Super, for bridge first a situation fully emergency I the that fantastic having you. appreciate Devin. is is have only but being the weigh Daniel, is really, us negotiations, other us which that as to power our I Europe. that immediate want because is exacerbated had there, want does Thanks do [Indiscernible] that. Officer and joining power that on in intended about in. Chief advancing this our EPC up project Commercial on by other is we're give as I or point again. would say you underway. pressing need That if for one I thing actions out confidence open for to to they the moving going is

Daniel Bustos

parallel, are advancing by project fronts the the end XXXX, of Sure. engineering, negotiations. goal in Devin, delivering with several of the we in permitting and

the project ability early of our be in way, project deliveries. will the an on So not second based we start seeing deliver a XXXX and have developing We're where the to FID. timing, continue taking to half actions to secure we

In good terms a very question. of gas, that's

expect the market European about Our you to be to give of we proportion, the better X Albanian some deliver that a to the to to will Europe. same. to the FSRU year on market. to dedicated bcm be X peaking interconnector goal bcm dedicated But bcm capacity us and just an allow have of up roughly per is capacity to X to is the The

Devin McDermott

broadly. Got with helpful. just more very And Europe it. That's sticking then

expanding option And can talk or bit beyond access more types In for you you an little there, have to you the specifically, presence mentioned faster could the I'm terms LNG Finland next portfolio in opportunities the carrier, then thinking FSRU or you and few be for market? think whether capacity of open over to kit opportunities the additional a about Albania? I that, a years about an of converting have not and time your

Steven Kobos

conversions. mean to yesterday certainly, growing made we're possibility look continue to for the time different the one to tonnage, on fleet. talked We're we're and we've about I Devin. at of going an Absolutely, Yes. some announcement approaches we've taking way

specific kind to a because want be there of in needs opportunity bespoke it typically very nature. You

see down We opportunities the continue Europe. to pike coming in

have there We our team constantly. over pretty much

the are can spent definitely I the pressure those insecurity really are Europe. being seen continuation the opportunities in we any moving the think I we this opportunity ground, not that we but has is the at in about winter coming pace the I to But growing seeing events the since on But continual Europe, interest pile on haven't highlighted the interest the March. everybody receiving, slowed summer say of that's the that of we've put think all point. of everyone mature as

Operator

Blum comes Fargo. Our from question Michael next Wells from

Michael Blum

potential the my to a this purchase guess I contract specific be ask I purchasing wanted question have moving about you LOI would FSRU. a then, newbuild before contracts? you forward wanted go be the in for and forward, would deliver? would to the in you is, -- this cost work. use you to would what understand Or secure first sequencing for you timing And how would vessel? of assuming Just that be the

Steven Kobos

Michael. Thanks,

absolutely been are tell to in I our you is, obviously limited And disclose Hyundai. we that. this with forward spring. fleet. We've moving since what at can for looking the We're can We what that's

. need used on able As on delivery. as I well. to looking for pleased to We're The just it's this the amidst is, all that, the order will have liquefaction globally, that always to we've glad and use XXXX taken push at being that another asset tied we a best-in-class told fleet. FIDs To be been going the are our going idea that's to additional we're be of Devin, on corresponding filling we've book obviously conversions as

from why Our our all been in existing go a with that over asset a see this fleet years. a we've so short-term a that mood fleet. on while to to coming supply of we succeeded owners has assuredly is right with can customer, to this opportunities be, portfolio this frankly, and vessels sell idea seem characteristics FSRUs capture uplift, displace the to grow and on be balance we intend with used take should the will It's you are this The class. of assuredly of likelihood the of most the basis. part What in that combination one asset new exactly will that

we've shipbuilder XXXX, this world to looking the largest We've possibilities. in We're forward And for this. for some at is, believe, time. move tell shipyard But So been happy -- Hyundai, outstanding I can best-in-class we all the timeline. we bespoke the world. you, with intend the to go in evaluated an a with vessel,

Michael Blum

changed just about Great. and I My reads this just at Can to question, XXXX? early that CapEx you stands all? Very XXXX us I Or then any potentially has for year. for helpful. -- remind just where ask budget that into wanted second the remind us guess,

Steven Kobos

Yes, across because I Michael, at I've Dana, CapEx gave guidance, recall got a table our Dana? we look CFO, that the don't

Dana Armstrong

did and now. not, We on we're giving right 'XX not guidance CapEx

Operator

Holt Our next Pickering, comes Tudor, from from question & Matt Taylor Co.

Matthew Taylor

to be southern I significant. could back wanted to I opportunity that because quite go gas it think

at the X bcm capacity got you So year. terminal a of

one rest, us, you for attractively, on pretty screens clarify MOU could mentioned various four year for pipeline. But last And an of of how the Bulgaria. you You much be that least will that can at signed with is you countries, one which but that Italy, potential the remaining highlighted Snam Albania? Vlora-Fier then be to

helpful. you be more provide color any could So would

Steven Kobos

there. Sure. I table, joining Matt. I us, year of the talking X we're Bulgaria Thanks and for bcm The a looking I it, across appreciate about it. I'm think think beauty

this, well. component you I'm though, the is I Obviously, is East as fragmented and as beginning the he it Daniel math So that part eye our because know, from that. these of market is Europe off Italy we was knowing this But of IPO our interest shouldn't in -- integrated take can some a parts It's mean our the at of this do that. this to but to is the an markets markets. of we of are driven what's the on what their certainly, part studied upside European before big of going to well from the interest Albania, hand very drove individual Italy there. in attractive connectivity.

Daniel Bustos

for X X The best the Albania. of out math of terminal, for the utilization bcm the bcm,

focusing, and one for different discussions the Italy, bcms Overgas, one also, of going the Turkey. for of and for players project, and can as of that a but course, commercial critical we're the interested are markets of terminal. reverse and lot the we are of market, to in There's the show of in in MOU. is even attractive to the X with they physical bcm our you delivery mentioned, as markets course, the for it's capacity continue also for are discussions But More Snam Bulgaria, markets. to downstream they of bring We X Greece

to to of give where markets, one downstream Our which, again, only swap lot are is involved the not also on flexibility, us and commercial to capacity volumes of Italy, in on we is that's actively going but a negotiations, critical TAP reverse.

Matthew Taylor

underwrote rest IPO, on to opportunities And upside. clarify, and of you through going the That's these you're just Great. this, as too, understanding helpful. you're focused was would when be the my Albania

that getting So I underwrote shared, pipeline there offset? Is required return opportunity would is, kind and question you here? of better and materially that would the guess infrastructure it this for the other be for CapEx

Steven Kobos

Albania. proxy you were was guess base Yes, a in I for throughout what's presenting further the and Albania the European and some native Albania, we've and what questions within Matt. just had Yes. always well, and frankly, deal thought, as logical to into can LNG where do power demands the we the the in discussions have there for any we downstream market. of gas our there, couple downstream? it's show go we always horizon, And a on market, further We

guide you to you But . I fairly be pipe a say, position some on would So on not There accretive. It'll the interconnector modest, further should still will and that. partnership We're be first not and from any base did be uplift stakes this. JV and your to will include question, see This shares we're yes, of in some the the the to deal working it. for CapEx.

Matthew Taylor

may. one if And great. more, That's I

have you're the elevated load has Bangladesh demand reallocation you And been become. targeting high and pricing. share, just on your projects won't these seeing for prices given seen Daniel, gas you've despite this even mentioned prices that across just shedding make what But we're and the to LNG due You perhaps, basically world, delay how the gives can countries you projects, these screen? confidence case your Steven

Steven Kobos

it. supply still for because to who needs has long-term is, we've is in long-term what's why out to That's project for critical it heavy out but saying openly, to can some -- need with it time. into it's to And but a been our that the that say right delivered got on for there Bangladeshis. these game." why now at the of doesn't, Yes. time a makes while Payra infrastructure a of going we've critical deliver a why sense they're supply. to desperately. And And I I lynchpin and to some being anything, with want It's sensible. been energy, of as calling same act the more quite like like for we're continuing right we've economy's at they need Nostradamus Padma supply that, we've sovereigns cost, I length "Hey, the the laser-focused highlighted spot mean too time, affordable and Excelerate been been Matt, economy been be position approved they don't be West. Bridge, which and and their And or while the be optimize a it component doing offer River negotiating little along long-term top we've now. But what's for the Bangladesh we chugging on just kerosene to think wanted that's throwing for in is this for mean, reality the someone them. the to as this energy move we

pivot. a wanting one be are part unfolding is in we this very and Bangladesh pivot, is The really, a way. So to mature predictable that that of making government

Operator

from Nikko. The Havens next question comes from SMBC David

David Havens

to second FSRU. with the the for LOI contract relates option contract the well question for for new vessel? -- heavy as Hyundai there a First an heavy Is embedded

Steven Kobos

David, mean, this discuss be of the will not and LOI be something we point, into we're that part I on that at shipbuilding that If as contract. the put about that to the point, just focused this At advancing I transparent we will the contract. that. But would is specification discussing. shipbuilding

David Havens

project? the then to XXXX to any I updates talked to And the Filipinas. shifting second latter from Okay. the you've the gas question very obviously, you But call, that have where prices being open terminal, of update do capacity that on mean, us had last a the Can know defined that there. an XXXX. part on relates being as of you project on give about an very signed I status access stands? natural effect up

Steven Kobos

contact Yes, right. David, access with Daniel, are point might team, on focusing tied to would which who an you've the -- it been to I that you're that just that are we generation, folks But project, think the play that as demand. wouldn't are looking as some the going are we now. being fact to unique you the but you is mean in I on that are in right I at and other power I term projects to overall of sensitive elaborate open natural steps gas, long you on Philippines. open access know as make right say say,

Daniel Bustos

mature Asia. fairly is market. for contracting Steven a prices clearly are prices single the is, private a international it's has with that it Philippines out, the wholesale on a very that playing try be fairly power companies small It you The and with can in Yes. you're to on player, particularly and market, power. experiencing. Sure. we're very long-term difficult, disadvantage unique it And pointed when also bring

LNG. needs on access gas, is believe They power. to the projects. some develop Philippines to the going the the is need think I towards government dumping putting ability we and facilitating the that to move

the bet. same. that will is the market best believe We is terminal still that. that the bet support a the seeing whole that Our fundamentals believe we're serves We that

Operator

The comes Lochridge next Cameron from Stephens. question from

Cameron Lochridge

case half start the back well and the in I of terms as terminal 'XX. plenty MLNG Albania, of on want the gas Vlora the So sales. there upside to of expansion in Vlora potential as in Obviously, of

You that still you talked have. of bcm the X about capacity

million kind projects just sales? half we you in we what those the the earnings how million, years. mean projects? coming potential it, power? $XXX In should past both those of have about see any call numbers in of of could earnings projects, 'XX, kind steady of to $XXX about of EBITDA TWO at, the on How to what I been be, forgetting back Just or indications several -- upside guys from these upside of those gas X over could pretty base $XXX terms the early the million think

Steven Kobos

even community Xx we've really to we're the Cameron, thinking been now, tell reach is, advantages is additional Xx analyst us FSRU see table -- of have like gas and in EBITDA. before deployed, we've of services, of multiple it's to right you the I -- anything what that Xx the over be reason bringing the sales going And summer think including might else continued really a something we terms Xx the that to that anything to CapEx aggregating or multiple, whether on seen the business is Xx multiple. historically, but an downstream, around helping should

So we're prepared than now, but better that's targeting. any what give to indication I we're right really don't that think certainly

Cameron Lochridge

second for pricing volumes give a more couple guess it. helpful, on mean, substantially Steven. question. super past That's you've first on line mean just I the of either Got of color top realized kind for the And I gas but just half any the This the quarters. average sales? you over nuance, can I one is then or sold, quarter,

we sales on very would or that of be get help pricing terms just could in gas helpful. the So any volumes

Steven Kobos

Brazil. sales in included But you're principally -- question a going is Now I England. here have this into some remember and we about largely because this to is I the jump to of QX think how don't New Dana,

Dana Armstrong

Yes, yes.

definitely, you mean, said on on is we gas margin fixed driven there. look higher revenue But Brazil. previous increase in if by quarter-over-quarter, rate we've volumes sales Brazil, as For obviously, Brazil, contract calls, a negotiate I the our

rates prices So relatively be depending our rate somewhat will even on a will margin somewhat on constant lumpy though our volatile, the revenue and and be move, EBITDA basis. how

of see Obviously, increased volatility the we'll much as you the in see the revenue. those in And but so volumes, [Technical that. margins won't benefit Difficulty] it's

Steven Kobos

April fact for largely molecule Europe. assumes me just resulted back because for everyone Cameron, at on sales? is would buy has so that, just the every go be what I much is, I it's own were that demand Brazil hey, would needs how think that's at May, for Brazil, not the Why I if we're and to case, takeaway energy And from there has their the this think the security. everyone to seeing continues that want think And need to I this to goes prices. us? in LNG, not destruction in And real the looking else these heck the even

eyes other what understandably Russia, some We takes of offering. off of our these the need of the that from markets on on -- are or off and do fact that eye people's focused Bolivia supply but failures we're

been So because lead the pleasant thought up demand face would bringing that a Brazil what I to for surprise destruction. about in the thank has you demand resiliency of people of

Operator

The next Marc Barclays. Solecitto question comes from from

Marc Solecitto

on So Brazil. maybe just staying

existing seems the of extension like a pretty on potential Just expansion a strong there's any wondering or It agreement picture. gas there? sales demand if update

So how forward? wondering we should that think about market, going just

Steven Kobos

us and absolutely, today. Yes, joining for Marc, thanks

I already but to I've happy regional LatAm, further these you am Daniel's in anticipated what teams I demand any this how see want I in despite of on those busy on negotiations, provide? prices. Brazil, commented to excess know, we are think color in

Daniel Bustos

XXXX. on strong as headwinds, some capacity of And both Brazilian experiencing seen. is a commented. the economy, economy the the XXXX, for and Brazil, import The that supplier on the rest Sure. energy. to Marc, are basis Dana the fundamentals premium second already have sell we continuous And but gas of as or on that Bolivia pay strong solid. farming world. an demand And to are to we made their a a of one the have also It's commodity more deterioration strong for inflation although and of related, energy, is position risk. prices shows exports, of what a bringing combination opportunities a continuation the both rest see capacity Brazil's, extremely in LNG increased credible they

of sales, products in the demand. Let's and supply Brazil, both and providing remember, X money we make security in are gas high

Marc Solecitto

investment Got volumes are there? you the contemplated onshore Engro? a on color with on maybe to Can bit infrastructure there. it. the part Appreciate just then any as And shifting What be being And that? MOU there would just Pakistan. expand the of

Steven Kobos

the Pakistan this the excluding thing production, curve Their no most play, why that I'm longer-term should Baluchistan, out continues bullish gas among and those -- people -- pay access I on to decrease. takeaway bullish decline domestic Marc. wire, on you lot country. reality on to to connected populous and the my -- fifth that, have of attention especially is Pakistan. He's think a who wire. the is, their mean long-term the the It a I Pakistan. world's connectivity has of is to are It's

the open a a you heavy Because see we to now. term. Pakistan lift need know We now, Pakistan so of running issues, what and access. will the lot right of government needs this. to continue long-term doing to see be to We're do don't there people for work And macro on long

this one downstream see take off early pay longer-term as quarters. we in a but X will project, our believe is in or action. the really it. go This not should you to This So next commitment to X

opportunity most We are But Pakistan, with Karachi of you for who's partnership to the times, need steps in this and companies someone one seat on and can confident public be to intend catbird respected taking I a the issues traveled the further will see when the to there worked downstream be many out be unfulfilled you, Pakistan can Exchange. Engro, we develops. the with that there just we and intend tell gas, like IMF mature

this a just commitment long-term can this to by you as market. Excelerate see So

Operator

no appears moment. we It have Instructions]. at questions [Operator this

CEO, Excelerate back So remarks. and hand President Steven final I'm any Energy, to for going it to Kobos,

Steven Kobos

months. see, who you call. out hope questions, feel our again Hicks, and free with through as you. to half additional thank can the you to us you reach if on to we're coming of Sure. please have you Craig Thank updates the today's of forward in Until look I everyone VP joined any made pleased providing year that, then, to we've the the Investor first progress with Relations. with And

Operator

today's and Thank concludes you for disconnect. you This now may joining, call.

Excelerate Energy (EE) 11 Aug 222022 Q2 Earnings call transcript