CQP

It takes 18 months to two years to obtain a permit, and pipeline plans need to be filed with FERC and made public, followed by 3 to 4 years of construction. The U.S. natural gas production has increased from around 67 - 68 BCF a day in February 2016 to over 110 BCF a day currently. We work to get economies of scale by going back to optimized plans for projects like SPL and CCL expansions. Filings for CCL Stage 3 and mid - scale 8 and 9 expansions are about de - bottlenecking and accommodating peak production at certain sites. The CPC contract starts mid - 2026.

Committed to growing the dividend by approximately 10% per year throughout the decade. There is potential upside to volume guidance from Corpus Stage 3 trains coming online earlier than contemplated. Plans are in place for FIDs of Train 7 and Train 4 with cost - effective strategies to achieve economies of scale.

Asia is expected to grow from a roughly 270 million ton market, which has been stagnant in recent years due to high prices, to well over 400 million tons in the next decade. Gas - to - power demand in the U.S. is at new highs, partly driven by growing data center electricity needs.

Concerns that rising LNG exports could worsen domestic affordability pressures. Uncertainties regarding the permitting and commercialization of incremental capacity in China.

Q: What is your view on rising LNG exports exacerbating domestic affordability pressures and its impact on Chinese ability to permit and commercialize incremental capacity, as well as LNG's importance as a strategic trade and geopolitical lever?

A: It takes 18 months to two years to get a permit, and pipeline plans take 3 to 4 years for construction. We purchase firm transportation. Gas - to - power entities don't like firm transportation. We explain how the markets work to legislators and regulators.

Q: Talk about the drivers of significant EPC CapEx escalation in LNG greenfield projects in 2025 and its impact on brownfield projects like yours?

A: There is some escalation, and we are working through it with partners. Lead time is more of a concern than inflation. We have gone back to an optimized plan to obtain economies of scale.

Q: Timing and use case for the CCL Stage 3 and mid - scale 8 and 9 expansions?

A: Those filings are about de - bottlenecking and accommodating peak production at certain times of the year at the site. It is part of the overall plan to reach 75 million tons.

Q: When is the CPC contract expected to kick in during 2026?

A: It starts mid - year.

Q: How does the ramp - up of Corpus Stage 3 affect the volume guidance upside?

A: Still early in the year, but if all three trains were a month early, there could be comfortably over $50 million of incremental EBITDA at current margins. Things are progressing well.

Q: Do SBA opportunities support higher - cost trains beyond initial brownfield opportunities?

A: If we needed to get to 20 million tons of additional contracted volumes, we couldn't maintain the $2.50 - $3 standard currently. Our performance and reliability help capture premium contracts.

Q: Thoughts on dividend growth and its relation to buybacks?

A: Committed to growing the dividend by 10% per year through the decade. 50% of the payout ratio is for buybacks, which enhances the company's financial flexibility.