Cheniere Energy, Inc.

your questions may contain forward-looking statements, and actual results could differ materially from what is described in these statements. Slide 2 of our presentation contains a discussion of those forward-looking statements and associated risks. In addition, we may include references to certain non-GAAP financial measures, such as consolidated adjusted EBITDA and distributable cash flow. A reconciliation of these measures to the most comparable GAAP measure can be found in the appendix to slide presentation. As part of our discussion of Chenier's results, today's call may also include selected financial information and results for Chenier Energy Partners LP or CQP. We do not intend to cover CQP's results separately from those of Chenier Energy Inc. The call agenda is shown on slide three. Jack will begin with operating and financial highlights, Anatole will then provide an update on the LNG market, and Zach will review our financial results and 2025 guidance. After prepared remarks, we will open the call for Q&A. I will now turn the call over to Jack Fusco, Cheniere's President and CEO.

Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our results from the first quarter of 2025. The year is off to an excellent start, evidenced by the strong financial results and operational, execution, and capital allocation milestones that we achieved during the quarter. We have much to be proud of from the first quarter, and our results and operations only further validate to the market that Cheniere is the reliable and disciplined LNG provider of choice in America. Our LNG platform and expansion plans are designed to develop new production capacity in pursuit of enabling customers around the world to realize the material benefits of a secure, affordable, and reliable energy supply like we enjoy here in America. That said, we find ourselves in an evolving market landscape characterized by heightened volatility and increasing uncertainty as geopolitical risks, shifting global trade dynamics, and the competitive landscape continue to dominate the narrative. Despite the volatility, headlines, reciprocal headlines, and the other dynamics throughout the quarter We remain steadfast in our commitment to operational excellence and delivering on our promises to our customers and broader stakeholder base. We recognized an income, an all-time quarterly record amount of LNG for the first quarter and made significant achievements and advancements in both our construction efforts at stage three, as well as our development efforts on mid-scale trains eight and nine. leveraging our brownfield platform and solidifying Cheniere's next phase of accretive growth. Please turn to slide five, where I'll highlight our key results and accomplishments for the first quarter of 2025. In the first quarter, we generated consolidated adjusted EBITDA of approximately $1.9 billion, distributable cash flow of approximately $1.3 billion, and net income of approximately $350 million. Today, we are reconfirming the full year 2025 guidance we provided on the last call and are tracking well to deliver financial results within those ranges. During the first quarter, we achieved several significant execution milestones that I'd like to highlight. First, we achieved substantial completion on the first train of the Corpus Christi Stage 3 project, and this was done ahead of schedule and within budget. care, custody, and control of Train 1 from Bechtel in March. I'd like to congratulate the Chenier and Bechtel teams for delivering the first train of Stage 3 safely and timely, and thereby further building upon the track record of excellence in execution that is consistently demonstrated. One train down, six to go. Bechtel has progressed overall project completion to 82.5%, with most of the remaining work being construction. As we discussed on the last call, procurement for Stage 3 is basically complete, effectively eliminating the project's exposure to potential tariffs on equipment and materials. I'll discuss this prospective tariff dynamic in more detail on the next slide. I continue to expect to have the first three trains reach substantial completion by the end of 2025. In fact, recent progress on site, particularly on Trains 3 and 4, has increased my confidence in that target, as well as the likelihood that we'll have Train 4 in commissioning by the end of this year as well. Train 2 is well into the commissioning phase at this point, and I expect to achieve first LNG around the end of this month or early next. We've been able to deploy significant lessons learned from our commissioning and early operations of Train 1 into Train 2 and expect the subsequent trains to benefit from these learnings and efficiencies as we bring them into operations. During the first quarter, we received our FERC permit on Mid-Scale Trains 8 and 9, one of the key remaining steps ahead of an expected FID later this year. Trains 8 and 9 received a positive environmental assessment from FERC last June, so we were pleased to see FERC act on this brownfield shovel-ready expansion project. I'll cover Trains 8 and 9 and the timeline around that project in more detail in a moment. On the operations front, we had two major operational milestones during the quarter, which are each achievement worthy of celebration as they are the outcome of Chenier's Safety First culture and commitment to operational excellence. First, I'm proud to say we safely produced and exported our 4,000th cargo of LNG in March. Chenier is the fastest company to achieve this in the world, having done so in just over nine years. Also in the first quarter, Chenier Marketing, or CMI, sold its 1,000th LNG cargo. CMI's responsibilities and contributions have evolved considerably since managing the first commissioning cargo at SPL back in February of 2016. Today, this essential part of Chenier manages not only spot cargoes and commissioning volumes, but also multiple delivered long-term contracts, including our IPM volumes, and has a leading position in the LNG shipping market. CMI's capabilities and reliability are a key part of what separates us from our competitors, and we are proud to celebrate this significant milestone. Please turn now to slide six, where I'll address the evolving landscape around trade and tariffs and how Chenier is positioned. Certainly, the last few weeks have been marked by volatility and some confusion around tariffs and trade as announcements and proclamations from here and abroad have come in rapid-fire succession. The underlying issues and the developing policies to address them have raised questions from our investors, customers, and other stakeholders regarding the potential impact on the physical LNG market and the LNG contracting environment, as well as the cost of materials and equipment. As a result, over the last few weeks, I've spent significant time in Washington, D.C., meeting with the leadership of multiple departments and agencies, and providing the perspective of Chenier and the U.S. LNG industry in policy discussions around those key issues. From these meetings, it is clear that the administration strongly supports our industry, and they understand the significant role LNG can play in the support of the administration's energy dominance agenda and trade priorities and the importance and durability of our permits long-term. With regard to the physical market, the destination flexibility inherent in U.S. LNG contracts, which Chenier pioneered, is a significant mitigant of impacts to physical flows of volume. Even so, we are uniquely insulated from volatility in the short-term market via our highly contracted business model. the overwhelming majority of which is FOB. Any potential impact is further mitigated by the depth and the physical liquidity of the LNG market today. With well over 40 importing markets and regasification capacity that continues to grow well in excess of supply, LNG volumes can respond to signals and reach the markets where it is most economic. On the contracting front, Anatole will touch on this in his remarks in a few minutes. But first and foremost, our long-term LNG demand outlook remains unchanged. Current trade tariff dynamics have not altered the structural shift to natural gas or the many advantages that US LNG provides our long-term customers as they construct diverse, reliable, and secure long-term energy portfolios, and for our country as we think about trade balances. And finally, on materials and equipment costs, we have significantly mitigated the risk both for Stage 3 and mid-scale Trains 8 and 9. On Stage 3, procurement is effectively complete, and materials and equipment have been delivered to the site, so the risk of tariffs impacting the cost of the project has been substantially taken care of. With respect to mid-scale trains 8 and 9, as mentioned previously, we have issued LNTPs to Bechtel, which help lock in costs and schedule ahead of FID worth over $500 million. With the majority of the total cost of trains 8 and 9 expected to be labor and a fair amount of equipment and materials sourced domestically, we don't anticipate a material impact on the cost of mid-scale trains trains 8 and 9 in any of our scenario modeling. The recent focus on trade balances and tariffs have highlighted the outsized impact that LNG contracts can have on those dynamics, given the absolute dollar magnitude in the tenure of our agreements, as well as the fact that we have signed contracts with companies in nearly 20 different countries. We believe that reality only further improves the backdrop for constructive dialogue with LNG buyers around the world. Turn now to slide seven, where I'll cover mid-scale trends eight and nine in our expected path to FID. We're progressing trends eight and nine towards FID, which I expect with increasing confidence and visibility to occur in the coming months. With identified de-bottlenecking opportunities across all trains, we expect trains 8 and 9 to add up to approximately 5 million tons of volume to our platform at Corpus Christi, increasing our overall capacity to approximately 60 million tons per annum. We received our FERC permit in March, which had no request for rehearing, and in May, we received authorization from FERC to begin site work. So we were very close to having the necessary regulatory approvals to move forward in the coming months. With respect to other remaining necessary steps, we're currently working together with Bechtel to finalize the EPC agreement, which we expect to execute in the near term, as well as other remaining project development pieces falling into place, ensuring the project meets or exceeds are disciplined capital investment parameters and return requirements. These actions are evidence that we are in very late stages of development on Trains 8 and 9, and we are excited to bring this Brownfield expansion project to FID soon. The project is designed to maximize our in-place infrastructure and leverage the ongoing execution on Stage 3 in order to deliver much-needed volume to the market and market-leading risk-adjusted returns to our shareholders. With that, I'll now hand it over to Anatole to discuss the LNG market. Thank you all for your continued support of Cheniere.

Thanks, Jack, and good morning, everyone. Please turn to slide nine.