Cheniere Energy, Inc.

Good day and welcome to the Chenier Energy fourth quarter and full year 2025 conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Randy Bottier. Please go ahead.

Thanks, operator. Good morning, everyone, and welcome to Chenier's fourth quarter and full year 2025 earnings conference call. The slide presentation and access to the webcast for today's call are available at Chenier.com. Before we begin, I would like to remind all listeners that our remarks, including answers to 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 financial 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 Fusco, Chenier's President and CEO, will begin with operating and financial highlights as well as Chenier's growth outlook. Anatole Fagan, our Chief Commercial Officer, will then provide an update on the LNG market. And Zach Davis, our CFO, will review our financial results, 2026 guidance, and long-term capital allocation plan. After prepared remarks, we will open the call for Q&A. I'll now turn the call over to Jack Fusco, President and CEO.

Thank you, Randy. Good morning, everyone. Thanks for joining us today as we review our results from the fourth quarter in the full year 2025. And we look forward to 2026. Before we dive into the results and outlook, I'd like to take a moment to acknowledge a significant occasion that occurred here at Chenier earlier this week. On Tuesday, we celebrated the 10th anniversary of our first export cargo, a milestone achievement that not only ushered in a new era of prosperity for Chenier, but for the U.S. and global energy markets as well. The significance of that first cargo cannot be overstated. In fact, earlier this week, I participated in the Transatlantic Gas Security Summit in Washington, D.C. with Energy Secretary Chris Wright and Energy Secretary Doug Burgum, as well as leaders and ministers from over a dozen countries where the anniversary of our first cargo was commemorated. Getting to the point of that cargo being exported was a Herculean effort. Chenier charted an unprecedented path in order to realize our vision of enabling the energy abundance and affordability we enjoy here in America to reach international markets. In doing so, we resolved a maraud of project development challenges to bring Sabine Pass to fruition while rewriting the LNG rulebook on long-term contracting by leveraging the vast natural gas resource and in-place energy infrastructure of the United States. Now, 10 years and nearly 5,000 cargoes later, we have cemented our position as the industry's gold standard. We lead the US LNG industry thanks first and foremost to the Chenier workforce and their steadfast commitment to safety and excellence which they demonstrate every single day. We also wouldn't be here today without the unwavering support of our over three dozen long-term customers, construction partner Bechtel, regulatory agencies, financial stakeholders, and our community partners. Together, we have achieved something truly transformative in our first 10 years, and we are just getting started. Please turn to slide five, where I'll highlight our key results and accomplishments for the fourth quarter. We had an excellent fourth quarter operationally, and we generated consolidated adjusted EBITDA of approximately $2 billion, bringing our total for the full year to $6.94 billion at the high end of our guidance range. We generated distributable cash flow of approximately $1.5 billion in the fourth quarter, and approximately 5.3 billion for the full year, which is approximately 100 million above the high end of our guidance range. Net income total of approximately 2.3 billion in the fourth quarter and over 5.3 billion for the year. 2025 was a record year for LNG production, totaling 670 cargoes or over 46 million tons. During the fourth quarter, we exported 185 LNG cargoes from our facilities. This is an increase of 22 cargoes compared to the third quarter, as not only did we benefit from additional volumes from stage three and the seasonal benefit in production, we also had improved production reliability and reduced unplanned maintenance compared to the third quarter as our efforts to mitigate some of the feed gas related challenges we addressed on the last call delivered positive results across the quarter. Looking ahead to the remainder of 2026, we are on track to set another annual production record, aided by the expected completion of the remaining three trains at Stage 3. I'm pleased to introduce our 2026 financial guidance of $6.75 to $7.25 billion in consolidated adjusted EBITDA, $4.35 to $4.85 billion in distributable cash flow, and $3.10 to $3.40 in per-unit distributions of CQP. These ranges reflect our forecast for higher production in 2026, offset by lower margins of spot cargoes than last year, as well as the startup of a number of long-term contracts over the course of the year. We look forward to once again delivering financial results within our guidance ranges. We have great news to share on the capital allocation front. The 2020 vision capital allocation plan we revealed in 2022 has been completed And in typical Chenier fashion, it was completed ahead of schedule. We have deployed over $20 billion across our capital allocation priorities and have achieved over $20 per share of run rate DCF. In conjunction with our advanced progress on capital deployment and share buyback, our board of directors has increased our share repurchase authorization to over $10 billion through 2030 after approving a $9 billion increase. Zach will have more to share on this major extension of our capital allocation plan shortly. And lastly, early this morning, we announced a new long-term SBA with CPC Corporation of Taiwan for up to 1.2 million tons per annum on a delivered basis. It commences later this year and extends through 2050 and will bolster our contracted profile as we continue to grow our platform. This is our second long-term SPA with CPC following the approximately 25-year, 2 million ton SPA we signed in 2018, which commenced in 2021. In light of the recent volatility in the market, this SPA is a salient reminder that our product provides customers with long-term visibility, certainty, and reliable supply through commodity cycles. And contracting appetite isn't dictated by the trajectory of margins in the front of the curve, but to support the lasting demand for a product for decades to come. I'm very proud that CBC has become another repeat long-term customer engineer. It is clear evidence of how much the market values the reliability and customer focus that has come to define our first 10 years of LNG export operations. Turn now to slide six, where I'll provide an update on our major growth projects. Construction progress on Corpus Christi Stage 3 has advanced to approximately 95% complete with the substantial completion of Trains 3 and 4 in the fourth quarter. Our forecast for the expected substantial completion of Trains 5, 6, and 7 to occur in spring, summer, and fall, respectively, is unchanged from our last call, but moving in the right direction based on recent progress. I am pleased to announce that first LNG has been achieved at train five this week, supporting that forecasted timeline. On CCL mid-scale trains eight and nine, groundwork and site prep continues, progressing extremely well, with work streams currently focused on concrete piling and spool and steel fabrication, as well as further materials procurement. Piling work is already halfway complete, and all the piles for Train 8 have been set. Substantial completion for these trains is forecast in 2028, so I'm optimistic we have some advancement on that timeline as construction progresses. And nearby at our Gregory Power Plant, work on the planned expansion and interconnect is going well. We are set to optimize our power strategy with a ramp-up of Stage 3 and Mid-Scale 8 and 9. The SPL expansion project is our next major growth project that we are making significant progress along multiple parallel paths advancing the first phase of this project towards FID as our visibility and confidence in this project continues to grow. We have secured significant commercial support for this brownfield capacity expansion. We continue to prepare the CQP complex for conservatively financing the project, and we are working diligently on project costs with Bechtel while advancing the project through the permitting process. We currently expect to be in a good position to receive our permits by the end of this year and make FID on the first phase in 2027. Back at Corpus Christi, our major CCL expansion is advancing well with the critical path items and FID timeline of a brownfield phase one approximately six months to a year behind the same at SBL, as the full FERC application was submitted earlier this month. Including the phase one expansions at Sabine Pass and Corpus Christi, we have line of sight to creatively grow our LNG platform by approximately 50% from today, while adhering to our discipline capital investment parameters and meeting the Chenier standard with our most brownfield opportunities and focus. We are full steam ahead on these development projects and have excellent line of sight to bring both of these projects to life and deliver market-leading contracted infrastructure returns to our stakeholders. With that, I'll now hand the call over to Anatole to discuss the LNG market. Thank you again for your continued support of Chenier.