Brian Reynolds

Brian Reynolds from UBS Group AG asked about potential further growth at Corpus Christi or Sabine Pass and the timeline for new FERC filings. He also inquired about the market for selling forward cargoes amid high volatility and whether Cheniere might sell 2023 winter cargoes at spot prices.

Answer

President and CEO Jack Fusco indicated that Cheniere is targeting over 30 MTPA of growth across both sites, with a prefiling for expansion at Sabine expected next year. EVP and CFO Zach Davis explained that financially hedging forward cargoes is difficult due to volatility and high capital requirements. Instead, the CMI team is focused on selling physical cargoes on a fixed-price or Henry Hub-plus basis to lock in margins.

Brian Reynolds from UBS asked about the financial outlook for 2023, highlighting the expanded CMI margin opportunity and inquiring about key variables like new contract start dates and available CMI capacity compared to 2022.

Answer

EVP and CFO Zach Davis stated that while formal 2023 guidance will come in November, the company is over 90% contracted through the mid-2030s. He noted that there is a reasonable amount of open capacity in the first half of 2023 before certain contracts commence, and given market conditions, he expressed confidence in exceeding the $5.5 billion run-rate EBITDA for the 9-train platform next year.