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    Shneur Gershuni

    Research Analyst at UBS

    Shneur Gershuni's questions to Cheniere Energy Partners (CQP) leadership

    Shneur Gershuni's questions to Cheniere Energy Partners (CQP) leadership • Q3 2020

    Question

    Shneur Gershuni of UBS asked about the strategy for contracting open capacity, specifically if the focus is on mid-term deals to enhance earnings stability. He also requested details on the key variables driving the high and low ends of the 2021 financial guidance.

    Answer

    EVP & CCO Anatol Feygin and SVP & CFO Zach Davis explained the strategy is to use commercial flexibility to offer a mix of contract tenors to secure margin on existing uncontracted volumes. Davis clarified that 2021 guidance is primarily driven by margins on ~4 MTPA of open capacity, with limited downside but significant asymmetric upside.

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    Shneur Gershuni's questions to Cheniere Energy Partners (CQP) leadership • Q1 2020

    Question

    Shneur Gershuni inquired about the potential for a long-term structural change in the LNG market due to higher Henry Hub prices and associated gas issues. He also asked about opportunities for Cheniere Marketing (CMI) and the current market accessibility for refinancing convertible notes.

    Answer

    EVP & CCO Anatol Feygin stated that while associated gas production will decline, gas-directed drilling will respond to normalizing prices, keeping U.S. gas globally competitive. EVP & CFO Michael Wortley confirmed the market for refinancing SPL debt is open and that the company is evaluating multiple options, including bank and bond markets, to address its 2021 convertible notes.

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