Good day, and welcome to the Cheniere Energy First Quarter 2024 Earnings Call and Webcast. Today's call is being recorded. At this time, I'd like to turn the conference over to Frances Smith, Director of Investor Relations. Please go ahead.

Thanks, operator. Good morning, everyone, and welcome to Cheniere's First Quarter 2024 Earnings Conference Call. The slide presentation and access to the webcast for today's call are available at cheniere.com. This is Frances Smith on for Randy, who unfortunately couldn't be here this morning. Joining me are Jack Fusco, Cheniere's President and CEO; Anatol Feygin, Executive Vice President and Chief Commercial Officer; Zach Davis, Executive Vice President and CFO; and other members of Cheniere's senior management. 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 the slide presentation. As part of our discussion of Cheniere's results, today's call may also include selected financial information and results for Cheniere Energy Partners LP, or CQP. We do not intend to cover CQP's results separately from those of Cheniere Energy, Inc. The call agenda is shown on Slide 3. Jack will begin with operating and financial highlights. Anatol will then provide an update on the LNG market, and Zach will review our financial results and 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, Frances, and good morning, everyone. Thanks for joining us today as we review our first quarter results, highlighting a successful start to 2024 across the entire Cheniere platform. The first quarter was marked by strong financial results and outstanding execution across Cheniere, including all pillars of our capital allocation plan objectives. We made significant meaningful progress on the future development across both sites, all of which continues to be enabled by a relentless focus to be the leading producer of LNG to the world. Our focus and commitment to operational excellence has never been more important, as we face significant and potentially exponential growth in power demand around the globe, which is projected to be met in part with natural gas-fired generation. The global acceleration of power demand is driven by the penetration of electric vehicles, the electrification of heating, cooling, industrial production and most topically lately, power-hungry data centers. As Anatol and I have discussed on previous earnings calls, this opportunity is a global one and only helps to support our long-held conviction regarding the structural shift to natural gas around the world. We believe natural gas and LNG are critical to enabling this long-term electrification as one of the most reliable, flexible, cost competitive and dispatchable energy sources. And it underscores the critical need for further investment in LNG and natural gas infrastructure worldwide. Please turn to Slide 5, where I'll highlight our key accomplishments for the quarter. In the first quarter, we generated consolidated adjusted EBITDA of approximately $1.8 billion, distributable cash flow of approximately $1.2 billion and net income of approximately $500 million. Zach will address the main drivers of our performance shortly, but I want to address some operational highlights from the quarter. In January, while the freeze event in Texas did not…

Thanks, Jack, and good morning, everyone. Please turn to Slide 9. The global LNG market remained fundamentally balanced throughout the first quarter as winter supply risks moderated, achieving market equilibrium at relatively lower prices compared to last year. Mild weather in Europe, sustained elevated gas inventories, maintaining pressure on global prices, which fell low enough to stimulate spot buying activity across Asia. For the first quarter, JKM and TTF averaged $11.90 in MMBtu and $9.41 in MMBtu, respectively, both down more than 50% year-over-year and 65% and 77% lower than full year '22 levels, respectively and we have also decreased in the first quarter, falling to an average of $2.42, down 35% year-on-year. At these lower price levels, incremental price sensitive demand emerged in Asia. In fact, a particularly strong demand response was observed not only in China but also in India, Thailand and other emerging Asian economies as they replenished LNG inventories and continued to benefit from improving economic outlooks. This resulted in a circa 4% year-on-year increase in total global LNG import growth in the first quarter, supported by a small but meaningful uptick in Lat Am markets, including Colombia, as a result of dry conditions and low hydro levels. The middle chart shows a visible uptick in tendering activity in Asia, with JKM prices remaining over 50% lower than a year ago, tenders for deliveries to the region in Q1 climbed to the highest level since the third quarter of '21. And it is not surprising that 2 large price elastic markets of India and China represented 47% and 22% of the total awarded cargoes during the quarter. Nevertheless, U.S. LNG continued to flow predominantly to Europe, which is in part due to trade route optimization as the Panama and Suez canals continue to be constrained. The…

Thanks, Anatol, and good morning, everyone. I'm pleased to be here today to review our first quarter 2024 results, key financial accomplishments and guidance. Turn to Slide 13. For the first quarter of 2024, we generated net income of approximately $502 million, consolidated adjusted EBITDA of approximately $1.8 billion and distributable cash flow of approximately $1.2 billion. With today's results, we have now reported positive net income on a quarterly and cumulative trailing 4-quarter basis, 6 quarters in a row. Our first quarter 2024 results reflect lower international gas prices relative to last year as well as a higher proportion of our LNG being sold under long-term contracts. As Jack noted, our results also reflect some impacts to our operations at CCL following the winter freeze in Texas. Fortunately, our team had been able to forward sell several cargoes at elevated margins. which, coupled with the incremental volumes achieved at SPL partially offset these production impacts during the quarter. In addition, realized or locked in optimization margins in Q1 more than offset the financial impacts at Corpus to push our forecast slightly above the midpoint of our guidance ranges, already trending us in the right direction in the first half of the year. During the first quarter, we recognized an income 619 TBtu of physical LNG, which included 608 TBtu from our projects and 11 TBtu sourced from third parties. Approximately 90% of these LNG volumes recognized in income were sold under long-term SPA or IPM agreements with initial terms greater than 10 years. This year, our team has continued to execute on our 2020 Vision capital allocation plan. Maintaining the year-to-date momentum we highlighted on our call in February. In the first quarter alone, we deployed approximately $2 billion towards shareholder returns, balance sheet management and disciplined growth and…

[Operator Instructions] We'll take our first question from Jeremy Tonet with JPMorgan.

Anatol, I think you had some interesting commentary there with regards to the demand response to prices. And I was just wondering if you might be able to elaborate a little bit more on that, how deep that could be or what that could mean in the coming years given some of the supply dynamics as you laid out there or maybe just examples of what you're seeing?

Yes. Sure, Jeremy. Thanks. Well, first of all, it's an infrastructure question both Jack and I touched on this, hundreds and hundreds of millions of tons of regas capacity pipe storage capacity are being added globally. That includes Europe. Germany just received its fifth FSRU. Greece is coming online now as well. Of course, is Asia, where you have China that will roughly double its regas capacity. So -- you're not going to see -- we don't see a market where you will see significant bottlenecks like you saw in Europe over the last couple of years, and that will enable these markets to absorb these marginal volumes. We estimate today that it's order of magnitude, 50 million to 100 million tonnes. You saw a dramatic pickup in tendering activity in China, in India in the first quarter. And we think that with this additional infrastructure and all of the investment, as we've mentioned, in gas that will help balance the market at moderate prices of high single, low double digits.

High single, low double. Okay. And also, I was just curious, I guess, Corpus continues, I guess, to make great progress there. And just wondering -- at this point, any thoughts you could share with what that could mean for 2025 in the business overall? And I guess how that could impact pace of buybacks going forward or amount of buyback.

All right. So Jeremy, I'll start. This is Jack. Yes, I'm very, very pleased with the progress that's being made at Corpus. If you look at the pictures, you can really see Train 1, 2 and 3 and their progress to date, we're well ahead of plan, and I am congratulatory to Bechtel, but we're not popping champagne yet, but we're very optimistic of our ability to start producing LNG this year on Train 1. But with that, I'll turn it to Zack.

Thanks, Jeremy. I'll just say, of course, we're very focused on first LNG this year, but it's really about the first few trains and how those ramp up through this year and into next to get some more meaningful millions of tonnes of LNG and make a real financial impact to '25 and make '24 more of the trough year as we've stated. As it relates to the buyback, it would be just gravy considering that when we came up with the 2020 vision and the over $20 billion of available cash, we assume the guaranteed completion dates. And we're talking about completion dates now that are almost a year ahead of schedule. But as we think about the buyback, basically, we guided everyone to over $10 billion would be deployed through '26 for debt paydown and buybacks, we're going to easily surpass that. And it was always the plan to reupsize the buyback plan inside of this time period as that was the only way we're going to get closer and closer to the 200 million shares over time. So now that we're under $1 billion on the buyback plan with the 7.5 million shares we bought in the last quarter, I expect that we're currently working with the Board and you should see a meaningful upside to the buyback plan later this year.

Got it. That's very helpful. We eagerly await the 200.

And our next question will come from Keith Stanley with Wolfe Research.

Just following up on the buyback question. and realize you have to go through a board process on the authorization. Just to order of magnitude, I mean, thinking about the cash position, even after that April debt repayment, I think you have $3 billion of cash. Big picture, how much excess cash do you see the company having at this point aside from just ongoing cash generation?

There's definitely plenty of liquidity for everything to continue to be meaningful as we continue to fund Stage 3. As we grow the dividend later this year and pay down some debt as we ramp down that variable DPU at CQP in anticipation of Sabine's expansion. But in terms of liquidity, we have over $3 billion of cash on the balance sheet. We're going to make over $3 billion of DCF based on the forecast for the year. And we still have over $3 billion of availability on the term loan at Corpus. So liquidity is not the problem. We will be methodically buying back stock over time and being as opportunistic as we can in times like this. because it's only like times like this that we're going to be able to get down to 200 million shares by the middle of the decade. So everything is in good shape and well placed where we'll focus on debt pay down inside the CQP and we'll focus on buybacks up at LNG.

Great. And then second question just on the year. So you talked about Q1 EBITDA. Obviously, it was strong with some of the just better in the winter, you have more volumes, more of your sort of high-priced above-market hedges, I guess, I guess how do you think about kind of where the year is tracking overall? You also called out some of the gas quality issues with the weather. And then just optimization wise, have you seen anything you'd call out year-to-date as optimization benefits and market-based opportunities, is Permian Gas helping you? And anything like that, that you would call out?

Just to keep in mind, especially compared to '22 and '23, when you think about Henry Hub shipping day rates, or just overall commodity prices on an absolute basis, they're all much lower. So it's much more difficult to see those arbitrages and make as much on the optimization side. But optimization is coming in quite well, but the numbers aren't in the hundreds of millions. We probably made 50 plus so far this year. And with some SPL outperformance so far this year, too, that's why we're already tracking above the midpoint of the EBITDA guidance despite we'll need some tick up in production at CCL for the rest of the year. So optimization is coming together and with a little more outperformance on production and the upstream and downstream optimization that we've seen, yes, we have a good chance of trying to get to the higher end of the range.

And Keith, this is Jack. I would say this year is all about execution. So we need to safely execute on our engineering and construction plans. We need to safely execute on our operational excellence plan, and we need to continue to commercialize the SPL expansion with Amazon and this team. So it's all about execution for us.

And our next question will come from John Mackay with Goldman Sachs.

I think this is one for Anatol. You guys have been clear on the positive outlook for global gas demand growth for a while now. But I guess I'd just be curious to drill in a little bit more on maybe how your forecast has changed over the last couple of quarters? And if you want to take a shot at the global data center demand growth number, I'm sure we're all ears.

Sure. Thanks, John. Go back 5, even 7 years maybe, and our ultimate forecast really hasn't changed much. We've been in the 700-ish million tonnes in 2040 and kind of a relatively somewhat constrained up into the right forecast. What, of course, has changed dramatically, as we've commented on before, is the supply side of the equation and how those things have shifted with Arctic Russia primarily being taken out of that supply stack. We think that the demand side, as we touched on earlier with Jeremy, is really constrained by having that affordable, secure, reliable LNG stream that we hope to continue to supply. Your -- the second part of your question, as Jack mentioned and I mentioned briefly like the electrification aspect of the world is a key driver, right? That's why things like GE Renova are doing quite well, and we are very happy to be part of that equation. And in conversations, unquestionably, that is a component. As I'm sure you know that the data center thing is a global phenomenon, and it is something that the big guys have a presence in a dozen or dozens, in some cases of countries. And our conversations do include that as a leg to the stool, but it's only one of the legs of the stool, and we think that, that's a key driver of gas generation demand and hence LNG will have a role to play there.

That makes sense. And maybe actually just keeping it with you. We talked about the more sensitive buyers stepping up a little bit here. I know you're still working on the SPL expansion, some commercialization there. Maybe just spend a minute talking about kind of converting that higher recent buying into potential SPAs in the future.

Yes. So the countries that are seeing this fairly dramatic price elastic demand are primarily Asia, right, South, Southeast Asia and China itself. The infrastructure there is not a constraint. You're seeing Thailand set records for LNG imports. You're going to see, we think, India set records, monthly records for LNG imports. China probably next year, not this year and that is all driven by these conversations, and they have had historically a good experience with LNG and certainly with Cheniere's performance and our track record, as Jack and Zack mentioned. So we do think that, that is a very good hand to play and a nice tailwind to those commercial engagements.

And moving on to our next question, Theresa Chen with Barclays.

Maybe as a follow-up to the emergence and growing share of the price-sensitive [markers]. And again, looking specifically at the uptick in India, how do you view India's role as long term as a demand set for LNG, it's regas capability and the lock?

Yes. So this is Anatol again. It is a -- it is one of the countries that is committed to dramatically increasing gas as the primary energy source. It is about half of the way there. Modi's policies historically and his commitment during this presidential campaign to infrastructure and infrastructure solutions remains resolute. The regas capacity. They're actually commissioning yet another terminal as we speak. Regas capacity will be north of 70 million tons shortly. It is approaching 50 million tons currently, which is double its import run rate. So we don't think that this will be an infrastructure bottleneck question in those markets. It is, again, a price-elastic market. Fertilizer is much less price elastic. Power is much more price elastic, but these are the prices that stimulate buying are prices that are at or above our long-term contracted economics, even assuming the forward curve for NYMEX. So we're -- we're very comfortable that, again, we fit into that equation. LNG does -- U.S. LNG does and, of course, Cheniere's product does. So those are all markets that are very interesting to us, and we have very healthy engagement with.

Got it. And then maybe just another question on this global growth in data center team and understanding that might be a bit early to put like a number to the market opportunity out there, but I'm curious to your view as -- where do you see this likely taking place in the [indiscernible] global LNG flows and other legs of the stool from an infrastructure perspective, if necessary?

Yes. I guess I'll keep going. You're not talking to us to hear about how many GPUs NVIDIA will put into the market. But we look at things, We see roughly a doubling of demand globally by 2030 from about 2% to about 4% of power for data centers, obviously, driven in part by these more power-hungry chips. And we think that the easiest places and all the guys who are developing them, by the way, have huge teams that are looking for pockets of opportunity where there is the ability to add this capacity. One of the more interesting dynamics, if you will, is that Japan has been forecasting a dramatic decline in its power use by about 12% from '22 to 2030. The easiest places in the world to add this capacity is where this capacity exists. So again, these players have dozens of countries where they already have a presence. Countries that have very attractive rule of law, IP protection, et cetera, will be some of the primary beneficiaries of this driver. And -- the next plan from Japan is expected this fall. I would not be surprised if that power demand forecast is not revised higher with this as well as electrification in general, being one of the drivers.

And our next question comes from Spiro Dounis with Citi.

Maybe just to go back to the Sabine pass expansion, maybe for you, Anatol. I'm curious if you can just give us an update on how commercial discussions are going there. You all had a pretty active 2023 signing that 6.5 million tons per annum. So just curious how you think about 2024 shaping up in that context.

Yes. Thanks, Spiro. It's a period, as we talked about even last quarter, it's a period of market kind of digesting all of these dynamics and issues, obviously, absolute record year for the U.S. product, with large in '22, very healthy year in '23. But clearly, there have been a number of developments that are causing the buyers to reassess and take their time, right? No one has the fog of war and the proverbial gun to their head, like they did in '22. So I would say the discussions are healthy. They're advancing, but this is more of a normal year for that side of the equation, then of course, '22, '23 work. But we're very very optimistic, and we think that what will play out for this year and next is going to very much rhyme with prior years in terms of the types of counterparties and the types of engagements. I don't think you'll be surprised by anything that you see from us going forward, but it's not going to be -- it's unlikely to be a repeat of '22. The one advantage we have, of course, is again, our performance, our track record, the fact that Corpus Stage 3 is progressing as well as it is and that we maintain our perfect track record of deliveries, and those are all great calling cards as other projects don't have the same kind of ability to engage based on those factors.

Got it. And second question, maybe just turning to maintenance and turnarounds. Jack, as you mentioned, you're sort of optimizing it throughout the year and spreading it out. Just curious if there's any way if you could just quantify how much maintenance is left at this point? And then maybe where some of the heavier periods might be throughout the year.

Yes, Spiro. So first, I mean, I'm always pleased that the team has figured out ways to make our maintenance, not noticeable to you all and that we're able to spread it out and do more maintenance on times when prices or the performance because of the heat during the summer is going to be less and less impactful and less material for us. So while I'm not going to give guidance on exactly how much maintenance is left, I'll see if Zach wants to add any commentary on what it means financially.

I think this is pretty similar to what happened last year, where consensus was a little lower than our first quarter results. As folks often divide by for the EBITDA over the course of the year. The major maintenance, the planned maintenance is basically going to be, for the most part, in Q2 and Q3, which is also the time where production is lower as it's the warmer months. So you should expect a step down in EBITDA to an extent. And that's why we're still tracking well in the range and slightly above the midpoint, but that's why we didn't move the guidance range even though we had a strong first quarter. So expect that and then maybe in Q4, it comes back up a bit as the weather gets colder and there's not as much planned maintenance.

Our next question will come from Ben Nolan with Stifel.

I appreciate it. One of the things that we've been hearing a little bit lately about is increasing EPC costs and also, I guess, this week, labor shortages and just challenges on getting things built. It doesn't sound like that's a problem at all for you guys at the moment in Corpus Christi. But -- how do you think about things longer term with respect to the signing of long-term agreements and those sort of things. You don't really know what the cost is going to be at SPL. Just curious if maybe you could validate some of what we're hearing and how you're sort of positioned strategically for that.

Ben, this is Jack. As you know, we have a long-term relationship with Bechtel. We work very closely with them on trying to manage those inflationary costs. The workforce is getting tighter out there. We're over 3,000 workers at Corpus right now, should be close to 4,000 by the middle part of this year. They haven't had an issue with finding workers or worker availability, which is why they're extremely ahead of schedule. So I'm very pleased with their performance. We know we pay for it, but they deliver and it's a match made in heaven quite honestly, when they're able to deliver those trains early, and we're able to capitalize on the benefits of having that production early. So I believe we'll be able to manage the SPL expansion costs in a way that meets all of our environmental or all of our financial criteria and make sure that we continue to add meaningful value for our shareholders.

And I'll just add, it comes back to the discipline because if we're not going to be able to build around that 6x to 7x CapEx to EBITDA, it's a lot easier to continue to just keep on buying back the stock and considering a multiple on a company like Cheniere without even accounting for like the brownfield growth prospects we have, the fact that we give run rate at 200 to 250 and we don't even show the capturing of all the optimization that every single quarter, even the past one we've done, it's unaccessibly too low when you're talking about something under 10x. So we will be patient on this. But clearly, we're doing the work already with Bechtel to have a decent sense, and that's why we've signed a few contracts already for the Sabine expansion. And if yes, if say there were a delay of FID by a year, give or take. That's just another $3 billion to $4 billion coming up through the system, meaning that the re-upsized buyback plan that we'll announce later this year will just be finished quicker.

Got it. I appreciate it. And then if I could for my follow-up to Anatol. It seems like really, I don't know, since the first of the year, maybe even with the start of the pause long term, SPLs for U.S. projects have been pretty slow. There's maybe only one or two that I've seen. Is it pause related? Is it price related? Is it just sort of LNG prices are a little bit lower and that causes a lack of urgency on the part of buyers? Or is it none of those things. It's just sort of process of time, do you think?

Yes. Thanks, Ben. It's hard to pinpointed this precisely, but 150 million tons that the industry executed in '22, '23, again, was an unprecedented amount of contracting. And so can I say that the pause is having no effect on discussions? No. But as you know, it does not materially affect our timing for midscale 8 and 9 or for the SPL 5 expansion. Our counterparties know that, understand that. But as you said, there's a more methodical approach today than there was 12 or 24 months ago.

And our next question comes from Jason Gabelman with TD Cowen.

The first one is maybe somewhat mechanical. You mentioned $950 million left on the buyback authorization. You obviously did $1.2 billion in 1Q. So if you want to keep up that pace, you're going to have to do an authorization this quarter. I guess, when is the earliest potential opportunity to reupsize the buyback authorization?

Well, it's not going to be this quarter, and we'll continue to work with the Board over the next few months and even quarter or so and see where we are. And honestly, it depends on how -- how fast we deploy that $950 million. The more that the price stays around this level, yes, it will be sooner rather than later. But the commitment is by later this year, we'll have an upsized plan. and keep on trucking along to get that share count down to closer to $200 million.

Okay. Got it. And then the second one is just going back to supply-demand balance outlook and you've commented on the demand quite extensively, but it seems like -- some of your larger peers are discussing delays to industry capacity coming online. And I'm wondering if you're noticing that to any extent where capacity that was expected to come online in 2025 is now shifting out to the right -- are you seeing anything to that extent? Can you quantify maybe any amount of volumes that you expect to come online in 2025 for the industry being pushed out?

First, Jason, I'm very, very pleased with the performance of my E&C team. And as you know, at Cheniere, we try to make it look easy, and it's really not, and that's what you're hearing from all of our colleagues, peers, competitors out there that are talking about delays or maybe having trouble going from commissioning to operations. So I'm very pleased with the way we've been able to build our facilities on time and on budget and the way our handoff is from E&C to operations. But as far as actual quantities, I don't know, Anatol, do you have a [gas] comment.

Yes. Jason, I'll just say, historically, roughly 2/3 of projects in LNG are delayed. Cheniere, as Jack already mentioned, has been the anomaly with us running on average 9 months ahead of schedule for trains. And you're certainly seeing that, right? You're seeing that projects that FIDs in '19 are going to now come online most likely middle of next year, maybe into the second half. You're seeing that phenomenon globally by some measurements you can say, QE FID, the North Field expansion in '17, and that is going to come online in the coming year, 1.5 years or so. If you want to take a look at Wood Mac, it has reset its forecast and when these things are projected, everyone has roughly the same number and the number stacks up very consistently. And as prosecution of these projects gets into kind of the craft labor mode, you see those numbers come down quite dramatically, both in terms of volume per year as well as years added to execution. So I think tens of millions of tons will be smoothed out. We'll have a lot more information over the next year or so of the projects in the Gulf Coast really enter the craft labor phase. But the market is certainly starting to see that now. And Wood Mac has already started to revise its forecast.

And our next question will come from Craig Shere with Tuohy Brothers.

Anatol, there's a lot of discussion on the call and other company calls about the growth in global power demand and AI and data centers. As we kind of look back a couple of years ago, probably Europe and maybe some other locations, we're thinking about LNG long term as being the transition fuel and intermittent -- backup for intermittent renewables. But are you seeing a change in mindset as people start thinking about a systemic need for more baseload power versus just backup power or transition fuels?

Thanks, Craig. It's a little bit of an unfair question because the people that we engage with have always thought that, right? Like we don't talk to the 1,000 counterparties in the world. We talk to the 3 or 4 dozen that think of things that way. And I will just say that backup to intermittency is still very much part of the equation, and that is a role that obviously our product plays very well. And that is something that, especially the portfolio players think about as they enter these engagements. But -- but clearly, our sort of load-serving counterparties think of our product as a baseload product. And that is something that clearly has very good traction. But to be fair, more so in Asia than in Europe.

And Craig, I'll tell you in my discussions with utilities around the world, there's much more discussion around dispatchability and the flexibility that natural gas combined cycle power plants give the grid versus an intermittent resource like wind or solar as well as both as regulation. So what doesn't get talked about are [bars] or Amperage and you can't get either of them from wind or solar. They have to come from thermal or nuclear.

Good point. And the last question for me on the discussion or debate about life cycle emissions from various fuels. Do you see this kind of obfuscation or debate at all increasing the demand or need to ultimately deploy carbon capture solutions.

We -- as you know, we're the only private company that actually did our own life cycle analysis and then had it peer reviewed. We had it published in the American Society of Chemical Engineers. It was commented on, it was blessed by academia and the scientists. We continue to revise it. We're using more measured data versus calculated data. We -- the inputs to our LCA is somewhere around 1,200 inputs that we plug in to come up with our cargo emission tags that we deliver on every cargo of our LNG. So we're getting better and better at it. We work closely with the National Petroleum Council that's part of the DOE, and we have developed a LCA that is, I'd say, a bridge. So it's a directional LCA for those people that maybe don't have the resources to calculate what their life cycle emissions is or are. And that's available now. It's an open architecture. It was released in April in Washington, so we're very pleased to be a major part of that analysis. And yes, I do think with this pause with the National Labs study, it will all come back at what the appropriate inputs are for the LCA. You should rest assured that Cheniere will be ready to comment on that and we're going to comment on it with real transparent data, not with guestimates.

And that does conclude the question-and-answer session. I'll now hand the conference back over to you for any additional or closing remarks.

Well, this is Jack. I just want to thank you all for your support and your attention this morning. Be safe.

Thank you. And that does conclude today's conference. We do thank you for your participation. Have an excellent day.