Zach Davis
EVP & CFO at Cheniere Energy
Today, we are tightening our full year 2025 EBITDA guidance range from 6,500,000,000.0 to $7,000,000,000 to 6,600,000,000.0 to $7,000,000,000 and raising and tightening our DCF guidance from 4,100,000,000.0 to $4,600,000,000 to 4,400,000,000.0 to $4,800,000,000 We are reconfirming our guidance range of $3.25 to $3.35 per common unit of distributions from CQP. The $50,000,000 increase to the midpoint of our EBITDA guidance range is largely attributable to further derisking of our production forecast for the year following the successful completion of our planned maintenance program, further forward selling of our limited remaining open capacity, and the completion of Train two at Stage three. Our production forecast of 47,000,000 to 48,000,000 tons of LNG in 2025 is unchanged and continues to reflect our existing nine train platform plus our outlook for production from the first three trains at Stage three this year. Given the successful startup of Trains one and two at Stage three and that the CMI team has sold another approximately 1,000,000 tons of open volumes for the year since May, we are left with less than 25 TBtu remaining unsold for the balance of 2025. Given this exposure, we forecast that a $1 change in market margin would impact EBITDA by less than $25,000,000 for the full year.