Good afternoon, everyone. My name is Theresa Chen, and I am the Midstream and Refining Analyst here at Barclays. It is my pleasure to introduce our next company, Excelerate Energy. From Excelerate, we have Steven Kobos, CEO. Steven, please. Thanks, Theresa. Pleasure to be here. It's always a lot of fun to be at the Barclays conference. Heck, you've got every energy company in the United States here, it feels like. Thank you for an investor that we've met with. I see a number of you out there, and for those of you joining online. It's a mixed group. Some of you all are quite familiar with Excelerate, some of you are not. I'm just going to very briefly say who we are and then let Theresa interrogate me. First of all, if you don't know about us, you should. We are a global company with a footprint all around the world, from Asia to the Middle East to South America to Europe and now to the Caribbean. We are a critical provider of last-mile LNG infrastructure. We are focused on opening up the TAM. Who is going to take this LNG? It occurs to me that with all these energy companies in the hotel today, it dawned on me Excelerate is the only company in this hotel today who is agnostic about the cost of LNG. I mean, it is impressive. It's impressive the number of FIDs that have been taken to date in 2025 in the United States, and that will continue to be taken. I think we all think there'll probably be around 100 million tons before the dust settles New Year's Eve. Alone, we don't care if that ultimately results in a lower cost of LNG around the world. In fact, I would say that we welcome it. We welcome it for the simple reason that that's what the world needs. The world needs for this reliable American energy to be ever more affordable because there is way too much heavy fuel oil and diesel power generation out there. There are people who need reliable, affordable energy. This wave is just going to open that up for more and more folks. That's one thing that strikes me about us. Obviously, we are a global player, as I've said. Frankly, as we're seeing the TAM, the downstream demand of LNG expanding exponentially, it's kind of lonely out there in that we're one of the few companies obsessed about getting incremental LNG to the market and doing it the right way. What else can I tell you about Excelerate? Great, great financial condition, sitting on $400 million of cash and undrawn $500 million revolver. We have dry powder. We are prepared to execute on our growth strategy. With that, I've exceeded 90 seconds, Theresa. Let's get to it. All good. All good. Let's talk about that growth strategy. To kick off, you recently closed your acquisition of an integrated LNG and power platform in Jamaica. How have these assets, in particular, opened up opportunities for Excelerate to leverage that platform to further build downstream and grow in the Caribbean and beyond? We're excited about that. I mean, that was a well-necessitated billion-dollar deal, and we didn't do it lightweight. We do think it's going to be a great springboard for us. Frankly, we are now indisputably an integrated downstream LNG performer. We've added two LNG import terminals in addition to our other global footprint. We've added a power plant. I mean, we've added a CHP plant. We've added 12 small-scale regasification facilities. We've added trucks, and we are determined to go down the last mile. We keep talking about it as a platform. We did on the last earnings call speak more to the Caribbean. One, we like it. I mean, this is quite frankly, I believe, the largest foreign direct investment in the history of Jamaica. One of the reasons we put out some of our intentions out there is so that everyone would know that this is a strategic that has acquired this and that we are poised to deploy more capital in the region. One of the things that I should have mentioned in the outset is sovereigns count on Excelerate. If you want to keep the lights on in your capital around the world, you count on Excelerate. Our operational uptime last year was 99.9%. I'm extremely proud. I don't let our COO know that or else he'd get the big head, but it is the level of best-in-class operations that you have to have when you're dealing with sovereigns. What are we going to do in the Caribbean? We're going to start off optimizing. We already have. We have already signed deals for more gas throughput. We've already been buying trucks, ISOs, tanks. We've already been deploying more of that. We're already at work on the optimization. That's commercially. We've focused on integration for 60, 90 days. Great workforce that we've added. We've made some very modest spend to bring things up to our standards, add some black start generators, other things that we would have wanted if we had designed or built these facilities. Great facilities, great people. Beyond that, a great opportunity just to build off of it and further expand. Got it. That's super helpful as far as giving the qualitative look on what is happening and what you're doing there. Can you help walk us through, frame up how these opportunities translate to incremental earnings across their assets? Sure. We did provide a look behind the curtain of what we were thinking in the region. First of all, I've already come to really admire the Jamaican people, and we look forward to making a difference in the region. We're not pulling ourselves back in. We are not a Caribbean company. We are a global company. I don't, we're going to talk about this because I'm excited about this opportunity. Everyone at Excelerate is excited about it. First and foremost, we are a global company. We told on our earnings call, Theresa, that we expected in the next five years that the platform could generate, say, an incremental, I don't know, $80 million - $110 million of EBITDA, and that we would be deploying, say, another $200 million - $400 million of CapEx. Did that for a lot of reasons, wanted to put some more clarity on what our vision is for it. Also wanted the people of Jamaica to hear that though this is probably the largest foreign direct investment in their nation's history, we want to do more. We want to be a good partner for any sovereign, and we're going to. The best way to talk about how we're going to do it, kind of go through the menu of what you're looking for when you're looking for a hub and spoke platform. Firstly, as I said, we're already engaged in incremental sales of natural gas on the island and putting more of these smaller components in. I'll just run through the menu on some of them. If you want to put vapors and tanks on an industrial or hospitality client for off-grid power, you know, you're talking about $0.5 million - $2 million per pop on those. That's kind of the amuse-bouche on your menu. Then you start going down to the salads. We're adding some trucks, as we've already done, and some ISOs that are quite affordable. If you find that you need elsewhere in the Caribbean on one of your spokes, a very small import facility, we have 7,000 cubic meters at the Montego Bay import facility. Let's just say you want three tanks, 3,000 cubic meters, somewhere. You're probably talking a little over $4 million a pop on each one of those tanks. You could be talking $15 million, $20 million, depending upon what infrastructure is there that you'd be deploying for that. At some point, you'll want another small-scale vessel after you fully optimize the small-scale vessel that came with the deal. I don't know, call that $60 million - $70 million of CapEx if you choose to buy it, rather than lease it. You work down the menu, and then you get to the entrée. The entrée is likely to be some sort of incremental thermal power generation on the island. We're agnostic about how we do that. That could be either an expansion of the Clarendon facility where we are. That could be us, either with partners or directly doing thermal power elsewhere on the island. It could even be we build a pipe from the Old Harbor terminal to Kingston City Gate and just allow far more gas to reach to Kingston proper. That all goes together. We start off with optimization, and then intermediate term, that's the sort of capital that we will be deploying. I assure you, we've not forgotten about the rest of the world. I'm not sure if I'm back in Houston until October. There's a lot of world out there. Great. Maybe just one more question on the Caribbean. Touching on your earlier comments, Steven, about that there's still a lot of liquids burned for power generation right now, and you want to help democratize U.S. gas to markets that need it. What do you think is the total addressable market for fuel switching in that region? I think you've put your finger on it, Theresa. It's all about liquid fuels. The Caribbean in general, on the aggregate basis, is more than 90% diesel and heavy fuel oil. It's too expensive. It's too dirty. Full stop. That's the opportunity. That's the opportunity in so many ways. That's the opportunity to deliver savings to sovereigns. That's the opportunity to take advantage of, my goodness, this proximity to this cornucopia of U.S. LNG. It's crazy. The Caribbean and Jamaica is a place to break bulk, and that seems to be ideally situated for a hub. We're very excited about that. Frankly, a lot of that's why people like working at Excelerate. You are displacing dirtier fuels, and you are providing more reliable energy to people across the region. That's helping GDP. Perfect. Maybe looking at the legacy business, amid all these growth projects and the inorganic growth, how do you view potential optimization of your legacy terminal services? Are there opportunities for growth in your base business via organic projects or acquiring complementary infrastructure going forward? I love our business. I wish there were a better word for legacy than just best embodied best-in-class. Just something that the sovereign's counting on to keep the lights on and which you're reliably delivering. Legacy sounds like a throwback jersey at an NFL game or something. This is our bread and butter. This is what we do. What I always tell people is, don't sell to the world what you want to sell them. Sell to the world what they want to buy. It's going to be different all across this TAM. Some folks are going to want our, quote, legacy business. They're going to want a very reliable floating terminal. They're going to want that operated by someone who operates their own assets, obsesses about that operation, and last year delivered 99.9% uptime. If that's what they want to buy, that's what we want to sell. We've often told the street when we're thinking about returns in this business that low double digit unlevered after tax if it's that kind of a deal. We also know that because of our balance sheet, we can do things that other floating infra providers cannot do. We have a long-term LNG portfolio. We are in a position to bundle that back to back, selling, buying, and selling in the same index, not taking commodity exposure. If we bundle it, we expect to get up into the mid-teens on that same basis. If somebody wants pull-through power, pull-through demand and wants us to invest in further power, we are up for it. We've already shown we want to go downstream last mile. They want trucks, we'll do that too. We want to get gas to people who need it. We want to make it easy to get gas. When we started this game, the company's 22 years old. When we were first delivering, we were dealing with some very sophisticated NOCs, Kuwait Petroleum, Repsol, Petrobras, Dubai Petroleum, and the like. This TAM is enormous. As you get further into this TAM, you need to integrate, and you need to make it simpler for NOCs and other actors who want a molecule or they want a spark. You need to make it easy for all of them to do that. Any kind of adjacency that allows us to do that, we're going to do it. With these growth prospects ahead of you, can you share a bit about your capital allocation strategy and how you balance these growth priorities while also returning cash to shareholders and maintaining a healthy balance sheet? Nothing's changed. First priority is growth. Always has been, always will be. At the same time, this is a great business. You know, 90% taker pay, English law contracts, average offtake is investment grade. You know, this is fantastic. We just increased our dividend 33%, and you know, we gave some indication to the market that we expect, you know, low double digit increases in dividend in the next three years. Why do we do that? We can see the cash conversion from this business. We can see the addition of the Caribbean and what that's going to do. We see what else is coming in line. We've got a great line of sight, and we thought that was an appropriate signal to send to the market. First priority is always going to be growth. No one can doubt that we understand the importance of returning capital to shareholders. I mean, we've had a share buyback program within the past year and a half. We've had two significant increases to dividend. Growth is going to be the primary objective. Okay. Maybe double-clicking on these growth endeavors, I just want to ask you on the progress on FSRU conversion candidates following your recent acquisition of Acceleration and Dilla. How is the company at this point weighing new builds versus conversions now that you have this under your belt as well as Hull 3407? How should we think about your long-term potential backlog? Theresa, the first thing that should be obvious is that I like U.S. National Parks because we must be the only company with a Sequoia and a Shenandoah. All of that aside, you need different horses for different courses. Hull 3407 is quite simply the best asset in the global fleet. It has the best boil-off management. If you all, depending upon your familiarity with transport and importation of LNG, LNG is really cold. It's - 158 degrees Celsius. It's boiling off every day, just like a tea kettle at 212 degrees Fahrenheit. That's expensive because somebody's bought that LNG and wants to sell it, and it's boiling off. 3407, best boil-off control management in the world, can push a billion cubic feet a day. Crazy amounts of gas. That's suitable for some places. Shenandoah, we're using it to carry some volumes that we need to carry right now, but we've been spending time on the engineering for it. We're advanced on the design. We've already acquired long lead time assets that we need for it to convert that to an FSRU. If we get the right opportunity, that as a floating storage unit, FSU, we'll do that too. Not high bound about anything. We're well along on engineering and procurement. Frankly, I can see Shenandoah hitting the water again in another form as an FSRU by late in 2027. We pay attention to this global market, this TAM. We know different types of assets are required for different locations, and we are taking the steps we need to take to execute. Great. I do want to come back to 3407 in a second, but to follow up on the Shenandoah, you've given us a sense of the timeline and the process of commercializing this project. What is the all-in cost for the conversion as you see it today? What are the risk factors that it may not elect to convert? We're going to elect to convert it. I don't know. That the conversion may not proceed. Yeah, it's not Simpson. As I said, depending upon what opportunities that come up first, we may elect to push it to FSU or FSRU. We're just going to see what works out there. Nobody's always sensitive about putting numbers out on the table. We've often told folks that in terms of a conversion, including the cost of the LNGC, the LNG carrier that is your candidate to convert, depending upon that asset, the all-in number could be anywhere between $150 million - $200 million. If we elect to go FSU all-in, I don't know, $60 million - $70 million. I don't have that in front of me. Got it. The point of decision based upon that is just going to be lead and react in terms of what we think the soonest best opportunity for it is. Got it. On the new build, can you walk us through the next steps for FSRU Hull 3407 following its launch and until its delivery in 2026? What happens between now and then? How do you think about potential customers and opportunities for this asset? Is there any more specificity as far as region or type of customers that could take advantage of, I think, what you've said previously, the McLaren of FSRUs? I haven't said that, but I'm going to from now on, undoubtedly. What can I say? I think, and this is going out on our website, so I can say whatever I want or disclose what I want. We are currently in negotiations in both Asia and the Middle East on 3407 and have teams actively negotiating in those two geographies. I think that's about enough of a hint that I'd like to give there. We're very excited about it. I need to find out if our website has the loading of the regasification module on it. What I can tell you is it's on track. It's on budget. We love Hyundai. They're doing a great job. We have zero concerns about execution of that asset. We know, I would say that the FSRU market is as tight as it ever has been. We feel very good about what we're doing with it right now. We'll be pleased with whichever outcome we elect to go with finally. Great. In terms of, again, touching on your earlier comments about cost savings and running efficiently, in the realm of optimization, with the recent agreement with Petrobras to install a regasification unit on FSRU Experience, can you talk about Excelerate's sustainability and cost savings efforts in general, and specifically relating to the integration of modular regasification kits on your vessels as well? Yeah, I'm very pleased. We published our sustainability report in August. We're very happy with all the work from all the folks in our team on that. We're proud of everything that we've outlined in that report. Relook of faction, this is on our asset, the experience in Guanabara Bay and Rio. What I love about this, this idea was really a joint idea between Petrobras and Excelerate. We have a long history in Brazil, now at two locations with Petrobras. We are, in fact, the only global supplier for them. Theresa, it's not, you know, it's like $30 million of CapEx, okay? It's more of what it signifies. Frankly, it's not just sustainability. It's about who Excelerate is as a client. You get a long-term deal with a customer. Do you just forget about that and cash checks? Are you trying to think about how can you achieve a better outcome for the NOC you're working with? In that case, a lot of people forget about Brazil. It is 80% hydroelectric power. Just think about that for a moment. 80% hydroelectric power, maybe another 10% wind and solar. If it's raining, these natural gas assets aren't going to be used. If there's drought, you know, and we're talking Old Testament, the original intermittent renewable drought. If there's drought, they have to have this. It has to be reliable. If you're waiting to come to the rescue, if that's how Petrobras uses these assets, that means it is boiling off every day. We knew that. It didn't impact what we were paid, but that sparked a dialogue on how can we fix this? How can we find a win-win to give you incremental fuel savings year after year? Frankly, it will probably leave us in an advantaged competitive position there for a very long time. How do we do this? I'd like to use this as a case study in who the heck we are and how we interact with the NOCs and sovereigns that we deal with because we are focused or obsessed with delivering a more reliable, better outcome for them. Okay. Understood. Steven, at the top of our time together, you spent some time putting forward the value proposition of the company and what you do. I want to zoom out a little bit because you have a front row seat to the LNG industry at large. Clearly, this year has been a banner year for LNG with multiple facilities on the liquefaction side ramping to substantial completion, other facilities having FID'd. I want to ask you how you see LNG fundamentals evolving from here. Specifically, are there challenges that you see that the market isn't, the investing community is not observing right now? Is it trade? Is it tariff, etc.? Is it something else? If you can tell us your views on these topics. Trust in earnings calls, we're tariff-proof. What's the point of the call when I say we're tariff-proof? I don't mean that lightly, but that's who the heck we are, and we're not going to equivocate on that. We're not importing anything in the United States. We're not. We're out there providing a service around the world. Tariff-proof, safe haven, enjoy. I'm very proud of all of my friends in the industry, and they're doing a great job. They really are. The support of the United States government that is helping U.S. LNG and showing support, the White House, Secretary White, Secretary Burgum. There has been tremendous support for LNG in the United States, and it's fantastic because ultimately, the world is a better place with a lot of reliable United States energy that people can depend upon. That's great. We're happy to play a very small part of that. I called it a cornucopia, this amazing riches of U.S. LNG. There is a lot. Together with what the Qataris are doing, both at Ras Laffan and at Golden Pass, it's a lot of LNG, and it's going to have to find a home. It is going to have to find a home. I don't want to focus on that too much. I just want to tell everyone here and everyone listening, Excelerate remains obsessed about that. We're going to continue with that obsession, and we're going to find as many homes and open as many markets. We opened up Bangladesh. We opened up Pakistan. We opened up Argentina. We have opened up Kuwait on their journey there. We opened up Finland. We have opened up and increased the global demand for LNG already at a level that no one in this room or listening online fully comprehends. We're going to keep doing that, and we are going to find a way to get ever better returns off of that. Great. Thank you so much for the color and insight as always.