Excelerate Energy, Inc. Barclays 40th Annual Energy-Power Conference

Welcome, Steven. Thanks, Theresa. It is good to be here, and look forward to our webcast discussion.

Sure. Just right off the bat, I would say what I always say. We are bullish on the asset class. The asset class is tight. Speaking of these floating regasification import terminals, a little over 50 in the world. We own or control 12 of them. Amazing tightness in the market for those now. We look for that to be persistent into the 2030s. There has been so much investment, so much capital deployed on liquefaction, and there are a lot of people at this conference who do a remarkably good job at that. That liquefaction, it costs maybe 10 times per million tons for liquefaction than what it costs per million tons of regasification. The reason we are bullish over the intermediate and long term is there is all this supply that is coming online, a 50% increase through the end of the decade.

FID is more than 200 million tons. This wave or this supply shock, whatever you want to call it's great. It's going to lead to affordability, but it doesn't do anything unless there's a home for it. We are the ones who create the homes for this coming wave through our investment in the downstream part of the LNG value chain, and there is a significant, and will be a significant, need for that. We're excited to be part of it.

The confidence just comes from sequencing. We do have a lot of stair steps, a lot of milestones that have driven this. Obviously, 2026, we've had a full year of our Jamaica platform online. We've had a half year. We've put the Excelerate Acadia, our new building, into Jordan. So that was about $20 million of incremental uplift from that. We've just announced, the last quarter, the contracting for Express at 35% uplifts over its last charter into Colombia, will be off of Cartagena. Very excited about that. We've got the Iraq project startup in Q2. I have promised Prime Minister Al Zaidi he gets a Q2 startup, and we are standing behind that and executing on that. We also have announced last quarter, Theresa, the acquisition of the Methane Patricia Camila, and that conversion, it's a fantastic asset. We think it's going to be best-in-class FSRU.

But that will come online early 2028. That kind of sequenced cadence, this growth is what has given us the confidence, the visibility. Did increase the dividend 13%. We've announced a multi-year, as you say, commitment on our dividend growth. That's still below 1% yield. But got a lot of growth, and we've got leverage. That yield is still below 1%. More to do. Our leverage is still 1.9, very low. But that balance sheet gives us the ability to fund that growth and have that visibility.

Sure. It's kind of an alpha and omega. Started with this company in 2000 and 2008, opening up Kuwait LNG. It's strange, 20 years have gone by, and we're just a few miles north of there now. We had paused a little bit in the spring for a couple of reasons. One, I wanted to see the new government in Iraq formed. I wanted to see that Prime Minister Al Zaidi's government had the same commitment as their prior government before the elections in Iraq. That's why I was there in Baghdad in June and met with him in Washington in July. It's critical. It's clear that it's critical. Baghdad has not had reliable electricity since 2003. It gets very hot. Our CEO was there 2 weeks ago, and Baghdad is 117 degrees. It's too damn hot. We're going to do something about that.

I was obviously pleased not just that the project enjoys the support of the Iraqi government, but obviously Prime Minister Al Zaidi got a warm reception at the White House. A strong USG support, too. Those were things I wanted to see. We've been in Iraq since the project was announced. We've removed like 150 million tons of material from the site, old crawler, derelict crawler cranes, all kinds of things. We have been and are positioning material overland from Oman to Dubai and by barge to Iraq. That's all ongoing. We have just good visibility about bringing it online. I'll just diverge and repeat what I said on the earnings call. People forget what's going on intrabasin. Kuwait, that receives about 6 million tons of LNG per annum, they're only down 10%-15% year-on-year since 2025. They've had over 45 shipments come in.

Those have all been intrabasin deliveries, Kuwait, Das Island, et cetera. We expect for Iraq to enjoy that same intrabasin advantage and look forward to bringing that online.