Cheniere lifted by LNG market movements. LNG markets have been stimulated by the supply-side issues stemming from the Middle East conflict Released Friday, October 30, 2026 Summary. U.S. LNG exporter Cheniere Energy reported a 26% year-on-year increase in net income. LNG markets have been stimulated by the supply-side issues stemming from the conflict simmering in the Middle East. Steady flows supporting LNG. In the midst of ongoing supply issues and a geopolitical risk premium on market prices for LNG, Cheniere Energy said its net income during the third quarter increased 26% year-on-year. Industrial Info is tracking the liquefied natural gas (LNG) portfolio for Cheniere Energy in the United States. Its Sabine Pass facility in Cameron Parish, La., started exports in 2016 and boasts six liquefaction units, or trains, that account for nominal production of around 30 million metric tons per annum (MTPA) of gas in the liquid form. Operating since 2018, its Corpus Christi export facility has 10 trains that combine for 13.5 MTPA of liquefied natural gas (LNG), data from Industrial Info show. On Thursday, the company reported net income of US$639 million, a 26% increase over the same period last year. "The increases were primarily driven by higher total margins on LNG delivered, primarily driven by higher volumes recognized in income as well as higher margins per million British thermal units (MMBtu) of LNG delivered during the periods," the company explained. Meanwhile, the number of cargoes of LNG delivered during the period remain unchanged year-on-year at 104, suggesting it was market factors more than volume that drove quarterly income higher. Markets are under pressure from conflict simmering in the Middle East, which has curtailed maritime shipments of around a quarter of the world's crude oil and LNG deliveries. Exports from Qatar, a leading LNG producer in its own right, are limited because of the risk of moving cargo through the Strait of Hormuz. Cheniere and others catch market tailwinds from Qatar's reduced LNG capacity. Cheniere last week signed an offtake agreement with QatarEnergy to supply 4 MTPA of LNG through 2054. Deliveries would move from Cheniere's terminals on behalf of QatarEnergy. Elsewhere on Thursday, Australian energy company Woodside signed a long-term sales and purchase agreement with QatarEnergy to offer 3 MTPA from the Louisiana LNG terminal, which is under construction. "It is a strong vote of confidence in Louisiana LNG and represents a significant step in building the project's long-term customer base," Chief Executive Officer Liz Westcott said in a statement. Woodside hired Bechtel to perform engineering, procurement and construction (EPC) services for its Louisiana LNG facility, where Industrial Info expects to see construction completed by 2030. Backed by an estimated $4 billion in investment value, the plant could export as much as 5.2 million tons of LNG per year, data show. U.S. Looks to be an LNG safety net. U.S. LNG supplies offer Qatar a source diversification by drawing on deliveries from outside the Persian Gulf region to make up for Qatar lost domestic capacity. QatarEnergy, which saw its major LNG infrastructure heavily damaged early in the conflict, recently told its European customers that cargoes could be delayed until December due to circumstances beyond its control. The United States emerged as the world leader in LNG exports in 2022, just as the global market was adjusting to the loss of Russian gas due to sanctions imposed over the invasion of Ukraine. Now, those molecules are helping to support the various supply-side issues stemming from conflict in the Middle East. In its NATGAS Today report for Thursday, Industrial Info put total feed gas volumes supporting LNG exports at 19.78 billion cubic feet, close to a record high. "Total feedgas reaches its third-highest level on record, approaching the October 18 peak of 19.87 Bcf/d," the report read. Cheniere's terminal at Sabine Pass, the largest by export volume, and Corpus Christi are both slated for expansion. That comes amid a proposal by the U.S. Transportation Department to fast-track the approval process for LNG projects. "The only thing standing in our way is outdated red tape," said Transportation Secretary Sean P. Duffy. Key takeaways. * Qatar offsetting its own supply-side issues with U.S. offtake agreements * QatarEnergy told its European customers for LNG that deliveries could be delayed to December By the numbers. * 19+ Bcf/d in U.S. feed gas continues to support LNG exports * 3 MTPA from the Louisiana LNG terminal set aside for Qatar About Industrial Info Resources Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news, and analysis on the industrial process, manufacturing, and energy-related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified, and verified plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 Trillion (USD). Want more IIR news intelligence? Make Industrial Info Resources, Inc. a Preferred Source on Google to see more of Industrial Info Resources, Inc. when you search. Ask Industrial Info Resources, Inc.. Submit a question and one of its experts will be happy to assist you. By submitting this form, you give Industrial Info permission to contact you by email in response to your inquiry. Forecasts & analytical solutions. Where global project and asset data meets advanced analytics for smarter market sizing and forecasting. PECWeb Global Market Intelligence platform. Identify opportunities, anticipate change, and execute with confidence. PECWeb connects the industrial intelligence you need, from projects and assets to operational events, all in one platform.

Cheniere Partners reports third quarter 2026 results and tightens full year 2026 distribution guidance. Published on 10/29/2026 at 07:31 am EDT Business Wire Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE: CQP) today announced its financial results for third quarter 2026. HIGHLIGHTS * During the three and nine months ended September 30, 2026, Cheniere Partners generated revenues of approximately $2.6 billion and $8.8 billion, net income of approximately $0.6 billion and $2.0 billion, and Adjusted EBITDA[1] of approximately $1.0 billion and $3.1 billion, respectively. * With respect to the third quarter of 2026, Cheniere Partners declared a cash distribution of $0.890 per common unit to unitholders of record as of November 3, 2026, comprised of a base amount equal to $0.775 and a variable amount equal to $0.115. The common unit distribution and the related general partner distribution will be paid on November 13, 2026. * Tightening full year 2026 distribution guidance to $3.30 - $3.40 per common unit from $3.10 - $3.40 per common unit, maintaining a base distribution of $3.10 per common unit. * In October 2026, Sabine Pass Liquefaction, LLC ("SPL") entered into a long-term liquefied natural gas ("LNG") sale and purchase agreement ("SPA") with QatarEnergy to supply up to 2 million tonnes per annum ("mtpa") of LNG on a free-on-board ("FOB") basis beginning in the early 2030s through 2054, with 1 mtpa subject to, among other things, a positive Final Investment Decision ("FID") with respect to the first phase of the SPL Expansion Project (defined below). * In September 2026, the Federal Energy Regulatory Commission ("FERC") issued the final environmental impact statement ("EIS") relating to the SPL Expansion Project. * In September 2026, Cheniere Partners and its subsidiaries obtained commitments for a term loan to finance the construction costs of the first phase of the SPL Expansion Project that are not expected to be funded with available cash. The term loan is being sized to finance approximately 50% of the total estimated project costs of the first phase. Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project. | 2026 FULL YEAR DISTRIBUTION GUIDANCE | | / | 2026 Previous | / | 2026 Revised | | Distribution per Unit | $ | 3.10 | - | $ | 3.40 | / | $ | 3.30 | - | $ | 3.40 | | / | / | / | / | / | / | / | / | | SUMMARY AND REVIEW OF FINANCIAL RESULTS | | (in millions, except LNG data) | Three Months Ended September 30, | / | Nine Months Ended September 30, | | / | / | 2026 | / | / | 2025 | / | % Change | / | / | 2026 | / | / | 2025 | / | % Change | | Revenues | $ | 2,574 | / | $ | 2,404 | / | 7 | % | / | $ | 8,757 | / | $ | 7,848 | / | 12 | % | | Net income | $ | 639 | / | $ | 506 | / | 26 | % | / | $ | 1,986 | / | $ | 1,700 | / | 17 | % | | Adjusted EBITDA[1] | $ | 954 | / | $ | 885 | / | 8 | % | / | $ | 3,112 | / | $ | 2,649 | / | 17 | % | | LNG exported: | / | / | / | / | / | / | / | / | / | / | / | | Number of cargoes | / | 104 | / | / | 104 | / | - | % | / | / | 324 | / | / | 314 | / | 3 | % | | Volumes (TBtu) | / | 377 | / | / | 374 | / | 1 | % | / | / | 1,185 | / | / | 1,132 | / | 5 | % | | LNG volumes loaded and recognized (TBtu) | / | 378 | / | / | 374 | / | 1 | % | / | / | 1,187 | / | / | 1,130 | / | 5 | % | Net income increased approximately $133 million and $286 million during the three and nine months ended September 30, 2026, respectively, as compared to the corresponding 2025 periods. The increases were primarily driven by higher total margins on LNG delivered, primarily driven by higher volumes recognized in income as well as higher margins per MMBtu of LNG delivered during the periods. The increase for the nine months ended September 30, 2026 was partially offset by approximately $208 million of unfavorable variances related to changes in the fair value of our derivative instruments, including those impacts related to our long-term Integrated Production Marketing (IPM) agreements. Adjusted EBITDA[1] increased by approximately $69 million and $463 million during the three and nine months ended September 30, 2026, respectively, due to higher total margins on LNG delivered, primarily driven by higher volumes recognized in income as well as higher margins per MMBtu of LNG delivered during the periods. During the three and nine months ended September 30, 2026, we recognized in income 378 and 1,187 TBtu, respectively, of LNG loaded from the SPL Project (defined below). | Capital Resources | | The table below provides a summary of our available liquidity (in millions) as of September 30, 2026: | | / | September 30, 2026 | | Cash and cash equivalents | $ | 569 | | Restricted cash and cash equivalents | / | 35 | | Available commitments under our credit facilities[(1)]: | / | | SPL Revolving Credit Facility | / | 873 | | Cheniere Partners Revolving Credit Facility | / | 1,000 | | Total available commitments under our credit facilities | / | 1,873 | | Total available liquidity | $ | 2,477 | | (1) | Available commitments represent total commitments less loans outstanding and letters of credit issued under each of our credit facilities as of September 30, 2026. | Recent Key Financial Transactions and Updates In September 2026, SPL repaid approximately $54 million aggregate principal amount outstanding of its Senior Secured Notes due 2037 with weighted average rate of 4.748% as of June 30, 2026 (the "2037 SPL Senior Notes") based on the fixed amortization schedules. In September 2026, Cheniere Partners and its subsidiaries obtained commitments for a term loan to finance the construction costs of the first phase of the SPL Expansion Project that are not expected to be funded with available cash. Closing and funding are subject to customary conditions, including the issuance of a positive FID with respect to the first phase of the SPL Expansion Project. Additionally, we have secured commitments to amend and extend the maturities of the SPL Revolving Credit Facility and the Cheniere Partners Revolving Credit Facility, including the reallocation of $250 million in commitments from the SPL Revolving Credit Facility to the Cheniere Partners Revolving Credit Facility. SABINE PASS OVERVIEW We own natural gas liquefaction facilities with total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the "SPL Project"), inclusive of six liquefaction trains. As of October 23, 2026, approximately 3,560 cumulative LNG cargoes totaling over 245 million tonnes of LNG have been produced, loaded, and exported from the SPL Project. SPL Expansion Project We are developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately 20 mtpa of LNG (the "SPL Expansion Project"), inclusive of estimated debottlenecking opportunities. We expect to execute the SPL Expansion Project in a phased approach, maximizing brownfield economics, and a positive FID is subject to, among other things, receipt of necessary regulatory approvals and acceptable commercial and financing arrangements. The first phase includes a single train, Train 7, and a boil-off gas re-liquefaction unit, along with supporting infrastructure and tie-ins to the existing Sabine Pass LNG terminal, and has an expected total production capacity of over 6 mtpa of LNG, inclusive of estimated debottlenecking opportunities. In May 2026, the lump sum, turnkey engineering, procurement and construction (EPC) contract with Bechtel Energy, Inc. ("Bechtel") for the first phase of the SPL Expansion Project was signed, and Bechtel was released to commence early engineering and procurement under a limited notice to proceed (LNTP). The FERC application for authorization to site, construct and operate the SPL Expansion Project, as well as the Department of Energy (DOE) application authorizing the export of LNG to non-free trade agreement countries, remain pending. In September 2026, the FERC issued the final EIS relating to the SPL Expansion Project. DISTRIBUTIONS TO UNITHOLDERS In October 2026, we declared a cash distribution of $0.890 per common unit to unitholders of record as of November 3, 2026, comprised of a base amount equal to $0.775 ($3.10 annualized) and a variable amount equal to $0.115, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of the business. The common unit distribution and the related general partner distribution will be paid on November 13, 2026. INVESTOR CONFERENCE CALL AND WEBCAST Cheniere Energy, Inc. (NYSE: LNG) will host a conference call to discuss its financial and operating results for the third quarter on Thursday, October 29, 2026, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation will include financial and operating results or other information regarding Cheniere Partners. About Cheniere Partners Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities with a total production capacity of over 30 mtpa of LNG, inclusive of debottlenecking opportunities. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines. For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission. Use of Non-GAAP Financial Measures In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated. Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis. Forward-Looking Statements This press release contains certain statements that may include "forward-looking statements." All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere Partners' financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners' anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners' LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, (vii) statements regarding future discussions and entry into contracts, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners' actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners' periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements. | Cheniere Energy Partners, L.P. Consolidated Statements of Operations (in millions, except per unit data)[(1)] (unaudited) | | / | Three Months Ended | / | Nine Months Ended | | / | September 30, | / | September 30, | | / | / | 2026 | / | / | / | 2025 | / | / | / | 2026 | / | / | / | 2025 | / | | Revenues | / | / | / | / | / | / | / | | LNG revenues | $ | 1,956 | / | / | $ | 1,837 | / | / | $ | 6,561 | / | / | $ | 5,961 | / | | LNG revenues - affiliate | / | 567 | / | / | / | 518 | / | / | / | 2,044 | / | / | / | 1,738 | / | | Regasification revenues | / | 34 | / | / | / | 34 | / | / | / | 102 | / | / | / | 102 | / | | Other revenues | / | 17 | / | / | / | 15 | / | / | / | 50 | / | / | / | 47 | / | | Total revenues | / | 2,574 | / | / | / | 2,404 | / | / | / | 8,757 | / | / | / | 7,848 | / | | Operating costs and expenses | / | / | / | / | / | / | / | | Cost of sales (excluding operating and maintenance expense and depreciation and amortization expense shown separately below)[(2)] | / | 1,276 | / | / | / | 1,278 | / | / | / | 4,757 | / | / | / | 4,177 | / | | Cost of sales - affiliate | / | - | / | / | / | - | / | / | / | 46 | / | / | / | - | / | | Operating and maintenance expense | / | 236 | / | / | / | 191 | / | / | / | 692 | / | / | / | 683 | / | | Operating and maintenance expense - affiliate | / | 43 | / | / | / | 40 | / | / | / | 136 | / | / | / | 126 | / | | Operating and maintenance expense - related party | / | - | / | / | / | - | / | / | / | - | / | / | / | 28 | / | | General and administrative expense | / | 3 | / | / | / | 3 | / | / | / | 9 | / | / | / | 9 | / | | General and administrative expense - affiliate | / | 25 | / | / | / | 23 | / | / | / | 72 | / | / | / | 70 | / | | Depreciation and amortization expense | / | 174 | / | / | / | 173 | / | / | / | 522 | / | / | / | 515 | / | | Other operating costs and expenses | / | 2 | / | / | / | - | / | / | / | 6 | / | / | / | 2 | / | | Other operating costs and expenses - affiliate | / | - | / | / | / | - | / | / | / | 1 | / | / | / | 1 | / | | Total operating costs and expenses | / | 1,759 | / | / | / | 1,708 | / | / | / | 6,241 | / | / | / | 5,611 | / | | Income from operations | / | 815 | / | / | / | 696 | / | / | / | 2,516 | / | / | / | 2,237 | / | | Other income (expense) | / | / | / | / | / | / | / | | Interest expense, net of capitalized interest | / | (182 |) | / | / | (189 |) | / | / | (546 |) | / | / | (567 |) | | Other income (expense), net | / | 6 | / | / | / | (2 |) | / | / | 13 | / | / | / | 7 | / | | Other income - affiliate | / | - | / | / | / | 1 | / | / | / | 3 | / | / | / | 23 | / | | Total other expense | / | (176 |) | / | / | (190 |) | / | / | (530 |) | / | / | (537 |) | | Net income | $ | 639 | / | / | $ | 506 | / | / | $ | 1,986 | / | / | $ | 1,700 | / | | Basic and diluted net income per common unit[(1)] | $ | 1.01 | / | / | $ | 0.80 | / | / | $ | 3.34 | / | / | $ | 2.79 | / | | Weighted average basic and diluted number of common units outstanding | / | 484 | / | / | / | 484 | / | / | / | 484 | / | / | / | 484 | / | | (1) | Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission. | | (2) | Cost of sales includes approximately $10 million of gains and $105 million of losses from changes in the fair value of commodity derivatives prior to contractual delivery or termination, primarily related to non-cash changes in the fair value of our long-term IPM agreements during the three and nine months ended September 30, 2026 prior to the normal purchases and normal sales ("NPNS") designation, respectively, as compared to $16 million of losses and $103 million of gains in the corresponding 2025 periods, respectively. | | Cheniere Energy Partners, L.P. Consolidated Balance Sheets (in millions, except unit data) [(1)] (unaudited) | | / | September 30, | / | December 31, | | / | / | 2026 | / | / | / | 2025 | / | | ASSETS | / | / | / | | Current assets | / | / | / | | Cash and cash equivalents | $ | 569 | / | / | $ | 182 | / | | Restricted cash and cash equivalents | / | 35 | / | / | / | 19 | / | | Trade and other receivables, net of current expected credit losses | / | 327 | / | / | / | 511 | / | | Trade and other receivables - affiliate | / | 290 | / | / | / | 238 | / | | Advances to affiliates | / | 152 | / | / | / | 145 | / | | Inventory | / | 165 | / | / | / | 180 | / | | Prepaid expenses | / | 50 | / | / | / | 42 | / | | Other current assets, net | / | 16 | / | / | / | 21 | / | | Total current assets | / | 1,604 | / | / | / | 1,338 | / | | Property, plant and equipment, net of accumulated depreciation | / | 15,087 | / | / | / | 15,259 | / | | Operating lease assets | / | 73 | / | / | / | 76 | / | | Deferred NPNS assets | / | 669 | / | / | / | - | / | | Derivative assets | / | 1 | / | / | / | 541 | / | | Other non-current assets, net | / | 405 | / | / | / | 223 | / | | Total assets | $ | 17,839 | / | / | $ | 17,437 | / | | LIABILITIES AND PARTNERS' EQUITY | / | / | / | | Current liabilities | / | / | / | | Accounts payable | $ | 97 | / | / | $ | 53 | / | | Accrued liabilities | / | 738 | / | / | / | 990 | / | | Current debt, net of unamortized discount and debt issuance costs | / | 112 | / | / | / | 306 | / | | Due to affiliates | / | 50 | / | / | / | 57 | / | | Deferred revenue | / | 144 | / | / | / | 119 | / | | Current portion of deferred NPNS liabilities | / | 103 | / | / | / | - | / | | Current derivative liabilities | / | 84 | / | / | / | 164 | / | | Other current liabilities | / | 14 | / | / | / | 15 | / | | Other current liabilities - affiliate | / | 6 | / | / | / | 4 | / | | Total current liabilities | / | 1,348 | / | / | / | 1,708 | / | | Long-term debt, net of unamortized discount and debt issuance costs | / | 14,283 | / | / | / | 14,161 | / | | Deferred NPNS liabilities | / | 1,055 | / | / | / | - | / | | Derivative liabilities | / | 41 | / | / | / | 900 | / | | Other non-current liabilities | / | 216 | / | / | / | 231 | / | | Other non-current liabilities - affiliate | / | 17 | / | / | / | 23 | / | | Total liabilities | / | 16,960 | / | / | / | 17,023 | / | | Partners' equity | / | / | / | | Common unitholders' interest (484 million units issued and outstanding at both September 30, 2026 and December 31, 2025) | / | 3,921 | / | / | / | 3,156 | / | | General partner's interest (2% interest with 10 million units issued and outstanding at both September 30, 2026 and December 31, 2025) | / | (3,042 |) | / | / | (2,742 |) | | Total partners' equity | / | 879 | / | / | / | 414 | / | | Total liabilities and partners' equity | $ | 17,839 | / | / | $ | 17,437 | / | | (1) | Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the Securities and Exchange Commission. | | Reconciliation of Non-GAAP Measures Regulation G Reconciliations | | Adjusted EBITDA | | The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and nine months ended September 30, 2026 and 2025 (in millions): | | / | Three Months Ended September 30, | / | Nine Months Ended September 30, | | / | / | 2026 | / | / | / | 2025 | / | / | / | 2026 | / | / | / | 2025 | / | | Net income | $ | 639 | / | / | $ | 506 | / | / | $ | 1,986 | / | / | $ | 1,700 | / | | Interest expense, net of capitalized interest | / | 182 | / | / | / | 189 | / | / | / | 546 | / | / | / | 567 | / | | Other expense (income), net | / | (6 |) | / | / | 2 | / | / | / | (13 |) | / | / | (7 |) | | Other income - affiliate | / | - | / | / | / | (1 |) | / | / | (3 |) | / | / | (23 |) | | Income from operations | $ | 815 | / | / | $ | 696 | / | / | $ | 2,516 | / | / | $ | 2,237 | / | | Adjustments to reconcile income from operations to Adjusted EBITDA: | / | / | / | / | / | / | / | | Depreciation and amortization expense | / | 174 | / | / | / | 173 | / | / | / | 522 | / | / | / | 515 | / | | Loss (gain) from changes in fair value of commodity derivatives, net | / | (9 |) | / | / | 16 | / | / | / | 105 | / | / | / | (103 |) | | Amortization of deferred NPNS assets and liabilities | / | (26 |) | / | / | - | / | / | / | (31 |) | / | / | - | / | | Adjusted EBITDA | $ | 954 | / | / | $ | 885 | / | / | $ | 3,112 | / | / | $ | 2,649 | / | Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of financial and operating performance. Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, changes in the fair value of our commodity derivatives prior to contractual delivery or termination, and amortization of deferred NPNS assets and liabilities. Changes in the fair value of commodity derivatives and amortization of deferred NPNS assets and liabilities are considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses associated with these adjustments differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management's own evaluation of performance. View source version on businesswire.com: https://www.businesswire.com/news/home/20261028766655/en/ (C) Business Wire - 2026

Emvolon raises $22 million to commercialize modular waste-to-fuel technology. October 27, 2026 Emvolon, a Woburn, Massachusetts-based clean technology company spun out of the Massachusetts Institute of Technology, has secured $22 million in Series A funding and non-dilutive federal and state grants to launch its first commercial-scale modular chemical production system and expand its waste-to-fuel operations. The financing includes participation from MassVentures, VX Ventures, Wagner Carbon and other investors. Emvolon plans to use the capital to deploy its first commercial system, expand its organization and advance a pipeline of projects converting methane-rich waste gases into biomethanol and other liquid fuels. The company also announced that energy industry executive Eric Bensaude will join its board of directors, bringing more than three decades of experience in natural gas trading, energy commercialization and international commodity markets. The funding marks a transition from pilot-scale operations to commercial deployment for Emvolon, which was founded in 2021 to develop technology that converts waste gases into marketable fuels and chemicals directly at their source. Unlike conventional gas-to-liquids facilities, which typically require large centralized industrial infrastructure, Emvolon's technology uses modified internal combustion engines and commercially available equipment to create smaller, modular chemical production systems. The prefabricated, skid-mounted units are designed for deployment at landfills, dairy farms, wastewater treatment facilities and industrial locations where methane-rich gases are generated but may otherwise be flared or released. By processing gas at the source, Emvolon aims to reduce the infrastructure requirements and transportation costs associated with centralized fuel production while creating commercial value from underutilized energy resources. The company's first commercial deployment follows a successful pilot project with Montauk Renewables. Through a joint venture, the companies plan to expand production capacity to 50,000 tons annually across multiple sites. Emvolon intends to use the initial commercial installation to demonstrate the performance and economics of its modular production model before deploying additional systems at waste gas locations across North America and selected international markets. The financing also follows a commercial agreement with Freepoint Commodities that provides a potential distribution channel for Emvolon's production. Under a multiyear definitive agreement granting a first purchase option, up to $450 million in biomethanol and other liquid fuels produced by Emvolon could be sold through Freepoint's global physical commodities distribution network. The arrangement connects Emvolon's planned production capacity with established energy markets, including maritime shipping, aviation, heavy transportation and specialty chemicals. For Emvolon, securing a potential commercial outlet for future production is an important component of its expansion strategy, linking project development and capital investment to prospective customer demand. "This round gives us the capital to deploy our first commercial system, prove the model, and start building the supply chains that hard-to-abate industries are actively looking for," said Emmanuel Kasseris, co-founder and chief executive officer of Emvolon. Kasseris said the company's technology is designed to capture energy resources that are currently wasted and establish localized fuel supply chains. The investment comes as industrial and transportation companies evaluate alternative fuel sources capable of reducing reliance on conventional fossil-derived products. Biomethanol has applications in marine transportation, heavy transport and chemical manufacturing. It can also serve as a feedstock for emerging sustainable aviation fuel production pathways. Emvolon is targeting these markets with a distributed manufacturing approach intended to make smaller waste gas resources commercially viable. The company estimates that the addressable market for its technology represents approximately $40 billion annually. It also cites potential pricing of approximately $1,000 per metric ton for qualifying biomethanol meeting European Union Renewable Energy Directive III requirements. Those market assumptions underpin Emvolon's commercial strategy, although realized pricing and project economics will depend on customer demand, feedstock characteristics, production performance and applicable market conditions. Priya Yadav of MassVentures said the company's transition from field testing to commercial deployment represents an important step toward establishing a repeatable production model. "We've been proud to back Emvolon since 2023, and to watch the team grow in the Commonwealth while moving from field pilot to commercial deployment," Yadav said. The addition of Bensaude to Emvolon's board is intended to support the company's commercial expansion and development of international distribution relationships. Bensaude previously served as managing director of LNG Commercial Operations at Cheniere Energy, where he helped build the company's global liquefied natural gas trading platform. Before joining Cheniere, he was head of Global LNG at EDF Trading and worked in Booz Allen Hamilton's energy practice on gas and power projects. His background in commodity trading, energy marketing and international distribution is expected to support Emvolon's efforts to scale biomethanol production and connect its facilities with global fuel markets. The company's growth strategy combines standardized production equipment, partnerships with waste gas suppliers and commercial distribution arrangements. Its modular systems are designed to operate independently of the electrical grid, potentially allowing deployment at sites where conventional industrial infrastructure would be expensive or impractical. The approach could also create additional revenue opportunities for waste management operators, agricultural businesses and industrial facilities that generate methane-rich gas streams. For Emvolon, the $22 million financing provides capital to establish its first commercial operating system and begin validating the economics of broader deployment. With the Montauk Renewables joint venture targeting 50,000 tons of annual production capacity and the Freepoint Commodities agreement providing access to potential fuel buyers, the company is positioning its technology for expansion beyond pilot projects. The next phase of growth will center on commissioning commercial systems, expanding its project pipeline and demonstrating that distributed waste-to-fuel production can operate economically across different feedstock sources and geographic markets.