Adriatic LNG announced the LNG regasification terminal in the Northern Adriatic Sea resumed operations on August 31, 2025, following a scheduled shutdown that began August 1, 2025. During the shutdown, maintenance was carried out on the loading arms and seawater vaporizers as part of the multi-year maintenance plan. At the same time, preparatory work began to increase the terminal’s constant regasification capacity from 9 to 9.5 billion cubic meters per year. Work to increase capacity continues at the Cavarzere (VE) metering station and is scheduled to be completed by the end of 2025. The additional capacity has been allocated for the next 20 years and will be available from the first quarter of 2026. Adriatic LNG operates Italy’s largest LNG regasification terminal, with an authorized maximum regasification capacity of 10.4 billion cubic meters per year, equivalent to around 15% of national gas demand.

Who: EQT Corporation (NYSE: EQT): A U.S.-based natural gas producer headquartered in Pittsburgh, operating primarily in the Appalachian Basin. NextDecade Corporation (NASDAQ: NEXT): Developer of the Rio Grande LNG export project located in Texas. What: A 20-year Sale and Purchase Agreement (SPA) covering 1.5 million tonnes per annum (MTPA) of liquefied natural gas (LNG). LNG will be supplied from Rio Grande LNG Train 5 , once operational. The contract is based on a free-on-board (FOB) structure with pricing linked to the Henry Hub benchmark. EQT will manage the marketing and delivery of its own LNG cargoes. When: Agreement signed: September 3, 2025. Contract term: 20 years. Deliveries: Expected to begin following a final investment decision (FID) by NextDecade on Train 5. Where: Facility: Rio Grande LNG export terminal in Brownsville, Texas. Destination: Cargoes to be exported internationally to LNG buyers worldwide. Why: The deal expands U.S. LNG supply available to international markets. It contributes to energy security by diversifying global gas sourcing options. How: LNG will be produced at Rio Grande LNG and loaded FOB for international shipment. EQT will oversee commercial arrangements, including cargo optimization and marketing. The agreement aligns with broader trends of long-term LNG contracts linking U.S. natural gas to global demand centers.

Saad Sherida Al Kaabi, Qatar’s Energy Minister and CEO of Qatar Energy joined CNBC ’s Dan Murphy in Doha to discuss U.S. President Donald Trump’s visit to the Middle East, and his outlook for the LNG market. Outlook on Oil Prices and Industry Investment The Minister believes that oil prices being too low are not good for the oil and gas sector . For oil and gas companies to invest, they need a reasonable price that provides reasonable revenues. He suggests a price window between $70 and $85 is reasonable to sustain fields and development, as maintaining existing reserves becomes more expensive over time. If prices go too high, it is detrimental to demand and damaging to the industry. A range like $75 to $85 is considered healthy for the long term . Remaining below $70 for a long time would lead to many companies being out of the market regarding investment. While some companies can weather the storm for a while, the majority of smaller industry players will not be investing. Eventually, even larger companies like Exxon, Shell, and Total will start reducing their capital expenditure if prices remain low. This reduction in capital expenditure could ultimately lead to a shortage in supply . Outlook on the LNG Market Regarding the outlook for LNG, the Minister noted that when Qatar decided to proceed with the Northfield expansion in 2017, many analysts thought they were "crazy" due to projections about long-term LNG pricing and the expected impact of alternative energy and the "green push". However, Qatar anticipated that the market would need a lot of gas in the future. The Minister believes that the market analyst talk about a gas glut has disappeared . This is because delays in most LNG projects that were expected to come online have pushed back the potential glut. He believes there will not be a glut and suggests there could even be a shortage in 2030 . Despite the large amounts of gas currently coming from Qatar, Australia, and the United States, his confidence in avoiding a glut stems from anticipated economic growth. Role of Natural Gas in the Energy Mix The Minister believes that gas is absolutely needed as a base load maybe for another century . While renewables are needed and there is "no issue with renewables," their intermittency cannot make up for the huge growth in power requirements. Sustained power is needed for growth. Supply and Demand Dynamics & Key Markets The Minister believes there are plenty of markets that need gas . Many countries are starting to develop their gas sectors and need to build LNG receiving terminals. Examples include countries with huge population and economic growth like Vietnam and the Philippines . India has an ambition to reach 15% of their power from gas , up from the current 7% or 8%. If they reach this ambition, India would need a huge amount of gas, potentially around 120 million tons. China has a similar ambition to increase its gas requirements. Japan and Korea also have requirements for additional energy. Regarding demand from China and India, the Minister stated he has not seen anything peculiar about recent demands for lower prices or more favorable terms. Buyers always ask for cheaper prices, and sellers always ask for more. He described discussions with Chinese and Indian buyers as very cordial and noted negotiations can take varying amounts of time. Competition with the United States The Minister is not worried about the US being a competitor. He believes plenty of gas needs to come into the market. The US is the number one energy exporter and will be the largest for a long time. Qatar will be the second largest for a very long time. He views the US and Qatar as serving different markets . He considers the competition to be very healthy and beneficial to buyers as it provides more suppliers.

Barossa Gas Project: The Barossa Gas Project is 80% complete, with first gas expected in Q3 2025. The Gas Export Pipeline connecting the field to Darwin LNG has been completed. The Floating Production, Storage, and Offtake (FPSO) vessel is expected to arrive in Australia in Q1 2025. Three development wells have been drilled, with the third well showing a deliverability approximately 20% higher than expected. East Coast LNG (GLNG): GLNG is projected to deliver approximately 6 million tonnes per annum (Mtpa) of LNG in 2024. Record production levels were achieved in the first half of 2024. Horizontal drilling in the Arcadia Valley has increased productivity, enabling longer wells. PNG LNG: The PNG LNG project maintained steady production, despite natural decline in the Hides field and planned maintenance activities. The Angore project is expected to start supplying gas to PNG LNG in Q4 2024. High operational reliability was reported for the PNG LNG infrastructure. Darwin LNG and Bayu-Undan: The Darwin LNG facility is being refurbished in preparation for processing gas from the Barossa project. The Bayu-Undan field continued supplying gas to the Northern Territory domestic market beyond its expected field life. 

On July 15, 2024 EnergyQuest released their Australian LNG Monthly Report – June 2024. Overview data for July 2024 is below. Information about the EnergyQuest Australian LNG Monthly is available by clicking here . Australian LNG Imports Outlook Positive Progress for LNG Terminals: NSW: Squadron Energy’s Port Kembla Energy Terminal could supply the east coast by winter 2025 if immediate action is taken by the government, with winter 2026 being more likely based on market feedback. Victoria: Viva Energy has updated its environmental studies for its LNG import project at Geelong Refinery. Monthly Statistical Summary Annual Shipment and Revenue: FY 2023-24: 81.7 Mt of LNG shipped, $69.5 billion in revenue. FY 2022-23: 81.9 Mt of LNG shipped, $92.2 billion in revenue. FY 2021-22: 82.5 Mt of LNG shipped, $70.6 billion in revenue. June 2024 Revenue and Shipments: June revenue: $5.66 billion (up from $5.47 billion in May 2024). Annualized shipments for June 2024: 81.5 Mtpa (compared to 81.1 Mtpa for 2023 and 75.3 Mtpa for May 2024). June 2024 shipments represented 92% of nameplate capacity. Regional Revenue Breakdown: WA projects: $3.38 billion. Queensland projects: $1.66 billion. NT projects: $0.62 billion. Gas Flows and Market Dynamics Record Gas Flows from Queensland: Reached 428 TJ/d on 13 June, a record daily rate since January 2020. Indicates operational additional pipeline capacity. Support for Gas-Fired Power Generation (GPG): Increased 93% in June 2024 compared to June 2023 due to a ‘wind drought’ and lower solar production in winter. Resulted in a 19.7% increase in spot market gas prices compared to May 2024 and 29.7% compared to June 2023. Average spot price in June 2023 was $15.98/GJ, 33% above the $12/GJ government cap. Northern Gas Pipeline: No flow from NT to Queensland in June and May. Blacktip issues led to substantial support from Darwin’s two LNG projects into the NT domestic market. Darwin LNG averaged 16 TJ/d to the domestic NT market (25% of the NT average annual demand rate for 2023). No gas flows noted from Ichthys.

Transaction Overview Announcement Details Honeywell to acquire Air Products' LNG process technology and equipment business Acquisition cost: $1.81 billion in an all-cash transaction Transaction represents approximately 13x estimated 2024 EBITDA Expected to close before the end of the calendar year, pending customary conditions and regulatory approvals Strategic Benefits Enhances Honeywell's energy transition capabilities Creates an end-to-end offering for energy transformation Integrates natural gas pre-treatment and liquefaction with Honeywell's digital automation technologies Expands Honeywell's portfolio in aftermarket services and software Financial Impact Expected to be immediately accretive to Honeywell's sales growth and segment margin Expected to be accretive to adjusted EPS in the first full year of ownership Fourth acquisition by Honeywell this year as part of its capital deployment strategy Air Products Focus Air Products to focus on its core industrial gas business and related technologies Emphasis on clean hydrogen projects for industrial and heavy-duty transportation sectors Market Insights LNG market has quadrupled over the past 20 years and is expected to double in the next two decades Demand driven by key end markets including power and data centers Leadership Statements Vimal Kapur, Chairman and CEO of Honeywell, highlights natural gas as a critical transition fuel Ken West, President and CEO of Honeywell's Energy and Sustainability Solutions, emphasizes the integration of the acquired team and technologies Seifi Ghasemi, Chairman, President and CEO of Air Products, reiterates the company's focus on core industrial gas business and clean hydrogen Business Details Air Products' LNG Business has approximately 475 employees Headquarters in Allentown, Pennsylvania 390,000-square-foot manufacturing facility in Port Manatee, Florida Company Profiles Honeywell Integrated operating company Aligned with megatrends: automation, future of aviation, energy transition Offers solutions through Aerospace Technologies, Industrial Automation, Building Automation, Energy and Sustainability Solutions Air Products World-leading industrial gases company Focus on sustainability with core industrial gases and clean hydrogen projects Fiscal 2023 sales of $12.6 billion, operating in 50 countries with a market capitalization over $50 billion

Glenfarne Energy Transition Has Announced Texas LNG Has Signed an LNG Offtake Agreement with an Affiliate of Top Tier Market Participant Key Points: Agreement Signed: Texas LNG Brownsville LLC ("Texas LNG") has signed a non-binding Heads of Agreement ("HOA"). The agreement is with an affiliate of a top-tier credit-rated market participant. The agreement is for a long-term LNG free-on-board ("FOB") sale and purchase agreement ("SPA") for 0.5 MTPA of LNG. Texas LNG Overview: Texas LNG is a 4 MTPA LNG export terminal. Located in the Port of Brownsville, Texas. Subsidiary of Glenfarne Energy Transition, LLC. Leadership Statement: Brendan Duval, CEO and Founder of Glenfarne Energy Transition and Co-President of Texas LNG: "This agreement positions Texas LNG on the verge of full sell out, and we look forward to finalizing our offtake partnerships in the near future." Project Status: Texas LNG is in advanced negotiations with several potential offtakers for the remaining volume. Construction scheduled to begin later in 2024. Commercial operations scheduled to commence in 2028. Glenfarne Energy Transition: Developer, owner, and operator of energy transition infrastructure. Majority owner and managing member of Texas LNG. Portfolio includes the 8.8 MTPA Magnolia LNG export facility in Lake Charles, Louisiana. About Texas LNG: Facility: 4 MTPA LNG export facility. Located in the Port of Brownsville, Texas. Aims to be one of the cleanest, lowest emitting LNG export facilities globally. Utilizes electric motor drives. About Glenfarne Energy Transition, LLC: Parent Company: Glenfarne Group. Headquarters: New York City and Houston, Texas. Offices: Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; Seoul, South Korea. Core Businesses: Global LNG Solutions. Renewables. Grid Stability. Operations: Develops, acquires, manages, and operates energy infrastructure assets in North and South America.

Overview Vitol announced today the company has secured three LNG Bunkering Vessels (LNGBV) through its shipping company, Vitol International Shipping Pte Ltd (VIS). Agreement Details: Partner: Avenir LNG Limited (Avenir) Shipyard: CIMC Sinopacific Offshore & Engineering Co. Ltd in Nantong, China Time Charter: Seven to ten years Details of the Agreement Vessels Secured: One newbuild 20,000m3 LNGBV through a time charter agreement with Avenir. Time charter starts in Q4 2026 for seven years, with options to extend up to ten years. Ordered one 12,500 m3 LNGBV and one 20,000 m3 LNGBV from CIMC SOE shipyard. Deliveries in Q4 2026 and Q3 2027 respectively. Environmental Benefits LNG Advantages: Reduces environmental footprint at competitive prices. Bio-LNG blending offers long-term compliance with stringent emission regulations. Vitol’s Statement Mr. Pablo Galante Escobar (Head of LNG, EMEA gas & power, Vitol): Emphasized the global need for shipowners to reduce emissions. Highlighted Vitol's commitment to investing in LNG/bio-LNG bunkering. Vitol’s LNG Background Experience: 20 years of LNG trading. Global Presence: Traded over 17 million tonnes of LNG worldwide last year. Subsidiaries: ViGo bioenergy (bio-LNG infrastructure). Vitol Bunkers (bunker fuels). Capabilities: Multi-fuel and decarbonization solutions. Range: Conventional marine fuels, biofuels, LNG & bio-LNG, and methanol. Summary Vitol is significantly enhancing its LNG bunkering capabilities to meet environmental standards and support shipowners globally in reducing emissions.

Segment Overview: 1. Cryo Tank Solutions (CTS) Orders: Q1 2024 orders amounted to $159.3 million, marking a decrease of 4.5% year-over-year, primarily due to a significant rail car order in Q1 2023. Sales: Sales increased by 13.2% to $159.7 million, driven by rising demand in the EMEA industrial gas market. Book-to-Bill Ratio: Maintained at 1.0X, reflecting steady demand. Gross Profit Margin: Slightly decreased by 10 basis points to 20.5%. 2. Heat Transfer Systems (HTS) Orders: Experienced a significant decrease of 29.8% to $237.3 million, compared to the prior year, influenced by high project bookings in earlier periods. Sales: Increased by 33.9% to $253.6 million. Backlog: Stood at $1.69 billion as of March 31, 2024, excluding expected bookings from the IPSMR® BigLNG award. Gross Profit Margin: Improved by 160 basis points to 27.6%. 3. Specialty Products Orders: Saw a robust increase of 39.2% to $391.3 million. Sales: Increased by 5.5% to $236.5 million, influenced by project timing and pre-production activities for Teddy2. Sequential Growth: Sales grew by 10.2% from Q4 2023. Gross Profit Margin: Decreased to 24.9%, impacted by project mix and a first-of-a-kind project. 4. Repair, Service and Leasing (RSL) Orders: Reached a record $333.9 million, up 10.5% year-over-year. Sales: Increased by 13.9% to $301.0 million. Gross Profit Margin: Significantly increased by 1,450 basis points to a record 46.7%, reflecting high profitability in this segment.