Midstream Hydrocarbon Express "Still No Deal, Energy holds up better tha..."

Research evidence excerpt

Midstream Hydrocarbon Express "Still No Deal, Energy holds up better tha..."

Global Research

7 June 2026ab

Midstream Hydrocarbon Express Equities

AmericasStill No Deal, Energy holds up better than S&P

Energy

Manav Gupta

Analyst

manav.gupta@ubs.com

CP2 - Proposed Nameplate Capacity Continues to Increase +1-212-713 4399

VG filed an application for CP2 to expand its Terminal to add 6 additional liquefaction Sumantra Banerjee

blocks (just like those already approved), another gas-fired power plant (just like those Associate Analyst

two previously approved), a third marine berth within the already approved berthing sumantra.banerjee@ubs.com

area, and related facilities. The proposed CP2 LNG Expansion facilities will increase the +1-212-713 5104

maximum peak liquefaction and export capacity of the CP2 LNG Terminal under optimal Saumya Jain

conditions by ~11.7 MTPA (~ 620.5 Bcf/year). VG plans to begin construction Associate Analyst

immediately upon receiving Commission authorization and necessary permits, and saumya.jain@ubs.com

requests the Commission to issue an expansion order authorizing this by YE 2026. If the +1-212-882 0089

project is approved this year, VG will target the expansion's startup by YE 2028 and Ivan Scotto

being placed in service (after commissioning) by YE 2030. The total estimated Associate Analyst

construction cost for the currently authorized CP2 LNG project is >$30B, and the ivan.scotto@ubs.com

estimated added cost of this proposed expansion exceeds $10B. Separately, this project +1-212-713 3137

will also include the CP Express pipeline, costing ~$826M. (link to full report). Richard DeDios

Associate Analyst

Deep Dive: XOM & CVX Push the Limits of Permian, Raising EUR and Lowering richard.dedios@ubs.com

Breakeven +1-212-713 8018