W|EPC: Golden Pass LNG (XOM, QP) – Project Update & On-Site Satellite Image Analysis – Q320

Golden Pass LNG: Our Delay & Contingency Fund Estimates Continue to Ramp

Key Takeaways:
• Chiyoda’s Engineering Delays Continue. We believe engineering delays have eroded a significant portion of the EPC risk, contingency, and profit, with the likelihood of ramping balance sheet exposure. (Pages 4 & 11)
• Our updated project timeline (delay) and contingency fund estimates are now material, sitting at….(continued)
• Our estimates point to Golden Pass project progress sitting closer to ~10% vs Chyioda’s report figure of 16% (Q2) based on both our satellite image review and….(continued)
• Sabine Pass Comparison. 18-Months after FID Sabine Pass LNG Trains 1 & 2 were 57.1% complete, vs our estimated range for Golden Pass LNG (~10-16%). (Page 8)

Table Of Contents

• Golden Pass Q320 Update – Key Takeaways (page 2)
• Revised Cost & Schedule Forecasts (page 3)
  • Cost Forecast (page 4)
  • Project Milestones (page 5)
  • Progress Analysis (page 6)
  • Analysis – Chiyoda’s 16% Reported Progress (page 7)
  • Putting It All Together – W|EPC Updated Contingency fund and project delay estimates
  • 18-Months After FID, Sabine Pass vs. Golden Pass LNG (page 8)
• Joint Venture Analysis (page 9)
  • Change Order Analysis vs. JV Structure (page 10)
  • Possible Impacts to Chiyoda (page 11)
• Satellite Image Analysis (page 12)
• Disclosures (page 17)

Golden Pass LNG Satellite Image Overview (page 13)

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W|EPC: Golden Pass LNG – Delay & Contingency Fund Estimates Continue To Ramp – Updated Project & Satellite Image Review