“QE has disclosed that they expect delays; it is a bit premature to provide firm guidance on how that will manifest, but we expect the delay to be on the order of months.”

In context

“d expect, QatarEnergy executed a very controlled ramp down and ultimately largely a shutdown across most of their trains at Ras Laffan for both security and process integrity reasons, but also because with the Strait closed, there is limited capacity, if any, to lift cargoes. As QE disclosed, two trains were struck—those were not ours—and that took just under 12 mtpa off the market. QatarEnergy has been explicit that they expect that to impact the global market for upwards of three to five years. While it is easy to conflate the construction of NFE and NFS with operations, they are quite separate. We are pleased to see that, despite the conflict, construction on NFE and NFS has been progressing. Naturally, there have been some impacts and interruptions, but very different than operations. QE has disclosed that they expect delays; it is a bit premature to provide firm guidance on how that will manifest, but we expect the delay to be on the order of months. You will recall QE guided to second half of this year for startup, and it could be possible that extends into the early part of next year. We chose to remove Qatar from 2Q production guidance for clarity. We will be watching closely both construction and our own production there; it remains very conflict dependent. Hopefully that is helpful. Operator: Our next question comes from Bob Brackett from Bernstein Research. Your line is now open. Bob Brackett: Good afternoon. Apologies for a bit of an educational question, but there are a couple topics I am working on educating folks on and you may help. One is price realization 101, especially as it pertains to timing given the very sharp moves in crude price we have seen. The second would be a bit of 101 around the engineering of shut-ins—you”