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00:00What's the perspective in terms of supply and demand from you Michael. Well supply and demand currently is quite balanced. We had a situation where we had the supply chain issues just like everyone else has had in the economy before the pandemic. The US was producing 94 to ninety. The B.C. FDA and it got as low as 80 for DCF in February of this year. And it was slow to get back to its previous levels of 94 until November of this year. That caused fear that we wouldn't fill our storage and gas went up to six dollars this summer. But as we got back to 94 this November gas prices retreated into the low fours. And with warmer weather we're now down to 370. So it's a fairly constructive market. We're not like Europe which unfortunately is this storage levels of 18 percent below their five year average. And they really have a serious issue. If they get a cold winter. Absolutely as we were just hearing Michael. It's guy in the UK where are Sony worried about what the weather is going to bring. We worry that we're not going to have enough gas. At the moment. The U.S. looks like it's in a very different place as you say. There was a little bit of concern. Prices spiked a little bit a little bit relative to what we've seen over here. And then came back down again. How much gas do you think over the next few years the U.S. will be able to export. How much of a balancing factor do you think U.S. gas will be able to be on global markets. Well the U.S. has an unlimited supply of natural gas for X. What we have largest production in the world. I just mentioned that ninety five RTS a day. It's limited by the number of terminals that are constructed and built right now. We have enough terminals that we're able to export a little over 11 DCF a day. So that's about 12 percent of the U.S. production. There are two other terminals that are under construction right now in the United States. One that's coming online next year for 10 DCF which is a little low. And that's going to be just 10 million tons which is a little over a DCF of gas. And you have another one that Exxon is building that will be operational in 2024. We'll get up to 13 BS. Then we'll need more more new ideas to raise the debt level greater than that. Well we have an unlimited amount of gas to fill terminals. So my view on that point. I mean RFID is a final investment decision. And usually you have to sell enough of that capacity in order to get the money to then go on building commit to. We are undergoing that right now. On for how much of that so far is sold and when do you think you can reach RFID for that. We have not made any announcements. I'm not going to tell you where we are in negotiations. We're very optimistic that we will get it sold out sometime next year and be able to start construction by early 2023. You have to understand that I mentioned the two facilities that are under construction. There have been no real long term contracts signed to build a new facility until recently. In the whole world thought that when we finished all the new construction in our plant and Cameron's plants it was the end of the first wave of U.S. LNG facilities that the market was going to be glutted with LNG for years. And what we found out is we didn't have enough last winter and the market just flipped on a dime. And now customers are out looking for 20 year contracts instead of living on spot prices which have gone up to 30 dollars and that you can't live on spot prices. You have to make the investment long term so people can build more terminals. Michael what role is is your nat gas going to play in the energy transition. Nat gas has gone from being this kind of perfect transition technology to being maybe perceived as being a little bit more dirty. And I'm wondering how that changes the equation vis a vis investment. Do you think that nat gas is going to be the energy transition story for five years 10 years 15 years. You're talking about 20 years. Are we still going to be heavily using LNG in 20 years time. We're going to be heavily using LNG for the next 30 to 50 years of the energy transition is important. I'd love to see as much green energy as possible but the amount of energy that is consumed in this world is so vast and there are so many developing countries with over a billion people who do not even have electricity yet that we need more clean energy. And I know that some people do not think that natural gas is clean enough because it's a fossil fuel but it still cuts the CO2 emissions by half over coal and does not have any of the pollutants that coal has when it's burnt. So there's no question it makes a huge difference. And green energy until we get different battered battery technology is intermittent and natural gas is the only fuel source that can be turned on quick enough when the wind doesn't blow or it or there are clouds or snow covering the solar panels. So did I point my goal before I let you guys wander a little bit into that train for a situation. How are you going to power that. Because you've been usually tied to the grid right. And that's had its own problems freezes its own weather issues et cetera. At what point do you think that you can power your trains better either. More grimly. Or more efficiently. Well had a power the same way. There had been. We're not having any power problems with our facility. We had an electrical outage due to Hurricane Nicholas for a few days. It took some trains down for a week. That's living in the Gulf. There's nothing that we can do about that. The art units are reduced. The carbon emissions of our traditional LNG facility burns natural gas for its power by 90 percent. In addition the the CO2 that we do have. We just made an announcement with Talos Energy last week to do carbon sequestering station on our site to get rid of. Most of the remaining CO2 in our facility. So we believe we have the cleanest LNG in the market. We actually call it E LNG enough for our marketing purposes.

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