BP was the first company to sell LNG on a portfolio basis. Unlike some of its peers, it has chosen not to pursue opportunities to develop greenfield LNG development, particularly in Australia. Instead, it has built critical mass in its portfolio through LNG trading, and we estimate that over 60% of the LNG it sells bought from third party sources under a variety of spot, short and mid term deals. BP is expanding its position, most obviously with the move into the Freeport liquefaction facility in the US, where it has contracted the entire capacity of Train 2. The company has built a diverse marketing portfolio spanning established and emerging markets, and several different price markers. As such, it is less reliant on the spread between Henry Hub and oil, and has pursued a balanced position to price exposure.