Cheniere has started exports from Sabine Pass. The successful start-up of Train 1 marks Cheniere's rapid turnaround from LNG importer to exporter. The company announced plans to add liquefaction to its Sabine Pass regas terminal in June 2010, and construction of the Phase 1 liquefaction facilities started in August 2012, taking approximately three-and-a-half years to first LNG. Although today's depressed global LNG market conditions are a reality, in time, we expect the appetite for more US LNG to grow. In the near term, Cheniere will be relatively well insulated from low commodity prices, as the majority of its LNG capacity has been sold under long-term contracts, involving capacity payments that offtakers will pay whether cargos are lifted or not. These provide a source of income linked to the creditworthiness of its offtakers and a platform upon which the company's LNG marketing business can grow as global demand conditions improve.