Liquefied Natural Gas (LNG)

Agreement is the latest in a series of long-term LNG supply and purchase agreements from the Delfin Deepwater Port LNG Export Facility

Houston, TX – Delfin Midstream Inc. (“Delfin” or the “Company”) and Gunvor Group announced today that Gunvor International B.V. Amsterdam, Geneva Branch (“Gunvor”), has entered into a long-term LNG Sale and Purchase Agreement (“SPA”) with Delfin LNG LLC (“Delfin LNG”), a subsidiary of Delfin.

Under the SPA, Delfin LNG will supply 0.3 million tonnes of LNG per annum to Gunvor on a free-on-board (“FOB”) basis at the Delfin FLNG1 facility, located 40 nautical miles off the coast of Louisiana, for 20 years. 

Kalpesh Patel, Co-Head of LNG Trading and member of the Management Board of Gunvor, said: “We are very pleased to announce another long-term partnership with Delfin. The deal represents further enhancement of Gunvor’s LNG portfolio and together with our robust fleet, we will continue to position ourselves as a reliable supplier of LNG to all destinations around the globe.”

Dudley Poston, CEO of Delfin, said: “We look forward to building on our longstanding partnership with Gunvor as we continue to advance the development of critical energy infrastructure in the U.S. This additional agreement further highlights our strength as a dependable long-term supplier of clean and scalable LNG solutions.”

About Delfin

Delfin is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of Delfin LNG. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to three FLNG Vessels producing up to 13.2 MTPA of LNG. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of America. Delfin LNG received a deepwater port license from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States. Additional information is available at www.delfinmidstream.com.

About Gunvor Group

Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—shipping, refineries, pipelines, storage, and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2025, Gunvor Group generated US $144 billion in revenue on 253 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

Agreement Propels Texas LNG Toward a Final Investment Decision 

HOUSTON – Texas LNG Brownsville LLC, a four million tonnes per annum (“MTPA”) liquefied natural gas export terminal to be constructed in the Port of Brownsville, Texas, has signed a definitive 20-year Sales and Purchase Agreement with Gunvor Singapore Pte Ltd for 0.5 MTPA of LNG from Texas LNG on a Free on Board basis. The agreement converts a previous non-binding Heads of Agreement between the two companies. Texas LNG Brownsville LLC is a subsidiary of Glenfarne Energy Transition, LLC, and Gunvor Singapore Pte Ltd is a subsidiary of Gunvor Group. 

“Texas LNG is moving rapidly towards a targeted year-end Final Investment Decision,” said Glenfarne Chief Executive Officer and Founder Brendan Duval. “Our agreement with Gunvor continues our progressing of successfully completed commercial contracts, sufficient for FID, for Texas LNG. Together with the advanced state of project financing and completion of the FERC process last month, this project is poised to unlock the superior benefits of clean, reliable U.S. LNG for Gunvor and our other partners.” 

“As one of the foundation customers of Texas LNG, we are pleased to complete this agreement and open up new sources of U.S. LNG to meet the growing demand for secure energy in overseas markets,” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor. 

The majority of Texas LNG’s offtake volume will be sold under long-term binding agreements. Texas LNG is in the process of converting HOAs with Macquarie and another highly experienced, investment-grade global LNG player into definitive agreements. Kiewit is leading the engineering, procurement, and construction of Texas LNG under a lump-sum turnkey structure.

About Texas LNG 
Texas LNG is an LNG export facility to be constructed in the Port of Brownsville, Texas and a subsidiary of global energy transition leader Glenfarne Energy Transition, LLC. Texas LNG is led by an experienced team committed to creating one of the cleanest, lowest emitting LNG export facilities in the world through electric motor drives. Additional information about Texas LNG may be found on its website at www.texaslng.com.

About Glenfarne 
Glenfarne Group is a privately held developer, owner, and operator of energy infrastructure assets based in New York, New York and Houston, Texas, with offices in Anchorage, Alaska; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Through its subsidiaries, Glenfarne owns and operates over 60 energy infrastructure assets through three core businesses: Global LNG Solutions, Grid Stability, and Renewables. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.glenfarne.com.

About Gunvor Group 
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2024 generated U.S. $136 billion in revenue on 232 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

LONDON – Gunvor and Pakistan LNG Limited confirm they have now settled all outstanding legal proceedings on terms satisfactory to all concerned. The parties look forward to continuing to work together. The terms and details of the settlement are subject to confidentiality agreements.

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2022 generated U.S. $150 billion in revenue on 165 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

HOUSTON & BROWNSVILLE – Texas LNG Brownsville LLC (“Texas LNG”), a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal to be constructed in the Port of Brownsville, Texas, a subsidiary of Glenfarne Energy Transition, LLC (“Glenfarne”), has signed a Heads of Agreement (“HOA”) with Gunvor Group through its subsidiary Gunvor Singapore Pte Ltd (“Gunvor”) for a 20-year LNG FOB sale and purchase agreement (“SPA”) for 0.5 MTPA of LNG from Texas LNG.

“We’re thrilled to welcome Gunvor to our portfolio of customers, connecting Texas LNG, one of the lowest-emitting liquefaction facilities in the world, with global economies in need of reliable, sustainable energy,” said Brendan Duval, CEO and Founder, Glenfarne Energy Transition and Co-President of Texas LNG.

“With the previously announced commencement of the execution phase of the project financing process, this agreement aligns with our plan to take a final investment decision on Texas LNG this year,” said Vlad Bluzer, Co-President of Texas LNG.

“We are pleased to have executed this agreement and become one of the foundation buyers of the Texas LNG project. Gunvor continues to support US LNG export projects, unlocking new supplies for the global energy market and providing energy security especially to our customers in Europe and Asia” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor.

Today’s news follows Texas LNG’s recently announced LNG tolling agreement with EQT Corporation (“EQT”). Texas LNG also recently announced partnerships with Baker Hughes, ABB and Gulf LNG Tugs of Texas. These partnerships total nearly one billion dollars of investment into the project.

Glenfarne Energy Transition, a developer, owner, and operator of energy transition infrastructure, is the majority owner and managing member of Texas LNG. Texas LNG will achieve financial close and begin construction in 2024 commencing commercial operations in 2028. Glenfarne Energy Transition is also the sole owner and developer of the 8.8 MTPA Magnolia LNG in Lake Charles, Louisiana.

About Texas LNG
Texas LNG is a 4 MTPA LNG export facility to be constructed in the Port of Brownsville, Texas and a subsidiary of global energy transition leader, Glenfarne Energy Transition, LLC. Texas LNG is led by an experienced team committed to creating one of the cleanest, lowest emitting LNG export facilities in the world through electric motor drives. Additional information about Texas LNG may be found on its website at www.texaslng.com

About Glenfarne Energy Transition, LLC
Glenfarne Energy Transition is a wholly owned subsidiary of Glenfarne Group, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Glenfarne Energy Transition aims to address the “here and now” global energy transition through three core businesses: Global LNG Solutions, Renewables, and Grid Stability. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.GlenfarneEnergyTransition.com

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2022 generated U.S. $150 billion in revenue on 165 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

OKLAHOMA CITY – Chesapeake Energy Corporation (NASDAQ: CHK, together with certain of its subsidiaries, collectively, “Chesapeake”), Delfin LNG LLC (“Delfin”) and Gunvor Group Ltd, through Gunvor Singapore Pte Ltd (“Gunvor”), today announced the entrance into a liquefied natural gas (LNG) export deal that includes executed Sales and Purchase Agreements (“SPA”) for long-term liquefaction offtake.

Under the SPA, Chesapeake will purchase approximately 0.5 million tonnes (“mtpa”) of LNG per annum from Delfin at a Henry Hub price and contract targeted start date in 2028 then deliver to Gunvor on an FOB basis with the sales price linked to the Japan Korea Marker (“JKM”) for a period of 20 years. These volumes will represent 0.5 mtpa of the previously announced up to 2 mtpa HOA with Gunvor.

Nick Dell’Osso, Chesapeake President and CEO, said, “Today’s announcement cements an important step on our path to ‘Be LNG Ready’ and is further recognition of the depth of our portfolio and strength of our financial position. We are pleased to formalize our agreement which provides diversification and access to global LNG pricing while enabling the delivery of affordable, reliable, lower carbon energy to markets in need.”

Dudley Poston, Delfin CEO, said: “We are excited to partner with a premier company like Chesapeake. We believe our unique liquefaction solution provides Chesapeake with commercial flexibility with a reduced environmental footprint, while providing a much-needed source of additional supply to key US allies and the global LNG market.”

Kalpesh Patel, Co-Head of LNG Trading and a member of the Executive Committee of Gunvor, said, “This deal represents an important step in finalizing the 0.5 mtpa out of our total of 2.0 mtpa arrangement with Chesapeake, while expanding our existing cooperation with Delfin. We continue to provide reliable and competitive logistics services to our partners by utilizing our fleet consisting of vessels procured via term charters and equity ownership. Gunvor looks forward to establishing additional agreements with the companies in the near future.”

About Chesapeake
Headquartered in Oklahoma City, Chesapeake Energy Corporation (NASDAQ:CHK) is powered by dedicated and innovative employees who are focused on discovering and responsibly developing leading positions in top U.S. oil and gas plays. With a goal to achieve net zero GHG emissions (Scope 1 and 2) by 2035, Chesapeake is committed to safely answering the call for affordable, reliable, lower carbon energy.

About Delfin
Delfin is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of Delfin LNG LLC (“Delfin LNG”) and Avocet LNG LLC. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG Vessels producing up to 13 million tonnes of LNG per annum. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of Mexico. Delfin LNG received a positive Record of Decision from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States. Further information is available at www.delfinmidstream.com.

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2021 generated U.S. $135 billion in revenue on 240 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact and include, but are not limited to, our ability to “Be LNG Ready” and to provide diversification and access to global LNG pricing while delivering affordable, reliable, lower carbon energy to markets in need. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time.

Factors that could cause our actual results to differ materially from expected results include those described under “Risk Factors” in Item 1A of our annual report on Form 10-K and any updates to those factors set forth in Chesapeake’s subsequent quarterly reports on Form 10-Q or current reports on Form 8-K which are available on its website at https://investors.chk.com. These risk factors include: the impact of inflation and commodity price volatility resulting from instability in Europe and the Middle East, COVID-19 and related supply chain constraints, and the impact of each on our business, financial condition, results of operations and cash flows.

We caution you not to place undue reliance on the forward-looking statements contained in this release which speak only as of the date of this release, and we undertake no obligation to update this information, except as required by applicable law. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC.