LNG Prices, page-4

In the case of Magnolia we are selling off around 50% of the project to Stonepeak who will pay us a $66M fee for the use of the OSMR tech on the project (at the time of financial close) and providing the $600M+ capital component of the cost of building the plant (the rest will be debt funded). The reason I say around 50% is that Stonepeaks ownership share is based on a fixed IRR formula over their investment which works out to be somewhere around 50% (it'll likely be less than 50% though once construction cost, cost of financing debt, etc are confirmed). In the case of BH, we have so far sold off 0% of the project, but will be doing a capital raise, selling of a percentage (though much smaller than Magnolia since we are in a much stronger position to command much better deals now), or a whole range of other options to fund the capital component of BH. All quoted estimates of the earnings of the projects to LNG and of valuations per share take these ownership %'s into account.