atural Gas 121 1=1MIP -- Longer Term Liquefaction Pipelines Pipelines Exploration & Production End Users Source: JPMorgan, Alliance Bernstein, Guggenheim Research. Cheniere Energy. Data as of: 12/30/11 SO 30 $2.00 $1.75 $3.50 LNG Costs - $8 Liquefaction E&C firms focused on global energy projects MLPs