Core Insights - Golar LNG has made significant progress in its floating liquefied natural gas (FLNG) projects, including a Final Investment Decision (FID) for the MK II 3.5mtpa FLNG expected to be delivered by 2027 [1] - The company reported a net loss of $36 million for Q3 2024, but an adjusted EBITDA of $59 million, indicating operational resilience despite market challenges [1][20] - Golar has secured a 20-year FLNG deployment agreement with Pan American Energy in Argentina, with expectations to commence LNG exports by 2027 [7][8] Financial Performance - Golar reported a Q3 2024 net loss of $36 million, with a net profit of $54 million when excluding $90 million of market-adjusted non-cash items [1][20] - The adjusted EBITDA for Q3 2024 was $59 million, with a backlog of approximately $11 billion in adjusted EBITDA, reflecting strong future revenue potential [1][23] - The company declared a dividend of $0.25 per share for the quarter, demonstrating a commitment to returning value to shareholders [1] Operational Developments - The FLNG Hilli maintained a market-leading operational track record, generating $73 million in distributable adjusted EBITDA for Q3 2024 [2] - Golar expects to receive approximately $220 million in pre-COD compensation for FLNG Gimi, with $78 million already received in 2024 [3] - The commissioning of FLNG Gimi is underway, with gas being introduced from an LNG carrier to accelerate the schedule [4] Strategic Initiatives - Golar has entered into definitive agreements for a 20-year FLNG deployment project in Argentina, tapping into the Vaca Muerta shale deposit [7] - The company is pursuing a refinancing of FLNG Gimi to improve liquidity and reduce debt costs [6] - Golar is targeting to secure a charter for its MKII FLNG by 2025, which will enable asset-level debt financing [10] Market Position - Golar is positioned as the only proven provider of FLNG as a service, with competitive construction costs and early available capacity globally [10] - The company has a strong cash position of $807 million as of September 30, 2024, which supports its operational and strategic initiatives [23][25] - Golar's share of contractual debt stands at $1.465 billion, with a net debt position of $658 million after accounting for cash [25]

Core Viewpoint - Golar LNG Limited has signed an Engineering, Procurement and Construction (EPC) agreement with CIMC Raffles for a MK II Floating LNG Production vessel, which will have an annual liquefaction capacity of 3.5 million tons of LNG per annum (MTPA) [1][2]. Group 1: Project Details - The MK II design is an evolution of the MK I design and will convert an existing LNG carrier, Fuji LNG, with a storage capacity of 148,500 m³ [2]. - The total EPC price for the MK II FLNG conversion is US$ 1.6 billion, with a total budget of US$ 2.2 billion, which includes various costs such as yard supervision and initial bunker supply [2]. - Golar has already spent US$ 0.3 billion on the project, with engineering and long lead items now 63% complete [2]. Group 2: Project Timeline and Capacity - The MK II FLNG is expected to be delivered in Q4 2027, making it the earliest available floating liquefaction capacity globally [4]. - The MK II FLNG has an earnings potential of approximately US$ 0.5 billion of adjusted annual EBITDA, before commodity exposure [4]. Group 3: Strategic Importance - The new MK II FLNG order increases Golar's controlled liquefaction capacity by about 70% to 8.6 MTPA [5]. - The project reflects Golar's commitment to providing timely solutions for gas monetization and enhancing its market position as a leading owner of FLNGs [5]. Group 4: Collaboration and Expertise - Golar, CIMC, and Black & Veatch have invested significant man-hours optimizing the conversion process and de-risking project execution [3]. - Black & Veatch's PRICO® technology will be utilized in the project, marking their sixth floating LNG project to reach a final investment decision [5].

Core Insights - Golar LNG Limited has signed a 20-year FLNG deployment agreement in Argentina, indicating strong progress in expanding its FLNG opportunities [1] - The company reported a Q2 2024 net income of $26 million and an Adjusted EBITDA of $59 million, with a backlog of approximately $11 billion [1][14] - Golar and bp have entered into commercial reset arrangements for FLNG Gimi, which is expected to release liquidity of up to $0.5 billion [1][3] Financial Performance - Q2 2024 net income attributable to Golar was $25.9 million, a significant increase from a loss of $4.5 million in Q2 2023 [14] - Total operating revenues for Q2 2024 were $64.7 million, down 17% from $77.5 million in Q2 2023 [14] - Adjusted EBITDA for Q2 2024 was $58.7 million, a decrease of 29% compared to $82.8 million in Q2 2023 [14] Operational Highlights - FLNG Hilli Episeyo generated $69 million of Q2 Distributable Adjusted EBITDA, with Golar's share being $64 million, consistent with Q1 2024 [2] - The cumulative production of FLNG Hilli Episeyo has surpassed 8 million tons, maintaining a market-leading operational track record [1] - Golar expects to receive approximately $220 million in pre-COD compensation for FLNG Gimi across 2024 and 2025, including milestone bonuses [3] Strategic Developments - Golar and Pan American Energy have entered into definitive agreements for a 20-year FLNG deployment project in Argentina, expected to commence LNG exports by 2027 [7] - The FLNG Hilli Episeyo is expected to generate an annual Adjusted EBITDA of approximately $300 million, assuming 90% capacity utilization [8] - Golar is progressing with the development of a 3.5mtpa MKII FLNG, with long lead items already 63% complete [11] Liquidity and Debt Management - As of June 30, 2024, Golar's total cash was $604 million, with a share of contractual debt amounting to $1.198 billion [22] - The refinancing of the existing FLNG Gimi debt facility is in the credit approval process, which is expected to improve liquidity [6] - Golar's Adjusted Net Debt as of June 30, 2024, was $594 million after accounting for total cash [22]

FLEX LNG Ltd. (NYSE:FLNG) Q2 2024 Earnings Conference Call August 14, 2024 9:00 AM ET Company Participants Oystein Kalleklev - Chief Executive Officer Knut Traaholt - Chief Financial Officer Oystein Kalleklev Hi, everybody, and welcome to FLEX LNG's Second Quarter Result Presentation. It's August 14. And I'm Oystein Kalleklev, CEO of FLEX LNG management. And I will be joined here as usual by our CFO, Knut Traaholt, who will run you through the numbers a bit later in the presentation. Before we begin, just w ...

1 FLEX LNG CONSTELLATION Second Quarter 2024 Result Presentation August 14, 2024 DISCLAIMER MATTERS DISCUSSED IN THIS PRESS RELEASE MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UN ...

FLEX LNG Interim Financial Information Flex LNG Ltd. Second Quarter 2024 August 14, 2024 A summary of our financial highlights for the quarter are below: August 14, 2024 - Hamilton, Bermuda Flex LNG Ltd. ("we", "us", "our", "Flex LNG", or the "Company") today announced its unaudited financial results for the six months ended June 30, 2024. Highlights: | --- | --- | --- | |-------------------------------------|-------------|-------------| | | Q2 2024 | Q1 2024 | | Vessel operating revenues | $84.7m | $90.2m ...

Three energy stocks may achieve significant breakthroughs in 2024 based on their robust financial health and strategic advantages. This article highlights three energy stocks with strong fundamentals, making them prime candidates for such breakthroughs. Operating in high-demand areas like liquefied natural gas (LNG) transportation, these companies are poised to benefit from the global shift toward cleaner energy. Consistent revenue and EBITDA performance in this space underline their potential as LNG trade ...

FLEX LNG (FLNG) is scheduled to release second-quarter 2024 earnings results on Aug 14. The shipping company's earnings surpassed the Zacks Consensus Estimate in three of the last four quarters and missed on the remaining occasion, the average beat being 7.1%. The Zacks Consensus Estimate for the to-be-reported quarter's earnings is pegged at 47 cents per share. The metric has remained stable in the past 60 days. The bottom-line projection indicates a year-over-year contraction of 9.6%. Against this backdro ...

Golar LNG Ltd. ("Golar"), and bp, as Operator of the Greater Tortue-Ahmeyim LNG Project, have executed agreements to implement a commercial reset for FLNG Gimi. The commercial reset agreement simplifies contractual cash flows and settles previous disputes related to payment mechanisms for pre-commercial operations date ("Pre-COD") contractual cash flows. Golar and bp have agreed an updated schedule of daily payments until the Commercial Operations Date ("COD"). The daily payments have step-up mechanisms bas ...

Financial Data and Key Metrics Changes - Revenues for Q1 2024 were reported at $90.2 million, aligning with guidance of approximately $90 million [15][21] - Net income was $33.2 million, resulting in earnings per share of $0.62, while adjusted net income was $37.9 million, leading to adjusted earnings per share of $0.70 [16][50] - Operating expenses for the quarter were lower at $16.7 million, attributed to timing effects of expense recognition [49] Business Line Data and Key Metrics Changes - The company added significant backlog this year, with contracts extending for two ships, Flex Resolute and Flex Courageous, for a total of three years plus options [3][9] - Average charter rates are expected to be around $72,000 to $74,000, with revenues anticipated to be close to $85 million for Q2 [5][20] Market Data and Key Metrics Changes - The U.S. has become the largest LNG exporter, with 29 million tons exported in the first four months of the year [29] - European LNG imports are lagging 20% behind last year due to high storage levels, while demand in Asia, particularly from emerging markets, is increasing [56][60] - Spot LNG prices in Europe are stabilizing around $11 to $12, with spot LNG being cheaper than contracted LNG [31][58] Company Strategy and Development Direction - The company is focused on maintaining a strong financial position to support dividend payments, with a declared dividend of $0.75 per share [6][46] - The management is cautious about the market outlook, indicating a preference for securing contracts rather than speculative newbuilds [101][110] - The company aims to leverage its cash reserves for potential investments while maintaining flexibility in its financial strategy [92][109] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, anticipating a rebound in revenues and earnings in Q3 and Q4 as all ships return to operation [105] - The management noted that the current high interest rate environment is expected to change, potentially leading to lower interest costs in the future [92] - The company is monitoring the LNG market closely, particularly the impact of geopolitical factors on supply and demand dynamics [62][66] Other Important Information - The company reported a 7% reduction in emissions compared to 2022, highlighting its commitment to sustainability [28] - The company has a strong cash position of $383 million and no debt maturities until 2028, providing a solid foundation for future operations [27][53] Q&A Session Summary Question: What are the decision factors for the Board regarding dividends? - The Board considers earnings, contract portfolio, and cash reserves when making decisions about dividends, indicating a sustainable dividend level based on adjusted earnings [91][106] Question: What is the impact of the closure of the Strait of Hormuz on the LNG market? - While the closure would have significant implications for LNG exports, the probability of such an event is considered low due to the economic consequences involved [62][64] Question: How does the company view the current state of the LNG market? - The company sees a shift in demand towards Asia, with emerging markets increasing their LNG imports, while Europe is pulling back due to high storage levels [56][60]