Core Thesis - Golar LNG Limited presents a compelling investment opportunity following recent market volatility and positive developments, with strong analyst support and operational milestones driving stock recovery [2][5]. Company Overview - Golar LNG Limited designs, converts, owns, and operates marine infrastructure for the liquefaction of natural gas [2]. Stock Performance - The stock was trading at $38.59 as of January 12th, with a trailing P/E of 70.16 and a forward P/E of 90.09 [1]. - The stock traded at $45 on September 1st but faced pressure due to market reactions to provincial elections on September 7th, before rebounding [2]. Analyst Ratings - Goldman Sachs initiated coverage with a buy rating and a $54 target, while Citi also issued a buy rating with a $51 target, indicating significant upside potential [2]. - The stock is expected to break above $46, supported by both fundamental and macro catalysts [5]. Operational Developments - Golar confirmed that all Conditions Precedent for the 20-year charter of its MKII FLNG with Southern Energy in Argentina had been fulfilled, securing a long-term revenue stream [3]. - The recent election outcome in Argentina reduces political risk and increases the probability of stable policy support, potentially accelerating M&A discussions [3]. Commodity Exposure - Golar's unique commodity-linked upside is highlighted, with Goldman Sachs noting that if FOB prices average $9/mmbtu, this could translate into an incremental $2.2 billion in EBITDA backlog, primarily from Argentina assets [4]. Future Outlook - The combination of secured long-term charters, commodity exposure, reduced political risk, and analyst recognition positions Golar as an attractive risk/reward opportunity, offering potential for substantial upside in the near term [5].

Core Insights - The investment thesis for Golar LNG Limited (GLNG) is based on its strong long-term earnings growth potential, supported by its liquefaction-as-a-service model [1] Investment Approach - The investment strategy focuses on medium to long-term investments while also considering short-term opportunities to generate alpha [1] - The analysis is grounded in a bottom-up approach, assessing the fundamental strengths and weaknesses of individual companies [1] - The goal is to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential [1]

Core Viewpoint - The investment thesis on Golar LNG Limited (GLNG) is based on its strong long-term earnings growth potential, supported by its liquefaction-as-a-service model [1] Group 1: Investment Strategy - The investment approach focuses on long-term investments while also considering short-term opportunities to uncover alpha [1] - The analysis is bottom-up, emphasizing the fundamental strengths and weaknesses of individual companies [1] - The investment duration is medium to long-term, targeting companies with solid fundamentals and sustainable competitive advantages [1]

Core Viewpoint - The sale of Golar LNG Limited shares by Beck Capital Management illustrates how even financially strong LNG operators can lose favor during shifts in capital cycles [1][2]. Company Overview - Golar LNG Limited's current share price is $36.99, with a market capitalization of $3.8 billion, revenue of $326.6 million, and net income of $59.8 million for the trailing twelve months (TTM) [4]. - The company specializes in designing, building, owning, and operating marine infrastructure for liquefaction and regasification of LNG, focusing on long-term charters and midstream LNG value chain [4]. Financial Performance - In the latest quarter, Golar reported a net income of $31 million attributable to shareholders and an adjusted EBITDA of $83 million, supported by long-term FLNG charters with a backlog of approximately $17 billion [5]. - The company maintains strong liquidity with $661 million in total cash at the end of the quarter and has authorized a $150 million share buyback while sustaining a quarterly dividend of $0.25 [5]. Market Position - Golar LNG's shares have decreased by 9% over the past year, underperforming the S&P 500, which has increased by 15% during the same period [3]. - Golar now represents 0.5% of Beck Capital Management's $433.8 million in reportable U.S. equity holdings, down from a previous stake of 172,826 shares to 54,860 shares [2]. Investment Considerations - The company is viewed as a cash-generating infrastructure play with long-term visibility, although it faces challenges in gaining market recognition compared to mega-cap technology stocks [7]. - The trimming of Golar's position by Beck Capital Management may reflect risk management rather than a loss of confidence in the company's fundamentals [7].

Core Insights - LVS Advisory's Growth Portfolio gained 15.7% and the Event-Driven Portfolio gained 10.4% in the first three quarters of 2025, outperforming the S&P 500's 14.8% gain and the high-yield bond index's 7.3% return [1] - The firm focuses on investments in power generation businesses, driven by the thesis that power demand is growing faster than supply [1] Company Analysis: Golar LNG Limited - Golar LNG Limited (NASDAQ:GLNG) is highlighted as a key investment, providing marine infrastructure for liquefaction of natural gas [2] - The stock had a one-month return of 0.70% but lost 9.40% over the last 52 weeks, closing at $38.67 per share with a market capitalization of $3.959 billion on December 08, 2025 [2] - Golar LNG operates by converting LNG ships into floating LNG (FLNG) plants and leasing them to oil and gas companies on 20-year contracts, receiving a fixed toll plus commodity price upside [3]

Core Insights - Golar LNG Limited (GLNG) reported mixed third-quarter 2025 results with earnings missing estimates while revenues exceeded expectations [1][8] - Quarterly earnings were 43 cents per share, below the Zacks Consensus Estimate of 46 cents, and showed a year-over-year decline [1][8] - Revenues reached $122.5 million, surpassing the Zacks Consensus Estimate of $121.4 million, and improved by 89% year over year [1][8] - Adjusted EBITDA was $83.42 million, reflecting a 41% year-over-year increase [1] Financial Position - As of the end of Q3 2025, GLNG had cash and cash equivalents of $611.17 million, down from $783.42 million in the previous quarter [2] - The company's share of contractual debt increased by 38% year over year to $2.02 billion [2][8] - A dividend of 25 cents per share was approved for Q3 2025, to be paid on or around Nov. 24, 2025 [2] Shareholder Actions - GLNG's board approved a new $150 million share buyback program on Nov. 4, 2025, following the full utilization of a previous buyback program [3] - As of Sept. 30, 2025, there were 102.4 million shares issued and outstanding [3] Contracts and Agreements - On Oct. 23, 2025, GLNG finalized a 20-year charter agreement with Southern Energy S.A. in Argentina, securing an estimated $8 billion in net earnings backlog [4] - The charter involves Golar's 3.5 MTPA MK II floating liquefied natural gas (FLNG) unit, expected to generate approximately $400 million in annual EBITDA [4] Industry Context - Other companies in the industry, such as Vista Energy S.A.B. de C.V., reported strong earnings, with Vista's adjusted EPS of $1.48 beating estimates [7] - Chevron Corporation also reported adjusted EPS of $1.85, exceeding expectations, indicating a competitive landscape in the oil and gas sector [10]

Financial Data and Key Metrics Changes - The existing fleet of three FLNGs is fully contracted with a total EBITDA backlog of $17 billion before commodity upside and inflationary adjustments [2][4] - The company generated $221 million of adjusted EBITDA over the last 12 months, with a net income of $46 million for the quarter [3][28] - The cash position stands at $1 billion, with a net debt position of approximately $1.4 billion [3][28] Business Line Data and Key Metrics Changes - Hilli generated $51 million of adjusted EBITDA, while GIMI contributed $48 million during the quarter [27] - The company added $8 billion of firm EBITDA backlog through the successful fulfillment of all conditions precedent (CPs) for the Mark II's 20-year charter in Argentina [6][7] Market Data and Key Metrics Changes - The company is observing strong interest in long-term offtake agreements in Argentina, particularly due to the country's significant shale gas reserves [42] - The FLNG industry is experiencing increased adoption, with a growing number of projects being planned globally [22][75] Company Strategy and Development Direction - The key focus is on developing the fourth FLNG unit, with significant technical and commercial progress made in deciding on size and design [2][3] - The company aims to maintain a maximum of one unchartered FLNG at a time while pursuing long-term infrastructure contracts [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings visibility for all assets through 2045 and beyond, with expectations for EBITDA to quadruple by 2028 [4][30] - The company is positioned to benefit from lower production costs compared to the largest LNG producers, enhancing its competitive advantage [25][81] Other Important Information - A new $150 million buyback program has been approved, continuing the company's track record of returning capital to shareholders [30][38] - The company is in advanced stages of securing a $1.2 billion bank refinancing facility for GIMI, expected to close within the quarter [11][31] Q&A Session Summary Question: Comments on CESSA's strategy for long-term offtake agreements - Management noted that CESSA is actively working to lock in offtake for Hilli volumes and expects to sign contracts soon, given the strong interest from major industrial and trading houses [42][43] Question: Future projects and CAPEX to EBITDA ratio - Management indicated that while there is cost inflation, they aim to target similar CAPEX to EBITDA ratios for new projects as seen in existing projects [44][45] Question: GIMI's capacity and potential for production increase - Management confirmed that GIMI's nameplate capacity is 2.7 MTPA, with potential to produce more than 2.4 MTPA through debottlenecking exercises [48][49] Question: Competition in the FLNG market - Management acknowledged increased competition for shipyard slots and long lead items but emphasized that Golar remains the only proven provider of FLNG as a service [51][52] Question: Buyback program metrics and deployment - Management stated that the new buyback program will be executed opportunistically, similar to past approaches [56][57] Question: Status of the pipeline for Argentina - Management provided updates on the pipeline construction timeline, indicating that it is expected to be completed within the timeline for Mark II's arrival [70][71]

November 5, 2025 Golar LNG Limited 2025 I Forward looking statements This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as "if," "subject to," ...

Financial Performance - Golar reported Q3 2025 net income attributable to Golar of $31 million and Adjusted EBITDA of $83 million, with total cash of $661 million[4]. - Golar reported Q3 2025 net income of $46 million, including $12 million of non-cash items[26]. - As of September 30, 2025, Golar's total operating revenues increased by 89% year-over-year to $122.5 million[22]. - Adjusted EBITDA for Q3 2025 was $73,279 thousand, compared to $47,174 thousand in Q2 2025, reflecting a significant increase[24]. - Net income for the nine months ended September 30, 2025, was $89,428,000, compared to $65,756,000 for the same period in 2024, reflecting a year-over-year increase of approximately 36%[49]. - Golar LNG Limited reported a net income of $89,428,000 for the nine months ended September 30, 2025, compared to $65,756,000 for the same period in 2024, representing a 36% increase[51]. - The company generated $340,902,000 in net cash from operating activities for the nine months ended September 30, 2025, up from $154,808,000 in the same period of 2024[51]. Revenue and Contracts - The company has a total Adjusted EBITDA backlog of $17 billion from its existing FLNG fleet, with a new 20-year charter agreement for MKII FLNG expected to generate $400 million in annual Adjusted EBITDA[4][8]. - The 20-year SESA agreement in Argentina includes an Adjusted EBITDA of $285 million per year, with potential upside of approximately $30 million for every dollar the FOB price exceeds $8/MMBtu[2]. - Gimi's operations have normalized, with daily production frequently exceeding base capacity, and the company expects a net earnings backlog of approximately $3 billion from its 20-year contract with BP[5]. - Golar's 10% ownership in SESA provides additional commodity exposure, equating to approximately $100 million for every $1 change in achieved FOB prices above $8/MMBtu[11]. Cash and Debt Management - Total Golar Cash as of September 30, 2025, was $661 million, which will increase to $962 million after the closing of senior notes[28]. - Golar's share of Contractual Debt as of September 30, 2025, was $2,028 million, with a net debt position of $1,367 million[29]. - The company announced a private offering of $500 million in senior unsecured notes due 2030, with an interest rate of 7.5%[27]. - Total current assets increased to $921,191,000 as of September 30, 2025, up from $739,866,000 at the end of 2024, indicating improved liquidity[49]. - Total liabilities increased to $2,364,271,000 as of September 30, 2025, from $1,998,273,000 at the end of 2024, reflecting a rise in long-term debt[49]. - Total contractual debt as of September 30, 2025, was $2,216,254,000, with Golar's share of scheduled capital repayments over the next 12 months amounting to $290,243,000[54]. Operational Updates - Golar's FLNG Hilli has offloaded its 142nd cargo and is set to enter Seatrium's Singapore yard for upgrades in Q3 2026 before commencing operations in Argentina in Q2 2027[1][4]. - The company plans to order long lead equipment for its next FLNG unit during Q4 2025 to ensure an attractive timeline for future projects[15]. - Asset under development related to the MKII FLNG conversion project amounts to $1.0 billion, fully equity funded[30]. Market and Economic Conditions - The company anticipates continued volatility in global financial markets, which may impact future performance and operational costs[45]. Shareholder Returns - Golar has initiated a new $150 million share buyback program, following the full utilization of a previous buyback program[19]. - The company paid cash dividends of $77,920,000 during the nine months ended September 30, 2025[52]. Other Financial Metrics - Liquefaction services revenue for Q3 2025 was $55,971 thousand, a slight decrease from $56,512 thousand in Q2 2025[24]. - Realized gains on oil and gas derivative instruments for Q3 2025 totaled $14 million, with $13 million in non-cash losses recognized[26]. - The company reported TTF and Brent oil unrealized mark-to-market losses of $13 million in Q3 2025[31]. - The company incurred $319,547,000 in net cash used in investing activities for the nine months ended September 30, 2025, compared to $204,301,000 in the same period of 2024[51]. - Golar LNG Limited's total operating expenses for the nine months ended September 30, 2025, were $185,381,000, compared to $160,593,000 for the same period in 2024, indicating rising operational costs[47]. - Administrative expenses for the nine months ended September 30, 2025, were $24,335,000, up from $20,000,000 in the same period of 2024, reflecting increased operational costs[47]. - Golar LNG Limited's depreciation and amortization expenses for the nine months ended September 30, 2025, were $37,052,000, down from $39,884,000 in the same period of 2024[51]. - The company reported a loss of $9,960,000 from equity method investments for the nine months ended September 30, 2025[51]. - Golar LNG Limited's total cash decrease for the quarter ended September 30, 2025, was $229,714,000[51].

Core Insights - Golar LNG Limited has reported a net income of $31 million for Q3 2025, with an Adjusted EBITDA of $83 million and total cash of $661 million, prior to bond offering proceeds in October 2025 [6][21][26] - The company has secured long-term contracts for its FLNG fleet, with a combined Adjusted EBITDA backlog of $17 billion, indicating strong future earnings visibility [6][8][11] - Golar is actively pursuing growth opportunities in the FLNG sector, with plans for new projects and potential expansions in existing contracts [12][15][19] Financial Performance - Q3 2025 net income attributable to Golar was $31 million, a significant improvement from a net loss of $34.8 million in Q3 2024 [21] - Total operating revenues for Q3 2025 reached $122.5 million, an increase of 89% compared to $64.8 million in Q3 2024 [21] - Adjusted EBITDA for Q3 2025 was $83.4 million, up 41% from $59 million in Q3 2024 [21] Operational Highlights - FLNG Hilli has completed its 142nd cargo and is set for upgrades at Seatrium's Singapore yard in Q3 2026 before commencing operations in Argentina in Q2 2027 [1][6] - FLNG Gimi is performing well under its 20-year charter with BP, with production frequently exceeding base capacity, contributing to a net earnings backlog of approximately $3 billion [4][6] - The MKII FLNG project has received all necessary governmental approvals and is expected to solidify an $8 billion Adjusted EBITDA backlog over 20 years [7][8] Debt and Financing - As of Q3 2025, Golar's share of contractual debt stood at $2.03 billion, with a net debt position of $1.37 billion [28][39] - The company is in advanced stages of securing a new $1.2 billion bank financing agreement for Gimi, expected to close in Q4 2025 [5] - Golar has entered the U.S. bond market with a $500 million offering of senior unsecured notes, which will be used to repay existing debt [6][25] Strategic Initiatives - Golar is focusing on enhancing operational efficiencies and debottlenecking production capacity for the GTA project [5] - The company is evaluating asset-level financing to support growth opportunities in the FLNG sector [10] - A new $150 million share buyback program has been approved, reflecting confidence in the company's financial position and growth outlook [19]