Golar LNG (US:GLNG)2024-08-16 17:09Financial Performance - Golar LNG reported a net income of $101.7 million for the six months ended June 30, 2024, compared to a net loss of $85.7 million in the same period of 2023[25]. - Adjusted EBITDA for the first half of 2024 was $122.3 million, a decrease of 26.7% from $167.0 million in the same period of 2023[25]. - Total operating revenues for the six months ended June 30, 2024, decreased to $112,488,000 from $116,594,000 in 2023, a decline of approximately 3%[37]. - Adjusted EBITDA for the same period fell to $138,654,000, down from $188,855,000, representing a decrease of about 26.5%[37]. - Total operating revenues for the six months ended June 30, 2024, were $129.6 million, down 14.4% from $151.5 million in 2023[63]. - The company reported a net income of $81.127 million for the six months ended June 30, 2024, compared to a net loss of $106.408 million in 2023[72]. - Basic earnings per share from continuing operations increased to $0.78 in 2024 from a loss of $0.99 in 2023[63]. Cash and Liquidity - Cash and cash equivalents, including short-term deposits, as of June 30, 2024, totaled $621,521,000, down from $902,786,000 at the end of June 2023[53]. - The company expects existing cash and cash equivalents, along with cash flow from operations, to be sufficient to support liquidity and capital requirements for at least the next 12 months[48]. - Cash dividends paid increased to $56.708 million in the first half of 2024 from $44.537 million in the same period of 2023, reflecting a 27% increase year-over-year[70]. - The company had cash and cash equivalents of $621,521,000 at the end of the period, with $93,900,000 classified as restricted cash[49]. - Cash and cash equivalents at the end of the period decreased to $621.521 million from $902.786 million at the end of June 2023, representing a decline of approximately 31%[71]. Investments and Acquisitions - The company made $100.0 million in acquisitions of common units of Hilli LLC from NFE during the six months ended June 30, 2024[59]. - Net cash flows used in investing activities for the six months ended June 30, 2024, were $124.4 million, compared to $21.5 million in 2023, indicating a significant increase in investment activities[57]. - The company acquired the Fuji LNG vessel for $77.5 million in March 2024, which is now classified under the Shipping segment[89]. - The Gimi conversion financing cost is approximately $1.7 billion, with $700 million funded by the Gimi facility, and outstanding payments of $229.5 million expected by the end of 2025[133]. Revenue and Operational Segments - The FLNG segment generated total operating revenues of $112,488,000, while the Corporate and other segment contributed $10,830,000, and the Shipping segment added $6,330,000[86]. - Liquefaction services revenue for the first half of 2024 was $112,488,000, down from $116,594,000 in the same period of 2023[93]. - Total operating lease income dropped to $6,330 thousand in 2024 from $10,860 thousand in 2023[114]. Derivative Instruments and Financial Instruments - Unrealized losses on oil and gas derivative instruments decreased to $13.9 million in 2024 from $191.7 million in 2023[28]. - The company reported a realized and unrealized gain on oil and gas derivative instruments of $56.6 million for the six months ended June 30, 2024, compared to a loss of $87.8 million in 2023[63]. - Realized gain on oil and gas derivative instruments, net, decreased to $70,537,000 in 2024 from $103,903,000 in 2023, a drop of approximately 32%[41]. - The fair value of oil and gas derivative instruments increased from $159.6 million as of December 31, 2023, to $169.4 million as of June 30, 2024, reflecting an increase of approximately 6.9%[151]. Debt and Liabilities - Total liabilities decreased to $1.46 billion as of June 30, 2024, from $1.48 billion at the end of 2023[67]. - The total debt decreased to $1.17 billion as of June 30, 2024, from $1.24 billion at the end of 2023, with a notable reduction in VIE debt related to the FLNG Hilli facility[143]. - The carrying value of long-term debt decreased from $696.9 million on December 31, 2023, to $637.5 million on June 30, 2024, a reduction of about 8.5%[150]. Future Expectations and Projects - Golar expects to receive approximately $220 million in pre-COD compensation from the Gimi project across 2024 and 2025, with $130 million invoiced in 2024[21]. - The company has capital commitments of up to $328.5 million for the MKII FLNG project, with $108.2 million already agreed for engineering services and long lead items as of June 30, 2024[167]. - Pre-commissioning contractual cash flows related to the Gimi LOA amounted to $92.6 million as of June 30, 2024, reflecting project delays[137]. Shareholder Returns - A dividend of $0.25 per share was declared for the three months ended June 30, 2024, to be paid on or around September 3, 2024[23]. - The company paid $56.7 million in total dividends during the six months ended June 30, 2024[59].