Golar LNG (US:GLNG)2025-11-05 12:47Financial 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].