Golar LNG (US:GLNG)2026-03-25 22:21Financial Performance - Golar LNG reported Q4 2025 net income of $10.4 million, a 130% increase from Q4 2024, and full-year net income of $66 million, up 29% year-over-year[1][4]. - Total operating revenues for Q4 2025 reached $132.8 million, a 101% increase compared to Q4 2024, with year-to-date revenues of $393.5 million, reflecting a 51% growth[1][4]. - Adjusted EBITDA for Q4 2025 was $91 million, a 54% increase from Q4 2024, and $265 million for the full year, a 10% increase year-over-year[1][4]. - Net income attributable to stockholders of Golar LNG Limited for the full year 2025 was $65.7 million, compared to $50.8 million in 2024[67]. - Net income for Q4 2025 was $23,148,000, a decrease of 49.3% compared to $45,710,000 in Q3 2025 and an increase of 28.8% from $80,793,000 in Q4 2024[69]. - Comprehensive income for Q4 2025 was $23,379,000, down from $47,198,000 in Q3 2025 and up from $80,122,000 in Q4 2024[69]. Debt and Financing - Golar's share of contractual debt rose to $2.7 billion, an 80% increase from the previous year, with total cash of $1.2 billion as of December 31, 2025[1][4][14]. - The company successfully closed a $1.2 billion asset-backed debt facility for refinancing FLNG Gimi, replacing a previous facility of $627 million[18][19]. - Golar entered the U.S. bond market with $500 million of 5-year senior unsecured notes at a 7.50% interest rate, maturing in 2030[4][18]. - Total contractual debt rose to $3.1 billion as of December 31, 2025, up from $2.2 billion at September 30, 2025[56]. - Golar LNG Limited's total debt net of deferred financing costs was $2.8 billion as of December 31, 2025, reflecting a significant increase from $1.9 billion at September 30, 2025[56]. - Anticipated total contractual capital repayments for 2026 to 2030 are projected to be $1.19221 billion, with significant repayments due in 2029 and 2030[78]. Operational Highlights - The FLNG Hilli exceeded its production target for 2025, with cumulative production surpassing 10 million tonnes since contract start-up[4][21]. - Golar plans to order a fourth FLNG unit once commercial terms for long-term deployment are finalized, indicating positive developments in the commercial pipeline[4][5]. - FLNG Hilli's 20-year SESA agreement provides Golar with an Adjusted EBITDA of $285 million per year, resulting in a backlog of $5.7 billion[23]. - FLNG Gimi has a nameplate capacity of 2.7MTPA, with an annual Adjusted EBITDA of approximately $215 million based on a guaranteed availability of 90%[26]. - The MKII FLNG contract solidifies an $8 billion Adjusted EBITDA backlog over 20 years, translating to $400 million in annual Adjusted EBITDA before adjustments[31]. - Golar has spent $1.1 billion on the MKII FLNG conversion, which is on schedule and expected to complete in Q4 2027[33]. Cash Flow and Assets - Total current assets increased to $1,413,504,000 in 2025 from $739,866,000 in 2024, representing an increase of 90.9%[70]. - Cash and cash equivalents rose significantly to $1,151,221,000 in 2025 from $566,384,000 in 2024, an increase of 103.4%[70]. - Total assets increased to $5,325,601,000 in 2025 from $4,367,677,000 in 2024, reflecting a growth of 22%[70]. - Net cash provided by operating activities for Q4 2025 was $130,027,000, compared to $149,003,000 in Q3 2025 and $470,929,000 in Q4 2024[71]. - Net cash used in investing activities for the year 2025 was $813,197,000, up from $416,981,000 in 2024[72]. - Proceeds from short-term and long-term debt in Q4 2025 amounted to $1,700,000,000, compared to $371,145,000 in Q4 2024[73]. Shareholder Returns - The company repurchased 1.1 million shares at an average price of $37.76 per share under a $150 million buyback program, with $109 million remaining available[4][12]. - A dividend of $0.25 per share was declared for Q4 2025, payable on March 18, 2026, to shareholders of record on March 9, 2026[4]. - Cash dividends paid in 2025 totaled $305,848,000, significantly higher than $115,352,000 in 2024[73]. - The company declared dividends totaling $305.848 million for the year 2024, slightly up from $299.352 million in 2023[74]. Strategic Initiatives - The company anticipates continued growth in liquefaction services and expects to complete the MKII conversion and FLNG Hilli refurbishment on time and within budget[61]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic partnerships and technological advancements[61]. - SESA signed a Heads of Agreement with SEFE for the sale of up to 2 million tonnes per annum of LNG over eight years starting late 2027[36]. - SESA has awarded approximately $500 million in capex for FLNG infrastructure development, including mooring systems and gas compressors[37]. - A dedicated pipeline from Vaca Muerta to the Gulf of San Matias is planned to ensure year-round natural gas supply for both FLNG Hilli and MKII FLNG[38].