增厚公司业绩，释放长期投资价值 根据交易方案，以2024年财务数据口径测算，交易完成后新奥股份基本每股收益（EPS）将从人民币 1.46元/股提升至人民币1.56元/股，增长6.8%，归属于上市公司股东的核心利润将从51.43亿元提升至 93.40亿元，增长81.6%，交易预计将可以提升资本市场表现空间、充分保障投资者利益。 在股东回报方面，公司同步披露以本次交易实施为前提的2026-2028年度分红规划，承诺三年内股东分 红比率不低于当年归属于上市公司股东的核心利润的50%。结合2023-2025年已公布的分红预期，2025 年预计每股基础分红0.96元人民币，另叠加每股特别派息0.18元人民币（针对A股股东），总计每股1.14 元。进一步彰显公司对投资者长期价值的重视与回馈。 5月28日，新奥股份（600803.SH）召开2024年年度股东大会，公司拟通过换股加现金方式私有化控股 子公司新奥能源（02688.HK）的重大资产重组方案，获股东的广泛支持，以超99.9%高票通过，标志着 公司"天然气产业链一体化协同"的核心战略取得关键进展。 根据《重大资产购买暨关联交易报告书（草案）》，本次交易将由新奥股份全 ...

原油震荡格局何时破？ 原油市场暗流涌动，哪些关键信号需重点盯防？天然气空头持续加仓，但出现底部支撑，这是否意味着 反转契机？点击查看详细分析！ 相关链接 ...

Financial Data and Key Metrics Changes - The company reported total operating revenues of $63 million for Q1 2025, with FLNG tariffs reaching $73 million during the quarter [36] - Total EBITDA for Q1 was $41 million, driven largely by lower Brent and TTF prices, with a twelve-month EBITDA of $218 million [37] - The net income for the quarter was $13 million, consistent with the previous quarter, including $32 million of non-cash items [38] - The company declared a dividend of $0.25 per share, equating to approximately $105 million annually [38] Business Line Data and Key Metrics Changes - The Hilli FLNG maintained a 100% operational uptime and has delivered 132 cargoes since 2018, producing over 9.2 million tonnes of LNG [5][6] - The Gimi FLNG is in the final stage of commissioning, with a contractual EBITDA of $151 million based on 90% capacity utilization [7] - The Mark II FLNG conversion is progressing well, with a projected delivery by the end of 2027 [9] Market Data and Key Metrics Changes - The company has a market cap of approximately $4 billion and total net debt of under $100 million, with a net debt to EBITDA ratio of around 2.8x [5] - The LNG market is expected to grow significantly, with the U.S. being the largest producer, holding a 23% market share [21] Company Strategy and Development Direction - Golar LNG aims to transform into a market-leading infrastructure company with a focus on FLNG services, supported by a backlog of over $17 billion in EBITDA [11][72] - The company is targeting opportunities with competitive wellhead gas to secure attractive base tariffs with commodity upside participation [30] - The strategic focus includes risk mitigation in Argentina through regulatory frameworks and long-term contracts [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential, citing a strong backlog and favorable market conditions for LNG [60][67] - The board is open to exploring strategic alternatives if the share price does not reflect the company's value over time [90][94] Other Important Information - The company has fully exited LNG shipping with the sale of Golar Arctic and its equity stake in Avenir LNG [4] - The company is in discussions for potential new FLNG units and is ramping up shipyard activity to safeguard construction timelines [30][79] Q&A Session Summary Question: Could you touch on the overall commercial strategy for offtake on the Argentina projects? - The strategy involves a mix of Brent, JKM, and TTF linked volumes, with some left for spot sales, targeting high-paying countries near Argentina [76] Question: Is there any additional upside on the Argentina contracts for excess production? - The contracts are for full capacity, with no additional upside for excess production, similar to the Gimi contract [78] Question: When do you start thinking about ordering long lead items for another new build? - For conversions, the timeline is approximately three years, while new builds take about four years [79] Question: What is the JV's breakeven price for the commodity exposure? - The breakeven is assumed to start at $7.5, with upside from $8, and Golar is liable for 10% of the required investments for infrastructure [81][82] Question: Is the company considering strategic alternatives if the share price remains low? - The board is focused on creating value for shareholders and will consider options if the share price does not reflect the company's value over time [90][94] Question: Can you clarify any remaining CapEx associated with Gimi? - No material payments are expected in the second quarter, with revenues from Gimi to start contributing to the P&L upon commencement of operations [95]

高盛：沙特和卡塔尔的新天然气项目可能会在未来两年将欧佩克的液化天然气产量提高到平均每年20万 桶/日。 ...

Group 1 - The forum "Natural Gas Pipeline Operation Mechanism" focused on the safe operation of natural gas pipelines and resource coordination, featuring key industry leaders [1] - The establishment of the National Pipeline Group has significantly changed the natural gas market in China, enhancing gas flow and promoting high-quality industry development [3] - Hong Kong and China Gas has over 160 years of history, providing gas services to over 4.2 million customers in mainland China and operating more than 130,000 kilometers of pipelines [5][6] Group 2 - Hong Kong and China Gas integrates safety culture into all business operations, establishing a comprehensive safety management system and training over 50,000 employees [5] - The company employs advanced technologies like AI and unique methods such as "dog-scent detection" for efficient pipeline leak detection [8] - The company has a significant focus on environmental protection, with hydrogen accounting for about half of the pipeline gas in Hong Kong, and has never experienced hydrogen embrittlement incidents [10] Group 3 - The domestic natural gas market reform in China has achieved remarkable results, and there is a call for global energy companies to strengthen cooperation to build a low-carbon and efficient energy system [11]

Group 1 - The 29th World Gas Conference (WGC2025) successfully concluded in Beijing, showcasing significant collaboration between the Chinese team and the International Gas Union leadership [1] - A total of 659 papers from 54 countries and regions were submitted for evaluation, covering important areas of the gas industry, with 13 papers awarded in three categories: WGC2025 Regional Award, WGC2025 Industry Award, and IGU Global Gas Award [1] - The introduction of the "Regional Award" and "Industry Award" aims to promote diverse regional research and encourage innovation in specific sectors of the gas industry [1] Group 2 - The WGC2025 Beijing Declaration was released, emphasizing the critical role of gas in ensuring global energy security, facilitating green and low-carbon transitions, and addressing climate change [2] - The declaration serves as a core outcome of the conference, providing direction for the gas industry's development and advocating for global cooperation in promoting sustainable energy [2] - The incoming president of the International Gas Union, Andrea Stegall, expressed gratitude for the Chinese team's efforts and emphasized the importance of integrating natural gas with renewable energy for inclusive and sustainable growth [2]

加强上下游资源一体化统筹能力、强化客户服务及综合能源服务能力建设、利用人工智能新技术提升公司运营效率，是企业家们对未来发展的共识。 "城市燃气企业过去的发展得益于国家政策带来的福利，但由于当前企业发展模式变化、安全成本投入增加、国际形势复杂化等，行业正经历深层次调整和 转变，企业发展也面临很多新考验。" 在5月20至23日举办的第29届世界燃气大会（WGC2025）上，新奥股份（600803.SH）总裁兼新奥能源（02688.HK）CEO张宇迎如是表示，他还与申能集团 副总裁兼上海燃气董事长史平洋、深圳燃气（601139.SH）董事长王文杰、昆仑能源（00135.HK）执行董事及行政总裁钱治家等人，就行业在新环境下的挑 战、应对策略等展开交流。 F GZ0Zつ日W Party Coo c 发 Beyrg Co Report Co Trai 0 225 以2004年"西气东输"全线贯通为发端，中国城燃行业经历了跑马圈地的黄金十年，到"十三五"末市场渐趋饱和，形成以五大城燃、省燃气企业为龙头，众多 中小企业分散的格局。 此外，电气化快速替代，燃气市场增长乏力也是企业家们普遍担心的问题。王文杰介绍，公司在深圳市内4 ...

Core Viewpoint - Fitch Ratings anticipates that European natural gas prices will continue to experience high volatility, particularly in the context of ongoing adjustments to U.S. tariff policies [1] Group 1 - European natural gas prices are expected to remain highly volatile [1] - The volatility is influenced by the adjustments in U.S. tariff policies [1]

惠誉：欧洲天然气价格下跌将推动储量增加。 ...

Group 1 - The 29th World Gas Conference was held in Beijing from May 19 to 23, marking the first time the event has taken place in China since its inception in 1931 [1] - The conference concluded successfully, with significant collaboration between the Chinese team and the International Gas Union (IGU) leadership, providing valuable insights for the global gas industry [1] Group 2 - During the closing ceremony, awards were presented for outstanding research and innovative practices in the gas industry, with 659 papers from 54 countries evaluated, highlighting the importance of these contributions to the energy sector [2] - Three awards were established: WGC2025 Regional Award, WGC2025 Industry Award, and IGU Global Gas Award, with a total of 13 papers recognized [2] Group 3 - The "WGC2025 Beijing Declaration" was released, emphasizing the critical role of gas in ensuring global energy security, promoting green and low-carbon transitions, and addressing climate change [5] - The declaration aims to guide the development of the gas industry and advocates for global cooperation in sustainable energy development, receiving widespread acclaim from attendees [5] Group 4 - The conference featured over 80 specialized forums, with more than 400 speakers sharing insights, and attracted over 30,000 visitors, making it the largest and most successful event in IGU's history [5] - The transition of IGU presidency took place, with Andrea Stegher succeeding Li Yalan, who expressed gratitude for the Chinese team's efforts and emphasized the importance of gas in future global development [6]