Core Insights - Golar LNG Limited has maintained a strong operational track record with FLNG Hilli, having offloaded 132 cargoes and produced over 9 million tons of LNG since operations began [2] - The company has concluded a Final Investment Decision (FID) for a 20-year redeployment of FLNG Hilli to Southern Energy in Argentina, which is expected to significantly enhance its earnings visibility [2][10] - Golar's financial performance for Q1 2025 shows a net income of $8 million and an Adjusted EBITDA of $41 million, indicating a decline compared to the previous year [7][22] Financial Performance - Q1 2025 net income attributable to Golar was $8 million, a decrease of 85% from $55.2 million in Q1 2024 [22] - Total operating revenues for Q1 2025 were $62.5 million, down 4% from $65.0 million in Q1 2024 [22] - Golar's share of contractual debt increased by 24% year-over-year to $1.495 billion as of March 31, 2025 [22] Operational Developments - FLNG Gimi is in the final stages of commissioning, with the Commercial Operations Date (COD) expected in Q2 2025, which will unlock approximately $3 billion in Adjusted EBITDA backlog for Golar [4][7] - The MKII FLNG conversion project is on schedule for a Q4 2027 delivery, with $0.7 billion already spent on the conversion [8][10] - Golar has signed definitive agreements for a 20-year charter for the MKII FLNG, which, combined with FLNG Hilli, will create one of the largest FLNG development projects globally with a capacity of 5.95 million tons per annum [7][11] Strategic Agreements - The two FLNG agreements with Southern Energy are projected to add $13.7 billion in Adjusted EBITDA backlog over 20 years, with inflationary adjustments and commodity-linked tariff upside [11][12] - Golar's 10% equity stake in SESA provides additional commodity exposure, equating to approximately $28 million in annual exposure for every $1/MMBtu change in achieved FOB prices [13][14] - The charter agreements are subject to strong legal protections under Argentina's Large Investments Incentive Scheme (RIGI), ensuring regulatory stability and security of exports [16][20] Debt and Financing - A $1.2 billion debt facility to refinance FLNG Gimi was signed with a consortium of Chinese leasing companies, expected to generate net proceeds of approximately $530 million for Golar [6] - Golar is exploring alternatives for asset-level financing for MKII FLNG following the secured FID [9] - As of March 31, 2025, Golar's total cash was $678 million, with a net debt position of $817 million after accounting for cash [28][39]

Core Points - Golar LNG Limited held its 2025 Annual General Meeting on May 20, 2025, in Bermuda, where the audited consolidated financial statements for the year ended December 31, 2024, were presented [1][2] - The company expressed gratitude to retiring board members Georgina Sousa and Thorleif Egeli for their two decades of service, highlighting their role in transforming Golar from a shipping company to a pure play FLNG business [1] - New directors Benoît de la Fouchardiere and Mi Hong Yoon were welcomed to the board, with both having previously contributed to Golar's success [2] Resolutions Passed - The maximum number of Directors was set to not exceed eight [3] - Casual vacancies in the Board of Directors can be filled at the Board's discretion [3] - Re-elections were held for several directors, including Tor Olav Trøim, Daniel W. Rabun, Carl E. Steen, Niels G. Stolt-Nielsen, and Lori Wheeler Naess [3] - Benoît de la Fouchardiere and Mi Hong Yoon were elected as new Directors [3] - Ernst & Young LLP was re-appointed as auditors, with the Directors authorized to determine their remuneration [3] - The total remuneration for the Company's Board of Directors was approved, not to exceed US$2,000,000 for the year ended December 31, 2025 [3]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated consolidated adjusted EBITDA of approximately $1.9 billion, distributable cash flow of approximately $1.3 billion, and net income of approximately $350 million, reaffirming the full year 2025 guidance provided in the previous call [7][36][42] - Compared to Q1 2024, the results reflect higher total margins due to increased international gas prices and optimization of cargo sales [36][42] Business Line Data and Key Metrics Changes - The company achieved substantial completion on the first train of the Corpus Christi Stage three project ahead of schedule and within budget, with overall project completion at 82.5% [7][8] - The company produced and sold approximately 6 TBtu of LNG attributable to the commissioning of Train one of the Stage three project, which is not recognized in income or EBITDA but offsets CapEx [36] Market Data and Key Metrics Changes - LNG imports into Europe rose 23% year on year in Q1 to 36 million tons, with U.S. deliveries increasing 34% to 20.5 million tons [25] - China's LNG imports declined 25% year on year to 15.1 million tons, influenced by stronger domestic production and increased pipeline gas imports [27] Company Strategy and Development Direction - The company is focused on expanding its LNG platform and developing new production capacity to meet global energy demands, while navigating geopolitical risks and market volatility [6][12] - The company aims to achieve first LNG from Train two by the end of the month and expects Train four to be commissioned by the end of the year [9][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term LNG demand outlook, emphasizing the importance of U.S. LNG in global energy supply [12][44] - The company remains insulated from short-term market volatility due to its highly contracted business model [12][44] Other Important Information - The company has locked in over $500 million of costs for midscale trains eight and nine, mitigating risks associated with inflation and tariffs [14][41] - The company has repurchased approximately 1.6 million shares for about $350 million, with a remaining buyback authorization of approximately $3.5 billion [37] Q&A Session Summary Question: Current contracting market and trade agreements - Management highlighted the strong position of the company in the LNG market, emphasizing robust commercial engagements and a selective approach to partnerships [52][54] Question: Competitive advantage in the marketplace - Management noted that the company does not compete directly with suppliers like Qatar, focusing instead on differentiated opportunities and strong customer relationships [57][58] Question: Permitting process and future projects - Management discussed the administration's focus on permitting reform and the positive progress made with FERC permits for midscale trains eight and nine [61][63] Question: Vulnerability to LNG supply shocks in 2025 - Management acknowledged Europe's vulnerability due to low inventories and emphasized the company's role in supplying LNG to the region [64][66] Question: 2020 Vision capital allocation update - Management confirmed that the company is on track to exceed the $20 billion deployment target before 2026, with significant progress in debt paydown and share buybacks [70][71] Question: Future contracting strategy in light of global trade realignment - Management reiterated the importance of Chinese counterparties while emphasizing that U.S. volumes to China are not critical to the company's strategy [80][82]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported adjusted EBITDA of $100 million, an increase of $9 million or approximately 10% compared to the previous quarter [17] - Adjusted net income for the first quarter was $56 million, up $10 million or 20% sequentially from Q4 2024 [17] - Total debt, including finance leases, stood at $677 million, with cash and cash equivalents of $619 million as of March 31, 2025 [18] Business Line Data and Key Metrics Changes - The core regasification infrastructure business drove the strong financial results, with over 90% of estimated full-year adjusted EBITDA supported by a high-quality take-or-pay customer contract portfolio [8][17] - Operational reliability exceeded 99.9% during the quarter, reflecting the company's commitment to operational excellence [9] Market Data and Key Metrics Changes - The company is expanding its LNG terminal presence in key natural gas markets globally, with a focus on enhancing energy security and supporting a lower carbon future [5][6] - The acquisition of the integrated LNG infrastructure and power platform in Jamaica is expected to enhance long-term contract revenue and margins while diversifying geographic exposure [12][13] Company Strategy and Development Direction - The company is pursuing strategic growth catalysts, including the acquisition of the Jamaica LNG platform, which is expected to be immediately accretive to EPS and enhance operating cash flow [14][15] - The construction of a new FSRU, Hull 3407, is on track for delivery in mid-2026, with ongoing discussions regarding its deployment [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's robust business model, which is not significantly impacted by tariffs, and highlighted the strong demand for LNG imports in various markets [71][66] - The company raised its adjusted EBITDA guidance for 2025 to a range of $345 million to $365 million, excluding contributions from the Jamaica acquisition [21] Other Important Information - The company completed an equity offering of 8 million shares at $26.5 per share, raising $212 million, and closed an $800 million offering of senior unsecured notes [20] - Fitch Ratings and S&P Global Ratings assigned inaugural credit ratings of BB and BB+, respectively, reflecting the company's strong financial health [19] Q&A Session Summary Question: What are the remaining steps to close the Jamaica transaction? - Management indicated that they are well into the closing process, with routine deliverables and consents expected to be completed without major impediments [27] Question: What are the growth opportunities in Jamaica? - Management highlighted lower hanging fruit opportunities and incremental drivers for growth, emphasizing the strategic fit of the Jamaica assets [28][30] Question: Update on Hull 3407 and market dynamics? - Management confirmed serious discussions regarding Hull 3407, with intense interest from potential counterparties [32][33] Question: Impact of international gas prices on demand? - Management noted that lower LNG prices have increased interest from developing countries, leading to potential fast-track projects [93][94] Question: Updates on LNG vessel conversion plans? - Management confirmed ongoing discussions and engineering advancements for LNG vessel conversions, with plans to acquire an asset this year [75][76] Question: Update on Vietnam MOU? - Management stated ongoing discussions with PetroVietnam and a focus on enhancing the relationship, with positive momentum observed [84] Question: Maintenance and operations impact on EBITDA? - Management indicated that some overachievement in Q1 was due to timing of costs, with expectations of catch-up in subsequent quarters [87]

Financial Performance - Excelerate Energy reported Adjusted EBITDA of $100.4 million in 1Q 2025, a 10% sequential increase from 4Q 2024[17, 28] - Adjusted Net Income for 1Q 2025 was $55.6 million, representing a 21% sequential increase from the previous quarter[17, 28] - Adjusted Earnings Per Share (diluted) for 1Q 2025 reached $0.49, a 23% sequential increase[17] - The company achieved a high operational reliability of 99.9% in 1Q 2025[17] Growth Strategy & Jamaica Acquisition - Excelerate Energy is focused on optimizing its core business to maximize shareholder value[19] - The company is growing its fleet through selective acquisitions and new vessel construction[21] - Excelerate Energy acquired an integrated LNG and power platform in Jamaica for just over $1 billion, expected to be immediately accretive to earnings per share[22, 34] - The Jamaica business includes a Clarendon CHP Plant, storage & distribution assets, and provides approximately 30 TBtu of annual LNG supply[23] Capital Structure & Outlook - Excelerate Energy completed an equity offering of 8 million shares at $26.50 per share, raising $212 million in gross proceeds[34] - The company closed an $800 million offering of 8% senior unsecured notes due in 2030[35] - The company revised its full year 2025 Adjusted EBITDA guidance to a range of $345 million - $365 million, exclusive of the pending Jamaica acquisition[38]

Core Viewpoint - Woodside Energy (NYSE: WDS) is viewed as a long-term investment opportunity despite current challenges in the energy sector, including weak energy prices and tariff uncertainties [1]. Company Summary - Woodside Energy has faced share price pressure due to unfavorable market conditions affecting energy companies [1]. - The company is recognized for its potential in the energy space, indicating a belief in its long-term viability and growth prospects [1]. Industry Summary - The energy sector is currently experiencing weak prices, which has negatively impacted investor sentiment and stock performance across the industry [1].

Core Viewpoint - Golar LNG Limited has announced the Final Investment Decision for a 20-year re-deployment charter of the FLNG Hilli and signed agreements for a 20-year charter for the MKII FLNG, both to be operated offshore Argentina, which is expected to significantly enhance the company's earnings backlog and commodity exposure [1][2][4]. Group 1: Charter Agreements - The two FLNG agreements are projected to contribute US$ 13.7 billion in earnings backlog over 20 years, before adjustments based on US-CPI and commodity-linked tariff upside [2]. - For every US$ 1/mmbtu increase above US$ 8/mmbtu, Golar expects an additional US$ 100 million in earnings when both FLNGs are operational [2]. - SESA has the option to reduce the term of the agreement to 12 years for FLNG Hilli and 15 years for MKII FLNG, subject to a 3-year notice and payment of a fee [2]. Group 2: Commodity Linked Tariff - Golar will receive 25% of realized FOB prices above a threshold of US$ 8/mmbtu, with no cap on the upside for gas prices [3]. - A mechanism allows for a partial reduction in charter hire if FOB prices fall below US$ 7.5/mmbtu, down to a floor of US$ 6/mmbtu, with a maximum accumulated discount capped at US$ 210 million [3]. - Any outstanding discounted charter hire amounts will be repaid through additional upside sharing if FOB prices exceed US$ 7.5/mmbtu [3]. Group 3: Project Support and Infrastructure - The project has received full support from the National and Provincial Governments in Argentina, including a 30-year LNG export authorization and qualification for the Incentive Regime for Large Investments [5]. - The FLNGs will be located offshore in the Gulf of San Matias, monetizing gas from the Vaca Muerta formation, which is the world's second-largest shale gas resource [6]. - SESA plans to construct a dedicated pipeline from Vaca Muerta to the Gulf of San Matias to supply gas to the FLNGs, enhancing operational efficiencies [6]. Group 4: Company and Market Position - Golar LNG Limited is a leading maritime LNG infrastructure company, recognized for pioneering floating LNG projects and currently positioned as a pure play FLNG provider [10]. - The partnership with leading Argentinian gas producers through SESA is expected to establish Argentina as a significant LNG exporter, leveraging the vast resources of the Vaca Muerta formation [7].

Core Points - Golar LNG Limited announced the successful offload of its first full LNG cargo from FLNG Gimi to the LNG carrier British Sponsor, marking the entry of Mauritania and Senegal into the international gas market [1] - This event triggers the final pre-Commercial Operations Date milestone bonus payment to Golar, as per the commercial reset agreement made in August 2024 [1] - The commissioning is on track for a Q2 2025 Commercial Operations Date, which will initiate a 20-year Lease and Operate Agreement, unlocking approximately $3 billion of Adjusted EBITDA backlog for Golar [1] Financial Implications - The commencement of the Commercial Operations Date will lead to the recognition of contractual payments that include both capital and operating elements in Golar's balance sheet and income statement [1]

Group 1 - Golar LNG Limited has entered into finance lease agreements with a consortium of leading Chinese leasing companies for refinancing the existing FLNG Gimi debt facility, amounting to approximately $1.2 billion [1] - The sale leaseback facility will have a tenor of 12 years and a 17-year amortization profile, with quarterly repayment installments throughout the lease period [2] - Upon closing and repayment of the existing debt facility, Gimi MS Corporation is expected to generate net proceeds of approximately $530 million, with Golar benefiting from 70% of these proceeds, equivalent to approximately $371 million [2]

Core Insights - Golar LNG Limited has maintained a strong operational track record with FLNG Hilli, exceeding its contracted production volume for 2024, resulting in $0.5 million of overproduction revenue recognized [1] - The acquisition of remaining minority interests in FLNG Hilli for $60 million in cash and an increase in contractual debt has resulted in Golar holding a 100% economic interest in FLNG Hilli [2] - The acquisition is expected to increase Golar's annual Adjusted EBITDA by approximately $7 million, with additional revenue linked to Brent oil and TTF gas prices [3] Financial Performance - For Q4 2024, Golar reported a net income of $3 million, with an Adjusted EBITDA of $59 million, while the full year 2024 net income was $50 million and Adjusted EBITDA was $241 million [6] - Total Golar Cash as of December 31, 2024, was $699 million, consisting of $566 million in cash and cash equivalents and $133 million in restricted cash [22] - Golar's share of contractual debt increased to $1.515 billion as of December 31, 2024, reflecting a 24% increase from the previous year [17] Operational Developments - FLNG Gimi has commenced commissioning, with the first LNG export cargo expected in Q1 2025, and the Commercial Operations Date anticipated in Q2 2025 [5][7] - The MKII FLNG conversion project is on schedule, with $0.6 billion spent to date, and is expected to be delivered in Q4 2027 [8] - Golar has entered into definitive agreements for the deployment of FLNG in Argentina, with a consortium of leading gas producers involved [10] Future Outlook - Golar expects to release significant capital from refinancing FLNG Hilli following the completion of conditions precedent in the SESA 20-year charter [4] - The project in Argentina is projected to generate an annual Adjusted EBITDA of approximately $300 million, plus commodity-linked revenue [11] - Golar is in advanced discussions for additional FLNG units and has options for further conversions at CIMC shipyard [13]