We revisit Golar LNG Limited (NASDAQ: GLNG ) since our initiation , the stock is down 8.3% (Fig. 1), and we see greater upside ahead alongside several de-risking catalysts. For our new readers, the company is a floating liquefied natural gasBuy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed as they ...

Core Viewpoint - Chevron is concerned about potential delays in the start-up of Venture Global's second LNG plant, which could affect its delivery plans under a long-term contract [1] Group 1: Venture Global's LNG Plant Update - Venture Global has requested to postpone the official commissioning of the Plaquemines LNG plant to 2027 from 2026 due to impacts from the Covid pandemic [2] - The Plaquemines LNG plant is expected to have a capacity of 27.2 million tons of liquefied natural gas per year [2] - Venture Global stated that the request for an extension does not affect the expected commercial operations date for Phase 1 and Phase 2, which remain unchanged [3] Group 2: Chevron's Concerns and Industry Context - Chevron is worried about facing delays similar to those experienced by BP, Shell, and Eni, which saw significant cargo delays while Venture Global sold LNG on the spot market [4] - Venture Global's strategy of delaying the commissioning of its first LNG plant, Calcasieu Pass, allowed it to avoid obligations under long-term contracts [4] - Chevron has expressed a substantial interest in the outcome of the regulatory proceedings regarding the Plaquemines LNG plant [6] Group 3: Legal and Financial Implications - Venture Global has faced arbitration cases, including one from BP seeking over $1 billion in compensation, with total damages sought by long-term clients exceeding $4 billion [5] - Unfavorable court rulings could lead to contract cancellations and accelerated loan repayments for Venture Global [5]

Core Viewpoint - Golar LNG is initiated with a buy rating as it stands out as the only proven independent operator in the FLNG market, leveraging a liquefaction-as-a-service model that addresses key market needs [1] Company Analysis - Golar LNG operates in the FLNG market, which is characterized by its unique position as an independent operator [1] - The company's business model focuses on providing liquefaction services, which is a significant aspect of its competitive advantage [1] Investment Strategy - The investment approach emphasizes long-term investments while also considering short-term opportunities to uncover alpha [1] - The analysis is based on a bottom-up approach, assessing the fundamental strengths and weaknesses of individual companies [1] - The target investment duration is medium to long-term, aiming to identify companies with solid fundamentals and growth potential [1]

Core Thesis - Golar LNG Limited (GLNG) presents a compelling investment case with substantial upside potential that is currently underappreciated by the market [2][4] Valuation and Financial Metrics - As of September 25th, GLNG's share price was $40.57, with trailing and forward P/E ratios of 26.04 and 47.17 respectively [1] - Management's conservative 2028 net asset value (NAV) estimate is $65 per share, accounting for high capital costs and cautious LNG price assumptions [2] - By applying comparable multiples, Golar could be valued around $100 per share [3] Competitive Positioning - Golar's returns on capital employed (ROCE) are robust due to lower capital expenditures compared to peers like Venture Global and Cheniere, which trade at higher multiples despite more expensive projects [2] - Golar's projects benefit from USD-denominated contracts under English law, covering operational, maintenance, and local tax risks, thereby reducing execution risk [3] Market Sentiment and Catalysts - Investor sentiment in the broader LNG sector has influenced Golar's stock price, overshadowing company-specific catalysts such as long-term contracts with Hilli and Fuji [3] - The upcoming U.S. bond issuance could enhance visibility among debt investors, highlighting the structural value in Golar's portfolio [4] Historical Context - Previous bullish theses on Golar LNG have emphasized its market position and potential upside from commodity-linked tariffs, with fundamentals remaining strong [5]

Core Insights - Chart Industries has been awarded a contract by Bechtel Energy Inc. to supply equipment for the Port Arthur LNG Phase 2 development project in Texas, marking a continuation of its involvement from Phase 1 [1][2]. Group 1: Contract Details - The awarded contract includes air-cooled heat exchangers, brazed aluminum heat exchangers, and cold boxes [1]. - This contract was received in the third quarter of 2025, indicating a timely expansion of operations for the company [1]. Group 2: Company Background - Chart Industries is recognized as a global leader in energy and industrial gas solutions, focusing on clean power, clean water, clean food, and clean industrial applications [3]. - The company operates 65 global manufacturing locations and over 50 service centers, ensuring a wide-reaching operational footprint [3]. Group 3: Leadership Commentary - The CEO of Chart Industries expressed pride in supporting the Port Arthur LNG Phase 2 project and congratulated the teams involved for their progress [2][3].

Core Insights - Baker Hughes has been awarded a contract by Bechtel Energy to supply liquefaction equipment for Sempra Infrastructure's Port Arthur LNG Phase 2 project in Texas [1][5] - The project aims to expand U.S. LNG export infrastructure to meet growing global demand for liquefied natural gas [2][3] Company and Industry Summary - Baker Hughes will provide four Frame 7 turbines and eight centrifugal compressors for two LNG trains, supporting a nameplate capacity of approximately 13 million tonnes per annum (MTPA) [2][5] - The company will also supply two electric motor-driven compressors for the plant's booster services, enhancing operational efficiency [2][5] - The collaboration builds on the successful technology solutions provided during Phase 1 of the Port Arthur LNG project, emphasizing Baker Hughes' role in expanding LNG capacity [3] - The Frame 7 gas turbine is noted for its energy efficiency, reliability, and maintainability, contributing to lower emissions and operational flexibility [3]

Core Viewpoint - Golar LNG Limited has announced a private offering of $500 million in unsecured senior notes due 2030, with an interest rate of 7.500% per year, maturing on October 2, 2030 [1]. Group 1: Offering Details - The offering consists of $500 million in aggregate principal amount of unsecured senior notes [1]. - The notes will bear an interest rate of 7.500% per year and will mature on October 2, 2030 [1]. - The notes will be issued at par and will be senior unsecured obligations of the company [1]. Group 2: Settlement Information - The sale of the notes to the initial purchasers is expected to settle on October 2, 2025, subject to customary closing conditions [2]. Group 3: Regulatory Information - The notes are being offered in the United States only to qualified institutional buyers under Rule 144A and to persons outside the United States in compliance with Regulation S [4]. - The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption [4].

Core Viewpoint - Golar LNG Limited has initiated a series of fixed income investor meetings to discuss a potential offering of benchmark 5NC2 senior unsecured notes, subject to market conditions [1] Group 1: Offering Details - The company has mandated a syndicate of banks to arrange investor meetings starting September 22, 2025 [1] - The offering may consist of USD 144A/Reg S denominated benchmark 5NC2 senior unsecured notes [1] Group 2: Regulatory Considerations - The offering of the notes may be restricted by law in certain jurisdictions, and recipients of the announcement should inform themselves about such restrictions [3] - The notes have not been registered under the U.S. Securities Act and may not be offered or sold within the United States except under specific exemptions [4] - The announcement is directed only at professional investors and not retail investors in the European Economic Area or the United Kingdom [5][6] Group 3: Forward-Looking Statements - The announcement contains forward-looking statements reflecting management's expectations and projections regarding the offering of notes and intended use of proceeds [9] - These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual outcomes to differ materially [10]

Core Viewpoint - Baker Hughes has been awarded a contract by Bechtel Energy to supply main liquefaction equipment for Train 4 of NextDecade's Rio Grande LNG Facility, enhancing the facility's LNG production capacity and supporting sustainable energy development [1][5]. Group 1: Contract Details - The award includes the supply of two Frame 7 gas turbines and six centrifugal compressors, replicating technology solutions provided for the first three LNG trains [2][5]. - The additional LNG capacity supported by this order is approximately 6 million tons per annum (MTPA) [2][5]. Group 2: Company Statements - Bechtel's general manager for LNG business highlighted Baker Hughes' reliable technology and expertise as key factors in their selection for the project [3]. - Baker Hughes expressed pride in continuing collaboration with Bechtel and NextDecade, emphasizing the importance of the Rio Grande LNG project for global energy security and sustainability [3]. Group 3: Company Background - Baker Hughes is an energy technology company with over a century of experience, operating in more than 120 countries, focusing on making energy safer, cleaner, and more efficient [4].

Core Insights - The article does not provide specific insights or analysis regarding any companies or industries, focusing instead on disclosures and disclaimers related to investment positions and advice [1][2] Group 1 - There is no stock, option, or similar derivative position held by the author in any mentioned companies, nor plans to initiate such positions in the next 72 hours [1] - The article expresses personal opinions of the author and does not reflect the views of Seeking Alpha as a whole [2] - Seeking Alpha's analysts include both professional and individual investors who may not be licensed or certified by any regulatory body [2]