Company Overview - New Fortress Energy, Inc. is an energy company that develops, finances, and operates liquefied natural gas (LNG) facilities and power plants globally [3] - The company operates through two segments: "Terminals and Infrastructure," focusing on LNG production and distribution, and "Ships," which provides LNG storage and transportation services [3] Allegations and Financial Performance - Edelson Lechtzin LLP is investigating potential violations of federal securities laws involving New Fortress due to allegations of providing misleading business information to investors [1] - On May 14, 2025, New Fortress announced its financial results for Q1 2025, reporting a total revenue decline of $219.8 million compared to Q1 2024, resulting in a net loss of $197.4 million, down from a net income of $56.7 million in the same quarter of the previous year [4] - Following the financial announcement, New Fortress' stock price fell by $4.27 per share, approximately 62.98%, closing at $4.27 on May 15, 2025 [5]

Group 1: Cheniere Energy and LNG Industry - The U.S. has become the largest liquefied natural gas (LNG) exporter, exporting 11.9 billion cubic feet per day (Bcf/d) in 2024, surpassing Qatar and Australia [2] - Cheniere Energy exported 2.33 trillion British thermal units (TBtu) in 2024, equating to 6.37 Bcf/d, and has a total production capacity of 45 million tonnes per annum (mtpa) across its terminals [3] - The current administration supports LNG growth, and Cheniere's CEO believes there is a strategic imperative to secure permits for future capacity expansion to over 90 mtpa [5] Group 2: GE Aerospace and Aerospace Industry - GE Aerospace is a market leader in commercial aerospace and defense engines, with its joint venture CFM International producing the LEAP engine, which powers the Boeing 737 MAX and is one of two options for the Airbus A320neo family [7] - GE's GE9X engine is the sole option for the Boeing 777X, and its GEnx engine dominates orders for the Boeing 787, indicating strong market presence [8] - The next generation of engines, RISE, is expected to achieve a 20% improvement in fuel efficiency over the LEAP, potentially ensuring GE's leadership in commercial aerospace engines for decades [9] Group 3: Tesla and Electric Vehicle Industry - Tesla's Model Y is the best-selling car globally and is set to improve sales with refreshed production lines in 2025 [10] - Upcoming catalysts for Tesla include the launch of its robotaxi in June 2025 and the mass production of the Cybercab in 2026, alongside lower-cost models [11] - Tesla has significantly reduced its cost of goods per vehicle, falling below $35,000 by the end of 2024, which enhances profit margins and competitiveness in the EV market [12][13] - CEO Elon Musk has positioned Tesla as a leader in the SUV market, and the company's advancements in EVs and robotaxis suggest a strong future in the industry [15]

FIRST QUARTER 2025 RESULTS AND UPDATE May 27, 2025 Golar LNG Limited 2025 I 1 Golar LNG Limited 2025 I 2 Forward looking statements This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future ar ...

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]

Group 1: Freeport-McMoran - Freeport-McMoran dominates the domestic copper market, providing 70% of the U.S. refined copper production, while the U.S. imports 45% of its refined copper consumption [2][5] - The U.S. Chamber of Commerce supports including copper as a critical metal eligible for tax credits, advocating for increased domestic minerals and metals production [3] - Freeport-McMoran is well-positioned to meet domestic demand with potential projects in Arizona and initiatives to extract copper from existing stockpiles [4] - The threat of tariffs on copper imports has led to a 13% premium for U.S. copper, potentially resulting in an $800 million financial benefit for Freeport if maintained [5][7] Group 2: Whirlpool - Whirlpool faces challenges due to high interest rates affecting the housing market, which in turn impacts discretionary appliance purchases [8][9] - The company has $4.8 billion in long-term debt, and its forecast for free cash flow is uncertain, raising questions about the sustainability of its $380 million dividend [9] - Management believes that closing loopholes allowing Asian competitors to avoid tariffs could significantly improve Whirlpool's competitive position, potentially resulting in a $70 cost disadvantage per product [10][11] Group 3: Cheniere Energy - Cheniere Energy benefits from the resumption of LNG export approvals under the current administration, contrasting with the previous pause [13] - The company is the largest LNG producer in the U.S., owning significant stakes in major LNG terminals and continuing to invest in capacity expansion [14][15] - The business model focuses on purchasing natural gas domestically and processing it into LNG for global export, aligning with the administration's push for increased LNG exports [15] Group 4: Overall Market Impact - The current administration's tariff policies aim to enhance the competitive positioning of U.S. companies, with a focus on copper, appliance manufacturing, and LNG exports [16]

Core Viewpoint - New Fortress Energy's stock has significantly declined due to disqualification from a key government auction in Puerto Rico, alongside disappointing Q1 results and worsening credit issues [1][2][5][6] Group 1: Stock Performance - Shares of New Fortress Energy fell by 14.5% as of market close, coinciding with broader market declines in the S&P 500 and Nasdaq Composite [1] - The stock's decline is attributed to negative news regarding the company's exclusion from a government auction [1][2] Group 2: Auction Disqualification - New Fortress Energy has been disqualified from a Puerto Rican government auction aimed at securing temporary power generation, specifically for an 800-megawatt contract [2] - The company has reached out to Puerto Rico's Governor requesting reconsideration of the disqualification [3] Group 3: Financial Performance - The company recently announced Q1 results that did not meet Wall Street's expectations, contributing to negative market sentiment [5] - New Fortress Energy sold its Jamaican LNG import terminal in Montego Bay for $1 billion, which, while providing immediate cash, poses a risk to future revenue streams [5] Group 4: Credit Rating and Leverage - The company's credit rating has deteriorated further, exacerbating its ongoing financial challenges as it is heavily leveraged [6] - There are multiple issues facing New Fortress Energy, leading to a lack of a compelling turnaround case in the near future [6]

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]

Group 1 - Cheniere Energy is recognized as one of the most strategically positioned companies in the global energy sector, being the largest U.S. exporter of liquefied natural gas [1] - The investment approach focuses on macro and secular trends, emphasizing durable themes that shape the future [1] - The portfolio strategy is anchored in long-term income generation while remaining open to select large growth opportunities for outsized returns [1] Group 2 - The investment philosophy is characterized by a concentrated portfolio, typically holding 8–12 companies at any given time [1] - A buy-and-hold strategy is employed, aiming to stay patient and allow long-term ideas to compound [1] - The goal is to share honest insights and connect with readers who are passionate about similar companies and themes [1]

Shares of New Fortress Energy (NFE -3.39%) were in free fall this week. The company's stock plummeted 62.7% as of 1:55 p.m. on Friday. The collapse came as the S&P 500 and the Nasdaq Composite both saw major gains.The liquefied natural gas (LNG) company reported its first-quarter numbers this week, revealing a staggering loss much more significant than Wall Street expected.New Fortress is deep in the redNew Fortress Energy reported a Q1 2025 loss of $0.73 per share, much worse than analysts had expected and ...

Financial Performance & Projections - Q1 2025 Adjusted EBITDA was $82 million[8], with zero net deferred earnings from contracted sales and $10 million of depreciation in cost of sales from Fast LNG 1[64] - The company expects 2025 AEBITDA to be between $1.25 billion and $1.5 billion, higher than previous estimates, including ~$500 million in core earnings and $750 million to $1 billion in one-off gains[9] - Net loss attributable to stockholders in Q1 2025 was $200 million, a $42 million decrease QoQ[67] - Total liquidity after the Jamaica sale is $1.116 billion, including $393 million from the sale[67] Jamaica Sale & Debt Reduction - The sale of the Jamaica business for $1.055 billion is expected to yield net proceeds of $778 million[16] and a book gain of ~$430 million[11] - Proceeds from the Jamaica sale will be used to pay down $270 million of revolver debt and $55 million of Term Loan A[56] FSRU Sub-charters - Sub-chartering four FSRUs is expected to generate $312 million nominally over the lives of the contracts[11, 61], with a PV10 of ~$236 million[11] Brazil Operations - Construction of CELBA 2 is ~95% complete, with cash flows expected to commence in the second half of 2025[42] - PortoCem is ~54% complete, with capacity revenues expected to commence in the second half of 2026[42] - The company has registered for 2 GW+ of its own projects in the upcoming Brazil energy auctions and has been requested by 3rd parties to supply gas to 3 GW+ of projects[46, 47]