Excelerate Energy(US:EE)2025-11-06 14:30Financial Data and Key Metrics Changes - Excelerate Energy reported record quarterly EBITDA of $129 million, an increase of $22 million or 21% compared to the previous quarter [6][16] - Adjusted net income for the third quarter was $57 million, a sequential increase of $10 million or 22% compared to the second quarter [16] - Total debt, including finance leases, was $1.3 billion, with cash and cash equivalents of $463 million on hand [18] Business Line Data and Key Metrics Changes - The Jamaica operations maintained exceptional reliability, exceeding 99.8% across the platform [14] - The company achieved considerable savings related to the Exemplar dry dock, which completed with fewer off-hire days than anticipated [17] - Incremental gas volumes were sold to existing customers, and commercial agreements with new small-scale customers progressed well in Jamaica [15] Market Data and Key Metrics Changes - The global LNG market is expected to grow from approximately 430 million tons per annum in 2025 to over 600 million tons per annum by 2030 [8] - Approximately 200 million tons of incremental LNG supply is expected to come online between now and the end of the decade [8] Company Strategy and Development Direction - Excelerate Energy is focused on scalable regasification solutions to meet the growing demand for LNG, particularly in emerging markets [9][10] - The company executed a definitive agreement with Iraq's Ministry of Electricity to develop the country's first LNG import terminal, which is strategically significant for energy security [10][11] - The company aims to replicate the successful Jamaica model across its global footprint, emphasizing integrated energy solutions [39][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in limited financial impacts from Hurricane Melissa due to comprehensive insurance coverage and a take-or-pay business model [5][20] - The company anticipates significant opportunities to extend its platform into new regions and deepen its presence in existing ones [16] - Management highlighted the importance of developing new regas infrastructure as global supply tightens [8][9] Other Important Information - The company announced a quarterly cash dividend of $0.08 per share, payable on December 4th [19] - Adjusted EBITDA guidance for 2025 was increased to a range of $435 million to $450 million [19] Q&A Session Summary Question: What is the expected split between vessel and supply margin for the Iraq project? - Management did not provide a specific breakdown but emphasized the overall build multiple of 4.5 to 5 times [24][25] Question: What is the timeline and capital cost for converting the Shenandoah vessel? - The conversion is estimated to cost around $200 million, with no specific timeline committed yet [27][28] Question: What is the remaining spend on the new building asset currently under construction? - Approximately $200 million is left to pay upon delivery, with the total shipyard cost around $340 million [30][31] Question: When will work commence at the Jetty in Iraq? - The project is expected to be operational by summer 2026, with CapEx ramping up in the interim [32] Question: Are there integrated opportunities for the conversion candidate? - Management confirmed that integrated opportunities are being pursued globally, with a focus on affordability and execution [43]