The following is a summary of the Golar LNG Limited (GLNG) Q4 2023 Earnings Call Transcript:
Financial Performance:
Golar LNG Limited reported an adjusted EBITDA of $114 million in Q4 2023, due to the overperformance from the Hilli FLNG.
The company declared a Q4 dividend of $0.25 and repurchased 1.3 million shares.
Golar's liquidity position stands at approximately $800 million.
Operating revenues for Q4 were $80 million, with total FLNG tariffs increasing by 12% to $106 million.
The company registered a Q4 net loss of $31 million due to $117 million in non-cash items.
By the end of the year, the total cash position is $753 million, with total contractual debt standing at $1.2 billion, resulting in a net debt position of $411 million.
Hilli generated revenue of $84 million in Q4, which is 15% higher than the previous quarter.
Business Progress:
Golar LNG acquired the Fuji vessel for planned conversion to a Mark II FLNG and expecting its first gas from Gimi in Q3 2024.
The company operates the largest FLNG fleet globally in terms of liquefaction capacity.
Golar created a small-scale LNG shipping company, Avenir LNG, and a land-based liquefaction company, Macaw Energies. The company is planning for a separate listing of Macaw once proven.
Hilli has delivered 108 cargos since it started operating in 2018 while Gimi, delivered in November 2023, is set to be moored to the GTA Hub offshore Senegal and Mauritania for 20 years.
Golar is in active discussions for opportunities spanning 12 to 20 years, aligning commercial terms with resource owners.
The company expects to benefit from previous swaps in light of its exposure to TTF prices for the rest of 2024.
More details: Golar LNG IR
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