The following is a summary of the Excelerate Energy, Inc. (EE) Q4 2023 Earnings Call Transcript:
Financial Performance:
Excelerate Energy reported a 59% increase in net income, rising to $127 million for the full year of 2023.
Adjusted EBITDA for the year was $347 million, marking a 17% increase from 2022.
In Q4, the company generated $20 million of net income along with $71 million of adjusted EBITDA.
Debt was reduced by $68 million in Q4, resulting in year-end net debt of $212 million.
A share repurchase program is expected to buy back up to $50 million of Class A common stock through February 2026.
2024 predictions include an adjusted EBITDA ranging between $315 million and $335 million.
Business Progress:
The 14% year-over-year revenue growth in 2023 was mainly due to new charters and higher rates in Finland, Germany, Brazil, Argentina, and the UAE.
Maintenance Capital Expenditure for 2024 is set between $50 million and $60 million, alongside Committed Growth Capital Expenditure ranging from $70 million to $80 million, with the latter going primarily for the new-build FSRU's delivery in June 2026.
Relationships with QatarEnergy and Petrobangla have been strengthened, with Qatar currently regasifying about 10% of its annual production through Excelerate Energy-leased FSRUs.
Excelerate Energy has secured an exclusive deal to supply about 10%-15% of Bangladesh's LNG demand, symbolizing about 20% of the regas capacity of an FSRU in Bangladesh.
Lastly, a long-term agreement with Petrobangla has been secured to sell LNG in Bangladesh, lending them a fixed margin and lesser risk.
More details: Excelerate Energy IR
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