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Golar enters into swap arrangements for 50% of 2024 Dutch Title Transfer Facility exposure
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Golar LNG Limited (“Golar”) announces today that it has entered into swap arrangements to hedge approximately 50% of its exposure to Dutch Title Transfer Facility (“TTF”) linked production for 2024 at a TTF price of $51.20/MMBtu. A TTF price of $51.2/MMBtu is the energy equivalent to a Brent oil price of approximately $300/bbl. The hedging transaction secures cash flow visibility for part of our 2024 Distributable Adjusted EBITDA at an attractive historic level, whilst retaining meaningful exposure to the possibility of higher prices.
Based on TTF gas prices of $51.20/MMBtu, and current Brent forward prices for 2024 at $86/bbl, Golar’s share of annual distributable Hilli Adjusted EBITDA for 2024 is expected to be approximately $294 million (fixed tariff of $67 million, Brent oil linked earnings of $73 million, and TTF linked earnings of approximately $154 million). Golar’s share of expected 2024 annual debt service for Hilli’s contractual debt is approximately $47 million (debt amortization of approximately $29 million and interest of approximately $18 million).
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 are forward-looking statements. Words such as “will”, “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements.
These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.
Hamilton, Bermuda
August 24, 2022
Enquiries:
Golar Management Limited: + 44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
we are one of the world’s largest independent owners and operators of marine-based lng midstream infrastructure – active in the liquefaction, transportation and regasification of natural gas. golar’s vision is to break the mould in lng. we aim to use our marine expertise and innovative floating lng assets to provide the most competitive lng solution to monetise natural gas reserves and deliver lng. golar’s flexible, low-cost, fast-track lng-based solutions are designed to thrive in a low commodity price environment. from well to grid – we’re building on our 40+ years’ lng midstream experience and progressing plans to grow our business further upstream via onelng, our floating liquefaction joint venture with schlumberger and downstream via golar power, our joint venture with stonepeak for the ownership and operation of floating storage and regasification units and power generation infrastructure. golar lng limited is listed on the nasdaq stock market. (nasdaq:glng) the golar fleet compr