Golar LNG Stock Price, News & Analysis

Golar LNG has announced the release of its Q3 2024 results on Tuesday, November 12, 2024, before the NASDAQ opens. The company will host a webcast presentation at 1:00 P.M (London Time) on the same day. Participants are encouraged to join via the listen-only live webcast link available on the Investor Relations section of www.golarlng.com.

Sell-side analysts can participate in the Q&A session following the presentation by accessing the event via a provided conference call link. The company recommends connecting 10 minutes before the call starts. There will be a limit of two questions per participant. For those unable to attend, a replay of the event audio will be available on the company's website for a time.

Golar LNG has signed an Engineering, Procurement, and Construction (EPC) agreement with CIMC Raffles for a MK II Floating LNG Production (FLNG) vessel, boasting a 3.5 million tons per annum (MTPA) liquefaction capacity. The project will employ Black & Veatch's PRICO® technology for engineering and process design, similar to Golar's existing FLNG assets. The total EPC cost is $1.6 billion, with a full conversion budget of $2.2 billion, and the delivery is expected in Q4 2027. Golar has already spent $0.3 billion to date. The MK II design, an upgrade from MK I, will leverage the Golar-owned LNG carrier Fuji LNG and promises efficiency improvements and modular construction. Golar has secured an option for a second MK II FLNG conversion with CIMC, aimed for delivery within 2028. The MK II FLNG could generate approximately $0.5 billion in EBITDA annually, significantly enhancing Golar's market position by increasing its liquefaction capacity by 70% to 8.6 MTPA.

Golar LNG (GLNG) has successfully priced USD 300 million in senior unsecured bonds in the Nordic bond market. The bonds will mature in September 2029 and carry an interest rate of 7.75% per annum. The company plans to use the net proceeds for capital expenditure, debt refinancing, and general corporate purposes. An application will be submitted to list the bonds on the Oslo Stock Exchange. The bond issue was facilitated by DNB Markets and Pareto Securities as Global Coordinators and Joint Bookrunners, with Clarksons Securities and Fearnley Securities acting as Joint Bookrunners.

Golar LNG (GLNG) has announced plans for a series of fixed income investor meetings starting on September 2, 2024. The company has appointed DNB Markets and Pareto Securities as Global Coordinators and Joint Bookrunners, along with Clarksons Securities and Fearnley Securities as Joint Bookrunners to arrange these meetings. Following these discussions, Golar may issue a new USD-denominated 5-year senior unsecured fixed rate bond, subject to market conditions. The potential proceeds from this bond issue are intended to be used for capital expenditure, debt refinancing, and general corporate purposes.

Golar LNG (NASDAQ: GLNG) has announced a cash dividend of $0.25 per share to be paid on or around September 3, 2024. The record date is set for August 26, 2024. For shares registered in Norway's central securities depository (VPS), the payment date will be on or about September 5, 2024, due to the implementation of the Central Securities Depository Regulation (CSDR).

Key dates for the dividend distribution include:

• Last day including right: August 22, 2024
• Ex-date: August 23, 2024
• Record date: August 26, 2024
• Payment date: On or about September 3, 2024 (September 5 for VPS-registered shares)

The dividend will be paid in USD, except for VPS-registered shares, which will receive the dividend in NOK.

Golar LNG signed a 20-year FLNG deployment agreement in Argentina and made significant progress on other FLNG opportunities. The company also completed a commercial reset with BP for FLNG Gimi, potentially releasing up to $0.5 billion in liquidity. Golar reported Q2 2024 net income of $26 million and Adjusted EBITDA of $59 million, with an EBITDA backlog of roughly $11 billion.

FLNG Hilli Episeyo achieved $69 million in Q2 Distributable Adjusted EBITDA, while FLNG Gimi is expected to generate about $220 million in pre-COD compensation in 2024-2025. Golar entered a 20-year FLNG project with Pan American Energy in Argentina, potentially generating $300 million in annual Adjusted EBITDA. The company declared a $0.25 per share dividend for Q2. As of June 30, 2024, Golar had $604 million in cash and a net debt position of $594 million.

Golar LNG (GLNG) held its 2024 Annual General Meeting on August 13, 2024, in Hamilton, Bermuda. The company presented its audited consolidated financial statements for the year ended December 31, 2023. Key resolutions passed include:

1) Setting a maximum of seven Directors
2) Authorizing the Board to fill casual vacancies
3-9) Re-electing seven Directors: Tor Olav Troim, Daniel W. Rabun, Thorleif Egeli, Carl E. Steen, Niels G. Stolt-Nielsen, Lori Wheeler Naess, and Georgina E. Sousa
10) Re-appointing Ernst & Young LLP as auditors
11) Approving Board remuneration not exceeding US$2,050,000 for the year ended December 31, 2024

The meeting outcomes suggest continuity in Golar LNG's governance structure and financial oversight.

Golar LNG and bp have executed agreements for a commercial reset of FLNG Gimi, part of the Greater Tortue-Ahmeyim LNG Project. The reset simplifies contractual cash flows and settles previous disputes related to pre-commercial operations date (Pre-COD) payments. Key aspects include:

1. Updated schedule of daily payments until Commercial Operations Date (COD)
2. Step-up mechanisms based on project milestones
3. Payments secured by long stop dates
4. Potential lump sum bonus payments for achieving milestones
5. Pre-COD cash flows to be deferred and amortized over 20-year contract term
6. Settlement of all ongoing disputes, including arbitration
7. Agreement to start FLNG Gimi commissioning with LNG cargo before FPSO gas availability

Golar LNG has signed a 20-year agreement with Pan American Energy to deploy a Floating Liquefied Natural Gas (FLNG) vessel in Argentina, leveraging the Vaca Muerta shale formation's gas resources. The project, commencing in 2027, aims to position Argentina as an LNG exporter. Key aspects include a Gas Sales Agreement with PAE, an FLNG charter agreement with Golar, and the utilization of Golar’s FLNG Hilli with a capacity of 2.45 mtpa. Golar will hold a 10% stake in Southern Energy S.A., a joint venture handling gas purchase and LNG sales. The project could expand to involve other Argentine gas producers.