Golar LNG Stock Price, News & Analysis

Golar LNG Limited has sold about 8 million shares in Cool Company Ltd, generating net proceeds of approximately $100 million. Post-sale, Golar retains roughly 4.5 million shares, equating to 8.3% ownership in CoolCo. CEO Karl Fredrik Staubo stated that the sale supports Golar's progress in FLNG growth opportunities. The funds are expected to be deployed for further development, while CoolCo continues to pursue industry consolidation and dividends for its shareholders.

Golar LNG will release its 3rd Quarter 2022 results on November 16, 2022, before NASDAQ opens. A webcast presentation will follow at 1:00 P.M (London Time). Participants can access the presentation through the Investor Relations section of Golar LNG's website. Analysts wishing to ask questions during the subsequent Q&A session should join via conference call. Registration is required for dial-in information. The presentation material will also be available for download. A replay of the event will be accessible for a limited time post-event.

Golar LNG Limited has secured two hedging arrangements for its Dutch Title Transfer Facility (TTF) linked production on the FLNG Hilli. For Q4 2022, Golar has hedged approximately 50% of TTF production at $70.0/MMBtu, anticipating a Distributable Adjusted EBITDA of $56 million. For the full year 2023, the company has hedged 50% of production at an average price of $50.0/MMBtu, projecting a total Distributable Adjusted EBITDA of $150 million. These hedging transactions are expected to enhance cash flow visibility and generate significant free cash flow.

Golar LNG has entered into swap arrangements to hedge approximately 50% of its exposure to TTF-linked production for 2024 at a price of $51.20/MMBtu. This hedging secures visibility for part of its 2024 Distributable Adjusted EBITDA while maintaining potential for higher prices. Expected Hilli Adjusted EBITDA for 2024 is approximately $294 million, with annual debt service around $47 million. The company emphasizes that future performance is uncertain and subject to various risks, indicating that actual results may differ significantly from forecasts.

Golar LNG Limited reported a net income of $230 million and Adjusted EBITDA of $101 million for Q2 2022. The company sold the FSRU Golar Tundra for $350 million and agreed to sell the Golar Arctic to Italy's Snam Group for €269 million. Golar's share of contractual debt decreased from $1.7 billion to $1 billion. Notable gains from oil and gas derivatives amounted to $236.6 million. FLNG Hilli maintained 100% uptime, and the conversion of FLNG Gimi is 86% complete, with an expected $3 billion earnings backlog. Golar projects total annual debt service of $50 million for Hilli.

Golar LNG Limited held its 2022 Annual General Meeting on August 10, 2022, in Bermuda, presenting the audited financial statements for the year ended December 31, 2021. Key resolutions passed included the re-election of seven Directors: Tor Olav Trøim, Daniel Rabun, Thorleif Egeli, Carl Steen, Niels G. Stolt-Nielsen, Lori Wheeler-Naess, and Georgina E. Sousa. Additionally, Ernst & Young LLP was re-appointed as auditors, with the Board's remuneration approved at a total of US$1,750,000 for 2022.

Golar LNG will announce its 2nd Quarter 2022 results before the NASDAQ market opens on August 11, 2022. A live webcast presentation is scheduled for 1:00 PM London time on the same day, accessible from the Investor Relations section of their website. Participants are encouraged to join the conference call early, as a streamlined registration process is now in place to minimize wait times. An audio replay of the event will be available for one year post-presentation.

Golar LNG Limited announces that customers Perenco Cameroon S.A. and Société Nationale des Hydrocarbures have opted to exercise 0.2 million tons per annum of optional TTF linked production volumes, extending their contract for FLNG Hilli through July 2026. This decision maintains Hilli's production level at 1.4 million tons per annum. The estimated incremental Adjusted EBITDA from this extension is $135 million annually at current TTF gas prices, contributing to a total projected Adjusted EBITDA of $286 million. Golar expects significant free cash flow with a manageable debt service of $50 million annually.

Golar LNG Limited has completed the sale of its management organization to Cool Company Ltd. for a total of $6.5 million, comprising $5 million in cash and $1.5 million in working capital. This transaction will transition approximately 600 employees to CoolCo. Additionally, Richard Tyrrell has been appointed as the new CEO of CoolCo, succeeding Interim CEO Karl Fredrik Staubo. The sale aligns with the strategic objectives outlined in the January 2022 Cool Company Ltd. update.