Welcome to our dedicated page for Golar LNG news (Ticker: GLNG), a resource for investors and traders seeking the latest updates and insights on Golar LNG stock.
Golar LNG Ltd (GLNG) generates frequent news flow through its activities in floating liquefied natural gas (FLNG), long-term LNG contracts and capital markets transactions. Company announcements and Form 6-K filings highlight developments in its FLNG fleet, including operational updates for FLNG Hilli and FLNG Gimi and progress on the 3.5 MTPA MKII FLNG conversion project in China. These updates often cover cargo offload milestones, performance optimization periods and preparations for redeployment and life extension work.
Investors following GLNG news can track key commercial milestones such as 20-year charter agreements with Southern Energy S.A. in Argentina, including Final Investment Decision and satisfaction of conditions precedent for the MKII FLNG charter. News releases detail the fixed charter hire components, commodity-linked tariff structures and the associated multi-year EBITDA or earnings backlogs that underpin Golar’s long-term business outlook.
Golar LNG’s news flow also includes financing and balance sheet events. Recent announcements describe a $1.2 billion asset-backed bank facility for FLNG Gimi, a private offering of senior unsecured notes due 2030, and convertible senior notes used to fund growth and share repurchases. Dividend declarations, share buyback program approvals and updates on legacy FSRU operate and maintain agreements are also disclosed in periodic interim results.
On this GLNG news page, readers can review company-issued press releases and related regulatory disclosures that cover operational performance, chartering activity, financing transactions and corporate actions. For those monitoring the LNG and FLNG space, Golar’s news provides insight into the evolution of floating liquefaction projects, long-term LNG export arrangements and the company’s approach to capital structure and commodity-linked earnings exposure.
Golar LNG Limited announced a 2022 annual net income of $788 million and a total book value of equity of $2.9 billion. In Q4 2022, net income reached $71 million with an Adjusted EBITDA of $87 million. The company exited investments in New Fortress Energy and Cool Company, raising proceeds of $418 million and $98 million, respectively. Golar's focus on floating LNG (FLNG) aims to capitalize on lucrative market segments, with expectations of increased Adjusted EBITDA from FLNG Hilli of approximately $70 million through 2026. The company’s financial stability allows for potential dividends or share buybacks.
Golar LNG Limited has reached an agreement to acquire New Fortress Energy's stake in FLNG Hilli for 4.1 million shares of NFE and $100 million in cash. Golar will assume approximately $323 million in debt obligations tied to Hilli. Post-transaction, Golar's effective interest in FLNG Hilli earnings will rise significantly, securing major portions of earnings from contracted fees until July 2026. Golar aims to enhance cash flow, simplify ownership, and strengthen their market position amidst favorable LNG market conditions. This strategic move is set for closure in Q1 2023.
New Fortress Energy (NFE) has entered into an agreement with Golar LNG Limited (GLNG) to sell its stake in the Hilli floating liquefaction facility, receiving 4.1 million NFE shares and $100 million in cash. This transaction will reduce NFE's outstanding shares to approximately 204.7 million and will also allow NFE to eliminate $323 million in associated debt. The deal aims to enable NFE to concentrate on its fully-owned floating LNG portfolio and repurchase its shares at attractive valuations. The transaction is expected to close in Q1 2023, subject to customary conditions.
Golar LNG is set to report its 4th Quarter 2022 results prior to NASDAQ opening on February 28, 2023. A webcast presentation will occur at 1:00 PM London Time on the same day, available for download through their Investor Relations section. Participants are encouraged to join via the live webcast or attend the teleconference, which requires registration for dial-in details. There will be a Q&A session following the presentation, with a limit of two questions per participant. This event will be relevant for investors seeking insights into the company's performance for the last quarter.
Golar LNG Limited has unwound the majority of its swap arrangements for TTF-linked production on the FLNG Hilli, securing approximately $76 million in Distributable Adjusted EBITDA for March-December 2023. This includes 100% of production unwound at $21.80/MMBtu, yielding a net gain of $28.2/MMBtu. For 2024, Golar expects $49 million in Distributable Adjusted EBITDA, with 50% of production unwound at $20.55/MMBtu. Overall, Golar's secured value from TTF hedges amounts to $140 million, translating to $1.3 cash flow per share. The company's share of expected annual debt service is around $50 million.
Golar LNG Limited has successfully completed a buy-back of its senior unsecured bonds, as announced on December 5, 2022. The Reverse Dutch Auction, which closed on December 9, accepted offers at up to 100% of par value, totaling approximately USD 140 million. Cash settlement for this repurchase is anticipated on December 15, 2022. DNB Markets served as the Manager for the buy-back, contributing to Golar's strategy of optimizing its capital structure.
Golar LNG announces a buy-back offer for parts of its USD 300 million senior unsecured bonds maturing on October 20, 2025. The offer, managed by DNB Markets, will be conducted as a Reverse Dutch Auction, allowing bondholders to submit offers via a provided form until 16:00 CET on December 9, 2022. Golar will announce the highest acceptable buy-back price on December 12, 2022, and cash settlement is set for December 15, 2022. Bondholders may receive cash for accepted offers at or below this price.
Golar LNG Limited reported a net income of $141.1 million and an Adjusted EBITDA of $85.2 million for Q3 2022. The customer for FLNG Hilli opted to exercise a capacity of 0.2 MTPA linked to Dutch Title Transfer Facility (TTF) from 2023 to 2026, with substantial hedging activities for future TTF-linked production. Golar sold shares in Cool Company and New Fortress Energy, raising $430 million. The FLNG Gimi is on track, with 90% construction completion, expected to generate $151 million in annual Adjusted EBITDA upon delivery. Golar's cash position increased to $1.04 billion following share sales.
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.
FAQ
What is the current stock price of Golar LNG (GLNG)?
What is the market cap of Golar LNG (GLNG)?
