New Fortress Energy Stock Price, News & Analysis

New Fortress Energy (NFE) has successfully completed the acquisition of Golar LNG Partners (GMLP) on April 15, 2021. NFE purchased all outstanding common units of GMLP at $3.55 per unit. Following the acquisition, GMLP's board approved the delisting of its 8.75% Series A Cumulative Redeemable Preferred Units, effective on or about May 13, 2021. The delisting follows NASDAQ's notification that the Preferred Units do not meet listing requirements, and GMLP will also suspend its reporting obligations regarding the Units.

TortoiseEcofin announced on April 15, 2021, that Golar LNG Partners LP (NASDAQ:GMLP) will be removed from the Tortoise MLP Index due to its merger with New Fortress Energy Inc (NASDAQ:NFE). This removal will take effect at market open on April 19, 2021. GMLP's removal is executed without a special rebalancing, as its current weight falls below the threshold that would necessitate such action. The Tortoise MLP Index is focused on energy master limited partnerships (MLPs) and serves as a capitalization-weighted index.

New Fortress Energy (NASDAQ: NFE) announced a 15-year Memorandum of Understanding with Norsk Hydro to supply natural gas to the Alunorte Alumina Refinery in Pará, Brazil. This partnership aims to convert the refinery's calcination process from fuel oil to natural gas, reducing emissions by around 20%. NFE will deliver an agreed minimum quantity of gas from its Barcarena LNG terminal, anticipated to be operational by 2022. The agreement is subject to final documentation and commercial arrangements.

New Fortress Energy has successfully acquired Hygo Energy Transition and Golar LNG Partners for a total enterprise value of $5.1 billion. This includes 31.37 million shares of NFE and $580 million in cash for Hygo, along with the purchase of Golar’s common units at $3.55 each. This strategic move enhances NFE's position as a leading gas-to-power provider, with a portfolio that includes multiple floating storage and regasification units (FSRUs) and a significant power plant in Brazil. The acquisition is expected to drive NFE’s growth in the clean energy market.

New Fortress Energy (NASDAQ: NFE) has signed a Gas Supply Agreement with CFEnergia SA de CV, a subsidiary of Mexico’s Federal Electricity Commission. This agreement will see NFE supply 250,000-500,000 gallons of LNG daily to CFE’s power plants in Baja California Sur, Mexico, starting in May through its terminal in Pichilingue. CEO Wes Edens highlighted that this contract is aimed at supporting CFE’s shift to cleaner energy, generating significant fuel savings and reducing emissions for local residents.

New Fortress Energy announced the pricing of a private offering of $1.5 billion senior secured notes due 2026, bearing an interest of 6.500% per annum. The notes will be secured by collateral similar to existing senior secured notes and guaranteed by wholly-owned subsidiaries. Proceeds will finance the acquisition of Golar LNG Partners and cover corporate expenses. A special mandatory redemption clause requires redemption if the acquisition isn't completed by October 13, 2021. The offering is for qualified institutional buyers and is not registered under the Securities Act.

New Fortress Energy (NASDAQ: NFE) announced a private offering of $1.5 billion senior secured notes due September 2026. These notes will be guaranteed by its domestic and foreign subsidiaries and secured by collateral similar to its existing obligations. The proceeds will fund the acquisition of Golar LNG Partners L.P. and cover related expenses, with any remaining funds allocated for general corporate purposes. The offering is intended for qualified institutional buyers under Rule 144A and Regulation S of the Securities Act.

New Fortress Energy (NFE) reported Q4 2020 revenues of $145.7M, an $8.8M increase from Q3 2020, with a net loss of $0.5M. The Board declared a Q1 2021 dividend of $0.10 per share, payable March 31, 2021. Key business highlights include acquiring Hygo Energy for $5.1B, which adds Brazil's largest thermal power plant and multiple terminals. NFE is developing the Suape Terminal and has secured a supply contract with CFE for LNG. Innovative 'Fast LNG' modular liquefaction technology aims for operational status by late 2022, promising low-cost LNG production.

New Fortress Energy (NASDAQ:NFE) will announce its financial results for Q4 and full year 2020 on March 16, 2021, before 8:00 AM ET. The press release and earnings supplement will be available on the company's website. Management will host a conference call on the same day at 8:00 AM ET, accessible via U.S. and international phone lines. A public webcast will also be available. A replay will be accessible from March 16, 2021, after 11:00 AM until March 23, 2021. New Fortress Energy focuses on clean energy solutions and infrastructure development.