New Fortress Energy Stock Price, News & Analysis

New Fortress Energy (NFE) reported its Q2 2024 financial results, with Adjusted EBITDA of $120 million, below expectations of $275 million. The shortfall was primarily due to delays in the FLNG 1 project, which is now operational as of July 19. Q2 results do not include $107 million of contracted LNG sales, which will be reflected in H2 2024. NFE reported a net loss of $87 million and Adjusted EPS of $(0.41).

The company forecasts Adjusted EBITDA of $1.4-1.5 billion for 2024 and $1.3 billion for 2025. NFE completed its initial Fast LNG asset offshore Altamira, Mexico, with a capacity of 1.4 MTPA. The Board approved a dividend of $0.10 per share. NFE plans to refinance its 6.75% senior secured notes due September 2025 in the near term.

New Fortress Energy (NFE) has provided an update on its initial Fast LNG (FLNG) asset located offshore Altamira, Mexico. The asset is performing well and is scheduled to conclude commissioning and preproduction run on August 9th. The first partial LNG cargo will be loaded onto the Energos Princess and delivered to NFE's La Paz, Mexico terminal. After a brief scheduled maintenance outage, the FLNG asset is expected to resume operations and reach full production later in August 2024.

NFE's Chairman and CEO, Wes Edens, emphasized the significance of this milestone, stating that supplying customers with their own LNG has been a long-term goal for the company. This achievement reinforces NFE's position as a leading vertically integrated gas to power company, providing an end-to-end solution for customers.

Golar LNG Partners LP, an indirect subsidiary of New Fortress Energy Inc. (NASDAQ: NFE), has announced a cash distribution for its 8.75% Series A Cumulative Redeemable Preferred Units. The distribution amount is set at $0.546875 per unit for the period from May 15, 2024, to August 14, 2024. Unitholders of record as of August 8, 2024, will receive the payment on August 15, 2024. This regular distribution demonstrates the company's commitment to providing consistent returns to its preferred unitholders.

New Fortress Energy (NASDAQ: NFE) has announced the closing of a $700 million loan for its second Floating Liquefied Natural Gas (FLNG) unit. This follows the successful LNG production at their first FLNG unit, which is expected to deliver its first cargo in August. The new loan will fully fund the construction of FLNG 2, to be developed in partnership with Comisión Federal de Electricidad in Altamira, Mexico. FLNG 2 will use the same proprietary modular technology as FLNG 1 and is anticipated to complete construction in the first half of 2026. NFE's Chairman and CEO, Wes Edens, emphasized the rapid advancement of their FLNG complex and its significant contribution to the company's financial and operational value.

New Fortress Energy (NFE) has achieved First LNG for its Fast LNG asset offshore Altamira, Mexico. This milestone establishes FLNG as the fastest large-scale LNG project ever developed. The proprietary Fast LNG design pairs modular liquefaction technology with offshore infrastructure for rapid deployment. With a production capacity of 1.4 MTPA, FLNG completes NFE's vertical integration in the LNG market.

The project adds over $2 billion of infrastructure to NFE's asset base, enhancing operational capabilities and financial flexibility. This achievement positions NFE as a fully integrated leader in the global LNG market, providing downstream customers with additional access to clean and reliable LNG for sustained growth.

New Fortress Energy Inc. (NASDAQ: NFE) has announced its plans to release financial results for the second quarter of 2024 on Friday, August 9th, 2024, before 8:00 A.M. Eastern Time. The company will host a conference call at 8:00 A.M. Eastern Time on the same day to discuss the results. Investors can access the call by dialing (888) 224-1005 (toll-free from the U.S.) or +1-323-794-2575 (from outside the U.S.), using the reference code 3695554. A simultaneous webcast will be available on the company's website. The press release and earnings supplement will be posted on the Investors section of NFE's website prior to the call.

Pennybacker Capital Management has signed an agreement to acquire a small-scale LNG business in Miami, Florida, from New Fortress Energy (NFE). The Miami Facility includes a liquefaction plant capable of producing 8,300 MMBtu of LNG daily and has a storage capacity of ~1,000 cubic meters. It can export LNG to both FTA and non-FTA countries. Financial terms were not disclosed. The acquisition is expected to conclude in Q3 2024, subject to customary conditions. Pennybacker plans to maintain existing customer relationships and expand services to new U.S. and Caribbean markets.

New Fortress Energy (Nasdaq: NFE) has launched Klondike Digital Infrastructure, a new business focused on developing data center solutions for hyperscale clients. This initiative aims to address the increasing power demands of artificial intelligence (AI) by utilizing behind-the-meter, on-site power. Klondike's approach promises grid stability, significant transmission capacity, power reliability, energy cost savings, and scalability. The company is developing data center sites across Brazil, Ireland, and the United States, totaling over 1,000 acres of developable land.

New Fortress Energy (NFE) announced the sale of its Miami liquefaction and storage facility to a U.S. middle-market infrastructure fund. The Miami Facility, which can produce 8,300 MMBtu of LNG daily and has a storage capacity of around 1,000 cubic meters, is set to be sold by Q3 2024. The facility is authorized to export up to 60,000 tonnes of LNG per year under a 20-year term initiated on February 5, 2016. This transaction aligns with NFE's strategy to reduce debt and reinvest proceeds into high-return downstream projects, according to CEO Wes Edens. New Fortress Energy focuses on addressing global energy poverty through its natural gas and LNG infrastructure and logistics assets.