New Fortress Energy Inc. reports developments across an integrated natural gas and LNG infrastructure business that owns and operates terminals, liquefaction and delivery assets, ships, and logistics capabilities. Recurring company news covers terminal commercialization and capacity arrangements, gas-supply contracts, LNG-to-power infrastructure, and power-generation support in markets such as Brazil and Puerto Rico.
Updates also address material agreements, capital-structure actions, debt and forbearance matters, shareholder voting items, governance disclosures, and operating and financial results. The company’s business is organized around Terminals and Infrastructure and Ships, with the infrastructure segment spanning natural gas procurement, liquefaction, logistics, shipping, facilities, and natural gas-fired power generation development.
New Fortress Energy (NFE) has announced a delay in the payment of its previously declared $0.10 per share Class A common stock dividend. The dividend, which had a record date of September 13, 2024, will be postponed until the company reaches an agreement with its noteholders to address near-term maturities and liquidity requirements. NFE expects to reach an agreement with noteholders in the near future, after which it will reevaluate the dividend payment, including its amount and potential payment timing. This decision reflects the company's focus on addressing financial obligations before distributing dividends to shareholders.
New Fortress Energy (NFE) has received authorization from the U.S. Department of Energy (DOE) to export up to 1.4 million tonnes per annum of LNG to non-Free Trade Agreement countries from its Fast LNG 1 asset located offshore Altamira, Mexico. This authorization is valid for a five-year term and complements the previously received Free Trade Agreement authorization, allowing NFE to export LNG globally.
Wes Edens, Chairman and CEO of NFE, stated that this authorization strengthens NFE's position as a leading global vertically integrated gas-to-power company and enhances the marketability of their FLNG 1 asset. The company aims to supply cheaper and cleaner natural gas to underserved markets worldwide, furthering their goal of accelerating the world's energy transition.
New Fortress Energy Inc. (NFE) has announced the successful completion of scheduled maintenance for its 1.4 MTPA Fast LNG 1 asset located offshore Altamira, Mexico. The FLNG unit has resumed production as planned, following its first LNG cargo milestone on August 9th. The company expects the FLNG 1 unit to continue its production ramp and reach full production later this month. This development marks a significant step in NFE's operational efficiency and production capabilities in the LNG market.
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.