Press release
Golar LNG Limited preliminary fourth quarter and financial year 2022 results
Golar LNG Limited (“Golar” or “the Company”) reports 2022 annual net income attributable to Golar of $788 million, record total book value of equity of $2.9
About this update from Golar Lng Limited
[{"type":"text","content":"Golar LNG Limited (“Golar” or “the Company”) reports 2022 annual net income attributable to Golar of $788 million, record total book value of equity of $2.9 billion and Total Golar Cash1 of $991 million, inclusive of $112 million of restricted cash.Q4 2022 (\"Q4\" or \"the quarter\") net income of $71 million and Adjusted EBITDA1 of $87 million.Exited New Fortress Energy Inc. (“NFE”) investment, by selling 8.3 million shares in NFE for net proceeds of $418 million, and by agreeing to acquire NFE's interest in Golar Hilli LLC for our remaining 4.1 million NFE shares and $100 million in cash (“the Hilli transaction”), increasing Golar’s run-rate Adjusted EBITDA1 by approximately $70 million. Exited Cool Company Ltd. (“CoolCo”) investment, by selling 8 million shares in Q4 raising net proceeds of $98 million, and a further 4.5 million shares on February 28, 2023 that are expected to raise net proceeds of around $56 million. Secured an LNG carrier intended for conversion to a 3.5MTPA Mark II FLNG.Unwound 2023 and 2024 Dutch Title Transfer Facility natural gas (“TTF”) hedges locking in approximately $140 million of Distributable Adjusted EBITDA1.Repurchased $141 million of $300 million 2025 maturing unsecured bonds at par. Golar’s streamlined focus on FLNG positions the company to take advantage of the most profitable segment of the LNG value chain. The recently announced Hilli transaction, the upcoming commencement of the 20-year Gimi contract, and cash flows locked in through the TTF hedges secure strong growth in free cash flow from operations. A strong balance sheet position, low leverage and strong cash flow from operations allow for expansion of the FLNG business and return of value to shareholders. The board and management are exploring alternatives to commence a dividend and/or a new share buyback program. FLNG Hilli: Distributable Adjusted EBITDA1 from FLNG Hilli increased by $20 million from $94 million in Q3 2022 to $114 million in Q4 2022, of which Golar's share was $86 million, compared to $64 million in Q3 2022. Due to a combination of upstream technical issues and FLNG Hilli maintenance, 2022 LNG production was 3.5% below the annual contracted 1.4MTPA and a $36 million accounting liability was recognized. The issues that resulted in the reduced production were resolved in Q4 2022 and FLNG Hilli has been producing to sc...