Press release
Interim results for the period ended June 30, 2023
Highlights and subsequent events Golar LNG Limited (“Golar” or “the Company”) reports Q2 2023 Net income of $7 million, and Adjusted EBITDA1 of $83 million,
About this update from Golar Lng Limited
[{"type":"text","content":"Highlights and subsequent events Golar LNG Limited (“Golar” or “the Company”) reports Q2 2023 Net income of $7 million, and Adjusted EBITDA1 of $83 million, inclusive of $72 million of non-cash items.Total Golar Cash1 of $884 million, inclusive of $113 million of restricted cash.Executed amendments to existing Hilli debt facility that reduce debt service cost. Exercised option to acquire 2004 built LNG carrier Fuji LNG targeted for conversion to a 3.5mtpa MKII FLNG.Agreed to sell 1977 built LNG carrier Gandria for net consideration of $15 million.Signed heads of terms with Nigeria National Petroleum Corporation (“NNPC”) for joint development of gas fields using FLNG, expanding on the Memorandum of Understanding (“MOU”) signed in April 2023.FLNG Gimi conversion works 97% complete. Yard departure scheduled for September 2023.Repurchased 1.4 million shares at an average cost of $21.06 per share. 106.0 million shares issued and outstanding as of June 30, 2023.Declared dividend of $0.25 per share for the quarter. FLNG Hilli: Maintained strong operational performance throughout the quarter. Q2 2023 Distributable Adjusted EBITDA1 from FLNG Hilli was $83 million, of which Golar’s share was $79 million, an $11 million decrease compared to Q1 2023, due to lower Brent oil and Dutch Title Transfer Facility (“TTF”) prices. For the remainder of 2023 and 2024, the locked in TTF Distributable Adjusted EBITDA1 as a result of the effective unwinding of prior TTF hedges, which will be additional to Golar’s share of tolling fees and market linked Brent oil and TTF fee exposures, will be allocated as follows: July-December 2023: 100% of TTF linked production unwound securing approximately $46 million of Distributable Adjusted EBITDA1 equivalent to approximately $23 million for each of quarters 3 and 4; andFull year 2024: 50% of TTF linked production unwound securing approximately $49 million of Distributable Adjusted EBITDA1 equivalent to approximately $12 million per quarter in 2024. As the TTF hedges have been effectively unwound and secured, Golar remains fully exposed to TTF prices, with additional Distributable Adjusted EBITDA1 of $18 million expected for the remainder of 2023 based on a forward price of $14.7/MMBtu, increasing or decreasing by $1.4 million for every +/- $1.0 change in TTF. Similarly for 2024, based on a forward price of $17.2/...