Press release
Interim results for the period ended September 30, 2022
Golar LNG Limited ("Golar" or "the Company") reports Net income of $141.1 million and Adjusted EBITDA1 of $85.2 million for Q3 2022 ("Q3" or "the
About this update from Golar Lng Limited
[{"type":"text","content":"Golar LNG Limited (\"Golar\" or \"the Company\") reports Net income of $141.1 million and Adjusted EBITDA1 of $85.2 million for Q3 2022 (\"Q3\" or \"the quarter\").FLNG Hilli customer elected to exercise optional capacity of 0.2 million tons per annum (\"MTPA\") of Dutch Title Transfer Facility (“TTF”) linked production from 2023 to 2026. Entered into swap arrangements to hedge approximately 50% of Golar's exposure to TTF linked FLNG Hilli production for Q4 2022, 100% of Golar’s exposure to 2023 TTF linked production, and 50% of Golar’s exposure to 2024 TTF linked production.Sold 8.0 million shares in Cool Company Ltd. (“CoolCo”) and 6.3 million shares in New Fortress Energy Inc. (“NFE”), raising net proceeds of $430 million in November.Strong customer development for FLNG growth projects, including working with upstream company for potential integrated FLNG project, and paid development agreements with a supermajor and an independent E&P company for new FLNG opportunities.Ordered long-lead items for a new Mk II 3.5MTPA FLNG for delivery in 2025. FLNG operations: Distributable Adjusted EBITDA1 from FLNG Hilli increased by $1.9 million from $92.5 million in Q2 2022 to $94.4 million in Q3, of which Golar's share was $64.1 million, compared to $62.5 million in Q2. FLNG Hilli's scheduled maintenance window during the quarter was extended by several days as a result of unscheduled maintenance work. Accruals for overproduction during Q1 and Q2 2022 amounting to $14.4 million were reversed and an estimated $0.9 million of revenue reduction due to demurrage delays was incurred in Q3. After receiving instruction that FLNG Hilli should continue to produce 0.2MTPA of TTF linked production from 2023 until the end of the current contract in July 2026, Golar entered into three swap transactions collectively securing, subject to vessel availability, around $250 million of incremental earnings attributable to Golar: August 9, 2022: Hedged 50% of Golar’s 2023 exposure to FLNG Hilli’s TTF linked production at a TTF price of $49.50/MMBtu, the energy equivalent of $291 Brent oil.August 24, 2022: Hedged 50% of Golar’s 2024 exposure to FLNG Hilli’s TTF linked production at a TTF price of $51.20/MMBtu, the energy equivalent of $301 Brent oil.September 2, 2022: Hedged the remaining 50% of Golar’s exposure to FLNG Hilli’s 2023 TTF linked production at a...