Press release
New Fortress Energy Announces First Quarter 2022 Results
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter of
About this update from New Fortress Energy Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNew Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter of 2022.\n\nSummary Highlights\n\n\nReported Q1 2022 net cash flow from operations of $114 million, net income of approximately $241 million and EPS of $1.13 per share on a fully diluted basis\n\n\nReported Q1 2022 Adjusted EBITDA of approximately $258 million (six-months trailing of $592 million)\n\n\nReiterated on-track to achieve illustrative full-year 2022 and 2023 Adjusted EBITDA targets(1) of $1.0+ billion and $1.5+ billion, respectively\n\n\nNFE’s Board of Directors approved a dividend of $0.10 per share, with a record date of June 14, 2022 and a payment date of June 28, 2022\n\n\nContinued to execute across multiple strategic initiatives. Within the past 60 days:\n\n\nAccelerated optimization initiatives associated with NFE’s floating storage and regasification (FSRU) ships portfolio – 9 FSRUs in total (6 operational, 3 conversion candidates), 3 open / coming open in 2022\n\n\nExecuted two 20-year sale and purchase agreements with Venture Global for total 2 million tonnes per annum (mtpa) of LNG supply on free-on-board basis (FOB) from announced / expected onshore Louisiana LNG facilities\n\n\nMaterially progressed Fast LNG liquefaction FID projects (Fast LNG 1-3) and new Fast LNG opportunities:\n\n\nAdvanced commercial discussions with Eni(2) for 1.4 mtpa (tolling arrangement with 50% offtake rights to NFE per signed MOU announced 2/28)\n\n\nFiled permit applications for 2.8 mtpa deployment offshore Louisiana (100% merchant to NFE, targeted initial in-service 1Q23)\n\n\nLong-lead procurement items for Fast LNG units 2 and 3 have been placed; on schedule with construction activities to place 2 Fast LNG units into service in 2023\n\n\nAdvanced pre-application progress for 6 additional Fast LNG permits (1.4 mtpa each) for offshore U.S. Gulf Coast deployment\n\n\n\n\nAdvanced Zero Parks hydrogen business in-line with previously reported expectations; expect to reach FID(3) and break ground on U.S. Gulf Coast green hydrogen project in Q2 2022\n\n\n\n\nFinancial Highlights\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n\n\n(in millions, except Average Volumes)\n\n\n\nMarch 31, 2021\n\n\n\n \n\n\n\nDecember 31,\n2021\n\n\n\n \n\n\n\nMarch 31, 2022\n\n\n\n\n\nRevenues\n\n\n\n$\n\n\n...