Press release
New Fortress Energy Announces Fourth Quarter and Full Year 2019 Results
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy LLC (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the fourth quarter and
About this update from New Fortress Energy Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNew Fortress Energy LLC (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the fourth quarter and full year ending December 31, 2019.\n\n\nBusiness Highlights\n\n\n\nThe Company had its first quarter of positive Operating Margin as we continue to transform from a development company to an operating business\n\n\nVolumes sold increased over 200,000 gallons per day (“GPD”) in Q4 2019 from Q3 2019 and are expected to increase to over 2,000,000 GPD during Q2 2020\n\n\nAs development projects reach full commercial operations the Company expects Operating Margin to expand as asset utilization is enhanced\n\n\n\n\nDevelopment projects continue to approach completion\n\n\nJamalco CHP declared COD(1) on March 3, 2020; we are now consistently delivering approximately 100 MW to the Jamaican grid from the Jamalco CHP\n\n\nPuerto Rico Facility being commissioned; First Gas(2) expected in Q1 2020; floating storage vessel arrived on February 24, 2020\n\n\nLa Paz terminal has received all necessary permits for the onshore construction of the power plant which is expected to produce approximately 135 MW\n\n\nExecuted a 25-year, 300 MW PPA with an 85% take or pay requirement in Nicaragua under which we expect to supply approximately 700,000 GPD\n\n\n\n\nNFE executed a term loan facility on January 10, 2020 for $800mm (the “Apollo financing”); this facility repaid the Company’s existing $500mm term loan facility in full, provides additional liquidity, matures in 2023 and can be repaid at par \n\n\nClosing Cash on hand(3) on December 31, 2019 was $93mm which, when combined with the proceeds from the Apollo financing and the remaining proceeds under our Jamaica Senior Secured Bonds, provides over $400mm in cash available to fund all downstream Committed(4) projects \n\n\n\n\nExecuted long-term LNG supply agreement to secure significant volumes to supply certain of our Committed Volumes(5) at historically low LNG prices; we expect to be able to continue to capitalize on the depressed LNG market to both expand and secure long-term operating margins\n\n\nCommercial discussions continue to progress\n\n\nTotal Committed Volumes and In Discussion Volumes(6) increased approximately 58% as compared to December 31, 2018. Committed Volumes plus In Discussion Volumes are now approximately 20mm GPD(7)\n...