Press release
New Fortress Energy Announces Third Quarter 2020 Results, Dividend of $0.10 per Class A common share
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the third quarter ending
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 third quarter ending September 30, 2020. NFE also announced today that its Board of Directors has declared a fourth quarter 2020 common stock dividend of $0.10 per Class A common share.\n\nBusiness Highlights\n\n\nRecord volumes were achieved in the third quarter\n\n\nAverage daily volumes sold in Q3 2020 were approximately 1.5 million gallons per day, which is a 0.6 million increase from Q2 2020\n\n\nGallons per day volumes are expected to be between 1.7 million and 2.0 million on average for the remainder of 2020\n\n\n\n\nConstruction related activities remain largely on time and on budget(1)\n\n\nOur projects in Mexico and Nicaragua should be Operational(2) in the first quarter of 2021\n\n\nWhile we have had some minor delays in permitting and construction execution, all long lead items are on time\n\n\nWe have purchased ISO flex equipment, including a 266 foot OSV and are in the process of manufacturing our proprietary manifold\n\n\n\n\nWe see exciting growth opportunities through our two primary growth channels\n\n\nOrganic growth(3) – We are targeting over 2.5 million GPD of increased volumes through existing infrastructure, which require only modest additional capital\n\n\nInorganic growth(4) – we have over 15 million GPD of In Discussion Volumes(5) across 4 key markets\n\n\n\n\nWe announced two significant green hydrogen developments to advance NFE’s transition to zero emissions:\n\n\nInvested in H2Pro, an Israel-based hydrogen startup that is developing a novel, low-cost hydrogen production technology\n\n\nAnnounced partnership with Long Ridge Terminal Partners and GE Gas Power for first purpose-built hydrogen-burning power plant in US that will begin blending hydrogen with natural gas as early as 2021(6)\n\n\n\n\nDuring the COVID-19 pandemic, we have taken great efforts to ensure continued service and performance for our customers\n\n\nNo significant financial impact to our financial statements as power is an essential good for our customers\n\n\nWe’ve hired over 60 people since the pandemic began and spent nearly $1 million on COVID-19 preventative measures\n\n\n\n\nWe issued $1,000 million of 6.75% senior secured notes\n\n\nCompleted the issuance in September 2020 and used the net...