Press release
New Fortress Energy Announces Third Quarter 2021 Results and Declares 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, 2021.\n\nThird Quarter Highlights\n\n\nRecord Total Segment Operating Margin(1) in Q3 of approximately $210 million, beating Illustrative Total Segment Operating Margin Goal(2) of $208 million\n\n\nIllustrative Total Segment Operating Margin Goal for the 2nd half of 2021 expected to be $585 million, a 50% increase from the Illustrative Total Segment Operating Margin Goal set in July\n\n\nFY 2022 Illustrative Total Segment Operating Margin Goal is on track for over $1.1 billion with significant earnings growth as Brazil, Ireland and Fast LNG come Online(3)\n\n\nGrowth\n\n\nContinued energy shortages in Brazil have led to emergency power measures, including an auction in the South and Southeast region which took place in October:\n\n\n1.2 GW of new power projects were awarded in the October auction with an average variable power price of $0.14 / kWh\n\n\nNFE positioned to supply LNG through the Santa Catarina terminal to over 400MW (>900k GPD of LNG forecasted) of new power plants\n\n\nSupply period will be Q2 2022 through end of 2025\n\n\n\n\nNFE and Norsk Hydro executed definitive commercial terms for a 15-year LNG supply agreement utilizing NFE’s Barcarena LNG terminal\n\n\n~1.0m GPD to supply the Alunorte alumina refinery (co-located with the Barcarena terminal) starting Q1 2023\n\n\n\n\nDevelopment update\n\n\nNFE continues to make great progress on our first Fast LNG assets, which we intend to deploy through two distinct business lines:\n\n\nTolling agreements with high credit quality counterparties to lock in stable cash flows similar to our current FLNG asset, the Hilli\n\n\nMerchant production where we maximize flexibility by supplying through our owned infrastructure or into the spot market at more profitable rates\n\n\n\n\nIn Nicaragua, we are completing terminal and power plant construction in Q4 2021, and we expect to begin commissioning of our power plant in Q1 2022\n\n\nOur La Paz terminal in Baja California Sur, Mexico is fully Operational(3)\n\n\nCFEnegia power plant fully commissioned on natural gas\n\n\nNFE power plant will begin commissioning in Q4 2021\n\n\n\n\nOur development projects in Barcarena and Santa Catarina are advancing on sched...