Golar Lng Limited · NASDAQ:GLNG
Golar Lng — Q4 2024 Earnings Presentation
24 slides from Golar Lng's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter 2024 Results
FOURTH QUARTER 2024 RESULTS February 27, 2025 Golar LNG Limited 2024 I 1
Slide 2: Forward looking statements
Forward looking statements This press release contains forward-looking statements (as our ability and that of our counterparty to meet our other key project stakeholders; increased tax liabilities in the year ended December 31, 2023, filed with the defined in Section 21E of the Securities Exchange A
Slide 3: Market leader for FLNG infrastructure
Market leader for FLNG infrastructure Operating/future assets & investments Key figures FLNG Assets on the water FLNG Under construction $4.0BN Market Cap2) $699M Total Golar Cash1) $816M FLNG Hilli (operational) - MKI (2.4mtpa) FLNG Gimi (commissioning) – MKI (2.7mtpa) MKII FLNG – 2027 delivery (3.
Slide 4: Increasing FLNG core exposure and sale of non-core assets
Increasing FLNG core exposure and sale of non-core assets $60M cash acquisition of all minority interests in Hilli, funded by $63M proceeds from sale of non-core shipping assets Golar now owns 100% of FLNG Hilli Sale of non-core assets • In December 2024, Golar acquired all outstanding minority • In
Slide 5: Golar owns the world's largest FLNG capacity and the only proven provider of FLNG as a service
Golar owns the world’s largest FLNG capacity and the only proven provider of FLNG as a service Overview of the global FLNG fleet by Owner 8.6 FLNG #1 FLNG #2 Under construction 6.4 3.5 Operating capacity 2.4 4.7 (mtpa) 3.6 2.7 0.6 2.0 3.3 1.2 1.4 3.4 3.6 3.3 2.4 1.5 1.4 Company Liquefaction against
Slide 6: Business update, Group results, Summary
Business update Group results Summary Golar LNG Limited 2024 I 6
Slide 7: Q4 2024 highlights and subsequent events
Q4 2024 highlights and subsequent events FLNG Corporate and other YTD 2024 financial highlights: FLNG Hilli: • 2024 net income of $81M before non-controlling interests and • Offloaded 128 cargoes. 8.9 MT of LNG offloaded since COD inclusive of non-cash items1) of $131M • Golar now owns 100% of the F
Slide 8: FLNG Hilli update
FLNG Hilli update FLNG Hilli: Maintains market leading track record Key effects of acquisition of minority interests Golar now owns 100% of FLNG Hilli, with all distributable earnings from October 2024 onwards attributed to Golar Adjusted Tolling fee FLNG EBITDA1) backlog Approx. ~$7.0M incremental
Slide 9: FLNG Hilli redeployment: local and international partners strengthen Southern Energy
FLNG Hilli redeployment: local and international partners strengthen Southern Energy Southern Energy S.A. (Argentina) Pan American Energy Harbour Energy Pampa Energia YPF Golar LNG 40% 20% 15% 15% 10% Market cap $12.3BN16) $4.1BN15) $4.8BN15) $15.9BN15) $4.0BN2) 50% 50% 50% 50% • Harbour Energy, Pam
Slide 10: FLNG Gimi update
FLNG Gimi update FLNG Gimi: First gas from GTA field received Commissioning update • Accelerated Commissioning activities commenced mid-October 2024, achieving significant progress on FLNG commissioning ahead of first field gas • First field gas received from GTA Field in January 2025, resulting in
Slide 11: MKII FLNG update
MKII FLNG update • Fuji LNGC arrived in CIMC’s Yantai shipyard on February 14, 2025 • Nearing completion of long-lead equipment ordered pre-EPC, first shipments enroute to shipyard • Total spend to date of ~0.6BN6) fully equity funded • Project remains on track for delivery in Q4 2027 • MKII FLNG is
Slide 12: FLNG business development
FLNG business development Business development update Existing and FLNG contracts4) • Strong progress on FLNG commercial developments • Target FLNG opportunities with attractive base tariff and commodity upside participation • In advanced commercial discussions for MKII FLNG deployment • Projects wi
Slide 13: Long-term LNG demand outlook remains strong
Long-term LNG demand outlook remains strong Continued need for LNG supply developments to meet expected demand Strengthening global LNG demand outlook • Increasing demand in emerging economies, with material increases Global LNG Supply & Demand in connections to expanding gas grids in India and Chin
Slide 14: Business update, Group results, Summary
Business update Group results Summary Golar LNG Limited 2024 I 14
Slide 15: Fourth quarter and year-to-date 2024 results
Fourth quarter and year-to-date 2024 results Q4 2024 Q3 2024 YTD 2024 YTD 2023 Q4 2024 Highlights $m $m $m $m FLNG (before realized gains on oil and gas • Total operating revenues of $66M 56 56 225 245 derivative instruments) Corporate and other 6 6 23 35 • FLNG tariff, net1), 10) of $86M Shipping 4
Slide 16: FLNG Hilli: Generating strong cash flows to equity
FLNG Hilli: Generating strong cash flows to equity on current contract utilization Evolution of Hilli Distributable Adjusted EBITDA1), 11) and free cash generation Further upside from commodity (Golar’s pro rata share) linked earnings 90 $ Millions 84.1 80 Commodity: Brent Crude oil Free cash flow t
Slide 17: FLNG growth to be funded by earnings-backed re-leveraging
FLNG growth to be funded by earnings-backed re-leveraging Debt overview MKII project funding Facility Outstanding debt principal at Q4 • MKII FLNG capex spend to date of $0.6BN6) (funded by equity) against total 2024 (Golar’s share, $millions) FLNG conversion budget of $2.2BN8) Unsecured bonds 2021/
Slide 18: Business update, Group results, Summary
Business update Group results Summary Golar LNG Limited 2024 I 18
Slide 19: Key 2024 milestones and focus for 2025
Key 2024 milestones and focus for 2025 2024 milestones 2025 action list Gimi arrived at the GTA Hub in January Refinancing of the FLNG Gimi Agreed commercial reset with bp Conclude conditions precedent on the 20-year Definitive agreement for 20-year charter with Southern Energy contract in Argentina
Slide 20: Appendices
Appendices Golar LNG Limited 2024 I 20
Slide 21: Appendices: Non-GAAP measures
Appendices: Non-GAAP measures Non-GAAP measure Definitions • Adjusted EBITDA Please see our Q4 2024 earnings release for a reconciliation to the most comparable US GAAP measure and the rationale for • Adjusted EBITDA backlog the adjustments: https://www.golarlng.com/investors/quarterly-reports/2024
Slide 22: Appendices: Non-GAAP measures (continued)
Appendices: Non-GAAP measures (continued) Non-GAAP measure Rationale for adjustments QUANTITATIVE RECONCILIATION Distributable Adjusted Oct-Dec Jul-Sep Oct-Dec Increases the comparability of the EBITDA1) operating results of the FLNG Hilli (in $M) 2024 2024 2023 from period to period by removing the
Slide 23: Appendices: Endnotes
Appendices: Endnotes 1. See Appendices: Non-GAAP measures for definitions and reconciliations of non-GAAP measures 2. Market cap: 104.5M shares at a closing price of $38.45 as of February 26, 2025 3. Golar’s net interest-bearing debt: Golar share of Contractual debt1) of $1.515BN less Total Golar Ca
Slide 24: Appendices: Abbreviations used
Appendices: Abbreviations used COD Commercial Operations Date bbl barrel of crude oil EBITDA Earnings before interest, taxes, depreciation and amortization EPC Engineering, Procurement and Construction FID Final Investment Decision FLNG Floating Liquefaction Natural Gas vessel LNG Liquefied Natural