Welcome to our dedicated page for Golar LNG news (Ticker: GLNG), a resource for investors and traders seeking the latest updates and insights on Golar LNG stock.
Golar LNG Ltd (Nasdaq: GLNG) is one of the world’s largest independent owners and operators of marine-based LNG midstream infrastructure. The company specializes in the liquefaction, transportation, and regasification of natural gas. With over 40 years of experience in the LNG midstream sector, Golar LNG Ltd has built a reputation for providing flexible, low-cost, and fast-track LNG-based solutions designed to succeed even in low commodity price environments.
Golar LNG Ltd's core business includes the operation of a fleet of Floating Liquefaction Natural Gas vessels (FLNG) and Floating Storage and Regasification Units (FSRU). The company is actively involved in the entire LNG supply chain, from the well to the consumer, and operates several significant projects and joint ventures. One noteworthy partnership is with Schlumberger in a joint venture known as OneLNG, focused on floating liquefaction. Another key partnership is with Stonepeak, forming Golar Power, dedicated to the ownership and operation of FSRUs and power generation infrastructure.
Golar LNG Ltd continues to expand its innovative floating LNG assets to monetize natural gas reserves effectively and deliver LNG. The company's vision is to revolutionize the LNG market by leveraging its marine expertise and innovative solutions.
Financially, Golar LNG Ltd generates most of its revenue from the FLNG segment, which highlights the company's strategic focus on this profitable area. The company is listed on the Nasdaq stock market under the symbol GLNG, making it an accessible investment option for those interested in the LNG sector.
Recent achievements include several key financial and operational milestones. These developments underline Golar LNG Ltd's commitment to growth and maintaining its position as a leader in the LNG industry.
Golar LNG plans to release its 1st Quarter 2023 results before the NASDAQ opens on May 30, 2023. A webcast presentation will follow at 1:00 P.M. (London Time) on the same day, available for download on their Investor Relations page. Analysts wishing to participate in the Q&A session should join via conference call. A link to the listen-only live webcast is provided, and participants are encouraged to connect 10 minutes early. For those unable to attend live, an audio replay will be accessible for a limited time on Golar LNG’s website. This announcement adheres to the disclosure requirements under the Norwegian Securities Trading Act.
Golar LNG Limited has filed its Form 20-F for the year ended December 31, 2022, with the U.S. Securities and Exchange Commission. This document provides comprehensive financial details and operational insights essential for stakeholders. Shareholders can download the Form 20-F directly from the company's website or request a hard copy free of charge. The filing underscores Golar LNG's commitment to transparency in reporting financial performance.
The announcement is dated March 31, 2023, and is compliant with the disclosure requirements of the Norwegian Securities Trading Act.
Golar LNG Limited has finalized its acquisition of New Fortress Energy Inc.'s 50% interest in FLNG Hilli, effective January 1, 2023. In exchange, Golar has transferred 4.1 million NFE shares, paid NFE $100 million in cash, and assumed $323 million of FLNG Hilli debt. This strategic move is part of Golar's broader operational plans. The announcement includes forward-looking statements that highlight potential risks and uncertainties affecting future performance. Golar emphasizes that actual outcomes may differ from expectations, advising caution in relying on these projections.
Golar LNG Limited announced a 2022 annual net income of $788 million and a total book value of equity of $2.9 billion. In Q4 2022, net income reached $71 million with an Adjusted EBITDA of $87 million. The company exited investments in New Fortress Energy and Cool Company, raising proceeds of $418 million and $98 million, respectively. Golar's focus on floating LNG (FLNG) aims to capitalize on lucrative market segments, with expectations of increased Adjusted EBITDA from FLNG Hilli of approximately $70 million through 2026. The company’s financial stability allows for potential dividends or share buybacks.
Golar LNG Limited has reached an agreement to acquire New Fortress Energy's stake in FLNG Hilli for 4.1 million shares of NFE and $100 million in cash. Golar will assume approximately $323 million in debt obligations tied to Hilli. Post-transaction, Golar's effective interest in FLNG Hilli earnings will rise significantly, securing major portions of earnings from contracted fees until July 2026. Golar aims to enhance cash flow, simplify ownership, and strengthen their market position amidst favorable LNG market conditions. This strategic move is set for closure in Q1 2023.
New Fortress Energy (NFE) has entered into an agreement with Golar LNG Limited (GLNG) to sell its stake in the Hilli floating liquefaction facility, receiving 4.1 million NFE shares and $100 million in cash. This transaction will reduce NFE's outstanding shares to approximately 204.7 million and will also allow NFE to eliminate $323 million in associated debt. The deal aims to enable NFE to concentrate on its fully-owned floating LNG portfolio and repurchase its shares at attractive valuations. The transaction is expected to close in Q1 2023, subject to customary conditions.
Golar LNG is set to report its 4th Quarter 2022 results prior to NASDAQ opening on February 28, 2023. A webcast presentation will occur at 1:00 PM London Time on the same day, available for download through their Investor Relations section. Participants are encouraged to join via the live webcast or attend the teleconference, which requires registration for dial-in details. There will be a Q&A session following the presentation, with a limit of two questions per participant. This event will be relevant for investors seeking insights into the company's performance for the last quarter.
Golar LNG Limited has unwound the majority of its swap arrangements for TTF-linked production on the FLNG Hilli, securing approximately $76 million in Distributable Adjusted EBITDA for March-December 2023. This includes 100% of production unwound at $21.80/MMBtu, yielding a net gain of $28.2/MMBtu. For 2024, Golar expects $49 million in Distributable Adjusted EBITDA, with 50% of production unwound at $20.55/MMBtu. Overall, Golar's secured value from TTF hedges amounts to $140 million, translating to $1.3 cash flow per share. The company's share of expected annual debt service is around $50 million.
Golar LNG Limited has successfully completed a buy-back of its senior unsecured bonds, as announced on December 5, 2022. The Reverse Dutch Auction, which closed on December 9, accepted offers at up to 100% of par value, totaling approximately USD 140 million. Cash settlement for this repurchase is anticipated on December 15, 2022. DNB Markets served as the Manager for the buy-back, contributing to Golar's strategy of optimizing its capital structure.
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