FLNG Hilli – Hedged part of TTF linked production for Q1 2022: Golar is pleased to announce that it has entered into swap arrangements to hedge part of its TTF price exposure for the incremental 0.2 MTPA train 3 production for Q1 2022 at a TTF price of $28/MMBtu. With TTF gas prices averaging $28/MMBtu during Q1 2022, the additional capacity utilization is expected to realize $21.2 million of Net Income to Golar for the quarter. This implies a gross tolling fee of $11.4/MMBtu for the incremental production. For each $1.00/MMBtu change in TTF, Net Income realized by Golar will increase (or decrease) by $0.4 million for unhedged volumes during Q1 2022. Golar is also realizing increased Net Income from the Brent link component of production from trains 1 and 2. Golar’s realized share of Net Income increases by $2.7m for every $1/bbl that Brent is above $60/bbl. Assuming the current oil price of approximately $83/bbl for 2022, Net Income realized from the oil derivative will be approximately $15.5m for Q1 2022 or $62m for the full year. Shipping: Golar has recently secured a 1-year fixed time charter for one of its carriers. This will generate approximately $36.5 million of revenue. The seasonal and cyclical strength of the LNG carrier segment remains encouraging. Increasing price arbitrages between LNG trading basins is driving up LNG freight rates in the short term. Increasing demand for LNG freight together with new environmental regulations impacting effective supply of LNG carriers from 2023 add support to the medium and long-term outlook. Charterers are increasingly looking for longer term charters to secure shipping availability.
#155
Re: Golar LNG (GLNG): el ojito derecho de la comunidad value
Golar LNG Limited preliminary fourth quarter and financial year 2021 results
24 Feb 2022
Total Q4 operating revenues of $115.0 million and Adjusted EBITDA1 of $93.5 million.
FLNG Hilli: Increased earnings from Brent Oil linked production, realized income increase of 45% on prior quarter to $12.9 million in Q4. Further 2022 earnings upside from Dutch Title Transfer Facility (“TTF”) linked production.
Formation of Cool Company Limited (“CoolCo”) will reduce Golar's Contractual Debt1 by approximately $833 million and will improve Golar’s cash and marketable securities position by $342 million.
Entered into a new $250.0 million undrawn corporate bilateral facility with Sequoia Investment Management to further increase financial flexibility and facilitate FLNG growth.
Simplification process concluded, focus shift to FLNG growth projects.
Awarded 2021 winner of North America Best ESG Energy Business Strategy by Capital Finance International.
The formation and funding of LNG shipping pure-play CoolCo marks the last major step of Golar LNG Limited’s (“Golar" or “the Company”) corporate simplification process. Over the last 12 months that process has involved the sale of assets and subsidiaries for a total enterprise value of approximately $6.2 billion and the refinancing of around $1 billion of debt. This has crystalized underlying value and significantly strengthened our cash and marketable securities position to more than $1.1 billion, facilitating attractive future growth. Golar will now focus on further increasing the value generated by FLNG Hilli and delivering FLNG Gimi to BP. We will seek further FLNG growth projects, leveraging on our market leading track record of FLNG development, construction and operations. We continue to make significant progress on new FLNG projects with existing and new prospective clients and expect a contract award within 2022.
The FLNG Hilli achieved another quarter of 100% commercial uptime. As announced in July 2021, production has seen a 0.2MTPA increase, effective Q1 2022, where the tariff for the incremental production is linked to TTF gas prices. Based on expected TTF linked earnings for Q1 of $22.1 million, $19.0 million for each of Q2 and Q3, and a current Q4 TTF forward price of $29/MMBtu, Golar's share of Hilli's 2022 TTF linked income is expected to be approximately $80 million. This can be expected to increase (or decrease) by $0.9 million for each $1.00/MMBtu change in the TTF forward price. Current customer of FLNG Hilli, Perenco is progressing with its drilling campaign with the purpose to take advantage of its one-time three year option expiring in July 2022 to increase production by up to 0.4mtpa from 2023-2026 on the same TTF linked tolling agreement.
FLNG Gimi is 80% technically complete. Pre-commissioning and testing of multiple systems is now underway with construction on track to meet the scheduled 2023 start-up date for the 20-year lease and operate agreement with BP. This will unlock around $3.0 billion of earnings backlog1 to Golar. Assuming current Brent oil and TTF prices prevail and Perenco is able to support production of 1.6mtpa from 2023, Golar's share of annual Adjusted EBITDA1 generation from Hilli and Gimi could exceed $400 million within 3 years, a quadrupling of 2021 FLNG related earnings.
The formation of CoolCo enables an attractive business separation of Golar’s 8 TFDE1 vessels, creating a leading market player for LNG shipping. By separating shipping activities from the FLNG segment, we allow for pure play exposures that may facilitate faster and more attractive growth for both business segments. Golar shares the enthusiasm of 38% CoolCo owner EPS Ventures Ltd. for further consolidation in the sector and sees some interesting near-term opportunities. As a result of the CoolCo transaction Golar will de-consolidate approximately $832.9 million of year-end Contractual Debt1 associated with the 8 TFDE1 vessels upon closing, expected during Q1 2022. Golar also expects to receive a cash settlement of approximately $217 million, whilst retaining meaningful exposure to an expected continued strengthening of LNG shipping fundamentals. Golar will equity account for its approximate 31% interest in CoolCo upon closing of the sale and purchase agreements.
The Company will continue to explore conversion, sale, or charter alternatives for its remaining steam turbine vessel Golar Arctic, and TFDE1 FSRU Golar Tundra. Golar Tundra is one of the highest-spec large FSRUs available in the market for potential charterers looking to secure a rapid backup source of gas. Recent political developments have enhanced the attractiveness of this position
#156
Re: Golar LNG (GLNG): el ojito derecho de la comunidad value
Golar LNG's 1st Quarter 2022 results will be released before the NASDAQ opens on Thursday, May 26, 2022. In connection with this a webcast presentation will be held at 3:00 P.M (London Time) on Thursday May 26, 2022.
We recommend that participants join the conference call via the listen-only live webcast link provided. Sell-side analysts interested in raising a question during the Q&A session that will immediately follow the presentation should access the event via the conference call dial-in information below. Please dial in 10-15 minutes prior to the start time to allow time for call handling.
Information on how to ask questions will be given at the beginning of the Q&A session. There will be a limit of two questions per participant.
#157
Re: Golar LNG (GLNG): el ojito derecho de la comunidad value
Os dejo el link de la actualización de la tesis de Golar que hice hace unos días:
moram.eu/golar-lng-2022/
Aparte de valoración, explica con detalle los tipos de diseños FLNG que tienen, los diferentes activos que han vendido y tienen actualmente, situación del gas natural, planes a corto plazo...
Espero que os resulte interesante ;)
#158
Re: Golar LNG (GLNG): el ojito derecho de la comunidad value
Nuevo
Buenas tardes y felices fiestas!
Seguís viendo la situación igual? supongo que hasta febrero-junio no veremos movimientos en el precio (salvo que ocurra algún imprevisto).
un saludo
#159
Re: Golar LNG (GLNG): el ojito derecho de la comunidad value
Los resultados de ayer lo más destacable es que ha comprado (opción de compra que expira en 2Q23) un barco LNGC Moss para hacer el Mark II y han semireservado el slot en el astillero para tenerlo listo en 4Q25. También han cuasiconfirmado que será un proyecto integrado (no toiling como los dos hasta ahora) y que Hilli en 2026 irá también a un proyecto integrado. Por la tecnología del diseño Mark II, este barco tiene que estar en el astillero a principios del año que viene puesto que ahora se está trabajando con la parte de liquefacción (el barco literalmente se corta en dos y se pone la liquefacción en el medio, reduciendo los timings) Capex sobre $1.8-2Bn
Os dejo el articulo entero con resultados, resumen de la conference call y opinión de que esperar en los próximos meses
