New Fortress Announces Second Quarter 2021 Results

Source: 8/4/2021, Location: North America

New Fortress Energy Inc. reported its financial results for the second quarter ending June 30, 2021.

Second Quarter Highlights

Commercial update
- Tremendous commercial headway in the Brazil market - Signed eight new sales agreements for 5.8mm Committed(1) gallons per day (“GPD”) contributing to illustrative Total Segment Operating Margin goal(2) of $1.1Bn
- Norsk Hydro – Signed memorandum of understanding (“MOU”) and negotiating for up to 1.0mm GPD Run Rate(3) long-term gas supply agreement for Alunorte refinery, co-located with our Barcarena Terminal
- Executed a Gas Sales Agreement with Industrial Customer in NE Brazil – up to 1.4mm GPD Run Rate(3) to be supplied from our Suape terminal
- Three small-scale LNG sales agreements signed totaling over 200k GPD at Barcarena and Santa Catarina Secured LNG supply for approximately 100% of our expected needs for our terminals and assets across the Caribbean, Mexico and Central America through 2027 at a price indexed to Henry Hub
- Significant volume growth – over 5.8 million Committed(1) GPD with over 12 million of In Discussion(4) GPD
- Signed five new direct sales customer agreements with an estimated 50k new GPD of Committed(1) Volumes

Development update
- Began commercial operations at the Port of Pichilingue in Baja California Sur, Mexico, expect to be fully Operational(5) in 60 days
- Nicaragua project is nearing completion and is expected to be Operational(5) in Q3 2021
- Our development projects in Barcarena, Suape and Santa Catarina are advancing on schedule and expected to be Operational(5) in Q1 2022
- Barcerena and Santa Catarina – Signed EPC contracts, obtained all permits and commenced construction Suape – LNTP to power plant EPC contractor issued
- NFE continues to make great progress on our Fast LNG asset which will help provide us with stable supply at rates well below the open market
- Actively engaging with gas suppliers around the globe to source long-term, fixed price feedstock
- Three world class jack up rigs purchased and transported to the Kiewit shipyard
- Maintaining the development timeline to commence operations in Q4 2022

Financing Update
- NFE closed on a $75mm letter of credit facility that allows us to both release restricted cash and more effectively use cash on hand
- We received approximately $100mm of proceeds on our first asset sale transaction
- We launched a ship financing facility at pricing of LIBOR + 300bps; we have $300mm of funding committed and expect to close in Q3 2021
- Our Board of Directors approved a dividend of $0.10 per share, with a record date of September 7, 2021 and a payment date of September 17, 2021

Financial Highlights
Total Segment Operating Margin(6) of $130mm, including contribution of ~$54mm from our Terminals and Infrastructure segment and ~$76mm from our Ships segment, resulting from incremental revenue from our Ships segment and the Sergipe Power Plant

- Record quarterly revenue of $223.8 million, increasing $78.1 million since the first quarter
- Terminals and Infrastructure Segment Operating Margin (6) increased from the contribution of our effective share of revenue and costs of the Sergipe Power Plant
- Ships Segment Operating Margin(6) includes additional contribution from FSRUs and LNG carriers that are leased to customers under long-term or spot arrangements as well as our effective share of the revenue and costs of the Hilli subsequent to completion of the Hygo and GMLP acquisitions
- Average daily volumes sold in Q2 2021 were approximately 1,496k GPD

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Highlights of 2022's Second Quarter ...

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