Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 23, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Securities Act File Number | 001-41352 | ||
Entity Registrant Name | Excelerate Energy, Inc | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 87-2878691 | ||
Entity Address, Address Line One | 2445 Technology Forest Blvd | ||
Entity Address, Address Line Two | Level 6 | ||
Entity Address, City or Town | The Woodlands | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77381 | ||
City Area Code | 832 | ||
Local Phone Number | 813-7100 | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value per share | ||
Trading Symbol | EE | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001888447 | ||
Amendment Flag | false | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Houston, Texas. | ||
Documents Incorporated By Reference | The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the Annual Meeting of Shareholders to be held in 2023, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates. | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Public Float | $ 522,983,007 | ||
Excelerate Energy, Inc [Member] | Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 26,254,167 | ||
Excelerate Energy, Inc [Member] | Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 82,021,389 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 516,659 | $ 72,786 |
Current portion of restricted cash | 2,614 | 2,495 |
Accounts receivable, net | 79,694 | 260,535 |
Accounts receivable, net - related party | 2,595 | 11,140 |
Inventories | 173,603 | 105,020 |
Current portion of net investments in sales-type leases | 13,344 | 12,225 |
Other current assets | 35,026 | 26,194 |
Total current assets | 823,535 | 490,395 |
Restricted cash - non-current | 18,698 | 15,683 |
Property and equipment, net | 1,455,683 | 1,433,169 |
Operating lease right-of-use assets | 78,611 | 106,225 |
Net investments in sales-type leases | 399,564 | 412,908 |
Investment in equity method investee | 24,522 | 22,051 |
Deferred tax assets, net | 39,867 | 939 |
Other assets | 26,342 | 19,366 |
Total assets | 2,866,822 | 2,500,736 |
Current liabilities | ||
Accounts payable | 94,770 | 303,651 |
Accounts payable to related party | 2,054 | 7,937 |
Accrued liabilities and other liabilities | 66,888 | 105,034 |
Current portion of deferred revenue | 144,807 | 9,653 |
Current portion of long-term debt | 20,913 | 19,046 |
Current portion of long-term debt - related party | 7,661 | 7,096 |
Current portion of operating lease liabilities | 33,612 | 30,215 |
Current portion of finance lease liabilities | 20,804 | 21,903 |
Current portion of finance lease liabilities - related party | 0 | 15,627 |
Total current liabilities | 391,509 | 520,162 |
Long-term debt, net | 193,396 | 214,369 |
Long-term debt, net - related party | 180,772 | 191,217 |
Operating lease liabilities | 48,373 | 77,936 |
Finance lease liabilities | 210,354 | 229,755 |
Finance lease liabilities - related party | 0 | 210,992 |
TRA liability | 72,951 | |
Asset retirement obligations | 39,823 | 34,929 |
Long-term deferred revenue | 32,947 | 14,451 |
Derivative liabilities | 2,999 | |
Total liabilities | 1,170,125 | 1,496,810 |
Commitments and contingencies (Note 22) | ||
Additional paid-in capital | 464,721 | |
Equity interest | 1,135,769 | |
Retained earnings | 12,009 | |
Related party note receivable | (6,759) | |
Accumulated other comprehensive income (loss) | 515 | (9,178) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Non-controlling interest | 1,219,344 | 14,376 |
Total equity | 1,696,697 | 1,003,926 |
Total liabilities and equity | 2,866,822 | 2,500,736 |
ENE Onshore [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Non-controlling interest | 0 | (130,282) |
Common Class A [Member] | ||
Current liabilities | ||
Common stock Value | 26 | |
Common Class B [Member] | ||
Current liabilities | ||
Common stock Value | $ 82 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common Class A [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 300,000,000 | 0 |
Common stock, issued | 26,254,167 | 0 |
Common stock, outstanding | 26,254,167 | 0 |
Common Class B [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 150,000,000 | 0 |
Common stock, issued | 82,021,389 | 0 |
Common stock, outstanding | 82,021,389 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Total revenues | $ 2,472,973 | $ 888,555 | $ 430,843 |
Operating expenses | |||
Cost of revenue and vessel operating expenses (exclusive of items below) | 209,195 | 192,723 | 150,478 |
Direct cost of gas sales | 1,906,781 | 390,518 | 0 |
Depreciation and amortization | 97,313 | 104,908 | 104,167 |
Selling, general and administrative expenses | 66,099 | 47,088 | 42,942 |
Restructuring, transition and transaction expenses | 6,900 | 13,974 | 0 |
Total operating expenses | 2,286,288 | 749,211 | 297,587 |
Operating Income | 186,685 | 139,344 | 133,256 |
Other income (expense) | |||
Interest expense | (33,927) | (31,892) | (37,460) |
Interest expense - related party | (25,612) | (48,922) | (51,970) |
Earnings from equity method investment | 2,698 | 3,263 | 3,094 |
Early extinguishment of lease liability on vessel acquisition | (21,834) | 0 | 0 |
Other income (expense), net | 312 | 564 | (92) |
Income before income taxes | 108,322 | 62,357 | 46,828 |
Provision for income taxes | (28,326) | (21,168) | (13,937) |
Net income | 79,996 | 41,189 | 32,891 |
Less net loss attributable to non-controlling interest | 55,119 | 3,035 | 2,622 |
Less pre-IPO net income attributable to EELP | 11,897 | ||
Net income attributable to shareholders | $ 13,323 | $ 0 | $ 0 |
Net income per common share - basic | $ 0.51 | $ 0 | $ 0 |
Net income per common share - diluted | $ 0.51 | $ 0 | $ 0 |
Weighted average shares outstanding - basic | 26,254,167 | 0 | 0 |
Weighted average shares outstanding - diluted | 26,262,107 | 0 | 0 |
ENE Onshore | |||
Other income (expense) | |||
Less net loss attributable to non-controlling interest | $ (1,396) | $ (2,964) | $ (8,484) |
EELP | |||
Other income (expense) | |||
Less pre-IPO net income attributable to EELP | 12,950 | 41,118 | 38,753 |
FSRU and terminal services | |||
Revenues | |||
Total revenues | 445,157 | 468,030 | 430,843 |
Gas Sales | |||
Revenues | |||
Total revenues | $ 2,027,816 | $ 420,525 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 79,996 | $ 41,189 | $ 32,891 |
Other comprehensive income | |||
Share of other comprehensive income (loss) of equity method investee | 4,997 | 2,458 | (2,247) |
Change in unrealized gains (losses) on cash flow hedges | 5,453 | 3,325 | (3,186) |
Other comprehensive loss attributable to non-controlling interest | (757) | 0 | 0 |
Pre-IPO other comprehensive income (loss) attributable to EELP | (5,458) | (5,783) | 5,433 |
Comprehensive income | 84,231 | 41,189 | 32,891 |
Less comprehensive income attributable to non-controlling interest | 55,119 | 3,035 | 2,622 |
Less pre-IPO net income attributable to EELP | 11,897 | ||
Comprehensive income attributable to shareholders | 17,558 | 0 | 0 |
ENE Onshore [Member] | |||
Other comprehensive income | |||
Less comprehensive income attributable to non-controlling interest | (1,396) | (2,964) | (8,484) |
EELP [Member] | |||
Other comprehensive income | |||
Less pre-IPO net income attributable to EELP | $ 12,950 | $ 41,118 | $ 38,753 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 79,996 | $ 41,189 | $ 32,891 |
Adjustments to reconcile net income to net cash from operating activities | |||
Depreciation and amortization | 97,313 | 104,908 | 104,167 |
Amortization of operating lease right-of-use assets | 31,699 | 23,496 | 12,381 |
ARO accretion expense | 1,494 | 1,430 | 1,370 |
Amortization of debt issuance costs | 2,664 | 1,394 | 1,827 |
Deferred income taxes | 2,255 | (966) | 408 |
Share of net earnings in equity method investee | (2,698) | (3,263) | (3,094) |
Distributions from equity method investee | 4,950 | 0 | 0 |
Long-term incentive compensation expense | 956 | 0 | 0 |
Early extinguishment of lease liability on vessel acquisition | 21,834 | 0 | 0 |
Non-cash restructuring expense | 1,574 | 0 | 0 |
(Gain)/loss on other operating | (2,224) | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 197,903 | (247,174) | (2,453) |
Inventories | (68,583) | (82,667) | (17,114) |
Other current assets and other assets | (22,826) | (17,792) | (19,279) |
Accounts payable and accrued liabilities | (258,281) | 341,339 | 7,318 |
Derivative liabilities | 3,083 | 445 | (602) |
Current portion of deferred revenue | 135,154 | (2,329) | 2,050 |
Net investments in sales-type leases | 12,225 | 10,229 | 8,777 |
Operating lease assets and liabilities | (30,252) | (22,436) | (11,912) |
Other long-term liabilities | 16,854 | (6,190) | (7,771) |
Net cash provided by (used in) operating activities | 225,090 | 141,613 | 108,964 |
Cash flows from investing activities | |||
Purchases of property and equipment | (119,267) | (36,091) | (41,258) |
Net cash used in investing activities | (119,267) | (36,091) | (41,258) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock, net | 412,148 | 0 | 0 |
Proceeds from long-term debt - related party | 654,000 | 118,309 | 62,750 |
Repayments of long-term debt - related party | (653,409) | (82,153) | (16,280) |
Repayments of long term debt | (20,311) | (29,214) | (27,617) |
Proceeds from revolving credit facility | 140,000 | 0 | 0 |
Repayments of revolving credit facility | (140,000) | 0 | 0 |
Payment of debt issuance costs | (5,951) | (1,188) | 0 |
Related party note receivables | 0 | (200,500) | 0 |
Collections of related party note receivables | 6,600 | 122,338 | 0 |
Settlement of finance lease liability - related party | (25,000) | 0 | 0 |
Principal payments under finance lease liabilities | (20,499) | (36,262) | (34,143) |
Principal payments under finance lease liabilities - related party | (2,912) | (15,427) | (14,558) |
Dividends paid | (1,313) | 0 | 0 |
Distributions | (4,101) | 0 | (7,590) |
Contributions | 1,932 | 0 | 6,000 |
Net cash provided by (used in) financing activities | 341,184 | (124,097) | (31,438) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 447,007 | (18,575) | 36,268 |
Cash, cash equivalents and restricted cash | |||
Beginning of period | 90,964 | 109,539 | 73,271 |
End of period | $ 537,971 | $ 90,964 | $ 109,539 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class B [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Equity Interest [Member] | Retained Earnings [Member] | Additional Paid-in Capital [Member] | Related Party Note Receivable [Member] | Accumulated other comprehensive loss [Member] | Non-Controlling Interest [Member] | Non-Controlling Interest Onshore [Member] |
Begining Balance at Dec. 31, 2019 | $ 745,293 | $ 863,750 | $ (9,528) | $ 9,905 | $ (118,834) | |||||||
Net income | 32,891 | 38,753 | 2,622 | (8,484) | ||||||||
Other comprehensive income (loss) | (5,433) | (5,433) | ||||||||||
Distributions | (7,590) | (6,404) | (1,186) | |||||||||
Contribution | 6,000 | 6,000 | ||||||||||
Ending Balance at Dec. 31, 2020 | 771,161 | 902,099 | (14,961) | 11,341 | (127,318) | |||||||
Net income | 41,189 | 41,118 | 3,035 | (2,964) | ||||||||
Related party note receivable | (6,759) | $ (6,759) | ||||||||||
Other comprehensive income (loss) | 5,783 | 5,783 | ||||||||||
Contribution | 192,552 | 192,552 | ||||||||||
Ending Balance at Dec. 31, 2021 | 1,003,926 | 1,135,769 | (6,759) | (9,178) | 14,376 | (130,282) | ||||||
Net income | 79,996 | |||||||||||
Net loss prior to IPO | 11,897 | 12,950 | (816) | (237) | ||||||||
Net income (loss) subsequent to IPO | 68,099 | $ 13,323 | 55,935 | (1,159) | ||||||||
Related party note receivable | 6,759 | $ 6,759 | ||||||||||
Other comprehensive income (loss) | 10,450 | 6,873 | 3,577 | |||||||||
Effect Of The Reorganization Transactions, shares | 82,021,389 | |||||||||||
Effect Of The Reorganization Transactions | $ 82 | $ (1,148,719) | 2,820 | 1,145,817 | ||||||||
Issuance of common stock - IPO, shares | 26,254,167 | 82,021,389 | 18,400,000 | |||||||||
Issuance of common stock - IPO | 408,290 | $ 18 | $ 408,272 | |||||||||
Vessel acquisition, shares | 7,854,167 | |||||||||||
Vessel acquisition | 188,500 | $ 8 | 188,492 | |||||||||
Tax receivable agreement | (14,938) | (14,938) | ||||||||||
Pre-IPO capital contribution | 1,574 | 1,574 | ||||||||||
Dividends paid | (1,314) | 1,314 | ||||||||||
EELP distributions to Class B interests | (4,101) | $ 2,051 | (4,101) | |||||||||
Minority Owner Contribution - Albania Power Project | 3,832 | 3,832 | ||||||||||
Effect of ENE Onshore Merger | 12,767 | (118,911) | 131,678 | |||||||||
Long-term incentive compensation | 956 | 232 | 724 | |||||||||
Ending Balance at Dec. 31, 2022 | $ 1,696,697 | $ 26 | $ 82 | $ 12,009 | $ 464,721 | $ 515 | $ 1,219,344 | $ 0 | ||||
Ending Balance, shares at Dec. 31, 2022 | 26,254,167 | 82,021,389 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | |
Class A Common Stock [Member] | |||
Common stock, dividends, per share, cash paid | $ 0.025 | $ 0.025 | $ 0.05 |
General Business Information
General Business Information | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General business information | 1. Gen eral business information Excelerate Energy, Inc. (“Excelerate” and together with its subsidiaries, “we,” “us,” “our” or the “Company”) offers flexible liquefied natural gas (“LNG”) solutions, providing integrated services along the LNG value chain. We offer a full range of flexible regasification services, from floating storage and regasification units (“FSRUs”) to infrastructure development, to LNG and natural gas supply. Excelerate was incorporated on September 10, 2021 as a Delaware corporation. Excelerate was formed as a holding company to own, as its sole material asset, a controlling equity interest in Excelerate Energy Limited Partnership (“EELP”), a Delaware limited partnership formed in December 2003 by George B. Kaiser (together with his affiliates other than the Company, “Kaiser”). On April 18, 2022, Excelerate closed its initial public offering (the “IPO”) of 18,400,000 shares of the Company’s Class A Common Stock, $ 0.001 par value per share (the “Class A Common Stock”), at an offering price of $ 24.00 per share, pursuant to the Company’s registration statement on Form S-1 (File No. 333-262065), and its prospectus (the “Prospectus”), dated April 12, 2022 and filed on April 14, 2022 with the Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. The IPO generated gross proceeds of $ 441.6 million before deducting underwriting discounts and commissions of $ 25.4 million and IPO-related expenses of $ 7.6 million . The proceeds of the IPO were used in part (a) to purchase an approximately 24.2 % ownership interest in EELP at a per-interest price equal to the IPO price of $ 24.00 per share, and (b) to fund a $ 50.0 million cash payment as part of EELP’s purchase of all of the issued and outstanding membership interests in Excelsior, LLC and FSRU Vessel (Excellence), LLC (f/k/a Excellence, LLC), (collectively, the “Foundation Vessels”) ((a) and (b) collectively with the IPO, the “IPO Transaction”). See further discussion of the Foundation Vessels in Note 8 – Property and equipment. Following the IPO and as of December 31, 2022, Kaiser owned directly or indirectly the remaining approximately 75.8 % of the ownership interests in EELP. The IPO Transaction, whereby Excelerate began to consolidate EELP in its consolidated financial statements, was accounted for as a reorganization of entities under common control. As a result, the consolidated financial statements of Excelerate recognized the assets and liabilities received from EELP in the reorganization at their historical carrying amounts and retroactively reflected them in the Company’s consolidated financial statements as of the earliest period presented. In September 2021, as part of an anticipated reorganization in connection with the IPO, certain entities under common control of Kaiser were contributed to EELP (the “Northeast Gateway Contribution”). These entities include Excelerate New England GP, LLC, Northeast Gateway Energy Bridge, LP and Excelerate New England Lateral, LLC (“ENE Lateral” and, together with Excelerate New England GP, LLC and Northeast Gateway Energy Bridge, LP, the “Northeast Companies”). Since the Northeast Gateway Contribution is considered a transaction with entities under common control, EELP accounted for the Northeast Companies’ assets and liabilities received at their parent carrying values and retroactively reflected them in the Company’s consolidated financial statements as of the earliest period presented. In October 2022, Excelerate Energy Holdings, LLC (“EE Holdings”), the indirect sole member of Excelerate New England Onshore, LLC (“ENE Onshore”), and EELP, the sole member of ENE Lateral, entered into a merger agreement, pursuant to which ENE Onshore was merged with and into ENE Lateral (the “ENE Onshore Merger”). ENE Lateral was the surviving entity and ENE Onshore ceased to exist as a separate entity. EE Holdings retained responsibility for all liabilities and obligations of ENE Onshore arising prior to the ENE Onshore Merger. Prior to the ENE Onshore Merger, Excelerate consolidated ENE Onshore as a variable interest entity (“VIE”) as Excelerate was determined to be the primary beneficiary of ENE Onshore. As a result of the ENE Onshore Merger, Excelerate no longer has a non-controlling interest related to ENE Onshore. See Note 19 – Related party transactions for more details on this merger. Basis of Presentation These consolidated financial statements and related notes include the assets, liabilities and results of operations of Excelerate and its consolidated subsidiaries and have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). All transactions among Excelerate and its consolidated subsidiaries have been eliminated in consolidation. In management’s opinion, all adjustments necessary for a fair statement are reflected. Certain amounts in prior periods have been reclassified to conform to the current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include useful lives of property and equipment, asset retirement obligations, and the allocation of the transaction price to performance obligations and lease components. Management evaluates its estimates and related assumptions regularly. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Consolidation The consolidated financial statements include the accounts of the Company, entities controlled by the Company through its direct or indirect ownership of a majority interest and any other entities in which the Company has a controlling financial interest. The Company eliminates all significant intercompany accounts and transactions in consolidation. The Company consolidates VIEs where the Company holds direct or implicit variable interests and is the primary beneficiary. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The primary beneficiary determination is both qualitative and quantitative and requires the Company to make judgments and assumptions about the entity’s total equity investment at risk, its forecasted financial performance, and the volatility inherent in those forecasted results. Events are considered for all existing entities to determine if they may result in an entity becoming a VIE or the Company becoming the primary beneficiary of an existing VIE. The ownership interest of other investors in consolidated subsidiaries and VIEs is recorded as non-controlling interests. The Company had determined that ENE Onshore was a VIE based on the results of the analysis described above. As of December 31, 2020, one of our wholly owned subsidiaries, ENE Lateral, was the provider of a promissory note to ENE Onshore in the amount of $ 102 million and used capacity rights in a pipeline secured by ENE Onshore from a third party. As the Company and its related parties had the power to direct the activities related to the capacity rights and the obligation to absorb losses which could be significant to ENE Onshore, the Company determined that it was the primary beneficiary. As such, we consolidated the assets and liabilities of ENE Onshore and showed its net loss as non-controlling interest – ENE Onshore on our consolidated statements of comprehensive income for the years ended December 31, 2021 and 2020. In September 2021, the promissory note from ENE Onshore was repaid, and an agreement was entered into that significantly limited the ability of ENE Lateral to receive benefits from the use of the pipeline capacity. However, ENE Lateral still controlled the capacity rights, and therefore, ENE Lateral continued to be the primary beneficiary as of December 31, 2021. In October 2022, ENE Onshore was merged with and into ENE Lateral. For more details, see Note 1 – General business information. In addition, these consolidated financial statements include accounts of the Northeast Companies consolidated on the basis of common control since prior to the contribution. All accounts of the Northeast Companies, including equity accounts, are consolidated with accounts of the Company and its subsidiaries. All intercompany transactions, balances, income, and expenses are eliminated, and accounting policies have been conformed to the Company’s accounting policy. Investments in equity method investee All investments in which the Company owns 20 % to 50 %, exercises significant influence over operating and financial policies, and does not consolidate are accounted for using the equity method. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity method investments for impairment when events or circumstances indicate that the carrying values of such investments may have experienced an other-than-temporary decline in value below their carrying values. If an equity method investment experiences an other-than-temporary decline in value and if the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company's consolidated statements of income. In June 2018, the Company acquired a 45 % interest in Nakilat Excelerate LLC, its equity method investment (the “Nakilat JV”), which is recorded using the equity method. For the years ended December 31, 2022, 2021 and 2020, the Company’s share of net earnings in the Nakilat JV were $ 2.7 million , $ 3.3 million and $ 3.1 million , respectively. Equity interests Prior to the IPO, equity interests represented the contributions from and distributions to the general and limited partners of the Company and the Northeast Companies, the accumulated earnings of EELP and the Northeast Companies, and share-based compensation of EELP. Non-controlling interest After the IPO, non-controlling interest is primarily comprised of Kaiser’s 75.8 % ownership interest in EELP. In addition, it is also comprised of third-party equity interests in two of the Company’s other consolidated subsidiaries: 1) a 20 % interest in Excelerate Energy Bangladesh LLC and 2) a 10 % interest in Excelerate Albania Holding sphk. Net income attributable to non-controlling interests represents the Company’s net income (loss) that is not allocable to Excelerate shareholders. Prior to the ENE Onshore Merger, we also separately presented a non-controlling interest related to ENE Onshore, which was consolidated as a VIE. Foreign currency transactions and translation The consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency and the functional currency for all of the Company’s consolidated subsidiaries. For all international entities, foreign currency transactions are translated into US dollars, using exchange rates at the dates of the transactions or using the average exchange rate prevailing during the period. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income in Other income, net. Foreign exchange gains/(losses) amounted to $( 7.2 ) million , $ 0.1 million and $( 1.3 ) million for the years ended December 31, 2022, 2021 and 2020 , respectively. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in either the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. The Company utilized market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation techniques. The Company uses estimates that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. The Company categorizes its fair value estimates for all assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements using a fair value hierarchy based on the transparency of inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active markets and inputs, that are observable either directly or indirectly for substantially the full term of the contract; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Cash, cash equivalents and restricted cash Cash and cash equivalents include cash on hand, demand deposits, and other short-term highly liquid investments with original maturities of three months or less. Cash not available for general use by the Company due to loan restrictions are classified as restricted cash. Restricted cash is cash restricted due to terms in certain debt agreements and is to be used to service the debt and for certain designated uses including payment of working capital, operations, and maintenance related expenses. Distributions of maintenance related expenses are subject to “waterfall” provisions that allocate cash flows from revenues to specific priorities of use in a defined order before equity distributions can be made in compliance with other debt service requirements. To the extent that restrictions on cash extend beyond one year, the Company has classified those balances as non-current in the accompanying consolidated balance sheets. Derivative financial instruments Derivative instruments are initially recorded at fair value as either assets or liabilities in the consolidated balance sheets and are subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. To be considered a derivative an agreement would need to have a notional and an underlying, require little or no initial net investment and could be net settled. The method of recognizing the changes in fair value is dependent on whether the contract is designated as a hedging instrument and qualifies for hedge accounting. The changes in the fair values of derivative instruments that are not designated or that do not qualify for hedge accounting are recognized in other income, net, in the consolidated statements of income. The Company uses interest rate swaps to manage its exposure to adverse fluctuations in interest rates by converting a portion of the bank loans from a floating rate to a fixed rate. The maximum length of time over which the Company is hedging the exposure to the variability in future cash flows is based on the duration of the bank loans. The interest rate swaps have been designated as cash flow hedges. The Company has formally documented the hedge relationships, including identification of the hedging instruments and the hedged items, as well as the risk management objectives and strategies for undertaking the hedge transactions. Effectiveness is evaluated using regression analysis at inception and over the course of the hedge as required. The interest rate swaps are recorded in the consolidated balance sheets on a gross basis at fair value. For such designated cash flow hedges, the gain or loss resulting from fair value adjustments on cash flow hedges are recorded in accumulated other comprehensive loss. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to interest expense, net in the consolidated statements of income. The Company performs periodic assessments of the effectiveness of the derivative contracts designated as hedges, including the possibility of counterparty default. Changes in the fair value of derivatives that are designated and qualify as hedges are recognized in other comprehensive income. Accounts receivable Accounts receivable is presented net of the allowance for doubtful accounts on the consolidated balance sheets and is recorded at the invoiced amount. Accounts receivable do not bear interest. The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in existing accounts receivable based on historical write-off experience and customer economic data. Account balances are charged off against the allowance when management believes that the receivable will not be recovered. The Company has a limited number of customers and reviews expected loss by customer quarterly on a case-by-case basis. Accounts receivable over 120 days past due are reviewed at period end. The allowance for doubtful accounts was $ 0.6 million and $ 0.9 million as of December 31, 2022 and 2021 , respectively. Inventories LNG and natural gas inventories are recorded at the lower of cost or net realizable value, which is the known or estimated selling price less cost to sell. Cost for inventories is calculated using the first-in-first-out (FIFO) method and is comprised of the purchase price and other directly related costs. At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell, and an impairment loss is recognized in the consolidated statements of income. Inventory balances as of December 31, 2022 include a lower of cost or net realizable value write-down of $ 4.4 million , which is included in Direct cost of gas sales on our consolidated statements of income. No impairments were recorded during the years ended December 31, 2021 and 2020. Capitalization of costs incurred during drydocking Generally, the Company is required to drydock each of the vessels every five years , but vessels older than 15 years of age require a shorter duration drydocking or in-situ bottom survey every two and a half years . Costs incurred related to routine repairs and maintenance performed during drydocking are expensed. Costs incurred during drydocking out of convenience to appreciably extend the useful life, increase the earnings capacity, or improve the efficiency of vessels are capitalized as property and equipment and amortized over the remaining useful life of the vessels. Costs that are incurred on major repair work, which is non-routine in nature, are accounted for under the built-in overhaul method, and capitalized and amortized on a straight-line basis over the period from when the drydocking occurs until the next anticipated drydocking. Drydocking costs incurred to meet regulatory requirements are accounted for under the deferral method, whereby the actual costs incurred are deferred into other assets and amortized on a straight-line basis over the period from when the drydocking occurs until the next anticipated drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining overhaul and regulatory capitalized costs that have not been amortized are accelerated. When a vessel is disposed, any unamortized capitalized costs are charged against income in the period of disposal. Capitalized costs are presented within either fixed assets or other assets on the consolidated balance sheets. Property and equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, less an estimated residual value. Modifications to property and equipment, including the addition of new equipment, which improves or increases the operational efficiency, functionality, or safety of the assets, are capitalized. These expenditures are amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Useful lives applied in depreciation are as follows: Vessels 5 - 30 years Buoy and pipeline 20 years Finance lease right-of-use assets Lesser of useful life or lease team Other equipment 3 - 7 years Gains and losses on disposals and retirements are determined by comparing the proceeds with the carrying amount and are recognized in the consolidated statements of income. Asset retirement obligations (“ARO”) The Company recognizes liabilities for retirement obligations associated with tangible long-lived assets when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The fair value of a liability for an ARO is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. In order to estimate the fair value, we use judgments and assumptions for factors: including the existence of legal obligations for an ARO; technical assessments of the assets; discount rate; inflation rate; and estimated amounts and timing of settlements. The offsetting asset retirement cost is recorded as an increase to the carrying value of the associated property and equipment on the consolidated balance sheets and depreciated over the estimated useful life of the asset. In periods subsequent to the initial measurement of an ARO, the Company recognizes period-to-period changes in the liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows. Increases in the ARO liability due to the passage of time impact net income as accretion expense. Impairment of long-lived assets The Company performs a recoverability assessment of each of its long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. Indicators may include, but are not limited to, adverse changes in the regulatory environment in a jurisdiction where the Company operates, unfavorable events impacting the Company’s operations, a decision to discontinue the development of a long-lived asset, early termination of a significant customer contract or the introduction of newer technology. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. The Company did not record an impairment during the years ended December 31, 2022, 2021 or 2020. Long-term debt and debt issuance costs Debt issuance costs, including arrangement fees and legal expenses related to long-term notes, are deferred and presented as a direct deduction from the outstanding principal of the related debt in the consolidated balance sheets and amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included as a component of interest expense. If a loan or part of a loan is repaid early, the unamortized portion of the deferred debt issuance costs is recognized as interest expense proportionate to the amount of the early repayment in the period in which the loan is repaid. Financing costs incurred in the second quarter of 2022 related to the senior secured revolving line of credit are reported as other assets on the balance sheet. These costs will be amortized over the three-year term of the facility. Amortization of the deferred financing costs is included as a component of interest expense. Debt instruments are classified as current liabilities unless the Company has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date. Segments The chief operating decision maker allocates resources and assesses financial performance on a consolidated basis, including the Northeast Companies, which were under his management. As such, for purposes of financial reporting under GAAP during the years ended December 31, 2022, 2021 and 2020 , the Company operated as a single operating and reportable segment. Revenue recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The Company determines the amount of revenue to be recognized through application of the five-step model outlined in ASC 606 as follows: when (i) a customer contract is identified, (ii) the performance obligation(s) have been identified, (iii) the transaction price has been determined, (iv) the transaction price has been allocated to the performance obligation(s) in the contract, and (v) the performance obligation(s) are satisfied. The Company’s contracts with customers may contain one or several performance obligations usually consisting of FSRU and terminal services including time charter, regasification and other services and gas sales. The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Sales, value-added, and other taxes collected concurrently with the provision of goods or services are excluded from revenue when the customer is the primary obligor of such taxes. Time charter, regasification and other services The Company determined that its long-term time charter contracts typically contain a lease. These contracts contain a lease component for the use of the vessel and non-lease components relating to operation of the vessels (i.e., provision of time charter, regasification and other services). The Company allocated the contract consideration between the lease component and non-lease components on a relative standalone selling price basis. The Company utilizes a combination of approaches to estimate the standalone selling prices, when the directly observable selling price is not available, by utilizing information available such as market conditions and prices, entity-specific factors, and internal estimates when market data is not available. Given that there are no observable standalone selling prices for any of these components, judgment is required in determining the standalone selling price of each component. As lessor in our leases classified as operating leases, the Company applied the practical expedient to combine the lease component with our drydocking requirements (a non-lease component). Certain time charter party agreements with customers allow an option to extend the contract. Agreements which include renewal and termination options are included in the lease term if we believe they are “reasonably certain” to be exercised by the lessee or if an option to extend is controlled by the Company. The lease of the vessel, represents the use of the vessel without any associated performance obligations or warranties, is accounted for in accordance with the provisions of Accounting Standards Codification 842, Leases (“ASC 842”). Leases are classified based upon defined criteria either as a sales-type, direct financing, or an operating lease. For time charter contracts classified as operating leases, revenues from the lease component of the contracts are recognized on a straight-line basis over the term of the charter. The lease component of time charter contracts that are accounted for as sales-type leases is recognized over the lease term using the effective interest rate method. The underlying asset is derecognized and the net investment in the lease is recorded. The net investment in the lease is increased by interest income and decreased by payments collected. As of December 31, 2022, the Company has two sales-type leases (for the Summit and Excellence vessels). The provision of time charter, regasification and other services on the time charter contracts is considered a non-lease component and is accounted for as a separate performance obligation in accordance with the provision of ASC 606, Revenue from Contracts with Customers. Additionally, the Company has contracts with customers to provide time charter, regasification, and other services that do not contain a lease and are within the scope of ASC 606. The provision of time charter, regasification and other services is considered a single performance obligation recognized evenly over time as our services are rendered or consistent with the customer’s proportionate right to use our assets. The Company considers our services as a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. The Company recognizes revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize revenue in proportion to the amount that we have the right to invoice. Certain charges incurred by the Company associated with the provision of services are reimbursable. This variable consideration is recognized in revenue once the performance obligation is complete, and the receivable amount is determinable. For time charter contracts that are accounted for as sales-type leases, the provision of time charter, regasification, and other services includes a performance obligation for drydocking that occurs every five years. The Company engages third parties to perform the drydocking, but the Company is deemed to be the principal of the transaction as it does not transfer any risk to the third parties, therefore the Company recognizes drydock revenue on a gross basis. The Company allocated a portion of the contract revenues to the performance obligation for future drydocking costs. Revenue allocated to drydocking are deferred and recognized when the drydocking service is complete and presented within other long-term liabilities in the consolidated balance sheets. Gas sales As part of its operations, the Company sells natural gas and LNG generally through its use of its FSRU fleet and terminals. Gas sales revenues are recognized at the point in time each unit of natural gas or LNG cargo is transferred to the control of the customer. Based on the contract, this typically occurs when the cargo is regasified and injected into a pipeline, when the LNG is transferred to another vessel, or when title and risk of loss of natural gas or LNG has otherwise transferred to a customer. Accommodation fees related to the diversion of cargos are recorded when the performance obligation is complete. Contract assets and liabilities The timing of revenue recognition, billings and cash collections results in the recognition of receivables, contract assets and contract liabilities. Receivables represent the unconditional right to payment for services rendered and goods provided. Unbilled receivables, accrued revenue, or contract assets, represent services rendered that have not been invoiced and are reported within accounts receivable, net or other assets on the consolidated balance sheets. Contract liabilities arise from advanced payments and are recorded as deferred revenue on the consolidated balance sheets. The deferred revenue is either recognized as revenue when services are rendered or amortized over the life of the related lease, depending on the service. Contract assets and liabilities are reported in a net position for each customer contract or consolidated contracts at the end of each reporting period. Contract liabilities are classified as current and noncurrent based on the expected timing of recognition of the revenue. Income taxes We are a corporation for U.S. federal and state income tax purposes. EELP, is treated as a pass-through entity for U.S. federal income tax purposes and, as such, is generally not subject to U.S. federal income tax at the entity level. Accordingly, unless otherwise specified, our historical results of operations prior to the IPO do not include any provision for U.S. federal income tax for EELP. We account for income taxes in accordance with ASC 740. Accounting for Income Taxes (“ASC 740”), under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the our consolidated balance sheets as deferred tax assets and liabilities. We record valuation allowances to reflect the estimated amount of certain deferred tax assets that, more likely than not, will not be realized. In making such a determination, we evaluate a variety of factors, including our operating history, accumulated deficit, and the existence of taxable or deductible temporary differences and reversal periods. The effect of tax positions is recognized only if those positions are more likely than not of being sustained. Conclusions reached regarding tax positions are continually reviewed based on ongoing analyses of tax laws, regulations, and interpretations thereof. To the extent that our assessment of the conclusions reached regarding tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. Interest and penalties relating to an underpayment of income taxes, if applicable, are recognized as a component of income tax expense in the consolidated financial statements. We recognize the tax benefit from an uncertain tax provision if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the tax position. Accrued interest and penalties related to uncertain tax positions are recognized as a component of income tax expense in the consolidated financial statements. Leases The Company accounts for leases under the provisions of ASC 842, Leases. Lessee accounting The Company determines if an arrangement is, or contains, a lease at the inception of the arrangement. Once it has been determined an arrangement is, or contains, a lease, the Company classifies the lease as either an operating lease or a finance lease. At contract inception, the Company separates its lease and non-lease component, and the consideration in the contract is allocated to each separate lease component and non-lease component on a relative standalone selling price basis. As of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments related to lease components not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The discount rate used to determine the present value of the lease payments is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The Company has elected, as an accounting policy, not to apply the recognition requirements to short-term leases. Instead, the Company, may recognize the lease payments in the consolidated statements of income on a straight-line basis over the lease term. Additionally, leases may include variable lease payments such as escalation clauses based on a consumer price index, property taxes and maintenance costs. The non-lease components are generally expensed as incurred. Variable lease payments that depend on an index or a rate are included in the determination of right-of-use assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease payments that do not depend on an index or rate are recorded as lease expense in the p |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | 3. Fair value of financial instruments Recurring Fair Value Measurements Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of significance for a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and the placement within the fair value hierarchy levels. The following table presents the Company’s financial assets and liabilities by level within the fair value hierarchy that are measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Financial assets Derivative financial instruments Level 2 $ 2,444 $ — Financial liabilities Derivative financial instruments Level 2 $ ( 630 ) $ ( 4,400 ) As of December 31, 2022 and December 31, 2021 , all derivatives were determined to be classified as Level 2 fair value instruments. No cash collateral has been posted or held as of December 31, 2022 or December 31, 2021. This table excludes cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. The carrying amounts of other financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value due to the variable rate nature of these financial instruments. The determination of the fair values above incorporate factors including not only the credit standing of the counterparties involved, but also the impact of the Company’s nonperformance risks on its liabilities. The values of the Level 2 interest rate swaps were determined using expected cash flow models based on observable market inputs, including published and quoted interest rate data from public data sources. Specifically, the fair values of the interest rate swaps were derived from the implied forward LIBOR yield curve for the sale period as the future interest rate swap settlements. The Company has no t changed its valuation techniques or Level 2 inputs during the years ended December 31, 2022, 2021 and 2020. Non-Recurring Fair Value Measures Certain non-financial assets and liabilities are measured at fair value on a non-recurring basis and are subject to fair value adjustments in certain circumstances, such as equity investments or long-lived assets subject to impairment. For assets and liabilities measured on a non-recurring basis during the year, separate quantitative disclosures about the fair value measurements would be required for each major category. The Company did no t record an impairment on the equity investments or long-lived assets during the years ended December 31, 2022, 2021 and 2020 . |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Accounts receivable | 4. Accounts receivable, net As of December 31, 2022 and December 31, 2021, accounts receivable, net consisted of the following (in thousands): December 31, 2022 December 31, 2021 Trade receivables $ 74,980 $ 245,000 Accrued revenue 5,307 16,414 Allowance for doubtful accounts ( 593 ) ( 879 ) Accounts receivable, net $ 79,694 $ 260,535 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | 5. Derivative financial instruments The following table summarizes the notional values related to the Company’s derivative instruments outstanding at December 31, 2022 (in thousands): December 31, 2022 (1) Interest rate swap $ 64,037 (1) Number of open positions and gross notional values do not measure the Company’s risk of loss, quantify risk or represent assets or liabilities of the Company. Instead, they indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements. The following table presents the fair value of each classification of the Company’s derivative instruments designated as hedging instruments as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Cash flow hedges Current assets $ 1,211 $ — Non-current assets 1,233 — Current liabilities ( 630 ) ( 1,401 ) Non-current liabilities — ( 2,999 ) Net derivative assets (liabilities) $ 1,814 $ ( 4,400 ) The current and non-current portions of derivative assets are included within other current assets and other assets, respectively, on the consolidated balance sheets. The current portion of derivative liabilities is included within the accrued liabilities and other liabilities on the consolidated balance sheets. Derivatives Accounted for as Cash Flow Hedges The Company’s cash flow hedges include interest rate swaps that are hedges of variability in forecasted interest payments due to changes in the interest rate on LIBOR-based borrowings, a summary which includes the following designations: • In 2018, the Company entered into two long-term interest rate swap agreements with a major financial institution. The swaps, which became effective in October 2018 and expire in April 2030, are used to hedge approximately 70 % of the variability in interest payments/interest risk on the 2017 Bank Loans (as defined herein). The following tables present the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of income and comprehensive income for the years ended December 31, 2022, 2021 and 2020 (in thousands): Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives Years ended December 31, Derivatives Designated in 2022 2021 2020 Interest rate swaps $ 4,946 $ 2,209 $ ( 4,837 ) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Years ended December 31, Derivatives Designated in Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2022 2021 2020 Interest rate swaps Interest expense $ ( 507 ) $ ( 1,116 ) $ ( 1,651 ) The amount of gain (loss) recognized in other comprehensive income as of December 31, 2022 and expected to be reclassified within the next 12 months is $ 0.4 million . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories As of December 31, 2022 and December 31, 2021, inventories consisted of the following (in thousands): December 31, 2022 December 31, 2021 LNG $ 171,578 $ 101,594 Bunker fuel 2,025 3,426 Inventories $ 173,603 $ 105,020 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Current [Abstract] | |
Other current assets | 7. Other current assets As of December 31, 2022 and December 31, 2021, other current assets consisted of the following (in thousands): December 31, 2022 December 31, 2021 Prepaid expenses $ 18,635 $ 10,259 Prepaid expenses – related party 2,205 5,917 Tax receivables 10,594 9,186 Other receivables 3,592 832 Other current assets $ 35,026 $ 26,194 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | 8. Property and equipment As of December 31, 2022 and December 31, 2021, the Company’s property and equipment, net consisted of the following (in thousands): December 31, 2022 December 31, 2021 Vessels $ 2,225,123 $ 2,097,704 Buoy and pipeline 17,130 11,553 Finance lease right-of-use assets 40,007 219,435 Other equipment 17,469 16,068 Assets in progress 77,983 21,023 Less accumulated depreciation ( 922,029 ) ( 932,614 ) Property and equipment, net $ 1,455,683 $ 1,433,169 For the years ended December 31, 2022, 2021 and 2020, depreciation expense was $ 94.5 million , $ 103.0 million and $ 103.6 million , respectively. Vessel Acquisition As part of the IPO Transaction, in exchange for (i) 7,854,167 shares of Class A Common Stock with a fair market value (based on the IPO price) of $ 188.5 million, (ii) a cash payment of $ 50.0 million and (iii) $ 21.5 million of estimated future payments under the TRA, EELP purchased from Maya Maritime LLC, a wholly owned subsidiary of the Foundation, all of the issued and outstanding membership interests in the Foundation Vessels. The acquisition of both the Excelsior and the Excellence vessels were accounted for as asset acquisitions in accordance with Accounting Standards Codification 805, Business Combinations (“ASC 805”). In accordance with ASC 805, the accumulated cost of the vessel acquisitions, including Class A Common Stock and contingent consideration related to the TRA, were allocated to the assets acquired based on relative fair value. In 2018, EELP entered into an agreement with a customer to lease the Excellence vessel with the vessel transferring ownership to the customer at the conclusion of the agreement for no additional consideration. Historically, EELP, as a lessor, has accounted for the Excellence vessel contract with our customer as a sales-type lease in the consolidated balance sheet in accordance with ASC 842. The Excellence vessel will continue to be accounted for as a sales-type lease, and thus, the acquisition did not result in an adjustment to property and equipment. The difference between the consideration given to acquire the Excellence vessel and the historical finance lease liability resulted in a $ 21.8 million early extinguishment of lease liability loss on our consolidated statements of income. Newbuild FSRU Effective October 4, 2022, Excelerate entered into a shipbuilding contract with Hyundai Heavy Industries Co., Ltd. (“Builder”), a company organized and existing under the laws of the Republic of Korea. The agreement provides for the Builder to construct a 170,000 m 3 FSRU for a cost subject to adjustment and currently expected to be approximately $ 330 million. Payment is due in five installments with the final installment due concurrently with the delivery of the vessel. During the year ended December 31, 2022, we made the first installment payment of approximately $ 30.0 million. The Builder provided a refund guarantee to Excelerate to secure the refund of the purchase price installments prior to the delivery of the vessel if Excelerate becomes entitled to the same as a result of Builder default or other defined circumstances. The Builder is expected to deliver the vessel in 2026. Our future payment commitments related to the Newbuild Agreement are expected to be approximately $ 50.0 million in 2024 and $ 250.0 million in 2025-2026. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | 9. Accrued liabilities As of December 31, 2022 and December 31, 2021, accrued liabilities consisted of the following (in thousands): December 31, 2022 December 31, 2021 Accrued vessel and cargo expenses $ 17,571 $ 48,053 Payroll and related liabilities 14,637 9,262 Accrued interest 3,733 917 Current portion of derivative liability 630 1,401 Off-market capacity liability – ENE Onshore — 11,072 Accrued turnover taxes 8,091 25,016 Current portion of TRA liability 3,704 — Other accrued liabilities 18,522 9,313 Accrued liabilities $ 66,888 $ 105,034 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instruments [Abstract] | |
Long-term debt | 10. Long-term debt The Company’s long-term debt consists of the following (in thousands): December 31, 2022 December 31, 2021 Experience Vessel Financing $ 136,119 $ 148,500 2017 Bank Loans 83,640 91,570 EE Revolver — — Total debt 219,759 240,070 Less unamortized debt issuance costs ( 5,450 ) ( 6,655 ) Total debt, net 214,309 233,415 Less current portion, net ( 20,913 ) ( 19,046 ) Total long-term debt, net $ 193,396 $ 214,369 The following table shows the range of interest rates and weighted average interest rates incurred on our variable-rate debt obligations during the years ended December 31, 2022, 2021 and 2020. 2022 2021 2020 Range Weighted Average Range Weighted Average Range Weighted Average Experience Vessel Financing 3.5 % – 6.8 % 4.8 % 4.3 % – 4.4 % 4.4 % 4.4 % – 6.1 % 5.1 % 2017 Bank Loans 2.6 % – 7 % 5.2 % 2.6 % – 4.7 % 4.3 % 3.6 % – 6.5 % 5.4 % EE Revolver 3.9 % – 3.9 % 3.9 % N/A N/A N/A N/A Experience Vessel Financing In December 2016, the Company entered into a sale leaseback agreement with a third party to provide $ 247.5 million of financing for the Experience vessel (the “Experience Vessel Financing”). Due to the Company’s requirement to repurchase the vessel at the end of the term, the transaction was accounted for as a failed sale leaseback (a financing transaction). Under the Experience Vessel Financing agreement, the Company is deemed the owner of the vessel and will continue to recognize the vessel on its consolidated balance sheets, with the proceeds received recorded as a financial obligation. The Company makes quarterly principal payments of $ 3.1 million and interest payments at the 3-month LIBOR plus 3.25 % ( 8.0 % at December 31, 2022 ). The original loan had a maturity date in 2026 when the remaining balance of $ 49.5 million was payable. In December 2021, the agreement was amended to extend the original loan from December 2026 to December 2033 , reduce the interest margin to 3.25 % from 4.2 % and reduce the quarterly principal payments to $ 3.1 million from $ 5.0 million. After the final quarterly payment in December 2033, there will be no remaining balance due. The Company incurred debt issuance costs of $ 1.2 million related to the amendment, which will be amortized over the life of the loan. Debt issuance costs of $ 6.0 million related to the original loan are presented as a direct deduction from the debt and were amortized over the life of the original loan. The agreement contains certain security rights related to the Experience vessel in the event of default. The Company’s vessel financing loan has certain financial covenants as well as customary affirmative and negative covenants. The Company must maintain a minimum equity of $ 500.0 million, a maximum debt-to-equity ratio of 3.5 to 1 and a minimum cash and cash equivalents balance, including loan availability, of $ 20.0 million. The agreement also requires that a 3-month debt service reserve be funded and that the value of the vessel equal or exceed 110 % of the remaining amount outstanding, in addition to other affirmative and negative covenants customary for vessel financings. The financing also requires the vessel to carry the typical vessel marine insurances. 2017 Bank Loans Under the Company's financing agreement for the Moheshkhali LNG terminal in Bangladesh (the “2017 Bank Loans”), the Company entered into two loan agreements with external banks. Under the first agreement, the Company borrowed $ 32.8 million , makes semi-annual payments and accrues interest at the 6-month LIBOR plus 2.42 % ( 7.6 % at December 31, 2022 ) through the loan maturity date of October 15, 2029 . The debt issuance costs of $ 1.3 million are presented as a direct deduction from the debt and are amortized over the life of the loan. Under the second agreement, the Company borrowed $ 92.8 million , makes quarterly payments and accrues interest at the 3-month LIBOR plus 4.50 % ( 9.3 % at December 31, 2022) thr ough the loan maturity date of October 15, 2029 . The Company partially prepaid the loan during 2019. As a result of this prepayment, the loan matures on October 15, 2029. Debt issuance costs of $ 4.8 million are presented as a direct deduction from the debt liability and are amortized over the life of the loan. The agreement contains certain security rights related to the Moheshkhali LNG (“MLNG”) terminal assets and project contracts in the event of default. The 2017 Bank Loans require compliance with certain financial covenants, as well as customary affirmative and negative covenants associated with limited recourse project financing facilities. The loan agreements also require that a 6-month debt service reserve amount be funded and that an off-hire reserve amount be funded monthly to cover operating expenses and debt service while the vessel is away during drydock major maintenance. The loan agreements also require that the MLNG terminal and project company be insured on a stand-alone basis with property insurance, liability insurance, business interruption insurance and other customary insurance policies. The respective project company must have a quarterly debt service coverage ratio of at least 1.10 to 1 . In 2021, a waiver was obtained for a non-financial covenant. The waiver allows the Company to obtain a higher insurance deductible than the $ 0.3 million deductible originally required by the lenders since such deductible was not available to the Company during the 2020 and 2021 renewals. An additional waiver was obtained in August 2022 to also allow a higher deductible under the insurance policy renewal and to address additional non-financial exclusions. Revolving Credit Facility and Term Loan Facility On April 18, 2022, EELP entered into a senior secured revolving credit agreement (“Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to which the lenders and issuing banks thereunder made available a revolving credit facility (the “EE Revolver”), including a letter of credit sub-facility, to EELP. The EE Revolver enabled us to borrow up to $ 350 million over a three-year term originally set to expire in April 2025 . As of December 31, 2022, the Company had issued $ 40.0 million in letters of credit under the EE Revolver and was in compliance with the covenants under its debt facilities. As a result of the EE Revolver’s financial ratio covenants and after taking into account the outstanding letters of credit issued under the facility, all of th e $ 310 million o f undrawn capacity was available for additional borrowings as of December 31, 2022. Also, on April 18, 2022, the Company borrowed under the EE Revolver, on the closing day of such facility, and used the proceeds to repay the KFMC Note in full. The KFMC Note was terminated in connection with such repayment. For more information regarding the KFMC Note, see Note 11 – Long-term debt – related party. On March 17, 2023, EELP entered into an amended and restated senior secured credit agreement (“Amended Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and Wells Fargo Bank, N.A., as administrative agent. The Amended Credit Agreement provides for, among other things (i) a new $ 250 million term loan facility (the “Term Loan Facility” and, together with the EE Revolver, the “EE Facilities” ), (ii) an extension of the maturity date of the EE Revolver, (iii) an increase in the maximum consolidated total leverage by 0.50x to 3.50x, provided that, if the aggregate value of all unsecured debt is equal to or greater than $ 250 million, maximum consolidated total leverage increases to 4.25x, and (iv) collateral vessel maintenance coverage to be not less than the greater of (i) $ 750 million and (ii) 130 % of the sum of the total credit exposure under the Amended Credit Agreement. Proceeds from the Term Loan Facility are intended to be used for the acquisition of the FSRU Sequoia . The commitments under the Term Loan Facility expire on May 1, 2023, if the acquisition of the Sequoia does not occur by such date. The EE Facilities mature in March 2027. Proceeds from the EE Revolver are intended to be used for letters of credit, working capital, and other general corporate purposes. Borrowings under the EE Revolver bear interest at a per annum rate equal to the term SOFR reference rate for such period plus an applicable margin, which applicable margin is based on EELP’s consolidated total leverage ratio as defined and calculated under the Credit Agreement. The unused portion of the EE Revolver is subject to an unused commitment fee calculated at a rate per annum ranging from 0.375 % to 0.50 % based on EELP's consolidated total leverage ratio. The Amended Credit Agreement contains customary representations, warranties, covenants (affirmative and negative, including maximum consolidated total leverage ratio, minimum consolidated interest coverage ratio, and collateral vessel maintenance coverage covenants), and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of amounts borrowed under the EE Facilities. Maturities Future principal payments on long-term debt outstanding as of December 31, 2022 are as follows (in thousands): 2023 $ 22,002 2024 22,693 2025 23,435 2026 24,239 2027 25,081 Thereafter 102,309 Total debt, net $ 219,759 During the years ended December 31, 2022, 2021 and 2020, interest expense for long-term debt was $ 15.5 million , $ 17.5 million and $ 16.4 million , respectively, and was included in interest expense in the consolidated statements of income. As of December 31, 2022 , the Company was in compliance with the covenants under its debt facilities. |
Long-term Debt - Related Party
Long-term Debt - Related Party | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt - related party | 11. Long-term debt – related party The Company’s related party long-term debt consists of the following (in thousands): December 31, 2022 December 31, 2021 Exquisite Vessel Financing $ 188,433 $ 196,213 KFMC Note — — KFMC-ENE Onshore Note — 2,100 Total related party debt 188,433 198,313 Less current portion ( 7,661 ) ( 7,096 ) Total long-term related party debt $ 180,772 $ 191,217 The following table shows the range of interest rates and weighted average interest rates incurred on our variable-rate related party debt obligations during the years ended December 31, 2022, 2021 and 2020. 2022 2021 2020 Range Weighted Average Range Weighted Average Range Weighted Average KFMC Note 1.6 % – 2 % 1.9 % 1.6 % – 1.6 % 1.6 % 1.7 % – 3.3 % 2.9 % KFMC-ENE Onshore Note 1.6 % – 5.1 % 3.3 % 1.6 % – 1.7 % 1.6 % 1.6 % – 3.3 % 2.2 % Exquisite Vessel Financing In June 2018, the Company entered into a sale leaseback agreement with the Nakilat JV to provide $ 220.0 million of financing for the Exquisite vessel at 7.73 % (the “Exquisite Vessel Financing”). The agreement was recognized as a failed sale leaseback transaction and was treated as financing due to the Company’s lease of the vessel. The term is for 15 years with a symmetrical put and call option at the end of the original term or two optional five-year extensions with symmetrical put and call options after each extension. The agreement contains certain security rights related to the vessel in the event of default. KFMC Note In November 2018, the Company entered into a promissory note (the “KFMC Note”) with Kaiser-Francis Management Company, L.L.C. (“KFMC”), an affiliate of Kaiser, as lender. The KFMC Note was amended in November 2020 to (a) extend the final payment date from December 31, 2020 to December 31, 2022, (b) increase the interest rate from LIBOR plus 1.50 % to LIBOR plus 1.55 % and (c) make certain revisions to prepayment conditions. The KFMC Note was further amended and restated in its entirety in September 2021 to (a) make certain changes to the final payment date, including removing KFMC’s ability to demand payment and extending the final payment date to December 31, 2023 and (b) allow EELP to draw funds at EELP’s discretion without prior approval by KFMC. The KFMC Note was further amended in October 2021 to increase the maximum aggregate principal amount from $ 100 million to $ 250 million . Upon consummation of the IPO, the KFMC Note was replaced by the EE Revolver, as discussed in Note 10 – Long-term debt. KFMC-ENE Onshore Note In September 2021, in connection with the Northeast Gateway Contribution, ENE Lateral assigned to KFMC all of its rights, title and interest to receive payment under a note with ENE (the “KFMC-ENE Onshore Note”), which assignment was made in partial satisfaction of the amounts owed by ENE Lateral to KFMC under the ENE Lateral Facility (as defined herein). As a result of such assignment, ENE Onshore was obligated to pay to KFMC all amounts under the KFMC-ENE Onshore Note. In November 2021, ENE Onshore received an equity contribution sufficient to allow it to remit payment to KFMC of the then-outstanding KFMC-ENE Onshore Note balance, and KFMC and ENE Onshore subsequently entered into an amended and restated note allowing a maximum commitment of $ 25 million. The KFMC-ENE Onshore Note was settled in full and canceled in connection with the ENE Onshore Merger. ENE Lateral Facility In December 2015, ENE Lateral entered into a promissory note with KFMC (as amended, restated, supplemented or otherwise modified, the “ENE Lateral Facility”). The ENE Lateral Facility has an interest rate of one-month LIBOR plus 1.5 % and was amended in 2021 to increase the maximum aggregate principal amount to $ 285 million. The ENE Lateral Facility was amended on August 31, 2021, to make certain changes to the final payment date, including removing KFMC’s ability to demand payment. The ENE Lateral Facility was settled in full and terminated in September 2021 in connection with the Northeast Gateway Contribution. Maturities Principal payments on related party long-term debt outstanding as of December 31, 2022 are as follows (in thousands): 2023 $ 7,661 2024 9,078 2025 9,741 2026 10,521 2027 11,364 Thereafter 80,068 Total payments $ 128,433 Residual value for Exquisite vessel financing 60,000 Total debt – related party $ 188,433 During the years ended December 31, 2022, 2021 and 2020, interest expense for related party long-term debt was $ 17.7 million , $ 19.8 million , and $ 20.0 million , respectively, and was included in net interest expense in the consolidated statements of income. |
TRA Liability
TRA Liability | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
TRA Liability | 12. TRA Liability In connection with the IPO, we entered into the TRA with the TRA Beneficiaries. The TRA will provide for payment by us to the TRA Beneficiaries of 85 % of the amount of the net cash tax savings, if any, that we are deemed to realize as a result of our utilization of certain tax benefits resulting from (i) certain increases in the tax basis of assets of EELP and its subsidiaries resulting from exchanges of EELP partnership interests in the future, (ii) certain tax attributes of EELP and subsidiaries of EELP (including the existing tax basis of assets owned by EELP or its subsidiaries and the tax basis of certain assets purchased from the Foundation) that exist as of the time of the IPO or may exist at the time when Class B interests of EELP are exchanged for shares of Class A Common Stock, and (iii) certain other tax benefits related to us entering into the TRA, including tax benefits attributable to payments that we make under the TRA. See “Certain Relationships and Related Person Transactions—Proposed Transactions with Excelerate Energy, Inc—Tax Receivable Agreement” in the Prospectus for more information about the TRA. The payments that we will be required to make under the TRA, including those made if we elected to terminate the agreement early, have the potential to be substantial. Based on certain assumptions, including no material changes in the relevant tax law and that we earn sufficient taxable income to realize the full tax benefits that are the subject of the TRA, we expect that future payments to the TRA Beneficiaries (not including Excelerate) will equal $ 76.7 million in the aggregate, although the actual future payments to the TRA Beneficiaries will vary based on the factors discussed in “Certain Relationships and Related Person Transactions—Proposed Transactions with Excelerate Energy, Inc—Tax Receivable Agreement” in the Prospectus and estimating the amount of payments that may be made under the TRA is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors and future events. The TRA payment forecasted to be made in 2023 as of December 31, 2022, is $ 3.7 million . In addition, payments we make under the TRA will be increased by any interest accrued from the due date (without extensions) of the corresponding tax return. If EE Holdings were to have exchanged all of its EELP interests as of the balance sheet date, we would recognize a liability for payments under the TRA of approximately $ 420.4 million , assuming (i) that EE Holdings exchanged all of its EELP interests using EE’s December 31, 2022 closing market price of $ 25.05 per s hare of Class A Common Stock, (ii) no material changes in relevant tax law, (iii) a constant combined effective income tax rate of 21 % and (iv) that we have sufficient taxable income in each year to realize on a current basis the increased depreciation, amortization and other tax benefits that are the subject of the TRA. The actual future payments to the TRA Beneficiaries will vary, and estimating the amount and timing of payments that may be made under the TRA is by its nature imprecise, as the calculation of amounts payable depends on a variety of factors and future events. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | 13. Equity Amended and Restated Limited Partnership Agreement Prior to the IPO, EE Holdings was the limited partner of EELP, with a 99 % ownership interest in EELP as of March 31, 2022. In connection with the IPO, EE Holdings amended and restated the limited partnership agreement of EELP (the “EELP Limited Partnership Agreement”) whereby all of the outstanding interests of EELP were recapitalized into Class B interests and EELP was authorized to issue Class A interests. Subject to certain limitations, the EELP Limited Partnership Agreement permits Class B interests to be exchanged for shares of Class A Common Stock on a one-for-one basis or, at Excelerate’s election, for cash. Also in connection with the IPO, Excelerate became the general partner of EELP. Excelerate Energy, LLC (“EELLC”) was the general partner of EELP prior to the IPO, with a 1 % ownership interest in EELP as of March 31, 2022. In connection with the IPO, EELLC distributed to EE Holdings all of its interest in EELP. EE Holdings then contributed to EELP all of its interests in EELLC. As anticipated, EELLC was dissolved in October 2022. Initial Public Offering In connection with the IPO, in exchange for $ 441.6 million in gross proceeds before deducting underwriting discounts and commissions of $ 25.4 million and IPO-related expenses of $ 7.6 million , EELP issued 26,254,167 Class A interests to Excelerate, representing approximately 24.2 % of the EELP interests, and 82,021,389 Class B interests to EE Holdings, representing approximately 75.8 % of the EELP interests. In connection with the closing of the IPO, the Company amended and restated its certificate of incorporation in its entirety to, among other things: (i) authorize 300 million shares of Class A Common Stock; (ii) 150 million shares of Class B Common Stock, $ 0.001 par value per share (the “Class B Common Stock”); and (iii) 25 million shares of “blank check” preferred stock, $ 0.001 par value per share. As of December 31, 2022, there were 26,254,167 shares of Class A Common Stock and 82,021,389 shares of Class B Common Stock outstanding. Class A Common Stock The Class A Common Stock outstanding represents 100 % of the rights of the holders of all classes of our outstanding common stock to share in distributions from Excelerate , except for the right of Class B stockholders to receive the par value of the Class B Common Stock upon our liquidation, dissolution or winding up or an exchange of Class B interests of EELP. Class B Common Stock Following the completion of the IPO, EE Holdings, a company controlled directly and indirectly by Kaiser, holds all of the shares of our outstanding Class B Common Stock. The Class B Common Stock entitles the holder to one vote for each share of Class B Common Stock. Holders of shares of our Class B Common Stock vote together with holders of our Class A Common Stock as a single class on all matters on which stockholders are entitled to vote generally, except as otherwise provided in our amended and restated certificate of incorporation or required by law. As the only Class B stockholder following the completion of the IPO, EE Holdings has 75.8 % of the combined voting power of our common stock . The EELP Limited Partnership Agreement entitles partners (and certain permitted transferees thereof) to exchange their Class B interests for shares of Class A Common Stock on a one-for-one basis or, at our election, for cash. When a Class B interest is exchanged for a share of Class A Common Stock, the corresponding share of Class B Common Stock will automatically be canceled. The EELP Limited Partnership Agreement permits the Class B limited partners to exercise their exchange rights subject to certain timing and other conditions. When a Class B interest is surrendered for exchange, it will not be available for reissuance. EELP Distribution Rights The Company, as the general partner of EELP, has the right to determine when distributions will be made to holders of interests and the amount of any such distributions. If a distribution is authorized, such distribution will be made to the holders of Class A interests and Class B interests on a pro rata basis in accordance with the number of interests held by such holder. Dividends and Distributions During the year ended December 31, 2022, EELP declared and paid distributions to all interest holders, including Excelerate. Using proceeds from the distribution, Excelerate declared and paid dividends to holders of Class A Common Stock. The following table details the distributions and dividends for the year ended December 31, 2022: Class B Interests Class A Common Stock Dividend for the quarter ended Date Paid or To Be Paid Distributions Paid or To Be Paid Total Dividends Declared Dividend Declared per Share (in thousands) December 31, 2022 April 27, 2023 $ 2,051 $ 657 $ 0.025 September 30, 2022 December 14, 2022 $ 2,051 $ 657 $ 0.025 June 30, 2022 September 7, 2022 $ 2,051 $ 657 $ 0.025 Albania Power Project In April 2022, Excelerate established an entity to provide a temporary power solution in Albania (the “Albania Power Project”). Excelerate is a 90 % owner of the project and has receive d $ 1.9 million i n cash contributions from the minority owner during the year ended December 31, 2022 . The Albania Power Project is fully consolidated in our financial statements. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share | 14. Earnings per share The following table presents the computation of earnings per share for the period from April 13, 2022 through December 31, 2022 (in thousands except share and per share amounts): For the period from April 13 – December 31, 2022 Net income $ 67,046 Less net income attributable to non-controlling interest 55,119 Less net loss attributable to non-controlling interest – ENE Onshore ( 1,396 ) Net income attributable to shareholders – basic and diluted $ 13,323 Weighted average shares outstanding – basic 26,254,167 Dilutive effect of unvested restricted common stock 7,940 Issued upon assumed exercise of outstanding stock options — Class B Common Stock converted to Class A Common Stock — Weighted average shares outstanding – diluted 26,262,107 Earnings per share Basic $ 0.51 Diluted $ 0.51 The following table presents the common stock shares equivalents excluded from the calculation of diluted earnings per share for the period from April 13, 2022 through December 31, 2022, as they would have had an antidilutive effect: For the period from April 13 – December 31, 2022 Restricted common stock 53 Stock options 150,314 Class B Common Stock 82,021,389 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 15. Leases Lessee arrangements Finance leases Certain enforceable vessel charters and pipeline capacity agreements are classified as finance leases, and the right-of-use assets are included in property and equipment. Lease obligations are recognized based on the rate implicit in the lease or the Company’s incremental borrowing rate at lease commencement. As of December 31, 2022 , the Company was a lessee in finance lease arrangements on one pipeline capacity agreement and one tugboat. These arrangements were determined to be finance leases due to their terms representing the majority of the economic lives of the assets. In connection with the IPO, EELP purchased two vessels previously leased and accounted for as related party finance leases. In 2018, EELP entered into an agreement with a customer to lease the Excellence vessel with the vessel transferring ownership to the customer at the conclusion of the agreement for no additional consideration. EELP, as a lessor, accounts for the Excellence vessel contract with our customer as a sales-type lease in the consolidated balance sheet in accordance with ASC 842. For more information regarding the purchase of the vessels, see Note 8 – Property and equipment. Finance lease liabilities as of December 31, 2022 and December 31, 2021 consisted of the following (in thousands): December 31, 2022 December 31, 2021 External leases: Finance lease liabilities $ 231,158 $ 251,658 Less current portion of finance lease liabilities ( 20,804 ) ( 21,903 ) Finance lease liabilities, long-term $ 210,354 $ 229,755 Related party leases: Finance lease liabilities $ — $ 226,619 Less current portion of finance lease liabilities — ( 15,627 ) Finance lease liabilities, long-term $ — $ 210,992 Operating leases As of December 31, 2022, the Company was a lessee in a bareboat charter contract and a terminal use lease, accounted for as operating leases. Pursuant to a bareboat charter, the vessel owner provides the use of the vessel to the Company in exchange for a fixed charter hire rate. However, the Company is responsible for the operation and maintenance of the vessel with its own crew, fuel costs, and other related expenses. As such, the bareboat charter includes a lease component only for the lessee to control the use of the vessel and does not contain non-lease components. Additionally, the Company has operating leases for offices in various locations in which operations are performed. Such leases will often include options to extend the lease and the Company will include option periods that, on commencement date, it is reasonably certain the Company will exercise. Variable lease costs relate to certain lease agreements, which include payments that vary for items such as inflation adjustments, or common area charges. Variable lease costs that are not dependent on an index are excluded from the lease payments that comprise the operating lease liability and are expensed in the period in which they are incurred. None of the Company's operating leases contain any residual value guarantees. A maturity analysis of the Company’s operating and finance lease liabilities (excluding short-term leases) at December 31, 2022 is as follows (in thousands): Year Operating Finance 2023 $ 37,562 $ 33,235 2024 29,275 33,248 2025 18,538 33,235 2026 940 33,235 2027 913 33,235 Thereafter 1,334 141,120 Total lease payments $ 88,562 $ 307,308 Less: imputed interest ( 6,577 ) ( 76,150 ) Carrying value of lease liabilities 81,985 231,158 Less: current portion ( 33,612 ) ( 20,804 ) Carrying value of long-term lease liabilities $ 48,373 $ 210,354 As of December 31, 2022, the Company’s weighted average remaining lease term for operating and finance leases was 2.6 years and 10.1 years, respectively, with a weighted average discount rate of 5.9 % and 6.3 % , respectively. As of December 31, 2021, the Company’s weighted average remaining lease term for operating and finance leases was 3.4 years and 12.1 years, respectively, with a weighted average discount rate of 5.8 % and 9.8 % , respectively. The Company's total lease costs for the years ended December 31, 2022, 2021 and 2020 recognized in the consolidated statements of income consisted of the following (in thousands): For the years ended December 31, 2022 2021 2020 Amortization of finance lease right-of-use assets – related party $ 1,226 $ 4,906 $ 4,906 Amortization of finance lease right-of-use assets – external 2,609 13,345 13,345 Interest on finance lease liabilities – related party 7,930 29,080 30,619 Interest on finance lease liabilities – external 15,172 17,231 19,370 Operating lease expense 37,825 29,489 16,919 Short-term lease expense 1,164 746 681 Total lease costs $ 65,926 $ 94,797 $ 85,840 Other information related to leases for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): For the years ended December 31, 2022 2021 2020 Operating cash flows for finance leases $ 15,172 $ 17,231 $ 19,370 Operating cash flows for finance leases – related party 7,930 29,080 30,619 Financing cash flow for finance leases 20,499 36,262 34,143 Financing cash flow for finance leases – related party 2,912 15,427 14,558 Operating cash flows for operating leases 36,841 29,100 16,481 Right-of-use assets obtained in exchange for new operating lease liabilities 3,567 15,248 121,575 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 16. Revenue The following table presents the Company’s revenue for t he years ended December 31, 2022, 2021 and 2020 (in thousands): For the years ended December 31, 2022 2021 2020 Revenue from leases $ 327,738 $ 347,643 $ 325,413 Revenue from contracts with customers Time charter, regasification and other services 117,419 120,387 105,430 Gas sales 2,027,816 420,525 — Total revenue $ 2,472,973 $ 888,555 $ 430,843 Lease revenue The Company’s time charter contracts are accounted for as operating or sales-type leases. The Company's revenue from leases is presented within revenues in the consolidated statements of income and for the years ended December 31, 2022, 2021 and 2020 consists of the following (in thousands): For the years ended December 31, 2022 2021 2020 Operating lease income $ 252,350 $ 270,197 $ 246,338 Sales-type lease income 75,388 77,446 79,075 Total revenue from leases $ 327,738 $ 347,643 $ 325,413 Sales-type leases Sales-type lease income is interest income that is presented within lease revenues on the consolidated statements of income. The Company leased two vessels and a terminal under sales-type leases as it is reasonably certain that the ownership of these assets will transfer to the customer at the end of the term. For the years ended December 31, 2022, 2021 and 2020, the Company recorded lease income from the net investment in the leases within revenue from lease contracts of $ 75.4 million , $ 77.4 million and $ 79.1 million, respect ively. Operating leases Revenue from time charter contracts accounted for as operating leases is recognized by the Company on a straight-line basis over the term of the contract. As of December 31, 2022 , the Company is the lessor to long-term time charter agreements with customers on six of its vessels. The following represents the amount of property and equipment that is leased to customers as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Property and equipment $ 2,034,183 $ 1,899,892 Accumulated depreciation ( 823,942 ) ( 766,642 ) Property and equipment, net $ 1,210,241 $ 1,133,250 The future minimum revenues presented in the table below should not be construed to reflect total charter hire revenues for any of the years presented. Minimum future revenues included below are based on the fixed components and do not include variable or contingent revenue. Additionally, revenue generated from short-term charters are not included as the duration of the contracts are less than a year. As of December 31, 2022, the minimum contractual future revenues to be received under the time charters during the next five years and thereafter are as follows (in thousands): Year Sales-type Operating 2023 80,449 229,078 2024 84,214 174,342 2025 87,612 162,986 2026 87,612 116,015 2027 87,612 82,456 Thereafter 491,875 280,716 Total undiscounted $ 919,374 $ 1,045,593 Less: imputed interest ( 506,466 ) Net investment in sales-type leases 412,908 Less: current portion ( 13,344 ) Non-current net investment in sales-type leases $ 399,564 Revenue from contracts with customers The following tables show disaggregated revenues from customers attributable to the country in which the revenues were derived (in thousands). Revenues from external customers are attributed to the country in which the party to the applicable agreement has its principal place of business. For the year ended December 31, 2022 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Brazil $ 52,130 $ 7,484 $ 1,933,448 $ 1,993,062 Bangladesh 75,142 40,099 — 115,241 UAE 62,516 19,137 — 81,653 United States — 7,238 74,099 81,337 Argentina 47,584 22,919 — 70,503 Pakistan 44,132 11,091 — 55,223 Israel 36,574 6,533 — 43,107 Finland 9,660 2,425 20,269 32,354 Other — 493 — 493 Total revenue $ 327,738 $ 117,419 $ 2,027,816 $ 2,472,973 For the year ended December 31, 2021 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Brazil $ 50,964 $ 6,714 $ 222,878 $ 280,556 Bangladesh 78,161 38,734 157,122 274,017 UAE 60,395 17,738 — 78,133 United States — 8,377 733 9,110 Argentina 47,202 17,599 — 64,801 Pakistan 45,025 9,578 — 54,603 Israel 38,080 6,494 — 44,574 China — — 38,950 38,950 Other 27,816 15,153 842 43,811 Total revenue $ 347,643 $ 120,387 $ 420,525 $ 888,555 For the year ended December 31, 2020 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Brazil $ 42,451 $ 5,850 $ — $ 48,301 Bangladesh 79,020 38,664 — 117,684 UAE 62,856 19,474 — 82,330 United States — 4,075 — 4,075 Argentina 44,526 14,548 — 59,074 Pakistan 43,268 10,235 — 53,503 Israel 38,184 6,677 — 44,861 Other 15,108 5,907 — 21,015 Total revenue $ 325,413 $ 105,430 $ — $ 430,843 Assets and liabilities related to contracts with customers Under most gas sales contracts, invoicing occurs once the Company’s performance obligations have been satisfied, at which point payment is unconditional. Invoicing timing for time charter party (“TCP”), regasification and other services varies and occurs according to the contract. As of December 31, 2022, and December 31, 2021, receivables from contracts with customers associated with revenue from services was $ 14.9 million and $ 232.5 million , respectively. These amounts are presented within accounts receivable, net on the consolidated balance sheets. In addition, revenue for services recognized in excess of the invoiced amounts, or accrued revenue, outstanding at December 31, 2022 and December 31, 2021, was $ 5.3 million and $ 12.8 million , respectively. Accrued revenue represents current contract assets that will turn into accounts receivable within the next 12 months and be collected during the Company’s normal business operating cycle. Accrued revenue is presented in accounts receivable, net on the consolidated balance sheets. Other items included in accounts receivable, net represent receivables associated with leases, which are accounted for in accordance with the leasing standard. There were no write-downs of trade receivables for lease or time charter services or contract assets for the years ended December 31, 2022, 2021 and 2020. Contract liabilities from advance payments in excess of revenue recognized from services as of December 31, 2022 and December 31, 2021 were $ 134.3 million and $ 1.5 million , respectively. If the performance obligations are expected to be satisfied during the next 12 months, the contract liabilities are classified within current portion of deferred revenue on the consolidated balance sheets. Amounts to be recognized in revenue after 12 months are recorded in long-term deferred revenue. The remaining portion of current deferred revenue relates to the lease component of the Company’s time charter contracts, which are accounted for in accordance with the leasing standard. Noncurrent deferred revenue presented in other long-term liabilities on the consolidated balance sheets represents payments allocated to the Company’s performance obligation for drydocking services within time charter contracts in which the lease component is accounted for as a sales-type lease. Revenue will be recognized once the performance obligation is complete and occurs every five years . The following table reflects the changes in our liabilities related to long-term contracts with customers as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Deferred revenues, beginning of period $ 24,104 $ 22,940 Cash received but not yet recognized 1,436,903 1,029,435 Revenue recognized from prior period deferral ( 1,283,253 ) ( 1,028,271 ) Deferred revenues, end of period $ 177,754 $ 24,104 Some of the Company’s contracts are short-term in nature with a contract term of less than a year. The Company applied the optional exemption not to report any unfulfilled performance obligations related to these contracts. The Company has long-term arrangements with customers in which the Company provides regasification and other services as part of time charter party contracts. The price under these agreements is typically stated in the contracts. The fixed transaction price allocated to the remaining performance obligations under these arrangements is $ 761.0 million as of December 31, 2022 . The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands): 2023 $ 100,181 2024 92,488 2025 78,006 2026 67,371 2027 62,470 Thereafter 360,509 $ 761,025 |
Long-term Incentive Compensatio
Long-term Incentive Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Compensation Related Costs [Abstract] | |
Long-term Incentive Compensation | 17. Long-Term Incentive Compensation In 2014, the Company adopted an equity-settled, share-based compensation plan under which the Company received services from certain employees, which were ultimately settled by EE Holdings. The plan required all share-based payments to certain members of the Company’s executive team to be recognized as expense in the consolidated financial statements based on their grant date fair values. The fair value of the employee services received was measured by reference to the estimated fair value of the compensation plan at the grant date as calculated using a Black-Scholes model. The total amount expensed was recognized over the vesting period, which was the period over which all of the specified vesting conditions were to be satisfied. The plan was terminated in 2020, and because all remaining awards had vested when canceled, there was no consolidated financial statement impact. In 2019 and 2020, KFMC entered into agreements with certain executives of the Company. Under the agreements, the executives were permitted to acquire units amounting to up to $ 13 million in the Company’s limited partner with cash from promissory notes provided by Kaiser. One executive also had the option, upon the completion of a liquidity event, to acquire additional units in the limited partner at the same price as the initial equity purchase or make other investments as permitted by KFMC. No compensation expense would be recognized in relation to this option until the completion of a liquidity event in which substantially all of the Company’s assets or limited partner interests were transferred as determined by KFMC, at which time any resulting compensation cost would be expensed immediately. In connection with the IPO, this agreement was terminated. In April 2022, Excelerate adopted the Excelerate Long-Term Incentive Plan (the “LTI Plan”). The LTI Plan was adopted to promote and closely align the interests of Excelerate's employees, officers, non-employee directors and other service providers and its stockholders by providing stock-based compensation and other performance-based compensation. The LTI Plan allows for the grant of up to 10.8 million shares, stock options, stock appreciation rights, alone or in conjunction with other awards; restricted stock and restricted stock units; incentive bonuses, which may be paid in cash, stock or a combination thereof; and other stock-based awards. The share pool will be increased on January 1st of each calendar year beginning in 2023 by a number of shares equal to 4% of the outstanding shares of Class A Common Stock on the preceding December 31st. The LTI Plan is administered by the Compensation Committee of the Company’s board of directors. The Company’s stock option and restricted stock unit awards both qualify as equity awards and are amortized into “Selling, general and administrative expense” and “Cost of revenue and vessel operating expenses” on the consolidated statements of income on a straight-line basis. Stock options were granted to certain employees of Excelerate and vest over five years and expire ten years from the date of grant. The Company also issued restricted stock units to directors that vest ratably over either one or three years . For the year ended December 31, 2022, the Company recognized $ 1.0 million in long-term incentive compensation expense for both its stock options and restricted stock unit awards. Stock options The fair value of stock options is estimated on the date of the grant using a Black-Scholes valuation model, which requires management to make assumptions regarding the risk-free interest rates, expected dividend yields and the expected volatility of the Company’s stock calculated based on a period of time generally commensurate with the expected term of the award, the fair value of Excelerate’s common stock on the grant date, including the expected term of the award. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the expected dividend payout as a portion of total share value. Expected volatility is based on the median of the historical volatility of fifteen of the Company’s peers over the expected life of the granted options. The Company uses estimates of forfeitures to estimate the expected term of the options granted. The reversal of any expense due to forfeitures is accounted for as they occur. 2022 Risk-free interest rate 2.7 % Expected dividend yield 0.4 % Expected volatility 58.5 % Expected term 6.5 years The following table summarizes stock option activity for th e year ended December 31, 2022 and provides information for outstanding and exercisable options as of December 31, 2022: Number of Options Weighted Average Exercise Price (per share) Outstanding at January 1, 2022 — $ — Granted 338,935 24.00 Exercised — — Forfeited or expired 15,912 24.00 Outstanding at December 31, 2022 323,023 $ 24.00 Exercisable at December 31, 2022 — $ — The fair value of the options granted in 2022 was $ 4.6 million. As of December 31, 2022, the Company had $ 3.7 million in unrecognized compensation costs related to its stock options that it expects to recognize over a weighted average period of 4.3 years. Restricted stock unit awards The following table summarizes restricted stock unit activity for th e year ended December 31, 2022 and provides information for unvested shares as of December 31, 2022: Number of Shares Weighted Average Fair Value (per share) Unvested at January 1, 2022 — $ — Granted 37,754 23.61 Vested — — Forfeited — — Unvested at December 31, 2022 37,754 $ 23.61 The fair value of the awards granted in 2022 was $ 0.9 million. As of December 31, 2022, the Company had $ 0.6 million in unrecognized compensation costs related to its restricted stock unit awards that it expects to recognize over a weighted average period of 1.8 years. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 18. Income taxes The Company’s income before income taxes is comprised of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands): For the years ended December 31, 2022 2021 2020 Domestic $ ( 45,701 ) $ ( 80,658 ) $ ( 144,412 ) Foreign 154,023 143,015 191,240 Total 108,322 62,357 46,828 Income tax expense (benefit) is comprised of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands): For the years ended December 31, 2022 2021 2020 Current Domestic $ 1,322 $ 2,281 $ — Foreign 24,749 19,853 13,529 Total current 26,071 22,134 13,529 Deferred Domestic 2,708 ( 27 ) — Foreign ( 453 ) ( 939 ) 408 Total deferred 2,255 ( 966 ) 408 Income tax expense $ 28,326 $ 21,168 $ 13,937 The provision for income taxes for the years ended December 31, 2022, 2021 and 2020 was $ 28.3 million , $ 21.2 million and $ 13.9 million, respectively. The increase was primarily attributable to the year-over-year change in the geographical distribution of income and the U.S. income tax incurred at the level of Excelerate Energy, Inc. beginning in April 2022 of $ 3.6 million for the year ended December 31, 2022. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is comprised of the following for the years ended December 31, 2022, 2021 and 2020: For the years ended December 31, 2022 2021 2020 Statutory rate applied to pre-tax income 21.0 % 21.0 % 21.0 % Foreign rate differential 12.0 % 8.5 % 1.6 % Domestic non-controlled interest/ domestic non-taxable income ( 20.1 %) ( 20.9 %) ( 21.0 %) Early extinguishment of lease liability 4.2 % 0.0 % 0.0 % Permanent items ( 4.0 %) ( 2.2 %) ( 1.1 %) Withholding taxes 13.7 % 22.9 % 28.4 % Uncertain tax positions ( 1.6 %) 2.8 % 0.0 % Audit settlement 0.0 % 2.4 % 0.0 % Foreign tax credit ( 2.8 %) 0.0 % 0.0 % Gain on tax liquidation 1.7 % 0.0 % 0.0 % Other 2.0 % ( 0.6 %) 0.9 % Effective tax rate 26.1 % 33.9 % 29.8 % The effective tax rate for the years ended December 31, 2022, 2021 and 2020 was 26.1 % , 33.9 % and 29.8 %, respectively. The decrease was primarily driven by the geographical distribution of income and the varying tax regimes of jurisdictions. Our effective tax rate was also impacted by the reduction of income before tax due to the loss on early extinguishment of the lease liability on acquisition of the Excellence vessel without a corresponding tax benefit which increased our effective tax rate by 4.2 % for the year ended December 31, 2022. Additionally, our effective tax rate was impacted by 3.3 % for the year ended December 31, 2022 due to additional tax recorded since being subject to U.S. income taxes at the corporate level beginning in April 2022. The tax effect of cumulative temporary differences and carryforwards that give rise to a significant deferred tax assets of liabilities as of December 31, 2022 and 2021 are as follows (in thousands): As of December 31, 2022 2021 Deferred tax assets Fixed assets $ 15 $ 33 Net operating losses 218 518 Lease liabilities 21,315 40,632 Foreign tax credit carryforward 429 — Amortizable transactions costs 1,231 — Investment in partnership 44,556 — Other 2,318 344 Deferred tax assets 70,082 41,527 Valuation allowances ( 8,335 ) ( 496 ) Net deferred tax assets $ 61,747 $ 41,031 Deferred tax liabilities Right of use assets $ 21,415 $ 39,004 Unrealized foreign exchange gains 465 1,088 Net deferred tax liabilities $ 21,880 $ 40,092 Net deferred tax assets $ 39,867 $ 939 The Company has foreign and U.S. corporate subsidiaries for which it records deferred taxes. The Company has $ 1.0 million of net operating loss carryforwards as of December 31, 2021. Of these, $ 0.5 million will expire between 2024 and 2028 . The remaining net operating loss carryforwards have an unlimited carryforward period. The Company recorded a valuation allowance to reflect the estimated amount of certain deferred tax assets that, more likely than not, will not be realized. In making such a determination, the Company evaluates a variety of factors, including the Company's operating history, accumulated deficit, and the existence of taxable or deductible temporary differences and reversal periods. The net change in the total valuation allowance for the years ended December 31, 2022 and 2021 was an increase of $ 7.8 million and a decrease of $ 0.5 million, respectively. The $ 7.8 million net increase in 2022 was primarily due to the U.S. federal deferred tax assets related to the investment in partnership and foreign tax credit carryforward. The $ 0.5 million net decrease in 2021 was primarily due to the utilization of prior year net operating loss carryforwards in foreign jurisdictions. For the year ended December 31, 2022, the Company did not have any unrecognized tax benefits related to uncertain tax positions. The Company had unrecognized tax benefits of $ 1.4 million related to uncertain tax positions for the year ended December 31, 2021. T he Company recognizes the tax benefit from an uncertain tax provision only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the tax position. The Company’s policy is to recognize accrued interest and penalties related to uncertain tax positions in income tax expense in the consolidated financial statements. For the year ended December 31, 2022, the Company did not have any payments of interest and penalties associated with uncertain tax positions. The Company recorded $ 0.4 million in payments of interest and penalties associated with uncertain tax positions for the year ended December 31, 2021. The Company does not anticipate material changes in the total amount or composition of its unrecognized tax benefits within 12 months of the reporting date. A reconciliation of the beginning and ending amount of unrecognized tax benefits in shown below (in thousands): 2022 2021 Balance at January 1 $ 1,388 $ — Increases (decreases) related to prior year tax positions ( 1,388 ) 1,388 Balance at December 31 — 1,388 The Company and its subsidiaries file income tax returns in the United States, and various foreign, state and local jurisdictions. The Company is not currently under income tax examination in any jurisdiction. Tax years that remain subject to examination vary by legal entity but are generally open in the United States for the tax years ending after 2018 and outside the United States for the tax years ending after 2016. Excelerate is a corporation for U.S. federal and state income tax purposes. EELP, is treated as a pass-through entity for U.S. federal income tax purposes and, as such, is generally not subject to U.S. federal income tax at the entity level. Accordingly, unless otherwise specified, the Company’s historical results of operations prior to the IPO do not include any provision for U.S. federal income tax for EELP. The Company has international operations that are also subject to foreign income tax and U.S. corporate subsidiaries subject to U.S. federal tax. Therefore, its effective income tax rate is dependent on many factors, including the Company’s geographical distribution of income, a rate benefit attributable to the portion of the Company’s earnings not subject to corporate level taxes, and the impact of nondeductible items and foreign exchange impacts as well as varying tax regimes of jurisdictions. In one jurisdiction, the Company’s tax rate is significantly less than the applicable statutory rate as a result of a tax holiday that was granted. This tax holiday will expire in 2033 at the same time that our contract and revenue with our customer ends. On August 16, 2022, the Inflation Reduction Act of 2022 was signed into U.S. law. Under this law, there is a new 15 % corporate minimum tax, which did not have an impact on the Company’s tax provision for the year ended December 31, 2022. The Company does not expect other provisions of the new law to have a material impact on its tax provision. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | 19. Related party transactions The Company had one debt instrument with related parties as of December 31, 2022. For details on this debt instrument, see Note 11 – Long-term debt – related party. Prior to the IPO, EELP, certain of its subsidiaries and other affiliates of Kaiser were guarantors to the Kaiser Credit Line (as defined herein). For details on this facility, see Note 22 – Commitments and contingencies. Kaiser has, over time, donated significant amounts of money to the Foundation. The Foundation has an independent board and Kaiser does not exert control over or have ownership in the Foundation. However, several of Kaiser’s close family members are on the board of directors of the Foundation and for the purposes of these accounts, where transactions with the Foundation occur, they are reported as related party transactions. As of December 31, 2022, the Company had no outstanding balance with the Foundation. As of December 31, 2021, the Company had an outstanding balance with the Foundation related to the finance leases of the Foundation Vessels totaling $ 226.6 million . Interest expense in related party finance leases for the years ended December 31, 2022, 2021 and 2020 amounted to $ 7.9 million , $ 29.1 million and $ 30.6 million, respectively. As part of the vessel management agreements, EELP provided bookkeeping and other back office administrative services for the Foundation Vessels. EELP purchased the Foundation Vessels from an affiliate of the Foundation in connection with the IPO. For further details on this purchase, see Note 8 – Property and equipment. The following transactions with related parties are included in the accompanying consolidated statements of income (in thousands): December 31, 2022 December 31, 2021 December 31, 2020 Management fees and other expenses with Kaiser $ 1,186 $ 1,814 $ 2,345 The following balances with related parties are included in the accompanying consolidated balance sheets (in thousands): December 31, 2022 December 31, 2021 Amounts due from related parties $ 2,595 $ 11,140 Amounts due to related parties $ 2,054 $ 7,937 Prepaid expenses – related party $ 2,205 $ 5,917 EELP and certain of its subsidiaries and affiliates entered into certain transactions with Kaiser and affiliates of Kaiser that had significant activity during the year ended December 31, 2022, as described below. Kaiser and EELP are party to an ISDA Master Agreement dated February 15, 2008, as amended on February 15, 2011. Since January 1, 2018, there has been one transaction resulting in a net settlement cost to EELP of $ 0.7 million under such ISDA Master Agreement. GBK Corporation, an affiliate of Kaiser, issued a guarantee dated August 19, 2011, in respect of all payment and performance obligations owed by Excelerate Energy Brazil, LLC and Excelerate Energy Servicos de Regaseficacao Ltda to Petroleo Brasileiro S.A. under an operation and services agreement and time charter party, which guarantee is subject to a cap of $ 55 million on certain indemnification obligations. This guarantee was terminated effective January 11, 2022, and EELP issued a new guarantee in respect of such obligations. Prior to our IPO, as credit support for LNG cargo purchases, Kaiser obtained letters of credit under a committed line of $ 600 million for which EELP and certain of its subsidiaries were guarantors (the “Kaiser Credit Line”), on behalf of Excelerate Gas Marketing Limited Partnership, a subsidiary of EELP, in favor of LNG suppliers, in the following approximate aggregate amounts: $ 329.3 million in 2021, none of which remained outstanding as of December 31, 2022; an d $ 27.3 million in the year ended December 31, 2022, none of which remained outstanding as of December 31, 2022. In connection with the IPO, the credit support previously provided for LNG cargo purchases under the Kaiser Credit Line was replaced by letters of credit obtained under the EE Revolver. Kaiser issued an uncapped construction and operational guarantee dated May 14, 2007 in favor of the Secretary of Transportation, United States of America, as represented by the Maritime Administrator (“MARAD”), in respect of Northeast Gateway Energy Bridge, LP’s obligations related to the design, construction, operations and decommissioning under the deepwater port license issued by MARAD. In addition, Kaiser obtained a letter of credit in favor of MARAD to cover decommissioning costs in the amount of approximately $ 15.4 million (the “Kaiser – MARAD LOC”), which Kaiser – MARAD LOC was amended and increased to $ 16.3 million in December 2021. This was further amended in November 2022 to increase the borrowing limit to $ 17.6 million. Kaiser obtained a letter of credit under the Kaiser Credit Line on behalf of Excelerate Energy Development DMCC for the benefit of Engro Elengy Terminal (Private) Limited in the amount of $ 20 million. In connection with the IPO, this letter of credit was replaced with a letter of credit obtained under the EE Revolver in April 2022. Kaiser obtained a letter of credit under the Kaiser Credit Line on behalf of Excelerate Energy Bangladesh Ltd. for the benefit of Bangladesh Oil, Gas & Mineral Corporation in the amount of $ 20 million. In connection with the IPO, this letter of credit was replaced with a letter of credit obtained under the EE Revolver in April 2022. Northeast Gateway Related Transactions In September 2021, EE Holdings completed the Northeast Gateway Contribution as described in Note 1 – General business information. On December 22, 2015, ENE Lateral entered into the ENE Lateral Facility with KFMC. The ENE Lateral Facility was amended and restated in each of 2016, 2018, 2019 and 2021 to increase the maximum aggregate principal amount of the note, with the 2021 amendment increasing the maximum aggregate principal amount to $ 285.0 million and, in 2018, to decrease the interest rate from LIBOR plus 3.5 % to LIBOR plus 1.5 %. The ENE Lateral Facility was most recently amended on August 31, 2021 to make certain changes to the final payment date, including removing KFMC’s ability to demand repayment. The $ 57.2 million remaining on the ENE Lateral Facility was repaid in full, and the ENE Lateral Note terminated in connection with the Northeast Gateway Contribution. Prior to the Northeast Gateway Contribution, Kaiser issued guarantees dated December 1, 2015, in favor of all creditors and obligees of ENE Onshore and ENE Lateral under their third-party contracts. The Kaiser guarantees issued in favor of ENE Lateral and ENE Onshore were terminated in connection with the Northeast Gateway Contribution. Prior to the Northeast Gateway Contribution, Kaiser issued a guarantee dated September 11, 2013 (and reaffirmed on December 1, 2015) in favor of Algonquin Gas Transmission, LLC (“AGT”) and Maritimes & Northeast Pipeline, L.L.C. (each a wholly owned subsidiary of Enbridge, Inc.), in respect of all payment obligations owed by ENE Onshore and ENE Lateral (the “AGT Guarantee”). In addition, Kaiser obtained a letter of credit on behalf of ENE Onshore and ENE Lateral (the “AGT LOC”). The amount available for drawing under the AGT LOC reduced monthly and was approximately $ 16.5 million as of December 31, 2021. As of December 31, 2022 , there were no amounts remaining available for drawing under the AGT LOC. In connection with the Northeast Gateway Contribution, EELP agreed to (i) indemnify Kaiser in respect of Kaiser’s obligations related to ENE Lateral under the AGT Guarantee and AGT LOC, (ii) pay an annual fee in the amount of $ 1.2 million (pro-rated based on the number of days such guarantee remains outstanding in any year (beginning September 17, 2021)) to Kaiser to maintain such AGT Guarantee and (iii) reimburse Kaiser for any fees actually incurred under the AGT LOC (the “Kaiser AGT Indemnity Agreement”). As discussed in the ENE Onshore Merger section below, the AGT Guarantee and the Kaiser AGT Indemnity Agreement were terminated in October 2022. The Northeast Companies and ENE Onshore (all of which are Kaiser affiliates, and collectively, the “NEG Entities”) and EELP entered into that certain Northeast Gateway Services Agreement, dated January 1, 2016, pursuant to which EELP performs certain services on behalf of the NEG Entities (the “NEG Services Agreement”) in exchange for payment for such services and reimbursement of out-of-pocket, third-party expenses. In connection with the Northeast Gateway Contribution, the NEG Services Agreement was amended on September 17, 2021 to remove and release ENE Onshore as a party. Under the NEG Services Agreement, the NEG Entities made payments to EELP of approximately $ 0.5 million in 2020 and $ 0.4 million in 2021. Following the Northeast Gateway Contribution, the NEG Services Agreement is no longer considered a related person transaction. EE Holdings, EELP and the NEG Entities entered into that certain Northeast Gateway Matters Agreement dated January 1, 2016, pursuant to which the NEG Entities indemnified EELP in respect of liabilities arising from all activities at Northeast Gateway (the “Northeast Gateway Matters Agreement”). In connection with the Northeast Gateway Contribution, the Northeast Gateway Matters Agreement was terminated and replaced with the Northeast Gateway Onshore Matters Agreement, dated September 17, 2021, by and among EE Holdings, ENE Onshore and EELP, pursuant to which EE Holdings and ENE Onshore indemnify EELP in respect of liabilities arising from all ENE Onshore activities at Northeast Gateway (the “Northeast Gateway Onshore Matters Agreement”). No payments were made under the Northeast Gateway Matters Agreement, and no payments have been made under the Northeast Gateway Onshore Matters Agreement. As discussed in the ENE Onshore Merger section below, the Northeast Gateway Onshore Matters Agreement was terminated in October 2022. In March 2016, ENE Onshore released ENE Onshore’s capacity in AGT’s mainline facility (the “Onshore Release Capacity”) to ENE Lateral for no consideration. In connection with the Northeast Gateway Contribution, ENE Lateral and ENE Onshore entered into a Capacity Release Payment Agreement dated September 17, 2021 (the “Capacity Release Payment Agreement”), whereby, if ENE Lateral releases the Onshore Release Capacity to a third party and receives funds in respect of such Onshore Release Capacity, ENE Lateral will pay to ENE Onshore the amount of such funds received. On November 30, 2021, ENE Lateral paid $ 0.9 million to ENE Onshore in respect of Onshore Release Capacity in September and October 2021. During 2022, ENE Lateral paid $ 7.0 million to ENE Onshore in respect of Onshore Release Capacity. As discussed in the ENE Onshore Merger section below, the Capacity Release Payment Agreement was terminated in October 2022. On March 31, 2021 (as amended on June 22, 2021), KFMC and EELP entered into a promissory note which allowed KFMC to borrow up to a maximum amount of $ 100 million at a per annum interest rate of LIBOR plus 1.55 % (as amended, restated, supplemented or otherwise modified, the “Accounts Receivable Note”). The Accounts Receivable Note was amended and restated on June 22, 2021 to (i) increase the maximum commitment to $ 150 million, (ii) require periodic payments of interest, rather than payment of accrued interest on the final payment date, and (iii) allow for replacement of LIBOR with an alternative rate in certain circumstances. In connection with the Northeast Gateway Contribution on September 28, 2021, pursuant to an assignment and assumption of promissory note and accounts receivable agreement among KFMC, EELP, ENE Lateral and ENE Onshore, $ 88.5 million owed by KFMC to EELP under the Accounts Receivable Note was settled as partial payment of the amounts outstanding on the ENE Lateral Facility. No additional amounts were drawn on the Accounts Receivable Note and the Accounts Receivable Note was terminated on November 4, 2021. In connection with the Northeast Gateway Contribution and in order to fund the continued operations of ENE Lateral, EE Holdings made a $ 16.5 million contribution in the form of a Note Receivable from Kaiser (the “Kaiser Note Receivable”) to provide for funding of certain amounts expected to be paid in the next twelve months. The Kaiser Note Receivable bears interest at 1.55 % with $ 3.3 million payable each month by Kaiser to the Company. The Kaiser Note Receivable was presented as contra-equity in the consolidated financial statements. The Kaiser Note Receivable was repaid in full in February 2022. ENE Onshore Merger I n October 2022, EE Holdings, the indirect sole member of ENE Onshore, and EELP, the sole member of ENE Lateral, entered into the ENE Onshore Merger, effective October 31, 2022. ENE Lateral was the surviving entity and ENE Onshore ceased to exist as a separate entity. Prior to the ENE Onshore Merger, Excelerate consolidated ENE Onshore as a VIE as Excelerate was determined to be the primary beneficiary of ENE Onshore. As a result of the ENE Onshore Merger, Excelerate ceased to have a non-controlling interest related to ENE Onshore. In connection with the merger, certain related party transactions were terminated: 1) The Kaiser AGT Indemnity Agreement, under which Excelerate had agreed to pay $ 1.2 million in annual fees to Kaiser for his guarantee of certain obligations of ENE Lateral and ENE Onshore, was terminated, effective as of October 20, 2022. 2) The AGT Guarantee was terminated, effective as of October 20, 2022. At the same time, EELP issued a new guarantee in respect of all payment obligations owed by ENE Lateral to AGT. 3) The Northeast Gateway Onshore Matters Agreement, pursuant to which EE Holdings and ENE Onshore agreed to indemnify EELP in respect of liabilities arising from all ENE Onshore activities at Northeast Gateway, was terminated, effective as of October 31, 2022. 4) The Capacity Release Payment Agreement, pursuant to which ENE Lateral had agreed to pay ENE Onshore for sales of capacity on AGT’s mainline facility that were received by ENE Lateral, was terminated on October 31, 2022, by virtue of the ENE Onshore Merger. In connection with the ENE Onshore Merger, ENE Onshore entered into a Contribution and Note Termination Agreement, pursuant to which ENE Onshore received an equity contribution sufficient to allow it to remit payment to (a) KFMC of the then-outstanding KFMC-ENE Onshore Note and (b) AGT of amounts owed for October 2022 net capacity payments. Subsequently, the KFMC-ENE Onshore Note was terminated. After the contribution, on October 31, 2022, ENE Onshore had no material net assets or liabilities. See the consolidated statements of changes in equity for the full effects of the ENE Onshore Merger. |
Defined contribution plan
Defined contribution plan | 12 Months Ended |
Dec. 31, 2022 | |
Defined Contribution Plan [Abstract] | |
Defined Contribution Plan | 20. Defined contribution plan The Company’s full-time employees are eligible to participate in a 401(k) plan that is administered by a related party of Kaiser. The Company makes a safe harbor matching contribution equal to 100 % of the employee’s salary deferrals that do not exceed 3 % of compensation plus 50% of the employee’s salary deferrals between 3% and 5% of compensation. The safe harbor matching contribution is 100 % vested. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. The Company record ed $ 0.8 million , $ 0.7 million and $ 0.5 million in compensation expense related to the plan during the years ended December 31, 2022, 2021 and 2020 , respectively. |
Concentration Risk
Concentration Risk | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
NoConcentration risk | 21. Concentration risk The Company is subject to concentrations of credit risk principally from cash and cash equivalents, restricted cash, derivative financial instruments, and accounts receivable. The Company limits the exposure to credit risk with cash and cash equivalents and restricted cash by placing it with highly rated financial institutions. Additionally, the Company evaluates the counterparty risk of potential customers based on credit evaluations, including analysis of the counterparty’s established credit rating or assessment of the counterparty’s creditworthiness based on an analysis of financial condition when a credit rating is not available, historical experience, and other factors. To manage credit risk associated with the interest rate hedges, the Company selected counterparties based on their credit ratings and limits the exposure to any single counterparty. The counterparties to the derivative contracts are major financial institutions with investment grade credit ratings. The Company periodically monitors the credit risk of the counterparties and adjusts the hedging position as appropriate. The impact of credit risk, as well as the ability of each party to fulfill its obligations under the derivative financial instruments, is considered in determining the fair value of the contracts. Credit risk has not had a significant effect on the fair value of the derivative instruments. The Company does not have any credit risk-related contingent features or collateral requirements associated with the derivative contracts. The following table shows customers with revenues of 10 % or greater of total revenues: Percentage of Total Revenues Years ended December 31, 2022 2021 2020 Customer A 80 % 32 % 11 % Customer B 3 % 27 % 20 % Customer C 2 % 6 % 12 % Customer D 3 % 6 % 10 % Customer E 2 % 5 % 10 % Customer F 2 % 5 % 10 % Certain customers of ours may purchase a high volume of LNG and/or natural gas from us. These purchases can significantly increase their percentage of our total revenues as compared to those customers who are only FSRU and terminal service customers. This increase in revenue from their purchases is exacerbated in periods of high market pricing of LNG and natural gas, as was the case for the majority of the year ended December 31, 2022. In conjunction with these LNG and natural gas sales, our direct cost of gas sales also increases by a similar percent due to the increase in volume and market pricing of LNG incurred for such revenue. As such, the increase in revenues by customer may be disproportionate to the relative increase in concentration risk within our operations. Substantially all of the net book value of our long-lived assets are located outside the United States. The Company’s fixed assets are largely comprised of vessels that can be deployed globally due to their mobile nature. As such, the Company is not subject to significant concentration risk of fixed assets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 22. Commitments and contingencies The Company may be involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental and other claims. The Company will recognize a loss contingency in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized. EELP and certain of its subsidiaries, and other entities under common control of Kaiser, were guarantors to the Kaiser Credit Line prior to Excelerate’s IPO. EELP provided a first lien against one of the Company’s vessels to collateralize this facility. EELP utilized the Kaiser Credit Line to issue letters of credit or bank guarantees to counterparties to guarantee its performance. As of December 31, 2021 , the Company had issued $ 142.5 million in letters of credit under the Kaiser Credit Line. In connection with the IPO, the first lien against an EELP vessel and other collateral and guarantees provided by EELP and its subsidiaries were released by the lender under the Kaiser Credit Line and certain credit support previously provided to EELP by Kaiser under the Kaiser Credit Line was replaced with credit support under the EE Revolver. As of December 31, 2022, the Company had issued $ 40.0 million in letters o f credit under the EE Revolver. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligations | 23. Asset retirement obligations The Company’s asset retirement obligation represents the present value of estimated future costs associated with the decommissioning of the Northeast Gateway Deepwater LNG Port in the Massachusetts Bay. In accordance with the port's license and permits, the Company is legally required to decommission the port and estimates that this will occur at the end of the related pipeline capacity agreement in 2032. The following table presents the balances for asset retirement obligations and the changes due to accretion expense (in thousands): December 31, 2022 December 31, 2021 Asset retirement obligations, beginning of period $ 34,929 $ 33,499 Accretion expense 1,494 1,430 Revisions in estimated cash flows 3,400 — Asset retirement obligations, end of period $ 39,823 $ 34,929 |
Supplemental Noncash Disclosure
Supplemental Noncash Disclosures for Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental noncash disclosures for consolidated statement of cash flows | 24. Supplemental noncash disclosures for consolidated statement of cash flows Supplemental noncash disclosures for the consolidated statement of cash flows consist of the following (in thousands): Years ended December 31, 2022 2021 2020 Supplemental cash flow information: Cash paid for taxes $ 36,957 $ 16,807 $ 14,328 Cash paid for interest 55,437 80,501 88,167 Right-of-use assets obtained in exchange for lease obligations 3,567 15,248 121,575 Increase in capital expenditures included in accounts payable ( 3,329 ) 1,189 8,445 Vessel acquisition 188,500 — — ENE Onshore contribution to settle KFMC-ENE Onshore Note ( 11,177 ) — — KFMC note receivable netted against Lateral note payable to KFMC — 88,500 — ENE Lateral distribution of ENE Onshore note to KFMC as partial settlement of ENE Lateral Note to KFMC — 118,893 — Noncash contribution received to settle note payable to KFMC — 57,159 — Noncash contribution received reflected as a note receivable from GBK — 16,500 — The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Cash and cash equivalents $ 516,659 $ 72,786 Restricted cash – current 2,614 2,495 Restricted cash – non-current 18,698 15,683 Cash, cash equivalents, and restricted cash $ 537,971 $ 90,964 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Income) Loss | 12 Months Ended |
Dec. 31, 2022 | |
AOCI Attributable to Parent [Abstract] | |
Accumulated other comprehensive (income) loss | 25. Accumulated other comprehensive (income) loss Changes in components of accumulated other comprehensive (income) loss were (in thousands): Cumulative Qualifying Share of OCI in Total At January 1, 2021 $ 2,167 $ 7,027 $ 5,767 $ 14,961 Other comprehensive (income) loss — ( 2,209 ) ( 5,721 ) ( 7,930 ) Reclassification to income — ( 1,116 ) 3,263 2,147 At December 31, 2021 $ 2,167 $ 3,702 $ 3,309 $ 9,178 Other comprehensive (income) loss — ( 4,946 ) ( 2,471 ) ( 7,417 ) Reclassification to income — ( 507 ) ( 2,526 ) ( 3,033 ) Reclassification to NCI ( 1,643 ) 1,200 1,200 757 At December 31, 2022 $ 524 $ ( 551 ) $ ( 488 ) $ ( 515 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | 26. Subsequent events Dividend Declaration On March 23, 2023, the Company announced that its board of directors declared a cash dividend, with respect to the quarter ended December 31, 2022, of $ 0.025 per share of Class A Common Stock. The dividend is payable on April 27, 2023 , to Class A Common Stockholders of record as of the close of business on April 12, 2023 . EELP will make a corresponding distribution of $ 0.025 per interest to holders of Class B interests on the same date of the dividend payment. Venture Global SPA In February 2023, we executed a 20-year LNG sales and purchase agreement with Venture Global LNG (the “Venture Global SPA”). Under the Venture Global SPA, Excelerate will purchase 0.7 MT per annum of LNG on a FOB basis from the Plaquemines LNG facility in Plaquemines Parish, Louisiana. Sequoia Purchase Option In March 2023, we exercised our option to purchase the FSRU Sequoia for a purchase price of $ 265 million (the “Sequoia Purchase”), which is currently under a bare boat charter with a third party until mid-2025. We expect to close the Sequoia Purchase in April 2023, with payment of the purchase price due on closing. We intend to use proceeds from the Term Loan Facility to fund the Sequoia Purchase. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include useful lives of property and equipment, asset retirement obligations, and the allocation of the transaction price to performance obligations and lease components. Management evaluates its estimates and related assumptions regularly. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company, entities controlled by the Company through its direct or indirect ownership of a majority interest and any other entities in which the Company has a controlling financial interest. The Company eliminates all significant intercompany accounts and transactions in consolidation. The Company consolidates VIEs where the Company holds direct or implicit variable interests and is the primary beneficiary. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The primary beneficiary determination is both qualitative and quantitative and requires the Company to make judgments and assumptions about the entity’s total equity investment at risk, its forecasted financial performance, and the volatility inherent in those forecasted results. Events are considered for all existing entities to determine if they may result in an entity becoming a VIE or the Company becoming the primary beneficiary of an existing VIE. The ownership interest of other investors in consolidated subsidiaries and VIEs is recorded as non-controlling interests. The Company had determined that ENE Onshore was a VIE based on the results of the analysis described above. As of December 31, 2020, one of our wholly owned subsidiaries, ENE Lateral, was the provider of a promissory note to ENE Onshore in the amount of $ 102 million and used capacity rights in a pipeline secured by ENE Onshore from a third party. As the Company and its related parties had the power to direct the activities related to the capacity rights and the obligation to absorb losses which could be significant to ENE Onshore, the Company determined that it was the primary beneficiary. As such, we consolidated the assets and liabilities of ENE Onshore and showed its net loss as non-controlling interest – ENE Onshore on our consolidated statements of comprehensive income for the years ended December 31, 2021 and 2020. In September 2021, the promissory note from ENE Onshore was repaid, and an agreement was entered into that significantly limited the ability of ENE Lateral to receive benefits from the use of the pipeline capacity. However, ENE Lateral still controlled the capacity rights, and therefore, ENE Lateral continued to be the primary beneficiary as of December 31, 2021. In October 2022, ENE Onshore was merged with and into ENE Lateral. For more details, see Note 1 – General business information. In addition, these consolidated financial statements include accounts of the Northeast Companies consolidated on the basis of common control since prior to the contribution. All accounts of the Northeast Companies, including equity accounts, are consolidated with accounts of the Company and its subsidiaries. All intercompany transactions, balances, income, and expenses are eliminated, and accounting policies have been conformed to the Company’s accounting policy. |
Investments in Equity Method Investee | Investments in equity method investee All investments in which the Company owns 20 % to 50 %, exercises significant influence over operating and financial policies, and does not consolidate are accounted for using the equity method. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity method investments for impairment when events or circumstances indicate that the carrying values of such investments may have experienced an other-than-temporary decline in value below their carrying values. If an equity method investment experiences an other-than-temporary decline in value and if the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company's consolidated statements of income. In June 2018, the Company acquired a 45 % interest in Nakilat Excelerate LLC, its equity method investment (the “Nakilat JV”), which is recorded using the equity method. For the years ended December 31, 2022, 2021 and 2020, the Company’s share of net earnings in the Nakilat JV were $ 2.7 million , $ 3.3 million and $ 3.1 million , respectively. Equity interests Prior to the IPO, equity interests represented the contributions from and distributions to the general and limited partners of the Company and the Northeast Companies, the accumulated earnings of EELP and the Northeast Companies, and share-based compensation of EELP. Non-controlling interest After the IPO, non-controlling interest is primarily comprised of Kaiser’s 75.8 % ownership interest in EELP. In addition, it is also comprised of third-party equity interests in two of the Company’s other consolidated subsidiaries: 1) a 20 % interest in Excelerate Energy Bangladesh LLC and 2) a 10 % interest in Excelerate Albania Holding sphk. Net income attributable to non-controlling interests represents the Company’s net income (loss) that is not allocable to Excelerate shareholders. Prior to the ENE Onshore Merger, we also separately presented a non-controlling interest related to ENE Onshore, which was consolidated as a VIE. |
Foreign currency transactions and translation | Foreign currency transactions and translation The consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency and the functional currency for all of the Company’s consolidated subsidiaries. For all international entities, foreign currency transactions are translated into US dollars, using exchange rates at the dates of the transactions or using the average exchange rate prevailing during the period. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income in Other income, net. Foreign exchange gains/(losses) amounted to $( 7.2 ) million , $ 0.1 million and $( 1.3 ) million for the years ended December 31, 2022, 2021 and 2020 , respectively. |
Fair value measurements | Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place in either the principal market for the asset or liability, or, in the absence of a principal market, in the most advantageous market for the asset or liability. The Company utilized market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation techniques. The Company uses estimates that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. The Company categorizes its fair value estimates for all assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements using a fair value hierarchy based on the transparency of inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active markets and inputs, that are observable either directly or indirectly for substantially the full term of the contract; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. |
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash Cash and cash equivalents include cash on hand, demand deposits, and other short-term highly liquid investments with original maturities of three months or less. Cash not available for general use by the Company due to loan restrictions are classified as restricted cash. Restricted cash is cash restricted due to terms in certain debt agreements and is to be used to service the debt and for certain designated uses including payment of working capital, operations, and maintenance related expenses. Distributions of maintenance related expenses are subject to “waterfall” provisions that allocate cash flows from revenues to specific priorities of use in a defined order before equity distributions can be made in compliance with other debt service requirements. To the extent that restrictions on cash extend beyond one year, the Company has classified those balances as non-current in the accompanying consolidated balance sheets. |
Derivative financial instruments | Derivative financial instruments Derivative instruments are initially recorded at fair value as either assets or liabilities in the consolidated balance sheets and are subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. To be considered a derivative an agreement would need to have a notional and an underlying, require little or no initial net investment and could be net settled. The method of recognizing the changes in fair value is dependent on whether the contract is designated as a hedging instrument and qualifies for hedge accounting. The changes in the fair values of derivative instruments that are not designated or that do not qualify for hedge accounting are recognized in other income, net, in the consolidated statements of income. The Company uses interest rate swaps to manage its exposure to adverse fluctuations in interest rates by converting a portion of the bank loans from a floating rate to a fixed rate. The maximum length of time over which the Company is hedging the exposure to the variability in future cash flows is based on the duration of the bank loans. The interest rate swaps have been designated as cash flow hedges. The Company has formally documented the hedge relationships, including identification of the hedging instruments and the hedged items, as well as the risk management objectives and strategies for undertaking the hedge transactions. Effectiveness is evaluated using regression analysis at inception and over the course of the hedge as required. The interest rate swaps are recorded in the consolidated balance sheets on a gross basis at fair value. For such designated cash flow hedges, the gain or loss resulting from fair value adjustments on cash flow hedges are recorded in accumulated other comprehensive loss. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to interest expense, net in the consolidated statements of income. The Company performs periodic assessments of the effectiveness of the derivative contracts designated as hedges, including the possibility of counterparty default. Changes in the fair value of derivatives that are designated and qualify as hedges are recognized in other comprehensive income. |
Accounts Receivable | Accounts receivable Accounts receivable is presented net of the allowance for doubtful accounts on the consolidated balance sheets and is recorded at the invoiced amount. Accounts receivable do not bear interest. The allowance for doubtful accounts is management’s best estimate of the amount of probable credit losses in existing accounts receivable based on historical write-off experience and customer economic data. Account balances are charged off against the allowance when management believes that the receivable will not be recovered. The Company has a limited number of customers and reviews expected loss by customer quarterly on a case-by-case basis. Accounts receivable over 120 days past due are reviewed at period end. The allowance for doubtful accounts was $ 0.6 million and $ 0.9 million as of December 31, 2022 and 2021 , respectively. |
Inventories | Inventories LNG and natural gas inventories are recorded at the lower of cost or net realizable value, which is the known or estimated selling price less cost to sell. Cost for inventories is calculated using the first-in-first-out (FIFO) method and is comprised of the purchase price and other directly related costs. At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell, and an impairment loss is recognized in the consolidated statements of income. Inventory balances as of December 31, 2022 include a lower of cost or net realizable value write-down of $ 4.4 million , which is included in Direct cost of gas sales on our consolidated statements of income. No impairments were recorded during the years ended December 31, 2021 and 2020. |
Capitalization of costs incurred during drydocking | Capitalization of costs incurred during drydocking Generally, the Company is required to drydock each of the vessels every five years , but vessels older than 15 years of age require a shorter duration drydocking or in-situ bottom survey every two and a half years . Costs incurred related to routine repairs and maintenance performed during drydocking are expensed. Costs incurred during drydocking out of convenience to appreciably extend the useful life, increase the earnings capacity, or improve the efficiency of vessels are capitalized as property and equipment and amortized over the remaining useful life of the vessels. Costs that are incurred on major repair work, which is non-routine in nature, are accounted for under the built-in overhaul method, and capitalized and amortized on a straight-line basis over the period from when the drydocking occurs until the next anticipated drydocking. Drydocking costs incurred to meet regulatory requirements are accounted for under the deferral method, whereby the actual costs incurred are deferred into other assets and amortized on a straight-line basis over the period from when the drydocking occurs until the next anticipated drydocking. If the vessel is drydocked earlier than originally anticipated, any remaining overhaul and regulatory capitalized costs that have not been amortized are accelerated. When a vessel is disposed, any unamortized capitalized costs are charged against income in the period of disposal. Capitalized costs are presented within either fixed assets or other assets on the consolidated balance sheets. |
Property and equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, less an estimated residual value. Modifications to property and equipment, including the addition of new equipment, which improves or increases the operational efficiency, functionality, or safety of the assets, are capitalized. These expenditures are amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Useful lives applied in depreciation are as follows: Vessels 5 - 30 years Buoy and pipeline 20 years Finance lease right-of-use assets Lesser of useful life or lease team Other equipment 3 - 7 years Gains and losses on disposals and retirements are determined by comparing the proceeds with the carrying amount and are recognized in the consolidated statements of income. |
Asset retirement obligations | Asset retirement obligations (“ARO”) The Company recognizes liabilities for retirement obligations associated with tangible long-lived assets when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The fair value of a liability for an ARO is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. In order to estimate the fair value, we use judgments and assumptions for factors: including the existence of legal obligations for an ARO; technical assessments of the assets; discount rate; inflation rate; and estimated amounts and timing of settlements. The offsetting asset retirement cost is recorded as an increase to the carrying value of the associated property and equipment on the consolidated balance sheets and depreciated over the estimated useful life of the asset. In periods subsequent to the initial measurement of an ARO, the Company recognizes period-to-period changes in the liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows. Increases in the ARO liability due to the passage of time impact net income as accretion expense. |
Impairment of long-lived assets | Impairment of long-lived assets The Company performs a recoverability assessment of each of its long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. Indicators may include, but are not limited to, adverse changes in the regulatory environment in a jurisdiction where the Company operates, unfavorable events impacting the Company’s operations, a decision to discontinue the development of a long-lived asset, early termination of a significant customer contract or the introduction of newer technology. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. The Company did not record an impairment during the years ended December 31, 2022, 2021 or 2020. |
Long-term debt and debt issuance costs | Long-term debt and debt issuance costs Debt issuance costs, including arrangement fees and legal expenses related to long-term notes, are deferred and presented as a direct deduction from the outstanding principal of the related debt in the consolidated balance sheets and amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included as a component of interest expense. If a loan or part of a loan is repaid early, the unamortized portion of the deferred debt issuance costs is recognized as interest expense proportionate to the amount of the early repayment in the period in which the loan is repaid. Financing costs incurred in the second quarter of 2022 related to the senior secured revolving line of credit are reported as other assets on the balance sheet. These costs will be amortized over the three-year term of the facility. Amortization of the deferred financing costs is included as a component of interest expense. Debt instruments are classified as current liabilities unless the Company has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date. |
Segments | Segments The chief operating decision maker allocates resources and assesses financial performance on a consolidated basis, including the Northeast Companies, which were under his management. As such, for purposes of financial reporting under GAAP during the years ended December 31, 2022, 2021 and 2020 , the Company operated as a single operating and reportable segment. |
Revenue recognition | Revenue recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The Company determines the amount of revenue to be recognized through application of the five-step model outlined in ASC 606 as follows: when (i) a customer contract is identified, (ii) the performance obligation(s) have been identified, (iii) the transaction price has been determined, (iv) the transaction price has been allocated to the performance obligation(s) in the contract, and (v) the performance obligation(s) are satisfied. The Company’s contracts with customers may contain one or several performance obligations usually consisting of FSRU and terminal services including time charter, regasification and other services and gas sales. The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Sales, value-added, and other taxes collected concurrently with the provision of goods or services are excluded from revenue when the customer is the primary obligor of such taxes. Time charter, regasification and other services The Company determined that its long-term time charter contracts typically contain a lease. These contracts contain a lease component for the use of the vessel and non-lease components relating to operation of the vessels (i.e., provision of time charter, regasification and other services). The Company allocated the contract consideration between the lease component and non-lease components on a relative standalone selling price basis. The Company utilizes a combination of approaches to estimate the standalone selling prices, when the directly observable selling price is not available, by utilizing information available such as market conditions and prices, entity-specific factors, and internal estimates when market data is not available. Given that there are no observable standalone selling prices for any of these components, judgment is required in determining the standalone selling price of each component. As lessor in our leases classified as operating leases, the Company applied the practical expedient to combine the lease component with our drydocking requirements (a non-lease component). Certain time charter party agreements with customers allow an option to extend the contract. Agreements which include renewal and termination options are included in the lease term if we believe they are “reasonably certain” to be exercised by the lessee or if an option to extend is controlled by the Company. The lease of the vessel, represents the use of the vessel without any associated performance obligations or warranties, is accounted for in accordance with the provisions of Accounting Standards Codification 842, Leases (“ASC 842”). Leases are classified based upon defined criteria either as a sales-type, direct financing, or an operating lease. For time charter contracts classified as operating leases, revenues from the lease component of the contracts are recognized on a straight-line basis over the term of the charter. The lease component of time charter contracts that are accounted for as sales-type leases is recognized over the lease term using the effective interest rate method. The underlying asset is derecognized and the net investment in the lease is recorded. The net investment in the lease is increased by interest income and decreased by payments collected. As of December 31, 2022, the Company has two sales-type leases (for the Summit and Excellence vessels). The provision of time charter, regasification and other services on the time charter contracts is considered a non-lease component and is accounted for as a separate performance obligation in accordance with the provision of ASC 606, Revenue from Contracts with Customers. Additionally, the Company has contracts with customers to provide time charter, regasification, and other services that do not contain a lease and are within the scope of ASC 606. The provision of time charter, regasification and other services is considered a single performance obligation recognized evenly over time as our services are rendered or consistent with the customer’s proportionate right to use our assets. The Company considers our services as a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. The Company recognizes revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize revenue in proportion to the amount that we have the right to invoice. Certain charges incurred by the Company associated with the provision of services are reimbursable. This variable consideration is recognized in revenue once the performance obligation is complete, and the receivable amount is determinable. For time charter contracts that are accounted for as sales-type leases, the provision of time charter, regasification, and other services includes a performance obligation for drydocking that occurs every five years. The Company engages third parties to perform the drydocking, but the Company is deemed to be the principal of the transaction as it does not transfer any risk to the third parties, therefore the Company recognizes drydock revenue on a gross basis. The Company allocated a portion of the contract revenues to the performance obligation for future drydocking costs. Revenue allocated to drydocking are deferred and recognized when the drydocking service is complete and presented within other long-term liabilities in the consolidated balance sheets. Gas sales As part of its operations, the Company sells natural gas and LNG generally through its use of its FSRU fleet and terminals. Gas sales revenues are recognized at the point in time each unit of natural gas or LNG cargo is transferred to the control of the customer. Based on the contract, this typically occurs when the cargo is regasified and injected into a pipeline, when the LNG is transferred to another vessel, or when title and risk of loss of natural gas or LNG has otherwise transferred to a customer. Accommodation fees related to the diversion of cargos are recorded when the performance obligation is complete. Contract assets and liabilities The timing of revenue recognition, billings and cash collections results in the recognition of receivables, contract assets and contract liabilities. Receivables represent the unconditional right to payment for services rendered and goods provided. Unbilled receivables, accrued revenue, or contract assets, represent services rendered that have not been invoiced and are reported within accounts receivable, net or other assets on the consolidated balance sheets. Contract liabilities arise from advanced payments and are recorded as deferred revenue on the consolidated balance sheets. The deferred revenue is either recognized as revenue when services are rendered or amortized over the life of the related lease, depending on the service. Contract assets and liabilities are reported in a net position for each customer contract or consolidated contracts at the end of each reporting period. Contract liabilities are classified as current and noncurrent based on the expected timing of recognition of the revenue. |
Income taxes | Income taxes We are a corporation for U.S. federal and state income tax purposes. EELP, is treated as a pass-through entity for U.S. federal income tax purposes and, as such, is generally not subject to U.S. federal income tax at the entity level. Accordingly, unless otherwise specified, our historical results of operations prior to the IPO do not include any provision for U.S. federal income tax for EELP. We account for income taxes in accordance with ASC 740. Accounting for Income Taxes (“ASC 740”), under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the our consolidated balance sheets as deferred tax assets and liabilities. We record valuation allowances to reflect the estimated amount of certain deferred tax assets that, more likely than not, will not be realized. In making such a determination, we evaluate a variety of factors, including our operating history, accumulated deficit, and the existence of taxable or deductible temporary differences and reversal periods. The effect of tax positions is recognized only if those positions are more likely than not of being sustained. Conclusions reached regarding tax positions are continually reviewed based on ongoing analyses of tax laws, regulations, and interpretations thereof. To the extent that our assessment of the conclusions reached regarding tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. Interest and penalties relating to an underpayment of income taxes, if applicable, are recognized as a component of income tax expense in the consolidated financial statements. We recognize the tax benefit from an uncertain tax provision if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the tax position. Accrued interest and penalties related to uncertain tax positions are recognized as a component of income tax expense in the consolidated financial statements. |
Leases | Leases The Company accounts for leases under the provisions of ASC 842, Leases. Lessee accounting The Company determines if an arrangement is, or contains, a lease at the inception of the arrangement. Once it has been determined an arrangement is, or contains, a lease, the Company classifies the lease as either an operating lease or a finance lease. At contract inception, the Company separates its lease and non-lease component, and the consideration in the contract is allocated to each separate lease component and non-lease component on a relative standalone selling price basis. As of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments related to lease components not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The discount rate used to determine the present value of the lease payments is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The Company has elected, as an accounting policy, not to apply the recognition requirements to short-term leases. Instead, the Company, may recognize the lease payments in the consolidated statements of income on a straight-line basis over the lease term. Additionally, leases may include variable lease payments such as escalation clauses based on a consumer price index, property taxes and maintenance costs. The non-lease components are generally expensed as incurred. Variable lease payments that depend on an index or a rate are included in the determination of right-of-use assets and lease liabilities using the index or rate at the lease commencement date, whereas variable lease payments that do not depend on an index or rate are recorded as lease expense in the period incurred. Short-term and variable lease expenses are presented within cost of revenue and vessel operating expenses and general and administrative expenses in the consolidated statements of income. For those leases classified as operating leases, the lease obligation and right-of-use asset are presented as operating lease liabilities and operating lease right-of-use assets in the consolidated balance sheets. For operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile, or operating lease expense, that is presented in cost of revenue and vessel operating expenses or general and administrative expense, dependent on the use of the leased asset, unless the right of-use asset becomes impaired. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset or asset group may not be recoverable. For leases classified as finance leases, the lease obligation is presented within finance lease liabilities and the right-of-use asset is presented within property and equipment, net on the consolidated balance sheets. For finance leases, the Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company's consolidated statements of income. For finance leases, the right-of-use asset is amortized on a straight-line basis over the shorter of the remaining life of the asset or the life of the lease, with such amortization included in depreciation and amortization in the Company's consolidated statements of income. The Company has certain lease agreements that provide for the option to renew or terminate early, which was evaluated on each lease to arrive at the lease term. If the Company was reasonably certain to exercise a renewal or termination option, this period was factored into the lease term. As of December 31, 2022 and 2021, the Company did not have any lease agreements with residual value guarantees or material restrictions or covenants. Sale leaseback arrangements Vessels sold and leased back by the Company, where the Company has a fixed price repurchase obligation or the leaseback would be classified as a finance lease, are accounted for as a failed sale of the vessel and a failed purchase of the vessel by the buyer-lessor (a financing transaction). For such transactions, the Company does not derecognize the vessel legally sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as a financial liability and payments made by the Company to the lessor are allocated between interest expense and principal repayments on the financial liability. |
Restructuring, transition and transaction expenses | Restructuring, transition and transaction expenses We incurred restructuring, transition and transaction expenses during the years ended December 31, 2022 and 2021, related to consulting, legal, and audit costs incurred as part of and in preparation for the IPO Transaction . There were no restructuring, transition or transaction expenses incurred during the year ended December 31, 2020. |
Tax Receivable Agreement | Tax receivable agreement In connection with the IPO, we entered into the tax receivable agreement (“TRA”) for the benefit of EE Holdings and the George Kaiser Family Foundation (the “Foundation”) (or their affiliates) (together, the “TRA Beneficiaries”). The TRA will provide for payment by us to the TRA Beneficiaries of 85 % of the amount of the net cash tax savings, if any, that we are deemed to realize as a result of our utilization of certain tax benefits resulting from (i) certain increases in the tax basis of assets of EELP and its subsidiaries resulting from exchanges of EELP partnership interests in the future, (ii) certain tax attributes of EELP and subsidiaries of EELP (including the existing tax basis of assets owned by EELP or its subsidiaries and the tax basis of certain assets purchased from the Foundation) that existed as of the time of the IPO or may exist at the time when Class B interests of EELP are exchanged for shares of Class A Common Stock, and (iii) certain other tax benefits related to us entering into the TRA, including tax benefits attributable to payments that we make under the TRA. The actual future payments to the TRA Beneficiaries will vary and estimating the amount and timing of payments that may be made under the TRA is by its nature imprecise, as the calculation of amounts payable depends on a variety of factors and future events. Decisions made in the course of running our business, such as with respect to mergers and other forms of business combinations that constitute changes in control, may influence the timing and amount of payments we make under the TRA in a manner that does not correspond to our use of the corresponding tax benefits. |
Earnings (Loss) Per Share | Earnings per share Basic earnings per share is computed by dividing net income attributable to shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to shareholders plus any tax affected net income amounts attributed to the Class B common shares by the weighted-average shares outstanding during the period after adjusting for the impact of potential securities that would have a dilutive effect on earnings per share. As a result of the IPO Transaction, the presentation of earnings per share for the periods prior to the IPO Transaction is not meaningful and only earnings per share for periods subsequent to the IPO Transaction are presented herein. See Note 14 – Earnings per share for additional information. |
Recent accounting pronouncements | Recent accounting pronouncements Prior to December 31, 2022, Excelerate qualified as an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. As we are no longer an EGC as of December 31, 2022, we are required to comply with certain accounting pronouncements that we may have not previously been required to under the private company timelines. New accounting standards implemented in this report In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. ASU 2019-12 includes removal of certain exceptions to the general principles of ASC 740 and simplification in several other areas such as accounting for a franchise tax or similar tax that is partially based on income. The change is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted the ASU 2019-12 on January 1, 2021. There was no material impact on the Company’s financial statements or disclosures upon adoption of ASU 2019-12. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Disclosure Framework – Measurement of Credit Losses on Financial Instruments, which requires financial assets measured at amortized cost, including trade receivables and investments in sales-type leases, to be presented net of the amount expected to be collected. The measurement of all expected credit losses will be based on relevant information about the credit quality of customers, past events, including historical experience, and reasonable and supportable forecasts that affect the collectability of the reported amount. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The ASU was effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU was effective for private companies for fiscal years beginning after December 15, 2022. Effective January 1, 2022, we adopted ASU 2016-13 and its subsequent amendments. The adoption did not have a material impact on our financial statements. Accounting standards recently issued but not yet adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848) – Scope (“ASU 2021-01”),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform. ASU 2020-04 became effective upon issuance and may be applied prospectively to contract modifications made on or before December 31, 2022. ASU 2021-01 became effective upon issuance and may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively for contract modifications made on or before December 31, 2022. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which extended the effective date of the original guidance to December 31, 2024. The Company is currently evaluating the impact of the adoption of ASU 2020-04, ASU 2021-01 and ASU 2022-06 on its Consolidated Financial Statements and related disclosures. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful life | Useful lives applied in depreciation are as follows: Vessels 5 - 30 years Buoy and pipeline 20 years Finance lease right-of-use assets Lesser of useful life or lease team Other equipment 3 - 7 years |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities of fair value | The following table presents the Company’s financial assets and liabilities by level within the fair value hierarchy that are measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Financial assets Derivative financial instruments Level 2 $ 2,444 $ — Financial liabilities Derivative financial instruments Level 2 $ ( 630 ) $ ( 4,400 ) |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of accounts receivable, net | As of December 31, 2022 and December 31, 2021, accounts receivable, net consisted of the following (in thousands): December 31, 2022 December 31, 2021 Trade receivables $ 74,980 $ 245,000 Accrued revenue 5,307 16,414 Allowance for doubtful accounts ( 593 ) ( 879 ) Accounts receivable, net $ 79,694 $ 260,535 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes the notional values related to the Company’s derivative instruments outstanding at December 31, 2022 (in thousands): December 31, 2022 (1) Interest rate swap $ 64,037 (1) Number of open positions and gross notional values do not measure the Company’s risk of loss, quantify risk or represent assets or liabilities of the Company. Instead, they indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements. |
Schedule of fair value of the Company's derivative instruments designated as hedging instruments | The following table presents the fair value of each classification of the Company’s derivative instruments designated as hedging instruments as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Cash flow hedges Current assets $ 1,211 $ — Non-current assets 1,233 — Current liabilities ( 630 ) ( 1,401 ) Non-current liabilities — ( 2,999 ) Net derivative assets (liabilities) $ 1,814 $ ( 4,400 ) |
Schedule of gains and losses from the Company's derivative instruments designated in a cash flow hedging | The following tables present the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of income and comprehensive income for the years ended December 31, 2022, 2021 and 2020 (in thousands): Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives Years ended December 31, Derivatives Designated in 2022 2021 2020 Interest rate swaps $ 4,946 $ 2,209 $ ( 4,837 ) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Years ended December 31, Derivatives Designated in Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2022 2021 2020 Interest rate swaps Interest expense $ ( 507 ) $ ( 1,116 ) $ ( 1,651 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | As of December 31, 2022 and December 31, 2021, inventories consisted of the following (in thousands): December 31, 2022 December 31, 2021 LNG $ 171,578 $ 101,594 Bunker fuel 2,025 3,426 Inventories $ 173,603 $ 105,020 |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Current [Abstract] | |
Schedule of Other current assets | As of December 31, 2022 and December 31, 2021, other current assets consisted of the following (in thousands): December 31, 2022 December 31, 2021 Prepaid expenses $ 18,635 $ 10,259 Prepaid expenses – related party 2,205 5,917 Tax receivables 10,594 9,186 Other receivables 3,592 832 Other current assets $ 35,026 $ 26,194 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and equipment | As of December 31, 2022 and December 31, 2021, the Company’s property and equipment, net consisted of the following (in thousands): December 31, 2022 December 31, 2021 Vessels $ 2,225,123 $ 2,097,704 Buoy and pipeline 17,130 11,553 Finance lease right-of-use assets 40,007 219,435 Other equipment 17,469 16,068 Assets in progress 77,983 21,023 Less accumulated depreciation ( 922,029 ) ( 932,614 ) Property and equipment, net $ 1,455,683 $ 1,433,169 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | As of December 31, 2022 and December 31, 2021, accrued liabilities consisted of the following (in thousands): December 31, 2022 December 31, 2021 Accrued vessel and cargo expenses $ 17,571 $ 48,053 Payroll and related liabilities 14,637 9,262 Accrued interest 3,733 917 Current portion of derivative liability 630 1,401 Off-market capacity liability – ENE Onshore — 11,072 Accrued turnover taxes 8,091 25,016 Current portion of TRA liability 3,704 — Other accrued liabilities 18,522 9,313 Accrued liabilities $ 66,888 $ 105,034 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instruments [Abstract] | |
Schedule of long term debt | The Company’s long-term debt consists of the following (in thousands): December 31, 2022 December 31, 2021 Experience Vessel Financing $ 136,119 $ 148,500 2017 Bank Loans 83,640 91,570 EE Revolver — — Total debt 219,759 240,070 Less unamortized debt issuance costs ( 5,450 ) ( 6,655 ) Total debt, net 214,309 233,415 Less current portion, net ( 20,913 ) ( 19,046 ) Total long-term debt, net $ 193,396 $ 214,369 |
Schedule of variable rate debt obligation | The following table shows the range of interest rates and weighted average interest rates incurred on our variable-rate debt obligations during the years ended December 31, 2022, 2021 and 2020. 2022 2021 2020 Range Weighted Average Range Weighted Average Range Weighted Average Experience Vessel Financing 3.5 % – 6.8 % 4.8 % 4.3 % – 4.4 % 4.4 % 4.4 % – 6.1 % 5.1 % 2017 Bank Loans 2.6 % – 7 % 5.2 % 2.6 % – 4.7 % 4.3 % 3.6 % – 6.5 % 5.4 % EE Revolver 3.9 % – 3.9 % 3.9 % N/A N/A N/A N/A |
Summary of Future principal payments on long-term debt outstanding | Future principal payments on long-term debt outstanding as of December 31, 2022 are as follows (in thousands): 2023 $ 22,002 2024 22,693 2025 23,435 2026 24,239 2027 25,081 Thereafter 102,309 Total debt, net $ 219,759 |
Long-term debt- related party (
Long-term debt- related party (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Company's related party long-term debt | The Company’s related party long-term debt consists of the following (in thousands): December 31, 2022 December 31, 2021 Exquisite Vessel Financing $ 188,433 $ 196,213 KFMC Note — — KFMC-ENE Onshore Note — 2,100 Total related party debt 188,433 198,313 Less current portion ( 7,661 ) ( 7,096 ) Total long-term related party debt $ 180,772 $ 191,217 |
Schedule of long term related party weighted average interest rate | The following table shows the range of interest rates and weighted average interest rates incurred on our variable-rate related party debt obligations during the years ended December 31, 2022, 2021 and 2020. 2022 2021 2020 Range Weighted Average Range Weighted Average Range Weighted Average KFMC Note 1.6 % – 2 % 1.9 % 1.6 % – 1.6 % 1.6 % 1.7 % – 3.3 % 2.9 % KFMC-ENE Onshore Note 1.6 % – 5.1 % 3.3 % 1.6 % – 1.7 % 1.6 % 1.6 % – 3.3 % 2.2 % |
Schedule of principal payments on related party long-term debt | Principal payments on related party long-term debt outstanding as of December 31, 2022 are as follows (in thousands): 2023 $ 7,661 2024 9,078 2025 9,741 2026 10,521 2027 11,364 Thereafter 80,068 Total payments $ 128,433 Residual value for Exquisite vessel financing 60,000 Total debt – related party $ 188,433 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of EELP declared and paid distributions to all interest holders, including Excelerate. | During the year ended December 31, 2022, EELP declared and paid distributions to all interest holders, including Excelerate. Using proceeds from the distribution, Excelerate declared and paid dividends to holders of Class A Common Stock. The following table details the distributions and dividends for the year ended December 31, 2022: Class B Interests Class A Common Stock Dividend for the quarter ended Date Paid or To Be Paid Distributions Paid or To Be Paid Total Dividends Declared Dividend Declared per Share (in thousands) December 31, 2022 April 27, 2023 $ 2,051 $ 657 $ 0.025 September 30, 2022 December 14, 2022 $ 2,051 $ 657 $ 0.025 June 30, 2022 September 7, 2022 $ 2,051 $ 657 $ 0.025 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the computation of earnings per share for the period from April 13, 2022 through December 31, 2022 (in thousands except share and per share amounts): For the period from April 13 – December 31, 2022 Net income $ 67,046 Less net income attributable to non-controlling interest 55,119 Less net loss attributable to non-controlling interest – ENE Onshore ( 1,396 ) Net income attributable to shareholders – basic and diluted $ 13,323 Weighted average shares outstanding – basic 26,254,167 Dilutive effect of unvested restricted common stock 7,940 Issued upon assumed exercise of outstanding stock options — Class B Common Stock converted to Class A Common Stock — Weighted average shares outstanding – diluted 26,262,107 Earnings per share Basic $ 0.51 Diluted $ 0.51 |
Schedule of Common stock shares equivalent excluded from the calculation of diluted earnings per share | The following table presents the common stock shares equivalents excluded from the calculation of diluted earnings per share for the period from April 13, 2022 through December 31, 2022, as they would have had an antidilutive effect: For the period from April 13 – December 31, 2022 Restricted common stock 53 Stock options 150,314 Class B Common Stock 82,021,389 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Finance Lease Liabilities | Finance lease liabilities as of December 31, 2022 and December 31, 2021 consisted of the following (in thousands): December 31, 2022 December 31, 2021 External leases: Finance lease liabilities $ 231,158 $ 251,658 Less current portion of finance lease liabilities ( 20,804 ) ( 21,903 ) Finance lease liabilities, long-term $ 210,354 $ 229,755 Related party leases: Finance lease liabilities $ — $ 226,619 Less current portion of finance lease liabilities — ( 15,627 ) Finance lease liabilities, long-term $ — $ 210,992 |
Schedule of Maturities of Operating and Finance Lease Liabilities | A maturity analysis of the Company’s operating and finance lease liabilities (excluding short-term leases) at December 31, 2022 is as follows (in thousands): Year Operating Finance 2023 $ 37,562 $ 33,235 2024 29,275 33,248 2025 18,538 33,235 2026 940 33,235 2027 913 33,235 Thereafter 1,334 141,120 Total lease payments $ 88,562 $ 307,308 Less: imputed interest ( 6,577 ) ( 76,150 ) Carrying value of lease liabilities 81,985 231,158 Less: current portion ( 33,612 ) ( 20,804 ) Carrying value of long-term lease liabilities $ 48,373 $ 210,354 |
Schedule of Total Lease Cost | The Company's total lease costs for the years ended December 31, 2022, 2021 and 2020 recognized in the consolidated statements of income consisted of the following (in thousands): For the years ended December 31, 2022 2021 2020 Amortization of finance lease right-of-use assets – related party $ 1,226 $ 4,906 $ 4,906 Amortization of finance lease right-of-use assets – external 2,609 13,345 13,345 Interest on finance lease liabilities – related party 7,930 29,080 30,619 Interest on finance lease liabilities – external 15,172 17,231 19,370 Operating lease expense 37,825 29,489 16,919 Short-term lease expense 1,164 746 681 Total lease costs $ 65,926 $ 94,797 $ 85,840 |
Schedule of Other Information Related to Leases | Other information related to leases for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands): For the years ended December 31, 2022 2021 2020 Operating cash flows for finance leases $ 15,172 $ 17,231 $ 19,370 Operating cash flows for finance leases – related party 7,930 29,080 30,619 Financing cash flow for finance leases 20,499 36,262 34,143 Financing cash flow for finance leases – related party 2,912 15,427 14,558 Operating cash flows for operating leases 36,841 29,100 16,481 Right-of-use assets obtained in exchange for new operating lease liabilities 3,567 15,248 121,575 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Company Revenue | The following table presents the Company’s revenue for t he years ended December 31, 2022, 2021 and 2020 (in thousands): For the years ended December 31, 2022 2021 2020 Revenue from leases $ 327,738 $ 347,643 $ 325,413 Revenue from contracts with customers Time charter, regasification and other services 117,419 120,387 105,430 Gas sales 2,027,816 420,525 — Total revenue $ 2,472,973 $ 888,555 $ 430,843 |
Schedule of revenue from leases | The Company’s time charter contracts are accounted for as operating or sales-type leases. The Company's revenue from leases is presented within revenues in the consolidated statements of income and for the years ended December 31, 2022, 2021 and 2020 consists of the following (in thousands): For the years ended December 31, 2022 2021 2020 Operating lease income $ 252,350 $ 270,197 $ 246,338 Sales-type lease income 75,388 77,446 79,075 Total revenue from leases $ 327,738 $ 347,643 $ 325,413 |
Schedule of leased property and equipment | The following represents the amount of property and equipment that is leased to customers as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Property and equipment $ 2,034,183 $ 1,899,892 Accumulated depreciation ( 823,942 ) ( 766,642 ) Property and equipment, net $ 1,210,241 $ 1,133,250 |
Schedule of minimum future revenue | As of December 31, 2022, the minimum contractual future revenues to be received under the time charters during the next five years and thereafter are as follows (in thousands): Year Sales-type Operating 2023 80,449 229,078 2024 84,214 174,342 2025 87,612 162,986 2026 87,612 116,015 2027 87,612 82,456 Thereafter 491,875 280,716 Total undiscounted $ 919,374 $ 1,045,593 Less: imputed interest ( 506,466 ) Net investment in sales-type leases 412,908 Less: current portion ( 13,344 ) Non-current net investment in sales-type leases $ 399,564 |
Schedule of disaggregated revenues | The following tables show disaggregated revenues from customers attributable to the country in which the revenues were derived (in thousands). Revenues from external customers are attributed to the country in which the party to the applicable agreement has its principal place of business. For the year ended December 31, 2022 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Brazil $ 52,130 $ 7,484 $ 1,933,448 $ 1,993,062 Bangladesh 75,142 40,099 — 115,241 UAE 62,516 19,137 — 81,653 United States — 7,238 74,099 81,337 Argentina 47,584 22,919 — 70,503 Pakistan 44,132 11,091 — 55,223 Israel 36,574 6,533 — 43,107 Finland 9,660 2,425 20,269 32,354 Other — 493 — 493 Total revenue $ 327,738 $ 117,419 $ 2,027,816 $ 2,472,973 For the year ended December 31, 2021 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Brazil $ 50,964 $ 6,714 $ 222,878 $ 280,556 Bangladesh 78,161 38,734 157,122 274,017 UAE 60,395 17,738 — 78,133 United States — 8,377 733 9,110 Argentina 47,202 17,599 — 64,801 Pakistan 45,025 9,578 — 54,603 Israel 38,080 6,494 — 44,574 China — — 38,950 38,950 Other 27,816 15,153 842 43,811 Total revenue $ 347,643 $ 120,387 $ 420,525 $ 888,555 For the year ended December 31, 2020 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Brazil $ 42,451 $ 5,850 $ — $ 48,301 Bangladesh 79,020 38,664 — 117,684 UAE 62,856 19,474 — 82,330 United States — 4,075 — 4,075 Argentina 44,526 14,548 — 59,074 Pakistan 43,268 10,235 — 53,503 Israel 38,184 6,677 — 44,861 Other 15,108 5,907 — 21,015 Total revenue $ 325,413 $ 105,430 $ — $ 430,843 |
Schedule of changes in long-term contract liabilities | The following table reflects the changes in our liabilities related to long-term contracts with customers as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Deferred revenues, beginning of period $ 24,104 $ 22,940 Cash received but not yet recognized 1,436,903 1,029,435 Revenue recognized from prior period deferral ( 1,283,253 ) ( 1,028,271 ) Deferred revenues, end of period $ 177,754 $ 24,104 |
Schedule of expected recognized revenue from contracts | Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands): 2023 $ 100,181 2024 92,488 2025 78,006 2026 67,371 2027 62,470 Thereafter 360,509 $ 761,025 |
Long-term Incentive Compensat_2
Long-term Incentive Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Compensation Related Costs [Abstract] | |
Summary of assumptions fair value of options granted | The Company uses estimates of forfeitures to estimate the expected term of the options granted. The reversal of any expense due to forfeitures is accounted for as they occur. 2022 Risk-free interest rate 2.7 % Expected dividend yield 0.4 % Expected volatility 58.5 % Expected term 6.5 years |
Summary of stock option activity | The following table summarizes stock option activity for th e year ended December 31, 2022 and provides information for outstanding and exercisable options as of December 31, 2022: Number of Options Weighted Average Exercise Price (per share) Outstanding at January 1, 2022 — $ — Granted 338,935 24.00 Exercised — — Forfeited or expired 15,912 24.00 Outstanding at December 31, 2022 323,023 $ 24.00 Exercisable at December 31, 2022 — $ — The fair value of the options granted in 2022 was $ 4.6 million. |
Summary of restricted stock activity | The following table summarizes restricted stock unit activity for th e year ended December 31, 2022 and provides information for unvested shares as of December 31, 2022: Number of Shares Weighted Average Fair Value (per share) Unvested at January 1, 2022 — $ — Granted 37,754 23.61 Vested — — Forfeited — — Unvested at December 31, 2022 37,754 $ 23.61 The fair value of the awards granted in 2022 was $ 0.9 million. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of company's income before income taxes | The Company’s income before income taxes is comprised of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands): For the years ended December 31, 2022 2021 2020 Domestic $ ( 45,701 ) $ ( 80,658 ) $ ( 144,412 ) Foreign 154,023 143,015 191,240 Total 108,322 62,357 46,828 |
Schedule of income tax expense (benefit) | Income tax expense (benefit) is comprised of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands): For the years ended December 31, 2022 2021 2020 Current Domestic $ 1,322 $ 2,281 $ — Foreign 24,749 19,853 13,529 Total current 26,071 22,134 13,529 Deferred Domestic 2,708 ( 27 ) — Foreign ( 453 ) ( 939 ) 408 Total deferred 2,255 ( 966 ) 408 Income tax expense $ 28,326 $ 21,168 $ 13,937 |
Schedule of reconciliation of the statutory corporate income tax rate to the effective tax rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is comprised of the following for the years ended December 31, 2022, 2021 and 2020: For the years ended December 31, 2022 2021 2020 Statutory rate applied to pre-tax income 21.0 % 21.0 % 21.0 % Foreign rate differential 12.0 % 8.5 % 1.6 % Domestic non-controlled interest/ domestic non-taxable income ( 20.1 %) ( 20.9 %) ( 21.0 %) Early extinguishment of lease liability 4.2 % 0.0 % 0.0 % Permanent items ( 4.0 %) ( 2.2 %) ( 1.1 %) Withholding taxes 13.7 % 22.9 % 28.4 % Uncertain tax positions ( 1.6 %) 2.8 % 0.0 % Audit settlement 0.0 % 2.4 % 0.0 % Foreign tax credit ( 2.8 %) 0.0 % 0.0 % Gain on tax liquidation 1.7 % 0.0 % 0.0 % Other 2.0 % ( 0.6 %) 0.9 % Effective tax rate 26.1 % 33.9 % 29.8 % |
Schedule of deferred taxes assets and liabilities | The tax effect of cumulative temporary differences and carryforwards that give rise to a significant deferred tax assets of liabilities as of December 31, 2022 and 2021 are as follows (in thousands): As of December 31, 2022 2021 Deferred tax assets Fixed assets $ 15 $ 33 Net operating losses 218 518 Lease liabilities 21,315 40,632 Foreign tax credit carryforward 429 — Amortizable transactions costs 1,231 — Investment in partnership 44,556 — Other 2,318 344 Deferred tax assets 70,082 41,527 Valuation allowances ( 8,335 ) ( 496 ) Net deferred tax assets $ 61,747 $ 41,031 Deferred tax liabilities Right of use assets $ 21,415 $ 39,004 Unrealized foreign exchange gains 465 1,088 Net deferred tax liabilities $ 21,880 $ 40,092 Net deferred tax assets $ 39,867 $ 939 The Company has foreign and U.S. corporate subsidiaries for which it records deferred taxes. The Company has $ 1.0 million of net operating loss carryforwards as of December 31, 2021. Of these, $ 0.5 million will expire between 2024 and 2028 . The remaining net operating loss carryforwards have an unlimited carryforward period. The Company recorded a valuation allowance to reflect the estimated amount of certain deferred tax assets that, more likely than not, will not be realized. In making such a determination, the Company evaluates a variety of factors, including the Company's operating history, accumulated deficit, and the existence of taxable or deductible temporary differences and reversal periods. The net change in the total valuation allowance for the years ended December 31, 2022 and 2021 was an increase of $ 7.8 million and a decrease of $ 0.5 million, respectively. The $ 7.8 million net increase in 2022 was primarily due to the U.S. federal deferred tax assets related to the investment in partnership and foreign tax credit carryforward. The $ 0.5 million net decrease in 2021 was primarily due to the utilization of prior year net operating loss carryforwards in foreign jurisdictions. For the year ended December 31, 2022, the Company did not have any unrecognized tax benefits related to uncertain tax positions. The Company had unrecognized tax benefits of $ 1.4 million related to uncertain tax positions for the year ended December 31, 2021. T |
Schedule of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits in shown below (in thousands): 2022 2021 Balance at January 1 $ 1,388 $ — Increases (decreases) related to prior year tax positions ( 1,388 ) 1,388 Balance at December 31 — 1,388 The Company and its subsidiaries file income tax returns in the United States, and various foreign, state and local jurisdictions. The Company is not currently under income tax examination in any jurisdiction. Tax years that remain subject to examination vary by legal entity but are generally open in the United States for the tax years ending after 2018 and outside the United States for the tax years ending after 2016. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of transactions with related parties | The following transactions with related parties are included in the accompanying consolidated statements of income (in thousands): December 31, 2022 December 31, 2021 December 31, 2020 Management fees and other expenses with Kaiser $ 1,186 $ 1,814 $ 2,345 |
Schedule of balances with related parties included in the accompanying consolidated balance sheets | The following balances with related parties are included in the accompanying consolidated balance sheets (in thousands): December 31, 2022 December 31, 2021 Amounts due from related parties $ 2,595 $ 11,140 Amounts due to related parties $ 2,054 $ 7,937 Prepaid expenses – related party $ 2,205 $ 5,917 |
Concentration risk (Tables)
Concentration risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of Customers with Revenues | The following table shows customers with revenues of 10 % or greater of total revenues: Percentage of Total Revenues Years ended December 31, 2022 2021 2020 Customer A 80 % 32 % 11 % Customer B 3 % 27 % 20 % Customer C 2 % 6 % 12 % Customer D 3 % 6 % 10 % Customer E 2 % 5 % 10 % Customer F 2 % 5 % 10 % |
Asset retirement obligations (T
Asset retirement obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations And The Changes Due To Accretion Expense | The following table presents the balances for asset retirement obligations and the changes due to accretion expense (in thousands): December 31, 2022 December 31, 2021 Asset retirement obligations, beginning of period $ 34,929 $ 33,499 Accretion expense 1,494 1,430 Revisions in estimated cash flows 3,400 — Asset retirement obligations, end of period $ 39,823 $ 34,929 |
Supplemental noncash disclosu_2
Supplemental noncash disclosures for consolidated statement of cash flows (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental noncash disclosures for the consolidated statement of cash flows | Supplemental noncash disclosures for the consolidated statement of cash flows consist of the following (in thousands): Years ended December 31, 2022 2021 2020 Supplemental cash flow information: Cash paid for taxes $ 36,957 $ 16,807 $ 14,328 Cash paid for interest 55,437 80,501 88,167 Right-of-use assets obtained in exchange for lease obligations 3,567 15,248 121,575 Increase in capital expenditures included in accounts payable ( 3,329 ) 1,189 8,445 Vessel acquisition 188,500 — — ENE Onshore contribution to settle KFMC-ENE Onshore Note ( 11,177 ) — — KFMC note receivable netted against Lateral note payable to KFMC — 88,500 — ENE Lateral distribution of ENE Onshore note to KFMC as partial settlement of ENE Lateral Note to KFMC — 118,893 — Noncash contribution received to settle note payable to KFMC — 57,159 — Noncash contribution received reflected as a note receivable from GBK — 16,500 — |
Schedule of reconciliation of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets as of December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 Cash and cash equivalents $ 516,659 $ 72,786 Restricted cash – current 2,614 2,495 Restricted cash – non-current 18,698 15,683 Cash, cash equivalents, and restricted cash $ 537,971 $ 90,964 |
Accumulated other comprehensi_2
Accumulated other comprehensive (income) loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
AOCI Attributable to Parent [Abstract] | |
Components of accumulated other comprehensive (income) loss | Changes in components of accumulated other comprehensive (income) loss were (in thousands): Cumulative Qualifying Share of OCI in Total At January 1, 2021 $ 2,167 $ 7,027 $ 5,767 $ 14,961 Other comprehensive (income) loss — ( 2,209 ) ( 5,721 ) ( 7,930 ) Reclassification to income — ( 1,116 ) 3,263 2,147 At December 31, 2021 $ 2,167 $ 3,702 $ 3,309 $ 9,178 Other comprehensive (income) loss — ( 4,946 ) ( 2,471 ) ( 7,417 ) Reclassification to income — ( 507 ) ( 2,526 ) ( 3,033 ) Reclassification to NCI ( 1,643 ) 1,200 1,200 757 At December 31, 2022 $ 524 $ ( 551 ) $ ( 488 ) $ ( 515 ) |
General business information (A
General business information (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Apr. 18, 2022 | Dec. 31, 2022 | |
Initial public offering, per value | $ 408,290 | |
Common Class A [Member] | ||
Issuance of common stock - IPO, shares | 26,254,167 | |
Common Class A [Member] | EE Holdings [Member] | ||
Percent of EELP Interests Owned | 24.20% | |
Common Class B [Member] | ||
Issuance of common stock - IPO, shares | 82,021,389 | |
Common Class B [Member] | EE Holdings [Member] | ||
Percent of EELP Interests Owned | 75.80% | |
Class A Common Stock [Member] | Common Class A [Member] | ||
Issuance of common stock - IPO, shares | 18,400,000 | |
Initial public offering, per value | $ 18 | |
Foundation Vessels Purchase [Member] | ||
Foundation Vessel cash payment | $ 50,000 | 50,000 |
IPO [Member] | Common Class A [Member] | ||
Proceeds from issuance initial public offering | 441,600 | 441,600 |
Underwriting discounts and commissions | 25,400 | 25,400 |
IPO-related expenses | $ 7,600 | $ 7,600 |
Issuance of common stock - IPO, shares | 18,400,000 | |
Offer price per share | $ 24 | |
Shares Issued, Price Per Share | $ 0.001 |
Summary of significant accoun_4
Summary of significant accounting policies (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2018 | |
Cash and Cash Equivalents [Line Items] | ||||
Restructuring, transition or transaction expenses | $ 0 | |||
Impairment | $ 0 | 0 | ||
Drydock interval | 5 years | |||
Drydock interval older vessel | two and a half years | |||
Older vessel age | 15 years | |||
Allowance for doubtful accounts | $ 600 | 900 | ||
Share of net earnings in equity method investee | 2,698 | 3,263 | 3,094 | |
Foreign currency transactions and translation gain (loss) | (7,200) | 100 | 1,300 | |
Inventory Write-down | 4,400 | |||
ENE Onshore [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Promissory note | 102,000 | |||
Nakilat JV [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 45% | |||
Share of net earnings in equity method investee | $ 2,700 | $ 3,300 | $ 3,100 | |
Investments in Equity Method Investee [Member] | Maximum | ||||
Cash and Cash Equivalents [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50% | |||
Investments in Equity Method Investee [Member] | Minimum | ||||
Cash and Cash Equivalents [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20% | |||
Excelerate Albania Holding SPHK [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 10% | |||
Excelerate Energy Bangladesh LLC [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20% | |||
Excelerate Energy, Inc [Member] | Tax Receivable Agreement [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Net cash tax saving percentage | 85% | |||
Excelerate Energy Limited Partnership [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Equity interest in entity | 75.80% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of estimated useful life (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buoy and Pipeline [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life, years | 20 years |
Finance Lease Right-of-Use Assets [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment estimated useful lives | Lesser of useful life or lease team |
Maximum [Member] | Vessel Related Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life, years | 30 years |
Maximum [Member] | Other Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life, years | 7 years |
Minimum [Member] | Vessel Related Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life, years | 5 years |
Minimum [Member] | Other Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life, years | 3 years |
Accounts receivable, net - Sche
Accounts receivable, net - Schedule of account receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Trade receivables | $ 74,980 | $ 245,000 |
Accrued revenue | 5,307 | 16,414 |
Allowance for doubtful accounts | (593) | (879) |
Accounts receivable, net | $ 79,694 | $ 260,535 |
Fair value of financial instr_3
Fair value of financial instruments - Schedule of financial assets and liabilities of fair value (Details) - Level 2 - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments, assets | $ 2,444 | $ 0 |
Derivative financial instruments, liabilities | $ (630) | $ (4,400) |
Fair value of financial instr_4
Fair value of financial instruments (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Offsetting Liabilities [Line Items] | |||
Cash collateral | $ 0 | $ 0 | |
Impairment | 0 | $ 0 | |
Long-Lived Assets [Member] | |||
Offsetting Liabilities [Line Items] | |||
Impairment | 0 | 0 | 0 |
Equity investments [Member] | |||
Offsetting Liabilities [Line Items] | |||
Impairment | $ 0 | $ 0 | $ 0 |
Derivative financial instrume_3
Derivative financial instruments - Schedule of derivative instruments (Details) $ in Thousands | Dec. 31, 2022 USD ($) | |
Interest rate swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional values | $ 64,037 | [1] |
[1] Number of open positions and gross notional values do not measure the Company’s risk of loss, quantify risk or represent assets or liabilities of the Company. Instead, they indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements. |
Derivative financial instrume_4
Derivative financial instruments - Schedule of fair value of derivative instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Liabilities [Line Items] | ||
Interest rate swaps - cash flow hedges, current liabilities | $ 630 | $ 1,401 |
Interest rate swaps - cash flow hedges, non current liabilities | $ 2,999 | |
Interest rate swaps - cash flow hedges | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Total current assets | $ 1,211 | $ 0 |
Total non-current assets: | 1,233 | 0 |
Total current liabilities | (630) | (1,401) |
Total non-current liabilities | 0 | (2,999) |
Net derivative assets (liabilities) | $ 1,814 | $ (4,400) |
Derivative financial instrume_5
Derivative financial instruments (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 23, 2017 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Long-term interest rate swap, percentage | 70% | |
Other Comprehensive Income, Amount of gain (loss) recognized | $ 0.4 | |
Amount of gain (loss) recognized expected to be reclassified (Term) | 12 months |
Derivative financial instrume_6
Derivative financial instruments - Schedule of derivative instruments designated in a cash flow hedging relationship recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Other | Interest Expense, Other | Interest Expense, Other |
Derivatives Designated in Cash Flow Hedging Relationship - Interest Rate Swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) | $ 4,946 | $ 2,209 | $ (4,837) |
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) - Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ (507) | $ (1,116) | $ (1,651) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
LNG | $ 171,578 | $ 101,594 |
Bunker fuel | 2,025 | 3,426 |
Inventories | $ 173,603 | $ 105,020 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 18,635 | $ 10,259 |
Prepaid expenses - related party | 2,205 | 5,917 |
Tax receivables | 10,594 | 9,186 |
Other receivables | 3,592 | 832 |
Other current assets | $ 35,026 | $ 26,194 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation | $ (922,029) | $ (932,614) |
Property and equipment, net | 1,455,683 | 1,433,169 |
Vessels [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,225,123 | 2,097,704 |
Buoy and Pipeline [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 17,130 | 11,553 |
Finance Lease Right-of-Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 40,007 | 219,435 |
Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 17,469 | 16,068 |
Assets in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 77,983 | $ 21,023 |
Property and Equipment (Additio
Property and Equipment (Additional Information) (Details) $ in Thousands | 12 Months Ended | ||||
Apr. 18, 2022 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 04, 2022 USD ($) MMcfe | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation Expenses | $ 97,313 | $ 104,908 | $ 104,167 | ||
Common stock fair value | 188,500 | ||||
Early extinguishment of lease liability on vessel acquisition | 21,834 | 0 | 0 | ||
New build Floating Storage Regasification Unit | MMcfe | 170,000 | ||||
Foundation Vessels Purchase [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash consideration | $ 50,000 | 50,000 | |||
Estimated future payments | 21,500 | ||||
Early extinguishment of lease liability on vessel acquisition | $ 21,800 | ||||
Foundation Vessels Purchase [Member] | Class A Common Stock [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Non-cash consideration (in shares) | shares | 7,854,167 | ||||
Common stock fair value | $ 188,500 | ||||
Property, Plant and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation Expenses | 94,500 | $ 103,000 | $ 103,600 | ||
Newbuild Agreement [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
First installment payment | 30,000 | ||||
2024 | 50,000 | ||||
2025 | 250,000 | ||||
2026 | $ 250,000 | ||||
Agreement expected cost | $ 330,000 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued vessel and cargo expenses | $ 17,571 | $ 48,053 |
Payroll and related liabilities | 14,637 | 9,262 |
Accrued interest | 3,733 | 917 |
Current portion of derivative liability | 630 | 1,401 |
Off-market capacity liability - ENE Onshore | 0 | 11,072 |
Accrued turnover taxes | 8,091 | 25,016 |
Current portion of TRA liability | 3,704 | 0 |
Other accrued liabilities | 18,522 | 9,313 |
Accrued liabilities | $ 66,888 | $ 105,034 |
Long-term Debt - Schedule of lo
Long-term Debt - Schedule of long term debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Total debt | $ 219,759 | $ 240,070 | |
Less unamortized debt issuance costs | (5,450) | (6,655) | |
Total debt, net | 214,309 | 233,415 | |
Less current portion, net | (20,913) | (19,046) | |
Total long-term debt, net | 193,396 | 214,369 | |
Experience Vessel Financing | |||
Debt Instrument [Line Items] | |||
Total debt | 136,119 | 148,500 | $ 247,500 |
Less current portion, net | $ (49,500) | ||
2017 Bank Loans | |||
Debt Instrument [Line Items] | |||
Total debt | 83,640 | 91,570 | |
EE Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 0 | $ 0 |
Long-term debt - Schedule of va
Long-term debt - Schedule of variable rate debt obligation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Experience Vessel Financing [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument weighted average interest rate | 4.80% | 4.40% | 5.10% |
Experience Vessel Financing [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.50% | 4.30% | 4.40% |
Experience Vessel Financing [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 6.80% | 4.40% | 6.10% |
2017 Bank Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument weighted average interest rate | 5.20% | 4.30% | 5.40% |
2017 Bank Loans [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.60% | 2.60% | 3.60% |
2017 Bank Loans [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 7% | 4.70% | 6.50% |
EE Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument weighted average interest rate | 3.90% | ||
EE Revolver [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.90% | ||
EE Revolver [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.90% |
Long-term Debt (Additional Info
Long-term Debt (Additional Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 17, 2023 | Apr. 18, 2022 | Jun. 23, 2017 | Dec. 31, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||
Debt instrument carrying amount | $ 219,759 | $ 240,070 | |||||
Line of credit facility, expiration date | Apr. 30, 2025 | ||||||
Current portion of long-term debt | 20,913 | 19,046 | |||||
Long-Term Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense | 15,500 | 17,500 | $ 16,400 | ||||
Senior Secured Revolving Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing term years | 3 years | ||||||
Line of credit | 40,000 | ||||||
Debt Instrument, Term | 3 years | ||||||
Senior Secured Revolving Credit Agreement [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 350,000 | ||||||
EE Revolver [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit | 40,000 | ||||||
Line of credit undrawn capacity | $ 310,000 | ||||||
EE Revolver [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term loan facility | $ 250,000 | ||||||
All unsecured debt | 250,000 | ||||||
Collateral vessel maintenance coverage | $ 750,000 | ||||||
Collateral vessel maintenance coverage percentage | 130% | ||||||
EE Revolver [Member] | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing commitment fee | 0.50% | ||||||
EE Revolver [Member] | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing commitment fee | 0.375% | ||||||
Experience Vessel Financing | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument carrying amount | $ 247,500 | $ 136,119 | 148,500 | ||||
Quarterly principal payments | $ 5,000 | 3,100 | $ 3,100 | ||||
Variable spread basis | 4.20% | 3.25% | |||||
Maturity Date | Dec. 31, 2026 | Dec. 31, 2033 | |||||
Current portion of long-term debt | $ 49,500 | ||||||
Debt issuance costs | $ 1,200 | ||||||
Debt Original issuance cost | 6,000 | ||||||
Minimum Equity | $ 500,000 | ||||||
Debt To Equity Ratio | debt-to-equity ratio of 3.5 to 1 | ||||||
Minimum Cash Balance | $ 20,000 | ||||||
Remaining amount outstanding, percentage | 110% | ||||||
Debt instrument, maturity date, description | The original loan had a maturity date in 2026 | ||||||
Experience Vessel Financing | 3 Month LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 8% | ||||||
Variable spread basis | 3.25% | ||||||
2017 Bank Loans | |||||||
Debt Instrument [Line Items] | |||||||
Debt Service Coverage Ratio | debt service coverage ratio of at least 1.10 to 1 | ||||||
Insurance Deductible | $ 300 | ||||||
2017 Bank Loans | 6 Month LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.60% | ||||||
Variable spread basis | 2.42% | ||||||
Line of credit facility, expiration date | Oct. 15, 2029 | ||||||
Line of credit facility, maximum borrowing capacity | $ 32,800 | ||||||
Line of credit facility, frequency of payments | semi-annual payments | ||||||
Debt issuance costs | $ 1,300 | ||||||
2017 Bank Loans | 3 Month LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 9.30% | ||||||
Variable spread basis | 4.50% | ||||||
Line of credit facility, expiration date | Oct. 15, 2029 | ||||||
Line of credit facility, maximum borrowing capacity | $ 92,800 | ||||||
Line of credit facility, frequency of payments | quarterly payments | ||||||
Debt issuance costs | $ 4,800 |
Long-term Debt - Future princip
Long-term Debt - Future principal payments on long-term debt outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | $ 22,002 | |
2024 | 22,693 | |
2025 | 23,435 | |
2026 | 24,239 | |
2027 | 25,081 | |
Thereafter | 102,309 | |
Total debt, net | 214,309 | $ 233,415 |
Total debt | $ 219,759 | $ 240,070 |
Long-term Debt - Related Party
Long-term Debt - Related Party - Schedule of Company's Related Party Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||
Total related party debt | $ 188,433 | $ 198,313 | |
Less current portion | (7,661) | (7,096) | |
Total long-term related party debt | 180,772 | 191,217 | |
Exquisite Vessel Financing | |||
Debt Instrument [Line Items] | |||
Total related party debt | 188,433 | 196,213 | |
Total long-term related party debt | $ 220,000 | ||
KFMC Note | |||
Debt Instrument [Line Items] | |||
Total related party debt | 0 | 0 | |
KFMC-ENE Onshore Note | |||
Debt Instrument [Line Items] | |||
Total related party debt | $ 0 | $ 2,100 |
Long-term Debt - Related Part_2
Long-term Debt - Related Party - Schedule of Maturities Principal payments on related party long term debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total related party debt | $ 188,433 | $ 198,313 |
KFMC-ENE Onshore Note [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 7,661 | |
2024 | 9,078 | |
2025 | 9,741 | |
2026 | 10,521 | |
2027 | 11,364 | |
Thereafter | 80,068 | |
Total Principal Payments, Total | 128,433 | |
Residual value for Exquisite vessel financing | 60,000 | |
Total related party debt | $ 188,433 |
Long-term debt - Related part_3
Long-term debt - Related party - Schedule of Long Term Related Party weighted average interest rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
KFMC Note | |||
Debt Instrument [Line Items] | |||
Debt instrument weighted average interest rate | 1.90% | 1.60% | 2.90% |
KFMC Note | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 1.60% | 1.60% | 1.70% |
KFMC Note | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2% | 1.60% | 3.30% |
KFMC-ENE Onshore Note | |||
Debt Instrument [Line Items] | |||
Debt instrument weighted average interest rate | 3.30% | 1.60% | 2.20% |
KFMC-ENE Onshore Note | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 1.60% | 1.60% | 1.60% |
KFMC-ENE Onshore Note | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.10% | 1.70% | 3.30% |
Long-term Debt - Related Part_4
Long-term Debt - Related Party (Additional Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | Oct. 31, 2021 | Nov. 30, 2020 | Nov. 30, 2018 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||||||
Total long-term related party debt | $ 180,772 | $ 191,217 | |||||||
KFMC-ENE Onshore Note | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Total long-term related party debt | $ 25,000 | ||||||||
KFMC Note | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Total long-term related party debt | $ 100,000 | ||||||||
KFMC Note | Minimum | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable Variable spread basis | 1.50% | ||||||||
KFMC Note | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Total long-term related party debt | $ 250,000 | ||||||||
KFMC Note | Maximum | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable Variable spread basis | 1.55% | ||||||||
ENE Lateral Facility [Member] | One month LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Notes Payable Variable spread basis | 1.50% | ||||||||
ENE Lateral Facility [Member] | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Total long-term related party debt | $ 285,000 | ||||||||
Related Party [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Expense, Long-Term Debt | $ 17,700 | $ 19,800 | $ 20,000 | ||||||
Exquisite Vessel Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Total long-term related party debt | $ 220,000 | ||||||||
Interest rate of sale leaseback | 7.73% | ||||||||
Sale lease back agreement term | The term is for 15 years with a symmetrical put and call option at the end of the original term or two optional five-year extensions with symmetrical put and call options after each extension. |
TRA Liability (Additional Infor
TRA Liability (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred tax asset | $ 39,867 | $ 939 | |
Effective tax rate | 26.10% | 33.90% | 29.80% |
Tax Receivable Agreements [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recieved payments from beneficiaries, percentage | 85% | ||
Tra liability current and non current | $ 76,700 | ||
Tra liability current | 3,700 | ||
Payments for related party | $ 420,400 | ||
Share price | $ 25.05 | ||
Effective tax rate | 21% |
Equity (Additional Information)
Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Apr. 18, 2022 | Apr. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | |
Class of Stock [Line Items] | |||||||||
Proceeds from Contribution | $ 1,932 | $ 0 | $ 6,000 | ||||||
Preferred stock | 25,000,000 | 25,000,000 | |||||||
Preferred stock par value | $ 0.001 | $ 0.001 | |||||||
Dividends Payable, Date to be Paid | Apr. 27, 2023 | Dec. 14, 2022 | Sep. 07, 2022 | ||||||
Common Class A [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Exchange of common stock | one-for-one basis | ||||||||
Stock issued | 26,254,167 | ||||||||
Common stock, authorized | 300,000,000 | 300,000,000 | 0 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Common stock, outstanding | 26,254,167 | 26,254,167 | 0 | ||||||
Common Stock, Voting Rights | The Class A Common Stock outstanding represents 100% of the rights of the holders of all classes of our outstanding common stock to share in distributions from Excelerate | ||||||||
Common Class A [Member] | IPO [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from issuance initial public offering | $ 441,600 | $ 441,600 | |||||||
Underwriting discounts and commissions | 25,400 | 25,400 | |||||||
IPO-related expenses | $ 7,600 | $ 7,600 | |||||||
Stock issued | 18,400,000 | ||||||||
Common Class B [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issued | 82,021,389 | ||||||||
Common stock, authorized | 150,000,000 | 150,000,000 | 0 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Common stock, outstanding | 82,021,389 | 82,021,389 | 0 | ||||||
Excelerate Energy, Inc [Member] | Common Class A [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Ownership interest | 100% | 100% | |||||||
EELP Limited Partnership Agreement [Member] | IPO [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Ownership interest | 1% | ||||||||
EE Holdings [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Common Stock, Voting Rights | Class B stockholder following the completion of the IPO, EE Holdings has 75.8% of the combined voting power of our common stock | ||||||||
EE Holdings [Member] | Common Class A [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Percent of EELP Interests Owned | 24.20% | 24.20% | |||||||
EE Holdings [Member] | Common Class B [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Percent of EELP Interests Owned | 75.80% | 75.80% | |||||||
EE Holdings [Member] | EELP Limited Partnership Agreement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Ownership interest | 99% | ||||||||
Albania JV [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Proceeds from Contribution | $ 1,900 | ||||||||
Percent of EELP Interests Owned | 90% |
Equity - Schedule of EELP decla
Equity - Schedule of EELP declared and paid distributions to all interest holders, including Excelerate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||||
Date Paid or To Be Paid | Apr. 27, 2023 | Dec. 14, 2022 | Sep. 07, 2022 | |||
Distributions Paid or To Be Paid | $ (4,101) | |||||
Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Total Dividends Declared | $ 657 | $ 657 | $ 657 | |||
Dividend Declared per Share | $ 0.025 | |||||
Dividend Declared per Share | $ 0.025 | $ 0.025 | $ 0.05 | |||
Class B Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Distributions Paid or To Be Paid | $ 2,051 | $ 2,051 | $ 2,051 |
Earnings per share - Schedule o
Earnings per share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 67,046 | $ 68,099 | ||
Less net income attributable to non-controlling interest | 55,119 | 55,119 | $ 3,035 | $ 2,622 |
Net income attributable to shareholders - basic | 13,323 | $ 13,323 | $ 0 | $ 0 |
Net income attributable to shareholders - diluted | $ 13,323 | |||
Weighted average shares outstanding - basic | 26,254,167 | 26,254,167 | 0 | 0 |
Dilutive effect of unvested restricted common stock | 7,940 | |||
Issued upon assumed exercise of outstanding stock options | 0 | |||
Class B Common Stock converted to Class A Common Stock | 0 | |||
Weighted average shares outstanding - diluted | 26,262,107 | 26,262,107 | 0 | 0 |
Earnings Per Share, Basic [Abstract] | ||||
Basic | $ 0.51 | $ 0.51 | $ 0 | $ 0 |
Diluted | $ 0.51 | $ 0.51 | $ 0 | $ 0 |
ENE Onshore [Member] | ||||
Less net income attributable to non-controlling interest | $ (1,396) | $ (1,396) | $ (2,964) | $ (8,484) |
Earnings per share - Schedule_2
Earnings per share - Schedule Of Common Stock Shares Equivalent Excluded From Calculation Of Diluted Earnings Per Share (Details) | 9 Months Ended |
Dec. 31, 2022 shares | |
Stock Option [Member] | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method | |
Antidilutive securities | 150,314 |
Restricted Common Stock [Member] | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method | |
Antidilutive securities | 53 |
Class B Common Stock [Member] | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method | |
Antidilutive securities | 82,021,389 |
Leases (Additional Information)
Leases (Additional Information) (Details) | Dec. 31, 2022 Pipeline Tugboat Vessels | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Number of pipelines finance agreements | Pipeline | 1 | |
Number of Tugboats Finance Agreements | Tugboat | 1 | |
Weighted average remaining lease term for operating leases | 2 years 7 months 6 days | 3 years 4 months 24 days |
Weighted average remaining lease term for finance leases | 10 years 1 month 6 days | 12 years 1 month 6 days |
Operating lease, weighted average discount rate, percent | 5.90% | 5.80% |
Finance lease, weighted average discount rate, percent | 6.30% | 9.80% |
IPO [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Number of vessels purchased | Vessels | 2 |
Leases - Schedule of Finance le
Leases - Schedule of Finance lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
External leases: | ||
Finance lease liabilities | $ 231,158 | $ 251,658 |
Less current portion of finance lease liabilities | (20,804) | (21,903) |
Carrying value of long-term lease liabilities | 210,354 | 229,755 |
Related party leases: | ||
Finance lease liabilities | 0 | 226,619 |
Less current portion of finance lease liabilities | 0 | (15,627) |
Finance lease liabilities - related party | $ 0 | $ 210,992 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Excluding Short-term Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating leases | ||
2023 | $ 37,562 | |
2024 | 29,275 | |
2025 | 18,538 | |
2026 | 940 | |
2027 | 913 | |
Thereafter | 1,334 | |
Total lease payments | 88,562 | |
Less: imputed interest | (6,577) | |
Carrying value of lease liabilities | 81,985 | |
Less: current portion | (33,612) | $ (30,215) |
Operating Lease, Liability, Noncurrent, Total | 48,373 | $ 77,936 |
Finance leases | ||
2023 | 33,235 | |
2024 | 33,248 | |
2025 | 33,235 | |
2026 | 33,235 | |
2027 | 33,235 | |
Thereafter | 141,120 | |
Total lease payments | 307,308 | |
Less: imputed interest | (76,150) | |
Carrying value of lease liabilities | 231,158 | |
Less: current portion | (20,804) | |
Finance Lease Liability Noncurrent Including Related Parties, Total | $ 210,354 |
Leases - Schedule of Total Leas
Leases - Schedule of Total Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Amortization of finance lease right-of-use assets - related party | $ 1,226 | $ 4,906 | $ 4,906 |
Amortization of finance lease right-of-use assets - external | 2,609 | 13,345 | 13,345 |
Interest on finance lease liabilities - related party | 7,930 | 29,080 | 30,619 |
Interest on finance lease liabilities - external | 15,172 | 17,231 | 19,370 |
Operating lease expense | 37,825 | 29,489 | 16,919 |
Short-term lease expense | 1,164 | 746 | 681 |
Total lease costs | $ 65,926 | $ 94,797 | $ 85,840 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating cash flows for finance leases | $ 15,172 | $ 17,231 | $ 19,370 |
Operating cash flows for finance leases - related party | 7,930 | 29,080 | 30,619 |
Financing cash flow for finance leases | 20,499 | 36,262 | 34,143 |
Financing cash flow for finance leases - related party | 2,912 | 15,427 | 14,558 |
Operating cash flows for operating leases | 36,841 | 29,100 | 16,481 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 3,567 | $ 15,248 | $ 121,575 |
Revenue - Schedule of Revenue (
Revenue - Schedule of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 2,472,973 | $ 888,555 | $ 430,843 |
Revenue from leases [Member] | |||
Revenues | 327,738 | 347,643 | 325,413 |
Time charter, regasification and other services [Member] | |||
Revenues | 117,419 | 120,387 | $ 105,430 |
Gas sales [Member] | |||
Revenues | $ 2,027,816 | $ 420,525 |
Revenue - Schedule of Lease Rev
Revenue - Schedule of Lease Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales-type lease income | $ 75,400 | $ 77,400 | $ 79,100 |
Total revenue | 2,472,973 | 888,555 | 430,843 |
Revenue from leases [Member] | |||
Operating lease income | 252,350 | 270,197 | 246,338 |
Sales-type lease income | 75,388 | 77,446 | 79,075 |
Total revenue | $ 327,738 | $ 347,643 | $ 325,413 |
Revenue (Additional Information
Revenue (Additional Information) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Vessels Terminal | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Revenues [Abstract] | |||
Number of vessels sales leases lessor | Vessels | 2 | ||
Number of terminal sales leases lessor | Terminal | 1 | ||
Sales type lease income from net investment | $ 75,400 | $ 77,400 | $ 79,100 |
Receivables from contracts with customers | 14,900 | 232,500 | |
Revenue for services recognized, Accrued revenue outstanding | 5,300 | 12,800 | |
Contract liabilities from advance payments | $ 134,300 | $ 1,500 | |
Frequency of revenue recognized | every five years | ||
Remaining performance obligation | $ 761,025 |
Revenue - Schedule of Leased Pr
Revenue - Schedule of Leased Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Less accumulated depreciation | $ (922,029) | $ (932,614) |
Property and equipment, net | 1,455,683 | 1,433,169 |
Operating leases [Member] | ||
Property and equipment | 2,034,183 | 1,899,892 |
Less accumulated depreciation | (823,942) | (766,642) |
Property and equipment, net | $ 1,210,241 | $ 1,133,250 |
Revenue - Schedule of Minimum C
Revenue - Schedule of Minimum Contractual Future Revenues (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Revenues [Abstract] | ||
2023 | $ 80,449 | |
2024 | 84,214 | |
2025 | 87,612 | |
2026 | 87,612 | |
2027 | 87,612 | |
Thereafter | 491,875 | |
Total undiscounted | 919,374 | |
Less: imputed interest | (506,466) | |
Net investment in sales-type leases | 412,908 | |
Less: current portion | (13,344) | $ (12,225) |
Non-current net investment in sales-type leases | 399,564 | $ 412,908 |
2023 | 229,078 | |
2024 | 174,342 | |
2025 | 162,986 | |
2026 | 116,015 | |
2027 | 82,456 | |
Thereafter | 280,716 | |
Total undiscounted | $ 1,045,593 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenues | $ 2,472,973 | $ 888,555 | $ 430,843 |
Bangladesh | |||
Total revenues | 115,241 | 274,017 | 117,684 |
UAE | |||
Total revenues | 81,653 | 78,133 | 82,330 |
Pakistan | |||
Total revenues | 55,223 | 54,603 | 53,503 |
Argentina | |||
Total revenues | 70,503 | 64,801 | 59,074 |
Brazil | |||
Total revenues | 1,993,062 | 280,556 | 48,301 |
Israel | |||
Total revenues | 43,107 | 44,574 | 44,861 |
Finland | |||
Total revenues | 32,354 | ||
United States | |||
Total revenues | 81,337 | 9,110 | 4,075 |
China | |||
Total revenues | 38,950 | ||
Other | |||
Total revenues | 493 | 43,811 | 21,015 |
Revenue from leases [Member] | |||
Total revenues | 327,738 | 347,643 | 325,413 |
Revenue from leases [Member] | Bangladesh | |||
Total revenues | 75,142 | 78,161 | 79,020 |
Revenue from leases [Member] | UAE | |||
Total revenues | 62,516 | 60,395 | 62,856 |
Revenue from leases [Member] | Pakistan | |||
Total revenues | 44,132 | 45,025 | 43,268 |
Revenue from leases [Member] | Argentina | |||
Total revenues | 47,584 | 47,202 | 44,526 |
Revenue from leases [Member] | Brazil | |||
Total revenues | 52,130 | 50,964 | 42,451 |
Revenue from leases [Member] | Israel | |||
Total revenues | 36,574 | 38,080 | 38,184 |
Revenue from leases [Member] | Finland | |||
Total revenues | 9,660 | ||
Revenue from leases [Member] | United States | |||
Total revenues | 0 | 0 | 0 |
Revenue from leases [Member] | China | |||
Total revenues | 0 | ||
Revenue from leases [Member] | Other | |||
Total revenues | 0 | 27,816 | 15,108 |
TCP Regas and other [Member] | |||
Total revenues | 117,419 | 120,387 | 105,430 |
TCP Regas and other [Member] | Bangladesh | |||
Total revenues | 40,099 | 38,734 | 38,664 |
TCP Regas and other [Member] | UAE | |||
Total revenues | 19,137 | 17,738 | 19,474 |
TCP Regas and other [Member] | Pakistan | |||
Total revenues | 11,091 | 9,578 | 10,235 |
TCP Regas and other [Member] | Argentina | |||
Total revenues | 22,919 | 17,599 | 14,548 |
TCP Regas and other [Member] | Brazil | |||
Total revenues | 7,484 | 6,714 | 5,850 |
TCP Regas and other [Member] | Israel | |||
Total revenues | 6,533 | 6,494 | 6,677 |
TCP Regas and other [Member] | Finland | |||
Total revenues | 2,425 | ||
TCP Regas and other [Member] | United States | |||
Total revenues | 7,238 | 8,377 | 4,075 |
TCP Regas and other [Member] | China | |||
Total revenues | 0 | ||
TCP Regas and other [Member] | Other | |||
Total revenues | 493 | 15,153 | 5,907 |
Gas sales [Member] | |||
Total revenues | 2,027,816 | 420,525 | |
Gas sales [Member] | Bangladesh | |||
Total revenues | 0 | 157,122 | 0 |
Gas sales [Member] | UAE | |||
Total revenues | 0 | 0 | 0 |
Gas sales [Member] | Pakistan | |||
Total revenues | 0 | 0 | 0 |
Gas sales [Member] | Argentina | |||
Total revenues | 0 | 0 | 0 |
Gas sales [Member] | Brazil | |||
Total revenues | 1,933,448 | 222,878 | 0 |
Gas sales [Member] | Israel | |||
Total revenues | 0 | 0 | 0 |
Gas sales [Member] | Finland | |||
Total revenues | 20,269 | ||
Gas sales [Member] | United States | |||
Total revenues | 74,099 | 733 | 0 |
Gas sales [Member] | China | |||
Total revenues | 38,950 | ||
Gas sales [Member] | Other | |||
Total revenues | $ 0 | $ 842 | $ 0 |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Long-term Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues [Abstract] | ||
Deferred revenues, beginning of period | $ 24,104 | $ 22,940 |
Cash received but not yet recognized | 1,436,903 | 1,029,435 |
Revenue recognized from prior period deferral | (1,283,253) | (1,028,271) |
Deferred revenues, end of period | $ 177,754 | $ 24,104 |
Revenue - Schedule of Expected
Revenue - Schedule of Expected Recognized Revenue from Contracts (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 100,181 |
2024 | 92,488 |
2025 | 78,006 |
2026 | 67,371 |
2027 | 62,470 |
Thereafter | 360,509 |
Total undiscounted | $ 761,025 |
Long-term Incentive Compensat_3
Long-term Incentive Compensation (Additional Information) (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Long-term incentive compensation recognized | $ 1 | |
Number of shares granted for issuance under long-term incentive plan | 10.8 | |
Percentage of shares increased description | The share pool will be increased on January 1st of each calendar year beginning in 2023 by a number of shares equal to 4% of the outstanding shares of Class A Common Stock on the preceding December 31st. | |
Maximum | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Proceeds from business acquisition | $ 13 | |
Employee Stock Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Option granted fair value | 4.6 | |
Unrecognized compensation costs | $ 3.7 | |
Weighted average period | 4 years 3 months 18 days | |
Award vesting period | 5 years | |
Award expiration period | 10 years | |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Option granted fair value | 0.9 | |
Unrecognized compensation costs | $ 0.6 | |
Weighted average period | 1 year 9 months 18 days | |
Restricted Stock [Member] | Three Year Vest [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
Restricted Stock [Member] | One Year Vest [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award vesting period | 1 year |
Long-term Incentive Compensat_4
Long-term Incentive Compensation - Schedule of assumptions fair value of options granted (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Risk-free interest rate | 2.70% |
Expected dividend yield | 0.40% |
Expected volatility | 58.50% |
Expected term | 6 years 6 months |
Long-term Incentive Compensat_5
Long-term Incentive Compensation - Summary of stock option activity (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Compensation Related Costs [Abstract] | |
Outstanding at January 1, 2022 | shares | 0 |
Granted | shares | 338,935 |
Exercised | shares | 0 |
Forfeited or expired | shares | 15,912 |
Outstanding at December 31, 2022 | shares | 323,023 |
Exercisable | shares | 0 |
Weighted Average Exercise Price, beginning balance | $ / shares | $ 0 |
Weighted Average Exercise Price, Granted | $ / shares | 24 |
Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Weighted Average Exercise Price, Forfeited or expired | $ / shares | 24 |
Weighted Average Exercise Price, Ending balance | $ / shares | 24 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 0 |
Long-term Incentive Compensat_6
Long-term Incentive Compensation - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Share-Based Payment Arrangement [Abstract] | ||
Weighted Average Exercise Price | $ 24 | $ 0 |
Long-term Incentive Compensat_7
Long-term Incentive Compensation - Summary of restricted stock activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested at January 1, 2022 | shares | 0 |
Granted | shares | 37,754 |
Exercised | shares | 0 |
Forfeited or expired | shares | 0 |
Unvested at December 31,2022 | shares | 37,754 |
Weighted Average Fair Value, Beginning balance | $ / shares | $ 0 |
Weighted Average Fair Value, Granted | $ / shares | 23.61 |
Weighted Average Fair Value, Exercised | $ / shares | 0 |
Weighted Average Fair Value, Forfeited or expired | $ / shares | 0 |
Weighted Average Fair Value, Ending balance | $ / shares | $ 23.61 |
Income taxes - Schedule of comp
Income taxes - Schedule of company's income before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
Domestic | $ (45,701) | $ (80,658) | $ (144,412) |
Foreign | 154,023 | 143,015 | 191,240 |
Income before income taxes | $ 108,322 | $ 62,357 | $ 46,828 |
Income taxes - Schedule of inco
Income taxes - Schedule of income tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Domestic | $ 1,322 | $ 2,281 | $ 0 |
Foreign | 24,749 | 19,853 | 13,529 |
Total Current: | 26,071 | 22,134 | 13,529 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Domestic deferred | 2,708 | (27) | 0 |
Foreign deferred | (453) | (939) | 408 |
Total Deferred | 2,255 | (966) | 408 |
Income Tax Expense | $ 28,326 | $ 21,168 | $ 13,937 |
Income taxes - Schedule of reco
Income taxes - Schedule of reconciliation of the statutory corporate income tax rate to the effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory rate applied to pre-tax income: | 21% | 21% | 21% |
Foreign rate differential | 12% | (8.50%) | (1.60%) |
Domestic non-controlled interest/ domestic non-taxable income | (20.10%) | (20.90%) | (21.00%) |
Early extinguishment of lease liability | 4.20% | 0% | 0% |
Permanent items | 4% | 2.20% | 1.10% |
Withholding taxes | 13.70% | 22.90% | 28.40% |
Uncertain tax positions | 1.60% | 2.80% | 0% |
Audit settlement | 0% | 2.40% | 0% |
Foreign tax credit | (2.80%) | (0.00%) | (0.00%) |
Gain on tax liquidation | 1.70% | 0% | 0% |
Other | 2% | (0.60%) | 0.90% |
Effective tax rate | 26.10% | 33.90% | 29.80% |
Income Taxes - Schedule Of Defe
Income Taxes - Schedule Of Deferred Taxes Assets And liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Deferred Tax Assets [Abstract] | ||
Fixed assets | $ 15 | $ 33 |
Net operating losses | 218 | 518 |
Lease liabilities | 21,315 | 40,632 |
Foreign tax credit carryforward | 429 | |
Amortizable transactions costs | 1,231 | |
Investment in partnership | 44,556 | |
Other | 2,318 | 344 |
Deferred tax assets: | 70,082 | 41,527 |
Valuation allowances | (8,335) | (496) |
Net deferred tax assets | 61,747 | 41,031 |
Components of Deferred Tax Liabilities [Abstract] | ||
Right of use assets | 21,415 | 39,004 |
Unrealized foreign exchange gains | 465 | 1,088 |
Net deferred tax liabilities: | 21,880 | 40,092 |
Net deferred tax assets/(liability) | $ 39,867 | $ 939 |
Income Taxes - Schedule Of Unre
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Uncertainties [Abstract] | ||
Balance at January 1 | $ 1,388 | $ 0 |
Increases (decreases) related to prior year tax positions | 1,388 | 1,388 |
Balance at December 31 | $ 0 | $ 1,388 |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 16, 2022 | |
Income Tax Contingency [Line Items] | ||||
Provision for income taxes | $ 28,326 | $ 21,168 | $ 13,937 | |
Increase decrease in effective income tax incurred partial offset at corporate level | $ 3,600 | |||
Decrease in effective foreign income tax rate continuing operations | 4.20% | |||
Tax Credit Carryforward Primarily Due | $ 7,800 | |||
Operating Loss Carryforwards, Valuation Allowance | 500 | |||
Total Valuation Allowance | 61,747 | 41,031 | ||
Net Operating loss | 186,685 | 139,344 | $ 133,256 | |
Operating Loss Carryforwards | 1,000 | |||
Operating loss carry forwards to expire | 500 | |||
Increase Decrease of Valuation Allowance | 7,800 | 500 | ||
Uncertain Tax | $ 1,400 | |||
Payments Of Interest And Penalties | $ 400 | |||
Effective tax rate | 26.10% | 33.90% | 29.80% | |
Increase decrease in effective tax rate due to federal taxes incurred at corporate level | 3.30% | |||
Corporate minimum tax | 15% | |||
Maximum | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards, expiration date | Dec. 31, 2028 | |||
Minimum | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards, expiration date | Dec. 31, 2024 |
Related Party Transactions (Add
Related Party Transactions (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||||||
Jan. 19, 2022 | Nov. 30, 2021 | Sep. 30, 2021 | Aug. 19, 2011 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2015 | Oct. 20, 2022 | Sep. 28, 2021 | Jun. 22, 2021 | Mar. 31, 2021 | Jan. 01, 2018 | May 14, 2007 | |
Related Party Transaction [Line Items] | |||||||||||||||
Finance Lease Liabilities Related Parties | $ 226,600 | ||||||||||||||
Interest on finance lease liabilities - related party | $ 7,930 | 29,080 | $ 30,619 | ||||||||||||
Related party transaction expenses from transactions with related party | 1,186 | 1,814 | 2,345 | ||||||||||||
Drawing expenses | 16,500 | ||||||||||||||
Payments for annual fees | 1,200 | ||||||||||||||
Notes Payable, Related Parties | 188,433 | 198,313 | |||||||||||||
Long-term debt, net - related party | 180,772 | 191,217 | |||||||||||||
2021 Kaiser Letters Of Credit Obtained | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Line of credit | 27,300 | 329,300 | |||||||||||||
Kaiser Letter Of Credit Excelerate Energy Development DMCC | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Letter Of Credit | 20,000 | ||||||||||||||
Kaiser Letter Of Credit Excelerate Energy Bangladesh Ltd | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Letter Of Credit | 20,000 | ||||||||||||||
KFMC and EELP | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Long-term debt, net - related party | $ 150,000 | ||||||||||||||
Amount of outstanding long-term debt | $ 88,500 | ||||||||||||||
Settlement Cost | $ 700 | ||||||||||||||
KFMC and EELP | LIBOR | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Notes Payable Variable spread basis | 1.55% | ||||||||||||||
KFMC and EELP | Maximum | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Long-term debt, net - related party | $ 100,000 | ||||||||||||||
KFMC-ENE Onshore Note | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Notes Payable, Related Parties | 188,433 | ||||||||||||||
KFMC-ENE Onshore Note | Maximum | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Long-term debt, net - related party | $ 25,000 | ||||||||||||||
EE Holdings [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Guarantee Cap | $ 55,000 | ||||||||||||||
Kaiser MARAD [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Increase Borrowing Limit | 17,600 | ||||||||||||||
Maximum borrowing capacity | 16,300 | $ 15,400 | |||||||||||||
ENE Lateral Facility [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Line of credit | 285,000 | ||||||||||||||
Repayments of Related Party Debt | 57,200 | ||||||||||||||
ENE Lateral Facility [Member] | LIBOR | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Interest rate | 1.50% | 3.50% | |||||||||||||
ENE Lateral Facility [Member] | Maximum | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Long-term debt, net - related party | $ 285,000 | ||||||||||||||
Ene Lateral And Ene Onshore | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Annual Fees | $ 1,200 | ||||||||||||||
Kaiser Note Payable | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Related party transaction rate | 1.55% | ||||||||||||||
Notes Payable, Related Parties | $ 16,500 | ||||||||||||||
Monthly Payable | $ 3,300 | ||||||||||||||
IPO [Member] | 2021 Kaiser Letters Of Credit Obtained | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Line of credit | $ 600,000 | ||||||||||||||
NEG Services Agreement | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Repayments of Related Party Debt | $ 400 | $ 500 | |||||||||||||
Onshore Release Capacity | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Repayments of Related Party Debt | $ 7,000 | $ 900 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Transactions With Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Management fees and other expenses with Kaiser | $ 1,186 | $ 1,814 | $ 2,345 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Balances with Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Amounts due from related parties | $ 2,595 | $ 11,140 |
Amounts due to related parties | 2,054 | 7,937 |
Prepaid expenses - related party | $ 2,205 | $ 5,917 |
Defined contribution plan (Addi
Defined contribution plan (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan [Abstract] | |||
Matching contribution, Description | The Company makes a safe harbor matching contribution equal to 100% of the employee’s salary deferrals that do not exceed 3% of compensation plus 50% of the employee’s salary deferrals between 3% and 5% of compensation. | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100% | ||
Matching contribution percentage | 3% | ||
Matching contribution vested percentage | 100% | ||
Compensation expense related to the plan | $ 0.8 | $ 0.7 | $ 0.5 |
Concentration Risk (Additional
Concentration Risk (Additional Information) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customer Concentration Risk | Revenue | Minimum | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% | 10% | 10% |
Concentration Risk - Schedule o
Concentration Risk - Schedule of Customer with Revenues (Details) - Customer Concentration Risk - Revenue | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customer A | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 80% | 32% | 11% |
Customer B | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 3% | 27% | 20% |
Customer C | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 2% | 6% | 12% |
Customer D | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 3% | 6% | 10% |
Customer E | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 2% | 5% | 10% |
Customer F | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 2% | 5% | 10% |
Commitments and Contingencies (
Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions | Apr. 18, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | |||
Expiration date | Apr. 30, 2025 | ||
Kaiser Credit Line [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit | $ 142.5 | ||
EE Revolver [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit | $ 40 |
Asset retirement obligations -
Asset retirement obligations - Schedule of Asset Retirement Obligations And The Changes Due To Accretion Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset retirement obligations, beginning of period | $ 34,929 | $ 33,499 |
Accretion expense | 1,494 | 1,430 |
Revisions in estimated cash flows | 3,400 | 0 |
Asset retirement obligations, end of period | $ 39,823 | $ 34,929 |
Supplemental noncash disclosu_3
Supplemental noncash disclosures for consolidated statement of cash flows - Schedule of Supplemental Noncash Disclosures For The Consolidated Statement Of Cash flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental cash flow information: | |||
Cash paid for taxes | $ 36,957 | $ 16,807 | $ 14,328 |
Cash paid for interest | 55,437 | 80,501 | 88,167 |
Right-of-use assets obtained in exchange for lease obligations | 3,567 | 15,248 | 121,575 |
Increase (decrease) in capital expenditures included in accounts payable | (3,329) | 1,189 | 8,445 |
Vessel acquisition | 188,500 | 0 | 0 |
ENE Onshore contribution to settle KFMC-ENE Onshore Note | (11,177) | 0 | 0 |
KFMC Note Receivable Netted Against Lateral Note Payable To KFMC | 0 | 88,500 | 0 |
ENE Lateral Distribution Of ENE Onshore Note To KFMC As Partial Settlement Of ENE Lateral Note To KFMC | 0 | 118,893 | 0 |
Noncash contribution received to settle note payable to KFMC | 0 | 57,159 | 0 |
Noncash contribution received reflected as a note receivable from GBK | $ 0 | $ 16,500 | $ 0 |
Supplemental noncash disclosu_4
Supplemental noncash disclosures for consolidated statement of cash flows - Schedule of Reconciliation of Cash, Cash Equivalents And Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 516,659 | $ 72,786 | ||
Current portion of restricted cash | 2,614 | 2,495 | ||
Restricted cash - non-current | 18,698 | 15,683 | ||
Cash, cash equivalents, and restricted cash | $ 537,971 | $ 90,964 | $ 109,539 | $ 73,271 |
Accumulated other comprehensi_3
Accumulated other comprehensive (income) loss - Schedule components of accumulated other comprehensive (income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 9,178 | $ 14,961 |
Other comprehensive (income) loss | (7,417) | (7,930) |
Reclassification to income | (3,033) | 2,147 |
Reclassification to NCI | (757) | |
Ending Balance | (515) | 9,178 |
Share of OCI in equity method investee | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 3,309 | 5,767 |
Other comprehensive (income) loss | 2,471 | (5,721) |
Reclassification to income | (2,526) | 3,263 |
Reclassification to NCI | 1,200 | |
Ending Balance | (488) | 3,309 |
Qualifying cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 3,702 | 7,027 |
Other comprehensive (income) loss | (4,946) | (2,209) |
Reclassification to income | (507) | (1,116) |
Reclassification to NCI | 1,200 | |
Ending Balance | (551) | 3,702 |
Cumulative translation adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 2,167 | 2,167 |
Other comprehensive (income) loss | 0 | 0 |
Reclassification to income | 0 | 0 |
Reclassification to NCI | (1,643) | |
Ending Balance | $ 524 | $ 2,167 |
Subsequent events (Additional I
Subsequent events (Additional Information) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Feb. 28, 2023 USD ($) | Feb. 23, 2023 $ / shares | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2023 USD ($) | Oct. 04, 2022 MMcfe | |
Subsequent Event [Line Items] | |||||||
Newbuild floating storage regasification unit | MMcfe | 170,000 | ||||||
Dividends Payable, Date to be Paid | Apr. 27, 2023 | Dec. 14, 2022 | Sep. 07, 2022 | ||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends Payable, Date to be Paid | Apr. 27, 2023 | ||||||
Dividends Payable, Date of Record | Apr. 12, 2023 | ||||||
Subsequent Event [Member] | Ventura Global SPA [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Sales and purchase agreement period | 20 years | ||||||
Purchase | $ | $ 0.7 | ||||||
Subsequent Event [Member] | FSRU Sequoia [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Purchase | $ | $ 265 | ||||||
Subsequent Event [Member] | Class B interests [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.025 | ||||||
Subsequent Event [Member] | Class A Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.025 |