Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001888447 | |
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, $0.001 par value per share | |
Trading Symbol | EE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Excelerate Energy, Inc [Member] | Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25,051,298 | |
Excelerate Energy, Inc [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 82,021,389 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 609,082 | $ 555,853 |
Current portion of restricted cash | 2,650 | 2,655 |
Accounts receivable, net | 45,774 | 97,285 |
Current portion of net investments in sales-type leases | 18,805 | 16,463 |
Other current assets | 27,472 | 27,356 |
Total current assets | 703,783 | 699,612 |
Restricted cash | 14,410 | 13,950 |
Property and equipment, net | 1,654,707 | 1,649,779 |
Net investments in sales-type leases | 373,201 | 383,547 |
Investment in equity method investee | 21,680 | 21,269 |
Deferred tax assets, net | 39,062 | 42,948 |
Other assets | 60,589 | 49,274 |
Total assets | 2,867,432 | 2,860,379 |
Current liabilities | ||
Accounts payable | 8,249 | 13,761 |
Accrued liabilities and other liabilities | 89,651 | 89,796 |
Current portion of deferred revenue | 29,500 | 27,169 |
Current portion of long-term debt | 46,243 | 42,614 |
Current portion of long-term debt - related party | 8,617 | 8,336 |
Current portion of finance lease liabilities | 22,761 | 22,080 |
Total current liabilities | 205,021 | 203,756 |
Long-term debt, net | 310,183 | 333,367 |
Long-term debt, net - related party | 166,957 | 171,693 |
Finance lease liabilities | 179,045 | 189,807 |
TRA liability | 64,761 | 67,061 |
Asset retirement obligations | 42,751 | 41,834 |
Other long-term liabilities | 49,886 | 43,507 |
Total liabilities | 1,018,604 | 1,051,025 |
Commitments and contingencies (Note 19) | ||
Additional paid-in capital | 468,543 | 465,551 |
Retained earnings | 51,432 | 39,754 |
Accumulated other comprehensive income | 1,085 | 505 |
Treasury stock (1,344373 shares as of June 30, 2024 and 20,624 shares as of December 31, 2023) | (22,216) | (472) |
Non-controlling interest | 1,349,876 | 1,303,908 |
Total equity | 1,848,828 | 1,809,354 |
Total liabilities and equity | 2,867,432 | 2,860,379 |
Common Class A Member | ||
Current liabilities | ||
Common stock Value | 26 | 26 |
Common Class B Member | ||
Current liabilities | ||
Common stock Value | $ 82 | $ 82 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Treasury stock, shares | 1,344,373 | 20,624 |
Common Class A [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 26,395,671 | 26,284,027 |
Common Class B [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 82,021,389 | 82,021,389 |
Common stock, outstanding | 82,021,389 | 82,021,389 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Total revenue | $ 183,333 | $ 432,372 | $ 383,446 | $ 643,428 |
Operating expenses | ||||
Cost of revenue and vessel operating expenses (exclusive of items below) | 46,579 | 48,664 | 117,192 | 107,456 |
Direct cost of gas sales | 31,173 | 277,693 | 71,052 | 332,878 |
Depreciation and amortization | 30,400 | 30,772 | 53,310 | 55,965 |
Selling, general and administrative expenses | 25,300 | 21,563 | 46,852 | 43,880 |
Total operating expenses | 133,452 | 378,692 | 288,406 | 540,179 |
Operating Income | 49,881 | 53,680 | 95,040 | 103,249 |
Other income (expense) | ||||
Interest expense | (12,057) | (13,479) | (24,203) | (25,434) |
Interest expense - related party | (3,419) | (3,593) | (6,879) | (7,185) |
Earnings from equity method investment | 592 | 392 | 1,123 | 808 |
Other income, net | 5,707 | 2,268 | 10,664 | 6,172 |
Income before income taxes | 40,704 | 39,268 | 75,745 | 77,610 |
Provision for income taxes | (7,427) | (9,712) | (14,328) | (17,315) |
Net income | 33,277 | 29,556 | 61,417 | 60,295 |
Less net income attributable to non-controlling interest | 26,605 | 23,588 | 48,421 | 47,483 |
Net income attributable to shareholders | $ 6,672 | $ 5,968 | $ 12,996 | $ 12,812 |
Net income per common share - basic | $ 0.27 | $ 0.23 | $ 0.51 | $ 0.49 |
Net income per common share - diluted | $ 0.26 | $ 0.23 | $ 0.5 | $ 0.49 |
Weighted average shares outstanding - basic | 25,175,057 | 26,254,167 | 25,668,374 | 26,254,167 |
Weighted average shares outstanding - diluted | 25,338,067 | 26,266,312 | 25,747,145 | 26,272,890 |
FSRU and terminal services | ||||
Revenues | ||||
Total revenue | $ 150,987 | $ 125,462 | $ 307,981 | $ 244,039 |
Gas Sales | ||||
Revenues | ||||
Total revenue | $ 32,346 | $ 306,910 | $ 75,465 | $ 399,389 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 33,277 | $ 29,556 | $ 61,417 | $ 60,295 |
Other comprehensive income (loss) | ||||
Cumulative translation adjustment | (41) | 315 | (6) | (105) |
Change in unrealized gains on cash flow hedges | 175 | 3,516 | 3,163 | 3,408 |
Share of other comprehensive income (loss) of equity method investee | 5 | 504 | (757) | (233) |
Other comprehensive loss attributable to non-controlling interest | (106) | (3,286) | (1,820) | (2,328) |
Comprehensive income | 33,310 | 30,605 | 61,997 | 61,037 |
Less comprehensive income attributable to non-controlling interest | 26,605 | 23,588 | 48,421 | 47,483 |
Comprehensive income attributable to shareholders | $ 6,705 | $ 7,017 | $ 13,576 | $ 13,554 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Class B [Member] | Common Stock [Member] Common Class A [Member] | Common Stock [Member] Common Class B [Member] | Retained Earnings [Member] | Additional Paid-in Capital [Member] | Accumulated other comprehensive loss [Member] | Non-Controlling Interest [Member] | Treasury Stock Common [Member] | Treasury Stock Common [Member] Common Class A [Member] |
Begining Balance at Dec. 31, 2022 | $ 1,696,697 | $ 26 | $ 82 | $ 12,009 | $ 464,721 | $ 515 | $ 1,219,344 | |||
Beginning Balance, shares at Dec. 31, 2022 | 108,275,556 | 82,021,389 | 26,254,167 | 82,021,389 | 0 | |||||
Net income | $ 30,739 | 6,844 | 23,895 | |||||||
Other comprehensive income | (1,265) | (307) | (958) | |||||||
EELP distributions to Class B interests | (2,051) | (2,051) | ||||||||
Minority owner contribution - Albania Power Project | 337 | 337 | ||||||||
Class A dividends - $0.025 per share | (663) | (663) | ||||||||
Long-term incentive compensation | 357 | 86 | 271 | |||||||
Ending Balance at Mar. 31, 2023 | $ 1,724,151 | $ 26 | $ 82 | 18,190 | 464,807 | 208 | 1,240,838 | |||
Ending Balance, shares at Mar. 31, 2023 | 108,275,556 | 82,021,389 | 26,254,167 | 82,021,389 | 0 | |||||
Begining Balance at Dec. 31, 2022 | $ 1,696,697 | $ 26 | $ 82 | 12,009 | 464,721 | 515 | 1,219,344 | |||
Beginning Balance, shares at Dec. 31, 2022 | 108,275,556 | 82,021,389 | 26,254,167 | 82,021,389 | 0 | |||||
Net income | $ 60,295 | |||||||||
Shares withheld for taxes | 0 | |||||||||
Ending Balance at Jun. 30, 2023 | $ 1,754,716 | $ 26 | $ 82 | 23,489 | 465,067 | 1,257 | 1,264,795 | |||
Ending Balance, shares at Jun. 30, 2023 | 108,275,556 | 82,021,389 | 26,254,167 | 82,021,389 | 0 | |||||
Begining Balance at Mar. 31, 2023 | $ 1,724,151 | $ 26 | $ 82 | 18,190 | 464,807 | 208 | 1,240,838 | |||
Beginning Balance, shares at Mar. 31, 2023 | 108,275,556 | 82,021,389 | 26,254,167 | 82,021,389 | 0 | |||||
Net income | $ 29,556 | 5,968 | 23,588 | |||||||
Other comprehensive income | 4,335 | 1,049 | 3,286 | |||||||
Distributions | (2,000) | (2,000) | ||||||||
EELP distributions to Class B interests | (2,051) | (2,051) | ||||||||
Minority owner contribution - Albania Power Project | 320 | 320 | ||||||||
Class A dividends - $0.025 per share | (669) | (669) | ||||||||
Long-term incentive compensation | 1,074 | 260 | 814 | |||||||
Ending Balance at Jun. 30, 2023 | $ 1,754,716 | $ 26 | $ 82 | 23,489 | 465,067 | 1,257 | 1,264,795 | |||
Ending Balance, shares at Jun. 30, 2023 | 108,275,556 | 82,021,389 | 26,254,167 | 82,021,389 | 0 | |||||
Begining Balance at Dec. 31, 2023 | $ 1,809,354 | $ 26 | $ 82 | 39,754 | 465,551 | 505 | 1,303,908 | $ (472) | ||
Beginning Balance, shares at Dec. 31, 2023 | 108,284,792 | 82,021,389 | 26,284,027 | 82,021,389 | 20,624 | 20,624 | ||||
Net income | $ 28,140 | 6,324 | 21,816 | |||||||
Other comprehensive income | 2,261 | 547 | 1,714 | |||||||
Long Term Incentive Compensation Units Vested, Shares | 82,165 | 39,702 | ||||||||
Long Term Incentive Compensation Units Vested, Value | (1,072) | (214) | $ (858) | |||||||
Repurchase of Class A Common Stock, Shares | 588,030 | |||||||||
Repurchase of Class A Common Stock, Value | (9,347) | $ (9,347) | ||||||||
EELP distributions to Class B interests | (2,051) | (2,051) | ||||||||
Minority owner contribution - Albania Power Project | 209 | 209 | ||||||||
Class A dividends - $0.025 per share | (673) | (673) | ||||||||
Long-term incentive compensation | 1,377 | 330 | 1,047 | |||||||
Ending Balance at Mar. 31, 2024 | $ 1,828,198 | $ 26 | $ 82 | 45,405 | 465,667 | 1,052 | 1,326,643 | $ (10,677) | ||
Ending Balance, shares at Mar. 31, 2024 | 107,739,225 | 82,021,389 | 26,366,192 | 82,021,389 | 648,356 | 648,356 | ||||
Begining Balance at Dec. 31, 2023 | $ 1,809,354 | $ 26 | $ 82 | 39,754 | 465,551 | 505 | 1,303,908 | $ (472) | ||
Beginning Balance, shares at Dec. 31, 2023 | 108,284,792 | 82,021,389 | 26,284,027 | 82,021,389 | 20,624 | 20,624 | ||||
Net income | $ 61,417 | |||||||||
Shares withheld for taxes | (253) | |||||||||
Ending Balance at Jun. 30, 2024 | $ 1,848,828 | $ 26 | $ 82 | 51,432 | 468,543 | 1,085 | 1,349,876 | $ (22,216) | ||
Ending Balance, shares at Jun. 30, 2024 | 107,072,687 | 82,021,389 | 26,395,671 | 82,021,389 | 1,344,373 | 1,344,373 | ||||
Begining Balance at Mar. 31, 2024 | $ 1,828,198 | $ 26 | $ 82 | 45,405 | 465,667 | 1,052 | 1,326,643 | $ (10,677) | ||
Beginning Balance, shares at Mar. 31, 2024 | 107,739,225 | 82,021,389 | 26,366,192 | 82,021,389 | 648,356 | 648,356 | ||||
Net income | $ 33,277 | 6,672 | 26,605 | |||||||
Other comprehensive income | 139 | 33 | 106 | |||||||
Long Term Incentive Compensation Units Vested, Shares | 29,479 | 22,237 | ||||||||
Long Term Incentive Compensation Units Vested, Value | (95) | 1,628 | (1,363) | $ (360) | ||||||
Repurchase of Class A Common Stock, Shares | 673,780 | |||||||||
Repurchase of Class A Common Stock, Value | (9,744) | 799 | 636 | $ (11,179) | ||||||
Distributions | (2,439) | (2,439) | ||||||||
EELP distributions to Class B interests | (2,051) | (2,051) | ||||||||
Minority owner contribution - Albania Power Project | 268 | 268 | ||||||||
Class A dividends - $0.025 per share | (645) | (645) | ||||||||
Long-term incentive compensation | 1,920 | 449 | 1,471 | |||||||
Ending Balance at Jun. 30, 2024 | $ 1,848,828 | $ 26 | $ 82 | $ 51,432 | $ 468,543 | $ 1,085 | $ 1,349,876 | $ (22,216) | ||
Ending Balance, shares at Jun. 30, 2024 | 107,072,687 | 82,021,389 | 26,395,671 | 82,021,389 | 1,344,373 | 1,344,373 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Common Class A Member | ||||
Class A dividends - $0.025 per share | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net income | $ 61,417 | $ 60,295 |
Adjustments to reconcile net income to net cash from operating activities | ||
Depreciation and amortization | 53,310 | 55,965 |
Amortization of operating lease right-of-use assets | 860 | 9,674 |
ARO accretion expense | 918 | 877 |
Amortization of debt issuance costs | 1,715 | 3,983 |
Deferred income taxes | 2,566 | 1,980 |
Share of net earnings in equity method investee | (1,123) | (808) |
Long-term incentive compensation expense | 3,297 | 1,431 |
(Gain)/loss on non-cash items | (44) | 1,747 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 51,511 | (67,420) |
Other current assets and other assets | (10,855) | 130,640 |
Accounts payable and accrued liabilities | (23,995) | (53,520) |
Current portion of deferred revenue | 2,331 | (122,835) |
Net investments in sales-type leases | 8,004 | 6,921 |
Other long-term liabilities | 5,128 | (4,451) |
Net cash provided by operating activities | 155,040 | 24,479 |
Cash flows from investing activities | ||
Purchases of property and equipment | (38,268) | (292,788) |
Sales of property and equipment | 0 | 4,101 |
Net cash used in investing activities | (38,268) | (288,687) |
Cash flows from financing activities | ||
Repurchase of Class A Common Stock | (20,324) | 0 |
Proceeds from Term Loan Facility | 0 | 250,000 |
Repayments of long-term debt | (20,627) | (10,925) |
Repayments of long-term debt - related party | (4,455) | (4,085) |
Payment of debt issuance costs | 0 | (7,018) |
Principal payments under finance lease liabilities | (10,081) | (10,752) |
Taxes withheld for long-term incentive compensation | (253) | 0 |
Dividends paid | (1,278) | (1,313) |
Distributions | (6,541) | (6,101) |
Minority owner contribution - Albania Power Project | 477 | 657 |
Net cash provided by (used in) financing activities | (63,082) | 210,463 |
Effect of exchange rate on cash, cash equivalents, and restricted cash | (6) | (105) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 53,684 | (53,850) |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 572,458 | 537,971 |
End of period | $ 626,142 | $ 484,121 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non - Rule 10b5-1 Arrangement Modified | false |
General Business Information
General Business Information | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General business information | General 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 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. As of June 30, 2024 and December 31, 2023, George B. Kaiser (together with his affiliates other than the Company, “Kaiser”) owned directly or indirectly approximately 76.6 % and 75.7 %, respectively, of the ownership interests in EELP. The remaining 23.4 % and 24.3 % of the ownership interests were held by the Company as of June 30, 2024 and December 31, 2023, respectively. 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”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. 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 in the interim periods. The year-end consolidated balance sheet data was derived from audited financial statements, but the consolidated balance sheet data does not include all disclosures required by GAAP. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Excelerate and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). Ope rating results for the periods presented are not necessarily indicative of the results that may be expected for the full year or any future period. Certain amounts in prior periods have been reclassified to conform to the current year presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies A summary of the Company's significant accounting policies can be found in Note 2 – Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements of the 2023 Annual Report. Other than the updates noted below, there were no significant updates or revisions to our accounting policies during the six months ended June 30, 2024. Revenue recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”). 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. For revenue accounted for under ASC 606, 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 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 and terminal use contracts typically contain a lease. The lease of our vessels and terminals represents the use of the asset without any associated performance obligations or warranties (a lease component) and is accounted for in accordance with the provisions of ASC 842. These contracts may also contain non-lease components relating to operating the assets (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. Certain time charter party (“TCP”) 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. 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. Since our adoption of ASC 842, the Company has applied the practical expedient to combine the lease component with our drydocking requirements (a non-lease component) in our leases classified as operating leases. During the first quarter of 2024, the Company adopted the practical expedient to also combine the lease component of our vessel leases classified as operating leases with time charter, regasification and other services provided in connection with our time charters (a non-lease component). In the agreements which we have applied this practical expedient, we determined that the timing and pattern of transfer of the lease and non-lease components is the same and that the lease component is the predominant characteristic. As a result, the combined components are presented as a single lease component under ASC 842. 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 June 30, 2024 and December 31, 2023, the Company has two sales-type leases (for Summit LNG and Excellence ). The provision of time charter, regasification and other services on the time charter contracts is considered a non-lease component and for our sales-type leases is accounted for as a separate performance obligation in accordance with the provision of ASC 606. 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 and terminal use 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 allocates a portion of the contract revenues to the performance obligation for future drydocking costs. Revenue allocated to drydocking is deferred and recognized when the drydocking service is complete. The deferred drydock revenue is 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 at which each unit of natural gas or LNG is transferred to the control of the customer. This varies depending on the contract terms, but 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. Recent accounting pronouncements Accounting standards recently issued but not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires incremental disclosure related to a public entity’s reportable segments. The amendments are effective for public entities with fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the inclusion of specific categories and greater disaggregation of information in the rate reconciliation and the disaggregation of income taxes paid by jurisdiction. The guidance in this update is effective for public entities with fiscal years beginning after December 15, 2024, and early adoption is permitted. The updates are to be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on its Consolidated Financial Statements and related disclosures. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial instruments | 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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Financial assets Derivative financial instruments Level 2 $ 4,585 $ 3,201 Financial liabilities Derivative financial instruments Level 2 $ — $ ( 1,793 ) As of June 30, 2024 and December 31, 2023 , all derivatives were determined to be classified as Level 2 fair value instruments. No cash collateral has been posted or held as of June 30, 2024 or December 31, 2023. 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 incorporates 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 Secured Overnight Financing Rate (“SOFR”) yield curve for the same period as the future interest rate swap settlements. We have consistently applied these valuation techniques in all periods presented. 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 any material impairments on the equity investments or long-lived assets during the three and six months ended June 30, 2024 and 2023 . |
Accounts Receivable, net
Accounts Receivable, net | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Accounts receivable, net | Accounts receivable, net As of June 30, 2024 and December 31, 2023, accounts receivable, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Trade receivables $ 39,648 $ 92,881 Accrued revenue 5,951 4,429 Amounts receivable – related party 379 192 Allowance for doubtful accounts ( 204 ) ( 217 ) Accounts receivable, net $ 45,774 $ 97,285 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative financial instruments | Derivative financial instruments The following table summarizes the notional values related to the Company’s derivative instruments outstanding at June 30, 2024 (in thousands): June 30, 2024 Interest rate swaps (1) $ 232,972 (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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Cash flow hedges Current assets $ 3,070 $ 2,653 Non-current assets 1,515 548 Current liabilities — ( 14 ) Non-current liabilities — ( 1,779 ) Net derivative assets $ 4,585 $ 1,408 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 and non-current portions of derivative liabilities are included within accrued liabilities and other liabilities and other long-term liabilities, respectively, 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 SOFR-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). • In 2023, the Company entered into long-term interest rate swap agreements with multiple major financial institutions. This arrangement is used to hedge the variability of the interest payments/interest risk on the Term Loan Facility (as defined herein) and will expire in March 2027. In the fourth quarter of 2023, we paid down a portion of the principal outstanding on the Term Loan Facility and a proportionate amount of the interest rate swaps was settled. 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 three and six months ended June 30, 2024 and 2023 (in thousands): Derivatives Designated in Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives Cash Flow Hedging For the three months ended June 30, For the six months ended June 30, Relationship 2024 2023 2024 2023 Interest rate swaps $ 1,102 $ 4,194 $ 5,253 $ 4,583 Derivatives Designated in Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Cash Flow Hedging Location of Gain (Loss) Reclassified from For the three months ended June 30, For the six months ended June 30, Relationship Accumulated Other Comprehensive Income into Income 2024 2023 2024 2023 Interest rate swaps Interest expense $ 927 $ 678 $ 2,090 $ 1,175 The amount of gain (loss) recognized in other comprehensive income as of June 30, 2024 and expected to be reclassified within the next 12 months is $ 3.1 million . |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2024 | |
Other Assets, Current [Abstract] | |
Other current assets | Other current assets As of June 30, 2024 and December 31, 2023, other current assets consisted of the following (in thousands): June 30, 2024 December 31, 2023 Prepaid expenses $ 8,893 $ 8,139 Prepaid expenses – related party 2,027 2,162 Tax receivables 8,436 8,783 Inventories 1,088 2,946 Other receivables 7,028 5,326 Other current assets $ 27,472 $ 27,356 For the six months ended June 30, 2023, we recorded a lower of cost or net realizable value inventory write-down of $ 1.0 million . This write-down is included in direct cost of gas sales on our consolidated statements of income. No write-down was recorded for the six months ended June 30, 2024 . |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment , net As of June 30, 2024 and December 31, 2023, the Company’s property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Vessels $ 2,528,703 $ 2,497,449 Finance lease right-of-use assets 40,007 40,007 Other equipment 23,863 23,807 Assets in progress 108,681 93,341 Less accumulated depreciation ( 1,046,547 ) ( 1,004,825 ) Property and equipment, net $ 1,654,707 $ 1,649,779 For the three months ended June 30, 2024 and 2023, depreciation expense was $ 29.5 million and $ 29.9 million , respectively. For the six months ended June 30, 2024 and 2023, depreciation expense was $ 51.5 million and $ 54.2 million , respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | Accrued liabilities As of June 30, 2024 and December 31, 2023, accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued vessel and cargo expenses $ 51,686 $ 35,055 Payroll and related liabilities 11,606 19,766 Current portion of TRA liability 6,067 6,067 Current portion of operating lease liabilities 1,684 1,744 Other accrued liabilities 18,608 27,164 Accrued liabilities $ 89,651 $ 89,796 |
Long-term Debt, Net
Long-term Debt, Net | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instruments [Abstract] | |
Long-term debt, net | Long-term debt , net The Company’s long-term debt, net consists of the following (in thousands): June 30, 2024 December 31, 2023 Term Loan Facility $ 176,055 $ 185,430 Experience Vessel Financing 117,562 123,750 2017 Bank Loans 68,949 74,013 EE Revolver — — Total debt 362,566 383,193 Less unamortized debt issuance costs ( 6,140 ) ( 7,212 ) Total debt, net 356,426 375,981 Less current portion, net ( 46,243 ) ( 42,614 ) Total long-term debt, net $ 310,183 $ 333,367 The following table shows the range of interest rates and weighted average interest rates incurred on our variable-rate debt obligations during the six months ended June 30, 2024. For the six months ended June 30, 2024 Range Weighted Average Experience Vessel Financing 9.1 % 9.1 % 2017 Bank Loans (1) 8.2 % – 10.2 % 9.6 % Term Loan Facility (2) 8.4 % 8.4 % EE Revolver N/A N/A (1) Weighted average interest rate, net of the impact of settled derivatives, wa s 7.1 % for the six months ended June 30, 2024 . (2) Weighted average interest rate, net of the impact of settled derivatives, was 6.9 % for the six months ended June 30, 2024 . 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 Experience (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 makes quarterly principal payments of $ 3.1 million and interest payments at the three-month SOFR plus 3.4 % through the loan’s maturity in December 2033 . In the second quarter of 2023, the Company executed an amendment to convert the reference rate in the Experience Vessel Financing from the London Interbank Offered Rate (“LIBOR”) to the SOFR yield curve. Prior to the amendment, the Company made interest payments at the three-month LIBOR plus 3.25 %. 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 six-month SOFR plus 2.85 % through the loan maturity date of October 15, 2029 . In the fourth quarter of 2023, the agreement was amended to convert the reference rate from the LIBOR to the SOFR yield curve effective on the first interest payment date occurring after June 30, 2023. Prior to the amendment, the Company made interest payments at the six-month LIBOR plus 2.42 %. Under the second agreement, the Company borrowed $ 92.8 million, makes quarterly payments and accrues interest at the three-month SOFR plus 4.76 % thr ough the loan maturity of October 15, 2029 . In the fourth quarter of 2023, the agreement was amended to convert the reference rate from the LIBOR to the SOFR yield curve effective on the first interest payment date occurring after June 30, 2023. Prior to the amendment, the Company made interest payments at the three-month LIBOR plus 4.50 %. Revolving Credit Facility and Term Loan Facility On April 18, 2022, EELP entered into a senior secured revolving 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 $ 350.0 million over a three-year term originally set to expire in April 2025 . 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. Under t he Amended Credit Agreement, EELP obtained a new $ 250.0 million term loan facility (the “Term Loan Facility” and, together with the EE Revolver, as amended by the Amended Credit Agreement, the “EE Facilities”). The EE Facilities mature in March 2027. Proceeds from the Term Loan Facility were used to purchase Sequoia in April 2023. Proceeds from the EE Revolver may be used for working capital and other general corporate purposes and up to $ 305.0 million of the EE Revolver may be used for letters of credit. Borrowings under the EE Facilities 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 Amended Credit Agreement and can range from 2.75 % to 3.50 %. The unused portion of the EE Revolver commitments 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. In December 2023, we paid off $ 55.2 million of the principal outstanding on our Term Loan Facility. As of June 30, 2024, the Company had issued $ 0.1 million in letters of credit under the EE Revolver. 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 the $ 349.9 million of undrawn capacity was available for additional borrowings as of June 30, 2024. As of June 30, 2024 , the Company was in compliance with the covenants under its debt facilities. |
Long-term Debt - Related Party
Long-term Debt - Related Party | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-term debt - related party | Long-term debt – related party The Company’s related party long-term debt consists of the following (in thousands): June 30, 2024 December 31, 2023 Exquisite Vessel Financing $ 175,574 $ 180,029 Less current portion ( 8,617 ) ( 8,336 ) Total long-term related party debt $ 166,957 $ 171,693 Exquisite Vessel Financing In June 2018, the Company entered into a sale leaseback agreement with Nakilat Excelerate LLC, its equity method investment, to provide $ 220.0 million of financing for Exquisite 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 vess el. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | Equity Class A Common Stock The Class A Common Stock, par value $ 0.001 per share (“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, $ 0.001 par value per share (“Class B Common Stock”) upon our liquidation, dissolution or winding up or an exchange of Class B interests of EELP. Class B Common Stock Excelerate Energy Holdings, LLC (“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, EE Holdings controlled 76.6 % and 75.7 % of the combined voting power of our common stock as of June 30, 2024 and December 31, 2023 , respectively . The EELP Limited Partnership Agreement (the “EELP LPA”) 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 LPA 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. The following table summarizes the changes in ownership: Class A Common Stock Issued Less: Treasury Stock Outstanding Class B Common Stock Total Class A Ownership Percentage Balance at January 1, 2024 26,284,027 20,624 26,263,403 82,021,389 108,284,792 24.3 % Long-term incentive compensation units vested, net 82,165 39,702 42,463 – 42,463 Share repurchases – 588,030 ( 588,030 ) – ( 588,030 ) Balance at March 31, 2024 26,366,192 648,356 25,717,836 82,021,389 107,739,225 23.9 % Long-term incentive compensation units vested, net 29,479 22,237 7,242 – 7,242 Share repurchases – 673,780 ( 673,780 ) – ( 673,780 ) Balance at June 30, 2024 26,395,671 1,344,373 25,051,298 82,021,389 107,072,687 23.4 % Balance at January 1, 2023 26,254,167 – 26,254,167 82,021,389 108,275,556 24.2 % Balance at March 31, 2023 26,254,167 – 26,254,167 82,021,389 108,275,556 24.2 % Balance at June 30, 2023 26,254,167 – 26,254,167 82,021,389 108,275,556 24.2 % 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 six months ended June 30, 2024, EELP declared distributions to all interest holders, including Excelerate. Excelerate has used and will continue to use proceeds from such distributions to pay dividends to holders of Class A Common Stock. The following table details the distributions and dividends for the periods presented: Class B Interests Class A Common Stock Dividend and Distribution 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) June 30, 2024 September 5, 2024 $ 2,051 $ 647 $ 0.025 March 31, 2024 June 6, 2024 $ 2,051 $ 645 $ 0.025 December 31, 2023 March 28, 2024 $ 2,051 $ 673 $ 0.025 Albania Power Project In April 2022, Excelerate established an entity to provide a temporary power solution in Albania. Excelerate is a 90 % owner of the project (“Albania Power Project”) and has received $ 5.9 million in cash contributions from the minority owner as of June 30, 2024. The Albania Power Project is fully consolidated in our financial statements. Repurchase of Equity Securities On February 22, 2024, our board of directors approved a share repurchase program to purchase up to $ 50.0 million of our Class A Common Stock (the “Program”). The Program does not obligate us to acquire any specific number of shares and will expire on February 28, 2026, and the Program may be suspended, extended, modified or discontinued at any time. During the three months ended June 30, 2024, the Company repurchased 673,780 shares of its outstanding Class A Common Stock at a weighted average price of $ 16.27 per share, for a total net cost of approximately $ 11.0 million . During the six months ended June 30, 2024, the Company repurchased 1,261,810 shares of its outstanding Class A Common Stock at a weighted average price of $ 16.11 per share, for a total net cost of approximately $ 20.3 million . As a result of the Program, our expected payments under the TRA decreased by $ 2.3 million. In accordance with the EELP LPA and in conjunction with the Program, EELP purchased Class A interests from Excelerate in proportion to the Class A Common Stock purchased during the three and six months ended June 30, 2024. Under the Program, repurchases can be made using a variety of methods, which may include open market purchases, block trades, privately negotiated transactions and/or a non-discretionary trading plan, all in compliance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The timing, manner, price and amount of any Class A Common Stock repurchases under the Program are determined by management in its discretion and depend on a variety of factors, including legal requirements, price, and business, economic, and market conditions. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share The following table presents the computation of earnings per share for the periods shown below (in thousands, except share and per share amounts): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income $ 33,277 $ 29,556 $ 61,417 $ 60,295 Less net income attributable to non-controlling interest 26,605 23,588 48,421 47,483 Net income attributable to shareholders – basic and diluted $ 6,672 $ 5,968 $ 12,996 $ 12,812 Weighted average shares outstanding – basic 25,175,057 26,254,167 25,668,374 26,254,167 Dilutive effect of unvested restricted common stock 104,615 11,884 53,115 17,454 Dilutive effect of unvested performance units 58,395 261 25,656 1,269 Weighted average shares outstanding – diluted 25,338,067 26,266,312 25,747,145 26,272,890 Earnings per share Basic $ 0.27 $ 0.23 $ 0.51 $ 0.49 Diluted $ 0.26 $ 0.23 $ 0.50 $ 0.49 The following table presents the common stock share equivalents excluded from the calculation of diluted earnings per share for the periods shown below, as they would have had an antidilutive effect: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Restricted common stock 26,031 404 11,610 508 Performance stock units — 1,156 — — Class B Common Stock 82,021,389 82,021,389 82,021,389 82,021,389 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | 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, net on the consolidated balance sheets. Lease obligations are recognized based on the rate implicit in the lease or the Company’s incremental borrowing rate at lease commencement. As of June 30, 2024, 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 as their terms represent the majority of the economic life of their respective assets. In March 2023, Excelerate exercised its option to purchase Sequoia , which triggered a reassessment of the associated lease. As our acquisition of Sequoia was reasonably certain as of March 31, 2023, the lease on the vessel was reclassified from an operating lease to a financing lease. Finance lease liabilities as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): June 30, 2024 December 31, 2023 Finance lease liabilities $ 201,806 $ 211,887 Less current portion of finance lease liabilities ( 22,761 ) ( 22,080 ) Finance lease liabilities, long-term $ 179,045 $ 189,807 Operating leases As of December 31, 2023, the Company was a lessee in a terminal use lease, which was accounted for as an operating lease. In January 2024, this agreement transitioned to a TCP agreement. Operating lease right-of-use assets are included within other assets on the consolidated balance sheets. The current and non-current portions of operating lease liabilities are included within accrued liabilities and other liabilities and other long-term liabilities, respectively, on the consolidated balance sheets. 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 June 30, 2024 is as follows (in thousands): Year Operating Finance Remainder of 2024 $ 1,017 $ 16,624 2025 1,798 33,235 2026 1,428 33,235 2027 1,022 33,235 2028 886 27,584 Thereafter 450 113,152 Total lease payments $ 6,601 $ 257,065 Less: imputed interest ( 760 ) ( 55,259 ) Carrying value of lease liabilities 5,841 201,806 Less: current portion ( 1,684 ) ( 22,761 ) Carrying value of long-term lease liabilities $ 4,157 $ 179,045 As of June 30, 2024 , the Company’s weighted average remaining lease term for operating and finance leases was 4.0 years and 8.6 years, respectively, with a weighted average discount rate of 6.2 % and 6.3 % , respectively. As of December 31, 2023, the Company’s weighted average remaining lease term for operating and finance leases was 4.3 years and 9.1 years, respectively, with a weighted average discount rate of 6.2 % and 6.3 % , respectively. The Company’s total lease costs for the three and six months ended June 30, 2024 and 2023 recognized in the consolidated statements of income consisted of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Amortization of finance lease right-of-use assets $ 653 $ 1,166 $ 1,305 $ 2,183 Interest on finance lease liabilities 3,204 4,188 6,486 8,273 Operating lease expense 441 2,388 890 10,842 Short-term lease expense 281 91 534 265 Total lease costs $ 4,579 $ 7,833 $ 9,215 $ 21,563 Other information related to leases for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Operating cash flows for finance leases $ 3,204 $ 4,188 $ 6,486 $ 8,273 Financing cash flows for finance leases 5,079 5,455 10,080 10,752 Operating cash flows for operating leases 585 2,863 1,105 11,177 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table presents the Company’s revenue for t he three and six months ended June 30, 2024 and 2023 (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Revenue from leases $ 138,113 $ 113,797 $ 276,023 $ 216,763 Revenue from contracts with customers Time charter, regasification and other services 12,874 11,665 31,958 27,276 Gas sales 32,346 306,910 75,465 399,389 Total revenue $ 183,333 $ 432,372 $ 383,446 $ 643,428 As a result of the Company’s adoption of the ASC 842 practical expedient discussed in Note 2 – Summary of significant accounting policies, $ 27.5 million and $ 48.9 million , respectively, in the three and six months ended June 30, 2023, was reclassified from Time charter, regasification and other services to Revenue from leases to conform with the current period presentation. 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 three and six months ended June 30, 2024 and 2023 consists of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Operating lease income $ 120,465 $ 95,794 $ 243,341 $ 180,770 Sales-type lease income 17,648 18,003 32,682 35,993 Total revenue from leases $ 138,113 $ 113,797 $ 276,023 $ 216,763 Sales-type leases Sales-type lease income is interest income that is presented within lease revenues on the consolidated statements of income. The Company le ased two vessels and a te rminal 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 three and six months ended June 30, 2024, the Company recorded lease income from the net investment in the leases within revenue from lease contracts of $ 17.6 million and $ 32.7 million , respectively, as compared to $ 18.0 million and $ 36.0 million for the three and six months ended June 30, 2023, respectively. 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 June 30, 2024, the Company is the lessor to time charter agreements with customers on eight o f its vessels. The following represents the amount of property and equipment that is leased to customers as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Property and equipment $ 2,484,088 $ 2,184,347 Accumulated depreciation ( 970,911 ) ( 929,141 ) Property and equipment, net $ 1,513,177 $ 1,255,206 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 is not included as the duration of each contract is less than a year. As of June 30, 2024, 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 Remainder of 2024 $ 44,166 $ 221,297 2025 87,612 392,428 2026 87,612 353,082 2027 87,612 362,036 2028 80,848 290,564 Thereafter 411,507 1,023,148 Total undiscounted $ 799,357 $ 2,642,555 Less: imputed interest ( 407,351 ) Net investment in sales-type leases 392,006 Less: current portion ( 18,805 ) Non-current net investment in sales-type leases $ 373,201 Revenue from contracts with customers The following tables show disaggregated revenues from customers attributable to the region in which the party to the applicable agreement has its principal place of business (in thousands): For the three months ended June 30, 2024 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Asia Pacific $ 17,648 $ 11,619 $ 32,346 $ 61,613 Latin America 52,865 — — 52,865 Middle East (1) 39,083 — — 39,083 Europe 28,517 — — 28,517 Other — 1,255 — 1,255 Total revenue $ 138,113 $ 12,874 $ 32,346 $ 183,333 For the three months ended June 30, 2023 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Asia Pacific $ 18,001 $ 10,424 $ 80,933 $ 109,358 Latin America 45,647 — 225,977 271,624 Middle East (1) 37,577 — — 37,577 Europe 12,572 — — 12,572 Other — 1,241 — 1,241 Total revenue $ 113,797 $ 11,665 $ 306,910 $ 432,372 For the six months ended June 30, 2024 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Asia Pacific $ 32,682 $ 26,400 $ 73,801 $ 132,883 Latin America 108,666 — — 108,666 Middle East (1) 78,899 — — 78,899 Europe 55,776 — — 55,776 Other — 5,558 1,664 7,222 Total revenue $ 276,023 $ 31,958 $ 75,465 $ 383,446 For the six months ended June 30, 2023 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Asia Pacific $ 35,992 $ 21,090 $ 80,933 $ 138,015 Latin America 75,702 — 296,230 371,932 Middle East (1) 73,684 — — 73,684 Europe 31,385 — 22,226 53,611 Other — 6,186 — 6,186 Total revenue $ 216,763 $ 27,276 $ 399,389 $ 643,428 (1) Includes Pakistan and the UAE. 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 TCP, regasification and other services varies and occurs according to the contract. As of June 30, 2024 and December 31, 2023, receivables from contracts with customers were $ 3.1 million and $ 73.8 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 June 30, 2024 and December 31, 2023, was $ 1.0 million and $ 0.4 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 six months ended June 30, 2024 and 2023. There were no contract liabilities from advance payments in excess of revenue recognized from services as of June 30, 2024 and December 31, 2023. 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 other long-term liabilities. 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, customer requested upgrades made to certain vessels, and vessel repositioning. Revenue will be recognized as the performance obligations are complete. The following table reflects the changes in our liabilities related to long-term contracts with customers as of June 30, 2024 (in thousands): June 30, 2024 Deferred revenues, beginning of period $ 56,267 Cash received but not yet recognized 31,152 Revenue recognized from prior period deferral ( 29,871 ) Deferred revenues, end of period $ 57,548 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. In November 2023, Excelerate signed a 15-year LNG sale and purchase agreement (the “Petrobangla SPA”) with Bangladesh Oil, Gas & Mineral Corporation (“Petrobangla”). Under the agreement, Petrobangla has agreed to purchase LNG from Excelerate beginning in 2026 . Excelerate will deliver 0.85 million tonnes per annum (“MTPA”) of LNG in 2026 and 2027 and 1.0 MTPA from 2028 to 2040. The take-or-pay LNG volumes are expected to be delivered through Excelerate’s two existing FSRUs in Bangladesh, Excellence and Summit LNG . The Company has long-term arrangements with customers in which the Company provides regasification and other services as part of TCP contracts. The price under these agreements is typically stated in the contracts. Beginning in 2026, we will provide take-or-pay LNG volumes to Bangladesh through the Petrobangla SPA. The Company also earns revenue from other occasional LNG cargo sales, which are contracted in advance. The estimated fixed transaction price allocated to the remaining performance obligations under these arrangements is $ 7,987.6 million as of June 30, 2024 . The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands): Remainder of 2024 $ 21,921 2025 128,393 2026 509,949 2027 492,975 2028 569,241 Thereafter 6,265,138 Total expected revenue $ 7,987,617 |
Long-term Incentive Compensatio
Long-term Incentive Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Compensation Related Costs [Abstract] | |
Long-term Incentive Compensation | Long-term incentive compensation 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, including performance units; incentive bonuses, which may be paid in cash, stock or a combination thereof; and other stock-based awards. The share pool increases on January 1st of each calendar year 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 expenses 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, vest over five years and expire ten years from the date of grant. The Company also issued restricted stock units to directors and certain employees that vest ratably over one , two or three years . In 2023, the Company issued performance units to certain employees that cliff vest in three years. The performance units contain both a market condition related to Excelerate’s relative total shareholder return as compared to its peer group and a performance condition related to the Company’s EBITDA. In 2024, the Company issued performance units to certain employees that cliff vest in three years . The performance units contain two market conditions, one related to Excelerate’s relative total shareholder return as compared to its peer group and another related to the Company’s annualized absolute total shareholder return. For the three and six months ended June 30, 2024 and 2023 , the Company r ecognized long-term incentive compensation expense for all of its awards as shown below (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 1,920 $ 1,074 $ 3,297 $ 1,431 Stock options The following table summarizes stock option activity for th e six months ended June 30, 2024 and provides information for outstanding and exercisable options as of June 30, 2024: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (per share) (years) Outstanding at January 1, 2024 317,601 $ 24.00 Granted — — Exercised — — Forfeited or expired ( 11,734 ) 24.00 Outstanding at June 30, 2024 305,867 $ 24.00 7.4 Exercisable at June 30, 2024 135,006 $ 24.00 6.9 As of June 30, 2024, the Company had $ 2.1 million in unrecognized compensation costs related to its stock options that it expects to recognize over a weighted average period of 2.8 years. Restricted stock unit awards The following table summarizes restricted stock unit activity for th e six months ended June 30, 2024 and provides information for unvested shares as of June 30, 2024: Number of Shares Weighted Average Fair Value (per share) Unvested at January 1, 2024 318,150 $ 20.88 Granted 465,111 14.99 Vested ( 105,925 ) 21.59 Forfeited — — Unvested at June 30, 2024 677,336 $ 16.71 As of June 30, 2024 the Company had $ 9.7 million in unrecognized compensation costs related to its restricted stock unit awards that it expects to recognize over a weighted average period of 2.3 years. Performance units In 2023, the Company granted performance units that entitle the holder to between zero and two shares of the Company’s Class A Common Stock based on results as compared to performance and market conditions. The performance condition relates to the Company’s EBITDA and the market condition relates to Excelerate’s relative total shareholder return as compared to its peer group. Changes in the Company’s expected EBITDA performance as compared to award metrics will be recorded to the consolidated statement of income over the vesting period. In March 2024, the Company granted performance units that entitle the holder to between zero and two shares of the Company’s Class A Common Stock based on results as compared to two different market conditions, one related to Excelerate’s relative total shareholder return as compared to its peer group and another related to the Company’s annualized absolute total shareholder return. The fair value of the performance units granted in 2024 and 2023 is calculated based on a Monte Carlo simulation of the grant’s market condition, 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 risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on the median of the historical volatility of the companies that comprise the Vanguard Energy ETF market index over the expected life of the granted units. The Company uses estimates of forfeitures to estimate the expected term of the grants. The reversal of any expense due to forfeitures is accounted for as they occur. The table below describes the assumptions used to value the awards granted in 2024 and 2023: 2024 2023 Risk-free interest rate 4.4 % 3.9 % Expected volatility 50.6 % 58.0 % Expected term 2.82 years 2.76 years The following table summarizes performance unit activity for the six months ended June 30, 2024 and provides information for unvested performance units (reflected at target performance) as of June 30, 2024: Number of Units Weighted Average Fair Value (per unit) Unvested at January 1, 2024 84,699 $ 28.80 Granted 247,073 16.90 Vested ( 2,184 ) 20.39 Forfeited ( 5,525 ) 27.15 Unvested at June 30, 2024 324,063 $ 19.95 As of June 30, 2024, the Company had $ 5.0 million in unrecognized compensation costs related to its performance units that it expects to recognize over a weighted average period of 2.1 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes In computing the provision for income taxes for interim periods, the Company estimates the annual effective tax rate for the full year, which is then applied to the actual year-to-date ordinary income (loss) and reflects the tax effects of discrete items in its provision for income taxes as they occur. The provision for income taxes for the three months ended June 30, 2024 and 2023 was $ 7.4 million and $ 9.7 million , respectively. The provision for income taxes for the six months ended June 30, 2024 and 2023 was $ 14.3 million and $ 17.3 million , respectively. The decrease was primarily attributable to the year-over-year change in the amount and geographical distribution of income. The effective tax rate for the three months ended June 30, 2024 and 2023 was 18.2 % and 24.7 % , respectively. The effective tax rate for the six months ended June 30, 2024 and 2023 was 18.9 % and 22.3 % , respectively. The decrease was primarily driven by the geographical distribution of income and the varying tax regimes of jurisdictions. 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, has generally not been subject to U.S. federal income tax at the entity level. 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. The Organization for Economic Co-operation and Development (“OECD”) has established the Pillar Two Framework, which generally provides for a minimum effective tax rate of 15 %. The Pillar Two Framework has been supported by over 130 countries worldwide. The effective dates are January 1, 2024 and January 1, 2025, for different aspects of the directive. While the Company does not expect a resulting material change to our income tax provision for the current year, the Company is evaluating the potential impact of the Pillar Two Framework on future periods, pending legislative adoption by additional individual countries. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions The Company had one debt instrument with related parties as of June 30, 2024 – the Exquisite Vessel Financing. For details on this debt instrument, see Note 10 – Long-term debt – related party. Kaiser has, over time, donated significant amounts of money to the George Kaiser Family Foundation (“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 June 30, 2024 and December 31, 2023, the Company had no outstanding balance with the Foundation. The following transactions with related parties are included in the accompanying consolidated statements of income (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Fees reimbursable to Kaiser $ 68 $ 65 $ 137 $ 1,091 The following balances with related parties are included in the accompanying consolidated balance sheets (in thousands): June 30, 2024 December 31, 2023 Amounts due from related parties $ 379 $ 192 Amounts due to related parties 719 577 Prepaid expenses – related party 2,027 2,162 |
Concentration Risk
Concentration Risk | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
Concentration risk | 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 selects counterparties based on their credit ratings and limits the exposure to any single counterparty. The counterparties to our 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 our 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 our derivative instruments. The Company does not have any credit risk-related contingent features or collateral requirements associated with our derivative contracts. The following table shows customers with revenues of 10 % or greater of total revenues: Six months ended June 30, 2024 2023 Customer A 29 % 19 % Customer B 19 % 49 % 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. 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 changes 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 | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 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. The following table summarizes the Company’s future LNG purchase obligations as of June 30, 2024 (in thousands): LNG purchase obligations (1) $ 11,989,240 (1) Purchase commitments will be based on either monthly Henry Hub natural gas futures or Brent Crude pricing, times a fixed percentage or plus a contractual spread where applicable. The total obligation is calculated using pricing as of June 30, 2024 . These obligations may depend on supplier LNG facilities becoming operational, none of which are expected to begin within the next 12 months . |
Supplemental Noncash Disclosure
Supplemental Noncash Disclosures for Consolidated Statement of Cash Flows | 6 Months Ended |
Jun. 30, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental noncash disclosures for consolidated statement of cash flows | 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): Six months ended June 30, 2024 2023 Supplemental cash flow information: Cash paid for taxes $ 13,070 $ 12,790 Cash paid for interest 29,855 28,846 Increase (decrease) in capital expenditures included in accounts payable 18,177 ( 7,145 ) The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Cash and cash equivalents $ 609,082 $ 555,853 Restricted cash – current 2,650 2,655 Restricted cash – non-current 14,410 13,950 Cash, cash equivalents, and restricted cash $ 626,142 $ 572,458 |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2024 | |
AOCI Attributable to Parent [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income Changes in components of accumulated other comprehensive income were (in thousands): Cumulative Qualifying Share of OCI in Total At January 1, 2024 $ ( 554 ) $ 428 $ 631 $ 505 Other comprehensive income (loss) 20 4,151 ( 231 ) 3,940 Reclassification to income 15 ( 1,163 ) ( 531 ) ( 1,679 ) Reclassification to NCI ( 26 ) ( 2,266 ) 578 ( 1,714 ) At March 31, 2024 $ ( 545 ) $ 1,150 $ 447 $ 1,052 Other comprehensive income (loss) ( 38 ) 1,102 642 1,706 Reclassification to income ( 3 ) ( 927 ) ( 637 ) ( 1,567 ) Reclassification to NCI 30 ( 132 ) ( 4 ) ( 106 ) At June 30, 2024 $ ( 556 ) $ 1,193 $ 448 $ 1,085 1 At January 1, 2023 $ ( 524 ) $ 551 $ 488 $ 515 Other comprehensive income (loss) ( 420 ) 389 ( 321 ) ( 352 ) Reclassification to income — ( 497 ) ( 416 ) ( 913 ) Reclassification to NCI 318 81 559 958 At March 31, 2023 $ ( 626 ) $ 524 $ 310 $ 208 Other comprehensive income 101 4,194 895 5,190 Reclassification to income 214 ( 678 ) ( 391 ) ( 855 ) Reclassification to NCI ( 239 ) ( 2,665 ) ( 382 ) ( 3,286 ) At June 30, 2023 $ ( 550 ) $ 1,375 $ 432 $ 1,257 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events Dividend Declaration On August 1, 2024 , our Board of Directors approved a cash dividend, with respect to the quarter ended June 30, 2024, of $ 0.025 per share of Class A Common Stock. The dividend is payable on September 5, 2024 , to Class A Common Stockholders of record as of the close of business on August 21, 2024 . EELP will make a corresponding distribution of $ 0.025 per interest to holde rs of Class B interests on the same date of the dividend payment. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Revenue recognition | Revenue recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”). 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. For revenue accounted for under ASC 606, 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 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 and terminal use contracts typically contain a lease. The lease of our vessels and terminals represents the use of the asset without any associated performance obligations or warranties (a lease component) and is accounted for in accordance with the provisions of ASC 842. These contracts may also contain non-lease components relating to operating the assets (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. Certain time charter party (“TCP”) 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. 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. Since our adoption of ASC 842, the Company has applied the practical expedient to combine the lease component with our drydocking requirements (a non-lease component) in our leases classified as operating leases. During the first quarter of 2024, the Company adopted the practical expedient to also combine the lease component of our vessel leases classified as operating leases with time charter, regasification and other services provided in connection with our time charters (a non-lease component). In the agreements which we have applied this practical expedient, we determined that the timing and pattern of transfer of the lease and non-lease components is the same and that the lease component is the predominant characteristic. As a result, the combined components are presented as a single lease component under ASC 842. 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 June 30, 2024 and December 31, 2023, the Company has two sales-type leases (for Summit LNG and Excellence ). The provision of time charter, regasification and other services on the time charter contracts is considered a non-lease component and for our sales-type leases is accounted for as a separate performance obligation in accordance with the provision of ASC 606. 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 and terminal use 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 allocates a portion of the contract revenues to the performance obligation for future drydocking costs. Revenue allocated to drydocking is deferred and recognized when the drydocking service is complete. The deferred drydock revenue is 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 at which each unit of natural gas or LNG is transferred to the control of the customer. This varies depending on the contract terms, but 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. |
Recent accounting pronouncements | Recent accounting pronouncements Accounting standards recently issued but not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires incremental disclosure related to a public entity’s reportable segments. The amendments are effective for public entities with fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires the inclusion of specific categories and greater disaggregation of information in the rate reconciliation and the disaggregation of income taxes paid by jurisdiction. The guidance in this update is effective for public entities with fiscal years beginning after December 15, 2024, and early adoption is permitted. The updates are to be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-09 on its Consolidated Financial Statements and related disclosures. |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Financial assets Derivative financial instruments Level 2 $ 4,585 $ 3,201 Financial liabilities Derivative financial instruments Level 2 $ — $ ( 1,793 ) |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of accounts receivable, net | As of June 30, 2024 and December 31, 2023, accounts receivable, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Trade receivables $ 39,648 $ 92,881 Accrued revenue 5,951 4,429 Amounts receivable – related party 379 192 Allowance for doubtful accounts ( 204 ) ( 217 ) Accounts receivable, net $ 45,774 $ 97,285 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 (in thousands): June 30, 2024 Interest rate swaps (1) $ 232,972 (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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Cash flow hedges Current assets $ 3,070 $ 2,653 Non-current assets 1,515 548 Current liabilities — ( 14 ) Non-current liabilities — ( 1,779 ) Net derivative assets $ 4,585 $ 1,408 |
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 three and six months ended June 30, 2024 and 2023 (in thousands): Derivatives Designated in Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives Cash Flow Hedging For the three months ended June 30, For the six months ended June 30, Relationship 2024 2023 2024 2023 Interest rate swaps $ 1,102 $ 4,194 $ 5,253 $ 4,583 Derivatives Designated in Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Cash Flow Hedging Location of Gain (Loss) Reclassified from For the three months ended June 30, For the six months ended June 30, Relationship Accumulated Other Comprehensive Income into Income 2024 2023 2024 2023 Interest rate swaps Interest expense $ 927 $ 678 $ 2,090 $ 1,175 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Assets, Current [Abstract] | |
Schedule of Other current assets | As of June 30, 2024 and December 31, 2023, other current assets consisted of the following (in thousands): June 30, 2024 December 31, 2023 Prepaid expenses $ 8,893 $ 8,139 Prepaid expenses – related party 2,027 2,162 Tax receivables 8,436 8,783 Inventories 1,088 2,946 Other receivables 7,028 5,326 Other current assets $ 27,472 $ 27,356 |
Property and equipment (Tables)
Property and equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and equipment | As of June 30, 2024 and December 31, 2023, the Company’s property and equipment, net consisted of the following (in thousands): June 30, 2024 December 31, 2023 Vessels $ 2,528,703 $ 2,497,449 Finance lease right-of-use assets 40,007 40,007 Other equipment 23,863 23,807 Assets in progress 108,681 93,341 Less accumulated depreciation ( 1,046,547 ) ( 1,004,825 ) Property and equipment, net $ 1,654,707 $ 1,649,779 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | As of June 30, 2024 and December 31, 2023, accrued liabilities consisted of the following (in thousands): June 30, 2024 December 31, 2023 Accrued vessel and cargo expenses $ 51,686 $ 35,055 Payroll and related liabilities 11,606 19,766 Current portion of TRA liability 6,067 6,067 Current portion of operating lease liabilities 1,684 1,744 Other accrued liabilities 18,608 27,164 Accrued liabilities $ 89,651 $ 89,796 |
Long-term Debt, Net (Tables)
Long-term Debt, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Instruments [Abstract] | |
Schedule of long term debt | The Company’s long-term debt, net consists of the following (in thousands): June 30, 2024 December 31, 2023 Term Loan Facility $ 176,055 $ 185,430 Experience Vessel Financing 117,562 123,750 2017 Bank Loans 68,949 74,013 EE Revolver — — Total debt 362,566 383,193 Less unamortized debt issuance costs ( 6,140 ) ( 7,212 ) Total debt, net 356,426 375,981 Less current portion, net ( 46,243 ) ( 42,614 ) Total long-term debt, net $ 310,183 $ 333,367 |
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 six months ended June 30, 2024. For the six months ended June 30, 2024 Range Weighted Average Experience Vessel Financing 9.1 % 9.1 % 2017 Bank Loans (1) 8.2 % – 10.2 % 9.6 % Term Loan Facility (2) 8.4 % 8.4 % EE Revolver N/A N/A (1) Weighted average interest rate, net of the impact of settled derivatives, wa s 7.1 % for the six months ended June 30, 2024 . (2) Weighted average interest rate, net of the impact of settled derivatives, was 6.9 % for the six months ended June 30, 2024 . |
Long-term debt- related party (
Long-term debt- related party (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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): June 30, 2024 December 31, 2023 Exquisite Vessel Financing $ 175,574 $ 180,029 Less current portion ( 8,617 ) ( 8,336 ) Total long-term related party debt $ 166,957 $ 171,693 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Summary of changes in ownership | The following table summarizes the changes in ownership: Class A Common Stock Issued Less: Treasury Stock Outstanding Class B Common Stock Total Class A Ownership Percentage Balance at January 1, 2024 26,284,027 20,624 26,263,403 82,021,389 108,284,792 24.3 % Long-term incentive compensation units vested, net 82,165 39,702 42,463 – 42,463 Share repurchases – 588,030 ( 588,030 ) – ( 588,030 ) Balance at March 31, 2024 26,366,192 648,356 25,717,836 82,021,389 107,739,225 23.9 % Long-term incentive compensation units vested, net 29,479 22,237 7,242 – 7,242 Share repurchases – 673,780 ( 673,780 ) – ( 673,780 ) Balance at June 30, 2024 26,395,671 1,344,373 25,051,298 82,021,389 107,072,687 23.4 % Balance at January 1, 2023 26,254,167 – 26,254,167 82,021,389 108,275,556 24.2 % Balance at March 31, 2023 26,254,167 – 26,254,167 82,021,389 108,275,556 24.2 % Balance at June 30, 2023 26,254,167 – 26,254,167 82,021,389 108,275,556 24.2 % |
Schedule Of EELP declared and paid distributions to all interest holders, including Excelerate | During the six months ended June 30, 2024, EELP declared distributions to all interest holders, including Excelerate. Excelerate has used and will continue to use proceeds from such distributions to pay dividends to holders of Class A Common Stock. The following table details the distributions and dividends for the periods presented: Class B Interests Class A Common Stock Dividend and Distribution 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) June 30, 2024 September 5, 2024 $ 2,051 $ 647 $ 0.025 March 31, 2024 June 6, 2024 $ 2,051 $ 645 $ 0.025 December 31, 2023 March 28, 2024 $ 2,051 $ 673 $ 0.025 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the computation of earnings per share for the periods shown below (in thousands, except share and per share amounts): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income $ 33,277 $ 29,556 $ 61,417 $ 60,295 Less net income attributable to non-controlling interest 26,605 23,588 48,421 47,483 Net income attributable to shareholders – basic and diluted $ 6,672 $ 5,968 $ 12,996 $ 12,812 Weighted average shares outstanding – basic 25,175,057 26,254,167 25,668,374 26,254,167 Dilutive effect of unvested restricted common stock 104,615 11,884 53,115 17,454 Dilutive effect of unvested performance units 58,395 261 25,656 1,269 Weighted average shares outstanding – diluted 25,338,067 26,266,312 25,747,145 26,272,890 Earnings per share Basic $ 0.27 $ 0.23 $ 0.51 $ 0.49 Diluted $ 0.26 $ 0.23 $ 0.50 $ 0.49 |
Schedule of Common stock shares equivalent excluded from the calculation of diluted earnings per share | The following table presents the common stock share equivalents excluded from the calculation of diluted earnings per share for the periods shown below, as they would have had an antidilutive effect: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Restricted common stock 26,031 404 11,610 508 Performance stock units — 1,156 — — Class B Common Stock 82,021,389 82,021,389 82,021,389 82,021,389 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Finance Lease Liabilities | Finance lease liabilities as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): June 30, 2024 December 31, 2023 Finance lease liabilities $ 201,806 $ 211,887 Less current portion of finance lease liabilities ( 22,761 ) ( 22,080 ) Finance lease liabilities, long-term $ 179,045 $ 189,807 |
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 June 30, 2024 is as follows (in thousands): Year Operating Finance Remainder of 2024 $ 1,017 $ 16,624 2025 1,798 33,235 2026 1,428 33,235 2027 1,022 33,235 2028 886 27,584 Thereafter 450 113,152 Total lease payments $ 6,601 $ 257,065 Less: imputed interest ( 760 ) ( 55,259 ) Carrying value of lease liabilities 5,841 201,806 Less: current portion ( 1,684 ) ( 22,761 ) Carrying value of long-term lease liabilities $ 4,157 $ 179,045 |
Schedule of Total Lease Cost | The Company’s total lease costs for the three and six months ended June 30, 2024 and 2023 recognized in the consolidated statements of income consisted of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Amortization of finance lease right-of-use assets $ 653 $ 1,166 $ 1,305 $ 2,183 Interest on finance lease liabilities 3,204 4,188 6,486 8,273 Operating lease expense 441 2,388 890 10,842 Short-term lease expense 281 91 534 265 Total lease costs $ 4,579 $ 7,833 $ 9,215 $ 21,563 |
Schedule of Other Information Related to Leases | Other information related to leases for the three and six months ended June 30, 2024 and 2023 are as follows (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Operating cash flows for finance leases $ 3,204 $ 4,188 $ 6,486 $ 8,273 Financing cash flows for finance leases 5,079 5,455 10,080 10,752 Operating cash flows for operating leases 585 2,863 1,105 11,177 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of company revenue | The following table presents the Company’s revenue for t he three and six months ended June 30, 2024 and 2023 (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Revenue from leases $ 138,113 $ 113,797 $ 276,023 $ 216,763 Revenue from contracts with customers Time charter, regasification and other services 12,874 11,665 31,958 27,276 Gas sales 32,346 306,910 75,465 399,389 Total revenue $ 183,333 $ 432,372 $ 383,446 $ 643,428 |
Schedule of revenue from leases | The Company’s revenue from leases is presented within revenues in the consolidated statements of income and for the three and six months ended June 30, 2024 and 2023 consists of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Operating lease income $ 120,465 $ 95,794 $ 243,341 $ 180,770 Sales-type lease income 17,648 18,003 32,682 35,993 Total revenue from leases $ 138,113 $ 113,797 $ 276,023 $ 216,763 |
Schedule of leased property and equipment | The following represents the amount of property and equipment that is leased to customers as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Property and equipment $ 2,484,088 $ 2,184,347 Accumulated depreciation ( 970,911 ) ( 929,141 ) Property and equipment, net $ 1,513,177 $ 1,255,206 |
Schedule of minimum future revenue | As of June 30, 2024, 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 Remainder of 2024 $ 44,166 $ 221,297 2025 87,612 392,428 2026 87,612 353,082 2027 87,612 362,036 2028 80,848 290,564 Thereafter 411,507 1,023,148 Total undiscounted $ 799,357 $ 2,642,555 Less: imputed interest ( 407,351 ) Net investment in sales-type leases 392,006 Less: current portion ( 18,805 ) Non-current net investment in sales-type leases $ 373,201 |
Schedule of disaggregated revenues | The following tables show disaggregated revenues from customers attributable to the region in which the party to the applicable agreement has its principal place of business (in thousands): For the three months ended June 30, 2024 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Asia Pacific $ 17,648 $ 11,619 $ 32,346 $ 61,613 Latin America 52,865 — — 52,865 Middle East (1) 39,083 — — 39,083 Europe 28,517 — — 28,517 Other — 1,255 — 1,255 Total revenue $ 138,113 $ 12,874 $ 32,346 $ 183,333 For the three months ended June 30, 2023 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Asia Pacific $ 18,001 $ 10,424 $ 80,933 $ 109,358 Latin America 45,647 — 225,977 271,624 Middle East (1) 37,577 — — 37,577 Europe 12,572 — — 12,572 Other — 1,241 — 1,241 Total revenue $ 113,797 $ 11,665 $ 306,910 $ 432,372 For the six months ended June 30, 2024 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Asia Pacific $ 32,682 $ 26,400 $ 73,801 $ 132,883 Latin America 108,666 — — 108,666 Middle East (1) 78,899 — — 78,899 Europe 55,776 — — 55,776 Other — 5,558 1,664 7,222 Total revenue $ 276,023 $ 31,958 $ 75,465 $ 383,446 For the six months ended June 30, 2023 Revenue from contracts with customers Revenue from TCP, Regas Gas Total leases and other sales revenue Asia Pacific $ 35,992 $ 21,090 $ 80,933 $ 138,015 Latin America 75,702 — 296,230 371,932 Middle East (1) 73,684 — — 73,684 Europe 31,385 — 22,226 53,611 Other — 6,186 — 6,186 Total revenue $ 216,763 $ 27,276 $ 399,389 $ 643,428 (1) Includes Pakistan and the UAE. |
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 June 30, 2024 (in thousands): June 30, 2024 Deferred revenues, beginning of period $ 56,267 Cash received but not yet recognized 31,152 Revenue recognized from prior period deferral ( 29,871 ) Deferred revenues, end of period $ 57,548 |
Schedule of expected recognized revenue from contracts | The Company expects to recognize revenue from contracts exceeding one year over the following time periods (in thousands): Remainder of 2024 $ 21,921 2025 128,393 2026 509,949 2027 492,975 2028 569,241 Thereafter 6,265,138 Total expected revenue $ 7,987,617 |
Long-term Incentive Compensat_2
Long-term Incentive Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Compensation Related Costs [Abstract] | |
Summary of long-term incentive compensation expense | the Company r ecognized long-term incentive compensation expense for all of its awards as shown below (in thousands): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Stock-based compensation expense $ 1,920 $ 1,074 $ 3,297 $ 1,431 |
Summary of stock option activity | The following table summarizes stock option activity for th e six months ended June 30, 2024 and provides information for outstanding and exercisable options as of June 30, 2024: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (per share) (years) Outstanding at January 1, 2024 317,601 $ 24.00 Granted — — Exercised — — Forfeited or expired ( 11,734 ) 24.00 Outstanding at June 30, 2024 305,867 $ 24.00 7.4 Exercisable at June 30, 2024 135,006 $ 24.00 6.9 |
Summary of assumptions fair value of options granted | The Company uses estimates of forfeitures to estimate the expected term of the grants. The reversal of any expense due to forfeitures is accounted for as they occur. The table below describes the assumptions used to value the awards granted in 2024 and 2023: 2024 2023 Risk-free interest rate 4.4 % 3.9 % Expected volatility 50.6 % 58.0 % Expected term 2.82 years 2.76 years |
Summary of restricted stock activity | The following table summarizes restricted stock unit activity for th e six months ended June 30, 2024 and provides information for unvested shares as of June 30, 2024: Number of Shares Weighted Average Fair Value (per share) Unvested at January 1, 2024 318,150 $ 20.88 Granted 465,111 14.99 Vested ( 105,925 ) 21.59 Forfeited — — Unvested at June 30, 2024 677,336 $ 16.71 |
Summary performance unit activity | The following table summarizes performance unit activity for the six months ended June 30, 2024 and provides information for unvested performance units (reflected at target performance) as of June 30, 2024: Number of Units Weighted Average Fair Value (per unit) Unvested at January 1, 2024 84,699 $ 28.80 Granted 247,073 16.90 Vested ( 2,184 ) 20.39 Forfeited ( 5,525 ) 27.15 Unvested at June 30, 2024 324,063 $ 19.95 |
Related party transactions (Tab
Related party transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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): For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Fees reimbursable to Kaiser $ 68 $ 65 $ 137 $ 1,091 |
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): June 30, 2024 December 31, 2023 Amounts due from related parties $ 379 $ 192 Amounts due to related parties 719 577 Prepaid expenses – related party 2,027 2,162 |
Concentration risk (Tables)
Concentration risk (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
Schedule of Customers with Revenues | The following table shows customers with revenues of 10 % or greater of total revenues: Six months ended June 30, 2024 2023 Customer A 29 % 19 % Customer B 19 % 49 % |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Company's Future LNG Purchase Obligations | The following table summarizes the Company’s future LNG purchase obligations as of June 30, 2024 (in thousands): LNG purchase obligations (1) $ 11,989,240 Purchase commitments will be based on either monthly Henry Hub natural gas futures or Brent Crude pricing, times a fixed percentage or plus a contractual spread where applicable. The total obligation is calculated using pricing as of June 30, 2024 . These obligations may depend on supplier LNG facilities becoming operational, none of which are expected to begin within the next 12 months . |
Supplemental noncash disclosu_2
Supplemental noncash disclosures for consolidated statement of cash flows (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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): Six months ended June 30, 2024 2023 Supplemental cash flow information: Cash paid for taxes $ 13,070 $ 12,790 Cash paid for interest 29,855 28,846 Increase (decrease) in capital expenditures included in accounts payable 18,177 ( 7,145 ) |
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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Cash and cash equivalents $ 609,082 $ 555,853 Restricted cash – current 2,650 2,655 Restricted cash – non-current 14,410 13,950 Cash, cash equivalents, and restricted cash $ 626,142 $ 572,458 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
AOCI Attributable to Parent [Abstract] | |
Components of accumulated other comprehensive income (loss) | Changes in components of accumulated other comprehensive income were (in thousands): Cumulative Qualifying Share of OCI in Total At January 1, 2024 $ ( 554 ) $ 428 $ 631 $ 505 Other comprehensive income (loss) 20 4,151 ( 231 ) 3,940 Reclassification to income 15 ( 1,163 ) ( 531 ) ( 1,679 ) Reclassification to NCI ( 26 ) ( 2,266 ) 578 ( 1,714 ) At March 31, 2024 $ ( 545 ) $ 1,150 $ 447 $ 1,052 Other comprehensive income (loss) ( 38 ) 1,102 642 1,706 Reclassification to income ( 3 ) ( 927 ) ( 637 ) ( 1,567 ) Reclassification to NCI 30 ( 132 ) ( 4 ) ( 106 ) At June 30, 2024 $ ( 556 ) $ 1,193 $ 448 $ 1,085 1 At January 1, 2023 $ ( 524 ) $ 551 $ 488 $ 515 Other comprehensive income (loss) ( 420 ) 389 ( 321 ) ( 352 ) Reclassification to income — ( 497 ) ( 416 ) ( 913 ) Reclassification to NCI 318 81 559 958 At March 31, 2023 $ ( 626 ) $ 524 $ 310 $ 208 Other comprehensive income 101 4,194 895 5,190 Reclassification to income 214 ( 678 ) ( 391 ) ( 855 ) Reclassification to NCI ( 239 ) ( 2,665 ) ( 382 ) ( 3,286 ) At June 30, 2023 $ ( 550 ) $ 1,375 $ 432 $ 1,257 |
General business information (A
General business information (Additional Information) (Details) - EE Holdings [Member] | Jun. 30, 2024 | Dec. 31, 2023 |
Percent of EELP interests owned | 76.60% | 75.70% |
IPO [Member] | ||
Percent of EELP interests owned | 23.40% | 24.30% |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial instruments, assets | $ 4,585 | $ 3,201 |
Derivative financial instruments, liabilities | $ 0 | $ (1,793) |
Fair value of financial instr_4
Fair value of financial instruments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Offsetting Liabilities [Line Items] | |||||
Cash collateral | $ 0 | $ 0 | $ 0 | ||
Equity investments [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Accounts receivable, net - Sche
Accounts receivable, net - Schedule of account receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Trade receivables | $ 39,648 | $ 92,881 |
Accrued revenue | 5,951 | 4,429 |
Amounts receivable - related party | 379 | 192 |
Allowance for doubtful accounts | (204) | (217) |
Accounts receivable, net | $ 45,774 | $ 97,285 |
Derivative financial instrume_3
Derivative financial instruments - Schedule of derivative instruments (Details) $ in Thousands | Jun. 30, 2024 USD ($) | |
Interest rate swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional values | $ 232,972 | [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) - Interest rate swaps - cash flow hedges - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Current assets | $ 3,070 | $ 2,653 |
Non-current assets | 1,515 | 548 |
Current liabilities | 0 | (14) |
Non-current liabilities | 0 | (1,779) |
Net derivative assets | $ 4,585 | $ 1,408 |
Derivative financial instrume_5
Derivative financial instruments (Additional Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 23, 2017 | Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Long-term interest rate swap, percentage | 70% | |
Amount of gain (loss) recognized expected to be reclassified (Term) | 12 months | |
Other Comprehensive Income, Amount of gain (loss) recognized | $ 3.1 |
Derivative financial instrume_6
Derivative financial instruments - Schedule of derivative instruments designated in a cash flow hedging relationship recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
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 | Interest Expense, Other |
Derivatives Designated in Cash Flow Hedging Relationship - Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ 1,102 | $ 4,194 | $ 5,253 | $ 4,583 |
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 | $ 927 | $ 678 | $ 2,090 | $ 1,175 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 1,088 | $ 2,946 |
Inventories (Additional Informa
Inventories (Additional Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | ||
Inventory write down | $ 0 | $ 1 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other current assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 8,893 | $ 8,139 |
Prepaid expenses - related party | 2,027 | 2,162 |
Tax receivables | 8,436 | 8,783 |
Inventories | 1,088 | 2,946 |
Other receivables | 7,028 | 5,326 |
Other current assets | $ 27,472 | $ 27,356 |
Other Current Assets (Additiona
Other Current Assets (Additional Information) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Other Assets, Current [Abstract] | ||
Inventory write down | $ 0 | $ 1 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation | $ (1,046,547) | $ (1,004,825) |
Property and equipment, net | 1,654,707 | 1,649,779 |
Vessels [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,528,703 | 2,497,449 |
Finance Lease Right-of-Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 40,007 | 40,007 |
Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 23,863 | 23,807 |
Assets in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 108,681 | $ 93,341 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation Expenses | $ 30,400 | $ 30,772 | $ 53,310 | $ 55,965 |
Property, Plant and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation Expenses | $ 29,500 | $ 29,900 | $ 51,500 | $ 54,200 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued vessel and cargo expenses | $ 51,686 | $ 35,055 |
Payroll and related liabilities | 11,606 | 19,766 |
Current portion of TRA liability | 6,067 | 6,067 |
Current portion of operating lease liabilities | 1,684 | 1,744 |
Other accrued liabilities | 18,608 | 27,164 |
Accrued liabilities | $ 89,651 | $ 89,796 |
Long-term Debt, Net - Schedule
Long-term Debt, Net - Schedule Of Long Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Total debt | $ 362,566 | $ 383,193 | |
Less unamortized debt issuance costs | (6,140) | (7,212) | |
Total debt, net | 356,426 | 375,981 | |
Less current portion, net | (46,243) | (42,614) | |
Total long-term debt, net | 310,183 | 333,367 | |
Experience Vessel Financing [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 117,562 | 123,750 | $ 247,500 |
2017 Bank Loans [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 68,949 | 74,013 | |
EE Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | |
Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 176,055 | $ 185,430 |
Long-term Debt, Net - Schedul_2
Long-term Debt, Net - Schedule Of Variable-Rate Debt Obligations (Details) | 6 Months Ended | |
Jun. 30, 2024 | ||
Experience Vessel Financing [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument weighted average interest rate | 9.10% | |
Experience Vessel Financing [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 9.10% | |
2017 Bank Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument weighted average interest rate | 9.60% | [1] |
2017 Bank Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 8.20% | [1] |
2017 Bank Loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 10.20% | [1] |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument weighted average interest rate | 8.40% | [2] |
Term Loan Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument weighted average interest rate | 8.40% | [2] |
[1] Weighted average interest rate, net of the impact of settled derivatives, wa s 7.1 % for the six months ended June 30, 2024 . Weighted average interest rate, net of the impact of settled derivatives, was 6.9 % for the six months ended June 30, 2024 . |
Long-term Debt, Net - Schedul_3
Long-term Debt, Net - Schedule Of Variable-Rate Debt Obligations (Parenthetical) (Details) | Jun. 30, 2024 | |
2017 Bank Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 9.60% | [1] |
2017 Bank Loans [Member] | Settled Derivatives [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 7.10% | |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 8.40% | [2] |
Term Loan Facility [Member] | Settled Derivatives [Member] | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 6.90% | |
[1] Weighted average interest rate, net of the impact of settled derivatives, wa s 7.1 % for the six months ended June 30, 2024 . Weighted average interest rate, net of the impact of settled derivatives, was 6.9 % for the six months ended June 30, 2024 . |
Long-term Debt, Net - Schedul_4
Long-term Debt, Net - Schedule Of Future Principal Payment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instruments [Abstract] | ||
Total debt | $ 362,566 | $ 383,193 |
Long-term Debt, Net - Additiona
Long-term Debt, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 18, 2022 | Jun. 23, 2017 | Dec. 31, 2016 | Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Mar. 17, 2023 | |
Debt Instrument [Line Items] | |||||||
Debt instrument carrying amount | $ 362,566 | $ 362,566 | $ 383,193 | ||||
Line of credit facility, expiration date | Apr. 30, 2025 | ||||||
Term loan facility | $ 250,000 | ||||||
Line of credit | 100 | 100 | |||||
Debt instrument, unused borrowing capacity amount | 349,900 | $ 349,900 | |||||
Senior Secured Revolving Credit Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing term years | 3 years | ||||||
Senior Secured Revolving Credit Agreement [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 350,000 | ||||||
Leverage Ratio | 3.50% | ||||||
Borrowing commitment fee | 0.50% | ||||||
Senior Secured Revolving Credit Agreement [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Leverage Ratio | 2.75% | ||||||
Borrowing commitment fee | 0.375% | ||||||
EE Revolver [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from long-term debt - related party | 305,000 | ||||||
Term Loan Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount outstanding on Term Loan credit facility | 55,200 | ||||||
Experience Vessel Financing [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument carrying amount | $ 247,500 | $ 117,562 | $ 117,562 | $ 123,750 | |||
Debt instrument payment frequency | quarterly principal payments | ||||||
Quarterly principal payments | $ 3,100 | ||||||
Maturity Date | Dec. 31, 2033 | ||||||
Experience Vessel Financing [Member] | 3 Month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable spread basis | 3.25% | ||||||
Experience Vessel Financing [Member] | 3 Month SOFR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable spread basis | 3.40% | ||||||
2017 Bank Loans [Member] | 6 Month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
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 | ||||||
2017 Bank Loans [Member] | 3 Month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
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 | ||||||
2017 Bank Loans [Member] | 3 Month SOFR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable spread basis | 4.76% | ||||||
2017 Bank Loans [Member] | Six Month London Interbank Offered Rate SOFR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable spread basis | 2.85% |
Long-term Debt - Related Party
Long-term Debt - Related Party - Schedule of Company's Related Party Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||
Total long-term related party debt | $ 220,000 | ||
Exquisite Vessel Financing | |||
Debt Instrument [Line Items] | |||
Notes Payable Related Party Current And Noncurrent | $ 175,574 | $ 180,029 | |
Less current portion | (8,617) | (8,336) | |
Total long-term related party debt | $ 166,957 | $ 171,693 |
Long-term Debt - Related Part_2
Long-term Debt - Related Party - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Notes Payable Related Party Noncurrent | $ 220,000 | ||
Sale Leaseback Transaction, Imputed Interest Rate | 7.73% | ||
Exquisite Vessel Financing | |||
Debt Instrument [Line Items] | |||
Notes Payable Related Party Noncurrent | $ 166,957 | $ 171,693 |
TRA Liability (Additional Infor
TRA Liability (Additional Information) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Effective tax rate | 18.20% | 24.70% | 18.90% | 22.30% |
Equity (Additional Information)
Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 22, 2024 | Apr. 30, 2022 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||||||
Share Repurchases | (673,780) | (588,030) | ||||
Common Class A Member | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common Stock, Voting Rights | The Class A Common Stock, par value $0.001 per share (“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 B Member | ||||||
Class of Stock [Line Items] | ||||||
Share Repurchases | 0 | 0 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Excelerate Energy, Inc [Member] | Common Class A Member | ||||||
Class of Stock [Line Items] | ||||||
Ownership interest | 100% | 100% | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||
Repurchase of Equity Securities [Member] | ||||||
Class of Stock [Line Items] | ||||||
Program expected payments decreased | $ 2.3 | |||||
Repurchase of Equity Securities [Member] | Common Class A Member | ||||||
Class of Stock [Line Items] | ||||||
Payment for repurchase of common stocK | $ 50 | |||||
Share Repurchases | (673,780) | (1,261,810) | ||||
Weighted average price common stock | $ 16.11 | $ 16.11 | ||||
Weighted Average Price Net Cost | $ 11 | $ 20.3 | ||||
Common stock, par value | $ 16.27 | $ 16.27 | ||||
EE Holdings | ||||||
Class of Stock [Line Items] | ||||||
Ownership percentage by ultimate partner | 76.60% | 76.60% | 75.70% | |||
EE Holdings | IPO [Member] | ||||||
Class of Stock [Line Items] | ||||||
Ownership percentage by ultimate partner | 23.40% | 23.40% | 24.30% | |||
EE Holdings | Common Class B Member | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Voting Rights | Class B stockholder, EE Holdings controlled 76.6% and 75.7% of the combined voting power of our common stock as of June 30, 2024 and December 31, 2023, respectively | |||||
Albania Jv | ||||||
Class of Stock [Line Items] | ||||||
ProceedsFromContribution | $ 5.9 | |||||
Ownership percentage by ultimate partner | 90% |
Equity - Summary of Changes in
Equity - Summary of Changes in Ownership (Details) - shares | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Beginning Balance, shares | 107,739,225 | 108,284,792 | 108,284,792 | ||||
Long-term incentive compensation units vested, shares | 7,242 | 42,463 | |||||
Share Repurchases | (673,780) | (588,030) | |||||
Ending Balance, shares | 107,072,687 | 107,739,225 | 107,072,687 | ||||
Treasury Stock Common [Member] | |||||||
Beginning Balance, shares | 648,356 | 20,624 | 20,624 | ||||
Ending Balance, shares | 1,344,373 | 648,356 | 1,344,373 | ||||
Common Class A Member | Excelerate Energy Holdings, LLC [Member] | |||||||
Ownership interest | 23.40% | 23.90% | 23.40% | 24.30% | 24.20% | 24.20% | 24.20% |
Common Class A Member | Class A Common Stock [Member] | |||||||
Beginning Balance, shares | 26,366,192 | 26,284,027 | 26,284,027 | ||||
Long-term incentive compensation units vested, shares | 29,479 | 82,165 | |||||
Share Repurchases | 0 | 0 | |||||
Ending Balance, shares | 26,395,671 | 26,366,192 | 26,395,671 | ||||
Common Class A Member | Treasury Stock Common [Member] | |||||||
Beginning Balance, shares | 648,356 | 20,624 | 20,624 | ||||
Long-term incentive compensation units vested, shares | 22,237 | 39,702 | |||||
Share Repurchases | (673,780) | (588,030) | |||||
Ending Balance, shares | 1,344,373 | 648,356 | 1,344,373 | ||||
Common Class A Member | Common Stock Outstanding [Member] | |||||||
Beginning Balance, shares | 25,717,836 | 26,263,403 | 26,263,403 | ||||
Long-term incentive compensation units vested, shares | 7,242 | 42,463 | |||||
Share Repurchases | (673,780) | (588,030) | |||||
Ending Balance, shares | 25,051,298 | 25,717,836 | 25,051,298 | ||||
Common Class B Member | |||||||
Beginning Balance, shares | 82,021,389 | 82,021,389 | 82,021,389 | ||||
Long-term incentive compensation units vested, shares | 0 | 0 | |||||
Share Repurchases | 0 | 0 | |||||
Ending Balance, shares | 82,021,389 | 82,021,389 | 82,021,389 | ||||
Common Class B Member | Class A Common Stock [Member] | |||||||
Beginning Balance, shares | 82,021,389 | 82,021,389 | 82,021,389 | ||||
Ending Balance, shares | 82,021,389 | 82,021,389 | 82,021,389 |
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 | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | ||||||
Date Paid or To Be Paid | Jun. 06, 2024 | Sep. 05, 2024 | Mar. 28, 2024 | |||
Distributions Paid or To Be Paid | $ 2,051 | $ 2,051 | $ 2,051 | $ 2,051 | ||
Common Class A Member | ||||||
Class of Stock [Line Items] | ||||||
Total Dividends Declared | $ 645 | $ 647 | $ 673 | |||
Dividend Declared per Share | $ 0.025 | $ 0.025 | $ 0.025 | |||
Common Class B Member | ||||||
Class of Stock [Line Items] | ||||||
Distributions Paid or To Be Paid | $ 2,051 | $ 2,051 | $ 2,051 | $ 2,051 |
Other long term liabilities - S
Other long term liabilities - Schedule of Other Long Term Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Other long-term liabilities [Abstract] | ||
Deferred revenue | $ 57,548 | $ 56,267 |
Earnings per share - Schedule o
Earnings per share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 33,277 | $ 29,556 | $ 61,417 | $ 60,295 |
Less net income attributable to non-controlling interest | 26,605 | 23,588 | 48,421 | 47,483 |
Net income attributable to shareholders - basic | 6,672 | 5,968 | 12,996 | 12,812 |
Net income attributable to shareholders - diluted | $ 6,672 | $ 5,968 | $ 12,996 | $ 12,812 |
Weighted average shares outstanding - basic | 25,175,057 | 26,254,167 | 25,668,374 | 26,254,167 |
Dilutive effect of unvested restricted common stock | 104,615 | 11,884 | 53,115 | 17,454 |
Weighted average shares outstanding - diluted | 25,338,067 | 26,266,312 | 25,747,145 | 26,272,890 |
Earnings per share | ||||
Basic | $ 0.27 | $ 0.23 | $ 0.51 | $ 0.49 |
Diluted | $ 0.26 | $ 0.23 | $ 0.5 | $ 0.49 |
Performance Shares [Member] | ||||
Dilutive effect of unvested restricted common stock | 58,395 | 261 | 25,656 | 1,269 |
Earnings per share - Schedule_2
Earnings per share - Schedule Of Common Stock Shares Equivalent Excluded From Calculation Of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class B Common Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method | ||||
Antidilutive securities | 82,021,389 | 82,021,389 | 82,021,389 | 82,021,389 |
Restricted Common Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method | ||||
Antidilutive securities | 26,031 | 404 | 11,610 | 508 |
Performance stock units [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method | ||||
Antidilutive securities | 0 | 1,156 | 0 | 0 |
Leases - Additional Information
Leases - Additional Information (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Weighted average remaining lease term for operating leases | 4 years | 4 years 3 months 18 days |
Weighted average remaining lease term for finance leases | 8 years 7 months 6 days | 9 years 1 month 6 days |
Operating lease, weighted average discount rate, percent | 6.20% | 6.20% |
Finance lease, weighted average discount rate, percent | 6.30% | 6.30% |
Leases - Schedule of Finance le
Leases - Schedule of Finance lease liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
External leases: | ||
Finance lease liabilities | $ 201,806 | $ 211,887 |
Less current portion of finance lease liabilities | (22,761) | (22,080) |
Finance lease liabilities, long-term | $ 179,045 | $ 189,807 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Excluding Short-term Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Operating leases | ||
Remainder of 2024 | $ 1,017 | |
2025 | 1,798 | |
2026 | 1,428 | |
2027 | 1,022 | |
2028 | 886 | |
Thereafter | 450 | |
Total lease payments | 6,601 | |
Less: imputed interest | (760) | |
Carrying value of lease liabilities | 5,841 | |
Less: current portion | (1,684) | $ (1,744) |
Carrying value of long-term lease liabilities | 4,157 | |
Finance leases | ||
Remainder of 2024 | 16,624 | |
2025 | 33,235 | |
2026 | 33,235 | |
2027 | 33,235 | |
2028 | 27,584 | |
Thereafter | 113,152 | |
Total lease payments | 257,065 | |
Less: imputed interest | (55,259) | |
Carrying value of lease liabilities | 201,806 | |
Less: current portion | (22,761) | |
Carrying value of long-term lease liabilities | $ 179,045 |
Leases - Schedule of Total Leas
Leases - Schedule of Total Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Amortization of finance lease right-of-use assets | $ 653 | $ 1,166 | $ 1,305 | $ 2,183 |
Interest on finance lease liabilities | 3,204 | 4,188 | 6,486 | 8,273 |
Operating lease expense | 441 | 2,388 | 890 | 10,842 |
Short-term lease expense | 281 | 91 | 534 | 265 |
Total lease costs | $ 4,579 | $ 7,833 | $ 9,215 | $ 21,563 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating cash flows for finance leases | $ 3,204 | $ 4,188 | $ 6,486 | $ 8,273 |
Financing cash flow for finance leases | 5,079 | 5,455 | 10,080 | 10,752 |
Operating cash flows for operating leases | $ 585 | $ 2,863 | $ 1,105 | $ 11,177 |
Revenue - Schedule of Revenue (
Revenue - Schedule of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total revenue | $ 183,333 | $ 432,372 | $ 383,446 | $ 643,428 |
Revenue from leases [Member] | ||||
Total revenue | 138,113 | 113,797 | 276,023 | 216,763 |
Time charter, regasification and other services [Member] | ||||
Total revenue | 12,874 | 11,665 | 31,958 | 27,276 |
Gas sales [Member] | ||||
Total revenue | $ 32,346 | $ 306,910 | $ 75,465 | $ 399,389 |
Revenue - Schedule of Lease Rev
Revenue - Schedule of Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Sales-type lease income | $ 17,600 | $ 18,000 | $ 32,700 | $ 36,000 |
Total revenue from leases | 183,333 | 432,372 | 383,446 | 643,428 |
Revenue from leases [Member] | ||||
Operating lease income | 120,465 | 95,794 | 243,341 | 180,770 |
Sales-type lease income | 17,648 | 18,003 | 32,682 | 35,993 |
Total revenue from leases | $ 138,113 | $ 113,797 | $ 276,023 | $ 216,763 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Vessels Terminal | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Nov. 30, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||||
Number Of vessels sales leases lessor | Vessels | 2 | |||||
Number of terminal sales leases lessor | Terminal | 1 | |||||
Contract liabilities from advance payments | $ 0 | $ 0 | $ 0 | |||
Sales type lease income from net investment | 17,600 | $ 18,000 | 32,700 | $ 36,000 | ||
Receivables from contracts with customers | 3,100 | 3,100 | 73,800 | |||
Revenue for services recognized, Accrued revenue outstanding | 1,000 | $ 400 | ||||
Remaining performance obligation | $ 7,987,617 | $ 7,987,617 | ||||
Petrobangla LNG SPA [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Date of Commencement of Sales Purchase Agreement | 2026 | |||||
Petrobangla LNG SPA [Member] | Maximum [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Gas Units to be Sold, Sales Purchase Agreement | 1,000 | |||||
Petrobangla LNG SPA [Member] | Minimum [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Gas Units to be Sold, Sales Purchase Agreement | 850 | |||||
Time charter, regasification and other services [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 27,500 | $ 48,900 |
Revenue - Schedule of Leased Pr
Revenue - Schedule of Leased Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Less accumulated depreciation | $ (1,046,547) | $ (1,004,825) |
Property and equipment, net | 1,654,707 | 1,649,779 |
Operating leases [Member] | ||
Property and equipment | 2,484,088 | 2,184,347 |
Less accumulated depreciation | (970,911) | (929,141) |
Property and equipment, net | $ 1,513,177 | $ 1,255,206 |
Revenue - Schedule of Minimum C
Revenue - Schedule of Minimum Contractual Future Revenues (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Sales-type | ||
Remainder of 2024 | $ 44,166 | |
2025 | 87,612 | |
2026 | 87,612 | |
2027 | 87,612 | |
2028 | 80,848 | |
Thereafter | 411,507 | |
Total undiscounted | 799,357 | |
Less: imputed interest | (407,351) | |
Net investment in sales-type leases | 392,006 | |
Less: current portion | (18,805) | $ (16,463) |
Net investments in sales-type leases | 373,201 | $ 383,547 |
Operating | ||
Remainder of 2024 | 221,297 | |
2025 | 392,428 | |
2026 | 353,082 | |
2027 | 362,036 | |
2028 | 290,564 | |
Thereafter | 1,023,148 | |
Total undiscounted | $ 2,642,555 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Total revenue | $ 183,333 | $ 432,372 | $ 383,446 | $ 643,428 | |
Asia Pacific [Member] | |||||
Total revenue | 61,613 | 109,358 | 132,883 | 138,015 | |
Latin America [Member] | |||||
Total revenue | 52,865 | 271,624 | 108,666 | 371,932 | |
Middle East [Member] | |||||
Total revenue | [1] | 39,083 | 37,577 | 78,899 | 73,684 |
Europe [Member] | |||||
Total revenue | 28,517 | 12,572 | 55,776 | 53,611 | |
Other [Member] | |||||
Total revenue | 1,255 | 1,241 | 7,222 | 6,186 | |
Revenue from leases [Member] | |||||
Total revenue | 138,113 | 113,797 | 276,023 | 216,763 | |
Revenue from leases [Member] | Asia Pacific [Member] | |||||
Total revenue | 17,648 | 18,001 | 32,682 | 35,992 | |
Revenue from leases [Member] | Latin America [Member] | |||||
Total revenue | 52,865 | 45,647 | 108,666 | 75,702 | |
Revenue from leases [Member] | Middle East [Member] | |||||
Total revenue | [1] | 39,083 | 37,577 | 78,899 | 73,684 |
Revenue from leases [Member] | Europe [Member] | |||||
Total revenue | 28,517 | 12,572 | 55,776 | 31,385 | |
Revenue from leases [Member] | Other [Member] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
TCP Regas and other [Member] | |||||
Total revenue | 12,874 | 11,665 | 31,958 | 27,276 | |
TCP Regas and other [Member] | Asia Pacific [Member] | |||||
Total revenue | 11,619 | 10,424 | 26,400 | 21,090 | |
TCP Regas and other [Member] | Latin America [Member] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
TCP Regas and other [Member] | Middle East [Member] | |||||
Total revenue | [1] | 0 | 0 | 0 | 0 |
TCP Regas and other [Member] | Europe [Member] | |||||
Total revenue | 0 | 0 | 0 | 0 | |
TCP Regas and other [Member] | Other [Member] | |||||
Total revenue | 1,255 | 1,241 | 5,558 | 6,186 | |
Gas sales [Member] | |||||
Total revenue | 32,346 | 306,910 | 75,465 | 399,389 | |
Gas sales [Member] | Asia Pacific [Member] | |||||
Total revenue | 32,346 | 80,933 | 73,801 | 80,933 | |
Gas sales [Member] | Latin America [Member] | |||||
Total revenue | 0 | 225,977 | 0 | 296,230 | |
Gas sales [Member] | Middle East [Member] | |||||
Total revenue | [1] | 0 | 0 | 0 | 0 |
Gas sales [Member] | Europe [Member] | |||||
Total revenue | 0 | 0 | 0 | 22,226 | |
Gas sales [Member] | Other [Member] | |||||
Total revenue | $ 0 | $ 0 | $ 1,664 | $ 0 | |
[1] Includes Pakistan and the UAE. |
Revenue - Schedule of Changes i
Revenue - Schedule of Changes in Long-term Contract Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Revenues [Abstract] | |
Deferred revenues, beginning of period | $ 56,267 |
Cash received but not yet recognized | 31,152 |
Revenue recognized from prior period deferral | (29,871) |
Deferred revenues, end of period | $ 57,548 |
Revenue - Schedule of Expected
Revenue - Schedule of Expected Recognized Revenue from Contracts (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Revenues [Abstract] | |
Remainder of 2024 | $ 21,921 |
2025 | 128,393 |
2026 | 509,949 |
2027 | 492,975 |
2028 | 569,241 |
Thereafter | 6,265,138 |
Total expected revenue | $ 7,987,617 |
Long-term Incentive Compensat_3
Long-term Incentive Compensation (Additional Information) (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 6 Months Ended |
Apr. 30, 2022 | Jun. 30, 2024 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of shares granted for issuance under long-term incentive plan | 10.8 | |
Percentage of increased share by preceding year | The share pool increases on January 1st of each calendar year by a number of shares equal to 4% of the outstanding shares of Class A Common Stock on the preceding December 31st. | |
Employee Stock Option | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 2.1 | |
Weighted average period | 2 years 9 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] | ||
Unrecognized compensation costs | $ 9.7 | |
Weighted average period | 2 years 3 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] | Two Year Vest [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award vesting period | 2 years | |
Restricted Stock [Member] | One Year Vest [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award vesting period | 1 year | |
Performance stock units [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 5 | |
Weighted average period | 2 years 1 month 6 days | |
Award vesting period | 3 years |
Long-Term Incentive Compensat_4
Long-Term Incentive Compensation - Recognized long-term incentive compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Compensation Items [Abstract] | ||||
Stock-based compensation expense | $ 1,920 | $ 1,074 | $ 3,297 | $ 1,431 |
Long-term Incentive Compensat_5
Long-term Incentive Compensation - Summary of stock option activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Compensation Related Costs [Abstract] | |
Outstanding at January 1, 2024 | shares | 317,601 |
Granted | shares | 0 |
Exercised | shares | 0 |
Forfeited or expired | shares | (11,734) |
Outstanding at June 30, 2024 | shares | 305,867 |
Exercisable at June 30,2024 | shares | 135,006 |
Weighted Average Exercise Price, beginning balance | $ / shares | $ 24 |
Weighted Average Exercise Price, Granted | $ / shares | 0 |
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 | $ 24 |
Weighted Average Remaining Contractual Life, Outstanding | 7 years 4 months 24 days |
Weighted Average Remaining Contractual Life, Exercisable | 6 years 10 months 24 days |
Long-term Incentive Compensat_6
Long-term Incentive Compensation - Summary of restricted stock activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested at January 1, 2024 | shares | 84,699 |
Granted | shares | 247,073 |
Vested | shares | (2,184) |
Forfeited | shares | (5,525) |
Unvested at June 30,2024 | shares | 324,063 |
Weighted Average Fair Value, Beginning balance | $ / shares | $ 28.8 |
Weighted Average Fair Value, Granted | $ / shares | 16.9 |
Weighted Average Fair Value, Vested | $ / shares | 20.39 |
Weighted Average Fair Value, Forfeited | $ / shares | 27.15 |
Weighted Average Fair Value, Ending balance | $ / shares | $ 19.95 |
Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested at January 1, 2024 | shares | 318,150 |
Granted | shares | 465,111 |
Vested | shares | (105,925) |
Forfeited | shares | 0 |
Unvested at June 30,2024 | shares | 677,336 |
Weighted Average Fair Value, Beginning balance | $ / shares | $ 20.88 |
Weighted Average Fair Value, Granted | $ / shares | 14.99 |
Weighted Average Fair Value, Vested | $ / shares | 21.59 |
Weighted Average Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Fair Value, Ending balance | $ / shares | $ 16.71 |
Long-term Incentive Compensat_7
Long-term Incentive Compensation - Schedule of assumptions fair value of options granted (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk-free interest rate | 4.40% | 3.90% |
Expected volatility | 50.60% | 58% |
Expected term | 2 years 9 months 25 days | 2 years 9 months 3 days |
Long-Term Incentive Compensat_8
Long-Term Incentive Compensation - Summary of performance unit activity (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested at January 1, 2024 | shares | 84,699 |
Granted | shares | 247,073 |
Vested | shares | 2,184 |
Forfeited | shares | 5,525 |
Unvested at June 30,2024 | shares | 324,063 |
Weighted Average Fair Value, Beginning balance | $ / shares | $ 28.8 |
Weighted Average Fair Value, Granted | $ / shares | 16.9 |
Weighted Average Fair Value, Vested | $ / shares | 20.39 |
Weighted Average Fair Value, Forfeited | $ / shares | 27.15 |
Weighted Average Fair Value, Ending balance | $ / shares | $ 19.95 |
Income taxes (Additional Inform
Income taxes (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Contingency [Line Items] | ||||
Provision for income taxes | $ 7,427 | $ 9,712 | $ 14,328 | $ 17,315 |
Effective tax rate | 18.20% | 24.70% | 18.90% | 22.30% |
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective tax rate | 15% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Transactions With Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transactions [Abstract] | ||||
Fees reimbursable to Kaiser | $ 68 | $ 65 | $ 137 | $ 1,091 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Balances with Related Parties (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Related Party Transactions [Abstract] | ||
Amounts due from related parties | $ 379 | $ 192 |
Amounts due to related parties | 719 | 577 |
Prepaid expenses - related party | $ 2,027 | $ 2,162 |
Concentration Risk - Additional
Concentration Risk - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Customer Concentration Risk | Revenue | Minimum [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10% | 10% |
Concentration Risk - Schedule o
Concentration Risk - Schedule of Customer with Revenues (Details) - Customer Concentration Risk - Revenue | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 29% | 19% |
Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 19% | 49% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 USD ($) | ||
Line of Credit Facility [Line Items] | ||
LNG purchase obligations | $ 11,989,240 | [1] |
[1] Purchase commitments will be based on either monthly Henry Hub natural gas futures or Brent Crude pricing, times a fixed percentage or plus a contractual spread where applicable. The total obligation is calculated using pricing as of June 30, 2024 . These obligations may depend on supplier LNG facilities becoming operational, none of which are expected to begin within the next 12 months |
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental cash flow information: | ||
Cash paid for taxes | $ 13,070 | $ 12,790 |
Cash paid for interest | 29,855 | 28,846 |
Increase (decrease) in capital expenditures included in accounts payable | $ 18,177 | $ (7,145) |
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 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 609,082 | $ 555,853 | ||
Restricted cash - current | 2,650 | 2,655 | ||
Restricted cash - non-current | 14,410 | 13,950 | ||
Cash, cash equivalents, and restricted cash | $ 626,142 | $ 572,458 | $ 484,121 | $ 537,971 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (loss) - Schedule components of accumulated other comprehensive (income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 1,052 | $ 505 | $ 208 | $ 515 |
Other comprehensive income (loss) | 1,706 | 3,940 | 5,190 | (352) |
Reclassification to income | (1,567) | (1,679) | (855) | (913) |
Reclassification to NCI | (106) | (1,714) | (3,286) | 958 |
Ending Balance | 1,085 | 1,052 | 1,257 | 208 |
Share of OCI in equity method investee | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 447 | 631 | 310 | 488 |
Other comprehensive income (loss) | 642 | (231) | 895 | (321) |
Reclassification to income | (637) | (531) | (391) | (416) |
Reclassification to NCI | (4) | 578 | (382) | 559 |
Ending Balance | 448 | 447 | 432 | 310 |
Qualifying cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 1,150 | 428 | 524 | 551 |
Other comprehensive income (loss) | 1,102 | 4,151 | 4,194 | 389 |
Reclassification to income | (927) | (1,163) | (678) | (497) |
Reclassification to NCI | (132) | (2,266) | (2,665) | 81 |
Ending Balance | 1,193 | 1,150 | 1,375 | 524 |
Cumulative translation adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (545) | (554) | (626) | (524) |
Other comprehensive income (loss) | (38) | 20 | 101 | (420) |
Reclassification to income | (3) | 15 | 214 | 0 |
Reclassification to NCI | 30 | (26) | (239) | 318 |
Ending Balance | $ (556) | $ (545) | $ (550) | $ (626) |
Subsequent events (Additional I
Subsequent events (Additional Information) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Aug. 01, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | ||||
Date Paid or To Be Paid | Jun. 06, 2024 | Sep. 05, 2024 | Mar. 28, 2024 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Aug. 01, 2024 | |||
Date Paid or To Be Paid | Sep. 05, 2024 | |||
Dividends Payable, Date of Record | Aug. 21, 2024 | |||
Subsequent Event [Member] | Common Class B Member | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Amount Per Share | $ 0.025 | |||
Subsequent Event [Member] | Common Class A Member | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Amount Per Share | $ 0.025 |