GLNG - Earnings call transcript Q1 2024

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Operator

Welcome to the Golar LNG Limited Quarter 1, 2024 Presentation. After the slide presentation by CEO, Karl Fredrik Staubo, and CFO, Eduardo Maranhao, -- there will be a question-and-answer session. [Operator Instructions] I will now pass you over to Karl Frederic Staubo. Karl, please go ahead.

Karl Staubo

Thank you, operator, and welcome to Golar LNG's Q1 2024 Earnings Results Presentation. Fredrik by of to our quarter's Karl I'm LNG; present is results. today accompanied CFO, name Staubo, Golar CEO and this My Eduardo Maranhao,

on please get and X Hilli, of own the the the we We overview We presentation, today. FLNG Before forward-looking at into an statements X Slide Golar Slide world's X. start FLNG note assets, GTA in of Hub XXXX; start contract operational market-leading uptime economic a delivered to XXX% to Senegal track recently Offshore record the the Mauritania a and for operations with FLNG BP. Gimi startup since XX-year first

contemplating FLNG an MTPA. with order are We of to our and Mark X.X capacity liquefaction third II annual

the the During FLNG took Fuji the of conversion LNG quarter, candidate, first LNG. we delivery carrier,

which an considering long-term We also own sale a opportunistic legacy shipping are Arctic, charter for we or LNG the Golar of vessel. carrier, now the

Avenir have land-based financial carrier gas well small-scale as We a of and a Hoegh with solution LNG. Stolt-Nielsen for called where Macaw a LNG flare investments, and monetization founding shareholder as LNG, X small-scale together Golar was Energies, capturing company

some right-hand summarized slide, side the key the we of of have the stats On Golar. of

of of have $XXX of $X.X position market strong million, financial cap in We a significant cash net of position a billion, financial and existing assets. a with $XXX debt flexibility optimization million approximately debt

approximately Gimi we basis. of an million annual of charter is her under EBITDA on to $XXX start-up had Golar XXXX, the XX-year add For BP of this $XXX and EBITDA before million, an with to expected

Hilli our FLNG ahead a an We we with standing upside at move have backlog about with EBITDA recontract billion, with on further project. Mark meaningful FID flow $X once contemplated II visibility cash and

quarterly the during focus accelerated we reintroduced and a prospects dividend of the share enthusiastic made state program. about the on year, buyback business FLNG quarter. Last attractive growth shareholder returns. strong very We're and progress on have the a We a

FLNG monetize as service, reinjected either only the offer to and gas and Turning service to owners of reserves, the capacity. ownership gas, This is a relevant flare meaningful unique as as the maintaining liquefactions to FLNG largest we stranded, resource fleet these to Slide or by us X. value own resource provider exposure proven Golar's Golar production proven positioned of resources. gas provider proposition governments. look whilst to of enables proven a these maritime reserves only and remains owners

world the largest units operate and FLNG pioneered at Petronas by per and the Golar operational of Hilli. capacity. construction own liquefaction of we've delivery with the ENI concept and We also the demonstrated of lowest par track and number by fleet and And largest market-leading CapEx record. with liquefaction in the capacity ton

production discussion FLNG attractive yard this the of project, $XXX CapEx contemplated expect million to capacity. around per current for on MTPA per we maintain Mark of ton Based II

Slide for with to Turning healthy outlook. X. a strong LNG remains Demand

continue to and energy growth fastest-growing an constructive with the expectation market XXXX of LNG second be between XX% outlook after LNG robust to source traded We volumes on remains the in renewables. of as close is XXXX. demand

than more driven cement perspective, fertilizer. Asian XXXX. target units. LNG efforts is demand and FLNG LNG demand our favored offtake demand industries drive From emissions fossil flexibility and demand fuels. to up an of reduction energy-intensive make towards emission gas and benefits LNG energy-related switch This through its natural XX% steel, driver other in long-term important supports is is and as LNG XXXX. over And coal to the a in geographical oil of for such nations decarbonization due expected and growth by

and energy Western some Hemisphere, other Moreover, demand efficiency energy of the the centers increased on focus energy reduced from offsetting consumers. AI the and in both is of data increasing, demand pushing and Eastern

production overseas demand expansion rapidly million witnessing in with an and XX Countries see anticipated as growth to LNG Thailand moves from boost to low-cost from other power in Bangladesh China consumption XXXX. in tons nations, also developing through growth industrial XX consumption We such outsourced overall regions. production as million

quarter. critical for and X more Hilli to is ready her continued GTA cargoes the FPSO mega Slide the XXX project. remains this LNG since the million Gimi start-up operations. now for of production operational to delivered Turning having GTA commence more on Hub than excellence, tons produced. and highlights X The to LNG and on path

across for contemplated X are II to the and later growth commercial be on for Mark FID fulfilled. financing with final the progressed that closer progress Eduardo a yard FLNG have parameters FID projects to elaborate contract, will We on, opportunities construction strong Those X EPC deployments.

II If we 'XX. within take we of the to second of 'XX, FID FLNG half within expect Mark delivery the the

Eduardo framework on. elaborate on has results that later XX-year quarterly for up FLNG announced potential cover negotiations deployment during The an presentation. On corporate I'll to We'll QX later the progressed other, detailed for the potential with now document agreement FLNG in XXXX let charter to start-up. and the on

build Once for list technology proven, up to is use. alternatives and have production successfully we will the pilot we unit Energies, Macaw testing a the a is being FXX into separate portfolio during live produced named separate now a currently to has mobilized gas testing fully units. flare Macaw entity Macaw LNG evaluate unit of FXX The Texas commercial in and For FXX. LNG and developed already site

X update Slide FLNG the Gimi. on and to Turning an

a of GTA makes the slide, hub which and side the is the you to infrastructure, The behind right-hand sits moored itself. Hub. the can see Gimi up steel On X.X-kilometer to vessel breakwater the moored

hookup to first occur offshore way the in 'XX. QX now On side, on owned see on location. and gas critical FPSO to you the FPSO BP our of path right-hand are can our the The commissioning expected to and tenor departing

cooperation shorten gas, X-month and to Kosmos, interest Golar now We're the GTA period. announce scheduled has operators, progress mechanisms rate. BP positive Whilst with alternatives receive up to commissioning pre-COD pleased for work contractual resolve made to as and wait first day we that we standby started well to to disputed also as aligned the the

the cooperation to to the constructive to between optimize on partners COD. We build continue time

X steps for Gimi Slide the highlights further field the GTA to COD. key and reach

to milestones been and concluded, embark X can waiting production. we're have you see, LNG the As on first

commissioning period is X commercial the months, anticipated with approximately thereafter. explained, expected be to As operations

we a standby start backlog $XXX As a COD triggers lease daily $X the and EBITDA operate about per of day XX-year billion year. of COD. payments now that and or the of rate receive around million of commissioning ahead adjusted explained, equivalent to Golar, agreement unlocks

her with economic to market-leading Hilli. XX Hilli Slide XXX% quarter continued performance uptime. another Changing of operational and

we partners if is the benefits addition operations shareholders, being significant the in, source our economic In Golar have FLNG benefits to operate to flared. especially Hilli gas to including the upstream government, areas the and host stakeholders, environmental

Hilli serve we a staff where of have support initiatives, including XX% of onshore series also offshore local XX% we communities We the hiring staff. of staff Cameroonian. operate On purchasing, domestic and through being today, of

infrastructure water of other and at or nations Hilli there and would the of to July several that operations her local wells, and world's country. the end street support LNG the Today, the are remains XXXX. education in for that LNG and become to these FLNG XXth far enabled start-up projects lights facility recontracting have gas Cameroon operations. like upon in exporting currently programs such in associated reserves communities current benefit benefits contract initiatives operate proven the access Hilli duration the only we as We beyond of country with in demand charter drive XXXX

and XX to Turning II. Slide Mark

to FID. continue We II Mark develop towards

Long As items currently more previously $XXX than our FLNG lead covered which vessel, date, guided, equity. been complete. $XXX million next where are to we have by spent is planned to have committed of million XX% now all

the we the 'XX, and We around During production to continued we in vessel topside to yard still the within capacity. industry-leading of MTPA XXXX. sail the the and to Should in $XXX all-in quarter, second we with the provider expect slot have order of the per of an FLNG shipyard range price half away of the million reconfirm summer expect work pricing. be

to Slide XX business Turning development update. and

Our redeploying of for 'XX, charter her thereafter, July focus order FLNG. following and Mark remains end in FLNG II commercial the current secure contemplated and terms on Hilli the

'XX XX-year strong announced with potential to selection of has the FLNG release detailed negotiations and deployments. deployment in production. positive our up see very QX charter, FLNG to are the of alignment site progressed framework contract the the an for for that government development host to agreement We earnings We now

that in West specific remains continue the to and geographies America, addition actively Africa opportunity, to we additional In advance we're activity of most also FLNG developments. pursuing but where see South other developments, LNG to pleased

Chief the increased the building colleagues. team, development activity, back Commercial Officer, pipeline. we X terms have now of On experience, business XX already maritime the highly them see in of benefits further and upstream development a have we're experienced of years more and to pleased recruited very Petersen, the X business Federico them And the this we of and on combined, than and have FLNG development FLNG

We to material update on this expect to continue news have market we the front. once

XX, Energies. On Page gears switching to Macaw

on On that time the is specifically being say to top gas was enables U.S., that proven land can site the and commercial right, U.S. inputs. from unit Texas America currently and LNG to of pleased the delivered of mounted technology. targeting for already in The the produce outside We're markets in flare gas you mobilized unit Middle of modularized East. and constructed first system unit the budget units where a is FXX is for This capturing factory a and South see in Texas to natural the monetization demonstration the has wells,

from attractive. unit. have due X CapEx the the to have potential and them on of we XX opportunity currently to offtake some the clients FXX that large We flow as very commercial existing the of see the commercial cash Time on and technology we have to Macaw of months expressed on a for Based interest to model, doing see build opportunities of units. We based planned CapEx multiple business company, several diligence to identified. XX Xx current X approximately were EBITDA around

the out a As of explained during we out separate will and a XXXX presentation, entity model in consider to FXX to roll build Macaw the units. earlier in portfolio business stand-alone

Earlier worked contemplated. over of The XXXX time of including man in completion [indiscernible]. the further course Slide any highlights the and Macaw of without derisking to Gimi capture some achievements hours We unit asset with a incident, Turning the ESG carbon lost FLNG with XX. report some company FXX investments operation, elaborate FLNGs on XX key released the today, months, the in conducted the a third in the on the developments report. system Golar to its Golar XX last ESG of million of benefits our from of X single

last on that our enter XX to months. ESG in website mentioned under section the we performance some of Golar's expand the We and further we of initiatives to Hilli have Cameroon, about you all conducted course would the the already over encourage of learn

Eduardo results. I'll now to the through hand over QX it group take to us

Eduardo Maranhao

morning, and Karl. everyone, share Golar's I'm to QX. financial Good thanks, on performance pleased during overview an

reduction all realized gains liquefaction the to quarter last last can Turning This over compared wanted $XX lower recorded realized quarter. as of amounted TTF-linked when and fees. XX, FLNG same revenues at Slide in with million, $XXX We operating metric, show oil look to reaching total tariff earnings revenues, be highlights from year. Total this including the and our attributed reflects tariffs the Brent of to appropriate FLNG I down million on $XX always million, gas to linked year. to some which

at when a $XX quarter million XX% year-on-year QX. and earnings. This significant had XXXX a $XX lower a Hilli's We improvement figure basis. in on income Brent prices, the which of represents in same in impacted as a result to EBITDA Adjusted TTF million, compared down net came ultimately of

from Based approximately at hedges. cash receivables closed million. liquidity million with net of Our expected the $XXX on TTF on our debt end stood hand at remains strong, that, position quarter our $XXX and

of to program XXX the share quarter. this to of end number which the on quarter, continue reduced execute million our at We shares the buyback outstanding

operational on its So economic now to track Slide in Hilli moving uptime record. maintained XXX% XX. market-leading

we and million current fees, we $XX retain increased We quarters, were year-on-year million This end Here, until million, coming Brent million from last fees $XX generated expect basis, $XX base of Hilli's TTF, number linked to of Hilli should TTF down in so a should the to its from When $XX can prices see quarter. looking to Hilli exposure Brent the contract. respectively. QX. distributions tolling continue and on EBITDA improve contribution over the in the evolution and includes

Moving on XX. Slide to

gas service, to gains [indiscernible] $XXX is and including prices, at You we this XXXX, remainder expected current Hilli under $XXX to amortization generate year, can time, the in the principal that see remain forward XXXX, of same flow oil to in is year. $XX TTF exposed free expect come million from benefit resulting cash previous equity of million swaps. to prices from for our on Based to per to total approximately down just while, while expected million marketing

So our moving on to committed share shareholder returns program. XX. and buyback Slide executing remain to We on

you paid As million in over XXXX, $XXX can dividends see, share we buybacks. in and

dividend million. X.X this announced outstanding shares further in recently the million approximately of $XX million, repurchases, We've opportunistically will the this the dividends continue which for $XXX at amount $XX and the of approved last we With XXX of shares quarter, million buybacks exceed quarter. million 'XX the which quarter, will back pursue. end was of to Out remain total year, leaving available bought $X.XX

on date XXth June. June declaring we the of are dividend and with of the on XXth quarter, $X.XX This a record of share, payment a a

XX. Now turning to over Slide

the of a is Gimi improve debt structure the start XX-year that tied current have with to the As which amount to of we and release contract up opportunity project. we our approach equity BP, significant

been various have in to We recently $X.X executed from to have for close refinancing term ranging billion billion. alternatives, dialogue $X up lenders around and sheets with

today, we million $XXX [indiscernible] under the of As facility. million $XXX drawn have

numbers more plan another Golar. the stepping the a on to running is towards funding stake, for XX% $X.X net II our potential unlock could billion when our based project. So stone Mark refinancing This than

long-term II the We have financing $X.X of package negotiating been approximately a actively for billion. new Mark

has around been of in Gimi the until II Karl $XXX equity from the considering the this purchases proposed funding earlier fully which Mark the our long-lead which now, vessel, quarters. equipment expected will refinancing, acquisition proceeds includes financing project move mentioned coming funded when today, a to donor LNGC So the of with and which the Fuji, support strategy the FID million, net plus potential ahead

to for I will some now call hand the Karl remarks. over closing

Karl Staubo

now Slide XX I'll turn summary next the to the to Thanks, Eduardo. and outline steps.

is record development recontracting for. So the of on the market-leading end which on charter. potential maintain the detailed at current Hilli, very track We're are in to operational with the focus our utmost vessel focus the we and negotiations of charter, XX-year currently pleased

to continued COD. with the the On to and flow pre-COD positive our him, is ambition cash BP very mechanisms conclude progress

As also optimization on Eduardo of are vessel. a this through debt potential we just explained, refinancing focusing the

We either yard and charter Turning a target to Mark subject II, to to II. being final Mark we construction FID, million have the facility spent date. or available contract on Hilli $XXX visibility

presentation, target we $XXX a delivery per the gotten have of in earlier per CapEx explained As XXXX this reconfirmation ton million of MTPA a summer. and [indiscernible]

investments, contracting and significant strong Macaw and we listing and Under upside, II. corporate charter are and recontracting with targeting sale shareholder to a separate from flow returns, remain by committed Golar him cash strong of generation ordering Arctic, the of current supported of of Energies, Mark we both long-term or

program. optimization share We have buyback debt and existing under financial significant flexibility the in capacity continued

That concludes remarks, for the open happy prepared questions. we're any up and to

Operator

Nolan Stifel. line question from first from Your of Ben the Instructions] [Operator comes

Benjamin Nolan

progress seems my you left Hopefully, done, made there's to little and likely be like a this bit a overstatement. an move bit to was agreement, not but hoping little framework forward. can color So a first you've it that's question, few more on maybe things. on it's give I that as

X First unit? about of could than it And more for it II? think along it? then, that potentially is encompass how we Is all, with that, Mark should

Karl Staubo

both yes, the Ben, are X one and II on more him it encompass clients working be And could should or unit out. first us time. than initially over potentially Mark whether the

Benjamin Nolan

there contract little and a which is that could the to same need him, comes at way start there then And Okay. a potential appreciate upgrades there contract that. just XXXX. All for in middle of on off new be as downtime Is year, right. a or it any so I the forth?

Karl Staubo

That's location which we on in XXX% recontract. the dependent

subject it recontracting. depth, site any a for duration go to Of to operation do need for maintenance if stay we shipyard. course, at for beneficial neighboring But looking be and operations, also to any to And not to we the X on XX-year ensure we period linked need don't to continuous we in vessel time. if to close not were the that to upgrades. to XX-year believe countries, a go go obviously water the of Cameroon, it's might yard to If go would we to of in short have stays relatively have you're need

Operator

And your next Alexander question Advisory. from comes from Bidwell the line Weber of Research

Benjamin Nolan

Wasikowski is This Alex on Greg quarter. for this

Just a here Hilli. on X quick on

general the on color a guess, in us at are you'd bringing some a whatever July, you'd she I her looking path the, that time mentioned give little you're But new into to you could refit I before yard be sort do gas on -- project more comes the bit -- that line similar the the at gets work. of off like what's see once commissioning looking guess, is? expecting redeployment? and what So of we first a the for You Gimi? I'd once she time at site on a maintenance to some sense potentially type line

Karl Staubo

provided to all. country, yard. to sail to have go in at do decommission vessel the do dock would to not a existing does stay So what dry We she would need you then to from sites. a We is likely its not

do docks be is it life to to dry for buy most is primary similar. that either longer-term The [indiscernible] a likely reason extension So or to contract.

and to site. all X for well. period operation are commissioning And produced pumps, so forth the generators in that that period expect first stay started -- do yard plus/minus down when months then X X the then on the we're systems, given a you We a years, has once Hilli location than working operation. X-month to expect we not Cameron. significantly producing we shorter commissioning months, had sail take We of and of We of know been vessel

shorter So months. would it's like we expect to period. X not a commissioning more expect are tune LNG, you producing in But without significantly through commissioning the so We period, revenue. is X commissioning of period

Unknown Analyst

And X quick on right. Mark All question II.

I your And learned applying So Mark optimized on -- maintenance an to or costs design sort lowering of this for do guys ease optimized say, been the on new from design? facility? you guys of your what lessons have designs expect you maintenance see,

Karl Staubo

very good a question. That's

I Mark detailed dependent benefit plant suggest mid-section. we call, But go how new keep liquefaction we an on over II on Mark in built relatively it of the high the that I entire So entire level. is this key should is

So other. if I, extent modularize easier more That liquefaction look is all Mark the enables of we is, that the which have on vessels ship that Mark repeatable. the On meters can II. of stick Mark then unit, operate, to is long on the on at you on II, quicker, you Mark That illustration could XX build, and means add space the to construction modularized whole new being X the plant of a building less which than benefit of a the ship. That's liquefaction means here, restriction we storage Mark that X than the liquefaction a larger it's see hence, side meters in the support a and wide. XX and it's the far built II, Mark and I

more significant So technology. space, but same the learning effects, there yes, are

Operator

We comes from Robertson take from and next our line Chris next question, Bank. the will Deutsche of your question

Christopher Robertson

say, as contract the given we're in around terms, ideal here But you the mind, about want let's your just is potentially base a be scenarios how mean, My how of more Hilli? for for with tolling here recontracting would, exposure price I in of maybe looking utilization versus as -- just would LNG of the outlook it's at much full the centered you're that question terms ideal arrangement commodity pricing kind thinking it here, of to for relates choices capacity? the the asset. theoretical to

Karl Staubo

that's trade-off. Chris, an interesting

to to carry is that upside more vice it's get share the or versa. base, upside cover think and upstream on the fair the open tend on So supposed as on the partners you that are ask obviously, for, see the charter What downside. I to higher far the you we less to potential say

balance, sort the service attractive have what cover tolling the return an fixed breakeven and minimal where the want on a we we on debt upside is share equity So then from. to and of to on

Christopher Robertson

Carl, Africa that? FLNG pursuing that guess, Okay. That's a looked go South had in into other geographies seeing more fair. little regions mentioned America. West X And Can bit detail beyond you where typically you I at some on and you the focus you're

Karl Staubo

geographies Other East. Americas the and in north includes Middle further

Christopher Robertson

it. And last follow-up. Okay. Got question then

exactly they As you've go a into expertise? well little at personnel, process new a in in here how brought gains driving development bit perspective? least so help Can to far the on table a or the there. realized network said some of as you commercial you that you either as what detail bring they day-to-day officer or their more forward are from terms Or some

Karl Staubo

So question where helpful your of development with significant the upstream. commercial people obviously, upstream into insights share reference years industry relationships of with business very upstream to potential much they XX on how upside from to because combined experience is partners. sharing, with And successful we the can experience, further in-depth have to have we team and sort of the our

upstream and the in-depth value both of of it's knowledge chain of So benefits relationships. part the the the

Operator

question, next will your B. Liam of and Financial. comes our Burke next question We from Riley the take from line

Liam Burke

the negotiations discussions Mark Or Mark projects? on to competition your Or side at the with X for is talking II? other Karl, multiple first in are this is charter the access II, looking parties? it on you potential the the on multiple

Karl Staubo

of think could for whole from it's others introduce available. in Mark liquefaction market onwards. clear the capacity. Obviously, think side, talking it's that's from is II important, is several There than it's and cash far II is where therefore, X And for when to What because July delivery. more we we're the II. safeguard different That's this Mark Hilli market to flow we think we both we and to see 'XX chartering to a Mark general and time delivery ahead across to sure. important in it's him 'XX safeguard From important are

yard for We slot, an also locking attractive in see commercial a assets in step securing and constraint in important on results. think, general maritime is we availability yard also the

Liam Burke

it. are other with there? that cash but Avenir, mean I a Or Great. that the can you you Got And it, in projects? you of reinvest progress on satisfied is mentioned source

Karl Staubo

to It's that core was but when builds or own fair Avenir Avenir say recently fleet. new another investment, we the more [indiscernible], us like added we renamed later the X to and Power to Golar

a fleet of We the So carriers, X X newbuilds balance and forth, small-scale we of liners, so currently part LNG limited construction. have ordered large fuel, with fleet dual attractive but now commercial vessels vessels, for LNG infrastructure. with on the cruise under bunkering ranging the being bulk ships water highly that LNG from very supply-demand is container a dry tankers and see

less we small-scale that with what of than is right side. provides to is you're LNG, involved say -- strategic for we combined a investment That when it distribution us the backdrop be the were think used LNG. downstream very But to more attractive to small-scale on

Operator

[Operator will question, the our take Instructions] Lewis We line from from Greg comes your of question next next BTIG.

Gregory Lewis

hey, to move press guess, maybe to really scaled the learned. had fully we I job prepared train on working. a release little a the it wanted from did where X. you presentation, doing up X we that you and or the and making about remarks Hilli fourth the new that the to decade did any clarity advanced vessel lessons only in and to I and get Hilli, Karl, we of running. bit unit the even wasn't contemplate think was Max hoping Is forward just kind when going that, maybe in great had Realizing we with about negotiations. trains like If we're therefore, about ago, Obviously, talked a the up the utilized the way of a project, concept proof on fully sure something was would there more

Karl Staubo

end at is as want for the the for plan sure them sure. we the to as use. to units, Obviously, But more utilize. whatever to fully utilize if But utilize we they day, we're target fully of it, build the is client the can long pays

higher I And structure and for current proof Hilli world, in contract was entering it's a at concept. of was think the first utilization the it our FLNG the reason the the all the from commercial the of reserve part full did and on time deployment Obviously, of of of the the we a allow gas are facility, that production. discussions. all targeting of existing units wells not for into flow rates

Gregory Lewis

borrow between base rate? Okay. know I higher want basically can then just between And and -- given puts want been to kind of it's that Do you unit any touched to you kind on why any tolling,hat takes negotiation. of there the Is we it. reason Do against the hire is upside.

for we be As the project? borrowing to we of to then it think about being in if next just think should we go borrow levels there maybe generation against Hilli against EBITDA terms it, the is thinking about any after kind able of about floor

Karl Staubo

a that's variable our all higher get the available attractive earnings. versus So economic of firm resources with a financing our on and debt returns And more recognize based our projects. and maximize base is you focus obviously to more to base, that target us, we for lower

what So we're looking side. returns think obviously manage scenarios. how price at equity that we are And that's in gas we likely

on When based today, base, on XX% utilization. which have base is or we a XX% you say guiding

I was it a think contract new utilization. we least wouldn't less than at talk XX% if to

base that you a rata at increase it's that have today. the to rates I see in will least you So fair assume think pro

Operator

further closing to no like for I hand With remarks. questions, would back

Karl Staubo

all with a Thank of the to speak soon, you, all, look for the very dialing company. We day. in. We you hope great certainly you interesting. found developments the We're forward to and pleased have update

Operator

today's Thank you call. you. conference concludes Thank participating. for This

may You now disconnect.

Golar LNG Limited (GLNG) 28 May 242024 Q1 Earnings call transcript