GLNG - Earnings call transcript Q3 2024

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Operator

Good day, and thank you for standing by. Welcome to the Golar LNG Limited Third Quarter 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 pass you over to Karl Fredrik Staubo. Karl, please go ahead.

Karl Staubo

you. Thank morning, Golar good Earnings QX welcome Presentation. Results and and LNG's to XXXX Hello, Karl the Mr. Fredrik LNG, is name My Staubo, accompanied by and CEO today our CFO, I'm Golar of Eduardo present Maranhao, this results. to quarter's

into get X. of Slide Golar. on statements start we note the the Before We an and forward-looking X Slide on please overview presentation,

increase liquefaction per During ordered FLNG, third an and our QX, represents annum. II deliver with X.X This capacity FLNG own first charter liquefaction within will of a FLNG annual to a the Mark XXXX. globally. XX% we for a capacity, be million Mark tonnes Golar's available II will FLNG, the This

further FLNG the information provide value the Mark will later proposition presentation. II the of We in on

on during continued market-leading a in on redeployment contract in We've July expiry also seen new 'XX. quarter, positive the the Cameroon her of charter ending our progress have FLNGs water. operational conditions her the for been performance under positive XX-year existing our progress and for made in following precedent Hilli Argentina, existing X

During based from commercial next commercial date, commissioning pre-COD to now the starting and full year. QX arrangements for from An latest the her reset Gimi anticipate with has a the under we contractual FLNG accelerated XX-year in flow cash the started, of BP, contract quarter, we schedule occur on agreed BP. contract the operations XX-year

our which sale. LNG X assets or is Arctic, maintained carriers we We legacy Golar consider One in fleet. long-term the that the charter for is

in conversion the on The CIMC charter, QX will 'XX. for second until And to charter shipyard that currently FLNG. she carrier, II Fuji following enter Mark is the China

Avenir a LNG Golar a focused onshore founded fully-owned which Macaw to include Energies, and investments LNG financial flare XX.X% start-up on shareholding liquefaction. in Our is

have the $XX of Pan just and an of billion, in contract approximately million, EBITDA backlog Hilli debt around Our Argentina a of been key cash cap exposures just of built $XXX as excluding includes a net billion, $XXX $X in over we million around position of commodity of the American market inclusive Energy that QX figures and contracts.

The the as X the and II now next Slide Golar's Mark of pure-play growth, increase capacity to Mark of the phase FLNG to represents XX% quarter, Turning current the at double our ordering company. will approximately a II XX%, is the milestone EV. the Mark with liquefaction key EBITDA II. of costs, by own our the The which potential project generation of our

by increase definition, we and So by at capacity EBITDA liquefaction XX% accretive. a increase, XX% so can by XXX, generation

conversion million approximately liquefaction market-leading operational Total just tonne delivery costs which for of over equates will our per FLNG and sites to be capacity. Delivery of a the project $X.X $XXX billion, cost to QX of to at globally, and FLNG years any she X the vessel competitive FLNG 'XX, for is least expected be available delivering available. will capacity could first deliveries be the in thereby X

FLNG operations upon deployed FLNG of world, to Mark building in contracting the we the evolution The II we liquefaction an Hilli of being the same Mark capacity is The earliest Gimi. the our market-leading on as the combination unit, available the and in construction the technology have started market-leading Golar drive factors delivered that the and the tonne performance technology we value since in will per cost FLNG has II. of these X operational believe XXXX,

vessel currently and within deployment, potential are to the several target We discussions vessel in for opportunities FLNG with XXXX. the charter

second have with for secured an II yard part a within Mark delivery option of agreements, As we the FLNG, XXXX.

a from by most leader as liquefaction only as of an of FLNG is the takeaway Golar provider capacity. retains important X overview market assets its this service. of and position par the as FLNG and proven Golar's Slide global The with ENI at number FLNGs, the Petronas for overview fleet. position provides in market-leading

their floating their utilizing The or focused other LNG of downstream are gas the for offtaker to portfolio. liquefaction existing gas the the they where for be control units on target FLNG players

that Another growing. The Golar in have economical units by the is the to is associated technology now important market stranded pioneered FLNG takeaway globally. the X gaining FLNG the We under market is most on now water. and construction X versus gas reserves acceptance monetize units as technology

Furthermore, only ordered our total open the II of the is capacity FLNG FLNG. Mark recently fleet

our $XXX gas ago. FLNG X enables provides to ordering million, solution this what anticipation alternative within monetization today. explained, in possible As to potential than That's This engineering an started more lead made items and the which delivery of 'XX. ahead months FID XX placing of charters by versus approximately X significant years commitment was long with this the

Turning X. to Slide

laid have [indiscernible] existing loss. our and asset on growth security our We base out ambitions based

expect the The organic growth to includes the growth FLNGs and increased of flow organic capacity from existing through the strong units. start-up we Mark started from in next growth year. QX our operations QX full of Gimi, water our We expected cash first utilization now, expect gas see to II through late FPSO she's on -- accelerated growth but well, and already of commissioning

is aggregate these an existing exposure. to utilization million of in our $XXX in The estimated of ending Argentina July their EBITDA in estimated 'XX. announced Cameroon, startup generate organic approximately Once charters, assets with Hilli XX-year an within when annual capacity charter the on growth the of existing to commodity 'XX, charter second increased from the X before XX-year are phase the redeploying

per II generation. million option potentially to II more Through triple deliver and another the than our we delivery liquefaction annum for double potential the see EBITDA than to 'XX and FLNG potential on Mark within to capacity for Mark 'XX, XX within tonnes our order more

in from exposure. the Mark $XXX American generate Golar EBITDA 'XX. each contract respective agreements Mark rate with FLNG to their at on and billion Argentina July, in entered on II Hilli contracts, terms is chartered Hence, $X of EBITDA under similar that per could before charter Gimi similar and FLNG into definitive year the run commodity XX-year million II on terms, the generate could Mark II Pan in Assuming approximately

that can to of Mark EBITDA billion II, we run rate add $X.X you by a of a second rate run see If XXXX.

record, Hilli her than X. cargo start-up since million update her exported and contract business the in X more track offloading LNG operational continued market-leading Slide 'XX. tonnes with #XXX of currently to on is Turning

As explained, utilize notice in FLNG October Hilli served reservation definitive the Energy as for to American Pan start-up XX-year the XXXX. in with agreements the

within be to subjects fulfill next continue make We QX and expect strong of lifted progress the precedent conditions all to definitive these year. to agreements, within

in was XXXX the quarter the until for COD. and on January BP, all existing milestone at with economic liquidity arrival key the contract aligning conclude commercial versus intend growth to to the target for reset Gimi's resolving that provide improved FLNG to This projects. compensation country terms XX for disagreements facility, commercial and reset also Gimi unlocks our release we utilize The refinance to

FPSO. of gas wait the reset, the BP-owned and starting from secured the Kosmos Gimi to has accelerated accelerated was cargo back the October, introduced On whilst BP we that from receive an commissioning the LNG accelerated commercial cargo commissioning. commissioning, Gas enables in to

major the the to be the for ordering milestone to, Shipyard quarter CIMC China. of the was converted Mark in Raffles alluded As at II FLNG

our 'XX. America long delivering a second continued an as development FLNG led We Africa. South of see growth order and in in as XXXX II activities We for pipeline, by option West also we strong within Mark secured

a conclude the to for Mark within recently expect We XXXX. charter FLNG ordered II

over of for cash in unsecured financial bond will provide million. of into quarter on insight $XXX million this quarter's later million, EBITDA of adjusted include highlights the performance presentation. a and position financial issue Eduardo $XXX further QX the $XX

industrial U.S. from Macaw to gas containers ISO produced clients. and produced sold Energies in flare have now Texas its first

production. continue We for to gas to from fine-tune shale variability operations quality U.S. adjust gas the associated

EBITDA X the reservation American be a notice received Pan to $XXX Slide exposure. FLNG The export In utilized the reserving highlights the on based annual the entered commodity million July, to will In LNG October, projects. the Energy agreements the for Hilli a we agreements. under before definitive Hilli be Charter in and XX-year Argentina. of Turning we into at XX-year adjusted

in within This to gas. Tcf The 'XX. XXX 'XX, will Hilli hookup the Vaca us field Muerta which with in is from ending Vaca largest gas around is shale and [ the Muerta 'XX start-up resource of second startup enables project charters target July discovery utilize estimated gas of Argentina. onshore an the in in between ] upgrade of world, the The and

the become logistics. a American will South shareholder Golar part transaction, in XX% As of

will be South American gas further element commodity the commodity this will the in to offtaker provide exposure and addition FLNG and the tariff. of marketing the structure, arm of

the charter is environmental to As regulatory explained, closing approvals. including conditions, and subject customary

we meeting to We in expansion. also make expect deal quarter progress year. strong further to continue first Pan and and the international potential American within completion partners of We're local bring additional into with advanced conditions, together these discussions next project enable to in

a multi construct vessel Hilli network. capacity has pursued. in Muerta order. The the also the to initially dedicated terminal connecting for formation II pipeline FLNG in to spare directly FLNG opportunities Argentina's Vaca could This Work pipeline existing including the support Mark on a Argentina, shale been utilize project will

of vessel will American XX, of #XXX. overview process with site transit to Turning Argentina. existing 'XX, she to enable planned offshore following utilization on in offloading to an The Slide are Her her market-leading our record, [ operational X track Starting contract continued Hilli. existing operational -- the assets. and with contract ] Cameroon thereafter Pan the XX-year until increased in Argentina and a capacity continuous Perenco runs July operations in the maintenance cargo with

now activities through in an have commissioning and introduced and site on was October. is commissioning accelerated Gimi gas started plan,

of guidance which in start ongoing Golar the BP, be COD are in to billion COD, XX-year of is backlog. operations this on the plan from from now is All full and first of latest expected EBITDA the QX commissioning according and next Based design FPSO of commencement year starting will activities duration, gas contract the the of $X specifications. -- year. BP-owned a share next in date the QX

Turning FLNG We progress see for XX. positive to new opportunities. strong Slide

mainly We opportunities, and Asia. West Middle work, Americas, continue in East and technical Southeast to the including progress these Africa, commercial

West presentation, explained areas the being see America active most in and we As Africa the earlier the at moment. South

Increasing Mark advantage competitiveness attractiveness II projects globally. by for competitive FLNG fix have proven are We the XXXX. project position driven we other operational and development the LNG projects of remain the FLNG projects the a there. to encouraged by we and fact growth cost And solutions the compared our of our versus only available market-leading performance, to these relative of the as that service, targeting alternative within resource Golar's FLNG as gas cost these FLNG monetization out first again, provider is export owners construction

QX over the our I'll now results. to to hand present Eduardo call

Eduardo Maranhao

Thank everyone. third of you, good to for of quarter Golar's performance I'm pleased Karl, and XXXX. overview an the morning, financial provide

financial the higher million, $XX QX. of a quarter. with like Moving to in slight key Slide reflects million, Hilli to from from highlights XX, some variable and growth [ tariffs most gas operating I FLNG TTF We FLNG tariffs of through We fees linked walk oil realized from all $XX prices. revenues of total ] you $XX our linked operations. would to be for This and the increase including achieved consider measure realized to million liquefaction earnings reaching the Brent gains accurate revenues,

remaining with adjusted despite preoperational consistent million, last expenses to of Total COD. commissioning largely recognition activities we some Gimi towards reached quarter, progress associated EBITDA as $XX the of

This quarter, reflecting to we million. and to embedded prices the in for accounted due the movements contract, QX. and $XX within approximately lower primarily a Hilli reported noncash million, TTF compared net value of $XX branded These derivatives loss adjustments oil gas of

changes by about million. rate results impacted mark-to-market interest in swap our $XX portfolio Additionally,

market positioned on well future factors strong to results, strategically these long-term remain our While backlog. to benefit our and earnings focus from affected quarterly building improvements, we continue

on Mark far, drive $XXX This us debt of the growth end. Following quarter flexibility with so future quarter of million just net bonds around of issuance end gives Based which contractual our Despite cash creation. substantial initiatives until the reached remains of liquidity project, September, on $XXX stood in position has invested share million at today, position to robust value and at significant our our hand. at million. approximately the $XXX been our our that, II debt million advance commitments $X.X fully under funded equity the to $XXX billion gross with

declare a with this XX $X.XX quarter, to pleased record around payments scheduled date X. a share on December or November we're and for dividend Lastly, per of of

achieving Turning and XXX% track its to reinforcing Slide uptime exceptional its market-leading performance, XX. Hilli record. economic operational continued

from total Here, an base a just QX contribution approximately realized TTF-linked which includes show EBITDA quarter and million last Hilli, evolution Brent and million, fees. excellent of quarters. delivering the over we Hilli's over from for million of $XX fees was variable $XX EBITDA the tolling $XX

prices. I we Brent wanted remain exposed to highlight positively to and that TTF

distributions the coming contract. the to So in improve of we increase if these can current expect Hilli through to each from prices duration quarters, continue the

of have million as Hilli's outstanding. Since just successfully [ we Moving produced on X over to Slide delivering been tonnes has of XXX ] XXXX, over cargoes record XX. track today. operational LNG,

of see side can earnings slide, our can we On prices the Hilli. from right-hand the how commodity impact

Brent is year on based and expected cash million. net prices, flow generate and approximately to us of So an to EBITDA million forward of free TTF this $XXX a Hilli total adjusted $XXX

forward, principal cash resulting $XX flow come Hilli million, amortization service, us including Going total [ alone. down ] expected to free XXXX's debt net million of approximately $XXX from to in to is

XX. Turning to Slide

this we flows all Gimi of million with BP. of and been existing 'XX until disputes the during invoiced Of compensation pre-COD the amendment contract, $XXX We today. contractual receive with quarter, $XX now simplified significant This million in were milestone which execution expect This reached commercial bonuses, our being phase. to in commissioning of the XXXX. million approximately in settled amount, a in milestone the has cash greatly received contract reset $XXX approximately inclusive

plus Thanks which able potentially on next also to liquidity million unlocking reset, commercial refinancing up debt [ I'll in ], $XXX to Gimi further to discuss the this of slide. facility, existing the we're the advance

million ample level strong, our balance $XXX maturity After initiatives. debt repayments manage year, to September, bond with growth our beyond asset well next remains flexibility bond expected significant to XXXX. support until upcoming Our our issuance we're sheet no debt with positioned in the

discussions and currently with optimization billion We're and significant $XXX negotiations. supports towards are approvals The credit advanced engaged progress contract $X.X securing beyond Gimi lenders, actively backlog in finalizing of solid further existing potential facility. million from our making debt

asset at room billion, approximately debt significant Hilli's us ample potential Similarly, we optimization. million, the $X level with to liquidity for strong $XXX approaching backlog with a see also it. stands providing unlock from Currently,

at $XXX fully look project, the to funded date. approximately million we have we II When Mark equity

asset terms around financing $X.X We have indicative billion also debt for the received II. for of level Mark

are amount equal that ability amount X confident larger is potentially charter the a we to Xx contracted secured, believe However, terms, financing once its EBITDA. improved significantly even we raise a in our at to targeting to

based combined of debt capital to in optimize $XX structure backlog liquidity additional So strong our ourselves from summary, and financial and disclosures Gimi significant release on moving forward. the for gives significant financing, flexibility. billion with potential over our continue growth support our ongoing very This Hilli, positions us to for well initiatives

for With that, I'll hand his the call over closing remarks. to Karl

Karl Staubo

Eduardo. Thanks,

key Turning XX focus milestones for for and and to Slide 'XX 'XX. our the of some

Golar. So BP year. Senegal milestones to some this year, our We we unit have this seen in delivered major FLNG Mauritania and in the development January offshore of second

was As the entered at we negotiations benefits reset of We're explained. August, pleased commercial us say that with to that with project sending time, was agree not arrangements. BP just to contractual a gas Eduardo that, start in ready to reset met into that pre-COD the

of signing before recently EBITDA Energy notice, In $X In Hilli adjusted light the company of Pan July, Argentina. commodity this an in with for a backlog with definitive charter will XX-year key agreements utilize we reached billion the American exposure. another in milestone reservation for received

issued September, with II $XXX FID-ed And a after just a we MTPA the our we capacity. third bond. unsecured In Mark X.X FLNG, FLNG million

or secure are a action refinance that the precedent vessel. to financing a our 'XX the planning to asset-level XX-year further as thereafter, secure just focus charter Once conditions Our and FLNG for American, II for II on Pan to list with explained conclude Gimi, locked second FLNG option to in, contract the for by under is is the Eduardo, Mark we Mark growth. for execute provide the to

BP on what our FLNG the today. Pan earnings and an backlog of our and Mark contracts a the to next exposure explain mean commodity EBITDA XX-year $XX in Hilli for to numbers. to on before have turning target double EBITDA order, in charter backlog approximately within could standing for place Slide Based could year. secure Gimi American, for the XX, billion for II presentation, we this and at Golar slide the So on Based last

see we to within backlog into EBITDA contract billion to II we entered exposure. at targeting secure Again, the we're the could over in terms increase If to contract July, a search Mark contract before similar assume Hilli commodity $XX 'XX.

add-on we derisk get continue balance have Due upside shareholder units see. this to earnings backlog them There's increase already that we the to feasible, sheet backlog is financial flexibility, as and and whilst further cash maintaining returns to strong to and flow from and then be in the continue to growth overall we the on an backlog and stream. earnings, will that commodity-linked the place

EBITDA to at million Argentina adjusted the contracts Each on annual entered potential Mark they has II contract. same as add based into around unit of $XXX terms recently

secured have with double an capacity then delivery Mark run in MTPA than a option would We second II XX rate. more which for to 'XX, our

for the remarks Thank our hand you. QX the prepared over operator now call concludes presentation. for That I'll questions. the to any

Operator

[Operator first Instructions] from to take And of now question. And we're Stifel. it line comes Nolan Ben the from going

Benjamin Nolan

I to wanted bit Great. if to my first could. in happening I you for on dig Argentina, just a -- question, little wanted in what's

like your how movement maybe going sounds projects. and playing then to Can there's been Hilli clarify lot Pan is really you it elsewhere, of Argentina a also, just from not between definitively the American just see move an there's you option out that. and sort various the YPF perspective? LNG and the it Specifically, of to set development level But

Karl Staubo

we year. discovery is consumption in the Local Tcf largest Muerta world Argentina as in a Vaca is Tcf. shale so XXX explained, the Ben, the with second X around

export, plenty the provide Tcf to domestic hostage Argentina currently for to capacity the of XXX So are there's and market.

a LNG strong now government drive of exports. the in light there's to place, In new enable

be a Pan the American should lead and first it that contract different to LNG everybody there's of forth. is to you Hilli in of big the for that terms talks utilizing What so will be seems right clear lot exports. outlet Argentinian You're how

Golar explained owners to Muerta in growth. Vaca FLNG for to give gas to resource presentation, the provide As earlier partake welcome Pan American further and supplies, other both project, gas the also but would in

on Mark if by think liquefaction second also to the that beaten available II order, to We Hilli. only capacity source be we were Argentina, the would that fastest

notice of foremost, the in October. to home exports, see and first of they both true their ramp-up assets of So a if should the reservation locked those in now but in is Argentina, are Hill received ambitions through

Benjamin Nolan

there's And else? for Okay. Correct? move no to somewhere option that

Karl Staubo

given. reservation The has correct. That's notice been

Benjamin Nolan

second is question Eduardo. for maybe My

first thinking capital you thinking about the finance those, cash allocation to on a talking about would out. to whole do going paying sort in of bring Gimi do for to -- about all, could are cash of it's have you're of getting are your that are progress then talk You you're able refinancing And How Mark more you to see to after lot out? How you going playing with more if than it you're to the really. continuing capital? coming than II, you right thing what's talking able being potentially it the that on then the contract a out. Maybe do

Eduardo Maranhao

Yes. Ben.

I just starting think here. So with the point first

potential are refinancing, been for So progress billion when we total and the on the the we in Right discussions Gimi look are targeting we discussing have lenders. of quarter. making the last you that refinancing right, we're of at with advance further at financing, $X.X now, you're proposed

to the have statement Xx or driven I II finance. financing, we EBITDA, When and made points reference between of data current at contracted Gimi X think that we the Mark the think this is the I by the on the in we the presentation look largely

we on range. million reach if that that we in I to II, in that have Mark position billion $XXX such place believe targeting the based So And think for we a could charter within a EBITDA, falls be we're once amounts. a $X.X

have received, a stated II. also the as terms $X.X We level indicative for presentation, also financing proposed billion we in the for asset Mark

situation is. on would However, be this financing based the as

situation contract. without a So basically a on

we we the could improve also secure that we position that terms a significantly a facility. charter, believe of once be So commercial to in

Karl think well. think during I And capital on with I presentation as regards to that point allocation, touched one the last the

our to continue the we policy dividend we to projects. dividend as -- our existing to as plans maintain and we We soon have today, derisk have further increase expect payments we as

as commissioning our we a progressing time, that the COD So payment. of dividend And around with in we position are as reach Gimi. or increase we be to could soon further

further portfolio. think our I And to grow ambition is our FLNG

second that have option the we further financial continue we take on an to we visibility that II, a on contract Mark think, provided develop ability which, project. and have to to strategy, have that execute we our of So commercial I earnings would on

Operator

we're from going line And question. take Now Deutsche of next line. the Robertson question from to our Chris comes Bank the

Christopher Robertson

at more was wondering speak CIMC Mark little if I have option yard. a a could Raffles bit the you for on you the II second

it you think first communicated the you have of I expiry had But there, at option good. point, the like flexibility at an quarter. one end the sounds now is had greater that which it some

and guess, particular conversion So year a what ahead would to around more place need move Mark XXXX in exactly around asset? talk when the with II could bit you you that throughout second the just option little of Is I of expires? a full it

Karl Staubo

what QX. so you're right. understand Chris, I referencing when you you're say

delivery, the that order the So critical some that of did at item 'XX say is to meet time long-lead the in what in is we point items.

we attractive we committing And So delivery without is, of some taking slot to the cautiousness of before full an is the what a this bit the II. on longer FID-ing of EPC first securing Mark saw Mark secured project. in do on similar the to I before on that we first for started little risk items us, you terms charter a the just

are in QX, of the items could gating shipyard long-lead Mark some when we the versus commitment want you And when in is I. buyer lead the units see Obviously, repeat building or relative first more what advantages be with suppliers same EPC we terms in we're times with of item. a received well equipment but So really on starting within parallel, terms to equipment, did the X contract QX. building there X you're some of because there flexibility as do units the the that's in

within always than be new itself, more than [indiscernible]. the of QX, to easier I in we have think long-lead should some But a contract we make obviously, So EPC customer. commitments. a And customer repeat terms flexibility

Christopher Robertson

to Okay. Tortue I a FLNG Great. types the BP turning my evaluating for development. And just Phase project That's moment. believe Kosmos of the helpful. then X beyond and second for technology question, were other LNG

and were Just other partners Phase are and given Mark in of that the that available the commercial all II XXXX one point? asset could recent they guys ambition, the be what possibility reset, taking Tortue could discussions to by the second asset a at an that potentially with around fit X as technologies considering into some potentially at you opposed FLNG

Karl Staubo

We monetizing best that we've way when public. projects to even to of and of Since for are FLNG have normally the the people then, of economical technology. contracts to only comment I that, think first Kosmos found has the found neighboring thing signed countries like proven reserves. and FLNG of I'd an best the than made in West utilizing FLNG the more Certainly, BP have say on like market viable become be don't gas Kosmos is way other unit. more FLNG monetizing that that and Africa most and be been The specific many standard, BP phase, industry

they parts in in options are counterparts both in there's course, and do. forth. But synergies, terms and same of of not would disclosing consider, And discussions, natural terms so and utilizing I there very of think least many benefits that is it's we're So offloading, operator, the or the crewing, at anything. our one spare that's FLNG

Operator

Bass [ ] question Kay of comes the line Arctic And Securities. next the from Christopher from

Unknown Analyst

stake? comment in Southern CapEx of element, stake please going existing there. proportionate terms is that's assumption Energy? the a What Pan and if with forward? -- Perenco the CapEx and thing comment movement I there's you And fair CapEx the between on upgrades bit element associated cost for what in Can expect contract ownership the additionally, American if the And contract with XX% assume with Energy. we should a here Hilli

Karl Staubo

Chris.

first is you ]. can the So in saying need that part, element you Cameroon. leg cost second disconnect we're redeployment, on on I'll the Eduardo, take then the and But [ what add to

You then shipyard XX-year travel provide for to to to Argentina work a that overall need sales physically to operation. needs do to continuous And connect. to then

So That's million That bunkering crew, to work. what million for the $XXX total million includes we of FLNG tug to currently all-in $XXX cost upgrading million. estimate the $XXX is and moving, $XXX voyage.

On American to that you the want South Logistics, Eduardo, do one? cover

Eduardo Maranhao

sure. Yes,

million indicative today, would CapEx estimate for $XX $XXX review. amount to to the an still to agreement project. Pan That So Energy, based further budget entered subject million the comes into the Energy, of on the definitive to of us. part when between is stake, budget it forms But we stated as final joint as we XX% have Southern agreements of commitments, which be of attributable our venture with American which an

Operator

from Bidwell Webber Research Advisory. question the next line comes Alexander & the from And of

Alexander Bidwell

look a you that Mark III And plans a particular taking III driver is at sit for select Mark lead Mark [ over So new II? there build a what unit? would do ], that to

Karl Staubo

a and only Hence, III Mark we large time, against higher on III, it X a per We when longer build new speculation. tonne that's tonne, firm construction so out, point it's Hence, not from a scratch unit. annum and very correctly And a a as it's obviously a order vessel to unlikely conversion. that to Mark the you per comes million do a a it are contract. Alexander, has CapEx capacity. would

the yard 'XX, the for to deliver likely it's the no on XXXX very such you early currently if at FID that just based late mentioned, unit And so would of shipyard capacity reasons XXXX, immediate So today. we expensive, a there are would plans longer. the the ordered it end utilize, of takes

would value is in we think the back-to-back contract for III to Do that if Mark that the Mark a change for do a proposition we that see So II. we going attractive. better deem you be

Alexander Bidwell

All my question, then for Macaw. looking And at right. second

your in in end separate now? with plans What a towards sometime cards mentioned the XXXX? right a So you are -- guys would of the listing in for you evaluate is listing stand And QX, back Macaw XXXX.

Karl Staubo

some these go yes, design when hydrocarbon So go testing. live always right and that you things to you're design the phase from there's tweaking to

separation the to the intraday unit a the once has but U.S. tweaking from in we now presentation, we of separate a listing a that And flows technology, to exposure event, to first And from been and to shale feel explained we and gas. As or that a gain will in the gas the have an flare the changes interest of in have business. territory, XXXX gas revisit but better express or that, as with quality business had we industrial Macaw the significant on production, technology that's a ISO in thoughts continuing sold unit now unit its to the unit. stable more site interests we and are inspect deal is containers that

separate to an alternative that's So listing. a

Operator

[Operator Financial. the question Riley Instructions] line from comes B. And Liam from of Burke the

Liam Burke

to you got for cadence you And further would the XXXX. as a roll look second credible the the give like? You've Mark sense of out II be what inquiries slated What as potential backlog to does FLNGs.

Karl Staubo

discussions than projects the is world. reserves one stranded of the in Argentina. been we're unit, gas think the There's we've for having plenty And several of in including I discussions more for in

matter that currently do, the expansion the not field, or other several of of some true a it's in expansion. gas. BP's in and for whether first can for. just it's locations an these we're you It's That's in Tortue plans. once to plans for true on So reserves, discussions getting FLNG Argentina see And you

the that think developments, there's I potential. to plenty we as biggest there are in addition So of, of also expansion existing which new see

synergies on some And a advantage the previous to questions the owner. as gas one has research are there that real operational cost to here, alluded of earlier

more than parts If When equates unit spare per it in on ] more demurrage to proximity. that the which relative crude you of saving [ one boats, loading FLNG a $X MMBTU even makes competitive. real so alternative put comes tugboats, basis, forth, to and

incremental also growing the fact half support cost people that are that and think of U.S. So growth being the we're acceptance the you now find we and the on FLNG around is ambitions looking that we fact and track operational see where that stream this design brought are to the constructing in our record capacity into in is one more there

Liam Burke

the I touching earlier are an -- there enough mean, those Okay. than X.X just for are capacity greater of question, inquiries on -- MTPA? And

Karl Staubo

the depends reserve flow, size the flow. really gas of X on the it and the things: Yes,

the originally project production. MTPA. Phase XX ] of around So X.X is Gimi was X be just GTA scheduled [ to The

So capacity then theoretically, plenty there's there. of

Muerta, but in Vaca have fields Argentina we're the around MTPA. annual of these, XX, the about XX XX talking LNG to In DTA like MTPA sort ] fields or like of talking like And production. world, so YPF easily fields several [ Tcf several several that not are Vaca XX Muerta, you supports XX

is answer the yes. So

Operator

to going line the for from Elmaghrabi take we're from our question Sherif last of now And BTIG. comes And today. question the

Unknown Analyst

sanctioned a by summer, First, signed just Nigerian LNG conversation you how going? in the on project us And you that we with an NMPC. update is you thinking year-end? see agreement Can still could are FLNG an give

Karl Staubo

in see could we that's But the see move development now project you're but with project of That contracted that they target to Nigerian 'XX. available. agreement I 'XX, Nigeria less under but that agreement the seems there's that So that and reserves right Mark signed because the say will within in as we unit right forward we likely within NMPC. was the happen certainly a The think a this they that to have FLNGs one unlikely, us we'll the we NMPC's enough projects control suitable year, utilize are mainly contenders II, when within have they for by year-end. think development don't the

Unknown Analyst

Got it.

get do speed handle So to more to And unit? about happen to to how a then other might second needs land-based back the long FLNG up Argentina, to you that importantly, sense infrastructure contenders, take? a thinking what have of

Karl Staubo

designated So but is a is the what network Hilli. sufficient because existing capacity need existing spare in beyond it's capacity not utilizing spare go the network, in you Hilli pipeline to

pipeline be to a want Muerta location. expand Vaca there designated FLNG you if from So that, to needs to beyond the

a pipeline Work The would X pipeline to alongside completion. on existing an around started. the construction has pipeline local time We of that's years. oil under search with currently estimate, pipeline companies, the plan make together be

it's identified, matter actual of it. and has a way of FID-ing financing been the pipeline location and getting the right of So and

egg without the the situation pipeline. pipeline and chicken and incremental a of no because bit FLNGs no a there's without It's there's FLNGs incremental

developed the be to time need pipeline it they but to the than tandem, in shorter takes So construct FLNG.

Operator

like for you. Speakers, would there Thank now to Karl I Fredrik today. questions further no conference over are to hand the conclusion. for Staubo, any

Karl Staubo

pleased a the the clear think and It's a development, very we for focus with you thank have We're Well, year I in. eventful very ahead. dialing been for all very quarter.

and have to for look good to and and We Thanks next where hard Thanks are quarter. execute. we forward you in working again, listening we to to talking day. are, dialing a

Operator

does our conference That Thank for participating. for conclude you today.

all nice now day. Have may disconnect. You a

Golar LNG Limited (GLNG) 12 Nov 242024 Q3 Earnings call transcript