EE - Earnings call transcript Q1 2024 | Excelerate Energy, Inc.

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Operator

Hello, everybody, and welcome to the Excelerate Energy First Quarter 2024 Earnings Conference Call. My name is Sam, and I will be coordinating your call today. [Operator Instructions].I will now hand you over to your host, Craig Hicks, Vice President of Investor Relations and ESG to begin. Craig, please go ahead.

Craig Hicks

Good morning, everyone. Excelerate Quarter joining Earnings for you Energy's XXXX First Call. Thank Chief Steven the Armstrong, and and call on Kobos, Executive Officer. today President Dana Participating and are President Officer; Chief Vice Financial Executive Chief presentation call on today our be earnings Simpson, President quarter Also joining yesterday Commercial release afternoon is first and the Officer.Â Our press found ir.excelerateenergy.com. released Executive website Oliver Vice at and were results can XXXX and that remind to statements everyone that a be and will risks forward-looking call like we on making uncertainties. this would involve of number I

Our of reconciliation We in it to to refer the actual or we my that, the obligation those financial results pass may also differ provide update certain pleasure to the materially make is financial these over a from back expressed revise Kobos. presentation. to the to will Steven measures. call comparable With directly and GAAP forward-looking remarks non-GAAP most them.Â Today's statements, measures at no

Steven Kobos

delivered with delivering at morning, Good gas performance everyone. Craig. also we fleet safely of Energy's robust Excelerate first reflects levels to Thanks, results our customers. reliability to the financial of business. commitment our our earnings operating I'd start for highlights regasification highest to It quarter. power FSRU the saying strong the core and like our to financial natural

deliver LNG to customers solutions energy As them our FSRU a we company, take integrated global fleet who great using pride to in most. need

our footprint.Â On are call, regas when I'll some for maximize the we markets grow hand team walk core to toward company will and plan operating where financial focused were made expanding understanding to provide our our we help start the business growth To our creation. share Excelerate call great global addition our to In has who last and quarter.Â Since our deploying to our the with recap core capital. I'm value for strategy regas key in better today's business, through then and development existing shareholders. results our the business on our to together, to are across into map opportunities inorganic our progress Dana, and areas value are expect we insights road of X executing optimizing are over organic and we going with you additional our presence a strategy, comprehensive for new

acquiring extensive an First, XX% third, in and terminals; markets of natural fleet. Excelerate diversified investing gas expand approximately portfolio; the in presence regasification world, ownership infrastructure.Â While to in global downstream interest in presence.Â ExcelerateÂ operates companies establishing second, around LNG many industry the has global an LNG FSRU aspire their already our a

We have regional the offices and in Germany, Pakistan, the and States. an Argentina, operational in Finland, Brazil, UAE, XX countries presence Bangladesh, United

company. This clear. a advantage for is be competitive Let's our

using This by long-term chain. are how, meaningful value FSRUs, infrastructure the along for with our constructive and aligned our conversations our regas provider new with leveraging It reach leveraging expansive reputation means our growth in sovereigns. We strategic means existing opportunities of having LNG development both to efforts are LNG markets. the focus and of areas supply.Â All pursue as relationships world's leading business new and

have our effort organic of growth our evaluated have We incremental capture ones. inorganic will promising number the of deployments, revenue and optimistic opportunities.Â As sales will that discussions and part margins, are LNG our calibrate prioritized in and and a to these gas poultry to vessel and for enhance and detail long-term strategy, that investments future identified most strategic we demand lead opportunities create contract

are the asset focused opportunities Asia we have Pacific the the exploring we footprint, identified of opportunities So and majority across Americas. are in our

and projects to and markets pursue in a this satisfyÂ Excelerate'sÂ requirements We India, discussions on economies develop for for like demand Vietnam, focus do and continue like an Our value for with commercial Russell. markets potential markets teams partners are compliance.Â We like LNG. terminals. growing These LNG who are increasing now in several to priority with opportunities creation regas countries advanced with worldwide

to have one I CapEx which the of of that than our understands between of being X capital capital. cannot greater this As $XXX projects it Piran. investment, of projects the relates XX emphasize is entireÂ ExcelerateÂ management importance good stewards range $XX range, XX and enough shareholders' the the team million million. of

we compelling We are investments forward shared meet a that regarding subsequent return have coming will these committed in confident making evaluate heard portfolio To approach announcements story. continue these our what in as closing are today,Â ExcelerateÂ Energy to opportunities and in you've look today's presentation, the the take we to hurdles.Â We recap and exceed deals several a weeks growth disciplined we is or and project to of that months.

earnings We energy security and internal accelerating a our and FSRU with to a to for leader substantial the assets we both are LNG solid our investing provide are energy space, ensuring us strategically foundation in enhance essential to transition. growth.Â As in the

around presence growth We to existing our fleet pursue FSRU at and global new in the are leveraging share opportunities and markets. world our the

shareholders now with in are talks over Dana. to value chain disciplined the call on turn We as several the for for investments our maximizing capital counterparties through our focus strategy.Â With allocation along we value advanced that, I'll

Dana Armstrong

and Steven, good Thanks, everyone. morning,

sequential of As of as stated We last of is that was up costs the fleet certain XX% transfer adjusted boot EBITDA first LNG compared results expenses, last a operate or net first is fourth of development this of quarter. financial lower by were $X the Summit quarter SG&A for vessel million, which a for increase FSRUs of compared which Summit $XX in million the timing by versus to of quarter The sequential the up first Steven,Â ExcelerateÂ delivered were expectations. line first year timing last than quarter. business the million the reported over Bangladesh. dry of quarter last in X% as under build, mostly quarter our about $XX including the structure. up for that dock X $X the with million, quarter increase of financial was and expenses, XXXX strong Adjusted in results of driven the impact quarter own, EBITDA operating include in in year.Â Our X last income year FSRU our or our are to

other of dock the quarter FSRU services X the and excellence the which CapEx.Â The dry of drawdown the to as in our required structure, fourth the Because the the expensed last in cost. majority Excellence that of dry in are the first instead vessels are the fourth Summit to book last year were income of The quarters dock is underwent classified Excellence, and year. costs quarter of expense the only maintenance second fleet statement for and

majority a our earnings the driven be vast since our For services will This all business currently FSRU of and by are our reasons. is the XXXX, of few for vessels full noteworthy contracted. terminal year XX

the First, FSRU with previous GSA, XX-year gas-held to a we've forÂ Excelerate. long-term a agreement, contract to Petrobras said from in a long-term enhanced charter will X-year to Brazil our contribution of to or services for visibility both provide FSRU gas revenue our and terminal second.Â As driven is flows cash long-term transition and regas DSA from from transition before, charter the shift in Sequoia largely XX-year the sales by near-term

the rep contracts of and is terminal investment are of underpinned low-risk $XXX $XX about whyÂ ExcelerateÂ Energy average program repurchase contract ]. and roughly quarter, capacity. Directors represents borrowings $XX weighted of for finance years. allowing comprised Our million million equivalents We first of business quarter, with a to opportunity.Â As under fixed-fee the X of of million [ $XXX major believe assets by billion letters of a revolver, relatively million. million that revolver our reason borrowing core theÂ ExcelerateÂ Board to these outstanding our our attractive long-term and of portfolio In the under cash We remaining high-quality the revolver, our over leases, distinguish approved on $X FSRU core total cash unfavorable financial and including end was of first hand, of attributes Croutonstock debt, a had credit a issued $XXX no up

A stock. the first of XXX Class shares million or During common quarter,Â ExcelerateÂ purchased our $X.X

facility, free on we by cash update the we XXXX. core term provided our term.Â Now the our our have our by sheet, let's an balance that guidance growth credit confident objectives remain turn and and long financial generated to the will fund capacity strategic in for regas flow our liquidity and to business, sufficient With revolving near strong

XXXX. our reaffirming financial communicated are We for guidance previously

For This range to million. and year, expect inclusive continue is we $XXX between the adjusted roughly million $XXX full million EBITDA in $XX to development of range costs. business expected

$XX to range year, full and the million we million and $XX committed range $XX between For to CapEx continue million. $XX growth maintenance CapEx to and expect between million

FSRU, needs is allocated milestone definitive June a capital that is our currently in will projects.Â This committed growth previously this CapEx updates XXXX.Â With committed committed with payments defined are contracts CapEx delivered the counterparties and execution open year, growth for of most Q&A. committed specific As growth executed to be estimates as newbuild approved capital for investments our will which We reminder, on related we'll incremental infrastructure provide that, in for capital to as continue capital call on XXXX.Â up to drive

Operator

comes first Our Instructions] from from Robertson question Chris [Operator Bank. Deutsche

Christopher Robertson

clarify going a XXX,XXX to Could the program, around clarify, the wanted I to you share Dana, on is just Congratulations you Just strong paid? price back, that made shares. the quarter.Â repurchase point average per share

Dana Armstrong

sure. Yes,

million. XXX,XXX ended $X.X shares it and it's being So up

per So it under $XX was roughly share. just

Christopher Robertson

some that you that's projects, proposed Looking if at wondering project here, expand order just several or further portfolio by mechanism other here. upon different been rank maybe Stephen, the obviously.So maybe could

talking and a you're return here. whether clarify the the the you or Just project you? you're counterparty, it's mean, But the et about on maybe a how type important of risk-adjusted would a a different the project I what's Could about there's lot thinking for most factors attractive going through table eyes? or of type your make most what in variables, the return as cetera. just

Steven Kobos

Thanks, Chris. Sure.

to the We it's this list. an the prioritized there. provide more little TAM think fact excited are a is of clarity matter out because a enormous We is

to different we the I markets. through But tearing for countries. this look have energy. need at this going to of to we this like the is obviously, the call, care Actually, what a say, and is we're about look on time We projects. that lot care have. fundamentals down as see a looks and about at for hurdles at long it opportunity look the we the that we've substantially.Â Now wax set through that the for going shared mentioned everything We're So we

needs at any But WACC. to we're our hurdle looking is project want and an certainly, expectations be Those that gas, our of needs shift there. country-specific have coal.Â But the economy going are to otherwise the we these has market fundamentals. it, the itself to to know also that just meet fuel not going to to So

the confident of we right So subset TAM. prioritized feel the that we have

Operator

question is Capital next Wade of from Our Suki One.

Wade Suki

portfolio. Maybe project like give Well, out a them, would clarity you more kind let's just bit you projects new and builds, the, little of dovetailing the can on comfortable. to prioritized asset a that call classes, be to maybe ships, Chris' fantastic. the XX detail in on extent Any more of things feel little terms flesh terminals, question adjacent on

Steven Kobos

But to second. to we say, going Oliver I'm here LNG I turn Thanks. a a would in global company. just Simpson it over are look,

a LNG presence of needs have a to Everybody find over this all all We the world. knows home.

want looking But get you et at. the the way on we're classes, We cetera, Oliver, are the nitty-gritty home of some the builders. asset into to

Oliver Simpson

yes. Wade. question, Sure, the Thanks for

value reach the So of different have we geographical a different wide you covering across projects, projects the of number list is types a with I projects of of think have LNG see range what a chain. that XX

I require think new projects asset of FSRUs. from obviously, these So class, number will see a we the

deliver point, make in and targeted these integrated projects that appropriate allow in products I these growth it's We our projects. whether add like. part those some customers.Â So But projects core a for you additional these think, a I to we've projects, for incremental really offer. new also, to the range general, we'll to we're builds strategy, solutions, of these have That's looking broad Steven's are be returns, projects us strategy which offered and as or fleet. and number as of our conversions to have see drive of about gas earlier that a markets think our excited And sales,

that think I little gives more hopefully a color.

Wade Suki

side. I'd Fantastic. you sense, to get very love And commercial all a obviously, the on are active

Just couple LNG next the amount a thinking the of get the customer a in of have mentioned, here these of got, Gas prices We've come years. you is the sense as hitting down. of good what market days.

temperature mind. the of concerns, is, us give of mind top what Just a the the sense what's the are if for customer, you what on wouldn't

Steven Kobos

I'll just jump in.

The of is increased reentry the it it, announcements energy LNG south these markets, contracting a that Ukraine of it. key I all the They and surprising we've disruption we're their their mix for seeing share have took by market, was place, natural ways on the the war market a over that gas XXXX. but think to Global through on and of in in over focus of world they're global they at away spot that And gone a intend the now. strategy. part to into seen India's them like in what especially supply, table. all We've while, long-term All the the back for accepted they're the they've kinds prepared the and the within manifesting general. for the number LNG projects that recognized the LNG from of It South. weren't war,

credible energy mix the coal a alternative the So world. the is bullish much of and there remain it and to the sentiment of in we for South part out is

Operator

question from next of Our Tonet Jeremy comes JPMorgan.

Noah Katz

Katz Noah is Jeremy. for on This

to on capital million I repurchases $XX XXXX. wanted you your allocation authorized priorities. guys up touch I through First, to February of know

provide So would repurchases thinking weighing other you opportunities? about thoughts any raises any are can be Anything there bolt-on are Or versus great. leverage there and you reductions? on dividend future

Dana Armstrong

Jeremy, question. the thanks for

said in to South, to lot will stress as and generate a focus to projects. the mean, the strategy. just allocation expect there importance there's growth out our we we of I with Global capital these cash Holly use growth of said, So on our Steven continue and

the $X repo, quarter. as end know, So share million you as the we far the of as through purchased

remain use We'll that X. use million, through $XX will But makes it million February $XX We sense. optimistically priority where to the growth. have our remaining

right we have long growth. on debt is of evaluate We'll As now paydowns. we'll cash excess increases priority obviously potential But dividend hand, as evaluate our term.

Noah Katz

vessels you what as Can with such you're with in other regasification efforts to smaller for additional speak seeing assets investing onshore of growth with outside FSRUs, players? guys opportunities

Steven Kobos

single point, call A and going world not some that there come how in billion, for much size time Oliver, now will opportunities. X that an to no different-sized range. this one-size is great be and these home of the are size. are the a of we've coming And fits a ton million for there's That's in a the mentioned markets. all into lot LNG going them be to for some said We've solutions. of it's the in but be FSRU impact But Karachi to any they lot out is projects LNG our of time, some market.Â So the want X into years And -- you the thinking the fully online those they're not make delivering there's fits way of expect that point same something like decade proof just and global many going difference. you have my the of of we and going weigh the in there's to will, that X.XX% can that at -- FSR -- one that will for be that, of if variety from to can a all.

Oliver Simpson

markets I a point on in downstream we're seeing that's LNG. exactly these therefore demand and gas than that the No, think

We happy of simply the range of on assess that we to have wide We're large-scale can provide. to not FSRUs we're and assess technical married all market. needs solutions that will different each solutions. project the depending a And

Operator

of question Robert Brooks next comes our And Northland Capital from Markets.

Robert Brooks

quarter. the on solid Congrats

and investing on could in even the maybe mentioned CapEx, to So this? long-term those piece push higher? on Outside protect of are -- that the maintenance you some X, what are examples margins. guys margins examples And business and enhance Slide revenues of core

Steven Kobos

I comments. think would Oliver's that really Thanks, Yes, Bobby. upon build

We're continue to We our these class. on in to invest assets. are going bullish asset

continue and that sorts track will we of There all that. upgrades do can been to of are a customers. these upgrading that assets, have you upgrades our record make, valued have We by

them. be are one you able we make and or of were anything really the XXXX. And capacity to drivers are an extensions entire could be reliquefaction suite approvals modules. could get at to minimum kinds We why send-outs that of in that's years Those contract looking those. could from all XX compressors.Â There This of of

how you the that into time the We are do evolved deliver all needs customer needing. product that your customer looking has your and for

Robert Brooks

specifically on previous that's that obviously, then a in And at the key are Got that more when and it. looking What development? kind you economics those market but or existing one regas project terminals operating guys or dynamics. acquiring maybe then made interest circling outside of was X other are questions, when evaluating are already back specifically pieces, developed of of either on what -- the focuses key under outside maybe that's

Steven Kobos

get markets LNG. need more mean Thanks, they when they the LNG, Bobby. that I find need LNG, we

So the to going are remain market fundamentals as of the driver. you critical say, the

other enjoy seriously we and the which governance for reputation is all take believe we is obviously driver over drivers we a of One which that outstanding value globe very the our forÂ Excelerate.

aspect of what a and does part just So counterparty us think to we into allow financial, in? then the And projects. an for about that And require. how market obviously, So it entry that's want the those one the we WACC well. is we as and third need be that point

I think pieces the the those puzzle. are of key

Robert Brooks

it. Got

necessarily So pretty existing that you projects preference at of and of no development kind much way. no the for are either. There's under kind it's looking projects same not

Steven Kobos

to earlier, allow in go it's all you you you to No, and opportunities you certain projects. upside as is Oliver mentioned with want get get to the think most from, to the you the you what about I think helps what what where and be want associated markets incremental into helps going

Robert Brooks

that think then And say excellent. was I with question X, Slide want I to projects, Got the one for it. prioritized just me. all last

$XX I was about my $XXX sized maybe I EBITDA opportunities in it those more something you and you to then CEG, in are million So from would question million, in X to associated I Or the know -- of terms think, potential maybe of would time projects those said of how that. we and over that like think kind Are projects from be digest? boxes the generation XX maybe should to -- take detail. think projects and thanks H&K, so much But some how check months? cost I But all general, know you for But is range X terms next going size. vary which providing the that all could that do them? one

Steven Kobos

out vote we as friends, full-court I'd tunes there but can. [ doing our we to as going many that. a as give of on and as we are the we're to And transparent I press doing ground is that prioritized this. we to eager more step reality of course, to can be are going projects like all. speed are my I'm, the you we We're But committed to investors. with Bobby, color, everything on ] But direction. is we you can can. to in many our of some as this full with we events a as share hope drive want going

Dana Armstrong

I'll And but going million mean, projects. are obvious, $XXX this be obviously, the more going projects, more. are Those bit the in projects a cost ones to range. mentioned, probably integrated smaller $XX more to larger, is million the be to also the are and going little They're integrated I that Well, complex. comment, then more you more to that

of that a will buy-ins have pleased will that take more can this and of wide Others some and more we real we time. equity to quickly. projects, And market bit Pira complex go on like be little potentially very be diversity so we're these

Operator

Our SciallaÂ of question Instructions] Stephens. next comes [Operator fromÂ Michael

Michael Scialla

projects about past, that? talked on, think, also talked you've in the driving rather there Americas which Sub-Saharan past. talked surprised you're Africa. the market was there I are changes in any new mentioned little you working about dynamics the a mentioned about in you than, the Has you Pacific, been you Stephen, And Asia that

Steven Kobos

No, question. thanks, the Mike. I appreciate

a said, there. We're we I company. As are out global

all are into to Ocean off the sub-Saharan we those Basin, Indian we the the Africa at offices Sometimes world, all since interesting writing global if market. not have the there opportunities. over reality over is speak all. I insights And have points But

best any like And world. in are So regions, you of just particular Americas denigrate I'm opportunities. of off the not prioritizing we do any to near-term clearly those part writing way we're meaning as think the well. can what that we the shouldn't but the we most take We're likely

Michael Scialla

elevated a that's of from that reverse anything Americas attractive? there Anything has guess recently? point that made look or view changed I more the

Steven Kobos

right Mike, nothing get want I now. to into

will. As soon as I can provide better we color,

Michael Scialla

Then you volumes have. the I I to you to thoughts sale you. purchase leave together ask those on do continue you long-term did for Plaquin go? the market? Got with any wanted And spot tie That's and Qatar agreements Do if plan Bangladesh? agreements. where LNG and LNG Or like all to just the some on so,

Steven Kobos

Yes. support before, regasified little Oliver held that a because mentioned XX% class. to I'm their shows And want regard it. to integrated around Qatar we've globe. frankly, ours. fit, good about for Oliver, high on been important a very me you good players say, Mark. an energy theÂ ExcelerateÂ is major Obviously, let working time. Mike LNG with it a Thanks, as But going some more. market we've I across the Really turn deal. of deals. the of existing we asset our happy by will deal to second in And with a to turn the Qatar for It's solution is for proud

Oliver Simpson

Yes. Thanks, Mike.

of the strategy. portfolio as part in think our I a before, diversified mentioned mentioned is we energy key presentation, we a establishing

volumes see the there you that a lead are are -- the or that where some there. These think some that LNG that we in of prioritized of supply. project most those as Gulf projects U.S. portfolio flexible out number FOB I -- today volumes have of we'll volumes

a At good projects. seeing volumes. key time, these to interest the fit So we're same the they're natural for

downstream much it's the whether elsewhere I different But or question, aligned as building see opportunities, demand the So to is we needed. your very LNG portfolio that growth. with we think projects the will assess how supply

and that parallel match demand. with in it to build we'll So that

Operator

question Tuohy Craig Shere comes Our from Brothers. of next

Craig Shere

to up are forward afternoon. opportunities catching later exciting. this The look obviously growth I

you walk today. to which speed got You've getting at And the quite for credit you're frankly, before we run. think not you're walking

XXXX X what guidance I've the and questions about So looks really business got like. simple

excluding First, What my dry rate run docking would more smoothing few development that expense over a believe look only EBITDA question. out a costs current That's first that average like? and occur I growth-oriented years. unusuallyÂ ExcellenceÂ vessel recurring

Dana Armstrong

I can that's actually -- relatively simple.

So our can as million spent we $XX $XX you million And drydock, million previously, on spin. XXXX. of spend $XXX we and for million And $XX all $XX see to year. our that is expect the in guidance, from we was as million, stated to what midpoint is business this that in development roughly

Excellence.Â And of you X the boot structure, capitalize vessels state our every None will have for was of a that are off-hire. years. in of a all Some vessels. that so other million have summit P&L drydock $XX quarter, we the the But of for impact quarter happens for last correct, $XX are other million we this and we net drydocks impact roughly on our the

assume, that safely run million. think, a could can exclude you So you $XX probably I rate,

of growth see rate However, is you will from to I development, a we to a not in sense? million so caution average Does broadcoming we we the make invest would and business spend run $XX an rate a of business pretty because in of for the continue growth are that run development size. range exclude our viewpoint ongoing company, that

Craig Shere

area if docking pay smoothing opportunities for right? sounds you're like these the docking, if I to run growth, it Does being for about on that Yes. the out tremendous weren't shouldn't here not focused dry you of in rate, the mean might about for be growth. be probably expenses sound your home we And trying $XXX. I to paid guess you I'm is point drive

Dana Armstrong

a mean if get I maybe you just right, about sounds XXX. But more. bit $XX, That to yes, you back add little

So the yes, range would spend and to drydock. without somewhere the growth around XXX XXX the be

Craig Shere

in year? for about to the to you've there that in returning 'XX that does can upside any, And opine purchasing, south if guidance one-off years? the included seen the represent is to market spot prospective included, degree as a what, your it's discussion And Okay. upside about on prior you not this global

Steven Kobos

in the Craig, mean I understand of I want -- to question. terms

much asking cargo I guidance additional questions. in contemplate of sales our does way think incremental you're the

Dana Armstrong

Yes.

don't So expect amount quarter. Craig, we a of huge

year, this figure. in the in our had expectations. it's we not And quarter. perspective, first a from So guidance It's a included one material

Craig Shere

unexpected Okay. years, low on from of kind of some seasonal managed had you opportunities. prior In of to, get millions dollars margin occasion,

You the you're working? exists way that today, don't think

Steven Kobos

I you can. seasonal are think, give the and in of about Craig, going trying of I to team to words right to hall the it. do they our I'm unexpected to be they're right we've that the not obviously, the going way what balance used probably there a out But and pass, think commercial guidance. But think got

Operator

from a have Suki, We Capital Instructions] [Operator One. Wade follow-up question

Wade Suki

tap. Sorry double the for

something, upgrades. reliquefaction think right? to was say to Just I it capability, is response that say in Bob's correctly you question on Did hear I

Steven Kobos

we to But want on -- option. Thank AMG dig you. a I too That's what we that's yes, don't one assets. can decent-sized much can how out that, these With option.

You can efficiency. for put a skid on

their specific looking they're very upon discussions periods particular a of So we understand in of about project other factors? at sending there those how asset, a tweak market the with has a because each going all balancing utilizes depend or to and each every and are they're a So that where hydroelectric optionalities. number we market, a customers base well, maximum out are asset. to XXX Are customer they day, time or

Wade Suki

new or this Okay. your be maybe a of a would Great. or might type application Yes, vessels. that for how understand one be type of customer was using maybe different capability to I a trying

Steven Kobos

more they're to year. Yes, other sit I a parts we there the seasonal Anyway, do a technical think, for good in general, demand team. year and how know it make We operate. just where would with be going assets part intense use an the in these somewhat of of have robust

the at this ways And best all to upgrade consider track long obviously, record point. have We a them. we

As I increase happy how and contract you increase before, upgrades to basic just are length. a seek on assets, mentioned return you contracted how you keep customer, how

of it's an shop. the part So important

Wade Suki

think about further to of I are lines, to it. of be set can I asset, kind portfolio, beyond another guess, optimize other there upgrades, the way optimizing guess, the you at things sort assets, existing the existing And Further one-off along of those portfolio? would looking smallish doing be existing

Steven Kobos

Yes. going keep-- yes, but pull to back we're entirely wait, I'm not curtain going to the

Wade Suki

for We here, right? can't me pay trying

Steven Kobos

No, way value a you, class. useful to for the what we is about of the asset and asset from no, assure this, assets value driving life. necessary do But The I ensure those best life, has we are no. will we useful class thinking their long entire

Operator

further to to no like Steven the call back Cobos And hand for there remarks. any I'd questions. closing are over

Steven Kobos

Energy Excelerate growth joining leave just ensuring the all for Thank compelling us we accelerating you the security story. want with is transition. morning. thought energy this and to I to all that essential are you energy a

Operator

This concludes everyone, call. joining. for Thank conference you, today's

now disconnect. may You

Excelerate Energy (EE) 9 May 242024 Q1 Earnings call transcript