Golar LNG reports Q4 preliminary revenue $65.9M, consensus $73.54M

Reports adjusted EBITDA $59.2M. Golar reports Q4 2024 net income of $3 million, before non-controlling interests, inclusive of $29 million of non-cash items, comprised of: A $23 million impairment of LNG carrier, Golar Arctic; TTF and Brent oil unrealized mark-to-market losses of $14 million; and A $8 million MTM gain on interest rate swaps. The Brent oil linked component of FLNG Hilli’s fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q4, we recognized a total of $34 million of realized gains on FLNG Hilli’s oil and gas derivative instruments, comprised of a: $14 million realized gain on the Brent oil linked derivative instrument; $12 million realized gain on the hedged component of the quarter’s TTF linked fees; and $8 million realized gain in respect of fees for the TTF linked production. Further, we recognized a total of $14 million of non-cash losses in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows: $12 million loss on the economically hedged portion of the Q4 TTF linked FLNG production; and $2 million loss on the Brent oil linked derivative asset.