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Mar 31, 2025
Golar LNG Q1 2025 Earnings Report
Golar LNG reported modest profitability in Q1 2025 amid strong FLNG chartering activity and strategic project developments.
Key Takeaways
Golar LNG delivered $62.5 million in revenue and $8.2 million in net income for Q1 2025. The company benefited from new long-term FLNG charters and made progress on major infrastructure projects, despite a decline in adjusted EBITDA and net income compared to last year.
Signed 20-year charters for FLNG Hilli and MKII FLNG with SESA, securing a $13.7 billion Adjusted EBITDA backlog.
FLNG Gimi completed commissioning and offloaded its first LNG cargo, with COD expected in Q2 2025.
Net income attributable to Golar was $8.2 million, with total operating revenue of $62.5 million.
Declared a $0.25 per share dividend and completed exit from LNG shipping segment.
Forward Guidance
Golar expects significant long-term earnings growth from its newly chartered FLNG units and progress on its asset conversion projects.
Positive Outlook
- FLNG Gimi expected to reach COD in Q2 2025, unlocking $3 billion in EBITDA backlog.
- Charter agreements for Hilli and MKII FLNG forecasted to generate $685M in annual EBITDA.
- MKII FLNG conversion progressing on schedule for Q4 2027 delivery.
- $1.2B refinancing facility secured for FLNG Gimi with expected $371M in net proceeds.
- Regulatory and export licenses secured for Argentinian projects offer strong legal protections.
Challenges Ahead
- Adjusted EBITDA declined 36% YoY and 31% QoQ.
- Net income dropped significantly YoY due to non-cash derivative losses.
- Commodity-linked derivative positions recorded $25M in unrealized losses.
- Macro risks remain due to geopolitical tensions and economic volatility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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