Golar LNG (GLNG) Q4 2024 earnings summary

Executive summary

• Completed transition to a pure FLNG company by selling Avenir LNG and Golar Arctic, ending legacy shipping operations.

• Acquired all remaining minority interests in FLNG Hilli, now owning 100% and increasing future cash flow and earnings backlog.

• Achieved 2024 net income of $81 million before non-controlling interests and Adjusted EBITDA of $241 million.

• Declared $0.25/share dividend for Q4 2024, payable in March 2025.

• FLNG Gimi commissioning commenced, with first LNG cargo expected Q1 2025 and COD in Q2 2025.

Financial highlights

• Q4 2024 operating revenues: $66 million; Adjusted EBITDA: $59 million; net income: $15 million (includes $29 million non-cash items).

• Full-year 2024 Adjusted EBITDA: $241 million; net income: $81 million before non-controlling interests.

• Cash position at year-end: $699 million; net debt: $816 million; gross debt: $1.52 billion.

• Dividend declared: $0.25 per share for Q4 2024.

• Hilli generated $277 million EBITDA in 2024; $170 million free cash flow to equity.

Outlook and guidance

• FLNG Hilli’s Argentina contract expected to commence in 2027 after upgrades and relocation.

• FLNG Gimi’s full commercial operations expected to start in Q2 2025, unlocking ~$3 billion EBITDA backlog.

• Mark II FLNG project on track for Q4 2027 delivery; targeting charter within 2025.

• Advanced commercial discussions for a fourth FLNG unit, contingent on securing Mark II charter.

• Long-term LNG demand outlook remains strong, especially in emerging economies.