Excelerate Energy reported net income of $33.9 mill for the fourth quarter and $80 mill for the full year 2022.
Adjusted Net Income was $34.1 mill for 4Q22 and $108.7 mill for the 12 months of last year. Adjusted EBITDAR was $98 mill and $331.1 mill, respectively.
Excelerate executed 20-year sales and purchase agreement (SPA) for 0.7 mill tonnes per annum of LNG with Venture Global in February, 2023 and closed an amended $600 mill senior secured credit facility in March.
In addition, the timecharter with Dubai Supply Authority (DUSUP) for the FSRU ‘Explorer’ was extended by five years from 4Q25.
Excelerate’s Board declared a quarterly dividend of $0.025 per share, payable on 27th April, 2023.
The company also said that its 2023 guidance was that adjusted EBITDA will range between $320 mill and $340 mill.
“Our full-year 2022 results underscore the strength of the Excelerate Energy business model,” said President and CEO Steven Kobos.
“We delivered an exceptional financial performance for the year while navigating one of the most severe global energy market disruptions in recent times.
“As this past year has shown, having flexible access to cleaner and more reliable energy has never been more important. At Excelerate, we take pride in leveraging our FSRU fleet to meet our customers’ needs while supporting the de-carbonisation efforts of countries around the globe.
“Looking ahead, we are positioned to build on this strong momentum. We will continue to capitalise on near-term growth catalysts, fuelled by the increased demand for LNG. We will evaluate opportunities to scale our business over the long-term to drive greater value for shareholders and customers,” he said.
In March 2023, Excelerate was awarded a seasonal charter for the FSRU ’Excelsior’ at the Bahia Blanca GasPort terminal in Argentina.
‘Excelsior’, which is currently on charter to the German government, will be placed on a suspension agreement while it is temporarily deployed to Bahia Blanca to provide regasification services during the Argentina winter.
Immediately after the Argentina winter season, she will resume her original charter with the German government.
As of 31st December, 2022, Excelerate had $516.7 mill in cash and cash equivalents, $40 mill of letters of credit issued, and no outstanding borrowings under its $350 mill senior secured revolving credit facility.
Following the anticipated purchase of the FSRU ’Sequoia’ in 2Q23, the company will no longer incur hire expenses for her bareboat charter.
