Golar LNG 3Q24 Results

Analysis of Golar LNG’s 3Q24 Results

Golar LNG is a liquefied natural gas infrastructure company specializing in FLNG production. It currently has two FLNG units under stable, long-term contracts (Golar Hilli and Golar Gimi) and is constructing a third unit (Mark II). We have been covering the company since 2020; you can find the investment thesis, financial models, valuation, and all updates in the Equity Research section on our website.

Golar LNG 3Q24 Results

• AEBITDA: $59MM. With only one unit currently in operation (alongside two shipping vessels awaiting sale or conversion), AEBITDA remains stable. Growth is expected to start in 2Q25 as the second unit becomes operational.
• Net loss: $36MM, due to a $90MM impact from derivatives. However, this is a non-cash item, as the value of the derivatives is adjusted for accounting purposes at the end of each quarter. In practical terms, net profit would be $54MM without this adjustment.

For Golar, quarterly results have provided little new information for several quarters, as its infrastructure operations produce highly predictable EBITDA. The key developments are those outside of the regular results—such as new contracts, refinancing arrangements, progress with Macaw Energies….