New Fortress Energy (NFE) 7 Nov 242024 Q3 Earnings call transcript

Good day, and welcome to the New Fortress Energy Third Quarter 2024 Earnings Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the call over to Matthew Reinhard, Managing Director. Please go ahead.

Thank you, and good morning, everyone. today's XXXX where results. joining our will for quarter third you conference we call discuss Thank our subheading The be on of available is by under call being replay the recorded Investors and Presentations. Events and will website the section a location, through will call. find today's that we At the will presentation same you walk on let includes CEO, over it to Chairman and as Please on statements hand review it this and me forward-looking Edens. Wes information important non-GAAP measures. With that, our Wes?

dialing Great. Thanks, everyone, for in. Matt. Thanks,

to the but refer as as we the here, will So usual, through deck let's beginning. flip we at start

So very Page From that's summer. results. of one. flaccid we X, basically first adjusted million, last a financial here an with operational what the $XXX of forecast QX quarterly standpoint, right the top on was EBITDA quarter

I'll that FLNG continue a in operationalize So we to talk about operations. minute.

sold full We Labor then to countries. sold Europe. permits and which obtained was shift allowed transported it in the us to non-FTA non-FTA Day, first We cargo, to our

looks like likely that milestone us. course, presidential to for was a Of but the after that election, it lifted good be is ban

guidance the reducing have our we're volumes to to taken here, in that are fourth so going due quarter lower FLNG. in some We maintenance modestly we've

working production, a second, is but and well unit back talk in that production I'll is about with The up of that's but very the now. on We've happy running very, been optimizing we're it, and good.

into got in Andrew going service but from We accounting minute. has about business standpoint, Barcarena from but place talk that which but a also are will positives it's operational an to in bring implications, some a nothing standpoint,

is the FEMA something get I The all asked time. claim about from

of the FEMA, a with and Obviously, with contractor that quarter. the is quarter, of have conversations is our is expected. impact We resolution to and think as don't which settlement on anything with well fourth as FEMA the as positive. report We expect do in the specific it. We continue pending that to have core the and Weston,

extent The new come would what options I'll around. we materially the that could to our these that length first to at that they also bear, would strategic things forecast move some about pursuing quarter affect talk be. And are

specifically complex So because is actually, operations these forecast are then just ability little and large transactions. more from such a away to big the individual

events notable page. So split to is the following

Fast XX I'll hourly days for to basis nameplate start event, about of ran with XXX% FLNG. maintenance on we an Prior to capacity. the

the operational brainstorm in to that So working down you then on on big changes extremely in and vendors Houston We is really went liquefier the process had Monday, you exactly about the now debottlenecking can that and meeting this a time well. that the This production. implement sit of well. with increase

quite it, X% positive we X% nameplate the people short-term XX% add through. industry. in This that of That capacity. a additions to there's bring to is just team that number process to Our into a consistent natural can go of is to other is with

First, get at at running full nameplate. up and --

doing. what that adjustments make Second, you those enhance you're allow to

So very, news very there. good

is us operational that about XXX,XXX a filling fourth our our believe, of on run is and asked provides average I completing Puerto this thing flexibility. buffer I've The One questions, because we're back about that Penguin meters. the to just storage. We're ship cargo, of XXX,XXX meters forth tremendous been morning. some cubic That Rico cubic about amount

been load, standpoint of cubic thus and a that as an downtime and gone our there, day storm a that's and that are weather, from experience we So expect buffering delay have through have far. XX,XXX there you meters has here that when to means basically when there no there's is or swells operational we to

now into from the Andrew operationally, to to out there's we're on Andrew Brazil, of commissioning. So But bottom kind will And about the extremely leave the of The performing construction moved tremendous has our standpoint going stages talk FLNG but all phase plan, continues. activity extremely specifically. talk of to squarely and is well, construction I'm and going of well. a well going big let time, I the EPC beehive about I'll on but there. this, line that is budget. performing last The

a X/X of corporate a XXXX morning for majority the corporate in vast significant in of did culminating to to investment for capital as signing terms, completed it. lastly, into But the in also finalize here a us, refinanced simpler the and revolvers of $XXX million extended actually we the what Lastly, in that and and October out of then that we raise the is XXX% big, -- class participated our has XXXX. personally a well. big XXXX and debt, single I equity the back of with is amount quarter, we of extended company focus the refinancing the agreement formation this This did we kind

is done basically for has to here has debt this series has in very events. a pursue to and now to significant course really next What the things about the talk of of added liquidity ordinaryy that allows going company extended also us it maturities I'm

broad-based We're us and very was And stage it through work So that's the great. our of blessed with a other very outlined professional now we that that to strategic goals to for bondholders It very, and collaboratively on have group banks. sets day. well. lenders done this focus our a the

the let Andrew. turn get But before that, to updates me Andrew? I of rest over the to

update. talk nice I'm Brazil talking everybody just So X, to to on again. construction Page the about

our Shell X, just So XX% plant, is a XXX-megawatt combined positive quarter, which complete. at cycle it is update this

us there. good a So milestone for really

pictures the power real on left. on bottom got a plant see site. the can We've You

on site month. last almost X,XXX have people We

the on electromechanical site. all So done. a going kind ton of matter sort of is the of just of the of now work in activity on assembly, everything And it's final a getting stages

that's XXXX. this the for firm as of Datang is forecast flow [ commencing well. and And Mitsubishi half Our EPC in is agreement, ToiosCatal ] cash second

X and progress the moment, track quarter. on over good really the everything last for at So Salva

Our in that year, you We're January announced remember, schedule. a We we and actually ahead project, to today. we made there. this of Barcarena, the lot I moved Port of Zen think of and site and -- progress of signed of acquired construction December which acquired under is in and

So we've complete on being planned XX% at XX% and point, achieving this complete. actually we're

So great activity. we've had

see the on great pads the the the And you the clear What If can bottom turbines. there turbines right. you different big the gas X as well. for the the top the then text, progress is pictures on are large bottom making is on for Mitsubishi substation. see

than we're now, So of ahead that right project expected. is really coming schedule. faster And together

positive for our back quarter. you, Brazil on in very update to construction a So the Wes.

Yes.

operational. So This we of to last Nicaragua. the flipping the terminals that to is go expect page the

in expectation Our plant, XXX% the XXX-megawatt QX. complete. complete. Jetty still power and The FSU is is The XX%

month We expect X. the in completed that next or to be here

is you been dredged and put see, can pipeline, place. The has as being in

works And just dry this the freeze, there the expect FSRU end include here from So we power to the when terminals the at the the the put dock finalizing jetty remaining the of really out plant. get and to year. connecting then of pipeline our we in

update So standpoint. from -- a very that good very,

on So the now flipping update. strategic next X the section to

from words is Let's a start we a with and quotes on -- that page, this on the the days X-K couple our the ago. of

liquidity upon Energy a a are talk closing detail. what we flexibility, company's to, Fortress in referred New series and we'll that XXXX, but X, financing increase transactions, October about bit announced more of the intended to that's financial just on little So

there's Mexico, or for company work we think The what of kind one that than in what perspective, days is that focused laying debt From financial when the are the further on to And levels X-K focus more about sales expects and job of FLNG couple Nicaragua, believe strategic worth identify terms we begun equity we think are sum of flexibility. into out has Rico, our strategic partners current That's company's businesses in the these are this Jamaica, partners, ago, of a including is lay projects Klondike. parts Puerto businesses, and that the with issued clear or X goals, intended company. to which ventures our primary the that a significantly and simple the to in. I units the that enhance commercial more to company liquidity of in the our of I potential explore financings, asset of Brazil,

close et is our gap value. for of our focusing of constructed. characteristics Or community many any individual fully that operating are to assets focus, businesses, the can to therefore, case customers. will And they in little, cetera, be if that the of one, therefore, have so be number long-term assets by with that very kind They're And on construction bringing shortly. partners, The Brazil, risk. are, realize part, capitalize, most

no CapEx. or little Number two, need they

straight And that line. generate, from essentially so operations to the bottom customers. supply cash are the LNG Number they flows have three, which the to they significant match go

infrastructure you the demand. and when and really what the the then match supply pure both a essentially, of and business. and to between remove commodity just product, gas is customers, is just contract the power inflows business becomes a simply So of matched a left long-term exposure between and demand, And supply outflows you it

goes prospects commitments, straight basically have clear no of very, CapEx. little the These to bottom investments. asset characteristics no the they or operational the risk without and line, of with capital, sum grail fraction total There construction is histories No significant only is incidence growth holy lastly, the long-term additional itself exposures. are commodity cash as capacity visible in and a long utilized. And infrastructure no flow of very

is the broadly that, speaking, of So our assets. description

there's constructive once as our and of this size, of developed businesses. added significant -- and quite in together, of most we we're And that valuation all are the to #X. is and of the current very most value believe believe parts We've chosen significant them you that the X substantially all positive greater than and sum equity. these highlight the debt Page flip but value to in in they the of

with which the CapEx completed additional and final or and of These growth X projects, little X, the specifically and the mitigates went the no other the they customer in of exception have on very Brazil. in which They are Rico the But again, assets, value just supply, the Puerto Brazil, have FLNGX significant long-term material the require terms are exposure. characteristics have opportunities. in I The and construction with offtake, add longer-term through. operational Jamaica, projects combination climate and matched then

these a of in in similarities. of invested Rico, of they are unique these but making years XX Each building lot so, in X Puerto billions dollars Jamaica, assets, roughly years in have in years Brazil. in X years and many taking We've doing

in to positioned to for terrific different well think very we've these investments talk have So assets, options the go we're about made resulted we now and investors them.

to left The and FLNG downstream from let's look and -- complement Puerto going right. at #XX, complement So the Page perfect to kind of upstream assets are Rico other. each

LNG world As because, possibly significant our is estimation each a value creating now live have of X, what there's between for and it. still But a when of Juan. and operational, downstream with a we obviously, you FLNG market significant the in FLNG where difference X they far have in price San the will needs they value them the more pay combine independent

XX X grow X but there's think change change customers, Act There's wide utilized, that today, a high and will chance is bring gas the XX like the Jones Rico, optimistic us very that partially and substantially. even contract we years, it's But a Today, duration to in of is other. exemption We that, that the years, from gas we're side market. to that have XX-plus that's X allows a straight LNG we time. this very, Puerto good supply contract to going over but TBtu have TBtu

power owned-to-managed across X,XXX total complex capacity The the megawatts. is

of, mature we most the oldest volumes, it's market, have have, asset, TBtus our that. huge presence to we significant match which a So of XX Jamaica, supply and XX very customers. is now which obviously, and

grow years, long that's have and duration and very years, term to significantly matched supply owned of So a XX chance stable XXX and contract right? We very a very, it power capacity materially. average against for very, megawatts, XX managed

Complex, North, of Andrew about. long-term island the you world of Norsk a have which Hydro, then X massive parts it's baseload in gigawatts huge terminal, an with the lastly, to activity X.X environmentally with of And sensitive of the of the most the offtakes. customer But combination in Brazil power, talk

investors, for is So goal own. the by do ability assets to what simplify manner. The we us deleverage for so the and is and of gives simply the company plan? The doing us merits refinance is the that in this thoughtful measured greatly a the to

asset use is refinance that of that we debt sales, without extent elements the key that the of to penalty. can One we off pay

the sales, in This do. results that capital is to effectively flexible pursue we're to we going very what which asset extent structure a

organically case. you which can also making the be our of asset You accelerate course, But bills, strategic money more all of could But pay could where partnerships, can sales simply costs is, that's deleverage they sales the outright businesses. and this the a the process, than it to number by these is. form greatly be of why a base They can JVs. of different equity of or be or They forms. focus be transactions it's sales portions can

of these very on expect busy as and We've this. very, hired advisers we few a go a on few months forward

time. as of purchased perhaps expect talk as and invested well. access decades the both that domestically a will in move lot and the about said We've interesting assets have commodity as before cannot things we it is is it only be these electricity topic time internationally to time, is And Fortunately, world, hottest the I the ahead. of in that and to

turn to over I'll about So Andrew makeup. it the talk to

Yes. Thanks.

as want to a follow-up that, business. study just we on makeup So margin case provide a to

a XX, finished XXXX. was just Old XXXX. COD CHP XXXX. which Bay started the plant and then NFE with we of in completed XXXX. in terminal, just there, in So in We then the the contracted really reminder, XXXX, in our XXXX in west was on And Montego Jamaica built terminal in Kingston Old power Harbour would on Harbour plant Page

in of customers different Jamaica. as The The Plant, Harbour which most of CHP to XX connected by megawatts, electricity Service. the which owned connected serves that Montego Bay the well steam Clarendon we business power orients our Power kind our in pipeline really on industrial the customers, And it by own to is is left JamalCo supplies then terminal Old also The the directly to because critical alumina Jamaica. supplies supplies Bogue plant, the is map as Public Jamaica about Old the which terminal are plant, And pipeline large Public Service. to and then Jamaica also to Harbour refinery. XXX by it's small-scale

X the terminal, supply with the a own out key the XX the can Bay right, We plants metrics major our really, of So we spotted see about customers and the the island LNG. power island. of on Traditionally, bottom largest basically on year. you on supply TBtus industrial Montego And we've XX

plus XX remaining agreements long-term We initially are started were customers. years. our have They all XX of XX We about years generally now.

And is One heat duration. gas And a the they is and volumetric at a electricity the take-or-pay year. fixed have XX about other capacity Clarendon. the X account years supply the every XXX-megawatt remaining components. volumes We XX% mentioned the has I for and on average we contract power XX% that payment Jamaica. of plant overall, in for payment about an own

gives just Page you XX, a it for to sense Moving our operations. better

of out run Kingston. gas keep of once by terminal own the the of supply there Bay to of our we into week agreement. our supply just our Montego by our where we business others larger long-term at about supplied. the industrial I power I gas the And west up receive terminals to we out Bay plants to We mentioned, mentioned. the which Bay and Montego X Harbour are We is JBS a shuttle vessel the from pipeline then LNG X into we owned one Harbour then customers today, XX old Montego we terminal international to and deliveries trucking terminal. run basically Old And So storage based a

investment business in just how highlights think XX, on to our a about few Jamaica. Page On

and times XX service kind to Jamaica long-term years or productive We've an public offtakes COVID. continue to with going business really us. has duration. partner grow a relationship So contract even been remaining and average great economic great We've we a ability during through of had more. to have extremely relationship like the them, had do difficult

know, might Jamaica as by Government and owned East-West Korea Marubeni Power of guys well is Service Jamaica. you actually As as Public the

We have supplied. investment-grade LNG

generally Jamaica third long-term through we supply shell. a So

business mentioned, under contract long-term have delivered our from receiving and out into we shipments this the that international spread DES Wes a creates gas mission power which selling in set the long-term Shell XX-year create as And business a Jamaica is then agreements offtake NFE, Harbor between to and the Old LNG under as terminal.

We have a great team. operating

XXXX, that's base the since we've obviously, had of over great Jamaica runs So had in And great team a the checking time. people runs grown operations. that a terminals,

people. train those started to actually program we've had employees We've and bunch step Indies where been engineering. capable a obviously a NFE hired continue positive in next generally grow. great help And a cryogenie University West and of place is here for They've the the at us of team. then super to a people

growth, X So targeting -- great vessels the of bunkering we LNG opportunities have switch is big for a incremental in to terms for supply. in container

other Islands. And little also Jamaica, the new and market Obviously, Jamaica We're electricity case Jamaica countries as of very think supplied supply actually is well small growth in our originally, sort using the the CapEx. started a out a hub incremental we access continue and Jamaica to really out many of Further, which located Rican that to other entire of access of terminal new continue and our other business for was Puerto be study all obviously to hub, hub this in Caribbean for great in growing opportunities a country requires develops, customers. power grow in develop to then Caribbean. as to can scale

XX dive our bay a deeper on terminal. Montego Page is

XX storage we on-storage supply about week This terminal tanks We of Old of terminal a Harbour. a TBtu which XX these main our once here, it's in terms storage. what about from provide annual So capacity. TBtus built is in

of the manifold, is truck-loading gas pipeline this also of the to see can and to storage on we trucking here. send there. And run the terminal we you power Here, plant, Bogue tanks out connected regas our then which operations by side left the

terminal Page is Harbour. Old the XX offshore in

This a miles those as the just connected the coming this Kingston, it's pipeline world-scale accept by West system FSRU in few and just deliveries into galant. and power is of of can you here. imagine terminal, cargo So a hogue and of that's is large sort the offshore Jamaica. $XXX,XXX terminal LNG can into all

heat of our combined picture XX and a Page CHP plant, so is power.

here, used So electricity the here, to process off right the see SGT sell sold that JBS. in the produce but comes it's high-pressure which and XXX you is by pipeline. to steam, at X the refining is then we which side the we to picture refinery, can't use turbines, can just there sort alumina of you Jamalco connected Siemens And of and of the there, which see that

which So is gas one do the certainly into time looking we're of incremental growth sell to Jamalco to the refinery, more over alumina as well. opportunities

important of has shows Page XX just kind Jamaica. to this been how

of So of I that for country. about the mentioned before, supply we we of the small gas were really supply, so supply, XX% kind that we as the a then energy and overall scale power in fuel the that infrastructure the Jamaica combination critical production

macro long-term By positively really from been cost, to overall energy were we years, a think which where has the way into this and on overall a Jamaica's for we picture Jamaica. able to we've entering doing to have been in really lock sort XXXX XXXX, in of these relationships over good effect XX reflected prices able

they've team and So debt the number to done down. it's we leadership huge XX%. about credit to when to from gone GDP started XXX%, that everything And was down Jamaica bring in to about

about developments. be the was case it's a And of been a then amazing macro and and minus. that's times And smart BB started prices, these development great Unemployment we do for to rate, X.X%. has number to and an from when decision of in gas positive sort rating long-term we development. been very it B base think market at able by do very number economic at stable to XX%, study to Jamaica making of a they've now power there, competitive macro upgraded about

to we and think is when mix. this XX% a the right of obviously, gas obviously oil-based On other And to generation the in Jamaica. continues country of energy of to develop. lot now sources the XX% XX%, That's generation do natural generation XXXX, was time in gas is go which that And gas seen then power you oil came over we've development down we side, intermittent base well. dispatchable to can natural see, time kind the from flipped. created X, of ability renewable as of has was Natural

fuel carbon do NFE in gas. of about we an savings, million power able equivalent natural a planted, and overall calculate Jamaica cost to XX% switching emissions what been from to So from billion then $X has XX.X reduction trees oil-based in in

to Page growth And is in all just of going few big And lane. ships, we've busy opportunity LNG-based terminal of this Harbor the see be able we've goes continue is Old Bunkering just do. Jamaica. by our a is service Kingston or that the on container is and one. the already kind able either really commercial that huge Jamaica. XX spot a we of a transactions get to for forward the to Where terminal engines bunkering with both super cargo is kind going carrier in side convert, we think built vectors that traffic of shipping seen more been the of a bulk ship to to number the top of side, as

should need that's and the side, Kingston, power public about, obviously, involved power new we East Jamaica Government in. of a new the On of think the is something want has plant make there's side to a we for be we on And which that something been to gas a years, oil convert of And focus of other and happen. over then to believe is runs on continue still the kind main the on next ours. of the some island generation also could of couple peaking

our LNG then grow continuing there. And continuing refinery. for we opportunities country. There's the with the We're by supply. to the gas hub in opportunity to to that connected I right into on access that electricity fuel effectively And base have continue we see Puerto the Caribbean. then to the be out Jamaica. other places of of Jamalco initially and business mentioned to the we starting did grow mentioned Rico an where for a to in Illumina ran the Caribbean. volumes I obviously more side, already industrial cleaner incremental We fuels other But pipeline want

With will -- into update Page XX. the that, I move to refinancing in

refinances which exchanges refinancing As Wes completed mentioned, just X/X previously notes, about we've were transaction our XXXX which notes. a of basically and $XXX also XXXX million and XXXX the

those going November tranche maturity are new XX%. us, XXXX is a for of All which into a bond at

and you the here into takes had, kind going the we're series those overall top, of then that we at our at maturities the the calling the and of X it 'XXs. to some 'XX 'XXs, note by senior and So the that the increasing this bit 'XXs can the notes new all see the We're XXXX and Series 'XXs is X/X little previously bottom of which the refinancing money. can the raising new bonds debt 'XX, new. the page pushing And show of a also by out effectively

incremental $XXX our this of transaction, raising million $XXX incremental with So the as equity liquidity. million $XXX it's of corporate by liquidity combination about we million of that we've did, part bolstered corporate in overall

Flicking This the transaction. maturities to pushed of out how just we XX. Page tracks this

as -- revolver as our well our pushed notes out 'XXs also revolver of So But most of the the and only 'XX maturity. not 'XXs. the we've X/X we refinanced have

pushed So have revolver billion of we million maturity into We've $X out a $XXX revolver. XXXX. that

XXXX. So the maturity XX date. it at months staying is from was of $XXX XXXX million not in where extending that and

XXXX. back maturity our which our So bond ends this profile, is maturities generally into new

turn you. I Chris, over it to

everybody. Good Andrew. Thanks, morning, Great.

to down we've XX about I meant Let's XXXX. through questions will added talk and first XX me, and there be we net CapEx, are to seeks on to Slide talk provide but slide, gross Page received then let and and This responsive concepts financials. XX, that move here, excuse to numbers CapEx -- and a through know clarity. of a lot drill the little me is

CapEx cash that flows for So for gross and to capitalized reduced CapEx. we with of start statement you the gets interest, and

we're during works. the do capital include that to required For capitalized of here's expense construction. incurred portion interest interest how that, of projects of our we nonaccountants company large some that costs interest a amount building on To include attribute in construction the When balance company's our out projects, was expense there, those we're sheet. the and of total estimate and the total, to

we have capitalized You'll highly service. forecast into expense assets notice are and on that forward 'XX interest for as dependent don't is this placed XX when a

capitalized progress As to migrate PPE, in interest construction to our from assets reduced you'll see X.

the down Following classes, page, asset CapEx power the FLNG. the each maintenance, for and of of we show notional dollars terminals, gross plants, vessels

the past. called associated projects with which showed we net when we've the power and line asset-level Finally, arrive plant in financings the show bolded FLNG and we at CapEx, blue, the

if power Term with see, million CapEx, of Loan FLNG CapEx is associated with forecasted million, plant up facility. as you made can FLNGX, million of $XXX aligns of again, $XXX million the on $XXX the which financing, with the $XXX plant XXXX, I focus A So aligning gross and of CapEx power

So CapEx leaving the facilities, CapEx, approximately in through million of by conclusion $XX gross $XXX there's $XXX from will is the committed million cash operations. million flows debt be of funded net funded

cargoes operating the financial and This the to were we're sales and sold for Total to looking for segment customers down $XXX from that at margin Slide through third QX our the to downstream to market. $XXX million was terminals Now #XX. breaks quarter, results million.

million, a XXXX. operating on for from has is from the to approximates we've million $XX the market before, in we Ships done for time consecutive portfolio, time. quarter the down the running when price margin As sell the which third what of forward will We can Wes price through can optimize mentioned go exceeds had another year, we the basis we third be SG&A quarter which this segment. and better the was $XX Core terminals,

XXXX. earnings will in in and QX be payment that earned EBITDA shows not segment revenue, earnings deferred up The reflects in until a line but received or

just million sale earnings to in is long of were be We be slightly 'XX. And and in our strong scheduled that delivered recognized lock a cargoes what delivery, based advantage able in LNG $XX -- will QX. dynamics similar this were collected prepayment we market will we that So in for in about on we XXXX. of to and take did

leaving $XX netted XX against The earned adjusted QX, deferred in was million gets excluded from EBITDA line. as that collected million QX the and in XX

bringing September of adjusted quarter As months the of X million, third the this, the XX. a ended for $XXX us all result was to EBITDA million for $XXX

And on finally, of When $X million Miami in had for liquefier, share. to result GAAP a which million income We about a the for million and moving QX, is adjusted you in charge about $XX net impairment $X $X.XX you a Slide share. income for adjust #XX. $X.XX net

Miami close liquefier, of to we the the have and sale we regulatory do approvals, that received before month. end On expect the

$X.XX our holder been that Finally, to and the involving work share. with from operations was wanted Andrew that quick a a Vanguard first but for group the we've -- highlight the to initiatives. million with A for funds show balance credit few about $XX I over bond lenders or past quarter amendments Obviously, of sheet. further in the been to weeks, their Loan A revolving critical on the the has support of at to couple company several Term agree our letter able comments strategic

support for tranches extended credit XX, issuance, the on $XXX attractive further. lending derisking that mature this will XXXX Pricing the new we're bond revolving is million maturities on syndicate. relative and the to and new on the relationship Specifically thus sheet balance of into continued facility facility, October our thankful reducing we've

that of the quarter will the November flag SEC XX. I on last be thing done is Tuesday, filing XX-Q want with One the to third

we've with a as various As reached morning, the this we've well in X next bondholder facilities weeks. settle discussed group deal the will binding as the that bank

at of as bonds XXXX the sheet. time filing, bank facilities balance on various the current the liabilities However, show the will and

and fund and accurately Once the of [ classification. debt extend long-term reflect the ], transactions nature the close maturities will

classification. with [ release ] pro the fund that will press appropriate balance We putting when out be shows sheet for transactions forma a X/XX the the

back call operator the the turn Q&A. to I'll over for that, With

first Instructions] Nolan [Operator with from The Stifel. question Ben is

the you Galanti Ben. thinking agreement on I X. development then all to the with received the that? Frank toggle approval to timing to ability are do have manage you about with the Mexico. is FLNG the for regulatory And wanted financial it guys flows? has of How And CapEx start on and status This cash

reverse Actually, it's in order.

So that's why absolutely you've QX and decrease. FLNG X And . related have the manage flows. to timing to of seen CapEx in QX to cash the kind expected ability toggle

allow and several pace So at us within own so very for we the CapEx to construction mechanisms contract civil the our that's module have that discretion different construction the important.

new of this second change the their of Mexico X the And and them us There's support for parts extremely the in parts the We've other the gas On for administration Baja. there facility partnership. recently. been our leadership to and administration -- of have with extended supply to the remains relationship strong. in reiterated overall CFE country our

CFE. the on and accounted trusted And with remain, I so partner we think,

pending. get of over kind -- existing organize be of back And the permits future they'll still -- permits expect execution construction excuse kind the of Our is next we XX issuances needed. days, course into of various of regular the as would they that me,

X for what should FLNG received ordinary course. number Again, to nothing in we've be done dissimilar and

expected out, XX, you of spend I -- Slide shows look, as go On it was rates the kind that first think the we back project, full of we part have the to in CapEx, January. laid

want you facility. will modules, move discussion to Altamira the contracts we these that are be fixed-price with But outfit -- contracts the fast exactly team for for again, onshore at signed the so the construction civil have And forward. on and contract construction with the management a how

X for a standpoint, at these more prospectively units. having in process even from asset party. way could FLNG we attractive X with cetera, that extent a mean terms of of FLNG downstream a I combination very of et do, in the time operating to efficient is business a very, a of the or which, I individual mean is part relatively through demand, X, period there in have incremental big, the business more going big the that short of you supply we're be Yes. third something course, looking obviously

one the gotten lots inquiries things because but definitely of that that's we that, So consideration. that into about know will of be we've

the of X here. bundle there liquefiers. to different of together, trains obviously like doing Train same find process the X, X, It's You just different basic don't them you are so have but to X, X, synergies the the

XX recent helpful. Then Great. financial That's Puerto TBTUs of contract. Rico. XX north Previous to detailed super to switching XXX that with guided TBtu-island-wide gears little sort XXXX. a update only in bit But guidance was TBtus the of

the way that [ the conversion update or plant. either quarry was the the both the think regulatory the status plant of ] give power that? And can about power Macas that those Is think right you I conversions, to the perspective. of on of then difference an

[indiscernible] our ago, the of speech, there being hiatus minute power The a -- she you the a bit refers from her a was her elected can happened. more to we Well, first with of think needed, that is. positive gas it day, gas-fired more couldn't conversions elections but first what there Jennyfer and was it was of days the consistent, have new which speech, pending get beginning, Two elections. think view Yes. the transcript literally we been actually the first governor.

very a think simple the megaGens, will of that on and first conversions, think which in of turned these obvious couple be days. are next there we be number here which very, the We will of gas

significant users diesel natural Gary, of are And significant ] burning have You diesel. amounts Kavalachi money basically then Marcellus Ricans costing versus up of of on Puerto these end they all gas. [

straightforward. gas conversions of of focus think actually with a one of Rico, quite on largest it it of billions the them administration, is broadly speaking, Anywhere that. could market The I you Puerto literally I aware changeovers. an think, diesel those, we opportunities look think of, at basis. save that going we're the to are new dollars get ongoing on When to renewed you're

The I you're XX, see a and case XX, there will XX the coming likely think at of the And does of kind days, TBtus be there for business amount a the and be months. So we moment that reflect what to this reflect all base these then couldn't case next significant numbers to the stronger is think in XXX is it. in there market opportunity what of that. only is activity likely not out at of

Shere is Tuohy The from Craig with Brothers. question next

stable but terminals. could plants So that you business I maybe understand has by modelable import focus arguments, build of the historically, of the model monetize the coming see power long-term After finally retain some rejiggering, harts operations quarters next that seems changed? XXXX. been to And and recurring achieving have downstream

to there, A mean, little in access the big -- deficits same, confused of obviously that is access big and about gas, to gas think to people I markets deficits provide the nature plan that of There's any need the it. power which these go in I of basic to it. is of power.

built an the have power we in We as built so places. Jamaica power plant And example. in

I the We're a building into sort investment. infrastructure supply -- materially risk, building But a discrete is basically plants little small and Mexico. one additional in very simple these every power up an the what is a mean, in holy flows of of with we're that and discrete grail we in downstream go plant country, no incredibly power gas and a you're can demand each that with very built It's literally customers, long-term cash of capital. Brazil, really, case. commodity from left stable

amounts have cash will characteristics. months. between but be turned that very There's they're but X flow. Jamaica all next on complete. complete. to the various similar Nicaragua Mexico or of materially And they of complete. the development, XX is stuff so these differences of on be what they're all is over at -- course is very next levels very, remarkable Rico And turns quarter, individual they them, all is markets are have Puerto Brazil very either the completed. close substantial very at is to

So of a we small million years. about $XXX-plus relatively nothing for XX is when relative to even market small business, There's our $XXX say income. it's overall Jamaica long-term million

for So up end than where good we're could go they're it. X these different being corporate place as far, you're a out worth paid that, you think assets, we debt rated and right Even and that or literally I very a And all about things company. now. it. and we selling going more to that And feel market test would in rerate one far selling in as really think a off X you've very, place your are the investments infrastructure

So which this exercise not a to hope is one spurious or we out. try

these interest to we're that get confident We great are quite going in assets.

go could we'll a things we So and do, and there's pursue variety stay them tuned. different of

So that's the plan. basic

to renaissance as assets, others do what for creating Trump liquefaction And far plan the retained of the long-term see new contracting. U.S. value possibly your Understood. as you victory is a and election

you've moderating really spurring towards of the saturation, Perhaps end market the to dramatically pricing, downstream adds the that long-term the the infrastructure value built decade.

in customer really really, -- Yes. point, a and really and it's prices good a lower help business. That's we're mean a it's nuance the customers, I one.

can ridiculously still right high they're but high, So prices are I mean, now. perform, not we

right of afford can I around that's our curve, is the for across the So that the good and people you it. and you portfolio do power forward customers, that's for obviously, extent now they just as a mean assets. end more you these in decade, capacity had provide the utilization gas good basically can normalized that XX%. downstream and still But the to

building So still whatnot, what we've means go. is and and them building billions a of capacity it lot invested to dollars you have decades this, of

and us. So a be definitely price encourage lower would price consumption more to would beneficial commodity it

probably a So economy, thing I LNG And likely eased. ban be and be to freights a very net-net, not like us. exports are there's produced, the vibrant for LNG more and the -- is is look, it normalized, do the seems for that the experts think to if we're but certainly which more political on good there's landscape, market on

Bank. from Chris Deutsche next question with Robertson is The

current the to the forward? company wanted and right guess, best where subchartering as And EBITDA a test especially the you of in to thinking should how uplift that opportunities FSRU just do now here see regards be we guys to globally? going terms about question market market opportunities, some I I about with Eskimo. the ask to relates a it thinking is how potential

question. Great

on are and time which regas surplus of a use, FSRU the of out capacity, some FSRUs, new leased to some money are of build There's we of for still real fleet there's premium and a others. lot a have it we need So because to market takes actually and placed which ones.

of We charter what discount that's is is there is. be about big assets, on win And portfolio is differences FSRUs things but those hidden a we top a that at want think a we situations that would there's market forecast have at think long-term that value standpoint happen, X the the as we short-term substantial Energos of we value think from to our that our the report things happened have from that We That than rather the the other well. a to material. material kind list. us. uplift off of But to coming could be that of amount are for of number think

be should that's So term. to in the the shop, of charter on big activity one and the years in report I on, ago, a TM good hopefully list. couple one Eskimos and the But another guess there near very some

The next Rice. with Malloy from question Martin Johnson is

flow in And we cash 'XX free CapEx, given In reduction cash XXXX. I to out flow your be the million had net forward in CapEx an XX adjusted free debt ask first $XX early think year. of available on you $X looking then for presentation, September there for billion. Slide north here. EBITDA for illustrative Should to about billion looking wanted I $X.X next

Marty, it's Chris.

you think I read correct. -- that way the absolutely is we prior slide

kind So unfunded we year. about CapEx maintenance and do $XX have EBITDA CapEx less next the of of million

support CapEx, you of but the so negative, will keep bulk to say financings cash be free will the flow. about cash CapEx the So spend. have flow It's that still free you we talking definitional have important

the put to way that on I CapEx, EBITDA the we less, about service and the unfunded think So as slide, is prior debt obviously, less agree it taxes.

XXXX. that expect be using so in I to positive methodology, And that would

wasn't us around then you discussion there update any call the And maybe give data centers Okay. yet. an Could on there?

Sure.

it. We on had We've assets have of conversations tenants own we variety ton terms number in a the different of Wyalucing. for in that a a going with of

fit One a and of us, very we're for which good think, it. were, is on I working

the We're I've can one Just we we optimistic simply agreement on updated because not don't a it have very in short have -- hand. in term. definitive

thing and the market in is would overall sentiment the interest island power. And that one I say

access by next has So Amazon to of kind months, it's exponentially hot grown of X XX the people's FERC off grid the a this at the -- the recent to hot, the ruling over grid on supplement and mean, power topic. pass to I situation Talon.

think that. I to adds it

a it because think of power, water, compelling in we We but And folks. think for site a not our when cetera. model for that extraordinary And build perspective, is it I think get follow. We're in the in-hand with others filing about talk one. for it's have we on first a benefit power model the an is to a economic only first a attractive focused company real But something it data short et it could we cost-effective abilities allow relatively as stand-alone a have to to highly think permits that period this us. very build we're investment centers, control. be of just time, reliable I provide of -- number it's and contract, in And the process very is we us we're for we'll to

about. by great that on have something the hopefully, talk more another to And we come. have time So here we'll update to

Capital with Suki Wade from is question Next One.

here. the logistical mentioned and to to seems help I if services a think the -- we're I Jamaica you out was to mind, all the BW the you Virgin you logistics Just Puerto may, first, know I there. for or Rico, sort side some Isles. in of question, of and the how don't it of on read of have kind of whatever watchers Kind headed ship through -- kind see it the was of if other might movements explain, Bloomberg things stopped Pavilion using kind of

-- Puerto or Puerto just bucket loads from is Rico the it I sport basically turns expect in that a going ship and be time, pretty for because taking Rico. LNG we of ship a Rico simply that from boring into watching Well, to over assets Puerto the FLNG think to gate of Altamira

a to time returning. there's service that. if you demand. of happen. move to Altamira, expect discharge the variety to That's discharge it's that in small you things there's -- Rico So go Puerto we customer when there to able need Puerto and going a not Rico. that. cargoes to being basic that cases, adjustments U.S. heel make logistics the . Obviously, is around to bulk have some Gas you But and to There's of ships filled are path that In over

In Jamaica, we there. delivers a there contract just In a service. long-term contract contracts Shell, Barcarena, DES that we is have have it with basically other of

that not it's terminals, not it's much So complexity. that many

as the great. that focus different it expected, is things number which can logistics so to simple the sure of it's you of it And is, on then FLNG I there's that, is do think which around. performing it just a make move operational are one, number to

Puerto to But and easier we're productive Rico of. keep become just unit those servicing and more to as track in becomes and service, of kind our demand logistics and in more reliable and more and the easier

So.

forward, target? on Understood. assume kind of Is something that couple that. And that. to cargo maybe safe X, like every Appreciate of X a weeks, going just

Yes.

We at bricks. we took been to be production a days needed replace good about -- running fixed, had I online. to think XX had valve back XX with just days-ish, no that cycle run, came maintenance days I to XX XX is. is what that a and guess a about right? swapped full capacity really that consecutively out downturn, a XXX%

we days more XXX,XXX, improves number a the is reliability have that because loading. -- what our far activity and or in gotten is side people, of either amount gives kind given do terms last of on XXX,XXX, kind now the and a to of question add different bit it And really move There's and of a cycle. wave when from this and that little we only capacity would producing now nuance window have over in do there's And X have So the difference I and we're between that a high -- expectation or time, X of you now. seen flexibility load we you of thus that, the back that this the the kind be of it, just swells do runs. you one production And I've of it, performance that tremendous the of for trouble and which other. hopes

a logistics the feel really this designed and exactly is where is is what highly that that's path simple we X, So such reliable, it's which well. but it we X for for, working

Awesome. Appreciate -- if could I X in. squeeze more

kind a parch of us? the path on us on forward And little SG&A. think maybe you Can for help about Just then uptick that SG&A, us help out obviously, here.

related to it $X be to close I cash, of expect on quarters. undertaking. I or expenses of transactional million or any run costs And SG&A through that's the million SG&A is $XX $XX it costs non-cash core the of to in separated the would and I out. . But overall, down Overall, this we into we're stuff. have in a integration consecutive Yes. would T&I when items quarter, like would and XXXX, a so million then had some X also focus bit, SG&A that say the core to why transactions the kind small and look noncash lot

or conference closing to any no for this remarks. time. are turn at I further additional will back There questions Wes the Edens

the good near participation great. for this you. thanks Have forward you the on Well, this your Thank morning. in day. in to and call . the updating your look interest term. company We a That's and

call. Thank today's concludes This you for participation. your

disconnect. now may You