Q3 2024 Excelerate Energy Inc Earnings Call Transcript
Key Points
- Excelerate Energy Inc (EE) reported a strong third quarter with an adjusted EBITDA of $92 million, driven by lower operating costs and higher gas sales margins.
- The company has a robust contract portfolio with about $4 billion in future revenue and a weighted remaining term of seven years, providing a solid foundation for growth.
- Excelerate Energy Inc (EE) increased its quarterly dividend to 6 cents per share, more than doubling the previous amount, reflecting confidence in its cash generation capabilities.
- The company achieved operational reliability in excess of 99.8% and zero recordable safety incidents, highlighting its commitment to operational excellence.
- Excelerate Energy Inc (EE) is actively pursuing growth opportunities, including a new build FSRU expected to be delivered in June 2026 and potential LNG carrier acquisitions to support future projects.
- The company faces uncertainties related to the ongoing transition in the Bangladesh government, although existing contracts are reportedly secure.
- Excelerate Energy Inc (EE) will incur an off-hire impact due to dry docking of two FSRUs in 2025, expected to last 40 to 50 days per vessel.
- The company has not yet secured long-term contracts for its new build FSRU, which is scheduled for delivery in 2026.
- There is a potential increase in maintenance CapEx for 2025 due to upcoming dry docks, which could impact financial flexibility.
- The timeline for converting an LNG carrier to an FSRU is uncertain and depends on various factors, including the specification and donor vessel.
Hello and welcome to the Accelerate Energy third quarter, 2024 earnings conference call. My name is Alex and I'll be coordinating the call today.
If you'd like to ask a question once the presentation has finished, please press star followed by one on your telephone keypad and I'll hand it over to your host, Craig Hicks, Vice President, Investor Relations. Please go ahead.
Welcome to Accelerate Energy's third quarter, 2024 earnings call participating on the call today are Steven Pbos, Chief Executive Officer and Dana Armstrong, Chief Financial Officer.
Also joining the call today are Oliver Simpson, Chief Commercial Officer and David Liner Chief Operating Officer.
Our third quarter 2024 earnings results, press release and presentation were released yesterday afternoon and can be found on our website at Ir dot Accelerate Energy dotcom.
I would like to remind everyone that we will be making forward-looking statements on this call that involve a
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