NFE increases 2022 and 2023 earnings goals, hosts FLNG Investor Day at shipyard in Texas
November 02, 2022
In the news
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) announced today at its FLNG Investor Day in Texas that the Company is raising its full year 2022 Illustrative Adjusted EBITDA Goal(1) to ~$1.1 billion (from $1.0+ billion) and its full year 2023 Illustrative Adjusted EBITDA Goal to ~$2.5+ billion (from $1.5+ billion).
The increases in NFE’s illustrative goals are due to portfolio optimization and higher operating margins in our core business lines, as well as – most significantly – the expected on-schedule deployment of our first floating liquefaction unit (“FLNG 1”) in the first half of 2023.
“We continue to execute our strategy of growing our LNG supply portfolio through the deployment of floating LNG infrastructure, enhancing energy security around the world while delivering superior returns to our shareholders,” said Wes Edens, Chairman and Chief Executive Officer of NFE. “Our integrated business is uniquely positioned both to respond to unprecedented near-term market opportunities and to convert our LNG volumes to longer term contracts to serve downstream energy customers.”
NFE is hosting its FLNG Investor Day today at the Kiewit Offshore Services (“KOS”) shipyard near Corpus Christi, Texas. Specializing in the fabrication and integration of offshore projects, the 555-acre KOS facility is home to NFE’s Fast LNG program and the ongoing conversion of marine infrastructure into floating liquefaction units.
“We are proud of the efficient and repeatable process we have developed – essentially an FLNG factory – that substantially reduces the cost and time to build incremental liquefaction capacity the global energy market so urgently needs,” continued Mr. Edens. “We are pleased to host investors and analysts today at this world-class facility in Texas, where they have an opportunity to see the significant progress we are making toward mechanical completion of our first FLNG unit in March 2023.”
For additional information on NFE’s FLNG Investor Day, please refer to the presentation and other event materials posted on the Investors section of NFE’s website.
About New Fortress Energy
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company’s assets and operations seek to support global energy security, enable economic growth, enhance environmental stewardship, and transform local industries and communities around the world.