Q2 loss won’t slow Excelerate Energy’s growth prospects
Texas-based LNG infrastructure developer Excelerate Energy said August 10 its growth prospects will not slow, despite a $4mn loss in Q2 2022.
Excelerate has a number of LNG supply and regasification projects underway to meet demand in Europe and Bangladesh, and those will continue, CEO Steven Kobos said.
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“This past year has highlighted the important role flexible access to LNG plays in providing energy security and supporting the decarbonisation efforts of countries around the world,” he said. “Excelerate is committed to delivering stable, reliable energy, so countries and industries can keep the lights on and homes can stay warm in the winter.”
The second quarter loss was largely down to the “extinguishment” of a lease held by Excelerate on the floating storage and regasification unit Excellence, which it acquired as part of its initial public offering earlier this year. Excluding the special item, the company had Q2 adjusted net income of $20.4mn and adjusted EBITDA of $66.1mn.
Among projects in Excelerate’s pipeline are a signed agreement to sell 1bn m3/yr of regasified LNG to Bulgaria’s Overgas, the deployment of the FSRU Exemplar from Argentina to Finland’s first LNG terminal at Inkoo in Q4, an expansion of the Moheshkhali LNG terminal in Bangladesh along with a new multi-year LNG supply agreement there, and the development of the new Payra LNG project in southwestern Bangladesh, which includes an offshore FSRU import terminal and an onshore pipeline to the city of Khulna.