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New Fortress Energy announces 1Q19 results

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LNG Industry,


New Fortress Energy LLC (NFE) has released a statement announcing its financial results for 1Q19.

Business highlights

Commercial:

  • Total committed volumes of 2.5 million gpd as of 1Q19. This is an increase from 960 000 gpd in 1Q18.
  • Total in discussion volumes of 14.4 million gpd as of 1Q19, an increase from 950 000 gpd in 1Q18.

Development:

  • In the statement, the company claims that it had 14 projects under development with total remaining project cost of approximately US$356 million, as of 1Q19.
  • Construction of the Old Harbour terminal in Jamaica is now complete and first gas was delivered in March this year, with full ramp expected to occur in 2Q19.
  • In March, NFE held a groundbreaking ceremony for the micro fuel handling facility located in San Juan, Puerto Rico.

Financial:

  • As of 31 March 2019, cash on hand, including restricted cash, was US$417 million, which, in combination with expected cash flows from operations, is expected to fully fund all downstream committed project costs.
  • During the first quarter of this year, NFE claims that it drew down the remaining available balance of its credit facility, resulting in total debt outstanding at the end of the quarter of US$499 million, excluding deferred financing costs.
  • Financial overview

    • Revenue for 1Q19 increased compared to the same quarter from the previous year due to added volumes sold through the company’s Montego Bay facility to the Bogue power plant, as well as new commercial and industrial consumer contracts coming online.
    • In addition to this, NFE claims that the cost of goods sold was higher due to LNG costs associated with a spot market cargo purchase that was largely consumed during 1Q19.
    • Operation and maintenance cost was also higher during the quarter because of a non-cash charge incurred associated with straight-lining the company’s FSRU bareboat charter.
    • SG&A for 1Q19 was higher than in 1Q18 mostly because of increased costs associated with headcount, new customer screening, transaction costs, and professional fees, as well as non-cash compensation expense.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/16052019/new-fortress-energy-announces-1q19-results/

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