Elliot Johnson

Elliot Johnson inquired about Excelerate Energy's organic growth strategy beyond the Iraq project, seeking clarity on future capital sanctioning priorities such as Jamaica expansions, integrated deals, and LNG conversions. He also asked for insights into the projected EBITDA run rate and growth trajectory over the next few years. Additionally, Johnson requested more details on the Iraq LNG project, specifically regarding potential expansions and further color on the recently revised capital expenditure estimates, considering regional instability.

Answer

Steven Kobos, President and CEO, highlighted the industry's shift from liquefaction to regasification, emphasizing Excelerate's strong position. He discussed global opportunities, particularly in South and Southeast Asia, and the critical need for the Iraq project, noting its robust fundamentals and potential for growth beyond the minimum contracted offtake. Kobos explained the CapEx revision for Iraq as a result of detailed engineering refinements and commercial negotiations, maintaining the 5x build multiple. Dana Armstrong, CFO, added that building blocks for 2027 EBITDA include a full year of Iraq, Jamaica's growth, Petrobangla QE agreements, and the Express FSRU redeployment.

Elliot Johnson asked about Excelerate Energy's organic growth strategy, future capital sanctioning priorities beyond the Iraq project, including Jamaica expansions, integrated deals, and LNG conversions. He also inquired about the projected EBITDA run rate and growth trajectory for the business over the next few years, and later sought more color on the Iraq LNG project's expansion potential and the recent CapEx revision.

Answer

Steven Kobos, President and CEO, explained the industry's shift to regasification, highlighting global opportunities in South and Southeast Asia, and the critical energy security needs driving the Iraq project. He emphasized the preference for integrated deals while remaining flexible to customer needs. Dana Armstrong, Chief Financial Officer, detailed the building blocks for 2027 EBITDA, including full-year Iraq contribution (5x multiple), Jamaica growth ($80M-$110M over five years), Petrobangla QE agreements, and Express FSRU uplift. Kobos further clarified the Iraq CapEx revision was due to refined jetty structural design and commercial negotiations, maintaining the 5x build multiple.