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Excelerate Energy, Inc. (EE) is a company focused on transforming global access to cleaner and more reliable energy by delivering regasified natural gas. The company provides liquefied natural gas (LNG) solutions to diverse markets worldwide, often targeting regions that primarily rely on coal, thereby offering a lesser-emitting energy alternative. Excelerate Energy operates regasification terminals utilizing its fleet of floating storage and regasification units (FSRUs) to serve global economies.
- FSRU and Terminal Services - Provides floating storage and regasification unit services and operates regasification terminals to deliver LNG solutions globally.
- Gas Sales - Engages in the sale of natural gas to various markets, supporting energy needs and promoting cleaner energy alternatives.
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With the final payment of roughly $200 million for your newbuild expected in mid-2026 , how do you plan to finance this significant outlay without impacting your balance sheet or shareholder returns?
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Considering your maintenance CapEx includes planned dry docks for two FSRUs with anticipated off-hire time of 40 to 50 days per vessel , how do you expect this downtime to affect your operational earnings in 2025?
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Given that your adjusted EBITDA guidance for 2025 is $340 million to $360 million , slightly below your 2024 adjusted EBITDA of $348 million , what factors are contributing to this conservative outlook despite past strong performance?
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You mentioned that none of your potential near-term growth opportunities are included in your 2025 guidance ; given that, can you elaborate on the uncertainties or challenges that prevent you from incorporating these opportunities into your financial outlook?
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With the current tightness in shipyard capacity , how confident are you in your ability to convert an LNG carrier to an FSRU on schedule, and how might delays impact your growth plans?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
FSRU Sequoia | 2023 | The FSRU Sequoia acquisition was completed in April 2023 for $265 million, funded by a $250 million term loan facility and $15 million cash on hand; it adds regasification capabilities, including a 10-year Time Charter Party agreement with Petrobras commencing January 2024, following a prior five-year bareboat charter arrangement. |
Excelsior, LLC and FSRU Vessel (Excellence), LLC (Foundation Vessels) | 2022 | The Foundation Vessels acquisition involved exchanging 7,854,167 shares of Class A common stock valued at $188.5 million, a $50 million cash payment, plus $21.5 million of contingent payments, and was recorded as an asset acquisition per ASC 805; the deal included a sales-type lease arrangement for the Excellence vessel. |
Recent press releases and 8-K filings for EE.
- Excelerate Energy, Inc. announced the pricing of an upsized offering of $800 million in unsecured 8.000% senior notes due 2030, increased from the originally planned $700 million.
- The offering, expected to close on May 5, 2025, features notes maturing on May 15, 2030 and will be used to fund a pending $1.055 billion acquisition of New Fortress Energy’s Jamaica business, repay $163.6 million of term loan borrowings as of December 31, 2024, and cover related fees.
- Income before taxes is estimated to be in the range of $52–59 million for Q1 2025, with Adjusted EBITDA projected between $96–101 million.
- Cash and cash equivalents are expected to be between $600–620 million as of March 31, 2025 (excluding approximately $175.5 million from a recent stock offering).
- The company highlighted its robust liquidity, noting that the entire $350 million Revolving Credit Facility was undrawn and available for borrowing.
- Underwriting Agreement Established: On March 31, 2025, Excelerate Energy, Inc. and Excelerate Energy Limited Partnership entered an agreement with Barclays Capital Inc. and Morgan Stanley for an underwritten public offering of 6,956,522 shares of Class A common stock, with an option to purchase an additional 1,043,478 shares.
- Pricing and Proceeds Details: The offering price to the public is $26.50 per share while underwriters will purchase at $25.308 per share, with expected net proceeds of approximately $175.5 million.
- Legal Opinion Confirmed: Gibson, Dunn & Crutcher LLP issued an opinion confirming that upon issuance, the shares will be validly issued, fully paid and non-assessable.
- **Excelerate Energy Inc. signed a definitive agreement to acquire a fully integrated LNG and power platform in Jamaica from New Fortress Energy for a cash purchase price of $1.055 billion.
- The acquisition comprises two LNG terminals and a combined heat and power plant, expanding Excelerate’s downstream presence and delivering immediate EPS accretion.
- The deal is backed by long-term, inflation-escalted contracts extending visibility until 2038, ensuring a stable revenue base and enhanced operational cash flow.
- Excelerate Energy Inc announced its acquisition of Jamaica’s downstream LNG and power infrastructure platform, including the Montego Bay LNG Terminal, Old Harbour LNG Terminal, and Clarendon CHP Plant.
- The transaction is valued at $1.055 billion payable in cash, with an expected closing as early as Q2 2025 and an immediate earnings per share accretion.
- The deal is financed through a combination of cash-on-hand and an $850 million committed bridge facility, aligning with the company's growth strategy.
- Excelerate Energy has entered into an agreement to acquire New Fortress Energy’s Jamaica downstream LNG and power infrastructure business for $1.055 billion in cash.
- The acquisition includes key assets such as the Montego Bay LNG Terminal, Old Harbour LNG Terminal, and a combined heat and power (CHP) plant, forming a fully integrated downstream platform.
- The transaction is expected to be immediately accretive to earnings, enhance operating cash flow, and is supported by a committed $850 million bridge facility.
- This strategic move diversifies Excelerate’s geographic and operational footprint in the Atlantic basin natural gas market and strengthens its long-term contracted cash flow profile.