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?
Research analysts who have asked questions during Excelerate Energy earnings calls.
Christopher Robertson
Deutsche Bank AG
4 questions for EE
Michael Scialla
Stephens Inc.
4 questions for EE
Robert Brooks
Northland Capital Markets
3 questions for EE
Theresa Chen
Barclays PLC
3 questions for EE
Noah Katz
JPMorgan Chase & Co.
2 questions for EE
Wade Suki
Capital One Financial
2 questions for EE
Zackery Van Everen
Tudor, Pickering, Holt & Co.
2 questions for EE
Bobby Brooks
Northland Capital Markets
1 question for EE
Craig Shere
Tuohy Brothers
1 question for EE
Eli Jossen
JPMorgan Chase & Co.
1 question for EE
Zack Van Everen
TPH&Co.
1 question for EE
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 recently completed a billion-dollar acquisition of an integrated LNG and power platform in Jamaica, which is projected to generate an incremental $80 million to $110 million of EBITDA over the next five years with an additional $200 million to $400 million in CapEx deployment.
- The company maintains a strong financial position, holding $400 million in cash and an undrawn $500 million revolver.
- Growth is the primary capital allocation priority, alongside returning capital to shareholders, as demonstrated by a recent 33% dividend increase and an expectation of low double-digit dividend increases for the next three years.
- Excelerate is advancing its FSRU projects, including the Shenandela conversion, anticipated to be completed by late 2027 at an estimated all-in cost of $150 million to $200 million for FSRU conversion or $60 million to $70 million for FSU conversion. Negotiations are also underway in Asia and the Middle East for the new FSRU Hull 3407, which is on track for delivery in 2026.
- Excelerate Energy reported Net Income of $20.8 million, Adjusted Net Income of $46.8 million, and Adjusted EBITDA of $107.1 million for the second quarter ended June 30, 2025.
- The company raised its Full Year 2025 Adjusted EBITDA guidance, now expected to range between $420 million and $440 million.
- Key strategic developments include the closing of the acquisition of the Jamaica integrated LNG and power platform in May 2025, and the declaration of a quarterly cash dividend of $0.08 per share, an approximately 33 percent increase from the prior quarter.
- Excelerate Energy announced a quarterly cash dividend of $0.08 per share of Class A common stock, representing an approximately 33% increase from the prior quarter.
- The dividend is payable on September 4, 2025, to Class A common stockholders of record as of August 20, 2025.
- This dividend increase follows the Company's acquisition of the integrated LNG and power platform in Jamaica, which has strengthened its contracted, recurring cash flows.
- Excelerate is now targeting a low double-digit annual dividend growth rate commencing in 2026 and continuing through 2028.
- While growth remains the top capital allocation priority, the Company is committed to returning capital to shareholders.
- Adjusted EBITDA of $100 million and adjusted net income of $56 million were reported for Q1 2025, showing sequential improvements driven by operational efficiencies.
- The company progressed on its $1 billion acquisition of Jamaica’s LNG and power platform, targeting a seamless integration of key LNG infrastructure assets.
- Excelerate Energy completed an equity offering raising $212 million and a $800 million senior note issuance, while extending its revolving credit facility capacity to $500 million.
- Updated guidance for 2025 now projects adjusted EBITDA between $345 million and $365 million, with ongoing investments in newbuild FSRU Hull 3407 and projects in Vietnam supporting growth.
- Excelerate Energy, Inc. filed an 8-K report on May 5, 2025, providing key corporate disclosures.
- The filing includes an indenture for 8.000% Senior Notes due 2030, outlining the debt issuance’s terms including interest rate and payment structure.
- 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.