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Golar LNG Limited Interim results for the period ended June 30, 2025
Highlights and subsequent events Golar LNG Limited ('Golar' or 'the Company') reports Q2 2025 net income attributable to Golar of $16 million, Adjusted EBITDA1 of $49 million and Total Golar Cash1 of $891 million. Added $13.7 billion in Adjusted EBITDA backlog1, with further upside in contracted FLNG tariff CPI escalation and significant commodity upside: Concluded 20-year charter of FLNG ('') in Argentina with Southern Energy S.A. ("SESA"), with Adjusted EBITDA backlog1 of $5.7 billion. Signed definitive agreements and reached Final Investment Decision ("FID") for a 20-year charter for the MKII FLNG, also with SESA, with Adjusted EBITDA backlog1 of $8 billion. Remaining regulatory approvals and customary conditions precedent expected within 2025. Commodity upside to Golar of approximately $100 million per year for every US dollar of offtake above $8/MMBtu. FLNG ("") reached Commercial Operations Date ('COD'). Closed offering of $575 million of convertible senior notes due 2030 ("the Notes") and repurchased 2.5 million common shares. Appointed new board members, Benoît de la Fouchardiere, Mi Hong Yoon and Stephen J. Schaefer. Declared dividend of $0.25 per share for the quarter. Progressing contemplated next FLNG unit on the back of strong development of commercial pipeline. FLNG : Continued market leading uptime during the quarter, 137 cargoes offloaded to date since contract start up in 2018 in Cameroon. Upon completion of the current charter in July 2026, Hilli is scheduled to enter a yard in the third quarter of 2026 for upgrades and life extension work before arriving in Argentina for its 20-year charter for SESA during Q2 2027. Yard selection for the redeployment related upgrade and modification works is expected within Q3 2025. The scope for the yard stay includes repair, life extension modifications, winterization of the vessel and installation of a new soft-yoke mooring system. The key commercial terms for the 20-year charter agreement include net charter hire to Golar of $285 million per year, a total of $5.7 billion over the 20-year term. In addition Hilli will make a commodity linked FLNG tariff component of 25% of FOB prices in excess of $8/MMBtu. This will add approximately $30 million of potential upside to Golar for every US dollar the achieved FOB price is above the reference price of $8/MMBtu. Hilli will be moored in the San Matías Gulf in Argentina. Having concluded the 20-year charter agreement in Argentina, we will seek to optimize the asset level debt on Hilli. FLNG : In June 2025, Gimi successfully achieved COD, marking the commencement of the 20-year lease term with BP under the Lease and Operate Agreement. Gimi is now in the process of offloading its 8th cargo. The vessel is operating well and has transitioned into its contractual post COD appraisal period during which equipment will be tuned to optimize performance as operations and interfaces with customer infrastructure normalize. Golar owns 70% of Gimi, and Golar's share of the net earnings backlog for the contract duration is expected to be approximately $3 billion. Stakeholder approvals for the $1.2 billion sale and leaseback facility have taken longer than expected. This allows for potential alternative financing optimization for debt refinancing of Gimi including a bank facility or secured bonds. MKII FLNG 3.5 MTPA conversion: Conversion work on the $2.2 billion MKII FLNG is proceeding to schedule. As of June 30, 2025, Golar has spent $0.8 billion on this project, all of which is currently equity funded. The MKII FLNG is expected to be delivered in Q4 2027. On August 6, 2025, SESA reached FID for the charter of Golar's 3.5 MTPA MKII FLNG, as contemplated under the terms of the definitive agreements executed by SESA and Golar in May 2025. The MKII charter remains subject to regulatory conditions precedent and satisfaction of other customary closing conditions, expected within 2025. The key commercial terms for the 20-year charter agreement include net charter hire to Golar of $400 million per year, equal to $8 billion over the charter period. In addition the MKII FLNG charter includes a commodity linked tariff component of 25% of FOB prices in excess of $8/MMBtu. This will add approximately $40 million of potential upside to Golar for every US dollar the achieved FOB price is above the reference price of $8/MMBtu. The MKII FLNG, currently under conversion in China, will sail to Argentina following her redelivery, with contract start-up expected during 2028. The MKII FLNG will be moored in the San Matías Gulf near the Hilli. Combined, the two units have a nameplate capacity of 5.95MTPA, and the project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area. Southern Energy: SESA is a company formed to enable LNG exports from Argentina. SESA is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%) and Harbour Energy (15%), as well as Golar (10%). Golar's 10% ownership of SESA provides additional commodity exposure. With both FLNG's operational, the 10% equity stake equates to approximately $28 million in annual commodity exposure to Golar for every US dollar/MMBtu change in achieved FOB prices above or below SESA's cash break even. With the combination of the fixed charter hire, operating expenses pass through, commodity exposure for FOB prices above $8/MMBtu and Golar's 10% shareholding in SESA, Golar has secured an attractive contracted cash flow with highly attractive risk-reward in commodity linked earnings. For every US dollar FOB price above $8/MMBtu, Golar's total commodity upside is approximately $100 million, versus approximately $28 million in downside for every US dollar/MMBtu that realized FOB prices are below SESA's cash break even. Business development: With the existing fleet committed to 20-year charters, we have increased focus on securing attractive FLNG growth units. We are working with three prospective shipyards for different FLNG designs (MKI, MKII and MKIII with liquefaction capacities ranging from 2.0 to 5.4 MTPA) to obtain updated EPC price and delivery schedules. In order to secure attractive delivery we plan to enter into slot reservations for long lead equipment within Q3 2025. We see increasing industry recognition of the benefits of FLNG solutions versus land-based liquefaction terminals, driven by the proven track record of the fleet on the water, lower capex, shorter construction time and increased flexibility. This in turn drives prospective charter interest in our FLNG solutions. Golar is the only proven provider of FLNG as a service. Based on the increasing demand for FLNG to monetize stranded, associated and flared or re-injected gas reserves, we plan to order our next FLNG before locking in a charter to drive competitive tension and terms for our next FLNG project. This is the same approach successfully executed for the FLNG Hilli and for the MKII FLNG. Based on yard availability we are confident that a contemplated 4th Golar FLNG will be the only open and available FLNG capacity within this decade. We expect to decide on vessel design for our fourth FLNG once final EPC prices and delivery schedules are obtained. We are in parallel working on the commercial pipeline to match commercial opportunities to the contemplated fleet addition. We also expect that a 5th unit could follow shortly after a 4th unit has been ordered and chartered. Our fully delivered net debt to Adjusted EBITDA1 stands at around 3x, and we expect to fund planned FLNG fleet growth with proceeds from debt associated with the conclusion of long-term charters for our existing fleet. Corporate/Other: In June we raised $575 million of convertible bonds. As part of the convertible bond process we bought back 2.5 million shares for $103 million, at a share price of $41.09 per share. The Notes were priced at 2.75% fixed coupon with a 40% premium. Inclusive of the buyback the Notes are net dilutive to our share count prior to the Notes offering if our share price exceeds $76.71 at maturity in December 2030, before adjusting for any dividends paid in the period. Operating revenues and costs under corporate and other items are comprised of two legacy FSRU operate and maintain agreements in respect of Italis LNG and LNG Croatia, both of which are expected to end in Q4 2025. Shares and dividends: 102.3 million shares are issued and outstanding as of June 30, 2025, inclusive of the 2.5 million shares repurchased and cancelled in connection with the June 2025 convertible senior notes offering. Golar's Board of Directors approved a total Q2 2025 dividend of $0.25 per share to be paid on or around September 2, 2025. The record date will be August 26, 2025. Financial Summary On COD the FLNG Gimi asset under development was de-recognized, and a sales-type lease receivable was recognized in the balance sheet. The accounting for a sales-type lease is different to Golar's other commercial agreements, which have typically been accounted for as operating leases. In order to compare the performance of the FLNG Gimi with our wider business, management has determined that it will measure the performance of the FLNG Gimi sales-type lease based on Adjusted EBITDA1, modified by sales-type lease receivable in excess of interest income. This approach allows Golar to review the economic results of FLNG Gimi in a format consistent with FLNG Hilli. (in thousands of $) Q2 2025 Q2 2024 % Change YTD 2025 YTD 2024 % Change Net income 30,779 35,230 (13)% 43,718 101,725 (57)% Net income attributable to Golar LNG Ltd 15,639 25,907 (40)% 23,836 81,127 (71)% Total operating revenues 75,673 64,689 17% 138,175 129,648 7% Adjusted EBITDA 1 49,255 58,716 (16)% 90,191 122,303 (26)% Golar's share of Contractual Debt 1 2,048,873 1,197,626 71% 2,048,873 1,197,626 71% Financial Review Business Performance: 2025 2024 (in thousands of $) Apr-Jun Jan - Mar Apr-Jun Net income 30,779 12,939 35,230 Income taxes 439 179 140 Net income before income taxes 31,218 13,118 35,370 Depreciation and amortization 12,206 12,638 13,780 Unrealized loss on oil and gas derivative instruments 34,816 25,001 16,050 Other non-operating income, net (29,981) — — Interest income (5,823) (8,699) (8,556) Loss/(gain) on derivative instruments, net 3,843 6,795 (107) Other financial items, net 973 2,292 54 Net (income)/loss from equity method investments (78) (10,209) 2,125 Sales-type lease receivable in excess of interest income 2,081 — — Adjusted EBITDA 1 49,255 40,936 58,716 2025 Apr-Jun (in thousands of $) FLNG Corporate and other Total Segment Reporting Elimination Consolidated Reporting Liquefaction services revenue 56,512 — 56,512 — 56,512 Sales-type lease revenue 8,219 — 8,219 — 8,219 Vessel management fees and other revenues 4,381 6,561 10,942 — 10,942 Vessel operating expenses (26,472) (5,795) (32,267) — (32,267) Administrative expenses (60) (6,412) (6,472) — (6,472) Project development expenses (4,162) (1,607) (5,769) — (5,769) Realized gain on oil and gas derivative instruments (2) 16,234 — 16,234 — 16,234 Other operating loss — (225) (225) — (225) Sales-type lease receivable in excess of interest income 2,081 — 2,081 (2,081) — Adjusted EBITDA 1 56,733 (7,478) 49,255 (2,081) 47,174 2025 Jan-Mar (in thousands of $) FLNG Corporate and other Total Liquefaction services revenue 55,688 — 55,688 Vessel management fees and other revenues — 5,938 5,938 Time and voyage charter revenues — 876 876 Vessel operating expenses (18,785) (9,685) (28,470) Administrative expenses (588) (8,999) (9,587) Project development expenses (2,351) (968) (3,319) Realized gain on oil and gas derivative instruments (2) 21,213 — 21,213 Other operating loss — (1,403) (1,403) Adjusted EBITDA 1 55,177 (14,241) 40,936 2024 Apr-Jun (in thousands of $) FLNG Corporate and other Total Liquefaction services revenue 56,120 — 56,120 Vessel management fees and other revenues — 5,444 5,444 Time and voyage charter revenues — 3,125 3,125 Vessel operating expenses (22,765) (10,220) (32,985) Administrative income (expenses) 34 (5,886) (5,852) Project development expenses (1,300) (2,226) (3,526) Realized gain on oil and gas derivative instruments (2) 36,390 — 36,390 Adjusted EBITDA 1 68,479 (9,763) 58,716 (2) The line item 'Realized and unrealized (loss)/gain on oil and gas derivative instruments' in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement ('LTA') and the natural gas derivative which is split into: 'Realized gain on oil and gas derivative instruments' and 'Unrealized (loss)/gain on oil and gas derivative instruments'. Golar reports today Q2 2025 net income of $31 million, before non-controlling interests, inclusive of $9 million of non-cash items1, comprised of: TTF and Brent oil unrealized mark-to-market ('MTM') losses of $35 million; A $4 million MTM loss on interest rate swaps; and, A $30 million day one gain on recognition of the FLNG Gimi sales type lease. The Brent oil linked component of FLNG Hilli's fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q2 2025, we recognized a total of $16 million of realized gains on FLNG Hilli's oil and gas derivative instruments, comprised of a: $9 million realized gain on the Brent oil linked derivative instrument; and $7 million realized gain in respect of fees for the TTF linked production. We also recognized $35 million of non-cash losses in relation to FLNG Hilli's oil and gas derivative assets, with corresponding changes in the fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows: $27 million loss on the Brent oil linked derivative asset; and $8 million loss on the TTF linked natural gas derivative asset. Balance Sheet and Liquidity: During June 2025 Golar closed the offering of $575 million of 2.75% Convertible Senior Notes due 2030. The Notes are senior, unsecured obligations of the Company, bear interest at a rate of 2.75% per annum, mature on December 15, 2030, and are convertible into the Company's common shares, cash, or a combination of shares and cash, at the Company's election. The conversion rate was equivalent to an initial conversion price of approximately $57.53 per common share, representing an initial conversion premium of approximately 40% over the closing price of the Company's common shares at the time of issuance. Of the net proceeds, $103 million was used to repurchase 2.5 million of the Company's common shares on June 30, 2025. As of June 30, 2025, Total Golar Cash1 was $891 million, comprised of $783 million of cash and cash equivalents and $108 million of restricted cash. Golar's share of Contractual Debt1 as of June 30, 2025 is $2,049 million. Deducting Total Golar Cash1 of $891 million from Golar's share of Contractual Debt1 leaves a net debt position of $1,158 million. Assets under development amounts to $0.9 billion, all of which relates to the MK II FLNG Fuji conversion project. Upon COD in June 2025, the FLNG Gimi asset under development was de-recognized, with a sales type lease receivable recognized on the balance sheet in its place. Non-GAAP measures In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar's unaudited consolidated condensed financial statements. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at June 30, 2025 and for the six months ended June 30, 2025, from these results should be carefully evaluated. Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments Performance measuresNet income/(loss) +/- Income taxes+ Depreciation and amortization+ Impairment of long-lived assets+/- Unrealized (gain)/loss on oil and gas derivative instruments+/- Other non-operating (income)/losses+/- Net financial (income)/expense+/- Net (income)/losses from equity method investments+/- Net loss/(income) from discontinued operations+/- Sales-type lease receivable in excess of interest income Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items, discontinued operations and sales-type lease receivable in excess of interest income/(loss) +/- Income taxes+ Depreciation and amortization+ Impairment of long-lived assets+/- Unrealized (gain)/loss on oil and gas derivative instruments+/- Other non-operating (income)/losses+/- Net financial (income)/expense+/- Net (income)/losses from equity method investments+/- Net loss/(income) from discontinued operations+/- Net and other amounts invoiced under sales-type lease- Amortization of deferred commissioning period revenue- Amortization of Day 1 gains- Accrued overproduction revenue+ Overproduction revenue received- Accrued underutilization adjustment Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, and FLNG Gimi. Liquidity measuresTotal debt (current and non-current), net of deferred finance charges +/-Variable Interest Entity ('VIE') consolidation adjustments+/-Deferred finance charges During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt represents our debt obligations under our various financing arrangements before consolidating the lessor measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our net debt based onGAAP measures:-Total debt (current andnon-current), net ofdeferred financecharges- Cash and cashequivalents- Restricted cash andshort-term deposits(current and non-current)- Other current assets (Receivable from TTF linked commodity swap derivatives) Total debt (current and non-current), net of:+Deferred finance charges+Cash and cash equivalents +Restricted cash and short-term deposits (current and non-current)+/-VIE consolidation adjustments+Receivable from TTF linked commodity swap derivatives The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our cash based on GAAP measures:+ Cash and cash equivalents+ Restricted cash and short-term deposits (current and non-current) -VIE restricted cash and short-term deposits We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors. (1) Please refer to reconciliation below for Golar's share of contractual debt Adjusted EBITDA backlog (also referred to as 'earnings backlog'): This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or agreements subject to conditions precedent, less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP. Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, MTM movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps ('IRS') which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities, gains or losses on derivative instruments net and gains or losses on recognition of sales type lease in our unaudited consolidated statement of operations. FLNG tariff, net: This is a non-U.S. GAAP financial measure that represents the total cash inflow and economic performance generated by our FLNGs during a given period. It is calculated by taking the total amount invoiced for FLNG services, including liquefaction services revenue, sales-type lease revenue, vessel management fees and other revenue and realized gains on oil and gas derivative instruments, adjusted for the amortization of deferred commissioning period revenue, Day 1 gains (deferred revenues) and deferred contractual payments received prior to COD under the LOA that is allocated to the non-lease component ('deferred pre-COD O&M service revenue'), the unwinding of liquidated damages, the accretion of unguaranteed residual value and the accruals and other timing related items including tax receipt, underutilization, overproduction revenue and demurrage cost. FLNG tariff, net is intended to enhance the comparability of our FLNG performance across periods and with other operational FLNGs in the industry. FLNG tariff, net should not be considered as an alternative to total operating revenue of the FLNG segment or any other performance measure of our financial performance calculated in accordance with U.S. GAAP. Abbreviations used: FLNG: Floating Liquefaction Natural Gas vesselFSRU: Floating Storage and Regasification UnitMKII FLNG: Mark II FLNG MMBtu: Million British Thermal UnitsMTPA : Million Tons Per Annum Reconciliations - Liquidity Measures Total Golar Cash (in thousands of $) June 30, 2025 December 31, 2024 June 30, 2024 Cash and cash equivalents 783,427 566,384 527,591 Restricted cash and short-term deposits (current and non-current) 123,874 150,198 93,930 Less: VIE restricted cash and short-term deposits (16,466) (17,472) (17,590) Total Golar Cash 890,835 699,110 603,931 Contractual Debt and Adjusted Net Debt (in thousands of $) June 30, 2025 December 31, 2024 June 30, 2024 Total debt (current and non-current) net of deferred finance charges 1,948,455 1,452,255 1,173,592 VIE consolidation adjustments 261,444 241,666 223,782 Deferred finance charges 31,474 22,686 20,711 Total Contractual Debt 2,241,373 1,716,607 1,418,085 Less: Keppel's and B&V's share of the FLNG Hilli contractual debt — — (31,459) Less: Keppel's share of the Gimi debt (192,500) (201,250) (189,000) Golar's share of Contractual Debt 2,048,873 1,515,357 1,197,626 Please see Appendix A for the repayment profile for Golar's Contractual Debt. Forward Looking Statements This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as 'if,' 'subject to,' 'believe,' 'assuming,' 'anticipate,' 'intend,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'will,' 'may,' 'should,' 'expect,' 'could,' 'would,' 'predict,' 'propose,' 'continue,' or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to: our ability to fulfil our obligations under our commercial agreements, including the Liquefaction Tolling Agreement (the 'LTA') for the FLNG Hilli Episeyo ('FLNG Hilli') and the 20-year Lease and Operate Agreement (the 'LOA') for the FLNG Gimi ('FLNG Gimi'); our ability to perform under our agreement with Southern Energy S.A. ('SESA') for the deployment of FLNG Hilli in Argentina, which includes completing required redeployment activities on schedule such as vessel modifications, procurement of long-lead items, and mobilization, along with SESA's ability to meet its commitments to us; our ability to meet our obligations to SESA under the definitive agreements for the deployment of our FLNG currently under conversion, the MKII FLNG ('MKII FLNG'), in Argentina; the timely satisfaction of all conditions precedent by both parties to the agreements, and SESA's ability to meet its obligations to us; our ability to obtain additional financing or refinance existing debt on acceptable terms or at all; global economic trends, competition, and geopolitical risks, including actions by the U.S. government, trade tensions or conflicts such as those between the U.S. and China, related sanctions, the potential effects of any Russia-Ukraine peace settlement on liquefied natural gas ('LNG') supply and demand and heightened political instability in the Middle East, including recent developments involving Iran and Israel; an increase in tax liabilities in the jurisdictions where we are currently operating, have previously operated or expect to operate; a material decline or prolonged weakness in tolling rates for FLNGs; failure of shipyards to comply with project schedules, performance specifications or agreed prices; failure of our contract counterparties to comply with their agreements with us or other key project stakeholders; continuing volatility in the global financial markets, including commodity prices, foreign exchange rates and interest rates and global trade policy, particularly the recent imposition of tariffs by the U.S. government; changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate; changes in our ability to retrofit vessels as FLNGs, including the availability of donor vessels to purchase and the time it takes to build new vessels; continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure under contractual arrangements, including our future projects and other contracts to which we are a party; our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all; increases in operating costs as a result of inflation or trade policy, including salaries and wages, insurance, crew and related costs, repairs and maintenance and spares; claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. ('NFE'), Energos Infrastructure Holdings Finance LLC ('Energos'), Cool Company Ltd ('CoolCo') and Snam S.p.A. ('Snam'); the ability of NFE, Energos, CoolCo and Snam to meet their respective obligations to us, including indemnification obligations; changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain; rules on climate-related disclosures promulgated by the European Union, including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions; actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission ('U.S. SEC') on March 27, 2025 (the '2024 Annual Report'). As a result, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. All forward-looking statements included in this Report are made only as of the date of this Report, and, except as required by law, we assume no obligation to revise or update any written or oral forward-looking statements made by us or on our behalf as a result of new information, future events or other factors. If one or more forward-looking statements are revised or updated, no inference should be drawn that additional revisions or updates will be made in the future. Responsibility Statement We confirm that, to the best of our knowledge, the unaudited consolidated condensed financial statements for the six months ended June 30, 2025, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar's unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the interim report for the three and six months ended June 30, 2025, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated condensed financial statements, the principal risks and uncertainties and major related party transactions. August 14, 2025The Board of DirectorsGolar LNG LimitedHamilton, BermudaInvestor Questions: +44 207 063 7900Karl Fredrik Staubo - CEOEduardo Maranhão - CFO Stuart Buchanan - Head of Investor Relations Tor Olav Trøim (Chairman of the Board)Benoît de la Fouchardiere (Director) Carl Steen (Director)Dan Rabun (Director)Lori Wheeler Naess (Director)Mi Hong Yoon (Director)Niels Stolt-Nielsen (Director)Stephen J. Schaefer (Director) This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Yahoo
27-05-2025
- Business
- Yahoo
Southern Energy Corp. Announces First Quarter 2025 Financial and Operating Results
CALGARY, AB / / May 27, 2025 / Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC), an established producer with natural gas and light oil assets in Mississippi, announces its first quarter financial and operating results for the three months ended March 31, 2025. Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements and related management's discussion and analysis (the "MD&A") for the three months ended March 31, 2025, which are available on the Company's website at and have been filed under the Company's profile on SEDAR+ at All figures referred to in this news release are denominated in U.S. dollars, unless otherwise noted. FIRST QUARTER 2025 HIGHLIGHTS Petroleum and natural gas sales of $5.1 million during Q1 2025, an increase of 7% from the same period in 2024, largely due to the increase in natural gas pricing Average realized natural gas and oil prices for Q1 2025 of $4.14/Mcf and $71.19/bbl, compared to $2.53/Mcf and $74.86/bbl in Q1 2024. Southern achieved an average premium of $0.49/Mcf (approximately 13%) above the NYMEX HH benchmark in Q1 2025 Average production of 12,808[1] Mcfe/d (2,135 boe/d) (96% natural gas) during Q1 2025, a decrease of 29% from the same period in 2024 Generated $0.9 million of Adjusted Funds Flow from Operations[2] in Q1 2025 ($0.00 per share basic and diluted), excluding $0.3 million of one-time transaction costs Net loss of $3.9 million ($0.02 per share basic and diluted), compared to a net loss of $3.1 million in Q1 2024 Entered into various amendments to the Company's senior secured term loan which included an extension to the pausing of monthly repayments of principal to January 31, 2025 and a reduction of the repayment required from the eighth amendment to $1.45 million as at January 31, 2025, which the Company paid. Amended the monthly repayment of the principal amount outstanding calculation beginning on February 28, 2025 and amended the asset coverage ratio down to 1.5x in 2025 as well as reducing the Tranche B capacity to $5.0 million (see "Liquidity and Capital Resources - Credit Facility" in the March 31, 2025 MD&A for full details of the amendment) SUBSEQUENT EVENTS On April 8, 2025, Southern closed an equity financing raising aggregate gross proceeds of $5.0 million (approximately £3.9 million, C$7.2 million) through the issuance of a total of 102,482,673 new units (see "Shareholders' Equity - Share Capital" in the March 31, 2025 MD&A for full details) On April 8, 2025, Southern converted the remaining convertible debentures in the amount of $3.1 million into 62,759,286 new units and issued 1,627,170new units for all accrued and unpaid interest (see "Liquidity and Capital Resources - Debenture Financing" in the March 31, 2025 MD&A for full details of the conversion) Ian Atkinson, President and Chief Executive Officer of Southern, commented: "Southern entered 2025 with renewed momentum, benefiting from both improved market conditions and the completion of our $5.0 million financing in April 2025. Natural gas prices showed early signs of recovery in the quarter, supported by strengthening demand fundamentals, from a colder than expected winter and tightening supply. Robust natural gas pricing in Q1 2025 enabled Southern to achieve a $0.49/Mcf (13%) premium to the Henry Hub benchmark price. We remain encouraged by the macro outlook with strong demand forecasts, tied to lower storage levels compared to last year. Feed gas demand from U.S. LNG export facilities continues to rise, with the Golden Pass terminal and pipeline expected to begin receiving gas this year. Domestic consumption is also strengthening, led by growing power demand from data centers and widespread electrification of the economy. Combined with continued capital discipline across the upstream sector, we believe these dynamics will support a tighter U.S. natural gas balance throughout the year, which we aim to capitalise on. With the recent financing complete and natural gas prices firming, we are excited to resume field operations, beginning with the first of three drilled but uncompleted wells in our Gwinville area. We have secured key services and will shortly commence operations on the 13-13 #2 Lower Selma Chalk horizontal well, with first production expected in June. Southern remains committed to creating long-term shareholder value through disciplined capital deployment, operational efficiency, and strategic advantages of our asset base. With improving market tailwinds and a clear path to near-term production growth, we are optimistic about the opportunities that lie ahead in 2025." Financial Highlights Three months ended March 31, (000s, except $ per share) 2025 2024 Petroleum and natural gas sales $ 5,121 $ 4,794 Net loss (3,879 ) (3,121 ) Net loss per share Basic (0.02 ) (0.02 ) Fully diluted (0.02 ) (0.02 ) Adjusted funds flow from operations (1) 629 2,162 Adjusted funds flow from operations per share (1) Basic 0.00 0.01 Fully diluted 0.00 0.01 Capital expenditures and acquisitions 183 269 Weighted average shares outstanding Basic 169,386 166,480 Fully diluted 169,386 166,480 As at period end Basic common shares outstanding 169,386 166,497 Total assets 51,237 61,865 Non-current liabilities 8,915 24,341 Net debt (1) $ (24,145 ) $ (25,274 ) Note: See "Reader Advisories - Specified Financial Measures". Operations Update The Company continues to progress its plans to complete its first Gwinville drilled and uncompleted ("DUC") well and has finalized procuring key services. Field operations are scheduled to commence on the 13-13 #2 Lower Selma Chalk horizontal well in the next few weeks, and Southern expects first production from the well in June 2025. Timing for the second and third horizontal completions (one Lower Selma Chalk and one City Bank) will depend on the results of the first completion operation, but the Company expects to have all three wells completed before the end of the year. The Company has also advised that it has recently elected to voluntarily shut-in approximately 400 boepd of production from the Mechanicsburg and Greens Creek Fields due to an ongoing transportation dispute with a third party pipeline operator. On April 29, 2025, Southern was pleased to receive confirmation that the pipelines subject to the dispute are regulated by the Federal Energy Regulatory Commission ("FERC") and the third party submitted the initial filing to the regulator which includes setting maximum allowable transportation rates, subject to FERC review and approval. Southern will work closely with FERC staff to expedite the rate determination process and, in parallel, will continue to engage with the pipeline operator to pursue an agreement on an equitable fee structure that would allow the resumption of gas flows from these assets while the regulatory process continues. Outlook Southern has taken decisive steps to strengthen its financial position, including the successful completion of the equity financing in April 2025, along with the conversion of the convertible debentures, and the restructuring of financial covenants with support from its lender, effective from Q1 2025. These strategic actions, combined with the fixed-price swap contract of 5,000 MMBtu/d at $3.40/MMBtu through December 2026, provide the necessary financial stability to execute the capital program with confidence. Southern will continue to monitor NYMEX prices and the basis differential prices and is prepared to hedge additional volumes in a tactical manner going forward. We appreciate the continued support of our stakeholders and look forward to providing further updates on our operational progress as we work to drive long-term shareholder value. Qualified Person's Statement Gary McMurren, Chief Operating Officer, who has over 24 years of relevant experience in the oil industry, has approved the technical information contained in this announcement. Mr. McMurren is registered as a Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta and received a Bachelor of Science degree in Chemical Engineering (with distinction) from the University of Alberta. For further information about Southern, please visit our website at or contact: Southern Energy Corp. Ian Atkinson (President and CEO) +1 587 287 5401 Calvin Yau (CFO) +1 587 287 5402 Strand Hanson Limited - Nominated & Financial Adviser +44 (0) 20 7409 3494 James Bellman / Rob Patrick / Edward Foulkes Tennyson Securities - Broker +44 (0) 20 7186 9033 Peter Krens / Jason Woollard Camarco +44 (0) 20 3757 4980 Owen Roberts / Fergus Young / Tomisin Ibikunle About Southern Energy Corp. Southern Energy Corp. is a natural gas exploration and production company characterized by a stable, low-decline production base, a significant low-risk drilling inventory and strategic access to premium commodity pricing in North America. Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques. READER ADVISORIES MCFE Disclosure. Natural gas liquids volumes are recorded in barrels of oil (bbl) and are converted to a thousand cubic feet equivalent (Mcfe) using a ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural gas volumes recorded in thousand cubic feet (Mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Mcfe and boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf is based in an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf may be misleading as an indication of value. Unit Cost Calculation. For the purpose of calculating unit costs, natural gas volumes have been converted to a boe using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with NI 51-101. Boe may be misleading, particularly if used in isolation. Product Types. Throughout this press release, "crude oil" or "oil" refers to light and medium crude oil product types as defined by NI 51-101. References to "NGLs" throughout this press release comprise pentane, butane, propane, and ethane, being all NGLs as defined by NI 51-101. References to "natural gas" throughout this press release refers to conventional natural gas as defined by NI 51-101. Abbreviations. Please see below for a list of abbreviations used in this press release. 1P total proved2P proved plus probablebbl barrelsbbl/d barrels per daybcf/d billion cubic feet per dayboe barrels of oilboe/d barrels of oil per dayMcf thousand cubic feet Mcf/d thousand cubic feet per dayMMcf million cubic feet MMcf/d million cubic feet per dayMcfe thousand cubic feet equivalent Mcfe/d thousand cubic feet equivalent per dayMMboe million barrels of oilMMBtu million British thermal unitsMMBtu/d million British thermal units per dayNI 51-101 National Instrument 51-101 Standards of Disclosure for Oil and Gas ActivitiesNYMEX New York Mercantile ExchangePDP proved developed producing Forward-Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "continue", "evaluate", "forecast", "may", "will", "can", "target" "potential", "result", "could", "should" or similar words suggesting future outcomes or statements regarding an outlook (including negatives and variations thereof). Forward-looking information in this press release may include, but is not limited to statements concerning the Company's asset base including the development of the Company's assets, positioning, oil and natural gas production levels, the Company's anticipated operational results, Southern's growth strategy and the expectation that it will continue to enhance shareholder value, forecasted natural gas pricing, Southern's ability to re-initiate growth in deploying the net proceeds from the equity financing on capital expenditures, drilling and completion plans and casing remediation activities, expectations regarding commodity prices and service costs, expectations regarding increased demand for gas (including demand stemming from artificial intelligence data centers, vehicle electrification and certain export facilities) performance characteristics of the Company's oil and natural gas properties, the Company's expectation to continue actively reducing and optimizing operating costs, general and administrative expenses and maintenance capital to maximizenetbacks, the Company's hedging strategy and execution thereof, the ability of the Company to achieve drilling success consistent with management's expectations,the Company's expectations regarding completion of the three remaining DUCs and the drilling operations in the Mechanicsburg Field (including the timing thereof and anticipated costs and funding), the effect of market conditions on the Company's performance and expectations regarding the use of proceeds from all sources including the senior term loan. Statements relating to "reserves" and "recovery" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern, including, but not limited to, the timing of and success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of drilling rigs, facilities and pipelines, the geological characteristics of Southern's properties, the characteristics of the Company's assets, the successful integration of acquired assets into the Company's operations, the Company's ability to comply with ongoing obligations under the senior term loan and other sources of financing, the successful application of drilling, completion and seismic technology, the benefits of current commodity pricing hedging arrangements, Southern's ability to enter into future derivative contracts on acceptable terms, Southern's ability to secure financing on acceptable terms, prevailing weather conditions, prevailing legislation, as well as regulatory and licensing requirements, affecting the oil and gas industry, the Company's ability to obtain all requisite permits and licences, prevailing commodity prices, price volatility, price differentials and the actual prices received for the Company's products, royalty regimes and exchange rates, the impact of inflation on costs,the application of regulatory and licensing requirements, the Company's ability to obtain all requisite permits and licences, the availability of capital, labour and services, the creditworthiness of industry partners, the Company's ability to source and complete asset acquisitions, and the Company's ability to execute its plans and strategies. Although Southern believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Southern can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production, the uncertainty of reserve estimates, the uncertainty of estimates and projections relating to production, costs and expenses, regulatory risks, and health, safety and environmental risks), constraint in the availability of labour, supplies, or services, the impact of pandemics, commodity price and exchange rate fluctuations, geo-political risks, political and economic instability, the imposition or expansion of tariffs imposed by domestic and foreign governments or the imposition of other restrictive trade measures, retaliatory or countermeasures implemented by such governments, including the introduction of regulatory barriers to trade and the potential effect on the demand and/or market price for the Company's products and/or otherwise adversely affects the Company, wars (including the Russo-Ukrainian war and the Israel-Hamas conflict), hostilities, civil insurrections, inflationary risks including potential increases to operating and capital costs, changes in legislation impacting the oil and gas industry, including but not limited to tax laws, royalties and environmental regulations (including greenhouse gas emission reduction requirements and other decarbonization or social policies and including uncertainty with respect to the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada)), the Company's ability to meet its financial obligations and covenants, adverse weather or break-up conditions, and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Southern's MD&A for the period ended December 31, 2024 and AIF for the year ended December 31, 2024, which are available on the Company's website at and filed under the Company's profile on SEDAR+ at The forward-looking information contained in this press release is made as of the date hereof and Southern undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Future Oriented Financial Information. This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Southern's capital expenditures, general and administrative expenses, inorganic growth, hedging, natural gas pricing, netbacks, royalty rates and prospective results of operations and production, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Southern's future business operations. Southern and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Southern disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Southern's guidance. The Company's actual results may differ materially from these estimates. Specified Financial Measures. This press release provides various financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS"), including non-IFRS financial measures, non-IFRS financial ratios and capital management measures. These specified financial measures may not be comparable to similar measures presented by other issuers. Southern's method of calculating these measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Adjusted Funds Flow from Operations, adjusted working capital and net debt are not recognized measures under IFRS. Readers are cautioned that these specified financial measures should not be construed as alternatives to other measures of financial performance calculated in accordance with IFRS. These specified financial measures provide additional information that management believes is meaningful in describing the Company's operational performance, liquidity and capacity to fund capital expenditures and other activities. Please see below for a brief overview of all specified financial measures used in this release and refer to the Company's MD&A for additional information relating to specified financial measures, which is available on the Company's website at and filed under the Company's profile on SEDAR+ at "Adjusted Funds Flow from Operations" (non-IFRS financial measure) is calculated based on cash flow from operative activities before changes in non-cash working capital and cash decommissioning expenditures. Management uses adjusted funds flow from operations as a key measure to assess the ability of the Company to finance operating activities, capital expenditures and debt repayments. "Adjusted Funds Flow from Operations per Share" (non-IFRS financial measure) is calculated by dividing Adjusted Funds Flow from Operations by the number of Southern shares issued and outstanding. "Net Debt" (capital management measure) is monitored by management, along with adjusted working capital, as part of its capital structure in order to fund current operations and future growth of the Company. Net debt is defined as long-term debt plus adjusted working capital surplus or deficit. Adjusted working capital is calculated as current assets less current liabilities, removing current derivative assets/liabilities, the current portion of bank debt, and the current portion of lease liabilities. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. [1] Comprised of 81 bbl/d light and medium crude oil, 5 bbl/d NGLs and 12,292 Mcf/d conventional natural gas [2] See "Reader Advisories - Specified Financial Measures" SOURCE: Southern Energy Corp. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
14-05-2025
- Business
- Associated Press
Southern Energy Corp. Provides Operations Update
CALGARY, AB / ACCESS Newswire / May 14, 2025 / Southern Energy Corp. ('Southern' or the 'Company') (TSXV:SOU)(AIM:SOUC), an established producer with natural gas and light oil assets in Mississippi, continues to progress its plans to complete its first Gwinville drilled and uncompleted ('DUC') well and has finalized procuring key services. Field operations are scheduled to commence on the 13-13 #2 Lower Selma Chalk horizontal well in the next few weeks, and Southern expects first production from the well during June 2025. This will be the Company's first of three planned DUC completions at Gwinville. Unrelated to Southern's current growth plans at Gwinville, Southern is involved in an ongoing dispute in which it is bringing a claim regarding what it believes are excessive transportation fees being charged by a third party midstream company associated with the Mechanicsburg and Green's Creek fields. On April 29, 2025, Southern was pleased to receive confirmation that the pipelines subject to the dispute are regulated by the Federal Energy Regulatory Commission ('FERC'). The third party made its initial response filing to the regulator which includes setting maximum allowable transportation rates, subject to FERC review and approval. Southern will work closely with FERC staff to expedite the rate determination process and, in parallel, will continue to engage with the pipeline operator to pursue an agreement on an equitable fee structure. In the interim, Southern has elected to voluntarily shut-in approximately 400 boepd of production from the Mechanicsburg and Greens Creek Fields to avoid increasing the quantum of disputed fees. This accounts for approximately 20% of Southern's production on a volumetric basis, but only approximately 10% of the Company's operating income from Q1 2025. This will not impact the rest of Southern's operations or the proposed DUC completions in Gwinville. For further information about Southern, please visit our website at or contact: About Southern Energy Corp. Southern Energy Corp. is a natural gas exploration and production company characterized by a stable, low-decline production base, a significant low-risk drilling inventory and strategic access to premium commodity pricing in North America. Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques. READER ADVISORY Unit Cost Calculation. For the purpose of calculating unit costs, natural gas volumes have been converted to a barrel of oil equivalent ('boe') using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Boe may be misleading, particularly if used in isolation. Forward Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as 'anticipate', 'believe', 'expect', 'plan', 'intend', 'estimate', 'propose', 'project', 'budget', 'continue', 'evaluate', 'forecast', 'may', 'will', 'can', 'target' 'potential', 'result', 'could', 'should' or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to statements concerning the Company's capital program for the remainder of 2025, including the completion of a DUC and the timing of production in respect thereof, the Company's natural gas transmission rate dispute with a third-party pipeline operator and the Company's actions pending the resolution of such dispute. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern. Although Southern believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Southern can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including other risks are set out in Southern's MD&A and annual information form for the year ended December 31, 2024, which are available on the Company's website at and filed under the Company's profile on SEDAR+ at The forward-looking information contained in this press release is made as of the date hereof and Southern undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Southern Energy Corp. press release
Yahoo
09-05-2025
- Business
- Yahoo
DevvStream Affiliate Monroe Sequestration Partners Signs Agreement with Southern Energy to Anchor Major Carbon Capture Project in Louisiana
DevvStream's October 2024 acquisition of 50% of the common interests in Monroe Sequestration Partners directly connects the Company to one of the Gulf Coast's most strategic carbon storage and clean fuel sectors Calgary, Alberta--(Newsfile Corp. - May 8, 2025) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon management firm specializing in the development, investment, and sale of environmental assets, today announced that Monroe Sequestration Partners ("Monroe"), in which DevvStream acquired a 50% common-interest stake in October 2024, has signed a Collaboration Agreement (the "Agreement") with Southern Energy, a Wyoming-based clean fuels company proposing the development of a $1 billion (USD) methanol and sustainable aviation fuel ("SAF") facility in Louisiana. The Agreement outlines a strategic partnership in which Monroe would provide permanent CO₂ sequestration through its Class VI storage site, expected to be operational in 2027, while Southern Energy would capture emissions from its planned biomass-to-fuel facility, targeting production in 2028. The parties aim to generate high-quality carbon credits and support compliance with global decarbonization mandates in aviation and maritime transport industries. The Company anticipates entering into additional definitive binding agreements reflecting the terms outlined in the Agreement during Q2 of this year. "Monroe's combination of Class VI storage readiness, local access, and commercial reach positions it among the most advanced carbon storage developers in the country," said Carl Stanton, Chairman of DevvStream. "Louisiana is quickly becoming the carbon capture capital of the U.S., and this agreement underscores Monroe's leadership in delivering durable, monetizable carbon removal solutions." About Southern Energy's Project Southern Energy plans to build a biomass-to-fuel facility in Louisiana to produce low-carbon methanol and SAF with an anticipated project cost of approximately $1 billion. Using proven syngas technology and a large-scale regional feedstock strategy, the facility is designed to serve both maritime and aviation sectors. Integrated carbon capture is expected to drive exceptionally low lifecycle carbon intensity ("CI") scores while generating 45Q tax credits and other monetizable environmental assets. The facility is expected to benefit from Northern Louisiana's location within the Southern Wood Basket—the largest biomass-producing region in North America. According to market studies, the North Louisiana-South Arkansas corridor ranks among the top five U.S. markets for pulpwood and forest residual availability, providing secure, scalable access to sustainably sourced feedstock. "Southern Energy's platform aligns directly with recent federal initiatives supporting clean energy infrastructure," added Sunny Trinh, CEO of DevvStream. "The combination of permanent sequestration, proven fuel tech, and policy momentum makes this a standout project." Strategic Importance of Louisiana Louisiana is emerging as a national hub for carbon capture and storage ("CCS"). As one of only four states with U.S. EPA-approved primacy over Class VI wells, it can independently permit carbon storage projects—potentially cutting years off timelines. According to Bloomberg (April 2025), over a dozen CCS projects are already underway across the state, backed by more than $4.5 billion (USD) in anticipated investment. Recent federal policy changes have the potential to increase this momentum. The current administration's first 100 days brought a sweeping realignment around CCS—executive orders prioritized permitting, expanded 45Q incentives, and encouraged private-sector deployment. Monroe's early position and deep ties in Louisiana provide a unique potential advantage as demand for durable carbon removal grows. Strategic Implications for DevvStream For DevvStream, this Agreement has the potential to strengthen its infrastructure-backed carbon credit pipeline and to deepen its exposure to permanent sequestration revenues. As co-owner of Monroe, DevvStream is expected to support project development, credit packaging, and long-term monetization efforts. This Agreement also reinforces DevvStream's broader investment strategy: leveraging partnerships with industrial emitters to scale environmental asset generation under favorable policy, geographic, and commercial conditions. About DevvStream Founded in 2021, DevvStream is a leading carbon management firm specializing in the development, investment, and sale of environmental assets, energy transition, and innovative carbon management solutions. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health. With a diverse approach to energy transition and carbon markets, DevvStream operates across three strategic domains: (1) an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most difficult-to-reduce emissions; (2) project investment, acquisitions, and industry consolidation to extend the company's reach, allowing it to become a full end-to-end solutions provider; and (3) project development, where the company serves as project manager for eligible activities such as EV charging or renewable energy generation in exchange for a percentage of generated credits or I-RECs. For more information, please visit About Monroe Sequestration Partners Monroe Sequestration Partners is a carbon storage development platform based in northeast Louisiana, currently developing a Class VI sequestration facility expected to be operational in 2027. The company enables industrial emitters to meet climate targets through permanent carbon removal and credit generation. About Southern Energy Based in Wyoming, Southern Energy is developing a $1 billion low-carbon fuels facility in Louisiana that will produce methanol and sustainable aviation fuel from biomass using syngas-based technology. The facility is designed to serve global maritime and aviation markets, with integrated carbon capture to deliver low CI scores and premium environmental assets. Cautionary Note Regarding Forward-Looking Statements Certain statements in this news release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events, trends or DevvStream's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include statements regarding DevvStream's intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, DevvStream's ability to continue as a going concern and to realize the benefits of its recently completed business combination, DevvStream's ability to remain listed on Nasdaq, the volatility of the market price and the liquidity of DevvStream's common shares, the impact from future regulatory, judicial, legislative or regulatory changes in DevvStream's industry, the trends in the carbon credit markets, future performance and anticipated financial impacts of certain transactions by DevvStream or others, the growth and value of the global carbon credit or I-REC market traded value, the potential of carbon credits to provide carbon emission reductions and reduce carbon emissions to limit global warming, estimated CO2 capture, sequestration, decarbonization or storage capacities or potentials of different projects in which DevvStream is investing, or DevvStream's opportunity pipeline and the ability of such opportunities to generate I-RECs, carbon credits, or tax credits each year, or the market growth and value of these markets, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by DevvStream and its management are inherently uncertain and subject to material change. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Any agreement described herein is subject to customary conditions and the ongoing performance of project partners, and there can be no assurance that all contemplated environmental assets will be issued or monetized. Moreover, there can be no assurance that any future agreements described herein will be executed. These forward-looking statements are expressed in good faith, and DevvStream believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and DevvStream is under no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in filings made by, or to be made by, DevvStream from time to time with the SEC and with the Canadian securities regulatory authorities. This news release is not an offer to sell or the solicitation of an offer to buy, any securities of DevvStream and this news release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Contact ir@ Phone: (408) 365-4348 To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
05-05-2025
- Business
- Yahoo
FID reached for Southern Energy FLNG project in Argentina
Southern Energy SA (SESA) has reached a final investment decision (FID) for the Southern Energy floating liquefied natural gas (FLNG) export project in Argentina. SESA was established in 2024 to develop LNG export capacity from Argentina, and is backed by a group of energy companies. Pan American Energy holds the largest share in the joint venture at 30%, followed by YPF with 25%, Pampa Energía with 20%, Harbour Energy with 15%, and Golar LNG with the remaining 10%. The Southern Energy project will utilise two of Golar LNG's FLNG vessels, Hilli Episeyo and MKII, to be stationed off the coast of Argentina's Río Negro province. It is expected to have a processing and export capacity of approximately six million tonnes per annum (mtpa) of LNG, equivalent to 27 million m3 per day of natural gas. The Hilli Episeyo, with a nameplate capacity of 2.45mtpa, is scheduled to begin operations in 2027. The larger MKII FLNG unit, offering a nameplate capacity of 3.5mtpa, is expected to start up in 2028. Both vessels will process gas sourced from the onshore Vaca Muerta formation in Neuquén, claimed to be the second largest shale gas reserves in the world. Harbour's capital expenditure requirement until commercial operations commence is estimated to be around $100m. The project has also secured key investment incentives under Argentina's RIGI (Régimen de Incentivo para Grandes Inversiones) framework, including the dollarisation of revenues after three years of production. Harbour's Argentina business unit managing director Martin Rueda said: 'Taking final investment decision on Southern Energy marks a significant milestone for Harbour Energy, providing the opportunity to deliver value from our extensive resource position in Argentina. 'As the country's first LNG project under the RIGI, it also marks an important milestone in supporting Argentina's ambition to become a material exporter of natural gas. We look forward to working together with our partners and stakeholders to safely and efficiently deliver this project.' "FID reached for Southern Energy FLNG project in Argentina" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
