Excelerate Energy, Inc. reported a total revenue of $851.4 million for the fiscal year ending December 31, 2024, a decrease of approximately 26.5% from $1.16 billion in 2023. The company’s net income increased to $153.0 million, up from $126.8 million in the previous year, primarily driven by various charter rate increases and a full year of earnings from its charter with Germany. Adjusted EBITDA for the year was $348.2 million, slightly up from $346.8 million in 2023. The decline in revenue was attributed to a significant drop in gas sales, which fell to $239.3 million from $652.2 million in 2023, largely due to the completion of a natural gas sales agreement in Brazil.
In terms of operational developments, Excelerate Energy operates a fleet of 10 floating storage and regasification units (FSRUs) and has completed over 3,000 ship-to-ship transfers of LNG since its inception. The company has secured long-term contracts with customers in various countries, including a recent 10-year time charter agreement with Petrobras for the Sequoia, which commenced in January 2024. The total minimum contracted cash flows under time charter and terminal use contracts stood at approximately $3.7 billion as of December 31, 2024, with a weighted average remaining term of 6.5 years.
The company has also made strategic moves to enhance its market position, including the acquisition of the Sequoia FSRU in April 2023 for $265 million, financed through its Term Loan Facility. This acquisition is expected to bolster Excelerate's operational capacity and revenue generation. Additionally, Excelerate has entered into several long-term LNG sale and purchase agreements, including a 20-year agreement with Venture Global LNG and a 15-year agreement with QatarEnergy, both set to commence in 2026.
Looking ahead, Excelerate Energy anticipates continued growth driven by the increasing global demand for cleaner energy sources. The company is well-positioned to capitalize on the evolving market dynamics, particularly as LNG supply is expected to grow with new export projects in Canada, Mexico, and the U.S. slated to come online in 2025. However, the company acknowledges potential risks, including geopolitical tensions and unpredictable weather patterns, which could impact the global LNG trade. Excelerate remains committed to expanding its integrated LNG solutions and enhancing its operational capabilities to meet the growing energy needs of its customers.
About Excelerate Energy, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.