New Fortress Energy reports record quarterly earnings
Small LNG developer New Fortress Energy reported record quarterly net income on February 28, with Q4 2021 net income of $151mn and full-year net income of $92mn.
The 2021 profit follows two straight years of net losses, $264mn in 2020 and $204mn in 2019. Quarterly comparisons were not provided, other than for Q3 2021, when New Fortress registered a $17.8mn net loss.
Going forward, the company is adopting adjusted EBITDA as its new financial performance metric. In Q4 2021, adjusted EBITDA was $334mn, up from $170mn in Q3 2021. Full year adjusted EBITDA was $604mn.
Subsequent to year-end, New Fortress advanced the deployment of its first Fast LNG unit offshore Congo-Brazzaville and sanctioned its second Fast LNG unit, which is expected to be placed into service in Q3 2023 to produce 1.4mn mt/yr. A location for the second unit hasn’t been revealed, although New Fortress last year signed a preliminary agreement with the government of Mauritania to develop a hub for natural gas, LNG and blue ammonia, which could utilise the technology.