Golar reports Interim results for the period ended 31 March 2019

Posted On May 21st, 2019 - 1:50 pm | by Oil and gas press

Business Performance

Golar reports today 1Q 2019 (“1Q”) operating income of $28.9 million compared to a $102.8 million loss in 4Q 2018 (“4Q”).

Total operating revenues net of voyage, charterhire and commission expenses decreased from $141.9 million in 4Q to $97.8 million in 1Q. Of the 1Q total, $43.6 million is derived from vessel and other operations and $54.2 million is from FLNG operations.

Revenues from vessel and other operations, including management fee income, net of voyage, charterhire and commission expenses decreased by $43.1 million to $43.6 million in 1Q.

China’s decision to pull LNG purchases forward into 4Q18 to avoid gas shortages together with a mild winter in Asia resulted in elevated LNG inventory levels into 1Q19.

Asian LNG prices dropped, Inter-basin trading opportunities disappeared and ton-miles, utilization and rates fell as a result. Fleet utilization decreased from 93% in 4Q to 51% in 1Q. Full fleet TCE1 earnings decreased from $77,600 in 4Q to $39,300 in 1Q.

In line with prior quarters, FLNG Hilli Episeyo generated operating revenues of $54.5 million including base tolling fees and amortization of pre-acceptance amounts recognized.

Vessel operating expenses at $31.2 million in 1Q were $2.1 million higher than 4Q. Most of the increase is attributable to FLNG Hilli Episeyo due to increased crew tax costs as well as additional repairs and maintenance.

At $13.5 million for the quarter, total administrative expenses were $0.9 million higher than 4Q.

Capitalization of costs incurred in relation to the BP-Kosmos FLNG project from the point of FID in December 2018 resulted in a $3.1 million reduction in project expenses from $4.7 million in 4Q to $1.6 million in 1Q.

The Brent oil linked component of Hilli Episeyo’s fees generates additional annual operating cash flows of approximately $3 million for every dollar increase in Brent Crude prices between $60.00 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. Amounting to $2.2 million in 1Q, the realized gain on the oil derivative instrument was down $10.2 million on 4Q. The decrease in this hire component is the result of lower oil prices, particularly during December and January.

The mark-to-market fair value of the derivative asset increased by $28.4 million during the quarter, with a corresponding unrealized gain of the same amount recognized in the income statement. The fair value increase was driven by an upward movement in the expected future market price for Brent Oil. The spot price for Brent Oil increased from $50.57 per barrel on December 31 to $68.39 on March 31 and has recovered further, to $71.97 per barrel on May 20.

Other operating gains and losses within vessel and other operations reported a 1Q gain of $9.3 million, representing a final settlement from the terminated contract for the Golar Tundra.

Depreciation and amortization at $28.2 million in 1Q was in line with the prior quarter.

Golar LNG Dividend Information

Reference is made to the first quarter 2019 report released on May 21, 2019. Golar LNG has declared a total dividend of $0.15 per share to be paid on July 3, 2019. The record date will be June 13, 2019.

Golar LNG Limited

Source / More : Golar

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