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2Q 2020 Earnings Results – Golar Lng Partners Lp

Golar Lng Partners Lp · Aug 25, 2020 · 24 slides

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Slides

  1. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 1
    Second Quarter 2020 Results
  2. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 2
    Recent Highlights Operating income for Q2 2020 of 32.8 million, exclusive of ownership interest in FLNG Hilli Episeyo (Hilli). Quarterly net income of 14.3 million after accounting for 4.5 million of non-cash mark- to-market losses…
  3. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 3
    Second quarter 2020 financial results SUMMARY RESULTS HIGHLIGHTS Operating Results: (in thousands of , except Q2 Q1 Q2 The Q2 results of operations generated total Distribution coverage ratio) 2020 2020 2019 operating revenue of…
  4. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 4
    Segment Information2 Q2 2020 Q1 2020 (in thousands of ) FSRU* LNGC* FLNG** Total FSRU* LNGC* FLNG** Total Total Operating Revenues 59,033 13,081 26,018 98,132 53,441 16,374 26,018 95,833 Amount invoiced under sales-type lease…
  5. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 5
    Balance Sheets Summary CONDENSED SUMMARY Jun 30 Mar 31 (USD thousands) 2020 2020 (Unaudited) (Unaudited) Cash and cash equivalents 32,781 35,095 Restricted cash and short-term deposits 59,170 44,050 Other current assets 43,746…
  6. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 6
    Debt maturity profile 800 700 600 500 USDm 400 300 200 100 - 2020 2021 2022 2023 2024 2025 High yield bonds Debt Balloon Repayment Debt Interim Instalments Golar Eskimo Contractual debt Successfully…
  7. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 7
    1.9bn of Revenue Backlog1 2020 2021 2022 2023 2024 2025 2026 FSRU Golar Freeze 2033 Energy & Logistics 15 year Jamaica charter Company FSRU Golar Winter 10-year contract extended to 15 years FSRU Nusantara Regas Satu 11-year…
  8. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 8
    Diversified contracted revenue backlog1 Revenue backlog(1) Historical revenue backlog (1) (USDbn) 1,000 915 Millions Total revenue 900 backlog split 800 700 8% 2.4 2.6 600 2.2 2.3 2.1 1.9 500 392 USD 400 355 32% 60%…
  9. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 9
    Stable operational utilization Continued strong commercial utilization from operating fleet Note: Excludes vessel in cold layup Continued operational excellence across the fleet. FLNG Hilli with 100% economical utilization since…
  10. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 10
    FSRU Nusantara Regas concluding its 250th cargo FSRU Nusantara Regas Satu received its 250th LNG cargo The FSRU Nusantara Regas, operating for PT Nusantara Regas in Jakarta, Indonesia received its 250th cargo on August 12, 2020.…
  11. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 11
    Continued attractiveness of LNG support adoption Asia: LNG is currently the cheapest hydrocarbon Europe: Gas the cheapest hydrocarbon (incl. tax) 16.0 18.0 14.2 14.2 14.0 16.0 2.0 12.1 14.0 2.2 11.6 12.0 10.8 USD/MMBTU 12.0…
  12. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 12
    Improving FSRU supply/demand balance FSRU newbuild activity FSRU awards 10 10 9 9 9 Units ordered / Reported for conversion 8 8 7 7 6 6 6 of Awards 6 6 5 5 5 4 4 3 3 3 3 3 2 2 2 2 2 1 1 1 1 1 0 0…
  13. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 13
    Parceling FSRU capacity can boost re- contracting returns Illustrative FSRU economics (volume vs. tolling fee per MMBTU throughput)1 250 Tolling fee USD 0.5/day Tolling fee USD 1/day Tolling fee USD 1.5/day Illustrative FSRU EBITDA…
  14. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 14
    ESG: Progress on our key initiatives Current ESG projects Case study: Seawater turbine trial Golar has developed a proprietary technology to Health, safety and security Prioritising reduce the amount of energy used to heat LNG what…
  15. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 15
    Summary Full quarter contribution from Golar Igloo improved quarter over quarter earnings as expected. Q3 Total Adjusted EBITDA1 is expected to be broadly similar to Q2. Secured multi-month charter for Golar Maria during Q2. Revenue…
  16. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 16
    THANK YOU Golar LNG Partners LP 17
  17. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 17
    Appendix A Non-GAAP measures Distributable cash flow: Distributable cash flow represents Total Adjusted EBITDA adjusted for the cash components of interest, amounts invoiced under sales-type lease, derivatives, tax and earnings from…
  18. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 18
    Appendix B Total Adjusted EBITDA Three months ended Three months ended Three months ended (in thousands) June 30, 2020 March 31, 2020 June 30, 2019 Net income / (loss) 14,283 (33,221) (5,238) Depreciation and amortization 20,046…
  19. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 19
    Appendix C Adjusted Net Debt At June 30 At March 31 At June 30 (in thousands) 2020 2020 2019 Current portion of long-term debt and short-term debt 602,633 105,394 225,056 Current portion of obligation under finance lease 2,081…
  20. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 20
    Appendix D Segment Information Total Segment Consolidated Q2 2020 (in thousands) FSRU1 LNG Carrier1 FLNG2 Elimination3 Reporting Reporting Total operating revenues 59,033 13,081 26,018 98,132 (26,018) 72,114 Voyage and commission…
  21. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 21
    Appendix E - Consolidated Statements of Income 2020 2020 2019 (USD thousands) Apr-Jun Jan-Mar Apr-Jun (unaudited) (unaudited) (unaudited) Total operating revenues 72,114 69,815 77,361 Vessel operating expenses (12,991) (16,212)…
  22. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 22
    Appendix F - Consolidated Balance Sheet: Assets 2020 2020 2019 Jun 30 Mar 31 Dec 31 (USD thousands) Unaudited Unaudited audited Current assets Cash and cash equivalents 32,781 35,095 47,661 Restricted cash and short-term…
  23. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 23
    Appendix F - Consolidated Balance Sheet: Liabilities & Equity 2020 2020 2019 June 30 Mar 31 Dec 31 (USD thousands) Unaudited Unaudited audited Current liabilities Current portion of long-term debt 602,633 105,394 225,254 Current…
  24. 2Q 2020 Earnings Results – Golar Lng Partners Lp – slide 24
    Appendix G - Distributable Cash Flow (in thousands of , except Distribution coverage ratio) Three months ended Three months ended June 30, 2020 Mar 31, 2020 Total Adjusted EBITDA 77,686 72,137 Adjusted Interest Income 416 549…

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