New Fortress Energy Inc. has recently released its 10-Q report, providing a comprehensive view of the company's financial condition and operations. The company operates as an integrated gas-to-power energy infrastructure company, with two primary segments: Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment involves natural gas procurement, liquefaction, shipping, logistics, facilities, and conversion or development of natural gas-fired power generation, while the Ships segment offers floating storage and regasification units (FSRU) and liquefied natural gas (LNG) carriers leased to customers under long-term or spot arrangements.
In the 10-Q report, New Fortress Energy Inc. discusses its current operations within the Terminals and Infrastructure segment, highlighting its significant facilities and supply hubs. The Montego Bay Facility, operational since October 2016, serves as a supply hub for the north side of Jamaica, providing natural gas to the 145MW Bogue power plant. The Old Harbour Facility, operational since June 2019, supplies natural gas to the 190MW Old Harbour power plant and the dual-fired combined heat and power facility in Clarendon, Jamaica. The San Juan Facility, fully operational in the third quarter of 2020, serves as a landed micro-fuel handling facility in Puerto Rico. Additionally, the company's La Paz Facility in Baja California Sur, Mexico, began commercial operations in the fourth quarter of 2021, supplying gas-fired power units located adjacent to the facility. The Miami Facility, operational since April 2016, has entered into a definitive agreement for sale.
Furthermore, the report outlines the company's LNG supply and cargo sales strategy, emphasizing its commitment to providing reliable, affordable, and clean energy supplies to customers worldwide. New Fortress Energy Inc. has secured commitments to purchase and receive physical delivery of LNG volumes for 100% of its expected committed volumes for each of its downstream terminals. Additionally, the company has binding contracts for LNG volumes from two separate U.S. LNG facilities, expected to commence in 2027. The company also plans to commence production from its own Fast LNG facilities, with the first facility beginning to produce LNG in July 2024.
The 10-Q report also delves into the company's Ships segment, which includes FSRUs, FSUs, and LNG carriers leased to customers under long-term arrangements. The report highlights a significant transaction with an affiliate of Apollo Global Management, Inc., through which New Fortress Energy Inc. transferred ownership of eleven vessels in exchange for cash and an equity interest in Energos Infrastructure.
Moreover, the report discusses the company's development projects, including the development of modular liquefaction facilities, LNG terminal facilities and power plants in various locations, and the exploration of projects in multiple regions around the world. Today the company's shares have moved -23.6% to a price of $13.0. For the full picture, make sure to review New Fortress Energy's 10-Q report.
