Golar LNG Q1: Revenue Misses Consensus, Reinstates Dividend Payment, Discloses $150M Share Buyback

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• Golar LNG Ltd GLNG reported an operating revenue increase of 1% Y/Y to $74.0 million missing the consensus of $81.2 million. 
• Adjusted EBITDA declined 6% Y/Y to $84.1 million.
• GLNG reported a net loss of $(101.9) million in the quarter vs. a net profit of $345.2 million a year ago.
• The company's cash balance stood at $1 billion at the end of the quarter.
• In January 2023, GLNG effectively unwound its 2023 and 2024 TTF hedges, locked in around $140 million of TTF hedged distributable adjusted EBITDA and re-gained total market exposure to its TTF linked production.
• In Q1, GLNG reacquired New Fortress Energy Inc's (NFE) stake in the FLNG Hilli for 4.1 million NFE shares and $100 million in cash. It increases annual run-rate distributable adjusted EBITDA by about $70 million annually between January 1, 2023, and July 2026.
• The company exited NFE investment by selling its remaining 1.2 million shares for net proceeds of $46 million.
• GLNG sold 4.5 million shares to exit Cool Company Ltd investment and raised net proceeds of $56 million.
• GLNG repurchased $20 million of 2025 maturing Unsecured Bonds and secured approval for amendments to bond terms.
• Repurchase: The Board of Directors has authorized a new share repurchase program of up to $150 million. 
• Dividend: The Board of Directors reinstated and approved a Q1 dividend of $0.25 per share, to be paid on June 16, 2023, and shareholders of record as of June 12, 2023. 
• Price Action: GLNG shares are trading lower by 1.70% at $22.00 on the last check Tuesday.