Golar LNG Limited (NASDAQ:GLNG) reported first-quarter revenue on Wednesday that exceeded analyst expectations, supported by strong operational performance from its floating liquefied natural gas (FLNG) assets.
Shares of the company climbed 3.32% in pre-market trading following the earnings release.
Revenue More Than Doubles Year Over Year
Quarterly revenue totaled $137.55 million, beating the analyst consensus estimate of $128.36 million.
The result marked a 120% increase from $62.50 million recorded in the same quarter last year.
Golar posted net income attributable to the company of $83.58 million, while adjusted EBITDA reached $105.58 million during the quarter.
FLNG Gimi Production Exceeds Expectations
The company attributed the strong quarter primarily to FLNG Gimi’s overproduction, which came in 19% above committed contractual volumes, along with reduced operating expenses.
Golar also recorded approximately $37 million in non-cash items, largely related to unrealized gains on oil and gas derivative instruments.
“Q1 saw solid operational performance with continued 100% economic uptime for the FLNG Hilli and strong operational performance from the FLNG Gimi producing 19% more than the contractual committed volume,” said CEO Karl Fredrik Staubo.
Dividend Declared and Strategic Review Underway
Golar announced a quarterly dividend of $0.25 per share, payable on June 10, 2026, to shareholders of record as of June 1, 2026.
At quarter-end, the company held total cash of $1.0 billion and contractual debt of $2.7 billion.
Management also disclosed that Goldman Sachs has been hired to explore strategic alternatives, including a potential sale of the company, merger opportunities, or asset divestitures.
Expansion Plans Continue
Golar said it is targeting an order for its fourth FLNG unit during 2026 as commercial activity accelerates amid recent geopolitical developments in the Middle East.
During the quarter, FLNG Hilli completed the offloading of its 150th cargo.
The company added that its MKII FLNG conversion project remains on track and within budget, with completion expected in the fourth quarter of 2027.