Golar LNG Limited. (NASDAQ:GLNG) Q4 2022 Earnings Conference Call February 28, 2023 8:30 AM ET
Company Participants
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Conference Call Participants
Ben Nolan - Stifel
Christopher Robertson - Deutsche Bank
Chris Tsung - Webber Research
Liam Burke - B. Riley Financial
Operator
Welcome to the Golar LNG Limited Q4 2022 Results Presentation. After the slide presentation by CEO, Karl Fredrik Staubo; and CFO, Eduardo Maranhão, there will be a question-and-answer session. [Operator Instructions] At this time all participants are in listen-only mode.
I will now pass you over to Karl Fredrik Staubo. Karl, please go ahead.
Karl Fredrik Staubo
Thank you operator. And welcome to Golar LNGs Q4 earnings result presentation. My name is Karl Fredrik Staubo, CEO of Golar LNG. I’m accompanied today by our CFO, Mr. Eduardo Maranhão to present this quarter’s result.
Before we get into the presentation, please note the forward-looking statements on Slide 2. Turning to Slide 3, this morning we sold our remaining shareholding in CoolCo Limited for net proceeds about $56 million. Since our last earnings call, we have also exited our shareholding in [Indiscernible] and both backed their stake in our FLNG Hilli.
Our only current shareholding is Avenir LNG with a book value of around $42 million. Our core business is owning our 2 FLNGs Hilli operating for Perenco in Cameroon. Hilli generates significant operating cash flows due to its commodity link tariff. The unit is coming off a recontacting in July 2026 and we’re very optimistic to increase utilization and improve commercial terms for the unit upon recontracting.
Gimi is expected to target 20-year contract for BP on the Tortue field outside Mauritania and Senegal later this year. We will then start to engage cash flow on the more than $1.2 million invested in the project today. We are also actively pursuing ordering of a Mark II FLNG with an annual liquefaction capacity of 3.5 million tonnes per annum. I will get back to that later in the presentation.
Turning to Slide 4 and the Q4 highlights. Golar reports a 2022 net income of $788 million and a record book value of $2.9 million equivalent to about $27 a share. Our cash position stands at approximately $1 billion or $9.3 a share.
In total, we have monetized $572 million in cash during Q4 2022 and Q1 year-to-date be exiting new [Indiscernible] and CoolCo. We also used our remaning 4.1 million shares in NFE as part settlement to acquire NFE stake in Hilli. During Q4, we repurchased 141 million or 47% of the outstanding amount of our unsecured loans.