The combination of a massive earnings beat, FID on the 4th FLNG with world's earliest available capacity, and a $600M RCF closing signals a transformative growth phase. Traders should watch for the Q3 2026 pipeline financing close and any charter announcements for FLNG Four, which could drive further re-rating. The 88% bullish analyst consensus already reflects strong sentiment, but the scale of the Argentina backlog ($8B+ for Esperanza alone) and commodity upside exposure ($100M per $1/MMBtu above $8) provide tangible catalysts.
Price Chart
Executive Summary
Golar LNG reported Q2 2026 results with net income attributable to Golar of $38.3M (up 145% YoY from $15.6M), total operating revenues of $130.5M (up 72% YoY from $75.7M), and Adjusted EBITDA of $127.4M (up 159% YoY from $49.3M). The company also announced a Final Investment Decision for its 4th FLNG, signing a $2.45B EPC contract with CIMC Raffles for a 3.5 MTPA MKII unit, and closed a $600M senior secured RCF. A $0.25/share quarterly dividend was declared.
Key Facts
- Q2 2026 net income attributable to Golar: $38.3M vs $15.6M YoY (+145%)
- Q2 2026 total operating revenues: $130.5M vs $75.7M YoY (+72%)
- Q2 2026 Adjusted EBITDA: $127.4M vs $49.3M YoY (+159%)
- FID for 4th FLNG: $2.45B EPC contract signed with CIMC Raffles for 3.5 MTPA MKII unit, delivery by year-end 2029
- Closed $600M senior secured RCF with ABN AMRO, Citibank, Danske Bank, Standard Chartered
- Dividend declared: $0.25/share, payable Sept 2, 2026, record date Aug 24, 2026
- FLNG Hilli completed 8-year Cameroon contract with 100% economic uptime; repositioning to Singapore for 20-year Argentina contract
- FLNG Gimi overproduced 15% vs contractual volume; 70% owned by Golar with ~$2.9B net earnings backlog
- FLNG Esperanza conversion on time/budget; $1.4B invested to date, all equity funded; $8B Adjusted EBITDA backlog over 20 years
- Total Golar Cash: $908M as of June 30, 2026; net debt: $1.8B
Financial Impact
Q2 2026 net income $38.3M (+145% YoY), revenue $130.5M (+72% YoY), Adjusted EBITDA $127.4M (+159% YoY). $2.45B FLNG investment with $8B+ EBITDA backlog across Argentina contracts.
Risk Factors
- Execution risk on FLNG Esperanza conversion and Hilli redeployment timelines
- Commodity price downside: $28M per $1/MMBtu below SESA cash breakeven
- $2.45B capex for 4th FLNG requires securing a long-term charter to avoid idle capacity
- Debt refinancing risk: $1.16B Gimi facility outstanding, $575M convertible bonds due 2030
- Geopolitical risk in Argentina (RIGI qualification, pipeline construction)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (GLNG) — Batch item 1 | 0001171843-26-005484 |
| Exhibit: exh_991.htm | 0001171843-26-005483 |
| Document: 0001171843-26-005484-index-headers.html | 0001171843-26-005484 |
| Document: 0001171843-26-005484-index.html | 0001171843-26-005484 |
| Document: 0001171843-26-005484.txt | 0001171843-26-005484 |
| 6-K Filing (GLNG) — Batch item 6 | 0001171843-26-005483 |
| Document: f6k_081326.htm | 0001171843-26-005484 |
| Document: 0001171843-26-005483-index-headers.html | 0001171843-26-005484 |
| Document: 0001171843-26-005483-index.html | 0001171843-26-005484 |
| Document: 0001171843-26-005483.txt | 0001171843-26-005484 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $45.61 | awaiting T+20 | — | $45.21 (−0.88%) |
Oct 19, 2026 7d ago | 6-K | $44.85 | awaiting T+20 | — | $45.21 (+0.80%) |
Oct 19, 2026 7d ago | Press Release | $44.85 | awaiting T+20 | — | $45.21 (+0.80%) |
Oct 7, 2026 19d ago | 6-K | $49.14 | awaiting T+20 | — | $45.21 (−8.00%) |
Sep 24, 2026 4w ago | 6-K | $49.61 $45.61 | ▲ +8.06% | ▲ +6.59% | $45.21 (+8.87%) |
Sep 24, 2026 4w ago | Press Release | $49.61 $45.61 | ▲ +8.06% | ▲ +6.59% | $45.21 (+8.87%) |
Sep 21, 2026 5w ago | 6-K | $51.36 $44.85 | ▼ −12.68% | ▼ −11.77% | $45.21 (−11.97%) |
Sep 21, 2026 5w ago | Press Release | $51.36 $44.85 | ▼ −12.68% | ▼ −11.77% | $45.21 (−11.97%) |
Aug 19, 2026 9w ago | 6-K | $52.24 $50.79 | ▼ −2.78% | ▼ −0.82% | $45.21 (−13.46%) |
Aug 13, 2026 10w ago | 6-K | $51.21 $52.89 | ▲ +3.28% | ▲ +5.03% | $45.21 (−11.72%) |
US Market Status
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