The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with the consolidated financial
statements and notes thereto included in this Form 10-Q and included in our
Prospectus for the year ended December 31, 2021. This discussion contains
forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those discussed below. Factors that could
cause or contribute to such differences include, but are not limited to, those
identified below and those discussed in the section titled "Risk Factors"
included in the Prospectus, this Form 10-Q and our other filings with the SEC.
Please also see the section titled "Forward-Looking Statements."

Overview

Excelerate is changing the way the world accesses cleaner, more affordable and
reliable energy by delivering regasified natural gas, benefitting hundreds of
millions of people around the world. From our founding, we have focused on
providing flexible LNG solutions to markets in diverse environments across the
globe, providing a lesser emitting form of energy to markets that often rely on
coal as their primary energy source. At Excelerate, we believe that access to
affordable energy such as LNG is critical to assisting emerging markets in their
decarbonization efforts, while at the same time promoting economic growth and
improving quality of life.

We have grown our business significantly since our first FSRU charter in 2003,
and today, we are a profitable energy company with a geographically diversified
business model. Our business spans the globe, with regional offices in eight
countries and operations in the United States, Brazil, Argentina, Israel, United
Arab Emirates, Pakistan and Bangladesh. We are the largest provider of
regasified LNG in Argentina and Bangladesh and one of the largest providers of
regasified LNG in Brazil and Pakistan, and we operate the largest FSRU in
Brazil. We also lease an LNG terminal in Bahia, Brazil from Petróleo Brasileiro
S.A. ("Petrobras") and in December 2021, we started importing LNG and selling
regasified natural gas to Petrobras. In addition to Petrobras, we have plans to
sell regasified natural gas to other downstream customers in Brazil, Europe, the
Philippines and Bangladesh. In each of these countries, we offer a cleaner
energy source from which power can be generated consistently. The high value our
customers place on our services has resulted in a reliable source of revenues to
us, while our global reach helps balance seasonal demand fluctuation among the
geographies in which we operate. For the three months ended June 30, 2022, we
generated revenues of $622.9 million, a net loss of $4.0 million and Adjusted
EBITDAR of $75.2 million. For the three months ended June 30, 2021, we generated
revenues of $192.8 million, net income of $3.6 million and Adjusted EBITDAR of
$65.5 million. For more information regarding our non-GAAP measure Adjusted
EBITDAR and a reconciliation to net income, the most comparable GAAP measure,
see "How We Evaluate Our Operations."

Our business focuses on the integration of the natural gas-to-power LNG value
chain, and as part of this value chain, we operate regasification terminals in
growing global economies that utilize our FSRU fleet. Our business is
substantially supported by time charter contracts, which are effectively
long-term, take-or-pay arrangements and provide consistent revenue and cash flow
from our high-quality customer base. As of June 30, 2022, we operate a fleet of
ten purpose-built FSRUs, have completed more than 2,300 ship-to-ship transfers
of LNG with over 40 LNG operators since we began operations and safely delivered
more than 5,700 billion cubic feet of natural gas through 15 LNG regasification
terminals. For the three months ended June 30, 2022 and June 30, 2021, we
generated revenues of $110.1 million and $109.9 million, respectively, from our
FSRU and terminal services businesses, representing approximately 18% and 57% of
our total revenues for each of those periods.

We also procure LNG from major producers and sell regasified natural gas through
our flexible LNG terminals. For the three months ended June 30, 2022 and June
30, 2021, we generated revenues of $512.9 million and $82.9 million,
respectively, from LNG and natural gas sales, representing approximately 82% and
43% of our total revenues for each of those periods. The commercial momentum
that we have established in recent years and the increasing need for access to
LNG around the world, have resulted in a significant portfolio of new growth
opportunities for us to pursue. In addition to our FSRU and terminal services
businesses and natural gas sales, we plan to expand our business to provide
customers with an array of products, including LNG-to-power projects and a suite
of smaller-scale natural gas distribution solutions. We are currently developing
a set of integrated LNG projects in Albania, the Philippines and Bangladesh. We
consider these projects to be in advanced development and estimate that these
projects together represent greater than $1 billion in future capital investment
opportunities. This estimate is preliminary and we will update our estimate as
these projects advance to their next stages of development. We are evaluating
and pursuing additional early-stage projects with opportunities in Europe, Asia
Pacific, Latin America, and the Middle East.

Recent Trends and Outlook



According to Shell's 2022 LNG Outlook, global LNG demand is estimated to
increase from 380 metric tons ("MT") in 2021 to about 700 MT in 2040. Increased
aspirations for carbon neutrality and energy transitions away from coal may
cause countries to rely more on lower carbon fuels such as LNG. Shell's LNG
outlook anticipates Southeast Asian power demand growth, underpinned by economic
development and urbanization increasing demand for electricity. LNG will be a
critical solution to bridge the supply/demand imbalance in regions like
Southeast Asia. On the supply side, we believe there is a robust pipeline of
projects that can meet this new demand. Limitations on energy import
infrastructure, particularly in developing countries that need to move away from
coal and oil, make LNG adoption difficult, but as a pioneer in flexible LNG
solutions, we believe that we are well positioned to address these

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limitations and support society's transition to a lower-carbon energy future.
Given the appetite for cleaner energy, we expect these industry trends to
continue, and we plan to capitalize on this growing global demand and create new
markets for natural gas by providing a fully integrated LNG delivery model.

Across the world, a combination of extreme weather events, Covid-19 related
energy market distortions, the invasion of Ukraine by Russia and a failure to
transition to renewables has, in the short term, increased the cost of energy
and the risk of energy supply disruptions.

The global economic outlook has deteriorated even further since the start of the
Russia/Ukraine conflict. Russia's energy and food exports have been curtailed
due to sanctions, while Russia's presence in the Black Sea is impacting wheat
exports from Ukraine, thereby reducing the global wheat supply. These events
coupled with cost pressures due to COVID-related supply chain disruptions have
resulted in higher than expected inflation, and governments are taking measures
to address these economic concerns. According to the International Monetary Fund
("IMF"), major central banks are announcing continued monetary tightening
policies to reduce inflation and minimize the risk of a recession. Excelerate
has seen inflationary effects on certain of our costs incurred in operating our
vessels. While we have escalation terms linked to inflation measures in some of
our regasification agreements, there may be a mismatch between the benefit
realized and timing of these contractual adjustments versus the actual increases
in costs incurred.

In Europe, further natural gas export disruptions from Russia could affect many
European economies and the global energy market. In response, European Union
governments have agreed to legislation to reduce natural gas demand this winter
to protect themselves from further Russian natural gas supply disruptions. The
legislation proposes voluntary reduction of gas demand by 15% from August 2022
through March 2023. If the voluntary natural gas demand curtailments yield
insufficient savings, mandatory natural gas demand curtailment will be
implemented across the 27-bloc members of the European Union. The current energy
market volatility supports LNG as a reliable bridge to the growth of renewables
in the world's energy mix. We believe the past year's events underscore the
value that LNG offers by providing energy supply stability for any government
looking to implement a sustainable, reliable, and cost-effective energy
transition plan.

As a result of these recent geopolitical events, including the invasion of
Ukraine by Russia, we are seeing an increase in inquiries for our FSRU and
integrated terminal services. This interest is mainly coming from countries that
have historically been dependent on imports of Russian natural gas. Given the
increased emphasis on security of supply, we believe LNG will be an attractive
solution to these customers over the near to mid-term. In May 2022, we announced
the signing of a 10-year time charter party agreement with a subsidiary of
Gasgrid Finland Oy ("Gasgrid Finland"). At this time, we do not believe any
economic sanctions or other actions taken against Russia will adversely affect
our current business and operations or the potential opportunities discussed
above, and we will continue to monitor new developments in this area.

While we have the potential to benefit from increased LNG and natural gas
opportunities due to strong demand for alternative energy sources as Europe
replaces natural gas imports from Russia in the near-to-short term, our
commitment to meeting the energy needs of non-European markets remains
steadfast. During this market cycle, Southeast Asian markets can be particularly
vulnerable to economic fluctuations and higher LNG prices as Europe absorbs spot
cargoes. The Southeast Asian markets where we are present, Bangladesh and
Pakistan, have not been immune to the effects of the ongoing energy crisis and
high spot LNG prices. Foreign exchange reserves are declining, and the risk of
debt defaults is heightening. Despite these challenges, both countries are
taking strategic actions to enhance their energy security and economic
stability, although their successful implementation cannot be guaranteed.

According to Platts, Bangladesh's finance ministry is drafting a structured LNG
policy that will provide subsidies to Bangladesh Oil, Gas & Mineral Corporation
(Petrobangla) on a regular basis to support LNG imports under long-term
contracts and spot cargo purchases. Pakistan reached a preliminary agreement
with the International Monetary Fund ("IMF") to revive a $6 billion bailout
package originally signed in 2019. The IMF agreed to release $1.7 billion of the
bailout package after previously withholding payments due to Islamabad's failure
to agree to loan conditions. Both countries are also implementing load shedding
to reduce natural gas demand. These countries depend on LNG imports to support
export-oriented industries such as textile and agriculture. Excessive
curtailment of natural gas imports could impact their export-related GDP growth.
We are optimistic that as these countries make progress to improve their
financial strength while curbing near-term natural gas demand, they will be well
positioned for continued reliance on long-term LNG supply contracts, which
remain relatively affordable when compared to current LNG spot prices.

In addition to increased LNG industry activity levels, we expect to benefit from
our strategy to pursue opportunities in the downstream market, expand into new
markets and increase our activity in selling natural gas downstream. In addition
to continued natural gas sales into the New England market through our Northeast
Gateway facility in Boston harbor during the first quarter of 2022, we also are
evaluating new commercial opportunities to sell regasified LNG to countries in
Europe via our planned Finland LNG and Vlora LNG terminals.

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We expect these and similar business opportunities to drive incremental revenue
and profits in the near term while we continue to develop additional long-term
growth opportunities, such as:

•


In July 2022, we announced the signing of a Memorandum of Understanding (MOU)
with Bulgaria's Overgas, relating to the potential sale of regasified LNG
downstream at Excelerate's planned Vlora LNG terminal in Albania. Under this
MOU, Excelerate will enter negotiations for Overgas to purchase up to 1.0
billion cubic meters of regasified LNG annually for 10 years.

•


In May 2022, the Payra LNG project was approved in principle by Bangladesh Oil,
Gas & Mineral Corporation and Bangladesh's Energy and Mineral Resources
Division, a significant milestone in the approval process. Excelerate has
commenced negotiations of the integrated deal, which includes an LNG supply
agreement. The Payra LNG project is expected to represent Excelerate's largest
deployment of capital to date and has the potential to significantly increase
the scale of the Company's global operations.

•


In April 2022, the government of Finland announced its intention to stop
purchases of Russian pipeline natural gas and instead to utilize an FSRU to meet
its natural gas consumption needs by year end 2022. The government of Estonia
made a similar decision. Due to the proximity and good relations between the two
countries, Estonia will participate in the Finnish project rather than pursuing
a project of its own. In May 2022, Excelerate and Gasgrid Finland signed a
10-year time charter party agreement for Excelerate to provide LNG
regasification services starting in the fourth quarter of 2022. Gasgrid Finland
has initiated the development of a new jetty in Southern Finland, near the
Balticconnector pipeline, for the FSRU Exemplar to moor.

•


In February 2022, the Moheshkhali LNG ("MLNG") expansion project was approved in
principle by the government of Bangladesh. MLNG is one of Excelerate's three
E-FIT integrated terminals. Excelerate has commenced commercial negotiations for
the expansion of the terminal, the extension of our regasification agreement by
five years to 2038, and an LNG supply agreement.

•


In January 2022, Excelerate received approval from the Albanian government to
proceed with the second phase of the feasibility study for the Vlora LNG
terminal and power plant. Under the previously announced memorandum of
understanding with Albgaz Sh.a,, Albania's natural gas transmission system
operator, and Snam S.p.A, one of the largest energy infrastructure owner and
operators in the world, Excelerate is continuing to explore solutions to connect
the Vlora LNG Terminal with other European natural gas infrastructure.

Components of Our Results of Operations

Revenue



We generate revenue through the provision of regasification services using our
fleet of FSRUs and LNG terminal assets, as well as physical sales of LNG and
natural gas, that are made primarily in connection with our regasification and
terminal projects. We provide regasification services through time charters and
operation service contracts primarily related to our long-term charter
contracts. Most of our time charter revenues are from long-term contracts that
function similar to take-or-pay arrangements in that we are paid if our assets
and teams are available and ready to provide services to our customers
regardless of whether our customers utilize the services. A portion of our
revenue attributable to our charters for the use of our vessels is accounted for
as lease revenue, and the revenues attributable to the services provided under
those charters are accounted for as non-lease revenue. We generally charge fixed
fees for the use of and services provided with our vessels and terminal capacity
plus additional amounts for certain variable costs.

Expenses



The principal expenses involved in conducting our business are operating costs,
direct cost of gas sales, general and administrative expenses, and depreciation
and amortization. A large portion of the fixed and variable costs we incur in
our business are in the operation of our fleet of FSRUs and terminals that
provide regasification and gas supply to our customers. We manage the level of
our fixed costs based on several factors, including industry conditions and
expected demand for our services and generally pass-through certain variable
costs.

We incur significant equipment costs in connection with the operation of our
business, including capital equipment recorded as property and equipment, net on
our balance sheets and related depreciation and amortization on our income
statement. In addition, we incur repair and maintenance and leasing costs
related to our property and equipment utilized both in our FSRU and terminal
services and gas sales. Property and equipment includes costs incurred for our
fleet of FSRUs and terminal assets including capitalized costs related to
drydocking activities. Generally, we are required to drydock each of our vessels
every five years, but vessels older than 15 years of age require a shorter
duration drydocking or in-situ bottom survey every two and a half years.

Cost of revenue and vessel operating expenses


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Cost of revenue and vessel operating expenses include the following major cost
categories: vessel operating costs; personnel costs; repair and maintenance; and
leasing costs. These operating costs are incurred for both our FSRU and terminal
services revenues and Gas sales revenues.

Direct cost of gas sales

Direct cost of gas sales includes the cost of LNG and other fuel and direct costs incurred in selling natural gas and LNG, which are significant variable operating costs. These costs fluctuate in proportion to the amount of our natural gas and LNG sales as well as LNG prices.

Depreciation and amortization expenses



Depreciation expense is recognized on a straight-line basis over the estimated
useful lives of our property and equipment assets, less an estimated residual
value. Certain recurring repairs and maintenance expenditures required by
regulators are amortized over the required maintenance period.

Selling, general and administrative expenses



Selling, general and administrative expenses ("SG&A") consist primarily of
compensation and other employee-related costs for personnel engaged in executive
management, sales, finance, legal, tax and human resources. SG&A also consists
of expenses associated with office facilities, information technology, external
professional services, business development, legal costs and other
administrative expenses.

Restructuring, transition and transaction expenses

We incurred restructuring, transition and transaction expenses related to consulting, legal, and audit costs incurred as part of and in preparation for our initial public offering (the "IPO").

Other income, net

Other income, net, primarily contains interest income, gains or losses from the effect of foreign exchange rates and gains and losses on asset sales.

Interest expense and Interest expense - related party

Our interest expense is primarily associated with our finance leases liabilities and loan agreements with external banks and related parties.

Earnings from equity-method investment

Earnings from equity-method investment relate to our 45% ownership interest in the Nakilat joint venture, which we acquired in 2018.

Provision for income taxes



Following the completion of the IPO, we are a corporation for U.S. federal and
state income tax purposes. Excelerate's accounting predecessor, EELP, is treated
as a pass-through entity for U.S. federal income tax purposes and, as such, has
generally not been subject to U.S. federal income tax at the entity level.
Instead, EELP's U.S. income is allocated to its Class A and Class B partners
proportionate to their interest. Accordingly, our provision for income taxes
includes U.S. taxes incurred at the Excelerate corporate level beginning in
April 2022. In addition, EELP has international operations that are subject to
foreign income tax and U.S. corporate subsidiaries subject to U.S. federal tax.
These taxes are also included in our provision for income taxes.

Net income (loss) attributable to non-controlling interest



Net income (loss) attributable to non-controlling interests includes earnings
allocable to our shares of Class B Common Stock as well as earnings allocable to
the third-party equity ownership interests in our subsidiary, Excelerate Energy
Bangladesh, LLC.

Net income (loss) attributable to non-controlling interest - ENE Onshore



Net income (loss) attributable to non-controlling interest - ENE Onshore
includes the earnings allocable to the equity ownership interests in Excelerate
New England Onshore, LLC ("ENE Onshore"). We consolidate ENE Onshore since we
determined that although we have no ownership interest we are the primary
beneficiary.

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Factors Affecting the Comparability of Our Results of Operations



As a result of a number of factors, our historical results of operations may not
be comparable from period to period or going forward. Set forth below is a brief
discussion of the key factors impacting the comparability of our results of
operations.

Impact of the Reorganization



Following the completion of the IPO in April 2022, we are a corporation for U.S.
federal and state income tax purposes. Excelerate's accounting predecessor,
EELP, is treated as a pass-through entity for U.S. federal income tax purposes
and, as such, has generally not been subject to U.S. federal income tax at the
entity level. Accordingly, unless otherwise specified, our historical results of
operations prior to the IPO do not include provision for U.S. federal income tax
for EELP. The reorganization undertaken in connection with the IPO, as described
under "Organizational Structure-The Reorganization" in the Prospectus (the
"Reorganization"), was accounted for as a reorganization of entities under
common control. As a result, our consolidated financial statements recognized
the assets and liabilities received in the Reorganization at their historical
carrying amounts, as reflected in the historical consolidated financial
statements of EELP. In addition, in connection with the Reorganization and the
IPO, we have entered into the Tax Receivable Agreement (the "TRA") with
Excelerate Energy Holdings, LLC ("EE Holdings") and the George Kaiser Family
Foundation (the "Foundation") (or their affiliates) (together, the "TRA
Beneficiaries") pursuant to which we will be required to pay the TRA
Beneficiaries 85% of the net cash savings, if any, that we are deemed to realize
as a result of our utilization of certain tax benefits described under "Certain
Relationships and Related Person Transactions-Proposed Transactions with
Excelerate Energy, Inc.-Tax Receivable Agreement" in our Prospectus.

Also, included in the transactions is our acquisition of all of the issued and
outstanding membership interests in Excelsior, LLC and FSRU Vessel (Excellence),
LLC (f/k/a Excellence, LLC) (collectively, the "Foundation Vessels") that was
accounted for as an acquisition of property and equipment at the completion of
the transaction. The Foundation Vessels have historically been accounted for as
finance leases in our historical financial statements.

Public Company Costs



We have incurred and expect to continue to incur incremental, non-recurring
costs related to our transition to a publicly traded corporation, including the
costs of the IPO and the costs associated with the initial implementation of our
Sarbanes-Oxley Section 404 internal control reviews and testing. We also expect
to incur additional significant and recurring expenses as a publicly traded
corporation, including costs associated with compliance under the Exchange Act,
annual and quarterly reports to common stockholders, registrar and transfer
agent fees, national stock exchange fees, audit fees, incremental director and
officer liability insurance costs and director and officer compensation.

Impact of Covid-19



In March 2020, the World Health Organization declared the Coronavirus Disease
2019 ("Covid-19") a global pandemic. The Covid-19 outbreak has reached across
the globe, resulting in the implementation of significant governmental measures,
including lockdowns, closures, quarantines, and travel bans intended to control
the spread of the virus. While some of these measures have been relaxed in
certain parts of the world, ongoing social distancing measures, and future
prevention and mitigation measures, as well as the potential for some of these
measures to be reinstituted in the event of repeat waves of the virus and any
variants, are likely to have an adverse impact on global economic conditions and
consumer confidence and spending, and could materially adversely affect the
timing of demand, or users' ability to pay, for our products and services.

In response to the Covid-19 pandemic, we took several precautions that may
adversely impact employee productivity, such as requiring many office employees
to work remotely, imposing travel restrictions, and temporarily closing office
locations. In addition, we instituted additional procedures and precautions
related to our crews on our FSRU vessels. We incurred incremental costs during
the six months ended June 30, 2022 and 2021, of approximately $1.5 million and
$2.9 million, respectively, related to these precautionary measures.

We continue to monitor the evolving situation and guidance from international
and domestic authorities, including federal, state and local public health
authorities, and there may be developments outside our control requiring us to
adjust our operating plan. As such, given the unprecedented uncertainty around
the duration and severity of the impact on market conditions and the business
environment, we cannot reasonably estimate the full impact of the Covid-19
pandemic on our operating results in the future.

For additional information, see "Risk Factors-Risks Related to Our
Business-Outbreaks of epidemic and pandemic diseases and governmental responses
thereto could adversely affect our business." and other risk factors included in
the "Risk Factors" section of our Prospectus that describe risks to us
attributable to the Covid-19 pandemic.

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How We Evaluate Our Operations



We operate in a single reportable segment. However, we use a variety of
qualitative, operational and financial metrics to assess our performance and
valuation. Among other measures, management considers each of the following in
assessing our business:

Adjusted Gross Margin;

Adjusted EBITDA;

Adjusted EBITDAR; and

Capital Expenditures.

Adjusted Gross Margin

We use Adjusted Gross Margin, a non-GAAP financial measure, which we define as
revenues less direct cost of sales and operating expenses, excluding
depreciation and amortization, to measure our operational financial performance.
Management believes Adjusted Gross Margin is useful because it provides insight
on profitability and true operating performance excluding the implications of
the historical cost basis of our assets. Our computation of Adjusted Gross
Margin may not be comparable to other similarly titled measures of other
companies, and you are cautioned not to place undue reliance on this
information.

Adjusted EBITDA and Adjusted EBITDAR



Adjusted EBITDA is a non-GAAP financial measure included as a supplemental
disclosure because we believe it is a useful indicator of our operating
performance. We define Adjusted EBITDA, a non-GAAP measure, as net income before
interest, income taxes, depreciation and amortization, long-term incentive
compensation expense and items such as charges and non-recurring expenses that
management does not consider as part of assessing ongoing operating performance.
In this quarter, we revised the definition of Adjusted EBITDA to adjust for the
impact of long-term incentive compensation expense, which we did not have prior
to becoming a public company, and the early extinguishment of lease liability
related to the acquisition of the Excellence vessel, as management believes such
items do not directly reflect our ongoing operating performance.

Adjusted EBITDAR is a non-GAAP financial measure included as a supplemental
disclosure because we believe it is a valuation measure commonly used by
financial statement users to more effectively compare the results of our
operations from period to period and against other companies without regard to
our financing methods or capital structure. We define Adjusted EBITDAR, a
non-GAAP measure, as Adjusted EBITDA adjusted to eliminate the effects of rental
expenses for vessels and other infrastructure, which are normal, recurring cash
operating expenses necessary to operate our business.

We adjust net income for the items listed above to arrive at Adjusted EBITDA and
Adjusted EBITDAR because these amounts can vary substantially from company to
company within our industry depending upon accounting methods and book values of
assets, capital structures and the method by which the assets were acquired.
Adjusted EBITDA and Adjusted EBITDAR should not be considered as an alternative
to, or more meaningful than, net income as determined in accordance with GAAP or
as an indicator of our operating performance or liquidity. These measures have
limitations as certain excluded items are significant components in
understanding and assessing a company's financial performance, such as a
company's cost of capital and tax structure, as well as the historic costs of
depreciable assets, none of which are components of Adjusted EBITDA and Adjusted
EBITDAR. Adjusted EBITDAR should not be viewed as a measure of overall
performance or considered in isolation or as an alternative to net income
because it excludes rental expenses for vessels and other infrastructure, which
is a normal, recurring cash operating expense that is necessary to operate our
business. Our presentation of Adjusted EBITDA and Adjusted EBITDAR should not be
construed as an inference that our results will be unaffected by unusual or
non-recurring items. Our computations of Adjusted EBITDA may not be comparable
to other similarly titled measures of other companies. For the foregoing
reasons, each of Adjusted EBITDA and Adjusted EBITDAR has significant
limitations which affect its use as an indicator of our profitability and
valuation, and you are cautioned not to place undue reliance on this
information.

Capital Expenditures



We incur capital expenditures as part of our regular business operations.
Capital expenditures are costs incurred which expand our business operations,
increase efficiency of business operations, extend the life of an existing
asset, improve an asset's capabilities, increase future service of an asset,
repair existing assets in order to maintain their service capability, and
provide upkeep required for regulatory compliance. Costs related to prospective
projects are capitalized once it is determined to be probable that the related
assets will be constructed.

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The tables below reconcile the financial measures discussed above to the most
directly comparable financial measure calculated and presented in accordance
with GAAP:

                                          Three months ended June 30,           Six months ended June 30,
                                            2022                2021              2022              2021
                                                                  (In

thousands)

FSRU and terminal services revenues $ 110,072 $ 109,858

  $      207,664      $   235,721
Gas sales revenues                             512,857            82,940          1,006,938          121,890
Cost of revenue and vessel operating
expenses                                       (58,673 )         (48,425 )         (108,736 )        (87,630 )
Direct cost of gas sales                      (485,023 )         (78,076 )         (948,375 )       (101,414 )
Depreciation and amortization expense          (24,296 )         (26,137 )          (48,039 )        (52,246 )
Gross Margin                           $        54,937       $    40,160     $      109,452      $   116,321
Depreciation and amortization expense           24,296            26,137             48,039           52,246
Adjusted Gross Margin                  $        79,233       $    66,297     $      157,491      $   168,567



                                           Three months ended June 30,            Six months ended June 30,
                                            2022                 2021              2022                2021
                                                                    (In thousands)
Net income (loss)                      $       (3,990 )     $        3,577     $       8,854       $     41,600
Interest expense                               13,293               21,206            32,520             42,048
Provision for income taxes                      7,800                4,393            11,519              8,905
Depreciation and amortization expense          24,296               26,137            48,039             52,246
Restructuring, transition and
transaction expenses                            2,582                3,065             5,335              3,065
Long-term incentive compensation
expense                                           270                    -               270                  -
Early extinguishment of lease
liability on vessel acquisition                21,834                    -            21,834                  -
Adjusted EBITDA                        $       66,085       $       58,378     $     128,371       $    147,864
Vessel and infrastructure rent expense          9,151                7,097            18,245             14,195
Adjusted EBITDAR                       $       75,236       $       65,475     $     146,616       $    162,059




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