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NEW FORTRESS ENERGY INC.

(NFE)
  Report
Real-time Estimate Cboe BZX  -  01:24:27 2023-01-30 pm EST
37.96 USD   -0.56%
01/27Citigroup Adjusts New Fortress Energy's Price Target to $48 From $56, Keeps Buy Rating
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01/26Golar LNG Partners LP Series A Preferred Cash Distribution
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01/26NFE Subsidiary Genera Awarded Contract to Manage Puerto Rico's Power Generation System
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New Fortress Energy Inc. Finalizes Agreements with Pemex to Complete Lakach Offshore Gas Field, Deploy FLNG Solution

11/22/2022 | 06:00am EST

New Fortress Energy Inc. announced that it has finalized its agreements with Petróleos Mexicanos to develop and operate an integrated upstream and natural gas liquefaction project off the coast of Veracruz in Southeastern Mexico. The agreements comprise a long-term strategic partnership, expressly supported by His Excellency Andrés Manuel López Obrador, the President of Mexico, to complete the development of the Lakach deepwater natural gas field, one of the largest non-associated gas fields in the Gulf of Mexico. NFE will invest in the continued development of the Lakach field over a two-year period by completing seven offshore wells.

In addition, NFE will deploy to the Lakach field its 1.4 MTPA Sevan Driller FLNG unit, which is currently undergoing conversion in a shipyard in Singapore, to liquefy the majority of the produced natural gas. NFE anticipates the all-in cost of producing LNG at Lakach will be among the lowest in the world. The Lakach FLNG unit is one of five FLNG units NFE plans to deploy in the next two years, adding approximately 7.0 MTPA of incremental liquefaction capacity to the global market – more than half of the world's total expected capacity additions during the 2023-2024 period.

Pursuant to the agreements, NFE will provide upstream services to Pemex whereby NFE produces natural gas and condensate in exchange for a fee for every unit of production delivered to Pemex. The fee is based on a contractual formula that resembles industry-standard gross profit-sharing agreements between the upstream service provider (NFE) and the owner of the hydrocarbons (Pemex). NFE will produce natural gas in the Lakach field and will have the right to purchase, at a contracted rate, sufficient volumes for its FLNG unit, while Pemex will sell the remaining natural gas volumes and all of the produced condensate to its customers onshore.


ę S&P Capital IQ 2022
All news about NEW FORTRESS ENERGY INC.
01/27Citigroup Adjusts New Fortress Energy's Price Target to $48 From $56, Keeps Buy Rating
MT
01/26Golar LNG Partners LP Series A Preferred Cash Distribution
BU
01/26NFE Subsidiary Genera Awarded Contract to Manage Puerto Rico's Power Generation System
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01/25Sector Update: Energy Stocks Mostly Underwater Wednesday Afternoon
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01/25Puerto Rico selects company to privatize power generation
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01/25New Fortress Energy's Subsidiary Genera to Run, Maintain Puerto Rico's Power Generation..
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01/25NFE Subsidiary Genera Awarded Contract to Manage Puerto Rico's Power Generation System
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01/03Insider Sell: New Fortress Energy
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Analyst Recommendations on NEW FORTRESS ENERGY INC.
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Financials (USD)
Sales 2022 2 533 M - -
Net income 2022 405 M - -
Net Debt 2022 3 481 M - -
P/E ratio 2022 28,5x
Yield 2022 1,13%
Capitalization 7 969 M 7 969 M -
EV / Sales 2022 4,52x
EV / Sales 2023 2,20x
Nbr of Employees 671
Free-Float 46,7%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 38,17 $
Average target price 68,56 $
Spread / Average Target 79,6%
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Managers and Directors
Wesley Robert Edens Chairman & Chief Executive Officer
Christopher S. Guinta Chief Financial Officer
John Joseph Mack Independent Director
Desmond Iain Catterall Independent Director
David J. Grain Independent Director
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