New Fortress Energy LLC (NFE) said the COVID-19 pandemic did not slow growth during the second quarter, as the company continued to bring new operations online.
Year-on-year revenue increased to $94.6 million, up from $39.8 million, as NFE went from “a company in development to an operating business,” said CEO Wes Edens.
In April, the company commissioned a liquefied natural gas (LNG) import facility in Puerto Rico that serves a gas-fired power plant and industrial users and microgrids via trucks.
It also expects its gas-fired power plant in Jamaica, which serves a bauxite facility, to add 100,000 gallons of LNG sales volumes per day over the next month.
NFE said average daily LNG sales came in at 978,000 gallons/day in the second quarter, up from 223,000 gallons/day in the first quarter.
The company also expects to finish an onshore LNG import terminal and merchant power plant in Baja California Sur, Mexico, and a natural gas-fired power plant in Nicaragua by the end of this year. The Nicaragua project also would be supplied by an offshore storage and regasification terminal.
Management expects LNG sales volumes to average 1.7-2.0 million gallons/day for the remainder of the year, noting that while the coronavirus has impacted customers and electricity demand, natural gas remains an essential good in the markets it serves.
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