Excelerate Energy (EE) reported strong financial results for the third quarter of 2026, with record adjusted EBITDA of approximately $133 million, up $13 million sequentially. The company's net income also rose to $60 million, a $10 million increase from the previous quarter. Chief Financial Officer Dana Armstrong attributed the positive results to a new charter in Jordan and higher direct margins across the LNG, gas, and power portfolio. President and CEO Steven Kobos highlighted that the company's earnings are primarily supported by long-term take-or-pay contracts.
Excelerate announced plans for a Bahamas liquefied natural gas (LNG) hub, with deliveries expected to begin in the first quarter of 2027. The company signed an 11-year LNG supply agreement with AxDo Bahamas Limited, a joint venture between Axpo and Domicisle LNG. The agreement calls for deliveries to ramp up to 16 trillion British thermal units annually. Kobos noted that the contracted volume represents less than half the capacity of the planned asset, leaving room for additional sales. The company plans to deploy a dedicated floating storage unit near Grand Bahama in the second half of 2028, with estimated costs ranging from $85 million to $95 million.
Excelerate continues to advance infrastructure projects in Iraq and Colombia, targeting startups in the first and second quarters of 2027, respectively. Kobos mentioned that the company plans to use existing floating storage and regasification units (FSRUs) for these projects. In Iraq, materials for jetty reinforcement and fixed terminal infrastructure are arriving, with mechanical completion targeted for April 2027. The company's five-year Iraq agreement provides for a minimum contracted offtake of 250 million standard cubic feet per day, with the ability to increase to 500 million.
For 2026, Excelerate narrowed its adjusted EBITDA guidance to $495 million to $515 million and lowered its maintenance capital expenditure outlook to $65 million to $75 million. The company raised committed growth capital guidance to $400 million to $410 million due to the timing of conversion project spending. As of September 30, Excelerate had approximately $1.2 billion in total debt and $357 million in cash. The board approved a quarterly dividend of $0.09 per share, payable December 3 to shareholders of record on November 18.