Excelerate Energy, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
EE$36.81+4.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0000950170-25-106284
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001193125-25-269776
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 156 previous paragraphs and 161 current paragraphs.
103 unchanged; 45 reworded; 12 added; 7 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Recent Business Updates
Current report
Iraq
Current report
In October 2025, we executed a definitive commercial agreement with a subsidiary of Iraq’s Ministry of Electricity for the development of the country’s first LNG import terminal, which will be located at the Port of Khor Al Zubair. The integrated project includes a five-year agreement for regasification services and LNG supply with extension options, and a minimum contracted offtake of 250 million standard cubic feet per day (MMscf/d).
Current report
Global LNG trade volumes reached approximately 104 million tons per annum (“MTPA”) in the third quarter of 2025, a modest increase from 101 MTPA in the second quarter. This uptick was driven by stronger seasonal demand in Europe and a rebound in Asian spot LNG imports, particularly in China and India, where heatwaves and infrastructure expansions boosted gas-for-power consumption. However, global economic uncertainty and relatively high prices continued to weigh on broader natural gas demand, especially in price-sensitive markets. Meanwhile, Europe’s LNG imports increased, supported by increased storage injections and lower pipeline flows from Russia.
Current report
We believe the continued growth in global LNG supply will drive greater affordability for customers worldwide. Globally there is approximately 193 MTPA of new liquefaction capacity coming online by 2030. As new liquefaction capacity comes online, downward pressure on prices may unlock new opportunities for fuel switching, particularly in regions such as the Caribbean where diesel and heavy fuel oil remain prevalent. More affordable LNG could provide a catalyst for investments in regasification infrastructure and long-term LNG supply agreements. This reinforces our strategic focus on the downstream segment of the LNG value chain, where Excelerate is also well positioned to deliver flexible, scalable LNG solutions that connect emerging demand centers with reliable supply.
Current report
LNG, gas and power revenues were $245.2 million for the three months ended September 30, 2025, an increase of $201.9 million, as compared to $43.3 million for the three months ended September 30, 2024. The increase was primarily due to the Acquisition and higher LNG, gas and power revenues in North America and Asia Pacific.
Current report
Cost of LNG, gas and power was $201.9 million for the three months ended September 30, 2025, an increase of $160.5 million, as compared to $41.4 million for the three months ended September 30, 2025 and 2024. The increase was primarily due to the Acquisition, and increased LNG, gas and power sales opportunities in North America and Asia Pacific.
Current report
Interest expense was $24.9 million for the three months ended September 30, 2025, an increase of $13.2 million, as compared to $11.7 million for the three months ended September 30, 2024. The increase was primarily due to our new 2030 Notes (as defined herein), partially offset by the effects of the Term Loan Facility (as defined herein) paydown during the second quarter of 2025.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Current report
In September 2025, EELP and the Company entered into the sixth amendment to the Amended Credit Agreement, which modified provisions related to investments and restricted payments to provide greater flexibility to the Company.
Current report
Business Combination
Current report
We account for business combinations in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 805, Business Combinations. Accordingly, we allocate the purchase price of an acquired business to its identifiable assets and liabilities based on estimated fair values. The fair values of identifiable assets acquired and liabilities assumed are determined based on various valuation techniques, including the cost approach, discounted cash flow analysis, and independent appraisals. Goodwill is calculated as the difference between the estimate of the fair value of the consideration transferred and the estimates of the fair value assigned to the assets acquired and liabilities assumed. The Company intends to finalize the purchase price allocation as soon as practicable within the measurement period, but in no event later than one year following the closing date of the combination. Transaction and integration costs associated with business combinations are expensed as incurred.
Removed paragraphs (7)
Previous report
Global LNG trade volumes reached approximately 101 million tons per annum (“MTPA”) in the second quarter of 2025, a slight decrease from 108 MTPA in the first quarter of 2025. The quarter-over-quarter decline was led by a slowdown in global economic growth, with second quarter of 2025 GDP expansion forecasted to decelerate to 2.9% as compared to the first quarter of 2025 forecast of 3.2%. Japan faced the largest quarter-over-quarter LNG imports decline from 18 MTPA in the first quarter of 2025 to 14.6 MTPA during the second quarter of 2025. This decline in imports was due to the end of winter peak consumption, increased power generation from nuclear and renewables, and softer industrial activity from manufacturing and chemicals.
Previous report
We believe the evolving LNG market dynamics support our growth strategy. We expect the heightened focus on energy security, coupled with the global shift toward cleaner energy sources, will continue to support demand for LNG. As LNG supply continues to grow, with an estimated 46 MTPA of new capacity coming online worldwide in 2025, we believe there will be an increasing need for more regasification assets to connect this supply with demand centers worldwide. This reinforces our commitment to focusing on the downstream segment of the LNG value chain, where we believe Excelerate is well positioned to be a key player in facilitating the transition to a more secure and diversified energy landscape.
Previous report
LNG, gas and power revenues were $55.7 million for the three months ended June 30, 2025, an increase of $23.4 million, as compared to $32.3 million for the three months ended June 30, 2024. The increase was primarily due to the Acquisition, partially offset by LNG, gas and power revenues in Asia Pacific the second quarter of 2024.
Previous report
Cost of LNG, gas and power was $40.4 million for the three months ended June 30, 2025, an increase of $9.2 million, as compared to $31.2 million for the three months ended June 30, 2025 and 2024. The increase was primarily due to the Acquisition, partially offset by increased LNG, gas and power revenues in Asia Pacific in the second quarter of 2024.
Previous report
Operating expenses were $46.0 million for the three months ended June 30, 2025, a decrease of $0.6 million, as compared to $46.6 million for the three months ended June 30, 2024. Operating expenses were essentially flat.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
There have been no material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in the 2024 Annual Report.
Reworded paragraphs (45)
Previous wording
Our business spans the globe, with regional presences in 12 countries and an operational presence in Argentina, Bangladesh, Brazil, Finland, Germany, Jamaica, Pakistan, the United Arab Emirates (“UAE”), and the United States. Since we began operations, we have completed more than 3,100 ship-to-ship transfers of LNG with over 50 LNG operators and have safely delivered more than 7,600 billion cubic feet of natural gas through 19 LNG regasification terminals. We are the largest provider of regasified LNG capacity in Argentina, Bangladesh, Finland, Jamaica and the UAE. We are also one of the largest providers of regasified LNG in Brazil as well as in Pakistan, where we have regasified more LNG than any other provider in the past 10 years.
Current wording
Our business spans the globe, with regional presences in 12 countries and an operational presence in Argentina, Bangladesh, Brazil, Finland, Germany, Jamaica, Pakistan, the United Arab Emirates (“UAE”), and the United States. As operators, we have completed more than 3,100 ship-to-ship transfers of LNG with over 50 LNG operators and have safely delivered more than 7,800 billion cubic feet of natural gas through 19 LNG regasification terminals. We are the largest provider of regasified LNG capacity in Argentina, Bangladesh, Finland, Jamaica and the UAE. We are also one of the largest providers of regasified LNG in Brazil as well as in Pakistan, where we have regasified more LNG than any other provider in the past 10 years.
Previous wording
For the three months ended June 30, 2025, we generated revenues of $204.6 million, net income of $20.8 million and adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”) of $107.1 million. For the three months ended June 30, 2024, we generated revenues of $183.3 million, net income of $33.3 million and Adjusted EBITDA of $89.0 million. For more information regarding our non-GAAP measure Adjusted EBITDA and a reconciliation to net income, the most comparable U.S. Generally Accepted Accounting Principles (“GAAP”) measure, see “How We Evaluate Our Operations.”
Current wording
For the three months ended September 30, 2025, we generated revenues of $391.0 million, net income of $55.0 million and adjusted earnings before income tax, depreciation and amortization (“Adjusted EBITDA”) of $129.3 million. For the three months ended September 30, 2024, we generated revenues of $193.4 million, net income of $45.5 million and Adjusted EBITDA of $92.3 million. For more information regarding our non-GAAP measure Adjusted EBITDA and a reconciliation to net income, the most comparable U.S. Generally Accepted Accounting Principles (“GAAP”) measure, see “How We Evaluate Our Operations.”
Previous wording
During the second quarter of 2025, Dutch Title Transfer Facility (“TTF”) prices decreased to $11.76 per million British thermal units (“MMBtu”) from $14.39/MMBtu in the first quarter of 2025. Japan Korea Marker (JKM) reported average second quarter 2025 prices of $13.11/MMBtu, which decreased from first quarter 2025 prices of $14.35/MMBtu.
Current wording
During the third quarter of 2025, Dutch Title Transfer Facility (“TTF”) prices remained steady at $11.70 per million British thermal units (“MMBtu”) compared to $11.76/MMBtu in the second quarter of 2025. Japan Korea Marker (JKM) reported average third quarter 2025 prices of $11.84/MMBtu, which decreased from second quarter 2025 prices of $13.11/MMBtu.
Previous wording
Operating expenses includes personnel, repair and maintenance, and other supporting costs incurred in operating and servicing our offshore infrastructure assets that are leased to customers.
Current wording
Operating expenses include personnel, repair and maintenance, and other supporting costs incurred in operating and servicing our offshore infrastructure assets that are leased to customers.
Previous wording
Earnings from equity-method investment relate to our 45% ownership interest in the joint venture with Nakilat Excelerate LLC, which we acquired in 2018.
Current wording
Earnings from equity-method investment relate to our 45% ownership interest in the joint venture with Nakilat Excelerate LLC.
Previous wording
We closed on the Acquisition in May 2025; therefore our results of operations for the three and six months ended June 30, 2025, only contain a partial period of Jamaican operating results. Results of operations for the three and six months ended June 30, 2024, do not contain the results of Jamaican operations.
Current wording
We closed on the Acquisition in May 2025, therefore our results of operations for the three and nine months ended September 30, 2025 only contain a partial period of Jamaican operating results. Results of operations for the three and nine months ended September 30, 2024 do not contain the results of Jamaican operations.
Previous wording
Three and Six Months Ended June 30, 2025 Compared to Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025 Compared to Three and Nine Months Ended September 30, 2024
Previous wording
Three and Six Months Ended June 30, 2025 Compared to Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025 Compared to Three and Nine Months Ended September 30, 2024
Previous wording
Net income was $20.8 million for the three months ended June 30, 2025, a decrease of $12.5 million, as compared to $33.3 million for the three months ended June 30, 2024. Net income was lower primarily due to transition and transaction costs incurred as a result of the Acquisition ($27.7 million) and an increase in interest expense due to our new 2030 Notes, net of the paydown of the Term Loan ($9.7 million), partially offset by the addition of Jamaica operating income ($10.4 million), extended commissioning time for our power barge assets in Albania in 2024 ($8.6 million) and a decrease in business development expenses ($3.7 million).
Current wording
Net income was $55.0 million for the three months ended September 30, 2025, an increase of $9.5 million, as compared to $45.5 million for the three months ended September 30, 2024. Net income was higher primarily due to the addition of Jamaica operating income ($22.0 million), and an increase in LNG, gas and power sales opportunities ($9.2 million), partially offset by an increase in interest expense due to our new 2030 Notes, net of the effects of the Term Loan Facility paydown ($13.4 million), a decrease in interest income ($3.4 million), and transition and transaction costs incurred as a result of the Acquisition ($2.2 million).
Previous wording
Net income was $72.9 million for the six months ended June 30, 2025, an increase of $11.5 million, as compared to $61.4 million for the six months ended June 30, 2024. Net income was higher primarily due to the drydocking of Summit LNG and Excellence in the first three months of 2024 ($17.1 million), the addition of Jamaica operating income ($10.4 million), extended commissioning time for our power barge assets in Albania in 2024 ($9.7 million), a decrease in personnel costs in Argentina ($5.7 million), an increase in LNG, gas and power sales opportunities ($3.3 million), a decrease in the provision for income taxes ($2.7 million), as discussed below, and a decrease in foreign exchange losses ($2.0 million), partially offset by transition and transaction costs incurred as a result of the Acquisition ($31.3 million) and an increase in interest expense due to our new 2030 Notes, net of the paydown of the Term Loan ($9.7 million).
Current wording
Net income was $127.9 million for the nine months ended September 30, 2025, an increase of $20.9 million, as compared to $107.0 million for the nine months ended September 30, 2024. Net income was higher primarily due to the addition of Jamaica operating income ($32.4 million), the drydocking of Summit LNG and Excellence in the first three months of 2024 ($17.2 million), an increase in LNG, gas and power sales opportunities ($12.7 million), extended commissioning time for our power barge assets in Albania in 2024 ($10.2 million), and a decrease in personnel costs in Argentina ($7.6 million), partially offset by transition and transaction costs incurred as a result of the Acquisition ($33.6 million), an increase in interest expense due to our new 2030 Notes, net of the effects of the Term Loan Facility paydown ($23.1 million) and a decrease in interest income ($3.7 million).
Previous wording
Gross Margin was $92.6 million for the three months ended June 30, 2025, an increase of $17.4 million, as compared to $75.2 million for the three months ended June 30, 2024. For the three months ended June 30, 2025, Adjusted Gross Margin was $118.1 million, an increase of $12.5 million, as compared to $105.6 million for the three months ended June 30, 2024. Gross Margin and Adjusted Gross Margin were higher primarily due to the Acquisition ($15.2 million). Gross Margin was also higher due to extended commissioning time for our power barge assets in Albania in 2024 ($8.6 million), partially offset by the addition of depreciation and amortization in Jamaica ($4.6 million).
Current wording
Gross Margin was $112.9 million for the three months ended September 30, 2025, an increase of $29.3 million, as compared to $83.6 million for the three months ended September 30, 2024. For the three months ended September 30, 2025, Adjusted Gross Margin was $144.6 million, an increase of $38.0 million, as compared to $106.6 million for the three months ended September 30, 2024. Gross Margin and Adjusted Gross Margin were higher primarily due to the Acquisition ($32.2 million), and an increase in LNG, gas and power sales opportunities ($9.2 million). Gross Margin was partially offset by the addition of depreciation and amortization in Jamaica ($10.4 million).
Previous wording
Gross Margin was $183.3 million for the six months ended June 30, 2025, an increase of $41.4 million, as compared to $141.9 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, Adjusted Gross Margin was $230.5 million, an increase of $35.3 million, as compared to $195.2 million for the six months ended June 30, 2024. Gross Margin and Adjusted Gross Margin were higher primarily due to the drydocking of Summit LNG and Excellence in the first three months of 2024 ($17.1 million), the Acquisition ($15.2 million), a decrease in personnel costs in Argentina ($5.7 million) and an increase in LNG, gas and power sales opportunities ($3.3 million). Gross Margin was also higher due to extended commissioning time for our power barge assets in Albania in 2024 ($9.7 million), partially offset by the addition of depreciation and amortization in Jamaica ($4.6 million).
Current wording
Gross Margin was $296.2 million for the nine months ended September 30, 2025, an increase of $70.7 million, as compared to $225.5 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, Adjusted Gross Margin was $375.1 million, an increase of $73.3 million, as compared to $301.8 million for the nine months ended September 30, 2024. Gross Margin and Adjusted Gross Margin were higher primarily due to the Acquisition ($47.4 million), the drydocking of Summit LNG and Excellence in the first three months of 2024 ($17.2 million), an increase in LNG, gas and power sales opportunities ($12.7 million) and a decrease in personnel costs in Argentina ($7.6 million). Gross Margin was also higher due to extended commissioning time for our power barge assets in Albania in 2024 ($10.2 million), partially offset by the addition of depreciation and amortization in Jamaica ($15.0 million).
Previous wording
Adjusted EBITDA was $107.1 million for the three months ended June 30, 2025, an increase of $18.1 million, as compared to $89.0 million for the three months ended June 30, 2024. Adjusted EBITDA was higher primarily due to the Acquisition ($15.0 million) and a decrease in business development expenses ($3.7 million).
Current wording
Adjusted EBITDA was $129.3 million for the three months ended September 30, 2025, an increase of $37.0 million, as compared to $92.3 million for the three months ended September 30, 2024. Adjusted EBITDA was higher primarily due to the Acquisition ($32.8 million) and an increase in LNG, gas and power sales opportunities ($9.2 million), partially offset by a decrease in interest income ($3.4 million).
Previous wording
Adjusted EBITDA was $207.6 million for the six months ended June 30, 2025, an increase of $43.2 million, as compared to $164.4 million for the six months ended June 30, 2024. Adjusted EBITDA was higher primarily due to the drydocking of Summit LNG and Excellence in the first three months of 2024 ($17.1 million), the Acquisition ($15.0 million), a decrease in personnel costs in Argentina ($5.7 million), an increase in LNG, gas and power sales opportunities ($3.3 million), and a decrease in foreign exchange losses ($2.0 million).
Current wording
Adjusted EBITDA was $336.9 million for the nine months ended September 30, 2025, an increase of $80.3 million, as compared to $256.6 million for the nine months ended September 30, 2024. Adjusted EBITDA was higher primarily due to the Acquisition ($47.8 million), the drydocking of Summit LNG and Excellence in the first three months of 2024 ($17.2 million), an increase in LNG, gas and power sales opportunities ($12.7 million), and a decrease in personnel costs in Argentina ($7.6 million), partially offset by a decrease in interest income ($3.7 million).
Previous wording
Terminal services revenues were $148.8 million for the three months ended June 30, 2025, a decrease of $2.2 million as compared to $151.0 million for the three months ended June 30, 2024. Terminal services revenues were lower primarily due to lower reimbursable costs.
Current wording
Terminal services revenues were $145.9 million for the three months ended September 30, 2025, a decrease of $4.2 million as compared to $150.1 million for the three months ended September 30, 2024. Terminal services revenues were lower primarily due to lower reimbursable costs.
Previous wording
Terminal services revenues were $297.2 million for the six months ended June 30, 2025, a decrease of $10.8 million as compared to $308.0 million for the six months ended June 30, 2024. Terminal services revenues were lower primarily due lower reimbursable costs and to the recognition of deferred revenue for the drydocking of Summit LNGin the first quarter of 2024, which occurs when we drydock either of our two floating regasification terminals accounted for as a sales-type lease.
Current wording
Terminal services revenues were $443.1 million for the nine months ended September 30, 2025, a decrease of $15.0 million as compared to $458.1 million for the nine months ended September 30, 2024. Terminal services revenues were lower primarily due lower reimbursable costs and to the recognition of deferred revenue for the drydocking of Summit LNGin the first quarter of 2024, which occurs when we drydock either of our two floating regasification terminals accounted for as a sales-type lease.
Previous wording
LNG, gas and power revenues were $222.4 million for the six months ended June 30, 2025, an increase of $146.9 million, as compared to $75.5 million for the six months ended June 30, 2024. The increase was primarily due to increased LNG, gas and power revenues in Asia Pacific and the Atlantic Basin in the first quarter of 2025 and the Acquisition.
Current wording
LNG, gas and power revenues were $467.6 million for the nine months ended September 30, 2025, an increase of $348.9 million, as compared to $118.7 million for the nine months ended September 30, 2024. The increase was primarily due to higher LNG, gas and power revenues in North America, Asia Pacific and Europe and the Acquisition.
Previous wording
Cost of LNG, gas and power was $201.2 million for the six months ended June 30, 2025, an increase of $130.1 million, as compared to $71.1 million for the six months ended June 30, 2024. The increase was primarily due to increased LNG, gas and power revenues in Asia Pacific and the Atlantic Basin in the first quarter of 2025 and the Acquisition.
Current wording
Cost of LNG, gas and power was $403.1 million for the nine months ended September 30, 2025, an increase of $290.6 million, as compared to $112.5 million for the nine months ended September 30, 2024. The increase was primarily due to increased LNG, gas and power sales opportunities in North America, Asia Pacific and Europe and the Acquisition.
Previous wording
Operating expenses were $88.0 million for the six months ended June 30, 2025, a decrease of $29.2 million, as compared to $117.2 million for the six months ended June 30, 2024. The decrease in operating expenses was primarily due to drydock costs on Summit LNGin the first quarter of 2024 and decreased personnel costs in Argentina.
Current wording
Operating expenses were $132.5 million for the nine months ended September 30, 2025, a decrease of $30.1 million, as compared to $162.6 million for the nine months ended September 30, 2024. The decrease in operating expenses was primarily due to drydock costs on Summit LNGin the first quarter of 2024 and decreased personnel costs in Argentina.
Previous wording
Depreciation and amortization expenses were $47.2 million for the six months ended June 30, 2025, a decrease of $6.1 million, as compared to $53.3 million for the six months ended June 30, 2024. Depreciation and amortization decreased primarily due to the extended commissioning time on our power barge assets in Albania during 2024, partially offset by the Acquisition.
Current wording
Depreciation and amortization expenses were $31.8 million for the three months ended September 30, 2025, an increase of $8.8 million, as compared to $23.0 million for the three months ended September 30, 2024. Depreciation and amortization increased primarily due to the Acquisition.
Previous wording
Depreciation and amortization expenses were $25.5 million for the three months ended June 30, 2025, a decrease of $4.9 million, as compared to $30.4 million for the three months ended June 30, 2024. Depreciation and amortization decreased primarily due to the extended commissioning time on our power barge assets in Albania during 2024, partially offset by the Acquisition.
Current wording
Depreciation and amortization expenses were $78.9 million for the nine months ended September 30, 2025, an increase of $2.6 million, as compared to $76.3 million for the nine months ended September 30, 2024. Depreciation and amortization increased primarily due to the Acquisition, partially offset by the extended commissioning time on our power barge assets in Albania during 2024.
Previous wording
Selling, general and administrative expenses were $21.5 million for the three months ended June 30, 2025, a decrease of $3.8 million, as compared to $25.3 million for the three months ended June 30, 2025 and 2024. Selling, general and administrative expenses decreased primarily due to lower business development expenses.
Current wording
Selling, general and administrative expenses were $23.4 million for the three months ended September 30, 2025, a decrease of $0.4 million, as compared to $23.8 million for the three months ended September 30, 2025 and 2024. Selling, general and administrative expenses were essentially flat.
Previous wording
Selling, general and administrative expenses were $42.9 million for the six months ended June 30, 2025, a decrease of $4.0 million, as compared to $46.9 million for the six months ended June 30, 2024. Selling, general and administrative expenses decreased primarily due to lower business development expenses.
Current wording
Selling, general and administrative expenses were $66.3 million for the nine months ended September 30, 2025, a decrease of $4.4 million, as compared to $70.7 million for the nine months ended September 30, 2024. Selling, general and administrative expenses decreased primarily due to lower business development expenses.
Previous wording
Transition and transaction expenses were $27.7 million for the three months ended June 30, 2025. Transition and transaction expenses relate to due diligence, legal, and integration costs for the Acquisition.
Current wording
Transition and transaction expenses were $2.2 million for the three months ended September 30, 2025. Transition and transaction expenses relate to due diligence, legal, and integration costs for the Acquisition.
Previous wording
Transition and transaction expenses were $31.3 million for the six months ended June 30, 2025. Transition and transaction expenses relate to due diligence, legal, and integration costs for the Acquisition.
Current wording
Transition and transaction expenses were $33.6 million for the nine months ended September 30, 2025. Transition and transaction expenses relate to due diligence, legal, and integration costs for the Acquisition.
Previous wording
Interest expense was $31.7 million for the six months ended June 30, 2025, an increase of $7.5 million, as compared to $24.2 million for the six months ended June 30, 2024. The increase was primarily due to our new 2030 Notes (as defined herein), partially offset by the pay down of the Term Loan Facility (as defined herein) during the second quarter of 2025, lower balances remaining on our finance leases and long-term debt and decreases in interest rates.
Current wording
Interest expense was $56.6 million for the nine months ended September 30, 2025, an increase of $20.7 million, as compared to $35.9 million for the nine months ended September 30, 2024. The increase was primarily due to our new 2030 Notes (as defined herein), partially offset by the effects of the Term Loan Facility (as defined herein) paydown during the second quarter of 2025, lower balances remaining on our finance leases and long-term debt and decreases in interest rates.
Previous wording
Other income, net was $6.3 million for the three months ended June 30, 2025, an increase of $0.6 million, as compared to $5.7 million for the three months ended June 30, 2024. Other income, net, was essentially flat.
Current wording
Other income, net was $3.4 million for the three months ended September 30, 2025, a decrease of $3.1 million, as compared to $6.5 million for the three months ended September 30, 2024. Other income, net, decreased primarily due to a decrease in interest income.
Previous wording
Other income, net was $12.4 million for the six months ended June 30, 2025, an increase of $1.7 million, as compared to $10.7 million for the six months ended June 30, 2024. Other income, net increased primarily due to a decrease in foreign exchange losses.
Current wording
Other income, net was $15.8 million for the nine months ended September 30, 2025, a decrease of $1.4 million, as compared to $17.2 million for the nine months ended September 30, 2024. Other income, net decreased primarily due to a decrease in interest income, partially offset by a decrease foreign exchange losses.
Previous wording
The provision for income taxes for the three months ended June 30, 2025 and 2024 was $5.6 million and $7.4 million, respectively. The provision for income taxes for the six months ended June 30, 2025 and 2024 was $11.6 million and $14.3 million, respectively. The decrease was primarily attributable to the year-over-year change in the geographical distribution of income.
Current wording
The provision for income taxes for the three months ended September 30, 2025 and 2024 was $7.9 million and $6.2 million, respectively. The provision for income taxes for the nine months ended September 30, 2025 and 2024 was $19.5 million and $20.5 million, respectively. The change was primarily attributable to the year-over-year change in the geographical distribution of income.
Previous wording
The effective tax rate for the three months ended June 30, 2025 and 2024, was 21.2% and 18.2%, respectively. The effective tax rate for the six months ended June 30, 2025 and 2024, was 13.7% and 18.9%, respectively. The decrease was primarily driven by the geographical distribution of income and the varying tax regimes of jurisdictions.
Current wording
The effective tax rate for the three months ended September 30, 2025 and 2024, was 12.6% and 11.9%, respectively. The effective tax rate for the nine months ended September 30, 2025 and 2024, was 13.2% and 16.1%, respectively. The change was primarily driven by the geographical distribution of income and the varying tax regimes of jurisdictions.
Previous wording
Net income attributable to non-controlling interest was $16.0 million for the three months ended June 30, 2025, a decrease of $10.6 million, as compared to $26.6 million for the three months ended June 30, 2024. The decrease in net income attributable to non-controlling interest was primarily due to lower net income attributable to owners of our Class B Common Stock and a decrease in the Class B ownership as a result of the Equity Offering (as defined herein).
Current wording
Net income attributable to non-controlling interest was $41.1 million for the three months ended September 30, 2025, an increase of $4.5 million, as compared to $36.6 million for the three months ended September 30, 2024. The increase in net income attributable to non-controlling interest was primarily due higher net income attributable to owners of our Class B Common Stock.
Previous wording
Net income attributable to non-controlling interest was $56.8 million for the six months ended June 30, 2025, an increase of $8.4 million, as compared to $48.4 million for the six months ended June 30, 2024. The increase in net income attributable to non-controlling interest was primarily due to higher net income attributable to owners of our Class B Common Stock, partially offset by a decrease in the Class B ownership as a result of the Equity Offering (as defined herein).
Current wording
Net income attributable to non-controlling interest was $97.9 million for the nine months ended September 30, 2025, an increase of $12.9 million, as compared to $85.0 million for the nine months ended September 30, 2024. The increase in net income attributable to non-controlling interest was primarily due to higher net income attributable to owners of our Class B Common Stock, partially offset by a decrease in the Class B ownership as a result of the Equity Offering (as defined herein).
Previous wording
Based on our cash positions, cash flows from operating activities and borrowing capacity on our debt facilities, we believe we will have sufficient liquidity for the next 12 months for ongoing operations, planned capital expenditures, other investments, debt service obligations, payment of tax distributions and our announced and expected quarterly dividends and distributions, as described in Part II, Item 5 – Our Dividend and Distribution Policy in the 2024 Annual Report. For more information regarding our planned dividend payments, see Note 12 – Equity. As of June 30, 2025, we had $426.0 million in unrestricted cash and cash equivalents.
Current wording
Based on our cash positions, cash flows from operating activities and borrowing capacity on our debt facilities, we believe we will have sufficient liquidity for the next 12 months for ongoing operations, planned capital expenditures, other investments, debt service obligations, payment of tax distributions and our announced and expected quarterly dividends and distributions, as described in Part II, Item 5 – Our Dividend and Distribution Policy in the 2024 Annual Report. For more information regarding our planned dividend payments, see Note 12 – Equity. As of September 30, 2025, we had $462.6 million in unrestricted cash and cash equivalents.
Previous wording
Cash flows provided by operating activities increased by $86.9 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily due to differences in the timing of collections and payments related to gas purchases and sales, collections received after our power barge assets went into service, 2024 drydock expenditures and an increase in our deferred tax liability, partially offset by costs related to the Acquisition.
Current wording
Cash flows provided by operating activities increased by $162.0 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to differences in the timing of collections and payments related to LNG, gas and power purchases and sales, interest expense on the 2030 Notes, collections received after our power barge assets went into service, and drydock expenditures.
Previous wording
Cash flows used in investing activities were primarily comprised of capital expenditures made for the purchases of property and equipment, which increased by $1,087.2 million for the six months ended June 30, 2025, as compared to the same period in 2024. The increase was primarily due to the Acquisition and the 2025 milestone payments under the Newbuild Agreement (as defined herein), partially offset by 2024 upgrades on Excelsior.
Current wording
Cash flows used in investing activities were primarily comprised of capital expenditures made for the purchases of property and equipment, which increased by $1,127.8 million for the nine months ended September 30, 2025, as compared to the same period in 2024. The increase was primarily due to the Acquisition, the 2025 milestone payments under the Newbuild Agreement (as defined herein), and the purchase of Shenandoah in the third quarter of 2025.
Previous wording
Financing cash flows increased by $836.1 million for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, primarily due to $800.0 million in borrowings as a result of the Debt Offering (as defined herein), $201.9 million in proceeds from the Equity Offering and $20.3 million paid in 2024 to repurchase Class A Common Stock, partially offset by a $155.5 increase in repayments on long-term debt and finance leases and payments of $19.4 million for debt issuance costs in 2025.
Current wording
Financing cash flows increased by $838.9 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to $800.0 million in borrowings as a result of the Debt Offering (as defined herein), $201.8 million in proceeds from the Equity Offering and $27.2 million paid in 2024 to repurchase Class A Common Stock, partially offset by a $149.9 million increase in repayments on long-term debt and finance leases, payments of $20.3 million for debt issuance costs in 2025 and an increase of $17.8 million in dividends and distributions paid.
Previous wording
The following table summarizes our cash outlays for capital projects for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes our cash outlays for capital projects for the three and nine months ended September 30, 2025 and 2024:
Previous wording
On March 17, 2023, EELP entered into an amended and restated senior secured credit agreement (“Amended Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and Wells Fargo Bank, N.A., as administrative agent. Under the Amended Credit Agreement, EELP obtained a new $250.0 million term loan facility (the “Term Loan Facility” and, together with the EE Revolver, as amended by the Amended Credit Agreement, the “EE Facilities”). The EE Facilities mature in March 2027. In April 2023, we purchased Sequoia for $265.0 million using $250.0 million borrowed through our Term Loan Facility together with cash on hand.
Current wording
On March 17, 2023, EELP entered into an amended and restated senior secured credit agreement (“Amended Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and Wells Fargo Bank, N.A., as administrative agent. Under the Amended Credit Agreement, EELP obtained a new $250.0 million term loan facility (the “Term Loan Facility” and, together with the EE Revolver, as amended by the Amended Credit Agreement, the “EE Facilities”). In April 2023, we purchased Sequoia for $265.0 million using $250.0 million borrowed through our Term Loan Facility together with cash on hand.
Previous wording
Proceeds from the EE Revolver may be used for working capital and other general corporate purposes and up to $382.5 million of the EE Revolver may be used for letters of credit. As of June 30, 2025, we had issued no letters of credit under the EE Revolver. In addition to the EE Revolver, we have access of up to $175 million for letters of credit under a bilateral facility.
Current wording
Proceeds from the EE Revolver may be used for working capital and other general corporate purposes. As of September 30, 2025, up to $469.0 million of the EE Revolver may be used for letters of credit, which has increased to up to $500.0 million as of October 31, 2025. As of September 30, 2025, we had issued no letters of credit under the EE Revolver.
Previous wording
On March 26, 2025, EELP entered into an amendment to the Amended Credit Agreement, which provided for, among other things (i) additional covenant baskets to permit the Acquisition and the incurrence of debt in connection therewith, and (ii) replacement of the collateral vessel maintenance coverage covenant with a collateral maintenance coverage covenant, which includes the value of the assets acquired in the Acquisition.
Current wording
On March 26, 2025, EELP entered into an amendment to the Amended Credit Agreement, which provided for, among other things (i) additional covenant baskets to permit the Acquisition and the incurrence of debt in connection therewith, and (ii) replacement of the collateral vessel maintenance coverage covenant with a broader collateral maintenance coverage covenant, which includes the value of the assets acquired in the Acquisition.
Showing the first 40 of 45 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Operating expenses were $44.5 million for the three months ended September 30, 2025, a decrease of $0.9 million, as compared to $45.4 million for the three months ended September 30, 2024. The decrease in operating expenses was primarily due to decreased personnel costs in Argentina
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Interest expense was $20.7 million for the three months ended June 30, 2025, an increase of $8.6 million, as compared to $12.1 million for the three months ended June 30, 2024. The increase was primarily due to our new 2030 Notes (as defined herein), lower balances remaining on our finance leases and long-term debt and decreases in interest rates.