Key Takeaways
Excelerate Energy Inc. (NYSE: EE) lowered its full-year 2026 guidance after Middle East conflict delayed its Iraq LNG terminal, even as it reported first-quarter adjusted EBITDA of $122 million.
"This is a shift in timing, not a cancellation," President and CEO Steven Kobos said, noting the 60-month Iraq contract begins once operations commence.
The company cut its 2026 adjusted EBITDA forecast to a range of $480 million to $510 million. The revision reflects the Iraq project's startup moving from Q3 2026 to 2027 due to logistical constraints. First-quarter net income was $50 million, up 28 percent sequentially.
The guidance change highlights the financial impact of regional instability, which the company estimates at about $1 million per month from a related force majeure notice on a supply agreement.
To offset the delay, Excelerate redeployed its newbuild floating storage and regasification unit (FSRU), the Excelerate Acadia, to Jordan under a nine-month charter. The deal with Jordan’s National Electric Power Company is expected to add approximately $20 million in adjusted EBITDA in 2026.
"These are floating assets. They are redeployable," Kobos said, highlighting the flexibility of the company's fleet in adapting to geopolitical shifts.
The conflict has also affected supply agreements. Excelerate received a force majeure notice from QatarEnergy in March and subsequently issued one to its customer in Bangladesh. The company stated the back-to-back structure of the contracts provides force majeure protections.
For the first quarter, Excelerate reported net income of $50 million, an $11 million increase from the fourth quarter of 2025. The company’s board approved a quarterly dividend of $0.08 per share and the company repurchased 148,000 shares for just over $5 million during the quarter.
The guidance cut shows the earnings impact of the Iraq delay. Investors will watch for construction to resume, which the company expects will provide a six-month window to the start of operations.
This article is for informational purposes only and does not constitute investment advice.
