Excelerate Energy, Inc.

Good morning, everyone.

Welcome to Accelerate Energy's second quarter 2024 earnings call. Participating on the call today are Stephen Kobos, Chief Executive Officer, and Dana Armstrong, Chief Financial Officer. Also joining the call today are Oliver Simpson, Chief Commercial Officer, and David Leiner, Chief Operating Officer. Our second quarter 2024 earnings results press release and presentation will release yesterday afternoon and can be found on our website at ir.accelerateenergy.com. I would like to remind everyone that we will be making forward-looking statements on this call that involve a number of risks and uncertainties. Our actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update or revise them. Today's remarks will also refer to certain non-GAAP financial measures. We provided a reconciliation to the most directly comparable GAAP financial measures at the back of the presentation. With that, it is my pleasure to pass the call over to Stephen Kobos.

Thank you, Craig. And to all of you on the call, good morning. Today, I will share with you a story of strength. Strong financial results, strong operational performance, and strong execution of our strategy. On the financial side, we delivered $89 million of adjusted EBITDA in the second quarter. Our robust FSRU and terminals contract portfolio and our ability to meet our customer commitments create the foundation for compelling financial performance. In operations, I want to take a moment and salute Accelerate's global team. They focus every day on providing critical services to our customers and operating at the highest levels of safety. I'm extremely proud of this team. And when it comes to execution, we are doing what we said we would do. The Accelerate team continues to make great progress towards our plan to grow our company and maximize value for our shareholders. Now I'll provide a recap of our business strategy and an overview of the progress we are making. Then I'll turn the call over to Dana for more on our financial results. Let me recap our strategy. We are operating and optimizing our core regasification business. We are executing our comprehensive growth roadmap, and we are focused on three key areas for value creation. First, acquiring ownership interest in LNG regasification terminals. Second, establishing a diversified LNG portfolio. Third, investing in downstream natural gas infrastructure. We are advancing our plans to expand our fleet. Our new build FSRU hole 3407 remains on schedule for delivery in June 2026. Engineering and fabrication work on 3407 are underway. And the next major milestone in construction, steel cutting, is set for October. We are confident that we will place whole 3407 with one of the projects in our pipeline. Several of these projects would be an ideal fit for 3407. As an operator of one of the largest FSRU fleets in the world, we remain bullish on the asset class. Part of our strategy in investing in our fleet is to meet our customer's needs for efficiency, reliability, and sustainability. We've got a great example of this with our plan to integrate modular reliquifaction kits onboard our vessels. These will improve the overall efficiency of our operations. I'm pleased to report we have placed an order for a reliquifaction kit and are prioritizing it for integration into our fleet. Now, the purpose of the Reliquifaction Kit is to recover excess boil-off gas by reliquifying and storing LNG in the cargo tanks. It also helps prevent the loss of LNG cargo volume. This means that the energy value of our cargo can be productively used by our customer and not wasted. This technology will enhance the value of the services we provide our customers It will create opportunities for increased revenue generation, and it's going to support the development of the regas projects in our pipeline. You'll remember that last quarter we shared with you a prioritized list of growth opportunities. These projects span the downstream LNG value chain and range from terminal ownership to fully integrated solutions. Today, we want to share two tangible proof points of our progress. The first one is a strategic investment we are making to enter the Vietnamese energy market. In June, Accelerate signed a term sheet with Ateco Joint Stock Company, a Vietnamese-based private development company with whom we're going to develop a greenfield LNG import terminal in Hai Phong, Vietnam. The Northern Vietnam LNG Terminal, or NVLT, is anticipated to be the first LNG terminal in the region. Vietnam, as you know, is expected to have one of the fastest growing economies in Southeast Asia. And Hanoi, the capital city, is located in the north, and this offers an enticing entry point into the country for Accelerate, due to its rapid industrial growth. As domestic production declines, these industrial complexes in the north provide a foundational base of customers with a ready need for LNG, which will play a pivotal role in their energy mix. LG Import Terminal will have a total import capacity of 1.2 million tons per annum constructed in two phases. Phase one of NVLT will have a capacity of 0.7 million tons per annum, and we expect operations to commence in 2027. The second proof point of our value creation strategy is an integrated solution that is going to allow for the delivery of natural gas supply into south central Alaska. For over 50 years, the south central region of Alaska has relied on Cook Inlet natural gas for most local heating systems and electricity generation. But with domestic gas reserves in the Cook Inlet area declining, the region will need to import LNG 2028 onwards. Accelerate is in advanced discussions with local utilities in South Central Alaska for the development of an integrated LNG terminal in the lower Cook Inlet region. Accelerate would own the FSRU-based terminal, source LNG supply as required, and sell gas to local utilities and other off-takers. start of commercial operations is targeted for 2028. We talk often with many of you on this call about our efforts in LNG markets all over the world. I can assure you that as an American company, it feels great to bring the critical services we provide to customers here in the United States. Let me sum this up. Once again, when it comes to our strategy, we are doing what we said we would do. We look forward to sharing even more information about the NVLT project, the Cook Inlet project, and other projects in our pipeline with you in the future. Before I turn the call over to Dana, As many of you have seen, on Monday, the Prime Minister resigned and a caretaker government is currently being formed. During this time, the safety of our team members is and remains our top priority. All of our people are safe. The continuity of our operations is of utmost importance for the country. As a long-term partner of Bangladesh, we continue to operate as usual. As an American company that provides essential energy services to the people of Bangladesh, we are confident we will continue to play a vital role in helping to meet the energy needs of the country. With that, I'll now hand the call over to Dana for a deep dive into our numbers for the quarter.