Excelerate Energy, Inc.

Ladies and gentlemen, thank you for joining us and welcome to Accelerate Energy's first quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Craig Hicks, Vice President, Investor Relations and Strategy. Please go ahead.

Good morning. And thank you for joining Accelerate Energy's first quarter 2026 earnings call. Joining me today are Stephen Kobos, President and CEO, and Dana Armstrong, Chief Financial Officer. Also joining the call are Oliver Simpson, Chief Commercial Officer, and David Leiner, Chief Operating Officer. Our first quarter earnings press release and presentation were published yesterday afternoon and are available on our website, at ir.accelerateenergy.com. Before we begin, please note that today's discussion will include forward-looking statements which involve risks and uncertainties that may cause actual results to differ materially. We undertake no obligation to update these statements. We'll also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found at the end of the presentation. With that, it is my pleasure to pass the call over to Stephen Kobos.

Good morning, everyone, and thank you for joining us today. Before I get into the quarter, I want to take a moment to acknowledge something that goes beyond the financials. We have employees, seafarers, and partners operating in and around the Arabian Gulf. Our thoughts and prayers are with them and with their families during what is a difficult and uncertain time. The safety of our people is always our top priority, and I want them to know that they have our full support. Against that backdrop, I am proud of how Accelerate performed this quarter. We delivered 122 million of adjusted EBITDA, and achieved a 99.8% reliability rate across our asset portfolio. Those results reflect the strength of our contracted asset portfolio and the dedication of the teams who operate them every day. The strong performance is a direct result of how we built this business. Accelerate is a global LNG and power infrastructure company. We own and operate assets that deliver reliable downstream energy and power solutions to countries who depend on us for their energy security. That responsibility is central to how we operate, how we invest, and how we manage risk. Our operations span four continents, and that geographic reach translates directly into revenue and earnings diversification. It is a core reason we are able to perform across market cycles and limit the financial impact of regional disruptions. As the global energy landscape grows more complex, the ability to deliver energy safely and without interruption matters even more. That brings me to the macro environment, which provides an important context for today's discussion. As we've highlighted previously, global LNG market is moving into a period of meaningful and sustained supply growth. Despite recent geopolitical events, approximately 200 million tons of new LNG supply will still come online between now and the end of the decade. The conflict in the Middle East This will result in even more LNG volumes reaching the market. Those volumes will only intensify the need for more regasification capacity. In recent weeks, we've heard commentary around pricing dynamics, potential project delays, and market hesitation in certain regions. While those near-term dynamics are real, they should be evaluated separately from the structural needs the market. The fact is, long-term contracted LNG pricing has been and remains affordable. That is why many of the countries and markets we are targeting continue to turn to LNG as a fuel source. In this environment, Accelerate's role is clear. We provide the downstream infrastructure that connects to under contract with assets we own and operate. That's the structural backdrop. Now let me walk you through how it is showing up in our operations. I'll start with the Middle East. Since the conflict began, our focus has been on the elements of the business within our direct control. We optimized our asset portfolio to protect earnings, maintain operational continuity, and demonstrate the rigor of our customers and investors expect. Our terminal services operations performed as we expected, and we saw limited financial impact during the quarter, in large part due to the quality of our contracts and the nature of the services we provide. The two FSRUs operating in the UAE, the Explorer and the Express, are fully operational and our crews are safe. We are proud to support Dubai, Abu Dhabi, and the broader UAE as a component of their energy infrastructure for more than a decade. Turning to our LNG supply agreements, in March, as a result of the conflict, we received a fourth major notice from Keter Energy related to our supply agreement. We subsequently issued a corresponding FM notice to Petro Bangla, our customer in Bangladesh. These agreements are structured on a back-to-back basis with delivery obligations aligned to supply commitments and supported by contractual FM protections. This structure is allowing us to manage the current disruption in an orderly way. Based on our current assessment, we expect the financial impact to be approximately $1 million per month while the Strait of Hormuz remains closed. Our commitment to the region extends beyond the UAE. Let me update you on the Iraq terminal. The fundamentals supporting this project have not changed. Iraq faces chronic power shortages and limited domestic gas processing capacity. These structural deficits are not going away. The need for scalable gas import infrastructure in Q4-25. Current conditions have only heightened that need. Our customer shares the same view, and we are committed to working with them on the best path forward. What has changed is the near-term path to startup. The conflict in the Middle East has created logistical constraints that have delayed jetty reinforcement and construction of the fixed terminal infrastructure. As a result, we no longer expect the terminal to commence operations in Q3 26 as we previously disclosed. Project startup is now expected in 27. This is a shift in timing, not a cancellation. The contract is structured as a 60-month agreement that begins once operations commence. We are taking a measured, safety-first approach with construction resuming as conditions allow. Once underway, we expect approximately six months before operations begin. We are managing this project for the long term and remain confident in the opportunity. With the Iraq project now delayed, we have been evaluating opportunities to optimize the accelerated Acadia, our new build FSRU, in the near term. In early April, the Acadia was delivered successfully from Hyundai Heavy Industries. This week, we executed a nine-month time charter party agreement with Jordan's National Electric Power Company, or NEPCO, to deploy the Acadia to the country's existing LNG import terminal in Aqaba. The Acadia is expected to commence operations in Jordan by mid-26, and the deal will generate roughly $20 million of adjusted EBITDA this year. The interim deployment enhances Jordan's energy security and generates incremental earnings. It does this while we continue to advance the Iraq Integrated Import Terminal. It also underscores the continued demand for our assets and the commercial resilience of our business, even amid broader regional disruption. Now let me turn to Jamaica, where our integrated platform continues to deliver. A year ago this month, we added the integrated LNG Power Platform in Jamaica to our asset portfolio. Jamaica is a core component of our business and one of the strongest proof points of Accelerate's strategy. In the first quarter, the Jamaica platform delivered reliability above 99%. That consistency underpins the contracted cash flows that have contributed meaningfully to our overall growth. Beyond operations, We are making commercial progress on the island. Gas volumes are growing through new customer agreements and incremental sales to existing customers. We are pleased to be a partner with the Jamaican government and look forward to advancing new opportunities in Jamaica and throughout the Caribbean. The financials this quarter reflect the operating momentum I've described. Next, Dana will take you through the numbers, our capital priorities, and the updated outlook. Dana?