10-Q 1 nfe-20220930.htm 10-Q nfe-20220930
000174972312-312022Q3false3111100017497232022-01-012022-09-3000017497232022-11-04xbrli:shares00017497232022-09-30iso4217:USD00017497232021-12-31iso4217:USDxbrli:shares00017497232022-07-012022-09-3000017497232021-07-012021-09-3000017497232021-01-012021-09-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-12-310001749723us-gaap:AdditionalPaidInCapitalMember2021-12-310001749723us-gaap:RetainedEarningsMember2021-12-310001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001749723us-gaap:NoncontrollingInterestMember2021-12-310001749723us-gaap:RetainedEarningsMember2022-01-012022-03-310001749723us-gaap:NoncontrollingInterestMember2022-01-012022-03-3100017497232022-01-012022-03-310001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001749723us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-01-012022-03-310001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-03-310001749723us-gaap:AdditionalPaidInCapitalMember2022-03-310001749723us-gaap:RetainedEarningsMember2022-03-310001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001749723us-gaap:NoncontrollingInterestMember2022-03-3100017497232022-03-310001749723us-gaap:RetainedEarningsMember2022-04-012022-06-300001749723us-gaap:NoncontrollingInterestMember2022-04-012022-06-3000017497232022-04-012022-06-300001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001749723us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-04-012022-06-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-06-300001749723us-gaap:AdditionalPaidInCapitalMember2022-06-300001749723us-gaap:RetainedEarningsMember2022-06-300001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001749723us-gaap:NoncontrollingInterestMember2022-06-3000017497232022-06-300001749723us-gaap:RetainedEarningsMember2022-07-012022-09-300001749723us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001749723us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-07-012022-09-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-09-300001749723us-gaap:AdditionalPaidInCapitalMember2022-09-300001749723us-gaap:RetainedEarningsMember2022-09-300001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001749723us-gaap:NoncontrollingInterestMember2022-09-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-12-310001749723us-gaap:AdditionalPaidInCapitalMember2020-12-310001749723us-gaap:RetainedEarningsMember2020-12-310001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001749723us-gaap:NoncontrollingInterestMember2020-12-3100017497232020-12-310001749723us-gaap:RetainedEarningsMember2021-01-012021-03-310001749723us-gaap:NoncontrollingInterestMember2021-01-012021-03-3100017497232021-01-012021-03-310001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001749723us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-01-012021-03-310001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-03-310001749723us-gaap:AdditionalPaidInCapitalMember2021-03-310001749723us-gaap:RetainedEarningsMember2021-03-310001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001749723us-gaap:NoncontrollingInterestMember2021-03-3100017497232021-03-310001749723us-gaap:RetainedEarningsMember2021-04-012021-06-300001749723us-gaap:NoncontrollingInterestMember2021-04-012021-06-3000017497232021-04-012021-06-300001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001749723us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-04-012021-06-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-06-300001749723us-gaap:AdditionalPaidInCapitalMember2021-06-300001749723us-gaap:RetainedEarningsMember2021-06-300001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001749723us-gaap:NoncontrollingInterestMember2021-06-3000017497232021-06-300001749723us-gaap:RetainedEarningsMember2021-07-012021-09-300001749723us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001749723us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-07-012021-09-300001749723us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-09-300001749723us-gaap:AdditionalPaidInCapitalMember2021-09-300001749723us-gaap:RetainedEarningsMember2021-09-300001749723us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001749723us-gaap:NoncontrollingInterestMember2021-09-3000017497232021-09-30nfe:Segment0001749723nfe:HygoMergerAgreementMembernfe:GolarLNGLimitedMember2021-04-15xbrli:pure0001749723nfe:StonepeakInfrastructureFundIICaymanGLimitedMembernfe:HygoMergerAgreementMember2021-04-150001749723nfe:HygoMergerAgreementMemberus-gaap:CommonClassAMember2021-04-152021-04-150001749723nfe:HygoMergerAgreementMember2021-04-152021-04-150001749723nfe:HygoMergerAgreementMember2022-01-012022-09-30nfe:Project0001749723nfe:SergipeFacilityMember2021-04-150001749723nfe:HygoMergerAgreementMember2021-04-15utr:GWnfe:Carrier0001749723nfe:HygoMergerAgreementMemberus-gaap:PreferredStockMember2021-04-152021-04-150001749723us-gaap:CommonStockMembernfe:HygoMergerAgreementMember2021-04-152021-04-150001749723us-gaap:CommonStockMembernfe:HygoMergerAgreementMember2021-04-150001749723nfe:GMLPMergerAgreementMember2021-04-150001749723nfe:GMLPMergerAgreementMember2021-04-152021-04-1500017497232021-04-152021-04-15nfe:Fleet0001749723nfe:GMLPMergerAgreementMemberus-gaap:CapitalUnitClassAMember2021-04-150001749723nfe:GMLPMergerAgreementMemberus-gaap:CapitalUnitClassAMember2021-04-152021-04-150001749723nfe:GMLPMergerAgreementMemberus-gaap:GeneralPartnerMember2021-04-150001749723nfe:GMLPMergerAgreementMemberus-gaap:GeneralPartnerMember2021-04-152021-04-150001749723nfe:GMLPMergerAgreementMemberus-gaap:PreferredPartnerMember2021-04-150001749723nfe:GMLPMergerAgreementMemberus-gaap:PreferredPartnerMember2021-04-152021-04-150001749723nfe:GMLPMergerAgreementMembernfe:FavorableLeasesMember2021-04-152021-04-150001749723nfe:UnfavorableLeasesMembernfe:GMLPMergerAgreementMember2021-04-152021-04-150001749723nfe:GMLPMergerAgreementMember2022-01-012022-09-300001749723nfe:GMLPMergerAgreementMembernfe:FavorableLeasesMember2022-01-012022-09-300001749723nfe:UnfavorableLeasesMembernfe:GMLPMergerAgreementMember2022-01-012022-09-300001749723nfe:GMLPMergerAgreementMember2021-04-012021-06-300001749723us-gaap:AcquisitionRelatedCostsMember2021-01-012021-09-300001749723us-gaap:AcquisitionRelatedCostsMember2021-07-012021-09-300001749723nfe:CH4EnergiaLtdaMember2021-01-120001749723nfe:CH4EnergiaLtdaMember2021-01-122021-01-120001749723nfe:PecemEnergiaSAMember2021-03-110001749723nfe:EnergeticaCamacariMuricyIISAMember2021-03-110001749723nfe:PecemEnergiaSAAndEnergeticaCamacariMuricyIISAMember2021-03-112021-03-110001749723nfe:PecemEnergiaSAAndEnergeticaCamacariMuricyIISAMember2021-03-1100017497232022-08-152022-08-15nfe:Vessel0001749723nfe:EnergosInfrastructureMember2022-08-150001749723nfe:VesselsMember2022-08-150001749723nfe:VesselTermLoanAndVIEArrangementsMember2022-01-012022-09-30nfe:arrangement0001749723us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-07-012022-09-300001749723nfe:CargoSalesMember2022-07-012022-09-300001749723nfe:CargoSalesMember2022-01-012022-09-300001749723nfe:CargoSalesMember2021-07-012021-09-300001749723nfe:CargoSalesMember2021-01-012021-09-3000017497232021-01-012021-12-3100017497232022-10-012022-09-3000017497232023-01-012022-09-3000017497232024-01-012022-09-3000017497232025-01-012022-09-3000017497232026-01-012022-09-3000017497232027-01-012022-09-300001749723nfe:CentraisEletricasDeSergipeSAMember2022-07-012022-09-300001749723nfe:CentraisEletricasDeSergipeSAMember2022-01-012022-09-300001749723nfe:CentraisEletricasDeSergipeSAMember2021-07-012021-09-300001749723nfe:CentraisEletricasDeSergipeSAMember2021-01-012021-09-300001749723nfe:CentraisEletricasDeSergipeSAMember2021-12-31nfe:Derivative0001749723us-gaap:InterestRateSwapMember2022-09-300001749723us-gaap:ForeignExchangeForwardMember2022-09-30iso4217:BRLutr:MMBTUiso4217:USDutr:MMBTU0001749723us-gaap:FairValueInputsLevel1Member2022-09-300001749723us-gaap:FairValueInputsLevel2Member2022-09-300001749723us-gaap:FairValueInputsLevel3Member2022-09-300001749723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2022-09-300001749723us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2022-09-300001749723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2022-09-300001749723us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Member2022-09-300001749723us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeForwardMember2022-09-300001749723us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel3Member2022-09-300001749723us-gaap:SwapMemberus-gaap:FairValueInputsLevel1Member2022-09-300001749723us-gaap:FairValueInputsLevel2Memberus-gaap:SwapMember2022-09-300001749723us-gaap:SwapMemberus-gaap:FairValueInputsLevel3Member2022-09-300001749723us-gaap:SwapMember2022-09-300001749723nfe:ContingentConsiderationDerivativeMemberus-gaap:FairValueInputsLevel1Member2022-09-300001749723us-gaap:FairValueInputsLevel2Membernfe:ContingentConsiderationDerivativeMember2022-09-300001749723nfe:ContingentConsiderationDerivativeMemberus-gaap:FairValueInputsLevel3Member2022-09-300001749723nfe:ContingentConsiderationDerivativeMember2022-09-300001749723us-gaap:FairValueInputsLevel1Member2021-12-310001749723us-gaap:FairValueInputsLevel2Member2021-12-310001749723us-gaap:FairValueInputsLevel3Member2021-12-310001749723nfe:ContingentConsiderationDerivativeMemberus-gaap:FairValueInputsLevel1Member2021-12-310001749723us-gaap:FairValueInputsLevel2Membernfe:ContingentConsiderationDerivativeMember2021-12-310001749723nfe:ContingentConsiderationDerivativeMemberus-gaap:FairValueInputsLevel3Member2021-12-310001749723nfe:ContingentConsiderationDerivativeMember2021-12-310001749723us-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMember2021-12-310001749723us-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMember2021-12-310001749723us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel3Member2021-12-310001749723us-gaap:CrossCurrencyInterestRateContractMember2021-12-310001749723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Member2021-12-310001749723us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2021-12-310001749723us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Member2021-12-310001749723us-gaap:InterestRateSwapMember2021-12-310001749723nfe:ContingentConsiderationDerivativeMember2022-07-012022-09-300001749723nfe:ContingentConsiderationDerivativeMember2021-07-012021-09-300001749723nfe:ContingentConsiderationDerivativeMember2022-01-012022-09-300001749723nfe:ContingentConsiderationDerivativeMember2021-01-012021-09-300001749723us-gaap:ForeignExchangeForwardMember2022-07-012022-09-300001749723us-gaap:ForeignExchangeForwardMember2021-07-012021-09-300001749723us-gaap:ForeignExchangeForwardMember2022-01-012022-09-300001749723us-gaap:ForeignExchangeForwardMember2021-01-012021-09-300001749723srt:MaximumMember2021-12-310001749723nfe:HilliLLCMember2022-09-300001749723nfe:CentraisEletricasDeSergipeParticipacoesSAMember2022-09-300001749723nfe:EnergosMember2022-09-300001749723nfe:CentraisEltricasDeSergipeSAMembernfe:CentraisEletricasDeSergipeParticipacoesSAMember2022-09-300001749723nfe:EbrasilEnergiaLtdaMembernfe:CentraisEletricasDeSergipeParticipacoesSAMember2022-05-310001749723nfe:CentraisEletricasDeSergipeParticipacoesSAMember2022-05-310001749723nfe:CertificateOfInterbankDepositMembernfe:EnevaMember2021-01-012021-12-310001749723us-gaap:SubsequentEventMembernfe:CentraisEletricasDeSergipeParticipacoesSAMember2022-10-030001749723nfe:HilliLLCMember2022-05-310001749723nfe:HilliLLCMember2022-01-012022-09-30nfe:Class0001749723nfe:HilliLLCMember2022-07-012022-09-30nfe:repayment0001749723us-gaap:ConstructionInProgressMember2022-01-012022-09-300001749723us-gaap:ConstructionInProgressMember2021-01-012021-09-300001749723nfe:VesselsMember2022-09-300001749723nfe:VesselsMember2021-12-310001749723nfe:TerminalAndPowerPlantEquipmentMember2022-09-300001749723nfe:TerminalAndPowerPlantEquipmentMember2021-12-310001749723nfe:CHPFacilitiesMember2022-09-300001749723nfe:CHPFacilitiesMember2021-12-310001749723us-gaap:OilAndGasPropertiesMember2022-09-300001749723us-gaap:OilAndGasPropertiesMember2021-12-310001749723nfe:ISOContainersAndOtherEquipmentMember2022-09-300001749723nfe:ISOContainersAndOtherEquipmentMember2021-12-310001749723nfe:LNGLiquefactionFacilitiesMember2022-09-300001749723nfe:LNGLiquefactionFacilitiesMember2021-12-310001749723us-gaap:PipelinesMember2022-09-300001749723us-gaap:PipelinesMember2021-12-310001749723us-gaap:LandMember2022-09-300001749723us-gaap:LandMember2021-12-310001749723us-gaap:LeaseholdImprovementsMember2022-09-300001749723us-gaap:LeaseholdImprovementsMember2021-12-310001749723us-gaap:CostOfSalesMember2022-07-012022-09-300001749723us-gaap:CostOfSalesMember2021-07-012021-09-300001749723us-gaap:CostOfSalesMember2022-01-012022-09-300001749723us-gaap:CostOfSalesMember2021-01-012021-09-300001749723nfe:FavorableVesselCharterContractsMember2022-09-300001749723nfe:FavorableVesselCharterContractsMember2022-01-012022-09-300001749723nfe:PermitsAndDevelopmentRightsMember2022-09-300001749723nfe:PermitsAndDevelopmentRightsMember2022-01-012022-09-300001749723nfe:EasementsMember2022-09-300001749723nfe:EasementsMember2022-01-012022-09-300001749723nfe:EasementsMember2022-09-300001749723nfe:EasementsMember2022-01-012022-09-300001749723nfe:FavorableVesselCharterContractsMember2021-12-310001749723nfe:FavorableVesselCharterContractsMember2021-01-012021-12-310001749723nfe:PermitsAndDevelopmentRightsMember2021-12-310001749723nfe:PermitsAndDevelopmentRightsMember2021-01-012021-12-310001749723nfe:AcquiredPowerPurchaseAgreementsMember2021-12-310001749723nfe:AcquiredPowerPurchaseAgreementsMember2021-01-012021-12-310001749723nfe:EasementsMember2021-12-310001749723nfe:EasementsMember2021-01-012021-12-310001749723nfe:EasementsMember2021-12-310001749723nfe:EasementsMember2021-01-012021-12-31nfe:salesContract0001749723nfe:CentraisEletricasDePernambucoSAEPESAMembernfe:NewcoMember2022-07-012022-09-300001749723nfe:LiquefiedNaturalGasMember2022-09-300001749723nfe:SeniorSecuredNotesDueSeptember152025Member2022-09-300001749723nfe:SeniorSecuredNotesDueSeptember152025Member2021-12-310001749723nfe:SeniorSecuredNotesDueSeptember302026Member2022-09-300001749723nfe:SeniorSecuredNotesDueSeptember302026Member2021-12-310001749723nfe:VesselFinancingTransactionDueAugust2042Member2022-09-300001749723nfe:VesselFinancingTransactionDueAugust2042Member2021-12-310001749723nfe:VesselTermLoanFacilityDueSeptember182024Member2022-09-300001749723nfe:VesselTermLoanFacilityDueSeptember182024Member2021-12-310001749723nfe:DebentureLoanDueSeptember302024Member2022-09-300001749723nfe:DebentureLoanDueSeptember302024Member2021-12-310001749723nfe:SouthPower2029BondsMember2022-09-300001749723nfe:SouthPower2029BondsMember2021-12-310001749723nfe:BarcarenaTermLoanDueFebruary2024Member2022-09-300001749723nfe:BarcarenaTermLoanDueFebruary2024Member2021-12-310001749723nfe:SeniorSecuredRevolvingFacilityMember2022-09-300001749723nfe:SeniorSecuredRevolvingFacilityMember2021-12-310001749723nfe:CCBFinancialLeasingCorporationLimitedMembernfe:GolarNanookSPVFacilityDueSeptember302030Member2022-09-300001749723nfe:CCBFinancialLeasingCorporationLimitedMembernfe:GolarNanookSPVFacilityDueSeptember302030Member2021-12-310001749723nfe:GolarPenguinSPVFacilityDueDecember312025Membernfe:OrientalShippingCompanyMember2022-09-300001749723nfe:GolarPenguinSPVFacilityDueDecember312025Membernfe:OrientalShippingCompanyMember2021-12-310001749723nfe:AVICInternationalLeasingCompanyLimitedMembernfe:GolarCelsiusSPVFacilityDueMay2027Member2022-09-300001749723nfe:AVICInternationalLeasingCompanyLimitedMembernfe:GolarCelsiusSPVFacilityDueMay2027Member2021-12-310001749723nfe:VesselFinancingTransactionDueAugust2042Membernfe:FinancingTransactionObligationMember2022-08-150001749723nfe:VesselsMembernfe:FinancingTransactionObligationMember2022-08-150001749723nfe:NanookMembernfe:FinancingTransactionObligationMember2022-08-150001749723us-gaap:LineOfCreditMembernfe:VesselTermLoanFacilityDueSeptember182024Member2022-08-032022-08-030001749723us-gaap:LineOfCreditMembernfe:VesselTermLoanFacilityDueSeptember182024Member2022-08-030001749723nfe:DebentureLoanMembernfe:BrazilianDebenturesDueSeptember2024Member2022-06-300001749723nfe:DebentureLoanMembernfe:BrazilianDebenturesDueSeptember2024Member2022-07-012022-09-300001749723nfe:SouthPower2029BondsMember2021-08-012021-08-310001749723srt:MaximumMembernfe:SouthPower2029BondsMember2022-01-310001749723nfe:SouthPower2029BondsMember2021-08-310001749723nfe:SouthPower2029BondsMember2022-01-310001749723nfe:BarcarenaTermLoanDueFebruary2024Memberus-gaap:LineOfCreditMember2022-09-300001749723nfe:BarcarenaTermLoanDueFebruary2024Memberus-gaap:LineOfCreditMember2022-07-012022-09-300001749723nfe:BarcarenaTermLoanDueFebruary2024Membernfe:SecuredOvernightFinancingRateMemberus-gaap:LineOfCreditMember2022-07-012022-09-300001749723nfe:SeniorSecuredRevolvingFacilityMember2021-04-300001749723nfe:SeniorSecuredRevolvingFacilityMember2022-02-280001749723nfe:SeniorSecuredRevolvingFacilityMember2022-05-310001749723nfe:SeniorSecuredRevolvingFacilityMember2021-08-3100017497232021-04-012021-04-300001749723nfe:SeniorSecuredRevolvingFacilityMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-04-012021-04-300001749723nfe:SeniorSecuredRevolvingFacilityMembersrt:MinimumMember2021-04-012021-04-300001749723srt:MaximumMembernfe:SeniorSecuredRevolvingFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-04-012021-04-300001749723srt:MaximumMembernfe:SeniorSecuredRevolvingFacilityMember2021-04-012021-04-300001749723nfe:SeniorSecuredRevolvingFacilityMemberus-gaap:InterestRateFloorMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-04-012021-04-300001749723nfe:SeniorSecuredRevolvingFacilityMembersrt:MinimumMember2022-01-012022-09-300001749723nfe:SeniorSecuredRevolvingFacilityMembernfe:December312021ThroughSeptember302023Member2022-01-012022-09-300001749723nfe:SeniorSecuredRevolvingFacilityMembernfe:FiscalQuarterEndedThroughDecember312023Member2022-01-012022-09-300001749723nfe:PenguinCelsiusAndNanookVesselsMember2022-01-012022-09-300001749723us-gaap:DebtMember2022-07-012022-09-300001749723us-gaap:DebtMember2021-07-012021-09-300001749723us-gaap:DebtMember2022-01-012022-09-300001749723us-gaap:DebtMember2021-01-012021-09-300001749723us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001749723us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001749723us-gaap:EquityUnitPurchaseAgreementsMember2022-01-012022-09-300001749723us-gaap:EquityUnitPurchaseAgreementsMember2021-01-012021-09-300001749723us-gaap:CommonClassAMember2022-01-012022-09-300001749723us-gaap:CommonClassAMember2021-01-012021-09-300001749723nfe:SeriesACumulativeRedeemablePreferredUnitMembernfe:GMLPMergerAgreementMember2022-01-012022-09-300001749723nfe:SeriesACumulativeRedeemablePreferredUnitMembernfe:GMLPMergerAgreementMember2021-01-012021-09-300001749723nfe:SeriesACumulativeRedeemablePreferredUnitMembernfe:GMLPMergerAgreementMember2022-09-300001749723nfe:EmployeeAndNonEmployeeMemberus-gaap:PerformanceSharesMembersrt:MinimumMember2022-01-012022-09-300001749723us-gaap:PerformanceSharesMember2022-07-012022-09-300001749723nfe:EmployeeAndNonEmployeeMemberus-gaap:PerformanceSharesMember2021-01-012021-03-310001749723nfe:EmployeeAndNonEmployeeMemberus-gaap:PerformanceSharesMembersrt:MinimumMember2021-01-012021-03-310001749723nfe:EmployeeAndNonEmployeeMembersrt:MaximumMemberus-gaap:PerformanceSharesMember2021-01-012021-03-310001749723nfe:EmployeeAndNonEmployeeMemberus-gaap:PerformanceSharesMember2021-03-310001749723us-gaap:RestrictedStockUnitsRSUMember2021-12-310001749723us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001749723us-gaap:RestrictedStockUnitsRSUMember2022-09-300001749723nfe:OperationsAndMaintenanceExpenseMemberus-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001749723nfe:OperationsAndMaintenanceExpenseMemberus-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001749723nfe:OperationsAndMaintenanceExpenseMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001749723nfe:OperationsAndMaintenanceExpenseMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001749723us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001749723us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001749723us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001749723us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001749723us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001749723us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001749723us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001749723nfe:FortressInvestmentGroupLLCMember2022-09-300001749723nfe:FortressInvestmentGroupLLCMember2021-12-310001749723srt:AffiliatedEntityMember2022-09-300001749723srt:AffiliatedEntityMember2021-12-310001749723us-gaap:OperatingExpenseMemberus-gaap:LandMembernfe:FloridaEastCoastIndustriesMember2022-07-012022-09-300001749723us-gaap:OperatingExpenseMemberus-gaap:LandMembernfe:FloridaEastCoastIndustriesMember2021-07-012021-09-300001749723us-gaap:OperatingExpenseMemberus-gaap:LandMembernfe:FloridaEastCoastIndustriesMember2022-01-012022-09-300001749723us-gaap:OperatingExpenseMemberus-gaap:LandMembernfe:FloridaEastCoastIndustriesMember2021-01-012021-09-300001749723us-gaap:LandMembernfe:FloridaEastCoastIndustriesMember2022-09-300001749723us-gaap:LandMembernfe:FloridaEastCoastIndustriesMember2021-12-310001749723nfe:DevTechInvestmentMember2018-08-310001749723nfe:DevTechInvestmentMember2018-08-012018-08-310001749723nfe:DevTechInvestmentMember2022-01-012022-09-300001749723nfe:DevTechInvestmentMember2022-09-300001749723nfe:DevTechInvestmentMember2021-12-310001749723nfe:FortressAffiliatedEntitiesMember2022-09-300001749723nfe:FortressAffiliatedEntitiesMember2021-12-310001749723nfe:FortressAffiliatedEntitiesMember2022-07-012022-09-300001749723nfe:FortressAffiliatedEntitiesMember2021-07-012021-09-300001749723nfe:FortressAffiliatedEntitiesMember2022-01-012022-09-300001749723nfe:FortressAffiliatedEntitiesMember2021-01-012021-09-300001749723nfe:HilliGuaranteesMember2022-01-012022-09-300001749723srt:MaximumMembernfe:HilliGuaranteesMember2022-09-300001749723nfe:HilliGuaranteesMember2022-09-300001749723srt:MaximumMembernfe:HilliGuaranteesMember2022-01-012022-09-300001749723us-gaap:OtherCurrentLiabilitiesMembernfe:HilliGuaranteesMember2022-09-30nfe:Storage0001749723nfe:TerminalsAndInfrastructureSegmentMembernfe:CentraisEletricasDeSergipeParticipacoesSAMember2022-09-300001749723nfe:HilliLLCMembernfe:ShipsSegmentMember2022-09-300001749723us-gaap:OperatingSegmentsMembernfe:TerminalsAndInfrastructureSegmentMember2022-07-012022-09-300001749723us-gaap:OperatingSegmentsMembernfe:ShipsSegmentMember2022-07-012022-09-300001749723us-gaap:OperatingSegmentsMember2022-07-012022-09-300001749723us-gaap:IntersegmentEliminationMember2022-07-012022-09-300001749723us-gaap:OperatingSegmentsMembernfe:TerminalsAndInfrastructureSegmentMember2022-09-300001749723us-gaap:OperatingSegmentsMembernfe:ShipsSegmentMember2022-09-300001749723us-gaap:OperatingSegmentsMember2022-09-300001749723us-gaap:IntersegmentEliminationMember2022-09-300001749723us-gaap:OperatingSegmentsMembernfe:TerminalsAndInfrastructureSegmentMember2022-01-012022-09-300001749723us-gaap:OperatingSegmentsMembernfe:ShipsSegmentMember2022-01-012022-09-300001749723us-gaap:OperatingSegmentsMember2022-01-012022-09-300001749723us-gaap:IntersegmentEliminationMember2022-01-012022-09-300001749723us-gaap:OperatingSegmentsMembernfe:TerminalsAndInfrastructureSegmentMember2021-07-012021-09-300001749723us-gaap:OperatingSegmentsMembernfe:ShipsSegmentMember2021-07-012021-09-300001749723us-gaap:OperatingSegmentsMember2021-07-012021-09-300001749723us-gaap:IntersegmentEliminationMember2021-07-012021-09-300001749723us-gaap:OperatingSegmentsMembernfe:TerminalsAndInfrastructureSegmentMember2021-09-300001749723us-gaap:OperatingSegmentsMembernfe:ShipsSegmentMember2021-09-300001749723us-gaap:OperatingSegmentsMember2021-09-300001749723us-gaap:IntersegmentEliminationMember2021-09-300001749723us-gaap:OperatingSegmentsMembernfe:TerminalsAndInfrastructureSegmentMember2021-01-012021-09-300001749723us-gaap:OperatingSegmentsMembernfe:ShipsSegmentMember2021-01-012021-09-300001749723us-gaap:OperatingSegmentsMember2021-01-012021-09-300001749723us-gaap:IntersegmentEliminationMember2021-01-012021-09-300001749723nfe:TerminalsAndInfrastructureSegmentMember2022-07-012022-09-300001749723nfe:TerminalsAndInfrastructureSegmentMember2022-01-012022-09-300001749723nfe:TerminalsAndInfrastructureSegmentMember2021-07-012021-09-300001749723nfe:TerminalsAndInfrastructureSegmentMember2021-01-012021-09-300001749723nfe:ShipsSegmentMember2022-07-012022-09-300001749723nfe:ShipsSegmentMember2022-01-012022-09-300001749723nfe:ShipsSegmentMember2021-07-012021-09-300001749723nfe:ShipsSegmentMember2021-01-012021-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
Commission File Number: 001-38790
New Fortress Energy Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware83-1482060
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
111 W. 19th Street, 8th Floor
New York, NY
10011
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (516) 268-7400
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x
Accelerated filer ¨
Non-accelerated filer ¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock
NFE
Nasdaq Global Select Market
As of November 4, 2022, the registrant had 208,770,088 shares of Class A common stock outstanding.


TABLE OF CONTENTS
i

GLOSSARY OF TERMS
As commonly used in the liquefied natural gas industry, to the extent applicable and as used in this Quarterly Report on Form 10-Q (“Quarterly Report”), the terms listed below have the following meanings:
ADOautomotive diesel oil
Bcf/yrbillion cubic feet per year
Btuthe amount of heat required to raise the temperature of one avoirdupois pound of pure water from 59 degrees Fahrenheit to 60 degrees Fahrenheit at an absolute pressure of 14.696 pounds per square inch gage
CAAClean Air Act
CERCLAComprehensive Environmental Response, Compensation and Liability Act
CWAClean Water Act
DOEU.S. Department of Energy
DOTU.S. Department of Transportation
EPAU.S. Environmental Protection Agency
FTA countriescountries with which the United States has a free trade agreement providing for national treatment for trade in natural gas
GAAPgenerally accepted accounting principles in the United States
GHGgreenhouse gases
GSAgas sales agreement
Henry Huba natural gas pipeline located in Erath, Louisiana that serves as the official delivery location for futures contracts on the New York Mercantile Exchange
ISO containerInternational Organization of Standardization, an intermodal container
LNGnatural gas in its liquid state at or below its boiling point at or near atmospheric pressure
MMBtuone million Btus, which corresponds to approximately 12.1 gallons of LNG
mtpametric tons per year
MWmegawatt. We estimate 2,500 LNG gallons would be required to produce one megawatt
NGANatural Gas Act of 1938, as amended
non-FTA countriescountries without a free trade agreement with the United States providing for national treatment for trade in natural gas and with which trade is permitted
OPAOil Pollution Act
ii

OUROffice of Utilities Regulation (Jamaica)
PHMSAPipeline and Hazardous Materials Safety Administration
PPApower purchase agreement
SSAsteam supply agreement
TBtuone trillion Btus, which corresponds to approximately 12,100,000 gallons of LNG
iii

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This Quarterly Report contains forward-looking statements regarding, among other things, our plans, strategies, prospects and projections, both business and financial. All statements contained in this Quarterly Report other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “targets,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by us include:
our limited operating history;
the results of our subsidiaries, affiliates, joint ventures and special purpose entities in which we invest and their ability to make dividends or distributions to us;
construction and operational risks related to our facilities and assets, including cost overruns and delays;
complex regulatory and legal environments related to our business, assets and operations, including actions by governmental entities or changes to regulation or legislation, in particular related to our permits, approvals and authorizations for the construction and operation of our facilities;
delays or failure to obtain and maintain approvals and permits from governmental and regulatory agencies;
failure to maintain sufficient working capital for the development and operation of our business and assets;
failure to obtain a return on our investments for the development of our projects and assets and the implementation of our business strategy;
failure to convert our customer pipeline into actual sales;
lack of asset, geographic or customer diversification, including loss of one or more of our customers;
competition from third parties in our business;
failure of LNG or natural gas to be a competitive source of energy in the markets in which we operate, and seek to operate;
cyclical or other changes in the demand for and price of LNG and natural gas;
inability to procure LNG at necessary quantities or at favorable prices to meet customer demand, or otherwise to manage LNG supply and price risks, including hedging arrangements;
inability to successfully develop and implement our technological solutions;
inability to service our debt and comply with our covenant restrictions;
inability to obtain additional financing to effect our strategy;
inability to successfully complete mergers, sales, divestments or similar transactions related to our businesses or assets or to integrate such businesses or assets and realize the anticipated benefits, including with respect to the Mergers (defined below);
economic, political, social and other risks related to the jurisdictions in which we do, or seek to do, business;
weather events or other natural or manmade disasters or phenomena;
the extent of the global COVID-19 pandemic or any other major health and safety incident;
increased labor costs, disputes or strikes, and the unavailability of skilled workers or our failure to attract and retain qualified personnel;
the tax treatment of, or changes in tax laws applicable to, us or our business or of an investment in our Class A shares; and
other risks described in the “Risk Factors” section of this Quarterly Report.

All forward-looking statements speak only as of the date of this Quarterly Report. When considering forward-looking statements, you should keep in mind the risks set forth under “Item 1A. Risk Factors” and other cautionary statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 (our “Annual Report”), this Quarterly Report and in our other filings with the Securities and Exchange Commission (the “SEC”). The cautionary statements referred to in this section also should be considered in connection with any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. We undertake no duty to update these forward-looking statements, even though our situation may change in the future. Furthermore, we cannot guarantee future results, events, levels of activity, performance, projections or achievements.
iv

PART I
FINANCIAL INFORMATION
Item 1.    Financial Statements.
New Fortress Energy Inc.
Condensed Consolidated Balance Sheets
As of September 30, 2022 and December 31, 2021
(Unaudited, in thousands of U.S. dollars, except share amounts)
September 30, 2022December 31, 2021
Assets
Current assets
Cash and cash equivalents$364,313 $187,509 
Restricted cash24,204 68,561 
Receivables, net of allowances of $854 and $164, respectively
438,440 208,499 
Inventory62,801 37,182 
Prepaid expenses and other current assets, net154,798 83,115 
Total current assets1,044,556 584,866 
Restricted cash2,581 7,960 
Construction in progress1,835,289 1,043,883 
Property, plant and equipment, net2,131,912 2,137,936 
Equity method investments1,016,350 1,182,013 
Right-of-use assets391,488 309,663 
Intangible assets, net92,339 142,944 
Finance leases, net5,573 602,675 
Goodwill778,488 760,135 
Deferred tax assets, net4,750 5,999 
Other non-current assets, net137,658 98,418 
Total assets$7,440,984 $6,876,492 
Liabilities
Current liabilities
Current portion of long-term debt$58,188 $97,251 
Accounts payable104,042 68,085 
Accrued liabilities278,732 244,025 
Current lease liabilities51,362 47,114 
Other current liabilities78,670 106,036 
Total current liabilities570,994 562,511 
Long-term debt4,397,099 3,757,879 
Non-current lease liabilities317,268 234,060 
Deferred tax liabilities, net101,107 269,513 
Other long-term liabilities52,319 58,475 
Total liabilities5,438,787 4,882,438 
Commitments and contingencies (Note 22)
Stockholders’ equity
Class A common stock, $0.01 par value, 750 million shares authorized, 208.8 million issued and outstanding as of September 30, 2022; 206.9 million issued and outstanding as of December 31, 2021
2,088 2,069 
Additional paid-in capital1,801,719 1,923,990 
Accumulated deficit(2,047)(132,399)
Accumulated other comprehensive income (loss)45,613 (2,085)
Total stockholders’ equity attributable to NFE1,847,373 1,791,575 
Non-controlling interest154,824 202,479 
Total stockholders’ equity2,002,197 1,994,054 
Total liabilities and stockholders’ equity$7,440,984 $6,876,492 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

New Fortress Energy Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the three and nine months ended September 30, 2022 and 2021
Unaudited, in thousands of U.S. dollars, except share and per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenues
Operating revenue$632,684 $188,389 $1,529,999 $382,421 
Vessel charter revenue92,860 78,656 260,414 143,217 
Other revenue6,386 37,611 31,490 148,541 
Total revenues731,930 304,656 1,821,903 674,179 
Operating expenses
Cost of sales393,830 135,432 874,529 333,533 
Vessel operating expenses20,318 15,301 61,910 30,701 
Operations and maintenance22,033 20,144 65,691 54,960 
Selling, general and administrative67,601 46,802 165,952 124,954 
Transaction and integration costs5,620 1,848 12,387 42,564 
Depreciation and amortization35,793 31,194 106,439 68,080 
Asset impairment expense  48,109  
Total operating expenses545,195 250,721 1,335,017 654,792 
Operating income186,735 53,935 486,886 19,387 
Interest expense63,588 57,595 156,344 107,757 
Other expense (income), net10,214 (5,400)(31,613)(13,458)
Loss on extinguishment of debt, net14,997  14,997  
Net income (loss) before income from equity method investments and income taxes97,936 1,740 347,158 (74,912)
(Loss) income from equity method investments(31,734)(15,983)(354,426)22,958 
Tax provision (benefit)9,971 3,526 (126,249)7,058 
Net income (loss)56,231 (17,769)118,981 (59,012)
Net loss attributable to non-controlling interest5,617 7,963 11,371 5,259 
Net income (loss) attributable to stockholders$61,848 $(9,806)$130,352 $(53,753)
Net income (loss) per share – basic$0.30 $(0.05)$0.62 $(0.27)
Net income (loss) per share - diluted$0.29 $(0.05)$0.62 $(0.27)
Weighted average number of shares outstanding – basic209,629,936 207,497,013 209,749,139 195,626,564 
Weighted average number of shares outstanding – diluted209,800,427 207,497,013 209,869,058 195,626,564 
Other comprehensive income (loss):
Net income (loss)$56,231 $(17,769)$118,981 $(59,012)
Currency translation adjustment(33,087)76,996 48,040 (23,697)
Comprehensive income (loss)23,144 (94,765)167,021 (35,315)
Comprehensive loss attributable to non-controlling interest6,085 8,162 11,029 6,005 
Comprehensive income (loss) attributable to stockholders$29,229 $(86,603)$178,050 $(29,310)
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

New Fortress Energy Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
For the three and nine months ended September 30, 2022 and 2021
(Unaudited, in thousands of U.S. dollars, except share amounts)
Class A common stockAdditional
paid-in
capital
Accumulated
deficit
Accumulated other
comprehensive
(loss) income
Non-
controlling
interest
Total
stockholders’ equity
Shares Amount
Balance as of December 31, 2021206,863,242 $2,069 $1,923,990 $(132,399)$(2,085)$202,479 $1,994,054 
Net income— — — 238,269 — 2,912 241,181 
Other comprehensive income— — — — 118,874 1,956 120,830 
Share-based compensation expense— — 880 — — — 880 
Issuance of shares for vested RSUs1,121,255 7 — — — — 7 
Shares withheld from employees related to share-based compensation, at cost(442,146)— (15,274)— — — (15,274)
Dividends— — (20,754)— — (3,019)(23,773)
Balance as of March 31, 2022207,542,351 $2,076 $1,888,842 $105,870 $116,789 $204,328 $2,317,905 
Net loss— — — (169,765)— (8,666)(178,431)
Other comprehensive loss— — — — (38,557)(1,146)(39,703)
Share-based compensation expense— — 358 — — — 358 
Issuance of shares for vested RSUs13,898 — — — — — — 
Dividends— — (20,582)— — (7,019)(27,601)
Balance as of June 30, 2022207,556,249 $2,076 $1,868,618 $(63,895)$78,232 $187,497 $2,072,528 
Net income (loss)— — — 61,848 — (5,617)56,231 
Other comprehensive loss— — — — (32,619)(468)(33,087)
Share-based compensation expense— — 13,417 — — — 13,417 
Issuance of shares for vested RSU/PSUs2,291,060 12 (12)— — —  
Shares withheld from employees related to share-based compensation, at cost(1,077,221)— (59,548)— — — (59,548)
Deconsolidation of vessels— — — — — (23,569)(23,569)
Dividends— — (20,756)— — (3,019)(23,775)
Balance as of September 30, 2022208,770,088 $2,088 $1,801,719 $(2,047)$45,613 $154,824 $2,002,197 
3

Class A common stockAdditional
paid-in
capital
Accumulated
deficit
Accumulated other
comprehensive
(loss) income
Non-
controlling
interest
Total
stockholders’
equity
Shares Amount
Balance as of December 31, 2020174,622,862 $1,746 $594,534 $(229,503)$182 $8,127 $375,086 
Net loss— — — (37,903)— (1,606)(39,509)
Other comprehensive loss— — — — (123)(874)(997)
Share-based compensation expense— — 1,770 — — — 1,770 
Issuance of shares for vested RSUs1,335,787 — — — — — — 
Shares withheld from employees related to share-based compensation, at cost(638,235)— (27,571)— — — (27,571)
Dividends(17,598)(17,598)
Balance as of March 31, 2021175,320,414 $1,746 $551,135 $(267,406)$59 $5,647 $291,181 
Net (loss) income— — — (6,044)— 4,310 (1,734)
Other comprehensive income— — — — 101,363 327 101,690 
Share-based compensation expense— — 1,613 — — — 1,613 
Shares issued as consideration in business combinations31,372,549 314 1,400,470 — — — 1,400,784 
Issuance of shares for vested RSUs8,930 — — — — — — 
Shares withheld from employees related to share-based compensation, at cost(3,329)— (164)— — — (164)
Non-controlling interest acquired in business combinations— — — — — 229,285 229,285 
Dividends— — (20,736)— — (20,736)
Balance as of June 30, 2021206,698,564 $2,060 $1,932,318 $(273,450)$101,422 $239,569 $2,001,919 
Net loss— — — (9,806)— (7,963)(17,769)
Other comprehensive loss— — — — (76,797)(199)(76,996)
Share-based compensation expense— — 1,562 — — — 1,562 
Adjustments related to business combination— — — — — (319)(319)
Issuance of shares for vested RSUs193,193 9 (9)— — —  
Shares withheld from employees related to share-based compensation, at cost(28,515)— (478)— — — (478)
Dividends— — (20,750)— — (3,019)(23,769)
Balance as of September 30, 2021206,863,242 $2,069 $1,912,643 $(283,256)$24,625 $228,069 $1,884,150 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

New Fortress Energy Inc.
Condensed Consolidated Statements of Cash Flows
For the nine months ended September 30, 2022 and 2021
(Unaudited, in thousands of U.S. dollars)

Nine Months Ended September 30,
2022 2021
Cash flows from operating activities
Net income (loss)$118,981 $(59,012)
Adjustments for:
Amortization of deferred financing costs and debt guarantee, net3,201 9,503 
Depreciation and amortization107,185 68,971 
Loss (earnings) of equity method investees354,426 (22,958)
Drydocking expenditure(15,028) 
Dividends received from equity method investees23,195 14,259 
Change in market value of derivatives(6,700)(4,955)
Deferred taxes(203,026)(4,280)
Share-based compensation14,655 4,945 
Asset impairment expense48,109  
Earnings recognized from vessels chartered to third parties by Energos(14,341) 
Loss on extinguishment of debt14,997  
Loss on sale of net investment in lease11,592  
Other12,636 (5,735)
Changes in operating assets and liabilities, net of acquisitions:
(Increase) in receivables(287,748)(75,633)
(Increase) in inventories(28,078)(56,172)
(Increase) decrease in other assets(93,329)25,500 
Decrease in right-of-use assets51,265 3,149 
Increase (decrease) in accounts payable/accrued liabilities(10,487)(2,530)
(Decrease) in amounts due to affiliates(3,220)(2,070)
(Decrease) in lease liabilities(47,237)(2,510)
Increase (decrease) in other liabilities40,057 (30,159)
Net cash provided by (used in) operating activities91,105 (139,687)
Cash flows from investing activities
Capital expenditures(787,166)(430,549)
Cash paid for business combinations, net of cash acquired (1,586,042)
Entities acquired in asset acquisitions, net of cash acquired (8,817)
Proceeds from the sale of net investment in lease593,000  
Other investing activities(1,794)(5,750)
Net cash (used in) investing activities(195,960)(2,031,158)
Cash flows from financing activities
Proceeds from borrowings of debt1,932,020 2,234,650 
Payment of deferred financing costs(16,093)(35,846)
Repayment of debt(1,518,471)(229,887)
Payments related to tax withholdings for share-based compensation(72,597)(29,717)
Payment of dividends(75,149)(65,051)
Net cash provided by financing activities249,710 1,874,149 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(4,896)1,960 
Net increase (decrease) in cash, cash equivalents and restricted cash139,959 (294,736)
Cash, cash equivalents and restricted cash – beginning of period264,030 629,336 
Cash, cash equivalents and restricted cash – end of period$403,989 $334,600 
5

Supplemental disclosure of non-cash investing and financing activities:
Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions$112,886 $187,295 
Liabilities associated with consideration paid for entities acquired in asset acquisitions 9,959 
Consideration paid in shares for business combinations 1,400,784 
Principal payments paid to Energos by third party charterers(5,438) 
Investment in Energos129,518  
Non-cash financing costs41,264 
Cash and cash equivalents includes $12,891 which has been classified as assets held for sale and included in Other non-current assets on the condensed consolidated balance sheets.
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


1. Organization
New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas ("LNG") infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Mexico and Brazil. The Company also has marine operations with vessels operating under time charters and in the spot market globally.
The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflect how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business.
2. Basis of presentation
The accompanying unaudited interim condensed consolidated financial statements contained herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations and cash flows of the Company for the interim periods presented. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"). Certain prior year amounts have been reclassified to conform to current year presentation.

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions, impacting the reported amounts of assets and liabilities, net earnings and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. Actual results could be different from these estimates.

3. Adoption of new and revised standards
(a)New standards, amendments and interpretations issued but not effective for the year beginning January 1, 2022:

The Company has reviewed recently issued accounting pronouncements and concluded that such pronouncements are either not applicable to the Company or no material impact is expected in the consolidated financial statements as a result of future adoption.
(b)New and amended standards adopted by the Company:
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 requires entities to provide expanded disclosures about the terms and features of convertible instruments and amends certain guidance in ASC 260 on the computation of EPS for convertible instruments and contracts on an entity’s own equity. ASU 2020-06 is effective for public companies for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption of all amendments in the same period permitted. The adoption of this guidance in the first quarter of 2022 did not have a material impact on the Company’s financial position, results of operations or cash flows.
4. Acquisitions
Hygo Merger
On April 15, 2021, the Company completed the acquisition of all of the outstanding common and preferred shares representing all voting interests of Hygo Energy Transition Ltd. (“Hygo”), a 50-50 joint venture between Golar LNG Limited (“GLNG”) and Stonepeak Infrastructure Fund II Cayman (G) Ltd., a fund managed by Stonepeak Infrastructure Partners (“Stonepeak”), in exchange for 31,372,549 shares of NFE Class A common stock and $580,000 in cash (the "Hygo Merger"). The acquisition of Hygo expanded the Company’s footprint in South America with three gas-to-power
7

projects in Brazil’s large and fast-growing market. Assets acquired as a result of the Hygo Merger are a 50% interest in a 1.5GW power plant in Sergipe, Brazil (the “Sergipe Power Plant”) and its operating FSRU terminal in Sergipe, Brazil (the “Sergipe Facility”), as well as a terminal and power plant under development in the State of Pará, Brazil (the “Barcarena Facility” and "Barcarena Power Plant," respectively), and a terminal under development on the southern coast of Brazil (the “Santa Catarina Facility”). In addition, the Company also acquired two LNG carriers and the Nanook, a newbuild FSRU moored and in service at the Sergipe Facility.
Based on the closing price of NFE’s common stock on April 15, 2021, the total value of consideration in the Hygo Merger was $1.98 billion, shown as follows:
ConsiderationAs of
April 15, 2021
Cash consideration for Hygo Preferred Shares$180,000 
Cash consideration for Hygo Common Shares400,000 
Total Cash Consideration$580,000 
Merger consideration to be paid in shares of NFE Common Stock1,400,784 
Total Non-Cash Consideration1,400,784 
Total Consideration$1,980,784 

The Company determined it was the accounting acquirer of Hygo, which was accounted for under the acquisition method of accounting for business combinations. The total purchase price of the transaction was allocated to identifiable assets acquired, liabilities assumed and non-controlling interests of Hygo based on their respective estimated fair values as of the closing date. The final adjusted fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of Hygo as of the closing date were as follows:
8

HygoAs of
April 15, 2021
Assets Acquired
Cash and cash equivalents$26,641 
Restricted cash48,183 
Accounts receivable5,126 
Inventory1,022 
Other current assets8,095 
Construction in process128,625 
Property, plant and equipment, net385,389 
Equity method investments823,521 
Finance leases, net601,000 
Deferred tax assets, net1,065 
Other non-current assets52,996 
Total assets acquired:$2,081,663 
Liabilities Assumed
Current portion of long-term debt$38,712 
Accounts payable3,059 
Accrued liabilities39,149 
Other current liabilities13,495 
Long-term debt433,778 
Deferred tax liabilities, net275,410 
Other non-current liabilities21,520 
Total liabilities assumed:825,123 
Non-controlling interest38,306 
Net assets acquired:1,218,234 
Goodwill$762,550 

The fair value of Hygo’s non-controlling interest (“NCI”) as of April 15, 2021 was $38,306, including the fair value of the net assets of VIEs that Hygo has consolidated. These VIEs are SPVs (both defined below) for the sale and leaseback of certain vessels, and Hygo has no equity investment in these entities. The fair value of NCI was determined based on the valuation of the SPV’s external debt and the lease receivable asset associated with the sales leaseback transaction with Hygo’s subsidiary, using a discounted cash flow method.
The fair value of receivables acquired from Hygo was $8,009, which approximated the gross contractual amount; no material amounts were expected to be uncollectible.

Goodwill was calculated as the excess of the purchase price over the net assets acquired. Goodwill represents access to additional LNG and natural gas distribution systems and power markets, including workforce, that will allow the Company to rapidly develop and deploy LNG to power solutions. While the goodwill is not deductible for local tax purposes, it is treated as an amortizable expense for the U.S. global intangible low-taxed income ("GILTI") computation.
The Company’s results of operations for the nine months ended September 30, 2022 include Hygo’s result of operations for the entire period. Revenue and net loss attributable to Hygo during the period was $64,759 and $257,434, respectively.
GMLP Merger
On April 15, 2021, the Company completed the acquisition of all of the outstanding common units, representing all voting interests, of Golar LNG Partners LP ("GMLP") in exchange for $3.55 in cash per common unit and for each of the outstanding membership interest of GMLP’s general partner (the "GMLP Merger, and collectively with the Hygo Merger,
9

the "Mergers"). In conjunction with the closing of the GMLP Merger, NFE simultaneously extinguished a portion of GMLP’s debt for total consideration of $1.15 billion.
As a result of the GMLP Merger, the Company acquired a fleet of six FSRUs and four LNG carriers, which are expected to help support the Company’s existing facilities and international business development pipeline. Acquired FSRUs are operating in Brazil, Indonesia and Jordan under time charters, and uncontracted vessels are available for short term employment in the spot market. Assets acquired also included an interest in a floating natural gas liquefaction vessel ("FLNG"), the Hilli Episeyo (the "Hilli"), which is expected to provide consistent cash flow streams under a long-term tolling arrangement. The interest in the FLNG facility also provides the Company access to intellectual property that will be used to develop future FLNG solutions.
The consideration paid by the Company in the GMLP Merger was as follows:
ConsiderationAs of
April 15, 2021
GMLP Common Units ($3.55 per unit x 69,301,636 units)
$246,021 
GMLP General Partner Interest ($3.55 per unit x 1,436,391 units)
5,099 
Partnership Phantom Units ($3.55 per unit x 58,960 units)
209 
Cash Consideration$251,329 
GMLP debt repaid in acquisition899,792 
Total Cash Consideration1,151,121 
Cash settlement of preexisting relationship(3,978)
Total Consideration$1,147,143 

The Company determined it is the accounting acquirer of GMLP, which was accounted for under the acquisition method of accounting for business combinations. The total purchase price of the transaction was allocated to identifiable assets acquired, liabilities assumed and non-controlling interests of GMLP based on their respective estimated fair values as of the closing date. The final adjusted fair values assigned to the assets acquired, liabilities assumed and non-controlling interests of GMLP as of the closing date were as follows:
10

GMLPAs of
April 15, 2021
Assets Acquired
Cash and cash equivalents$41,461 
Restricted cash24,816 
Accounts receivable3,195 
Inventory2,151 
Other current assets2,789 
Equity method investments355,500 
Property, plant and equipment, net1,063,215 
Intangible assets, net106,500 
Deferred tax assets, net963 
Other non-current assets