Golar LNG (NASDAQ:GLNG) reported a surge in fourth-quarter performance on Wednesday, as the company’s transition into a fully contracted floating liquefied natural gas (FLNG) powerhouse began to yield significant financial results.
Total operating revenues for the quarter climbed to $132.8 million, a 101% increase over the $65.9 million recorded in the prior-year period.
The quarter was defined by the successful commercial operations of the FLNG Gimi at the Greater Tortue Ahmeyim field, which reached its Commercial Operations Date (COD) in mid-2025.
During the fourth quarter, the Gimi frequently outperformed its contractual committed volume, often running above its nameplate capacity.
Combined with the FLNG Hilli exceeding its annual production targets in Cameroon, the operational outperformance drove adjusted EBITDA to $91.0 million for the quarter.
Net income attributable to Golar for the quarter was $10.4 million, impacted by $28 million in non-cash items, including mark-to-market losses on oil and gas derivatives.
For the full year 2025, net income reached $65.7 million on revenue of $393.5 million.
Golar enters 2026 with a robust balance sheet, ending the year with $1.2 billion in total cash against a net debt position of approximately $1.5 billion.