Key Highlights

  • Golar LNG (NASDAQ:GLNG) traded at USD 45.47 on October 26, 2026, down 0.32%, with a market value of USD 4.64 billion and a dividend yield of 2.19% in published market data, which showed no trailing earnings multiple.
  • Second quarter adjusted EBITDA was USD 127.4 million against USD 49.3 million a year earlier, net income attributable to the company was USD 38.3 million, and operating revenue was USD 130.5 million.
  • The company reported adjusted EBITDA backlog of USD 5.7 billion on Hilli, about USD 8 billion over 20 years on Esperanza and about USD 2.9 billion for its share of Gimi over the remaining 19 years.
  • Total cash was USD 908 million, net debt about USD 1.8 billion, and a quarterly dividend of USD 0.25 per share was paid on September 2, 2026, with 102.1 million shares outstanding.

Why Gas Prices Matter More Than Oil Here

Front-month European gas, the TTF benchmark, rose as high as 95.73 euro per megawatt hour on October 26, 2026, its highest since 2022, with EU storage at about 74.62% full against a five-year average near 86% and Qatari LNG flows described as a trickle for seven months. That is the setting for Golar LNG (NASDAQ:GLNG), which converts gas into LNG on floating vessels under long contracts. Brent near USD 114.52 helps the broader energy tape, and second quarter results included realized gains of USD 37 million on Hilli derivatives, USD 11 million of them from production fees linked to TTF, offset by unrealized mark-to-market losses of USD 38 million on TTF and Brent derivatives.

Backlog, Argentina and the Fourth Vessel

Gimi offloaded 41 cargoes, earned a day rate 15% above contract and overproduced 15% versus committed volume. Hilli finished its eight-year Cameroon contract with 100% uptime and 156 cargoes, left on August 4, 2026 for upgrades in Singapore and starts a 20-year contract in Argentina in the second half of 2027, worth USD 285 million a year of adjusted EBITDA. Esperanza is expected to complete conversion in the fourth quarter of 2027, at USD 1.4 billion invested, all equity funded. The company signed an EPC contract with CIMC Raffles for a fourth floating unit, a 3.5 million tonne per year MKII, at about USD 2.45 billion delivered by year end 2029, which management says could raise earnings potential by about 50% if chartered like Esperanza.

Risks and What to Watch Next

Capital needs are large: Golar's share of contractual debt was USD 2.68 billion, a new USD 600 million revolver starts October 1, 2026 at SOFR plus 3.00%, and the fourth unit has no charter yet. The company also launched a strategic review in March 2026, advised by Goldman Sachs, which could include a sale or merger but has no timetable. Hilli upgrade spending of USD 350 million is on budget, with USD 71 million spent. A gas price fall after a Gulf settlement could weaken TTF-linked income. Third quarter results are expected in November 2026, with the date unconfirmed. Investors will watch for a charter for the fourth unit, pipeline financing closing in the third quarter and strategic review news.

Where Things Stand

The answer is that Golar LNG (NASDAQ:GLNG) is being driven by tight global LNG supply and a record-quality contract backlog, more than by crude oil, although Brent near USD 100 helps energy sentiment. European gas hit its highest since 2022 on October 26, 2026. Heavy capital needs, no charter yet for the fourth unit and an open strategic review keep outcomes uncertain. The next report is due in November.