Stabilis Solutions is advancing its plans for an LNG bunkering facility on the U.S. Gulf Coast while also exploring expansion opportunities with potential marine customers in key U.S. ports. This announcement came alongside the company’s second-quarter results, which revealed a record adjusted EBITDA of $2.1 million, up $2.2 million year-over-year.
The increase in net income was driven by robust demand and higher utilization at its Texas liquefaction plant, which saw a 45.3% year-over-year rise in LNG volumes delivered. The company has also begun a phased expansion of storage capacity at its Texas facility to support its inland LNG supply chain, meet rising demand, and provide redundancy as it extends its infrastructure to the Gulf Coast.
In addition, Stabilis highlighted a new fueling contract with Carnival Corporation that commenced late in the fourth quarter of 2023. Another key development was a 14-month extension of an LNG supply agreement for primary power generation, with plans to deliver over 235,000 megawatts of energy in 2024 to a range of power customers, including those in peak load, intermittent, distributed, and emergency relief sectors.
Westy Ballard, President and CEO of Stabilis Solutions, attributed the strong second-quarter results to the company’s transition into a leading North American provider of LNG fueling, production, storage, and last-mile delivery solutions. He emphasized that these efforts have led to optimized operations, stronger customer relationships, higher asset utilization, more predictable cash flows, and improved liquidity and leverage.
