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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Reconciliation of net income/(loss) to Adjusted EBITDA | A reconciliation of net (loss)/income to Adjusted EBITDA for the years ended December 31, 2023, 2022 and 2021 is as follows:
(in thousands of $) | 2023 | 2022 | 2021
Net (loss)/income | (2,850) |  | 939,057 |  | 560,615 |
Income tax (expense)/ benefit | 1,870 |  | (438) |  | 1,440 |
(Loss)/income before income taxes | (980) |  | 938,619 |  | 562,055 |
Depreciation and amortization | 50,294 |  | 51,712 |  | 55,362 |
Impairment of long-lived assets (note 19) | 5,021 |  | 76,155 |  | — |
Unrealized loss/(gain) on oil and gas derivative instruments, net (note 8) | 284,658 |  | (288,977) |  | (179,891) |
Realized and unrealized mark-to-market losses/(gains) on our investment in listed equity securities (note 9) | 62,308 |  | (400,966) |  | 295,777 |
Other non-operating (income)/loss (note 9) | (9,823) |  | (11,916) |  | 66,027 |
Interest income | (46,061) |  | (12,225) |  | (128) |
Interest expense, net | — |  | 19,286 |  | 34,486 |
Losses/(gains) on derivative instruments, net (note 10) | 7,227 |  | (71,497) |  | (24,348) |
Other financial items, net (note 10) | 900 |  | 5,380 |  | (693) |
Net loss/(income) from equity method investments (note 17) | 2,520 |  | (19,041) |  | (1,080) |
Net (income)/loss from discontinued operations (note 14) | (293) |  | 76,450 |  | (625,389) |
Adjusted EBITDA | 355,771 |  | 362,980 |  | 182,178 |
Segment reporting information |
| Year Ended December 31, 2023
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 245,418 |  | 35,086 |  | 17,925 |  | 298,429 |
Vessel operating expenses | (65,748) |  | (19,248) |  | (6,153) |  | (91,149) |
Voyage, charterhire and commission expenses, net | (583) |  | (19) |  | (1,581) |  | (2,183) |
Administrative expenses | (417) |  | (33,031) |  | (14) |  | (33,462) |
Project development expenses | (4,151) |  | (34,909) |  | (70) |  | (39,130) |
Realized gain on oil and gas derivative instruments (note 8) | 199,907 |  | — |  | — |  | 199,907 |
Other operating income (notes 7, 8 and 19) | 15,542 |  | 7,817 |  | — |  | 23,359 |
Adjusted EBITDA | 389,968 |  | (44,304) |  | 10,107 |  | 355,771 |
Net (losses)/income from equity method investments (note 17) | — |  | (4,834) |  | 2,314 |  | (2,520) |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet: | December 31, 2023
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total |  |
Total assets | 3,160,457 |  | 866,088 |  | 57,442 |  | 4,083,987 |  |  |
Equity method investments (note 17) | — |  | 53,982 |  | — |  | 53,982 |  |  |
Capital expenditures (notes 18, 19 and 20) | 568,485 |  | 4,406 |  | 8,492 |  | 581,383 |  |  |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2022
(in thousands of $) | FLNG | Corporate and other (2) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues (1) | 214,825 |  | 43,230 |  | 9,685 |  | 267,740 |
Vessel operating expenses | (58,583) |  | (6,578) |  | (7,641) |  | (72,802) |
Voyage, charterhire and commission expenses/(income) | (600) |  | (34) |  | (1,810) |  | (2,444) |
Administrative expenses | 22 |  | (38,224) |  | 102 |  | (38,100) |
Project development income/(expenses) | (5,335) |  | (2,637) |  | (45) |  | (8,017) |
Realized gain on oil and gas derivative instruments (note 8) | 232,020 |  | - | - | 232,020 |
Other operating losses | (15,417) |  | - | - | (15,417) |
Adjusted EBITDA | 366,932 |  | (4,243) |  | 291 |  | 362,980 |
Net (losses)/income from equity method investments (note 17) | — |  | (5,193) |  | 24,234 |  | 19,041 |
(1) Total operating revenues under the FLNG segment includes $0.9 million revenue from a FLNG study (note 7). (2) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
Balance Sheet: | December 31, 2022
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Segment assets from continuing operations | Assets held for sale | Total
Total assets | 2,815,552 |  | 1,410,587 |  | 52,700 |  | 4,278,839 |  | 721 |  | 4,279,560 |
Equity method investments (note 17) | — |  | 48,669 |  | 55,439 |  | 104,108 |  | — |  | 104,108 |
Capital expenditures (note 18) | 301,292 |  | — |  | 2,901 |  | 304,193 |  | — |  | 304,193 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments.
| Year Ended December 31, 2021
(in thousands of $) | FLNG | Corporate and other (1) | Shipping | Total results from continuing operations
Statement of Operations: |  |  |  |
Total operating revenues | 221,020 |  | 27,777 |  | 11,476 |  | 260,273 |
Vessel operating expenses | (51,195) |  | (12,119) |  | (1,052) |  | (64,366) |
Voyage, charterhire and commission expenses | (600) |  | 166 |  | (235) |  | (669) |
Administrative expenses (2) | (241) |  | (34,913) |  | (157) |  | (35,311) |
Project development expenses | (3,171) |  | 507 |  | 143 |  | (2,521) |
Realized gain on oil and gas derivative instruments (note 8) | 24,772 |  | — |  | — |  | 24,772 |
Adjusted EBITDA | 190,585 |  | (18,582) |  | 10,175 |  | 182,178 |
Net income from equity method investments (note 17) | — |  | 1,080 |  | — |  | 1,080 |
(1) Includes inter-segment eliminations arising from vessel and administrative management fees revenue between segments. (2) Included within the “Corporate and other” “administrative expenses” is $0.5 million of redundancy costs from an overhead streamlining exercise following the completion of the sale of our investments in Golar Partners and Hygo to NFE, (the “GMLP Merger” and “Hygo Merger”, respectively) (note 14).
Revenue by major customer | For the years ended December 31, 2023, 2022 and 2021, revenues from the following customer accounted for over 10% of our total operating revenues:
(in thousands of $) | 2023 | 2022 | 2021
Perenco and SNH (1) | 245,418 |  | 82 | % | 213,970 |  | 80 | % | 221,020 |  | 85 | %
(1) LTA with Perenco Cameroon S.A. (“Perenco”) and Société Nationale des Hydrocarbures (“SNH”), (together, the “Customer”) in relation to the FLNG Hilli (note 7).
Revenue by geographic area | The following geographical data presents our revenues and total assets associated with the FLNG Hilli, while operating under the LTA in Cameroon. Our CODM do not evaluate our performance according to geographical region. Cameroon
| Year Ended December 31,
(in thousands of $) | 2023 | 2022 | 2021
Liquefaction services revenue | 245,418 |  | 213,970 |  | 221,020 |
| December 31,
(in thousands of $) | 2023 | 2022 | 2021
Total assets | 1,256,193 |  | 1,559,158 |  | 1,408,444 |

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- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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