Excelerate Energy, Inc. reported significant financial results for the third quarter and the first nine months of 2024, reflecting notable changes compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues decreased to $193.4 million from $275.5 million in 2023, marking a decline of $82.1 million. For the nine months, revenues fell to $576.9 million from $918.9 million, a decrease of $342.0 million. The decline in revenue was primarily attributed to a substantial drop in gas sales, which fell to $43.3 million in Q3 2024 from $142.3 million in Q3 2023, and to $118.7 million from $541.7 million for the nine-month period.

Despite the revenue decline, Excelerate's operating expenses also decreased significantly, totaling $133.7 million for Q3 2024, down from $208.0 million in the prior year. This led to an operating income of $59.7 million, slightly lower than $67.5 million in Q3 2023. Net income for the third quarter was $45.5 million, a minor decrease from $46.5 million in the same quarter of 2023. However, net income attributable to shareholders dropped to $9.0 million from $13.9 million year-over-year.

For the nine months ended September 30, 2024, net income increased slightly to $107.0 million from $106.8 million in 2023, while net income attributable to shareholders decreased to $22.0 million from $26.7 million. The company reported basic earnings per share of $0.36 for Q3 2024, down from $0.53 in Q3 2023, and $0.86 for the nine months, compared to $1.02 in the previous year.

Strategically, Excelerate Energy has focused on enhancing its liquefied natural gas (LNG) solutions, with revenues from floating storage and regasification units (FSRUs) and terminal services increasing to $150.1 million in Q3 2024, up from $133.2 million in Q3 2023. The company has also engaged in share repurchase activities, buying back 1.6 million shares for approximately $28.0 million during the nine months ended September 30, 2024.

As of September 30, 2024, Excelerate's total assets stood at $2.86 billion, with total liabilities decreasing to $981.7 million from $1.05 billion at the end of 2023. The company maintained a strong liquidity position with cash and cash equivalents of $608.4 million, up from $555.9 million at the end of 2023. The effective tax rate for Q3 2024 was 11.9%, down from 15.0% in the prior year, reflecting changes in income distribution and tax regimes.

Overall, Excelerate Energy's performance in 2024 has been characterized by a decline in revenues, particularly in gas sales, while managing to reduce operating expenses and maintain profitability through strategic initiatives and operational efficiencies.