Overview
$1.2BRevenue, fiscal 20252
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- TickerEE on NYSE1
- IndustryNatural Gas Distribution1
- HeadquartersThe Woodlands, Texas1
- Incorporated inDE3
- Business address2445 Technology Forest Blvd., Level 6, The Woodlands, Tx 773813
- Filer categoryLarge accelerated filer3
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Excelerate, a Delaware corporation incorporated in 2021, was formed as a holding company to own, as its sole material asset, a controlling equity interest in Excelerate Energy Limited Partnership (“EELP”), a Delaware limited partnership formed in 2003 by George B. Kaiser (together with his affiliates other than the Company, “Kaiser”).5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs98¢$1.2B
- Income tax2¢$27.9M
Out of $1.2B in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Dividends paid2¢$8.5M
- Kept or used elsewhere98¢$452.7M
Out of $461.2M of cash from operations.2
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $430.8M6 | $888.6M7 | $2.5B8 | $1.2B2 | $851.4M2 | $1.2B2 | |
| Operating expenses | $749.2M7 | $2.3B8 | $948.4M2 | $636.4M2 | $961.6M2 | ||
| Operating income | $133.3M6 | $139.3M7 | $186.7M8 | $210.6M2 | $215.0M2 | $266.7M2 | |
| Income before tax | $62.4M7 | $108.3M8 | $160.1M2 | $179.1M2 | $194.9M2 | ||
| Income tax | $13.9M6 | $21.2M7 | $28.3M8 | $33.2M2 | $26.1M2 | $27.9M2 | |
| Earnings per share | $0.006 | $0.006 | $0.518 | $1.162 | $1.292 | $1.312 | |
| Earnings per share (diluted) | $0.006 | $0.006 | $0.518 | $1.112 | $1.272 | $1.282 | |
| Shares (weighted, basic) | 0 shares6 | 26.3M shares8 | 26.3M shares2 | 25.4M shares2 | 29.9M shares2 | ||
| Shares (weighted, diluted) | 0 shares6 | 26.3M shares8 | 108.3M shares2 | 25.8M shares2 | 30.6M shares2 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash | $73.3M6 | $109.5M7 | $72.8M6 | $516.7M7 | $555.9M8 | $537.5M2 | $538.2M2 |
| Receivables | $260.5M6 | $82.3M7 | $97.3M8 | $120.0M2 | $82.7M2 | ||
| Inventory | $105.0M6 | $173.6M7 | $2.9M8 | $23.9M2 | $27.1M2 | ||
| Current assets | $490.4M6 | $823.5M7 | $699.6M8 | $754.3M2 | $753.4M2 | ||
| Property, plant and equipment | $1.4B6 | $1.5B7 | $1.6B8 | $1.6B2 | $2.1B2 | ||
| Goodwill | $02 | $235.0M2 | |||||
| Intangible assets | $02 | $359.2M2 | |||||
| Total assets | $2.5B6 | $2.9B7 | $2.9B8 | $2.9B2 | $4.1B2 | ||
| Accounts payable | $303.7M6 | $96.8M7 | $13.8M8 | $7.1M2 | $46.6M2 | ||
| Short-term debt | $19.0M6 | $20.9M7 | $42.6M8 | $46.8M2 | $23.5M2 | ||
| Current liabilities | $520.2M6 | $391.5M7 | $203.8M8 | $216.1M2 | $310.1M2 | ||
| Long-term debt | $214.4M6 | $193.4M7 | $333.4M8 | $286.8M2 | $912.8M2 | ||
| Total liabilities | $1.5B6 | $1.2B7 | $1.1B8 | $994.7M2 | $1.9B2 | ||
| Retained earnings | $12.0M7 | $39.8M8 | $72.3M2 | $102.6M2 | |||
| Shareholders’ equity | $745.3M6 | $771.2M7 | $1.0B8 | $1.7B2 | $1.8B2 | $1.9B2 | $2.2B2 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $109.0M6 | $141.6M7 | $225.1M8 | $231.9M2 | $244.4M2 | $461.2M2 | |
| Depreciation and amortization | $104.9M7 | $97.3M8 | $114.3M2 | $98.9M2 | $111.3M2 | ||
| Stock-based compensation | $956.0K8 | $3.6M2 | $7.2M2 | $12.0M2 | |||
| Cash from investing | -$36.1M7 | -$119.3M8 | -$308.6M2 | -$113.3M2 | -$1.2B2 | ||
| Dividends paid | $06 | $07 | $1.3M8 | $2.6M2 | $3.4M2 | $8.5M2 | |
| Cash from financing | -$124.1M7 | $341.2M8 | $111.4M2 | -$149.0M2 | $723.1M2 |
Corporate structure
Excelerate Energy, Inc. sits at the top of its group. 61 entities, 14 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Excelerate Energy, Inc.
- Copeland Capital Management, LLC Filed SCHEDULE 13G on Excelerate Energy, Inc., latest Oct 13, 2026 (2 filings since Aug 4, 2026)
- Wellington Management Company Filed SCHEDULE 13G/A on Excelerate Energy, Inc., latest Jul 8, 2026 (5 filings since Aug 12, 2025)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Excelerate Energy, Inc., latest Mar 26, 2026 (6 filings since Feb 9, 2023)
- Ranger Investment Management, L.P. Filed SCHEDULE 13G/A on Excelerate Energy, Inc., latest Dec 29, 2025 (2 filings since May 17, 2023)
- Excelerate Energy Holdings, LLC Filed SC 13G on Excelerate Energy, Inc., latest Feb 10, 2023
- GEORGE KAISER FAMILY FOUNDATION Filed SC 13D/A on Excelerate Energy, Inc., latest Apr 29, 2022
- Maya Maritime LLC Filed SC 13D on Excelerate Energy, Inc., latest Apr 22, 2022
- Excelerate Energy, Inc. The Woodlands, Texas
- Atlantic Distribution Holdings SRL Subsidiary · Barbados
- Atlantic Energy Infra Holdings SRL Subsidiary · Barbados
- Atlantic Power Holdings Limited Subsidiary · Bermuda
- Atlantic Terminal Infra Holdings SRL Subsidiary · Barbados
- Excelerate Albania Holding sh.p.k. Subsidiary · Albania
- Excelerate Brazil FSRU LLC Subsidiary · Delaware, United States
- Excelerate Canada Holdings LLC Subsidiary · Delaware, United States
- Excelerate Canada LP Subsidiary · Canada
- Excelerate Energy Asia Pacific Pte. Ltd Subsidiary · Singapore
- Excelerate Energy Bangladesh Holdings, LLC Subsidiary · Delaware, United States
- Excelerate Energy Bangladesh Ltd Subsidiary · Bangladesh
- Excelerate Energy Bangladesh PCG, LLC Subsidiary · Delaware, United States
- Excelerate Energy Bangladesh TopCo LLC Subsidiary · Delaware, United States
- Excelerate Energy Brazil LNG Subsidiary · Brazil
- Excelerate Energy Brazil, LLC Subsidiary · Delaware, United States
- Excelerate Energy Comercializadora de Gas Natural Ltda. Subsidiary · Brazil
- Excelerate Energy Europe Ltd. Subsidiary · United Kingdom
- Excelerate Energy Finland, LLC Subsidiary · Delaware, United States
- Excelerate Energy Germany, LLC Subsidiary · Delaware, United States
- Excelerate Energy LatAm Holdings, LLC Subsidiary · Delaware, United States
- Excelerate Energy Limited Partnership Subsidiary · Delaware, United States
- Excelerate Energy Marshall Islands, LLC Subsidiary · Delaware, United States
- Excelerate Energy Middle East, LLC Subsidiary · Delaware, United States
- Excelerate Energy QFC LLC Subsidiary · Qatar
- Excelerate Energy Regas UAE, LLC Subsidiary · Delaware, United States
- and 35 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Excelerate Energy, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $1.2B2 Dec 31, 2025 | $1.1B2 Dec 31, 2024 | +8.5% |
| Property and equipment, net | $2.1B2 Dec 31, 2025 | $1.6B2 Dec 31, 2024 | +31.4% |
| Operating-lease assets (leased space) | $167.2M2 Dec 31, 2025 | $4.6M2 Dec 31, 2024 | +3564.0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $538.2M2 Dec 31, 2025 | $537.5M2 Dec 31, 2024 | +0.1% |
| Stakes in other companies (equity method) | $18.1M2 Dec 31, 2025 | $19.3M2 Dec 31, 2024 | −6.2% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $235.0M2 Dec 31, 2025 | $02 Dec 31, 2024 | |
| Intangible assets, net (excluding goodwill) | $359.2M2 Dec 31, 2025 | $02 Dec 31, 2024 | |
| Finite-lived intangibles, gross | $02 Dec 31, 2024 | ||
| Accumulated amortization | $9.8M2 Dec 31, 2025 | ||
| Finite-lived intangibles, net | $359.2M2 Dec 31, 2025 |
Inventory
Properties, in its own words
Our principal properties are described in Item 1. “Business” under the caption “—Properties.”
Item 2 of the 10-K filed Feb 27, 2026.5
Leadership
Who has led Excelerate Energy, Inc., and when. Pick a name to see everywhere that person has worked.
- Chief executive officerSteven M. Kobos Apr 12, 2022 to now13
- PresidentSteven M. Kobos Apr 12, 2022 to now13
Board members and other officers (16)
- OfficerDavid A. Liner Jan 6, 2023 to now14
- OfficerOliver Simpson Nov 24, 2023 to now15
- OfficerAmy Thompson Broussard Apr 12, 2022 to now16
- OfficerCalvin A. Bancroft Apr 12, 2022 to Apr 20, 202217
- OfficerDana A. Armstrong Apr 12, 2022 to now18
- OfficerDaniel H. Bustos Apr 12, 2022 to Apr 4, 202319
- OfficerHood Alisa Newman Apr 12, 2022 to now20
- Board memberNisha Biswal Jan 22, 2025 to now21
- Board memberTyler Todd Oct 15, 2024 to Oct 15, 202422
- Board memberCarolyn Jeanne Burke Apr 12, 2022 to Mar 6, 202423
- Board memberDon P. Millican Apr 12, 2022 to Apr 20, 202224
- Board memberHenry G. Kleemeier Apr 12, 2022 to Apr 20, 202225
- Board memberPaul T. Hanrahan Apr 12, 2022 to now26
- Board memberRobert Waldo Apr 12, 2022 to Apr 20, 202227
- Board memberSteven M. Kobos Apr 12, 2022 to now13
- Board memberDeborah L. Byers Jul 6, 2022 to now28
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Atlantic Distribution Holdings SRL Barbados4
- Atlantic Energy Infra Holdings SRL Barbados4
- Atlantic Power Holdings Limited Bermuda4
- Atlantic Power Holdings SRL Barbados4
- Atlantic Terminal Infra Holdings SRL Barbados4
- Excelerate Albania Holding sh.p.k. Albania4
- Excelerate Brazil FSRU LLC Delaware4
- Excelerate Canada Holdings LLC Delaware4
- Excelerate Canada LP Canada4
- Excelerate Energy Asia Pacific Pte. Ltd Singapore4
- Excelerate Energy Bangladesh Holdings, LLC Delaware4
- Excelerate Energy Bangladesh Ltd Bangladesh4
- Excelerate Energy Bangladesh PCG, LLC Delaware4
- Excelerate Energy Bangladesh TopCo LLC Delaware4
- Excelerate Energy Bangladesh, LLC Delaware4
- Excelerate Energy Brazil LNG Brazil4
- Excelerate Energy Brazil, LLC Delaware4
- Excelerate Energy Comercializadora de Gas Natural Ltda. Brazil4
- Excelerate Energy Europe Ltd. United Kingdom4
- Excelerate Energy Finland, LLC Delaware4
- Excelerate Energy Germany, LLC Delaware4
- Excelerate Energy LatAm Holdings, LLC Delaware4
- Excelerate Energy Limited Partnership Delaware4
- Excelerate Energy Marshall Islands, LLC Delaware4
All 63 listed subsidiaries
- Excelerate Energy Middle East, LLC Delaware4
- Excelerate Energy QFC LLC Qatar4
- Excelerate Energy Regas UAE, LLC Delaware4
- Excelerate Energy Regasification Holdings, LLC Delaware4
- Excelerate Energy SRL Argentina4
- Excelerate Energy Services, LLC Delaware4
- Excelerate Energy Serviços de Regaseificação Ltda. Brazil4
- Excelerate Energy South America, LLC Delaware4
- Excelerate Finland Gas Marketing Oy Finland4
- Excelerate Gas Marketing, LP Delaware4
- Excelerate Global Operations LLC Delaware4
- Excelerate Global Ops Delaware4
- Excelerate LLC Marshall Islands4
- Excelerate LNG Development UAE, LLC Delaware4
- Excelerate New England GP, LLC Delaware4
- Excelerate New England Lateral, LLC Delaware4
- Excelerate North Bermuda Holdings Limited Bermuda4
- Excelerate North Jamaica Distribution Limited Jamaica4
- Excelerate North Jamaica Limited Jamaica4
- Excelerate North Jamaica Transport Limited Jamaica4
- Excelerate Philippines Holdco, LLC Delaware4
- Excelerate Sequoia Limited Partnership Delaware4
- Excelerate Shenandoah Limited Partnership Marshall Islands4
- Excelerate Ship Management Holdco, LLC Delaware4
- Excelerate South Bermuda Holdings Limited Bermuda4
- Excelerate South Jamaica Limited Jamaica4
- Excelerate South Jamaica Power Limited Jamaica4
- Excelerate Technical Management BV Belgium4
- Excelerate Technical Management Finland Branch Belgium4
- Excelerate Vessel Company Limited Partnership Marshall Islands4
- Excelerate Vessel Holding Company, LLC Delaware4
- Excelerate-Renco FPB sh.p.k. Albania4
- Excelsior LLC Marshall Islands4
- Exemplar LLC Marshall Islands4
- FSRU Summit GP, LLC Marshall Islands4
- GBK Hull 2402, LLC Delaware4
- International Shipping LLC Delaware4
- Jamaica Holdings LLC Delaware4
- Payra LNG Terminal Limited Bangladesh4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Aug 5, 20268-K Results of operations29
- Jun 5, 20268-K Shareholder vote30
- May 6, 20268-K Results of operations31
- Feb 25, 20268-K Results of operations32
- Nov 5, 20258-K Results of operations33
- Aug 11, 20258-K Results of operations34
- Jul 29, 20258-K Financial statements and exhibits35
- Jun 12, 20258-K Shareholder vote36
- May 14, 20258-K Completed an acquisition or sale; Regulation FD disclosure37
- May 7, 20258-K Results of operations38
- May 5, 20258-K Entered a material agreement; New debt or obligation39
- Apr 23, 20258-K Other events40
- Apr 12, 2022New chief executive Steven M. Kobos becomes CEO13
Calendar
Coming up
- Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.45 a share, on Nov 5, 2025.41
When it reported results
- Aug 5, 2026Reported quarterly or annual results29
- May 6, 2026Reported quarterly or annual results31
- Feb 25, 2026Reported quarterly or annual results32
- Nov 5, 2025Reported quarterly or annual results33
- Aug 11, 2025Reported quarterly or annual results34
- May 7, 2025Reported quarterly or annual results38
- Apr 21, 2025Reported quarterly or annual results42
- Feb 26, 2025Reported quarterly or annual results43
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
238 filings to the SEC since October 2021: 4 annual reports, 14 quarterly reports, 42 major events, 109 insider forms, 22 large holders, 47 other. The latest 20:
- Oct 13, 2026SCHEDULE 13G EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 5, 20268-K EDGAR
- Aug 4, 2026SCHEDULE 13G EDGAR
- Jul 8, 2026SCHEDULE 13G/A EDGAR
- Jun 26, 20264 EDGAR
- Jun 26, 20264 EDGAR
- Jun 5, 20268-K EDGAR
- May 15, 2026SCHEDULE 13G/A EDGAR
- May 7, 202610-Q EDGAR
- May 6, 20268-K EDGAR
- Apr 16, 2026ARS EDGAR
- Apr 16, 2026DEFA14A EDGAR
- Apr 16, 2026DEF 14A EDGAR
- Apr 2, 20264 EDGAR
- Apr 2, 20264 EDGAR
- Apr 2, 20264 EDGAR
- Apr 2, 20264 EDGAR
- Apr 2, 20264 EDGAR
- Mar 26, 2026SCHEDULE 13G/A EDGAR
The 238 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
11 open-market trades by officers, directors and large owners since October 2021: 9 buys and 2 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 20, 2026 | Simpson OliverSee Remarks | Sale | 6,000 | $34.15 | $204.9K | Form 4 |
| Mar 20, 2026 | Simpson OliverSee Remarks | Sale | 6,000 | $34.15 | $204.9K | Form 4 |
| Apr 18, 2022 | Kleemeier Henry GDirector | Buy | 5,000 | $24.00 | $120.0K | Form 4 |
| Apr 18, 2022 | Bent Michael AnthonySee Remarks | Buy | 7,500 | $24.00 | $180.0K | Form 4 |
| Apr 18, 2022 | Bustos Daniel HSee Remarks | Buy | 140,777 | $24.00 | $3.4M | Form 4 |
| Apr 18, 2022 | Kobos Steven MPresident and CEO | Buy | 265,258 | $24.00 | $6.4M | Form 4 |
| Apr 18, 2022 | Broussard Amy ThompsonSee Remarks | Buy | 1,500 | $24.00 | $36.0K | Form 4 |
| Apr 18, 2022 | Millican Don P.Director | Buy | 6,700 | $24.00 | $160.8K | Form 4 |
| Apr 18, 2022 | Armstrong Dana ASee Remarks | Buy | 400 | $24.00 | $9.6K | Form 4 |
| Apr 18, 2022 | Bancroft Calvin ASee Remarks | Buy | 1,200 | $24.00 | $28.8K | Form 4 |
| Apr 18, 2022 | Waldo RobertDirector | Buy | 20,833 | $24.00 | $500.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Copeland Capital Management, LLCSCHEDULE 13G, 2 filings Aug 4, 2026 to Oct 13, 202644
- Wellington Management CompanySCHEDULE 13G/A, 5 filings Aug 12, 2025 to Jul 8, 202645
- VANGUARD GROUP INCSCHEDULE 13G/A, 6 filings Feb 9, 2023 to Mar 26, 202646
- Ranger Investment Management, L.P.SCHEDULE 13G/A, 2 filings May 17, 2023 to Dec 29, 202547
- Excelerate Energy Holdings, LLCSC 13G, 1 filing Feb 10, 202348
- GEORGE KAISER FAMILY FOUNDATIONSC 13D/A, 1 filing Apr 29, 202249
- Maya Maritime LLCSC 13D, 1 filing Apr 22, 202250
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Steven M. Kobos | 61 | $850.0K | $6.1M51 |
| 2025 | Dana A. Armstrong | 54 | $475.0K | $2.4M51 |
| 2025 | David A. Liner | 53 | $480.0K | $2.1M51 |
| 2025 | Oliver L. Simpson | 44 | $460.0K | $1.8M51 |
| 2025 | Alisa Newman Hood | 51 | $470.0K | $1.7M51 |
| 2024 | President and Chief Executive | $850.0K | $5.4M51 | |
| 2024 | EVP & Chief Financial Officer | $460.0K | $1.8M51 | |
| 2024 | EVP & Chief Commercial Officer | $376.3K | $1.6M51 | |
| 2024 | EVP & Chief Operating Officer | $460.0K | $1.5M51 | |
| 2024 | EVP & General Counsel | $455.0K | $1.3M51 | |
| 2023 | Officer | $859.6K | $4.1M51 | |
| 2023 | EVP & Chief Financial Officer | $425.0K | $1.4M51 | |
| 2023 | EVP & General Counsel | $455.0K | $1.2M51 | |
| 2023 | EVP & Chief Operating Officer | $400.0K | $1.1M51 |
SEC filer profile
How Excelerate Energy, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARExcelerate Energy, Inc.1
- CIK0001888447
- Employer ID (EIN)87-28786915
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)4924 Natural Gas Distribution1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address2445 Technology Forest Blvd., Level 6, The Woodlands, TX 773811
- Phone83281371001
- Shares outstanding32,045,511 Common Class A, Excelerate Energy Inc shares; 82,021,389 Excelerate Energy Inc, Common Class B shares as of Feb 17, 20265
- AuditorPricewaterhouseCoopers LLP, Houston, Texas. PCAOB ID 238; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceNov 9, 20211
- Filings238 in all: 4 (89), 8-K (41), 3 (18), 10-Q (14), CORRESP (9), SCHEDULE 13G/A (7), UPLOAD (7), SC 13G (5)1
All 32 form types
SC 13G/A (5), 10-K (4), ARS (4), DEF 14A (4), DEFA14A (4), S-1/A (3), SCHEDULE 13G (3), 4/A (2), 424B5 (2), DRSLTR (2), EFFECT (2), 424B3 (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS (1), DRS/A (1), S-1 (1), S-3 (1), S-3/A (1), S-8 (1), SC 13D (1), SC 13D/A (1)
- Latest filingsAnnual report (10-K) Feb 27, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 16, 2026
Latest 8-K (8-K) Aug 5, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, $0.001 par value per share | EE | New York Stock Exchange |
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks Excelerate Energy, Inc. names in Item 1A of its 10-K filed Feb 27, 2026: 49 risks under these headings, as written.5
- Risks Related to Our Business and Operations
- We are subject to risks related to construction and commissioning of our projects. We invest significant capital when developing a new project and may experience cancellations, time delays, unforeseen expenses and other complications. These complications can delay the commencement of revenue-generating activities, reduce the amount of revenue we earn and increase our development costs.
- Failure to successfully combine our business with the Jamaica business acquired in the Acquisition, or an inaccurate estimate by us of the benefits to be realized from the Acquisition, may adversely affect our future results.
- The market for LNG regasification services is competitive, and we may not be able to compete successfully.
- Cyclical or other changes in the supply and demand for and price of LNG and natural gas and LNG regasification capacity may adversely affect our business and the performance of our customers.
- We must make substantial expenditures to maintain and replace, over the long-term, the operating capacity of our regasification terminals and associated assets, pipelines and downstream infrastructure.
- Our operations and investments outside of the United States are subject to the risks normally associated with any conduct of business in foreign countries, including varying degrees of political, legal and economic risk.
- Our business relies on the performance by customers under current and future contracts, and we could be materially and adversely affected if any customer fails to perform its contractual obligations for any reason, including nonpayment and nonperformance, or if we fail to enter into such contracts at all.
- The composition of our LNG purchase and supply portfolio and delivery obligations exposes us to commodity price risk and possible oversupply of LNG.
- Our future growth depends upon our ability to maintain relationships with our existing suppliers, source new suppliers for LNG and critical components of our projects and complete building out our supply chain, while effectively managing the risks arising from such relationships.
- We may experience operational problems with floating regasification terminals or our other facilities that could reduce revenue, increase costs or lead to termination of our customer contracts.
- The operation of LNG and natural gas infrastructure assets is inherently risky, and an incident involving health, safety, property or environmental consequences involving any of our assets could harm our reputation, business and financial condition.
The other 38 risks
- Our contracts with our customers are subject to termination under certain circumstances.
- Disruptions to third-party facilities could have a material adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.
- Our operations may be impacted by, and growth of our business may be limited by, many factors, including infrastructure constraints and community and political group resistance to existing and new LNG, natural gas, or power generation infrastructure over concerns about the environment, safety and terrorism.
- A shortage of qualified officers and crew could have an adverse effect on our business and financial condition.
- Acts of war or terrorism may seriously harm our business.
- Governments could requisition our assets during a period of war or emergency resulting in a loss of earnings.
- Information system failures, or cybersecurity incidents could adversely affect us.
- LNG infrastructure asset values may fluctuate substantially, and a decline in values may result in impairment charges, the breach of our financial covenants or a loss on the assets, if these values are lower at a time when we are attempting to dispose of the assets.
- We depend on key management personnel and other experienced employees.
- An increase in the frequency and severity of weather events, including as a result of global climate change, could have a material adverse effect on the economies in the markets in which we operate or plan to operate and could result in an interruption of our operations, possibly leading to a termination right for customers under our contracts, a delay in the completion of our infrastructure projects or higher construction, repair and maintenance costs, all of which could adversely affect us.
- Risks Related to Regulations
- Failure to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities and provision of our services, including the import and sale of LNG and natural gas, could impede project development and operations and construction.
- Failure to comply with the U.S. Foreign Corrupt Practices Act and other anti-bribery legislation in other jurisdictions could result in fines, criminal penalties, contract terminations and an adverse effect on our business.
- Our operations are subject to various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws and regulations. Compliance with these obligations, and any future changes to laws and regulations applicable to our business, may have an adverse effect on our business.
- We are subject to numerous governmental international trade and economic sanctions laws and regulations. Our failure to comply with such laws and regulations could subject us to liability.
- Climate change concerns and GHG regulations and impacts may adversely impact our operations and markets.
- Failure to comply with current or future federal, state and foreign laws and regulations and industry standards relating to privacy, data protection, advertising and consumer protection could adversely affect our business, financial condition, results of operations and prospects.
- Our insurance may be insufficient to cover losses that may occur to our property or result from our operations.
- We may be subject to litigation, arbitration or other claims which could materially and adversely affect us.
- Kaiser has the ability to direct the voting of a majority of the voting power of our common stock, and his interests may conflict with those of our other stockholders.
- Our amended and restated certificate of incorporation includes an exclusive forum clause, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
- Provisions in our governing documents and under Delaware law, as well as Kaiser’s indirect beneficial ownership of all of our outstanding Class B Common Stock, could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management, and may adversely affect the market price of our Class A Common Stock.
- We are a “controlled company” within the meaning of the NYSE rules and, as a result, rely on exemptions from certain corporate governance requirements.
- Risks Related to the Financing of Our Business
- We may not be able to generate sufficient cash to service all of our indebtedness, including the 2030 Notes (as defined herein), and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
- Access to financing may not be available on favorable terms, or at all, which could adversely affect our ability to grow our business.
- Our debt level and finance lease liabilities may limit our flexibility in obtaining additional financing, refinancing credit facilities upon maturity or pursuing other business opportunities.
- Our financing agreements are secured by certain of our floating regasification terminals and contain operating and financial restrictions and covenants that may restrict our business, financing activities and ability to pay dividends to our stockholders.
- Certain investors, lenders and other market participants may scrutinize our ESG policies, which may impose additional costs on us or expose us to additional risks.
- We may be required to pay additional taxes because of the U.S. federal partnership audit rules and potentially also state and local tax rules.
- If EELP were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, we and EELP might be subject to potentially significant tax inefficiencies, and we would not be able to recover payments previously made by us under the TRA, even if the corresponding tax benefits were subsequently determined to have been unavailable due to such status.
- Future changes to tax laws or applicable tax rates in the jurisdictions where we operate could materially and adversely affect our company and reduce net returns to our stockholders.
- We are exposed to U.S. dollar and foreign currency fluctuations and devaluations and interest rate changes that could harm our reported revenue and results of operations.
- Failure to maintain sufficient working capital could limit our growth and harm our business, financial condition and results of operations.
- In certain circumstances, EELP will be required to make distributions to us and the other partners of EELP, and the distributions that EELP will be required to make may be substantial.
- We are a holding company, and we are accordingly dependent upon distributions from our subsidiaries to pay dividends, if any, taxes and other expenses and to make payments under the TRA.
- We will be required to pay over to EE Holdings most of the tax benefits available to us in respect of our acquisition of interests of EELP, and the amount of those payments are expected to be substantial.
- In certain circumstances, payments under the TRA may be accelerated and/or significantly exceed the actual tax benefits, if any, that we actually realize.
- Sales of substantial amounts of our Class A Common Stock in the public markets, or the perception that they might occur, could cause the market price of our Class A Common Stock to drop significantly.
- We cannot assure you that we will pay dividends on or make additional repurchases of our Class A Common Stock, and our indebtedness could limit our ability to pay future dividends on our Class A Common Stock.
Legal proceedings
Disclosure concerning legal proceedings is incorporated by reference to Part II. Item 8. Financial Statements and Supplementary Data—Note 23 – Commitments and contingencies in this Annual Report.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARDavid A. Liner, Officer
- 15SEC EDGAROliver Simpson, Officer
- 16SEC EDGARAmy Thompson Broussard, Officer
- 17SEC EDGARCalvin A. Bancroft, Officer
- 18SEC EDGARDana A. Armstrong, Officer
- 19SEC EDGARDaniel H. Bustos, Officer
- 20SEC EDGARHood Alisa Newman, Officer
- 21SEC EDGARNisha Biswal, Board member
- 22SEC EDGARTyler Todd, Board member
- 23SEC EDGARCarolyn Jeanne Burke, Board member
- 24SEC EDGARDon P. Millican, Board member
- 25SEC EDGARHenry G. Kleemeier, Board member
- 26SEC EDGARPaul T. Hanrahan, Board member
- 27SEC EDGARRobert Waldo, Board member
- 28SEC EDGARDeborah L. Byers, Board member
- 29SEC EDGARResults of operations
- 30SEC EDGARShareholder vote
- 31SEC EDGARResults of operations
- 32SEC EDGARResults of operations
- 33SEC EDGARResults of operations
- 34SEC EDGARResults of operations
- 35SEC EDGARFinancial statements and exhibits
- 36SEC EDGARShareholder vote
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- 38SEC EDGARResults of operations
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- 40SEC EDGAROther events
- 41NasdaqNasdaq calendar
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