NewFortress Energy Results Presentation Deck
$/MMBtu
Gas and Diesel prices impacted by oversupply and COVID-19 demand hit(37)
$30
$25
$20
$15
$10
$5
$0
Jul-10
Focus on Gas
Gas Prices are Both the Biggest Threat and Biggest
Opportunity for Our Business
www
Jul-11
Jul-12
Jul-13
Jul-14
-Diesel
Avg. Diesel-LNG Spread ($/MMBtu)
10 yr.: $8.22 5 yr.: $4.90 2 yr.: $5.83
Jul-15
-LNG
Jul-16
and
Jul-17
Jul-18
Jul-19
LNG was cheaper than diesel for all
but 24 days in last 10 years
Jul-20
Gas market is oversupplied with US
gas inventories 15% higher than the
5-year average
But gas rig activity has declined
60% YoY while total rig count has
dropped from 942 to 251 YoY (73%)
Reduction in oil & gas drilling activity
has led to stabilization and rebound
We believe spot prices will remain
low through 2021, but expect
normalization in 2022
Important for NFE to capitalize
on depressed prices in near term
23View entire presentation