v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments
22. Segments
As of June 30, 2026, the Company operates in two reportable segments: Terminals and Infrastructure and Ships:
•Terminals and Infrastructure includes the Company’s vertically integrated gas to power solutions, spanning the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, facilities and conversion or development of natural gas-fired power generation. Vessels that are utilized in the Company’s terminal, logistics or sub-charter operations are included in this segment.
•Ships includes vessels chartered under long-term arrangements that were part of a historical financing transaction. We exclude such vessels from this segment and include them in our Terminals and Infrastructure segment once we begin to use the vessels in our own operations. As of November 2025, only one vessel is included in this segment.
The Company’s CEO, who is the CODM, uses Segment Operating Margin to evaluate the performance of the segments and allocate resources. Segment Operating Margin is defined as the segment’s revenue less cost of sales less operations and maintenance less vessel operating expenses, excluding unrealized gains or losses to financial instruments recognized at fair value.
The CODM considers Segment Operating Margin to be the appropriate metric to evaluate and compare the ongoing operating performance of the Company’s segments on a consistent basis across reporting periods as it eliminates the effect of items which management does not believe are indicative of each segment’s operating performance.
The table below presents segment information for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
(in thousands of $)Terminals and
Infrastructure		ShipsTotal
Segment		Consolidation
and Other		Consolidated
Statement of operations:
Total revenues$299,248 $13,254 $312,502 $— $312,502 
Less(1):
Cost of sales(3)
210,380 — 210,380 — 210,380 
Vessel operating expenses71 5,902 5,973 — 5,973 
Operations and maintenance41,048 — 41,048 — 41,048 
Segment Operating Margin$47,749 $7,352 $55,101 $— $55,101 
Balance sheet:
Total assets$10,644,459 $84,361 $10,728,820 $— $10,728,820 
Other segmental financial information:
Capital expenditures(2)
$161,349 $— $161,349 $— $161,349 
Six Months Ended June 30, 2026
(in thousands of $)Terminals and
Infrastructure		ShipsTotal
Segment		Consolidation
and Other		Consolidated
Statement of operations:
Total revenues$518,929 $20,526 $539,455 $— $539,455 
Less(1):
Cost of sales(3)
410,065 — 410,065 — 410,065 
Vessel operating expenses725 5,902 6,627 — 6,627 
Operations and maintenance89,313 — 89,313 — 89,313 
Segment Operating Margin$18,826 $14,624 $33,450 $— $33,450 
Balance sheet:
Total assets$10,644,459 $84,361 $10,728,820 $— $10,728,820 
Other segmental financial information:
Capital expenditures(2)
$304,452 $— $304,452 $— $304,452 
Three Months Ended June 30, 2025
(in thousands of $)Terminals and
Infrastructure		ShipsTotal SegmentConsolidation
and Other		Consolidated
Statement of operations:
Total revenues$265,644 $38,456 $304,100 $— $304,100 
Less(1):
Cost of sales (3)
208,162 — 208,162 — 208,162 
Vessel operating expenses1,777 6,291 8,068 — 8,068 
Operations and maintenance57,403 — 57,403 — 57,403 
Segment Operating Margin$(1,698)$32,165 $30,467 $— $30,467 
Balance sheet:
Total assets$11,500,624 $519,147 $12,019,771 $— $12,019,771 
Other segmental financial information:
Capital expenditures(2)
$275,361 $— $275,361 $— $275,361 
Six Months Ended June 30, 2025
(in thousands of $)Terminals and
Infrastructure		ShipsTotal SegmentConsolidation
and Other		Consolidated
Statement of operations:
Total revenues$699,317 $77,065 $776,382 $— $776,382 
Less(1):
Cost of sales (3)
510,539 — 510,539 — 510,539 
Vessel operating expenses1,777 13,467 15,244 — 15,244 
Operations and maintenance112,343 — 112,343 — 112,343 
Segment Operating Margin$74,658 $63,598 $138,256 $— $138,256 
Balance sheet:— — 
Total assets$11,500,624 $519,147 $12,019,771 $— $12,019,771 
Other segmental financial information:— 
Capital expenditures(2)
$599,498 $— $599,498 $— $599,498 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Capital expenditures includes amounts capitalized to construction in progress and additions to property, plant and equipment during the period.

(3) Cost of sales is presented exclusive of costs included in Depreciation and amortization in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.
Consolidated Segment Operating Margin is defined as net (loss) income, adjusted for selling, general and administrative expenses, transaction and integration costs, depreciation and amortization, asset impairment expenses, (gain) loss on sale of assets, interest expense, other (income) expense, net, loss on extinguishment of debt, net, and tax (benefit) provision.
The following table reconciles Net income, the most comparable financial statement measure, to Consolidated Segment Operating Margin:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands of $)2026202520262025
Net income$(372,955)$(546,462)$(773,559)$(721,888)
Add:
Selling, general and administrative85,342 56,559 132,982 108,379 
Transaction and integration costs72,483 75,354 125,767 87,285 
Depreciation and amortization45,590 52,870 86,672 109,181 
Asset impairment expense— 122,883 61,864 123,129 
Goodwill impairment expense— 582,172 — 582,172 
Interest expense226,672 186,389 413,552 386,698 
Other (income) expense, net1,236 (59,024)(41,956)(122,961)
Loss (Gain) on sale404 (470,994)258 (470,994)
Loss on extinguishment of debt4,293 20,320 4,293 20,787 
Tax (benefit) provision(7,964)10,400 23,577 36,468 
Consolidated Segment Operating Margin$55,101 $30,467 $33,450 $138,256