New Fortress Energy Inc (NASDAQ: NFE) is an energy infrastructure company that supplies liquefied natural gas and natural gas-based power to customers through a network of terminals, floating LNG production assets, and power generation facilities. Revenue is generated through long-term supply and services agreements priced primarily on the Henry Hub index plus a fixed fee component, with additional contribution from vessel operations reported under a Ships segment. NFE operates two reporting segments, Terminals and Infrastructure and Ships, evaluated on Segment Operating Margin. The company sources LNG from its FLNG 1 floating production unit, which is expected to generate up to 70 TBtus annually, and has binding 20-year supply contracts from two U.S. LNG facilities expected to commence in 2027 and 2029. As of the 10-K filed April 13, 2026, NFE is undergoing a comprehensive balance sheet restructuring under a Restructuring Support Agreement signed March 17, 2026, which includes divesting its Brazil business and restructuring debt across multiple credit facilities and note series through UK restructuring plans and U.S. chapter 15 recognition.

Revenue model

Long-term contracts for the sale of natural gas, LNG, steam, and power, priced on the Henry Hub index plus a fixed fee. Vessel operations contribute a second revenue stream under the Ships segment. Spot and short-term LNG sales supplement contracted volumes when needed.

Products and services

Liquefied natural gas (LNG), natural gas supply, steam, and power generation. FLNG 1 floating LNG production unit (up to 70 TBtus annually). LNG import and regasification terminals. Gas-fired power plants including the Nicaragua Power Plant and, prior to planned divestiture, the Barcarena Power Plant and PortoCem Power Plant in Brazil. LNG carrier and vessel services.

Customers and end markets

Utility and industrial customers purchasing natural gas, LNG, steam, and power under long-term supply and services agreements. Key end markets include power generation and industrial energy use in Puerto Rico, Nicaragua, and previously Jamaica (sold May 2025) and Brazil (subject to divestiture under the 2026 restructuring).

Value-chain role

Vertically integrated across LNG production (floating LNG via FLNG 1), marine transportation (Ships segment), terminal infrastructure, and end-customer energy supply. Purchases feed gas at Henry Hub-linked prices for own production, mitigating LNG price exposure. Also procures LNG via open market purchases to bridge supply until long-term U.S. supply contracts commence.

Geographic exposure

Operations concentrated in Puerto Rico, Nicaragua, and Brazil (pending divestiture). Jamaica business sold May 2025. Long-term U.S. LNG supply contracts expected to commence 2027 and 2029.

Source: SEC 10-K, filed 2026-04-13

Industry: Natural Gas Distribution Peers: Cheniere Energy Partners LP DCP Midstream, LP Enterprise Products Partners L.P Hess Midstream LP Magellan Midstream Partners, L.P. ONEOK Inc Plains All American Pipeline LP Shell Midstream Partners, L.P. Targa Resources Corp Western Midstream Partners LP