New Fortress Energy LLC said Monday that the Covid-19 pandemic did not slow its growth during the second quarter as the company continued to bring new operations online.

Year/year revenue increased to $94.6 million from $39.8 million as NFE went from “a company in development to an operating business,” said CEO Wes Edens. 

The company commissioned a liquefied natural gas (LNG) import facility in Puerto Rico in April that serves a gas-fired power plant and industrial users and microgrids via trucks. It also expects its gas-fired power plant in Jamaica that serves a bauxite facility to add 100,000 gallons of LNG sales volumes per day over the next month. 

NFE said average daily LNG sales came in at 978,000 gallons/day in the second quarter, up from 223,000 gallons/day in the first quarter. 

The company also expects to finish an onshore LNG import terminal and merchant power plant in Baja California Sur, Mexico, and a natural gas-fired power plant in Nicaragua by the end of this year. The Nicaragua project also would be supplied by an offshore storage and regasification terminal. 

Management expects LNG sales volumes to average 1.7-2.0 million gallons/day for the remainder of the year, noting that while the coronavirus has impacted customers and electricity demand, natural gas remains an essential good in the markets it serves. 

NFE went public last year and is focused on introducing LNG in markets that lack access to the fuel for power generation and other needs. The company operates or is developing small-scale LNG assets across the world, including import terminals, fuel management facilities, regasification infrastructure, gas-fired power plants and midstream facilities in the Caribbean, Europe, Latin America and the United States.

Committed volumes and “in discussion volumes” are over 21 million gallons/day, up from 19 million gallons/day in 1Q2020, as it continues to focus on 10 key target markets for growth that also include Africa, India, South America, Southeast Asia and other areas of the Asia-Pacific region.

Gas buying, and in particular LNG, is central to its business. Last month, the company cancelled eight cargoes it contracted to take from Centrica LNG Co. Ltd. in exchange for a $105 million payment. NFE said at the time that the cargoes were contracted at $7.00/MMBtu versus a spot market price of about $2.00.

“What that does basically is it allowed us to go and replace those cargoes and buy them on a spot basis,” Edens said. “The strike of the transaction that we consummated was $2.94, so in simple terms, to the extent that we are able to buy cargoes cheaper than $2.94, it’s a positive economic benefit for us.”

Ultimately, the company expects to net $15-25 million by purchasing cheaper spot cargoes in a trend that’s shaped up across the globe as gas prices have fallen due to a supply glut and weak demand caused by the pandemic. Edens said NFE has already bought two of the eight cargoes it needs on the spot market at $1.92 and $1.85 each. 

NFE reported a second quarter net loss of $166.5 million (minus $2.40/share), compared to a net loss of $51.2 million (minus 28 cents) in the year-ago period. The company said the 2Q2020 loss was primarily driven by the $105 million cargo cancellation charge.