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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent events Subsequent events

Dividend Declaration

On February 22, 2024, our board of directors approved a cash dividend, with respect to the quarter ended December 31, 2023, of $0.025 per share of Class A Common Stock. The dividend is payable on March 28, 2024, to Class A Common Stockholders of record as of the close of business on March 13, 2024. EELP will make a corresponding distribution of $0.025 per interest to holders of Class B interests on the same date of the dividend payment.

QatarEnergy SPA

In January 2024, Excelerate executed a 15-year SPA with QatarEnergy (the “QatarEnergy SPA”). Under the QatarEnergy SPA, Excelerate has agreed to purchase LNG from QatarEnergy beginning in 2026. QatarEnergy will deliver 0.85 MT per annum of LNG in 2026 and 2027 and 1.0 MT per annum from 2028 to 2040. These LNG volumes are intended to be used to supply sales under the Petrobangla SPA.

Repurchase of Equity Securities

On February 22, 2024, our board of directors approved a share repurchase program to purchase up to $50.0 million of our Class A Common Stock (the “Program”). The board of directors approved the Program because it believed that it (i) would be a prudent use of the Company’s available cash, (ii) would enhance the long-term value of the Class A Common Stock, (iii) would demonstrate management’s and the board of directors’ confidence in the business and (iv) is advisable and in the best interests of the Company. The Program does not obligate us to acquire any specific number of shares and will expire on February 28, 2026, and the Program may be suspended, extended, modified or discontinued at any time. Under the Program, repurchases can be made using a variety of methods, which may include open market purchases, block trades, privately negotiated transactions and/or a non-discretionary trading plan, all in compliance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The timing, manner, price and amount of any Class A Common Stock repurchases under the Program are determined by us in our discretion and depend on a variety of factors, including legal requirements, price, and business, economic, and market conditions.