What Excelerate Energy, Inc. told the SEC could break it.

Higher LNG prices can discourage customers from new LNG projects in favor of other energy sources, and TTF/JKM/Henry Hub price swings affect demand for Excelerate's services.

“Periods of higher LNG prices may also discourage potential customers from agreeing to new LNG projects in favor of other energy sources.”

In 2025 three customers each at times exceeded 10% of revenue; loss of any one could materially reduce revenue given dependence on a small customer base.

“During 2025 and 2024, we had three and two customers, respectively, that, at times, accounted for over 10% of our revenues. Our dependence on a small number of customers means that a loss of, or other adverse actions by, any one of these customers could materially reduce our revenues.”

Following the 2025 acquisition of NFE's Jamaica business, ~20% of Excelerate's fixed assets are located in Jamaica, concentrating exposure to that jurisdiction.

“Approximately 20% o f the Company's fixed assets are located in Jamaica.”

Excelerate is a controlled company: EE Holdings, owned and controlled by George Kaiser, holds ~71.9% of EELP (Class B), giving it control over major corporate decisions and governance-exemption reliance.

“approximately 71.9% of EELP interests are owned by Excelerate Energy Holdings, LLC (“EE Holdings”), an entity owned and controlled by Kaiser, and are classified as Class B interests.”

February 2025 U.S. tariffs (25% on Mexico/Canada, 10% on China) and retaliatory measures could increase LNG and natural gas price volatility affecting demand.

“in February 2025, the U.S. President announced a 25% tariff on product imports from certain countries, including Mexico and Canada, and a 10% tariff on product imports from certain countries, including China.”