New Fortress Energy (NFE) is an integrated LNG infrastructure company that buys or produces liquefied natural gas, ships it to underserved markets, and sells gas and power to customers under long-term contracts. NFE targets developing regions — primarily the Caribbean, Latin America, and Ireland — where customers rely on expensive diesel and heavy fuel oil, and where NFE's terminal infrastructure gives them access to cheaper natural gas. NFE controls the full logistics chain: LNG supply and liquefaction, shipping, terminal infrastructure, and in some cases power generation. Its core downstream customers are power utilities and government-affiliated energy companies, including PREPA in Puerto Rico and CFE in Mexico. NFE makes money primarily by selling gas and power under long-term, take-or-pay contracts priced at an index (typically Henry Hub) plus a fixed spread. NFE sources LNG from its own FLNG 1 floating liquefaction unit offshore Mexico and open market purchases. Management describes the supply cost as roughly Henry Hub plus $2.50/MMBtu, against a blended downstream selling price implying around $4.50/MMBtu of margin. NFE's key downstream contracts run 15–25 years. NFE entered 2026 in severe financial distress, having defaulted on substantially all of its ~$5.8B in debt. In March 2026, NFE reached a restructuring agreement with creditors, under which NFE will split into two companies, existing debt will be exchanged for equity and new debt, and current shareholders will be diluted to 35% of the post-restructuring company before preferred conversion.