What caused the sharp decline in operating profit in Q4 2024?

The sharp decline in operating profit in Q4 2024 can be attributed to several factors:

1. **Refinancing Costs**: The company incurred significant costs related to debt refinancing, including a $260 million loss on extinguishment of debt. This loss is a direct result of the refinancing activities that the company underwent to manage its debt, which negatively impacted the operating profit for the quarter.
2. **LNG Export Prices**: Lower LNG export prices, which averaged $6.26 per thousand cubic feet in January to November of 2024, down about 18% from 2023, also contributed to the decline in operating profit. This decrease in prices squeezed margins for companies like New Fortress, affecting the revenue and subsequently the operating profit.
3. **Puerto Rico Operations Uncertainties**: There are uncertainties regarding the renewal and extension of contracts in Puerto Rico, which could affect future revenue streams. This uncertainty likely had an impact on the operating profit, as the company's future earnings are influenced by the terms of these contracts.

In summary, the sharp decline in operating profit in Q4 2024 was primarily caused by refinancing costs, lower LNG export prices, and uncertainties in Puerto Rico operations.