Tellurian reports 3Q19 results

Commercial

• Announced a memorandum of understanding (MoU) with Petronet LNG Ltd INDIA for Petronet and its affiliates to purchase up to 5 million tpy of LNG from Driftwood, concurrent with an equity investment by Petronet in Driftwood. The agreement, which was exchanged in the presence of Prime Minister Narendra Modi and recognised by the governments of both India and the US, remains subject to further due diligence and approval by Petronet’s board of directors, and Tellurian and Petronet will endeavour to finalise the transaction agreements by 31 March 2020.
• Continued to progress negotiations for the sale of LNG and interests in Driftwood with several counterparties.

Driftwood LNG

• Progressed the engineering for the Driftwood liquefaction terminal, completing 26% of the total required.

Regulatory

• Commenced the Federal Energy Regulatory Commission (FERC) pre-filing process for the Permian Global Access Pipeline – a 625 mile, 42 in. interstate natural gas pipeline proposed from the Waha Hub in West Texas to near Lake Charles, Louisiana.

President and CEO Meg Gentle said: “Tellurian continues to execute on all facets of our strategy, including the completion of 26% of the engineering required for Driftwood, which makes Driftwood the most advanced preconstruction terminal in the US. We are on schedule to produce first LNG in 2023.”

Financial results

According to the results, Tellurian ended 3Q19 with approximately US$91.1 million of cash and cash equivalents and approximately US$133.2 million in debt. The company has a strong balance sheet consisting of approximately US$394.1 million in assets.

In addition to this, the company reported a net loss of approximately US$39.6 million, or US$0.18 per share (basic and diluted), for the three months ended 30 September 2019.

Read the article online at: https://www.lngindustry.com/liquefaction/07112019/tellurian-reports-3q19-results/