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Tellurian reports 2Q19 results

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LNG Industry,


Tellurian Inc. has released its results for 2Q19, continuing to build its integrated global natural gas business.

In the statement, the company claims that notable achievements for the quarter include the following:

Commercial

  • Entered into definitive agreements with subsidiaries of Total S.A. for a US$500 million equity investment in Driftwood Holdings LP, and related purchase of LNG. These agreements are reportedly filed with Tellurian’s second quarter 10-Q filing. In addition to Total’s previously announced agreement to purchase approximately US$200 million of Tellurian common stock, Total’s aggregate investment in the Tellurian portfolio will be around US$907 million at final investment decision (FID) for Driftwood.
  • Continued to progress talks for the sale of LNG and interests in Driftwood Holdings with numerous counterparties.
  • Secured US$75 million term loan for general corporate purposes.

Regulatory

  • Successfully received all major permits necessary for building and operating the Driftwood terminal and pipeline.

Pipeline

  • Finalised binding open seasons for the Permian Global Access Pipeline (PGAP), the Haynesville Global Access Pipeline (HGAP) and the Delhi Connector Pipeline (DCPL), leading to over-subscribed indications of interest. Tellurian claims that it expects to finalise precedent agreements and begin the pre-filing process with the Federal Energy Regulatory Commission (FERC) in the next quarter for PGAP.

President and CEO, Meg Gentle, said: “Total’s commitment and investment in Tellurian has set an international standard for a joint venture partnership that will deliver low-cost US LNG supply to the world beginning in 2023. Tellurian has executed a thorough set of documents and we are using those as a template to secure further agreements with partners. We are preparing to launch the project finance debt syndication which we expect to take the remainder of the year.”

Financial results

  • In the statement, Tellurian claims that it ended 2Q19 with approximately US$104.0 million in cash and cash equivalent, and approximately US$114.2 million in debt. The company has a strong balance sheet consisting of approximately US$417.4 million in assets.
  • In addition to this, Tellurian reported a net loss of approximately US$40.5 million, or US$0.19 per share (basic and diluted), for the three months ended 30 June 2019.

Read the article online at: https://www.lngindustry.com/liquefaction/08082019/tellurian-reports-2q19-results/

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