Tellurian reports 2Q19 results
Published by David Rowlands,
Editor
LNG Industry,
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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