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Tellurian releases 2Q17 financial results

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LNG Industry,

Tellurian Inc. has released its financial results for 2Q17, reporting a net loss of approximately US$33 million.

The company also noted that Bechtel has now completed the front end engineering and design (FEED) study and submitted a lump sum turnkey (LSTK) engineering, procurement and construction (EPC) proposal for the Driftwood LNG terminal. In addition to this, Tellurian launched commercial and marketing efforts at the Gastech 2017 conference in Japan.

Meg Gentle, President and CEO, said: “Completion of the FEED study is an important accomplishment in the development of the Driftwood Project. The FEED study is the culmination of a year's work and a testament to the strength of the Bechtel, GE, Chart, and Tellurian engineering teams. The EPC proposal differentiates the Driftwood Project from other projects by enhancing cost certainty, which will support commercial and financing discussions. We anticipate executing a binding EPC agreement with Bechtel this autumn, and we intend to begin producing LNG in 2022.”

In the statement, Tellurian provided an estimated timeline for the Driftwood project. This reads as follows:

  • LSTK EPC contract – mid-2017.
  • LNG sales and purchase agreements – 1H18.
  • FERC construction and authorisation – mid-2018.
  • Liquefaction project financial close – mid-2018.
  • Commence construction – mid-2018.
  • Commence operations – 2022.

The US$33 million net loss includes approximately US$15 million of development expenses (primarily associated with the development of the Driftwood project and related regulatory filings), as well as approximately US$18 million of general and administrative expenses.

Total cash disbursements used in operating activities for 2Q17 were approximately US$30 million. Most of this was tied to Driftwood project development activity.

As of 30 June 2017, Tellurian had approximately US$161 million of cash and cash equivalents.

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