Tellurian reports 1Q23 results
Published by Jessica Casey,
Editor
LNG Industry,
Tellurian Inc. has continued making progress on the Driftwood LNG phase one construction, added to natural gas acreage, production, and sales, and repaid US$166.7 million in principal balance of borrowing obligations in 1Q23. Subsequent to the quarter end, Tellurian also advanced Driftwood project funding through the execution of a US$1 billion sale and leaseback letter of intent (LOI).
President and CEO, Octávio Simões, said: “Tellurian continues to add value through natural gas production and sales and the construction of Driftwood LNG. With our development contributions and taking into account the land sale and lease-back contemplated by our recent LOI, we have invested or received commitments for nearly US$2 billion of the project costs, and we continue discussions with partners who want to join us in delivering much needed liquefied natural gas to the world. Tellurian is focused on delivering long-term returns to shareholders, and this mindset sets the tone for commercial negotiations, bank debt arrangements and equity investor discussions.”
Operating activities
Tellurian produced 19.3 billion ft3 of natural gas for the quarter ended 31 March 2023, as compared to 6.1 billion ft3 for the same period of 2022. As of 31 March 2023, Tellurian’s natural gas assets included 30 915 net acres and interests in 152 producing wells.
Consolidated financial results
Tellurian generated approximately US$50.9 million in revenues from natural gas sales in 1Q23, driven by increased production volumes, partially offset by decreased realised natural gas prices, compared to US$26 million in 1Q22. Tellurian reported a net loss of approximately US$27.5 million, or US$00.05 per share (basic and diluted), for the quarter ended 31 March 2023, compared to a net loss of US$66.6 million, or US$00.14 per share (basic and diluted), for the same period of 2022.
As of 31 March 2023, Tellurian had approximately US$1.3 billion in total assets, including approximately US$150 million of cash and cash equivalents.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/04052023/tellurian-reports-1q23-results/
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