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Tellurian reports 2Q21 results

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LNG Industry,

Tellurian Inc. continues to build its integrated global natural gas business, entering into LNG Sales and Purchase Agreements (SPAs) with Gunvor Singapore Pte Ltd and Vitol Inc. for a total of 6 million tpy in the second quarter. Subsequent to the quarter end, Tellurian also entered into LNG SPAs with Shell NA LNG LLC for an additional 3 million tpy, completing the sales for plants one and two of Driftwood LNG.

Tellurian ended its 2Q21 with approximately US$111.9 million of cash and cash equivalents and no borrowing obligations, and generated approximately US$5.6 million in revenues in the quarter from natural gas sales. Based on current production and anticipated results from new wells to be drilled, Tellurian estimates the 2021 year-end exit rate for gross natural gas production to be approximately 95 million ft3/d.

Tellurian has a strong balance sheet consisting of approximately US$328.2 million in total assets. Tellurian reported a net loss of approximately US$30.6 million, or US$0.08 per share (basic and diluted), for the three months ended 30 June 2021.

President and CEO Octávio Simões said, “Tellurian’s strengthened balance sheet and commercial success, combined with supportive market fundamentals, enable Driftwood’s continued progression. We exercised our long-term lease option with the Port of Lake Charles and have started on owner’s projects for site preparation. Tellurian Production is also enhancing our natural gas drilling programme and this integrated approach will create the physical hedge for Driftwood’s natural gas purchases for liquefaction and export.”

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