Tellurian reports 1Q24 results and Driftwood LNG progress

Executive Chairman, Martin Houston, said: “Over the past few months, our senior team has sharpened its focus on stability, financial discipline and execution, and we are laser-focused on bringing Driftwood to final investment decision. To this end, we continue to take important steps to improve our balance sheet and liquidity position, and we continue to benefit from our strong regulatory standing. In addition, we have better aligned our commercial offerings to meet the needs of potential customers, and we are highly encouraged by our ongoing commercial discussions.”

Driftwood LNG received an extension through 2029 to both the order authorising construction from the U.S. Federal Energy Regulatory Commission and its Section 404 permit from the U.S. Army Corps of Engineers.

Tellurian generated approximately US$25.5 million in natural gas revenues in the 1Q24, driven by decreased realised natural gas prices and production volumes, compared to US$50.9 million in 1Q23. Tellurian reported a net loss of approximately US$44 million, or US$0.06 per share (basic and diluted), for the quarter ended 31 March 2024, compared to a net loss of US$27.5 million, or US$0.05 per share (basic and diluted), for the same period of 2023.

As of 31 March 2024, Tellurian had approximately US$1.3 billion in total assets, including approximately US$51.8 million of cash and cash equivalents.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06052024/tellurian-reports-1q24-results-and-driftwood-lng-progress/