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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 001-5507
TELL-20210930_G1.JPG
Tellurian Inc.
(Exact name of registrant as specified in its charter)
Delaware   06-0842255
(State or other jurisdiction of
incorporation or organization) 		  (I.R.S. Employer Identification No.)
1201 Louisiana Street, Suite 3100, Houston, TX   77002
(Address of principal executive offices)   (Zip Code)
(832) 962-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of each exchange on which registered
Common stock, par value $0.01 per share TELL NYSE American
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No ¨
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐   Accelerated filer ☐
Non-accelerated filer ☒   Smaller reporting company ☒
Emerging growth company ☐
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No x
    As of October 22, 2021, there were 479,005,062 shares of common stock, $0.01 par value, issued and outstanding.


Tellurian Inc.
TABLE OF CONTENTS
Page
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets
1
Condensed Consolidated Statements of Operations
2
Condensed Consolidated Statement of Changes in Stockholders’ Equity
3
Condensed Consolidated Statements of Cash Flows
4
Notes to Condensed Consolidated Financial Statements
5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
12
Item 3. Quantitative and Qualitative Disclosures about Market Risk
15
Item 4. Controls and Procedures
15
Item 1. Legal Proceedings
15
Item 1A. Risk Factors
15
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
15
Item 5. Other Information
16
Item 6. Exhibits
16
17



Cautionary Information About Forward-Looking Statements
The information in this report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical facts, that address activity, events, or developments with respect to our financial condition, results of operations, or economic performance that we expect, believe or anticipate will or may occur in the future, or that address plans and objectives of management for future operations, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “budget,” “continue,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “likely,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would” and similar expressions are intended to identify forward-looking statements. These forward-looking statements relate to, among other things:
•our businesses and prospects and our overall strategy;
•planned or estimated capital expenditures;
•our ability to grow our upstream operations;
•availability of liquidity and capital resources;
•our ability to obtain additional financing as needed and the terms of financing transactions, including for the Driftwood Project;
•revenues and expenses;
•progress in developing our projects and the timing of that progress;
•future values of the Company’s projects or other interests, operations or rights; and
•government regulations, including our ability to obtain, and the timing of, necessary governmental permits and approvals.
Our forward-looking statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from any future results or performance expressed or implied by the forward-looking statements. Factors that could cause actual results and performance to differ materially from any future results or performance expressed or implied by the forward-looking statements include, but are not limited to, the following:
•the uncertain nature of demand for and price of natural gas and LNG;
•risks related to shortages of LNG vessels worldwide;
•technological innovation which may render our anticipated competitive advantage obsolete;
•risks related to a terrorist or military incident involving an LNG carrier;
•changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities;
•governmental interventions in the LNG industry, including increases in barriers to international trade;
•uncertainties regarding our ability to maintain sufficient liquidity and attract sufficient capital resources to implement our projects;
•our limited operating history;
•our ability to attract and retain key personnel;
•risks related to doing business in, and having counterparties in, foreign countries;
•our reliance on the skill and expertise of third-party service providers;
•the ability of our vendors to meet their contractual obligations;
•risks and uncertainties inherent in management estimates of future operating results and cash flows;
•the potential discontinuation of LIBOR;
•changes in competitive factors, including the development or expansion of LNG, pipeline and other projects that are competitive with ours;


•development risks, operational hazards and regulatory approvals;
•our ability to enter into and consummate planned financing and other transactions;
•risks related to pandemics or disease outbreaks;
•risks of potential impairment charges and reductions in our reserves; and
•risks and uncertainties associated with litigation matters.
The forward-looking statements in this report speak as of the date hereof. Although we may from time to time voluntarily update our prior forward-looking statements, we disclaim any commitment to do so except as required by securities laws.
DEFINITIONS
To the extent applicable, and as used in this quarterly report, the terms listed below have the following meanings:
Bcf Billion cubic feet of natural gas
Bcf/d Bcf per day
DD&A Depreciation, depletion and amortization
DES Delivered ex-ship
DFC Deferred financing costs
EPC Engineering, procurement and construction
FID Final investment decision as it pertains to the Driftwood Project
FOB Free on board
GAAP Generally accepted accounting principles in the U.S.
JKM Platts Japan Korea Marker index price for LNG
LNG Liquefied natural gas
LSTK Lump sum turnkey
MMBtu Million British thermal units
Mtpa Million tonnes per annum
OTC Over-the-counter
SEC U.S. Securities and Exchange Commission
SPA Sale and purchase agreement
Train An industrial facility comprised of a series of refrigerant compressor loops used to cool natural gas into LNG
TTF Platts Dutch Title Transfer Facility index price for LNG
U.S. United States
USACE U.S. Army Corps of Engineers



PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
TELLURIAN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts, unaudited)
September 30, 2021 December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents $ 210,812  $ 78,297 
Accounts receivable 13,056  4,500 
Prepaid expenses and other current assets 467  2,105 
Total current assets 224,335  84,902 
Property, plant and equipment, net 117,118  61,257 
Deferred engineering costs 110,025  110,499 
Non-current restricted cash —  3,440 
Other non-current assets 32,399  32,897 
Total assets $ 483,877  $ 292,995 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 27,861  $ 23,573 
Accounts payable due to related parties —  910 
Accrued and other liabilities 35,203  22,003 
Borrowings —  72,819 
Total current liabilities 63,064  119,305 
Long-term liabilities:
Borrowings —  38,275 
Other non-current liabilities 61,612  26,325 
Total long-term liabilities 61,612  64,600 
Stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 authorized:
6,123,782 and 6,123,782 shares outstanding, respectively
61  61 
Common stock, $0.01 par value, 800,000,000 authorized:
470,813,044 and 354,315,739 shares outstanding, respectively
4,477  3,309 
Additional paid-in capital 1,244,500  922,042 
Accumulated deficit (889,837) (816,322)
Total stockholders’ equity 359,201  109,090 
Total liabilities and stockholders’ equity $ 483,877  $ 292,995 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
1

TELLURIAN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Natural gas sales $ 15,638  $ 7,272  $ 29,922  $ 21,818 
LNG sales —  6,993  19,776  6,993 
Total revenue 15,638  14,265  49,698  28,811 
Operating costs and expenses:
Cost of sales 3,068  9,241  30,841  14,529 
Development expenses 8,823  5,799  26,327  26,105 
Depreciation, depletion and amortization 3,735  3,474  8,720  14,301 
General and administrative expenses 14,528  10,734  47,065  43,342 
Impairment charges —  —  —  81,065 
Severance and reorganization charges —  —  —  6,359 
Related party charges —  —  —  7,357 
Total operating costs and expenses 30,154  29,248  112,953  193,058 
Loss from operations (14,516) (14,983) (63,255) (164,247)
Interest expense, net (968) (15,973) (7,689) (33,564)
Gain on extinguishment of debt, net —  —  1,422  — 
Other (expense) income, net (448) 1,490  (3,993) (1,235)
Loss before income taxes (15,932) (29,466) (73,515) (199,046)
Income taxes —  —  —  — 
Net loss $ (15,932) $ (29,466) $ (73,515) $ (199,046)
Net loss per common share(1):
Basic and diluted $ (0.04) $ (0.10) $ (0.19) $ (0.79)
Weighted-average shares outstanding:
Basic and diluted 427,204  291,409  390,233  252,825 
(1) The numerator for both basic and diluted loss per share is net loss. The denominator for both basic and diluted loss per share is the weighted-average shares outstanding during the period.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
2

TELLURIAN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands, unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Total shareholders’ equity, beginning balance $ 247,019  $ 75,913  $ 109,090  $ 166,285 
Preferred stock $ 61  $ 61  $ 61  $ 61 
Common stock:
Beginning balance 4,048  2,627  3,309  2,211 
Common stock issuances 428  371  1,066  567 
Share-based compensation, net(1)
1  23  42  33 
Severance and reorganization charges —  15  —  22 
Settlement of Final Payment Fee —  —  —  110 
Borrowings principal repayment —  —  —  93 
Warrant exercises —  —  60  — 
Ending balance 4,477  3,036  4,477  3,036 
Additional paid-in capital:
Beginning balance $ 1,116,815  $ 848,431  $ 922,042  $ 769,639 
Common stock issuances 126,313  34,483  308,039  70,327 
Share-based compensation, net(1)
1,372  3,299  6,520  5,619 
Severance and reorganization charges —  1,890  —  2,667 
Share-based payments —  113  —  337 
Settlement of Final Payment Fee —  —  —  9,036 
Warrants issued in connection with Borrowings —  —  —  16,896 
Borrowings principal repayment —  —  —  13,695 
Warrant exercises —  —  8,117  — 
Warrant cancellation —  —  (218) — 
Ending balance $ 1,244,500  $ 888,216  $ 1,244,500  $ 888,216 
Accumulated deficit:
Beginning balance $ (873,905) $ (775,206) $ (816,322) $ (605,626)
Net loss (15,932) (29,466) (73,515) (199,046)
Ending balance $ (889,837) $ (804,672) $ (889,837) $ (804,672)
Total shareholders’ equity, ending balance $ 359,201  $ 86,641  $ 359,201  $ 86,641 
(1) Includes settlement of 2019 bonus that was accrued for in 2019.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3

TELLURIAN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Nine Months Ended September 30,
2021 2020
Cash flows from operating activities:
Net loss $ (73,515) $ (199,046)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization 8,720  14,301 
Amortization of debt issuance costs, discounts and fees 3,061  22,467 
Share-based compensation 4,577  2,184 
Severance and reorganization charges —  2,689 
Share-based payments —  338 
Interest elected to be paid-in-kind 508  2,431 
Loss on financial instruments not designated as hedges 927  4,624 
Impairment charges —  81,065 
Net gain on extinguishment of debt (1,422) — 
Other 800  485 
Net changes in working capital (Note 15) 17,174  11,728 
Net cash used in operating activities (39,170) (56,734)
Cash flows from investing activities:
Development of natural gas properties (23,416) (389)
     Purchase of property, plant and equipment (1,000) — 
Net cash used in investing activities (24,416) (389)
Cash flows from financing activities:
Proceeds from common stock issuances 319,998  73,986 
Equity issuance costs (10,893) (3,091)
Borrowing proceeds —  50,000 
Borrowing issuance costs —  (2,612)
Borrowing principal repayments (119,725) (45,600)
Tax payments for net share settlement of equity awards (Note 15) (3,064) (878)
Proceeds from warrant exercises 8,177  — 
Other (1,833) (1,776)
Net cash provided by financing activities 192,660  70,029 
Net increase in cash, cash equivalents and restricted cash 129,074  12,906 
Cash, cash equivalents and restricted cash, beginning of period 81,738  68,482 
Cash, cash equivalents and restricted cash, end of period $ 210,812  $ 81,388 
Supplementary disclosure of cash flow information:
Interest paid $ 3,299  $ 7,956 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4
Tellurian Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)

NOTE 1 — GENERAL
The terms “we,” “our,” “us,” “Tellurian” and the “Company” as used in this report refer collectively to Tellurian Inc. and its subsidiaries unless the context suggests otherwise. These terms are used for convenience only and are not intended as a precise description of any separate legal entity associated with Tellurian Inc.
Nature of Operations
We plan to develop, own and operate a global natural gas business and to deliver natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas, LNG marketing, and infrastructure assets that includes an LNG terminal facility (the “Driftwood terminal”), an associated pipeline (the “Driftwood pipeline”), other related pipelines, and upstream natural gas assets. The Driftwood terminal and the Driftwood pipeline are collectively referred to as the “Driftwood Project”.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain notes and other information have been condensed or omitted. The accompanying interim financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of our Condensed Consolidated Financial Statements. These interim financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2020.
Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on our consolidated financial position, results of operations or cash flows.
Liquidity
Our Condensed Consolidated Financial Statements were prepared in accordance with GAAP, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business as well as the Company’s ability to continue as a going concern. As of the date of the Condensed Consolidated Financial Statements, we have generated losses and negative cash flows from operations, and have an accumulated deficit. We have not yet established an ongoing source of revenues sufficient to satisfy our obligations and fund working capital needs.
The Company has sufficient cash on hand and available liquidity to satisfy its obligations and fund its working capital needs for at least twelve months following the date of issuance of the condensed consolidated financial statements. The Company has the ability to generate additional proceeds from various other potential financing transactions, such as issuances of equity, equity-linked and debt securities, or similar transactions to fund our obligations and working capital needs.
Use of Estimates 
To conform with GAAP, we make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements and the accompanying notes. Although these estimates and assumptions are based on our best available knowledge at the time, actual results may differ.
NOTE 2 — PREPAID EXPENSES AND OTHER CURRENT ASSETS
The components of prepaid expenses and other current assets consist of the following (in thousands):
September 30, 2021 December 31, 2020
Prepaid expenses $ 280  $ 1,156 
Deposits 150  100 
Derivative asset —  843 
Other current assets 37  6 
Total prepaid expenses and other current assets $ 467  $ 2,105 
5
Tellurian Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
NOTE 3 — PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is comprised of fixed assets, proved oil and natural gas properties and financing leases, as shown below (in thousands):
September 30, 2021 December 31, 2020
Land and land improvement $ 15,284  $ 13,808 
Proved properties 76,406  62,227 
Wells in progress 11,200  492 
Corporate and other 3,476  3,476 
Total property, plant and equipment at cost 106,366  80,003 
Accumulated DD&A (47,424) (38,764)
Right of use asset — financing leases 58,176  20,018 
Total property, plant and equipment, net $ 117,118  $ 61,257 
Land
We own land in Louisiana for the purpose of constructing the Driftwood terminal.
NOTE 4 — DEFERRED ENGINEERING COSTS
Deferred engineering costs of approximately $110.0 million represent detailed engineering services related to the planned construction of the Driftwood terminal as of September 30, 2021. The balance in this account will be transferred to construction in progress upon reaching an affirmative FID by the Company’s Board of Directors.
NOTE 5 — OTHER NON-CURRENT ASSETS
Other non-current assets consist of the following (in thousands):
September 30, 2021 December 31, 2020
Land lease and purchase options $ 6,363  $ 5,831 
Permitting costs 13,497  13,092 
Right of use asset — operating leases 10,610  11,884 
Other 1,929  2,090 
Total other non-current assets $ 32,399  $ 32,897 
Land Lease and Purchase Options
We hold lease and purchase option agreements (the “Options”) for certain tracts of land and associated river frontage. Upon exercise of the Options, the leases are subject to maximum terms of 50 years (inclusive of various renewals, at the option of the Company). Costs of the Options will be amortized over the life of the lease once obtained, or capitalized into the cost of land if purchased.
Permitting Costs
Permitting costs primarily represent the purchase of wetland credits in connection with our permit application to the USACE in 2017 and 2018. These wetland credits will be applied to our permit in accordance with the Clean Water Act and the Rivers and Harbors Act, which may require us to mitigate the potential impact to Louisiana wetlands that might be caused by the construction of the Driftwood Project. In May 2019, we received the USACE permit. The permitting costs will be transferred to construction in progress upon reaching an affirmative FID by the Company’s Board of Directors.
NOTE 6 — FINANCIAL INSTRUMENTS
As part of entering into the 2018 Term Loan, which was repaid in full in April 2021, we were required to enter into and maintain certain hedging transactions. As a result, we used derivative financial instruments, namely OTC commodity swap instruments (“commodity swaps”), to maintain compliance with that covenant.
Commodity swap agreements involve payments to or receipts from counterparties based on the differential between two prices for the commodity and include basis swaps to protect earnings from undue exposure to the risk of geographic disparities in commodity prices. The fair value of our commodity swaps was classified as Level 2 in the fair value hierarchy and was based on standard industry income approach models that use significant observable inputs, including but not limited to
6
Tellurian Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
New York Mercantile Exchange (NYMEX) natural gas forward curves and basis forward curves, all of which were validated against external sources at least monthly.
We recognized all derivative instruments as either assets or liabilities at fair value on a net basis as they were with a single counterparty and subject to a master netting arrangement. In April 2021, we net settled our derivative instruments when we voluntarily repaid the 2018 Term Loan in full.
We did not apply hedge accounting for our commodity swaps; therefore, all changes in the fair value of our derivative instruments were recognized within Other (expenses) income, net, in the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2021, we recognized a realized loss of approximately $1.2 million in our Condensed Consolidated Statements of Operations. Derivative contracts which result in physical delivery of a commodity expected to be used or sold by the Company in the normal course of business are designated as normal purchases and sales and are exempt from derivative accounting. OTC arrangements require settlement in cash. Settlements of commodity derivative instruments are reported as a component of cash flows from operations in the Condensed Consolidated Statements of Cash Flows.
NOTE 7 — RELATED PARTY TRANSACTIONS
In conjunction with the dismissal of prior litigation, we agreed to reimburse the Vice Chairman of our Board of Directors, Martin Houston, for reasonable attorneys’ fees and expenses he incurred during the litigation. As of September 30, 2021, all amounts owed to Mr. Houston were fully settled.
NOTE 8 — ACCRUED AND OTHER LIABILITIES
The components of accrued and other liabilities consist of the following (in thousands):
September 30, 2021 December 31, 2020
Project development activities $ 11,380  $ 3,228 
Payroll and compensation 15,512  9,454 
Accrued taxes 1,047  1,057 
Professional services (e.g., legal, audit) 2,764  1,004 
Warrant liabilities —  3,774 
Lease liabilities 2,287  1,950 
Other 2,213  1,536 
Total accrued and other liabilities $ 35,203  $ 22,003 
7
Tellurian Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
NOTE 9 — BORROWINGS
The following tables summarize the Company’s borrowings as of September 30, 2021, and December 31, 2020 (in thousands):
September 30, 2021
Principal repayment obligation
Unamortized DFC and discounts Carrying value
2018 Term Loan, due September 2021 $ —  $ —  $ — 
2019 Term Loan, due March 2022 —  —  — 
2020 Unsecured Note —  —  — 
Total borrowings $ —  $ —  $ — 
December 31, 2020
Principal repayment obligation Unamortized DFC and discounts Carrying value
2018 Term Loan, due September 2021 $ 60,000  $ (805) $ 59,195 
2019 Term Loan, due March 2022 (a)
43,217  (4,942) 38,275 
2020 Unsecured Note 16,000  (2,376) 13,624 
Total borrowings $ 119,217  $ (8,123) $ 111,094 
(a) Includes paid-in-kind interest on the 2019 Term Loan of $3.3 million.
Full Repayment of the Company’s Borrowing Obligations
Over the course of the current year, we voluntarily repaid all borrowing obligations that were outstanding under the 2018 Term Loan, 2019 Term Loan, and 2020 Unsecured Note. As of September 30, 2021, our total borrowing obligation was zero.
Trade Finance Credit Line
On July 19, 2021, we entered into an uncommitted trade finance credit line for up to $30.0 million that is intended to finance the purchase and sale of LNG cargoes for ultimate resale in the normal course of business. As of the period ended September 30, 2021, no amounts have been drawn.
NOTE 10 — COMMITMENTS AND CONTINGENCIES
LNG Purchases
In connection with our LNG trading activities, we have previously entered into agreements with unrelated third-party LNG merchants pursuant to which we are obligated to purchase one cargo of LNG per quarter through October 2022 at a price based on then-prevailing JKM prices. The volume of each cargo is expected to range from 3.3 to 3.6 million MMBtu, and each cargo will be purchased under DES terms.
NOTE 11 — STOCKHOLDERS’ EQUITY
Common Stock Issuance
On August 6, 2021, we sold 35.0 million shares of our common stock in an underwritten public offering at a price of $3.00 per share. Net proceeds from this offering, after deducting fees and expenses, were approximately $100.8 million. The underwriters were granted an option to purchase up to an additional 5.3 million shares of common stock within 30 days. On August 31, 2021, the underwriters exercised this option, which generated net proceeds, after deducting fees, of approximately $15.1 million.
At-the-Market Program
We maintain an at-the-market equity offering program pursuant to which we may sell shares of our common stock from time to time. For the nine months ended September 30, 2021, we issued 66.4 million shares of our common stock under our at-the-market program for net proceeds of approximately $193.3 million. As of September 30, 2021, we had remaining availability under the at-the-market program to raise aggregate gross sales proceeds of up to approximately $334.6 million.
Common Stock Purchase Warrants
8
Tellurian Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
2019 Term Loan
During the first quarter of 2021, the lender under the 2019 Term Loan purchased approximately 6.0 million shares of our common stock pursuant to the exercise of warrants for total proceeds of approximately $8.2 million. On March 12, 2021, we repaid the 2019 Term Loan in full and the lender no longer holds any warrants.
2020 Unsecured Note
In conjunction with the issuance of the 2020 Unsecured Note, we issued a warrant providing the lender with the right to purchase up to 20.0 million shares of our common stock at $1.542 per share (the “2020 Warrant”). The 2020 Warrant vested immediately and will expire in October 2025. The 2020 Warrant has been excluded from the computation of diluted loss per share because including it would have been antidilutive for the periods presented.
Preferred Stock
In March 2018, we entered into a preferred stock purchase agreement with BDC Oil and Gas Holdings, LLC (“Bechtel Holdings”), a Delaware limited liability company and an affiliate of Bechtel Oil, Gas and Chemicals, Inc., a Delaware corporation, pursuant to which we sold to Bechtel Holdings approximately 6.1 million shares of our Series C convertible preferred stock (the “Preferred Stock”).
The holders of the Preferred Stock do not have dividend rights but do have a liquidation preference over holders of our common stock. The holders of the Preferred Stock may convert all or any portion of their shares into shares of our common stock on a one-for-one basis. At any time after “Substantial Completion” of “Project 1,” each as defined in and pursuant to the LSTK EPC Agreement for the Driftwood LNG Phase 1 Liquefaction Facility, dated as of November 10, 2017, or at any time after March 21, 2028, we have the right to cause all of the Preferred Stock to be converted into shares of our common stock on a one-for-one basis. The Preferred Stock has been excluded from the computation of diluted loss per share because including it in the computation would have been antidilutive for the periods presented.
NOTE 12 — SHARE-BASED COMPENSATION
We have granted restricted stock and restricted stock units (collectively, “Restricted Stock”), as well as unrestricted stock and stock options, to employees, directors and outside consultants (collectively, the “grantees”) under the Tellurian Inc. 2016 Omnibus Incentive Compensation Plan, as amended (the “2016 Plan”), and the Amended and Restated Tellurian Investments Inc. 2016 Omnibus Incentive Plan (the “Legacy Plan”). The maximum number of shares of Tellurian common stock authorized for issuance under the 2016 Plan is 40 million shares of common stock, and no further awards can be granted under the Legacy Plan.
Upon the vesting of restricted stock, shares of common stock will be released to the grantee. Upon the vesting of restricted stock units, the units will be converted into either cash, stock, or a combination thereof.
As of September 30, 2021, we had approximately 30.2 million shares of performance-based Restricted Stock outstanding, of which approximately 19.2 million shares will vest entirely at FID, as defined in the award agreements, and approximately 10.2 million shares will vest in one-third increments at FID and the first and second anniversaries of FID. The remaining shares of Restricted Stock, totaling approximately 0.8 million shares, will vest based on other criteria. As of September 30, 2021, no expense had been recognized in connection with performance-based Restricted Stock.
For the three and nine months ended September 30, 2021, the recognized share-based compensation expenses related to all share-based awards totaled approximately $1.5 million and $4.6 million, respectively. As of September 30, 2021, unrecognized compensation expenses, based on the grant date fair value, for all share-based awards totaled approximately $200.5 million. Further, the approximately 30.2 million shares of Restricted Stock, as well as approximately 11.1 million stock options outstanding, have been excluded from the computation of diluted loss per share because including them in the computation would have been antidilutive for the periods presented.
NOTE 13 — INCOME TAXES
Due to our cumulative loss position, historical net operating losses (“NOLs”), and other available evidence related to our ability to generate taxable income, we have recorded a full valuation allowance against our net deferred tax assets as of September 30, 2021 and December 31, 2020. Accordingly, we have not recorded a provision for federal, state or foreign income taxes during the three and nine months ended September 30, 2021.
We experienced ownership changes as defined by Internal Revenue Code (“IRC”) Section 382 in 2017, and an analysis of the annual limitation on the utilization of our NOLs was performed at that time. It was determined that IRC Section 382 will not limit the use of our NOLs over the carryover period. We will continue to monitor trading activity in our shares that may cause an additional ownership change, which may ultimately affect our ability to fully utilize our existing NOL carryforwards.
9
Tellurian Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
NOTE 14 — LEASES
Financing Leases
Our land leases are classified as financing leases and include one or more options to extend the lease term for up to 40 years, as well as to terminate the lease within five years, at our sole discretion. We are reasonably certain that those options will be exercised, and that our termination rights will not be exercised, and we have, therefore, included those assumptions within our right of use assets and corresponding lease liabilities. As of September 30, 2021, the weighted-average remaining lease term for our financing leases was approximately fifty years. As none of our financing leases provide an implicit rate, we have determined our own discount rate, which, on a weighted-average basis was approximately 9% at September 30, 2021.
As of September 30, 2021, our financing leases had a right of use asset of approximately $58.2 million, which is recognized within Property, plant and equipment, net, and a corresponding lease liability of approximately $50.3 million, most of which is recognized within Other non-current liabilities. For the three and nine months ended September 30, 2021 and 2020, our financing lease costs, which are associated with the interest on our lease liabilities, were approximately $1.0 million and $0.5 million, respectively, and $1.9 million and $1.2 million, respectively. For the nine months ended September 30, 2021, we paid approximately $1.0 million in required finance lease payments which are presented within the operating section of the Condensed Consolidated Statements of Cash Flows. For each of the nine months ended September 30, 2021 and 2020, we paid approximate $1.8 million, in required financing lease payments which are presented within the financing section of the Condensed Consolidated Statements of Cash Flows.
Operating Leases
Our office space leases are classified as operating leases and include one or more options to extend the lease term for up to 10 years, at our sole discretion. As we are not reasonably certain that those options will be exercised, none are recognized as part of our right of use assets and lease liabilities. As of September 30, 2021, our weighted-average remaining lease term for our operating leases was approximately five years. As none of our operating leases provide an implicit rate, we have determined our own discount rate, which, on a weighted-average basis at September 30, 2021, was approximately 8%.
As of September 30, 2021, our operating leases had a corresponding right of use asset of approximately $10.6 million, which is recognized within Other non-current assets, and a total lease liability of approximately $12.2 million which is recognized within Accrued and other liabilities (approximately $2.1 million) and Other non-current liabilities (approximately $10.1 million). For the three and nine months ended September 30, 2021 and 2020, our operating lease costs were $0.7 million and $0.7 million, respectively, and $2.1 million and $2.1 million, respectively. For the nine months ended September 30, 2021 and 2020, we paid approximately $2.1 million and $2.1 million, respectively, in required operating lease payments, which are presented within the operating section of the Condensed Consolidated Statements of Cash Flows.
The table below presents a maturity analysis of our lease liability on an undiscounted basis and reconciles those amounts to the present value of the lease liability as of September 30, 2021 (in thousands):
Maturity of lease liability Operating Leases Financing Leases
2021 $ 745  $ 1,028 
2022 3,006  4,111 
2023 3,044  4,111 
2024 3,081  4,111 
2025 3,119  4,111 
Thereafter 1,860  186,333 
Total lease payments $ 14,855  $ 203,805 
Less: discount 2,641  153,477 
Present value of lease liability $ 12,214  $ 50,328 
NOTE 15 — ADDITIONAL CASH FLOW INFORMATION

The following table provides information regarding the net changes in working capital (in thousands):
10
Tellurian Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited)
Nine Months Ended September 30,
2021 2020
Accounts receivable $ (8,556) $ 1,991 
Prepaid expenses and other current assets 412  6,995 
Accounts payable 4,288  (25)
Accounts payable due to related parties (910) 1,360 
Accrued liabilities 23,030  3,155 
Other, net (1,090) (1,748)
Net changes in working capital $ 17,174  $ 11,728 
The following table provides supplemental disclosure of cash flow information (in thousands):
Nine Months Ended September 30,
2021 2020
Non-cash accruals of property, plant and equipment and other non-current assets $ 38,509  $ 7,955 
Non-cash settlement of withholding taxes associated with the 2019 bonus and vesting of certain awards 3,064  878 
Non-cash settlement of the 2019 bonus 5,430  4,344 
Non-cash settlement of Final Payment Fee —  8,539 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of such amounts shown in the Condensed Consolidated Statements of Cash Flows (in thousands):
Nine Months Ended September 30,
2021 2020
Cash and cash equivalents $ 210,812  $ 77,947 
Non-current restricted cash —  3,441 
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 210,812  $ 81,388 
NOTE 16 — SUBSEQUENT EVENTS
Subsequent to September 30, 2021, and through the date of this filing, we issued approximately 8.2 million shares of common stock under our at-the-market equity offering program for net proceeds of approximately $29.0 million. As of October 22, 2021, we have remaining capacity under our at-the-market program to raise aggregate gross sales proceeds of approximately $304.7 million.

Effective November 2, 2021, the listing of our common stock was transferred from the Nasdaq Capital Market to the NYSE American. The stock continues to trade under the symbol “TELL”.
11
Tellurian Inc. and Subsidiaries
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Introduction
The following discussion and analysis presents management’s view of our business, financial condition and overall performance and should be read in conjunction with our Condensed Consolidated Financial Statements and the accompanying notes. This information is intended to provide investors with an understanding of our past development activities, current financial condition and outlook for the future organized as follows:
•Our Business
•Overview of Significant Events
•Liquidity and Capital Resources
•Capital Development Activities
•Results of Operations
•Recent Accounting Standards
Our Business
Tellurian Inc. (“Tellurian,” “we,” “us,” “our,” or the “Company”) intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide (the “Business”). We are developing a portfolio of natural gas, LNG marketing, and infrastructure assets that includes an LNG terminal facility (the “Driftwood terminal”), an associated pipeline (the “Driftwood pipeline”), other related pipelines, and upstream natural gas assets. The Driftwood terminal and the Driftwood pipeline are collectively referred to as the “Driftwood Project”. Our existing upstream natural gas assets consist of 9,750 net acres and interests in 74 producing wells located in the Haynesville Shale trend of northern Louisiana. Our Business may be developed in phases.
As part of our execution strategy, we will consider partnering with third parties across the natural gas value chain. We are also pursuing activities such as direct sales of LNG to global counterparties, the acquisition of additional upstream acreage, the drilling of new wells on our existing or newly acquired upstream acreage and trading LNG. As discussed in “Overview of Significant Events – LNG Sale and Purchase Agreements” below, we entered into four LNG SPAs with three unrelated purchasers, completing the planned sales for plants one and two of the Driftwood terminal (“Phase 1”). We are currently focused on securing financing for the construction of Phase 1.
We continue to evaluate, and discuss with potential partners, the scope and other aspects of our Business in light of the evolving economic environment, needs of potential partners and other factors. How we execute our Business will be based on a variety of factors, including the results of our continuing analysis, changing business conditions and market feedback.
Overview of Significant Events
LNG Sale and Purchase Agreements
Subsequent to entering into LNG SPAs with Gunvor Singapore Pte Ltd and Vitol Inc. for the purchase of a total of 6.0 Mtpa during the second quarter of this year, on July 29, 2021, Driftwood LNG LLC, a wholly owned subsidiary of the Company, has entered into two LNG SPAs with Shell NA LNG LLC (“Shell”) for the purchase of 3.0 Mtpa at a price that will be based on the JKM index price or the TTF futures contract price, in each case minus a transportation netback. Each LNG SPA has a ten-year term from the date of first commercial delivery from the Driftwood terminal.
Public Equity Offering
On August 6, 2021, we sold 35.0 million shares of our common stock in an underwritten public offering at a price of $3.00 per share. Net proceeds from this offering, after deducting fees and expenses, were approximately $100.8 million. The underwriters were granted an option to purchase up to an additional 5.3 million shares of common stock within 30 days. On August 31, 2021, the underwriters exercised this option, which generated net proceeds, after deducting fees, of approximately $15.1 million.
Liquidity and Capital Resources
Capital Resources
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. We are currently funding our operations, development activities and general working capital needs through our cash on hand. Our current capital resources consist of approximately $210.8 million of cash and cash equivalents as of September 30, 2021. We currently maintain an at-the-market equity offering program under which, as of the date of this filing, we have remaining
12
Tellurian Inc. and Subsidiaries
Management's Discussion and Analysis of Financial Condition and Results of Operations
availability to raise aggregate gross sales proceeds of approximately $304.7 million. Since January 1, 2021, and through October 22, 2021, we have sold approximately 74.6 million shares of common stock under our at-the-market program for net proceeds of approximately $222.3 million.
As of September 30, 2021, we had contractual obligations associated with our financing and operating leases totaling $218.7 million, of which $7.1 million is scheduled to be paid within the next twelve months.
In connection with our LNG trading activities, we have previously entered into agreements with unrelated third-party LNG merchants pursuant to which we are obligated to purchase one cargo of LNG per quarter through October 2022 at a price based on then-prevailing JKM prices. We may be required to use cash on hand as well as trade financing arrangements to finance the purchase of these cargoes.
The Company has sufficient cash on hand and available liquidity to satisfy its obligations and fund its working capital needs for at least twelve months following the date of issuance of the condensed consolidated financial statements. The Company has the ability to generate additional proceeds from various other potential financing transactions, such as issuances of equity, equity-linked and debt securities, or similar transactions to fund our obligations and working capital needs.
Sources and Uses of Cash
The following table summarizes the sources and uses of our cash and cash equivalents and costs and expenses for the periods presented (in thousands):
Nine Months Ended September 30,
2021 2020
Cash used in operating activities $ (39,170) $ (56,734)
Cash used in investing activities (24,416) (389)
Cash provided by financing activities 192,660  70,029 
Net increase in cash, cash equivalents and restricted cash 129,074  12,906 
Cash, cash equivalents and restricted cash, beginning of the period 81,738  68,482 
Cash, cash equivalents and restricted cash, end of the period $ 210,812  $ 81,388 
Net working capital $ 161,271  $ (58,741)
Cash used in operating activities for the nine months ended September 30, 2021 decreased by approximately $17.6 million compared to the same period in 2020 due to an overall decrease in disbursements as a result of the reorganization in the first quarter of 2020.
Cash used in investing activities for the nine months ended September 30, 2021 increased by approximately $24.0 million compared to the same period in 2020. This increase is predominantly driven by increased natural gas development activities.
Cash provided by financing activities for the nine months ended September 30, 2021 increased by approximately $122.6 million compared to the same period in 2020. This increase primarily relates to the following:
•Increase of approximately $246.4 million in net proceeds from equity issuances and warrant exercises.
•Decrease of approximately $47.4 million in net borrowings proceeds due to the absence of these activities during the current period.
•Increase of approximately $74.1 million in principal repayments of our borrowings compared to the prior period.
See Note 11, Stockholders’ Equity, of our Notes to the Condensed Consolidated Financial Statements for further information about our financing activities.
13
Tellurian Inc. and Subsidiaries
Management's Discussion and Analysis of Financial Condition and Results of Operations
Capital Development Activities
The activities we have proposed will require significant amounts of capital and are subject to risks and delays in completion. We received all major regulatory approvals for the construction of Phase 1 and, as a result, our business success will depend to a significant extent upon our ability to obtain the funding necessary to construct assets on a commercially viable basis and to finance the costs of staffing, operating and expanding our company during that process. We have initiated certain owner construction activities.
We currently estimate the total cost of the Driftwood Project as well as related pipelines and upstream natural gas assets to be approximately $25.0 billion including owners’ costs, transaction costs and contingencies but excluding interest costs incurred during construction and other financing costs. We have entered into four LSTK EPC agreements currently totaling $15.5 billion, or $561 per tonne, with Bechtel Oil, Gas and Chemicals, Inc. (“Bechtel”) for construction of the Driftwood terminal. The proposed Driftwood terminal will have a liquefaction capacity of up to approximately 27.6 Mtpa and will be situated on approximately 1,000 acres in Calcasieu Parish, Louisiana. The proposed Driftwood terminal will include up to 20 liquefaction Trains, three full containment LNG storage tanks and three marine berths.
In addition, part of our strategy involves acquiring additional natural gas properties, including properties in the Haynesville shale trend. We intend to pursue potential acquisitions of such assets, or public or private companies that own such assets. We would expect to use stock, cash on hand, or cash raised in financing transactions to complete an acquisition of this type.
We anticipate funding our more immediate liquidity requirements relative to the detailed engineering work and other developmental costs, natural gas development costs, and general and administrative costs through the use of cash on hand, proceeds from operations, and proceeds from completed and future issuances of securities by us. Consistent with our overall financing strategy, the Company has considered, and in some cases discussed with investors, various potential financing transactions, including issuances of debt, equity and equity-linked securities or similar transactions, to support its short- and medium-term capital requirements. The Company will continue to evaluate its cash needs and business outlook, and it may execute one or more transactions of this type in the future.
We currently expect that our long-term capital requirements will be financed by proceeds from future debt, equity and/or equity-linked transactions.
Results of Operations    
The following table summarizes revenue, costs and expenses for the periods presented (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Total revenue $ 15,638  $ 14,265  $ 49,698  $ 28,811 
Cost of sales 3,068  9,241  30,841  14,529 
Development expenses 8,823  5,799  26,327  26,105 
Depreciation, depletion and amortization 3,735  3,474  8,720  14,301 
General and administrative expenses 14,528  10,734  47,065  43,342 
Impairment charge —  —  —  81,065 
Severance and reorganization charges —  —  —  6,359 
Related party charges —  —  —  7,357 
Loss from operations (14,516) (14,983) (63,255) (164,247)
Interest expense, net (968) (15,973) (7,689) (33,564)
Gain on extinguishment of debt, net —  —  1,422  — 
Other (expense) income, net (448) 1,490  (3,993) (1,235)
Income tax benefit —  —  —  — 
Net loss $ (15,932) $ (29,466) $ (73,515) $ (199,046)
Our consolidated net loss was approximately $15.9 million for the three months ended September 30, 2021, compared to a net loss of approximately $29.5 million during the same period in 2020. The decrease in net loss of approximately $13.5 million is primarily a result of the following:
•Decrease of approximately $15.0 million in interest expense due to the decline in interest charges associated with our borrowing obligations, which were fully repaid during 2021.
14
Tellurian Inc. and Subsidiaries
Management's Discussion and Analysis of Financial Condition and Results of Operations
•Decrease of $6.2 million in cost of sales primarily because we did not execute any purchases and sales of LNG cargos during the current period.
The decreases were partially offset by an approximately $6.8 million increase in General and administrative and Development expenses as a result of an increase in spending activities primarily associated with the Driftwood Project.
Our consolidated net loss was approximately $73.5 million for the nine months ended September 30, 2021, compared to a net loss of approximately $199.0 million during the same period in 2020. The decrease in net loss of approximately $125.5 million is primarily a result of the following:
•Absence of upstream impairment charges, severance and reorganization costs, and related party expenses of approximately $81.1 million, $6.4 million, and $7.4 million respectively, that were incurred during 2020.
•Decrease of approximately $25.9 million in interest expense due to the decline in interest charges associated with our borrowing obligations, which were fully repaid during 2021.
•Decrease of approximately $5.6 million in DD&A due to the lower net book value utilized in the calculation as a result of the impairment charge that occurred during the prior period.
The increases of approximately $20.9 million in total revenues and $16.3 million in cost of sales were primarily related to the purchase and sale of an LNG cargo in April 2021.
Recent Accounting Standards
We do not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our Condensed Consolidated Financial Statements or related disclosures.
Critical Accounting Estimates
There were no changes made by management to the critical accounting policies in the nine months ended September 30, 2021. Please refer to the Summary of Critical Accounting Estimates section within MD&A and Note 1 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2020 for a discussion of our critical accounting estimates and accounting policies.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We do not believe that we hold, or are party to, instruments that are subject to market risks that are material to our Business.
ITEM 4. CONTROLS AND PROCEDURES
As indicated in the certifications in Exhibits 31.1 and 31.2 to this report, our Chief Executive Officer and Chief Financial Officer have evaluated our disclosure controls and procedures as of September 30, 2021. Based on that evaluation, these officers have concluded that our disclosure controls and procedures are effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. There were no changes during our last fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors disclosed in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as amended.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Recent Sales of Unregistered Securities
None that occurred during the three months ended September 30, 2021.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None that occurred during the three months ended September 30, 2021.
15

ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
Exhibit No.   Description
10.1††‡
10.2††‡
10.3†‡
10.4†‡
10.5†*
31.1*
31.2*
32.1**
32.2**
101.INS*   XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*   Inline XBRL Taxonomy Extension Schema Document
101.CAL*   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL
 
* Filed herewith.
** Furnished herewith.
† Management contract or compensatory plan or arrangement.
††
Portions of this exhibit have been omitted in accordance with Item 601(b)(2) or 601(b)(10) of Regulation S-K. The omitted information is not material and would likely cause competitive harm to the registrant if publicly disclosed. The registrant hereby agrees to furnish supplementally an unredacted copy of this exhibit to the Securities and Exchange Commission upon request.
‡
Certain schedules or similar attachments to this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The registrant hereby agrees to furnish supplementally to the Securities and Exchange Commission upon request a copy of any omitted schedule or attachment to this exhibit.
16

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TELLURIAN INC.
Date: November 3, 2021 By: /s/ L. Kian Granmayeh
L. Kian Granmayeh
Chief Financial Officer
(as Principal Financial Officer)
Tellurian Inc.
Date: November 3, 2021 By: /s/ Khaled A. Sharafeldin
Khaled A. Sharafeldin
Chief Accounting Officer
(as Principal Accounting Officer)
Tellurian Inc.
    
17
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