Tellurian Reports Third Quarter 2019 Results
November 06 2019 - 4:38PM
Business Wire
Tellurian Inc. (Tellurian) (NASDAQ: TELL) continues to build its
integrated global natural gas business. Notable Tellurian
achievements during the third quarter of 2019 and thereafter:
Commercial
- Announced a Memorandum of Understanding (MOU) with Petronet LNG
Limited INDIA (Petronet) for Petronet and its affiliates to
purchase of up to five million tonnes per annum (mtpa) of liquefied
natural gas (LNG) from Driftwood, concurrent with an equity
investment by Petronet in Driftwood. The agreement, exchanged in
the presence of Prime Minister Narendra Modi and recognized by the
governments of India and the United States, remains subject to
further due diligence and approval of Petronet’s board of
directors, and Tellurian and Petronet will endeavor to finalize the
transaction agreements by March 31, 2020.
- Continue to advance negotiations for the sale of LNG and
interests in Driftwood with several counterparties.
Driftwood LNG
- Progressed the engineering for the Driftwood liquefaction
terminal, completing 26% of the total required.
Regulatory
- Began the Federal Energy Regulatory Commission (FERC)
pre-filing process for the Permian Global Access Pipeline, a
625-mile, 42-inch interstate natural gas pipeline proposed from the
Waha Hub in West Texas to near Lake Charles, Louisiana.
President and CEO Meg Gentle said, “Tellurian continues to
execute on all facets of our strategy, including the completion of
26% of the engineering required for Driftwood, which makes
Driftwood the most advanced pre-construction terminal in the United
States. We are on schedule to produce first LNG in 2023.”
Financial results
Tellurian ended its third quarter of 2019 with approximately
$91.1 million of cash and cash equivalents and approximately $133.2
million in debt. Tellurian has a strong balance sheet consisting of
approximately $394.1 million in assets.
Tellurian reported a net loss of approximately $39.6 million, or
$0.18 per share (basic and diluted), for the three months ended
September 30, 2019.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is
led by President and CEO Meg Gentle. Tellurian intends to create
value for shareholders by building a low-cost, global natural gas
business, profitably delivering natural gas to customers worldwide.
Tellurian is developing a portfolio of natural gas production, LNG
trading, and infrastructure that includes an ~ 27.6 mtpa LNG export
facility and an associated pipeline. Tellurian is based in Houston,
Texas, and its common stock is listed on the Nasdaq Capital Market
under the symbol “TELL”.
For more information, please visit www.tellurianinc.com. Follow
us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,”
“forecast,” “initial,” “intend,” “may,” “plan,” “potential,”
“project,” “proposed,” “should,” “will,” “would,” and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements herein relate to, among other things,
the capacity, timing, and other aspects of the Driftwood project,
investments in and construction of that project, a potential equity
investment by Petronet in the Driftwood project, and a potential
purchase by Petronet of LNG from the Driftwood terminal. These
statements involve a number of known and unknown risks, which may
cause actual results to differ materially from expectations
expressed or implied in the forward-looking statements. These risks
include the matters discussed in Item 1A of Part I of the Annual
Report on Form 10-K of Tellurian for the fiscal year ended December
31, 2018, and other Tellurian filings with the Securities and
Exchange Commission, all of which are incorporated by reference
herein. There can be no assurance that contemplated transactions
will be completed as planned. FID is subject to the completion of
financing arrangements that may not be completed within the time
frame expected or at all. Achieving FID will require substantial
amounts of financing in addition to that contemplated by the
agreements described in this press release. The forward-looking
statements in this press release speak as of the date of this
release. Although Tellurian may from time to time voluntarily
update its prior forward-looking statements, it disclaims any
commitment to do so except as required by securities laws.
Earnings podcast
On or before November 8, 2019, Tellurian will post to its
website, tellurianinc.com, a podcast discussing its results of
operations and financial condition as of and for the quarter ended
September 30, 2019 and other aspects of its business and
operations. The podcast may be found under the “News and
presentations” tab.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191106006065/en/
Media: Joi Lecznar SVP Public Affairs and Communication
Phone +1.832.962.4044 joi.lecznar@tellurianinc.com
Investors: Kian Granmayeh Director, Investor Relations
Phone +1.832.320.9293 kian.granmayeh@tellurianinc.com
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