Tellurian Reports Third Quarter 2021 Results
November 03 2021 - 7:39AM
Business Wire
Tellurian Inc. (Tellurian) (NYSE American: TELL) completed sales
from Driftwood LNG’s capacity for the first two plants with the
signing of three million tonnes per annum (mtpa) in sale and
purchase agreements (SPAs) with Shell and raised approximately $116
million in a public stock offering in the third quarter of 2021.
Subsequent to the quarter end, Tellurian transferred its common
stock listing from the Nasdaq Capital Market to the NYSE
American.
Tellurian ended its third quarter of 2021 with approximately
$210.8 million of cash and cash equivalents and no borrowing
obligations. Natural gas sales for the third quarter generated
approximately $15.6 million in revenues compared to $7.3 million
during the same period of 2020.
Tellurian has a strong balance sheet consisting of approximately
$483.9 million in total assets. Tellurian reported a net loss of
approximately $18.7 million, or $0.04 per share (basic and
diluted), for the three months ended September 30, 2021.
President and CEO Octávio Simões said, “Tellurian recently
brought production online from two newly completed natural gas
wells, adding to our financial strength and integrated model that
provides a valuable hedge to volatile global prices. By year end
2021 we plan to produce approximately 70 million cubic feet
equivalent per day (mmcfed). In addition, we have authorized a new
drilling program and plan to drill 12 – 14 wells to produce
approximately 220 mmcfed by year end 2022. We have turned our focus
to financing Driftwood LNG and plan to give Bechtel notice to
proceed with construction in early 2022.”
About Tellurian Inc.
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 marketing and 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 NYSE American 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, construction and other aspects of the
Driftwood project, future production and drilling activities and
the timing of a notice to proceed with respect to the project.
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, 2020 filed by Tellurian with the Securities and Exchange
Commission (the SEC) on February 24, 2021, and other Tellurian
filings with the SEC, all of which are incorporated by reference
herein. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211103005638/en/
Media: Joi Lecznar EVP Public and Government Affairs
Phone +1.832.962.4044 joi.lecznar@tellurianinc.com
Investors: Matt Phillips Vice President, Investor
Relations Phone +1.832.320.9331
matthew.phillips@tellurianinc.com
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