Tellurian Reports 2021 Results
February 23 2022 - 7:41AM
Business Wire
Tellurian Inc. (Tellurian) (NYSE American: TELL) ended 2021 with
over $300 million in liquidity and over $360 million in
standardized measure of discounted future net cash flows of proved
natural gas reserves. Tellurian also continued advancing the
Driftwood LNG project in 2021 with the following significant
accomplishments:
- Completed Driftwood LNG phase one liquefied natural gas (LNG)
sales and purchase agreements (SPAs) totaling nine million tonnes
per annum (mtpa)
- Executed long-term ground lease agreement with the Lake Charles
Harbor and Terminal district and began owner construction
projects
- Initiated the Driftwood LNG financing process
- Paid outstanding debt and strengthened the balance sheet
- Drilled and put into production four new Haynesville operated
natural gas wells, increasing our proved developed reserves by
approximately 51 billion cubic feet (Bcf) as of December 31,
2021
- Committed to invest $25 million in United States reforestation
projects with the National Forest Foundation over the next five
years
President and CEO Octávio Simões said, “The global economy is in
the early stages of an energy super cycle driven by strong demand
for natural gas and several years of underinvestment in energy
infrastructure. Tellurian is optimally positioned with fully
executed market-based LNG SPAs and a permitted project. Bechtel
will begin construction of Driftwood LNG in April and we will seek
to conclude the financing process shortly thereafter.”
“Tellurian will continue our natural gas development program and
expects to drill, complete and place into production additional
operated Haynesville wells during 2022,” Simões added.
Operating activities
Tellurian produced 14.3 Bcf of natural gas for the year ended
December 31, 2021, and existing natural gas assets include 11,060
net acres, interests in 78 producing wells, and estimated proved
reserves of 323.3 Bcf. The reserve estimates were determined under
U.S. Securities and Exchange Commission guidelines and were
prepared by an independent petroleum consulting firm.
Financial results
Tellurian ended its 2021 fiscal year with approximately $305.5
million in cash and cash equivalents and maintained a strong
balance sheet consisting of approximately $621.8 million in total
assets. Tellurian generated approximately $71.3 million in revenues
from natural gas and LNG sales and reported a net loss of
approximately $114.7 million, or $0.28 per share (basic and
diluted), for the year ended December 31, 2021.
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
Tellurian will post a video by Executive Chairman Charif Souki
on its website shortly following the issuance of this release.
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 LNG
project, future market conditions and commodity prices, Driftwood
LNG’s prospects and related financing and construction activities
and future natural gas development activities. 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, 2021 filed by
Tellurian with the Securities and Exchange Commission (the SEC) on
February 23, 2022 (the “Annual Report”), 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. See the Annual Report for information regarding the
calculation of the standardized measure of discounted future net
cash flows of proved natural gas reserves.
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version on businesswire.com: https://www.businesswire.com/news/home/20220222006126/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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