Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL)
continued making progress on Driftwood LNG phase one construction,
added to natural gas acreage, production and sales, and repaid
$166.7 million in principal balance of borrowing obligations in the
first quarter 2023. Subsequent to the quarter end, Tellurian also
advanced Driftwood project funding through the execution of a $1.0
billion sale and leaseback letter of intent.
President and CEO Octávio Simões said, “Tellurian continues to
add value through natural gas production and sales and the
construction of Driftwood LNG. With our development contributions
and taking into account the land sale and leaseback contemplated by
our recent LOI, we have invested or received commitments for nearly
$2 billion of the project costs, and we continue discussions with
partners who want to join us in delivering much needed liquefied
natural gas to the world. Tellurian is focused on delivering
long-term returns to shareholders, and this mindset sets the tone
for commercial negotiations, bank debt arrangements and equity
investor discussions.”
Upstream segment results
Three Months Ended
March 31, 2023
Three Months Ended
March 31, 2022
Net production
19.3 Bcf
6.1 Bcf
Revenue
$50.9 million
$26.0 million
Operating (loss) profit
$(2.9) million
$4.6 million
Adjusted EBITDA*
$29.8 million
$14.0 million
Operating activities
Tellurian produced 19.3 billion cubic feet (Bcf) of natural gas
for the quarter ended March 31, 2023, as compared to 6.1 Bcf for
the same period of 2022. As of March 31, 2023, Tellurian’s natural
gas assets included 30,915 net acres and interests in 152 producing
wells.
Consolidated financial results
Tellurian generated approximately $50.9 million in revenues from
natural gas sales in the first quarter of 2023, driven by increased
production volumes, partially offset by decreased realized natural
gas prices, compared to $26.0 million in the first quarter of 2022.
Tellurian reported a net loss of approximately $27.5 million, or
$0.05 per share (basic and diluted), for the quarter ended March
31, 2023, compared to a net loss of $66.6 million, or $0.14 per
share (basic and diluted), for the same period of 2022.
As of March 31, 2023, Tellurian had approximately $1.3 billion
in total assets, including approximately $150.0 million of cash and
cash equivalents.
* Non-GAAP measure – see the end of this
press release for a definition and a reconciliation to the most
comparable GAAP measure.
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.
2022 ESG Summary
Tellurian has published its 2022 ESG Summary, available on the
Company’s website. Aligned with the Sustainability Accountability
Standards Board (SASB) framework, the summary highlights
Tellurian’s environmental metrics, stakeholder engagement in
Louisiana, and governance practices. Interested parties are
encouraged to review the document for insights into Tellurian’s
commitment to sustainability.
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, and development, construction and financing 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, 2022, filed by Tellurian with the Securities and Exchange
Commission (the SEC) on February 22, 2023, 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.
Explanation and Reconciliation of Non-GAAP
Financial Measures
The Company reports its financial results in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”). However, management believes that Upstream
segment Adjusted EBITDA may provide financial statement users with
additional meaningful comparisons between current results and the
results of the Company’s peers and of prior periods.
Upstream segment Adjusted EBITDA excludes certain charges or
expenditures. Upstream segment Adjusted EBITDA is a supplemental
measure of performance and should not be viewed as a substitute for
any GAAP measure.
Management presents Upstream segment Adjusted EBITDA because (i)
it is consistent with the manner in which the Company’s position
and performance are measured relative to the position and
performance of its peers and (ii) it is more comparable to earnings
estimates provided by securities analysts.
Upstream segment Adjusted EBITDA (in
thousands):
Three Months Ended March
31,
2023
2022
Upstream segment operating (loss)
profit
$(2,987)
$4,596
Add back:
Depreciation, depletion and
amortization
$21,492
$3,923
Allocated corporate general and
administrative
$11,294
$5,494
Upstream segment Adjusted EBITDA
$29,799
$14,013
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230502006158/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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