Tellurian Reports Second Quarter 2021 Results
August 03 2021 - 4:05PM
Business Wire
Tellurian Inc. (Tellurian) (NASDAQ: TELL) continues to build its
integrated global natural gas business, entering into liquefied
natural gas (LNG) sale and purchase agreements (SPAs) with Gunvor
Singapore Pte Ltd and Vitol Inc. for a total of six million tonnes
per annum (mtpa) in the second quarter. Subsequent to the quarter
end, Tellurian also entered into LNG SPAs with Shell NA LNG LLC for
an additional three mtpa, completing the sales for plants one and
two of Driftwood LNG.
Tellurian ended its second quarter of 2021 with approximately
$111.9 million of cash and cash equivalents and no borrowing
obligations, and generated approximately $5.6 million in revenues
in the quarter from natural gas sales. Based on current production
and anticipated results from new wells to be drilled, Tellurian
estimates the 2021 year-end exit rate for gross natural gas
production to be approximately 95 million cubic feet per day
(mmcf/d).
Tellurian has a strong balance sheet consisting of approximately
$328.2 million in total assets. Tellurian reported a net loss of
approximately $30.6 million, or $0.08 per share (basic and
diluted), for the three months ended June 30, 2021.
President and CEO Octávio Simões said, “Tellurian’s strengthened
balance sheet and commercial success, combined with supportive
market fundamentals, enable Driftwood’s continued progression. We
exercised our long-term lease option with the Port of Lake Charles
and have started on owner’s projects for site preparation.
Tellurian Production is also enhancing our natural gas drilling
program and this integrated approach will create the physical hedge
for Driftwood’s natural gas purchases for liquefaction and
export.”
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 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
and future drilling activity and production. 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/20210803006066/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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