Tellurian Reports First Quarter 2022 Results
04 May 2022 - 9:35PM
Business Wire
Tellurian Inc. (Tellurian) (NYSE American: TELL) ended the first
quarter with nearly $300 million in cash on hand and total assets
of more than $700 million. During the quarter, Tellurian generated
$26 million in revenues from natural gas sales on an increase of
production of approximately 24% as compared to the previous
quarter. In addition, Tellurian completed its owners’ site
preparation and issued a limited notice to proceed to Bechtel to
begin construction of the Driftwood LNG terminal.
President and CEO Octávio Simões said, “Tellurian’s own natural
gas production and sales provide valuable operating cash and a
unique advantage to us as a liquefied natural gas (LNG) supplier.
We are nearing net production of 100 million cubic feet equivalent
per day (mmcfe/d) and plan to reach 200 mmcfe/d by year end.
Tellurian production is now generating free cash flow after capex
and we intend to maintain capex at approximately $150 million a
year.”
“With Bechtel now onsite beginning construction of Driftwood, we
are on schedule to begin LNG production in 2026,” Simões added.
Operating activities
Tellurian produced 6.1 billion cubic feet (Bcf) of natural gas
for the quarter ending March 31, 2022 as compared to 4.9 Bcf for
the previous quarter. Tellurian’s upstream assets include 13,521
net acres and interests in 82 producing wells as of March 31,
2022.
Financial results
Tellurian ended its first quarter of 2022 with approximately
$296 million of cash and cash equivalents and approximately $732
million in total assets. Tellurian generated approximately $26
million in revenues from natural gas sales, compared to $8.7
million in the first quarter 2021. Tellurian reported a net loss of
approximately $67 million, or $0.14 per share (basic and diluted),
for the three months ended March 31, 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, and other aspects of the Driftwood LNG
project, future production and future capital expenditures. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220503006159/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
Tellurian (AMEX:TELL)
Historical Stock Chart
From Apr 2024 to May 2024
Tellurian (AMEX:TELL)
Historical Stock Chart
From May 2023 to May 2024