Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL)
continues to execute its integrated strategy by progressing
construction of its Driftwood project and through production and
sales of natural gas.
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Driftwood LNG construction as of 13 July
2023 (Photo: Business Wire)
President and CEO Octávio Simões said, “Bechtel is progressing
very well on Driftwood LNG construction, having driven over 9,000
piles and poured over 10,000 cubic feet of concrete for plant one
and the storage tanks, and having recently prepared plant two’s
site for piling work. We also hired former investment banker Simon
Oxley as Chief Financial Officer and with his extensive experience
and leadership, we are significantly enhancing our project
financing efforts.”
Upstream segment results
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
Net production
17.2 Bcf
9.0 Bcf
Revenue
$31.9 million
$61.3 million
Operating (loss) profit
($28.7) million
$38.5 million
Adjusted EBITDA*
$8.1 million
$53.2 million
Operating activities
Tellurian produced 17.2 billion cubic feet (Bcf) of natural gas
for the quarter ended June 30, 2023, as compared to 9.0 Bcf for the
same period of 2022. As of June 30, 2023, Tellurian’s natural gas
assets included 31,117 net acres and interests in 157 producing
wells.
Consolidated financial results
Tellurian generated approximately $32.0 million in revenues from
natural gas sales in the second quarter of 2023 compared to $61.3
million in the second quarter of 2022, a change driven by decreased
realized natural gas prices partially offset by increased
production volumes. Tellurian reported a net loss of approximately
$59.6 million, or $0.11 per share (basic and diluted), for the
quarter ended June 30, 2023, compared to a net loss of
approximately $35.0 thousand, or $0.00 per share (basic and
diluted), for the same period of 2022.
As of June 30, 2023, Tellurian had approximately $1.3 billion in
total assets, including approximately $106.7 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 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, 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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Upstream segment operating (loss)
profit
($28,698)
$38,505
($31,685)
$43,101
Add back:
Depreciation, depletion and
amortization
24,489
5,756
45,981
9,680
Allocated corporate general and
administrative
12,282
8,952
23,577
14,446
Upstream segment Adjusted EBITDA
$8,073
$53,213
$37,873
$67,227
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230806957468/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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