Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL)
continues to progress the production and sales of natural gas and
the financing and construction of its Driftwood project.
President and CEO Octávio Simões said, “Tellurian’s upstream
segment continues to provide growing natural gas production,
improving significantly over the third quarter of last year, and we
see natural gas prices on the rise through year end. We are having
a number of discussions with counterparties for both equity
partnership and liquefied natural gas (LNG) offtake for the
Driftwood project and investment in the Driftwood Line 200/300
pipeline. We have invested over one billion dollars to develop and
advance construction of the fully permitted Driftwood project and
remain on target to produce first LNG in 2027.”
Upstream segment results
Three Months Ended
September 30, 2023
Three Months Ended
September 30, 2022
Net production
19.5 Bcf
11.4 Bcf
Average realized price per
MCF
$2.22/Mcf
$7.07/Mcf
Revenue
$43.2 million
$81.1 million
Operating (loss) profit
($12.6) million
$40.1 million
Adjusted EBITDA*
$18.3 million
$69.5 million
Operating activities
Tellurian produced 19.5 billion cubic feet (Bcf) of natural gas
for the quarter ended September 30, 2023, as compared to 11.4 Bcf
for the same period of 2022. As of September 30, 2023, Tellurian’s
natural gas assets included 31,149 net acres and interests in 159
producing wells.
Consolidated financial results
Tellurian generated approximately $43.2 million in revenues from
natural gas sales in the third quarter of 2023 compared to $81.1
million in the third 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
$65.4 million, or $0.12 per share (basic and diluted), for the
quarter ended September 30, 2023, compared to a net loss of
approximately $14.2 million, or $0.03 per share (basic and
diluted), for the same period of 2022.
As of September 30, 2023, Tellurian had approximately $1.3
billion in total assets, including approximately $59.3 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
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, commodity prices, and construction and permitting
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Upstream segment operating (loss)
profit
($12,553)
$40,071
($44,238)
$83,170
Add back:
Depreciation, depletion and
amortization
22,940
12,762
68,921
22,441
Allocated corporate general and
administrative
7,928
16,709
31,505
31,155
Upstream segment Adjusted EBITDA
$18,315
$69,542
$56,188
$136,766
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101700879/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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