Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL)
reported its full year 2023 financial results today. During 2023,
Tellurian took significant steps to advance the Driftwood LNG
project, having driven over 14,000 piles at site and making
progress on concrete foundations for critical equipment thus
de-risking site construction. Tellurian also secured the Federal
Energy Regulatory Commission (FERC) Certificate for the Company’s
pipelines (Lines 200 and 300) and continued to advance the
fabrication of Baker Hughes zero-emissions ICL compressors for the
pipeline.
Subsequent to year end, Tellurian amended its senior secured
notes and senior convertible notes to provide financial
flexibility. While Tellurian provided additional collateral
relating to the Driftwood Project until the repayment of the senior
secured notes, this should not interfere with the commercialization
or financing of the Driftwood Project and Tellurian expects that
its improved near-term liquidity will enable a higher degree of
engagement with potential counterparties and financing sources.
Chief Executive Officer Octávio Simões said, “Tellurian ended
2023 with an exemplary safety record. Driftwood’s recent FERC order
extension to construct all five plants, with a capacity of ~27.6
million tonnes per annum (mtpa), coupled with its non-free trade
agreement export authorization, have differentiated the project and
have intensified our commercial discussions. In addition, we have
received very favorable feedback from interested parties on the
potential sale of our upstream assets and believe our financial
discipline will provide a sustainable path forward. As disclosed in
our financial statements, we have made significant progress in
executing our plans to alleviate substantial doubt.”
Upstream segment results
Three Months Ended
December 31, 2023
Three Months Ended
December 31, 2022
Net production
16.4 Bcf
20.7 Bcf
Revenue
$40.0 million
$102.5 million
Operating (loss) profit
$(11.3) million
$47.5 million
Adjusted EBITDA**
$21.7 million
$80.2 million
Operating activities Tellurian produced 72.5 Bcf of
natural gas for the year ended December 31, 2023. As of December
31, 2023, Tellurian's natural gas assets include 30,034 net acres
and interests in 161 producing wells.
Consolidated financial results Tellurian generated
approximately $166.1 million in natural gas revenue, driven by
decreased realized natural gas prices and increased production
volumes for the year ended December 31, 2023, compared to $391.9
million in total revenues for 2022. Tellurian reported a net loss
of approximately $166.2 million, or $0.29 per share (basic and
diluted), for the year ended December 31, 2023, compared to a net
loss of $49.8 million, or $0.09 per share (basic and diluted), for
2022.
As of December 31, 2023, Tellurian had approximately $1.3
billion in total assets, including approximately $75.8 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 LNG marketing and
infrastructure assets 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, construction, and other aspects of the Driftwood LNG
project, and commercial 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, 2023, filed by
Tellurian with the Securities and Exchange Commission (the SEC) on
February 23, 2024, 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
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Upstream segment operating (loss)
profit
$(11,263)
$47,493
$(55,501)
$130,663
Add back:
Depreciation, depletion and
amortization
$26,281
$21,525
$95,202
$43,966
Allocated corporate general and
administrative
$ 6,645
$11,230
$38,150
$42,385
Upstream segment Adjusted
EBITDA
$21,663
$80,248
$77,851
$217,014
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version on businesswire.com: https://www.businesswire.com/news/home/20240222601309/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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