(Tellurian, 3.May.2023) — Tellurian Inc. (NYSE American: TELL) continued making progress on Driftwood LNG phase one construction, added to natural gas acreage, production and sales, and repaid $166.7mn in principal balance of borrowing obligations in the first quarter 2023. Subsequent to the quarter end, Tellurian also advanced Driftwood project funding through the execution of a $1bn sale and leaseback letter of intent.
President and CEO Octávio Simões said, “Tellurian continues to add value through natural gas production and sales and the construction of Driftwood LNG. With our development contributions and taking into account the land sale and leaseback contemplated by our recent LOI, we have invested or received commitments for nearly $2bn of the project costs, and we continue discussions with partners who want to join us in delivering much needed liquefied natural gas to the world. Tellurian is focused on delivering long-term returns to shareholders, and this mindset sets the tone for commercial negotiations, bank debt arrangements and equity investor discussions.”
Upstream segment results
| Three Months Ended 31 Mar. 2023 | Three Months Ended 31 Mar. 2022 | |
| Net production | 19.3 Bcf | 6.1 Bcf |
| Revenue | $50.9mn | $26.0mn |
| Operating (loss) profit | $(2.9)mn | $4.6mn |
| Adjusted EBITDA* | $29.8mn | $14.0mn |
Operating activities
Tellurian produced 19.3 billion cubic feet (Bcf) of natural gas for the quarter ended 31 March 2023, as compared to 6.1 Bcf for the same period of 2022. As of 31 March 2023, Tellurian’s natural gas assets included 30,915 net acres and interests in 152 producing wells.
Consolidated financial results
Tellurian generated approximately $50.9mn in revenues from natural gas sales in the first quarter of 2023, driven by increased production volumes, partially offset by decreased realized natural gas prices, compared to $26mn in the first quarter of 2022. Tellurian reported a net loss of approximately $27.5mn, or $0.05 per share (basic and diluted), for the quarter ended 31 March 2023, compared to a net loss of $66.6mn, or $0.14 per share (basic and diluted), for the same period of 2022.
As of 31 March 2023, Tellurian had approximately $1.3bn in total assets, including approximately $150mn 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. |
