Tellurian Reports 2021 Results

Source: www.gulfoilandgas.com 2/23/2022, Location: North America

Tellurian Inc. ended 2021 with over $300 million in liquidity and over $360 million in standardized measure of discounted future net cash flows of proved natural gas reserves. Tellurian also continued advancing the Driftwood LNG project in 2021 with the following significant accomplishments:

- Completed Driftwood LNG phase one liquefied natural gas (LNG) sales and purchase agreements (SPAs) totaling nine million tonnes per annum (mtpa)
- Executed long-term ground lease agreement with the Lake Charles Harbor and Terminal district and began owner construction projects
- Initiated the Driftwood LNG financing process
- Paid outstanding debt and strengthened the balance sheet
- Drilled and put into production four new Haynesville operated natural gas wells, increasing our proved developed reserves by approximately 51 billion cubic feet (Bcf) as of December 31, 2021
- Committed to invest $25 million in United States reforestation projects with the National Forest Foundation over the next five years

President and CEO Octávio Simões said, “The global economy is in the early stages of an energy super cycle driven by strong demand for natural gas and several years of underinvestment in energy infrastructure. Tellurian is optimally positioned with fully executed market-based LNG SPAs and a permitted project. Bechtel will begin construction of Driftwood LNG in April and we will seek to conclude the financing process shortly thereafter.”

“Tellurian will continue our natural gas development program and expects to drill, complete and place into production additional operated Haynesville wells during 2022,” Simões added.

Operating activities
Tellurian produced 14.3 Bcf of natural gas for the year ended December 31, 2021, and existing natural gas assets include 11,060 net acres, interests in 78 producing wells, and estimated proved reserves of 323.3 Bcf. The reserve estimates were determined under U.S. Securities and Exchange Commission guidelines and were prepared by an independent petroleum consulting firm.

Financial results
Tellurian ended its 2021 fiscal year with approximately $305.5 million in cash and cash equivalents and maintained a strong balance sheet consisting of approximately $621.8 million in total assets. Tellurian generated approximately $71.3 million in revenues from natural gas and LNG sales and reported a net loss of approximately $114.7 million, or $0.28 per share (basic and diluted), for the year ended December 31, 2021.


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