Tellurian Reports 47% Increase in Natural Gas Production for Q2 2022

Source: www.gulfoilandgas.com 8/3/2022, Location: North America

Tellurian Inc. (Tellurian) (TELL) ended the second quarter with $823 million of cash on hand. During the quarter, Tellurian generated $61.3 million in revenues from natural gas sales on an increase of production of approximately 47% as compared to the previous quarter. Subsequent to the quarter end, Tellurian entered into an agreement to acquire various natural gas assets located on approximately 5,000 net acres and including 44 producing wells.

President and CEO Octávio Simões said, “Tellurian’s business model provides a unique proposition amongst U.S. liquefied natural gas (LNG) producers. By having our own natural gas production, we create cash from domestic sales that we can use for further investment, and upon completion of Driftwood LNG, we have an economic hedge for natural gas purchases which creates additional value for our shareholders and Tellurian.”

“While Tellurian continues to add natural gas production and sales revenue, we are also progressing with construction of Driftwood LNG, having cleared the site and begun an extensive pile driving program to set the foundation for the first plant,” Simoes added.

Upstream segment results

Net production
Quarter ended June 30, 2022 : 9.0 Bcf
Quarter ended June 30, 2021: 2.1 Bcf

Revenue
Quarter ended June 30, 2022 : $61.3 million
Quarter ended June 30, 2021: $5.6 million

Operating profit (loss)
Quarter ended June 30, 2022 : $38.5 million
Quarter ended June 30, 2021: ($6.3 million)

Adjusted EBITDA*
Quarter ended June 30, 2022 : $53.2 million
Quarter ended June 30, 2021: ($1.7 million)

Following the completion of the Haynesville Shale acquisition, Tellurian upstream pro forma assets will include approximately 20,000 net acres of natural gas production, interests in 126 producing wells and over 275 gross drilling locations.

Consolidated financial results

Tellurian generated approximately $61.3 million in revenues from natural gas sales, compared to $5.6 million in the second quarter of 2021. Tellurian reported a net loss of approximately $35,000, or $0.00 per share (basic and diluted), for the three months ended June 30, 2022.

Tellurian ended its second quarter of 2022 with approximately $823 million of cash and cash equivalents and approximately $1.34 billion in total assets.


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