Tellurian Inc. continues to execute its integrated strategy by progressing construction of its Driftwood project and through production and sales of natural gas.
President and CEO Octávio Simões said, “Bechtel is progressing very well on Driftwood LNG construction, having driven over 9,000 piles and poured over 10,000 cubic feet of concrete for plant one and the storage tanks, and having recently prepared plant two’s site for piling work. We also hired former investment banker Simon Oxley as Chief Financial Officer and with his extensive experience and leadership, we are significantly enhancing our project financing efforts.”
Upstream segment results
Operating activities
Tellurian produced 17.2 billion cubic feet (Bcf) of natural gas for the quarter ended June 30, 2023, as compared to 9.0 Bcf for the same period of 2022. As of June 30, 2023, Tellurian’s natural gas assets included 31,117 net acres and interests in 157 producing wells.
Consolidated financial results
Tellurian generated approximately $32.0 million in revenues from natural gas sales in the second quarter of 2023 compared to $61.3 million in the second 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 $59.6 million, or $0.11 per share (basic and diluted), for the quarter ended June 30, 2023, compared to a net loss of approximately $35.0 thousand, or $0.00 per share (basic and diluted), for the same period of 2022.
As of June 30, 2023, Tellurian had approximately $1.3 billion in total assets, including approximately $106.7 million of cash and cash equivalents.
