Tellurian Reports Second Quarter 2023 Results
- Tellurian is making progress on its Driftwood LNG construction project.
- The company has hired Simon Oxley as its new CFO to enhance project financing efforts.
- Tellurian produced 17.2 Bcf of natural gas in Q2 2023, compared to 9.0 Bcf in Q2 2022.
- Revenues from natural gas sales decreased to $32.0 million in Q2 2023 from $61.3 million in Q2 2022.
- None.
Driftwood LNG construction as of 13 July 2023 (Photo: Business Wire)
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
|
Three Months Ended June 30, 2023 |
Three Months Ended June 30, 2022 |
Net production |
17.2 Bcf |
9.0 Bcf |
Revenue |
|
|
Operating (loss) profit |
|
|
Adjusted EBITDA* |
|
|
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
As of June 30, 2023, Tellurian had approximately
* 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 natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in
For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
Tellurian will post a video by Executive Chairman Charif Souki on its website following the issuance of this release.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of
Explanation and Reconciliation of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in
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): |
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Upstream segment operating (loss) profit |
( |
|
|
|
( |
|
|
Add back: |
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
24,489 |
5,756 |
45,981 |
9,680 |
|||
Allocated corporate general and
|
12,282 |
|
8,952 |
|
23,577 |
|
14,446 |
Upstream segment Adjusted EBITDA |
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230806957468/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
Source: Tellurian Inc.
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