Tellurian reports Q3 net loss, gas production climbs

Tellurian reported a net loss of about $14.2 million and an increase in its natural gas production and sales in the third quarter, as it continues to work on finding equity partners for its Driftwood LNG export project in Louisiana.

The US LNG firm produced 11.4 billion cubic feet (Bcf) of natural gas for the quarter ending September 31, 2022, as compared to 9 Bcf in the previous quarter and 3.9 Bcf in the same quarter last year.

During the quarter, Tellurian generated $81.1 million in revenues from natural gas sales, compared to $15.6 million in the same period last year and $61.3 million in the previous quarter.

Tellurian’s net loss of $14.2 million is lower compared to a net loss of $15.9 million in the third quarter last year.

According to Tellurian, it ended the third quarter of 2022 with about $1.4 billion in total assets, including about $607.5 million of cash and cash equivalents.

Looking for strategic partners

“Tellurian continues to increase our domestic natural gas production by adding to our footprint, having now a total of 22,420 net acres, interests in 131 producing wells located in the Haynesville Shale, and more than 300 drillable locations,” chief executive Octavio Simoes said.

“In addition, Bechtel is continuing construction on the Driftwood terminal, and Tellurian is fully engaged in our efforts to secure strategic equity partners. The underlying market fundamentals strongly support our strategy of seeking the differential value between domestic and international natural gas prices for our shareholders,” Simoes said.

In September, Tellurian’s co-founder and executive chairman, Charif Souki, said the firm would focus on finding equity partners for its Driftwood LNG export project in Louisiana after it withdrew a senior notes offering.

After that, Tellurian said that its LNG supply deals with Shell and Vitol were both canceled.

The first phase of the Driftwood project is worth about $12.8 billion.

It includes two LNG plants near Lake Charles with an export capacity of up to 11 million tonnes per annum (mtpa).

Most Popular

Wison scores Suriname FLNG gig

China’s Wison New Energies has signed a detailed feasibility study deal for a newbuild floating liquefied natural gas (FLNG) facility in Suriname's offshore Block 52.

Eni: third phase of YPF’s Argentina LNG project requires $20 billion investment

The third phase of YPF's Argentina LNG export project would require an investment of about $20 billion, according to Eni’s COO of global natural resources, Guido Brusco.

Venture Global to introduce gas to tenth Plaquemines liquefaction block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the tenth liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

More News Like This

Woodside assessing tariff impact on Louisiana LNG

Australian LNG player Woodside is assessing the impact of recent US tariffs and other trade measures on its Louisiana LNG project, according to Woodside CEO Meg O’Neill.

Woodside, Uniper ink Louisiana LNG supply deal

Australia's Woodside has signed LNG sale and purchase agreements with Germany's Uniper to supply the latter from its planned Louisiana LNG project and its global portfolio.

Woodside names Sarah Bairstow as Louisiana LNG head

Australian LNG player Woodside has appointed Sarah Bairstow to lead its Louisiana LNG project.

Stonepeak to take 40 percent stake in Woodside’s Louisiana LNG project

Australian LNG player Woodside has signed a binding deal with US private equity firm Stonepeak to sell 40 percent of its Louisiana LNG project.