Tellurian’s net loss widens in Q1, Driftwood LNG talks continue

US LNG firm Tellurian reported a widening first-quarter loss on Thursday, as it continues to work to secure financing for the first phase of its Driftwood LNG export plant in Louisiana.

Tellurian reported a net loss of about $44 million, or $0.06 per share, for the quarter ended March 31, 2024, compared to a net loss of $27.5 million, or $0.05 per share, for the same period of 2023.

The company generated about $25.5 million in natural gas revenues in the first quarter, driven by decreased realized natural gas prices and production volumes, compared to $50.9 million in the first quarter of 2023, it said.

As of March 31, 2024, Tellurian had about $1.3 billion in total assets, including about $51.8 million of cash and cash equivalents.

Working on FID

“Over the past few months, our senior team has sharpened its focus on stability, financial discipline and execution, and we are laser-focused on bringing Driftwood to final investment decision,” executive chairman Martin Houston said.

“To this end, we continue to take important steps to improve our balance sheet and liquidity position, and we continue to benefit from our strong regulatory standing,” he said.

Driftwood LNG received an extension through 2029 to both the order authorizing construction from the US Federal Energy Regulatory Commission and its Section 404 permit from the US Army Corps of Engineers.

“In addition, we have better aligned our commercial offerings to meet the needs of potential customers, and we are highly encouraged by our ongoing commercial discussions,” Houston said.

Tellurian invested more than $1 billion in Driftwood LNG

Last month, Tellurian confirmed that it is exploring a potential sale of the company.

Tellurian also said in its March presentation it expects to take a final investment decision in 2024 to build the first two plants at its Driftwood LNG export plant in Louisiana.

The company expects to issue a full notice to proceed to compatriot engineering and construction giant Bechtel to begin construction for for the first phase of the plant in the second half of this year.

Under the first phase, Tellurian aims to build two LNG plants near Lake Charles with an export capacity of up to 11 mtpa.

Tellurian issued a limited notice to proceed to Bechtel in March 2022 and it said in August last year that Bechtel completed piling work for the first plant and also concrete pouring for all plant one compressor foundations.

The firm claims it invested more than $1 billion in Driftwood with construction of the first two plants about 30 percent advanced.

The full project would include five plants with a total capacity of about 27.6 mtpa.

Most Popular

Venture Global’s Plaquemines LNG terminal achieves first production

Venture Global announced on Friday it had reached first LNG production at the company’s second facility, Plaquemines LNG, in...

Spot LNG rates remain weak

“Spark30S rates rose for a fourth consecutive week, increasing marginally by $750 to $23,500 per day,” Qasim Afghan, Spark’s commercial...

Swan Energy, Nebula’s AG&P LNG plan Indian JV

Swan Energy said on Friday it had signed a heads of agreement with AG&P Terminals &Logistics (Singapore). The two firms...

More News Like This

Woodside’s Louisana LNG project officially renamed

In October, Woodside acquired all issued and outstanding Tellurian common stock for about $900 million cash, or $1.00 per share. The...

Woodside, Bechtel seal revised EPC deal for Louisiana LNG project

Woodside said on Thursday the lump sum turnkey deal is for the three-train 16.5 million tonnes per annum foundation...

Tellurian’s unit seeks more time to build two gas pipelines

Last month, Australia's Woodside acquired all issued and outstanding Tellurian common stock for about $900 million cash, or $1.00 per...

Woodside’s Scarborough project 73 percent complete

The Perth-based LNG player, which just completed its acquisition of US LNG developer Tellurian, said in its third-quarter report that...