Tellurian Reports 2017 Results
HOUSTON–(BUSINESS WIRE)–$TELL #LNG–Tellurian Inc. (Tellurian) (NASDAQ: TELL) began building its global
natural gas business in its first year as a public company. Notable
Tellurian achievements:
-
Attained regulatory milestones for the Driftwood terminal and
Driftwood pipeline-
Received authority from the United States Department of Energy to
export liquefied natural gas (LNG) to free-trade agreement nations -
Completed the pre-filing phase and collectively submitted a formal
application with the Federal Energy Regulatory Commission (FERC)
to construct and operate the Driftwood terminal and Driftwood
pipeline -
Received a notice of schedule for environmental review from FERC
stating that it will issue its final Environmental Impact
Statement (EIS) on October 12, 2018, and a Federal Authorization
Decision Deadline on January 10, 2019, allowing Tellurian to make
a final investment decision and begin construction of the
Driftwood terminal in the first half of 2019
-
Received authority from the United States Department of Energy to
-
Completed front-end engineering and EPC agreements for the
Driftwood terminal-
Entered into four lump sum turnkey engineering, procurement and
construction (EPC) contracts for an aggregate $15.2 billion with
Bechtel for completion of the ~27.6 million tonnes per annum
(mtpa) Driftwood terminal; contracts guarantee performance, timing
and cost at $550 per tonne, one of the lowest cost liquefaction
projects worldwide
-
Entered into four lump sum turnkey engineering, procurement and
-
Achieved financial goals
-
Closed the reverse merger with Magellan Petroleum Corporation and
began trading on the NASDAQ under the ticker symbol “TELL”; TELL
was added to the Russell 2000 Index - Issued common stock to Total for $207 million
-
Raised over $100 million in a public offering, including
underwriter overallotments
-
Closed the reverse merger with Magellan Petroleum Corporation and
-
Launched new business strategies
-
Initiated an offering of equity in Driftwood Holdings LLC, an
integrated LNG business which includes natural gas reserves,
pipelines, and export facilities for $1,500 per tonne of LNG
contracted per year -
Acquired almost 12,000 net acres of natural gas producing assets
in the core of the Haynesville shale; targeting delivery of gas
for $2.25/mmBtu to markets in Southwest Louisiana -
Announced the Tellurian Pipeline Network to expand natural gas
supply alternatives for the growing demand in Southwest Louisiana -
Established initial LNG marketing activities and initiated a
six-month time charter for the LNG tanker, the Maran Gas Mystras
-
Initiated an offering of equity in Driftwood Holdings LLC, an
President and CEO Meg Gentle said, “In 2017, Tellurian was able to
guarantee its project costs, gain a regulatory scheduling notice, and
obtain access to capital markets. By integrating our business, we are
recognizing the strength of the commoditized LNG market, and we are
offering customers the opportunity to share in the benefits of the
low-cost structure as our partners. The experienced team at Tellurian is
developing asset opportunities representing $29 billion of near-term
investments that will deliver natural gas to the growing LNG hub in
Southwest Louisiana and enable exports to global markets.”
| Estimated Driftwood project timeline | |
| Catalyst | Estimated timeline |
| Draft Environmental Impact Statement | 1H 2018 |
| Final Environmental Impact Statement | 12 October 2018 |
| FERC order and Federal Authorization Decision Deadline | 10 January 2019 |
| Driftwood final investment decision | 1H 2019 |
| Begin construction | 1H 2019 |
| Begin operations | 2023 |
Financial results
Tellurian ended its 2017 fiscal year with approximately $128.3 million
of cash and cash equivalents and remains debt free. We have a strong
balance sheet consisting of $276.8 million in assets, of which $90.9
million represents our proved natural gas reserves of approximately 327
billion cubic feet equivalent (Bcfe).
Tellurian reported a net loss of approximately $231.5 million, or $1.23
per share (basic and diluted), for the year ended December 31, 2017.
About Tellurian Inc.
Tellurian was founded by Charif Souki and Martin Houston and is led by
President and CEO Meg Gentle. 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 trading, and
infrastructure that includes an ~ 27.6 mtpa LNG export facility and an
associated pipeline. Tellurian is based in Houston, Texas, and its
common stock is listed on the Nasdaq Capital Market under the symbol
“TELL”.
For more information, please visit www.tellurianinc.com.
Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the
meaning of U.S. federal securities laws. The words “anticipate,”
“assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,”
“initial,” “intend,” “may,” “plan,” “potential,” “project,” “should,”
“will,” “would,” “proposed”, and similar expressions are intended to
identify forward-looking statements. Forward-looking statements herein
relate to, among other things, the cost, capacity, timing, impact and
other aspects of Tellurian’s projects and business and potential related
financing transactions. These statements involve a number of known and
unknown risks, which may cause actual results to differ materially from
expectations expressed or implied in the forward-looking statements.
These risks include the matters discussed in Item 1A of Part I of the
Annual Report on Form 10-K for the fiscal year ended December 31, 2017
filed by Tellurian with the Securities and Exchange Commission (the
“SEC”) on March 15, 2018, and other filings with the SEC, all of which
are incorporated by reference herein. The forward-looking statements in
this press release speak as of the date of this release. Although
Tellurian may from time to time voluntarily update its prior
forward-looking statements, it disclaims any commitment to do so except
as required by securities laws.
Contacts
Media:
Tellurian Inc.
Joi Lecznar, +1-832-962-4044
SVP
Public Affairs and Communication
[email protected]
or
Investors:
Tellurian
Inc.
Amit Marwaha, +1-832-485-2004
Director, Investor Relations
[email protected]
