Tellurian Reports 2017 Results
March 15 2018 - 8:05AM
Business Wire
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
- 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
- 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
- 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
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180315005619/en/
Media:Tellurian Inc.Joi Lecznar, +1-832-962-4044SVP
Public Affairs and
Communicationjoi.lecznar@tellurianinc.comorInvestors:Tellurian
Inc.Amit Marwaha, +1-832-485-2004Director, Investor
Relationsamit.marwaha@tellurianinc.com
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