Tellurian Explores Sale of Haynesville Upstream Assets
February 06 2024 - 7:00AM
Business Wire
Tellurian Inc. (Tellurian) (NYSE American: TELL) announced today
it has asked its financial advisor, Lazard, to explore
opportunities for the sale of Tellurian’s upstream business.
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Tellurian natural gas assets 2024
(Graphic: Business Wire)
Chief Executive Officer Octávio Simões said, “As we
commercialize Driftwood LNG, Tellurian has been reviewing its
strategy, including the dynamics of the U.S. natural gas market in
the context of global LNG demand. We have concluded that there are
alternative gas supply strategies available to us from various
basins and our ownership of upstream assets is not necessary at
this stage of Tellurian’s development. We have a substantial number
of drilling locations that we believe will be highly attractive to
oil and gas producers that can develop them more quickly than we
would.”
“By unlocking the full value of these high-quality assets, we
aim to substantially reduce our debt, further reduce our general
and administrative expenses, and provide additional cash, enabling
us to develop Driftwood LNG. Currently, this approach is more
attractive than issuing equity to fund our 2024 development
activities and working capital needs,” Simões added.
Tellurian produced 19.5 billion cubic feet (Bcf) of natural gas
for the quarter ended September 30, 2023. Tellurian’s natural gas
assets include 31,149 net acres, interests in 159 producing wells
and over 400 drilling locations. Tellurian maintains an exemplary
operational safety record and demonstrates responsible
environmental stewardship. Implementing an active emissions
monitoring program, electrifying all new production well sites, and
committing to green completions are just a few examples of
Tellurian’s efforts to reduce its carbon footprint.
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 LNG marketing and trading, 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 NYSE American 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,” “proposed,” “should,” “will,” “would,” and similar
expressions are intended to identify forward- looking statements.
Forward-looking statements herein relate to, among other things,
the capacity, timing, and other aspects of the Driftwood LNG
project, the potential sale of Tellurian’s upstream assets, the
attractiveness of such assets to other oil and gas producers, and
related strategic, balance sheet and liquidity matters. 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 of Tellurian for the fiscal year ended December
31, 2022, filed by Tellurian with the Securities and Exchange
Commission (the SEC) on February 22, 2023, and other Tellurian
filings with the SEC, all of which are incorporated by reference
herein. There can be no guarantee that a successful sale of the
upstream assets will occur or that the consideration to be received
by Tellurian will enable the Company to meet its stated goals. 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: https://www.businesswire.com/news/home/20240205012839/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
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