Challenging Conventional Thinking with Proven Results in the LNG Industry
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February 24, 2020 PRESS RELEASE | Tellurian Reports 2019 Results
Tellurian Inc. (Tellurian) (NASDAQ: TELL) continued to build its integrated global natural gas business and concluded 2019 with momentum on commercialization and development of its first project, Driftwood LNG.
President and CEO Meg Gentle said, “In 2019, Tellurian secured equity partners for the Driftwood project, advanced engineering and site testing, and finalized critical permits, making Driftwood LNG shovel ready for 2020. We plan to complete our financing in the coming months and begin construction on the largest privately funded energy infrastructure project in the United States.”
Built commercial momentum
Established the partnership terms for the Driftwood project by executing final documents with Total Delaware, Inc. (Total) and subsidiaries for a $500 million equity investment in Driftwood Holdings LP, a related purchase of one million tonnes of liquefied natural gas (LNG), and a purchase of an additional 1.5 mtpa of LNG from Tellurian’s LNG offtake volumes from Driftwood. Total also agreed to purchase approximately $200 million of Tellurian common stock, bringing its aggregate investment in the Tellurian portfolio to approximately $907 million upon a final investment decision for Driftwood.
Advanced the commercialization of Driftwood LNG through a Memorandum of Understanding (MOU) with Petronet LNG Limited INDIA (Petronet) for Petronet and its affiliates to make an equity investment in Driftwood Holdings LP and to purchase up to 5 mtpa of LNG from Driftwood LNG.
Advanced Driftwood project development
Received the United States Federal Energy Regulatory Commission (FERC) order granting authorization for the Driftwood terminal and Driftwood pipeline, and the United States Department of Energy order granting export authorization to non-free trade agreement countries, concluding the most significant permits required for construction and operation.
Continued to progress engineering on the Driftwood terminal, completing 28% of engineering with approximately $150 million invested to date.
Received FERC approval for Driftwood terminal implementation plans; the Driftwood terminal is in Louisiana and located on approximately 1,000 acres with ample laydown area for equipment and deep-water access for shipping.
Began the FERC pre-filing process for the Permian Global Access Pipeline (PGAP) , a 625-mile, 42-inch interstate natural gas pipeline proposed from the Waha Hub in West Texas to near Lake Charles, Louisiana.
Drilled three new operated wells and increased average net production to approximately 38.1 million cubic feet per day. Tellurian holdings include 10,260 net acres, interests in 67 producing wells and estimated proven reserves of approximately 269 billion cubic feet equivalent of natural gas.
Tellurian ended its 2019 fiscal year with approximately $64.6 million of cash and cash equivalents and approximately $136.6 million in debt. Tellurian has a strong balance sheet consisting of approximately $382.3 million in assets. Tellurian reported a net loss of approximately $151.8 million, or $0.69 per share (basic and diluted), for the year ended December 31, 2019.
January 30, 2020 PRESS RELEASE | Lawsuit Against Tellurian Dismissed
Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that Cheniere Energy has permanently dismissed all claims against Tellurian, Chairman Charif Souki and Vice Chairman Martin Houston (61st District Court of Harris County, Texas, Cause No. 2017-49685).
Tellurian Chairman Charif Souki said, “Although this frivolous lawsuit was clearly an attempt to disrupt the hard work and success we are having at Tellurian, it never distracted us from our focus on building Tellurian’s global natural gas business, beginning with Driftwood LNG.” …
December 3, 2019 New! CHAT with TELL | NG helping EU in reaching #GHG reduction targets
Listen in with Thierry Bros, VP, Research, LNG Marketing as he discusses the role natural gas has in helping the #EuropeanUnion reach their future targets for GHG reductions.
December 3, 2019 CNBC | Chairman Charif Souki speaks with Dan Murphy at ADIPEC
Watch our Chairman talk to CNBC from Abu Dhabi. Topics including Tellurian progress, US politics, Climate, Post FID plans at #ADIPEC.
November 6, 2019 PRESS RELEASE | Tellurian reports third quarter 2019 results
Tellurian Inc. (Tellurian) (NASDAQ: TELL) continues to build its integrated global natural gas business. Notable Tellurian achievements during the third quarter of 2019 and thereafter:
Announced a Memorandum of Understanding (MOU) with Petronet LNG Limited INDIA (Petronet) for Petronet and its affiliates to purchase of up to five million tonnes per annum (mtpa) of liquefied natural gas (LNG) from Driftwood, concurrent with an equity investment by Petronet in Driftwood. The agreement, exchanged in the presence of Prime Minister Narendra Modi and recognized by the governments of India and the United States, remains subject to further due diligence and approval of Petronet’s board of directors, and Tellurian and Petronet will endeavor to finalize the transaction agreements by March 31, 2020.
Continue to advance negotiations for the sale of LNG and interests in Driftwood with several counterparties.
Progressed the engineering for the Driftwood liquefaction terminal, completing 26% of the total required.
Began the Federal Energy Regulatory Commission (FERC) pre-filing process for the Permian Global Access Pipeline, a 625-mile, 42-inch interstate natural gas pipeline proposed from the Waha Hub in West Texas to near Lake Charles, Louisiana.
October 30, 2019 CNBC | There’s ‘enormous latent demand’ for gas in India: Tellurian
Martin Houston of Tellurian discusses the potential for natural gas in India and the company’s Driftwood project.
October 30, 2019 BLOOMBERG | U.S. to be world’s largest exporter of LNG within 4 years: Tellurian
Charif Souki, Chairman at Tellurian, discusses gas production as the U.S. is set to become the world’s largest LNG exporter in the next four years. He speaks with Bloomberg’s Manus Cranny from the sidelines of the Future Investment Initiative in Riyadh. (Source: Bloomberg)
October 7, 2019 CNBC | Tellurian President Meg Gentle on the state of the energy industry
Tellurian President and CEO Meg Gentle sits down with CNBC’s Brian Sullivan to discuss how Tellurian is seeing an impact from oil’s volatile move following an attack on a Saudi oil facility.
September 25, 2019 NEWS | Rajya Sabha TV | Joint press statement by PM Modi & US President Donald Trump
Prime Minister Narendra Modi held bilateral talks with US President Donald Trump on the sidelines of the 74th session of the United Nations General Assembly, UNGA in New York on September 24, 2019. PM Modi and President Trump discussed a range of bilateral, regional and global issues.