Challenging Conventional Thinking with Proven Results in the LNG Industry

HOUSTON, Texas — (BUSINESS WIRE) — Tellurian Inc. (Tellurian) (NASDAQ: TELL) continued to build its integrated global natural gas business in 2020, focusing on expense and debt reduction.

President and CEO Octávio Simões said, “Tellurian is in a strong financial position with substantial liquidity after taking on expense reduction activities and significant debt reduction measures in 2020, and subsequent prepayments in 2021. Operationally, our Haynesville Shale wells have outperformed to unlock value, providing domestic natural gas supply and a valuable contribution to our integrated Driftwood model which will offer low-cost liquefied natural gas (LNG) to the world. As the global market transitions away from coal and natural gas demand continues to increase, LNG is a powerful resource in the quest to provide energy access with a much lower carbon footprint and energy equity to the growing global population.”

Operating activities

Tellurian produced 16.9 billion cubic feet (Bcf) of natural gas for the year ended December 31, 2020 as compared to 13.9 Bcf for the prior year. As of December 31, 2020, Tellurian’s upstream assets include 9,373 net acres, interests in 72 producing wells, and estimated proven reserves of 99.5 Bcf. The reserve estimates were determined under the U.S. Securities and Exchange Commission guidelines and were prepared by an independent petroleum consulting firm.

Financial results

Tellurian ended its 2020 fiscal year with approximately $78.3 million of cash and cash equivalents and approximately $72.8 million in short-term borrowings, and generated approximately $30.4 million in revenues from natural gas sales. Tellurian has a strong balance sheet consisting of approximately $293.0 million in assets at the end of 2020. Tellurian reported a net loss of approximately $210.7 million, including a non-cash impairment charge of approximately $81.1 million related to our upstream properties, or $0.79 per share (basic and diluted), for the year ended December 31, 2020.

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HOUSTON, Texas – (BUSINESS WIRE) – Tellurian Inc. (Tellurian) (NASDAQ: TELL) today announced it has made a voluntary principal prepayment of $43 million on its 2018 Term Loan. The debt prepayment was funded using cash on hand and from its upstream subsidiary, Tellurian Production Holdings LLC, resulting in interest savings of approximately $2.4 million in 2021. Tellurian Inc. has also made $13.6 million in other debt repayments year to date to other creditors, for a total debt reduction of $57 million.

After today’s prepayment, Tellurian has approximately $80 million in unrestricted cash and $25 million in borrowings that mature in 2021, of which $17 million will be paid from Tellurian production.

President and CEO ​​Octávio Simões said, “Tellurian is delivering on our debt reduction plan and strengthening our balance sheet, with comfortable liquidity for operations and a market capitalization value of over $1 billion. We are producing natural gas from our Haynesville position as we watch the global natural gas market restructure with liquefied natural gas (LNG) supply tightening and prices rising. As an LNG supplier, we are well positioned with our integrated Driftwood partnership to control supply cost, effectively manage emissions through our own production, and produce LNG at a very low and stable cost that is globally competitive.”

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A new corporate presentation is available for Tellurian Inc. (NASDAQ: TELL). The presentation will include forward-looking information.

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