Challenging Conventional Thinking with Proven Results in the LNG Industry
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This page includes links to videos that include statements made by officers and directors of Tellurian Inc. (the “Company”) and other persons. The Company assumes no responsibility for statements made by persons other than its officers, directors and other authorized spokespersons. Statements made by the Company’s representatives may include forward-looking statements regarding, among other things, commodity prices, regulatory and operational developments, future economic conditions and other matters. Such forward-looking statements are subject to numerous risks and uncertainties, including the risk of unanticipated changes in market, regulatory or business environments and other risks described in the Company’s filings with the SEC, which are available on this site under “Investors—Financials, Filings and Presentations.” The Company does not undertake to update such forward-looking statements, which are made only as of the date indicated.
August 5, 2020 PRESS RELEASE | Tellurian Reports Second Quarter 2020 Results
HOUSTON–(BUSINESS WIRE)– Tellurian Inc. (Tellurian) (NASDAQ: TELL) continues to build its integrated global natural gas business. Notable Tellurian achievements during the second quarter of 2020 and thereafter included raising $57.5 million in net proceeds through issuances of common stock. Pro forma cash and cash equivalents as of quarter end would be approximately $122.9 million after giving effect to financing transactions executed during July.
President and CEO Meg Gentle said, “Tellurian has used the last few months to streamline Driftwood LNG, which is one of the lowest cost projects available globally at approximately $1,000 per tonne. Driftwood LNG is an integrated project, including production of low-cost gas from the Haynesville shale, which supports a new U.S. LNG pricing mechanism projected to enable equity partners to load LNG at about $3.50 per mmBtu. Tellurian continues working to secure equity partners from around the globe and looks forward to delivering reliable energy in 2024.”
Financial results
Tellurian ended its second quarter of 2020 with approximately $88.3 million in cash and cash equivalents and approximately $33.9 million short-term borrowings. Tellurian’s balance sheet consisted of approximately $315.9 million in total assets. Pro forma for the financing transactions completed in July, Tellurian would have ended the quarter with approximately $122.9 million in cash and cash equivalents, approximately $106.1 million in long-term debt, and approximately $350.5 million in assets.
Tellurian reported a net loss of approximately $128.8 million, or $0.53 per share (basic and diluted), for the three months ended June 30, 2020. Results include a one-time non-cash charge of approximately $81.1 million for impairment of the book value of our natural gas properties due to the impact of declining commodity prices.
July 27, 2020 Baker Institute | CEO Meg Gentle interview
Center for Energy Studies | Rice University’s Baker Institute for Public Policy
COVID-19 has triggered massive uncertainties across the energy value chains, including the LNG trade. Join Meg Gentle, president and CEO of Tellurian, and Ken Medlock, CES senior director, for a virtual armchair session on the future prospects for LNG.
July 22, 2020 PRESS RELEASE | Tellurian Announces $35 Million Registered Direct Offering
Tellurian Inc. (Tellurian or the Company) (Nasdaq: TELL) today announced that it has entered into a securities purchase agreement with certain institutional investors for the sale of 35,000,000 shares of common stock at a price of $1.00 per share for total gross proceeds of $35,000,000. The offering will generate net cash proceeds of approximately $32.5 million after deducting estimated expenses in connection with the offering.
The registered direct offering is expected to close on or about July 24, 2020, subject to the satisfaction of customary closing conditions. Roth Capital Partners is acting as the placement agent for the offering.
A shelf registration statement on Form S-3 (File No. 333-235793) relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (the “SEC”) and is effective. A prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC. The Company will also file a Form 8-K in connection with the securities purchase agreement. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained, when available, at the SEC’s website at http://www.sec.gov.
July 21, 2020 Secretary Dan Brouillette and Minister Dharmendra Pradhan Release Joint Statement on the Virtual U.S. – India Strategic Energy Partnership Ministerial
Today, July 17, 2020, U.S. Secretary of Energy Dan Brouillette and Indian Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan co-chaired a virtual ministerial meeting of the U.S.-India Strategic Energy Partnership (SEP), now at the two-year mark, to review progress and prioritize new areas for cooperation.
July 21, 2020 India’s Petronet renews investment deal with Tellurian: sources
India’s top gas importer, Petronet LNG (PLNG.NS), has renewed its initial deal to consider investing $2.5 billion in U.S. liquefied natural gas (LNG) developer Tellurian Inc’s (TELL.O) Driftwood project, Indian sources familiar with the matter said.
June 23, 2020 PRESS RELEASE | Charif Souki Named Executive Chairman of Tellurian
Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that the Board of Directors has named Charif Souki Executive Chairman of Tellurian. Souki has been Tellurian’s non-executive Chairman since founding the company in February 2016.
President and CEO Meg Gentle said, “Demand for liquefied natural gas (LNG) grew 13% last year and continues to grow at a pace that will outstrip capacity growth unless we act now and get facilities built. While COVID-19 has slowed the market this year, the market is rebalancing quickly and the underlying fundamentals that support long-term investment in LNG are strengthening. We are fortunate to have the benefit of our founders’ marketing expertise and relationships as we commercialize and finance Driftwood LNG.”
Executive Chairman Charif Souki added, “As the world recovers, there is an urgent need to make up for lost time. I am re-engaging to provide additional support to Tellurian, a company I co-founded with Martin Houston, using personal and friends and family funds. I am 100% committed to Tellurian’s success and will be working alongside our President and CEO Meg Gentle, COO Keith Teague, and the most experienced LNG team in the industry to get our first-class project, Driftwood LNG, constructed.”
Driftwood LNG is a proposed 27.6 million tonnes per annum (mtpa) liquefaction export facility that will be located near Lake Charles, Louisiana on the U.S. Gulf Coast. The project is ready for construction, having received necessary permits and with 30% of engineering with Bechtel completed.
June 15, 2020 PRESS RELEASE | Tellurian Inc. to Present at J.P. Morgan 2020 Energy, Power & Renewables Conference
Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that CEO Meg Gentle will present at the J.P. Morgan 2020 Energy, Power & Renewables Conference at 3:40 p.m. (Eastern) on Tuesday, June 16, 2020. The virtual conference webcast is available on the J.P. Morgan website and via the direct link.
May 4, 2020 PRESS RELEASE | Tellurian reports first quarter 2020 results
Tellurian Inc. (Tellurian) (NASDAQ: TELL) continues to build its integrated global natural gas business. Notable Tellurian achievements during the first quarter of 2020 and thereafter:
Reduced corporate overhead to approximately $6 million per month to begin in June.
Raised $50 million in gross proceeds through issuance of $56 million zero coupon, unsecured notes in April 2020.
Amended 2019 Term Loan, reducing the principal balance by $22.1 million and extending its maturity to November 2021.
President and CEO Meg Gentle said, “Tellurian has taken actions to strengthen our balance sheet in the midst of extreme energy and financial market conditions. We have streamlined the organization and arranged a $50 million financing. We are lean, resolved, and focused on delivering our first project, Driftwood LNG.”
Financial results
Tellurian ended its first quarter of 2020 with approximately $55.5 million in cash and cash equivalents and approximately $128.6 million in long-term debt. Tellurian’s balance sheet consisted of approximately $364.3 million in assets. Proforma for the financing transactions which were completed in April, Tellurian would have ended the quarter with approximately $100.7 million in cash and cash equivalents, approximately $167.5 million in long-term debt, and approximately $409.5 million in assets.
Tellurian reported a net loss of approximately $40.7 million, or $0.18 per share (basic and diluted), for the three months ended March 31, 2020.
April 28, 2020 PRESS RELEASE | Tellurian executes agreements for $50 million financing and reduction of term loan
Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today it has executed an agreement to sell $56 million of zero coupon, unsecured notes for gross proceeds of $50 million and provide the lender with warrants to purchase up to 20 million shares of Tellurian common stock, subject to customary closing conditions.
In conjunction with this financing, Tellurian has also entered into an agreement to amend its 2019 Term Loan, including a reduction of the principal amount by $17.1 million. The agreement provides for a paydown of $2.1 million in cash, converts $15 million of principal value into equity through the issuance of approximately 9.3 million shares to the lender, and provides the lender with warrants to purchase up to approximately 4.7 million shares of Tellurian common stock, subject to customary closing conditions.
Tellurian’s unaudited cash and cash equivalents balance proforma for the financing transaction would have been approximately $100.7 million as of March 31, 2020.
President and CEO Meg Gentle said, “Tellurian is building cash reserves during this challenging time in global markets, positioning for a strong emergence from COVID-19 restrictions. We remain bullish on long-term natural gas demand growth, underscoring the acute need for Driftwood LNG.”
