PRESS RELEASE | Tellurian Reports 25% Increase in Natural Gas Production for Third Quarter 2022
Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL) ended the third quarter with a 25% increase in net natural gas production and a 32% increase in natural gas sales, as compared to the second quarter of 2022.
President and CEO Octávio Simões said, “Tellurian continues to increase our domestic natural gas production by adding to our footprint, having now a total of 22,420 net acres, interests in 131 producing wells located in the Haynesville Shale, and more than 300 drillable locations*. In addition, Bechtel is continuing construction on the Driftwood terminal, and Tellurian is fully engaged in our efforts to secure strategic equity partners. The underlying market fundamentals strongly support our strategy of seeking the differential value between domestic and international natural gas prices for our shareholders.”
Upstream segment results
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Three Months Ended |
Three Months Ended |
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Net production |
11.4 Bcf** |
3.9 Bcf |
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Revenue |
$81.1 million |
$15.6 million |
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Operating profit |
$40.1 million |
$3.5 million |
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Adjusted EBITDA*** |
$69.5 million |
$10.9 million |
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* |
Inventory of reserve locations as of September 1, 2022 (using August 31, 2022 NYMEX strip pricing and as prepared by Netherland, Sewell & Associates in accordance with the definitions and guidelines set forth in the 2018 Petroleum Resources Management System (PRMS). |
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** |
Billion cubic feet of natural gas |
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*** |
Non-GAAP measure – see the end of this press release for a definition and a reconciliation to the most comparable GAAP measure. |
Consolidated financial results
Tellurian reported a net loss of approximately $14.2 million, or $0.03 per share (basic and diluted), for the three months ended September 30, 2022, compared to a net loss of $15.9 million, or $0.04 per share (basic and diluted), in the third quarter of 2021.
Tellurian ended the third quarter of 2022 with approximately $1.4 billion in total assets, including approximately $607.5 million of cash and cash equivalents.