Midstream Analyst, Spiro Dounis of #CreditSuisse chats with Tellurian on #equity trends within his coverage universe in a #CHATwithTELL

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Follow us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Spiro Dounis
Production: Allison Clark

Program outline

00:06-07:21 – Overview

  1. History/background – sell-side, coverage universe
  2. Comparison between current coverage & previous sectors
  3. Brief overview of energy platform at CS

07:21-22:52 – Macro

  1. How does midstream sector compare vs. other energy sub sectors – risk/reward, capex, EBITDA growth, returns, valuation
  2. Key themes
  3. Digging into exports
  4. Comparing export levered equities to domestically focused company valuations
  5. M&A landscape

22:52-39:12 – Coverage

  1. Valuation methodology, ratings
  2. Leverage – a look back in time, implications, growth/distributions
  3. Transition from cash flow based valuation shifted towards EPS
  4. Return profile of export related projects
  5. How do various LNG export models compare
  6. Ranking LNG projects and probabilities of achieving FID
  7. Bull/bear debate amongst export theme stocks & LNG related names

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by #President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

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.

Click to review Credit Suisse disclosures

Music | #cool by Vincent Augustus is licensed under a Attribution-ShareAlike License | CC BY-SA 4.0

SVP & CFO, Antoine Lafargue chats about our new hybrid financial model and the evolution of #financing in the LNG space during a #CHATwithTELL.

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Follow us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Antoine Lafargue
Production: Miracle Films
Art direction: Allison Clark

Program outline

00:06
Assets vs cashflow

a. Lot of variability in the LSTK price, flux in EPC quotes – how our EPC LSTK with Bechtel impacts the credit risks and finance of the project
b. Balance sheet and track record gives comfort to the banks that project will be delivered on the agreed budget

02:35
Risks and opportunities

a. General rule of thumb on credit risk or spread or basis points or equity given the variability of contract
b. Reaching the end of the ‘first wave’ construction
c. Volatility
d. Sourcing low-cost gas
e. Right contractor
f. Financing

07:12
Debt market

a. Debt rate $10-20 Billion over time
b. How big is the bank syndication process is
c. Can it handle this amount of paper hitting the market
d. Largest deal in U.S.

10:39
Top themes from a financial perspective

a. End user – concerned about reliability and cost
b. Aggregators – concerned about cost in general
c. Get a lot of credit with EPC contract with Bechtel fully wrapped
d. Sometimes surprised by the upstream contribution
e. Experience with the team
f. Education
g. Fully aligned with customers

15:15
Greatest divergence between public investors and customers in terms of risk and focus

a. Customers – very focused on our Bechtel contract and the site with thorough due diligence
b. Investors – not spending as much time on Bechtel EPC contract
• U.S. equity investors consensus on gas prices possibly being lower for longer
• International – we don’t know what will happen in the future, we have a good view of 5 years but unsure about longer. Quicker to understand the integrated structure

17:45
Surprise pricing mechanism with JKM

Announced an MOU with a customer, it was a bit of a surprise for some people in regards to the pricing mechanism being JKM. Do you see this as a trend, shifting away from Henry Hub + % mark-up.
a. More innovation on the financing side
b. Evolution of the LNG market is a mirror of the oil industry over the past 4-5 decades
c. Customers don’t want long-term contracts – don’t have an alternative solution to a long-term solution
d. Becoming more of a commodity
e. In a period of transition

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by #President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

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. The contract priced in our EPC contracts with Bechtel are subject to adjustment by change orders, including for consideration of cost escalation associated with issuance of a Notice to Proceed after December 31, 2017.

Pat Outtrim, SVP of #Government Relations & Regulatory Affairs brings clarity to our Driftwood LNG project expectations in a #CHATwithTELL.

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Follow us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Pat Outtrim
Production: Miracle Films
Art direction: Allison Clark

Program outline

00:00:00
How the regulatory environment looks – expectations
• Air permits
• Coastal zone permits
• FEIS

04:01:00
Milestones for 2019
• Department of Energy license
• Core of engineers
• Implementation plan on first construction and demo
• FERC order

05:11:00
Clarity on misconception and potential bottlenecks
• FERC now has full functioning capability
• PHMSA & FERC MOU to streamline process

07:02:00
Potential shortage of labor?
• Bechtel contractor fair to hire local and maintain labor pool – this brings labor benefits for Tellurian
• Working with community colleges on core curriculum

12:43:00
Comments on FERC application: positive & negative
• Noise
• Documented baselines
• Visual impacts of site

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by #President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

This video may 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 include forward-looking statements regarding, among other things, permitting and other regulatory and operational developments, costs, 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, risks relating to the current federal government shutdown and other risks described in the Company’s filings with the SEC, which are available on the Company’s website (Tellurianinc.com) 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.

Charif Souki, Chairman, explains the value of upstream and the importance of technology to ensure low-cost #LNG in #CHATwithTELL.

Watch on YouTube
Follow us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Charif Souki
Production: Miracle Films
Art direction: Allison Clark

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by #President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

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.

Meet Martin Houston, Vice Chairman of Tellurian who describes his global #LNG experiences that matter to the new wave of projects.

#CHATwithTELL

Watch on YouTube
Find us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Martin Houston
Production: Miracle Films
Creative direction: Allison Clark

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by #President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

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.

Mark Stubbe, SVP Strategy and Business Development, describes our commercial position on U.S. #LNG.

#CHATwithTELL

Watch on YouTube
Find us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Mark Stubbe
Production: Miracle Films
Creative direction: Allison Clark

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by #President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

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.

Renee Pirrong, Manager, Research and Analysis, discusses how inelastic demand supports new #LNG supply opportunities.

#CHATwithTELL

Watch on YouTube
Find us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Renee Pirrong
Production: Miracle Films
Creative direction: Allison Clark

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by #President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

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.

Join Tarek Souki, SVP LNG Marketing and Trading while he discusses the future of global LNG marketing in the new CHAT with TELL.

#CHATwithTELL

Watch on YouTube
Find us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Tarek Souki
Production: Miracle Films
Creative direction: Allison Clark

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

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.

Join Meg Gentle, CEO on the future of natural gas, Tellurian’s business model and upstream optionality in the first episode of CHAT with TELL.

#CHATwithTELL

Watch on YouTube
Find us on Twitter @TellurianLNG

Host: Amit Marwaha
Guest: Meg Gentle
Producer: Miracle Films
Creative director: Allison Clark

Business Description

#Tellurian was founded by #CharifSouki and #MartinHouston and is led by President and #CEO #MegGentle. 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 natural gas production, LNG trading, and 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 #Nasdaq Capital Market under the symbol “TELL”.

Confidential notice

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.