Tellurian Inc. has made significant progress on the construction of Driftwood LNG phase one, in partnership with Bechtel. executive chairman Martin Houston emphasized the company’s sharpened focus on stability, financial discipline, and execution over the past few months. Houston stated, “We are laser-focused on bringing Driftwood to final investment decision. To this end, we continue to take important steps to improve our balance sheet and liquidity position, and we continue to benefit from our strong regulatory standing. In addition, we have better aligned our commercial offerings to meet the needs of potential customers, and we are highly encouraged by our ongoing commercial discussions.”
Driftwood LNG has received extensions through 2029 for both the construction order from the U.S. Federal Energy Regulatory Commission and its Section 404 permit from the U.S. Army Corps of Engineers. These extensions are critical for the continued progress and ultimate completion of the project.
Consolidated Financial Results
Tellurian generated approximately $25.5 million in natural gas revenues in the first quarter of 2024, a decrease from $50.9 million in the first quarter of 2023. This decline was attributed to lower realized natural gas prices and production volumes. The company reported a net loss of approximately $44.0 million, or $0.06 per share (basic and diluted), for the quarter ended March 31, 2024, compared to a net loss of $27.5 million, or $0.05 per share (basic and diluted), for the same period in 2023.
As of March 31, 2024, Tellurian had total assets amounting to approximately $1.3 billion, including around $51.8 million in cash and cash equivalents. Despite the financial challenges, Tellurian remains committed to advancing the Driftwood LNG project and achieving its long-term goals.
For more information visit www.tellurianinc.com
