Tellurian gas production up in Q2, loss widens
US integrated natural gas company Tellurian said August 7 its natural gas production nearly doubled in Q2 2023 compared to a year ago, but with weaker commodity prices, sales revenues were cut in half and its net loss for the quarter widened, to $59.6mn from $35,000 in Q2 2022.
Net production for the quarter increased to 17.2bn ft3 from 9bn ft3, Tellurian said, but revenue fell to $31.9mn from $61.3mn. Adjusted EBITDA dropped to $8.1mn from $53.2mn.
Tellurian continues to progress its planned 27mn tonnes/year Driftwood LNG project in Louisiana under a limited notice to proceed issued to EPC contractor Bechtel in March 2022, CEO Octavio Simoes said.
“Bechtel is progressing very well on Driftwood LNG construction, having driven over 9,000 piles and poured over 10,000 ft3 of concrete for plant one and the storage tanks, and having recently prepared plant two’s site for piling work,” he said. “We also hired former investment banker Simon Oxley as CFO and with his extensive experience and leadership, we are significantly enhancing our project financing efforts.”
At June 30, 2023, Tellurian had about $1.3bn in total assets, including some $106.7mn of cash and cash equivalents.