Tellurian sees 25% boost in Q3 natgas production
US LNG hopeful Tellurian, now calling itself a global natural gas business, said November 2 it increased natural gas production in Q3 2022 by 25% over the previous quarter while boosting natural gas sales by 32% sequentially.
Year-over-year, net production nearly tripled, to 11.4bn ft3 in Q3 2022 from 3.9bn ft3 in Q3 2021. Revenue – underpinned by higher production and strong commodity prices – jumped to $81.1mn from $15.6mn, while operating profit rose year-over-year to $40.1mn from $3.5mn.
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“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,” CEO Octavio Simoes said. “In addition, Bechtel is continuing construction on the Driftwood terminal, and Tellurian is fully engaged in our efforts to secure strategic equity partners.”
Despite improved production and revenue results, Tellurian still ended the three-month period with a net loss of $14.2mn, a slight improvement over a Q3 2021 net loss of $15.9mn. It ended the quarter with an estimated $1.4bn in total assets, including about $607.5mn in cash and cash equivalents.