\nTellurian Inc. (Tellurian or the Company) (NYSE American: TELL) continued making progress on Driftwood LNG phase one construction, added to natural gas acreage, production and sales, and repaid $166.7 million in principal balance of borrowing obligations in the first quarter 2023. Subsequent to the quarter end, Tellurian also advanced Driftwood project funding through the execution of a $1.0 billion sale and leaseback letter of intent.<\/p>\n
\nPresident and CEO Oct\u00e1vio Sim\u00f5es said, \u201cTellurian continues to add value through natural gas production and sales and the construction of Driftwood LNG. With our development contributions and taking into account the land sale and leaseback contemplated by our recent LOI, we have invested or received commitments for nearly $2 billion of the project costs, and we continue discussions with partners who want to join us in delivering much needed liquefied natural gas to the world. Tellurian is focused on delivering long-term returns to shareholders, and this mindset sets the tone for commercial negotiations, bank debt arrangements and equity investor discussions.\u201d<\/p>\n
Upstream segment results<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n March 31, 2023<\/b><\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n March 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet production<\/p>\n<\/td>\n \n19.3 Bcf<\/p>\n<\/td>\n \n6.1 Bcf<\/p>\n<\/td>\n<\/tr>\n \nRevenue<\/p>\n<\/td>\n \n$50.9 million<\/p>\n<\/td>\n \n$26.0 million<\/p>\n<\/td>\n<\/tr>\n \nOperating (loss) profit<\/p>\n<\/td>\n \n$(2.9) million<\/p>\n<\/td>\n \n$4.6 million<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA*<\/p>\n<\/td>\n \n$29.8 million<\/p>\n<\/td>\n \n$14.0 million<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Operating activities<\/b><\/p>\n \nTellurian produced 19.3 billion cubic feet (Bcf) of natural gas for the quarter ended March 31, 2023, as compared to 6.1 Bcf for the same period of 2022. As of March 31, 2023, Tellurian\u2019s natural gas assets included 30,915 net acres and interests in 152 producing wells.<\/p>\n Consolidated financial results<\/b><\/p>\n \nTellurian generated approximately $50.9 million in revenues from natural gas sales in the first quarter of 2023, driven by increased production volumes, partially offset by decreased realized natural gas prices, compared to $26.0 million in the first quarter of 2022. Tellurian reported a net loss of approximately $27.5 million, or $0.05 per share (basic and diluted), for the quarter ended March 31, 2023, compared to a net loss of $66.6 million, or $0.14 per share (basic and diluted), for the same period of 2022.<\/p>\n \nAs of March 31, 2023, Tellurian had approximately $1.3 billion in total assets, including approximately $150.0 million of cash and cash equivalents.<\/p>\n \n* Non-GAAP measure \u2013 see the end of this press release for a definition and a reconciliation to the most comparable GAAP measure.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n About Tellurian Inc.<\/b><\/i><\/p>\n \nTellurian 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 marketing and 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 NYSE American under the symbol \u201cTELL\u201d.<\/p>\n \nFor more information, please visit www.tellurianinc.com.<\/a> Follow us on Twitter at twitter.com\/TellurianLNG<\/p>\n \nTellurian will post a video by Executive Chairman Charif Souki on its website shortly following the issuance of this release.<\/p>\n 2022 ESG Summary<\/i><\/b><\/p>\n\n
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