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Tellurian reports second quarter 2019 results
HOUSTON, Texas — (BUSINESS WIRE) August 7, 2019 — Tellurian Inc. (Tellurian) (NASDAQ: TELL) continues to build its integrated global natural gas business. Notable Tellurian achievements during the second quarter of 2019 and thereafter:
Commercial
Entered into definitive agreements with subsidiaries of Total S.A. (Total) for a $500 million equity investment in Driftwood Holdings LP, and related purchase of liquefied natural gas (LNG). These agreements are filed with Tellurian’s second quarter 10-Q filing. Along with Total’s previously announced agreement to purchase approximately $200 million of Tellurian common stock, Total’s aggregate investment in the Tellurian portfolio will be approximately $907 million at final investment decision (FID) for Driftwood.
Continue to advance negotiations for the sale of LNG and interests in Driftwood Holdings with several counterparties.
Secured $75 million term loan for general corporate purposes.
Regulatory
Received all major permits required for construction and operation of the Driftwood terminal and pipeline.
Pipeline
Completed binding open seasons for the Permian Global Access Pipeline (PGAP), the Haynesville Global Access Pipeline (HGAP), and the Delhi Connector Pipeline (DCPL), all resulting in over-subscribed indications of interest. Tellurian anticipates finalizing precedent agreements and beginning the pre-filing process with the Federal Energy Regulatory Commission (FERC) in the next quarter for PGAP.
President and CEO Meg Gentle said, “Total’s commitment and investment in Tellurian has set an international standard for a joint venture partnership that will deliver low-cost U.S. LNG supply to the world beginning in 2023. Tellurian has executed a thorough set of documents and we are using those as a template to secure further agreements with partners. We are preparing to launch the project finance debt syndication, which we expect to take the remainder of the year.”
Estimated Driftwood project timeline
 
 
Catalyst
Estimated Timeline
Driftwood final investment decision
2019
Begin construction
2019
Begin operations
2023
Financial results
Tellurian ended its second quarter of 2019 with approximately $104.0 million of cash and cash equivalents and approximately $114.2 million in debt. Tellurian has a strong balance sheet consisting of approximately $417.4 million in assets.
Tellurian reported a net loss of approximately $40.5 million, or $0.19 per share (basic and diluted), for the three months ended June 30, 2019.



 
 
 
1201 Louisiana Street Suite 3100 | Houston, TX 77002 | TEL + 1 832 962 4000 | www.tellurianinc.com

The following information was filed by Tellurian Inc. (TELL) on Wednesday, August 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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