Tellurian Reports First Quarter 2021 Results

Source: www.gulfoilandgas.com 5/5/2021, Location: North America

Tellurian Inc. continues to build its integrated global natural gas business, focusing on debt reduction during the first quarter of 2021. Subsequent to the quarter end, Tellurian made a voluntary $17 million debt repayment on April 23, 2021, and has now paid off all borrowing obligations.

President and CEO Octávio Simoes said, “Tellurian now has a much stronger balance sheet and global customers continue to be very interested in our integrated, market-based liquefied natural gas (LNG) product offering as they build their portfolios with flexible, reliable and cleaner energy sources. Additionally, we are looking forward to expanding our drilling program in 2021, having recently spud a new well in the prolific Haynesville Shale, that we expect to provide valuable revenue.”

Operating activities
Tellurian produced 3.3 billion cubic feet (Bcf) of natural gas for the quarter ending March 31, 2021 as compared to 3.9 Bcf for the previous quarter. Tellurian’s upstream assets include 9,704 net acres and interests in 72 producing wells as of March 31, 2021.

Financial results
Tellurian ended its first quarter of 2021 with approximately $58.7 million of cash and cash equivalents and approximately $17.0 million in short-term borrowings (which was repaid in April 2021), and generated approximately $8.7 million in revenues from natural gas sales. Tellurian has a strong balance sheet consisting of approximately $270.3 million in total assets. Tellurian reported a net loss of approximately $27 million, or $0.08 per share (basic and diluted), for the three months ended March 31, 2021.


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