Tellurian Inc. (Tellurian) ended Q3 with a 25% increase in net natural gas production and a 32% increase in natural gas sales, as compared to Q2 2022. “Tellurian continues to increase our domestic natural gas production by adding to our footprint, now having 22,420 net acres, interests in 131 producing wells located in the Haynesville Shale, and more than 300 drillable locations,” said Tellurian President and CEO Octávio Simões. “In addition, Bechtel is continuing construction on the Driftwood terminal, and Tellurian is fully engaged in our efforts to secure strategic equity partners. The underlying market fundamentals strongly support our strategy of seeking the differential value between domestic and international natural gas prices for our shareholders.”
Upstream Segment Results
Tellurian reported a net loss of approximately US$14.2 million, or US$0.03 per share (basic and diluted), for the three months ending September 30, 2022, compared to a net loss of US$15.9 million, or US$0.04 per share (basic and diluted), in Q3 2021.
| Three Months Ending September 30, 2022 |
Three Months Ending September 30, 2021 |
|
| Net Production | 11.4 Bscf | 3.9 Bscf |
| Revenue | $81.1 million | $15.6 million |
| Operating Profit | $40.1 million | $3.5 million |
| Adjusted EBITDA | $69.5 million | $10.9 million |
Tellurian ended Q3 2022 with approximately US$1.4 billion in total assets, including approximately US$607.5 million of cash and cash equivalents.
