During the second quarter of this year, Tellurian generated $61.3 mill in revenue from natural gas sales on a production increase of around 47%, compared to the previous quarter.
In the corresponding period of 2021, the natural gas sales amounted to $5.6 mill.
However, the company reported a net loss of about $35,000 for the three month period.
Following the quarter’s end, the company agreed to acquire various natural gas assets located on about 5,000 net acres, which included 44 producing wells.
President and CEO, Octávio Simões, said, “Tellurian’s business model provides a unique proposition amongst US LNG producers. By having our own natural gas production, we create cash from domestic sales that we can use for further investment, and upon completion of Driftwood LNG, we have an economic hedge for natural gas purchases which creates additional value for our shareholders and Tellurian.
“While Tellurian continues to add natural gas production and sales revenue, we are also progressing with construction of Driftwood LNG, having cleared the site and begun an extensive pile driving programme to set the foundation for the first plant,” Simões added.
Tellurian ended 2Q22 with about $823 mill of cash and cash equivalents and around $1.34 bill in total assets, the company claimed.
