Tellurian continued to execute its integrated strategy by progressing construction of its Driftwood project and through production and sales of natural gas, the company said in an earnings release.
President and CEO, Octávio Simões, confirmed, “Bechtel is progressing very well on Driftwood LNG construction, having driven over 9,000 piles and poured over 10,000 cu ft of concrete for plant one and the storage tanks, and having recently prepared plant two’s site for piling work.
“We also hired former investment banker, Simon Oxley as Chief Financial Officer and with his extensive experience and leadership, we are significantly enhancing our project financing efforts,” he said.
The company generated around $32 mill in revenues from natural gas sales in the second quarter of 2023, compared to $61.3 mill in the second quarter of 2022. The drop was driven by decreased realised natural gas prices, partially offset by increased production volumes.
Tellurian also reported a net loss of about $59.6 mill, or $0.11 per share (basic and diluted), for 2Q23, compared to a net loss of around $35,000, or zero per share (basic and diluted), for the same period of 2022.
As of 30th June, 2023, Tellurian had about $1.3 bill in total assets, including around $106.7 mill of cash and cash equivalents.
