Tellurian sees production, operating profit surge in Q4
US natural gas/LNG company Tellurian said February 22 it increased natural gas production four-fold in Q4 2022, contributing to a higher operating profit and improved adjusted EBITDA for the period.
Natural gas production averaged 225bn ft3/day in the fourth quarter, up from 55mn ft3/day in the same period, as 13 new wells were brought on-stream in Tellurian’s core Haynesville shale region.
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Operating profit for the quarter increased to $47.5mn from a $1.1mn loss in Q4 2021, while adjusted EBITDA rose to $80.2mn from $13.3mn. Net loss for the year was $49.8mn, an improvement over the $114.7mn loss reported in 2021.
Tellurian is also progressing with early works construction at its 27mn metric tons/year Driftwood LNG project in Louisiana, where it has spent $1bn since project inception, CEO Octavio Simoes said.
“We have also significantly increased our natural gas production and reduced carbon impact through nature-based solutions,” he said. “At the same time, we are diligent in our search to secure a financing package to support long-term returns for shareholders.”
At year-end 2022, Tellurian reported about $1.4bn of total assets, including about $474.2mn of cash and cash equivalents. Proved reserves at year end stood at 445bn ft3, up more than 100bn ft3 from year-end 2021.