Blog Post
Tellurian Reports 2019 Results
info • Feb 24, 2020
Tellurian today reported a net loss of approximately $151.8 million, or $0.69 per share (basic and diluted), for the year ended December 31, 2019. Tellurian ended its 2019 fiscal year with approximately $64.6 million of cash and cash equivalents and approximately $136.6 million in debt. Tellurian balance sheet consisted of approximately $382.3 million in assets.
President and CEO Meg Gentle said, "In 2019, Tellurian secured equity partners for the Driftwood project, advanced engineering and site testing, and finalized critical permits, making Driftwood LNG shovel ready for 2020. We plan to complete our financing in the coming months and begin construction on the largest privately funded energy infrastructure project in the United States."
Tellurian provided an overview of 2019 Driftwood LNG milestones:
- Received the United States Federal Energy Regulatory Commission (FERC) order granting authorization for the Driftwood terminal and Driftwood pipeline, and the United States Department of Energy order granting export authorization to non-free trade agreement countries, concluding the most significant permits required for construction and operation.
- Continued to progress engineering on the Driftwood terminal, completing 28% of engineering with approximately $150 million invested to date.
- Received FERC approval for Driftwood terminal implementation plans; the Driftwood terminal is in Louisiana and located on approximately 1,000 acres with ample laydown area for equipment and deep-water access for shipping.
- Began the FERC pre-filing process for the Permian Global Access Pipeline (PGAP), a 625-mile, 42-inch interstate natural gas pipeline proposed from the Waha Hub in West Texas to near Lake Charles, Louisiana.
Driftwood LNG is owned by Tellurian. Driftwood LNG is a planned production and export terminal on the west bank of the Calcasieu River, south of Lake Charles, Louisiana. Once complete Driftwood LNG will be able to export over 27 million tonnes of LNG per year.
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