Despite soaring production and revenues, Tellurian Inc. posted a net loss and the company expects revenues and production to flatten in 2023.

For the full year, Tellurian鈥檚 revenues were $391.9 million, up 450% on higher production and gas prices; however, the company reported a net loss of $49.8 million. In comparison, in 2021 the company reported a net loss of $114.7 million.

Tellurian Chief Executive Charif Souki expects 2023 upstream production to remain in line with last year and revenues to shrink due to lower commodity prices.

Tellurian produced an average 225 MMcf/d in fourth-quarter 2022, up 309% compared to the same period a year ago. Since then, Tellurian has brought online numerous operated wells in the Haynesville, Souki said February 22 in a corporate video.

"Tellurian鈥檚 upstream group created positive revenues and cash flow that enhanced the company鈥檚 liquidity position,鈥� Souki said. 鈥淚n 2023, we expect to continue at the same pace although with prices coming down, we鈥檙e going to have smaller revenues from the same amount of production. But we will also control our capital expenditures for the group and we鈥檒l continue to generate positive cash flow from these activities.鈥�

Between cash on hand and cash generated by Tellurian鈥檚 upstream group, Souki expects the development of its Driftwood LNG project to remain on track.

鈥淲e still expect to sell 35%-40% of Driftwood to industry partners, they are the ones that have an excess of cash鈥� and [are] looking for projects to develop,鈥� Souki said.

RELATED: Tellurian Eyes $3.2 Billion in Equity for Driftwood LNG

Financial results

Houston-based Tellurian reported revenues of $102.5 million and adjusted EBITDA of $80.2 million in  fourth-quarter 2022 鈥� up 503% year over year, the company reported February 22.

Tellurian ended 2022 with approximately $1.4 billion in total assets, including $474.2 million in cash and cash equivalents while its proved reserves rose to 445 Bcf compared to 100 Bcf a year earlier.

Despite soaring production and revenues, Tellurian Inc. posted a net loss and the company expects revenues and production to flatten in 2023.

For the full year, Tellurian’s revenues were $391.9 million, up 450% on higher production and gas prices; however, the company reported a net loss of $49.8 million. In comparison, in 2021 the company reported a net loss of $114.7 million.

Tellurian Chief Executive Charif Souki expects 2023 upstream production to remain in line with last year and revenues to shrink due to lower commodity prices.

Tellurian produced an average 225 MMcf/d in fourth-quarter 2022, up 309% compared to the same period a year ago. Since then, Tellurian has brought online numerous operated wells in the Haynesville, Souki said February 22 in a corporate video.

"Tellurian’s upstream group created positive revenues and cash flow that enhanced the company’s liquidity position,” Souki said. “In 2023, we expect to continue at the same pace although with prices coming down, we’re going to have smaller revenues from the same amount of production. But we will also control our capital expenditures for the group and we’ll continue to generate positive cash flow from these activities.”

Between cash on hand and cash generated by Tellurian’s upstream group, Souki expects the development of its Driftwood LNG project to remain on track.

“We still expect to sell 35%-40% of Driftwood to industry partners, they are the ones that have an excess of cash… and [are] looking for projects to develop,” Souki said.

RELATED: Tellurian Eyes $3.2 Billion in Equity for Driftwood LNG

Financial results

Houston-based Tellurian reported revenues of $102.5 million and adjusted EBITDA of $80.2 million in  fourth-quarter 2022 — up 503% year over year, the company reported February 22.

Tellurian ended 2022 with approximately $1.4 billion in total assets, including $474.2 million in cash and cash equivalents while its proved reserves rose to 445 Bcf compared to 100 Bcf a year earlier.