Tellurian Inc. reported a larger net loss in second quarter 2023 compared to the prior quarter as well as a 11% decline in production in the Haynesville Shale.
Houston-based Tellurian reported a net loss of $59.6 million in second-quarter 2023 compared to a net loss of $27.5 million in the first quarter, the company said Aug. 7 in its quarterly financial press release. The company cited lower natural gas prices for the dip in earnings. Tellurian reported a net loss of $35,000 in second quarter 2022.
The company reported total assets of $1.3 billion, including $106.7 million of cash and cash equivalents as of June 30, 2023.
Tellurian’s production in the Haynesville averaged 191 MMcf/d in the second quarter 2023, down 11% compared to 214 MMcf/d in the first quarter 2023.
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Tellurian still expects its production to average between 180 MMcf/d and 190 MMcf/d in 2023 with the ability to respond quickly to prices, the company said in its quarterly financial presentation.
Driftwood still moving forward
Tellurian, which is developing the 27.6 million tonnes per annum Driftwood LNG LLC project in Lake Charles, Louisiana, continues to move forward with construction activities at the intended export facility.
“Bechtel is progressing very well on Driftwood LNG construction, having driven over 9,000 piles and poured over 10,000 cubic feet of concrete for plant one and the storage tanks, and having recently prepared plant two’s site for piling work,” Tellurian president and CEO Octávio Simões said in the release.
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Tellurian provided no details related to the company’s recent binding commitment letter to divest 800 acres of land owned by Driftwood for $1 billion to Blue Owl Real Estate Capital LLC.