US LNG firm Tellurian reported a net loss of $166.2 million in 2023, as it continues to work on securing financing for the first phase of its Driftwood LNG export plant in Louisiana.
Tellurian’s net loss increased more than three times compared to $49.8 million in 2022.
The company generated about $166.1 million in natural gas revenue, driven by decreased realized natural gas prices and increased production volumes for the year ended December 31, 2023, compared to $391.9 million in total revenues for 2022.
Tellurian produced 72.5 Bcf of natural gas for the year ended December 31, 2023, compared to 47.3 Bcf of natural gas in 2022.
As of December 31, 2023, Tellurian’s natural gas assets include 30,034 net acres and interests in 161 producing wells, while Tellurian had about $1.3 billion in total assets, including about $75.8 million of cash and cash equivalents.
Earlier this month, Tellurian said it is exploring the sale of its Haynesville upstream assets as it works on securing financing for the first phase of its Driftwood LNG project worth about $14.5 billion.
Under the first phase, Tellurian aims to build two LNG plants near Lake Charles with an export capacity of up to 11 mtpa.
However, the company is still working to secure financing for the project.
Tellurian issued a limited notice to proceed to compatriot engineering and construction giant Bechtel in March 2022 and it said in August last year that Bechtel completed piling work for the first plant and also concrete pouring for all plant one compressor foundations.
During 2023, Bechtel has driven over 14,000 piles at the site.
The firm recently also secured more time from the US FERC to complete the construction of its Driftwood LNG project.
Tellurian’s president and CEO Octavio Simoes said in the statement that “Driftwood’s recent FERC order extension to construct all five plants, with a capacity of 27.6 mtpa, coupled with its non-free trade agreement export authorization, have differentiated the project and have intensified our commercial discussions.”
“In addition, we have received very favorable feedback from interested parties on the potential sale of our upstream assets and believe our financial discipline will provide a sustainable path forward. As disclosed in our financial statements, we have made significant progress in executing our plans to alleviate substantial doubt,” he said.
