Tellurian Reports Third Quarter 2023 Results

Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL) continues to progress the production and sales of natural gas and the financing and construction of its Driftwood project.

President and CEO Octávio Simões said, “Tellurian’s upstream segment continues to provide growing natural gas production, improving significantly over the third quarter of last year, and we see natural gas prices on the rise through year end. We are having a number of discussions with counterparties for both equity partnership and liquefied natural gas (LNG) offtake for the Driftwood project and investment in the Driftwood Line 200/300 pipeline. We have invested over one billion dollars to develop and advance construction of the fully permitted Driftwood project and remain on target to produce first LNG in 2027.”

Upstream segment results


Three Months Ended

September 30, 2023

Three Months Ended

September 30, 2022

Net production

19.5 Bcf

11.4 Bcf

Average realized price per MCF




$43.2 million

$81.1 million

Operating (loss) profit

($12.6) million

$40.1 million

Adjusted EBITDA*

$18.3 million

$69.5 million

Operating activities

Tellurian produced 19.5 billion cubic feet (Bcf) of natural gas for the quarter ended September 30, 2023, as compared to 11.4 Bcf for the same period of 2022. As of September 30, 2023, Tellurian’s natural gas assets included 31,149 net acres and interests in 159 producing wells.

Consolidated financial results

Tellurian generated approximately $43.2 million in revenues from natural gas sales in the third quarter of 2023 compared to $81.1 million in the third quarter of 2022, a change driven by decreased realized natural gas prices partially offset by increased production volumes. Tellurian reported a net loss of approximately $65.4 million, or $0.12 per share (basic and diluted), for the quarter ended September 30, 2023, compared to a net loss of approximately $14.2 million, or $0.03 per share (basic and diluted), for the same period of 2022.

As of September 30, 2023, Tellurian had approximately $1.3 billion in total assets, including approximately $59.3 million of cash and cash equivalents.

* Non-GAAP measure – see the end of this press release for a definition and a reconciliation to the most comparable GAAP measure.

About Tellurian Inc.

Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol “TELL”.

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This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward- looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, and other aspects of the Driftwood LNG project, commodity prices, and construction and permitting activities. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2022, filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 22, 2023, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.

Explanation and Reconciliation of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes that Upstream segment Adjusted EBITDA may provide financial statement users with additional meaningful comparisons between current results and the results of the Company’s peers and of prior periods.

Upstream segment Adjusted EBITDA excludes certain charges or expenditures. Upstream segment Adjusted EBITDA is a supplemental measure of performance and should not be viewed as a substitute for any GAAP measure.

Management presents Upstream segment Adjusted EBITDA because (i) it is consistent with the manner in which the Company’s position and performance are measured relative to the position and performance of its peers and (ii) it is more comparable to earnings estimates provided by securities analysts.

Upstream segment Adjusted EBITDA (in thousands):


Three Months Ended September 30,


Nine Months Ended September 30,









Upstream segment operating (loss) profit








Add back:








Depreciation, depletion and amortization








Allocated corporate general and administrative








Upstream segment Adjusted EBITDA










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