Houston’s Tellurian Inc. said Driftwood LNG phase one is making progress and the company has increased focused on taking a final investment decision on the project, according to the company’s first quarter results.
Driftwood, which has faced financial problems, received an extension through 2029 to complete the liquefaction facility with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.
“Over the past few months, our senior team has sharpened its focus on stability, financial discipline and execution, and we are laser-focused on bringing Driftwood to final investment decision,” said Tellurian’s Executive Chairman Martin Houston. “To this end, we continue to take important steps to improve our balance sheet and liquidity position, and we continue to benefit from our strong regulatory standing.”
Tellurian generated approximately $25.5 million in natural gas revenues in first-quarter 2024, driven by decreased gas prices and production, compared to $50.9 million in first-quarter 2023, the company said.
As of March 31, Tellurian had approximately $1.3 billion in total assets, including approximately $51.8 million in cash and cash equivalents.
Recommended Reading
CGG to Change Name to Viridien
2024-05-17 - The company’s new ticker symbol will be “VIRI” and listed on Euronext Paris, effective May 21.
Sector’s Appetite for Capital Remains Amid Consolidation Frenzy, Panelists Say
2024-05-17 - There’s still an appetite for capital in the oil and gas sector—companies just need to think creatively to find it, a number of panelists said during SUPER DUG in Fort Worth, Texas.
SilverBow Resets Shareholder Meeting After $2.1B Crescent Deal
2024-05-16 - SilverBow Resources said it will adjourn its May 21 shareholders’ meeting until May 29 following Crescent Energy’s agreement to buy the Eagle Ford operator.
Blue Racer Midstream Prices Senior Notes Offering
2024-05-15 - Net proceeds from the sale of senior notes will be used to pay off debt and other general corporate purposes.
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.