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
Chevron Adds to Carbon Capture Tech Portfolio with ION Investment
2024-04-04 - Chevron New Energies led a funding round that raised $45 million in Series A financing for ION Clean Energy, according to a news release.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.