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
TGS Starts Up Multiclient Wind, Metaocean North Sea Campaign
2024-05-07 - TGS is utilizing two laser imaging and ranging buoys to receive detailed wind measurements and metaocean data, with the goal of supporting decision-making in wind lease rounds in the German Bright.
AI Advancing Underwater, Reducing Human Risk
2024-03-25 - Experts at CERAWeek by S&P Global detail the changes AI has made in the subsea robotics space while reducing the amount of human effort and safety hazards offshore.
Exclusive: Silixa’s Distributed Fiber Optics Solutions for E&Ps
2024-03-19 - Todd Chuckry, business development manager for Silixa, highlights the company's DScover and Carina platforms to help oil and gas operators fully understand their fiber optics treatments from start to finish in this Hart Energy Exclusive.
CERAWeek: AI, Energy Industry Meet at Scary but Exciting Crossroads
2024-03-19 - From optimizing assets to enabling interoperability, digital technology works best through collaboration.
Cyber-informed Engineering Can Fortify OT Security
2024-03-12 - Ransomware is still a top threat in cybersecurity even as hacktivist attacks trend up, and the oil and gas sector must address both to maintain operational security.