![Tellurian Reports Driftwood LNG Progress Amid Low NatGas Production](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/05/tellurian-reports-driftwood-lng-progress-amid-low-natgas-production.jpg?itok=tnmHbVaD)
(Source: Shutterstock.com)
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
TC Energy Shareholders OK Spinning Off Liquid Pipelines Business
2024-06-04 - TC Energy will spin off South Bow Corp., with its primary asset the Keystone oil pipeline, while shifting a hefty amount of TC Energy’s debt to the new company.
Riley Permian Increases Stake in West Texas Power JV with Conduit
2024-05-22 - Riley Exploration Permian increased its ownership in RPC Power, a JV with Conduit Power, to 50% from 35% and has agreed to sell up to 10 MMcf/d of natural gas as feedstock supply for the generation facilities as RPC plans to sell to ERCOT.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
TotalEnergies to Invest $400MM in LPG
2024-05-14 - TotalEnergies is investing more than $400 million into LPG to provide more than 100 million people in Africa and Asia access to clean cooking methods by 2030.
Earthstone’s Anderson Relaunches, Seeks Conventional
2024-05-24 - The new E&P PetroPeak Energy will also take a look at unconventional property in the Eagle Ford and Austin Chalk.