Tellurian Reports 47% Increase in Natural Gas Production for Q2 2022
Tellurian reported on Wednesday that the company generated $61.3 million in revenues from natural gas sales on an increase of production of approximately 47% in Q2 as compared to the previous quarter. As a result, Tellurian ended the second quarter with $823 million of cash on hand.
Subsequent to the quarter end, Tellurian entered into an agreement to acquire various natural gas assets located on approximately 5,000 net acres and including 44 producing wells.
“Tellurian’s business model provides a unique proposition amongst U.S. liquefied natural gas (LNG) producers,” Octávio Simões, president and CEO, said. “By having our own natural gas production, we create cash from domestic sales that we can use for further investment, and upon completion of Driftwood LNG, we have an economic hedge for natural gas purchases which creates additional value for our shareholders and Tellurian.”
Following the completion of the Haynesville Shale acquisition, Tellurian upstream pro forma assets will include approximately 20,000 net acres of natural gas production, interests in 126 producing wells and over 275 gross drilling locations.
“While Tellurian continues to add natural gas production and sales revenue, we are also progressing with construction of Driftwood LNG, having cleared the site and begun an extensive pile driving program to set the foundation for the first plant,” Simões added.
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