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Tellurian Inc. shares plunged by as much as 25% after the company announced the appointment of a new president for its assets and the transition of CEO Octávio Simões into an advisory role ahead of his planned June retirement.
Tellurian Inc. reported its full year 2023 financial results, highlighting progress on the Driftwood LNG project and securing the FERC Certificate for its pipelines. The company also made amendments to its senior secured notes and senior convertible notes to provide financial flexibility. Despite a net loss for the year, Tellurian's improved liquidity is expected to enhance engagement with potential counterparties and financing sources. CEO Octávio Simões emphasized the project's differentiation and intensified commercial discussions, while also noting favorable feedback on the potential sale of upstream assets.
Tellurian Inc. has received an extension from the U.S. Federal Energy Regulatory Commission (FERC) for the construction of its Driftwood LNG facility near Lake Charles, Louisiana, with a new completion deadline of April 18, 2029. The facility, when completed, will have a capacity of approximately 27.6 million tonnes per annum (mtpa). Tellurian expressed gratitude to FERC for its oversight and diligence, emphasizing its commitment to providing liquefied natural gas exports to the global market.
Tellurian, a U.S. liquefied natural gas (LNG) developer, has appointed a new president and general counsel following the recent ousting of co-founder Charif Souki as chairman. The company's shares dropped 15% as investors reacted to the shake-up, which sees co-founder Martin Houston taking over as chairman and Daniel Belhumeur becoming president. Tellurian will pay Souki at least $6 million in cash as part of his removal from all executive roles. The company has struggled to attract customers and investors for its Driftwood LNG project, and its stock has more than halved in value this year.
Tellurian Inc. is delaying the completion of its Driftwood LNG plant in Louisiana by three years to secure corporate contracts worldwide. The demand for U.S.-produced liquefied natural gas (LNG) is high as it can replace coal usage globally and reduce Europe's reliance on Russian natural gas. Manufacturers in various industries benefit from using natural gas as a feedstock for refining and production. The United States, competing with Qatar and Australia, aims to take market share from Russia in the LNG sector. Once operational, Tellurian's Driftwood facility will contribute to this goal and help meet the growing demand for LNG.