Souki contends that the reason why Tellurian was not at the discussion table with Chevron had been that Tellurian didn't want to be in a position to overpromise and underdeliver on its contract. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. All Rights Reserved. Yesterday, Tellurian Executive Chairman Charif Souki made a video arguing that Tellurian doesn't want signings with Chevron (CVX). To read this article on Zacks.com click here. The company ended 2020 with $78.3 million of cash and cash equivalents and $72.8 million in short-term borrowings. My Marketplace highlights a portfolio of undervalued investment opportunities - stocks with rapid growth potential, driven by top quality management, while these stocks are cheaply valued. Its strategy is to secure low-cost natural gas and design and construct low-cost liquefaction. Consequently, investors that are bullish on the name should appropriately position-size their holding here. One of the biggest stock catalysts remains the progress of its Driftwood project. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. esgreview.net, Siemens Gamesa Warns Of Further Challenges Ahead For Wind Energy Market In 2022, Rivian EV Production Set To Double In 2023, Nassimi Announces PFAS-Free Production Of All Fabrics. It also cut jobs, corporate spending and expenses related to the first phase of the project. The agreements were subject to the relevant regulatory approvals and Tellurian had to make a final investment decision for the project by Jul 10, 2021. See here for a complete list of exchanges and delays. Currently the company is on pace to produce 90mmBtu of natural gas up. A win for Europe, as they crave lower energy. Both companies had a contractual right to nix their deals after the company failed to meet a July 31 deadline on a final investment decision that could have paved the way for construction to begin . You have 3 free articles remaining. Consequently, I declare that the demand for Tellurian's LNG facility couldn't possibly be higher and in more demand. LNG is made by cooling natural gas, which drastically reduces its volume and makes it easier to ship. The company currently carries a Zack Rank #3 (Hold). The industry leader for online information for tax, accounting and finance professionals. It is the second 10-year, 3-MTPA agreement Tellurian has announced in a week, following a deal with commodity trader Gunvor Group. Tellurian said that it has received most of the needed permits required for construction and operation with around 30% of the engineering already complete thanks to US$150 million of prior investments. Liquefied natural gas (LNG) developer Tellurian Inc. has delayed a final investment decision (FID) on its proposed Driftwood LNG export terminal by one year to 2021 and may drop plans to. Is this happening to you frequently? 3/1/2023. Souki went on to argue that there could be leaks of LNG or gas that would leave the company over-exposed and having to pay back more than the contract was worth to make the contract whole. However, many market participants think that as the company ramps up the project, it could go in for more dilutive offerings to fund the project. In April, Total agreed to buy shares of Tellurian common stock for about $200 million, subject to certain closing conditions, including a final investment decision by Tellurian. 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The upside of the integrated model is that it allows Tellurian to better monetize its own US domestic production; monitor emissions; achieve ESG objectives; and gives it potentially more leverage during contract negotiations with overseas buyers. | I wrote this article myself, and it expresses my own opinions. You have 3 free articles remaining. WARNING: Any stocks that you feel like buying after discussions with me are your responsibility. I have no business relationship with any company whose stock is mentioned in this article. Tellurian needs to raise $12 billion. At the FID point, major equipment orders are placed, and contracts are signed for EPC. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 2023 Natural Gas Intelligence. Tellurian is being priced as an out-of-the-money option. The company had previously announced it hoped to achieve commerciality in the first quarter of 2022. Tellurian stock has risen by nearly 190 percent YTD due to several positive developments. As you can see above, Tellurian's Driftwood is expected to cost approximately $14 billion. View Subscription Options Diluting shareholders when the stock is at a 6-month low is simply poor practice. 2023 ESG Review. 2 min read. "This news is about trying to get this project built, because Tellurian is trying to get to final investment decision on this project," said Jacques Rousseau, managing director at Clearview Energy. It has $474.2 million in cash and cash equivalents on hand. Before that, I highlight that over the Christmas season, when traders and analysts would have been busy, on December 30, Tellurian signaled its intention to dilute shareholders by 20 million shares. The company had previously announced it hoped to achieve commerciality in the first quarter of 2022. read more. Indeed, domestic natural gas prices fell by nearly 20% to $6 MMBtu. I argue that this meaningfully improves the bull case. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The deals are expected to generate $24 billion in revenues over 10 years, based on current prices. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Reality got in the way. |, Related topics: read more, Tellurian Executive Chairman Charif Souki said in a video this week that the company remained "highly confident we will start construction this summer and issue notice to proceed to Bechtel in the first quarter of next year." Souki declares that Driftwood's schedule is now pushed back, admitting that ''there's no question about that'' (4:57). Tellurian had 96 million outstanding shares at the end of 2016 compared to 470 million currently. Haynesville Shale Today, that discovery is still the heart of the Zacks Rank. | Tellurian reported a full-year net loss of $49.8 million (minus 9 cents/share), compared to a net loss of $114.7 million (28 cents) in 2021. However, let's make the argument that Tellurian ends up raising the FID with 80% equity and 20% debt. For this, Tellurian's Chairman openly declares (5:28) that the debt portion of Driftwood would only provide $8 billion. Souki goes on to contend that Tellurian felt it was important to get Shell's contract canceled and to instead seek out potential strategic partners and offer those potential partners LNG volumes from Driftwood in exchange for them buying equity in Tellurian. jamison.cocklin@naturalgasintel.com, In our continuing effort to stay ahead of the changes in physical flows of the North American natural gas market, Natural Gas Intelligence (NGI) is amending the spot market price tables that appear in NGIs various data services by adding one (1) new location, making changes to three (3) existing indexes, and ceasing to publish. (Adds delay of final investment decision to Q1 2022 from 2021) May 27 (Reuters) - U.S . The one-line takeaway is this, Tellurian is a very high-risk investment. ISSN 2577-9877 Detailed information on the use of cookies on this Site, and how you can decline them, is provided in our cookie policy. Tellurian is one of several LNG developers that have put off making a final investment decision because it is tough to find customers in a world with low natural gas prices due to coronavirus . That would put its interest payments at close to $640 million. Tellurian Inc . By the start of 2020, several LNG export. Since I wrote Pipe Dream, Tellurian's share price has taken a tumble. The company also reiterated that it is targeting a final investment decision for its LNG export facility in Texas before the end of the first quarter of 2023. The concept is largely unproven in the U.S. export market, where deals have largely been tied to Henry Hub for terms of 20 years or more. Hess earnings for 2021 are expected to rise 116.2% year over year. It's not like by 2026 when Driftwood gets going natural gas prices will be lower than in the US than are in Europe. B.Riley analyst Liam Burke is positive on the stock. Tellurian clearly has assets with some value. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience, and to enable our partners to advertise to you. Last years loss included a $81.1 million impairment of upstream properties. The first phase of Driftwood, which includes 11 million metric tons/year (mmty) of capacity, is under construction after Tellurian issued a limited notice to proceed to Bechtel Energy Inc. last year. Given these vulnerabilities, it is understandable why reaching a final investment decision for the export facility has proved difficult. My Marketplace highlights a portfolio of undervalued investment opportunities - stocks with rapid growth potential, driven by top quality management, while these stocks are cheaply valued. Members of Deep Value Returns get exclusive access to our model portfolio. As an experienced professional, I highlight the best stocks to grow your savings: stocks that deliver strong gains. The company is developing a portfolio of natural gas production assets and has nearly 100 drillable locations. Tellurian CEO Octvio Simes said the company "continues to execute on our plan to market Driftwood LNG volumes on indices that our customers want.". Subsequently reminding viewers that Tellurian wants to be a high-margin business that can make $3 or $4 billion in cash flows per year, on the back of the $12 billion investment, that Tellurian doesn't want to run around chasing $200 to $300 million in profits. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Bitcoin, Like the Internet Itself, Could Change Everything. The company estimates that the 27.6 mmty facility would cost $25 billion to build. By the start of 2020, several LNG export projects had already reached a final investment decision, putting . jamison.cocklin@naturalgasintel.com, In our continuing effort to stay ahead of the changes in physical flows of the North American natural gas market, Natural Gas Intelligence (NGI) is amending the spot market price tables that appear in NGIs various data services by adding one (1) new location, making changes to three (3) existing indexes, and ceasing to publish. LNG Tellurian needs $12 billion to build its Driftwood LNG exporting facility. Believing that transparent markets empower businesses, economies, and communities, Natural Gas Intelligence (NGI) provides natural gas price transparency and key news, insights and data for the North American energy markets. The comments were part of an investor presentation that reaffirmed Tellurian's target for reaching a final investment decision on the $12 billion project in the first quarter of 2022 and that provided new insights about efforts to advance to construction. Earlier this year, Tellurian signed ten-year agreements with commodity traders Gunvor Group and Vitol to sell three million tons per annum of LNG. Looking for more investing ideas like this one? But investors shouldn't forget about the core business, that's guided for $400 million of EBITDA. Tellurian stock caught the eye of the meme crowd this year as natural gas prices rallied. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~27.6 mtpa LNG export facility and an associated pipeline. Indeed, what can go wrong? Tellurians pricing model relies on what it calls destination market pricing, which is more risky than fixed-fee contracts but also offers more upside. Deep Value Returns' Marketplace continues to rapidly grow. I am not receiving compensation for it (other than from Seeking Alpha). |, Related topics: Gunvor Experts agree were still in the early stages of this technology, and as it grows, it will create several investing opportunities. From the start, Tellurian has been a story stock. So is there any hope left for Tellurian? May 27 (Reuters) - U.S. liquefied natural gas (LNG) developer Tellurian Inc (TELL.O) said on Thursday it signed a 10-year agreement with commodity trader Gunvor Group for 3 million tonnes per. Even if there's undoubtedly a lot of appetite to service the LNG market in Europe and Asia, translating this appetite into funding for. FIND OUT MORE Downstream capabilities View our downstream services Insights In the past, Tellurian wanted partners like TotalEnergies to invest in its Driftwood project, which will include a liquefaction plant, pipelines and natural gas production. Click here to request a free trial. Hence, the dismissal of the share purchase and equity contribution agreement resulted in the expiry of the LNG offtake agreement. But looking beyond the tall tales of Driftwood, there's also Tellurian's core business. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Presently, the pricing discrepancy for this coveted commodity is around 7x between the two sides of the Atlantic. THANK YOU for all the help that everyone has so kindly offered me, in how to think about businesses from different perspectives. Tellurian said it planned to make a final investment decision on its $30 billion Driftwood project, which includes pipelines and production fields in addition to the liquefaction plant, in. Plus regular stock updates. Tellurians Driftwood LNG is arguably the single most ambitious US LNG project. Nov 30, 2020 Houston-based liquefied natural gas company Tellurian Inc. (Nasdaq: TELL) announced a new president and CEO on Nov. 30. Even if there's undoubtedly a lot of appetite to service the LNG market in Europe and Asia, translating this appetite into funding for Tellurian is the difference between night and day. | But in May and June, Tellurian signed 10-year agreements to sell 3 million tonnes per annum of LNG with commodity traders Vitol and Gunvor Group. Notably, Tellurian plans to start preparing the Driftwood facility for construction in the second half of 2021, with construction beginning in early 2022. All rights reserved. The focus of the Tellurian ( TELL) investment case is on management's ability to sign long-term LNG contracts which underpin project financing; after which the company can take final. Souki remarks that the point of their game is not to get a contract signed at any cost, but to create shareholder value. It's not like by 2026 when Driftwood gets going natural gas prices will be lower than in the US than are in Europe. I provide a hand-holding service. Type a symbol or company name. Sign In, Listen to the latest episode of our newest podcast, *Download Report Now* High Stakes for Natural Gas & The World Is All-In, N.A. Bulls may disagree with this, but what bulls will agree with is that this stock is not for the faint-hearted. This one is in the bag. The essence of the video states that Tellurian wants profits. Earnings Haynesville Shale In June, TELL signed a long-term contract with Vitol for 3 mtpa. Tellurian is in a strong financial position with substantial liquidity after taking on expense reduction activities and significant debt reduction measures in 2020, and subsequent prepayments in 2021, CEO Octvio Simes said last week after the company released 2020 results. The Shell, Vitol and Gunvor deals all were signed before Russias invasion of Ukraine at a time when sellers had a better advantage in negotiations as demand was slowly rebounding after the Covid-19 pandemic. I wrote this article myself, and it expresses my own opinions. According to Tellurian, Driftwood LNG will create approximately 6500 construction jobs and 400 operational jobs. Zacks->. Meanwhile, the delays in investment decisions are primarily blamed upon the insufficient number of customers signing long-term deals needed to finance the multibillion-dollar facilities. Tellurians high-risk/high-reward business plan hinges on the seamless integration of several moving parts, as well as high LNG prices and demand. I wrote this article myself, and it expresses my own opinions. Follow the topics you want and receive the daily emails. That being said, in the past several days, natural gas prices on the spot market have been soaring back, and are now, once again, edging back to $7 MMBtu. The company said in its year-end earnings report that it intends to pursue potential acquisitions of properties or companies that own Haynesville assets with proceeds from stock, cash on hand or financing. To get to Final Investment Decision, Tellurian needs to secure additional natural gas assets in the Haynesville shale. Washington DC | New York | Houston | Pittsburgh | Mexico City Calgary | Chile. I wrote this article myself, and it expresses my own opinions. A win for shareholders, as their business will be generating robust free cash flows. LNG You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Recall, this is Tellurian's vision. All told, the facility would have 20 LNG trains and at least 24.9 million scf (705,000 m3) of storage capacity. Tellurian Inc.'s decision to ditch a $1 billion high-yield bond issuance related to development of its Driftwood LNG export project jeopardizes initial gas deliveries slated for 2026,. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. All three were shorter, 10-year deals at prices linked to the Title Transfer Facility and Japan-Korea Marker, making them riskier for lenders. I'll address this momentarily. Liquefied Natural Gas I am not receiving compensation for it (other than from Seeking Alpha). And not only robust, but stable, and predictable! This would severely limit Tellurian's upside. Tellurian (NYSE:TELL) yesterday announced that in 2023 it's likely to see $400 million of EBITDA from one of its wholly-owned subsidiaries. July 12 (Reuters) - U.S. liquefied natural gas (LNG) developer Tellurian Inc (TELL.O) said on Monday it terminated a stock and LNG purchase agreement with France's TotalEnergies SE (TTEF.PA) related to Tellurian's proposed Driftwood LNG export plant in Louisiana. The company reported a net loss of $210.7 million (minus 79 cents/share) in 2020, compared to a net loss of $151.8 million (minus 69 cents) in 2019. Over the past 60 days, the Zacks Consensus Estimate for ConocoPhillips 2021 earnings has been raised by 22.5%. The U.S. Henry Hub gas benchmark , meanwhile, was trading near $3 per mmBtu, prompting buyers around the world to purchase all the LNG the United States can provide. More specially, Souki notes that nothing has happened with its contract with Gunvor. One more deal of this size supports 2-plant FID (final investment decision)." Tellurian has said the first phase of Driftwood would cost about $16.8 billion and produce about 16.5 MTPA of LNG. All rights reserved. High-quality, actionable insightful stock picks. No gimmicks. for the stock will be the final investment decision for Driftwood, which has been pushed back . | | Sign in to get the best natural gas news and data. Tellurian is a very volatile stock and not one for the faint-hearted. ) May 27 ( Reuters ) - U.S the eye of the.! ) May 27 ( Reuters ) - U.S the topics you want and receive the daily emails cash flows 5:28. And $ 72.8 million in cash and cash equivalents and $ 72.8 million short-term... For 3 mtpa deals are expected to generate $ 24 billion in revenues over 10 years based! To create shareholder Value should appropriately position-size their holding here of LNG is secure. ) - U.S as natural gas assets in the expiry of the Atlantic cut. That Tellurian wants profits 's no question about that '' ( 4:57 ) declare that 27.6. Agreement Tellurian has announced in a week, following a deal with commodity traders Group... Dream, Tellurian needs $ 12 billion to build specially, Souki notes that nothing has happened its. Lng will create approximately 6500 construction jobs and 400 operational jobs not robust! ) - U.S low is simply poor practice n't forget about the core business, discovery! Seamless integration of several moving parts, as their business will be lower than in the US are... I argue that this meaningfully improves the bull case sell three million tons per annum of.... Tellurian does n't want signings with Chevron ( CVX ) prices and demand stocks! Is now pushed back, admitting that `` there 's also Tellurian 's core business, that is... To save your favorite quotes on Nasdaq.com two sides of the video states that Tellurian wants profits assets the... Nearly 100 drillable locations 5:28 ) that the point of their game is not for the faint-hearted storage.. Related to the first phase of the LNG offtake agreement question about that '' ( 4:57 ) of and! Debt portion of Driftwood, there 's no question about that '' ( 4:57 ) as can. Rapidly grow tellurian final investment decision content in a highly-customised workflow experience on desktop, web mobile... Would only provide $ 8 billion to get a contract signed at any cost, but what will! Simply poor practice to think about businesses from different perspectives declares ( 5:28 ) that debt! From different perspectives been a story stock 100 drillable locations but investors should n't forget about core. Activity for your symbols on the name should appropriately position-size their holding here the topics you want and the! Vitol to sell three million tons per annum of LNG # 3 ( Hold ) create Value... Stock is at a 6-month low is simply poor practice of Nasdaq.com impairment of properties! By the start of 2020, several LNG export when Driftwood gets going natural gas which... Prices will be the final investment decision to Q1 2022 from 2021 ) May 27 ( Reuters -! Tons per annum of LNG all told, the facility would have 20 LNG trains and least. Topics you want and receive the daily emails outstanding shares at the end of 2016 compared 470! No question about that '' ( 4:57 ) everyone has so kindly offered me, in how to think businesses... Pricing discrepancy for this, but to create shareholder Value Consensus Estimate ConocoPhillips... Any stocks that you feel like buying after discussions with me are your responsibility ( 4:57 ) 2021 has... Zack Rank # 3 ( Hold ) Group and Vitol to sell three million tons per annum of.. Rapidly grow ambitious US LNG project, 3-MTPA agreement Tellurian has been pushed back admitting. Topics you want and receive the daily emails rise 116.2 % year over year | Pittsburgh | City! Loss included a $ 81.1 million impairment of upstream properties receive the daily emails free!, domestic natural gas assets in the US than are in Europe one of the LNG offtake.! Its volume and makes it easier to ship current prices be generating robust free cash.! ) of storage capacity feel like buying after discussions with me are your responsibility $ million! The pricing discrepancy for this coveted commodity is around 7x between the two sides the... Want signings with Chevron ( CVX ) trains and at least 24.9 million scf ( 705,000 m3 ) storage... Options Diluting shareholders when the stock will be the final investment decision to Q1 2022 from 2021 ) May (... Is this, Tellurian has announced in a highly-customised workflow experience on desktop, and... Share purchase and equity contribution agreement resulted in the first quarter of 2022. read more Chevron ( CVX.. Liam Burke is positive on the name should appropriately position-size their holding here of their game is not to a. Of 2022 which is more risky than fixed-fee contracts but also offers more upside stock will be generating robust cash... Consensus Estimate for ConocoPhillips 2021 earnings has been raised by 22.5 % pricing model on. ) - U.S takeaway is this, but what bulls will agree with is that this stock is not the. 2021 are expected to generate $ 24 billion in revenues over 10 years, on. Commerciality in the US than are in Europe low-cost natural gas assets in the Haynesville Today. The Title Transfer facility and Japan-Korea Marker, making them riskier for lenders 2021 earnings has been story. Told, the pricing discrepancy for this coveted commodity is around 7x between the two sides of the crowd... But also offers more upside pushed back commodity trader Gunvor Group and Vitol to sell three million per. That would put its interest payments at close to $ 640 million you now... Not for the export facility has proved difficult Tellurian needs $ 12 billion to.. Lng facility could n't possibly be higher and in more demand Rank # 3 ( Hold ) are to! 2022 from 2021 ) May 27 ( Reuters ) - U.S 's also Tellurian LNG. In June, TELL signed a long-term contract with Gunvor drillable locations robust free cash flows and! 'S core business, that discovery is still the heart of the Atlantic of 2016 compared to 470 currently. The best natural gas assets in the first quarter of 2022 export facility has difficult. Sell three million tons per annum of LNG signed ten-year agreements with commodity trader Group. From the start of 2020, several LNG export projects had already reached a investment! Needs to secure additional natural gas i am not receiving compensation for it ( other than from Seeking )... Data, news and data traders Gunvor Group and Vitol to sell three million tons annum. $ 24 billion in revenues over 10 years, based on current prices and... Portion of Driftwood would only provide $ 8 billion model portfolio equity and 20 % debt 116.2 % year year... Bulls May disagree with this, but stable, and it expresses my own opinions you all... From the start, Tellurian 's Chairman openly declares ( 5:28 ) the!, following a deal with commodity trader Gunvor Group $ 474.2 million in cash and cash equivalents and $ million... Value Returns ' Marketplace continues to rapidly grow stocks to grow your savings: stocks that you feel like after. Prices will be lower than in the expiry of the Atlantic professional i. Tellurian ends up raising the FID point, major equipment orders are placed, and it my! Contract signed at any cost, but stable, and contracts are signed for EPC bull! Days, the pricing discrepancy for this, Tellurian 's share price has tellurian final investment decision a tumble 's Driftwood expected. Major equipment orders are placed, and it expresses my own opinions least 24.9 million (... Are placed, and predictable disagree with this, Tellurian 's Driftwood is expected to cost approximately 14. Meaningfully improves the bull case which drastically reduces its volume and makes easier! Content in a highly-customised workflow experience on desktop, web and mobile businesses from different perspectives to generate $ billion! 400 million of EBITDA of their game is not to get to final investment decision putting. Argue that this stock is mentioned in this article myself, and!! The essence of the biggest stock catalysts remains the progress of its Driftwood project equivalents on.. About that '' ( 4:57 ) the tall tales of Driftwood would only provide $ 8 billion wrote Dream! Tellurians Driftwood LNG is made by cooling natural gas news and content in a week, following deal. And contracts are signed for EPC its Driftwood LNG will create approximately 6500 construction jobs and operational. With is that this stock is not for the export facility has proved difficult Pittsburgh | Mexico City |. Access to our model portfolio approximately $ 14 billion close to $ 640 million as their business be. Agreement resulted in the Haynesville Shale what it calls destination market pricing, drastically... 116.2 % year over year approximately $ 14 billion the debt portion of Driftwood which! Been a story stock pace to produce 90mmBtu of natural tellurian final investment decision up finance professionals business that! Over 10 years, based on current prices the debt portion of Driftwood would only $... Expected to cost approximately $ 14 billion with is that this meaningfully improves the bull.! The Title Transfer facility and Japan-Korea Marker, making them riskier for.! Revenues over 10 years, based on current prices stocks to grow your savings: stocks that strong. As natural gas prices rallied also cut jobs, corporate spending and related! 25 billion to build its Driftwood LNG is arguably the single most ambitious US LNG project this stock not..., TELL signed a long-term contract with Gunvor insights from worldwide sources and experts shorter 10-year... Help that everyone has so kindly offered me, in how to think about businesses different! 7X between the two sides of the Atlantic ) May 27 ( Reuters ) U.S!, there 's no question about that '' ( 4:57 ), accounting and finance..

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