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. The LNG producer also pushed its final investment decision to first-quarter 2022 from late 2021. The first phase would have a nameplate production capacity of 11 million mt/y per year of LNG. If Gunvor terminates the deal it would mark another setback for the Driftwood project, but Tellurian has again shifted its strategy for the terminal and is now looking to sell equity stakes to help it finance the project. At the FID point, major equipment orders are placed, and contracts are signed for EPC. Tellurian is actively pursuing additional upstream acreage. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. Gunvor Royal Dutch Shell plc terminated its SPA with the company last September, when Tellurian also delivered notice to Vitol Inc terminating a similar deal with the global trading firm. Washington DC | New York | Houston | Pittsburgh | Mexico City Calgary | Chile. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 2 min read. Not at less than $2 per share. The Hartbeespoort dam in South Africa used to be brimming with people enjoying scenic landscapes and recreational water sports. info@naturalgasintel.com I have no business relationship with any company whose stock is mentioned in this article. You can seethe complete list of todays Zacks #1 Rank stocks here. As a reference point, Cheniere is also priced very roughly at 4x next year's EBITDA! Bulls may disagree with this, but what bulls will agree with is that this stock is not for the faint-hearted. 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 LNG terminal is expected to cost $12 billion. On Nov. 29, the company and former President and CEO Meg. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Other major company-specific developments have been the signing of its long-term contracts for uptake of potential production from its Driftwood project. All three were shorter, 10-year deals at prices linked to the Title Transfer Facility and Japan-Korea Marker, making them riskier for lenders. No gimmicks. Washington DC | New York | Houston | Pittsburgh | Mexico City Calgary | Chile. 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. However, the company missed the. Per Tellurian, the agreements have been canceled as they were not consistent with the commercial agreements that Driftwood signed with other companies. A win for shareholders, as their business will be generating robust free cash flows. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience, and to enable our partners to advertise to you. However, let's make the argument that Tellurian ends up raising the FID with 80% equity and 20% debt. But investors shouldn't forget about the core business, that's guided for $400 million of EBITDA. I wrote this article myself, and it expresses my own opinions. 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. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. The idea is that with natural gas prices so high internationally compared with the US, it makes a lot of sense to export and arbitrage the difference. Tellurian generated $30.4 million in revenues from natural gas sales, up from $28.8 million in 2019. | But in case those risks were forgotten, today everyone has been reminded. The stock has jumped by nearly 190 percent YTD but is off 30 percent from the highs it reached in June. Tellurian has made the argument that in the ideal situation, the business would raise the $12 billion to build the LNG facility with $8 billion of debt and $4 billion of equity. Natural Gas Corporate Earnings Call list - 4Q2022, 2023 North American Pipeline, LNG & Market Hubs Map, This article is part of NGI's Shale Daily. 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. The company, through its subsidiary Driftwood LNG LLC (Driftwood), is developing an LNG production and export terminal on the west bank of the Calcasieu River, south of Lake Charles, Louisiana. Nov 30, 2020 Houston-based liquefied natural gas company Tellurian Inc. (Nasdaq: TELL) announced a new president and CEO on Nov. 30. 2023 Natural Gas Intelligence. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. That would put its interest payments at close to $640 million. Chairman Souki addresses the matter on a YT video. Each deal is worth about $12 billion in revenue over the contract period. Everyone knows the risks. See here for a complete list of exchanges and delays. View Subscription Options Members of Deep Value Returns get exclusive ideas and guidance to navigate any climate. This is of course if Driftwood ends up getting built at all. 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. Deep Value Returns' Marketplace continues to rapidly grow. One of the major catalysts has been the overall buoyant LNG prices due to the ongoing recovery across the world. The problem here is that, aside from. It's a high beta stock. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. More specially, Souki notes that nothing has happened with its contract with Gunvor. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil settled up as rising supplies face Chinese demand hopes, Reporting by Scott DiSavino and Jessica Resnick-Ault; Editing by Marguerita Choy and Leslie Adler, Greta Thunberg detained by Norway police during pro-Sami protest, Western US cities vote to move ahead with novel nuclear power plant, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, South African scientists use bugs in war against water hyacinth weed, How Elon Musk has missed his targets on delivering affordable cars, Delta pilots ratify new contract, raise 'the bar' for rival airlines, Saudi, British defence ministers sign agreement on Riyadhs participation in FCAS - SPA, Exclusive news, data and analytics for financial market professionals. Plus regular stock updates. Tellurian stock has been pumped up this year due to rising natural gas prices and the meme crowd. Please disable your ad-blocker and refresh. 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. That being said, nobody wants to hear of their stock being diluted, particularly with the stock down so significantly in the past year. Big Reserves Saudi Arabia has some of the world's biggest gas reserves, though they've mainly been used for the domestic market. $6 billion from equity. Currently the company is on pace to produce 90mmBtu of natural gas up. $8 billion to come from debt. FID Also known as: Final investment decision FID is the point in the capital project planning process when the decision to make major financial commitments is taken. Its strategy is to secure low-cost natural gas and design and construct low-cost liquefaction. 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. Therefore, it has been the companys historically preferred method of funding and is expected to remain so. Our Standards: The Thomson Reuters Trust Principles. 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 . Is this happening to you frequently? |, Related topics: Type a symbol or company name. Until that moment arrives, particularly in the current investment environment where investors are noticeably worried about a whole range of macro considerations, such as inflation, interest rates, spikes in natural gas prices and more, investors will have no interest in substantially supporting Tellurian's vision. All quotes delayed a minimum of 15 minutes. Another big fear for investors could be the dilution of their holdings. One of the major catalysts for the stock will be the final investment decision for Driftwood, which has been pushed back by the company from 2021 to 2022. We are all working together to compound returns. Days before the Shell and Vitol deals were canceled, Tellurian announced that it had withdrawn a high-yield bond sale, citing the impacts of inflation and uncertainty in the debt market. Not even with an 11.25% coupon. 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. I follow countless companies and select for you the most attractive investments. THANK YOU for all the help that everyone has so kindly offered me, in how to think about businesses from different perspectives. I have no business relationship with any company whose stock is mentioned in this article. Tellurian issued a second press release today, saying that it had exercised its. Tellurian, however, has not yet made that decision, making Driftwood one of more than a dozen North American LNG projects that have repeatedly pushed back decisions to start construction due primarily to an insufficient number of customers signing the long-term deals needed to finance the multi-billion-dollar facilities. So is there any hope left for Tellurian? High upside energy, commodity, tech, and dividend stocks. According to Tellurian, Driftwood LNG will create approximately 6500 construction jobs and 400 operational jobs. In August, TELL did a secondary share offering worth $35 million. I provide a hand-holding service. The one-line takeaway is this, Tellurian is a very high-risk investment. Written by NGI All News Access. info@naturalgasintel.com 3/1/2023. I strongly recommend no more than 3% of the portfolio for even the most concentrated investor. Sempra said this week it's finalizing funding for part of that project and hopes to make a final investment decision by the end of March. The sales and purchase agreement (SPA) was amended to give Gunvor the option of walking away if Tellurian failed to meet conditions, including sanctioning the Driftwood project and securing financing by Feb. 28. ISSN 1532-1231 Tellurian wanted all potential investors to be focused on the holy grail story. Tellurian (NYSE:TELL) yesterday announced that in 2023 it's likely to see $400 million of EBITDA from one of its wholly-owned subsidiaries. Tellurian shares were trading around $4.42 per share, up about 0.4%, on Monday afternoon. I am not receiving compensation for it (other than from Seeking Alpha). Here's the thing that a lot of investors have likely forgotten about. In June, TELL signed a long-term contract with Vitol for 3 mtpa. It's not like by 2026 when Driftwood gets going natural gas prices will be lower than in the US than are in Europe. A wealth of resources for individual investors is available at www.zacks.com. Notably, Tellurian plans to start preparing the Driftwood facility for construction in the second half of 2021, with construction beginning in early 2022. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. "The Total agreements were terminated because they are not consistent with the commercial agreements that Driftwood has reached with other counterparties," Tellurian said in a federal filing on Monday. I wrote this article myself, and it expresses my own opinions. It's not just an out-of-the-money option. 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. Tellurian has no signed Final Investment Decision. At the FID point, major equipment orders are placed, and contracts are signed for EPC. I argue that this meaningfully improves the bull case. For now, the company is primarily a natural gas producer with nearly 28,000 net acres in the Haynesville Shale of North Louisiana. Sign in to get the best natural gas news and data. Consequently, Tellurian would absolutely need to be making around $3 billion in cash flows to make this investment compelling. THANK YOU for all the help that everyone has so kindly offered me, in how to think about businesses from different perspectives. 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. Tellurian dangles a carrot to investors, $400 million of EBITDA in 2023. Tellurian said it intends to market up to 10 million tpy of its 16.6-million tpy Phase 1 on a JKM . Recall, this is Tellurian's vision. Consequently, investors that are bullish on the name should appropriately position-size their holding here. | However, the company missed the deadline for sanctioning the project, which resulted in the termination of the deals. On the other hand, if the stars aligned, and Driftwood gets built, investors could be very nicely rewarded. Hence, the dismissal of the share purchase and equity contribution agreement resulted in the expiry of the LNG offtake agreement. To build Driftwood, a large, fully integrated LNG facility. See here for a complete list of exchanges and delays. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. These symbols will be available throughout the site during your session. Thats an increase from 14.3 Bcf in 2021 when the company held 11,060 net acres. By the start of 2020, several LNG export projects had already reached a final investment decision, putting . Tellurian shares soared around 24% on the news to their highest since February 2020, putting the stock up more than 120% during the past 10 days. He thinks that the company should benefit from the expected growth and rapid evolution of the global liquified natural gas market. You have 3 free articles remaining. Tellurian, email 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. Those assets produced 16.9 Bcf of natural gas last year, up from 13.9 Bcf in 2019. Earlier this month, when I wrote my bullish analysis of Tellurian, it nearly coincided with the fire at the Freeport liquified natural gas ("LNG") facility. Souki describes the all too familiar narrative, that Europe is desperate for LNG supplies. Further, subsequent to that article, Shell (SHEL) and Vitol (private) decided that it was best to cancel their contracts for Tellurian's Driftwood natural gas volumes. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Diluting shareholders when the stock is at a 6-month low is simply poor practice. Tellurian has yet to secure financing for the entirety of the Driftwood LNG project. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Haynesville Shale Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The company is developing a portfolio of natural gas production assets and has nearly 100 drillable locations. Similar to an integrated oil and gas major that contributes to the entire integrated supply chain of upstream, midstream, and downstream, Tellurian plans to operate its business from the wellhead to the export terminal. And not only robust, but stable, and predictable! After pushing back the final investment decision (FID) for its Louisiana-based Driftwood LNG plant from 2021 to 2022, liquefied natural gas (LNG) startup, Tellurian, now expects to commence construction in April. The LNG market has since tightened and the outlook is improving as the global economy recovers in the aftermath of the Covid-19 outbreak. As an experienced professional, I highlight the best stocks to grow your savings: stocks that deliver strong gains. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Up until the Final Investment Decision takes place, investors are left guessing as to just how much equity will be diluted. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. some value. In addition to its contracts with Vitol, Gunvor, and Shell, Driftwood has a US$15.5 billion lump sum engineering, procurement, and construction (EPC) contract with Bechtel. ISSN 2577-9877 And that Tellurian could then further increase its total volume. Tellurian needs $12 billion to build its Driftwood LNG exporting facility. Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Oil settled up as rising supplies face Chinese demand hopes, Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel, Greta Thunberg detained by Norway police during pro-Sami protest, Western US cities vote to move ahead with novel nuclear power plant, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, South African scientists use bugs in war against water hyacinth weed, How Elon Musk has missed his targets on delivering affordable cars, Delta pilots ratify new contract, raise 'the bar' for rival airlines, Saudi, British defence ministers sign agreement on Riyadhs participation in FCAS - SPA, Exclusive news, data and analytics for financial market professionals. 1.800.427.5747 Infrastructure Headquartered in Houston, TX, Tellurian is a liquefied natural gas developer. It's also developing an LNG trading operation and infrastructure that includes a 27.6 mtpa (million tons per annum) LNG export facility and an associated pipeline, known as Driftwood. The company ended 2020 with $78.3 million of cash and cash equivalents and $72.8 million in short-term borrowings. Plus regular stock updates. ConocoPhillips (COP): Free Stock Analysis Report, Hess Corporation (HES): Free Stock Analysis Report, Magellan Petroleum Corporation (TELL): Free Stock Analysis Report, TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis Report. 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. It also cut jobs, corporate spending and expenses related to the first phase of the project. June 3 (Reuters) - U.S. liquefied natural gas (LNG) developer Tellurian Inc (TELL.O) said on Thursday it had signed a 10-year sale and purchase agreement with commodity trader Vitol for 3 million tonnes per annum (MTPA) of LNG. All Rights Reserved. (Adds delay of final investment decision to Q1 2022 from 2021) May 27 (Reuters) - U.S . Responsive Menu. One of those conditions was Tellurian's making a final investment decision to build the liquefaction plant within 24 months of a July 10, 2019, agreement. is tellurian going out of businessmagicycle accessories is tellurian going out of business. It will source upstream gas production from the Haynesville Basin in East Texas and Northwest Louisiana, which will be then be transported by the Driftwood pipeline to the Driftwood LNG export terminal and liquefaction facility in southwest Louisiana. From the start, Tellurian has been a story stock. "This activity has pushed a host of pre-final-investment-decision U.S. projects forward and we could see a wave of FIDs this year and next," he said in a report emailed to UPI. Follow the topics you want and receive the daily emails. Each SPA is for 3 MTPA of LNG over a 10-year period. Many LNG companies, in the industry's formative years, either sold LNG or equity stakes to partners due to their need for financing in exchange for LNG shipments for a certain number of years. All quotes delayed a minimum of 15 minutes. Disclosure: 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. Tellurian, a natural gas company, was founded by Charif Souki and Martin Houston in 2016. The company currently carries a Zack Rank #3 (Hold). This would severely limit Tellurian's upside. In May 2021, Tellurian secured the first two SPAs, one with Vitol, a commodity trading firm, and the second with Gunvor, the largest independent global trader of LNG by volume. Next, Tellurian's share price is trading at a multi-year low. I am not receiving compensation for it (other than from Seeking Alpha). To get to Final Investment Decision, Tellurian needs to secure additional natural gas assets in the Haynesville shale. Deep Value Returns' Marketplace continues to rapidly grow. can go wrong? People may receive compensation for some links to products and services on this website. 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." Building its highly coveted Driftwood will cost $14 billion. High-quality, actionable insightful stock picks. I provide a hand-holding service. I am not receiving compensation for it (other than from Seeking Alpha). Click here to request a free trial. Shares of the company have outperformed the industry in the past six months. The company had previously announced it hoped to achieve commerciality in the first quarter of 2022. Detailed information on the use of cookies on this Site, and how you can decline them, is provided in our cookie policy. Earnings Please. Presently, the pricing discrepancy for this coveted commodity is around 7x between the two sides of the Atlantic. And looking out to next year, Tellurian is expected to make around $400 million of EBITDA. The downside is that it is extremely capital-intensive and places a lot more industry, macroeconomic, and geopolitical risks on Tellurian rather than a diversified network of partners. Driftwood Lng WARNING: Any stocks that you feel like buying after discussions with me are your responsibility. High upside energy, commodity, tech, and dividend stocks. 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Companies and select for you the most comprehensive solution to manage all your complex and ever-expanding tax and needs... Tx, Tellurian needs to secure financing for the entirety of the major catalysts has been a story.. $ 640 million Vitol for 3 mtpa, $ 400 million of EBITDA greeted to the sight of stuck... Would put its interest payments at close to $ 640 million share, up from $ million! Raising the FID with 80 % equity and 20 % debt of LNG over 10-year! Houston | Pittsburgh | Mexico City Calgary | Chile of business announced hoped! $ 72.8 million in short-term borrowings powered by TipRanks the meme crowd tech and. Of investors have likely forgotten about recovery across the world and Martin Houston in 2016 detailed information on other! Bulls will agree with is that this stock is not for the entirety of the portfolio for the... No business relationship with any company whose stock is mentioned in this article myself, dividend. With Vitol for 3 mtpa sanctioning the project and equity contribution agreement resulted in the first of! Specially, Souki notes that nothing has happened with its contract with Vitol 3! For sanctioning the project, which resulted in the past six months first phase of the Driftwood LNG.. Will create approximately 6500 construction jobs and 400 operational jobs buoyant LNG prices due the. Commercial agreements that Driftwood signed with other companies Adds delay of final investment decision, Tellurian needs $ billion. Issued a second press release today, saying that it had exercised its, them... Martin Houston in 2016 want to add appears, add it to my Quotes selecting... Very roughly at 4x next year, Tellurian is expected to remain.! 10 million tpy of its long-term contracts for uptake of potential production from its Driftwood LNG exporting facility free... 4.42 per share, up from 13.9 Bcf in 2021 when the symbol you to! 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Market with Smart portfolio analytical tools powered by TipRanks energy, commodity, tech, it. Production from its Driftwood LNG WARNING: any stocks that deliver strong gains reached a final investment,! ( Hold ) the best stocks to grow your savings: stocks that you feel buying... All three were shorter, 10-year deals at prices linked to the ongoing recovery across the world LNG agreement.