SEATTLE (Oil Monster): Houston, Texas-headquartered Tellurian Inc. reported 25% surge in net natural gas production in the third quarter of the current year, in comparison with Q2. Also, the natural gas sales by the company witnessed notable jump by 23% over the sequential quarter.
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The net production of natural gas totalled 11.4 billion cubic feet (Bcf) during the three-month period ended September 30, 2022. It must be noted that the production had totalled only 3.9 Bcf in the corresponding quarter a year before. The revenue for the quarter was up significantly from $15.6 million to $81.1 million. The operating profits surged higher year-on-year from $3.5 million to $40.1 million. Meantime, the Q3 adjusted EBITDA totalled $69.5 million, compared to $10.9 million a year ago.
The company reported a net loss of approximately $14.2 million, or $0.03 per share in Q3 this year. This compares with a net loss of $15.9 million, or $0.04 per share in the same quarter in 2021. The assets of the company were valued at approximately $1.4 billion at the end of Q3 2022, including $607.5 million of cash and cash equivalents, the company press release said.
A video by Executive Chairman Charif Souki will be uploaded on the company website today.
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