Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Nikkiso Clean Energy & Industrial Gases Group Opens New Abu Dhabi Asahi/America Names New District Sales Manager, Sapphire Gas Solutions Provides LNG To Reduce Emissions From Asphalt Plants. [email protected], 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. Amid a record stretch of U.S. LNG contracting activity last year that moved many other projects closer to FID, Tellurian pivoted to searching for equity partners. I am not receiving compensation for it (other than from Seeking Alpha). These symbols will be available throughout the site during your session. I have no business relationship with any company whose stock is mentioned in this article. No gimmicks. If indeed Tellurian did manage to raise $8 billion of debt, its interest payments would be at least 8%. Tellurian is being priced as an out-of-the-money option. Phase 1 will consist of three plants with a combined capacity of 16.5 MTPA and an expected cost of US$16.8 billion. Tellurian stock has been pumped up this year due to rising natural gas prices and the meme crowd. Big Reserves Saudi Arabia has some of the world's biggest gas reserves, though they've mainly been used for the domestic market. 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. |, Related topics: Per Tellurian, the agreements have been canceled as they were not consistent with the commercial agreements that Driftwood signed with other companies. Under the now-terminated agreement, TotalEnergies "had agreed to purchase, and Tellurian had agreed to issue and sell" 19.9 million shares of Tellurian stock in exchange for a cash purchase price of $10.064 per share, subject to the satisfaction of certain closing conditions. See here for a complete list of exchanges and delays. Last years loss included a $81.1 million impairment of upstream properties. See here for a complete list of exchanges and delays. I have no business relationship with any company whose stock is mentioned in this article. what does ymb mean in the last mrs parrish; what are the chances of my dog getting heartworms; chrisfix email address; dr myron wentz covid vaccine; matter dimensions guide; |, Related topics: In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. The company had previously announced it hoped to achieve commerciality in the first quarter of 2022. I follow countless companies and select for you the most attractive investments. Download now.]. Tellurian shares were trading around $4.42 per share, up about 0.4%, on Monday afternoon. Washington DC | New York | Houston | Pittsburgh | Mexico City Calgary | Chile. The timing of this stock issuance is suspicious, to say the least. To read this article on Zacks.com click here. Next, Tellurian's share price is trading at a multi-year low. As an experienced professional, I highlight the best stocks to grow your savings: stocks that deliver strong gains. Natural Gas Corporate Earnings Call list - 4Q2022, 2023 North American Pipeline, LNG & Market Hubs Map, This article is part of NGI's Daily Gas Price Index. Tellurian Inc confirmed on Wednesday it still plans to make a final investment decision to build its proposed $30 billion Driftwood liquefied natural gas (LNG) export project in Louisiana in 2019: Two-thirds debt to one-third equity. 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. Please disable your ad-blocker and refresh. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 2023 ESG Review. Not even with an 11.25% coupon. As an experienced professional, I highlight the best stocks to grow your savings: stocks that deliver strong gains. The first phase would have a nameplate production capacity of 11 million mt/y per year of LNG. Not at less than $2 per share. Per the terms of the deal, TotalEnergies had an option to purchase 1.5 million tons per year of LNG from Tellurian. 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 agreements had built on TotalEnergies' original $207 million . The stock presently is not pricing in the full potential of Driftwood, because investors don't know the terms on which they will get diluted. I provide a hand-holding service. Now, the visitors are greeted to the sight of boats stuck in a sea of invasive green water hyacinth weed. However, the company missed the. Tellurian, a natural gas company, was founded by Charif Souki and Martin Houston in 2016. 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. For now, the company is primarily a natural gas producer with nearly 28,000 net acres in the Haynesville Shale of North Louisiana. If you have an ad-blocker enabled you may be blocked from proceeding. Tellurian has said the first phase of Driftwood would cost about $16.8 billion and produce about 16.5 MTPA of LNG. I am not receiving compensation for it (other than from Seeking Alpha). We are all working together to compound returns. THANK YOU for all the help that everyone has so kindly offered me, in how to think about businesses from different perspectives. Since then, natural gas prices have been on a wild ride. SolarEdge And Freedom Forever Announce Multi-Year Agreement That Includes PV And Paul Danos Honored By National Safety Council, Florida Adds RNG Injection Point To Pipeline System. Consequently, Tellurian would absolutely need to be making around $3 billion in cash flows to make this investment compelling. That being said, what Souki doesn't discuss in the video is that the contract between Tellurian and Gunvor has only been extended by 31 days to the end of January. Tellurian Inc., which continues to work toward a final investment decision on its Driftwood liquefied natural gas (LNG) terminal proposed for Louisiana, plans to acquire additional assets in the Haynesville Shale this year. The average target price for the stock is $6.34, which implies an upside of nearly 72 percent. 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. By the start of 2020, several LNG export projects had already reached a final investment decision, putting . Tellurian dangles a carrot to investors, $400 million of EBITDA in 2023. That those contracts are not what the business model is about. Unlike other U.S. supply deals that pass commodity risk through to offtakers, Tellurian would be exposed to the spread between domestic prices overseas prices. The company had previously announced it hoped to achieve commerciality in the first quarter of 2022. Tellurian needs $12 billion to build its Driftwood LNG exporting facility. March 29, 2022 CNG/LNG, Exporting, Industrywide Issues Driftwood LNG plan (click for larger version) Driftwood LNG, a 27.6 million tonnes of LNG per year facility that will cost on the order of $16.8 billion to build, has not made an official final investment decision (FID) to proceed with building the FERC-approved project. 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. In 2021, Tellurian reported $27 million in first quarter losses and terminated a $700 million deal with TotalEnergies, after Tellurian failed once again to reach a final investment decision for Driftwood. Up until the Final Investment Decision takes place, investors are left guessing as to just how much equity will be diluted. But does this mean it won't get built at all? 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. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. Create your Watchlist to save your favorite quotes on Nasdaq.com. Plus regular stock updates. The Vitol and Gunvor deals were indexed to a combination of the Japan Korea Marker (JKM) , which is trading near $11 per million British thermal units (mmBtu), and the Dutch Title Transfer Facility (TTF) , which is trading close to its highest since September 2018. At the FID point, major equipment orders are placed, and contracts are signed for EPC. Rumors circulated on social media that Tellurian had lost yet another crucial contract. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The bigger question is what LNG prices will be in 2026. Even if there's undoubtedly a lot of appetite to service the LNG market in Europe and Asia, translating this appetite into funding for. Chairman Souki addresses the matter on a YT video. However, let's make the argument that Tellurian ends up raising the FID with 80% equity and 20% debt. I wrote this article myself, and it expresses my own opinions. 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. NGIs special report Reshuffling the Deck: High Stakes for Natural Gas & The World is All-In offers trusted insight and data-backed forecasts on U.S. natural gas and the global LNG markets. And yet, we are now in 2023, and this crucial milestone isn't even discussed. Get them exclusively at Deep Value Returns. Meaning that its equity would increase to around $12 billion ($2 billion right now + $10 billion in the raise). I have no business relationship with any company whose stock is mentioned in this article. Gas producer . One of the major catalysts has been the overall buoyant LNG prices due to the ongoing recovery across the world. Basically, Tellurian is now little more than a story stock without a meaningful contract and without its Final Investment Decision (''FID'') in place. Tellurians Driftwood LNG is arguably the single most ambitious US LNG project. I am not receiving compensation for it (other than from Seeking Alpha). At the FID point, major equipment orders are placed, and contracts are signed for EPC. Credit Suisse analyst Spiro Dounis said Tellurian's rate of commercial progress has accelerated "from virtually nothing to once per week. 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. The one-line takeaway is this, Tellurian is a very high-risk investment. | Haynesville Shale 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. 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. 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. Going forward, a lot will depend on the FID. High upside energy, commodity, tech, and dividend stocks. Please disable your ad-blocker and refresh. Tellurian clearly has assets with some value. It then announced it would seek equity partners. Shares of the company have outperformed the industry in the past six months. However, TotalEnergies had the right to terminate if Tellurian did not reach a final investment decision by Saturday (July 10). The problem though is that Tellurian's vision is prohibitively expensive. 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 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. In a video posted yesterday, Tellurian's Charif Souki explained why Tellurian had not felt comfortable in committing the remaining 2 million tonnes of its 11 million tonnes per year facility. Type a symbol or company name. The company ended 2020 with $78.3 million of cash and cash equivalents and $72.8 million in short-term borrowings. Particularly noting that in this higher interest rate and inflationary environment, there are too many cross currents and this would not be prudent. 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. Well, there's always hope. Liquefied Natural Gas This means that investors simply aren't buying into Souki's vision. Gunvor However, the company still needs to find gas feedstock and finances for the terminal. Plus regular stock updates. We are all working together to compound returns. Our Standards: The Thomson Reuters Trust Principles. Get access to 100,000+ more news articles & industry data. But investors crave FID details. Diluting shareholders when the stock is at a 6-month low is simply poor practice. Tellurian Inc . Driftwood is categorically not getting built by 2026. Its stock has gained 80.3% compared with the industrys 10.8% growth. While this does not fully change the investment case here, it does support the case that Tellurian has cash-flow generating assets. Thats an increase from 14.3 Bcf in 2021 when the company held 11,060 net acres. DEEP VALUE RETURNS: The only Marketplace with real performance. Experts agree were still in the early stages of this technology, and as it grows, it will create several investing opportunities. Presently, the pricing discrepancy for this coveted commodity is around 7x between the two sides of the Atlantic. High-quality, actionable insightful stock picks. "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. 1.800.427.5747 The company is developing a portfolio of natural gas production assets and has nearly 100 drillable locations. The LNG market has since tightened and the outlook is improving as the global economy recovers in the aftermath of the Covid-19 outbreak. You can seethe complete list of todays Zacks #1 Rank stocks here. In 2019, Tellurian signed share purchase and equity contribution agreements with TotalEnergies, wherein the latter agreed to invest $500 million in the proposed Driftwood LNG facility. Tellurian currently owns 9,373 net acres in the Haynesville Shale in northern Louisiana and holds an interest in 72 producing wells that will ultimately feed its 27.6 million metric tons/year export facility planned for Calcasieu Parish. Copy and paste multiple symbols separated by spaces. 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. I have no business relationship with any company whose stock is mentioned in this article. 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. Driftwood LNG Plans Move Forward Despite Lack Of Financing. Bitcoin, Like the Internet Itself, Could Change Everything. Tellurian has a compelling story that at some point in 2026, or now more realistically looking to be in 2027, it is going to build a massive export facility. Is this happening to you frequently? I have no business relationship with any company whose stock is mentioned in this article. 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. Looking for a helping hand in the market? See here for a complete list of exchanges and delays. [2023 Natural Gas Price Outlook: How will the energy industry continue to evolve in 2023? And not only robust, but stable, and predictable! All three were shorter, 10-year deals at prices linked to the Title Transfer Facility and Japan-Korea Marker, making them riskier for lenders. Tellurian is actively pursuing additional upstream acreage. Is this happening to you frequently? Haynesville Shale The LNG producer also pushed its final investment decision to first-quarter 2022 from late 2021. I am not receiving compensation for it (other than from Seeking Alpha). 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 . I wrote this article myself, and it expresses my own opinions. 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." 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. The company currently carries a Zack Rank #3 (Hold). Combined, the three SPAs are expected to generate annual revenue of US$1.8 billion and annual EBITDA of just under US$1 billion. 2023 Natural Gas Intelligence. 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. NGI All News Access. But in case those risks were forgotten, today everyone has been reminded. I have no business relationship with any company whose stock is mentioned in this article. 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 . | I am not receiving compensation for it (other than from Seeking Alpha). All quotes delayed a minimum of 15 minutes. I wrote this article myself, and it expresses my own opinions. can go wrong? Looking for more investing ideas like this one? Those assets produced 16.9 Bcf of natural gas last year, up from 13.9 Bcf in 2019. Yesterday, Tellurian Executive Chairman Charif Souki made a video arguing that Tellurian doesn't want signings with Chevron (CVX). $6 billion from equity. | Follow the topics you want and receive the daily emails. 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. DEEP VALUE RETURNS: The only Marketplace with real performance. Four of the analysts have a buy rating, while three have a sell rating on the stock. In sum, there are three items overhanging Tellurian. B.Riley initiated on TELL with a buy rating and a target price of $8 in July. The ongoing natural gas market recovery has made many analysts turn bullish on the companys stock. In May, Tellurian agreed to supply 3 mtpa of LNG over a 10-year period to Gunvor Singapore. One more deal of this size supports 2-plant FID (final investment decision).". I follow countless companies and select for you the most attractive investments. Souki describes the all too familiar narrative, that Europe is desperate for LNG supplies. Tellurian executive chairman makes a new video in reply to SA commentary. Tellurian believes its integrated business model gives it distinct advantages over competitors like Cameron LNG or Cheniere which use fixed-fee pricing structures. 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. I do all the work of picking the most attractive stocks. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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 is a very volatile stock and not one for the faint-hearted. Tellurian's stock has been hit in the past few weeks, as rumors circulate about a loss of contract. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Currently the company is on pace to produce 90mmBtu of natural gas up. Nov 30, 2020 Houston-based liquefied natural gas company Tellurian Inc. (Nasdaq: TELL) announced a new president and CEO on Nov. 30. 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. Tellurian has an amazing story. WARNING: Any stocks that you feel like buying after discussions with me are your responsibility. The SPA is for the purchase of LNG free on board at a price based on the Platts Japan Korea Marker. swan event, that Driftwood one day actually gets built. People may receive compensation for some links to products and services on this website. 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. High upside energy, commodity, tech, and dividend stocks. According to Tellurian, Driftwood LNG will create approximately 6500 construction jobs and 400 operational jobs. WARNING: Any stocks that you feel like buying after discussions with me are your responsibility. Natural Gas Corporate Earnings Call list - 4Q2022, 2023 North American Pipeline, LNG & Market Hubs Map, This article is part of NGI's Shale Daily. This, Tellurian 's stock has been hit in the first quarter of 2022 per! $ 78.3 million of cash and cash equivalents and $ 72.8 million in short-term borrowings 1.5 million per. About 16.5 MTPA and an expected cost of US $ 16.8 billion see here a! Kindly offered me, in how to think about businesses from different perspectives the Japan. An upside of nearly 72 percent Cameron LNG or Cheniere which use pricing. Forward, a natural gas company, was founded by Charif Souki and Houston! An option to purchase 1.5 million tons per year of LNG from Tellurian in 2021 the. 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