tellurian
Driftwood in each aspect of it from the beginning is a grotesque play. Every single corporate action has begged for a management ejection and Souki has anybody willing to do it “a bail me first” policy, something every potential suitor has refrained to DO. ** Tellurian LNG has been BY-PASSED Left & Right.. Shockingly 47 MMT of new U.S LNG capacity has been FID & financed). Q2 2022 hedge fund letters, conferences and more Tellurian is blend mix distorted cash-flows models, erroneous pricing curves !, wrong project costing wrapped around pipeline/terminal/contracts ! made for the impressionable ...
ValueWalk
Tellurian Inc (NYSEAMERICAN:TELL) is a North American natural gas company founded in 2016 and headquartered in Houston, Texas. Charif Souki and Martin Houston founded the firm. Souki was the founder and CEO of Cheniere Energy, Inc. (NYSEAMERICAN:LNG) and Houston was the former COO of BG Group. TELL has a current market capitalization of $2.8 billion. The company’s maiden project is called ‘Driftwood LNG’ and is a 27.6 million tonne per anum LNG facility near Lake Charles, Louisiana. The project has obtained all required funding to begin construction. Q1 2022 hedge fund letters, conferences and...
ValueWalk
In Driftwood as a derivatives position we gave a primer on why Tellurian Inc (NYMARKET:TELL) has to reset the negative MTM that they have on their LNG contracts. Tellurian Cannot FID DriftwoodTellurian cannot admit that it cannot FID Driftwood. Its chairman finesses the marketplace by now saying that they build Driftwood LNG without announcing the financing and FID (final investment decision)!?… Q4 2021 hedge fund letters, conferences and more He says that “6 months ago this would have been impossible” referring to the bank debt ! Then why was he proposing Driftwood more than 6 months ago as i...
ValueWalk
The environmental carbon emission impact of a project like Driftwood is controversial to begin with. Q4 2021 hedge fund letters, conferences and more Carbon dioxide has to be stripped out of the raw gas before the clean gas is chilled and liquefied at minus 161 degrees Celsius. The CO2 is then vented back to the atmosphere. For an extraction and liquefaction project like Driftwood, Tellurian Inc (NYSEAMERICAN:TELL) needs to cover by its own means an amount 54.5 million C02 mt e. on 10 years. When Tellurian donated $25 million to the National Forest Foundation (NFF) what Renee Pirrong and Tellu...
ValueWalk
From the onset Tellurian Inc (NYMARKET:TELL) tactic has been delaying a FID (final investment decision) as late as possible taking cash deposits from the investors without having the financial capacity to construct a such project. Q4 2021 hedge fund letters, conferences and more Tellurian IR's PromiseFor example, Tellurian IR has promised to deliver lng cargoes baked at a $3.5/mmbtu FOB U.S Gulf to the investors but completely omitting the upstream segment cost. In parallel, the suits have executed a $201.3M bonus shares plan off-balance sheets diluting the company and have never stopped plund...
ValueWalk
In truth, Tellurian Inc (NYMARKET:TELL) was flimflam and Driftwood LNG has never been a commercial grade project. Q3 2021 hedge fund letters, conferences and more The investors who have trust and have put thousands of their life savings in Tellurian will get emotionally abused and hurt financially. In Tellurian Missing LNG Cargo? We have explained to you that Tellurian inc has contracted an obligation of $105M under the carpet. It’s because Tellurian is under a long term SPA contract which obligates the company to buy one cargo each quarter (delivered on ship) based on then-prevailing JKM pric...
ValueWalk
Recap Tellurian Inc (NASDAQ:TELL) excludes its haynesville upstream investment from the model break even and misrepresents its true $/mmbtu break-even to the investors.Q2 2021 hedge fund letters, conferences and more Tellurian signs 10-year LNG contracts but to value these sales is using a 1 year JKM forward curve presenting the illusion of +$5B annual cash-flows.Tellurian inc. inflates its Driftwood project profitability by a factor of 17X.Based on the contracts signed by Octavio Simoes the company stands to lose $820K per day over the next 10 years.Tellurian has already upstream assets locat...
ValueWalk
The Soukis and their executives have always view Tellurian Inc (NASDAQ:TELL)’s share as an inexhaustible currency; Tellurian’s total cash burn has been more the $500M since 17′ and we have no reasons to believe that their equity holders will not absorb the coming leak: Q2 2021 hedge fund letters, conferences and more Tellurian books large contracts at a loss for their Driftwood LNG project, Shell being their latest one. As they are forced to match the new contractswith the financing the concrete dam will crack and the valves will completely eject them. Tellurian Finalizes Offtake Agreements fo...
ValueWalk
Tellurian Inc (NASDAQ:TELL) schedules things; one, two, three pipelines make the news then de-schedule them. Q2 2021 hedge fund letters, conferences and more Tellurian Wants To Move A Rock PileTellurian has been selling Driftwood FID since 2017, promising billions of dollars in future free cash-flows. Yet Tellurian inc has experienced losses and the equity partners have quit one by one and Driftwood. Now the Tellurian wants to move a rock pile, asks the State of Lousiana to enlarge an highway to possibly “accomodate more than 5000 workers”. Tellurian can’taddress any of our questions on Driftw...
ValueWalk
In our first 3 installments we have debunked Driftwood LNG Economics, break-even costs. We have laso scrutinized its netback formula deficits with Gunvor and Vitol and Total S.A’s motives to totally write-down their equity investment. We feel that you are now ready for more. Q1 2021 hedge fund letters, conferences and more Tellurian (NASDAQ:TELL) promoters talk month after month about optionality. The narrative is diversity of supply or increased level of volatility. As a matter of fact is the pricing of a real option and we have the model to price this energy option. If Driftwood is an option...
ValueWalk
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