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April 2019 Corporate Presentation – Tellurian Inc.

Tellurian Inc. · Apr 22, 2019 · 25 slides

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Slides

  1. April 2019 Corporate Presentation – Tellurian Inc. – slide 1
    Corporate presentation April 2019
  2. April 2019 Corporate Presentation – Tellurian Inc. – slide 2
    Key investment highlights Experienced World-class Fixed-cost EPC Unique business Commercial management partners contract model momentum Management Guaranteed Integrated track record at lump sum Upstream Cheniere and turnkey…
  3. April 2019 Corporate Presentation – Tellurian Inc. – slide 3
    Looming challenge of U.S. gas oversupply U.S. natural gas must be exported Legend 2018-2025: Operating/under construction LNG +7 Future infrastructure required +22 Bcf/d total gas supply growth(1) +7 Incremental gas supply by 2025…
  4. April 2019 Corporate Presentation – Tellurian Inc. – slide 4
    Global LNG capacity call: 100-250 mtpa mtpa Global LNG capacity outlook Capacity required(1) 800 9.3% p.a. growth rate 700 250 mtpa 9.3%(2) 600 5.0%(3) 100 mtpa 500 Under construction 400 300 In operation 200 100 0…
  5. April 2019 Corporate Presentation – Tellurian Inc. – slide 5
    Tellurian projects annual 8 cash flow/sh(1) Integrated model Production Company, Pipeline Partners 100% Network, LNG Terminal (7 billion in equity) Variable and operating costs expected to be 2.50-3.00/mmBtu 51% Equity ownership…
  6. April 2019 Corporate Presentation – Tellurian Inc. – slide 6
    Driftwood Holdings financing 2-Plant Case 3-Plant Case Full Development Capacity (mtpa) 11.0 16.6 27.6 Capital investment ( billions) Liquefaction terminal(1) 7.6 10.3 15.2 Owners cost & contingency(2) 1.1 1.5 1.9 Driftwood…
  7. April 2019 Corporate Presentation – Tellurian Inc. – slide 7
    Growing list of expected partners and customers Potential partner Proposed off-take Proposed volume Credit rating(1) Equity investor 1.0 mtpa A+/Aa3/AA- Driftwood project Baa2 Equity investor Under review (Moodys) JKM…
  8. April 2019 Corporate Presentation – Tellurian Inc. – slide 8
    Commercial momentum to 3-plant FID Driftwood Holdings volume Tellurian Marketing volume mtpa mtpa (2) (1) Total Purchased 1.5 2.0 (4) Vitol 1.5 Petronet(3) Retained 4.6 Remaining 3.6 (2) (1) Tellurian Contracted…
  9. April 2019 Corporate Presentation – Tellurian Inc. – slide 9
    Steps towards final investment decision Final investment decision Debt/project finance terms Draw equity and debt Final contracts capital Equity Negotiate partners Launch agreements commit to construction Binding funding…
  10. April 2019 Corporate Presentation – Tellurian Inc. – slide 10
    Value to Tellurian Inc. USGC Cost of 2 Plants 3 Plants 5 Plants Margin netback LNG(1) Cash flows(2)(3)(4) (/mmBtu) (/mmBtu) (/mmBtu) millions ( per share) Tellurian 5.0 mtpa 6.6 mtpa 13.6 mtpa capacity 6.00 4.50 1.50 190 (0.71)…
  11. April 2019 Corporate Presentation – Tellurian Inc. – slide 11
    Driftwood Holdings operating costs 4.50 (1) Debt 1.50 3.50 Updates: Replace or substitute 1.00 amortizing debt for Liquefaction 0.75 interest-only debt Contingency 0.50 Improved operating 0.22 0.15 outlook at Gathering,…
  12. April 2019 Corporate Presentation – Tellurian Inc. – slide 12
    Final Investment Decision expected in 2019 Milestone Target date Fully-wrapped EPC contract November 2017 Draft FERC EIS September 2018 Final FERC EIS January 2019 Final FERC Order 1H 2019 Complete capital raise process Partner &…
  13. April 2019 Corporate Presentation – Tellurian Inc. – slide 13
    Contact us Amit Marwaha Social media Director, Investor Relations & Finance +1 832 485 2004 TellurianLNG amit.marwahatellurianinc.com Joi Lecznar SVP, Public Affairs & Communication +1 832 962 4044…
  14. April 2019 Corporate Presentation – Tellurian Inc. – slide 14
    Appendix 15
  15. April 2019 Corporate Presentation – Tellurian Inc. – slide 15
    Owning infrastructure mitigates risk Tolling model SPA model Equity model Customer incurs risk Developer incurs risk Own the infrastructure Competition between customers Developer consolidates pipeline True cost control and for…
  16. April 2019 Corporate Presentation – Tellurian Inc. – slide 16
    Integrated to manage three risks Basin Basis Construction 10,800 Haynesville acres 7 billion of pipeline projects, 15 billion liquefaction 1.4 Tcf of resource providing access to Haynesville, project in Louisiana Intend to…
  17. April 2019 Corporate Presentation – Tellurian Inc. – slide 17
    Driftwood LNG terminal Driftwood LNG terminal Land 1,000 acres near Lake Charles, LA Capacity 27.6 mtpa Up to 20 trains of 1.38 mtpa each Trains Chart heat exchangers GE LM6000 PF+ compressors 3 storage tanks Storage 235,000…
  18. April 2019 Corporate Presentation – Tellurian Inc. – slide 18
    Bechtel LSTK secures project execution Driftwood EPC contract costs ( per tonne) 700 Leading LNG EPC contractor 550 44 LNG trains delivered to 18 customers 490 500 in 9 countries 380 30% of global LNG liquefaction capacity (125…
  19. April 2019 Corporate Presentation – Tellurian Inc. – slide 19
    Construction budget breakdown (1) Owners' costs Equipment and materials 12% 24% Contingency and provisional 24% sums (2) 17% Direct labor 24% Overhead (mostly labor) Notes: Based on Driftwood LNG full development. (1)…
  20. April 2019 Corporate Presentation – Tellurian Inc. – slide 20
    Pipeline network Bringing low-cost gas to Southwest Louisiana 1 Driftwood Pipeline(1) Capacity (Bcf/d) 4.0 Cost ( billions) 2.2 Length (miles) 96 Diameter (inches) 48 Compression (HP) 274,000 Status FERC approval pending 2 2…
  21. April 2019 Corporate Presentation – Tellurian Inc. – slide 21
    Integrated to capture market dislocations By 2023, Henry Hub is forecasted to be the highest priced source of gas in the Gulf Coast Legend Upper Midwest Appalachia -24% 2023 discount from HH -8% -24% 2023 HH forecast 2.65…
  22. April 2019 Corporate Presentation – Tellurian Inc. – slide 22
    100 Tcf available resources in Haynesville Driftwood Holdings plans to fund and purchase 15 Tcf Potential Target size: acquisition targets: Range of resources per target (Tcf)(1): Large 15 Tcf 15 Medium 9 to 15 Tcf 9 15…
  23. April 2019 Corporate Presentation – Tellurian Inc. – slide 23
    Tellurian signs agreements with Total Heads of Agreement (HOA) with Total Project advancement Total Delaware, Inc. (Total) signs HOA to make Tellurian Marketing to purchase an equity interest(2) 500 million equity investment in…
  24. April 2019 Corporate Presentation – Tellurian Inc. – slide 24
    Returns to Driftwood Holdings partners U.S. Gulf Coast netback price (/mmBtu) 6.00 8.00 10.00 15.00 Driftwood LNG, FOB U.S. Gulf Coast (3.50) (3.50) (3.50) (3.50) (/mmBtu) Margin (/mmBtu) 2.50 4.50 6.50 11.50 Annual partner cash…
  25. April 2019 Corporate Presentation – Tellurian Inc. – slide 25
    Building momentum to FID in 2019 April February December Feb/March June February February Management, Merge with Raise Announce Raise Receive FERC Announce friends and Magellan approximately open seasons approximately final MOU for…

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