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Citi Midstream Energy Infrastructure Conference – Tellurian Inc.

Tellurian Inc. · Aug 12, 2020 · 30 slides

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Slides

  1. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 1
    Citi Midstream/Energy Infrastructure Conference 2020 August 12, 2020
  2. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 2
    Tellurian value proposition (Nasdaq: TELL) Developing a global natural gas business around Driftwood LNG (DWLNG) Our business Driftwood LNG: a 27.6 mtpa LNG export terminal in Louisiana(1) Pioneering management team that has built…
  3. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 3
    Driftwood LNG update 4
  4. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 4
    DWLNG update: 30% cost reduction in Phase I Driftwood model Phase 1 capital costs(1) (14.4 mtpa EPC guaranteed capacity) Key Business Model Benefits 1,473/tonne(2) Phase 1: 1,000/tonne including upstream, pipeline and liquefaction…
  5. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 5
    Driftwood LNG and pipeline capital for Phase I in billions, unless otherwise noted Uses ( bn) Sources ( bn) Driftwood LNG terminal 10.6 Driftwood partner equity 6.0 Owners cost(1) 1.8 Tellurian pre-FID work contribution 0.6…
  6. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 6
    Driftwood expects to deliver LNG FOB…
  7. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 7
    LNG macro update 8
  8. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 8
    China and India LNG demand resilient China and India LNG imports up 8% and 21%, respectively, through July YoY Chinese LNG imports Indian LNG imports million tonnes/month million tonnes/month 7 7 6.3 6.6 5.8 6 5.5 6.4 6.4 6…
  9. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 9
    Emerging Asian markets are demand pull 53% of 2020 LNG demand growth from China + India Over half of new import capacity is in China + India 2020 LNG trade through July Regasification capacity additions million tonnes million…
  10. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 10
    LNG market recovering from June bottom Monthly global LNG trade and capacity LNG production capacity at year end million tonnes/month Expected % increase over prior year end million tonnes/month production capacity 39 2020E export…
  11. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 11
    Entering 5-year starvation; expect rising price Global liquefaction capacity additions (mtpa) 30 mtpa capacity additions 146 mtpa capacity additions 53 mtpa capacity additions Limited capacity additions(1) 1.6% per annum 8.3% per…
  12. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 12
    100 mtpa additional construction needed Recent demand growth rates imply the world will have LNG capacity constraints by 2021 mtpa Liquefaction capacity required by 2025(1) 900 800 9.3% p.a. growth rate 8.0%(2) 175 mtpa 700…
  13. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 13
    Driftwood LNG overview 14
  14. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 14
    Positioned to deliver 5-7/sh of cash flow (1) Tellurian ownership structure(2) Illustrative cash flow calculation to Tellurian 13.6 mtpa x 52 mmBtu conversion Driftwood Holdings x 3.50 margin = 2.5 Production Pipeline LNG…
  15. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 15
    Driftwood LNGs ideal site for exports Access to pipeline infrastructure Access to power and water Support from local communities Site size over 1,000 acres Insulation from surge, wind and local populations Artist rendition…
  16. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 16
    Bechtel LSTK secures project execution Driftwood EPC contract costs ( per tonne) 710 Increase from price refresh Leading LNG EPC contractor 560 44 LNG trains delivered to 18 500 510 customers in 9 countries 390 30% of global LNG…
  17. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 17
    Value to Tellurian Inc. Every 1.00 reduction in gas costs or increase in LNG price adds 1.85/share in cash flow in 5-plant case Base case 3 Plants 5 Plants USGC netback Cost of LNG(1) Margin Cash flows(2)(3)(4) (/mmBtu) (/mmBtu)…
  18. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 18
    Returns to Driftwood Holdings partners U.S. Gulf Coast netback price (/mmBtu) 5.00 7.00 9.00 11.00 Driftwood LNG, FOB U.S. Gulf Coast (3.50) (3.50) (3.50) (3.50) (/mmBtu) Margin 1.50 3.50 5.50 7.50 (/mmBtu) Annual partner…
  19. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 19
    On path to deliver LNG from Driftwood Fully- FERC & DOE Premier site wrapped EPC Financing Construction approval contract Complete Value creation catalysts LNG market recovery from COVID-19 with JKM approaching 5/mmBtu…
  20. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 20
    Key investment highlights Driftwood LNG is shovel ready, all permits secured Engineering 30% complete, 150 mm invested in EPC Phase 1 low-cost capital 1,000/tonne LNG delivered FOB U.S. Gulf…
  21. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 21
    Contact us Matt Phillips Social media Director, Investor Relations & Finance +1 832 320 9331 TellurianLNG matthew.phillipstellurianinc.com Joi Lecznar SVP, Public Affairs & Communication +1 832 962 4044…
  22. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 22
    Appendix 23
  23. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 23
    Tellurian commercial progress Total Driftwood equity investment and SPA Tellurian Marketing investment in Driftwood On July 10, 2019, Total agreed to make a 500 million Tellurian Marketing to purchase an equity interest(2) in equity…
  24. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 24
    Global energy needs require natural gas The shifting landscape of energy consumption Drivers of shifting landscape 8 Tonnes oil equivalent/capita 35% Non-OECD energy consumption growth rate was 31% 7 30% 13x that of OECDs over the…
  25. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 25
    China & India: 90 mtpa growth potential LNG demand growth (2019-2025) Key growth drivers mtpa Infrastructure: 2x growth in Indias pipeline grid by 2025 2x growth in Indias regas capacity by 2025 1.5x growth in Chinas pipeline grid…
  26. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 26
    Indias targets suggest even higher gas use India natural gas demand primary sources Indias gas demand drivers mtpa Prime Minister Modi has set a target of 15% for Incremental supply required for 15% target (1) natural gas share of…
  27. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 27
    India is rapidly building out gas infrastructure Sharp increase in LNG and gas-related infrastructure will tap into significant latent gas demand Indias emerging regas & gas transport infrastructure Indias regasification capacity…
  28. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 28
    New Asian markets grow 41 mtpa by 2025 Emerging markets could add the equivalent of another South Korean market by 2025 LNG demand by region Bangladesh, Malaysia, Pakistan, Thailand: mtpa 32% gas market penetration, declining 600…
  29. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 29
    Environmental and social leadership Driftwood LNG project expected to reduce lifecycle carbon emissions and support local communities Lifecycle emission reduction Sustainable development Social engagement Provide an outlet for…
  30. Citi Midstream Energy Infrastructure Conference – Tellurian Inc. – slide 30
    LNGs role in the energy transition Today: Reduce carbon intensity, improve air quality Future: Net zero carbon emissions Increasingly cost-competitive with coal Reduces carbon emissions by up to 50% Reduces SOx, NOx and particulate…

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