Annual report pursuant to Section 13 and 15(d)

SUPPLEMENTAL DISCLOSURES ABOUT NATURAL GAS PRODUCING ACTIVITIES (Tables)

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SUPPLEMENTAL DISCLOSURES ABOUT NATURAL GAS PRODUCING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Extractive Industries [Abstract]  
Summary of Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure
Capitalized costs related to Tellurian’s natural gas producing activities are summarized as follows (in thousands):
December 31,
2023 2022 2021
Proved properties $ 561,303  $ 468,351  $ 113,950 
Unproved properties —  —  — 
Gross capitalized costs 561,303  468,351  113,950 
Accumulated DD&A (187,171) (92,423) (48,637)
Net capitalized costs $ 374,132  $ 375,928  $ 65,313 
Summary of Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure
Costs incurred in natural gas property acquisition (inclusive of producing well costs), exploration and development activities are summarized as follows (in thousands):
Year Ended December 31,
2023 2022 2021
Property acquisitions:
Proved $ —  $ 135,974  $ 3,409 
Unproved —  —  — 
Exploration costs —  —  — 
Development costs 116,045  210,546  28,955 
Costs incurred $ 116,045  $ 346,520  $ 32,364 
Summary of Oil and Gas Net Production, Average Sales Price and Average Production Costs Disclosure
The following table includes revenues and expenses directly associated with our natural gas and condensate producing activities. It does not include any interest costs or indirect general and administrative costs and, therefore, is not necessarily indicative of the contribution to consolidated net operating results of our natural gas operations. Tellurian’s results of operations from natural gas and condensate producing activities for the periods presented are as follows (in thousands):
Year Ended December 31,
2023 2022 2021
Natural gas sales $ 166,128  $ 270,977  $ 51,499 
Operating costs 88,276  53,963  20,576 
Depreciation, depletion and amortization 95,202  43,966  10,998 
Total operating costs and expenses 183,478  97,929  31,574 
Results of operations $ (17,350) $ 173,048  $ 19,925 
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities
Gas
(MMcf)		 Gas Equivalent
(MMcfe)
Proved reserves:
December 31, 2020 99,508  99,508 
Extensions, discoveries and other additions 202,897  202,897 
Revisions of previous estimates 35,237  35,237 
Production (14,306) (14,306)
Sale of reserves-in-place —  — 
Purchases of reserves-in-place —  — 
December 31, 2021 323,336  323,336 
Extensions, discoveries and other additions 113,047  113,047 
Revisions of previous estimates (52,185) (52,185)
Production (47,322) (47,322)
Sale of reserves-in-place —  — 
Purchases of reserves-in-place 108,017  108,017 
December 31, 2022 444,893  444,893 
Extensions, discoveries and other additions 983  983 
Revisions of previous estimates (179,737) (179,737)
Production (72,476) (72,476)
Sale of reserves-in-place (15,627) (15,627)
Purchases of reserves-in-place —  — 
December 31, 2023 178,036  178,036 
Proved developed reserves:
December 31, 2021 73,927  73,927 
December 31, 2022 218,382  218,382 
December 31, 2023 178,036  178,036 
Proved undeveloped reserves:
December 31, 2021 249,409  249,409 
December 31, 2022 226,511  226,511 
December 31, 2023 —  — 
Summary of Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure
The following summary sets forth our future net cash flows relating to proved natural gas and condensate reserves based on the standardized measure (in thousands):
Year Ended December 31,
2023 2022 2021
Future cash inflows $ 326,246  $ 2,441,930  $ 945,651 
Future production costs (102,356) (341,925) (133,909)
Future development costs (56,207) (360,107) (211,836)
Future income tax provisions —  (257,908) (54,401)
Future net cash flows 167,683  1,481,990  545,505 
Less effect of a 10% discount factor (42,254) (445,686) (181,302)
Standardized measure of discounted future net cash flows $ 125,429  $ 1,036,304  $ 364,203 
The following sets forth the changes in the standardized measure of discounted future net cash flows (in thousands):
December 31, 2020 $ 6,885 
Sales and transfers of gas and condensate produced, net of production costs (39,806)
Net changes in prices and production costs 110,850 
Extensions, discoveries, additions and improved recovery, net of related costs 255,246 
Development costs incurred — 
Revisions of estimated development costs 10,643 
Revisions of previous quantity estimates 35,012 
Accretion of discount 688 
Net change in income taxes (27,455)
Purchases of reserves in place — 
Sales of reserves in place — 
Changes in timing and other 12,140 
December 31, 2021 $ 364,203 
Sales and transfers of gas and condensate produced, net of production costs (236,374)
Net changes in prices and production costs 503,099 
Extensions, discoveries, additions and improved recovery, net of related costs 255,970 
Development costs incurred 154,931 
Revisions of estimated development costs (105,352)
Revisions of previous quantity estimates (143,398)
Accretion of discount 36,420 
Net change in income taxes (127,154)
Purchases of reserves in place 262,050 
Sales of reserves in place — 
Changes in timing and other 71,909 
December 31, 2022 $ 1,036,304 
Sales and transfers of gas and condensate produced, net of production costs (101,438)
Net changes in prices and production costs (660,129)
Extensions, discoveries, additions and improved recovery, net of related costs 1,227 
Development costs incurred 75,788 
Revisions of estimated development costs (88,121)
Revisions of previous quantity estimates (331,376)
Accretion of discount 63,350 
Net change in income taxes 154,609 
Purchases of reserves in place — 
Sales of reserves in place (30,124)
Changes in timing and other 5,339 
December 31, 2023 $ 125,429