SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT

SCHEDULE I
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
TELLURIAN INC.
PARENT COMPANY BALANCE SHEETS
(in thousands, except share and per share)
	Year Ended December 31,
	2020		2019
ASSETS
Cash and cash equivalents	$	6,719	$	—
Prepaids and other	80		214
Loan note receivable from a subsidiary	606,859		499,504
Investments in subsidiaries	—		—
Property, plant and equipment, net	—		—
Total assets	$	613,658	$	499,718
LIABILITIES AND EQUITY
Liabilities:
Accounts payable	$	49	$	939
Accrued liabilities	783		1,725
Borrowings	13,624		—
Payables due to subsidiaries	490,112		330,769
Total liabilities	504,568		333,433
Equity:
Preferred stock, $0.01 par value, 100,000,000 authorized: 6,123,782 and 6,123,782 shares outstanding, respectively	61		61
Common stock, $0.01 par value, 800,000,000 and 400,000,000 authorized: 354,315,739 and 242,207,522 shares outstanding, respectively	3,309		2,211
Additional paid-in capital	922,042		769,639
Accumulated deficit	(816,322)		(605,626)
Total stockholders’ equity	109,090		166,285
Total liabilities and stockholders’ equity	$	613,658	$	499,718

SCHEDULE I (Continued)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
TELLURIAN INC.
PARENT COMPANY STATEMENTS OF OPERATIONS
(in thousands)
	Year Ended December 31,
	2020		2019		2018
Total revenues	$	—	$	—	$	—
Operating costs and expenses:
Cost of sales	—		—		93
Development expenses	6,804		11,047		2,487
General and administrative expenses	12,636		20,498		4,618
Goodwill impairment	—		—		—
Total operating costs and expenses	19,440		31,545		7,198
Other income, net	49,863		63,090		—
Interest expense	(22,385)		—		2
Income (Loss) from operations before income taxes and equity in losses of subsidiaries	8,038		31,545		(7,200)
Income tax benefit (provision)	—		—		—
Net loss from operations before equity in losses of subsidiaries	$	8,038	$	31,545	$	(7,200)
Equity in losses of subsidiaries, net of tax	$	(218,734)	$	(183,312)	$	(118,545)
Net loss	$	(210,696)	$	(151,767)	$	(125,745)

SCHEDULE I (Continued)
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
TELLURIAN INC.
PARENT COMPANY STATEMENTS OF CASH FLOWS
(in thousands)
	Year Ended December 31,
	2020		2019		2018
Net cash provided (used) by operating activities	(99,685)		6,686		(123,976)
Cash flows from investing activities:	—		—		—
Cash flows from financing activities:
Proceeds from the issuance of common stock	103,664		—		133,800
Equity offering costs	(3,989)		—		(4,090)
Proceeds from borrowings	50,000		—		—
Borrowings issuance costs	(2,612)		—		—
Borrowings principal repayments	(40,000)		—		—
Proceeds from warrants exercise	1,000		—		—
Tax payments for net share settlement of equity awards	(1,659)		(6,686)		(5,734)
Net cash provided (used) by financing activities	106,404		(6,686)		123,976
Net increase (decrease) in cash and cash equivalents	6,719		—		—
Cash and cash equivalents, beginning of period	—		—		—
Cash and cash equivalents, end of period	$	6,719	$	—	$	—

NOTE 1 — BASIS OF PRESENTATION

Tellurian Inc. is a Delaware corporation based in Houston, Texas (“Tellurian”), which wholly owns Driftwood LP Holdings LLC (“Driftwood LP Holdings”), which in turn wholly owns Driftwood Holdings LP (“Driftwood Holdings”).

These condensed parent company financial statements reflect the activity of Tellurian as the parent company to Driftwood Holdings and have been prepared in accordance with Rules 5-04 and 12-04 of Regulation S-X, as the restricted net assets of Driftwood Holdings exceeds 25% of the consolidated net assets of Tellurian. This information should be read in conjunction with the consolidated financial statements of Tellurian included in this report under the caption Item 8, “Financial Statements and Supplementary Data.”