Tellurian’s net loss grows in 2020

US LNG export project developer Tellurian reported a higher net loss last year but the Houston-based firm also slashed its net debt.

Tellurian reported a full-year net loss of $210.7 million, compared to a loss of $151.8 million in 2019.

Such as other peers, Tellurian launched last year a cost reduction and reorganization plan due to lower prices and the Covid-19 pandemic.

It also recently said the firm slashed its net debt by $57 million.

The developer of the 27.6 mtpa Driftwood project ended its 2020 fiscal year with about $78.3 million of cash and cash equivalents. This includes $72.8 million in short-term borrowings.

Furthermore, the firm said it has generated about $30.4 million in revenues from natural gas sales.

Tellurian chief executive Octavio Simoes said the company’s Haynesville Shale wells have “outperformed to unlock value, providing domestic natural gas supply and a valuable contribution to our integrated Driftwood model.”

“As the global market transitions away from coal and natural gas demand continues to increase, LNG is a powerful resource in the quest to provide energy access with a much lower carbon footprint and energy equity to the growing global population,” he said.

Most Popular

Venture Global’s Plaquemines LNG terminal achieves first production

Venture Global announced on Friday it had reached first LNG production at the company’s second facility, Plaquemines LNG, in...

Swan Energy, Nebula’s AG&P LNG plan Indian JV

Swan Energy said on Friday it had signed a heads of agreement with AG&P Terminals &Logistics (Singapore). The two firms...

Spot LNG rates remain weak

“Spark30S rates rose for a fourth consecutive week, increasing marginally by $750 to $23,500 per day,” Qasim Afghan, Spark’s commercial...

More News Like This

Woodside’s Louisana LNG project officially renamed

In October, Woodside acquired all issued and outstanding Tellurian common stock for about $900 million cash, or $1.00 per share. The...

Woodside, Bechtel seal revised EPC deal for Louisiana LNG project

Woodside said on Thursday the lump sum turnkey deal is for the three-train 16.5 million tonnes per annum foundation...

Tellurian’s unit seeks more time to build two gas pipelines

Last month, Australia's Woodside acquired all issued and outstanding Tellurian common stock for about $900 million cash, or $1.00 per...

Woodside’s Scarborough project 73 percent complete

The Perth-based LNG player, which just completed its acquisition of US LNG developer Tellurian, said in its third-quarter report that...