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.

- Advertisements -

Most Popular

Hyundai Samho to build LNG carrier quartet for $1.08 billion

South Korea's Hyundai Samho has secured an order to build four liquefied natural gas (LNG) carriers for about $1.08...

Cedar LNG FID pushed back

Canada’s Pembina Pipeline and the Haisla Nation have again postponed a final investment decision on their Cedar floating LNG...

Eni to ship Congo’s first LNG cargo

Italy’s Eni will soon ship the first liquefied natural gas cargo from its Tango floating LNG facility moored in...

More News Like This

Tellurian reports $166.2 million net loss in 2023

US LNG firm Tellurian reported a net loss of $166.2 million in 2023, as it continues to work on...

Tellurian amends debt terms to support sale of its upstream assets

US LNG firm Tellurian, the developer of the Driftwood LNG project in Louisiana, said it had signed a deal...

Tellurian secures more time to complete Driftwood LNG terminal

US LNG terminal developer Tellurian has secured more time from the US FERC to complete the construction of its...

Tellurian looking to sell its upstream assets

US LNG terminal developer Tellurian is exploring the sale of its Haynesville upstream assets as it works on securing...