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.
