Tellurian shrinks net loss

US LNG export project developer Tellurian reported a third-quarter net loss of $29.4 million, or $0.10 per share.

This compares to a $39.6 million loss in the same period last year and $40.7 million in the previous quarter.

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

During the third quarter, the Houston-based firm raised $32.8 million in net proceeds through issuances of common stock. It also reduced debt by $33.9 million.

The developer of the 27.6 mtpa Driftwood project ended the quarter with about $77.9 million in cash and cash equivalents. This includes $80.8 million in current borrowings.

Furthermore, Tellurian chief executive Meg Gentle said natural gas markets and prices have recovered worldwide.

According to Gentle, investment in new drilling and infrastructure is “acutely needed” to balance the market in 2021 and beyond.

“Building liquefaction terminals as fully integrated partnerships is the only way partners will secure the lowest cost of gas and be protected from the market’s inherent volatility,” she added.

Most Popular

Venture Global, Petronas seal 20-year LNG SPA

US LNG exporter Venture Global LNG has signed a 20-year LNG supply contract with Malaysian energy giant Petronas for volumes from the CP2 project in Louisiana.

Golden Pass LNG seeks re-export approval

Golden Pass LNG, a joint venture owned by energy giants QatarEnergy and ExxonMobil, is seeking approval from the US DOE to export previously imported LNG from October, as it nears the launch of the first liquefaction train.

TPDC, Energetech Tantel to develop Tanzanian small-scale LNG plant

State-run Tanzania Petroleum Development Corporation has signed a memorandum of understanding with Energetech Tantel to develop what they say is Tanzania's first small-scale LNG plant.

More News Like This

Woodside, Stonepeak wrap up Louisiana LNG stake sale

Australian LNG player Woodside has completed the previously announced sell-down of a 40 percent stake in its Louisiana LNG project to US private equity firm Stonepeak.

Aramco plans to join Woodside’s Louisiana LNG project

Saudi Arabia’s energy behemoth Aramco plans to take a stake in Woodside's Louisiana LNG export project.

Wood bags Louisana LNG pipeline gig from Woodside

UK-based consulting and engineering firm Wood has secured a contract from Australian LNG player Woodside for the latter's Line 200 pipeline project, which will deliver natural gas to the recently approved Louisiana LNG project.

BP to supply feed gas to Woodside’s Louisiana LNG

UK-based energy giant BP has agreed to supply feed gas to Woodside's three-train, 16.5 mtpa Louisiana LNG export project.