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.

- Advertisements -

Most Popular

CoolCo reveals more details on GAIL LNG carrier charter deal

LNG carrier operator CoolCo has revealed more details regarding its recent 14-year charter deal with India’s largest gas utility...

Kinder Morgan secures more time for Gulf LNG export project

US energy company Kinder Morgan and its partners have secured more time from the US FERC to add liquefaction...

Golden Pass LNG contractor Zachry files for bankruptcy

US construction company Zachry said on Tuesday it has filed for bankruptcy, initiating a structured exit from the Golden...

More News Like This

Tellurian updates on Driftwood LNG construction work

US LNG terminal developer Tellurian released the latest construction update for the first phase of its Driftwood LNG terminal...

Tellurian’s net loss widens in Q1, Driftwood LNG talks continue

US LNG firm Tellurian reported a widening first-quarter loss on Thursday, as it continues to work to secure financing...

Tellurian explores sale options, makes leadership changes

US LNG firm Tellurian, the developer of the Driftwood LNG export project in Louisiana, has made new changes to...

Tellurian expects to take FID on two Driftwood LNG plants in 2024

US LNG firm Tellurian said on Monday it expects to take a final investment decision in 2024 to build...