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.