Another US LNG project developer to report its results this week was Tellurian.
The company said that it suffered a net loss of around $128.8 mill, or $0.53 per share (basic and diluted), for the three months ended June 30, 2020.
This loss included a one-time non-cash charge of about $81.1 mill for impairment of the book value of its natural gas properties, due to the impact of declining commodity prices.
Notable achievements during 2Q20 and thereafter included raising $57.5 mill in net proceeds through issuances of common stock. Pro forma cash and cash equivalents as at the end of the quarter would be about $122.9 mill after giving effect to financing transactions executed during July.
President and CEO, Meg Gentle, said, “Tellurian has used the last few months to streamline Driftwood LNG, which is one of the lowest cost projects available globally at approximately $1,000 per tonne.
“Driftwood LNG is an integrated project, including production of low-cost gas from the Haynesville shale, which supports a new US LNG pricing mechanism projected to enable equity partners to load LNG at about $3.50 per MMBtu.
“Tellurian continues working to secure equity partners from around the globe and looks forward to delivering reliable energy in 2024,” she said.
Tellurian ended the second quarter with around $88.3 mill in cash and cash equivalents and about $33.9 mill short-term borrowings.
Its balance sheet consisted of about $315.9 mill in total assets. Pro-forma for the financing transactions completed in July, Tellurian would have ended the quarter with around $122.9 mill in cash and cash equivalents, about $106.1 mill in long-term debt, and around $350.5 mill in assets.
