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Tellurian Inc. Third Quarter 2020 Results
Tellurian Inc. reported its Q3 2020 results.
During the third quarter of 2020, Tellurian raised $32.8 million in net proceeds through issuances of common stock, reduced debt by $33.9 million and extended the Term Loan maturity to March 2022.
Natural gas production for the third quarter was approximately 4.1 billion cubic feet equivalent (Bcfe) and remained flat with an exit rate of 47 million cubic feet equivalent per day (mmcfed). Natural gas sales rose to $7.3 million for the third quarter, which was an increase over $6.3 million in sales for the last quarter.
President and CEO Meg Gentle said, "Natural gas markets and prices have recovered worldwide. 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."
Financial Results
Tellurian ended its third quarter of 2020 with approximately $77.9 million in cash and cash equivalents and approximately $80.8 million in current borrowings. Tellurian's balance sheet consisted of approximately $293.3 million in total assets.
Tellurian reported a net loss of approximately $29.4 million, or $0.10 per share (basic and diluted), for the three months ended September 30, 2020.
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