HOUSTON, Texas – (BUSINESS WIRE) August 5, 2020 -- Tellurian Inc. (Tellurian) (NASDAQ: TELL) continues to build its integrated global natural gas business. Notable Tellurian achievements during the second quarter of 2020 and thereafter included raising $57.5 million in net proceeds through issuances of common stock. Pro forma cash and cash equivalents as of quarter end would be approximately $122.9 million 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 U.S. 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.”
Tellurian ended its second quarter of 2020 with approximately $88.3 million in cash and cash equivalents and approximately $33.9 million short-term borrowings. Tellurian’s balance sheet consisted of approximately $315.9 million in total assets. Pro forma for the financing transactions completed in July, Tellurian would have ended the quarter with approximately $122.9 million in cash and cash equivalents, approximately $106.1 million in long-term debt, and approximately $350.5 million in assets.
Tellurian reported a net loss of approximately $128.8 million, or $0.53 per share (basic and diluted), for the three months ended June 30, 2020. Results include a one-time non-cash charge of approximately $81.1 million for impairment of the book value of our natural gas properties due to the impact of declining commodity prices.
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.
For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
1201 Louisiana Street Suite 3100
Houston, TX 77002
TEL +1 832 962 4000
The following information was filed by Tellurian Inc. (TELL) on Wednesday, August 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Tellurian Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Tellurian Inc..
Ticker: TELL CIK: 61398 Form Type:10-Q Quarterly Report Accession Number: 0000061398-20-000031 Submitted to the SEC: Fri Nov 06 2020 7:34:44 AM EST Accepted by the SEC: Fri Nov 06 2020 Period: Wednesday, September 30, 2020 Industry: Crude Petroleum And Natural Gas