Tellurian boasts stronger balance sheet in Q1
US natural gas company Tellurian said May 5 that a voluntary debt payment made last month meant it has resolved all of its borrowing obligations.
Based in Houston, Tellurian said the $17mn debt repayment made April 23 settled its remaining obligations.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
“Tellurian now has a much stronger balance sheet and global customers continue to be very interested in our integrated, market-based liquefied natural gas product offering as they build their portfolios with flexible, reliable and cleaner energy sources,” CEO Octavio Simoes said.
Tellurian holds approximately 10,000 net acres in the Haynesville shale, one of the few natural gas reservoirs expected to see increased output this year. Nevertheless, the company said net production of 3.3bn ft3 of natural gas for the three month period ending March 31 was about 7% lower than Q4.
The company said it had 72 wells in production as of March 31. Similar data were not provided for Q1 2020 results.
Simoes added that his company anticipated an expanded drilling program in the Haynesville shale this year.
The company realised about $8.7mn in revenue from natural gas sales in Q1, but recorded a net loss of $27mn, an improvement over the $40.7mn loss reported in Q1 2020.
Tellurian said it is continuing to develop its proposed 27.6mn mt/yr Driftwood LNG export facility in Lake Charles, Louisiana.