Driftwood LNG parent company reports 1Q net loss of $40.7M

(Courtesy Tellurian Inc.) An artist's rendering of the Driftwood LNG facility near Lake Charles.

Driftwood LNG parent company Tellurian Inc. reported a first quarter 2020 net loss of $40.7 million or 18 cents per share, Kallanish Energy reports.

That compares to a net loss of $34.1 million or 16 cents per share in 1Q 2019.

The company, which has reduced overhead to about $6 million per month beginning in June, ended the first quarter with about $55.5 million in cash and cash equivalents and about $128.6 million in long-term debt.

It raised $50 million in gross proceeds through issuing $56 million zero coupon unsecured notes last month. It also amended a loan by reducing the principal balance and extending the maturity to November 2021.

“Tellurian has taken actions to strengthen our balance sheet in the midst of extreme energy and financial market conditions,” President and CEO Meg Gentle said in a statement. “We have streamlined the organization and arranged a $50 million financing. We are lean, resolved and focused on delivering our first project, Driftwood LNG.”

The Driftwood LNG facility at Lake Charles is being designed to produce 27.6 million tons per year of LNG for export.

Kallanish Energy has the full story.