US LNG player Tellurian pays down debt
US LNG developer Tellurian said March 15 it had cut its debt load significantly after paying down a 2019 load using about $38mn of cash on hand, leaving it with outstanding debt of about $21mn.
“We are planning to pay off the remaining $21mn in debt obligations from upstream generated cash flows and cash on hand in the coming months,” CEO Octavio Simoes said.
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The company in February reported that it produced 16.9bn ft3 of natural gas last year, a 21% increase from the previous year. The company paid off a 2018 loan the same month.
In 2020, the company brought in approximately $30.4mn in revenue from natural gas sales.
In January, the company said it expected to generate as much as $2.1bn in cash flow and talked up its holdings in the Haynesville shale basin, where it said additional production was warranted by the higher price for the benchmark Henry Hub.
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.