Tellurian Inc. (TELL) stock gained some momentum on Friday, March 19, 2021. It gained 11.11% in the normal trading session and gained 8.15% more in the extended trading session on Friday. Let’s see what is happening with TELL?
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On March 15, 2021, Tellurian Inc. said that it has reduced its debt balance to approximately $21 million, by making a voluntary prepayment of the 2019 loan of approximately $38 million, using cash on hand.
The President and CEO of the TELL OctávioSimões said that the company is planning to pay off the remaining $21 million in coming months from upstream generated cash flows and cash on hand.
Earlier on Feb 19, 2021, Tellurian made a voluntary prepayment of $43 million on its 2018 Term Loan.
Recent Financial Results: On February 24, 2021, TELL reported its fiscal year 2020 results.
- TELL reported a net loss of approximately $210.7 million, or $0.79 per share (basic and diluted), for the year ended December 31, 2020.
- As of December 31, 2020, Tellurian had approximately $78.3 million in cash and cash equivalents and approximately $72.8 million in short-term borrowings and generated approximately $30.4 million in revenues from natural gas sales.
About the company:
Tellurian Inc. is a natural gas company headquartered in Houston, Texas. It was founded in 2016 by CharifSouki and Martin Houston and is led by President and CEO Octavio Simoes. Tellurian is developing a portfolio of natural gas production and has nearly 100 drillable locations with an estimated one trillion cubic feet of net resource.
Conclusion: Tellurian Inc. is improving its financial position by paying debt payments before time. Also, the company has improved and increased its operations in 2020. TELL stock may see more rise in the upcoming day.