Tellurian Stock Tumbles Again as LNG Sales Deals Are Canceled | TELL Message Board Posts


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Msg  40 of 48  at  9/23/2022 7:51:31 PM  by

jerrykrause


Tellurian Stock Tumbles Again as LNG Sales Deals Are Canceled

 

Tellurian Stock Tumbles Again as LNG Sales Deals Are Canceled

 

Tellurian shares were sinking again on Friday after the natural-gas producer said in a filing that Shell ended an agreement to buy fuel from a plant it is building in Louisiana.

In July 2021, Tellurian (ticker: TELL) said that it had completed deals to sell three million metric tons of liquefied natural gas a year to Shell (SHEL) for 10 years. The gas was supposed to come from a Tellurian production and export terminal called Driftwood LNG.

On Friday, Tellurian said in a filing with the Securities and Exchange Commission that it "received a notice of termination from Shell with respect to the LNG Sale and Purchase Agreements 1 and 2 between Driftwood LNG and Shell." Tellurian also said it had terminated a deal to sell LNG to Vitol.

The terminations follow news on Tuesday that the company was withdrawing a $1 billion public offering of senior secured notes . It had planned to use the money to support the construction of the Driftwood plant.

Tellurian didn't immediately respond to a request for comment.

Shares of Tellurian sank 20% Friday to $2.21, putting them on pace for their lowest closing price since May 2021, according to Dow Jones Market Data. The stock has fallen four out of the past five days and has had its worse two-day stretch since July 2020.

Shell's American depositary receipts slid 8% in a broad downturn for energy stocks triggered by a decline in the price of crude. Oil hit its lowest level since January.

The Vitol agreement was for three million metric tons a year of Driftwood LNG for 10 years.

 


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