Why Tellurian Cratered This Week
Shares of (NYSEMKT: TELL) cratered roughly 42.7% this week, according to data from S&P Global Market Intelligence.
Tellurian is an upstart company attempting to build its massive Driftwood LNG export plant in Louisiana. However, as interest rates spiked through 2022, and now that natural gas prices have cratered in 2023 and this year, the company has seen offtake agreements canceled and financing difficult to come by.
This week added to the woes, as its current CEO resigned, and a potential buyer for the partially completed Driftwood plant said the asset wasn't that attractive, in explaining his company's choice to pass on buying Driftwood.
Source Fool.com
