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Why Tellurian Stock Rocketed Nearly 35% in July

TheMotleyFool 
0 0 02.08.24
Why Tellurian Stock Rocketed Nearly 35% in JulyPhoto, wide shot, wide-angle lens, Coal company, neutral atmosphere, photo by Galina Stepanova: https://img.theapi.app/temp/0e838f13-fa33-4583-92e9-bf3375dacf70.png
 

Shares of Tellurian (NYSEMKT: TELL) surged 34.7% in July, according to data provided by S&P Global Market Intelligence. The liquified natural gas (LNG) project developer agreed to sell itself to Australian energy company Woodside Petroleum (NYSE: WDS) in an all-cash deal. It also closed the sale of its upstream natural gas assets last month.

Tellurian has spent the past several years working toward developing its Driftwood LNG project. The company has been looking for ways to fund that project and secure commercial customers to support its development. It had hired a financial advisor to assist it.

The advisor initially planned to explore selling Tellurian's upstream natural gas production assets to help shore up its balance sheet. It found a buyer in late May when Aethon Energy agreed to purchase the assets for $260 million and become a commercial customer for Driftwood. The deal, which closed in August, enabled it to retire $230 million of debt set to mature in 2025, giving it more breathing room.

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Source Fool.com

Tellurian Inc Stock

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