TELL - Why Tellurian Stock Surged 19.5% in May
2024-06-06 06:03:00 ET
Shares of Tellurian (NYSEMKT: TELL) rocketed 19.5% in May, according to data provided by S&P Global Market Intelligence . Fueling the natural gas company was the progress it made on its strategy to develop its Driftwood liquefied natural gas (LNG) export project. That forward momentum has carried over into early June.
Tellurian reported its first-quarter results and progress with its Driftwood LNG project in early May. The company's natural gas production business continued to struggle due to lower prices. Its revenue declined nearly 50% to $25.5 million while its net loss ballooned to $44 million (up from $27.5 million in the year-ago period).
However, on a more positive note, the company continued to move toward making a final investment decision on Driftwood. It also continued to pursue steps to shore up its balance sheet and liquidity position.
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Why Tellurian Stock Surged 19.5% in May