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Tamboran Resources Corporation (TBN-0.18%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing that the company has not yet commenced natural gas production and thus did not earn any revenue during the period.
Operating costs and expenses for the quarter were $15,014,847, with significant expenses including a $5,950,000 checkerboard fee and $3,232,897 for an LNG feasibility study.
The company reported a net loss of $15,500,104 for the quarter, compared to a loss of $7,520,497 in the same quarter the previous year.
Cash and cash equivalents at the end of the period were $59,442,407, down from $74,745,897 at the start of the period.
Net cash used in operating activities was $8,901,794, while net cash used in investing activities was $35,805,382, primarily due to exploration and evaluation activities.
The company received $31,360,374 from financing activities, mainly from contributions by noncontrolling interest holders and proceeds from a greenshoe option.
Tamboran Resources Corporation has identified a material weakness in its internal controls over financial reporting and is implementing remediation plans.
The company is involved in legal proceedings related to environmental management plans and potential impacts on water resources.
Tamboran Resources Corporation continues to focus on developing its natural gas assets in the Beetaloo Basin, with plans for significant capital expenditures in the coming year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tamboran Resources Corporation quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.