Bryan Sheffield-backed Tamboran's shares fall 6% in NYSE debut (updated)

Tamboran Resources

27/06/2024 16:15

(Adds detail on Tamboran's business in paragraphs 3-7)
       June 27 (Reuters) - Shares of Tamboran Resources  TBN.N 
 TBN.AX , a natural gas exploration and production company
backed by billionaire Bryan Sheffield, opened 6.3% below their
IPO price in their debut on the New York Stock Exchange on
Thursday.
     The shares opened at $22.50 each, compared with the IPO
price of $24.
    Sydney-based Tamboran downsized its IPO, selling less than
half the number of shares it had initially marketed, to raise
$75 million in the share sale. It had earlier targeted at least
$156 million in proceeds.
    Tamboran is focused on extracting natural gas from the
Beetaloo basin in Australia's Northern Territory, but it expects
no material revenue until at least 2026. 
    Sheffield Holdings - an affiliate of Bryan Sheffield, the
son of Texas oilman Scott Sheffield and founder of shale
producer Parsley Energy - is the company's largest shareholder.
Parsley was acquired by Pioneer Natural Resources  PXD.N  in
2021.
    Since natural gas releases fewer pollutants, it has been
billed as a cleaner alternative to coal and oil. Some believe it
can be a viable stand-in as the world gradually shifts towards
renewable energy. 
    But critics have questioned this narrative, arguing that the
methane emissions tied to natural gas make it too harmful to be
a so-called "transition fuel."

 (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh
Kuber)
 ((Niket.Nishant@thomsonreuters.com;))