9th Oct 2024 13:02
(Alliance News) - Woodside Energy Group Ltd on Wednesday celebrated the completion of its acquisition of Tellurian Inc, and its US Gulf Coast Driftwood liquefied natural gas development opportunity.
Woodside is a Perth, Australia-based oil, gas, and new energy company.
It has bought all issued and outstanding Tellurian common stock for approximately USD900 million cash, or USD1.00 per share. The implied enterprise value is approximately USD1.20 billion.
In addition to this news, Woodside has also renamed its Driftwood LNG development opportunity as Woodside Louisiana LNG. Woodside Louisiana LNG is an under-construction, pre-final investment decision, LNG production and export terminal in Calcasieu Parish, Louisiana.
"This is a major growth opportunity that significantly expands our US LNG position, enabling us to better serve global customers and capture further marketing optimisation opportunities across both the Atlantic and Pacific Basins," said Chief Executive Officer Meg O'Neill.
"Our acquisition provides a new strategic direction for this development. Woodside's world class expertise in project execution, operations and marketing means we are well-positioned to unlock the development and generate value."
Shares in Woodside Energy Group were trading 1.7% lower at 1,311.28 pence each in London on Wednesday afternoon. They closed 3.0% lower at AUD25.56 in Sydney.
By Holly Beveridge, Alliance News senior reporter
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