Woodside Energy Announced Acquisition of Tellurian and Driftwood LNG

SEATTLE (Oil Monster):Australia-based Woodside Energy announced that it has entered into a definitive agreement towards acquisition of all issued and outstanding common stock of Tellurian including the Driftwood LNG project in Louisiana. The implied enterprise value of the deal is estimated at around $1.2 billion, which includes a cash payment of around $900 million.

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The transaction, which has already received approval of Tellurian’s Board of Directors, is expected to be completed in Q4 this year, subject to satisfaction of customary closing conditions and necessary regulatory and other approvals.

Commenting on the deal, Meg O’Neill, CEO, Woodside Energy said that the acquisition of Tellurian and its Driftwood LNG development opportunity positions the company to be a global LNG powerhouse. The complementary US position will allow the company to better serve its global customers and help capture further market opportunities across the Atlantic and pacific Basins.

The strategic acquisition will add a high-quality, fully permitted US LNG development option to Woodside’s existing portfolio. The geographic diversification will boost the company’s potentials for long-term cash flow generation. In addition, the increased exposure to LNG will support Woodside’s carbon competiveness.