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Woodside to acquire Tellurian and Driftwood LNG

7/22/2024

-- Woodside Energy press release --

WOODSIDE TO ACQUIRE TELLURIAN AND DRIFTWOOD LNG

▪ Creates a global LNG powerhouse

▪ Attractive entry into scalable, fully permitted 27.6 million tonnes per annum (Mtpa) US LNG
development option

▪ Significant cash generation potential to underpin long-term shareholder returns

Woodside has entered into a definitive agreement to acquire all issued and outstanding common stock of Tellurian (NYSE: TELL) including its owned and operated US Gulf Coast Driftwood LNG development opportunity (“Driftwood LNG”).

The consideration for the transaction is an all-cash payment of approximately $900 million, or $1.00 per share of outstanding Tellurian common stock. The implied enterprise value is approximately $1,200 million. This represents an attractive entry into an opportunity with more than $1 billion of expenditure incurred to date.

“The acquisition of Tellurian and its Driftwood LNG development opportunity positions Woodside to be a global LNG powerhouse,” said Woodside CEO Meg O’Neill.

“It adds a scalable US LNG development opportunity to our existing approximately 10 Mtpa of equity LNG in Australia. Having a complementary US position would allow us to better serve customers globally and capture further marketing optimisation opportunities across both the Atlantic and Pacific Basins.

“The Driftwood LNG development opportunity is competitively advantaged. Woodside expects to leverage its global LNG expertise to unlock this fully permitted development and expand our relationship with Bechtel which is the EPC contractor for both Driftwood LNG and our Pluto Train 2 project in Australia.