Woodside Doubles Down on U.S., LNG With Tellurian Takeover

By David Winning

SYDNEY--Woodside Energy said it would acquire Tellurian and its proposed liquefied natural gas development in the southern U.S. for around $900 million, doubling down on demand for a fuel used in power generation as the world pivots away from coal.

Australia-based Woodside said on Monday that it has agreed to buy Tellurian, which owns the planned Driftwood LNG development near Lake Charles, Louisiana, for $1.00 per share in cash.

The deal for Tellurian deepens Woodside's commitment to the U.S. where it majority owns the Shenzi oil-and-gas field, about 120 miles off the coast of Louisiana. It also plans to invest $5 billion in new energy projects by 2030, including a proposed hydrogen project in Oklahoma.

"Having a complementary U.S. position would allow us to better serve customers globally and capture further marketing optimization opportunities across both the Atlantic and Pacific Basins," said Woodside Chief Executive Meg O'Neill.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

July 21, 2024 18:53 ET (22:53 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.