REG - Woodside Energy Grp. - Woodside completes acquisition of Tellurian

Woodside EnergyAnnouncement

09/10/2024 07:00

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RNS Number : 5081H  Woodside Energy Group Ltd  09 October 2024

Woodside Energy Group Ltd

ACN 004 898 962

Mia Yellagonga

11 Mount Street

Perth WA 6000

Australia

T +61 8 9348 4000

www.woodside.com

 

ASX: WDS

NYSE: WDS

LSE: WDS

 

Announcement

 

Wednesday, 9 October 2024

 

WOODSIDE COMPLETES ACQUISITION OF TELLURIAN

 

Woodside has completed the acquisition of Tellurian Inc. (Tellurian) and its
US Gulf Coast Driftwood LNG development opportunity. Woodside has acquired all
issued and outstanding Tellurian common stock for approximately $900 million
cash, or $1.00 per share. The implied enterprise value is approximately $1,200
million. 1  (#_ftn1)

 

Woodside is pleased to also announce it has renamed the Driftwood LNG
development opportunity Woodside Louisiana LNG.

 

Woodside Louisiana LNG is an under-construction, pre-final investment decision
(FID), LNG production and export terminal in Calcasieu Parish, Louisiana. It
is a high-quality, scalable development opportunity, with a total permitted
capacity of 27.6 million tonnes per annum.

 

Woodside CEO Meg O'Neill said bringing Woodside Louisiana LNG into the global
portfolio represented a significant new chapter for the company.

 

"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.

 

"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.

 

"Woodside Louisiana LNG is a competitively advantaged opportunity. It is fully
permitted, front-end engineering design is complete, and site civil works are
well advanced.

 

"Woodside is targeting FID readiness from the first quarter of 2025, with the
experienced Tellurian team and engineering, procurement and construction
contractor Bechtel having completed substantial work to advance the
opportunity to this stage.

 

"We are also pleased with the inbounds received from multiple parties looking
to enter the opportunity as a strategic partner."

 

 Contacts:

 INVESTORS                                                 MEDIA

 Marcela Louzada                                           Christine Forster

 M: +61 456 994 243                                        M: +61 484 112 469

 E: investor@woodside.com (mailto:investor@woodside.com)   E: christine.forster@woodside.com (mailto:christine.forster@woodside.com)

 

This announcement was approved and authorised for release by Woodside's
Disclosure Committee.

 

 

Forward-looking statements

 

This announcement contains forward-looking statements with respect to
Woodside's business and operations, market conditions, results of operations
and financial condition, including, for example, but not limited to,
statements regarding the transaction, the timing of completion of other
transactions, the timing of completion of Woodside's projects and expectations
regarding future expenditures and future results of projects. All statements,
other than statements of historical or present facts, are forward-looking
statements and generally may be identified by the use of forward-looking words
such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe',
'aim', 'aspire', 'estimate', 'expect', 'intend', 'may', 'target', 'plan',
'forecast', 'outlook', 'project', 'schedule', 'will', 'should', 'seek' and
other similar words or expressions. Similarly, statements that describe the
objectives, plans, goals or expectations of Woodside are forward-looking
statements.

Forward-looking statements in this announcement are not guidance, forecasts,
guarantees or predictions of future events or performance, but are in the
nature of future expectations that are based on management's current
expectations and assumptions. Those statements and any assumptions on which
they are based are subject to change without notice and are subject to
inherent known and unknown risks, uncertainties, assumptions and other
factors, many of which are beyond the control of Woodside, its related bodies
corporate and their respective officers, directors, employees, advisers or
representatives. If any of the assumptions on which a forward-looking
statement is based were to change or be found to be incorrect, this would
likely cause outcomes to differ from the statements made in this announcement.

A detailed summary of the key risks relating to Woodside and its business can
be found in the "Risk" section of Woodside's most recent Annual Report
released to the Australian Securities Exchange and the London Stock Exchange
and in Woodside's most recent Annual Report on Form 20-F filed with the United
States Securities and Exchange Commission and available on the Woodside
website at https://www.woodside.com/investors/reports-investor-briefings
(https://www.woodside.com/investors/reports-investor-briefings) . You should
review and have regard to these risks when considering the information
contained in this announcement.

All information included in this announcement, including any forward-looking
statements, reflects Woodside's views held as at the date of this announcement
and, except as required by law or regulation, neither Woodside, its related
bodies corporate, nor any of their respective officers, directors, employees,
advisers or representatives intends to, undertakes to, or assumes any
obligation to, provide any additional information or update or revise any
information or forward-looking statements in this announcement after the date
of this announcement, either to make them conform to actual results or as a
result of new information, future events, changes in Woodside's expectations
or otherwise.

Investors are strongly cautioned not to place undue reliance on any
forward-looking statements. Actual results or performance may vary materially
from those expressed in, or implied by, any forward-looking statements.

 

 1  (#_ftnref1) Includes $50 million for Tellurian's Series C Convertible
Preferred equity shares, ~$65 million of net debt, ~$20 million net working
capital adjustment, ~$50 million for management and debt change of control
costs and ~$135m of interim funding from signing to close. Does not include
management construction incentive payment awards. The accounting treatment of
the purchase price will be included in Woodside's 2024 Annual Report and will
include share purchase consideration, interim funding and other items.

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