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Jul 22, 2024 • 5 min read

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President Biden Drops Election
Tellurian Inc Acquisition

President Biden Drops Election:

President Joe Biden announced on Sunday that he will end his reelection campaign, responding to growing concerns within the Democratic Party about his ability to win a second term. At 81 years old, Biden's decision comes amid fears that his candidacy could jeopardize the party's chances in the upcoming November election. In a statement, Biden wrote, "I believe it is in the best interest of my party and the country for me to stand down and focus solely on fulfilling my duties as President for the remainder of my term." He added that he will speak more about his decision later this week.
Calls for Biden to step aside intensified after a challenging debate performance against Republican Donald Trump on June 27. The debate sparked immediate questions regarding Biden's cognitive abilities and overall fitness to serve another four-year term. This performance exacerbated existing worries among Democrats about his viability as a candidate, leading to increased pressure for him to withdraw from the race. Influential party leaders, including Barack Obama and Nancy Pelosi, recently urged Biden to drop out, further signaling the party's lack of confidence in his reelection bid.
Biden's exit was the first time a sitting president (eligible for reelection) left the race since Lyndon B. Johnson in 1968. The Democratic Party faces an uncertain future as it heads into its convention in Chicago from August 19-22. The decision on the party's nominee could potentially go to an open convention, adding another layer of complexity as the Democrats prepare for the November elections. The party must now quickly rally around a new candidate to present a united front and maintain their chances in the upcoming election.

Tellurian Inc Acquisition:

Woodside Energy Group Ltd., Australia's largest oil and gas producer, has agreed to acquire U.S.-based Tellurian Inc. for approximately $900 million. This deal includes an all-cash payment of around $1 per share for Tellurian's stock, covering the Driftwood LNG project on the U.S. Gulf Coast. The acquisition aims to enhance Woodside's global LNG footprint by adding significant assets in the U.S.
Tellurian, established in 2016, has faced challenges in completing its Louisiana gas-export facility, prompting the sale. The Driftwood LNG project, which has received all necessary permits, is expected to see its first phase finished by late 2027. When fully operational, it aims to produce 27.6 million tonnes per annum (mtpa) of liquified natural gas (LNG). The project has already seen over $1 billion in investment and is currently 30% complete in the construction of its first two plants. Due to previous delays caused by supply chain issues during the COVID-19 pandemic, the U.S. Federal Energy Regulatory Commission (FERC) has extended the project's deadline to 2029.
Woodside CEO Meg O'Neill highlighted that the acquisition could position Woodside as a major player in the global LNG market, allowing the company to better serve customers across the Atlantic and Pacific Basins. This move is part of Woodside's broader strategy to expand its presence in the U.S. LNG market, leveraging its expertise and existing relationships to meet the growing global demand for LNG.

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