For years, Tellurian stock (ticker: TELL) was one of the most highly discussed, volatile, and heavily traded tickers in the energy sector. Retail investors and institutional day traders alike hung on every corporate update, tracking the progress of the company’s ambitious Driftwood LNG project in Calcasieu Parish, Louisiana. However, if you are searching for the current Tellurian stock price today, you will notice that the ticker TELL is no longer active.
In late 2024, Tellurian officially ceased to exist as an independent, publicly traded entity. The company was acquired by Australian energy giant Woodside Energy Group (NYSE: WDS) in an all-cash deal valued at approximately $900 million in equity (and a $1.2 billion enterprise value). The transaction officially closed on October 9, 2024, resulting in the immediate delisting of TELL stock from the NYSE American.
If you were one of the many investors fascinated by the massive macroeconomic tailwinds of liquefied natural gas (LNG), or if you are wondering what happened to the historic Driftwood LNG facility, this comprehensive guide covers everything you need to know. We will break down the rise and fall of Tellurian stock, details of the Woodside acquisition, major updates on the renamed Louisiana LNG project, and how you can still invest in this massive energy story today.
The Speculative Dream: The Rise and Fall of Tellurian Stock
To understand why Tellurian stock became such a retail favorite, we have to look back at its inception and the legendary figure behind it: Charif Souki. Souki was widely recognized as the pioneer of the modern United States LNG export industry. As the co-founder and former CEO of Cheniere Energy, he took a company on the brink of bankruptcy and transformed it into America's leading LNG exporter through the Sabine Pass terminal.
After a high-profile ouster from Cheniere in 2015, Souki teamed up with industry veteran Martin Houston to launch Tellurian in 2016. The goal was simple but incredibly ambitious: bypass the slow corporate grind and build a second LNG empire from scratch.
The crown jewel of this plan was the Driftwood LNG facility—a massive, fully permitted, 27.6 million tonnes per annum (MTPA) liquefaction and export terminal proposed on the West Bank of the Calcasieu River. If completed, Driftwood LNG would represent one of the largest infrastructure undertakings in United States history, estimated to cost upwards of $14.5 billion for its initial phases.
Tellurian’s business model was highly distinctive. Unlike traditional LNG developers that acted as simple tolling facilities (charging a fee to liquefy third-party natural gas), Tellurian planned a fully integrated model. The company wanted to own its upstream gas production assets in the Haynesville Shale, transport the gas via its own proposed pipelines, liquefy it at Driftwood, and sell it directly to global markets at international prices (like JKM in Asia or TTF in Europe).
For investors, the potential upside of TELL stock was intoxicating. If natural gas was bought cheap in the U.S. at Henry Hub prices and sold at massive premiums abroad, Tellurian stood to make billions. During periods of global energy crunches, TELL stock regularly rocketed upward, trading as high as $6.00 per share in 2022. It became a highly liquid proxy for global natural gas volatility.
The Funding Bottleneck: Why Tellurian's Dream Collapsed
While the integrated LNG model promised astronomical margins, it came with a fatal flaw: it was extraordinarily capital-intensive. Building a multi-billion-dollar liquefaction terminal requires massive upfront debt financing. To secure that debt, global banks and financial institutions typically require long-term, legally binding "take-or-pay" off-take contracts with creditworthy buyers (like Shell, TotalEnergies, or major sovereign utilities).
Because Tellurian insisted on retaining the marketing rights to its LNG to capture the arbitrage spread, it struggled to secure the rigid, bankable contracts that conservative lenders demanded. This triggered a multi-year cycle of funding delays, missed deadlines, and mounting balance-sheet pressure.
Several key events catalyzed the downward spiral of TELL stock:
- The 2022 Bond Failure: In September 2022, amid rising global interest rates, Tellurian was forced to cancel a highly anticipated $1 billion high-yield bond offering designed to kickstart major construction. This spooked the debt markets and crushed investor confidence.
- The Loss of Major Off-Takers: Following the bond failure, global energy majors Shell and Vitol canceled their respective commitments to purchase LNG from the Driftwood facility, wiping out nearly two-thirds of the project’s prospective sales volumes.
- The Departure of Charif Souki: Internal friction and continuous strategic pivots led to a governance crisis. In late 2023, the board of directors officially ousted co-founder Charif Souki from his executive role, signaling a desperate shift in company leadership.
- Selling Off the Upstream Assets: By early 2024, Tellurian was running dangerously low on working capital. In May 2024, the company was forced to sell its upstream Haynesville Shale gas assets to Aethon Energy for $260 million to pay down debt and secure a short-term lifeline.
With its integrated model entirely dismantled, Tellurian was left with a partially built facility (roughly 22% constructed by EPC contractor Bechtel), no upstream supply, and an unsustainable debt load. The board had only one realistic option left: put the company up for sale.
The Woodside Acquisition: What Happened to TELL Shareholders?
In July 2024, the speculative saga of Tellurian stock reached its final chapter. Australia’s largest energy exporter, Woodside Energy Group, announced a definitive agreement to acquire Tellurian in an all-cash deal.
Under the terms of the merger agreement, Woodside agreed to purchase all issued and outstanding common shares of Tellurian for $1.00 per share in cash. This represented a premium of nearly 75% over the stock’s prior closing price but fell painfully short for retail investors who had bought TELL shares at much higher averages over the preceding years.
Where Did the Money Go?
The deal valued Tellurian’s equity at approximately $900 million. When factoring in the assumption of outstanding debt and working capital requirements, the total enterprise value of the deal reached $1.2 billion.
Despite scattered retail shareholder campaigns attempting to block the merger, the reality of Tellurian’s near-bankruptcy left voters with little choice. On October 9, 2024, after receiving necessary regulatory clearances—including the critical sign-off from the Committee on Foreign Investment in the United States (CFIUS)—the acquisition was finalized.
Immediately following the closing, TELL stock was officially delisted from the NYSE American. Former shareholders had their shares automatically converted into the right to receive $1.00 in cash per share, paid out through their respective brokerages. Tellurian’s corporate existence came to an end, and the Driftwood LNG project was folded entirely into Woodside's global portfolio.
From Driftwood to Woodside Louisiana LNG: Project Updates
Although Tellurian as a stock ticker is dead, the physical project they started is very much alive. In fact, under the financial backing and operational expertise of Woodside Energy, the development has advanced faster and more securely than ever before.
The Rebranding and Strategic Realignment
Immediately after taking control, Woodside rebranded the Driftwood LNG project to Woodside Louisiana LNG. Woodside discarded the complex "integrated merchant" model that led to Tellurian's downfall, replacing it with a traditional infrastructure-backed development model.
The $5.7 Billion Stonepeak Joint Venture
To mitigate the massive capital expenditure required to bring the Louisiana LNG project online, Woodside executed a major strategic move in early 2025. The company signed a definitive agreement with U.S.-based infrastructure investment giant Stonepeak.
Under the agreement, Stonepeak acquired a 40% non-operating equity interest in the Louisiana LNG project. In exchange, Stonepeak agreed to fund approximately $5.7 billion of the project's early-stage development costs. This deal solved the exact problem that Tellurian could never solve: securing stable, multi-billion-dollar institutional funding to advance construction without diluting public shareholders to zero.
The Final Investment Decision (FID) and Groundbreaking
With Stonepeak's multi-billion-dollar commitment locked in, Woodside officially declared a positive Final Investment Decision (FID) on the first phase of the Louisiana LNG project in late April 2025.
In September 2025, Woodside and contractor Bechtel broke ground on the $17.5 billion development in Sulphur, Louisiana. As of 2026, the facility is approximately 22% built, with site piling, foundational work for the initial liquefaction trains, and marine terminal works progressing on schedule. Woodside is firmly targeting the export of its first LNG cargo by 2029.
Key Supply and Off-Take Agreements in 2026
Woodside has leveraged its world-class marketing arm to secure premium agreements that make the Louisiana LNG terminal highly viable:
- The BP Supply Agreement: Woodside secured a massive, long-term supply agreement with British energy giant BP for up to 640 billion cubic feet of natural gas starting in 2029. Crucially, the gas will feature verifiably low methane intensity certified by MiQ, aligning the project with strict international environmental standards.
- The Uniper Off-Take Deal: European utility powerhouse Uniper signed a long-term sale and purchase agreement to buy 1 MTPA of LNG directly from the Louisiana LNG facility.
- Geopolitical Tailwinds: The global LNG market faces unprecedented supply tightness. Escalating geopolitical tensions in the Middle East have disrupted key export hubs in Qatar and the United Arab Emirates, placing an immense premium on secure, reliable, U.S. Gulf Coast LNG. As a result, commercial interest in Louisiana LNG's remaining uncontracted capacity has surged dramatically.
How to Invest in the Driftwood LNG Story Today
Because Tellurian stock is gone, investors looking for exposure to this massive Louisiana LNG development must adjust their strategy. You can no longer buy a pure-play, high-risk penny stock. Instead, you have the opportunity to invest in the project through its parent company, Woodside Energy Group Ltd (NYSE: WDS).
Investing in WDS is a fundamentally different experience than investing in the old TELL stock. Here is a breakdown of how the two investment profiles compare:
| Investment Metric | Old Tellurian Stock (TELL) | Woodside Energy Group (WDS) |
|---|---|---|
| Stock Price Profile | Highly speculative penny stock ($0.50 - $6.00) | Large-cap international energy stock |
| Financial Health | Pre-revenue, heavy debt, constant dilution | Highly profitable, massive cash flows, investment-grade |
| Dividend Yield | 0% (No dividend history) | High-yielding dividend payer (typically 6-10% annually) |
| Asset Diversification | Single-asset risk (Driftwood LNG only) | Global portfolio (Australia, Gulf of Mexico, Senegal) |
| Risk Profile | Extreme risk of bankruptcy or total capital loss | Low-to-moderate corporate risk; cyclical commodity risk |
Why WDS is a Highly Compelling Alternative
If you originally bought Tellurian because you believed in the multi-decade demand growth for natural gas and the transition away from coal, Woodside Energy represents one of the safest and most lucrative ways to play that exact thesis.
By purchasing WDS shares, you gain direct ownership of:
- 60% of Woodside Louisiana LNG: You own the majority stake of the highly strategic Calcasieu Parish project, completely derisked by Woodside's balance sheet and Stonepeak’s $5.7 billion capital commitment.
- World-Class LNG Infrastructure: Woodside is one of the world's premier operators of liquefied natural gas facilities, boasting massive offshore projects like Scarborough and Pluto LNG in Western Australia.
- Robust Dividend Income: Unlike Tellurian, which continuously diluted shareholders by issuing new stock to stay solvent, Woodside is committed to returning excess cash to shareholders. It stands as one of the highest-yielding blue-chip dividend stocks in the energy sector.
- The Sangomar Oil Project: In addition to its gas assets, Woodside owns highly profitable, deepwater oil production assets, such as the Sangomar field off the coast of Senegal, which provides diversified, immediate cash flow.
For former TELL stock investors who were burned by the buyout, shifting capital into WDS offers a way to recoup losses through a combination of stable share price appreciation, steady project execution, and high-yielding quarterly dividend payments.
Frequently Asked Questions (FAQ)
Can I still buy or trade Tellurian (TELL) stock?
No. Tellurian was acquired by Woodside Energy in October 2024. The stock was permanently delisted from the NYSE American and no longer trades on any public exchange or over-the-counter (OTC) market.
What happened to my shares when Tellurian was acquired?
If you owned TELL shares at the time of the acquisition's close on October 9, 2024, your broker automatically processed the transaction. Your shares were liquidated, and you received $1.00 in cash for every share of Tellurian you owned. If you have not seen this cash, contact your brokerage firm's customer support.
Is the Driftwood LNG project still being built?
Yes, but it is no longer called Driftwood. Woodside Energy renamed the project to Woodside Louisiana LNG. Backed by a $5.7 billion partnership with Stonepeak, the project is fully funded, under active construction by Bechtel, and on track to export its first LNG cargo in 2029.
What is the stock symbol for the Louisiana LNG project now?
The project does not have its own stock symbol. It is 60% owned by Woodside Energy Group Ltd, which trades on the New York Stock Exchange under the ticker symbol WDS (and on the Australian Securities Exchange under ticker WDS). The other 40% is privately held by the investment firm Stonepeak.
Why didn't Tellurian complete the project independently?
Tellurian failed because it could not raise the massive capital required to build a $14+ billion infrastructure project. Its integrated business model lacked the rigid, bankable long-term off-take contracts that conservative international banks require before lending billions of dollars. Rising interest rates and the cancellation of key agreements with Shell and Vitol ultimately forced a sale.
Conclusion
The story of Tellurian stock is a cautionary tale of the massive gulf between a brilliant macroeconomic vision and the practical realities of project finance. While co-founder Charif Souki was correct about the explosive global demand for U.S. natural gas, building a world-class liquefaction facility from scratch proved impossible without the balance sheet of an energy superpower.
Fortunately for energy investors, the dream of Driftwood LNG did not die. Under the stewardship of Woodside Energy and Stonepeak, the project has been fully revitalized as Woodside Louisiana LNG. If you want to ride the wave of the U.S. LNG export boom, investing in Woodside Energy (WDS) is no longer a speculative penny-stock gamble—it is a secure, cash-flowing, dividend-paying cornerstone for any modern energy portfolio.
