A day after revealing over $US6 billion in asset write-downs, Woodside Petroleum has revealed record production for the June quarter and half year, but not it seems for revenues.
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Woodside Petroleum has taken the axe to its asset base, hacking billions of dollars off in impairment charges as it cuts the outlook for its key gas and oil businesses.
Read MoreThe broker retains a Hold rating on Woodside Petroleum, but is cautious as there are many questions that remain unanswered. Does Woodside buy Chevron’s North West Shelf stake, now on offer?
Read MoreThe oil price has lifted from its April low, benefiting from a lift in sentiment as a result of reduced supply and the lifting of mobility restrictions.
Read MoreWoodside is looking at a massive fall in first-half revenue and earnings in the wake of the still-evolving oil price crash.
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The US has brokered an historic oil production agreement between OPEC, Russia and the G20, although brokers are sceptical about whether this will have enough impact on supply/demand dynamics.
Read MoreWoodside has reduced expenditure by -US$2.4bn. Credit Suisse notes the balance sheet is robust and there is little risk to debt covenants under current conditions.
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Woodside Petroleum is bracing for “unprecedented circumstances”, global testing giant ALS is marshaling its financial forces to survive the impact of COVID-19 while South32 plans slash capital expenditure and has suspended its on-market buyback.
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In more normal times – and nothing is normal at the moment – low oil prices benefit the global economy and stocks such as manufacturers and transport companies. Tim Boreham outlines those Australian companies which stand to benefit from significantly lower energy prices.
Read MoreThe substantial fall in spot oil has meant prices are close to break-even levels for Woodside Petroleum and Macquarie observes resolving the supply uncertainty is now the clear catalyst.
Read MoreScarborough is progressing and set for a final investment decision in 2020. A tolling fee has been agreed and interest in the fields are now aligned for both Woodside Petroleum and BHP Group ((BHP)).
Read MoreWoodside has slashed its final dividend after that $A1 billion-plus write down in the value of its 50% stake in a Western Canadian LNG project (revealed on Wednesday) took a big bite out of 2019 earnings.
Read MoreOil and gas giant Woodside yesterday engaged in a bit of profit and loss spin by warning of a $1 billion write-down in the value of its western Canadian gas assets in its 2019 financial results to be released today.
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Scarborough appears to be progressing but there was no update in the December quarter report regarding a gas agreement for Browse. Hence, delays feature in broker assessments of the outlook for Woodside Petroleum.
Read MoreWoodside Petroleum reckons it is looking to boost 2020 production of oil and gas by 10% or more after reporting a near 7% rise in the Q4 production.
Read MoreThe Sangomar project phase 1 has received final approval from the Senegalese government and will move to execution and development. This is a major step forward for the company’s growth strategy.
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With a backdrop of low interest rates where should investors seek yield? Informed Investor sat down with Scott Kelly, Portfolio Manager for the DNR Capital Australian Equities Income SMA to find out.
Read MoreAmbitious plans revealed yesterday by Woodside Petroleum for the next seven years at an investor day presentation.
Read MoreRather than announce it in Australia where most of his company’s shareholders live Woodside CEO Peter Coleman has revealed plans to cut its stake in two key assets to raise funds for other developments in an interview with a global news agency.
Read MoreShares in Woodside Petroleum have slumped more than 6% on a slide in world oil prices and a slashing of its interim dividend in the wake of a weak June half-year profit.
Read MoreCredit Suisse observes the shutdown at Pluto has affected revenue and production costs in the second quarter. Yet, the negatives in the June quarter are largely considered one-off and, the broker suspects, over emphasised by the market.
Read MoreWoodside appears headed for a weaker interim result thanks to the gradual slide in oil prices in the June quarter and a surprise series of maintenance delays at its Pluto field off the WA Northwest coast.
Read MoreA site visit to Woodside Petroleum’s Karratha failed to inspire the broker. While the company has moved towards a more conservative contracting strategy on its Scarborough project, bringing greater certainty for shareholders, it comes at an increased cost.
Read MoreWoodside has cut its 2019 production guidance by 3% after reporting problems at its Pluto LNG processing facility in WA.
Read MoreDeutsche Bank estimates 13.5mtpa of LNG contracts have been signed this year, up 67%.
Read MoreMarch quarter production was -3% below Citi’s expectations because of unplanned outages in Western Australia. The company has indicated that Scarborough marketing is being slowed as prevailing prices have been too low.
Read MoreWoodside has secured a foundation customer for Scarborough. The deal is conditional on a final investment decision. Credit Suisse assumes Woodside has achieved the higher end of the 11.5-12% range for the LNG contract.
Read MoreNot a word yesterday from Woodside Petroleum about a report that it and partner Chevron Canada want to nearly double the size of its Kitimat LNG plant in Western Canada.
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Shares in major ASX listed oil and gas groups were sold off yesterday after Norway’s huge sovereign wealth fund decided to sell billions of dollars of shares in energy groups.
Read MoreAs expected Woodside Energy’s annual profit has jumped by more than a quarter as it benefited from higher oil and LNG prices (in particular) and higher production.
Read MoreDecember quarter results were largely in line. Macquarie was surprised by the flat expectations for production in 2019 of 88-94 mmboe.
Read MoreEast Timor and Shell have handed Woodside a major headache in the deal by Shell to sell its stake in the huge Sunrise gas field.
Read MoreSolid Q3 production reports from energy majors Woodside and Santos show them catching the recent oil price surge with higher production and sales.
Read MoreTotal has announced the successful appraisal of the Shwe Yee Htun-2 well in Myanmar. The well-intersected 40m of net pay and a high-quality reservoir. Macquarie expects these initial results to provide upside to the existing resource base in Woodside’s 2018 result.
Read MoreCiti analysts are entertaining scenarios whereby Woodside’s balance sheet would allow for full funding for the Browse project. On their calculations, this is possible if crude oil averages US$65/bbl and with some leniency from credit agencies. The latter is seen as possible.
Read MoreWoodside Petroleum has lifted interim dividend 8% to 53 cents a share after a solid first half effort reporting higher sales, profit and forecasting a lift in production for the year to December.
Read MoreWoodside Petroleum’s second quarter revenue jumped nearly 25% as global oil and gas prices surged and the slowly rising growth in output from the huge Wheatstone liquefied natural gas project.
Read MoreWoodside Petroleum seems to be continuing its LNG rationalisation phase and concentrating more on Australia, West Africa and Canada.
Read MoreThe company has focused on organic growth options in the Asian LNG market at its investor presentation. Capital intensity has been reduced for Scarborough but Macquarie suspects gas buyers are still unwilling to commit.
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