Rather 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.
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Woodside 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.
Read MoreWoodside has told an investor day presentation that it has increased the cost of its Scarborough development by $US1 billion after lifting the processing capacity at its Pluto gas facility.
Read MoreFirst quarter production was slightly softer than Morgans expected. The broker retains some issues with the company’s recent decisions but continues to like the earnings profile of the mostly mature projects.
Read MoreThe surge in global oil and gas prices in the first quarter saw Woodside Petroleum’s first quarter revenue jump 30% from a year earlier, helped by higher production.
Read MoreWoodside is moving close to controlling the huge Scarborough LNG project off the Northwest coast of WA with news that it and the remaining partner, BHP, have agreed to Woodside will be the operator.
Read MoreIt was notable that in January when Woodside surprised the market with a $2.5 billion capital raising that the company failed to mention Canada in explaining what it wanted the money for.
Read MoreIt’s no wonder Woodside wants to raise $2.5 billion to spend billions on expanding its gas interests on the North West Shelf, it is swimming in hundreds of millions of dollars of cash, with more to come and that needs a profitable home.
Read MoreDecember quarter production was broadly in line with UBS. Capital expenditure was higher than the broker expected, attributed to delayed start up of Wheatstone.
Read MoreDespite Woodside’s first shipment of LNG from the Wheatstone project and record production at the Pluto facility the oil and gas group failed to lift production in 2017.
Read MoreInvestors in Woodside Petroleum will have to contend with the confirmation last night that Shell is about to sell most of its holding, with the rest not to far behind.
Read MoreA two month delay to the start up of the huge Wheatstone LNG project off the northwest WA coast has seen Woodside trim the upper end of its production forecast for 2017 with a quarter to go.
Read MoreFor the country’s largest standalone oil and gas group, Woodside, its first half financial report was far different in substance (a nice rise in profit), tone (more upbeat) and colour (now losses or red ink) than the full year report from Origin Energy yesterday and the loss-strewn half year expected from Santos.
Read MoreLNG production on the North West Shelf drop -5% in the June quarter and was below forecasts. Morgans suspects the company is likely to be stuck with a collection of mostly large-scale, dry, remote and consequently capital intensive development assets.
Read MoreUBS trims near-term Brent oil price estimates for 2017-19. The new forecast is US$56/bbl in 2017, US$60/bbl in 2018 and US$65/bbl in 2019.
Read MoreMacquarie believes the proposal for Browse tolling through the North West Shelf and Pluto expansion projects could potentially lift production in the 2020s but more work needs to be done to underpin this.
Read MoreCiti analysts returned from Woodside’s Investor Briefing Day with an unchanged view. Investors already are pricing in a positive view, say the analysts. On their calculations today’s share price represents oil at US$70/bbl.
Read MoreOil and gas giant Woodside Petroleum (WPL) has reported a drop in first-quarter revenue, thanks to lower production caused by bad weather which also contributed to a build up in inventories as a result of the disruption to its LNG sales.
Read MoreThe main contributors to production growth UBS envisages for the next three years will be Wheatstone and Greater Enfield, followed by Canadian pipeline gas. The combined increase in volumes is around 24mmboe, which will be partly offset by lower pipeline gas and liquids from the North West Shelf.
Read MoreThe rebound in oil – and gas – prices saw a apparent sharp surge Woodside Energy’s (WPL) earnings for the year to December, 2016 as it looks to higher output in the year ahead to maintain the growth momentum.
Read MoreWoodside’s LNG production was lower in the Dec Q due to a number of issues but in line with the broker’s expectation. 2017 production will be some 6% lower than 2016 but this is due to a smaller equity stake in the North West Shelf pipeline.
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