By David Winning
SYDNEY--Woodside Petroleum Ltd. said it would take a post-tax impairment charge of US$720 million against the Kitimat gas assets that it owns in western Canada.
"Kitimat remains a world-class project and Woodside will continue to evaluate actively future development opportunities, including optimization of gas supply into processing facilities," the Australian company said late on Tuesday. "However, the impairment reflects increased uncertainty, particularly in the timing of the development of the upstream Liard resource, following sustained depressed gas market conditions in Western Canada."
Woodside the impairment charge would be recognized in its annual result, scheduled for release on Feb. 13.
The company said the impact of the impairment charge wouldn't be used in its calculation of the 2019 final dividend.
Write to David Winning at firstname.lastname@example.org