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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Woodside Petroleum Ltd    WPL   AU000000WPL2

WOODSIDE PETROLEUM LTD

(WPL)
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Woodside to improve Vincent crude quality to ride VLSFO demand -sources

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05/21/2020 | 10:42pm EDT

(Repeats story published late on Thursday with no changes to text)

By Shu Zhang

SINGAPORE, May 21 (Reuters) - Woodside Petroleum will improve the quality of Vincent crude by increasing its flash point from July so that it can be blended into very low sulfur fuel oil (VLSFO) and capture higher premiums, two sources told Reuters.

Among crude grades, heavy sweet oil, with higher density and less sulfur, is most suitable for blending into VLSFO that meets the new marine fuel sulfur regulations dubbed IMO 2020. However, crude with a low flash point could ignite easily and can cause engine issues.

The increase in the flash point will be made possible by shutting in the Cimatti field off Western Australia, one of four oilfields that blend into Vincent crude, which was dragging down Vincent's flash point, one of the sources said. Two Vincent crude cargoes would be exported per month, the source added.

Australian heavy sweet crude oil grades Van Gogh and Pyrenees have hit record double-digit premiums to benchmark dated Brent thanks to their blending value, benefiting producers such as BHP Group, Santos Ltd and Inpex Corp.

In January, a March-loading Pyrenees crude cargo scored a record premium of above $30 a barrel to dated Brent.

Last month, BHP sold a June-loading cargo of Pyrenees crude at a premium of more than $10 a barrel to dated Brent, at a time when most crude grades were sold at deep spot discounts in a market flooded with cheap oil amid the coronavirus pandemic.

Vincent crude is marketed jointly by Mitsui & Co. Energy Trading Singapore, a unit of Japanese trading house Mitsui & Co , and Woodside.

The companies did not immediately respond to emails seeking comment outside of business hours.

In September last year, Woodside offered the first Vincent crude cargo for export since production resumed at the $1.9 billion Greater Enfield project off western Australia.

The company operates the Greater Enfield project with a 60% stake, while Mitsui E&P Australia Pty Ltd, a unit of Mitsui, holds the remainder. (Reporting by Shu Zhang; Editing by Susan Fenton)

Stocks mentioned in the article
ChangeLast1st jan.
BEIJING HEZONG SCIENCE&TECHNOLOGY CO., LTD. 0.46% 6.57 End-of-day quote.-11.22%
BHP GROUP 2.03% 35.16 End-of-day quote.-9.66%
INPEX CORPORATION -0.74% 765 End-of-day quote.-32.69%
LONDON BRENT OIL -0.28% 35 Delayed Quote.-45.42%
MITSUI & CO., LTD. 1.03% 1669 End-of-day quote.-14.23%
SANTOS LIMITED -3.20% 5.44 End-of-day quote.-33.50%
WOODSIDE PETROLEUM LTD -2.04% 23.07 End-of-day quote.-32.90%
WTI -1.95% 32.856 Delayed Quote.-44.52%
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Sales 2020 5 321 M 3 539 M 3 539 M
Net income 2020 764 M 508 M 508 M
Net Debt 2020 3 411 M 2 268 M 2 268 M
P/E ratio 2020 28,6x
Yield 2020 2,33%
Capitalization 22 017 M 14 658 M 14 642 M
EV / Sales 2019
EV / Sales 2020 4,78x
Nbr of Employees 3 834
Free-Float 99,7%
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Average target price 26,50 AUD
Last Close Price 23,07 AUD
Spread / Highest target 93,3%
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Peter John Coleman Chief Executive Officer, Executive Director & MD
Richard J. B. Goyder Chairman
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