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WOODSIDE ENERGY GROUP LTD

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Delayed Australian Stock Exchange  -  05/25 09:44:55 pm EDT
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Australia's Woodside to Withdraw From Myanmar

01/26/2022 | 08:40pm EDT

By Rhiannon Hoyle


Woodside Petroleum Ltd. said it will withdraw from Myanmar amid a deteriorating human-rights situation after a state of emergency was imposed by the military when it overthrew the country's elected government last year.

Australia's Woodside has operated in Myanmar since 2013 and has a 40% participating interest in the A-6 joint venture as joint operator, as well as participating interests in exploration permits known as AD-1 and AD-8.

Woodside, which has been relinquishing some other exploration permits over the past year, on Thursday said it will "now commence arrangements to formally exit" its remaining interests in the country.

"Given the ongoing situation in Myanmar we can no longer contemplate Woodside's participation in the development of the A-6 gas resources, nor other future activities in-country," said Chief Executive Meg O'Neill.

The company expects to record a noncash expense of $138 million in its 2021 fiscal result because of the decision to withdraw from blocks A-6 and AD-1. That is on top of a $71 million expense flagged earlier for relinquishing another block known as AD-7.


Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com


(END) Dow Jones Newswires

01-26-22 2039ET

Stocks mentioned in the article
ChangeLast1st jan.
WOODSIDE PETROLEUM -0.79% 28.94 Delayed Quote.32.19%
WTI -0.30% 110.42 Delayed Quote.45.58%
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Financials (USD)
Sales 2022 8 371 M - -
Net income 2022 3 114 M - -
Net Debt 2022 4 004 M - -
P/E ratio 2022 6,30x
Yield 2022 10,5%
Capitalization 20 355 M 20 355 M -
EV / Sales 2022 2,91x
EV / Sales 2023 3,49x
Nbr of Employees 3 684
Free-Float 99,2%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 20,65 $
Average target price 24,15 $
Spread / Average Target 17,0%
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Managers and Directors
Meg O’Neill Chief Executive Officer, MD & Director
Graham Tiver Chief Financial Officer & Executive Vice President
Richard J. B. Goyder Chairman
Shaun Gregory Chief Technology Officer & EVP-Sustainability
Fiona Hick Executive Vice President-Operations
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