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    WPL   AU000000WPL2

WOODSIDE PETROLEUM LTD

(WPL)
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Woodside Raises Scarborough Capex Estimate by 5% to US$12 Billion

08/03/2021 | 06:05pm EDT

By David Winning

SYDNEY--Woodside Petroleum Ltd. said its Scarborough natural-gas project will cost US$12 billion to develop, representing an around 5% increase on an earlier estimate nearly two years ago.

Woodside had previously said costs were under review and that it would detail the outcome ahead of a final investment decision, which is targeted before the end of this year. It broke down the new cost estimate as US$5.7 billion for offshore work and US$6.3 billion of expenditure onshore.

The estimate is below what some analysts had been expecting. Jarden last month said costs could be as high as US$14 billion, citing a 20% expansion of the scope of the Scarborough project, a more than doubling in steel costs, and labor shortages in Western Australia.

Perth-based Woodside recently launched a formal selldown process for up to 49% of its equity in the second processing unit planned at its Pluto LNG facility, which will handle gas from the offshore Scarborough field. It's also testing the market for a possible sale of part of its stake in Scarborough. Successful asset sales could reduce Woodside's capex commitments.

On Wednesday, Woodside said the integrated Scarborough and Pluto Train 2 development has an estimated internal rate of return of more than 12%. "It has a globally competitive cost of supply of approximately US$6.8/MMBtu to north Asia and is targeted to deliver the first cargo in 2026 into a market with anticipated robust demand for liquefied natural gas," the company said.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

08-03-21 2005ET

Stocks mentioned in the article
ChangeLast1st jan.
WOODSIDE PETROLEUM LTD 5.03% 24.03 End-of-day quote.5.67%
WTI -1.37% 74.352 Delayed Quote.55.27%
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Financials (USD)
Sales 2021 5 829 M - -
Net income 2021 1 081 M - -
Net Debt 2021 3 230 M - -
P/E ratio 2021 20,8x
Yield 2021 3,54%
Capitalization 23 300 M 16 873 M -
EV / Sales 2021 4,55x
EV / Sales 2022 4,98x
Nbr of Employees 3 670
Free-Float 98,7%
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Number of Analysts 12
Last Close Price 24,03 $
Average target price 19,82 $
Spread / Average Target -17,5%
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Meg OĺNeill Chief Executive Officer, MD & Director
Sherry Duhe 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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