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    WPL   AU000000WPL2

WOODSIDE PETROLEUM LTD

(WPL)
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Woodside Says Will Exit Kitimat LNG Joint Venture

05/17/2021 | 06:38pm EDT

By Rhiannon Hoyle

SYDNEY--Woodside Petroleum Ltd. said it intends to exit its 50% interest in the proposed Kitimat liquefied natural gas development in Canada and expects associated costs to cut 2021 net profit by up to $60 million.

Woodside on Tuesday said it will either sell or wind up assets, leases and agreements for the Pacific Trail Pipeline route and the site for the proposed LNG facility at Bish Cove. Woodside will keep a position in the Liard Basin upstream gas resource, it said.

Joint venture partner and operator Chevron Corp. announced plans to leave the development in December 2019 and in March this year said it would stop funding further feasibility work.

"The Kitimat LNG proposal was designed to develop a new source of LNG to supply Asian markets in the latter part of this decade," Woodside Acting CEO Meg O'Neill said. "However, we have decided to prioritise the allocation of capital to opportunities that will deliver nearer-term shareholder value."

That includes the Scarborough LNG development in Western Australia and the Sangomar oil project offshore Senegal.

Woodside said costs of roughly $40 million to $60 million associated with leaving the venture will be excluded from underlying profit when calculating its dividend.

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

(END) Dow Jones Newswires

05-17-21 2038ET

Stocks mentioned in the article
ChangeLast1st jan.
WOODSIDE PETROLEUM LTD -2.15% 23.2 End-of-day quote.2.02%
WTI -0.14% 72.91 Delayed Quote.49.08%
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Financials (USD)
Sales 2021 4 743 M - -
Net income 2021 1 152 M - -
Net Debt 2021 3 775 M - -
P/E ratio 2021 20,5x
Yield 2021 3,96%
Capitalization 22 490 M 16 925 M -
EV / Sales 2021 5,54x
EV / Sales 2022 5,79x
Nbr of Employees 3 670
Free-Float 98,9%
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 23,34 $
Average target price 22,19 $
Spread / Average Target -4,91%
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Managers and Directors
NameTitle
Meg OĺNeill Chief Executive Officer
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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