Woodside Petroleum (WPL) SNAPSHOT
Profile: Woodside Petroleum (WPL) is an Australian oil and gas company that operates globally. It is involved in the exploration, evaluation, development, production and sale of liquefied natural gas (LNG), pipeline natural gas, liquefied petroleum gas (LPG), condensate and crude oil. It is also involved in trading and shipping activities.
History: Woodside (Lakes Entrance) Oil Co. NL was registered in 1954, named after Woodside, VIC. In 1963, WPL paid £100 for a permit to explore 370,000 sq. km off the WA coast as part of the original North West Shelf (NWS) joint venture with Burmah Oil Company of Australia and Shell Development Australia. WPL found first oil at the Legendre field on the NWS in 1968. WPL listed on the ASX in 1971. In 2015, WPL closed the purchase of Apache’s Wheatstone LNG interest, Balnaves oil interest in Australia and the Kitimat LNG interests in Canada.
Earnings composition: US$1.8bn (50%) of WPL’s FY19 EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) was reported by the Pluto segment. NWS generated US$967m (27%), Wheatstone US$619m (17%) and the Australia Oil segment $US205m (6%).
Most recent result – FY19: FY19 EBITDA was down 7.4% to US$3.5bn from US$3.8bn in the prior corresponding period (pcp). WPL reported Net Profit After Tax (NPAT) of US$343m, down from US$1,364m in the pcp. This was impacted by a US$720m impairment for the Kitimat LNG assets in Canada. Sales revenue was impacted by lower prices, with the average realised price decreasing c.7% to $50/boe as a result of lower Brent and spot prices. Sales volumes decreased due to the Pluto LNG turnaround and cessation of Nganhurra FPSO. This was offset by a full year of Wheatstone Train 2 production and the completion of the Greater Enfield Project. A final dividend of US$0.55 (A$0.83) was declared, bringing FY19 dividends to US$0.91 (A$1.36), down from US$1.44 (A$2.00) in FY18.
Company outlook: WPL has provided total production guidance of 97-103MMboe in 2020. Investment expenditure guidance is $1.7-$1.9bn in 2020.
Important dates: Second quarter results are scheduled for 16 July 2020. 1H20 results are scheduled for 13 August 2020.
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