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

WOODSIDE PETROLEUM LTD

(WPL)
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Australia's Woodside revenue slumps more than feared with LNG glut

07/14/2020 | 11:42pm EST
FILE PHOTO: The Woodside gas plant is seen at sunset in Burrup at the Pilbarra region in Western Australia

Australia's Woodside Petroleum Ltd reported a worse-than-feared 29% drop in quarterly revenue, hit by weak spot liquefied natural gas (LNG) prices, but said it still expected to book a net profit in the first half.

Australia's Woodside Petroleum Ltd reported a worse-than-feared 29% drop in quarterly revenue, hit by weak spot liquefied natural gas (LNG) prices, but said it still expected to book a net profit in the first half.

The hit came due to the double whammy of a global gas glut and a slump in demand with the coronavirus pandemic, and sent the company's shares down more than 2% while its peers were all trading higher.

"It's been a very difficult time for our industry and some external challenges are just simply beyond our control," Chief Executive Peter Coleman told analysts.

The country's top independent gas producer said it has been forced to sell over 20% of its LNG on the spot market, more than normal, as customers took lower volumes on their long term contracts.

Revenue in the June quarter fell to $768 million (611 million pounds) from $1.08 billion in the previous quarter, around 18% below market forecasts.

Woodside's average realised price slumped to $28 a barrel, hit by record low spot LNG prices, compared with analysts' forecasts of around $36.20 a barrel.

That raised fears among some analysts that it might report a loss for the first half of 2020.

"I'm not going to let that one (question) hang. We will have a positive NPAT in the first half," Coleman said, referring to adjusted net profit after tax.

The company's bottom line will be marred by $4.37 billion in writedowns after tax on its oil and gas assets and a U.S. LNG contract, flagged on Tuesday.

Like its peers, Woodside has been hammered by the oil and gas price collapse, which led the company in March to halve planned spending for 2020 and defer go-ahead decisions on its two biggest gas projects - Scarborough and Browse.

The company said on Wednesday it is now targeting a final investment decision for the $11 billion Scarborough and Pluto Train 2 project in the second half of 2021, and a decision on the $20.5 billion Browse project "from 2023".

(Reporting by Sonali Paul; Additional reporting by Shruti Sonal in Bengaluru; Editing by Aditya Soni and Shailesh Kuber)

By Sonali Paul

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 1.65% 46.82 End-of-day quote.10.35%
BP PLC -0.68% 300.5 Delayed Quote.18.70%
LONDON BRENT OIL -0.02% 54.88 Delayed Quote.9.17%
WOODSIDE PETROLEUM LTD 0.56% 26.76 End-of-day quote.17.68%
WTI 0.15% 52.265 Delayed Quote.11.60%
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Financials
Sales 2020 4 766 M 3 654 M 3 654 M
Net income 2020 -3 180 M -2 438 M -2 438 M
Net Debt 2020 4 157 M 3 187 M 3 187 M
P/E ratio 2020 -7,99x
Yield 2020 2,19%
Capitalization 25 749 M 19 874 M 19 741 M
EV / Sales 2020 6,27x
EV / Sales 2021 5,80x
Nbr of Employees 3 834
Free-Float 99,7%
Chart WOODSIDE PETROLEUM LTD
Duration : Period :
Woodside Petroleum Ltd Technical Analysis Chart | WPL | AU000000WPL2 | MarketScreener
Technical analysis trends WOODSIDE PETROLEUM LTD
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 27,11 AUD
Last Close Price 26,76 AUD
Spread / Highest target 66,7%
Spread / Average Target 1,32%
Spread / Lowest Target -20,4%
EPS Revisions
Managers and Directors
NameTitle
Peter John Coleman Chief Executive Officer, Executive Director & MD
Richard J. B. Goyder Chairman
Fiona Hick Senior Vice President-Operations
Sherry Duhe Chief Financial Officer & Executive Vice President
Shaun Gregory Chief Technology Officer & EVP-Sustainability
Sector and Competitors
1st jan.Capitalization (M$)
WOODSIDE PETROLEUM LTD17.68%19 874
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CNOOC LIMITED12.67%46 585
EOG RESOURCES, INC.18.69%34 530
CANADIAN NATURAL RESOURCES LIMITED3.04%29 231
ECOPETROL S.A.7.80%28 718