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    WPL   AU000000WPL2

WOODSIDE PETROLEUM LTD

(WPL)
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Woodside 2Q Revenue Up 15%, Launches Asset Sale Processes

07/14/2021 | 05:23pm EDT

By David Winning

SYDNEY--Woodside Petroleum Ltd. said higher realized prices for its oil and liquefied natural gas drove a 15% rise in second-quarter revenue, as it pushed ahead with plans to seek buyers for part of its stakes in growth projects in Africa and Australia.

Woodside reported sales revenue of US$1.29 billion in the three months through June despite output of 22.7 million barrels of oil equivalent representing a 4% drop compared to the prior quarter. Sales volumes rose by 9% on-quarter to 28.1 million barrels of oil equivalent.

"Revenue from oil sales during the period was higher than the first quarter supported by an above-market average realised price of US$75/barrel, while revenue from LNG sales climbed 14%," said Meg O'Neill, Woodside's acting chief executive.

Woodside said it has formally begun a process to sell part of its equity in the Sangomar oil project offshore Senegal after completing the acquisition of FAR Ltd.'s interest last week.

The company has also launched a formal selldown process for up to 49% of its equity in the second processing unit planned at its Pluto LNG facility.

"In parallel we have commenced a process to test the market for value-accretive opportunities to reduce our equity in the Scarborough resource," Ms. O'Neill said.

Woodside is continuing to target a final investment decision on Scarborough and Pluto Train 2 in the second half of this year, and is currently reviewing cost estimates for the projects.

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

(END) Dow Jones Newswires

07-14-21 1923ET

Stocks mentioned in the article
ChangeLast1st jan.
WOODSIDE PETROLEUM LTD 0.33% 21.11 End-of-day quote.-7.17%
WTI -0.92% 71.894 Delayed Quote.50.62%
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Financials (USD)
Sales 2021 5 803 M - -
Net income 2021 1 058 M - -
Net Debt 2021 3 411 M - -
P/E ratio 2021 13,5x
Yield 2021 5,56%
Capitalization 14 778 M 14 794 M -
EV / Sales 2021 3,13x
EV / Sales 2022 3,49x
Nbr of Employees 3 670
Free-Float 98,7%
Chart WOODSIDE PETROLEUM LTD
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Woodside Petroleum Ltd Technical Analysis Chart | WPL | AU000000WPL2 | MarketScreener
Technical analysis trends WOODSIDE PETROLEUM LTD
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 11
Last Close Price 15,34 $
Average target price 19,67 $
Spread / Average Target 28,2%
EPS Revisions
Managers and Directors
Meg O’Neill 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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