Woodside Petroleum Ltd (WPL)
All research reports and stock updates for Woodside Petroleum Ltd.
Research Reports
Soggy quarter
March quarter production for Woodside Petroleum was a little soft, as were realised LNG prices compared to the market benchmarks.
State of the union
Woodside Petroleum is merging with BHP Petroleum at a time when the global oil price is geopolitically charged.
Spot on
Woodside Petroleum is certainly not a dull company at the moment with huge projects underway and just the small matter of a merger with BHP Petroleum on the horizon.
Good quarter, long game questionable
Oil-linked commodity prices are surging and Woodside Petroleum is benefitting, but all the focus is on the corporate activity surrounding the company. The merger with BHP’s oil and gas assets is coinciding with the recent big investment decisions taken on Scarborough and Pluto Train 2 and a not-so-small investment announced in ’new energy products’.
A new high risk era
Woodside Petroleum formally announced two landmark deals that signals the beginning of an extremely high risk, high capital intensity and commercially irrational pathway for the company. The merger with BHP Petroleum, on its own merit, is a good decision, but it has given licence to WPL's almost reckless determination to accommodate the flawed Scarborough project in its portfolio.
Pluto 2P reserves downgraded
Within weeks of downgrading its Wheatstone resources, Woodside Petroleum has taken the red pen to its Pluto reserves. The company’s reserve life is diminished by these adjustments, but we understand this will not affect the merger ratio with BHP Petroleum.
Wheatstone reserves downgraded, again
Amidst the distraction of the merger with BHP Petroleum, the fast approaching decision on Scarborough, and the rising price of LNG, it was disappointing to discover that Woodside Petroleum had downgraded its reserves at Wheatstone again.