Woodside Petroleum Ltd. ADROTCPK - Current
Tue, Sep. 6, 11:29 AM
- Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) announced yesterday that it would pay as much as $400M for half of BHP Billiton’s (BHP +1.2%) interest in the Scarborough gas field off the Western Australia coast as part of a drive to boost its reserves.
- The deal will take Woodside’s net share of the Scarborough assets to ~2.6T cf of gas out of a total resource of 8.7T cf.
- Woodside says it will pay $250M to BHP when the deal is completed, which it expects by year-end, and another $150M if the companies decide to develop the Scarborough field, although Bernstein's Neal Beveridge says the structure of the deal suggests plenty of uncertainty over whether the project will move forward.
- The main Scarborough field, which boasts a proved and probable contingent resource of 6.9T cf, will continue to be operated by BHP partner ExxonMobil (XOM +0.6%).
Tue, Aug. 23, 9:55 AM
- ConocoPhillips' (COP +0.3%) plan to sell its 35% stake in a the deepwater SNE oil field off Senegal to Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) has hit a snag, as junior partner FAR Ltd. attempts to buy time to stop the deal.
- FAR, which owns a 15% stake in the field, says COP failed to comply with the terms of their joint operating agreement as it relates to the proposed sale of its stake, and thus the clock has yet to start for it to exercise its pre-emption rights.
- An analyst tells Reuters that FAR's effort to re-set the clock on its pre-emptive rights, as well as its increase in the estimate of 2C contingent oil resources for SNE to 641M barrels, suggests that the company is still trying to line up funding to buy COP's stake.
Fri, Jul. 15, 8:13 AM
- Schlumberger (NYSE:SLB) says its OneSubsea subsidiary has been awarded a $300M contract by Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) for work on the Greater Enfield project off the coast of Western Australia.
- The engineering, procurement and construction contract includes the supply of a subsea production system and a dual multiphase boosting system for the project.
- Woodside and partner Mitsui approved development in June of the $1.9B Greater Enfield Project that will aim to produce 69M boe.
Wed, Jul. 13, 6:46 PM
- ConocoPhillips (NYSE:COP) agrees to sell its 35% interest in three exploration blocks offshore Senegal to Woodside Petroleum (OTCPK:WOPEY) in a deal valued at up to $430M.
- COP says the deal is part of its phased exit from deepwater exploration in west Africa.
- Woodside is buying assets that include the SNE offshore field, containing ~560M boe of recoverable oil and one of the world’s largest deepwater oil discoveries since 2014.
Fri, Apr. 1, 3:47 PM
- InterOil (IOC -1.6%) confirms receiving a request from a group of shareholders led by former CEO Phil Mulacek for a special meeting of shareholders to consider proposals for improving governance.
- The Mulacek-led group, which holds ~7.5% of IOC shares, says the board is too large and expensive for a company with no operations, and lowering the head count would make better use of resources.
- IOC often is discussed as a potential target for the likes of Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) - where IOC CEO Mike Hession was once an executive - Oil Search (OTCPK:OISHF), Total (NYSE:TOT) or Exxon Mobil (NYSE:XOM).
- Now read InterOil drilling update and 2015 results
Tue, Mar. 22, 11:47 PM
- Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) and partners including Royal Dutch Shell (RDS.A, RDS.B) are shelving plans to develop the $40B Browse liquefied natural gas project off Australia's west coast.
- Woodside says it will not go ahead with the floating LNG development after completing engineering and design work, citing an “extremely challenging” market.
- The Browse project sits on an estimated resource of 15.4T cf of dry gas, plus 453M barrels of condensate, and once was considered an important growth driver for Woodside.
- BP, PetroChina (NYSE:PTR) and a venture between Mitsubishi and Mitsui also are partners in the project.
Mon, Mar. 21, 2:48 PM
- Atwood Oceanics (ATW +3.3%) says its Australia subsidiary's drilling services contract with Woodside Energy (OTCPK:WOPEF, OTCPK:WOPEY) for the semisubmersible Atwood Eagle has been suspended.
- ATW says the remaining 165-day term is transferred to the semisubmersible Atwood Osprey for Woodside's utilization upon completion of the Atwood Osprey's current drilling program.
- Alterations of oil and gas offshore drilling contracts has been a recurring theme as low oil prices continues to cause producers to cut back.
Wed, Mar. 16, 5:58 PM
- Northwest Canada's remote Liard Basin is the world's ninth largest shale gas resource, containing 219T cf of marketable, unconventional natural gas, according to a new government assessment.
- The total makes Liard the second largest gas resource in Canada behind the Montney formation in British Columbia and Alberta; the world's largest shale gas play is the Sichuan Basin in China, with more than 600T cf of marketable, recoverable gas, according to the National Energy Board.
- But analysts say the economics of developing the basin are challenging, given current depressed global energy prices.
- Chevron (NYSE:CVX) and Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) are among the major Liard developers, hoping to use the gas to supply the proposed Kitimat LNG export facility on Canada's Pacific coast.
Wed, Feb. 17, 7:44 AM
- FY 2015 profit at Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY), Australia's largest independent oil and gas company, was nearly wiped out by the plunge in oil prices and hefty impairment charges.
- Woodside says its 2015 net profit fell 99% Y/Y to US$26M from $2.41B in the prior year, despite achieving its second highest production result, squeezed by $1.1B in charges, mostly in impairments against the value of assets due to reduced oil price assumptions; stripping out one-time items, full-year profit was $1.13B, while revenue from operations fell 32% to $5.03B.
- The company plans to pay a final dividend of US$0.43/share, down from a record payout for the same period last year of $1.44; for the year, the dividend falls to $1.09 from $2.55 for 2014.
- Woodside says its proposed Browse liquefied natural gas project in Australia requires further cost reductions and does not have any firm sales; Goldman analyst Mark Wiseman says Browse is "highly unlikely” to make significant progress toward approval.
- Nevertheless, CEO Peter Coleman says Woodside is "well positioned to withstand the commodity cycle," noting an overall 8% Y/Y decrease in unit production costs in 2015, with a 7% decrease in gas unit costs and a 17% decrease in oil production unit costs.
Sat, Feb. 13, 8:25 AM
- Large energy companies will slash dividend payouts by a total of $12B this year, bringing global payouts down 9% Y/Y to $147B, according to Markit's dividend forecasting unit.
- Ten of the world's large-cap oil and gas companies are set to cut their dividend in 2016, Markit predicts, including ConocoPhillips (NYSE:COP), which already has slashed its payout for 2015 but likely will announce additional cuts by year-end.
- The other nine large-cap energy firms Markit sees cutting their dividend this year: Anadarko Petroleum (NYSE:APC), Ecopetrol (NYSE:EC), Eni (NYSE:E), Kinder Morgan (NYSE:KMI), Noble Energy (NYSE:NBL), Sinopec (NYSE:SNP), Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY).
Mon, Feb. 1, 10:44 AM
- The cost of Chevron’s (NYSE:CVX) Wheatstone liquefied natural gas project in Australia may rise another ~14% to $33B after its start date was delayed by some six months, Macquarie analysts say.
- CVX said last week it expects first LNG cargoes from Wheatstone by mid-2017, citing a delay in building parts of the project in Malaysia, but that it had succeeded in "mitigating further delays” and "all modules required for train one are now on site."
- A weaker Australian dollar likely will ease some of the pressure on Wheatstone, previously estimated to cost ~$29B, Macquarie says; the project will have an initial capacity of 8.9M tons/year.
- CVX owns a 64% stake in Wheatstone; other partners include Woodside Petroleum (OTCPK:WOPEF ,OTCPK:WOPEY).
- CVX -1.9%.
Tue, Jan. 26, 10:29 AM
- FMC Technologies (FTI +2.2%) opens higher after announcing a $180M contract with Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) for subsea production systems work at a part of the North West Shelf project off Western Australia.
- The contract includes subsea production trees, wellheads, manifolds, subsea and topside controls, and flowline connection systems, with deliveries expected to begin in 2016 and continue through to 2018.
- The GWF-2 project, which is expected to begin production in 2019, is the fourth major gas development for the North West Shelf project and is expected to develop 1.6T cf of raw gas.
Thu, Jan. 21, 8:44 AM
- Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) says it will write down the value of its assets by US$1B-US$1.2B and look to reduce spending on existing projects and exploration to $1.96B this year, from $2.35B in 2015.
- However, Woodside says its production could rise in 2016 from the 92.2M boe of the previous year because it does not plan to carry out major maintenance on its Pluto gas export project in northern Australia while improving efficiency.
- Analysts generally take the news of the impairments in stride; UBS's Nik Burns says they "reflect the realities of the low oil price environment."
Dec. 11, 2015, 8:50 AM
- The partners in Australia’s largest oil and gas venture approve a $2B expansion in the North West Shelf project, its fourth major gas development in the past seven years.
- The Greater Western Flank Phase 2 off the northwest coast will develop 1.6T cf of gas from six fields, and begin production in H2 2019, according to project operator Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY).
- Six partners in the project hold equal 16.67% shares: In addition to Woodside, the partners are BP, Chevron (NYSE:CVX), BHP Billiton (NYSE:BHP), Royal Dutch Shell (RDS.A, RDS.B) and Japan Australia LNG, which is a joint venture between Mitsubishi and Mitsui.
Dec. 7, 2015, 10:27 PM
- Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) says it is abandoning its A$11.64B (US$8.46B) offer for Oil Search (OTCPK:OISHF), sending shares in the latter tumbling as much as 18% in Sydney trading.
- Woodside CEO Peter Coleman had sought a stake in Papua New Guinea’s liquefied natural gas industry, as projects there are seen as less costly than developments elsewhere and economically viable even after the oil price plunge.
- “Given the fall-off in crude pricing, it’s difficult to see Woodside raising the offer in this environment," Bernstein's Neil Beveridge tells Bloomberg. “M&A will come when companies are confident we’re at the bottom of the cycle. This signals that Woodside isn’t confident that we’re quite there yet.”
- Oil Search, which owns 29% of Exxon’s PNG LNG project, reiterates that Woodside proposal “grossly undervalued” the company; shares of Santos (OTCPK:STOSF), which also has a stake in PNG LNG, falls as much as 15% in Sydney.
Sep. 14, 2015, 7:50 AM
- As anticipated, Oil Search (OTCPK:OISHF) has rejected Woodside Petroleum’s (OTCPK:WOPEF, OTCPK:WOPEY) $8.1B takeover bid, as anticipated, saying the proposal undervalues its liquefied natural gas expansion plans in Papua New Guinea.
- Woodside may make a higher bid and needs to offer ~A$8.50/share to succeed, according to Sanford C. Bernstein analysts, after offering the equivalent of A$7.65/share.
- Exxon Mobil (NYSE:XOM) have been speculated as potential counter-bidders.