There are no Focus articles on WOPEF.
Finding Long-Term Growth In Australia's Resource BaseDavid Dittman • Oct. 12, 2011
at CNBC.com (Aug 20, 2014)
at CNBC.com (Aug 17, 2014)
at CNBC.com (Jul 31, 2014)
at CNBC.com (Jul 17, 2014)
at CNBC.com (Jun 18, 2014)
at CNBC.com (May 21, 2014)
at CNBC.com (Mar 25, 2014)
at CNBC.com (Mar 7, 2014)
Wed, Aug. 20, 9:51 AM
- Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) says it booked record first-half profit of $1.1B as it focuses on new exploration basins in frontier markets.
- Underlying profit, which stripped out losses linked to an asset sale in the Gulf of Mexico, jumped 33% Y/Y to $1.14B, in line with analyst forecasts.
- H1 revenues rose 24% Y/Y to $3.55B, helped by the resumption of oil output at Vincent after being idled for almost a year, combined with a full year of reliable production from the Pluto gas-export project offshore northwestern Australia.
- CEO Peter Coleman sees improved M&A opportunities; asked if Woodside would be interested in any Apache (NYSE:APA) assets in Australia, including the Wheatstone stake, the CEO said his company will “continue to look at those assets and other assets around the world.”
Mon, Aug. 11, 10:59 AM
- Noble Energy (NBL +0.3%) and Australia’s Woodside Petroleum (OTCPK:WOPEF) sign an agreement to explore a deepwater prospect off the coast of Gabon; NBL will be the operator with a 60% working interest.
- NBL says the execution of the production sharing contract represents its initial entry into Gabon and meaningfully expands the company's exploration portfolio.
- Marathon Oil (MRO +0.1%) also signed a production sharing deal with Gabon for a separate offshore deepwater location in which it has a 100% working interest.
Fri, Aug. 1, 8:23 AM
- Royal Dutch Shell (RDS.A, RDS.B) confirms that Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) shareholders have scuttled a proposed $2.68B deal to buy most of its interest in the company, and is reviewing its options for its remaining 13.6% holding in Woodside.
- The two companies agreed in June that Woodside would buy back 9.5% of the company held by Shell, but the plan gained only 72% support of Woodside shareholders that cast a vote, which was below the approval threshold of 75%.
- The deal's end frustrates Woodside's attempt to remove a competitor as its biggest shareholder and take full control of its own destiny; for Shell, the proposal had formed part of its plan to sell $15B worth of assets, and it may now have to consider selling the Woodside shares on the market.
- Earlier: Woodside's $2.68B buyback plan with Shell looks set to fail.
Thu, Jul. 31, 5:58 PM
- Woodside Petroleum’s (OTCPK:WOPEF, OTCPK:WOPEY) planned $2.68B share buyback from Royal Dutch Shell (RDS.A, RDS.B) appears on the brink of failure, based on a count of votes mailed in ahead of a shareholder meeting.
- Woodside says ~71% of votes cast so far were in favor, but 75% support is necessary to go ahead with the buyback, which would cut Shell’s stake in the company to below 5%.
- Woodside, which faced investor concerns that Shell was getting preferential treatment, may opt to offer a buyback to all shareholders, but such a move still could leave Shell with a stake in excess of 10%.
- A rejection would dampen Shell’s plan to raise $5B by trimming most of its 23% stake in Australia’s second biggest oil and gas company.
Wed, Jul. 23, 5:47 PM
- Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) Chairman Michael Chaney is defending its plan to buy back $2.68B of stock from Royal Dutch Shell (RDS.A, RDS.B) amid concern investors may reject the deal.
- The agreement to buy back shares for A$36.49 each, a 15% discount, is part of last month’s $5B deal in which Shell would trim its 23% stake in Woodside - a “great deal” for Shell, according to Macquarie analysts who say Woodside investors voting on the transaction Aug. 1 may block the buyback.
- But spreading the $2.68B among all investors wouldn't realize the central aim of getting Shell out of Woodside's hair, so long-term investors "would be wise to stand aside and let Woodside emerge from its Shell," Heard on the Street's Rebecca Thurlow writes.
Mon, Jun. 30, 10:57 AM
- Cheniere Energy (LNG +2.5%) hits a new all-time high after Australia’s Woodside Petroleum (WOPEF, WOPEY) agrees to buy 850K metric tons/year of liquefied natural gas from the second train of LNG's Corpus Christi export project.
- The agreement has a 20-year term beginning at the date of first commercial delivery of the second train, with an extension option of up to 10 years; deliveries from Train 2 are expected to occur in 2019.
- The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5M metric tons/year of LNG.
Tue, Jun. 24, 9:53 AM
- Talisman Energy (TLM -0.4%) says it has hired Miro Advisors to sell its stake in the A$1.4B (US$1.3B) Laminaria-Corallina oil fields off northern Australia operated by Woodside Petroleum (WOPEF, WOPEY).
- TLM’s sale of its stake in the project is part of efforts to help cut net debt that stood at $3.8B at the end of March and focus capital on a smaller number of core assets.
- Woodside owns 59.9% of the Laminaria project and 66.67% of the Corallina field while TLM owns the rest; production, which started in 1999, has declined as the fields age.
Thu, Jun. 19, 8:35 AM
- Cnooc (CEO) reportedly is in talks to buy 30%-40% of the Aphrodite gas field in Cyprus; Noble Energy (NBL) owns 70% of the rights of the field, and Delek Group (DGRLY) energy exploration units Avner Oil and Gas and Delek Drilling each own 15%.
- Aphrodite contains ~4T cf of natural gas, enough to justify developing an FLNG which would allow Cnooc to export gas to Chinese companies.
- Woodside Petroleum (WOPEF, WOPEY), a partner in the Leviathan field offshore Israel, also is interested in becoming a partner in the Cypriot field, but Cnooc is said to have a better chance of concluding a deal.
Tue, Jun. 17, 7:40 AM
- Royal Dutch Shell (RDS.A, RDS.B) says it plans to sell most of its stake in Woodside Petroleum (WOPEF, WOPEY) for $5.7B, in the biggest deal orchestrated by CEO Ben van Beurden since he took over in January.
- The selldown reduces Shell's holding in Woodside to 4.5% from 23.1%.
- Shell aims to sell ~$15B in assets globally by the end of next year as part of a drive to cut spending and streamline operations, and already has raised $2.6B from the sale of an Australian refinery and network of filling stations.
Wed, May. 21, 5:00 AM
- Woodside Petroleum (WOPEF) has dropped an agreement to acquire a 25% stake in the massive Leviathan natural-gas field off the coast of Israel for up to $2.7B.
- One reason for the withdrawal was a dispute over exports: the existing owners, which include Noble Energy (NBL), mainly want to pipe the gas to countries close to Israel such as Jordan and Turkey, whereas Woodside would prefer to use its LNG expertise to sell to more distant markets.
- Another problem was a tax dispute with the Israeli government.
- In addition to Noble, Leviathan's owners are Delek Group (DGRLY) and Ratio Oil (RTEXF).
- The collapse of the deal raises questions about Woodside's growth prospects, with speculation rising that it might now look at acquisitions.
Sun, May. 11, 5:47 AM
- Delek Drilling (DKDRF) and Avner Oil (AVOGF) have raised $2B in international bonds that the companies will use to finance the development of the massive Leviathan natural-gas field off the coast of Israel.
- The offering attracted demand of $13.5B and was over-subscribed by 650%.
- Avner and Delek Drilling, which are subsidiaries of Delek Group (DGRLY), hold a combined 45.34% in Leviathon, while Noble Energy (NBL) owns a stake of 39.66% and is the field's operator. Ratio Oil (RTEXF) holds the remaining 15%; Australia's Woodside Petroleum (WOPEF) has agreed to buy 30% from the partners.
- ETFs: GHYG, IBND, PICB, CEMB, GLCB
Thu, Apr. 3, 12:55 PM
- A tax dispute between Israel and Australia's Woodside Petroleum (WOPEF, WOPEY) threatens to delay gas production from the giant Leviathan field, while the government is also forcing oil firms to spend more on pipelines than they expected.
- In the tax dispute, the government wants to depreciate Woodside's initial $1.2B investment over the 30-year lifespan of the Leviathan field, while the company argues for a shorter 10-year term, and a shorter depreciation period shields more of Woodside's investment from tax.
- At the same time that tax issues delay the entry of a critical partner, the government secured pledges from the four Leviathan stakeholders - Noble Energy (NBL), Delek Drilling (DKDRF), Avner (AVOGF) and Ratio Oil for the construction of 12B cm of pipeline capacity from Leviathan to Israel.
- The squeeze could push the project $1B or more over budget, a source tells Reuters.
Fri, Mar. 28, 10:57 AM
- Woodside Petroleum (WOPEF, WOPEY) has delayed signing an expected agreement to partner with Noble Energy (NBL +1.8%) and take up to a $2.7B stake in Israel's Leviathan gas field, reportedly balking at a push by the Israeli government to cut the potential share of profits from liquefied natural gas exports to Asia.
- RBC Capital still sees a good chance that the deal will get done, adding that preliminary guidelines released by Israeli regulators for Leviathan are in-line with its previous expectations; the firm keeps an Outperform rating on NBL.
Wed, Mar. 26, 8:05 AM
- Woodside Petroleum (WOPEF, WOPEY) is expected to sign a $2.71B deal to buy a 25% stake in the Leviathan gas field this week, Globes reports.
- Also, more than 10 bids from Turkish and foreign companies reportedly have been submitted for the purchase of 7B-10B cubic meters/year of gas from the field.
- Noble Energy (NBL) owns a 39.66% stake in the field.
Fri, Feb. 7, 7:51 AM
- Israel takes a step closer to becoming a natural gas exporter after Australia's Woodside Petroleum (WOPEF, WOPEY) signs a preliminary agreement to buy a 25% stake in the east Mediterranean Leviathan gas field for up to $2.55B.
- Noble Energy (NBL) will remain the project's lead partner with a 30% stake, while the other groups involved, Israel's Delek Group (DGRLY, DLKGF), Avner Oil and Ratio Oil, will each sell one-quarter of their stakes to Woodside.
- Leviathan is estimated to hold ~19T cf of natural gas, enough to supply all of Europe for more than a year.
Thu, Feb. 6, 12:37 PM
- InterOil (IOC +3.4%) moves higher on a report suggesting that Woodside Petroleum (WOPEF, WOPEY) may enter into IOC's Papua New Guinea gas projects.
- In related news, Reuters reports the country has decided to raise A$1.68B to pay off a bond it issued to Abu Dhabi in 2009 instead of giving up a strategic stake in oil and gas producer Oil Search (OISHF, OISHY).
- Royal Dutch Shell (RDS.A, RDS.B), Total (TOT) and Woodside are said to be eyeing a possible stake in Oil Search, which owns a 29% stake in the $19B PNG liquefied natural gas project.
WOPEF vs. ETF Alternatives
Other News & PR