Analyst Note| Mark Taylor |
We make no change to our AUD 40 per share fair value estimate for no-moat Woodside. The company reported a 5% decline in first quarter 2021 production to 23.7 million barrels of oil equivalent, or mmboe, somewhat below our 24.8mmboe expectations. Production of oil assets was impacted by cyclones. But price achievement bettered predictions, including an average of USD 6.90/mmBtu for LNG, a 44% improvement on the final quarter of 2020.