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Woodside Petroleum Ltd WPL

Rating as of

Morningstar’s Analysis

Valuation
Currency in AUD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Woodside Enjoys Strong First-Quarter LNG Spot Prices in Offset to Cyclones; No Change to AUD 40 FVE

Mark Taylor Senior Equity Analyst

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.

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Company Profile

Business Description

Incorporated in 1954 and named after the small Victorian town of Woodside, Woodside's early exploration focus moved from Victoria's Gippsland Basin to Western Australia's Carnarvon Basin. First LNG production from the North West Shelf came in 1984. BHP Billiton and Shell each had 40% shareholdings before BHP sold out in 1994 and Shell sold down to 34%. In 2010, Shell further decreased its shareholding to 24%. Woodside has the potential to become the most LNG-leveraged company globally.

Contact
11 Mount Street, Mia Yellagonga
Perth, WA, 6000, Australia
T +61 893484000
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 3,670