Woodside Petroleum (Seite 6)

[Oginvest]

Woodside Energy set to log strong first-half profit on resilient LNG prices

Aug 16 (Reuters) - Woodside Energy (WDS.AX), Australia's no.1 independent oil and gas producer, is likely to post a strong first-half profit growth, underpinned by resilient liquefied natural gas (LNG) spot market prices and upbeat production levels.

Oil and natural gas prices, which rose to record highs last year in the wake of the Russia-Ukraine war, slipped in the first half but stayed above long-term average levels despite a slower-than-expected recovery in key consumer China weighing on demand.

A Visible Alpha consensus anticipates Woodside's first-half core net profit after tax (NPAT) at $2.02 billion, above last year's $1.82 billion, with strong output providing a boost.

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Uncertainties from threatened worker strikes over pay and conditions at Woodside's North West Shelf LNG plant and Chevron's (CVX.N) Wheatstone and Gorgon LNG facilities also threaten around 11% of global supply, resulting in prices soaring.

"For investors, the bottom-line is that in a downside outcome of 90 days of outages at both plants, the earnings impact from foregone production is partially offset by tightening spot LNG markets," Citi said in a note.

To add to the sombre mood, a slower-than-expected economic growth in China and concerns about global economic prospects could dampen outlook for fuel demand.

"There is a struggling Chinese economy and that's impacting demand (where) other places such as India might be able to fill the void to large extent and that's going to shore up energy demand in the second half of this year and also in 2024," said Tim Waterer, chief market analyst at KCM trade.

Shares of Woodside have gained 9% so far this year, while those of Santos are up 10.8%. The energy sub-index (.AXEJ) has climbed 8.2% during the same period.

https://www.reuters.com/business/energy/woodside-energy-set-…

[Oginvest]

Outcome of Chevron, Woodside, Australian unions talks may take days

SYDNEY, Aug 15 (Reuters) - Negotiations between Chevron (CVX.N), Woodside Energy Group (WDS.AX) and Australian unions on Tuesday are unlikely to yield results for days because unions will need to consult members on any decision, according to a source with knowledge of the matter that was not authorised to speak to media.

Chevron and Woodside negotiated with unions on Tuesday to avert potential industrial action over pay and conditions at Australian facilities that supply about 10% of the LNG market.

Chevron said through a spokesperson that bargaining was continuing and "we seek outcomes that are in the interests of both employees and the company.”

A Woodside spokesperson told Reuters there were no updates on the negotiations.

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Credit Suisse analyst Saul Kavonic said last week the risk of strikes stopping production across the LNG plants for more than a week was exceptionally low.

"This is all part of union negotiations. While there will be loud rhetoric threatening large production outages as the unions and LNG companies test their positions, it is unlikely global supply will actually be impacted materially," he said.
https://www.reuters.com/markets/commodities/outcome-chevron-…

[Oginvest]

Prices rise as markets await clarity on possible Australian LNG strikes

LONDON, Aug 14 (Reuters) -Dutch and British wholesale gas prices rose on Monday morning as markets await clarity on whether strikes at Australia liquefied natural gas (LNG) facilities will go ahead.

The front-month Dutch contract TRNLTTFMc1 rose by 0.10 euros to 36.05 euros per megawatt hour (MWh) by 0920 GMT, Refinitiv data showed.

The Dutch-day ahead contract TRNLTTFD1 was up 1.72 euros at 33.42 euros/MWh.

The British within-day TRGBNBPWKD price rose by 5.00 pence to 84.50 p/therm, while the day ahead contract TRGBNBPD1 rose by 6.50 p to 84.00 P/therm.

"With talks still ongoing, including drawing up plans to limit the export impact if they do go ahead, markets remain nervous and will continue to do so until this risk passes," consultancy Auxilione said in a morning note.

The news of possible strikes at the Chevron CVX.N and Woodside Energy Group WDS.AX Australian LNG facilities, which together supply about 10% of the global LNG market, led to a spike in prices last week amid fears Chinese players will outbid European buyers to attract cargoes.

On Monday, Australia's labour regulator cleared the way for strike action at Chevron's Wheatstone platform if workers vote in favour of such a step, fuelling concerns the country's exports could be cut.

"All attention will be on how labour negotiations in Australia develop and whether workers at 3 LNG facilities go on strike," said analysts at ING Research.

"Elsewhere, China will release industrial output numbers and retail sales for July on Tuesday, which will shed some more light on how the Chinese economy is faring," they added.

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https://www.xm.com/research/markets/commodities/reuters/pric…

[Oginvest]

Australia regulator allows union to ballot workers for strike at Chevron LNG platform

SYDNEY, Aug 14 (Reuters) - Australia's labour regulator cleared the way for strike action at Chevron's (CVX.N) Wheatstone platform if workers vote in favour of such a step, fuelling concerns the country's exports could be cut.

The Fair Work Commission last week ruled workers at Chevron's downstream Wheatstone facility and its Gorgon facility can ballot workers for strike action.

https://www.reuters.com/business/australia-regulator-allows-…

[Oginvest]

How would a strike at Australian LNG facilities affect gas markets?

LONDON, Aug 10 (Reuters) - Chevron (CVX.N) and Woodside Energy Group (WDS.AX) said on Thursday they are holding talks with unions to avert strikes at Australian liquefied natural gas (LNG) facilities that together account for around 10% of global production.

Concerns over industrial action at Woodside's North West Shelf offshore gas platforms and Chevron's Gorgon and Wheatstone LNG plants sent European gas prices to a nearly two-month high on Wednesday on fears the move would fuel competition between Asian and European buyers for cargoes.

WHY DOES AUSTRALIAN LNG MATTER?

Australia has kept its crown as the world’s largest LNG producer, exporting 80.9 million metric tons (MT) in 2022 compared to 79 MT in 2021, according to data from International Gas Union.

The country's share of the global LNG market is estimated at 20.2%.

WHO BUYS AUSTRALIAN LNG?

Roughly three quarters of Australia's LNG exports go to four Asian buyers: China, Japan, South Korea and India, mostly under long-term contracts, and almost none to Europe.

Consultancy Rystad Energy estimates that China and Japan combined purchased about 26 million metric tons of Australian LNG, more than 60% of the country’s exports, in the first half of 2023.

HOW MANY LNG FACILITIES ARE THERE IN AUSTRALIA?

>>https://www.reuters.com/business/energy/how-would-strike-aus…

[Oginvest]

Chevron, Woodside in talks to avert strikes at Australian LNG operations

SYDNEY, Aug 10 (Reuters) - Chevron and Woodside Energy Group said on Thursday they are holding talks with unions to avert threatened strikes at gas facilities that together supply about 10% of the global liquefied natural gas (LNG) market.

Concerns over potential industrial action at three Australian LNG operations - North West Shelf, Gorgon and Wheatstone - sent European gas prices to a nearly 2-month high on Wednesday.

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https://www.naturalgasworld.com/chevron-woodside-in-discussi…

[Oginvest]

Australia's Woodside to sell 10% stake in Scarborough to LNG Japan for $500 mln

Aug 8 (Reuters) - Woodside Energy Group (WDS.AX) said on Tuesday it had entered a deal with LNG Japan to sell a 10% participating interest in its $12 billion Scarborough liquefied natural gas (LNG) project in Australia for $500 million.

Australia's No.1 independent oil and gas producer, which owns 100% of the project since merging with BHP in 2022, has long flagged its interest to sell down its stake in the venture.

Woodside will hold a 90% interest in the venture and remain its operator after the deal's completion, which is expected in the first quarter of 2024.

"The support of LNG Japan is testament to the quality of the Scarborough project. It also underscores the ongoing demand from Japanese buyers for new supplies of gas and the role of gas in supporting Japan's energy security," Woodside CEO Meg O’Neill said.

Gas from Scarborough will feed Woodside's Pluto LNG plant, and the first LNG cargo is targeted for 2026. The Scarborough gas field development and Pluto LNG plant expansion together make up Woodside's biggest growth project.

The Scarborough development was 38% complete at June-end, with Pluto Train 2 module fabrication ramping up, according to Woodside.

Woodside and LNG Japan also entered an agreement for the sale and purchase of 12 LNG cargoes per year for 10 years starting 2026. LNG Japan is a 50:50 joint venture between Sumitomo Corp (8053.T) and Sojitz Corp (2768.T).

Woodside also entered into deals with Sumitomo and Sojitz to collaborate on global opportunities in new energy, which could include ammonia, hydrogen, carbon capture and storage.

"We view this as a positive announcement because the consideration is at a premium to our valuation," analysts at RBC said in a note.

"We also like the fact this helps to de-risk Woodside's exposure to its high level of equity in Scarborough by reducing future development expenditure and technical risk."

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https://www.reuters.com/markets/deals/australias-woodside-se…

[Oginvest]

Woodside approves $7.2 bln Trion deepwater oil project in Mexico

June 20 (Reuters) - Australia's Woodside Energy Group said on Tuesday it had approved the development of the $7.2 billion Trion ultra deepwater oil project in the Gulf of Mexico, which is expected to provide a strong and quick return on investment.

Woodside, 60% owner and operator of Trion, forecast its share of the capital expenditure at $4.8 billion. The remainder is set to be funded by Mexican state-owned oil company Pemex , which owns 40% of Trion.

The resource will be developed through a floating production unit (FPU) with an oil production capacity of 100,000 barrels per day, Woodside said. First production is targeted for 2028.

The FPU will be connected to a floating storage and offloading (FSO) vessel with a capacity of 950,000 barrels of oil.

Woodside CEO Meg O'Neill said in a statement that the investment exceeded the company's capital allocation framework targets and would be a strong contributor to its cash flows and shareholder returns.

The project will target the development of an estimated 479 million barrels of oil equivalent (MMboe) of oil and gas.

The investment is expected to deliver an internal rate of return greater than 16% with a payback period of less than four years, Woodside said.

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https://www.msn.com/en-us/money/markets/update-2-woodside-ap…

[Oginvest]

Trinidad to restart idled LNG unit by early 2027 amid restructuring -sources

HOUSTON, June 7 (Reuters) - Trinidad and Tobago aims to restart an idled liquefied natural gas (LNG) unit by the first quarter of 2027 after agreeing to restructure the facility's ownership and negotiate new gas supplies, according to three people with knowledge of the plans.

Trinidad is Latin America's largest LNG exporter, but its joint venture company Atlantic LNG has not been able to access enough supply in recent years to keep its four liquefaction units running. Trinidad and Tobago has the capacity to process 4.2 billion cubic feet per day (bcfd) into LNG, petrochemicals and power, but its gas production is about 2.7 bcfd.

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The restructuring will allow Atlantic LNG to buy gas from producers who are not plant co-owners, clearing the way for Woodside Energy (WDS.AX) and EOG Resources (EOG.N) to sell gas to Atlantic LNG when available, the people said.

Previously, only BP and Shell could provide gas to the plant.

The government separately is negotiating fiscal and commercial terms with Shell and Woodside, operators of two offshore gas development projects, called Manatee and Calypso, Young also said.

The first offshore development that could deliver new gas is expected to be Shell's Manatee field.

Trinidad, however, also hopes to import gas from Venezuela's Dragon gas field while receiving supplies from Woodside Energy's Calypso, under proposed $5 billion investments in energy exploration and production in the country through 2026.

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https://www.reuters.com/business/energy/trinidad-restart-idl…

[Oginvest]

Woodside Energy starts marketing Senegal's first oil, due by year's end

INGAPORE, June 7 (Reuters) - Australia's Woodside Energy WDS.AX has started marketing a new African crude oil from Senegal's first oil project, where the company aims to start producing by the end of this year, a senior executive said.

Located about 100 km (62 miles) offshore south of Dakar, production from the first phase of the Sangomar field development will be about 100,000 barrels per day, said Jeremy Soh, the company's vice president of global oil.

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It could appeal to refiners in Asia and Europe as the oil's quality is similar to Oman crude, typically processed in Asia, and Russia's Urals grade, which the European Union has banned following the Ukraine war, trade sources said.

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Woodside owns 82% of Sangomar while Senegal's state-owned Petrosen holds 18%.
https://www.nasdaq.com/articles/woodside-energy-starts-marke…