Welcome to our dedicated page for Woodside news (Ticker: WDS), a resource for investors and traders seeking the latest updates and insights on Woodside stock.
Woodside Energy Group Limited (symbol: WDS) is an Australian oil and gas company renowned for its exploration, development, production, and supply of energy resources. Founded in 1954, Woodside has grown into a globally recognized entity, with a noteworthy presence in both emerging and frontier provinces across Australasia and the Atlantic.
As one of the leaders in the LNG sector, Woodside operates some of the world's most advanced facilities, particularly in the North West of Australia. The company's mission is to deliver superior shareholder returns by realizing its vision of becoming a global leader in upstream oil and gas. This commitment is reflected in their operational excellence, characterized by robust safety and environmental performance even in remote and challenging locations.
Woodside places significant emphasis on building long-term, meaningful relationships with the communities where it operates, ensuring that their presence leads to mutual benefits. This approach is fundamental to maintaining their license to operate and fostering sustainable development.
Among Woodside’s recent achievements, the third quarter report for 2023 highlights a substantial increase in production, achieving 47.8 million barrels of oil equivalent. This success is attributed to strong operating results at Pluto LNG, which achieved 99.9% reliability following a maintenance turnaround. The company has also made significant progress on major projects, including the early production at Shenzi North in the US Gulf of Mexico and the ongoing activities at Scarborough and Pluto Train 2, which are currently 46% complete.
The importance of the Scarborough project was underscored by a recent agreement with LNG Japan, enhancing regional energy security. Additionally, Woodside is advancing in new energy sectors, with progress on their H2OK facility in Oklahoma and collaborative efforts on carbon capture and storage (CCS) with Japanese partners to aid in global decarbonization efforts.
Financially, Woodside remains robust, with the latest updates indicating a strong reserves life, top quartile among global peers, and significant growth in reserves following the integration of BHP's petroleum assets. The company's strategic focus on disciplined growth and capital management ensures sustainable value creation for shareholders.
Woodside's dedication to innovation and sustainability is evident through its projects and partnerships, positioning it favorably for future growth and resilience in an evolving energy market.
Woodside has completed the acquisition of OCI Clean Ammonia Holding B.V., which holds a 1.1 Mtpa Clean Ammonia Project in Texas. The all-cash transaction, valued at approximately $2,350 million, positions Woodside as an early mover in the growing lower carbon ammonia market. The Project, currently under construction, aims to produce first ammonia by 2025 and lower carbon ammonia by 2026.
Key highlights:
- The Project will generate ammonia with less than 35% of the lifecycle emissions intensity of unabated ammonia
- Global ammonia demand is forecast to double by 2050, with lower carbon ammonia expected to make up nearly two-thirds of total demand
- The acquisition is expected to be free cash flow accretive from 2026
- It represents a significant step towards Woodside's Scope 3 investment and abatement targets
Woodside Energy Group (ASX: WDS) (NYSE: WDS) (LSE: WDS) is hosting a US investor event today at 10:00 EDT / 22:00 AWST. The event will provide an overview of the global LNG industry and Woodside's LNG business. CEO Meg O'Neill, CFO Graham Tiver, and CCO Mark Abbotsford will lead the presentation.
Investors can access a live webcast of the event through a provided Vimeo link. The presentation materials will be available on Woodside's website and the National Storage Mechanism. A transcript of the event will also be made available later.
This event highlights Woodside's focus on engaging with US investors and providing insights into their LNG operations, which could be significant for the company's market positioning and investor relations strategy.
Woodside Energy Group (ASX: WDS) reported strong financial results for H1 2024, with a net profit after tax of $1,937 million and an underlying net profit of $1,632 million. The company declared a fully franked interim dividend of 69 US cents per share, representing a 7.3% annualized yield. Key operational highlights include:
- Production of 89.3 MMboe (491 Mboe/d)
- Reduced unit production cost to $8.3/boe
- First oil achieved at Sangomar Project in Senegal
- Scarborough Energy Project 67% complete
- Sale of Scarborough interests to JERA and LNG Japan
- New LNG supply agreements with KOGAS and CPC
Woodside also announced plans to acquire Tellurian and OCI's Clean Ammonia Project to strengthen its LNG portfolio and position in lower carbon ammonia. The company remains focused on thriving through the energy transition while maintaining disciplined capital management.
Woodside has entered into a binding agreement to acquire OCI Clean Ammonia Holding B.V. and its lower carbon ammonia project in Beaumont, Texas for $2,350 million. The project, currently under construction, aims to produce first ammonia by 2025 and lower carbon ammonia by 2026. With a design capacity of 1.1 Mtpa in Phase 1, the project is expected to exceed Woodside's 10% internal rate of return target for new energy projects. The acquisition supports Woodside's strategy to thrive through the energy transition, positioning the company in the growing lower carbon ammonia market. The project has the capacity to abate 3.2 Mtpa CO2-e at full development, representing over 60% of Woodside's Scope 3 abatement target.
Woodside has entered into a definitive agreement to acquire Tellurian (NYSE: TELL) and its Driftwood LNG development for approximately $900 million, or $1.00 per share. The acquisition positions Woodside as a global LNG powerhouse, adding a scalable, fully permitted 27.6 million tonnes per annum (Mtpa) US LNG development option to its portfolio.
The Driftwood LNG project is located near Lake Charles, Louisiana, and comprises five LNG trains through four phases. Woodside is targeting FID readiness for Phase 1 (11 Mtpa) from Q1 2025. The development is fully permitted, cost and carbon competitive, with construction already underway.
This strategic move aligns with Woodside's goal to thrive through the energy transition, expanding its position as a leading independent LNG company and enabling value creation through marketing optimization and geographic diversification.
Woodside has achieved first oil production from the Sangomar field offshore Senegal, marking the country's first offshore oil project. The Sangomar Field Development Phase 1 includes a floating production storage and offloading (FPSO) facility with a capacity of 100,000 barrels/day. This project aims to generate shareholder value and reflects Woodside's project execution capabilities amid global challenges. CEO Meg O'Neill highlighted the significance of this milestone, while PETROSEN E&P's General Manager Thierno Ly emphasized its impact on Senegal's industry and economy.
Woodside has appointed Tony O’Neill as a non-executive Director, effective June 3, 2024.
O’Neill brings extensive experience in the global mining industry, particularly in climate, decarbonization, and sustainability initiatives.
His career highlights include leading technology ventures at Anglo American, such as the deployment of hydrogen-powered mining trucks, and contributing to sustainability initiatives like FutureSmart Mining.
O'Neill will also join Woodside's Audit & Risk, Sustainability, and Nominations & Governance Committees and is slated for election at the Annual General Meeting in April 2025.
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