Woodside Weathers Cyclones and Marches on to LNG Expansion. No Change to AUD 46.50 FVE.
Our AUD 46.50 Woodside fair value estimate stands. We up our 2019 and 2020 Brent forecasts by 9.1% and 9.6% to USD 68.15 per barrel and USD 67.65 per barrel, respectively, in line with futures. Higher prices drive our 2019 and 2020 EPS forecasts 33% and 29% higher to AUD 2.60 and AUD 2.56, respectively. But a material proportion of Woodside’s fair value is captured in long-dated growth projects, including the Pluto/Scarborough expansion/development, muting the impact near-term Brent price has on...Woodside Petroleum is engaged in hydrocarbon exploration, evaluation, development, production and marketing. Co.'s operating segments include: North West Shelf Project, which is engaged in the exploration, evaluation, development, production and sale of liquefied natural gas, pipeline natural gas, condensate, liquefied petroleum gas and crude oil from the North West Shelf ventures; Pluto LNG, which is engaged in the exploration, evaluation, development, production and sale of liquefied natural gas and condensate in assigned permit areas; Australia Oil; Browse FLNG; and Wheatstone LNG. As of Dec 31 2015, Co. had proved reserves of 1.15 billion barrels of oil equivalent.
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