Strong End to the Year for Woodside, FVE Upgraded to AUD 35.50 per Share
We increase our fair value estimate to AUD 35.50 per share from AUD 34 per share due to the time value of money. Our 2016 EPS forecast increases marginally to AUD 1.31, with stronger-than-anticipated fourth-quarter production tempered by higher-than-expected exploration write-downs. The fourth quarter registered a 6% decline in group production to 23.8 million barrels of oil equivalent, or mmboe, though approximately 10% better than we’d credited due to strong LNG volumes. But a USD 150 million ...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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