Woodside 4Q Production Meets Target and Studies Speak to Expansion Potential
We make no change to our AUD 40 per share fair value estimate, with an 8% increase in Woodside’s fourth-quarter production to 21.9 million barrels of oil equivalent, or mmboe, meeting expectations. The production improvement follows a maintenance-impacted third quarter at NWS/JV, in addition to high fourth-quarter Pluto LNG facilities up-time and ongoing ramp-up of the commissioning Wheatstone LNG project. At full production, Wheatstone will boost Woodside’s equity output by approximately 13mmbo...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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