Woodside's First-Half 2016 Beats Target on Capitalised Interest, AUD 34 Fair Value Unchanged
We make no change to our AUD 34 per share fair value estimate despite increasing our 2016 earnings forecasts by 25% to AUD 1.02 per share. Stronger earnings expectations follow better-than-anticipated underlying first-half 2016 NPAT, down 48% to USD 340 million versus our USD 237 million forecast. The outperformance is noncash, a function of higher-than-expected capitalisation of interest, not impactful to fair value. It is important to the dividend though, the standard 80% payout on higher earn...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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