Woodside's Scarborough Purchase Sensible and Higher Oil Lifts Earnings, No Change in Fair Value
We think Woodside's decision to purchase half of BHP Billiton's Scarborough area assets in the Carnarvon Basin, offshore Western Australia a good one. It adds materially to Woodside's resource position and is another plank towards the company maximising value on its existing Western Australian infrastructure base, as we discuss below. However, this shouldn't be expected to result in near-term earnings accretion, rather builds on a sound longer-term growth strategy and does so without stressing t...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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