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As of 8:10 PM 08/26/14 All times are local (Market data is delayed by at least 15 minutes).

woodside petroleum ltd (WOPEF) Key Developments

Seven Group Reportedly Takes Stake In Woodside

Seven Group Holdings Limited (ASX:SVW) has reportedly taken a stake in Woodside Petroleum Ltd. (ASX:WPL) worth nearly AUD 100 million.

Woodside Mulls Acquisitions In North America

Woodside Petroleum Ltd. (ASX:WPL) is looking at buying assets in North America following its failed buyback of Shell shares. Peter Coleman, Chief Executive Officer of Woodside said that there are now more merger and acquisition opportunities than a few years ago. He also added, "We're going to look long and hard at those opportunities".

Woodside Petroleum Ltd. Announces Unaudited Earnings and Operating Results for the First Half Ended June 30, 2014; Revises Production Guidance for the Year 2014

Woodside Petroleum Ltd. announced unaudited earnings and operating results for the first half ended June 30, 2014. For the period, the company record production of 46.5 MMboe, up 11% on first half of 2013 compared to 41.9 MMboe in 2013. The result was primarily due to higher reliability at North West Shelf and Pluto and Vincent production. 2014 production target range increased to 89 - 94 MMboe compared to 86 to 93 MMboe previously subsequent to the end of first half of 2014. For the period, the company record half-year operating revenue of USD 3.551 billion, up 24% on first half of 2013. This reflected higher realized prices due to the transition to the new Pluto pricing regime and higher sales volumes primarily attributed to an entire half of Vincent production, which came back online in fourth quarter of 2013 and increased reliability at Pluto and North West Shelf. NPAT of USD 1.105 billion, up 27% on first half of 2013. The increase in NPAT was supported by higher prices, higher sales volumes, no impairment losses and lower exploration and evaluation expenses. Underlying NPAT was USD 1.136 billion, up 33% on first half of 2013. The company’s earnings per share (EPS) were 134 cents per share, up 27% from first half of 2013 (106 cents per share). Underlying EPS increased 33% to 138 cents per share. Positive free cash flow of USD 1.825 billion, up 158% on first half of 2013, with USD 2.7 billion in cash and USD 1.6 billion in undrawn facilities available to fund growth. EBITDAX was USD 2,736 million compared to USD 2,033 million a year ago. EBIT was USD 1,887 million compared to USD 1,226 million a year ago. Net cash from operating activities was USD 2,028 million compared to USD 1,494 million a year ago. Capital expenditure in first half of 2014 was USD 210 million, a 36% reduction from first half of 2013 of USD 329 million. The decrease was largely driven by lower expenditure at Australia Oil and Pluto. Capital expenditure for Australia Oil in 2013 included Vincent shipyard refurbishment, which was completed in fourth quarter 2013. Payments for capital and exploration expenditure were USD 280 million compared to USD 408 million a year ago. Net debt was USD 0.6 billion compared to USD 2.25 million a year ago. The company’s production target range for 2014 has been revised to 89 to 94 MMboe compared to previous guidance of 86 to 93 MMboe. This reflects strong operating performance and overall improved reliability.

Woodside Petroleum Ltd. Declares Interim Dividend for 2014, Payable on September 24, 2014

The Board of Woodside has declared an interim dividend for 2014 of $1.11 per share. The dividend will be paid on 24 September 2014 to all shareholders registered on the record date of 29 August 2014. The ex-dividend date for dividend entitlement will be 27 August 2014. The dividend will be fully franked for Australian taxation purposes.

Woodside Petroleum Acquires 40% Stake in Exploration Acreage

Woodside Petroleum Limited has announced acquisition of a 40% stake in an exploration, exploitation and production sharing contract for block F15 in the Gabon coastal basin. Acting as the operator, Noble Energy holds the remaining 60% stake in the contract.

 

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WOPEF

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Valuation WOPEF Industry Range
Price/Earnings 16.7x
Price/Sales 5.0x
Price/Book 2.1x
Price/Cash Flow 14.7x
TEV/Sales 4.0x
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