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Woodside Petroleum corporate report

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25 January 2018

Woodside Petroleum corporate report

Report summary

Woodside has outlined a roadmap of how it can deliver value and growth over the next decade. The base business is in good shape and should deliver strong growth and shareholder returns to 2020. Longer-term, the strategy has been adapted to fit a portfolio long on gas resources. But which LNG opportunities will progress is still uncertain. Can Woodside position itself to take advantage of rising LNG demand expected early next decade?

Table of contents

  • Other Woodside research
    • SWOT analysis
    • Overview: "Delivering value growth"
    • Strategic position
    • Strategic priorities and opportunities
      • 1) Maximise value and cash flow; ensure a strong base for the next wave of investment
        • 1.1 The base business
        • 1.2 LNG trading: protecting the downside and accessing new markets
        • 1.3 Financial management
      • 2) Deliver competitive low-cost LNG supply
        • 2.1 North West Shelf backfill is critical to Woodside's long-term outlook
        • North West Shelf backfill option metrics
        • Pre-FID LNG cost stack to Asia
        • 2.2 Incremental value from brownfield expansion
        • 2.3 Other longer-term resource options: the 2027+ horizon
      • 3) Developing international portfolio potential
        • 3.1 Senegal: good line of sight
        • 3.2 Myanmar: still looks challenging
        • Woodside Myanmar acreage
        • 3.3 Business development
      • 4) Exploit counter-cyclical exploration opportunities
        • Woodside exploration targets vs. Wood Mac five-year (2012-2016) performance analysis
    • Top upstream assets by value
    • Key commercial assets
    • Exploration portfolio summary
  • Valuation
  • Investment
  • Production
  • Reserves and resources
  • Economic assumptions

Tables and charts

This report includes 49 images and tables including:

  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Upstream EV vs. Upstream NPV10
  • Upstream discount rate sensitivities
  • Forecast development expenditure
  • Forecast operating expenditure
  • Reported and unit development costs
  • New project returns
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs. Wood Mackenzie
  • Reserves life: reported vs. Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Economic assumptions: Image 1
  • Economic assumptions: Image 2
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Executive summary: Table 1
  • Woodside: share price performance
  • Benchmark: market rating to WoodMac NPV,10
  • Benchmark: NPV,10 by resource theme
  • Benchmark: top 10 LNG players by NPV,10
  • Woodside: production outlook
  • Benchmark: production CAGR
  • Portfolio summary: Image 1
  • Portfolio summary: Table 1
  • Portfolio summary: Table 2
  • Global LNG supply-demand outlook UPDATE
  • Woodside: reserves and resources
  • Benchmark: upstream cash flow per boe
  • Woodside: investment 2018-2022
  • Woodside: equity LNG portfolio
  • Global gas spot prices 2017-2021
  • Woodside: year-end net debt
  • Woodside: company cash flow breakeven
  • Strategy: Table 1
  • Strategy: Image 15
  • North West Shelf capacity and output
  • Woodside: base production incl. NWS backfill
  • SNE economics: sensitivities
  • Pre-FID deepwater breakeven (NPV,15)
  • Strategy: Image 20
  • Strategy: Table 2

What's included

This report contains:

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