Woodside Petroleum
Stock Code
Stock Exchange
The parent company of the Woodside Group of Companies, the Woodside Petroleum Limited (WPL) is an Australian-based company engaged in the operation and management of hydrocarbon exploration, production, development, marketing and transportation, operation and implementation of the North West Shelf Gas Project as well as the condensate reserves, gas and oil exploration and development. WPL was listed on the Australian Stock Exchange on the 18th of November 1971. Its average annual revenue reaches approximately $3 billion out of its issued capital of approximately $700 million.
Spotless Group (SPT) was the overall best performing stock taking in a 18.21 percent increase. Among the best performing stocks for the week 24 of 2008 on the Australian sharemarket was a mixture of toll road development, oil and gas exploration, retail services, mineral and mining: Transurban Group (TLC), Woodside Petroleum (WPL), Santos (STO), Spotless Group (SPT), JB Hi-Fi (JBH), Mincor Resources (MCR). These top gainers for the week 24 managed above 6.79 percent by the end of the trading week.
Australian Equity Strategy Update provided by Australian stockmarket analyst Macquarie Research Equities.
Model Portfolio Update
Reducing Energy - Preference For Diversifieds:
We remain overweight diversified resources (where valuations appear reasonable), and have moved energy down from benchmark to underweight, as we believe valuations in the sector are looking stretched, as is the oil price in our view.
Accumulating Banks:
Here is an Australian Energy update from Australian market analyst UBS.
What do WPL, STO and OSH look like at US$100/bbl oil price parity for LNG?
Is our LT assumption of US$10/mmbtu conservative?:
We have recently upgraded the UBS our oil price forecast by a material amount, but we have left our long term Asia Pacific LNG pricing assumption of US$10/mmbtu unchanged. Is this too conservative?
Asia Pacific LNG prices are moving towards oil price parity:
Here is an update on the comparison of Australia's equity strategy Vs the world from Australian market analyst UBS.
Equity Strategy – Australia vs The World
Among the best performing stocks for the week 7 of 2008 on the Australian sharemarket were a mixture of mining, oil & gas and real estate: Paladin Energy (PDN), Alumina (AWC), Woodside Petroleum (WPL), Australian Energy Development Oil (AED), Tishman Speyer (TSO). These best performing stocks for week 7 of 2008 managed gains above 11 percent by the end of the trading week. Energy services companies were dominating both the ASX 100 index and the ASX 200 index for the best performing stock list.
Paladin Energy (PDN) was the overall worst performing stock taking in 18.33 percent decrease. Among the worst performing stocks for the week 46 of 2007 of the Australian sharemarket were a mixture of energy, petroleum, mining and oil exploration: Paladin Energy (PDN), Woodside Petroleum (WPL), Lihir Gold (LHG), AED Oil (AED). These worst performing stocks for week 46 of 2007 recorded losses above 10.77 percent by the end of the trading week.
UBS has released some of their analysts' thoughts on the Australian energy sector, especially in the area of Oil Prices. In light of the recent strength in the oil price, the analysts have reviewed two oil pricing scenarios - Futures Curve and WTI spot to determine their impact on forecast EPS, valuations and our share price targets for our Australian E&P company coverage. Scenario 1: WTI Futures curve: average WTI oil price US$75/bbl: Applying the futures curve increases 2008 EPS forecast most for Tap (+84%), Santos (+47%) and Woodside (+41%).
Woodside Petroleum Limited (WPL) has a maintained Buy 1 broker call and a $45.64 share price target from sharemarket analyst UBS. The company is having their AGM in Perth on 19th April 2007. There is a focus on LNG. With potential portfolio rationalisation: WPL is placing greater emphasis on LNG and its core asset base. Risky places are getting riskier and WPL has forwarned that it will make appropriate changes to its asset portfolio, e.g. Mauritania assets are "under review". Exploration activities will be highgraded. The company has a bullish LNG outlook: LNG demand is set to outstrip supply in the Asia Pacific region to 2015. This provides a significant opportunity for new LNG supply sources, particularly Australian LNG - favoured for portfolio diversity and supply security factors. The LNG pricing outlook is also good, with a trend towards straight line indexation to oil. They believe WPL represents one of Australia's best long term resource sector investments, largely due to its high quality asset base which has potential to support an exceptional production growth profile from a diversified portfolio of mainly WPL operated oil, gas and LNG project developments. Their NAV estimate is based on a DCF (10% nominal discount rate) of WPL forecastcash flow over the 2P reserve life of producing assets and all committed and highly probable projects. The analyst's 12-month share price target for Woodside Petroleum Limited is A$45.64 and is based on our NAV, significant contingent resources and exploration upside.
Woodside Petroleum Limited (WPL) has a maintained Buy 1 broker call and a price target of $45.64 from sharemarket analyst UBS. Mar 2007 Quarter update: Offshore Libya drilling begins with WPL sales revenue broadly in line with the analyst's forecast. Sales revenue of A$899.3m over the Mar ’07 qtr was 18% below the Dec ’06 qtr, but also broadly in line with their forecast for 16% decline. This result was adversely affected by tropical cyclone activity and asset sales (Legendre). Overall, this production report had no negative surprises. Most importantly, all new growth projects that underpin our strong Woodside 2008 production growth outlook remain on schedule. After updating their Woodside forecasts with the March ’07 qtr production data, our Woodside Petroleum EPS forecasts have increased by less than 1% per annum (2007E-2009E). The analyst believes Woodside represents one of Australia's best long term resource sector investments, largely due to its high quality asset base which has potential to support an exceptional production growth profile from a diversified portfolio of mainly Woodside operated oil, gas and LNG project developments. Their NAV estimate is based on a DCF (10% nominal discount rate) of WPL forecast cash flow over the 2P reserve life of producing assets and all committed and highly probable projects. Their 12-month share price target is A$45.64 (prior A$45.03) and is based on their NAV, significant contingent resources and potential exploration upside.
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Top 50 Public Companies Listed on the Australian Stockmarket as at 18/07/2008
- BHP Billiton
- Commonwealth Bank of Australia (CBA)
- Rio Tinto
- National Australia Bank (NAB)
- Telstra (TLS)
- News Corporation or NewsCorp (NWS)
- Westpac Banking Corporation (WBC)
- Woodside Petroleum Limited (WPL)
- ANZ
- Woolworths Limited (WOW)
- Westfield Group (WDC)
- Westfarmers Limited (WES)
- Fortescue Metals (FMG)
- CSL
- QBE Insurance
- St. George Bank Limited (SGB
- Newcrest Mining Limited (NCM
- Origin Energy Limited (ORG)
- Maquarie Group (MQG)
- AMP Limited (AMP)
- Leighton Holdings (LEI)
- Suncorp-Metway Limited (SUN)
- Brambles Limited (BXB)
- Santos Limited (STO)
- Coal & Allied (CNA)
- Incitec Pivot (IPL)
- Foster’s Group Limited (FGL)
- Orica Limited (ORI)
- BlueScope (BSL)
- AXA Asia Pacific Holdings Limited (AXA)
- Woodside Petroleum Limited (WPL)
- Insurance Australia Group Limited (IAG)
- Stockland (SGP)
- Lihir Gold Limited (LGL)
- Qantas Airways Limited (QAN)
- Oxiana Limited (OXR)
- Sims Group Limited (SGM)
- AGL Energy Limited (AGK)
- OneSteel Limited (OST)
- Transurban Group (TCL)
- Oil Search Limited (OSH)
- Coca-Cola Amatil Limited (CCL)
- Crown (CWN)
- Alumina (AWC)
- ASX (Australian Securities Exchange)
- Macquarie Infrastructure Group (MIG)
- Telecom Corporation of New Zealand (TEL)
- Computershare Limited (CPU)
- Aneka Tambang (Persero) TBK (ATM)
- Tabcorp Holdings (TAH)
