Woodside to cut over 500 jobs globally as part of cost reduction drive

Abu Dhabi's XRG is investing $1.45B for a 16.67% stake in Australia's North West Shelf gas project, run by Woodside Energy, pending government approval. This deal may facilitate the development of the undeveloped Browse gas project and extend the North West Shelf's lifespan. Qatar is also investing in U.S. LNG projects, including a 70% stake in Texas' Golden Pass project.

Woodside Energy signed LNG supply deals totaling about 3.5 Mtpa to Europe, with options to redirect cargoes. The agreements, subject to conditions, include buyers like Germany's Uniper and Türkiye's BOTAŞ. Woodside aims to increase contracting post-Louisiana LNG startup, targeting first LNG in 2029. The company is Australia’s largest independent oil and gas firm, listed on the ASX and NYSE.

Woodside Energy has agreed to supply Türkiye's BOTAŞ with 0.5 million tonnes per annum of LNG for nine years starting in 2030. This deal is part of Woodside's 11 Mtpa of LNG agreements signed in the past two years. The company's portfolio includes oil-linked and gas-linked pricing, with projects in Australia and the US.

Woodside Energy raised its annual cost-cutting target to $400 million from 2028, up from a previous goal. Savings will come from portfolio optimization, streamlined processes, and reduced external spending. CEO Liz Westcott emphasized improving operational efficiency and productivity. The company is listed on the Australian and New York stock exchanges.

Woodside Energy aims for a 12-15% return on capital employed by the mid-2030s, driven by projects like Scarborough, Trion, and Louisiana LNG, cost cuts, and marketing. The target assumes a Brent price of $70/barrel. Woodside is listed on the ASX and NYSE.

Woodside Energy announced a new policy to distribute 20-40% of adjusted operating cash flow (AOCF) to shareholders, prioritizing 20% as a base dividend. The remaining 20% may be used for additional dividends or buybacks. The company stated this approach is more predictable and aligns with industry peers. Under the old policy, Woodside paid 80% of underlying net profit after tax, equivalent to about 31% of AOCF. The company is listed on the Australian and New York stock exchanges.