Ann: Woodside and BHP to create a global energy company, page-85

response to @tubbyguts car analogy:

I like your attempt, but I propose:

I own an LNG car (partly geared) and you own an oil car (ungeared).
I issue shares to you and now I own 52% of an LNG car and 52% of an oil car, with half the previous gearing.
IMHO, the fundies/banks would value the new entity more highly due to lower overall risk.

However, you now own the other 48% of both, but I hear part of you doesn't like either of these so may just dump some on market for sale as you're making so much money with BHP divi's you couldn't give a s--t.

Aside:
A car is consumer of fuel, whereas we produce it, so maybe a "nodding donkey" is a better analogy.
Definitely lower risk and can have fewer operators to supervise both.

I think its a buy, especially if WPL results are good, which may explain Meg's confidence in the telecon (very annoying, she actually only answered probably 10% of questions and only 2 of 10 asked difficult questions). Suspect they were hand-picked.