Thanks, but if the dividend falls sufficiently then even with a share price dropping, the dividend won't hold at 10%.
In the last 10 yrs WDS has only paid a dividend over $3 twice, in 2014 and 2022.
Yes WDS is a bigger company, but it has also doubled the number of shares on issue!!!.
At the end of the day WDS underlying business is a commodity, and 2022 was the commodity high for oil and gas.
The historical norm is around $50-$70USD a barrel.
At these prices WDS future dividends will be lower than $3 per year, and hence dividend even on a falling share price won't be 10%.
That's my opinion anyway.
Woodside, page-307
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