Supposedly cashflows are to be spitting out in 2028, however, that was the prediction at the 2024 investor day briefing. This didn't include any additional CAPEX associated with Louisanna LNG, which WDS now has postponed their portion of capex till 2028 for this. Furthermore, WDS has conducted an asset swap with Chevron and whilst this will incur a $400 million cash payment to Woodside, their share in the NWS increases from 33.33% to 50%.
NWS extension capex has been publically announced as $30B (unsure if USD or AUD), thus WDS share of this capex is an eyewatering $15B. NWS was to be underutilised around 2030 I believe, thus would have thought if approval is received for the project then CAPEX would be ramping up over 2027-2030ish.
Anyhow, Scarborough first gas 2026 and Trion 2028 should be throwing off some solid cashflows to support these initiatives (provided gas + oil prices stabilise or increase from here).
Uncertain of the timeline for Sangomar phase 2, but Meg has stated they will wait till more data is available from phase 1 to see how the plan will develop there.
WDS Price at posting:
$21.58 Sentiment: Hold Disclosure: Held
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