Interesting article from a few weeks back.
I don't know who else could possibly fit the bill?
Watch for $US1b oil deals at Woodside Petroleum, Macquarie says
Woodside Petroleum shareholders shouldn't give up on the company's M&A plans.
Despite a couple of high-profile misses in recent years, including Oil Search and Leviathan, Macquarie analysts reckon Woodside shareholders should think positively about future acquisitions.
The analysts reckon Woodside management has shown its discipline around deals and would be seeking acquisitions around the $US1 billion mark.
Bigger acquisitions were in the "too hard basket", the analysts said, unless there were significant synergies available.
Macquarie also thinks Woodside has a pretty wide remit when it comes to geographies but its mandate was for oil deals, not gas.
"At the investor day, on site and at the management meeting it was emphasised that WPL are no longer looking at large-scale acquisitions," Macquarie analysts told clients on Thursday morning.
"And it is within this commentary that we start to see the shape of what could be added to WPL's portfolio next.
"Their recent acquisition of Wheatstone notwithstanding, we see WPL management as prudent acquirers and capital managers. They have been patient and most importantly, been willing to walk away from deals they believed were stretches."
Macquarie said Woodside would be watching the Oil Search/InterOil deal for any lessons around US investor appetite for scrip deals as opposed to cash transactions.
Macquarie set its 12-month price target for Woodside shares at $29. The stock was trading at $26.84 in early trade on Thursday.
(20min delay)