From the AFR:

Woodside 'primed' for deals despite huge loss

RBC Capital Markets analyst Gordon Ramsay said Woodside's balance sheet and low operating costs placed it in a strong position relative to its peers.
"Despite taking oil price-related impairments on several of its key assets, Woodside’s balance sheet remains in a healthy state with gearing still below 20 per cent," he noted.
"We therefore think Woodside's $US$7.5 billion of liquidity could see it emerge as an M&A contender, with particular emphasis on expanding its existing North West Shelf footprint to facilitate its project extension plans."