Woodside (WPL) Strategic Valuation, page-11

I notice your disclosure is now not held. Is the decision of management to invest in hydrogen with a target return of 10% pa ( in my view this seems optimistic ) a turn off since WPL isn't sticking to its knitting? And thus will reduce the amount of capital available for its core business or capital returns.

I agree with the ESG , energy stops growing thesis and the value further out in the oil futures chain. But am a bit torn on whether the oil stocks themselves are sufficiently attractive investments. I'd be tempted but the hydrogen investments feel like they could squander capital. A bit like a certain railway stock which made a dubious acquistion rather than stick to its knitting (fortunately I had happened to exit just before that misstep.)