Good post fdKen. You have made me think more. My reason was I felt that management might bias the payout to be higher for the final to achieve a full year 80% ratio. But I'm not sure if there is any evidence to support that thinking. Here is a link to dividend history
https://www.woodside.com.au/investors/dividends
if they don't bias the payout then yes I would expect around a USD1.20 dividend in Aug 22. Based on NPAT of ~1450MM and 80% payout.
yes agree BHPP will be accretive to NPAT but given higher capex period over next 3-5 years they might decided to make balance sheet bullet proof this year and take gearing down further and make the company net debt ratio 0%? That way regardless of what happens to oil prices the company can finish funding Scarborough very comfortably? We also need to keep in mind the dividend policy is minimum of 50% of underlying NPAT so they could drop that ratio if they prioritise balance sheet strengthening.
very conservative thinking of my part but just some thoughts. I'm now inclined to think that the 2H22 div will be north of US1.0..
A Toast to the Idiots, page-28
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