I am not sure why you think the next half year dividend will be...

I am not sure why you think the next half year dividend will be less.

There may be a reason for which I am not aware.

In the last two dividend announcements WPL reported:

Underlying NPAT at $354M US and 80% dividend payout giving 30 cents US for the half year.

Second half Underlying $1,266M US for 105 Cents (1620-354=1266)

Whole year Underlying NPAT $1,620 US dividend 135 Cents

354:30 = 11.8 highest proportion to NPAT
1266:105=12.1
1620:135=12

But the ratio of underlying NPAT to dividends cents is fairly consistent.

The only factor I can think of would be the dilutive effect of BHP oil and gas assets and shareholders joining the mix.

If the BHP assets were overvalued, underperforming or requiring capital in the near term they may be a drop in the first half dividend in my opinion only.

However, I am hopeful that NPAT has increased by at least another20% for the WPL business due to the lagging of increased prices, higher spot values.

That there may be excess profits retained by the BHP oil and gas assets after the netting of the equivalent WPL dividends since the agreement.

And hopefully the merged entity got the BHP assets at a discount and therefore provides greater than its 48% valuation.

Either way a USD dividend of $2.10 would be a great franked return on the current share price.