Ann: Woodside and BHP to create a global energy company, page-63

Interesting call. Free cash flow from the merger and subsequent oil assets drives growth in the transitionary energy source LNG.

Key points:

- Committed to Scarborough
- Committed to returning franking credits to shareholders
- Concern about the de commissioning costs
- Also questions about how real that 400m Synergies figure is
- Only 50% approval needed by WPL shareholders, meaning it's as good as a done deal.

Overall, somebody has been putting in some work to working out how we fund new projects without "diluting" shareholders equity as such.

Extremely low gearing means we remain able to pay out dividends whilst taking on new projects. Transitioning away from oil and into LNG in the mid twenties and have the free cash flow to explore other energy investment options into the future.

I'm disappointed I held before the announcements as it has destroyed some capital but overall this business should keep returning money back to shareholders.

Pretz