FAR Options, page-14

Woodside's capex cuts give it flexibility to grab assets that come up for saleas rivals scramble to protect balance sheets amid uncertainty over the coronavirusoutbreak. Credit Suisse thinks Woodside could buy a suite of top-tier assets at pricesbelow their net asset values. Opportunities could include stakes held by joint venturepartners in Western Australia and Senegal. Also, there are discoveries in the Perth Basinthat look attractive, while major companies may seek a buyer for some assets. Anotherscenario is a company, such as Oil Search, with a stretched balance sheet hunting for awhite knight. "Any M&A could see capital management tweaks such as underwriting thedividend reinvestment plan in our view," Credit Suisse says. ([email protected];@dwinningWSJ)