Woodside (WPL) Strategic Valuation, page-3

Extracted from Morning Star:
I can't for some reason copy and paste:

For those that can access Morningstar research I strongly recommend reading their research reports on WPL. Morningstar tends to give long term value estimates, as opposed to most of the broker reports which focus on short term estimates (12 month forecasts).

Essentially, like BHP/RIO WPL LNG projects are tier 1 assets operating at the bottom of the cost curve, this gives them a competitive advantage by being able to make money 'through the cycle' as opposed to more speculative assets that can only generate cash flow when the underlying commodity price is high.

WPL has a long long (25yrs+) track history of developing/extracting oil/gas. This knowledge is embedded inside the company's knowledge IP.

WPL has 20year offtake agreements with many of the major energy utilities in Asia. This helps to provide cash flow stability over the long term.

Australia has a shipping competitive advantage to Asia compared to US (ie its much cheaper to ship from Australia to Asia, than US to Asia)