Woodside, page-451

Realised price last quarter was $60.2/boe down from $74.5 the prior quarter. This quarter will probably have improved on that back towards the $70 mark.
My lower end estimate for the dividend is around $0.69US, or roughly $1.0 AUD depending on currency shifts over the next month or so. The higher oil price this quarter may pull this up slightly. So roughly an annualised 6.4% return (@ a SP of 31.34), excluding franking credits and 9.1% when including them.

Excluding a significant drop in oil price or change in payout ratio (reducing from 80% npat to the minimum 50%), I would think this should be maintainable longer term.

In addition then, we have significant production being brought online over the next 3 years, an increase from 180mmboe to 200+mmboe, as well which could support higher returns.

And then all of that ignores the potential for much higher oil prices into the future.

@noomxx, noting you've used commsec's analyst estimates, it does seem odd that EPS and DPS drop so much in 25 & 26. The only rationale I could come up with was for to increased CAPEX over the period reducing both, yet according to the investor day presentation CAPEX peaks in 2023, which should mean increasing returns in those years. So apart from trusting the analysts, what do you think is causing the reduction in forecast EPS and DPS?