It will remain as operator of the $4.2 billion project.Woodside will make an upfront payment of $300 million, along with contingent payments of up to $100 million, funded from its current cash reserves, it said in a statement. "It could stretch the balance sheet," analyst Saul Kavonic said, unless oil prices recover to more than $50 a barrel or Woodside revises plans for its Scarborough gas project in Australia. Please disable your ad-blocker and refresh. Woodside Petroleum share price on watch after COVID-19 update www.msn.com - March 26 at 11:00 PM: Woodside Petroleum Limited (ASX: WPL) Share Price and News www.fool.com.au - March 24 at 11:14 PM: 12.5% dividend yield: Is the Woodside share price a buy? Peter Coleman, chief executive officer and managing director at Woodside Petroleum Ltd., discusses earnings, his outlook for the rest of the year and where he’s seeing opportunities. 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Woodside Petroleum has posted a multi-billion-dollar loss as oil and gas prices tanked due to oversupply and weakened global demand amid the coronavirus pandemic.The West Australian energy giant booked a net loss of $US4.067 billion ($A5.68 billion) for the six months to June 30, predominantly due to impairments that devalued the company’s assets by $US3.92 billion ($A5.46 billion).“Approximately 80 per cent of the oil and gas properties impairment losses are due to the significant and immediate reduction in oil and natural gas prices assumed up to 2025,” the company said.“Additional contributors are increased longer-term demand uncertainty impacted by the COVID-19 pandemic and increased risk of higher carbon pricing.”As flagged last month, an “onerous” contract provision for its long-term deal to buy LNG from Germany-based RWE Supply and Trading’s Corpus Christi project in the US has contributed to the loss.Explaining the long-term agreement in 2014, Woodside said it would “provide a new geographic source of LNG and diversify our product offering on the basis of specification and pricing”.But the company said in its half-year report there was some flexibility in the contract, and Woodside had elected not to lift three cargoes.Several buyers used contractual flexibility to reduce their purchases from Woodside, forcing it to sell 19 LNG cargoes – representing almost one-third of its total LNG output – on the spot market.As announced last month, Woodside achieved its highest first-half production levels, producing 50.1 million barrels of oil equivalent, which places it on track to meet its full-year production target of 97-103mmboe.In March, as the pandemic took hold, Woodside responded to market conditions by slashing its forecast 2020 total expenditure in half, deferring final investment decisions for its Scarborough and Pluto Train 2 projects to the second half of next calendar year and Browse from calendar 2023.Ord Minnett said operating costs were, significantly, 24 per cent below its own forecast and drove a better-than-expected underlying result.The net loss was in line with Ord Minnett’s estimate, while an interim dividend of 26 US cents per share was 13 per cent higher than predicted.Disregarding the devalued assets, Woodside said its underlying interim profit was $303 million.Woodside chief executive Peter Coleman said the onset of COVID-19 had created the worst operating conditions in his working lifetime.“I would rate the external conditions created this year by the COVID-19 pandemic and oversupply in global oil and gas markets as the most difficult I’ve seen in nearly four decades in the industry,” Mr Coleman said.“Oil and gas prices were negatively impacted by the confluence of geopolitical dynamics, global economic uncertainty and energy demand destruction brought about by the COVID-19 pandemic.”According to Woodside, oil prices fell as much as 80 per cent from the start of the year, and the LNG spot prices have been at historical lows.Woodside said in response to the pandemic it had cut its planned total expenditure by 50 per cent and delayed final investment decisions.Please take a moment to upgrade to the latest version.Copyright Nationwide News Pty Ltd. All times AEST (GMT +10:00)Gerard Cockburn is a business reporter. This is also known as Online Behavioural Advertising. Prior to joining The Australian, he has worked as a journalist for the Courier Mail and published in The Age. Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. 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Get today's Woodside Petroleum Ltd stock price and latest WPL news as well as Woodside Petroleum real-time stock quotes, technical analysis, full financials and more. Insider Ownership of Woodside Petroleum .


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