The case for selling Woodside

Profits have never been higher. Dividends, production and cash flow have all hit records while capital expenditure and debt has plummeted; These aren’t the usual conditions to support the argument to sell the largest independent oil and has business in the land. And yet that’s what we’re about to do. The company is in fine financial shape. Profits rose to US$1.75bn in the year to December 2013, while annual production hovers around 87m barrels of oil equivalent (mmboe). Dividends of US$2.49 per share offer an amazing yield of over 5% and appear sustainable. Sometimes derided as a risky business with...

Profits have never been higher. Dividends, production and cash flow have all hit records while capital expenditure and debt has plummeted; These aren’t the usual conditions to support the argument to sell the largest independent oil and has business in the land. And yet that’s what we’re about to do.

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