Woodside Petroleum

Woodside Petroleum has done what many had hoped but few had expected. The company announced it would pay a special dividend of US63c per share fully franked (ex date 30th April), a capital return of US$500m, and lift its payout ratio from 50% to 80% for the next few years. The move follows the (unsurprising) canning of the Browse LNG project, an ambition that would have cost Woodside and its partners between US$40bn-US$50bn to develop. With Browse, Sunrise and an expansion of Pluto now unlikely, Woodside’s potential capital expenditure burden has been slashed. Investors responded with undisguised glee; the...

Woodside Petroleum has done what many had hoped but few had expected. The company announced it would pay a special dividend of US63c per share fully franked (ex date 30th April), a capital return of US$500m, and lift its payout ratio from 50% to 80% for the next few years.

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