Woodside: Result 2015

Woodside shrugged off the oil crisis to post a fine result. Is it enough to make it a Buy?

Woodside sailed through the oil price crash without the howls of despair heard throughout the sector. The full-year results weren’t completely free of pain – statutory profits came to a mere US$26m – but underlying profit free from impairment charges was still a healthy US$1.1bn, down 57% from last year as a result of lower oil prices. Impairments worth just over US$1bn came mostly from the recently acquired stake in the Wheatstone LNG project. That project is due to commence next year but low oil prices mean returns are likely to be low.  



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