Woodside worth a hold

Back in We need to talk about Woodside (Sell - $42.05), we recommended selling one of the best quality energy stocks on the market. We certainly didn’t see the collapse in oil prices coming: our concern was that Woodside was not adequately investing in its business, allowing reserves to dwindle without replacement. In time, we argued, management would have to replace reserves or face a slow, bleeding death.The stock price is down a little since then – about 13% – but circumstances have changed enormously. The oil price collapse has shocked the industry and caused a rush of asset sales...

Back in We need to talk about Woodside (Sell - $42.05), we recommended selling one of the best quality energy stocks on the market. We certainly didn’t see the collapse in oil prices coming: our concern was that Woodside was not adequately investing in its business, allowing reserves to dwindle without replacement. In time, we argued, management would have to replace reserves or face a slow, bleeding death.

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