Woodside updates reserves, Sangomar project progress

Woodside (OTC:WOPEY) Energy Group Ltd (ASX:WPL), a leading company in the crude petroleum and natural gas industry with a market capitalization of $28.29 billion, has released its latest reserves statement and provided an update on the Sangomar Field Development.

The announcement, dated February 17, 2025, was filed with the Securities and Exchange Commission on Monday as part of the company's Form 6-K submission. According to InvestingPro analysis, the company currently appears undervalued, with strong fundamentals supported by a healthy 8.63% dividend yield and a 33-year track record of consistent dividend payments.

The reserves statement, a critical document for investors and analysts, outlines the company's estimated quantities of petroleum and natural gas reserves. These figures are essential for assessing the company's potential revenue and growth prospects, particularly given Woodside's impressive EBITDA of $7.97 billion in the last twelve months. While the specifics of the reserves were not detailed in the press release, such statements typically include information on proved, probable, and possible reserves.

In addition to the reserves statement, Woodside provided an update on the Sangomar Field Development. The Sangomar Field, located offshore Senegal, is one of Woodside's key projects and is closely watched by the industry for its potential to contribute significantly to the company's output.

The update on the Sangomar project likely includes progress on drilling, construction, and development activities. These details are crucial for stakeholders to understand the timeline and investment required to bring the project to production.

This latest filing comes as Woodside continues to navigate the challenges and opportunities of the energy sector, with investors keenly observing the company's performance and strategic decisions.

The company maintains a moderate P/E ratio of 15.12 and demonstrates good financial health with an overall score of 2.65 according to InvestingPro, which offers additional insights through its comprehensive Pro Research Report, available for over 1,400 US equities.

The information reported is based on a press release statement and is essential for those following Woodside Energy Group's operations and performance in the market. The company, headquartered in Perth, Western Australia, operates under the organization name 01 Energy & Transportation and is listed on the Australian Securities Exchange with the ticker symbol ASX:WPL.

The company, in collaboration with the government of Trinidad and Tobago, has arrived at initial terms for the development of the Calypso deepwater gas project. This agreement will consolidate two adjacent deepwater blocks, where Woodside confirmed the presence of 3.5 trillion cubic feet of natural gas reserves.

In a recent development, BofA Securities analyst Matt Chalmers upgraded Woodside Energy's stock from Neutral to Buy, adjusting the price target to AUD27.10. This upgrade was primarily influenced by BofA's revised oil price forecasts.

On the financial front, Woodside Energy released its fourth-quarter report for 2024, detailing the company's production volumes, sales revenues, and other key performance indicators.

In a strategic move, Woodside Energy announced changes to its portfolio aimed at simplifying its structure and unlocking long-term value. The company plans to focus on core assets and divest from non-core ones.

Lastly, Woodside Energy entered into an agreement with Chevron Corporation (NYSE:CVX) for a significant asset swap. This deal involves Woodside acquiring Chevron's interests in the North West Shelf (NWS) Project, NWS Oil Project, and Angel Carbon Capture and Storage (CCS) Project, while transferring its interests in the Wheatstone and Julimar-Brunello projects to Chevron.

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