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Investing.com-- Australia’s Woodside (OTC:WOPEY) Energy Ltd (ASX:WDS) said on Monday it will sell a 40% stake in a Louisiana-based liquefied natural gas project to U.S. investment house Stonepeak.
Stonepeak will invest $5.7 billion towards capital expenditure in the project, while Woodside will continue to operate the project after the completion of the deal.
Monday’s deal heavily reduces Woodside’s capital expenditure in the project, and is a “material step towards readiness for a final investment decision,” the oil and gas company said in a statement.
Stonepeak’s investment will represent about 75% of projected capital expenditure for both 2025 and 2026.
Woodside shares slumped nearly 15% on Monday, largely tracking losses in oil prices and broader financial markets after U.S. President Donald Trump rattled global markets with his latest round of tariffs.
The ASX 200 slumped 6.3%.