WPL - Woodside
Woodside Petroleum Limited (ASX: WPL) is an Australian company that is involved in petroleum and liquid natural gas exploration and production. It has been listed on the Australian Stock Exchange since 1971.
Woodside was formed in 1954, just one year after the first discovery of oil in Australia. A major turning point for the company was when, in 1963, it was awarded the right to explore for petroleum in the area of Western Australia known as the North West Shelf.
Woodside’s major operation today is the North West Shelf Venture, which is a resource development project located in the North West Shelf. Petroleum is extracted by offshore facilities there and processed and exported onshore. Woodside is the project operator, but the North West Shelf Venture is owned by a consortium of six companies including Woodside, BP Plc and BHP Billiton. It is Australia’s largest resource project. It is estimated that only one-third of the total reserves of the project have been extracted to date.
Because some of Woodside’s earnings are in US dollars, gains in the value of the Australian dollar against the US dollar negatively affect Woodside’s overall revenue.
Profits for 2008 were AUD$1.786 billion.
Woodside’s headquarters are in Perth, Australia.
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