Investors dumped Woodside Petroleum shares today after it revised up construction costs and cut full year production guidance due to further delays in the shipment of first liquefied natural gas from its Pluto project.
Incoming Woodside Petroleum chief executive Peter Coleman said today he would focus on delivering on the company's established strategy, including work on its three major growth projects Pluto, Browse and Sunrise.
UPDATE: Woodside Petroluem chief executive Don Voelte has echoed BHP Billiton in hosing down speculation that the multinational mining giant was about to embark on a takeover bid for the oil and gas producer.
Engineering and construction firm Forge Group is searching for a new managing director, after its current boss, Peter Hutchinson, stepped down in a move he says will drive the company's next phase of growth.
Tap Oil has trumped Woodside Energy's efforts to buy into the WA-351-P natural gas exploration permit in the Carnarvon Basin, after it exercised its pre-emptive right to acquire an additional 20 per cent interest in the permit.
Delays and cost blowouts at Woodside Petroleum's Pluto LNG project have resulted in international ratings agency Standards and Poor's downgrading Woodside's credit rating to BBB+ from A-.
HE role of chairman at Australian public companies has traditionally been reserved for experienced industry professionals tired of working in an executive capacity and who are keen to bring an independent viewpoint to the company boardroom.
Australia's resources-led economic recovery has had a major impact on the pay of WA-based executives, with a big rise in the number of million dollar pay packets as share prices bounced back from GFC lows.
WOODSIDE Petroleum is expected to reveal the full extent of cost overruns and delays at its crucial $13 billion Pluto liquefied natural gas project by early next week.
ALL eyes were on BHP Billiton chief Marius Kloppers this week for hints that the resources giant is eyeing a move on North West Shelf operator Woodside, following Shell's decision to sell 10 per cent and field offers for its remaining 24 per cent interest
ENERGY giant Shell's $3.3 billion sale of a 10 per cent stake in Woodside has opened a Pandora's box of speculation about how long Australia's home-grown oil and gas champion can survive alone.
Premier Colin Barnett says he has received an assurance from Royal Dutch Shell that it will not sell down its remaining 24 per cent stake in Woodside Petroleum for the foreseeable future.
Shell has announced plans to sell a 10 per cent stake in Woodside Petroleum to focus on its investments in Australia through direct interest in assets and joint ventures rather than indirect stakes.
Woodside Petroleum has moved to bolster its expansion plans at the $13 billion Pluto liquefied natural gas project with a deal to take sole control of its four most significant recent gas discoveries.
Woodside Petroleum is facing unspecified delays in commissioning its $13 billion Pluto LNG project after warning some key plant infrastructure does not meet its cyclone rating standards.
Woodside chairman Michael Chaney expects a "good slate of candidates" to put their hand up for the top job of Australia's premier oil and gas producer, in the wake of chief executive Don Voelte's decision to retire in the middle of next year.
Woodside Petroleum says a floating LNG plant remains its preferred option for the Greater Sunrise gas field, after an East Timor official said Woodside was reviewing other processing options.
Shell Australia chair Ann Pickard has dismissed recurring media and analyst speculation the energy giant was considering a renewed tilt at 34 per cent owned rival Woodside Petroleum, potentially in partnership with BHP Billiton.
Woodside Petroleum has deferred a final decision on expansion of its Pluto gas project, but the company's chief executive Don Voelte has still talked up its development record, saying it was five years ahead of industry rival Chevron.
Woodside Petroleum has revealed a 9 per cent drop in production in the second quarter of 2010 driven by scheduled maintenance shutdowns, the sale of the company's Otway assets, and a natural decline in oil production.
FOR Victorians eyeing Western Australia’s resources boom with envy, oil and gas giant Woodside Petroleum must represent the most frustrating case of the one that got away.
Woodside is set to pay $US12 million ($A13 million) to former joint venture partners, ASX-listed Global Petroleum and UK-based Dana Petroleum, after the oil and gas giant settled outside of the English High Court of Justice today.
Woodside Petroleum has rejected claims that its workers have been exposed to asbestos through gaskets, saying tests have confirmed the equipment did not contain the deadly material.
Woodside Petroleum boss Don Voelte has given a subtle warning to major domestic gas customers, such as Alcoa, that the days of cheap gas are over following Woodside's landmark price settlement with Alinta.
