Tuesday, 21 November, 2017

Shell Reduces Its Interest In Woodside

Woodside's Pluto LNG plant Woodside's Pluto LNG
Laurie Berry | 14 November, 2017, 02:27

These shares represent 64% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of AUS$31.10 per share, resulting in total pre-tax proceeds of approximately US$1.7 billion (AUS$2.2 billion).

Shell once owned a third of Woodside.

The sell-down capitalises on recent strength in Woodside's share price, which has been buoyed by the higher oil price.

Shell shares were up 0.8 percent at 1525 GMT. The announcement came after Perth-based company's stock closed at $32.24.

Shell announced in London that it had agreed to sell down nearly two thirds of its remaining stake Woodside Petroleum for $US1.7 billion ($A2.2 billion).

Aircraft Carrier Groups Take Part in Joint US- S. Korean Maritime Drills
Both operations focused on the capacity to quickly unite forces from three strike force groups because of national circumstances. Navy aircraft carriers for a massive exercise on November 12 in the Sea of Japan in a show of force toward Pyongyang.

Shell said today that proceeds from its sale of Woodside shares will be used to reduce the group's net debt.

Analysts at investment bank Tudor, Pickering, Holt & Co said that Shell's $30 billion target "is easily within reach and we see the potential for this to be increased at the Management Day" on November 28.

Originally, Shell it agreed to retain a 4.8% stake but such was the demand it made a decision to sell the whole lot to raise US$2.7bn (A$3.5bn).

Even before Shell set out to sell assets, it was distancing itself from Woodside. But in 2010, it sold a 10% stake, and a further 9.5% in June 2014.

Shell will remain joint venture partner in two liquefied natural gas projects in Australia, according to Woodside.

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