Australia's Woodside flags $483 mln charge on Kitimat assets in Canada [Reuters]
WOODSIDE PETROL LTD S/ADR (WOPEY)
NASDAQ:AMEX Investor Relations:
woodside.com.au/investors-media/announcements/pages/announcements-currentyear.aspx
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Source: Reuters
Australia's Woodside flags $483 mln charge on Kitimat assets in Canada (Reuters) - Australia’s Woodside Petroleum ( WPL.AX ) said on Tuesday it will record a A$720 million ($483.41 million) charge in its fiscal 2019 results in relation to Kitimat liquefied natural gas assets in Canada. Woodside said in September it would scale down its investment in the Canadian project to reduce capital expenditure. Woodside owns 50% of the Kitimat project, that is operated by Chevron (CVX.N). The U.S. oil and gas major reported a large fourth-quarter loss last month as it took around $10 billion in writedowns on properties that were no longer economical, including the Kitimat LNG assets. “The impairment reflects increased uncertainty, particularly in the timing of the development of the upstream Liard resource, following sustained depressed gas market conditions in Western Canada,” Woodside said in a statement. The Kitimat project encompasses upstream resource assets in the Liard and Horn River ba
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