Australia's Woodside Energy Group said on Tuesday it would book a nearly $4.4 billion expense this year, as changes in its asset depreciation calculation method outweighed a tax benefit and a reversal of an impairment charge.
said on Tuesday it would book a nearly $4.4 billion expense this year, as changes in its asset depreciation calculation method outweighed a tax benefit and a reversal of an impairment charge.
The country's biggest independent gas producer said it had reviewed the methodology it follows to calculate depreciation of its oil and gas properties, after taking into account the scale of its portfolio since acquiring BHP Group'sIt now plans to depreciate oil and conventional gas assets based on proven reserves, instead of the prior method where proven and probable reserves were both considered.
Analysts at Citi said the 2023 expense guidance was "materially higher" than Visible Alpha consensus of $3.1 billion. Woodside Energy said it would add back $630 million post-tax to the valuation of its stake in the Wheatstone liquefied natural gas project in Western Australia, after revising up its LNG price assumptions.
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