Woodside Energy Group Ltd (ASX: WDS) shares fell slightly today amid falling oil prices.
Woodside shares dropped 0.81% to $30.72 in today's trade. For perspective, the S&P/ASX 200 Index (ASX: XJO) fell 0.02% today.
Let's take a look at what has been happening at Woodside lately.
What's going on at Woodside?
Woodside shares are slightly in the red today after oil prices dropped. International benchmark Brent crude oil is down 0.62% at the time of writing, while WTI crude oil is 0.77% in the red, according to Bloomberg energy.
In recent news, Woodside has ended the "current sell-down process" for the Sangomar oil project. Woodside currently has an 82% interest in the project. This project is worth US$4.6 billion, or $6.67 billion Australian dollars.
Woodside said in its recent second quarter report last week, it will ditch this sell-down – at least for now. CEO Meg O'Neill said:
Following extensive discussions with potential new partners, we have decided to discontinue the sell-down of equity in Sangomar.
The company had been planning to cut its interest in the project, located about 100 km south of Dakar, Senegal, to less than 50%.
In comments cited by The Australian Financial Review, O'Neill highlighted the two parties have not been able to arrive at a saleable price due to high oil prices. She said:
When we've got oil that's going to be coming to market in the very near term, our
expectation of what fair value is is quite attractive, and in a high price environment,
sometimes it's hard for buyers and sellers to come home to alignment on what price is
appropriate
Woodside reported last week revenue increased by 44% in the second quarter of this year, up 44% from the previous quarter. Production also increased 60% on the first quarter of this year.
Recap of Woodside shares
Woodside shares have surged 38% in the past year, jumping 40% in the year to date.
However, in the past month, Woodside shares have jumped just 0.36%.
For perspective, the benchmark ASX index has declined about 8% in the past year.
Woodside has a market capitalisation of over $58 billion based on today's share price.
