Cost-competitive operations and long reserve life Asset concentration risk due to limited, albeit improving, geographic diversity Favorable long-term demand outlook for liquefied natural gas (LNG) in Asia-Pacific, although competition to this premium market is increasing Predictable cash flows from long-term, take-or-pay, domestic gas and LNG contracts, and high reliability of its LNG plants Strong operating performance from its Pluto plant supports improving metrics and adds some diversity to cash flows Expected positive free operating cash flow in the next two years due to lower committed capital expenditure The positive outlook reflects our view that Woodside Petroleum Ltd.'s operating performance is likely to remain strong, underpinned by its steady cash flows from LNG contracts and increased production from its Pluto plant,
