Robust market outlook for liquefied natural gas (LNG), supported by long-term contracts and good-quality counterparties Low-cost and long-life gas assets with established operating track record Successful reserve-replacement strategy underpinning the company's development pipeline Improving geographical and product diversity Moderately conservative financial profile. Exposure to volatile oil prices, currency fluctuations, and increasing long-term export competition in LNG markets Increasing capital-development costs and project construction risks Large exploration budget with a focus on accelerating oil reserve replacement, particularly in the company's maturing oil portfolio The rating on Woodside Petroleum Ltd. (Woodside) reflects the company's cost-competitive operations, solid operating track record, incremental cash flow from new projects, and long reserve life. These strengths are offset by the company's limited, although improving, geographic diversity,
