Low-cost position and long-life gas reserves Predictable cash flow from long-term take-or-pay domestic gas and LNG contracts with investment-grade offtakers Favorable market outlook for LNG, underpinned by strong demand from Asia Several development prospects, which should support strong production growth Aggressive debt funding for the Pluto 1 project will weaken the company's strong credit metrics and lead to negative free cash flow in the near term Potential significant commissioning risks associated with the large-scale Pluto 1 project Limited geographic diversity, albeit improving with the development of new projects Cyclical and capital-intensive industry The ratings on Australian-based oil and gas producer Woodside Petroleum Ltd. reflect our opinion of the company's cost-competitive operations, long reserve life, and strong development pipeline, and the
