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 The development of the Pluto project has weakened the company's credit metrics and has led to a prolonged period of negative free operating cash flow after capital expenditure during construction Potential commissioning risks associated with the large-scale Pluto project Limited geographic diversity, albeit improving with the development of new projects Cyclical and capital-intensive industry The ratings on Woodside reflect our opinion of the company's cost-competitive operations, long reserve life, strong development pipeline, and the favorable outlook for the LNG market.
