Low-cost position and long-life gas reserves Predictable cash flow from long-term take-or-pay domestic gas and LNG contracts Favorable market outlook for LNG, underpinned by strong demand from Asia Limited geographic diversity, albeit improving with the development of new projects Exposure to a cyclical and capital-intensive industry The ratings on Woodside Petroleum Ltd. reflect our opinion of the Australia-based company's cost-competitive operations, long reserve life, and the favorable outlook for the liquefied natural gas (LNG) market. We also consider positively the company's predictable cash flow from long-term take-or-pay domestic gas and LNG contracts. Partly tempering these strengths are: the company's limited, albeit improving, geographic diversity; and the cyclical and capital-intensive nature of the exploration and production industry. Woodside recorded total production
