Woodside Petroleum Ltd. 'BBB+' Rating Affirmed; Outlook Remains Negative

MELBOURNE (Standard&Poor's) April 29, 2016--Standard&Poor's Ratings Services said today that it had affirmed its 'BBB+' corporate credit rating on Woodside Petroleum Ltd. (Woodside) and the company's related debt issues and programs. The outlook remains negative. "We continue to view Woodside's business risk profile as satisfactory, reflecting the company's long-life gas reserves and low-cost operations," said Standard&Poor's credit analyst Craig Parker. Following the Apache acquisition in 2015, the company has total proven reserves of about 1,150 million barrels of oil equivalent (mmboe), a production level of 92.2 mmboe in 2015, and a reserve life of about 12 years. The company's liquefied natural gas (LNG) contract price structure affords it some degree of protection across the

...MELBOURNE (Standard & Poor's) April 29, 2016--Standard & Poor's Ratings Services said today that it had affirmed its '###+' corporate credit rating on Woodside Petroleum Ltd. (Woodside) and the company's related debt issues and programs. The outlook remains negative. "We continue to view Woodside's business risk profile as satisfactory, reflecting the company's long-life gas reserves and low-cost operations," said Standard & Poor's credit analyst Craig Parker. Following the Apache acquisition in 2015, the company has total proven reserves of about 1,150 million barrels of oil equivalent (mmboe), a production level of 92.2 mmboe in 2015, and a reserve life of about 12 years. The company's liquefied natural gas (LNG) contract price structure affords it some degree of protection across the portfolio in a low oil price environment. That's because the LNG sales are predominantly contracted to sound credit counterparties. Offsetting these strengths is the company's asset concentration exposure...

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