Founded in 1954 and headquartered in Perth, Woodside shares were first listed on the ASX in 1971. It is Australia’s most valuable independent dedicated oil and gas company. WPL has a portfolio of offshore platforms, oil floating production storage and off-loading vessels. Woodside operates assets both in Australia and Canada and is developing an oil facility in Senegal.
Woodside has announced some non-fossil fuel agreements and project concepts, but is yet to allocate material capital. It is still planning on developing oil and gas resources that are inconsistent with the IEA’s Net Zero Emissions scenario and does not currently have any scope 3 emission reduction targets.
Woodside remains a priority company for ACCR, having recently made the final investment decision on the mega Scarborough LNG project and with its imminent merger with BHP Petroleum. Like Santos, we currently plan to file resolutions that seek more specific disclosure on the company’s management of stranded asset risk and asset decommissioning liabilities, along with the company’s significant direct and indirect influence on government policy. At the 2022 AGM, Woodside will also be providing shareholders with a Say on Climate, in which shareholders will vote on the company’s climate transition plan. ACCR will undertake detailed analysis of this plan.