Woodside Energy And Chevron Agree To Asset Swap

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(RTTNews) - Australia's Woodside Energy Group Ltd. (WOPEF.PK, WOPEY.PK, WPL.AX), formerly known as Woodside Petroleum Ltd, and Chevron have agreed to an asset swap under which Woodside will acquire Chevron's interest in the North West Shelf (NWS) Project, the NWS Oil Project and the Angel Carbon Capture and Storage (CCS) Project, and transfer all of its interest in both the Wheatstone and Julimar-Brunello Projects to Chevron. Chevron will also make a cash payment to Woodside of up to $400 million.

As per the proposed transaction, Woodside will transfer its 13% non-operated interest in the Wheatstone Project and 65% operated interest in the Julimar-Brunello Project and will acquire in exchange Chevron's 16.67% interests in the NWS Project and the NWS Oil Project and a 20% interest in the Angel CCS Project.

The transaction is expected to close in 2026.

The cash payment by Chevron to Woodside of up to $400 million comprises a cash payment of $300 million at completion, and additional contingent payments of up to $100 million in aggregate related to handover of the Julimar Phase 3 Project and subsequent production performance. In addition, cashflows forecast at approximately $400 million, are expected from utilising otherwise depreciable tax bases on completion. At completion there will be customary adjustments for net working capital and interim period cash flows.

Chevron will provide a $100 million advance payment to Woodside on execution of the transaction, which is refundable by Woodside if the transaction fails to complete.