Woodside Petroleum Limited
(ASX:WPL) will spend $US2.75 billion to buy stakes in two liquefied natural gas projects from US-based Apache Corporation.
The oil and gas producer will purchase Apache’s Wheatstone LNG project and Balnaves oil interests in Australia and Kitimat LNG project interests in Canada.
Woodside has described the acquisitions as a counter-cyclical, value adding growth opportunity which will be immediately accretive to net profit, earnings per share and operating cash flow.
The company has also today flagged it will delay a final investment decision on its Browse FLNG project to mid-2016 from an earlier target in the second half of 2015.
Woodside Petroleum reported a net profit of $1.21 billion in the first half of the 2014 financial year.
