Groundhog Day: Woodside stuck in denial of the energy transition

The Australasian Centre for Corporate Responsibility​ (ACCR)  is commenting on Woodside’s Investor Briefing Day 2022 in which the company announced no changes to its climate transition plan, regardless of major investor push back at its May 2022 AGM.

Commenting on Woodside’s results, Alex Hillman, Lead Analyst at the Australasian Centre for Corporate Responsibility (ACCR) said:

“Today’s investor briefing day was more of the same from Woodside Energy despite shareholders previously demanding greater climate ambition at its AGM.

“Whilst BHP is celebrating its restructured portfolio and its alignment with the megatrend of decarbonisation, its unwanted assets have been dumped onto Woodside who is now left holding the baby.

“New Energy is a mere footnote when compared to the rest of Woodside’s capital investment plans. A company prioritising the Trion oil and Browse LNG projects is not a company that’s committed to a credible transition.

“While the International Energy Agency notes that it is currently raining money for oil and gas producers, these conditions are unlikely to last - even with the war in Ukraine.

"Woodside has a track record of ignoring shareholder concerns time and again.This lack of responsiveness suggests a company unable to grapple with the reality that its strategy just doesn't pass muster.

"If Woodside wants to be a better steward of investor funds, it needs to wake up to the fact that demand for gas is forecast to decline. Continuing to spruik tickets to a show that's in its final act is just bad business."

Background

ACCR’s analysis of Woodside’s climate plan can be found here

Further details on the results from the Woodside AGM are here