Woodside shares drop amid weak market
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More news: Woodside Energy shares were down 1.2% to $29.94 in a weak Australian market during early trading.
The decline comes despite global oil prices edging higher amid rising geopolitical tensions in the Middle East, and come ahead of the company's annual general meeting next week where it is facing the prospects of some investors and proxy advisors voting against its climate transition plan.
Woodside ‘honest about energy transition’, chair says
The news: Woodside Energy chair Richard Goyder has fended off criticism of his company’s climate plan ahead of Australia’s top oil and gas producer’s annual meeting.
The numbers: Woodside has outlined billions of dollars worth of investments in growth projects including the Scarborough gas project in Western Australia, the proposed Trion oil and gas project in Mexico and the Sangomar project in Senegal, but insists these can align with the goals of the Paris climate Agreement.
The context: In a note to shareholders ahead of next week’s annual general meeting, Goyder said the board is "absolutely focused on Woodside’s long-term future and strategy to thrive through the energy transition".
Some investors and proxy advisors have recommended a vote against the company’s climate plan.
Goyder, whose re-election is also being opposed by some proxy advisors, said he has “never been more energised and excited at the prospect of serving as chair of Woodside” and pledged to continue in the role.
What they said: “We are being honest about the energy transition. It is the board’s view that the CTAP [Climate Transition Action Plan] effectively articulates the challenges and demonstrates Woodside’s plans and progress towards mitigating the risks of climate change,” Goyder said.
The source: ASX announcement
