Oil M&A looms as Woodside clears decks; FAR in trouble

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 & 22 : 31-Mar-20

James Byrne of Citibank is among the analysts who expect Woodside Petroleum to seek acquisitions after putting its key growth projects on hold. He notes that the oil and gas group has $US4.9bn in cash and $US7.9bn in liquidity, and it may be prepared to temporarily lose its BBB+ credit rating if the right acquisition emerges. Meanwhile, Far Limited has advised that the sharp decline in the crude oil price in recent months means that it cannot finalise new debt facilities to finance its share of the Woodside-led Sangomar oil project in Senegal.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, FAR LIMITED – ASX FAR, CITIBANK PTY LTD

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