Business
Woodside slumps to huge loss on write-downs – The Australian Financial Review
The oil and gas producer was hit by huge write-downs in the half, forced by the slump in oil prices exacerbated by the COVID-19 pandemic.
JPMorgan analyst Mark Busuttil said the result was better than he had anticipated, but Citigroup’s James Byrne said the underlying profit fell short of his estimate by 33 per cent.
The huge loss had been ancitipated by the market after Woodside’s addvice last year on the impairments, and shares in the company were little changed in early trading, up 5¢ at $20.64.
Chief executive Peter Coleman described the market conditions as “the most difficult I’ve seen in nearly four decades in the industr…
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