WPL -4.58%: A strong oil price underpinned a decent March quarter for Woodside with sales of $3.3 billion more than double the same period last year (but down on the December quarter due to lower trading activity). The average realised price of $US93 a barrel of oil equivalent (boe) was very strong and the strength in cash generation is likely to hang around for this quarter at least, with CEO Meg O’Neill saying that “We expect in the second quarter to see the continued benefit of stronger pricing, reflecting the oil price lag in many of our LNG contracts.” Woodside tracked back to our target of ~$30 today.
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Thursday 28th March – ASX200 +80pts, All Time High, Retail Sales
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Thursday 28th March – DOW up +477pts, SPI up +60pts
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MM used weakness today to buy WPL ~$30.50
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