Insights

The Woodside (ASX:WPL) share price fell 8% this week. But there is some good news

It wasn’t a good week for Woodside shares. But its United States subsidiary had some exciting news
The post The Woodside (ASX:WPL) share price fell 8% this week. But there is some good news appeared first on The Motley Fool Australia. –

The Woodside Petroleum Limited (ASX: WPL) share price slid this week despite the company reporting increased quarterly revenue on Thursday.

While the week was a struggle for the oil and gas producer’s stock, its United States subsidiary had exciting news.

It’s decided to work with Bill Gates-backed renewable energy technology company Heliogen to create a commercial scale artificial intelligence (AI)-enabled concentrated solar energy system.

The Woodside Petroleum share price slumped 7.59% over the course of this week. It finished Friday’s session at $23.27, 2.8% lower than it ended Thursday’s trade.

For context, the S&P/ASX 200 Index (ASX: XJO) gained 0.7% over the same week. Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) fell 4.3%.

Let’s take a closer look at the partnership between Heliogen and Woodside.

Woodside share price falls despite Heliogen agreement

As the Woodside share price fell, Heliogen announced the companies will create a 5-megawatt demonstration facility for Heliogen’s “breakthrough technology” in California.

The solar technology aims to provide renewable power nearly 100% of the time.

The facility will use computer vision software to align an array of mirrors. Those mirrors will reflect sunlight into a target atop a solar tower. Therefore, it will be able to provide low-cost storage in the form of high-temperature thermal energy.

Customers of the technology can choose to add additional technology to their systems. Examples of such would be thermal energy storage systems, a turbine for power generation, and electrolysers for green hydrogen production.

Additionally, the companies have agreed to jointly market Heliogen’s technology in the United States and Australia.

Under the marketing agreement, the companies are considering building more renewable energy projects and, potentially, replicating the demonstration facility internationally.

They’re also talking about designing and selling industrial-scale, cost-competitive, integrated renewable energy and hydrogen solutions in the United States.

Excitingly, Woodside would take on the marketing rights for Australia.

What did management say?

Woodside’s CEO Meg O’Neill commented on the company’s collaboration with Heliogen. She said it demonstrated Woodside’s focus on developing innovative technologies for low-cost, lower-carbon energy:

Heliogen’s innovative technology could play a key supporting role in development of Woodside’s zero-carbon hydrogen and ammonia business, which would rely on access to abundant and reliable renewable power.

We are also excited about the marketing rights for Heliogen’s technology in Australia, where our abundant solar energy resources support application of this technology in remote power generation and other industrial processes.

Heliogen CEO and founder Bill Gross also commented:

Heliogen’s AI-enabled concentrated solar technology has the potential to transform heavy industry by turning sunlight into a zero-carbon source of heat, power and hydrogen that is nearly always available… As the energy sector is ripe for applications of green hydrogen fuels and decarbonisation strategies, Woodside is an ideal collaborator for our breakthrough solar technology, which will support the operational characteristics of heavy industry.

The Woodside share price is up less than 1% this year to date, but has climbed 25% over the past 12 months.

The post The Woodside (ASX:WPL) share price fell 8% this week. But there is some good news appeared first on The Motley Fool Australia.

Should you invest $1,000 in Woodside Petroleum right now?

Before you consider Woodside Petroleum, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Woodside Petroleum wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

5 things to watch on the ASX 200 on Friday

ASX 200 energy shares take a breather, broker sees “lot of upside risk” for oil

Woodside (ASX:WPL) share price dips despite quarterly revenue lift

5 things to watch on the ASX 200 on Thursday

5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!