Insights

Woodside (ASX:WPL) share price edges higher despite fresh climate outrage in WA

The Woodside share price is in the green but climate authorities aren’t happy.
The post Woodside (ASX:WPL) share price edges higher despite fresh climate outrage in WA appeared first on The Motley Fool Australia. –

The Woodside Petroleum Limited (ASX: WPL) share price is edging higher in afternoon trade as we finish the week.

While enthusiastic investors are pushing Woodside shares north, up 0.36% to $22.10, climate authorities have reacted harshly to the latest news on its Scarborough project.

Let’s investigate further.

Scarborough project gets the green light

WA Minister for Environment, Amber-Jade Sanderson granted approval for the proposal on 11 August. The decision came after the Environment Protection Authority’s assessment.

Woodside got the green light to construct about 33km of pipeline in nearshore waters off the Pilbara coastline, in the state’s north. This will make up a section of the 430km pipeline that Woodside is developing as part of its expansion of the Pluto LNG facility.

Woodside welcomed the news with open arms. In a statement, Acting CEO Meg O’Neill said:

This is an important regulatory milestone as we now have both commonwealth and state primary environmental approvals in place to support a final investment decision.

An extensive public review was completed on the proposal, including stakeholder consultation, and a review of the spoil disposal management plan.

The dust is yet to settle

The decision has faced significant backlash. For instance, climate authorities have now weighed in on the debate, among others.

In yesterday’s The Guardian, Conservation Council of Western Australia executive director, Piers Verstegen said the pipeline is “the key piece of infrastructure that would enable Australia’s most polluting fossil fuel project to proceed”.

Tim Baxter, of The Climate Council, also chimed in. Baxter said how “absurd” it was that a project like Scarborough is “still being considered, let alone approved, in 2021”.

The announcement follows the International Panel on Climate Change’s (IPCC) scathing report released a few days ago.

O’Neill has pushed back at the condemnation by saying:

Scarborough gas contains negligible reservoir carbon dioxide. Combined with the adoption of best available proven technology in design at Pluto Train 2, these developments will be amongst the lowest-carbon LNG sources globally for Woodside’s North Asian customers.

Given the summation of these factors, investors can expect more to come from each camp. Despite the outrage, there has been little effect on the Woodside share price.

Woodside share price snapshot

The Woodside share price has posted a year-to-date loss of about 4%. Despite this, Woodside shares are 8% into the green over the past 12 months.

In addition, Woodside shares are about 4% in the red over the past month.

These returns have lagged the S&P/ASX 200 Index (ASX: XJO), which has climbed about 25% over the past year.

At the time of writing, Woodside has a market capitalisation of $21.11 billion.

The post Woodside (ASX:WPL) share price edges higher despite fresh climate outrage in WA appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

5 things to watch on the ASX 200 on Friday

The Woodside (ASX:WPL) share price is now trading on a forecast 2.3% fully franked dividend yield
5 things to watch on the ASX 200 on Thursday

5 things to watch on the ASX 200 on Wednesday

What could the latest climate report mean for ASX 200 shares?

The author Zach Bristow has no positions 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!