Woodside (ASX:WPL) share price falls during investor-led climate change charge

Woodside share price falls amid slumping oil prices as the gas producer allows an investor vote on its 2022 climate change report.
The post Woodside (ASX:WPL) share price falls during investor-led climate change charge appeared first on The Motley Fool Australia. –

oil and gas operations at sunset signifying senex share price

The Woodside Petroleum Limited (ASX: WPL) share price is down 2.61% today as the oil and gas producer becomes the latest company to announce its shareholders can vote on its 2022 Climate Change Report.

Woodside’s decision follows similar announcements by other leading ASX companies Rio Tinto Limited (ASX: RIO), down 1.2% today, and rival Santos Ltd (ASX: STO), down 2.32%.

ASX energy shares facing investor pressure on climate change

Woodside said it would only allow investors to cast an advisory, non-binding vote on its annual climate change report at next year’s AGM, as the gas producer becomes the latest energy company to face significant pressure over its strategy to cut emissions.

Woodside Chair Richard Goyder said the company was already as transparent as required around its action on climate change. 

We will continue to engage with shareholders in 2021 to inform the content of Woodside’s climate reporting ahead of the non-binding shareholder vote in 2022, and on the risks and opportunities for Woodside arising from the energy transition.

Woodside supports the TCFD framework and the goals of the Paris Agreement. We already report on the impact of climate change on our present and future activities, as well as progress against credible emissions reduction targets.

Woodside currently has a target of net-zero emissions by 2050 and its board recommended investors vote against two motions aimed at increasing reporting around its emission-reduction commitments.

Woodside share price facing slumping oil prices, falling revenue

Woodside is the largest producer of oil and gas in Australia but its revenue declined 35.21% from the end of 2019 to 2020, While its share price has risen 52.73% over the past 12 months, that’s still down over 7% against the energy sector.

The largest drag on Woodside’s share price is slumping oil prices, sinking for the fifth day in a row yesterday on the back of slow COVID-19 vaccine rollouts and the strengthening US dollar.

Where to 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 are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Lucas Radbourne-Pugh 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.

The post Woodside (ASX:WPL) share price falls during investor-led climate change charge appeared first on The Motley Fool Australia.

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!