ACCR Company Engagement Woodside Petroleum Ltd

Woodside Petroleum Limited is the largest operator of oil and gas production in Australia.

Founded in 1954 and headquartered in Perth, Woodside shares were first listed on the ASX in 1971. It is Australia’s most valuable independent dedicated oil and gas company. WPL has a portfolio of offshore platforms, oil floating production storage and off-loading vessels. Woodside operates assets both in Australia and Canada and is developing an oil facility in Senegal.

Woodside has announced some non-fossil fuel agreements and project concepts, but is yet to allocate material capital. It is still planning on developing oil and gas resources that are inconsistent with the IEA’s Net Zero Emissions scenario and does not currently have any scope 3 emission reduction targets.

Woodside remains a priority company for ACCR, having recently made the final investment decision on the mega Scarborough LNG project and with its imminent merger with BHP Petroleum. Like Santos, we currently plan to file resolutions that seek more specific disclosure on the company’s management of stranded asset risk and asset decommissioning liabilities, along with the company’s significant direct and indirect influence on government policy. At the 2022 AGM, Woodside will also be providing shareholders with a Say on Climate, in which shareholders will vote on the company’s climate transition plan. ACCR will undertake detailed analysis of this plan.

Updates

  1. Media release

    ACCR welcomes Woodside withdrawal from Myanmar

    ACCR welcomes the withdrawal of Woodside Petroleum’s (ASX:WPL) from Myanmar which was announced by the company today.

  2. Media release

    Woodside’s debt dressed up as equity in climate-wrecking project

    ACCR commenting on Woodside Petroleum’s (ASX:WPL) announcement that it has reached a final investment decision (FID) on Scarborough and Pluto Train 2 developments.

  3. Media release

    Woodside ignores COP26, accelerates emissions growth

    ACCR commenting on Woodside Petroleum’s (ASX:WPL) sale of a 49% share in Pluto Train 2 Joint Venture to Global Infrastructure Partners (GIP).

  4. Media release

    BHP climate plan a greenwash

    This vote suggests institutional investors are easily cowed by big companies like BHP and they’re unwilling to force them to adhere to the Paris Agreement.

  5. Media release

    BHP offloads coal assets to a climate laggard

    ACCR is commenting on BHP’s divestment of 80% interest in BHP Mitsui Coal (BMC) to Stanmore SMC Holdings Pty Ltd.

  6. Media release

    BHP shareholders support coal mining beyond 2050

    Despite its claims of climate leadership, BHP’s climate plan isn’t even close to what is required to prevent runaway climate change.

  7. Media release

    BHP must end support for fossil fuel expansion

    ACCR welcomes BHP’s support for the shareholder resolution on climate-related lobbying. BHP must use its unique position of leadership to push for more ambitious emissions reductions before 2030.

  8. Media release

    BHP-Woodside merger a disaster for shareholders and climate

    Commenting on the sale of BHP’s Petroleum division (ASX:BHP) to Woodside Petroleum (ASX:WPL).

  9. Media release

    Woodside claims to be reducing emissions by increasing emissions

    Woodside’s targets do not address the much larger issue of Scope 3 emissions, ignoring the demands of half of its shareholders to take responsibility for the emissions from the gas it sells.

  10. Media release

    Woodside and BHP Scarborough project conflicts with a net zero future

    The Woodside and BHP Scarborough project is at odds with the expectations of investors for companies to align their capital expenditure and decarbonisation strategies with the Paris Agreement.

  11. Media release

    New Woodside CEO must be allowed to determine new growth strategy

    “The board has made the right decision to move Peter Coleman on, allowing the new CEO the clear air to determine a new strategy less focused on growing gas production."

  12. Media release

    Woodside adopts ‘Say on Climate’

    We welcome the move by Woodside Petroleum (ASX:WPL) to adopt the Say on Climate initiative and provide shareholders with a non-binding vote on the company’s Climate Change Report at next year’s AGM.

  13. Briefing note

    Investor briefing: Shareholder Resolutions to Woodside Petroleum Ltd to adopt Say on Climate reporting

    An annual Say on Climate will provide shareholders with a non-binding advisory vote on Woodside's plan to reduce emissions and its performance against that plan.

  14. Media release

    Say on Climate launches with resolutions to Santos and Woodside

    “The Say on Climate framework will provide shareholders with the opportunity to send a clear signal to the board about whether the company is effectively managing the risks of climate change.”

  15. Shareholder Resolution

    ACCR Shareholder Resolutions to Woodside Petroleum Ltd to adopt Say on Climate reporting

    ACCR has filed Shareholder Resolutions to Woodside Petroleum (ASX: WPL) asking for an annual vote on the adoption of a Climate Report consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the Climate Action 100+ Net-Zero Company Benchmark as developed by institutional investors.

  16. Media release

    Woodside climate targets: uninspiring business as usual

    Woodside’s newly announced climate targets are a disappointment to the investor community, demonstrating that the existing Board and Executive are simply not capable of delivering a transition consistent with limiting global warming to well below 2 degrees celsius.