WOPEF - Woodside to exit Canada's Kitimat LNG project

Woodside Petroleum ([[WOPEF]], [[WOPEY]]) says it plans to sell its 50% stake in the proposed Kitimat liquefied natural gas project in British Columbia, and expects a $40M-$60M cut to FY 2021 net profit as a result.Chevron (CVX), the proposed project's operator, already had decided to divest its 50% interest in 2019 and stopped feasibility work at the site this March.Woodside says it "decided to prioritize the allocation of capital to opportunities that will deliver nearer-term shareholder value," including the Scarborough LNG development in Western Australia and the Sangomar oil project offshore Senegal.Chevron has failed to find a buyer for the project after putting its interest up for sale in December 2019.

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Woodside to exit Canada's Kitimat LNG project