Woodside to Pay Special Dividend after Dropping Browse LNG, Australia

Woodside today announced a plan to return additional cash to its shareholders, through a special dividend, after dropping plans to build Browse LNG project.

“Woodside is in the fortunate position, at the present time, of having a number of promising growth prospects ahead of it and also experiencing strong cash flows.” said Chairman, Michael Chaney.

“Given the lead times involved with the growth projects and forecast reductions in the company’s debt levels, the Board has concluded that it would be appropriate to pay a special dividend to shareholders now and increase the company’s dividend payout ratio.”

“These initiatives reflect the Board’s commitment to disciplined capital management and desire to distribute additional franking credits to our shareholders. At the same time we shall continue to pursue growth opportunities where we believe they will create value for shareholders.” said Mr Chaney.

The Board has declared a special dividend of US$0.63 per share. The dividend will be paid on 29 May 2013 to all shareholders registered on the record date of 6 May 2013. The ex-dividend date for dividend entitlement will be 30 April 2013. The dividend will be fully franked for Australian taxation purposes.

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LNG World News Staff, April 23, 2013; Image: Woodside