Latest news with #MegO'Neill
Sky News AU
12 hours ago
- Business
- Sky News AU
Woodside CEO cops vicious spray for exposing the ‘Temu' Gen Zers who export their carbon guilt abroad while preaching about the climate crisis
Woodside CEO Meg O'Neill sure raised some hackles this week when she took aim at the double standards of climate crusaders. In her sights were those who bash fossil fuels while rushing to charge their smartphones so they can splurge on cheap goods from online Chinese retailers. But the boss of Australia's biggest oil and gas producer wasn't sticking a Boomer-style boot into young Australians, despite the inevitable howls of protest. This business leader simply had the audacity to voice an uncomfortable truth - it is time to face the energy hypocrisy woven into the fabric of our everyday lives. Ms O'Neill was on a panel at the industry's annual conference in Brisbane on Tuesday when the moderator, Sky News Political contributor Chris Uhlmann, asked if people genuinely knew the source of their electricity. Echoing the sentiment that 'most people hit a switch and expect the lights to come on', she then referenced the false fossil fuel virtue which exists, according to reports. Ms Neill said: 'It's been a fascinating journey to watch the discussion, particularly among young people who have this very ideological, almost zealous view of, you know, 'fossil fuel bad, renewables good', that are happily plugging in their devices, ordering things from Shein and Temu, having, you know, one little thing shipped to their house without any sort of recognition of the energy and carbon impact of their actions. 'So that human impact and the consumer's role in driving energy demand and emissions absolutely is a missing space in the conversation.' Or in other words, exposing those who quietly export their carbon guilt abroad while proudly claiming to protect the planet. Woodside and by association Ms O'Neill are the enemy to green evangelists because of the company's North West Shelf Project on the Burrup Peninsula in the remote Pilbara region. It is the biggest gas plant on the mainland and the extension - now approved by newly appointed Environment Minister Murray Watt - will allow Woodside to keep operating and supplying gas to the Australian market until 2070. Opponents claim the project will emit billions of tonnes of CO2 as we keep the lights on. Consequently, the net zero brigade do not like Ms O'Neill's position on double standards one bit. Grace Vegesana from the Australian Youth Climate Coalition didn't hold back, accusing Ms O'Neill of trying to dodge responsibility for climate change by pointing the finger at everyday Australians. 'Climate change is happening right in front of our eyes yet Meg O'Neill is trying to cast the blame back onto individuals. In case you've forgotten basic climate science Meg, yes, fossil fuels = bad,' Ms Vegesana said, going after what she called yet another attempt by big oil and gas to deflect blame. Greenpeace's Joe Rafalowicz went even further, calling it 'laughable' that a fossil fuel executive would try to shift blame onto kids. His view was that Ms O'Neill should start listening to students in flooded mid north New South Wales who just saw their schools shut down 'thanks to another climate-driven disaster'. But this is not the essence of her view. The issue Ms O'Neill is highlighting, I believe, is that any and every call for moderation or pragmatic transition in energy is framed as heresy. We are now saddled with energy insecurity and skyrocketing costs, not in the least because of the news this week that from July 1 households in NSW, SA, and SE QLD face up to a $228 spike in their electricity bills. This might be something to think about at the next climate rally when these critics are live-streaming their outrage on devices charged with fossil fuel-powered electricity. But I don't blame Gen Z - they are encouraged to criticise the very industry that keeps this country running. Meanwhile, the Coalition has rediscovered its spine by stepping back from its net zero by 2050 goal following the second honeymoon of the Liberal and National parties. Opposition Leader Sussan Ley said Australia needs to do its part on climate change but not 'at any cost.' Significantly, the former shadow finance minister Jane Hume who pushed to keep the net zero target didn't make it into the new shadow cabinet. But if Gen Zs and the like desire a carbon-free future, are they honestly prepared to unplug their lives and work with major industry or is the goal simple - to yell at the companies that keep them connected? The transition needs to be handled efficiently and until then so-called 'climate justice' means blackouts to the rest of us. Louise Roberts is a journalist and editor who has worked as a TV and radio commentator in Australia, the UK and the US. Louise is a winner of the Peter Ruehl Award for Outstanding Columnist in the NRMA Kennedy Awards for Excellence in Journalism and has been shortlisted in other awards for her opinion work.
Yahoo
2 days ago
- Business
- Yahoo
Woodside Energy Expands into U.S. LNG Market
Suppose you wanted to get into the LNG business in the U.S. to take advantage of the global low-cost of supply advantage held by America. So the desire and the rationale are there, but you'd like to avoid some of the headaches associated with building a liquefaction facility. Site selection, permitting, financing, and associated infrastructure to support moving field gas to your site; essentially 7-10 years' worth of work and trouble before you ever make a dime. In the meantime, maybe your stock tanks from upfront capex and interest charges, perhaps the commodity market turns against you, or a competitor beats you to the market and soaks up all the good offtake contracts. A myriad of stinging little flies to potentially beset you as you lurch toward FID. If you're a typical CEO, your consumption of aspirin and antacids begins to rise exponentially. Or you could just buy one off the shelf. One fully the biggest of these headaches, with ground already broken from an operator nearing bankruptcy and willing to sell for a song. It should also be noted that Driftwood was advantaged by sitting just below one of the largest gas fields in North America, with access to other basins already in place, and new, company-owned pipelines to bring gas already under development. That's the position Woodside Energy found itself in last fall. It didn't hesitate long before picking this plum off the ground. Woodside Energy, (NYSE:WDS), Australia's largest energy operator, has moved into the North American LNG market in a big way over the last 6-9 months. Beginning with its take-out of troubled LNG startup, Tellurian last fall, the company has moved at breakneck pace to move the fully permitted Driftwood LNG project along to FID. Just last month Woodside stunned the investing community by announcing FID approval for the first three trains of the 27.6 mpta Driftwood, now renamed Louisiana LNG. This is a bold move for this Australian energy producer that will bring on-line 16.5 mpta, and CEO Meg O'Neill noted the profound impact on the company in the press release- 'Louisiana LNG is a game changer for Woodside, set to position our company as a global LNG powerhouse and deliver enduring shareholder value for decades to come. Louisiana LNG combines access to an abundant US gas resource, a prime location with best-in-class EPC and technology partners. It builds on Woodside's proven strengths in project execution, operational excellence, and LNG marketing to deliver significant cash generation potential and drive long-term shareholder value.' Perhaps this move shouldn't have been a surprise. The company has been building a portfolio in the LNG space for some time now as noted in the next slide. With ground already broken by the former operator and an EPIC contract in place with Bechtel, one of the top engineering and consulting companies, much of the uncertainty around pre-FID was resolved enabling WDS to move rapidly in this regard. Some challenges remain as only about 1 mpta of the plant's approved 16.5 mpta output has been placed under long-term SPA's (Sales and Purchase Agreement), in a contract with Uniper-a, a German utility company. Other recent U.S. Gulf Coast LNG plants, notably Venture Global, and NextDecade, took the route of selling out 2/3 of their capacity before taking FID. By moving forward and entering the market in the late 2020s, WDS can leapfrog other potential projects and corner the market for supply gas. RBN in a recent blog post noted the impact that LA-LNG could have on projects still under FID review- 'An FID on a project of Louisiana LNG's magnitude — again, three trains with a combined capacity of 16.5 MMtpa — is sure to have an effect on developers promoting other, pre-FID projects along the Gulf Coast. These developers will now have a tougher job selling their projects, especially to investors and potential offtakers. Some pre-FID projects have large portions of their capacity 'contracted' but these deals are done with Heads of Agreement (HOAs) rather than SPAs, the latter of which is a binding contract for offtake while the former is a less formal agreement that either party can back out of.' Woodside's plan to derisk the project involves a significant reduction in its equity stake. One major announcement of an equity partner came last April, with Stonepeak taking a 40% equity interest in LA-LNG and funding 75% of the capital expense through 2026, thereby enabling WDS to defer its capex to 2027, when Scarborough is expected to be online. CEO Meg O' Neill was quoted at CERAWeek in a WSJ article- 'Woodside is involved in intensive discussions with a couple of parties interested in participating in its newly approved $17.5 billion Louisiana LNG gas-export project. Woodside wants to reduce its capital commitments to roughly half the cost of developing the project, which will be built in phases and is targeting production of liquefied natural gas for the first time in 2029.' Through the development of its Pacific Basin (Australian) projects, including Pluto and Scarborough, Woodside has emerged as an experienced LNG plant developer. The opportunity to acquire a derisked and permitted facility with access to low-cost U.S. gas was dangling in the market, and was ultimately seized by the company. The U.S. is the low-cost provider of natural gas globally and much of the current growth in supply from shale is being underpinned by export opportunities to capture more advantageous pricing in the Korean-JKM, and Dutch-TTF, markets. Your takeaway Woodside stock has taken a shellacking over the last year, down 25%. This is primarily due to the downdraft in commodity prices affecting cash flow, combined with high capex outlays for Scarborough. I think the company rates a buy at current levels irrespective of multiples in anticipation of a cash waterfall a few years hence for patient investors as sales ramp up and capex diminishes. With three trains online WDS has the capacity to be exporting a couple of hundred cargoes out of LA-LNG as the next decade starts, with an additional ~150 cargoes from the later brownfield development of trains 4-5. The buy case for WDS is certainly around Scarborough and LA-LNG coming on line as we head into the 2030's The company trades at a pretty attractive EV/EBITDA multiple-4.11X in comparison with other participants in the LNG cohort, including segment leader, Cheneire Energy, (NYSE:LNG) at 11X. It also pays a nearly 9% yielding dividend that is well covered by cash flow, with a payout ratio-68% that might bear a little watching. There are risks to this thesis, notably the $9.0 billion in debt the company has accumulated building Scarborough. In contrast, they have $4 billion in cash and an undrawn $6.5 billion RCF. Maturities are spaced out every 4 years, preventing any sort of a credit squeeze. The LNG market appears to have a long runway, thanks to increasing energy demand projections in Asia, Africa, and Latin America. If they don't pan out, the company could have some problems. Most analysts view the long-term market for LNG as being robust for the next several decades. If you're one of those investors who looked at Cheneire a dozen years ago at $15.00 and passed, and watched it ramp ever higher ever since, this could be your chance to get in on the fun. By David Messler for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
AU Financial Review
3 days ago
- Business
- AU Financial Review
ASX to edge up, Nvidia's latest quarterly results awaited
Australian shares are set for a modest opening advance, with US equities trading in a mixed narrow range. A sale of five-year US government notes drew solid demand. All eyes are focused on Nvidia's pending results. Nvidia was 0.8 per cent higher at 2.30pm in New York, with investors awaiting the release of its quarterly results after the market's close. 'Nvidia really needs to woo investors today if the magnificent seven stocks wish to continue their month-long bender,' Fundstrat Global economic strategist Hardika Singh said. 'And any backup dancer energy will not cut it.' 'What Nvidia's executives says about restrictions for chips sold in the Chinese market and how the company plans to navigate tariffs could set the broader tone for markets in the upcoming weeks,' she also said. Market highlights ASX futures are pointing up 6 points or 0.1 per cent to 8423. All US prices near 2.30pm New York time. Today's agenda It's a relatively light day for data with private capital expenditure at 11.30am. Overseas, the US will release weekly initial jobless claims and the second estimate of first-quarter GDP. The ACCC is expected to release its decision on Elders' proposed $475 million buyout of rival Delta Agribusiness, first announced in November. Results are expected on Thursday from Select Harvests, Champion Iron, Goodman Property Trust, Mainfreight and Ryman Healthcare. Top stories | Word of an investigation by the competition watchdog spread quickly in the real estate sector days after REA introduced new price rises. Chanticleer: North West Shelf approval is welcome dose of energy reality | The national conversation around gas has changed in the past year, Woodside boss Meg O'Neill says. Labor listened – eventually. Watt makes the only choice on Woodside | A new environment minister has finally granted a decades-long extension for operation of the vital North West Shelf project. But the fights over gas won't stop, writes Jennifer Hewett. Super tax change is 'hard reform': Treasury boss | Tax experts challenged Steven Kennedy's contention that the increased tax on superannuation was a serious reform, likening it to a hasty revenue grab.
7NEWS
3 days ago
- Business
- 7NEWS
Woodside boss roasted for accusing Gen Z of fueling emissions hypocrisy
The boss of gas giant Woodside has ignited a storm of backlash after critics slammed her attack on Gen Z as 'tone-deaf' and 'out of touch.' Speaking on Tuesday, Meg O'Neill had raised the impact of ultra-fast fashion brands such as Temu and Shein, which have surged in popularity after entering the market with extremely competitive prices. 'It's been a fascinating journey to watch the discussion, particularly amongst young people, who have this very ideological, almost zealous, view of 'fossil fuels bad, renewables good,'' she said, as reported by The West Australian. 'But (they) are happily plugging in their devices, ordering things from Shein and Temu, having one little thing shipped to their house without any recognition of the energy and carbon impact of their actions. 'The consumer's role in driving energy demand and emissions is a missing space in the conversation.' Greens leader Larissa Waters dismissed the comments, saying 'you couldn't make something like that up'. 'Here is a very well-paid, wealthy fossil fuel executive trying to claim with a straight face that the climate crisis is the fault of young people shopping online for goods they can afford in a cost-of-living crisis,' she said. 'You can't be the head of a massive dirty gas company and point the finger at other people about the climate crisis.' O'Neill's comments came a day before newly-minted federal environment minister Murray Watt provisionally approved Woodside's proposal to extend its North West Shelf project in Western Australia, subject to conditions including impact on air emission levels. Traditional owners have raised concerns about the impact of the expanded project on sacred rock art and have launched legal action in a bid to compel Senator Watt to protect the artwork. Woodside Executive Vice President Liz Westcott said the proposed approval 'will secure the ongoing operation of the North West Shelf and the thousands of direct and indirect jobs.' 'This nationally significant infrastructure has supplied reliable and affordable energy to Western Australia for 40 years and international customers for 35 years, and will be able to continue its contribution to energy security,' Westcott said. 'Since starting operations in 1984, the North West Shelf Project has paid over $40 billion in royalties and taxes, and supported regional development opportunities in the Pilbara.' Woodside said it is reviewing the conditions relating to cultural heritage management and air quality. Senator Watt rejected last-minute objections to the extension from Greenpeace and the Conservation Council of WA, which said the minister had declined to meet them. Research released by the Australia Institute showed that emissions from the planned extension would be equivalent to 33 years of Australia's entire emissions. It is one of the biggest proposed fossil fuel developments in the world, and it would make climate change worse, research director Rod Campbell said. 'Vast amounts of gas are exported… by a handful of predominantly foreign-owned corporations that get most of the gas for free and pay no resources tax on the gas they export,' he said. 'We would never consider allowing dozens of new coal power stations, yet Woodside's gas export expansion plans would have even more emissions.' The Offshore Alliance, a partnership between the Australian Workers' Union and the Maritime Union of Australia, backed the government's decision, saying it secured 'the future of hundreds of our members and their families.' 'What Minister Watt has done today ensures these union wages will continue to flow into communities in north-west WA for decades to come,' alliance secretary Brad Gandy said. 'All federal ministers should respect and acknowledge the value of workers within this important industry. 'To transition to a net-zero future, we need fuels for firming capacity as renewable energy sources are built and connected to the grid, and our members are very proud to be a crucial part of that transition.' 'Climate bomb' The Climate Council described the government's decision as a 'failure of leadership' and a 'polluting stain on its climate record.' 'Communities in NSW are starting the cleanup after record-breaking floods. It is shocking that at the same time the Albanese Government has approved this massive climate bomb as the first act of this term of government,' Council Chief Executive Amanda McKenzie said. 'They've just opened the floodgates on over 4 billion tonnes of climate pollution.' Greenpeace Australia Pacific argued the approval would bring 'Woodside's destructive gas drills one step closer to Scott Reef, a magnificent marine ecosystem that is home to threatened species like pygmy blue whales and green sea turtles.' Stream free on
The Age
4 days ago
- Business
- The Age
Spain's crippling blackout shows need for gas in a greener world: Woodside CEO
Australian oil and gas giant Woodside Energy has pointed to crippling blackouts that left millions without electricity across Europe last month as a 'forceful reminder' for the Albanese government to prioritise energy security alongside goals to switch to cleaner sources of power. While authorities are still searching for the cause of the unprecedented loss of power in Spain, Portugal and southern France on April 28, Woodside, the largest Australian gas producer, has seized on the consequences of the disruption to drive home the importance of ensuring reliable energy supplies. 'What we can see with certainty is that these events reinforce the need to focus on energy security and energy affordability as well as – and not instead of – emissions reduction,' Woodside chief Meg O'Neill will tell the Australian Energy Producers conference in Brisbane on Tuesday. 'When we lose sight of any one of these, all three are at risk.' As investigations continue, some analysts and commentators have raised questions about the Spanish grid's rapid shift to solar farms and wind turbines, which account for more than half of the country's electricity, and which can make it more challenging to balance fluctuations in supply and demand. Loading Rystad Energy analyst Pratheeksha Ramdas said: 'Spain's high renewable penetration exposed difficulties in balancing intermittent supply, while Portugal's complete reliance on imports underscored its lack of flexibility and energy storage.' Spain's grid operator, Red Electrica, and government leaders have denied any link to the expansion of wind and solar power. O'Neill's comments on the European blackouts come as Australian oil and gas executives seek to press the Albanese government to focus in its second term on making it cheaper and easier to drill for fossil fuels. Actions they are seeking include cuts to red tape, a simplification of environmental permitting and greater clarification on who must be consulted over offshore oil and gas projects to avoid ambiguity and 11th-hour lawsuits that force costly delays.
