$63b merger starts clock ticking for Woodside

Over the course of Woodside Petroleum’s gruelling annual general meeting in Perth on Thursday, investors perfectly illustrated the oil and gas giant’s energy transition challenge.gave near-unanimous approval to Woodside’s $63 billion merger with BHP’s petroleum divisionBut just minutes later, 49 per cent of those same investors sent Woodside chairman Richard Goyder and chief executive Meg O’Neill a very clear message by voting against the group’s climate plan.

But the alternative view is that it actually sends Goyder and O’Neill a very clear message.

O’Neill had a standard response ready: The IEA also says that in 2050 we’ll still need half the amount of gas we use now, so Woodside’s commodities will be an important part of the global energy mix for decades.

But the message from the climate vote would appear to be that shareholders want to see this strength and social licence to be used in the right way – to hasten Woodside’s bid to be, as Goyder says, “a significant part of the [energy transition] solution” by moving quickly to reduce its emissions and move to lower-emissions technologies.

Isn’t the ‘protest’ vote to sell the stock? Or happy to take the profits….

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