Woodside Energy Group (ASX:WDS) has entered into a strategic asset swap agreement with Chevron. The deal includes acquiring Chevron's interests in key projects such as the North West Shelf and Angel CCS, while transferring its own interests in Wheatstone and Julimar-Brunello Projects. A cash payment up to $400 million from Chevron is also part of the agreement.
Woodside Energy Group has announced a strategic asset swap with Chevron, aiming to streamline its portfolio and boost long-term value. Woodside will acquire Chevron's stakes in the North West Shelf Project, NWS Oil Project, and Angel CCS Project, while transferring its interests in the Wheatstone and Julimar-Brunello Projects to Chevron. This transaction includes a cash payment of up to $400 million from Chevron to Woodside, enhancing its financial position. The asset swap is poised to increase Woodside's stakes in crucial projects, improve cash flow, and support future investments. The transaction, expected to close in 2026, is subject to regulatory approvals, and further aligns with Woodside's strategic focus on decarbonization and development of carbon capture and storage in Western Australia.
The transaction simplifies our portfolio and enhances our focus on operated LNG assets. It consolidates our position in the North West Shelf Project, unlocking economic recovery of existing production and enabling future development opportunities. We expect this acquisition to improve cash flow, benefiting shareholder distributions and supporting ongoing investments.