Woodside Energy hits over 2-year low on $2.35 bln ammonia project buy

OCI

06/08/2024 04:15

** Shares of Woodside Energy  WDS.AX  fall as much as 5.5%
to A$25.020, their lowest since Feb. 1, 2022
    ** Stock posts its biggest intraday percentage decline since
March 16, 2023
    ** Energy giant said on Monday it would buy Dutch fertiliser
co OCI Global's  OCI.AS  clean ammonia project in Texas for
$2.35 bln
    ** Analysts at Citi say the timing of the acquisition seems
wrong, since the market expects Woodside to spend on its green
energy transition closer to 2030
    ** "Who's to say another good asset won't come along over
the next half-decade, potentially during a bear market too?" -
Citi
    ** Around 6.1 mln shares change hands, compared with the
30-day average volume of about 4.7 mln
    ** Stock down 18.8% YTD, including session's move

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))