Woodside Energy's (ASX:WDS) 2024 results were negative and fell short of market expectations, despite positive changes to reserves at projects like Sangomar, Pluto, and North West Shelf, according to a Monday note by Jarden Research.
The company's depreciation, depletion, and amortization guidance of $4.4 billion to $4.6 billion exceeded Jarden's estimate of $4.32 billion.
Jarden notes that this increase was offset by stronger-than-expected net finance costs and petroleum resource rent tax.
However, WDS' ''other expenses" forecast between $1.7 billion to $1.9 billion was higher than Jarden's estimate of $1.5 billion, due to unrealized mark-to-market losses on the company's gas hedging position.
Jarden believes that this increase resulted in a 10% reduction of its 2024 earnings per share estimate for WDS.
The research firm expects positive developments, particularly from Woodside's stake sale in the Louisiana LNG project, a key catalyst for its share price.
Jarden maintained WDS' overweight rating but lowered its price target to AU$26.60 from AU$26.90.
Shares of the company fell 2% on market close.
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