EARLYThesis forming — early stage, needs conviction
Investment Thesis
Woodside is the largest pure-play LNG operator outside the majors, with Scarborough on track for 2026 first LNG and Driftwood (Tellurian acquisition) providing US Gulf Coast optionality. Asian LNG demand structurally tight through 2028 as Japan/Korea/Taiwan replace nuclear and coal capacity. Dividend yield above 7% with capex peak behind them.