Australian independent Woodside Petroleum has warned its full-year financials will include a significant impairment due to depressed gas market conditions in Western Canada.
Woodside said on Tuesday its financial statement for the year ended 31 December will recognise a non-cash impairment of US$720 million (after tax) in relation to the Kitimat liquefied natural gas export project in British Columbia, Western Canada.
“Kitimat remains a world-class project and Woodside will continue to evaluate actively future development opportunities, including optimisation of gas supply into processing facilities,” the company said in a note on Tuesday.
