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Highlights
Woodside Energy Group Ltd announces delisting from the London Stock Exchange due to low trading volumes and administrative cost reduction.
The final day of trading on the LSE is set for November 19, 2024, with official cancellation effective from November 20, 2024.
The company continues to maintain its primary listing on the Australian Securities Exchange and its American Depositary Receipts program on the NYSE.
Woodside Energy Group Ltd (LSE:WDS) has declared its intention to delist from the London Stock Exchange (LSE) after conducting a comprehensive review of its listing strategy. The decision is primarily driven by low trading volumes on the LSE and a goal to streamline operations by reducing administrative costs. Currently, Woodside shares represented by depositary interests on the LSE account for approximately 1 percent of the company's total issued share capital.
To comply with UK Listing Rule 21.2.17, Woodside has provided the requisite notice of at least 20 business days regarding the delisting. The last trading day for Woodside shares on the LSE is scheduled for November 19, 2024. Following this date, the official cancellation of the shares from the LSE’s Main Market for listed securities is anticipated to take effect at 08:00 GMT on November 20, 2024.
Importantly, this delisting will not impact Woodside’s primary listing on the Australian Securities Exchange (ASX) or its American Depositary Receipts (ADR) program on the New York Stock Exchange (NYSE), which will continue to function without interruption.
This strategic move aligns with Woodside's broader objective to optimize its operational framework while reducing complexity in its capital market presence. The company has been actively expanding its portfolio, recently completing significant acquisitions, including an ammonia production project in Beaumont, Texas, and the acquisition of Tellurian Inc., which encompasses the Driftwood LNG project on the U.S. Gulf Coast.
In its latest financial report for the third quarter, Woodside demonstrated robust performance, reporting a year-over-year revenue increase and achieving record quarterly output of 53.1 million barrels of oil equivalent. This strategic delisting reflects Woodside's commitment to enhancing operational efficiency while continuing its growth trajectory in the energy sector.
