Australian oil and gas giant Woodside Energy Group Ltd has announced it will delist from the London Stock Exchange (LSE) following a review of its current structure.
The company cited low trading volumes and a desire to reduce administration costs as the primary reasons for the decision.
Woodside shares represented by depositary interests on the LSE account for approximately 1 per cent of the company’s issued share capital.
The energy firm has already applied to the UK Financial Conduct Authority (FCA) and the LSE to cancel the admission of its shares to the International Commercial Companies Secondary Listing category of the Official List.
In compliance with UK Listing Rule 21.2.17, Woodside is required to provide at least 20 business days’ notice of the intended delisting.
As a result, the company has set November 19, 2024, as the final day of trading for its shares on the LSE.
The official cancellation of Woodside’s shares from the LSE’s Main Market for listed securities is expected to take effect from 08:00 GMT on November 20, 2024.
It’s important to note that this delisting will not affect 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 operate as usual.
The decision to streamline its listing venues comes at a time when Woodside has been actively expanding its portfolio.
The company recently completed significant acquisitions, including the US$2.35 billion purchase of an under-construction ammonia production project in Beaumont, Texas, and the US$1.2 billion acquisition of Tellurian Inc., which includes the Driftwood LNG project on the U.S. Gulf Coast.
Woodside’s move to delist from the LSE aligns with its broader strategy to optimise operations and reduce complexity in its capital market presence.
The company continues to demonstrate strong financial performance, with its third-quarter report showing a 13 per cent year-over-year increase in revenue to $3.7 billion and record quarterly output of 53.1 million barrels of oil equivalent.
