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Shell to Sell Part of Woodside Stake

8 NOVEMBER 2010

SYDNEY—Royal Dutch Shell PLC said Monday that it has agreed to sell just under a third of its holding in Woodside Petroleum Ltd. to equity investors for 3.31 billion Australian dollars (US$3.36 billion).

Shell currently owns 34% of Australia’s biggest oil and gas company and said it will reduce its holding through the sale to 24.27%.

The sale by Shell of 78.34 million Woodside shares comprises 10% of the company’s issued capital. Shell has entered into an underwriting agreement with UBS to sell the shares at A$42.23 each. Woodside last traded at A$45.86.

Shell Chief Executive Peter Voser said the company is looking forward to working with Woodside on growth projects where the two are partners.

“However, with Shell’s recent portfolio progress in Australia, our world-wide push to simplify the company and to improve our capital efficiency, we will increasingly focus our investment in Australia through direct interests in assets and joint ventures, rather than indirect stakes,” Mr. Voser said in a statement.

“We will manage our remaining position in Woodside over time in the context of our global portfolio.”

Write to Ross Kelly at [email protected]

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