Woodside (ASX:WPL) share price tumbles but boss sees 'a change with us for decades'

Why are Woodside shares dropping today?

| More on:
Oil miner holding a laptop and mobile phone looks at his phone and sees the falling oil price and falling Woodside share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The Woodside share price is falling today
  • Oil prices hit their lowest level since April 2020 overnight
  • Woodside CEO Meg O'Neill believes the change in energy dynamics on the back of the Ukraine war could be with us for decades 

A message from our CIO, Scott Phillips:

"G'day Fools. If you're like us, you're dismayed by the events taking place in Ukraine. It is an unnecessary humanitarian tragedy. Times like these remind us that money is important, but other things are far more valuable. And yet the financial markets remain open, shares are trading, and our readers and members are looking to us for guidance. So, we'll do our best to continue to serve you, while also hoping for a swift and peaceful end to war in Ukraine." 

——-

The Woodside Petroleum Limited (ASX: WPL) share price is falling today after oil prices crashed overnight.

Global oil prices nosedived after the United Arab Emirates (UAE) expressed support for increasing output into the market.

A report on CNN said the UAE intended to encourage the Organization of the Petroleum Exporting Countries (OPEC) to ramp up supply.

As a result, the Brent crude oil price fell 13.16% to US$111.14 a barrel, according to Bloomberg. The drop was the 'worst one-day decline since 21 April 2020', a report on NAB trade stated.

Woodside shares are currently trading at $31.75, a 4.3% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 1% today.

Meanwhile, Woodside CEO Meg O'Neill has shared her insights into the global energy market.

Like the 1970s oil crisis, says Woodside boss

O'Neill says the shift in global energy dynamics due to the Ukraine war felt like a change "that will be with us for decades".

Speaking at yesterday's Australian Financial Review Business Summit in Sydney, O'Neill added:

Maybe the analogy is the 1970s oil crisis, which was a real wake-up call for the world that being highly dependent on energy from one particular nation, whose values may not be well aligned with yours, was a huge risk.

And so I think the world is going to have some real sober reflection on the pathway to diversify energy supply, and will look to countries like the US and like Australia, to see how they can support like-minded countries in providing their energy.

The NAB trade report said the US is in discussions about relaxing oil sanctions on Venezuela. This would be conditional on Venezuela shipping oil directly to the US.

Woodside share price snapshot

The Woodside share price has rocketed 27% over the past year. In 2022, it is up 40%.

In the past month, Woodside shares have gained 19% as the war in Ukraine creates global fear about energy supply.

Woodside has a market capitalisation of about $32.19 billion based on its current share price.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Energy Shares

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Energy Shares

Why are ASX uranium stocks rocketing today?

These shares are shining brightly on Friday. Let's find out why.

Read more »

Worker on a laptop at an oil and gas pipeline.
Energy Shares

Why the Woodside share price is looking cheap today

A leading fund manager believes Woodside shares have an “asymmetric skew to the upside”.

Read more »

Coal miner holding a giant coal rock in his hand making a circle with his hand, symbolising a rising share price.
Energy Shares

2 ASX 200 coal stocks to buy now despite tariff impact: Expert

Investors are nervous about the impact of US tariffs on global coal consumption.

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Share Market News

US-China tariff deal sparks strong week for ASX 200

Energy shares ripped 5.77% higher while the ASX 200 lifted 1.37% over the five days.

Read more »

Coal miner standing in a coal mine.
Dividend Investing

Down 22% this year, does this ASX dividend share still offer investors a 10% yield?

There's a difference in trailing and forward dividend yields.

Read more »

Worker inspecting oil and gas pipeline.
Energy Shares

What's moving the Woodside share price on Friday?

Here's the latest news from the ASX 200 oil and gas giant.

Read more »

Miner looking at a tablet.
Share Gainers

Up 93% since April should I still buy Boss Energy shares now?

Boss Energy shares, the most shorted on the ASX, have almost doubled in value in one month. Now what?

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Share Gainers

Boss Energy shares have rocketed 90% in a month. Here's why

The massive rally in Boss Energy shares will be painful to the host of short sellers betting against the uranium…

Read more »