WPL has announced it will withdraw from the Kitimat LNG JV, dumping its 50% interest in the western Canadian greenfield LNG project. An impairment on Kitimat of US$40-$60m was flagged for 1H’CY21. We expect further changes to WPL’s asset portfolio. WPL will hold onto its interests in upstream Laird Basin. Key questions around potential overarching strategy pivot remain. Maintain ADD rating at current discounted level, dilution risk remains.
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