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Woodside Exits Sempra's Port Arthur LNG on Low Returns Outlook

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Woodside Petroleum Ltd. is walking away from Sempra Energy’s Port Arthur LNG gas export development in Texas about three years after joining the project, citing lower expected returns than would justify its investment.

“We’ve informed Sempra that we’re not going to participate in Port Arthur,” Woodside Chief Executive Officer Peter Coleman said in an interview Thursday. “It got to a point where it got below our investment returns and we said we need to put our money somewhere else.”