Ann: Woodside Enters FEED for Pluto Train 2 Project, page-8

I would prefer that they payout their franking credit balance ((~US$2bn) as a share buyback with the surplus FCF so we end up with less shares. With Labor in power in May 2019 the WPL franking credit balance will be worthless by 1 July 2020. Even if their is a CR for Capex its worth it to SH's the bayback lead to less shares (i.e SP goes up), CR then dilutes it again but we possibly still end up with less shares overall and low (or nil) tax SH end up with the franking credits they can claim in 2019/20 but are useless thereafter if Labor brings in its franking credit policies.