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Saul Kavonic

Senior Energy Analyst at MST Financial

Saul Kavonic is a Senior Energy Analyst at MST Financial, specializing in equity research covering the energy sector with a focus on companies such as Santos Limited, Beach Energy Limited, and Woodside Energy Group. He is recognized as a top-ranked energy analyst in Australia, frequently presenting at industry conferences and widely cited in media, though specific quantitative performance metrics like success rates or returns generated are not publicly disclosed. Kavonic began his career in commercial and policy roles at institutions like Woodside Energy, Wood Mackenzie, M.H.Carnegie & Co, the United Nations, and the African Union Commission, before leading Energy and Resources Equity Research at Credit Suisse for over five years and joining MST Financial in 2024. He holds Honours degrees in Law and Chemical Engineering from the University of Melbourne, serves on the University of Western Australia Oceans Graduate School advisory board, but no specific FINRA or securities licenses are listed in public profiles.

Saul Kavonic's questions to WOODSIDE ENERGY GROUP (WDS) leadership

Question · H2 2025

Saul Kavonic questioned the lengthy 9-plus month window for Scarborough's first cargo after the floater arrived on site, comparing it to other projects, and asked about Woodside's confidence in a September versus a post-Christmas start.

Answer

Acting CEO Liz Westcott detailed the remaining offshore activities, including FPU installation, risers, umbilical, dewatering, and commissioning, which are subject to weather. She also mentioned onshore construction and commissioning at Pluto Train 2. She expressed confidence in achieving the fourth quarter 2026 delivery target.

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Question · H2 2025

Saul Kavonic asked whether further Louisiana LNG sell-downs are a precondition for sanctioning trains 4 and 5, or if Woodside would prioritize optimal cost and development by proceeding regardless. He also questioned the lengthy 9-plus month window from Scarborough's floater arrival to first cargo compared to other projects, seeking clarification on the reasons and Woodside's confidence in a Q4 2026 startup.

Answer

Meg O'Neill (CEO and Managing Director, Woodside Energy Group) stated that trains 4 and 5 represent an advantaged development due to existing infrastructure and permits, but the current focus remains on completing the wholeco sell-down for trains 1, 2, and 3. She emphasized that all future investments, including trains 4 and 5, would compete for capital under Woodside's unchanged capital allocation framework. Regarding Scarborough, Meg O'Neill explained that the timeline accounts for complex offshore activities (FPU installation, risers, dewatering, commissioning) which are weather-dependent, as well as onshore construction and commissioning at Pluto Train 2, followed by startup procedures. She expressed confidence in achieving the Q4 2026 first cargo target.

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Question · H1 2025

Saul Kavonic of MST Financial requested an update on the Memorandum of Understanding (MOU) with Aramco, asking if discussions were proceeding as expected and for elaboration on the 'collaboration on ammonia' and its potential relation to the Beaumont project.

Answer

CEO & Managing Director Meg O’Neill stated there was not much to update, reiterating that Woodside was pleased to execute the MOU with Aramco concerning U.S. investment opportunities in LNG and low-carbon ammonia. She described the relationship as strong and constructive, promising an announcement when there is something definitive to report.

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