This report provides a comprehensive financial analysis of Woodside Petroleum Ltd., an Australian petroleum company. It examines the company's financial position by evaluating its assets, liabilities, equity, income, and expenses, with data from 2017 and 2018. The analysis highlights fluctuations in key financial items and their impact on the company's performance. The report delves into the application of historical cost and fair value approaches in asset valuation, emphasizing the managerial decisions involved. It also includes a comparative ratio analysis with AGL, Woodside's top competitor, assessing profitability, liquidity, and efficiency ratios. The conclusion indicates Woodside's continuous growth, supported by increasing profit percentages, along with references to academic literature and company reports.