FIRST QUARTER REPORT FOR PERIOD ENDED 31 MARCH
2024
ASX: WDS | NYSE: WDS | LSE:
WDS
Friday, 19 April
2024
Delivering value and executing major
projects
Operations highlights
· Delivered quarterly production of 44.9 MMboe (494 Mboe/day),
down 7% from Q4 2023 due to lower production at Bass Strait,
Pyrenees and Pluto partially offset by increased production at Mad
Dog Phase 2.
· Quarterly revenue of $2,969 million, down 12% from Q4 2023
primarily due to a mix of lower realised prices and lower
volumes.
· Sold
13% of total equity production on prices linked to gas hub indices
(23% of produced LNG).[1]
Project highlights
· The
Scarborough Energy Project commenced drilling of production wells
and the first Pluto Train 2 modules were delivered to site. The
project was 62% complete at the end of the quarter and targeting
first LNG cargo in 2026.[2]
· The
Sangomar Project FPSO arrived offshore Senegal and commissioning
activities are underway. The project was 96% complete at the end of
the quarter and targeting first oil in mid-2024.
· The
Trion Project continued to progress engineering, procurement, and
contracting activities including the award of the subsea marine
installation contract.
· Continued offtake discussions for the H2OK project and
progressed commercial agreements for the Woodside Solar
Project.
Other highlights
· Signed an agreement with JERA, as part of a broader strategic
relationship, for the sale of a 15.1% non-operated participating
interest in the Scarborough Joint Venture (SJV). Estimated total
consideration for the sale is $1,400m.[3]
· Completed the sale of a 10% non-operated participating
interest in the SJV to LNG Japan for $910 million in March
2024.[4]
· Signed a sale and purchase agreement (SPA) with Korea Gas
Corporation (KOGAS) for the long-term supply of LNG to
Korea.
· Published the Climate Transition Action Plan and 2023
Progress Report (CTAP) in February and held an investor briefing on
climate strategy in March.
Woodside CEO Meg O'Neill said production in
the first quarter totalled 44.9 million barrels of oil equivalent
(boe) and guidance for the full year remained at 185-195 million
boe.
"Significant progress was made in the period
on our three major growth projects. Commissioning activities are
now underway at the Sangomar project in Senegal, on track for first
oil in the middle of this year. Nineteen of the 23 production wells
at Sangomar have now been completed.
"In Western Australia, a milestone was marked
with the arrival on site of the first modules for Pluto Train 2 and
13 modules were in place at the end of the quarter. Offshore, two
flowlines were installed at the Scarborough field and drilling of
the initial wells commenced. Overall, the Scarborough and Pluto
Train 2 projects were 62% complete at the end of the first quarter
and we remain on target for first LNG cargo in 2026.
"During the period we completed the sale of a
10% non-operated interest in the Scarborough project to LNG Japan
and entered into an agreement with JERA for the sale of a further
15.1% of the Scarborough joint venture.
"We are very pleased to have participants of
the calibre of LNG Japan and JERA in Scarborough. Their support for
the project demonstrates the quality of the asset and the
importance of gas to Japan's energy mix.
"We continue to deliver on our strategy to
thrive through the energy transition and we published our Climate
Transition Action Plan and 2023 Progress Report in February. As
Australia's largest energy company, feedback arising from our
engagement with investors and stakeholders reflects the challenges
and complexities of navigating the energy transition.
"We look forward to further engaging with
shareholders at our 2024 Annual General Meeting.
Comparative performance at a glance
|
|
Q1
2024
|
Q4
2023
|
Change %
|
Q1
2023
|
Change %
|
YTD
2024
|
YTD
2023
|
Change %
|
Revenue
|
$
million
|
2,969
|
3,355
|
(12%)
|
4,330
|
(31%)
|
2,969
|
4,330
|
(31%)
|
Production[5]
|
MMboe
|
44.9
|
48.1
|
(7%)
|
46.8
|
(4%)
|
44.9
|
46.8
|
(4%)
|
|
Gas
|
Mscf/d
|
1,929
|
2,010
|
(4%)
|
2,093
|
(8%)
|
1,929
|
2,093
|
(8%)
|
|
Liquids
|
Mbbl/d
|
155
|
170
|
(9%)
|
153
|
1%
|
155
|
153
|
1%
|
|
Total
|
Mboe/d
|
494
|
522
|
(5%)
|
520
|
(5%)
|
494
|
520
|
(5%)
|
Sales
|
MMboe
|
45.9
|
49.5
|
(7%)
|
50.4
|
(9%)
|
45.9
|
50.4
|
(9%)
|
|
Gas
|
Mscf/d
|
1,967
|
2,118
|
(7%)
|
2,367
|
(17%)
|
1,967
|
2,367
|
(17%)
|
|
Liquids
|
Mbbl/d
|
159
|
166
|
(4%)
|
145
|
10%
|
159
|
145
|
10%
|
|
Total
|
Mboe/d
|
504
|
538
|
(6%)
|
560
|
(10%)
|
504
|
560
|
(10%)
|
Average realised price
|
$/boe
|
63
|
67
|
(5%)
|
85
|
(25%)
|
63
|
85
|
(25%)
|
Capital expenditure[6]
|
$
million
|
1,179
|
1,566
|
(25%)
|
1,403
|
(16%)
|
1,179
|
1,566
|
(25%)
|
Operations
North West Shelf (NWS)
· Achieved 97% LNG
production reliability for the quarter.
· The NWS project
participants took a final investment decision (FID) on the Lambert
West Project which will support ongoing production from
NWS.
· An Offshore
Project Proposal was submitted to the regulator in January for a
proposed Goodwyn Alpha (GWA) infill development. The development
will infill the Karratha Gas Plant (KGP) with resources from
several fields in proximity to the GWA platform, which will be tied
back to existing GWA subsea infrastructure.
Pluto
· Production was
lower than the prior quarter due to reduced reliability (94.6% for
the quarter) following an offshore trip and a separate electrical
fault onshore.
· Successfully
commenced start-up of the produced water handling unit at the Pluto
A platform.
· Approvals were
granted to extend Pluto gas flows through the Pluto-KGP
Interconnector from ~April 2024 to ~December 2025, enabling
continued acceleration of LNG and domestic gas production. This
also supports the Western Australian market by increasing the
allocation of domestic gas from Pluto gas processed at the NWS from
15% to 30% for the period.
· Took FID on the
Xena-3 well to support ongoing production from the Pluto LNG
Project.
Bass Strait
· Production was
lower than the prior quarter due to lower seasonal market demand
and offshore maintenance activities.
· Commenced
offshore installation of the Kipper Compression modules. The Kipper
Compression Project will support the supply of gas to the East
Coast domestic gas market from H2 2024.
· In March, the
Gippsland Basin Joint Venture (GBJV) ceased production from the
West Kingfish platform as planned, due to declining oil production
from the Kingfish field. The GBJV continues to optimise facilities
through the Gas Asset Streamlining Project as production rates from
the Bass Strait decline.
Other
Australia
· The Pyrenees FPSO
commenced a planned five-yearly maintenance turnaround in a
Singapore drydock and is expected to return to production in Q2
2024.
· In January, a
produced-water leak was identified subsea at the Pyrenees facility.
This was immediately stopped, reported to the Regulator and the
cause is being rectified.
International
· At Mad Dog Phase
2, Argos continued to safely and systematically ramp up production
following completion of the riser flex joint remediation and
achieved peak production of ~130 kbbl/d.
· At Atlantis, the
first horizontal well in the field was successfully completed,
potentially unlocking future infill opportunities for the
asset.
· FID was taken on
the Atlantis Drill Centre 1 Expansion (DC1X). DC1X will be a two
well tie back to the Atlantis facility through the existing DC1
manifold in the southwest of the field.
· Execution of
production optimisation projects to maximise field recovery
continued in Trinidad and Tobago with an additional injector to
producer well conversion completed in February.
Marketing
· Sold 23% of
produced LNG at prices linked to gas hub indices, representing 13%
of total equity production. Full year guidance remains
unchanged.
· Woodside was
granted an exemption under the domestic gas price cap legislation
applicable to the east coast of Australia. The exemption provides
Woodside the opportunity to increase delivery to the domestic
market by more than 260 PJ (100% share) through to 2033 if
needed.
· Woodside signed a
SPA with KOGAS in February for the long-term supply of
approximately 0.5 mtpa of LNG, from 2026. Woodside expects to
continue to layer long-term supply agreements into its portfolio
and continuously monitors its exposure to the various price
markers.
· Woodside achieved
record quarterly deliveries of trucked LNG of 327 TJ during the
quarter to customers in the North West Australia. Woodside has now delivered approximately 1,700 trailers of
LNG, offering a lower-carbon alternative to
diesel.[7]
Projects
Scarborough Energy Project
· The Scarborough
and Pluto Train 2 project was 62% complete at the end of the
quarter and first LNG cargo is targeted for
2026.[8]
· Fabrication of
the floating production unit (FPU) hull and topsides progressed.
The hull exited its first drydock and installation of the flare
boom and monoethylene glycol (MEG) module on the FPU topsides
structure was completed.
· The first Pluto
Train 2 modules were delivered to site, with 13 modules set in
position at the end of the quarter. Site works continued to ramp
up.
· Two flowlines
were installed in the Scarborough field, and the third installed
subsequent to the quarter.
· Drilling of the
production wells commenced, and the first subsea tree was
successfully installed.
· Trunkline
installation was delayed this quarter due to a buckling incident
and weather conditions. Trunkline remediation works from the
incident have been completed and installation has
recommenced.
Sangomar Field Development Phase 1
· The project was
96% complete at the end of the quarter, and first oil is targeted
for mid-2024.
· The
Léopold Sédar Senghor FPSO arrived offshore Senegal in February
and was securely moored. Hookup work was completed and the
commissioning program is underway.
· The subsea
installation campaign is now complete.
· The development
drilling program continued with 19 of 23 wells drilled and
completed.
Trion
· Completed the FPU
hull and topsides 30% model reviews and hazards analysis of the
design.
· Awarded the
subsea marine installation contract. Received tenders for the FPU
dry transportation, gas gathering line pipe, and drilling and
completion services.
· Commenced
manufacturing activities including subsea valves, umbilical tubing
and line pipe.
Decommissioning
· The Griffin,
Stybarrow and Enfield decommissioning campaign continued with 24
subsea structures and facilities recovered in the quarter and the
Commonwealth waters section of the Griffin Gas Export Pipeline
successfully removed.
· The Transocean
Endurance drill rig has mobilised to the Stybarrow field and
commenced the ten well plug and abandonment campaign.
· Completed
deconstruction of the Nganhurra Riser Turret Mooring at the
Australian Marine Complex, with over 95% of material reused or
recycled.
Exploration and development
Calypso
· Progressed
pre-FEED engineering studies to mature the technical definition of
the deepwater infield host.
· Progressed
marketing and commercial discussions to evaluate monetisation
options.
· Commenced
discussions on access to the Atlantic LNG facility (ALNG) following
completion of the ALNG restructuring negotiations between the
Government of Trinidad and Tobago and ALNG equity shareholders in
December 2023.
Sunrise
· Subsequent to the
quarter, the Sunrise Joint Venture awarded the
Greater Sunrise Concept Study contract (the Study). The Study
will consider the key issues for developing, processing and
marketing gas either via Timor-Leste or Australia and is targeted
to be completed by no later than Q4 2024.[9]
Exploration
· In the US Gulf of
Mexico (GoM), the Corvus well (non-operated) completed drilling.
The well did not encounter commercial hydrocarbons and analysis of
well results is ongoing.
· Woodside was
awarded 18 leases in Lease Sale 261 in the central and western GoM
areas within the highly contested Paleogene
trends.[10]
· Woodside
completed exit activities of the Carlisle Bay block in
Barbados.
New energy and carbon solutions
H2OK
· In February,
Woodside provided comments on the proposed 45V Clean Hydrogen
Production Tax Credit guidelines (45V Tax Credit) issued by the
United States Department of Treasury and the Internal Revenue
Service. Woodside anticipates final guidelines will be issued in
the second half of 2024.
· Despite the
uncertainty from the 45V Tax Credit, Woodside and potential
offtakers have continued discussions on pricing and
volumes.
Woodside Solar
· Woodside
continued to progress commercial agreements, including for power
transmission, to support the proposed project.
Refueller@H2Perth
· Woodside awarded
the major services contract for the Refueller@H2Perth in March.
This includes detailed engineering, construction, commissioning and
start-up work scopes to enable progression towards ready for
start-up.
· Woodside is
targeting supply of hydrogen to Western Australian industrial and
public customers in 2025.
Carbon capture and storage (CCS)
opportunities
· The Bonaparte CCS
joint venture continues to progress appraisal activities in the
G-7-AP permit, which included the successful acquisition of the
West Peron Marine 3D Seismic Survey.
· Subsequent to the
quarter, the Angel CCS joint venture signed a
Memorandum of Understanding (MOU) with Yara Pilbara Fertilisers
Pty Ltd to study the feasibility of using CCS with the
decarbonisation of Yara Pilbara's existing operations near Karratha
in Western Australia.
Corporate activities
Hedging
· As at the end of
the quarter, Woodside hedged approximately 29.3 MMboe of 2024
production at an average price of approximately $75.7 per barrel,
of which approximately 7.0 MMboe has been
delivered.
· Woodside also has
a hedging program for Corpus Christi LNG volumes designed to
protect against downside pricing risk. These hedges are Henry Hub
(HH) and Title Transfer Facility (TTF) commodity swaps. An average
of 74% of 2024 and 31% of 2025 Corpus Christi volumes have been
hedged.
· The year-to-date
realised value of hedged positions for the quarter ended 31 March
2024 is a pre-tax expense of approximately $43 million, with
$69 million pre-tax expense related to oil price hedges, $25
million pre-tax profit related to Corpus Christi hedges and
$1 million pre-tax profit related to other hedge positions.
Hedging losses will be included in "other expenses" in the
full-year financial statements.
Climate and sustainability
· Woodside
published its Climate Transition Action Plan and 2023 Progress
Report (CTAP) in February and summarised its approach to material
sustainability topics in the 2023 Annual Report.
· An investor
briefing on climate was held in March as part of Woodside's
increased engagement with investors on these topics. Shareholders
will have the opportunity to vote on the CTAP through a non-binding
advisory vote at the 2024 Annual General Meeting.
· Woodside
completed the piloting of its Field Leadership Program that aims to
strengthen understanding of our work practices and make
improvements to our health, safety and environment risk controls.
The program commenced in 2023 and will be rolled out across
operating facilities through 2024.
· Woodside
continued engagement with First Nations communities in Australia
with regards to our current and future regulatory approvals. This
included executive level engagements with two Aboriginal
representative organisations in the Pilbara to further build
relationships and discuss ongoing and future social and economic
development opportunities.
Chair of Audit & Risk Committee
· As previously
announced, Mr Frank Cooper will retire at Woodside's Annual General
Meeting on 24 April 2024. With effect from 24 April 2024, Mr Ben
Wyatt will Chair Woodside's Audit & Risk Committee.
Upcoming events 2024
April
|
24
|
Annual General Meeting
|
July
|
23
|
Second quarter 2024 results
|
August
|
27
|
Half-Year 2024 report
|
October
|
16
|
Third quarter 2024 report
|
2024 full-year guidance
|
|
Prior
|
Current
|
Production
|
MMboe
|
185 -
195
(505 - 533
Mboe/day)
|
No
change
|
Capital
expenditure[11]
|
$ billion
|
5.0 -
5.5
|
No
change
|
Gas hub
exposure[12]
|
% of produced LNG
|
26 - 33
|
No
change
|
Contacts:
|
|
|
INVESTORS
|
MEDIA
|
REGISTERED
ADDRESS
|
Marcela Louzada
M: +61 456 994 243
E: investor@woodside.com
|
Christine Forster
M: +61 484 112 469
E:
christine.forster@woodside.com
|
Woodside Energy Group
Ltd.
ACN 004
898 962
Mia
Yellagonga
11 Mount
Street
Perth WA
6000
Australia
T +61 8
9348 4000
www.woodside.com
|
This announcement was approved and authorised for release by
Woodside's Disclosure Committee.
Production summary
|
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
Gas
|
Mscf/d
|
1,929
|
2,010
|
2,093
|
1,929
|
2,093
|
Liquids
|
Mbbl/d
|
155
|
170
|
153
|
155
|
153
|
Total
|
Mboe/d
|
494
|
522
|
520
|
494
|
520
|
|
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
AUSTRALIA
|
|
|
|
|
|
|
LNG
|
|
|
|
|
|
|
North West Shelf
|
Mboe
|
8,192
|
7,798
|
9,673
|
8,192
|
9,673
|
Pluto[13]
|
Mboe
|
11,754
|
12,407
|
12,154
|
11,754
|
12,154
|
Wheatstone
|
Mboe
|
2,357
|
2,505
|
2,456
|
2,357
|
2,456
|
Total
|
Mboe
|
22,303
|
22,710
|
24,283
|
22,303
|
24,283
|
|
|
|
|
|
|
|
Pipeline gas
|
|
|
|
|
|
|
Bass Strait
|
Mboe
|
2,359
|
3,206
|
3,133
|
2,359
|
3,133
|
Other[14]
|
Mboe
|
3,278
|
3,438
|
3,037
|
3,278
|
3,037
|
Total
|
Mboe
|
5,637
|
6,644
|
6,170
|
5,637
|
6,170
|
|
|
|
|
|
|
|
Crude oil and condensate
|
|
|
|
|
|
|
North West Shelf
|
Mbbl
|
1,412
|
1,359
|
1,684
|
1,412
|
1,684
|
Pluto13
|
Mbbl
|
931
|
994
|
961
|
931
|
961
|
Wheatstone
|
Mbbl
|
462
|
495
|
408
|
462
|
408
|
Bass Strait
|
Mbbl
|
492
|
704
|
777
|
492
|
777
|
Macedon & Pyrenees
|
Mbbl
|
109
|
653
|
631
|
109
|
631
|
Ngujima-Yin
|
Mbbl
|
886
|
1,203
|
869
|
886
|
869
|
Okha
|
Mbbl
|
466
|
616
|
431
|
466
|
431
|
Total
|
Mboe
|
4,758
|
6,024
|
5,761
|
4,758
|
5,761
|
|
|
|
|
|
|
|
NGL
|
|
|
|
|
|
|
North West Shelf
|
Mbbl
|
290
|
275
|
292
|
290
|
292
|
Pluto13
|
Mbbl
|
54
|
58
|
50
|
54
|
50
|
Bass Strait
|
Mbbl
|
832
|
1,026
|
723
|
832
|
723
|
Total
|
Mboe
|
1,176
|
1,359
|
1,065
|
1,176
|
1,065
|
|
|
|
|
|
|
|
Total Australia[15]
|
Mboe
|
33,874
|
36,737
|
37,279
|
33,874
|
37,279
|
Mboe/d
|
372
|
399
|
414
|
372
|
414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
INTERNATIONAL
|
|
|
|
|
|
|
Pipeline gas
|
|
|
|
|
|
|
Gulf of Mexico
|
Mboe
|
360
|
314
|
330
|
360
|
330
|
Trinidad & Tobago
|
Mboe
|
2,503
|
2,779
|
2,236
|
2,503
|
2,236
|
Other16
|
Mboe
|
-
|
-
|
30
|
-
|
30
|
Total
|
Mboe
|
2,863
|
3,093
|
2,596
|
2,863
|
2,596
|
|
|
|
|
|
|
|
Crude oil and condensate
|
|
|
|
|
|
|
Atlantis
|
Mbbl
|
2,441
|
2,763
|
2,696
|
2,441
|
2,696
|
Mad Dog
|
Mbbl
|
2,765
|
2,054
|
939
|
2,765
|
939
|
Shenzi
|
Mbbl
|
2,405
|
2,712
|
2,596
|
2,405
|
2,596
|
Trinidad & Tobago
|
Mbbl
|
126
|
284
|
297
|
126
|
297
|
Other[16]
|
Mbbl
|
81
|
81
|
39
|
81
|
39
|
Total
|
Mboe
|
7,818
|
7,894
|
6,567
|
7,818
|
6,567
|
|
|
|
|
|
|
|
NGL
|
|
|
|
|
|
|
Gulf of Mexico
|
Mbbl
|
393
|
344
|
331
|
393
|
331
|
Other16
|
Mbbl
|
-
|
-
|
17
|
-
|
17
|
Total
|
Mboe
|
393
|
344
|
348
|
393
|
348
|
|
|
|
|
|
|
|
Total International
|
Mboe
|
11,074
|
11,331
|
9,511
|
11,074
|
9,511
|
Mboe/d
|
122
|
123
|
106
|
122
|
106
|
|
|
|
|
|
|
|
Total production
|
Mboe
|
44,948
|
48,068
|
46,790
|
44,948
|
46,790
|
Mboe/d
|
494
|
522
|
520
|
494
|
520
|
Product sales
|
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
Gas
|
Mscf/d
|
1,967
|
2,118
|
2,367
|
1,967
|
2,367
|
Liquids
|
Mbbl/d
|
159
|
166
|
145
|
159
|
145
|
Total
|
Mboe/d
|
504
|
538
|
560
|
504
|
560
|
|
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
AUSTRALIA
|
|
|
|
|
|
|
LNG
|
|
|
|
|
|
|
North West Shelf
|
Mboe
|
8,008
|
7,367
|
10,564
|
8,008
|
10,564
|
Pluto5
|
Mboe
|
10,513
|
12,130
|
11,310
|
10,513
|
11,310
|
Wheatstone[17]
|
Mboe
|
2,589
|
2,473
|
2,350
|
2,589
|
2,350
|
Total
|
Mboe
|
21,110
|
21,970
|
24,224
|
21,110
|
24,224
|
|
|
|
|
|
|
|
Pipeline gas
|
|
|
|
|
|
|
Bass Strait
|
Mboe
|
2,570
|
3,341
|
3,082
|
2,570
|
3,082
|
Other
|
Mboe
|
2,894
|
3,684
|
2,939
|
2,894
|
2,939
|
Total
|
Mboe
|
5,464
|
7,025
|
6,021
|
5,464
|
6,021
|
|
|
|
|
|
|
|
Crude oil and condensate
|
|
|
|
|
|
|
North West Shelf
|
Mbbl
|
1,214
|
514
|
1,089
|
1,214
|
1,089
|
Pluto
|
Mbbl
|
640
|
614
|
614
|
640
|
614
|
Wheatstone
|
Mbbl
|
329
|
349
|
350
|
329
|
350
|
Bass Strait
|
Mbbl
|
597
|
410
|
82
|
597
|
82
|
Ngujima-Yin
|
Mbbl
|
999
|
1,352
|
1,141
|
999
|
1,141
|
Okha
|
Mbbl
|
618
|
1
|
653
|
618
|
653
|
Macedon & Pyrenees
|
Mbbl
|
496
|
1,054
|
518
|
496
|
518
|
Total
|
Mboe
|
4,893
|
4,294
|
4,447
|
4,893
|
4,447
|
|
|
|
|
|
|
|
NGL
|
|
|
|
|
|
|
North West Shelf
|
Mbbl
|
255
|
253
|
170
|
255
|
170
|
Pluto
|
Mbbl
|
55
|
49
|
182
|
55
|
182
|
Bass Strait
|
Mbbl
|
785
|
1,370
|
1,109
|
785
|
1,109
|
Total
|
Mboe
|
1,095
|
1,672
|
1,461
|
1,095
|
1,461
|
|
|
|
|
|
|
|
Total Australia
|
Mboe
|
32,562
|
34,961
|
36,153
|
32,562
|
36,153
|
Mboe/d
|
358
|
380
|
402
|
358
|
402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
INTERNATIONAL
|
|
|
|
|
|
|
Pipeline gas
|
|
|
|
|
|
|
Gulf of Mexico
|
Mboe
|
286
|
357
|
343
|
286
|
343
|
Trinidad & Tobago
|
Mboe
|
2,457
|
2,611
|
2,295
|
2,457
|
2,295
|
Other[18]
|
Mboe
|
6
|
6
|
7
|
6
|
7
|
Total
|
Mboe
|
2,749
|
2,974
|
2,645
|
2,749
|
2,645
|
|
|
|
|
|
|
|
Crude oil and condensate
|
|
|
|
|
|
|
Atlantis
|
Mbbl
|
2,426
|
2,976
|
2,668
|
2,426
|
2,668
|
Mad Dog
|
Mbbl
|
2,626
|
2,209
|
941
|
2,626
|
941
|
Shenzi
|
Mbbl
|
2,352
|
2,716
|
2,673
|
2,352
|
2,673
|
Trinidad & Tobago
|
Mbbl
|
52
|
316
|
413
|
52
|
413
|
Other18
|
Mbbl
|
60
|
53
|
63
|
60
|
63
|
Total
|
Mboe
|
7,516
|
8,270
|
6,758
|
7,516
|
6,758
|
|
|
|
|
|
|
|
NGL
|
|
|
|
|
|
|
Gulf of Mexico
|
Mbbl
|
413
|
435
|
342
|
413
|
342
|
Other18
|
Mbbl
|
3
|
2
|
4
|
3
|
4
|
Total
|
Mboe
|
416
|
437
|
346
|
416
|
346
|
|
|
|
|
|
|
|
Total International
|
Mboe
|
10,681
|
11,681
|
9,749
|
10,681
|
9,749
|
Mboe/d
|
117
|
127
|
108
|
117
|
108
|
|
|
|
|
|
|
|
MARKETING[19]
|
|
|
|
|
|
|
LNG
|
Mboe
|
2,086
|
2,209
|
4,483
|
2,086
|
4,483
|
Liquids
|
Mboe
|
571
|
618
|
-
|
571
|
-
|
Total
|
Mboe
|
2,657
|
2,827
|
4,483
|
2,657
|
4,483
|
|
|
|
|
|
|
|
Total Marketing
|
Mboe
|
2,657
|
2,827
|
4,483
|
2,657
|
4,483
|
|
|
|
|
|
|
|
Total sales
|
Mboe
|
45,900
|
49,469
|
50,385
|
45,900
|
50,385
|
Mboe/d
|
504
|
538
|
560
|
504
|
560
|
Revenue
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
AUSTRALIA
|
|
|
|
|
|
North West
Shelf
|
592
|
509
|
1,270
|
592
|
1,270
|
Pluto
|
745
|
1,011
|
1,131
|
745
|
1,131
|
Wheatstone[20]
|
223
|
208
|
324
|
223
|
324
|
Bass
Strait
|
223
|
225
|
211
|
223
|
211
|
Macedon
|
51
|
54
|
51
|
51
|
51
|
Ngujima-Yin
|
92
|
128
|
100
|
92
|
100
|
Okha
|
50
|
-
|
56
|
50
|
56
|
Pyrenees
|
44
|
94
|
50
|
44
|
50
|
|
|
|
|
|
|
INTERNATIONAL
|
|
|
|
|
|
Atlantis
|
196
|
241
|
199
|
196
|
199
|
Mad Dog
|
204
|
178
|
68
|
204
|
68
|
Shenzi
|
190
|
217
|
199
|
190
|
199
|
Trinidad &
Tobago[21]
|
61
|
103
|
136
|
61
|
136
|
Other[22]
|
5
|
4
|
5
|
5
|
5
|
|
|
|
|
|
|
Marketing revenue[23]
|
227
|
332
|
479
|
227
|
479
|
|
|
|
|
|
|
Total sales revenue[24]
|
2,903
|
3,304
|
4,279
|
2,903
|
4,279
|
|
|
|
|
|
|
Processing revenue
|
61
|
49
|
47
|
61
|
47
|
Shipping and other
revenue
|
5
|
2
|
4
|
5
|
4
|
|
|
|
|
|
|
Total revenue
|
2,969
|
3,355
|
4,330
|
2,969
|
4,330
|
Realised prices
|
Units
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
Units
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
LNG produced[25]
|
$/MMBtu
|
10.4
|
11.5
|
16.7
|
$/boe
|
67
|
74
|
105
|
LNG traded[26]
|
$/MMBtu
|
9.1
|
11.9
|
16.7
|
$/boe
|
59
|
76
|
105
|
Pipeline gas
|
|
|
|
|
$/boe
|
34
|
37
|
38
|
Oil and condensate
|
$/bbl
|
79
|
82
|
76
|
$/boe
|
79
|
82
|
76
|
NGL
|
$/bbl
|
47
|
24
|
51
|
$/boe
|
47
|
24
|
51
|
Liquids
traded26
|
$/bbl
|
60
|
85
|
-
|
$/boe
|
60
|
85
|
-
|
|
|
|
|
|
|
|
|
Average realised price for
pipeline gas:
|
|
|
|
|
|
|
|
|
Western Australia
|
|
|
|
|
A$/GJ
|
6.4
|
6.8
|
6.9
|
|
East coast Australia
|
|
|
|
|
A$/GJ
|
13.7
|
13.4
|
11.9
|
|
International
|
|
|
|
|
$/Mcf
|
4.6
|
4.4
|
7.2
|
Average realised price
|
|
|
|
|
$/boe
|
63
|
67
|
85
|
|
|
|
|
|
|
|
|
|
Dated Brent
|
|
|
|
|
$/bbl
|
83
|
84
|
81
|
JCC (lagged three
months)
|
|
|
|
|
$/bbl
|
92
|
83
|
100
|
WTI
|
|
|
|
|
$/bbl
|
77
|
78
|
76
|
JKM
|
|
|
|
|
$/MMBtu
|
11.9
|
15.0
|
26.0
|
TTF
|
|
|
|
|
$/MMBtu
|
9.8
|
13.5
|
24.7
|
Capital expenditure (US$ million)
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
Exploration and evaluation
capitalised[27],[28]
|
38
|
43
|
37
|
38
|
37
|
Oil and gas properties
|
1,090
|
1,449
|
1,279
|
1,090
|
1,279
|
Other[29]
|
51
|
74
|
87
|
51
|
87
|
Total
|
1,179
|
1,566
|
1,403
|
1,179
|
1,403
|
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
Sangomar
|
210
|
211
|
279
|
210
|
279
|
Scarborough
|
574
|
826
|
626
|
574
|
626
|
Trion
|
97
|
154
|
-
|
97
|
-
|
Other
|
298
|
375
|
498
|
298
|
498
|
Total
|
1,179
|
1,566
|
1,403
|
1,179
|
1,403
|
Other expenditure (US$ million)
|
Q1
2024
|
Q4
2023
|
Q1
2023
|
YTD
2024
|
YTD
2023
|
Exploration and evaluation expense
|
|
|
|
|
|
Exploration and evaluation
expensed[30]
|
54
|
108
|
52
|
54
|
52
|
Permit amortisation
|
3
|
2
|
2
|
3
|
2
|
Total
|
57
|
110
|
54
|
57
|
54
|
Trading costs
|
145
|
181
|
385
|
145
|
385
|
Exploration or appraisal wells drilled
Region
|
Permit
Area
|
Well
|
Target
|
Interest
(%)
|
Spud Date
|
Water depth
(m)
|
Planned well depth
(m)[31]
|
Remarks
|
Gulf of Mexico
|
AT
453
|
Corvus
|
Oil
|
30%
Non-operator
|
22
January 2024
|
1,735
|
6,858
|
Drilling
complete
|
Permits and licences
Key changes to permit and licence holdings
during the quarter ended 31 March 2024 are noted below.
Region
|
Permits or licence areas
|
Change in interest
(%)
|
Current interest
(%)
|
Remarks
|
Barbados
|
Carlisle Bay
|
(60%)
|
0
|
License
Exit
|
US
GoM[32]
|
GB 780, GB 824, GB 825, GB 821, GB
866, EB 636, EB 637, EB 550, EB 594, EB 638, KC 859, KC 903,
KC 904, KC 905, KC
948, KC 949, WR 795, WR 796
|
100%
|
100%
|
Lease
Sale 261
|
Production rates
Average daily production rates (100% project) for
the quarter ended 31 March 2024:
|
Woodside
share[33]
|
Production rate
(100% project, Mboe/d)
|
Remarks
|
|
|
|
Mar
2024
|
Dec
2023
|
|
AUSTRALIA
|
|
|
|
|
NWS Project
|
|
|
|
|
LNG
|
30.67%
|
293
|
278
|
Production was higher due to
improved reliability.
|
Crude oil and
condensate
|
30.78%
|
56
|
46
|
NGL
|
30.69%
|
10
|
10
|
|
|
|
|
|
Pluto LNG
|
|
|
|
|
LNG
|
90.00%
|
112
|
119
|
Production was lower due to
reduced reliability following unplanned downtime. Production
returned to normal within the quarter.
|
Crude oil and
condensate
|
90.00%
|
10
|
11
|
|
|
|
|
|
Pluto-KGP Interconnector
|
|
|
|
LNG
|
100.00%
|
29
|
28
|
|
Crude oil and
condensate
|
100.00%
|
1
|
1
|
NGL
|
100.00%
|
1
|
1
|
|
|
|
|
|
Wheatstone[34]
|
|
|
|
|
LNG
|
11.52%
|
224
|
231
|
|
Crude oil and
condensate
|
16.14%
|
31
|
34
|
|
|
|
|
|
Bass Strait
|
|
|
|
|
Pipeline gas
|
42.16%
|
61
|
80
|
Production was lower due to
reduced market demand during summer and planned maintenance
activities.
|
Crude oil and
condensate
|
43.49%
|
12
|
18
|
NGL
|
47.45%
|
19
|
24
|
|
|
|
|
|
Australia Oil
|
|
|
|
|
Ngujima-Yin
|
60.00%
|
13
|
22
|
Production at Ngujima-Yin and Okha
was lower due to weather downtime.
|
Okha
|
50.00%
|
8
|
13
|
|
Pyrenees
|
64.27%
|
2
|
11
|
Production at Pyrenees was lower
due to a subsea produced-water leak and the
planned turnaround.
|
|
|
|
|
|
Other
|
|
|
|
|
Pipeline gas25F[35]
|
|
33
|
37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodside
share[36]
|
Production rate
(100% project, Mboe/d)
|
Remarks
|
|
|
Mar 2024
|
Dec
2023
|
|
INTERNATIONAL
|
|
|
|
|
Atlantis
|
|
|
|
|
Crude oil and
condensate
|
38.50%
|
70
|
78
|
|
NGL
|
38.50%
|
4
|
5
|
Pipeline Gas
|
38.50%
|
6
|
6
|
|
|
|
|
|
Mad Dog
|
|
|
|
|
Crude oil and
condensate
|
20.86%
|
146
|
107
|
Production was higher following
completion of the riser flex joint remediation in Q4 2023 and
continued ramp-up of the field.
|
NGL
|
20.86%
|
5
|
4
|
Pipeline Gas
|
20.86%
|
3
|
2
|
|
|
|
|
|
Shenzi
|
|
|
|
|
Crude oil and
condensate
|
65.07%
|
41
|
46
|
|
NGL
|
65.37%
|
2
|
2
|
Pipeline Gas
|
65.36%
|
2
|
1
|
|
|
|
|
Trinidad & Tobago
|
|
|
|
|
Crude oil and
condensate
|
60.24%[37]
|
2
|
4
|
|
Pipeline gas
|
50.75%37
|
54
|
60
|
|
|
|
|
|
Disclaimer and important notice
Forward looking statements
This report contains
forward-looking statements with respect to Woodside's business and
operations, market conditions, results of operations and financial
condition, including, for example, but not limited to, statements
regarding development, completion and execution of Woodside's
projects, guidance with respect to production, expectations
regarding future capital commitment, future cash flows, future
results of projects, operating activities, new energy products,
accounting decisions including impairments, commencement dates
under supply arrangements, construction and delivery dates,
expectations and plans for renewables production capacity and
investments in, and development of, renewables projects.
All statements, other than statements of
historical or present facts, are forward-looking statements and
generally may be identified by the use of forward-looking words
such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate',
'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target',
'plan', 'strategy', 'forecast', 'outlook', 'project', 'schedule',
'will', 'should', 'seek' and other similar words or expressions.
Similarly, statements that describe the objectives, plans, goals or
expectations of Woodside are forward-looking statements.
Forward-looking statements in this
report are not guidance, forecasts, guarantees or predictions of
future events or performance, but are in the nature of future
expectations that are based on management's current expectations
and assumptions. Those statements and any assumptions on which they
are based are only opinions and are subject to change without
notice and are subject to inherent known and unknown risks,
uncertainties, assumptions and other factors, many of which are
beyond the control of Woodside, its related bodies corporate and
their respective officers, directors, employees, advisers or
representatives. Important factors that could cause actual results
to differ materially from those in the forward-looking statements
include, but are not limited to, fluctuations in commodity prices,
actual demand, currency fluctuations, geotechnical factors,
drilling and production results, gas commercialisation, development
progress, operating results, engineering estimates, reserve and
resource estimates, loss of market, industry competition,
environmental risks, climate related risks, physical risks,
legislative, fiscal and regulatory developments, changes in
accounting standards, economic and financial markets conditions in
various countries and regions, political risks, project delay or
advancement, regulatory approvals, the impact of armed conflict and
political instability (such as the ongoing conflict in Ukraine) on
economic activity and oil and gas supply and demand, cost
estimates, the effect of future regulatory or legislative actions
on Woodside or the industries in which it operates, including
potential changes to tax laws, and the impact of general economic
conditions, inflationary conditions, prevailing exchange rates and
interest rates and conditions in financial markets.
A more detailed summary of the key
risks relating to Woodside and its business can be found in the
"Risk" section of Woodside's most recent Annual Report released to
the Australian Securities Exchange and the London Stock Exchange
and in Woodside's most recent Annual Report on Form 20-F filed with
the United States Securities and Exchange Commission and available
on the Woodside website at
https://www.woodside.com/investors/reports-investor-briefings. You
should review and have regard to these risks when considering the
information contained in this report.
If any of the assumptions on which a
forward-looking statement is based were to change or be found to be
incorrect, this would likely cause outcomes to differ from the
statements made in this report.
All forward-looking statements
contained in this report reflect Woodside's views held as at the
date of this report and, except as required by applicable law,
Woodside does not intend to, undertake to, or assume any obligation
to, provide any additional information or update or revise any of
these statements after the date of this report, either to make them
conform to actual results or as a result of new information, future
events, changes in Woodside's expectations or otherwise.
Investors are strongly cautioned not
to place undue reliance on any forward-looking statements. Actual
results or performance may vary materially from those expressed in,
or implied by, any forward-looking statements. None of Woodside nor
any of its related bodies corporate, nor any of their respective
officers, directors, employees, advisers or representatives, nor
any person named in this report or involved in the preparation of
the information in this report, makes any representation,
assurance, guarantee or warranty (either express or implied) as to
the accuracy or likelihood of fulfilment of any forward-looking
statement, or any outcomes, events or results expressed or implied
in any forward-looking statement in this report.
Past performance (including
historical financial and operational information) is given for
illustrative purposes only. It should not be relied on as, and is
not necessarily, a reliable indicator of future performance,
including future security prices.
Other important information
All figures are Woodside share for
the quarter ending 31 March 2024, unless otherwise
stated.
All references to dollars, cents or $
in this report are to US currency, unless otherwise
stated.
References to "Woodside" may be
references to Woodside Energy Group Ltd and/or its applicable
subsidiaries (as the context requires).
Units of measure and conversion factors
Product
|
Unit
|
Conversion factor
|
Natural gas
|
5,700 scf
|
1 boe
|
Condensate
|
1 bbl
|
1 boe
|
Oil
|
1 bbl
|
1 boe
|
Natural gas liquids
|
1 bbl
|
1 boe
|
|
|
|
Facility
|
Unit
|
LNG conversion factor
|
Karratha Gas Plant
|
1 tonne
|
8.08 boe
|
Pluto Gas Plant
|
1 tonne
|
8.34 boe
|
Wheatstone
|
1 tonne
|
8.27 boe
|
The LNG conversion factor from
tonne to boe is specific to volumes produced at each facility and
is based on gas composition which may change over time.
Term
|
Definition
|
bbl
|
barrel
|
bcf
|
billion cubic feet of
gas
|
boe
|
barrel of oil
equivalent
|
Mbbl
|
thousand barrels
|
Mboe
|
thousand barrels of oil
equivalent
|
Mcf
|
thousand cubic feet of
gas
|
MMboe
|
million barrels of oil
equivalent
|
MMBtu
|
million British thermal
units
|
MMscf
|
million standard cubic feet of
gas
|
scf
|
standard cubic feet of
gas
|
[1] Total
equity production sales reflect the sale of produced gas and
liquids.
[2] The
completion % excludes the Pluto Train 1 modifications
project.
[3] The
SPA is with JERA Scarborough Pty Ltd which is a wholly owned
subsidiary of JERA Co., Inc. Subject to completion of the
transaction, targeted for the second half of 2024. See "Woodside to
sell 15.1% Scarborough interest to JERA", announced 23 February
2024.
[4] LJ
Scarborough Pty Ltd (LNG Japan) is a jointly owned subsidiary of
LNG Japan Corporation (which is a 50:50 joint venture between
Sumitomo Corporation and Sojitz Corporation) and Japan Organization
for Metals and Energy Security (JOGMEC). JOGMEC has a 49.9%
interest in LJ Scarborough Pty Ltd. The sale proceeds remain
subject to adjustments. See "Woodside completes sale of 10%
Scarborough interest", announced 26 March 2024.
[5] Q1
2024 includes 0.29 MMboe, Q4 2023 includes 0.32 MMboe and Q1 2023
includes 0.31 MMboe primarily from feed gas purchased from Pluto
non-operating participants processed through the Pluto-KGP
Interconnector.
[6] Includes capital additions on oil and
gas properties, exploration and evaluation capitalised and other
corporate spend.
[7] Woodside
uses this term to describe the characteristic of having lower
levels of associated potential GHG emissions when compared to
historical and/or current conventions or analogues, for example
relating to an otherwise similar product.
[8] The
completion % excludes the Pluto Train 1 modifications
project.
[9] The
Greater Sunrise Concept Study contract was executed on 4 April
2024.
[10] The
leases are awaiting final execution by the regulator.
[11] Capital
expenditure includes the following participating interests;
Sangomar (82%); Scarborough (90% following completion of the
transaction with LNG Japan in March 2024 and 74.9% following
completion of the transaction with JERA, expected in the second
half of 2024), Pluto Train 2 (51%) and Trion (60%). Trion capital
expenditure includes Pemex carry. This guidance assumes no change
to these participating interests in 2024. This excludes the impact
of any subsequent asset sell-downs, acquisitions or other changes
in equity.
[12] Gas hub
indices include Japan Korea Marker (JKM), TTF and National
Balancing Point (NBP). It excludes HH.
[13] Q1
2024 includes 2.60 MMboe of LNG, 0.10 MMboe of condensate and 0.05
MMboe of NGL, Q4 2023 includes 2.56 MMboe of LNG, 0.10 MMboe of
condensate and 0.06 MMboe of NGL and Q1 2023 includes 2.70 MMboe of
LNG and 0.11 MMboe of condensate and 0.05 MMboe of NGL processed at
the Karratha Gas Plant (KGP) through the Pluto-KGP
Interconnector.
[14] Includes the aggregate Woodside equity domestic gas production
from all Western Australian projects.
[15] Q1
2024 includes 0.29 MMboe, Q4 2023 includes 0.32 MMboe and Q1 2023
includes 0.31 MMboe primarily from feed gas purchased from Pluto
non-operating participants processed through the Pluto-KGP
Interconnector.
[16] Overriding royalty interests held in the Gulf of Mexico (GoM)
for several producing wells.
[17] Includes periodic adjustments reflecting the arrangements
governing Wheatstone LNG sales of 0.28 MMboe in Q1 2024, 0.10 MMboe
in Q4 2023 and 0.06 MMboe in Q1 2023.
[18] Overriding royalty interests held in the GoM for several
producing wells.
[19] Purchased volumes sourced from third parties.
[20] Q1
2024 includes $24 million, Q4 2023 includes $9 million and Q1 2023
includes $3 million recognised in relation to periodic adjustments
reflecting the arrangements governing Wheatstone LNG sales. These
amounts will be included within other income/(expenses) in the
financial statements rather than operating revenue.
[21] Includes the impact of periodic adjustments related to the
production sharing contract (PSC).
[22] Overriding royalty interests held in the GoM for several
producing wells.
[23] Values
include revenue generated from purchased LNG and Liquids volumes,
as well as the marketing margin on the sale of Woodside's produced
LNG and liquids portfolio. Marketing revenue excludes hedging
impacts and cargo swaps where a Woodside produced cargo is sold and
repurchased from the same counterparty to optimise the
portfolio. The margin for these cargo swaps
is recognised net in other income.
[24] Total
sales revenue excludes all hedging impacts.
[25] Realised prices include the impact of periodic adjustments
reflecting the arrangements governing Wheatstone LNG
sales.
[26] Excludes any additional benefit attributed to produced volumes
through third-party trading activities.
[27] Exploration capitalised represents expenditure on successful
and pending wells, plus permit acquisition costs during the period
and is net of well costs reclassified to expense on finalisation of
well results.
[28] Project final investment decisions result in amounts of
previously capitalised exploration and evaluation expense (from
current and prior years) being transferred to oil and gas
properties. This table does not reflect the impact of such
transfers.
[29] Other
primarily incorporates corporate spend including SAP build costs,
carbon costs and other investments.
[30] Includes seismic and general permit activities and other
exploration costs.
[31] Well
depths are referenced to the rig rotary table.
[32] The
leases are awaiting final execution by the regulator.
[33] Woodside share reflects the net realised interest for the
period.
[34] The
Wheatstone asset processes gas from several offshore gas fields,
including the Julimar and Brunello fields, for which Woodside has
65% participating interest and is the operator.
[35] Includes the aggregate Woodside equity domestic gas production
from all Western Australian projects.
[36] Woodside share reflects the net realised interest for the
period.
[37] Operations governed by production sharing contracts, Woodside
share changes monthly.