SECOND QUARTER REPORT FOR PERIOD ENDED 30 JUNE
2024
ASX: WDS | NYSE: WDS | LSE:
WDS
Tuesday, 23 July
2024
Delivering on our growth strategy
Operations
· Quarterly production of 44.4 MMboe (488 Mboe/day), down 1%
from Q1 2024 due to planned maintenance activities, weather impacts
at North West Shelf and unplanned outages at Wheatstone and
Julimar, partly offset by higher seasonal demand at Bass Strait and
first oil at Sangomar. Full year production guidance remains
unchanged.
· Quarterly revenue of $3,033 million, up 2% from Q1 2024
primarily due to timing of Pluto cargoes partially offset by lower
realised prices.
· Sold
22% of total equity production in the quarter on prices linked to
gas hub indices.[1] Full year gas hub guidance
remains unchanged.
Projects
· The
Sangomar Project achieved first oil in June and production
continues to ramp up as planned. Subsequent to the quarter, the
first cargo was loaded for delivery to Europe.
· The
Scarborough Energy Project was 67% complete at the end of the
quarter, with first LNG cargo expected in
2026.[2]
· The
total estimated cost of the Scarborough Energy Project has
increased by 4% to US$12.5 billion (US$8.2 billion Woodside share),
significantly driven by scope maturation of the Pluto Train 1
modifications project.[3]
· The
Trion Project continued to progress engineering, procurement, and
contracting activities in accordance with the execution
plan.
· Secured all primary environmental approvals for the Hydrogen
Refueller @H2Perth and progressed offtake discussions for the H2OK
Project.
Other
· Signed a sale and purchase agreement (SPA) with CPC
Corporation, Taiwan (CPC) for the long-term supply of LNG to
Taiwan.
· Secured $1 billion funding from Japan Bank for International
Cooperation (JBIC) for the Scarborough Energy Project.
· Subsequent to the quarter, Woodside entered into a definitive
agreement to acquire Tellurian and its US Gulf Coast Driftwood LNG
development opportunity for an all-cash payment of approximately
$900 million.
Woodside CEO Meg O'Neill said the company is on
track to achieve its full year production guidance of 185-195
million barrels of oil equivalent (MMboe), with output for the
second quarter of 44.4 MMboe.
"The first oil from our Sangomar project offshore
Senegal was a significant milestone, delivering against our growth
strategy. Subsequent to the quarter, we achieved peak gross rate of
75,000 barrels per day and production ramp-up continues as
planned.
"The addition of Sangomar to Woodside's portfolio
will deliver enduring shareholder value and significant economic
benefits for Senegal.
"Work on our other major growth projects continued
at pace. The Scarborough Energy Project in Western Australia is now
more than two-thirds complete and we remain on target for first LNG
cargo in 2026.
"We are also progressing our opportunities in new
energy, securing all primary environmental approvals for the
Hydrogen Refueller @H2Perth, while continuing offtake discussions
for H2OK in the US.
"We see ongoing demand for Woodside's LNG in Asian
markets, as evidenced by our long-term sale and purchase agreement
with CPC Corporation, Taiwan, and the $1 billion loan agreement
executed with JBIC to fund Woodside's Scarborough Energy
Project.
"The recent announcement of an agreement to acquire
Tellurian and Driftwood LNG positions Woodside to be a global LNG
powerhouse, adding scalable US LNG development exposure to our
portfolio," she said.
Comparative performance at a glance
|
|
Q2
2024
|
Q1
2024
|
Change %
|
Q2
2023
|
Change %
|
YTD
2024
|
YTD
2023
|
Change %
|
Revenue
|
$
million
|
3,033
|
2,969
|
2%
|
3,084
|
(2%)
|
6,002
|
7,414
|
(19%)
|
Production[4]
|
MMboe
|
44.4
|
44.9
|
(1%)
|
44.5
|
-
|
89.3
|
91.3
|
(2%)
|
|
Gas
|
MMscf/d
|
1,885
|
1,929
|
(2%)
|
1,905
|
(1%)
|
1,907
|
1,999
|
(5%)
|
|
Liquids
|
Mbbl/d
|
157
|
155
|
1%
|
155
|
1%
|
156
|
154
|
1%
|
|
Total
|
Mboe/d
|
488
|
494
|
(1%)
|
489
|
-
|
491
|
504
|
(3%)
|
Sales
|
MMboe
|
48.0
|
45.9
|
5%
|
48.4
|
(1%)
|
93.9
|
98.8
|
(5%)
|
|
Gas
|
MMscf/d
|
2,103
|
1,967
|
7%
|
2,170
|
(3%)
|
2,035
|
2,268
|
(10%)
|
|
Liquids
|
Mbbl/d
|
159
|
159
|
-
|
151
|
5%
|
159
|
148
|
7%
|
|
Total
|
Mboe/d
|
528
|
504
|
5%
|
532
|
(1%)
|
516
|
546
|
(5%)
|
Average realised price
|
$/boe
|
62
|
63
|
(2%)
|
63
|
(2%)
|
63
|
74
|
(15%)
|
Capital expenditure[5]
|
$
million
|
1,233
|
1,179
|
5%
|
1,321
|
(7%)
|
2,412
|
2,637
|
(9%)
|
Operations
North West Shelf (NWS)
Project
· Achieved strong
quarterly LNG reliability of 99.7%.
· Successfully completed
planned offshore maintenance at Goodwyn Alpha (GWA).
· Progressed the
proposed GWA infill development for potential final investment
decision (FID) in 2025, which would involve tying back several
fields via existing GWA subsea infrastructure.
Pluto LNG
· Achieved quarterly LNG
reliability of 97.7%.
· Successfully completed
a two-day turnaround at Pluto LNG to enable integration testing of
the produced water handling unit into the Pluto A platform.
· Increased Pluto
domestic gas production through the Pluto-KGP interconnector at the
NWS.
Wheatstone and Julimar-Brunello
· Two separate unplanned
outages occurred in the quarter, impacting the Julimar subsea
production system and the Wheatstone facility respectively. Full
production resumed in the quarter.
Bass Strait
· Completed offshore
installation of the Kipper Compression modules, with the project
progressing hook-up activities for a planned start-up in Q3
2024.
· The Gippsland Basin
Joint Venture (GBJV) continues to optimise its facilities through
the Gippsland Asset Streamlining project with the Halibut platform
ceasing production as planned following declining oil production
from the facility.
Other
Australia
· Successfully completed
the planned five-yearly maintenance turnaround at the Pyrenees
floating production storage and offloading (FPSO) facility.
· A produced-water leak
identified in the subsea system at the Pyrenees facility in January
was rectified and production recommenced, returning to normal rates
this quarter.
Gulf of Mexico
· Achieved quarterly
reliability of 98.9% at Shenzi.
· Executed a planned
major offshore facility turnaround at Atlantis.
· Achieved first water
injection at the Argos platform in April 2024.
Trinidad & Tobago
· Safely completed a
planned facility maintenance turnaround in June 2024 aimed at
proactive risk and integrity management and control system
upgrades.
Marketing
·
Signed a long-term LNG SPA with CPC for the supply of
approximately 6 million tonnes of LNG on a delivered basis over 10
years, commencing in July 2024. LNG delivered under the SPA will be
sourced from volumes across Woodside's global portfolio.
· Sold 45% of produced
LNG at prices linked to gas hub indices in the quarter (34% year to
date). This represents 22% of Woodside's total equity production
(16% year to date). Full year gas hub guidance remains
unchanged.
· Took delivery of a new
174,000m3 long-term charter LNG vessel, the Woodside
Scarlet Ibis, which will support efforts to lower the carbon
intensity of Woodside's LNG deliveries.
· Executed 14 PJ of
Western Australian gas sales for delivery from May to the end of
2024. Woodside continues to support the Western Australian domestic
market by offering additional supply for 2025, 2026 and 2027.
· Achieved record
trucked LNG deliveries of 525 TJ during the quarter to customers in
northern Western Australia. Woodside has now delivered more than
2000 trailers of LNG since commencement of operations at the Pluto
LNG Truck Loading Facility, offering a lower-carbon alternative to
diesel.[6]
Projects
Scarborough Energy Project
· A
cost and schedule review was performed for the integrated
Scarborough Energy Project. The schedule remains unchanged, with
first LNG cargo targeted for 2026. The revised total project cost
estimate is US$12.5 billion (US$8.2 billion Woodside share), a 4%
increase from the previous cost estimate at FID of US$12 billion.
The cost increase is significantly driven by scope maturation of
the Pluto Train 1 modifications
project.[7]
· The Scarborough and
Pluto Train 2 project was 67% complete at the end of the
quarter.
· 29 Pluto Train 2
modules have been delivered to site, with 25 modules set in
position at the end of the quarter and site works continuing to
ramp up.
· Fabrication of the
floating production unit (FPU) hull and topsides progressed. The
living quarters module was installed on the topsides, which has
achieved structural completion.
· Trunkline installation
has transitioned from the 36" to 32" pipe and is now more than 50%
complete.
· Two development wells
have been drilled, with one well completed and the other planned to
be completed in H2 2024. Reservoir quality is aligned with
pre-drill estimates.
· Installation and
testing of the three flowlines was completed.
· All major engineering
reviews for Pluto Train 1 modifications have been completed and
approximately 80% of materials and equipment have been ordered.
Mobilisation of personnel to both the module yard and Pluto site
commenced.
Sangomar Field Development Phase 1
·
Achieved first oil from the Sangomar field in June 2024,
marking the delivery of Senegal's first offshore oil project.
· Finalised sales for
initial Sangomar crude cargoes loading in July 2024, receiving
interest from European and Asian refiners. The first cargo was
loaded subsequent to the quarter.
· The project was 98%
complete at the end of the quarter.
· The development
drilling program continued with 21 of 23 wells drilled and
completed. An additional 24th well approved by the joint venture in
May 2023 was also drilled and completed in the period.
· Commissioning
activities and the safe ramp up of production are expected to
continue through 2024.
Trion
· Awarded contracts for
the FPU dry transportation, gas gathering line pipe and drilling
equipment and consumables.
· Progressed FPU
engineering, procurement and construction activities with
procurement of key equipment and the integration of vendor data
into the design.
· Completed floating,
storage and offloading vessel (FSO) front-end engineering design
(FEED).
Decommissioning
· The Griffin, Stybarrow
and Enfield decommissioning campaign continued with ~50km of
flexible flowlines and umbilicals recovered in the
quarter.
· The final two of 18
xmas trees were removed from Enfield and wellhead severance
commenced, with four completed at the end of the quarter.
· At Bass Strait,
offshore execution of the plug and abandonment of two subsea wells
commenced, utilising the Q7000 light well intervention vessel.
· The GBJV also
progressed FEED of the facility preparation scope for removal of
platforms no longer in use and continued to execute preparatory
decommissioning activities.
Exploration and development
Calypso
· Continued pre-FEED
engineering studies to mature the technical definition and cost
estimate for the deepwater infield host.
· Continued fiscal and
marketing negotiations with various counterparties to assess the
commercial options to monetise the Calypso resource.
Browse
· In June 2024, a
Declaration of an Identified Greenhouse Gas Storage Formation was
made by the Commonwealth Government over the Calliance Storage
Formation within the G-8-AP Greenhouse Gas Assessment Permit (held
by Woodside as Operator of Browse). This declaration supports the
proposed carbon capture and storage solution incorporated into the
Browse design.
Sunrise
· The Sunrise Joint
Venture participants continued to work with the Australian and
Timor Leste governments to progress a new Production Sharing
Contract, Petroleum Mining Code and fiscal regime.
Exploration
· In Congo, the Niamou
Marine-1 well spud in May 2024 under the Marine XX joint venture
operated by TotalEnergies.
New energy and carbon solutions
H2OK
· Continued to advance
discussions with potential offtakers on pricing and volumes.
· Woodside is awaiting
final guidance for the 45V Clean Hydrogen Production Tax
Credit.
Woodside Solar
· Working with the
Western Australian Government to progress its plans to develop
common user transmission infrastructure required to support the
proposed project.
· FID readiness and
first solar import will be subject to securing access to this new
infrastructure.
Hydrogen Refueller @H2Perth
· Secured primary
environmental approvals for the Hydrogen Refueller @H2Perth.
· Commenced factory
acceptance testing for key project equipment packages.
· Woodside is targeting
supply of hydrogen to Western Australian industrial customers in
2025.
Carbon capture and storage (CCS)
opportunities
· Continued to progress
engineering and marketing activities and required approvals for the
Angel CCS project.
Carbon Credits Portfolio
· Subsequent to the
quarter, Woodside signed an agreement to fund the reforestation of
5000 hectares of land in the Chaco region in Paraguay. The Woodside
portion of the project is expected to generate approximately 1.6
million carbon credits over 40 years.
Corporate activities
Hedging
· Woodside hedged
approximately 29.3 MMboe of 2024 oil production at an average price
of approximately $75.6 per barrel, with approximately 49% delivered
as of 30 June 2024.
· Woodside additionally
hedged approximately 15 MMboe of 2025 oil production at an average
price of approximately $81.2 per barrel.
· 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. Approximately 70% of
volumes for the remainder of 2024, 48% of 2025 and 9% of 2026
volumes have been hedged.
· The realised value of
all hedged positions for the half-year ended 30 June 2024 is a
pre-tax expense of approximately $45 million, with
$111 million related to oil price hedges offset by $65 million
profit related to Corpus Christi hedges and $1 million related
to other hedge positions. Hedging losses will be included in "other
expenses" in the full-year financial statements.
Funding
· In May 2024, Woodside
secured a $1 billion,
10-year loan from JBIC to support the Scarborough Energy
Project. This loan was secured at prevailing market rates
associated with Woodside's credit rating.
Climate and sustainability
· Woodside's Annual
General Meeting (AGM) took place on 24 April 2024, where all
resolutions were passed except for the Climate Transition Action
Plan and 2023 Progress Report (CTAP), which received a vote of
58.36% against it. Management is reflecting on the results of the
CTAP vote.
· Woodside published its
2023 Social Contribution Impact Report in April 2024 and its
2023 Modern Slavery Statement in June 2024.
· Woodside hosted a
methane masterclass during the Australian Energy Producers (AEP)
conference as part of its commitment to the decarbonisation of its
activities and to share Woodside's best practices on methane
emissions reduction.
2024 half-year results and teleconference
· Woodside's Half-Year
Report 2024 and associated investor briefing will be released to
the market on Tuesday, 27 August 2024. It will also be available on
Woodside's website at http://www.woodside.com/.
Upcoming events
2024
August
|
27
|
Half-Year 2024 report
|
September
|
16
|
US investor event
|
October
|
16
|
Third quarter 2024 report
|
2024 full-year guidance
|
|
Prior
|
Current
|
Production
|
MMboe
|
185 - 195
(505 - 533
Mboe/day)
|
No change
|
Capital
expenditure[8]
|
$ billion
|
5.0 - 5.5
|
No change
|
Gas hub
exposure[9]
|
% 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.
|
|
Other expenditure (US$
million)
|
Q2
2024
|
Q1
2024
|
Q2
2023
|
YTD
2024
|
YTD
2023
|
Exploration and evaluation
expensed[30]
|
46
|
54
|
81
|
100
|
133
|
Permit amortisation
|
3
|
3
|
2
|
6
|
4
|
Total
|
49
|
57
|
83
|
106
|
137
|
Trading costs
|
128
|
145
|
237
|
273
|
622
|
Exploration or appraisal wells drilled
Region
|
Permit
Area
|
Well
|
Target
|
Interest
(%)
|
Spud Date
|
Water depth
(m)
|
Planned well depth
(m)[31]
|
Remarks
|
Congo
|
Marine
XX
|
Niamou
Marine 1
|
Oil
|
22.5%
Non-Operator
|
24 May
2024
|
2,094
|
7,015
|
Drilling
|
Permits and licences
Key changes to permit and licence holdings during
the quarter ended 30 June 2024 are noted below.
Region
|
Permits or licence areas
|
Change in interest
(%)
|
Current interest
(%)
|
Remarks
|
Australia
|
WA-356-P
|
(65%)
|
0
|
License
exit as part of portfolio optimisation
|
Gulf of Mexico
|
GC 738
|
(23.9%)
|
0
|
License
expiry
|
Egypt - Herodotus Basin
|
North Sidi Barani Offshore (Block
2)
|
(27%)
|
0
|
License
expiry
|
Production rates
Average daily production rates (100% project) for
the quarter ended 30 June 2024:
|
Woodside
share[32]
|
Production rate
(100% project, Mboe/d)
|
Remarks
|
|
|
|
June
2024
|
Mar
2024
|
|
AUSTRALIA
|
|
|
|
|
NWS Project
|
|
|
|
|
LNG
|
30.37%
|
256
|
293
|
Production was lower due to
weather event impacts and planned offshore maintenance at Goodwyn
Alpha.
|
Crude oil and
condensate
|
30.21%
|
46
|
56
|
NGL
|
30.44%
|
10
|
10
|
|
|
|
|
|
Pluto LNG
|
|
|
|
|
LNG
|
90.00%
|
116
|
112
|
Production was higher primarily
due to improved reliability.
|
Crude oil and
condensate
|
90.00%
|
10
|
10
|
|
|
|
|
|
Pluto-KGP Interconnector
|
|
|
|
|
LNG
|
100.00%
|
24
|
29
|
LNG production lower due to
increased domestic gas production.
|
Crude oil and
condensate
|
100.00%
|
1
|
1
|
NGL
|
100.00%
|
1
|
1
|
|
|
|
|
|
Wheatstone[33]
|
|
|
|
|
LNG
|
10.18%
|
212
|
224
|
Production was lower due to two
separate unplanned outages, impacting the Julimar subsea system and
the Wheatstone facility respectively.
|
Crude oil and
condensate
|
13.85%
|
30
|
31
|
|
|
|
|
|
Bass Strait
|
|
|
|
|
Pipeline gas
|
43.70%
|
86
|
61
|
Production was higher due to
increased seasonal domestic gas demand.
|
Crude oil and
condensate
|
46.17%
|
12
|
12
|
NGL
|
47.13%
|
23
|
19
|
|
|
|
|
|
Australia Oil
|
|
|
|
|
Ngujima-Yin
|
60.00%
|
18
|
13
|
Production at Ngujima-Yin and Okha
was higher due to less weather downtime.
Production at Pyrenees was low due
to a subsea produced-water leak and the planned
turnaround.
|
Okha
|
50.00%
|
11
|
8
|
Pyrenees
|
62.90%
|
2
|
2
|
|
|
|
|
|
Other
|
|
|
|
|
Pipeline gas25F[34]
|
|
42
|
33
|
Production was higher due to
increased pipeline gas deliveries from KGP, including from Pluto
via the Pluto-KGP Interconnector.
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Woodside
share[35]
|
Production rate
(100% project, Mboe/d)
|
Remarks
|
|
|
June
2024
|
Mar
2024
|
|
INTERNATIONAL
|
|
|
|
|
Atlantis
|
|
|
|
|
Crude oil and
condensate
|
38.50%
|
58
|
70
|
Production was lower due to the
planned turnaround.
|
NGL
|
38.50%
|
4
|
4
|
Pipeline Gas
|
38.50%
|
5
|
6
|
|
|
|
|
|
Mad Dog
|
|
|
|
|
Crude oil and
condensate
|
20.86%
|
155
|
146
|
|
NGL
|
20.86%
|
5
|
5
|
Pipeline Gas
|
20.86%
|
3
|
3
|
|
|
|
|
|
Shenzi
|
|
|
|
|
Crude oil and
condensate
|
65.09%
|
39
|
41
|
|
NGL
|
65.20%
|
2
|
2
|
Pipeline Gas
|
65.19%
|
1
|
2
|
|
|
|
|
Trinidad & Tobago
|
|
|
|
|
Crude oil and
condensate
|
58.75%[36]
|
2
|
2
|
Production was lower due to
planned maintenance activities.
|
Pipeline gas
|
48.90%36
|
39
|
54
|
|
|
|
|
|
Sangomar
|
|
|
|
|
Crude Oil[37]
|
78.74%
|
8
|
-
|
Field achieved first oil in
June.
|
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 conflicts in Ukraine and
the Middle East) 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 30 June 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
|
GJ
|
gigajoule
|
Mbbl
|
thousand barrels
|
Mbbl/d
|
thousand barrels per
day
|
Mboe
|
thousand barrels of oil
equivalent
|
Mboe/d
|
thousand barrels of oil equivalent
per day
|
Mcf
|
thousand cubic feet of
gas
|
MMboe
|
million barrels of oil
equivalent
|
MMBtu
|
million British thermal
units
|
MMscf/d
|
million standard cubic feet of gas
per day
|
PJ
|
petajoules
|
scf
|
standard cubic feet of
gas
|
TJ
|
terajoule
|
[1] 45% of produced
LNG cargoes in the quarter were sold on prices linked to gas hub
indices.
[2] The completion %
excludes the Pluto Train 1 modifications project.
[3] The total project
cost includes the cost for the Scarborough project, the Pluto Train
2 project and the Pluto Train 1 modifications
project. Refer to page 3 for
additional information.
[4] Q2 2024
includes 0.30 MMboe, Q1 2024 includes 0.29 MMboe and Q2 2023
includes 0.23 MMboe primarily from feed gas purchased from Pluto
non-operating participants processed through the Pluto-KGP
Interconnector.
[5] Includes
capital additions on oil and gas properties,
exploration and evaluation capitalised and other corporate
spend.
[6] Woodside uses
this term to describe the characteristic of having lower levels of
associated potential greenhouse gas emissions when compared to
historical and/or current conventions or analogues, for example
relating to an otherwise similar product.
[7] The total project
cost includes the cost for the Scarborough project, the Pluto Train
2 project and the Pluto Train 1 modifications
project. Woodside share is based on a participating interest
in the Scarborough Joint Venture (SJV) of 74.9% (compared to 73.5%
at FID) and assumes completion of the sell-down of a 15.1%
participating interest in the SJV to JERA. Woodside share excludes the impact of GIP's additional contribution to Pluto Train 2 ($0.8
billion).
[8] 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 future asset sell-downs, acquisitions or other changes in
equity.
[9] Gas hub indices
include Japan Korea Marker (JKM), TTF and National Balancing Point
(NBP). It excludes HH.
[10] Q2 2024
includes 2.18 MMboe of LNG, 0.10 MMboe of condensate and 0.06 MMboe
of NGL, Q1 2024 includes 2.60 MMboe of LNG, 0.10 MMboe of
condensate and 0.05 MMboe of NGL and Q2 2023 includes 1.96 MMboe of
LNG and 0.08 MMboe of condensate and 0.04 MMboe of NGL processed at
the Karratha Gas Plant (KGP) through the Pluto-KGP
Interconnector.
[11] Includes
the aggregate Woodside equity domestic gas production from all
Western Australian projects.
[12] Q2 2024
includes 0.30 MMboe, Q1 2024 includes 0.29 MMboe and Q2 2023
includes 0.23 MMboe primarily from feed gas purchased from Pluto
non-operating participants processed through the Pluto-KGP
Interconnector.
[13] Overriding
royalty interests held in the GoM for several producing
wells.
[14] Includes
periodic adjustments reflecting the arrangements governing
Wheatstone LNG sales of 0.19 MMboe in Q2 2024, 0.28 MMboe in Q1
2024 and 0.15 MMboe in Q2 2023.
[15] Includes
the aggregate Woodside equity domestic gas production from all
Western Australian projects.
[16] Includes
reclassification of purchased condensate volumes from NWS JV
Participants to Marketing liquids of 0.26 MMboe in Q2
2023.
[17] Overriding
royalty interests held in the GoM for several producing
wells.
[18] Purchased
volumes sourced from third parties.
[19] Includes
reclassification of purchased condensate volumes from NWS JV
Participants of 0.26 MMboe in Q2 2023.
[20] Q2 2024
includes -$10 million, Q1 2024 includes $24 million and Q2 2023
includes $11 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] Woodside
share reflects the net realised interest for the period.
[33] 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.
[34] Includes
the aggregate Woodside equity domestic gas production from all
Western Australian projects.
[35] Woodside
share reflects the net realised interest for the period.
[36] Operations
governed by production sharing contracts, Woodside share changes
monthly.
[37] Sangomar
production rate per day reflects total production in Q2 2024
divided by total number of days in the quarter.