REG - Woodside Energy Grp. - First Quarter 2023 Report
21/04/2023 07:00
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RNS Number : 9850W Woodside Energy Group Ltd 21 April 2023
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
ASX: WDS
NYSE: WDS
LSE: WDS
Announcement
Friday, 21 April 2023
FIRST QUARTER REPORT FOR PERIOD ENDED 31 MARCH 2023
Delivering reliable production
· Delivered quarterly production of 46.8 MMboe (520 Mboe/day), down
9% from Q4 2022 due to planned turnaround and maintenance activities.
Full-year production guidance remains unchanged.
· Delivered sales volume of 50.4 MMboe, down 4% from Q4 2022,
primarily due to lower production.
· Delivered revenue of $4,330 million, down 16% from Q4 2022, due
to lower production and lower realised prices.
· Production, sales volume and revenue increased 122%, 112% and 81%
respectively from Q1 2022, driven by the expanded operations portfolio
post-merger.
· Achieved high LNG reliability of 99.9% at Pluto LNG and 98.3% at
North West Shelf (NWS) Project.
· Achieved a portfolio average realised price of $85 per barrel of
oil equivalent.
· Sold 32% of produced LNG at prices linked to gas hub indices.
Executing major projects
· The Scarborough and Pluto Train 2 projects in Western Australia
are now 30% complete, with manufacturing of the export trunkline 86% complete
and first concrete poured for Pluto Train 2.
· The development drilling program for Sangomar progressed, with
ten of 23 wells complete. The Sangomar floating production storage and
offloading (FPSO) topsides integration and pre-commissioning works continued
in Singapore.
· Subsequent to the period, Mad Dog Phase 2, in the Gulf of Mexico
(GoM), successfully achieved first production and will continue to ramp up
through 2023.
Investing in growth
· Received competitive tenders for Trion, which are currently being
evaluated in support of targeted final investment decision (FID) readiness in
2023.
· Progressed key project activities for H2OK to support targeted
FID readiness in 2023.
Woodside CEO Meg O'Neill said Woodside delivered outstanding operational
performance in the quarter, particularly at Pluto LNG where reliability
averaged 99.9%.
"Our operations teams continued to achieve strong outcomes. Production was
122% higher than the corresponding quarter last year, demonstrating the
significant value generated by the merger with BHP's petroleum business.
"Production and revenue declined from Q4 2022 primarily due to planned
turnaround and maintenance activities at Australian assets and lower realised
prices.
"We are making good progress on all major growth projects in Australia and
globally. The Scarborough and Pluto Train 2 projects are now 30% complete,
with construction of key offshore and onshore infrastructure ramping up. First
concrete has now been poured on the Pluto Train 2 site. Engagement with
stakeholders and regulators on secondary environmental approvals for offshore
execution activities continued.
"The Sangomar development drilling program is nearing its half-way point, with
ten of 23 wells completed. Installation and testing of the rigid flowlines,
which total 101km in length, were successfully and safely completed. This is a
key milestone on the path to targeted first oil later this year.
"At the Trion project in the GoM, we have received tenders for key equipment
and activities including the floating production unit, long-lead rotating
equipment, subsea equipment, drilling rig and installation scopes as we target
FID readiness this year.
"Mad Dog Phase 2 in the US GoM achieved a significant milestone with first
production in April 2023. Mad Dog is one of several low cost producing assets
for Woodside in the region with significant expansion potential and in close
proximity to infrastructure and attractive markets.
"Within our new energy business, we continue to progress activities and
approvals for our H2OK project in support of achieving FID readiness this
year," she said.
Comparative performance at a glance
Q1 2023 Q4 2022 Change % Q1 2022 Change %
Production 1 (#_ftn1) MMboe 46.8 51.6 (9%) 21.1 122%
Mboe/day 520 561 234
Sales MMboe 50.4 52.2 (4%) 23.8 112%
Revenue $ million 4,330 5,160 (16%) 2,395 81%
Operational overview
Production
· Production decreased compared to the previous quarter to 46.8
MMboe, primarily due to:
o planned turnaround on Ngujima-Yin FPSO
o planned onshore and offshore maintenance activities and lower Australian
east coast gas market demand on Bass Strait
· Production was more than double the corresponding quarter last
year, driven by the expanded operations portfolio post-merger.
· Delivered high reliability at Pluto LNG, achieving 99.9%
reliability for the quarter, and maintained strong reliability at NWS Project,
achieving 98.3% reliability for the quarter.
Australian LNG
· Commenced front-end engineering design (FEED) and identified
long-lead order requirements for the Lambert West development. Lambert West
consists of one production well developed via a subsea tie-back to the Angel
Platform to support ongoing production from the NWS Project.
Bass Strait
· Significant planned turnaround and maintenance activities were
completed on the onshore and offshore facilities.
· The Gippsland Basin Joint Venture (GBJV) executed an agreement to
charter a fourth semi-submersible vessel from the end of 2023 to support
decommissioning activities in the Gippsland Basin.
Gulf of Mexico
· The SN102 well was completed and SN101 well completion activities
commenced on the Shenzi North project. The project is 67% complete.
Australia Oil
· The Pyrenees Phase 4 infill campaign, comprising a workover well
and one infill well, was completed.
· The Enfield plugging and abandonment (P&A) campaign continued
with four wells permanently plugged. At the end of the quarter, the plugging
of nine of 18 Enfield wells and removal of 13 of 18 xmas trees had been
completed.
· The Ngujima-Yin FPSO commenced a planned five-yearly maintenance
turnaround in a Singapore drydock and is expected to return to production in
Q3 2023.
Project and development activities
Scarborough
· Scarborough upstream pipeline manufacturing is 86% complete.
Subsea structure manufacturing and trunkline shore crossing preparations at
Pluto commenced. Fabrication of the floating production unit topsides and hull
has ramped up.
· Engagement with regulators on secondary environmental approvals
for offshore execution activities continued.
· Pluto Train 2 site pre-works progressed with first concrete pour
for permanent structures completed and LNG train module construction ramping
up.
· Pluto Train 1 modifications scope progressed into pre-execution
phase, engineering and long-lead item procurement commenced.
· The project was 30% complete at the end of the period and first
LNG cargo is targeted in 2026.
Sangomar Field Development Phase 1
· Installation and testing of the rigid flowlines, totalling 101km
in length, were successfully and safely completed.
· The subsea installation campaign progressed, with umbilical
installation now 37% complete.
· The development drilling program continued with ten of 23 wells
completed.
· FPSO topsides integration and pre-commissioning works continued
in Singapore.
· The project was 82% complete at the end of the period and first
oil is targeted in late 2023.
Mad Dog Phase 2
· Subsequent to the period, first production was successfully
achieved at the Argos platform in the GoM. Production will ramp-up through
2023.
Trion
· Tenders were received and are being evaluated for key scopes
including the floating production unit (FPU), long-lead rotating equipment,
subsea equipment, drilling rig and installation scopes.
· Woodside is collaborating with PEMEX and the National
Hydrocarbons Commission (CNH) on the draft field development plan (FDP), which
would be submitted to the regulator following a positive FID.
· Woodside is targeting FID readiness in 2023.
Sunrise
· In February 2023, the Sunrise Joint Venture committed to
undertake a concept select program for the development of the Greater Sunrise
fields in parallel with the ongoing negotiation of a new production sharing
contract and associated agreements with the Timor-Leste and Australian
Governments.
New energy
H2OK
· Woodside is progressing negotiations for access to wastewater and
the ~200MW of power required.
· Discussions with potential H2OK customers are ongoing.
· The air quality permit approval was received from Oklahoma
Department of Environment and Quality.
· Contracting activities for construction tender and other schedule
critical packages are progressing.
· H2OK is targeting FID readiness in 2023.
Woodside Solar
· The Woodside Solar development application was submitted to the
City of Karratha.
· The Ngarluma and Woodside Power Project Indigenous Land Use
Agreement (ILUA) was listed on the Register of ILUAs by the National Native
Title Tribunal on 10 March 2023.
· Woodside Solar is targeting FID readiness in 2023.
Corporate activities
Hedging (as at 31 March 2023)
· Woodside has placed oil price hedges for approximately 21.8 MMboe
of 2023 production at an average price of $74.5 per barrel of which
approximately 5.8 MMboe has been delivered.
· Woodside also has a hedging program for Corpus Christi LNG
volumes to protect against downside pricing risk. These hedges are Henry Hub
and Title Transfer Facility (TTF) commodity swaps. Approximately 83% of Corpus
Christi volumes for the remainder of 2023 and approximately 29% of 2024
volumes have reduced pricing risk as a result of hedging activities.
· The year-to-date pre-tax expense related to hedged positions is
approximately $166 million, with $79 million pre-tax expense related to
Corpus Christi hedges, $70 million pre-tax expense related to oil price
hedges and $17 million pre-tax expense related to other hedge positions.
Hedging losses will be included in "other expenses" in the full-year financial
statements.
2023 Annual General Meeting
· The 2023 Annual General Meeting (AGM) of Woodside Energy Group
Ltd will be held at 10.00am (AWST) on Friday, 28 April 2023 at the Perth
Convention & Exhibition Centre, 21 Mounts Bay Road, Perth, Western
Australia.
· The AGM will also be available online at
https://web.lumiagm.com/333232445 (https://web.lumiagm.com/333232445) .
Climate reporting and non-binding shareholder vote
· Woodside intends to put its climate reporting to a non-binding,
advisory vote of shareholders at its 2024 AGM. It is intended that subsequent
shareholder votes will be held at three-year intervals, except in exceptional
circumstances.
Half-year report
· Woodside's half-year report 2023 will be released on Tuesday, 22
August 2023.
Contacts:
INVESTORS MEDIA
Matthew Turnbull (Group) Christine Forster
M: +61 410 471 079 M: +61 484 112 469
E: christine.forster@woodside.com
Sarah Peyman (Australia)
M: +61 457 513 249
Rohan Goudge (US)
M: +1 (713) 679-1550
E: investor@woodside.com
This announcement was approved and authorised for release by Woodside's
Disclosure Committee.
Production summary
Three months ended Year to date
Mar Dec Mar Mar Mar
2023
2022 2022 2023 2022
AUSTRALIA
LNG
North West Shelf Mboe 9,673 9,564 4,612 9,673 4,612
Pluto 2 (#_ftn2) Mboe 12,154 12,124 9,326 12,154 9,326
Wheatstone Mboe 2,456 2,596 2,408 2,456 2,408
Total Mboe 24,283 24,284 16,346 24,283 16,346
Pipeline gas
Bass Strait Mboe 3,133 4,883 - 3,133 -
Other 3 (#_ftn3) Mboe 3,037 3,470 753 3,037 753
Total Mboe 6,170 8,353 753 6,170 753
Crude oil and condensate
North West Shelf Mbbl 1,684 1,711 806 1,684 806
Pluto(2) Mbbl 961 982 745 961 745
Wheatstone Mbbl 408 506 421 408 421
Bass Strait Mbbl 777 935 - 777 -
Macedon & Pyrenees Mbbl 631 692 1,398 631 1,398
Ngujima-Yin Mbbl 869 1,890 425 869 425
Okha Mbbl 431 598 - 431 -
Total Mboe 5,761 7,314 3,795 5,761 3,795
NGL2 4 (#_ftn4)
North West Shelf Mbbl 292 307 181 292 181
Pluto(2) Mbbl 50 52 6 50 6
Bass Strait Mbbl 723 1,187 - 723 -
Total Mboe 1,065 1,546 187 1,065 187
Total Australia 5 (#_ftn5) Mboe 37,279 41,497 21,081 37,279 21,081
Three months ended Year to date
Mar Dec Mar Mar Mar
2023
2022 2022 2023 2022
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 330 409 - 330 -
Trinidad & Tobago Mboe 2,236 1,952 - 2,236 -
Other(6) Mboe 30 - - 30 -
Total Mboe 2,596 2,361 - 2,596 -
Crude oil and condensate
Atlantis Mbbl 2,696 3,229 - 2,696 -
Mad Dog Mbbl 939 1,165 - 939 -
Shenzi Mbbl 2,596 2,517 - 2,596 -
Trinidad & Tobago Mbbl 297 361 - 297 -
Other3F 6 (#_ftn6) Mbbl 39 81 - 39 -
Total Mboe 6,567 7,353 - 6,567 -
NGL4 7 (#_ftn7)
Gulf of Mexico Mbbl 331 390 - 331 -
Other(6) Mbbl 17 - - 17 -
Total Mboe 348 390 - 348 -
Total International Mboe 9,511 10,104 - 9,511 -
Total production Mboe 46,790 51,601 21,081 46,790 21,081
Product sales
Three months ended Year to date
Mar Dec Mar Mar Mar
2023
2022 2022
2022
2023
AUSTRALIA
LNG
North West Shelf Mboe 10,564 9,000 5,012 10,564 5,012
Pluto5 8 (#_ftn8) Mboe 11,310 12,189 9,433 11,310 9,433
Wheatstone 9 (#_ftn9) Mboe 2,350 2,360 2,521 2,350 2,521
Total Mboe 24,224 23,549 16,966 24,224 16,966
Pipeline gas
Bass Strait Mboe 3,082 4,725 - 3,082 -
Other Mboe 2,939 3,524 748 2,939 748
Total Mboe 6,021 8,249 748 6,021 748
Crude oil and condensate
North West Shelf Mbbl 1,089 1,989 618 1,089 618
Pluto(8) Mbbl 614 856 472 614 472
Wheatstone Mbbl 350 684 289 350 289
Bass Strait Mbbl 82 1,115 - 82 -
Ngujima-Yin Mbbl 1,141 1,753 1,336 1,141 1,336
Okha Mbbl 653 - - 653 -
Pyrenees Mbbl 518 1,142 - 518 -
Total Mboe 4,447 7,539 2,715 4,447 2,715
NGL7 10 (#_ftn10)
North West Shelf Mbbl 170 228 - 170 -
Pluto(8) Mbbl 182 - - 182 -
Bass Strait Mbbl 1,109 672 - 1,109 -
Total Mboe 1,461 900 - 1,461 -
Total Australia Mboe 36,153 40,237 20,429 36,153 20,429
Three months ended Year to date
Mar Dec Mar Mar Mar
2023
2022 2022 2023 2022
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 343 343 - 343 -
Trinidad & Tobago Mboe 2,295 1,969 - 2,295 -
Other8 11 (#_ftn11) Mboe 7 4 - 7 -
Total Mboe 2,645 2,316 - 2,645 -
Crude oil and condensate
Atlantis Mbbl 2,668 3,091 - 2,668 -
Mad Dog Mbbl 941 1,098 - 941 -
Shenzi Mbbl 2,673 2,245 - 2,673 -
Trinidad & Tobago Mbbl 413 130 - 413 -
Other(11) Mbbl 63 59 - 63 -
Total Mboe 6,758 6,623 - 6,758 -
NGL9 12 (#_ftn12)
Gulf of Mexico Mbbl 342 422 - 342 -
Trinidad & Tobago Mbbl - - - - -
Other(11) Mbbl 4 2 - 4
Total Mboe 346 424 - 346 -
Total International Mboe 9,749 9,363 - 9,749 -
MARKETING
LNG1 13 (#_ftn13) Mboe 4,483 2,625 3,338 4,483 3,338
Total Mboe 4,483 2,625 3,338 4,483 3,338
Total Marketing Mboe 4,483 2,625 3,338 4,483 3,338
Total sales Mboe 50,385 52,225 23,767 50,385 23,767
Revenue (US$ million)
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
AUSTRALIA
North West Shelf 1,270 1,260 636 1,270 636
Pluto11 1,131 1,666 829 1,131 829
Wheatstone12 14 (#_ftn14) 324 383 267 324 267
Bass Strait 211 363 - 211 -
Macedon 51 54 - 51 -
Ngujima-Yin 100 164 148 100 148
Okha 56 - - 56 -
Pyrenees 50 118 - 50 -
INTERNATIONAL
Atlantis 199 263 - 199 -
Mad Dog 68 87 - 68 -
Shenzi 199 188 - 199 -
Trinidad & Tobago 136 112 - 136 -
Other13 15 (#_ftn15) 5 6 - 5 -
Marketing revenue14 16 (#_ftn16) 479 431 479 479 479
Total sales revenue 17 (#_ftn17) 4,279 5,095 2,359 4,279 2,359
Processing revenue 47 48 35 47 35
Shipping and other revenue 4 17 1 4 1
Total revenue 4,330 5,160 2,395 4,330 2,395
Realised prices
Three months ended Three months ended
Units Mar Dec Mar Units Mar Dec Mar
2023 2022 2022 2023 2022 2022
LNG produced15 18 (#_ftn18) $/MMBtu 16.7 20.3 14.6 $/boe 105 128 93
LNG traded16 19 (#_ftn19) $/MMBtu 16.7 24.2 22.6 $/boe 105 153 144
Pipeline gas $/boe 38 43 26
Oil and condensate $/bbl 76 82 109 $/boe 76 82 109
NGL $/bbl 51 36 - $/boe 51 36 -
Average realised price $/boe 85 98 100
Dated Brent $/bbl 81 89 101
JCC (lagged three months) $/bbl 100 113 80
WTI $/bbl 76.1 82.8 94.3
JKM $/MMBtu 26.0 38.6 31.2
TTF $/MMBtu 24.7 45.0 32.6
· Average realised price was A$6.9/GJ in Western Australia,
A$11.9/GJ in east coast Australia and $7.2/Mcf for International in Q1 2023.
Expenditure (US$ million)
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
Exploration and evaluation expense
Exploration and evaluation expensed1F 20 (#_ftn20) , 52 239 7 52 7
Permit amortisation 2 3 1 2 1
Total 54 242 8 54 8
Capital expenditure
Exploration and evaluation capitalised18F 21 (#_ftn21) (,)19F 22 (#_ftn22) 37 8 5 37 5
Oil and gas properties 1,279 1,342 757 1,279 757
Total 1,316 1,350 762 1,316 762
Trading costs 385 260 351 385 351
Key project expenditure (US$ million)
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
Capital expenditure
Scarborough 23 (#_ftn23) 626 599 447 626 447
Sangomar 279 290 242 279 242
Exploration
· In the US Gulf of Mexico (GoM) Woodside was the highest bidder on
12 leases in lease sale 259 with the final lease award pending regulatory
approval. The bids were concentrated in the central GoM Miocene and western
GoM Paleogene trends. Two of the 12 bids were joint bids with Oxy, in which
Woodside would hold a 40% non-operating interest. 24 (#_ftn24)
· In Egypt, the regulator has approved Woodside's acquisition of a
27% interest in two non-operated blocks in the Herodotus Basin.
· Woodside signed an option agreement to acquire at least a 56%
interest in Namibia Petroleum Exploration License 87, located in the Orange
Basin offshore Namibia. The decision to exercise the option will follow
evaluation of seismic data acquired as part of the agreement.
Exploration or appraisal wells drilled
Region Permit area Well Target Interest (%) Spud date Water depth (m) Planned well depth (m)20 25 (#_ftn25) Remarks
Gulf of Mexico GC 868 Mad Dog SWX4 Oil 23.9% 12 March 2023 1,331 7,437 Drilling ongoing
Non-operator
Permits and licences
Key changes to permit and licence holding during the quarter ended 31 March
2023 are noted below.
Region Permits or licence areas Change in interest (%) Current interest (%) Remarks
Egypt - Herodotus Basin North Sidi Barrani Offshore (Block 2) 27 27 Non-operated
Egypt - Herodotus Basin North El Dabaa Offshore (Block 4) 27 27 Non-operated
Seismic and geophysical survey activity
Region Field Permits or licence areas Remarks
Namibia PEL 87 - Orange Basin Deep Water PEL 87 License Acquisition of ~6,800 km(2) of 3D is ongoing
Production rates
Average daily production rates (100% project) for the quarter ended 31 March
2023:
Woodside Production rate Remarks
share23F 26 (#_ftn26)
(100% project, Mboe/d)
Mar Dec
2023 2022
AUSTRALIA
NWS Project
LNG 31.62% 340 340
Crude oil and condensate 31.61% 59 61
NGL 31.55% 10 11
Pluto LNG
LNG 90.00% 117 118
Crude oil and condensate 90.00% 11 11
Pluto-KGP Interconnector
LNG 100.00% 30 26
Crude oil and condensate 100.00% 1 1
NGL 100.00% 1 1
Wheatstone 27 (#_ftn27)
LNG 11.94% 229 238
Crude oil and condensate 15.07% 30 33
Bass Strait
Pipeline gas 42.30% 82 115 Production was lower due to seasonal demand and planned onshore and offshore
maintenance activities.
Crude oil and condensate 48.71% 18 21
NGL 42.94% 19 26
Australia Oil
Ngujima-Yin 60.00% 16 34 Production was lower due to a planned maintenance turnaround.
Okha 50.00% 10 13
Pyrenees 64.06% 11 11
Other
Pipeline gas25F 28 (#_ftn28) 34 38
Woodside Production rate Remarks
share26 29 (#_ftn29)
(100% project, Mboe/d)
Mar Dec
2023 2022
INTERNATIONAL
Atlantis
Crude oil and condensate 38.50% 78 91 Production was lower due to execution of a planned well intervention campaign.
NGL 38.50% 5 6
Pipeline Gas 38.50% 6 9
Mad Dog
Crude oil and condensate 20.86% 50 62 Production was lower due to execution of a planned well intervention campaign.
NGL 20.86% 2 2
Pipeline Gas 20.86% 1 1
Shenzi
Crude oil and condensate 64.39% 45 42
NGL 64.39% 2 2
Pipeline Gas 64.39% 1 1
Trinidad & Tobago
Crude oil and condensate 57.97% 30 (#_ftn30) 6 7
Pipeline gas 44.39%(30) 56 54
Forward looking statements and other conversion factors
Disclaimer and important notice
This announcement contains forward-looking statements with respect to
Woodside's business and operations, market conditions, results of operations
and financial condition which reflect Woodside's views held as at the date of
this announcement. 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', 'forecast', 'project', 'schedule', 'will', 'should',
'seek' and other similar words or expressions. Similarly, statements that
describe the objectives, plans, goals or expectations of Woodside or other
statements about Woodside's future plans for projects and the timing thereof,
the implementation of Woodside's new energy strategy and Woodside's
expectations and guidance with respect to production and certain financial
results for 2023, are or may be forward- looking statements. Forward-looking
statements are not guarantees of future performance 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 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; the effect of future
regulatory or legislative actions on Woodside or the industries in which it
operates, including potential changes to tax laws; as well as general economic
conditions, inflationay conditions, prevailing exchange rates and interest
rates and conditions in financial markets. Details of the key risks relating
to Woodside and its business can be found in the "Risk" section of Woodside's
most recent Annual Report which was released to the Australian Securities
Exchange on 27 February 2023 and in Woodside's filings with the U.S.
Securities and Exchange Commission, including Woodside's Annual Report on
Form 20‑F. You should review and have regard to these risks when
considering the information contained in this announcement.
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 announcement.
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. All
information included in this announcement, including any forward-looking
statements, speak only as of the date of this announcement and, except as
required by law or regulation, Woodside does not undertake to update or revise
any information or forward-looking statements contained in this announcement,
whether as a result of new information, future events, or otherwise.
All figures are Woodside share for the quarter ending 31 March 2023, unless
otherwise stated.
All references to dollars, cents or $ in this presentation are to US currency,
unless otherwise stated.
References to "Woodside" may be references to Woodside Energy Group Ltd or its
applicable subsidiaries.
Product Unit Conversion bbl barrel
factor boe barrel of oil equivalent
Mbbl thousand barrels
Mboe thousand barrels of oil equivalent
MMboe million barrels of oil equivalent
Bcf billion cubic feet of gas
MMBtu million British thermal units
MMscf million standard cubic feet of gas
scf standard cubic feet of gas
Natural gas 5,700 scf 1 boe
Condensate 1 bbl 1 boe
Oil 1 bbl 1 boe
Natural gas liquids (NGL) 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.
1 (#_ftnref1) Q1 2023 includes 0.31 MMboe, Q4 2022 includes 0.31 MMboe and
Q1 2022 includes 0.03 MMboe primarily from feed gas purchased from Pluto
non-operating participants processed through the Pluto-KGP Interconnector.
2 (#_ftnref2) Q1 2023 includes 2.70 MMboe of LNG, 0.11 MMboe of condensate
and 0.05 MMboe of NGL, Q4 2022 includes 2.39 MMboe of LNG, 0.10 MMboe of
condensate and 0.05 MMboe of NGL and Q1 2022 includes 0.32 MMboe of LNG and
0.01 MMboe of condensate processed at the Karratha Gas Plant (KGP) through the
Pluto-KGP Interconnector.
3 (#_ftnref3) Includes the aggregate Woodside equity domestic gas production
from all Western Australian projects.
4 (#_ftnref4) Natural gas liquids (NGL) include LPG, ethane, propane and
butane.
5 (#_ftnref5) Q1 2023 includes 0.31 MMboe, Q4 2022 includes 0.31 MMboe and
Q1 2022 includes 0.03 MMboe primarily from feed gas purchased from Pluto
non-operating participants processed through the Pluto-KGP Interconnector.
6 (#_ftnref6) Overriding royalty interests held in the Gulf of Mexico (GoM)
for several producing wells.
7 (#_ftnref7) Natural gas liquids (NGL) include LPG, ethane, propane and
butane.
8 (#_ftnref8) Processing of volumes commenced at the Karratha Gas Plant via
the Pluto-KGP Interconnector in 2022.
9 (#_ftnref9) Includes periodic adjustments reflecting the arrangements
governing Wheatstone LNG sales of 0.06 MMboe in Q1 2023, 0.03 MMboe in Q4 2022
and -0.18 MMboe in Q1 2022.
10 (#_ftnref10) Natural gas liquids (NGL) include LPG, ethane, propane and
butane.
11 (#_ftnref11) Overriding royalty interests held in the GoM for several
producing wells.
12 (#_ftnref12) Natural gas liquids (NGL) include LPG, ethane, propane and
butane.
13 (#_ftnref13) Purchased LNG volumes sourced from third parties.
14 (#_ftnref14) Q1 2023 includes $3 million, Q4 2022 includes $2 million and
Q1 2022 includes -$20 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.
15 (#_ftnref15) Overriding royalty interests held in GoM for several
producing wells.
16 (#_ftnref16) Values include revenue generated from purchased LNG volumes,
as well as the marketing margin on the sale of Woodside's produced liquids
portfolio. Hedging impacts are excluded.
17 (#_ftnref17) Total sales revenue excludes all hedging impacts.
18 (#_ftnref18) Realised prices include the impact of periodic adjustments
reflecting the arrangements governing Wheatstone LNG sales.
19 (#_ftnref19) Excludes any additional benefit attributed to produced LNG
through third-party trading activities.
20 (#_ftnref20) Q4 2022 includes $39m relating to the write-off of
capitalised exploration costs due to the relinquishment of exploration permit
acreage at Sangomar.
21 (#_ftnref21) 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.
22 (#_ftnref22) 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.
23 (#_ftnref23) Scarborough key project expenditure includes Scarborough
offshore, Pluto Train 2, Pluto Train 1 modification and Train 2 tie-in spend.
Prior period comparatives have been restated to include Pluto Train 1
modification and Train 2 tie-in spend of $13m in Q1 2022 and $20m in Q4 2022.
24 (#_ftnref24) Woodside was the highest bidder on blocks AC125, AC126,
AT133, GC173, GC210, GC211, GC406, GC407, GC450, GC495 at 100% working
interest (WI) and blocks GC598, GC642 at 40% WI.
25 (#_ftnref25) Well depths are referenced to the rig rotary table.
26 (#_ftnref26) Woodside share reflects the net realised interest for the
period.
27 (#_ftnref27) 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.
28 (#_ftnref28) Includes the aggregate Woodside equity domestic gas
production from all Western Australian projects.
29 (#_ftnref29) Woodside share reflects the net realised interest for the
period.
30 (#_ftnref30) Operations governed by production sharing contracts,
Woodside share changes monthly.
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