REG - Woodside Energy Grp. - Fourth Quarter 2022 Report
25/01/2023 07:00
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RNS Number : 7548N Woodside Energy Group Ltd 24 January 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
Wednesday, 25 January 2023
FOURTH QUARTER REPORT FOR PERIOD ENDED 31 DECEMBER 2022
Delivering reliable production
· Delivered record quarterly production of 51.6 MMboe (561
Mboe/day), up 0.7% from Q3 2022.
· Delivered sales volume of 52.2 MMboe, down 8.5% from Q3 2022,
primarily due to reduced
third-party trades.
· Delivered revenue of $5,160 million, down 12.0% from Q3 2022,
impacted by reduced trading activity and lower realised prices.
· Achieved a portfolio average realised price of $98 per barrel of
oil equivalent.
· Sold 29% of produced LNG at prices linked to gas hub indices (23%
full year 2022).
· Achieved record full-year 2022 production of 157.7 MMboe,
outperforming the production guidance of 153 - 157 MMboe due to strong
operational performance in the fourth quarter.
Executing major projects
· The Scarborough and Pluto Train 2 projects in Western Australia
are now 25% complete, with manufacturing of the export trunkline 59% complete
and the commencement of module construction for Pluto Train 2.
· Development drilling program progressed on Sangomar with seven of
23 wells complete. The Sangomar FPSO was successfully relocated to Singapore
to complete topsides integration, pre-commissioning and commissioning
activities.
Investing in growth
· Issued multiple competitive tenders for Trion to support 2023 FID
readiness.
· FEED was completed at H2OK and long-lead items were ordered to
support 2023 FID readiness.
· Selected as the preferred partner to progress to the next stage
of the proposed Southern Green Hydrogen project in New Zealand.
Woodside CEO Meg O'Neill said production in the fourth quarter was a record
51.6 million barrels of oil equivalent (boe).
"The result lifted output for calendar 2022 to 157.7 million boe, surpassing
guidance and marking the highest annual production in Woodside's history.
"Consistent strong operational performance and favourable operating conditions
across the combined portfolio was a key driver in achieving record quarterly
and full-year production.
"Reliability at our Australian operated assets was exceptional with Pluto LNG
and the North West Shelf (NWS) Project both achieving 98.3% reliability for
the quarter. During the quarter, Woodside celebrated a milestone at Pluto LNG,
passing 50 million tonnes of LNG production since the facility started up in
2012. Internationally, asset performance was boosted by completion of planned
turnaround work.
"Woodside contributed 29.4 PJ to the east coast Australian gas market in the
quarter. Every molecule produced by Woodside's east coast gas business went
into the domestic market to support Australian households, businesses and
manufacturers.
"Revenue for the period was $5,160 million, down 12% from the third quarter on
the back of lower international crude oil and LNG prices and reduced trading
activity. Woodside's average realised price was $98/boe, down from $102/boe in
the preceding period.
"Ongoing production of Pluto gas through the Pluto-KGP Interconnector
continues to deliver additional LNG volumes to a market with strong demand.
"Strong progress was made across our portfolio of growth projects, both in
Australia and globally.
"The teams working on Scarborough and Pluto Train 2 have done an outstanding
job over the latter part of the year. The combined projects are now one
quarter of the way to completion and are on track for targeted first LNG cargo
in 2026, bringing essential volumes into a market demanding more LNG.
"Most of the major equipment for the Scarborough floating production unit has
been ordered and module construction of Pluto Train 2 has commenced.
"At Sangomar Field Development Phase 1 in Senegal, subsea installation and
development drilling has progressed well, with seven of the planned 23 wells
now completed. The floating production storage and offloading facility (FPSO)
is currently undergoing topsides integration, pre-commissioning and
commissioning activities in Singapore. Overall, the project is 77% complete
and is on target to start producing oil in late 2023.
"Progress was also made at the proposed Trion project in Mexico, where we are
aiming to be ready for a final investment decision (FID) in 2023. During the
quarter competitive tenders were issued for the drilling rig, subsea
equipment, and installation scopes for subsea, the floating production unit,
and the floating storage and offloading vessel.
"In our new energy portfolio, front-end engineering design (FEED) has now been
completed at H2OK and contracts were awarded for key equipment, putting us on
target to be ready for FID in 2023.
"In Australia, Woodside entered into an Indigenous land use and modern
benefits sharing agreement for the Woodside Solar project and is targeting FID
readiness in 2023.
"Elsewhere in new energy, Woodside was selected as the preferred partner to
progress to the next stage of the proposed Southern Green Hydrogen project in
New Zealand, which would produce ammonia from electrolysis using renewable
power.
"Woodside's production guidance for full-year 2023 remains 180 million to 190
million barrels of oil equivalent," she said.
Comparative performance at a glance
Q4 2022 Q3 2022 Change % Q4 2021 Change %
Production MMboe 51.6 51.2 0.7 22.6 128.3
Mboe/day 561 557 246
Sales MMboe 52.2 57.1 (8.5) 31.8 64.5
Revenue $ million 5,160 5,858 (11.9) 2,906 77.6
Operational overview
Production
· Production increased compared to the previous quarter to a record
51.6 MMboe in Q4 2022, due to:
o ongoing strong operational performance
o continued high reliability at Australian operated oil and LNG assets, with
Pluto LNG and NWS Project achieving 98.3% reliability for the quarter
o completion of an approximately seven-week planned turnaround at Atlantis.
This was partly offset by lower production from Bass Strait due to planned
offshore maintenance activities and a reduction in demand following the
seasonal winter peak.
· Full-year 2022 production was a record 157.7 MMboe, above
upgraded production guidance of 153 - 157 MMboe.
Australian LNG
· The second phase of Pyxis Hub was successfully completed with
ready for start up (RFSU) of Xena-2 achieved on schedule and under budget in
November 2022.
· Woodside and NWS Project participants signed non-binding
agreements with Western Gas for processing 2-3 Mtpa of Equus gas from 2027,
initially through the Karratha Gas Plant and then later through Pluto LNG.
Discussions continue with other resource owners for processing of additional
third-party gas.
Gulf of Mexico
· Drilling of the second development well completed on the Shenzi
North project in the Gulf of Mexico and well completion operations commenced.
The project was 42% complete at the end of the period.
Australia Oil
· The Pyrenees Phase 4 infill campaign commenced during the period,
with final completion of the campaign expected in Q1 2023. The infill campaign
is targeting one workover well and one infill well and is expected to increase
recovery from the Crosby and Stickle fields.
· The Enfield plugging and abandonment (P&A) campaign continued
with four wells permanently plugged and one xmas tree removed in the quarter.
In 2022, a total of five wells were permanently plugged and 13 xmas trees were
removed.
· The Balnaves P&A campaign consisting of four wells was
completed.
Project and development activities
Scarborough
· The Pluto Train 2 site in Western Australia was handed over to
Bechtel and LNG train module construction commenced in Indonesia.
· Pipeline manufacturing is 59% complete and 92% of tagged
equipment has been ordered for the floating production unit (FPU).
· Engagement with regulators on secondary environmental approvals
continued for offshore execution activities, with no impact to critical path.
· FEED activities for Pluto Train 1 modifications were completed
and the project was 25% complete at the end of the period, targeting first LNG
cargo in 2026.
Sangomar Field Development Phase 1
· The subsea installation campaign progressed with rigid pipeline
installation now 69% complete.
· The development drilling program continued with seven of 23 wells
completed.
· The construction phase for the FPSO facility was completed in
China. The FPSO facility was successfully relocated to Singapore to complete
topsides integration and pre-commissioning.
· The project was 77% complete at the end of the period and first
oil is targeted in late 2023.
Mad Dog Phase 2
· The operator is working through project commissioning issues and
is planning start up in 2023.
Trion
· Competitive tenders were issued for the drilling rig, subsea
equipment, long-lead rotating equipment and installation scopes for subsea,
the FPU and the floating storage and offloading vessel.
· Woodside received confirmation from the National Hydrocarbons
Commission (CNH) in December that the "minimum work program" obligation
associated with the Trion licence was completed.
Wheatstone
· Concept selection has been completed for Julimar-Brunello Phase
3. The third phase of the Julimar-Brunello project will involve the tieback of
additional production wells to the Wheatstone platform. Woodside is targeting
to be FID ready in 2023.
Sunrise
· The Sunrise Joint Venture and Australian and Timor-Leste
Governments held two further Greater Sunrise trilateral meetings for 2022 to
progress a new production sharing contract.
· Subsequent to the quarter, retention lease renewals were granted
for Australian titles NT/RL2 and NT/RL4.
New energy
H2OK
· Completed FEED activities, which have matured the facility
design, cost and schedule.
· Awarded contracts for the engineering and fabrication of
electrolysers and liquefaction equipment in support of targeted FID readiness
in 2023.
Southern Green Hydrogen (SGH)
· Woodside was selected as the preferred partner to progress to the
next stage of the proposed SGH project in New Zealand. The proposed project
will target production of 500,000 tonnes per year of ammonia using
electrolysis from renewable power. Subject to finalising commercial
arrangements, next steps will involve project participants working towards
commencing FEED for the project.
Woodside Solar
· Woodside entered into a bilateral Indigenous Land Use Agreement
and a modern benefits-sharing and relationship agreement with the Ngarluma
Aboriginal Corporation (NAC). NAC holds the native title rights on behalf of
the Ngarluma people, in respect to the land on which the proposed Woodside
Solar project is planned to be developed. Woodside also executed an option to
lease this land and has been progressing North West Interconnected System
(NWIS) connection and transmission access arrangements.
Marketing
Vessel management
· Woodside signed binding agreements with Maran Gas Maritime Inc.
for the long-term charter of two new-build LNG carriers to be delivered to
support the delivery of Scarborough LNG cargoes and growth in trading
activities.
PT Pertamina (Persero)
· Woodside did not exercise its option to supply additional volumes
into its long-term sale and purchase agreement with PT Pertamina (Persero),
executed in June 2017.
Corporate activities
Hedging
· As at 31 December 2022, Woodside has placed oil price hedges for
approximately 21.8 MMboe of 2023 production at an average price of $74.5 per
barrel.
· 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. As at 31 December 2022,
approximately 49% of Corpus Christi volumes included in stock in transit for
2022, approximately 82% of 2023 volumes and approximately 29% of 2024 volumes
have reduced pricing risk as a result of hedging activities.
· The realised value of hedged positions for the year ended 31
December 2022 is a pre-tax expense of approximately $872 million, with $475
million pre-tax expense related to oil price hedges, $384 million pre-tax
expense related to Corpus Christi hedges and $13 million pre-tax expense
related to other hedge positions. Hedging losses will be included in "other
expenses" in the full-year financial statements.
2022 full-year results and teleconference
· Woodside's Annual Report 2022, Sustainable Development Report
2022, Climate Report 2022 and associated investor briefing will be released to
the market on Monday, 27 February 2023, and will be available on Woodside's
website at www.woodside.com (http://www.woodside.com) .
· A teleconference providing an overview of the full-year 2022
results and a question and answer session will be hosted by Woodside CEO and
Managing Director, Meg O'Neill, and Chief Financial Officer, Graham Tiver, on
Monday, 27 February at 10:00 AEDT / 07:00 AWST / 15:00 CST (Sunday,
26 February).
· We recommend participants pre-register 5 to 10 minutes prior to
the event with one of the following links:
o https://webcast.openbriefing.com/wds-fyr-2023/
(https://webcast.openbriefing.com/wds-fyr-2023/) to view the presentation and
listen to a live stream of the question-and-answer session
o https://s1.c-conf.com/diamondpass/10028290-3mrhp6.html
(https://s1.c-conf.com/diamondpass/10028290-3mrhp6.html) to participate in the
question-and-answer session. Following pre-registration, participants will
receive the teleconference details and a unique access passcode.
2022 full-year guidance
· Woodside will provide 2022 full-year line-item guidance in early
February ahead of the 2022 full-year results.
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
Dec Sep Dec Dec Dec
2022
2022 2021 2022 2021
AUSTRALIA
LNG
North West Shelf Mboe 9,564 9,694 4,850 29,696 20,449
Pluto0F 1 (#_ftn1) Mboe 12,124 12,458 10,241 46,236 40,119
Wheatstone Mboe 2,596 2,556 2,343 9,205 10,210
Total Mboe 24,284 24,708 17,434 85,137 70,778
Pipeline gas
Bass Strait Mboe 4,883 6,481 - 13,717 -
Other1F 2 (#_ftn2) Mboe 3,470 3,389 601 9,304 2,505
Total Mboe 8,353 9,870 601 23,021 2,505
Crude oil and condensate
North West Shelf Mbbl 1,711 1,750 794 5,371 3,364
Pluto(1) Mbbl 982 990 770 3,684 3,037
Wheatstone Mbbl 506 494 533 1,698 2,329
Bass Strait Mbbl 935 1,229 - 2,605 -
Macedon & Pyrenees Mbbl 692 602 - 1,517 -
Ngujima-Yin Mbbl 1,890 1,464 1,914 7,027 7,113
Okha Mbbl 598 653 452 2,120 1,516
Total Mboe 7,314 7,182 4,463 24,022 17,359
NGL2 3 (#_ftn3)
North West Shelf Mbbl 307 324 128 1,040 498
Pluto(1) Mbbl 52 52 - 170 -
Bass Strait Mbbl 1,187 1,554 - 3,244 -
Total Mboe 1,546 1,930 128 4,454 498
Total Australia Mboe 41,497 43,690 22,626 136,634 91,140
Three months ended Year to date
Dec Sep Dec Dec Dec
2022
2022 2021 2022 2021
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 409 219 - 750 -
Trinidad & Tobago Mboe 1,952 2,102 - 4,883 -
Total Mboe 2,361 2,321 - 5,633 -
Crude oil and condensate
Atlantis Mbbl 3,229 1,257 - 5,473 -
Mad Dog Mbbl 1,165 838 - 2,414 -
Shenzi Mbbl 2,517 2,452 - 5,734 -
Trinidad & Tobago Mbbl 361 365 - 876 -
Other3F 4 (#_ftn4) Mbbl 81 81 - 189 -
Total Mboe 7,353 4,993 - 14,686 -
NGL4 5 (#_ftn5)
Gulf of Mexico Mbbl 390 244 - 753 -
Total Mboe 390 244 - 753 -
Total International Mboe 10,104 7,558 - 21,072 -
Total production Mboe 51,601 51,248 22,626 157,706 91,140
Product sales
Three months ended Year to date
Dec Sep Dec Dec Dec
2022
2022 2021
2021
2022
AUSTRALIA
LNG
North West Shelf Mboe 9,000 8,441 5,771 28,069 20,362
Pluto5 6 (#_ftn6) Mboe 12,189 11,862 9,868 44,578 39,375
Wheatstone6 7 (#_ftn7) Mboe 2,360 2,898 2,497 9,243 9,686
Total Mboe 23,549 23,201 18,136 81,890 69,423
Pipeline gas
Bass Strait Mboe 4,725 6,564 - 13,483 -
Other Mboe 3,524 3,436 609 9,337 2,512
Total Mboe 8,249 10,000 609 22,820 2,512
Crude oil and condensate
North West Shelf Mbbl 1,989 2,140 1,342 5,765 3,356
Pluto(6) Mbbl 856 838 742 3,994 2,902
Wheatstone Mbbl 684 325 661 1,652 2,458
Bass Strait Mbbl 1,115 1,435 - 2,883 -
Ngujima-Yin Mbbl 1,753 1,502 1,941 7,027 7,039
Okha Mbbl - 1,298 653 1,917 1,463
Pyrenees Mbbl 1,142 502 - 1,644 -
Total Mboe 7,539 8,040 5,339 24,882 17,218
NGL7 8 (#_ftn8)
North West Shelf Mbbl 228 701 375 929 733
Pluto(6) Mbbl - - - - -
Bass Strait Mbbl 672 1,999 - 2,884 -
Total Mboe 900 2,700 375 3,813 733
Total Australia Mboe 40,237 43,941 24,459 133,405 89,886
Three months ended Year to date
Dec Sep Dec Dec Dec
2022
2022 2021 2022 2021
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 343 214 - 684 -
Trinidad & Tobago Mboe 1,969 2,118 - 4,923 -
Other8 9 (#_ftn9) Mboe 4 9 - 16 -
Total Mboe 2,316 2,341 - 5,623 -
Crude oil and condensate
Atlantis Mbbl 3,091 1,466 - 5,440 -
Mad Dog Mbbl 1,098 891 - 2,368 -
Shenzi Mbbl 2,245 2,636 - 5,599 -
Trinidad & Tobago Mbbl 130 443 - 777 -
Other(9) Mbbl 59 77 - 164 -
Total Mboe 6,623 5,513 - 14,348 -
NGL9 10 (#_ftn10)
Gulf of Mexico Mbbl 422 276 - 822 -
Trinidad & Tobago Mbbl - - - - -
Other(9) Mbbl 2 4 - 8
Total Mboe 424 280 - 830 -
Total International Mboe 9,363 8,134 - 20,801 -
MARKETING
LNG1 11 (#_ftn11) Mboe 2,625 5,023 7,297 14,727 21,750
Total Mboe 2,625 5,023 7,297 14,727 21,750
Total Marketing Mboe 2,625 5,023 7,297 14,727 21,750
Total sales Mboe 52,225 57,098 31,756 168,933 111,636
Revenue (US$ million)
Three months ended Year to date
Dec Sep Dec Dec Dec
2022 2022 2021 2022 2021
AUSTRALIA
North West Shelf 1,260 1,081 712 3,500 1,463
Pluto11 12 (#_ftn12) 1,666 1,716 936 5,497 2,508
Wheatstone12 13 (#_ftn13) 383 300 203 1,110 696
Bass Strait 363 656 - 1,251 -
Macedon 54 41 - 111 -
Ngujima-Yin 164 162 169 762 562
Okha - 124 57 191 111
Pyrenees 118 69 - 188 -
INTERNATIONAL
Atlantis 263 134 - 506 -
Mad Dog 87 81 - 212 -
Shenzi 188 249 - 520 -
Trinidad & Tobago 112 143 - 321 -
Other13 14 (#_ftn14) 6 7 - 16 -
Marketing revenue14 15 (#_ftn15) 431 1,043 775 2,464 1,449
Total sales revenue 16 (#_ftn16) 5,095 5,806 2,852 16,649 6,789
Processing revenue 48 50 37 175 143
Shipping and other revenue 17 2 17 27 41
Total revenue 5,160 5,858 2,906 16,851 6,973
Realised prices
Three months ended Three months ended
Units Dec Sep Dec Units Dec Sep Dec
2022 2022 2021 2022 2022 2021
LNG produced15 17 (#_ftn17) $/MMBtu 20.3 19.1 15.1 $/boe 128 117 87
LNG traded16 18 (#_ftn18) $/MMBtu 24.2 32.7 18.2 $/boe 153 207 106
Pipeline gas $/boe 43 49 17
Oil and condensate $/bbl 82 95 84 $/boe 82 95 84
NGL $/bbl 36 48 104 $/boe 36 48 104
Average realised price $/boe 98 102 90
Dated Brent $/bbl 89 101 80
JCC (lagged three months) $/bbl 113 111 73
WTI $/bbl 82.8 91.6 77.3
JKM $/MMBtu 38.6 36.0 28.0
TTF $/MMBtu 45.0 50.9 26.9
· Average realised price was A$5.3/GJ in Western Australia,
A$14.2/GJ in east coast Australia and $7.88/Mcf for International in Q4 2022.
Expenditure (US$ million)
Three months ended Year to date
Dec Sep Dec Dec Dec
2022 2022 2021 2022 2021
Exploration and evaluation expense
Exploration and evaluation expensed1F 19 (#_ftn19) , 239 181 220 454 319
Permit amortisation 3 5 1 11 3
Total 242 186 221 465 322
Capital expenditure
Exploration and evaluation capitalised18F 20 (#_ftn20) (,)19F 21 (#_ftn21) 8 101 237 119 460
Oil and gas properties 1,342 1,056 960 3,903 2,178
Total 1,350 1,157 1,197 4,022 2,638
Trading costs 260 727 1,777
Key project expenditure (US$ million)
Three months ended Year to date
Dec Sep Dec Dec Dec
2022 2022 2021 2022 2021
Capital expenditure
Scarborough and Pluto Train 2 579 424 794 1,769 1,003
Sangomar 290 278 276 1,017 1,051
Exploration
· The Hoodoo-1 well was drilled and did not encounter hydrocarbons.
Drilling data will inform future activity.
· Woodside participated in the Chevron-operated Starman-1 well. The
well reached total depth in October. Analysis of well results is ongoing.
Exploration or appraisal wells drilled
Region Permit area Well Target Interest (%) Spud date Water depth (m) Planned well depth (m)20 22 (#_ftn22) Remarks
Gulf of Mexico MC 412 Starman-1 Oil 25% 9 June 2022 457 8,327 Drilling complete
Non-operator
Gulf of Mexico EB 699 Hoodoo-1 Oil 70% 16 October 2022 941 9,693 Drilling complete
Operator
Permits and licences
Key changes to permit and licence holding during the quarter ended 31 December
2022 are noted below.
Region Permits or licence areas Change in interest (%) Current interest (%) Remarks
Gulf of Mexico GB 574, GB 575, GB 619 (60) 40 Cross assignment with Shell and Equinor
Gulf of Mexico GB 429, GB 530, GB 531 40 40
Gulf of Mexico DC 667 (100) 0 Expired
Gulf of Mexico AC 35, AC 79, AC 83, AC 125, AC 126 (70) 0 Expired
Barbados Carlisle Bay, Bimshire (40) 60 Farm down to Shell
Seismic and geophysical survey activity
Region Field Permits or licence areas Remarks
Caribbean Calypso Block 23 (a) MDP and Block 14 MDP Completed acquisition of a controlled source electromagnetic survey to improve
reservoir characterisation
Production rates
Average daily production rates (100% project) for the quarter ended 31
December 2022:
Woodside Production rate Remarks
share23F 23 (#_ftn23)
(100% project, Mboe/d)
Dec Sep
2022 2022
AUSTRALIA
NWS Project
LNG 30.47% 340 346 Production was lower due to offshore turnaround activities.
Crude oil and condensate 30.48% 61 62
NGL 30.49% 11 12
Pluto LNG
LNG 90.00% 118 122
Crude oil and condensate 90.00% 11 11
Pluto-KGP Interconnector
LNG 100.00% 26 25
Crude oil and condensate 100.00% 1 1
NGL 100.00% 1 1
Wheatstone 24 (#_ftn24)
LNG 11.84% 238 241
Crude oil and condensate 16.63% 33 34
Bass Strait
Pipeline gas 46.26% 115 157 Production was lower due to planned offshore maintenance activities and a
reduction in demand following winter.
Crude oil and condensate 48.47% 21 28
NGL 49.23% 26 35
Australia Oil
Ngujima-Yin 60.00% 34 27 Production was higher due to increased facility reliability.
Okha 50.00% 13 14
Pyrenees 65.91% 11 10
Other
Pipeline gas25F 25 (#_ftn25) 38 37
Woodside Production rate Remarks
share26 26 (#_ftn26)
(100% project, Mboe/d)
Dec Sep
2022 2022
INTERNATIONAL
Atlantis
Crude oil and condensate 38.50% 91 35 Production was higher following completion of a planned turnaround in Q3.
NGL 38.50% 6 2
Pipeline Gas 38.50% 9 3
Mad Dog
Crude oil and condensate 20.86% 62 44 Production was higher due to increased facility availability and reliability.
NGL 20.86% 2 2
Pipeline Gas 20.86% 1 1
Shenzi
Crude oil and condensate 64.39% 42 41
NGL 64.39% 2 2
Pipeline Gas 64.39% 1 1
Trinidad & Tobago
Crude oil and condensate N/A 7 7
Pipeline gas N/A 54 57
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. Forward-looking statements 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. These forward-looking
statements include, but are not limited to, 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. 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,
drilling and production results; gas commercialisation; development progress;
operating results; engineering estimates; environmental risks; physical risks;
project delay or advancement; regulatory approvals; fluctuations in commodity
prices; 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;
inflation and government efforts to reduce inflation; increases in interest
rates; and fluctuations in currency exchange rates. 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 17 February 2022 and in Woodside's filings with the
U.S. Securities and Exchange Commission. You should review and have regard to
these risks when considering the information contained 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 December 2022, 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) Q4 2022 includes 2.39 MMboe of LNG, 0.10 MMboe of condensate
and 0.05 MMboe of NGL, Q3 2022 includes 2.35 MMboe of LNG, 0.09 MMboe of
condensate and 0.05 MMboe of NGL and Q4 YTD 2022 includes 7.56 MMboe of LNG,
0.31 MMboe of condensate and 0.17 MMboe of NGL processed at the Karratha Gas
Plant (KGP) through the Pluto-KGP Interconnector.
2 (#_ftnref2) Includes the aggregate Woodside equity domestic gas production
from all Western Australian projects.
3 (#_ftnref3) Natural gas liquids (NGL) include LPG, ethane, propane and
butane.
4 (#_ftnref4) Overriding royalty interests held in the Gulf of Mexico (GoM)
for several producing wells.
5 (#_ftnref5) Natural gas liquids (NGL) include LPG, ethane, propane and
butane.
6 (#_ftnref6) Processing of volumes commenced at the Karratha Gas Plant via
the Pluto-KGP Interconnector in 2022.
7 (#_ftnref7) Includes periodic adjustments reflecting the arrangements
governing Wheatstone LNG sales of 0.03 MMboe in Q4 2022, 0.09 MMboe in Q3
2022, -0.26 MMboe in Q4 2021, 0.00 MMboe in Q4 YTD 2022 and -0.86 MMboe in Q4
YTD 2021.
8 (#_ftnref8) Natural gas liquids (NGL) include LPG, ethane, propane and
butane.
9 (#_ftnref9) Overriding royalty interests held in the GoM for several
producing wells.
10 (#_ftnref10) Natural gas liquids (NGL) include LPG, ethane, propane and
butane.
11 (#_ftnref11) Purchased LNG volumes sourced from third parties.
12 (#_ftnref12) Q4 YTD 2022 includes $38 million and Q4 YTD 2021 includes
$67 million relating to Pluto volumes delivered into a Wheatstone sales
commitment. These amounts will be included within other income in the
financial statements rather than operating revenue.
13 (#_ftnref13) Q4 2022 includes $2 million, Q3 2022 includes $10 million,
Q4 2021 includes -$20 million, Q4 YTD 2022 includes -$3 million and Q4 YTD
2021 includes -$56 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.
14 (#_ftnref14) Overriding royalty interests held in GoM for several
producing wells.
15 (#_ftnref15) 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.
16 (#_ftnref16) Total sales revenue excludes all hedging impacts.
17 (#_ftnref17) Realised prices include the impact of periodic adjustments
reflecting the arrangements governing Wheatstone LNG sales.
18 (#_ftnref18) Excludes any additional benefit attributed to produced LNG
through third-party trading activities.
19 (#_ftnref19) Exploration expense includes the reclassification of well
results during the period. Q4 2022 includes $39m relating to the write-off of
capitalised exploration costs due to the relinquishment of exploration permit
acreage at Sangomar. Q3 2022 includes $140 million related to the decision to
exit the Orphan Basin exploration licences in Canada.
20 (#_ftnref20) 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.
21 (#_ftnref21) 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.
22 (#_ftnref22) Well depths are referenced to the rig rotary table.
23 (#_ftnref23) Woodside share reflects the net realised interest for the
period.
24 (#_ftnref24) 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.
25 (#_ftnref25) Includes the aggregate Woodside equity domestic gas
production from all Western Australian projects.
26 (#_ftnref26) Woodside share reflects the net realised interest for the
period.
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