REG - Woodside Energy Grp. - Third Quarter 2022 Report
20/10/2022 07:01
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RNS Number : 4899D Woodside Energy Group Ltd 20 October 2022
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
Thursday, 20 October 2022
THIRD QUARTER REPORT FOR PERIOD ENDED 30 SEPTEMBER 2022
Delivering reliable production
· Delivered record production of 51.2 MMboe (557 Mboe/day), up 52%
from Q2 2022.
· Delivered record sales volume of 57.1 MMboe, up 59% from Q2 2022.
· Delivered record revenue of $5,858 million, up 70% from Q2 2022.
· Achieved a portfolio average realised price of $102 per barrel of
oil equivalent.
· Sold 24% of produced LNG at prices linked to gas hub indices.
· Upgraded full-year 2022 production guidance to 153 - 157 MMboe.
Executing major projects
· Commenced fabrication of subsea flowlines for the Scarborough and
Pluto Train 2 projects in Western Australia, which combined are now 21%
complete.
· Commenced the subsea installation campaign for the Sangomar Field
Development offshore Senegal, which is now 70% complete.
Investing in growth
· Issued tenders for major scopes of work for the Trion oil
development offshore Mexico in preparation for a potential final investment
decision (FID) in 2023.
· Signed long-term marketing agreements to increase exposure to
Atlantic Basin LNG and to provide LNG to the undersupplied European market.
· Received multiple greenhouse gas assessment permits for future
carbon capture and storage opportunities.
· Awarded a contract to purchase electrolysers for the proposed
H2OK hydrogen project in Oklahoma.
Delivering merger synergies
· Completed the design and implementation of the post-merger
organisation.
· Initiated an exit of the Orphan Basin exploration licences
offshore eastern Canada.
Woodside CEO Meg O'Neill said production and revenue rose in the third
quarter, reflecting the first full three months of contribution from the
former BHP petroleum business.
"This is our first full quarter following the merger and these results
demonstrate the new, expanded Woodside is delivering what we promised: safe,
reliable energy from a more diverse portfolio.
"Production for the period was 51.2 million barrels of oil equivalent (MMboe),
up 52% from the second quarter and more than twice the level in the
corresponding period of last year.
"Strong operational performance across the combined portfolio has allowed us
to upgrade our full-year production guidance to 153 - 157 MMboe.
"Our investment in the Pluto-KGP Interconnector is creating significant value,
enabling the acceleration of 2.3 MMboe of Pluto gas using available
production capacity at the Karratha Gas Plant.
"Sales volume for the third quarter climbed 59% from the preceding three
months to 57.1 MMboe. Revenue increased 70% to $5,858 million, reflecting both
higher sales volume and average portfolio realised price, which rose 7% to
$102 per barrel of oil equivalent.
"Work on our major projects progressed to plan. The first stage of the Pluto
Train 2 construction accommodation village in Karratha has been completed and
fabrication of the subsea flowlines for the development of Scarborough
commenced.
"Overall, the Scarborough and Pluto Train 2 projects combined were 21%
complete at the end of the quarter and remain on track for targeted first LNG
cargo in 2026.
"At Sangomar the subsea installation campaign began in September and
development drilling progressed, with six of the planned 23 wells now
complete. The project was 70% complete at quarter end with first oil targeted
for the second half of 2023.
"Two long-term marketing deals signed during the quarter will strengthen
Woodside's trading position in the Atlantic Basin. Woodside entered into a
long-term sale and purchase agreement (SPA) with Uniper Global Commodities to
supply LNG from our global portfolio from 2023 into Europe, where buyers are
urgently seeking alternatives to Russian gas. We also signed an SPA for supply
from the proposed Commonwealth LNG export facility in Louisiana.
"We announced plans for the Hydrogen Refueller @H2Perth, a self-contained
hydrogen production, storage and refuelling station, which would assist in
stimulating the hydrogen economy in Western Australia.
"We also awarded a contract in October for electrolysers for the proposed H2OK
hydrogen project, a significant milestone towards our targeted final
investment decision in 2023. Front-end engineering design activities for H2OK
are well advanced.
"Woodside's plans to build carbon capture and storage capability progressed
during the quarter with the award of a greenhouse gas assessment permit over
the Calliance field in August. We are also participating in joint ventures
which were awarded greenhouse gas assessment permits in the Northern Carnarvon
and Bonaparte basins.
"We took decisive action to initiate an exit from our exploration position in
the Orphan Basin, offshore Canada, consistent with our exploration focus on
clear pathways to commercialisation," she said.
Comparative performance at a glance
Q3 2022 Q2 2022 Change % Q3 2021 Change %
Production MMboe 51.2 33.8 51.7 22.2 131.0
Mboe/day 557 371 241
Sales MMboe 57.1 35.8 59.3 26.0 119.6
Revenue $ million 5,858 3,438 70.4 1,574 272.2
Development activities
Scarborough and Pluto Train 2
· Construction works for Pluto Train 2 progressed safely and the
first stage of the construction accommodation village in Karratha, Western
Australia, was completed in August 2022.
· Pipeline manufacturing is 46% complete.
· Fabrication of the subsea flowlines commenced in August 2022.
· Assessment by regulators of secondary environmental approvals
continued for offshore execution activities.
· The projects combined were 21% complete at the end of the period
and are targeting first LNG cargo in 2026.
Sangomar Field Development Phase 1
· The subsea installation campaign began in September 2022.
· The development drilling program progressed with six of 23 wells
completed.
· Construction and conversion activities for the floating
production storage and offloading (FPSO) facility progressed in preparation
for the planned relocation of the facility to Singapore in Q4 2022 to complete
the topsides integration and commissioning.
· The project was 70% complete at the end of the period and first
oil is targeted for the second half of 2023.
Mad Dog Phase 2
· The operator is working through project commissioning issues,
which will delay start up until 2023. Woodside will provide an update as
further information becomes available.
Trion
· Woodside continued to optimise the execution and contracting
plans in preparation for a potential FID in 2023.
· The floating production unit (FPU) bid package was issued to
prospective contractors and other key scopes of work bid packages will be
issued in Q4 2022 in order to provide cost and schedule predictability to
support FID.
· The field development plan (FDP) has matured and engagements are
planned with the regulator ahead of FDP submission in 2023.
Browse
· Woodside was awarded a greenhouse gas assessment permit over the
Calliance field in August 2022 and technical work for a carbon capture and
storage solution is maturing.
· The final Environment Impact Statement was published in September
2022.
Sunrise
· The Sunrise Joint Venture and Australian and Timor-Leste
Governments held the third Greater Sunrise trilateral meeting for this year to
progress a new production sharing contract (PSC).
Operational overview
Production
· Woodside achieved a significant increase in production in Q3 2022
compared to the prior quarter, primarily due to the contribution of the former
BHP Petroleum (BHPP) assets for the full quarter and the completion of planned
turnarounds at several assets.
Subsea tie-back projects
· In Western Australia, the drilling and completions campaign for
the Xena-02 well was completed and ready for start-up (RFSU) remains on track
for Q4 2022. The Pyxis Hub project was 97% complete at the end of the period.
· Drilling commenced for the second development well of the Shenzi
North project in the Gulf of Mexico. The project was 30% complete at the end
of the period and is targeting first oil in 2024.
Bass Strait
· Woodside's Bass Strait production has responded positively to
challenging market conditions by continuing to meet demand in the east coast
gas market.
· The Gippsland Basin Joint Venture (GBJV) executed a long-term
supply agreement with BOC for the supply of 60,000 tonnes per annum of carbon
dioxide (CO(2)) from the GBJV's Longford Gas Conditioning Plant. The CO(2)
will be captured and transformed into products for use in the food, beverage,
hospitality, manufacturing and medical industries.
Aiming for Zero Methane Emissions Initiative
· Woodside was the first Australasian company to sign the Aiming
for Zero Methane Emissions Initiative, committing to strive to reach near-zero
methane emissions from its operated assets by 2030.
New energy
Ammonia supply chain
· Woodside signed a joint research agreement to undertake a
feasibility study into the development of an ammonia supply chain from
Australia to Japan. Other parties to the agreement include Japan Oil, Gas and
Metals National Corporation, Marubeni Corporation, Hokuriku Electric Power
Company, Kansai Electric Power Company, Tohoku Electric Power Company, and
Hokkaido Electric Power Company. This is consistent with our approach of
collaborating along the value chain to create early markets for our new
energies products.
Hydrogen Refueller @H2Perth
· Woodside announced plans for a proposed self-contained hydrogen
production, storage and refuelling station, located in the Rockingham Industry
Zone in Western Australia.
H2OK
· Woodside awarded a contract to Nel Hydrogen Electrolyser AS in
October 2022 for alkaline electrolyser equipment with capacity of 60 tonnes
per day of liquid hydrogen. H2OK is designed for 90 tonnes per day.
· FEED activities were 84% complete at the end of the period.
Carbon management
· Woodside was awarded greenhouse gas assessment permits to
progress carbon capture and storage (CCS) evaluation work:
o off the north west coast of Western Australia, as part of the Northern
Carnarvon Basin CCS Joint Venture
o off the north western coast of the Northern Territory, as part of the
Bonaparte CCS Assessment Joint Venture.
Marketing
Commonwealth LNG
· Woodside announced the conversion of its non-binding heads of
agreement with Commonwealth LNG into two binding LNG sale and purchase
agreements (SPAs).
· The SPAs are for the supply of 2.0 million tonnes per annum
(Mtpa) of LNG over 20 years from Commonwealth's LNG export facility under
development in Cameron Parish, Louisiana. Woodside's offtake obligation can be
reduced or even eliminated as Commonwealth achieves increasing thresholds of
offtake commitments from other buyers. Woodside also has an option to purchase
an additional 0.5 Mtpa of LNG. The SPAs will become fully effective upon the
satisfaction of customary conditions including an affirmative FID on the
project.
Uniper Global Commodities SE
· Woodside entered into a flexible long-term SPA with Uniper Global
Commodities SE to supply LNG from its global portfolio into Europe, including
Germany, for a term up to 2039 commencing in January 2023.
· The quantity of LNG to be supplied under the new SPA is up to
twelve cargoes per year, equivalent to more than 0.8 Mtpa. Supply from
September 2031 is conditional upon Uniper finalising its long-term strategic
capacity bookings in north west Europe, expected by March 2023.
Corporate activities
Hedging
· As at 30 September 2022, Woodside has placed oil price hedges
for:
o approximately 17.5 MMboe of 2022 production at an average price of $74.6
per barrel of which approximately 11.6 MMboe has been delivered
o 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 30 September 2022
and as a result of hedging and term sales, approximately 78% of Corpus Christi
volumes for the remainder of 2022, approximately 72% of 2023 volumes and
approximately 28% of 2024 volumes have reduced pricing risk.
· The year-to-date value of hedged positions to 30 September 2022
is a post-tax expense of approximately $500 million. Hedging losses will be
included in "other expenses" in the full-year financial statements.
Investor Briefing Day 2022
· Woodside's Investor Briefing Day 2022 will be held in Sydney,
Australia, on Thursday, 1 December 2022, commencing at 09.30 AEDT / 06.30
AWST (16.30 CST on Wednesday, 30 November 2022).
· A live webcast of the event will be available at
https://webcast.openbriefing.com/9173/
(https://webcast.openbriefing.com/9173/)
2022 full-year guidance
Prior Current
Production MMboe 145 - 153 153 - 157
Exploration expenditure 1 $ million 400 - 500 500 - 600
Capital expenditure 2 $ million 4,300 - 4,800 4,000 - 4,300
Gas hub exposure % of produced LNG 20 - 25 No change
Contacts:
INVESTORS MEDIA
Matthew Turnbull Christine Forster
M: +1 (713) 448-0956 M: +61 484 112 469
M: +61 410 471 079 E: christine.forster@woodside.com
Derek Lau
M: +61 413 286 251
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
Sep Jun Sep Sep Sep
2022
2022 2021 2022 2021
AUSTRALIA
LNG
North West Shelf Mboe 9,694 5,826 4,566 20,132 15,599
Pluto0F 3 Mboe 12,458 12,328 10,082 34,112 29,878
Wheatstone Mboe 2,556 1,645 2,432 6,609 7,867
Total Mboe 24,708 19,799 17,080 60,853 53,344
Pipeline gas
Bass Strait Mboe 6,481 2,353 - 8,834 -
Other1F 4 Mboe 3,389 1,692 602 5,834 1,904
Total Mboe 9,870 4,045 602 14,668 1,904
Crude oil and condensate
North West Shelf Mbbl 1,750 1,104 743 3,660 2,570
Pluto(3) Mbbl 990 967 756 2,702 2,267
Wheatstone Mbbl 494 277 519 1,192 1,796
Bass Strait Mbbl 1,229 441 - 1,670 -
Macedon Mbbl 1 - - 1 -
Ngujima-Yin Mbbl 1,464 2,275 1,916 5,137 5,199
Okha Mbbl 653 444 448 1,522 1,064
Pyrenees Mbbl 601 223 - 824 -
Total Mboe 7,182 5,731 4,382 16,708 12,896
NGL2 5
North West Shelf Mbbl 324 228 117 733 370
Pluto(3) Mbbl 52 60 - 118 -
Bass Strait Mbbl 1,554 503 - 2,057 -
Total Mboe 1,930 791 117 2,908 370
Total Australia Mboe 43,690 30,366 22,181 95,137 68,514
NB: Future reporting will combine the crude oil and condensate lines for
Macedon and Pyrenees. This will apply from the Fourth Quarter 2022 Report.
Three months ended Year to date
Sep Jun Sep Sep Sep
2022
2022 2021 2022 2021
INTERNATIONAL
Pipeline gas
Atlantis Mboe 115 87 - 202 -
Mad Dog Mboe 20 10 - 30 -
Shenzi Mboe 84 25 - 109 -
Trinidad & Tobago Mboe 2,102 829 - 2,931 -
Total Mboe 2,321 951 - 3,272 -
Crude oil and condensate
Atlantis Mbbl 1,257 987 - 2,244 -
Mad Dog Mbbl 838 411 - 1,249 -
Shenzi Mbbl 2,452 765 - 3,217 -
Trinidad & Tobago Mbbl 365 150 - 515 -
Other3F 6 Mbbl 81 27 - 108 -
Total Mboe 4,993 2,340 - 7,333 -
NGL4 7
Atlantis Mbbl 87 66 - 153 -
Mad Dog Mbbl 31 16 - 47 -
Shenzi Mbbl 126 37 - 163 -
Total Mboe 244 119 - 363 -
Total International Mboe 7,558 3,410 - 10,968 -
Total production Mboe 51,248 33,776 22,181 106,105 68,514
NB: Future reporting will combine the pipeline gas lines for Atlantis, Mad Dog
and Shenzi, and the NGL lines for Atlantis, Mad Dog and Shenzi. This will
apply from the Fourth Quarter 2022 Report.
Product sales
Three months ended Year to date
Sep Jun Sep Sep Sep
2022
2022 2021 2022 2021
AUSTRALIA
LNG
North West Shelf Mboe 8,441 5,616 3,740 19,069 14,591
Pluto5 8 Mboe 11,862 11,094 9,379 32,389 29,507
Wheatstone6 9 Mboe 2,898 1,464 2,514 6,883 7,189
Total Mboe 23,201 18,174 15,633 58,341 51,287
Pipeline gas
Bass Strait Mboe 6,564 2,194 - 8,758 -
Other Mboe 3,436 1,629 609 5,813 1,903
Total Mboe 10,000 3,823 609 14,571 1,903
Crude oil and condensate
North West Shelf Mbbl 2,140 1,018 682 3,776 2,014
Pluto(8) Mbbl 838 1,828 990 3,138 2,160
Wheatstone Mbbl 325 354 403 968 1,797
Bass Strait Mbbl 1,435 333 - 1,768 -
Ngujima-Yin Mbbl 1,502 2,436 1,825 5,274 5,098
Okha Mbbl 1,298 619 - 1,917 810
Pyrenees Mbbl 502 - - 502 -
Total Mboe 8,040 6,588 3,900 17,343 11,879
NGL7 10
North West Shelf Mbbl 701 - - 701 358
Pluto(8) Mbbl - - - - -
Bass Strait Mbbl 1,999 213 - 2,212 -
Total Mboe 2,700 213 - 2,913 358
Total Australia Mboe 43,941 28,798 20,142 93,168 65,427
Three months ended Year to date
Sep Jun Sep Sep Sep
2022
2022 2021 2022 2021
INTERNATIONAL
Pipeline gas
Atlantis Mboe 118 95 - 213 -
Mad Dog Mboe 19 11 - 30 -
Shenzi Mboe 77 21 - 98 -
Trinidad & Tobago Mboe 2,118 836 - 2,954 -
Other8 11 Mboe 9 3 - 12 -
Total Mboe 2,341 966 - 3,307 -
Crude oil and condensate
Atlantis Mbbl 1,466 883 - 2,349 -
Mad Dog Mbbl 891 379 - 1,270 -
Shenzi Mbbl 2,636 718 - 3,354 -
Trinidad & Tobago Mbbl 443 204 - 647 -
Other1(1) Mbbl 77 28 - 105 -
Total Mboe 5,513 2,212 - 7,725 -
NGL9 12
Atlantis Mbbl 96 67 - 163 -
Mad Dog Mbbl 37 18 - 55 -
Shenzi Mbbl 143 39 - 182 -
Trinidad & Tobago Mbbl - - - - -
Other1(1) Mbbl 4 2 - 6
Total Mboe 280 126 - 406 -
Total International Mboe 8,134 3,304 - 11,438 -
MARKETING
LNG
Trading1 13 Mboe 5,023 3,741 5,858 12,102 14,453
Total Mboe 5,023 3,741 5,858 12,102 14,453
Total Marketing Mboe 5,023 3,741 5,858 12,102 14,453
Total sales Mboe 57,098 35,843 26,000 116,708 79,880
NB: Future reporting will combine the pipeline gas lines for Atlantis, Mad Dog
and Shenzi, and the NGL lines for Atlantis, Mad Dog and Shenzi. This will
apply from the Fourth Quarter 2022 Report.
Revenue (US$ million)
Three months ended Year to date
Sep Jun Sep Sep Sep
2022 2022 2021 2022 2021
AUSTRALIA
North West Shelf 1,081 523 244 2,240 751
Pluto11 14 1,716 1,286 642 3,831 1,572
Wheatstone12 15 300 160 162 727 493
Bass Strait 656 232 - 888 -
Macedon 41 16 - 57 -
Ngujima-Yin 162 288 146 598 393
Okha 124 67 - 191 54
Pyrenees 69 1 - 70 -
INTERNATIONAL
Atlantis 134 109 - 243 -
Mad Dog 81 44 - 125 -
Shenzi 249 83 - 332 -
Trinidad & Tobago 143 66 - 209 -
Other13 16 7 3 - 10 -
Marketing (trading) revenue14 17 1,043 511 337 2,033 674
Total sales revenue 5,806 3,389 1,531 11,554 3,937
Processing revenue 50 42 36 127 106
Shipping and other revenue 2 7 7 10 24
Total revenue 5,858 3,438 1,574 11,691 4,067
Realised prices
Three months ended Three months ended
Units Sep 2022 Jun 2022 Sep 2021 Units Sep 2022 Jun 2022 Sep
2021
LNG produced15 18 $/MMBtu 19.1 13.8 9.7 $/boe 117 87 56
LNG traded16 19 $/MMBtu 32.7 21.5 9.9 $/boe 207 137 58
Pipeline gas $/boe 49 57 17
Oil and condensate $/bbl 95 115 77 $/boe 95 115 77
NGL $/bbl 48 48 - $/boe 48 48 -
Average realised price $/boe 102 95 59
Dated Brent $/bbl 101 114 73
JCC (lagged three months) $/bbl 111 86 67
WTI $/bbl 91.6 108.4 70.6
JKM $/MMBtu 36.0 31.3 13.2
TTF $/MMBtu 50.9 31.6 12.6
Expenditure (US$ million)
Three months ended Year to date
Sep Jun Sep Sep Sep
2022 2022 2021 2022 2021
Exploration and evaluation expense
Exploration and evaluation expensed17F 20 181 27 11 215 99
Permit amortisation 5 2 - 8 2
Total 186 29 11 223 101
Capital expenditure
Exploration and evaluation capitalised18F 21 (,)19F 22 101 5 99 111 223
Oil and gas properties 1,056 748 622 2,561 1,218
Total 1,157 753 721 2,672 1,441
Trading costs 727 442 1,517
Key project expenditure (US$ million)
Three months ended Year to date
Sep Jun Sep Sep Sep
2022 2022 2021 2022 2021
Capital expenditure
Scarborough and Pluto Train 2 424 332 90 1,190 209
Sangomar 278 207 435 727 775
Exploration
Permits and licences
Key changes to permit and licence holding during the quarter ended 30
September 2022 are noted below.
Region Permits or licence areas Change in interest (%) Current interest (%) Remarks
Australia WA-522-P (100) - Permit surrendered
Myanmar AD-1, AD-8 (50) - Relinquished, formalities pending
Gulf of Mexico AC 34, AC 35, AC 36, AC 39, AC 78, AC 79, AC 80, AC 81, AC 82, AC 83, AC 125, (30) 70 Farm down
AC 126, AC 127, AC 170, EB 655, EB 656, EB 699, EB 700, EB 701, EB 742, EB
785, EB 786, EB 830, EB 870, EB 871, EB 872, EB 914, EB 915
Gulf of Mexico EB 566, EB 567, EB 610, EB 611, GB 663, GB 664, GB 687 100 100 Lease sale 257
· The Hoodoo Gulf of Mexico Participation Agreement was executed on
22 August 2022, resulting in Oxy acquiring a 30% interest in 28 blocks
operated by Woodside. The Hoodoo-1 well spudded in October 2022.
· As part of ongoing rationalisation of Woodside's exploration
portfolio, Woodside has initiated an exit from operated licence EL1157 (100%
equity) in Newfoundland and Labrador, and operated licence EL1158 (100%
equity) in the Orphan Basin offshore eastern Canada. The decision to exit
these exploration licences is expected to impact 2022 net profit after tax
(NPAT) by approximately US$140 million. These costs will be included in
"exploration and evaluation expense" in the full-year financial statements.
· Drilling of the SNE North-2 well offshore Senegal completed in
October 2022. The well targeted a near field tie-back opportunity to the under
construction Sangomar FPSO facility. The well encountered sub-commercial
quantities of hydrocarbons and was plugged and abandoned.
Exploration or appraisal wells drilled
Region Permit area Well Target Interest (%) Spud date Water depth (m) Planned well depth (m)20 23 Remarks
Gulf of Mexico GC 826 Mad Dog SP1 exploration tail Oil 23.9% N/A21 24 1,513 8,051 Drilling complete
Non-operator
Gulf of Mexico GC 609 Shenzi North SN102 Oil 72% 23 July 2022 1,308 9,189 Drilling ongoing
Operator
Gulf of Mexico MC 412 Starman-1 Oil 25% 9 June 2022 457 8,327 Drilling ongoing
Non-operator
Senegal RSSD SNE North-2 Oil 90% 12 September 2022 762 2,907 Drilling complete22F 25
Operator
Production rates
Average daily production rates (100% project) for the quarter ended 30
September 2022:
Woodside Production rate Remarks
share23F 26
(100% project, Mboe/d)
Sep Jun
2022 202224F 27
AUSTRALIA
NWS Project
LNG 30.42% 346 311
Crude oil and condensate 30.45% 62 59 Production was higher in Q3 compared to Q2 due to decreased onshore and
offshore turnaround activities, RFSU of Lambert Deep in July and a full
quarter of GWF-3 production.
NGL 31.51% 12 12
Pluto LNG
LNG 90.00% 122 120
Crude oil and condensate 90.00% 11 11
Pluto-KGP Interconnector
LNG 100.00% 25 28
Crude oil and condensate 100.00% 1 1
NGL 100.00% 1 1
Wheatstone
LNG 11.53% 241 157 Production was higher following completion of the turnaround in Q2 2022.
Crude oil and condensate 15.98% 34 19
Bass Strait
Pipeline gas 44.93% 157 161
Crude oil and condensate 48.19% 28 29
NGL 48.72% 35 36
Australia Oil
Ngujima-Yin 60.00% 27 42 Production was lower due to decreased facility reliability.
Okha 50.00% 14 12
Pyrenees 63.69% 10 11
Other
Pipeline gas25F 28 37 36
Woodside Production rate Remarks
share26 29
(100% project, Mboe/d)
Sep Jun
2022 202227 30
INTERNATIONAL
Atlantis
Crude oil and condensate 38.50% 35 84 Completed approximately seven week planned turnaround.
NGL 38.50% 2 6
Pipeline Gas 38.50% 3 7
Mad Dog
Crude oil and condensate 20.86% 44 58
NGL 20.86% 2 2
Pipeline Gas 20.86% 1 1
Shenzi
Crude oil and condensate 64.39% 41 40
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 57 56
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, Woodside's planned sell-down of interests in certain
projects, Woodside's expectations and guidance with respect to production and
certain financial results for full year 2022, and the effect of Woodside's
anticipated exits from certain operated licences. 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; 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; Woodside's ability to identify purchasers, and
to negotiate acceptable terms, for the sell-down of interests in certain
projects; 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 30 September 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 Includes $140 million related to the decision to exit the Orphan Basin
exploration licences in Canada.
2 Capital expenditure includes the following participating interests;
Sangomar (82%); Scarborough (100%, from 1 June 2022) and Pluto Train 2 (51%).
Capital expenditure excludes the benefit of Global Infrastructure Partners'
additional contribution of approximately
$800 million for Pluto Train 2.
3 Q3 2022 includes 2.35 MMboe of LNG, 0.09 MMboe of condensate and 0.05
MMboe of NGL, Q2 2022 includes 2.51 MMboe of LNG, 0.10 MMboe of condensate and
0.06 MMboe of NGL and Q3 YTD 2022 includes 5.17 MMboe of LNG, 0.20 MMboe of
condensate and 0.12 MMboe of NGL processed at the Karratha Gas Plant (KGP)
through the Pluto-KGP Interconnector.
4 Includes the aggregate Woodside equity domestic gas production from all
Western Australian projects.
5 Natural gas liquids (NGL) include LPG, ethane, propane and butane.
6 Overriding royalty interests held in the Gulf of Mexico (GOM) for several
producing wells.
7 Natural gas liquids (NGL) include LPG, ethane, propane and butane.
8 Processing of volumes commenced at the Karratha Gas Plant via the
Pluto-KGP Interconnector in 2022.
9 Includes periodic adjustments reflecting the arrangements governing
Wheatstone LNG sales of 0.09 MMboe in Q3 2022, 0.06 MMboe in Q2 2022, -0.40
MMboe in Q3 2021, -0.03 MMboe in Q3 YTD 2022 and -0.60 MMboe in Q3 YTD 2021.
10 Natural gas liquids (NGL) include LPG, ethane, propane and butane.
11 Overriding royalty interests held in the GOM for several producing wells.
12 Natural gas liquids (NGL) include LPG, ethane, propane and butane.
13 Purchased LNG volumes sourced from third parties.
14 Q3 YTD 2022 includes $38 million and Q3 YTD 2021 includes $32 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.
15 Q3 2022 includes $10 million, Q2 2022 includes $5 million, Q3 2021
includes -$25 million, Q3 YTD 2022 includes -$5 million and Q3 YTD 2021
includes -$36 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.
16 Overriding royalty interests held in GOM for several producing wells.
17 Values include cargoes from Corpus Christi, third party trades and the
joint venture partners' share of Pluto upside cargoes under the transitional
marketing arrangements agreement (TMAA).
18 Realised prices include the impact of periodic adjustments reflecting the
arrangements governing Wheatstone LNG sales.
19 Excludes any additional benefit attributed to produced LNG through
third-party trading activities.
20 Exploration expense includes the reclassification of well results during
the period. Includes $140 million related to the decision to exit the Orphan
Basin exploration licences in Canada.
21 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 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 Well depths are referenced to the rig rotary table.
24 Drilling of exploration tail in existing Mad Dog SP1 well commenced 11
July 2022.
25 Drilling completed subsequent to the period. The well encountered
sub-commercial quantities of hydrocarbons.
26 Woodside share reflects the net realised interest for the period.
27 Standalone former BHPP assets represented at 100% rates over the month of
June only.
28 Includes the aggregate Woodside equity domestic gas production from all
Western Australian projects.
29 Woodside share reflects the net realised interest for the period.
30 Standalone former BHPP assets represented at 100% rates over the month of
June only.
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