REG - Woodside Energy Grp. - Third Quarter 2024 Report
16/10/2024 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241016:nRSP3698Ia&default-theme=true
RNS Number : 3698I Woodside Energy Group Ltd 16 October 2024
THIRD QUARTER REPORT FOR PERIOD ENDED 30 SEPTEMBER 2024
ASX: WDS | NYSE: WDS | LSE: WDS
Wednesday, 16 October 2024
Sangomar fuels record-breaking production
Operations
· Record quarterly production of 53.1 MMboe (577 Mboe/day), up
20% from Q2 2024 due to ramp-up of Sangomar, increased uptime across operated
assets including 99.9% LNG reliability at Pluto and increased seasonal
domestic gas demand. Full-year production guidance has been narrowed to
189-195 MMboe.
· Quarterly revenue of $3,679 million, up 21% from Q2 2024
primarily due to Sangomar cargo sales and higher average LNG prices.
· Achieved nameplate capacity at Sangomar with gross production
rates of 100,000 barrels per day.
· Capitalised on increased gas-hub prices by selling 39% of
produced LNG cargoes in the quarter on prices linked to gas hub indices. 1
Full year gas hub guidance has been increased to 33-37% of produced LNG.
Projects
· The Scarborough Energy Project was 73% complete at the end of the
quarter, with trunkline installation successfully completed in October. The
project is on track for first LNG cargo in 2026.(( 2 ))
· The Trion Project was 15% complete at the end of the quarter and
is targeting first oil in 2028.
· Completed acquisition of OCI's Clean Ammonia Project in Beaumont,
Texas for an all-cash consideration of approximately $2,350 million, with 80%
paid and the remaining 20% to be paid at project completion. The project is
targeting first ammonia production from 2025 and lower carbon ammonia from
2026. 3
Other
· Completed acquisition of Tellurian and its US Gulf Coast
Driftwood LNG development opportunity in October. The project has been renamed
Woodside Louisiana LNG.
· Signed a sale and purchase agreement (SPA) with JERA for the
supply of approximately 0.4 Mtpa LNG for 10 years.
· Executed 66 PJ of Western Australian gas sales for delivery
across 2025 and 2026.
· Successfully completed issuance of $2 billion of senior unsecured
bonds to quality debt investors in the US market, with the book peaking at
almost four times oversubscribed.
Woodside CEO Meg O'Neill said:
"We would like to acknowledge the tragic death in early October of an employee
of one of the construction contractors at our Clean Ammonia Project in
Beaumont, Texas.
"Safety is our top priority. We are taking steps to understand the
circumstances around what occurred and are working closely with local
authorities, OCI and the contractor company.
"Our production for the third quarter was a record 53.1 million barrels of oil
equivalent. The strong operational performance was underpinned by the
accelerated ramp-up of Sangomar and exceptional performance at Pluto LNG and
NWS, which recorded 99.9% and 99.2% reliability respectively.
"Our 39% exposure to LNG gas hub indices allowed us to take advantage of
increased LNG spot prices in the market over the period, demonstrating the
importance of maintaining a balanced and flexible portfolio.
"At Sangomar the 24-well drilling program has been completed and the project
has achieved nameplate capacity of 100,000 barrels per day. Commissioning
activities continue to progress as planned and start-up of gas and water
injection systems is underway.
"The Scarborough Energy Project in Western Australia is now 73% complete and
remains on target for first LNG cargo in 2026. Installation of the offshore
Scarborough gas trunkline was completed in early October.
"At the end of September we completed the acquisition of OCI's Clean Ammonia
Project in Beaumont, Texas. Subsequent to quarter end, we completed the
acquisition of Tellurian and its development opportunity, now named Woodside
Louisiana LNG.
"The Clean Ammonia Project is expected to produce first ammonia in 2025 and at
Woodside Louisiana LNG we are targeting final investment decision (FID)
readiness from the first quarter of 2025. These acquisitions expand our
diverse, geographically advantaged portfolio and position Woodside to execute
our strategy to thrive through the energy transition and deliver long-term
value to shareholders.
"Our sale and purchase agreement with JERA for the long-term supply of LNG
from Woodside's global portfolio again evidenced the value Asian customers
place on our product.
"Woodside's commitment to the domestic market was also demonstrated by the
execution of gas sales of 66 petajoules (PJ) across 2025 and 2026 in Western
Australia. In eastern Australia, to date we have executed sales of 63 PJ
across 2025 and 2026 under an ongoing Expression of Interest process, with
further sales expected to be completed in the fourth quarter."
Comparative performance at a glance
Q3 Q2 Change % Q3 Change % YTD YTD Change %
2024 2024 2023 2024 2023
Revenue $ million 3,679 3,033 21% 3,259 13% 9,681 10,673 (9%)
Production 4 MMboe 53.1 44.4 20% 47.8 11% 142.4 139.1 2%
Gas MMscf/d 2,001 1,885 6% 2,001 - 1,939 2,000 (3%)
Liquids Mbbl/d 226 157 44% 169 34% 180 159 13%
Total Mboe/d 577 488 18% 520 11% 520 510 2%
Sales MMboe 55.8 48.0 16% 53.3 5% 149.7 152.1 (2%)
Gas MMscf/d 2,154 2,103 2% 2,341 (8%) 2,075 2,292 (9%)
Liquids Mbbl/d 228 159 43% 169 35% 182 155 17%
Total Mboe/d 606 528 15% 579 5% 546 557 (2%)
Average realised price $/boe 65 62 5% 60 8% 63 69 (9%)
Capital expenditure 5 $ million 3,033 1,233 146% 1,360 123% 5,445 4,135 32%
Capex excl. acquisitions $ million 1,133 1,233 (8%) 1,360 (17%) 3,545 4,135 (14%)
Acquisitions 6 $ million 1,900 - 100% - 100% 1,900 - 100%
Operations
Pluto LNG
· Achieved outstanding quarterly LNG reliability of 99.9%.
North West Shelf (NWS) Project
· Achieved outstanding quarterly LNG reliability of 99.2%.
· Successfully completed planned maintenance offshore at North
Rankin Complex and an onshore LNG train at Karratha Gas Plant (KGP), and
production has recommenced as planned.
· Continued to pursue opportunities for third party onshore gas
processing following announcement of the Western Australian Government's
updated policy allowing onshore gas exports.
· Took FID on the Low-Low Pressure Operation Project at Goodwyn
Alpha, aimed at increasing NWS production from the Goodwyn area reservoirs.
This project is targeted for start-up in Q2 2027.
· Planning to bring one LNG train offline for retirement in the
fourth quarter of 2024.
Bass Strait
· Safely completed the Kipper Compression Project, adding
compression facilities on the West Tuna Platform, increasing production
potential of existing well stock and enabling development of additional Kipper
reserves.
· Continued optimisation of facilities through the Gippsland Asset
Streamlining project with closure of the Cobia Platform in September 2024.
· Ethane power generation project successfully started up in
September.
Sangomar
· Achieved nameplate capacity of 100,000 barrels per day in July
2024.
· Continued to receive strong interest in Sangomar crude from
buyers in Europe and Asia.
· The final Phase 1 well was drilled and completed in the period.
The Sangomar drilling campaign is now complete marking the successful drilling
and completion of 24 development wells.
· Start-up of gas and water injection systems has commenced and
commissioning activities are expected to continue through 2024.
Gulf of Mexico
· Completed a planned shutdown on Shenzi in July 2024 which
included integrity inspections and control system improvements.
· Completed a planned three-well intervention campaign on Mad Dog
A-Spar.
· In September, Hurricanes Francine and Helene caused deferrals at
our operated and non-operated GOM facilities, largely due to availability of
third-party infrastructure and planned facility ramp down.
Marketing and Trading
· Signed a long-term LNG SPA with JERA
(https://www.woodside.com/docs/default-source/media-releases/woodside-and-jera-sign-agreement-for-long-term-lng-supply.pdf?sfvrsn=1e6b022f_1)
to supply approximately 0.4 million tonnes (six cargoes) of LNG per year over
10 years on a delivered basis, commencing in April 2026. LNG delivered under
the SPA will be sourced from volumes across Woodside's global portfolio.
· Sold 39% of produced LNG at prices linked to gas hub indices in
the quarter (36% year to date). 7 Full year gas hub guidance has been
increased to 33-37% of produced LNG.
· Executed 66 PJ of Western Australian gas sales for delivery
across 2025 and 2026. Woodside continues to engage with the Western Australian
domestic market on additional supply requirements for 2025, 2026 and 2027.
· Woodside continued its eastern Australian Expression of Interest
(EOI) process with executed sales to date already of 63 PJ across 2025 and
2026. The remaining sales under the EOI process are expected to be completed
in Q4 2024.
Projects
Scarborough Energy Project
· The Scarborough and Pluto Train 2 project was 73% complete at the
end of the quarter.
· 41 of 51 Pluto Train 2 modules have been delivered to site, with
39 modules set in position at the end of the quarter.
· Fabrication of the floating production unit (FPU) hull and
topsides progressed, with installation of piping, electrical, and
instrumentation packages continuing on the topsides and the hull entering its
second dry dock in preparation for FPU integration activities in 2025.
· Trunkline installation was completed subsequent to the quarter.
· The drilling program continued with batch drilling of the
development wells ongoing.
· First steel was cut at the module yard on the Pluto Train 1
modifications project and site preparation works at the Pluto LNG facility
commenced.
· First LNG cargo is targeted for 2026.
Trion
· The Trion project was 15% complete at the end of the quarter.
· Awarded contracts for the floating, storage and offloading vessel
(FSO) bare boat charter, aviation services, and fibre optic trunkline
installation.
· Procurement activities continued, including delivery of long lead
items to subsea equipment manufacturers.
· Completed the FPU hull 90% model review and initiated FPU
pre-construction activities.
Woodside Louisiana LNG (Driftwood LNG)
· Subsequent to the quarter, completed acquisition of Tellurian
(https://www.woodside.com/docs/default-source/asx-announcements/2024/woodside-completes-acquisition-of-tellurian.pdf?sfvrsn=6249d9c1_1)
and its US Gulf Coast Driftwood LNG development opportunity in Calcasieu
Parish, Louisiana.
· Woodside acquired all issued and outstanding Tellurian common
stock for approximately $900 million cash, or $1.00 per share. The implied
enterprise value was approximately $1,200 million. 8
· Woodside has renamed the Driftwood LNG development opportunity
Woodside Louisiana LNG.
· Woodside is targeting FID readiness from the first quarter of
2025.
Decommissioning
· The Griffin, Stybarrow and Enfield decommissioning campaign
continued with ~54 km of flexible flowlines and umbilicals recovered in the
quarter, and completion of wellhead severance activities at Enfield.
· The well plug and abandonment campaign at the Stybarrow field is
40% complete, with 4 wells plugged and abandoned to date.
· At Mad Dog in US Gulf of Mexico, operator (BP) completed plug and
abandonment of well 869-1.
Exploration and development
Calypso
· Pre-front-end engineering design (FEED) engineering studies
continued to mature the technical definition and cost estimate for the
deepwater infield host.
· Fiscal and marketing negotiations continued with various
counterparties to assess the commercial options to monetise the Calypso
resource.
Browse
· Additional information was provided to the WA Environmental
Protection Authority to support the final phase of assessment of the Browse to
North West Shelf Project environmental referral.
· Engineering studies on Browse to North West Shelf Project
continue to optimise the upstream development concept and improve project cost
and schedule certainty.
Sunrise
· The Sunrise Joint Venture participants continued negotiations
with the Australian and Timor-Leste Governments to progress a new Production
Sharing Contract, Petroleum Mining Code and fiscal regime.
· The concept study for the potential development of Greater
Sunrise is expected to conclude in Q4 2024.
Exploration
· In Congo, the Niamou Marine-1 (non-operated) well reached total
depth in September 2024. The well did not encounter hydrocarbons.
· In September 2024, Woodside was granted Exploration Permit
WA-554-P in the Barrow sub-Basin, Western Australia. WA-554-P comprises a
total area of 943 km(2). Woodside holds a 100% working interest in the permit.
· Subsequent to the period, Woodside acquired a 40% non-operated
stake in ENI's Tiba Block in the Nile Delta, Egypt.
New energy and carbon solutions
Beaumont Clean Ammonia Project
· Completed OCI Clean Ammonia acquisition
(https://www.woodside.com/docs/default-source/asx-announcements/2024/woodside-to-acquire-oci's-clean-ammonia-project.pdf?sfvrsn=cf35e9ed_1)
, comprising 100% of OCI Clean Ammonia Holding B.V., which holds its lower
carbon ammonia project in Beaumont, Texas.
· The acquisition was for an all-cash consideration of
approximately $2,350 million, inclusive of capital expenditure through
completion of phase 1 of the project. OCI is continuing to manage the
construction of the project under the Construction Management Agreement.
· Woodside is targeting first ammonia production from 2025 and
lower carbon ammonia from 2026 following commencement of CCS operations. 9
H2OK
· Secured non-binding offtake term sheets with several customers
and continued to advance pricing and volume discussions with additional
offtakers.
· Woodside continues to await final guidance for the 45V Clean
Hydrogen Production Tax Credit.
Woodside Solar
· Woodside continued working with the Western Australian Government
to progress its process to develop common user transmission infrastructure
required to support the proposed Woodside Solar project.
Carbon capture and storage (CCS) opportunities
· Woodside was awarded two greenhouse gas assessment permits to
progress CCS evaluation work:
o G-18-AP, offshore Onslow, Western Australia, as part of a joint venture
with Chevron Australia New Ventures Pty Ltd; and
o G-19-AP, off the coast of Victoria, as part of the Gippsland Basin Joint
Venture (GBJV).
Corporate activities
London Stock Exchange listing
· Subsequent to the period, Woodside announced it will delist from the
London Stock Exchange (LSE). The last day of trading of Woodside shares on the
LSE will be 19 November 2024.
Funding
· Woodside successfully raised $2 billion in the US market
(https://www.woodside.com/docs/default-source/asx-announcements/2024/woodside-prices-us-bond-offer.pdf?sfvrsn=be510000_1)
through a multi-tranche SEC registered bond in September 2024, comprising a
$1.25 billion 10-year bond and a $0.75 billion 30-year bond.
· Woodside converted and upsized an existing $800 million revolving
facility to a new $1.2 billion 7-year syndicated term loan primarily from
Asian and European banks.
Hedging
· Woodside hedged approximately 29.3 MMboe of 2024 oil production
at an average price of approximately $75.6 per barrel, with approximately 72%
delivered as of 30 September 2024.
· As at 30 September, Woodside had hedged approximately 18.6 MMboe
of 2025 production. An additional 11.4 MMboe was subsequently added with the
total for 2025 now 30 MMboe at an average price of approximately $78.75.
· 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 88% of volumes for the remainder of 2024, 83% of 2025 and 25% of
2026 volumes have been hedged.
· The year-to-date realised value of all hedged positions for as of
30 September 2024 is a pre-tax expense of approximately $70 million, with $195
million related to oil price hedges offset by $88 million profit related to
Corpus Christi hedges and $37 million related to other hedge positions.
Hedging losses will be included in "other expenses" in the full-year financial
statements.
Climate and sustainability
· Woodside released its 2023 Reconciliation Action Plan 2021-2025
(RAP) Report. The report reflects Woodside's progress against the four
pillars outlined in the RAP including Respect for Culture and Heritage,
Capability and Capacity, Economic Participation, and Stronger Communities.
· Subsequent to the period Woodside signed a memorandum of
understanding (MOU) with the Japan Organisation for Metals and Energy Security
(JOGMEC) regarding collaboration on methane emissions management.
Upcoming events 2024 - 2025
November 2024 6-7 Australia investor site visit
January 2025 22 Q4 2024 Report
2024 full-year guidance
Prior Current
Production MMboe 185 - 195 189 - 195
(505 - 533 Mboe/day) (516 - 533 Mboe/day)
Capital expenditure(( 10 )) $ billion 5.0 - 5.5 4.8 - 5.2
Gas hub exposure(( 11 )) % of produced LNG 26 - 33 33 - 37
Contacts:
INVESTORS MEDIA REGISTERED ADDRESS
Marcela Louzada Christine Forster Woodside Energy Group Ltd
M: +61 456 994 243 M: +61 484 112 469 ACN 004 898 962
E: investor@woodside.com (mailto:investor@woodside.com) E: christine.forster@woodside.com (mailto:christine.forster@woodside.com) Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia
T +61 8 9348 4000
www.woodside.com (http://www.woodside.com)
This announcement was approved and authorised for release by Woodside's
Disclosure Committee.
Production summary
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
Gas MMscf/d 2,001 1,885 2,001 1,939 2,000
Liquids Mbbl/d 226 157 169 180 159
Total Mboe/d 577 488 520 520 510
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
AUSTRALIA
LNG
North West Shelf Mboe 7,029 7,088 6,590 22,309 25,009
Pluto 12 Mboe 12,007 11,726 12,261 35,487 33,180
Wheatstone Mboe 2,565 1,959 2,610 6,881 7,654
Total Mboe 21,601 20,773 21,461 64,677 65,843
Pipeline gas
Bass Strait Mboe 4,069 3,410 4,591 9,838 11,894
Other 13 Mboe 4,016 3,848 3,472 11,142 9,589
Total Mboe 8,085 7,258 8,063 20,980 21,483
Crude oil and condensate
North West Shelf Mbbl 1,265 1,260 1,278 3,937 4,508
Pluto(12) Mbbl 966 933 976 2,830 2,636
Wheatstone Mbbl 474 380 477 1,316 1,310
Bass Strait Mbbl 701 503 982 1,696 2,663
Macedon & Pyrenees Mbbl 633 107 688 849 2,078
Ngujima-Yin Mbbl 1,231 974 1,140 3,091 2,009
Okha Mbbl 615 491 608 1,572 1,460
Total Mboe 5,885 4,648 6,149 15,291 16,664
NGL
North West Shelf Mbbl 288 279 276 857 907
Pluto(12) Mbbl 55 59 53 168 148
Bass Strait Mbbl 1,152 941 1,380 2,925 3,294
Total Mboe 1,495 1,279 1,709 3,950 4,349
Total Australia 14 Mboe 37,066 33,958 37,382 104,898 108,339
Mboe/d 403 373 406 383 39
7
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 327 324 350 1,011 1,029
Trinidad & Tobago Mboe 2,289 1,736 2,413 6,528 7,372
Other 15 Mboe - - 17 - 47
Total Mboe 2,616 2,060 2,780 7,539 8,448
Crude oil and condensate
Atlantis Mbbl 2,351 2,019 2,714 6,811 8,202
Mad Dog Mbbl 2,363 2,944 2,188 8,072 4,754
Shenzi Mbbl 2,047 2,333 2,158 6,785 7,353
Trinidad & Tobago Mbbl 143 94 201 363 792
Sangomar Mbbl 5,902 540 - 6,442 -
Other(15) Mbbl 81 81 36 243 156
Total Mboe 12,887 8,011 7,297 28,716 21,257
NGL
Gulf of Mexico Mbbl 515 355 362 1,263 1,043
Other(15) Mbbl - - 10 - 27
Total Mboe 515 355 372 1,263 1,070
Total International Mboe 16,018 10,426 10,449 37,518 30,775
Mboe/d 174 115 114 137 113
Total production Mboe 53,084 44,384 47,831 142,416 139,114
Mboe/d 577 488 520 520 510
Product sales
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
Gas MMscf/d 2,154 2,103 2,341 2,075 2,292
Liquids Mbbl/d 228 159 169 182 155
Total Mboe/d 606 528 579 546 557
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
AUSTRALIA
LNG
North West Shelf Mboe 7,353 7,081 7,639 22,442 27,206
Pluto5 Mboe 12,014 12,749 12,622 35,276 33,524
Wheatstone 16 Mboe 3,048 2,264 2,541 7,901 7,203
Total Mboe 22,415 22,094 22,802 65,619 67,933
Pipeline gas
Bass Strait Mboe 4,163 3,508 4,506 10,241 11,701
Other 17 Mboe 3,816 3,435 3,243 10,145 9,222
Total Mboe 7,979 6,943 7,749 20,386 20,923
Crude oil and condensate
North West Shelf 18 Mbbl 1,253 1,904 1,471 4,371 4,155
Pluto Mbbl 858 1,283 1,228 2,781 2,456
Wheatstone Mbbl 360 666 689 1,355 1,348
Bass Strait Mbbl 662 271 1,407 1,530 2,524
Ngujima-Yin Mbbl 1,082 1,018 708 3,099 1,849
Okha Mbbl 618 572 1,297 1,808 1,950
Macedon & Pyrenees Mbbl 498 - 1 994 1,551
Total Mboe 5,331 5,714 6,801 15,938 15,833
NGL
North West Shelf Mbbl 249 266 263 770 688
Pluto Mbbl 52 49 32 156 287
Bass Strait Mbbl 1,142 361 959 2,288 2,971
Total Mboe 1,443 676 1,254 3,214 3,946
Total Australia Mboe 37,168 35,427 38,606 105,157 108,635
Mboe/d 404 389 420 384 398
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 286 336 321 908 1,005
Trinidad & Tobago Mboe 2,004 1,606 2,574 6,067 7,569
Other 19 Mboe 2 5 7 13 20
Total Mboe 2,292 1,947 2,902 6,988 8,594
Crude oil and condensate
Atlantis Mbbl 2,436 2,013 2,442 6,875 7,820
Mad Dog Mbbl 2,489 3,043 2,041 8,158 4,610
Shenzi Mbbl 2,032 2,430 2,123 6,814 7,448
Trinidad & Tobago Mbbl 221 19 242 292 903
Sangomar Mbbl 6,070 - - 6,070 -
Other(19) Mbbl 45 59 61 164 189
Total Mboe 13,293 7,564 6,909 28,373 20,970
NGL
Gulf of Mexico Mbbl 388 454 379 1,255 1,084
Other(19) Mbbl 1 3 4 7 11
Total Mboe 389 457 383 1,262 1,095
Total International Mboe 15,974 9,968 10,194 36,623 30,659
Mboe/d 174 110 111 134 112
MARKETING(( 20 ))
LNG Mboe 2,077 2,593 4,329 6,756 12,344
Liquids 21 Mboe 555 37 169 1,163 429
Total Mboe 2,632 2,630 4,498 7,919 12,773
Total Marketing Mboe 2,632 2,630 4,498 7,919 12,773
Total sales Mboe 55,774 48,025 53,298 149,699 152,067
Mboe/d 606 528 579 546 557
Revenue
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
AUSTRALIA
North West Shelf 520 524 575 1,636 2,512
Pluto 920 891 923 2,556 2,778
Wheatstone 22 237 202 246 662 774
Bass Strait 344 247 379 814 918
Macedon 48 48 41 147 145
Ngujima-Yin 94 91 64 277 164
Okha 51 46 103 147 159
Pyrenees 44 - - 88 139
INTERNATIONAL
Atlantis 194 168 209 558 611
Mad Dog 192 249 170 645 354
Shenzi 160 205 178 555 577
Trinidad & Tobago 23 63 38 17 162 265
Sangomar 464 - - 464 -
Other 24 3 5 5 13 14
Marketing revenue(( 25 )) 285 265 298 777 1,121
Total sales revenue(( 26 )) 3,619 2,979 3,208 9,501 10,531
Processing revenue 54 52 50 167 135
Shipping and other revenue 6 2 1 13 7
Total revenue 3,679 3,033 3,259 9,681 10,673
Realised prices
Units Q3 Q2 Q3 Units Q3 Q2 Q3
2024 2024 2023 2024 2024 2023
LNG produced 27 $/MMBtu 10.8 9.6 10.3 $/boe 68 60 65
LNG traded 28 $/MMBtu 11.2 9.1 8.2 $/boe 71 58 52
Pipeline gas $/boe 38 38 28
Oil and condensate $/bbl 78 83 82 $/boe 78 83 82
NGL $/bbl 48 44 45 $/boe 48 44 45
Liquids traded(28) $/bbl 60 79 72 $/boe 60 79 72
Average realised price for pipeline gas:
Western Australia A$/GJ 6.5 6.5 6.1
East coast Australia A$/GJ 14.2 14.3 12.3
International $/Mcf 4.3 3.9 3.8
Average realised price $/boe 65 62 60
Dated Brent $/bbl 80 85 87
JCC (lagged three months) $/bbl 88 84 84
WTI $/bbl 75 81 82
JKM $/MMBtu 12.4 9.6 10.9
TTF $/MMBtu 11.2 9.2 10.3
Average realised price increased 5% from the prior quarter reflecting higher
JKM, JCC and TTF.
Capital expenditure (US$ million)
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
Exploration and evaluation capitalised 29 (,) 30 6 38 3 82 132
Property plant and equipment 1,076 1,135 1,313 3,301 3,821
Other 31 51 60 44 162 182
Sub Total (excluding acquisitions) 1,133 1,233 1,360 3,545 4,135
Acquisitions 1,900 - - 1,900 -
Total 3,033 1,233 1,360 5,445 4,135
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
Sangomar 73 206 257 489 808
Scarborough 438 563 613 1,575 1,817
Trion 225 137 111 459 119
Beaumont Clean Ammonia Project 1,900 - - 1,900 -
Other 397 327 379 1,022 1,391
Total 3,033 1,233 1,360 5,445 4,135
Other expenditure (US$ million)
Q3 Q2 Q3 YTD YTD
2024 2024 2023 2024 2023
Exploration and evaluation expensed 32 90 46 123 190 256
Permit amortisation 2 3 3 8 7
Total 92 49 126 198 263
Trading costs 132 128 265 405 887
Exploration or appraisal wells drilled
Region Permit Area Well Target Interest (%) Spud Date Water depth (m) Actual well depth (m)(( 33 )) Remarks
Congo Marine XX Niamou Marine 1 Oil 22.5% 24 May 2024 2,094 6,928 Drilling
Non-Operator complete
Permits and licences
Key changes to permit and licence holdings during the quarter ended 30
September 2024 are noted below.
Region Permits or licence areas Change in interest (%) Current interest (%) Remarks
Australia WA-554-P 100% 100% Licence entry
Gulf of Mexico GB 729, GB 772, (40%) 0 Licence expiry
GB 773
Egypt - Nile Delta 34 Tiba Block 40% 40% Licence entry
Production rates
Average daily production rates (100% project) for the quarter ended 30
September 2024:
Woodside Production rate Remarks
share(( 35 ))
(100% project, Mboe/d)
Sept June
2024 2024
AUSTRALIA
NWS Project
LNG 29.58% 259 256
Crude oil and condensate 29.71% 46 46
NGL 29.71% 10 10
Pluto LNG
LNG 90.00% 122 116 Production was higher following completion of planned maintenance activities
in Q2.
Crude oil and condensate 90.00% 10 10
Pluto-KGP Interconnector
LNG 100.00% 21 24
Crude oil and condensate 100.00% 1 1
NGL 100.00% 1 1
Wheatstone(( 36 ))
LNG 12.02% 232 212 Production was higher due to improved reliability.
Crude oil and condensate 14.68% 33 30
Bass Strait
Pipeline gas 43.83% 102 86 Production was higher due to increased seasonal domestic gas demand.
Crude oil and condensate 46.73% 16 12
NGL 47.40% 26 23
Australia Oil
Ngujima-Yin 60.00% 22 18 Production at Ngujima-Yin and Okha was higher due to improved reliability and
production optimisation.
Okha 50.00% 13 11
Pyrenees 63.48% 11 2 Production at Pyrenees was higher following completion of planned turnaround
in Q2.
Other
Pipeline gas25F 37 44 42
Woodside Production rate Remarks
share 38
(100% project, Mboe/d)
Sept June
2024 2024
INTERNATIONAL
Atlantis
Crude oil and condensate 38.50% 66 58 Production was higher following completion of planned turnaround activities in
Q2, partially offset by weather.
NGL 38.50% 5 4
Pipeline Gas 38.50% 7 5
Mad Dog
Crude oil and condensate 20.86% 123 155 Production was lower due to planned interventions and weather.
NGL 20.86% 7 5
Pipeline Gas 20.86% 2 3
Shenzi
Crude oil and condensate 65.02% 34 39 Production was lower due to planned well intervention, unplanned downtime, and
weather.
NGL 64.69% 3 2
Pipeline Gas 63.93% 1 1
Trinidad & Tobago
Crude oil and condensate 57.49% 39 3 2 Production was higher following completion of planned maintenance activities
in Q2.
Pipeline gas 50.31%(39) 49 39
Sangomar
Crude Oil 78.74%(39) 81 8 Production was higher due to continued ramp-up and commissioning of the field.
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 long-term demand for Woodside's products, development, completion
and execution of Woodside's projects, expectations regarding future capital
expenditures, the payment of future dividends and the amount thereof, future
results of projects, operating activities and new energy products,
expectations and plans for renewables production capacity and investments in,
and development of, renewables projects expectations and guidance with respect
to production, capital and exploration expenditure and gas hub exposure, and
expectations regarding the achievement of Woodside's net equity Scope 1 and 2
greenhouse gas emissions reduction and new energy investment targets and other
climate and sustainability goals.
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', 'aspire', '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 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 for Woodside's products,
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, the actions of third parties, project delay or
advancement, regulatory approvals, the impact of armed conflict and political
instability (such as the ongoing conflict in Ukraine and in 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, the
impact of general economic conditions, inflationary conditions, prevailing
exchange rates and interest rates and conditions in financial markets, and
risks associated with acquisitions, mergers and joint ventures, including
difficulties integrating businesses, uncertainty associated with financial
projections, restructuring, increased costs and adverse tax consequences, and
uncertainties and liabilities associated with acquired and divested properties
and businesses.
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.
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.
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.
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 September 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 16% of total equity production in the quarter was sold on prices linked to
gas hub indices.
2 The completion % excludes the Pluto Train 1 modifications project.
3 Production of lower carbon ammonia is conditional on supply of carbon
abated hydrogen and ExxonMobil's CCS facility becoming operational. See
disclaimer and important notices on page 16 for information on "lower carbon
ammonia".
4 Q3 2024 includes 0.28 MMboe, Q2 2024 includes 0.30 MMboe and Q3 2023
includes 0.26 MMboe primarily from feed gas purchased from Pluto non-operating
participants processed through the Pluto-KGP Interconnector.
5 Includes capital additions on property plant and equipment, exploration
and evaluation capitalised, other corporate spend and investment expenditure
on Beaumont Clean Ammonia Project.
6 Acquisition of OCI's Clean Ammonia Project in Beaumont, Texas.
7 16% of total equity production in the quarter was sold on prices linked to
gas hub indices (16% of total equity production year to date).
8 Includes $50 million for Tellurian's Series C Convertible Preferred equity
shares, ~$65 million of net debt, ~$20 million net working capital adjustment,
~$50 million for management and debt change of control costs and ~$135m of
interim funding from signing to close. Does not include management
construction incentive payment awards. The accounting treatment of the
purchase price will be included in Woodside's 2024 Annual Report and will
include share purchase consideration, interim funding and other items.
9 Production of lower carbon ammonia is conditional on supply of carbon
abated hydrogen and ExxonMobil's CCS facility becoming operational. See
disclaimer and important notices on page 18 for information on "lower carbon
ammonia".
10 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.
11 Gas hub indices include Japan Korea Marker (JKM), TTF and National
Balancing Point (NBP). It excludes HH.
12 Q3 2024 includes 1.89 MMboe of LNG, 0.08 MMboe of condensate and 0.05
MMboe of NGL, Q2 2024 includes 2.18 MMboe of LNG, 0.10 MMboe of condensate and
0.06 MMboe of NGL and Q3 2023 includes 2.07 MMboe of LNG and 0.08 MMboe of
condensate and 0.05 MMboe of NGL processed at the Karratha Gas Plant (KGP)
through the Pluto-KGP Interconnector.
13 Includes the aggregate Woodside equity domestic gas production from all
Western Australian projects.
14 Q3 2024 includes 0.28 MMboe, Q2 2024 includes 0.30 MMboe and Q3 2023
includes 0.26 MMboe primarily from feed gas purchased from Pluto non-operating
participants processed through the Pluto-KGP Interconnector.
15 Overriding royalty interests held in the GoM for several producing wells.
16 Includes periodic adjustments reflecting the arrangements governing
Wheatstone LNG sales of 0.29 MMboe in Q3 2024, 0.19 MMboe in Q2 2024 and 0.16
MMboe in Q3 2023.
17 Includes the aggregate Woodside equity domestic gas production from all
Western Australian projects.
18 Includes reclassification of purchased condensate volumes from NWS JV
Participants to Marketing liquids of 0.16 MMboe in Q3 2023 and 0.26 MMboe in
Q2 2023.
19 Overriding royalty interests held in the GoM for several producing wells.
20 Purchased volumes sourced from third parties.
21 Includes reclassification of purchased condensate volumes from NWS JV
Participants of 0.16 MMboe in Q3 2023 and 0.26 MMboe in Q2 2023.
22 Q3 2024 includes -$28 million, Q2 2024 includes -$10 million and Q3 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.
23 Includes the impact of periodic adjustments related to the production
sharing contract (PSC).
24 Overriding royalty interests held in the GoM for several producing wells.
25 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.
26 Total sales revenue excludes all hedging impacts.
27 Realised prices include the impact of periodic adjustments reflecting the
arrangements governing Wheatstone LNG sales.
28 Excludes any additional benefit attributed to produced volumes through
third-party trading activities.
29 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.
30 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.
31 Other primarily incorporates corporate spend including SAP build costs,
carbon costs and other investments.
32 Includes seismic and general permit activities and other exploration
costs.
33 Well depths are referenced to the rig rotary table.
34 Subsequent to the period
35 Woodside share reflects the net realised interest for the period.
36 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.
37 Includes the aggregate Woodside equity domestic gas production from all
Western Australian projects.
38 Woodside share reflects the net realised interest for the period.
39 Operations governed by production sharing contracts, Woodside share may
change monthly.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLGDBDGLBBDGSLRecent news on Woodside Energy
See all newsREG - Official List - Removal- Woodside Energy Group Ltd
AnnouncementREG - Stock Exch Notice Woodside Energy Grp. - Cancellation - Woodside Energy Group LTD
AnnouncementREG - Woodside Energy Grp. - 2024 Investor Site Visit - Australia
AnnouncementREG - Woodside Energy Grp. - WDS completes sale to JERA of 15.1% in Scarborough
AnnouncementREG - Woodside Energy Grp. - Third Quarter 2024 Report
Announcement