Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2024

Commission File Number: 001-41404

 

 

Woodside Energy Group Ltd

(ABN 55 004 898 962)

(Registrant’s name)

 

 

Woodside Energy Group Ltd

Mia Yellagonga, 11 Mount Street

Perth, Western Australia 6000

Australia

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☑   Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

 

 

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		A copy of the registrant’s ASX Announcement, dated October 16, 2024, entitled “Third Quarter Report for period ended 30 September 2024”.
99.2		A copy of the registrant’s ASX Announcement, dated October 16, 2024, entitled “Woodside to delist from the London Stock Exchange.”

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: October 16, 2024

 

WOODSIDE ENERGY GROUP LTD
By:		/s/ Damien Gare
		Damien Gare Corporate Secretary

Exhibit 99.1

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.

 

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”.

 

 

1				Third quarter report for period ended 30 September 2024

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“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 2024				Q2 2024				Change %				Q3 2023				Change %				YTD 2024				YTD 2023				Change %
Revenue		$	million				3,679				3,033				21	%			3,259				13	%			9,681				10,673				(9	%)
Production4			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 expenditure5		$	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	%)
Acquisitions6		$	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.

 

 

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.

 

 

2				Third quarter report for period ended 30 September 2024

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•

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 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.

 

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).

 

 

3				Third quarter report for period ended 30 September 2024

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•

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 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.

 

 

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.

 

 

4				Third quarter report for period ended 30 September 2024

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•

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 km2. 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, 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:

 

•

G-18-AP, offshore Onslow, Western Australia, as part of a joint venture with Chevron Australia New Ventures Pty Ltd; and

 

•

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 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.

 

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”.

 

 

5				Third quarter report for period ended 30 September 2024

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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 (505 – 533 Mboe/day)		189 – 195 (516 – 533 Mboe/day)
Capital expenditure10		$ billion		5.0 – 5.5		4.8 – 5.2
Gas hub exposure11		% of produced LNG		26 – 33		33 – 37

 

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.

 

 

6				Third quarter report for period ended 30 September 2024

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Contacts:
INVESTORS		MEDIA		REGISTERED ADDRESS
				Woodside Energy Group Ltd.
				ACN 004 898 962
Marcela Louzada		Christine Forster		Mia Yellagonga
M: [phone]		M: [phone]		11 Mount Street
E: [e-mail]		E: [e-mail]		Perth WA 6000
				Australia
				T [phone]
				www.woodside.com

This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

 

 

7				Third quarter report for period ended 30 September 2024

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Production summary

 

						Q3 2024				Q2 2024				Q3 2023				YTD 2024				YTD 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 2024				Q2 2024				Q3 2023				YTD 2024				YTD 2023
AUSTRALIA
LNG
North West Shelf			Mboe				7,029				7,088				6,590				22,309				25,009
Pluto12			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
Other13			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
Pluto12			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
Pluto12			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 Australia14			Mboe				37,066				33,958				37,382				104,898				108,339
			Mboe/d				403				373				406				383				397

 

 

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.

 

 

8				Third quarter report for period ended 30 September 2024

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						Q3 2024				Q2 2024				Q3 2023				YTD 2024				YTD 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
Other15			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				—
Other15			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
Other15			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

 

 

15	Overriding royalty interests held in the GoM for several producing wells.

 

 

9				Third quarter report for period ended 30 September 2024

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Product sales

 

						Q3 2024				Q2 2024				Q3 2023				YTD 2024				YTD 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 2024				Q2 2024				Q3 2023				YTD 2024				YTD 2023
AUSTRALIA
LNG
North West Shelf			Mboe				7,353				7,081				7,639				22,442				27,206
Pluto			Mboe				12,014				12,749				12,622				35,276				33,524
Wheatstone16			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
Other17			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 Shelf18			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

 

 

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.

 

 

10				Third quarter report for period ended 30 September 2024

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						Q3 2024				Q2 2024				Q3 2023				YTD 2024				YTD 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
Other19			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				—
Other19			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
Other19			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
MARKETING20
LNG			Mboe				2,077				2,593				4,329				6,756				12,344
Liquids21			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

 

 

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.

 

 

11				Third quarter report for period ended 30 September 2024

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Revenue

 

		Q3 2024				Q2 2024				Q3 2023				YTD 2024				YTD 2023
AUSTRALIA
North West Shelf			520				524				575				1,636				2,512
Pluto			920				891				923				2,556				2,778
Wheatstone22			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 & Tobago23			63				38				17				162				265
Sangomar			464				—				—				464				—
Other24			3				5				5				13				14
Marketing revenue25			285				265				298				777				1,121
Total sales revenue26			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

 

 

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.

 

 

12				Third quarter report for period ended 30 September 2024

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Realised prices

 

		Units		Q3 2024				Q2 2024				Q3 2023				Units		Q3 2024				Q2 2024				Q3 2023
LNG produced27		$/MMBtu			10.8				9.6				10.3			$/boe			68				60				65
LNG traded28		$/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 traded28		$/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.

 

 

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.

 

 

13				Third quarter report for period ended 30 September 2024

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Capital expenditure (US$ million)

 

		Q3 2024				Q2 2024				Q3 2023				YTD 2024				YTD 2023
Exploration and evaluation capitalised29,30			6				38				3				82				132
Property plant and equipment			1,076				1,135				1,313				3,301				3,821
Other31			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 2024				Q2 2024				Q3 2023				YTD 2024				YTD 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 2024				Q2 2024				Q3 2023				YTD 2024				YTD 2023
Exploration and evaluation expensed32			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

 

 

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.

 

 

14				Third quarter report for period ended 30 September 2024

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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% Non-Operator

24 May 2024

2,094

6,928

Drilling 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, GB 773			(40	%)			0			Licence expiry
Egypt – Nile Delta34		Tiba Block			40	%			40	%		Licence entry

 

 

 

33	Well depths are referenced to the rig rotary table.

34	Subsequent to the period

 

 

15				Third quarter report for period ended 30 September 2024

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Production rates

Average daily production rates (100% project) for the quarter ended 30 September 2024:

 

		Woodside share35				Production rate (100% project, Mboe/d)								Remarks
						Sept 2024				June 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
Wheatstone36
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 gas37							44				42

 

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.

 

 

16				Third quarter report for period ended 30 September 2024

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		Woodside share38				Production rate (100% project, Mboe/d)								Remarks
						Sept 2024				June 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.

 

38	Woodside share reflects the net realised interest for the period.

39	Operations governed by production sharing contracts, Woodside share may change monthly.

 

 

17				Third quarter report for period ended 30 September 2024

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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.

 

 

18				Third quarter report for period ended 30 September 2024

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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

 

 

19				Third quarter report for period ended 30 September 2024

Exhibit 99.2

 

Woodside Energy Group Ltd

ACN 004 898 962

Mia Yellagonga

11 Mount Street

Perth WA 6000

Australia

T [phone]

www.woodside.com

ASX: WDS

NYSE: WDS

LSE: WDS

Announcement

Wednesday, 16 October 2024

WOODSIDE TO DELIST FROM THE LONDON STOCK EXCHANGE

Woodside has reviewed its current listing structure and decided to delist from the London Stock Exchange (LSE). Woodside shares represented by depositary interests account for approximately 1% of Woodside’s issued share capital. Trading volumes of Woodside shares on the LSE are low and delisting from the LSE will reduce Woodside’s administration costs.

Woodside has applied to the UK Financial Conduct Authority (FCA) and the LSE to cancel the admission of Woodside shares to listing in the International Commercial Companies Secondary Listing category of the Official List of the FCA and trading under the ticker “WDS” on the Main Market for listed securities of the LSE.

In accordance with UK Listing Rule 21.2.17, Woodside is required to give at least 20 business days’ notice of the intended cancellation of the listing of its shares. It is expected that the admission of Woodside’s shares to the International Commercial Companies Secondary Listing category of the Official List and to trading on the LSE’s Main Market for listed securities will be cancelled with effect from 08:00 (GMT) on 20 November 2024. The last day of trading of Woodside shares on the LSE will be 19 November 2024.

Woodside’s primary listing on the Australian Securities Exchange (ASX) and its American Depositary Receipts (ADR) program on the New York Stock Exchange (NYSE) will not be affected by the delisting of Woodside shares from the LSE.

 

Page 1 of 2

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Further information

Information on the delisting and termination of depositary arrangements and the options available to depositary interest holders, including how to sell their depositary interests, will be sent to depositary interest holders from Computershare. For further information on the transfer of LSE depositary interest holdings to ASX shares or for queries related to sale options, please contact:

Computershare Investor Services PLC

Telephone:

+ 44 (0)370 703 6075

Email:

[e-mail]

Depositary interest holders who receive Woodside shares upon termination of Woodside’s depositary interest arrangements and who wish to hold ADRs listed on the NYSE should contact Citibank N.A., the depositary for Woodside’s ADR program, following receipt of their ASX-listed Woodside shares:

Citibank Shareholder Services

Telephone:

[phone]

Email:

[e-mail]

For further information refer to www.woodside.com/investors/lse-delisting.

 

 

 

Contacts:
INVESTORS   Marcela Louzada M: [phone] E: [e-mail]		MEDIA   Christine Forster M: [phone] E: [e-mail]

This announcement was approved and authorised for release by Woodside’s Disclosure Committee

 

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