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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Woodside Energy Group Ltd | LSE:WDS | London | Ordinary Share | AU0000224040 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -8.00 | -0.53% | 1,514.00 | 1,514.00 | 1,518.00 | 1,520.00 | 1,510.00 | 1,520.00 | 29,112 | 16:35:23 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 13.99B | 1.66B | 0.8743 | 33.70 | 55.94B |
From Apr 2023 to Apr 2024
TIDMWDS
RNS Number : 9850W
Woodside Energy Group Ltd
21 April 2023
Woodside Energy Group Ltd
ACN 004 898 962
Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia
T +61 8 9348 4000
www.woodside.com
ASX: WDS
NYSE: WDS
LSE: WDS
Announcement
Friday, 21 April 2023
FIRST QUARTER REPORT FOR PERIODED 31 MARCH 2023
Hot Features
Premium
Delivering reliable production
* Delivered quarterly production of 46.8 MMboe (520
Mboe/day), down 9% from Q4 2022 due to planned
turnaround and maintenance activities. Full-year
production guidance remains unchanged.
* Delivered sales volume of 50.4 MMboe, down 4% from Q4
2022, primarily due to lower production.
* Delivered revenue of $4,330 million, down 16% from Q4
2022, due to lower production and lower realised
prices.
* Production, sales volume and revenue increased 122%,
112% and 81% respectively from Q1 2022, driven by the
expanded operations portfolio post-merger.
* Achieved high LNG reliability of 99.9% at Pluto LNG
and 98.3% at North West Shelf (NWS) Project.
* Achieved a portfolio average realised price of $85
per barrel of oil equivalent.
* Sold 32% of produced LNG at prices linked to gas hub
indices.
Executing major projects
* The Scarborough and Pluto Train 2 projects in Western
Australia are now 30% complete, with manufacturing of
the export trunkline 86% complete and first concrete
poured for Pluto Train 2.
* The development drilling program for Sangomar
progressed, with ten of 23 wells complete. The
Sangomar floating production storage and offloading
(FPSO) topsides integration and pre-commissioning
works continued in Singapore.
* Subsequent to the period, Mad Dog Phase 2, in the
Gulf of Mexico (GoM), successfully achieved first
production and will continue to ramp up through 2023.
Investing in growth
* Received competitive tenders for Trion, which are
currently being evaluated in support of targeted
final investment decision (FID) readiness in 2023.
* Progressed key project activities for H2OK to support
targeted FID readiness in 2023.
Woodside CEO Meg O'Neill said Woodside delivered outstanding operational performance in the quarter, particularly at Pluto LNG where reliability averaged 99.9%.
"Our operations teams continued to achieve strong outcomes. Production was 122% higher than the corresponding quarter last year, demonstrating the significant value generated by the merger with BHP's petroleum business.
"Production and revenue declined from Q4 2022 primarily due to planned turnaround and maintenance activities at Australian assets and lower realised prices.
"We are making good progress on all major growth projects in Australia and globally. The Scarborough and Pluto Train 2 projects are now 30% complete, with construction of key offshore and onshore infrastructure ramping up. First concrete has now been poured on the Pluto Train 2 site. Engagement with stakeholders and regulators on secondary environmental approvals for offshore execution activities continued.
"The Sangomar development drilling program is nearing its half-way point, with ten of 23 wells completed. Installation and testing of the rigid flowlines, which total 101km in length, were successfully and safely completed. This is a key milestone on the path to targeted first oil later this year.
"At the Trion project in the GoM, we have received tenders for key equipment and activities including the floating production unit, long-lead rotating equipment, subsea equipment, drilling rig and installation scopes as we target FID readiness this year.
"Mad Dog Phase 2 in the US GoM achieved a significant milestone with first production in April 2023. Mad Dog is one of several low cost producing assets for Woodside in the region with significant expansion potential and in close proximity to infrastructure and attractive markets.
"Within our new energy business, we continue to progress activities and approvals for our H2OK project in support of achieving FID readiness this year," she said.
Comparative performance at a glance
Q1 2023 Q4 2022 Change Q1 2022 Change
% %
------------ ------------ -------- -------- ------- -------- -------
Production
[1] MMboe 46.8 51.6 (9%) 21.1 122%
Mboe/day 520 561 234
Sales MMboe 50.4 52.2 (4%) 23.8 112%
Revenue $ million 4,330 5,160 (16%) 2,395 81%
Operational overview
Production
-- Production decreased compared to the previous quarter to 46.8 MMboe, primarily due to:
o planned turnaround on Ngujima-Yin FPSO
o planned onshore and offshore maintenance activities and lower Australian east coast gas market demand on Bass Strait
-- Production was more than double the corresponding quarter last year, driven by the expanded operations portfolio post-merger.
-- Delivered high reliability at Pluto LNG, achieving 99.9% reliability for the quarter, and maintained strong reliability at NWS Project, achieving 98.3% reliability for the quarter.
Australian LNG
-- Commenced front-end engineering design (FEED) and identified long-lead order requirements for the Lambert West development. Lambert West consists of one production well developed via a subsea tie-back to the Angel Platform to support ongoing production from the NWS Project.
Bass Strait
-- Significant planned turnaround and maintenance activities were completed on the onshore and offshore facilities.
-- The Gippsland Basin Joint Venture (GBJV) executed an agreement to charter a fourth semi-submersible vessel from the end of 2023 to support decommissioning activities in the Gippsland Basin.
Gulf of Mexico
-- The SN102 well was completed and SN101 well completion activities commenced on the Shenzi North project. The project is 67% complete.
Australia Oil
-- The Pyrenees Phase 4 infill campaign, comprising a workover well and one infill well, was completed.
-- The Enfield plugging and abandonment (P&A) campaign continued with four wells permanently plugged. At the end of the quarter, the plugging of nine of 18 Enfield wells and removal of 13 of 18 xmas trees had been completed.
-- The Ngujima-Yin FPSO commenced a planned five-yearly maintenance turnaround in a Singapore drydock and is expected to return to production in Q3 2023.
Project and development activities
Scarborough
-- Scarborough upstream pipeline manufacturing is 86% complete. Subsea structure manufacturing and trunkline shore crossing preparations at Pluto commenced. Fabrication of the floating production unit topsides and hull has ramped up.
-- Engagement with regulators on secondary environmental approvals for offshore execution activities continued.
-- Pluto Train 2 site pre-works progressed with first concrete pour for permanent structures completed and LNG train module construction ramping up.
-- Pluto Train 1 modifications scope progressed into pre-execution phase, engineering and long-lead item procurement commenced.
-- The project was 30% complete at the end of the period and first LNG cargo is targeted in 2026.
Sangomar Field Development Phase 1
-- Installation and testing of the rigid flowlines, totalling 101km in length, were successfully and safely completed.
-- The subsea installation campaign progressed, with umbilical installation now 37% complete. -- The development drilling program continued with ten of 23 wells completed. -- FPSO topsides integration and pre-commissioning works continued in Singapore.
-- The project was 82% complete at the end of the period and first oil is targeted in late 2023.
Mad Dog Phase 2
-- Subsequent to the period, first production was successfully achieved at the Argos platform in the GoM. Production will ramp-up through 2023.
Trion
-- Tenders were received and are being evaluated for key scopes including the floating production unit (FPU), long-lead rotating equipment, subsea equipment, drilling rig and installation scopes.
-- Woodside is collaborating with PEMEX and the National Hydrocarbons Commission (CNH) on the draft field development plan (FDP), which would be submitted to the regulator following a positive FID.
-- Woodside is targeting FID readiness in 2023.
Sunrise
-- In February 2023, the Sunrise Joint Venture committed to undertake a concept select program for the development of the Greater Sunrise fields in parallel with the ongoing negotiation of a new production sharing contract and associated agreements with the Timor-Leste and Australian Governments.
New energy
H2OK
-- Woodside is progressing negotiations for access to wastewater and the 200MW of power required.
-- Discussions with potential H2OK customers are ongoing.
-- The air quality permit approval was received from Oklahoma Department of Environment and Quality.
-- Contracting activities for construction tender and other schedule critical packages are progressing.
-- H2OK is targeting FID readiness in 2023.
Woodside Solar
-- The Woodside Solar development application was submitted to the City of Karratha.
-- The Ngarluma and Woodside Power Project Indigenous Land Use Agreement (ILUA) was listed on the Register of ILUAs by the National Native Title Tribunal on 10 March 2023.
-- Woodside Solar is targeting FID readiness in 2023.
Corporate activities
Hedging (as at 31 March 2023)
-- Woodside has placed oil price hedges for approximately 21.8 MMboe of 2023 production at an average price of $74.5 per barrel of which approximately 5.8 MMboe has been delivered.
-- Woodside also has a hedging program for Corpus Christi LNG volumes to protect against downside pricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 83% of Corpus Christi volumes for the remainder of 2023 and approximately 29% of 2024 volumes have reduced pricing risk as a result of hedging activities.
-- The year-to-date pre-tax expense related to hedged positions is approximately $166 million, with $79 million pre-tax expense related to Corpus Christi hedges, $70 million pre-tax expense related to oil price hedges and $17 million pre-tax expense related to other hedge positions. Hedging losses will be included in "other expenses" in the full-year financial statements.
2023 Annual General Meeting
-- The 2023 Annual General Meeting (AGM) of Woodside Energy Group Ltd will be held at 10.00am (AWST) on Friday, 28 April 2023 at the Perth Convention & Exhibition Centre, 21 Mounts Bay Road, Perth, Western Australia.
-- The AGM will also be available online at https://web.lumiagm.com/333232445.
Climate reporting and non-binding shareholder vote
-- Woodside intends to put its climate reporting to a non-binding, advisory vote of shareholders at its 2024 AGM. It is intended that subsequent shareholder votes will be held at three-year intervals, except in exceptional circumstances.
Half-year report
-- Woodside's half-year report 2023 will be released on Tuesday, 22 August 2023.
Contacts:
INVESTORS MEDIA
Matthew Turnbull (Group) Christine Forster
M: +61 410 471 079 M: +61 484 112 469
E: christine.forster@woodside.com
Sarah Peyman (Australia)
M: +61 457 513 249
Rohan Goudge (US)
M: +1 (713) 679-1550
E: investor@woodside.com
This announcement was approved and authorised for release by Woodside's Disclosure Committee.
Production summary
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
AUSTRALIA
LNG
North West Shelf Mboe 9,673 9,564 4,612 9,673 4,612
Pluto [2] Mboe 12,154 12,124 9,326 12,154 9,326
Wheatstone Mboe 2,456 2,596 2,408 2,456 2,408
-------------------------- -------- -------- ------- ------- ---------- ----------
Total Mboe 24,283 24,284 16,346 24,283 16,346
-------------------------- -------- -------- ------- ------- ---------- ----------
Pipeline gas
Bass Strait Mboe 3,133 4,883 - 3,133 -
Other [3] Mboe 3,037 3,470 753 3,037 753
-------------------------- -------- -------- ------- ------- ---------- ----------
Total Mboe 6,170 8,353 753 6,170 753
-------------------------- -------- -------- ------- ------- ---------- ----------
Crude oil and condensate
North West Shelf Mbbl 1,684 1,711 806 1,684 806
Pluto(2) Mbbl 961 982 745 961 745
Wheatstone Mbbl 408 506 421 408 421
Bass Strait Mbbl 777 935 - 777 -
Macedon & Pyrenees Mbbl 631 692 1,398 631 1,398
Ngujima-Yin Mbbl 869 1,890 425 869 425
Okha Mbbl 431 598 - 431 -
Total Mboe 5,761 7,314 3,795 5,761 3,795
-------------------------- -------- -------- ------- ------- ---------- ----------
NGL 2 [4]
North West Shelf Mbbl 292 307 181 292 181
Pluto(2) Mbbl 50 52 6 50 6
Bass Strait Mbbl 723 1,187 - 723 -
-------------------------- -------- -------- ------- ------- ---------- ----------
Total Mboe 1,065 1,546 187 1,065 187
-------------------------- -------- -------- ------- ------- ---------- ----------
Total Australia [5] Mboe 37,279 41,497 21,081 37,279 21,081
-------------------------- -------- -------- ------- ------- ---------- ----------
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
-------------------------- ------- -------- ------- ------- ---------- -----------
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 330 409 - 330 -
Trinidad & Tobago Mboe 2,236 1,952 - 2,236 -
Other(6) Mboe 30 - - 30 -
-------------------------- ------- -------- ------- ------- ---------- -----------
Total Mboe 2,596 2,361 - 2,596 -
-------------------------- ------- -------- ------- ------- ---------- -----------
Crude oil and condensate
Atlantis Mbbl 2,696 3,229 - 2,696 -
Mad Dog Mbbl 939 1,165 - 939 -
Shenzi Mbbl 2,596 2,517 - 2,596 -
Trinidad & Tobago Mbbl 297 361 - 297 -
Other 3F [6] Mbbl 39 81 - 39 -
-------------------------- ------- -------- ------- ------- ---------- -----------
Total Mboe 6,567 7,353 - 6,567 -
-------------------------- ------- -------- ------- ------- ---------- -----------
NGL 4 [7]
Gulf of Mexico Mbbl 331 390 - 331 -
Other(6) Mbbl 17 - - 17 -
-------------------------- ------- -------- ------- ------- ---------- -----------
Total Mboe 348 390 - 348 -
-------------------------- ------- -------- ------- ------- ---------- -----------
Total International Mboe 9,511 10,104 - 9,511 -
-------------------------- ------- -------- ------- ------- ---------- -----------
Total production Mboe 46,790 51,601 21,081 46,790 21,081
-------------------------- ------- -------- ------- ------- ---------- -----------
Product sales
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
AUSTRALIA
LNG
North West Shelf Mboe 10,564 9,000 5,012 10,564 5,012
Pluto 5 [8] Mboe 11,310 12,189 9,433 11,310 9,433
Wheatstone [9] Mboe 2,350 2,360 2,521 2,350 2,521
----------------------------- ---------- -------- --------- --------- -------- -----------
Total Mboe 24,224 23,549 16,966 24,224 16,966
----------------------------- ---------- -------- --------- --------- -------- -----------
Pipeline gas
Bass Strait Mboe 3,082 4,725 - 3,082 -
Other Mboe 2,939 3,524 748 2,939 748
----------------------------- ---------- -------- --------- --------- -------- -----------
Total Mboe 6,021 8,249 748 6,021 748
----------------------------- ---------- -------- --------- --------- -------- -----------
Crude oil and condensate
North West Shelf Mbbl 1,089 1,989 618 1,089 618
Pluto(8) Mbbl 614 856 472 614 472
Wheatstone Mbbl 350 684 289 350 289
Bass Strait Mbbl 82 1,115 - 82 -
Ngujima-Yin Mbbl 1,141 1,753 1,336 1,141 1,336
Okha Mbbl 653 - - 653 -
Pyrenees Mbbl 518 1,142 - 518 -
----------------------------- ---------- -------- --------- --------- -------- -----------
Total Mboe 4,447 7,539 2,715 4,447 2,715
----------------------------- ---------- -------- --------- --------- -------- -----------
NGL 7 [10]
North West Shelf Mbbl 170 228 - 170 -
Pluto(8) Mbbl 182 - - 182 -
Bass Strait Mbbl 1,109 672 - 1,109 -
----------------------------- ---------- -------- --------- --------- -------- -----------
Total Mboe 1,461 900 - 1,461 -
----------------------------- ---------- -------- --------- --------- -------- -----------
Total Australia Mboe 36,153 40,237 20,429 36,153 20,429
----------------------------- ---------- -------- --------- --------- -------- -----------
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
-------------------------- ------- -------- ------- -------- ------- ----------
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 343 343 - 343 -
Trinidad & Tobago Mboe 2,295 1,969 - 2,295 -
Other 8 [11] Mboe 7 4 - 7 -
-------------------------- ------- -------- ------- -------- ------- ----------
Total Mboe 2,645 2,316 - 2,645 -
-------------------------- ------- -------- ------- -------- ------- ----------
Crude oil and condensate
Atlantis Mbbl 2,668 3,091 - 2,668 -
Mad Dog Mbbl 941 1,098 - 941 -
Shenzi Mbbl 2,673 2,245 - 2,673 -
Trinidad & Tobago Mbbl 413 130 - 413 -
Other (11) Mbbl 63 59 - 63 -
-------------------------- ------- -------- ------- -------- ------- ----------
Total Mboe 6,758 6,623 - 6,758 -
-------------------------- ------- -------- ------- -------- ------- ----------
NGL 9 [12]
Gulf of Mexico Mbbl 342 422 - 342 -
Trinidad & Tobago Mbbl - - - - -
Other (11) Mbbl 4 2 - 4
-------------------------- ------- -------- ------- -------- ------- ----------
Total Mboe 346 424 - 346 -
-------------------------- ------- -------- ------- -------- ------- ----------
Total International Mboe 9,749 9,363 - 9,749 -
-------------------------- ------- -------- ------- -------- ------- ----------
MARKETING
LNG 1 [13] Mboe 4,483 2,625 3,338 4,483 3,338
Total Mboe 4,483 2,625 3,338 4,483 3,338
-------------------------- ------- -------- ------- -------- ------- ----------
Total Marketing Mboe 4,483 2,625 3,338 4,483 3,338
-------------------------- ------- -------- ------- -------- ------- ----------
Total sales Mboe 50,385 52,225 23,767 50,385 23,767
-------------------------- ------- -------- ------- -------- ------- ----------
Revenue (US$ million)
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
AUSTRALIA
North West Shelf 1,270 1,260 636 1,270 636
Pluto 11 1,131 1,666 829 1,131 829
Wheatstone 12 [14] 324 383 267 324 267
Bass Strait 211 363 - 211 -
Macedon 51 54 - 51 -
Ngujima-Yin 100 164 148 100 148
Okha 56 - - 56 -
Pyrenees 50 118 - 50 -
INTERNATIONAL
Atlantis 199 263 - 199 -
Mad Dog 68 87 - 68 -
Shenzi 199 188 - 199 -
Trinidad & Tobago 136 112 - 136 -
Other 13 [15] 5 6 - 5 -
Marketing revenue 14 [16] 479 431 479 479 479
Total sales revenue [17] 4,279 5,095 2,359 4,279 2,359
Processing revenue 47 48 35 47 35
Shipping and other revenue 4 17 1 4 1
Total revenue 4,330 5,160 2,395 4,330 2,395
------------------------------ ------- ------ ------ ---------- ------------
Realised prices
Three months ended Three months ended
Units Mar Dec Mar Units Mar Dec Mar
2023 2022 2022 2023 2022 2022
-------------------- --------- ------- ------ ------- -------- --------- ------- ----------
LNG produced 15
[18] $/MMBtu 16.7 20.3 14.6 $/boe 105 128 93
LNG traded 16 [19] $/MMBtu 16.7 24.2 22.6 $/boe 105 153 144
Pipeline gas $/boe 38 43 26
Oil and condensate $/bbl 76 82 109 $/boe 76 82 109
NGL $/bbl 51 36 - $/boe 51 36 -
Average realised
price $/boe 85 98 100
Dated Brent $/bbl 81 89 101
JCC (lagged three
months) $/bbl 100 113 80
WTI $/bbl 76.1 82.8 94.3
JKM $/MMBtu 26.0 38.6 31.2
TTF $/MMBtu 24.7 45.0 32.6
-- Average realised price was A$6.9/GJ in Western Australia, A$11.9/GJ in east coast Australia and $7.2/Mcf for International in Q1 2023.
Expenditure (US$ million)
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
Exploration and evaluation
expense
Exploration and evaluation
expensed 1F [20] , 52 239 7 52 7
Permit amortisation 2 3 1 2 1
------------------------------- ------- ------- ------- ------- -------
Total 54 242 8 54 8
------------------------------- ------- ------- ------- ------- -------
Capital expenditure
Exploration and evaluation
capitalised 18F [21] (,) 19F
[22] 37 8 5 37 5
Oil and gas properties 1,279 1,342 757 1,279 757
------------------------------- ------- ------- ------- ------- -------
Total 1,316 1,350 762 1,316 762
------------------------------- ------- ------- ------- ------- -------
Trading costs 385 260 351 385 351
------------------------------- ------- ------- ------- ------- -------
Key project expenditure (US$ million)
Three months ended Year to date
Mar Dec Mar Mar Mar
2023 2022 2022 2023 2022
Capital expenditure
Scarborough [23] 626 599 447 626 447
Sangomar 279 290 242 279 242
--------------------- ------- ------ ------ ------- ------
Exploration
-- In the US Gulf of Mexico (GoM) Woodside was the highest bidder on 12 leases in lease sale 259 with the final lease award pending regulatory approval. The bids were concentrated in the central GoM Miocene and western GoM Paleogene trends. Two of the 12 bids were joint bids with Oxy, in which Woodside would hold a 40% non-operating interest. [24]
-- In Egypt, the regulator has approved Woodside's acquisition of a 27% interest in two non-operated blocks in the Herodotus Basin.
-- Woodside signed an option agreement to acquire at least a 56% interest in Namibia Petroleum Exploration License 87, located in the Orange Basin offshore Namibia. The decision to exercise the option will follow evaluation of seismic data acquired as part of the agreement.
Exploration or appraisal wells drilled
Region Permit Well Target Interest Spud date Water Planned Remarks
area (%) depth well depth
(m) (m) 20
[25]
----------- ------- -------- ------- -------------- ---------- ------ ----------- --------
Gulf Mad Dog 23.9% 12 March Drilling
of Mexico GC 868 SWX4 Oil Non-operator 2023 1,331 7,437 ongoing
----------- ------- -------- ------- -------------- ---------- ------ ----------- --------
Permits and licences
Key changes to permit and licence holding during the quarter ended 31 March 2023 are noted below.
Region Permits or Change Current Remarks
licence areas in interest interest
(%) (%)
------------------- -------------------- ------------- ---------- -------------
North Sidi Barrani
Egypt - Herodotus Offshore (Block
Basin 2) 27 27 Non-operated
------------------- -------------------- ------------- ---------- -------------
North El Dabaa
Egypt - Herodotus Offshore (Block
Basin 4) 27 27 Non-operated
------------------- -------------------- ------------- ---------- -------------
Seismic and geophysical survey activity
Region Field Permits or licence Remarks
areas
-------- ---------------- ------------------- ----------------------------
Namibia PEL 87 - Orange Deep Water PEL Acquisition of 6,800 km(2)
Basin 87 License of 3D is ongoing
-------- ---------------- ------------------- ------------------------------
Production rates
Average daily production rates (100% project) for the quarter ended 31 March 2023:
Woodside Production Remarks
share 23F rate
[26] (100% project,
Mboe/d)
Mar Dec
2023 2022
AUSTRALIA
NWS Project
------------------------- ---------- -------- ------- ---------------------------------
LNG 31.62% 340 340
Crude oil and condensate 31.61% 59 61
NGL 31.55% 10 11
Pluto LNG
------------------------- ---------- -------- ------- ---------------------------------
LNG 90.00% 117 118
Crude oil and condensate 90.00% 11 11
Pluto-KGP Interconnector
------------------------------------- -------- ------- ---------------------------------
LNG 100.00% 30 26
Crude oil and condensate 100.00% 1 1
NGL 100.00% 1 1
Wheatstone [27]
------------------------- ---------- -------- ------- ---------------------------------
LNG 11.94% 229 238
Crude oil and condensate 15.07% 30 33
Bass Strait
------------------------- ---------- -------- ------- ---------------------------------
Production was lower due
to seasonal demand and planned
onshore and offshore maintenance
Pipeline gas 42.30% 82 115 activities.
Crude oil and condensate 48.71% 18 21
NGL 42.94% 19 26
Australia Oil
------------------------- ---------- -------- ------- ---------------------------------
Production was lower due
to a planned maintenance
Ngujima-Yin 60.00% 16 34 turnaround.
Okha 50.00% 10 13
Pyrenees 64.06% 11 11
Other
------------------------- ---------- -------- ------- ---------------------------------
Pipeline gas 25F [28] 34 38
Woodside Production Remarks
share rate
26 [29] (100% project,
Mboe/d)
Mar Dec
2023 2022
INTERNATIONAL
Atlantis
-------------------------- ----------- -------- ------- -----------------------------
Production was lower due
to execution of a planned
Crude oil and condensate 38.50% 78 91 well intervention campaign.
NGL 38.50% 5 6
Pipeline Gas 38.50% 6 9
Mad Dog
-------------------------- ----------- -------- ------- -----------------------------
Production was lower due
to execution of a planned
Crude oil and condensate 20.86% 50 62 well intervention campaign.
NGL 20.86% 2 2
Pipeline Gas 20.86% 1 1
Shenzi
-------------------------- ----------- -------- ------- -----------------------------
Crude oil and condensate 64.39% 45 42
NGL 64.39% 2 2
Pipeline Gas 64.39% 1 1
Trinidad & Tobago
-------------------------- ----------- -------- ------- -----------------------------
57.97%
Crude oil and condensate [30] 6 7
Pipeline gas 44.39%(30) 56 54
Forward looking statements and other conversion factors
Disclaimer and important notice
This announcement contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition which reflect Woodside's views held as at the date of this announcement. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside or other statements about Woodside's future plans for projects and the timing thereof, the implementation of Woodside's new energy strategy and Woodside's expectations and guidance with respect to production and certain financial results for 2023, are or may be forward- looking statements. Forward-looking statements are not guarantees of future performance and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, fluctuations in commodity prices; actual demand; currency fluctuations; geotechnical factors; drilling and production results; gas commercialisation; development progress; operating results; engineering estimates; reserve estimates; loss of market; industry competition; environmental risks; climate related risks; physical risks; legislative, fiscal and regulatory developments; changes in accounting standards; economic and financial markets conditions in various countries and regions; political risks; project delay or advancement; regulatory approvals; the impact of armed conflict and political instability (such as the ongoing conflict in Ukraine) on economic activity and oil and gas supply and demand; the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws; as well as general economic conditions, inflationay conditions, prevailing exchange rates and interest rates and conditions in financial markets. Details of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent Annual Report which was released to the Australian Securities Exchange on 27 February 2023 and in Woodside's filings with the U.S. Securities and Exchange Commission, including Woodside's Annual Report on Form 20--F. You should review and have regard to these risks when considering the information contained in this announcement.
If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this announcement.
Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. All information included in this announcement, including any forward-looking statements, speak only as of the date of this announcement and, except as required by law or regulation, Woodside does not undertake to update or revise any information or forward-looking statements contained in this announcement, whether as a result of new information, future events, or otherwise.
All figures are Woodside share for the quarter ending 31 March 2023, unless otherwise stated.
All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated.
References to "Woodside" may be references to Woodside Energy Group Ltd or its applicable subsidiaries.
Product Unit Conversion bbl barrel
factor boe barrel of oil equivalent
Mbbl thousand barrels
Mboe thousand barrels of
MMboe oil equivalent
Bcf million barrels of
MMBtu oil equivalent
MMscf billion cubic feet
scf of gas
million British thermal
units
million standard cubic
feet of gas
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 1 bbl 1 boe
(NGL)
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] Q1 2023 includes 0.31 MMboe, Q4 2022 includes 0.31 MMboe and Q1 2022 includes 0.03 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.
[2] Q1 2023 includes 2.70 MMboe of LNG, 0.11 MMboe of condensate and 0.05 MMboe of NGL, Q4 2022 includes 2.39 MMboe of LNG, 0.10 MMboe of condensate and 0.05 MMboe of NGL and Q1 2022 includes 0.32 MMboe of LNG and 0.01 MMboe of condensate processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.
[3] Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
[4] Natural gas liquids (NGL) include LPG, ethane, propane and butane.
[5] Q1 2023 includes 0.31 MMboe, Q4 2022 includes 0.31 MMboe and Q1 2022 includes 0.03 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.
[6] 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 0.06 MMboe in Q1 2023, 0.03 MMboe in Q4 2022 and -0.18 MMboe in Q1 2022.
[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] Q1 2023 includes $3 million, Q4 2022 includes $2 million and Q1 2022 includes -$20 million recognised in relation to periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. These amounts will be included within other income/(expenses) in the financial statements rather than operating revenue.
[15] Overriding royalty interests held in GoM for several producing wells.
[16] Values include revenue generated from purchased LNG volumes, as well as the marketing margin on the sale of Woodside's produced liquids portfolio. Hedging impacts are excluded.
[17] Total sales revenue excludes all hedging impacts.
[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] Q4 2022 includes $39m relating to the write-off of capitalised exploration costs due to the relinquishment of exploration permit acreage at Sangomar.
[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] Scarborough key project expenditure includes Scarborough offshore, Pluto Train 2, Pluto Train 1 modification and Train 2 tie-in spend. Prior period comparatives have been restated to include Pluto Train 1 modification and Train 2 tie-in spend of $13m in Q1 2022 and $20m in Q4 2022.
[24] Woodside was the highest bidder on blocks AC125, AC126, AT133, GC173, GC210, GC211, GC406, GC407, GC450, GC495 at 100% working interest (WI) and blocks GC598, GC642 at 40% WI.
[25] Well depths are referenced to the rig rotary table.
[26] Woodside share reflects the net realised interest for the period.
[27] The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has 65% participating interest and is the operator.
[28] 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] Operations governed by production sharing contracts, Woodside share changes monthly.
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