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WDS Woodside Energy Group Ltd

1,418.00
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
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
  0.00 0.00% 1,418.00 1,416.00 1,420.00 1,422.00 1,396.00 1,400.00 29,787 16:29:47
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 13.99B 1.66B 0.8743 31.21 51.82B

Woodside Energy Group Ltd First Quarter 2024 Report

19/04/2024 7:00am

RNS Regulatory News


RNS Number : 2534L
Woodside Energy Group Ltd
19 April 2024
 

FIRST QUARTER REPORT FOR PERIOD ENDED 31 MARCH 2024

ASX: WDS | NYSE: WDS | LSE: WDS
Friday, 19 April 2024

Delivering value and executing major projects

 

Operations highlights

·      Delivered quarterly production of 44.9 MMboe (494 Mboe/day), down 7% from Q4 2023 due to lower production at Bass Strait, Pyrenees and Pluto partially offset by increased production at Mad Dog Phase 2. 

·      Quarterly revenue of $2,969 million, down 12% from Q4 2023 primarily due to a mix of lower realised prices and lower volumes.

·      Sold 13% of total equity production on prices linked to gas hub indices (23% of produced LNG).[1]

 

Project highlights

·      The Scarborough Energy Project commenced drilling of production wells and the first Pluto Train 2 modules were delivered to site. The project was 62% complete at the end of the quarter and targeting first LNG cargo in 2026.[2]

·      The Sangomar Project FPSO arrived offshore Senegal and commissioning activities are underway. The project was 96% complete at the end of the quarter and targeting first oil in mid-2024.

·      The Trion Project continued to progress engineering, procurement, and contracting activities including the award of the subsea marine installation contract.

·      Continued offtake discussions for the H2OK project and progressed commercial agreements for the Woodside Solar Project.

 

Other highlights

·      Signed an agreement with JERA, as part of a broader strategic relationship, for the sale of a 15.1% non-operated participating interest in the Scarborough Joint Venture (SJV). Estimated total consideration for the sale is $1,400m.[3]

·      Completed the sale of a 10% non-operated participating interest in the SJV to LNG Japan for $910 million in March 2024.[4]

·      Signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the long-term supply of LNG to Korea.

·      Published the Climate Transition Action Plan and 2023 Progress Report (CTAP) in February and held an investor briefing on climate strategy in March.

Woodside CEO Meg O'Neill said production in the first quarter totalled 44.9 million barrels of oil equivalent (boe) and guidance for the full year remained at 185-195 million boe.

"Significant progress was made in the period on our three major growth projects. Commissioning activities are now underway at the Sangomar project in Senegal, on track for first oil in the middle of this year. Nineteen of the 23 production wells at Sangomar have now been completed.

"In Western Australia, a milestone was marked with the arrival on site of the first modules for Pluto Train 2 and 13 modules were in place at the end of the quarter. Offshore, two flowlines were installed at the Scarborough field and drilling of the initial wells commenced. Overall, the Scarborough and Pluto Train 2 projects were 62% complete at the end of the first quarter and we remain on target for first LNG cargo in 2026.

"During the period we completed the sale of a 10% non-operated interest in the Scarborough project to LNG Japan and entered into an agreement with JERA for the sale of a further 15.1% of the Scarborough joint venture.

"We are very pleased to have participants of the calibre of LNG Japan and JERA in Scarborough. Their support for the project demonstrates the quality of the asset and the importance of gas to Japan's energy mix. 

"We continue to deliver on our strategy to thrive through the energy transition and we published our Climate Transition Action Plan and 2023 Progress Report in February. As Australia's largest energy company, feedback arising from our engagement with investors and stakeholders reflects the challenges and complexities of navigating the energy transition.

"We look forward to further engaging with shareholders at our 2024 Annual General Meeting.

Comparative performance at a glance



Q1

2024

Q4

2023

Change %

Q1

2023

Change %

YTD

2024

YTD

2023

Change %

Revenue

$ million

2,969

3,355

(12%)

4,330

(31%)

2,969

4,330

(31%)

Production[5]

MMboe

44.9

48.1

(7%)

46.8

(4%)

44.9

46.8

(4%)


Gas

Mscf/d

1,929

2,010

(4%)

2,093

(8%)

1,929

2,093

(8%)


Liquids

Mbbl/d

155

170

(9%)

153

1%

155

153

1%


Total

Mboe/d

494

522

(5%)

520

(5%)

494

520

(5%)

Sales

MMboe

45.9

49.5

(7%)

50.4

(9%)

45.9

50.4

(9%)


Gas

Mscf/d

1,967

2,118

(7%)

2,367

(17%)

1,967

2,367

(17%)


Liquids

Mbbl/d

159

166

(4%)

145

10%

159

145

10%


Total

Mboe/d

504

538

(6%)

560

(10%)

504

560

(10%)

Average realised price

$/boe

63

67

(5%)

85

(25%)

63

85

(25%)

Capital expenditure[6]

$ million

1,179

1,566

(25%)

1,403

(16%)

1,179

1,566

(25%)

 

Operations

North West Shelf (NWS)

·      Achieved 97% LNG production reliability for the quarter.

·      The NWS project participants took a final investment decision (FID) on the Lambert West Project which will support ongoing production from NWS.

·      An Offshore Project Proposal was submitted to the regulator in January for a proposed Goodwyn Alpha (GWA) infill development. The development will infill the Karratha Gas Plant (KGP) with resources from several fields in proximity to the GWA platform, which will be tied back to existing GWA subsea infrastructure.

 

Pluto

·      Production was lower than the prior quarter due to reduced reliability (94.6% for the quarter) following an offshore trip and a separate electrical fault onshore.

·      Successfully commenced start-up of the produced water handling unit at the Pluto A platform.

·      Approvals were granted to extend Pluto gas flows through the Pluto-KGP Interconnector from ~April 2024 to ~December 2025, enabling continued acceleration of LNG and domestic gas production. This also supports the Western Australian market by increasing the allocation of domestic gas from Pluto gas processed at the NWS from 15% to 30% for the period.

·      Took FID on the Xena-3 well to support ongoing production from the Pluto LNG Project.

 

Bass Strait

·      Production was lower than the prior quarter due to lower seasonal market demand and offshore maintenance activities.

·      Commenced offshore installation of the Kipper Compression modules. The Kipper Compression Project will support the supply of gas to the East Coast domestic gas market from H2 2024.

·      In March, the Gippsland Basin Joint Venture (GBJV) ceased production from the West Kingfish platform as planned, due to declining oil production from the Kingfish field. The GBJV continues to optimise facilities through the Gas Asset Streamlining Project as production rates from the Bass Strait decline.

 

Other Australia                                                  

·      The Pyrenees FPSO commenced a planned five-yearly maintenance turnaround in a Singapore drydock and is expected to return to production in Q2 2024.

·      In January, a produced-water leak was identified subsea at the Pyrenees facility. This was immediately stopped, reported to the Regulator and the cause is being rectified. 

 

International

·      At Mad Dog Phase 2, Argos continued to safely and systematically ramp up production following completion of the riser flex joint remediation and achieved peak production of ~130 kbbl/d.

·      At Atlantis, the first horizontal well in the field was successfully completed, potentially unlocking future infill opportunities for the asset.

·      FID was taken on the Atlantis Drill Centre 1 Expansion (DC1X). DC1X will be a two well tie back to the Atlantis facility through the existing DC1 manifold in the southwest of the field. 

·      Execution of production optimisation projects to maximise field recovery continued in Trinidad and Tobago with an additional injector to producer well conversion completed in February.

 

Marketing

·      Sold 23% of produced LNG at prices linked to gas hub indices, representing 13% of total equity production. Full year guidance remains unchanged.

·      Woodside was granted an exemption under the domestic gas price cap legislation applicable to the east coast of Australia. The exemption provides Woodside the opportunity to increase delivery to the domestic market by more than 260 PJ (100% share) through to 2033 if needed.

·      Woodside signed a SPA with KOGAS in February for the long-term supply of approximately 0.5 mtpa of LNG, from 2026. Woodside expects to continue to layer long-term supply agreements into its portfolio and continuously monitors its exposure to the various price markers.

·      Woodside achieved record quarterly deliveries of trucked LNG of 327 TJ during the quarter to customers in the North West Australia. Woodside has now delivered approximately 1,700 trailers of LNG, offering a lower-carbon alternative to diesel.[7]

 

Projects

Scarborough Energy Project

·      The Scarborough and Pluto Train 2 project was 62% complete at the end of the quarter and first LNG cargo is targeted for 2026.[8]

·      Fabrication of the floating production unit (FPU) hull and topsides progressed. The hull exited its first drydock and installation of the flare boom and monoethylene glycol (MEG) module on the FPU topsides structure was completed.

·      The first Pluto Train 2 modules were delivered to site, with 13 modules set in position at the end of the quarter. Site works continued to ramp up.

·      Two flowlines were installed in the Scarborough field, and the third installed subsequent to the quarter.

·      Drilling of the production wells commenced, and the first subsea tree was successfully installed.

·      Trunkline installation was delayed this quarter due to a buckling incident and weather conditions. Trunkline remediation works from the incident have been completed and installation has recommenced.

 

Sangomar Field Development Phase 1

·      The project was 96% complete at the end of the quarter, and first oil is targeted for mid-2024.

·      The Léopold Sédar Senghor FPSO arrived offshore Senegal in February and was securely moored. Hookup work was completed and the commissioning program is underway.

·      The subsea installation campaign is now complete.

·      The development drilling program continued with 19 of 23 wells drilled and completed.

 

Trion

·      Completed the FPU hull and topsides 30% model reviews and hazards analysis of the design.

·      Awarded the subsea marine installation contract. Received tenders for the FPU dry transportation, gas gathering line pipe, and drilling and completion services.

·      Commenced manufacturing activities including subsea valves, umbilical tubing and line pipe.

 

Decommissioning

·      The Griffin, Stybarrow and Enfield decommissioning campaign continued with 24 subsea structures and facilities recovered in the quarter and the Commonwealth waters section of the Griffin Gas Export Pipeline successfully removed.

·      The Transocean Endurance drill rig has mobilised to the Stybarrow field and commenced the ten well plug and abandonment campaign.

·      Completed deconstruction of the Nganhurra Riser Turret Mooring at the Australian Marine Complex, with over 95% of material reused or recycled.

 

Exploration and development

Calypso

·      Progressed pre-FEED engineering studies to mature the technical definition of the deepwater infield host.

·      Progressed marketing and commercial discussions to evaluate monetisation options.

·      Commenced discussions on access to the Atlantic LNG facility (ALNG) following completion of the ALNG restructuring negotiations between the Government of Trinidad and Tobago and ALNG equity shareholders in December 2023.

 

Sunrise

·      Subsequent to the quarter, the Sunrise Joint Venture awarded the Greater Sunrise Concept Study contract (the Study). The Study will consider the key issues for developing, processing and marketing gas either via Timor-Leste or Australia and is targeted to be completed by no later than Q4 2024.[9]

 

Exploration

·      In the US Gulf of Mexico (GoM), the Corvus well (non-operated) completed drilling. The well did not encounter commercial hydrocarbons and analysis of well results is ongoing.

·      Woodside was awarded 18 leases in Lease Sale 261 in the central and western GoM areas within the highly contested Paleogene trends.[10]

·      Woodside completed exit activities of the Carlisle Bay block in Barbados.

 

New energy and carbon solutions

H2OK

·      In February, Woodside provided comments on the proposed 45V Clean Hydrogen Production Tax Credit guidelines (45V Tax Credit) issued by the United States Department of Treasury and the Internal Revenue Service. Woodside anticipates final guidelines will be issued in the second half of 2024.  

·      Despite the uncertainty from the 45V Tax Credit, Woodside and potential offtakers have continued discussions on pricing and volumes.

 

Woodside Solar

·      Woodside continued to progress commercial agreements, including for power transmission, to support the proposed project.

 

Refueller@H2Perth

·      Woodside awarded the major services contract for the Refueller@H2Perth in March. This includes detailed engineering, construction, commissioning and start-up work scopes to enable progression towards ready for start-up.

·      Woodside is targeting supply of hydrogen to Western Australian industrial and public customers in 2025.

 

Carbon capture and storage (CCS) opportunities

·      The Bonaparte CCS joint venture continues to progress appraisal activities in the G-7-AP permit, which included the successful acquisition of the West Peron Marine 3D Seismic Survey.

·      Subsequent to the quarter, the Angel CCS joint venture signed a Memorandum of Understanding (MOU) with Yara Pilbara Fertilisers Pty Ltd to study the feasibility of using CCS with the decarbonisation of Yara Pilbara's existing operations near Karratha in Western Australia.

 

Corporate activities

Hedging

·      As at the end of the quarter, Woodside hedged approximately 29.3 MMboe of 2024 production at an average price of approximately $75.7 per barrel, of which approximately 7.0 MMboe has been delivered. 

·      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. An average of 74% of 2024 and 31% of 2025 Corpus Christi volumes have been hedged.

·      The year-to-date realised value of hedged positions for the quarter ended 31 March 2024 is a pre-tax expense of approximately $43 million, with $69 million pre-tax expense related to oil price hedges, $25 million pre-tax profit related to Corpus Christi hedges and $1 million pre-tax profit related to other hedge positions. Hedging losses will be included in "other expenses" in the full-year financial statements.

 

 

Climate and sustainability

·      Woodside published its Climate Transition Action Plan and 2023 Progress Report (CTAP) in February and summarised its approach to material sustainability topics in the 2023 Annual Report.

·      An investor briefing on climate was held in March as part of Woodside's increased engagement with investors on these topics. Shareholders will have the opportunity to vote on the CTAP through a non-binding advisory vote at the 2024 Annual General Meeting.

·      Woodside completed the piloting of its Field Leadership Program that aims to strengthen understanding of our work practices and make improvements to our health, safety and environment risk controls. The program commenced in 2023 and will be rolled out across operating facilities through 2024.

·      Woodside continued engagement with First Nations communities in Australia with regards to our current and future regulatory approvals. This included executive level engagements with two Aboriginal representative organisations in the Pilbara to further build relationships and discuss ongoing and future social and economic development opportunities.

 

Chair of Audit & Risk Committee

·      As previously announced, Mr Frank Cooper will retire at Woodside's Annual General Meeting on 24 April 2024. With effect from 24 April 2024, Mr Ben Wyatt will Chair Woodside's Audit & Risk Committee.

 

Upcoming events 2024

April

24

Annual General Meeting

July

23

Second quarter 2024 results

August

27

Half-Year 2024 report

October

16

Third quarter 2024 report

 

2024 full-year guidance

 

 

Prior

Current

Production

MMboe

185 - 195

(505 - 533 Mboe/day)

No change

Capital expenditure[11]

$ billion

5.0 - 5.5

No change

Gas hub exposure[12]

% of produced LNG

26 - 33

No change

 

 


Contacts:

 

 

INVESTORS

MEDIA

REGISTERED ADDRESS

Marcela Louzada

M: +61 456 994 243

E: investor@woodside.com

Christine Forster

M: +61 484 112 469

E: christine.forster@woodside.com

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

 

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

 


 

 

Production summary

 



Q1

2024

Q4

2023

Q1

2023

YTD

2024

Gas

Mscf/d

1,929

2,010

2,093

1,929

2,093

Liquids

Mbbl/d

155

170

153

155

153

Total

Mboe/d

494

522

520

494

520

 

 



Q1

2024

Q4

2023

Q1

2023

YTD

2024

YTD

2023

AUSTRALIA







LNG







North West Shelf

Mboe

8,192

7,798

9,673

8,192

9,673

Pluto[13]

Mboe

11,754

12,407

12,154

11,754

12,154

Wheatstone

Mboe

2,357

2,505

2,456

2,357

2,456

Total

Mboe

22,303

22,710

24,283

22,303

24,283

 







Pipeline gas

 






Bass Strait

Mboe

2,359

3,206

3,133

2,359

3,133

Other[14]

Mboe

3,278

3,438

3,037

3,278

3,037

Total

Mboe

5,637

6,644

6,170

5,637

6,170








Crude oil and condensate







North West Shelf

Mbbl

1,412

1,359

1,684

1,412

1,684

Pluto13

Mbbl

931

994

961

931

961

Wheatstone

Mbbl

462

495

408

462

408

Bass Strait

Mbbl

492

704

777

492

777

Macedon & Pyrenees

Mbbl

109

653

631

109

631

Ngujima-Yin

Mbbl

886

1,203

869

886

869

Okha

Mbbl

466

616

431

466

431

Total

Mboe

4,758

6,024

5,761

4,758

5,761








NGL







North West Shelf

Mbbl

290

275

292

290

292

Pluto13

Mbbl

54

58

50

54

50

Bass Strait

Mbbl

832

1,026

723

832

723

Total

Mboe

1,176

1,359

1,065

1,176

1,065








Total Australia[15]

Mboe

33,874

36,737

37,279

33,874

37,279

Mboe/d

372

399

414

372

414

 

 

 


















 

 

 



Q1

2024

Q4

2023

Q1

2023

YTD

2024

YTD

2023

INTERNATIONAL

 

 

 

 

 

 

Pipeline gas


 





Gulf of Mexico

Mboe

360

314

330

360

330

Trinidad & Tobago

Mboe

2,503

2,779

2,236

2,503

2,236

Other16

Mboe

-

-

30

-

30

Total

Mboe

2,863

3,093

2,596

2,863

2,596

 

 






Crude oil and condensate







Atlantis

Mbbl

2,441

2,763

2,696

2,441

2,696

Mad Dog

Mbbl

2,765

2,054

939

2,765

939

Shenzi

Mbbl

2,405

2,712

2,596

2,405

2,596

Trinidad & Tobago

Mbbl

126

284

297

126

297

Other[16]

Mbbl

81

81

39

81

39

Total

Mboe

7,818

7,894

6,567

7,818

6,567








NGL







Gulf of Mexico

Mbbl

393

344

331

393

331

Other16

Mbbl

-

-

17

-

17

Total

Mboe

393

344

348

393

348

 

 






Total International

Mboe

11,074

11,331

9,511

11,074

9,511

Mboe/d

122

123

106

122

106



 

 


 


Total production

Mboe

44,948

48,068

46,790

44,948

46,790

Mboe/d

494

522

520

494

520

 

 

 


 

Product sales

 



Q1

2024

YTD

2024

YTD

2023

Gas

Mscf/d

1,967

2,118

2,367

1,967

2,367

Liquids

Mbbl/d

159

166

145

159

145

Total

Mboe/d

504

538

560

504

560

 

 



Q1

2024

Q4

2023

Q1

2023

YTD

2024

YTD

2023

AUSTRALIA


 

 

 

 

 

LNG


 

 

 

 

 

North West Shelf

Mboe

8,008

7,367

10,564

8,008

10,564

Pluto5

Mboe

10,513

12,130

11,310

10,513

11,310

Wheatstone[17]

Mboe

2,589

2,473

2,350

2,589

2,350

Total

Mboe

21,110

21,970

24,224

21,110

24,224

 






 

Pipeline gas

 





 

Bass Strait

Mboe

2,570

3,341

3,082

2,570

3,082

Other

Mboe

2,894

3,684

2,939

2,894

2,939

Total

Mboe

5,464

7,025

6,021

5,464

6,021







 

Crude oil and condensate







North West Shelf

Mbbl

1,214

514

1,089

1,214

1,089

Pluto

Mbbl

640

614

614

640

614

Wheatstone

Mbbl

329

349

350

329

350

Bass Strait

Mbbl

597

410

82

597

82

Ngujima-Yin

Mbbl

           999

1,352

1,141

999

1,141

Okha

Mbbl

618

1

653

618

653

Macedon & Pyrenees

 

Mbbl

496

1,054

518

496

518

Total

Mboe

4,893

4,294

4,447

4,893

4,447







 

NGL






 

North West Shelf

Mbbl

255

253

170

255

170

Pluto

Mbbl

55

49

182

55

182

Bass Strait

Mbbl

785

1,370

1,109

785

1,109

Total

Mboe

1,095

1,672

1,461

1,095

1,461



 

 

 

 

 

Total Australia

Mboe

32,562

34,961

36,153

32,562

36,153

Mboe/d

358

380

402

358

402

 

 

 

 

 

 

 

 














 

 

 



Q1

2024

Q4

2023

Q1

2023

YTD

2024

YTD

2023

INTERNATIONAL

 

 

 

 

 

 

Pipeline gas


 

 

 

 

 

Gulf of Mexico

Mboe

286

357

343

286

343

Trinidad & Tobago

Mboe

2,457

2,611

2,295

2,457

2,295

Other[18]

Mboe

6

6

7

6

7

Total

Mboe

2,749

2,974

2,645

2,749

2,645

 

 





 

Crude oil and condensate






 

Atlantis

Mbbl

2,426

2,976

2,668

2,426

2,668

Mad Dog

Mbbl

2,626

2,209

941

2,626

941

Shenzi

Mbbl

2,352

2,716

2,673

2,352

2,673

Trinidad & Tobago

Mbbl

52

316

413

52

413

Other18

Mbbl

60

53

63

60

63

Total

Mboe

7,516

8,270

6,758

7,516

6,758







 

NGL






 

Gulf of Mexico

Mbbl

413

435

342

413

342

Other18

Mbbl

3

2

4

3

4

Total

Mboe

416

437

346

416

346







 

Total International

Mboe

10,681

11,681

9,749

10,681

9,749

Mboe/d

117

127

108

117

108

 

 

 

 

 

 

 

MARKETING[19]

 

 

 

 

 

 

LNG

Mboe

2,086

2,209

4,483

2,086

4,483

Liquids

Mboe

571

618

-

571

-

Total

Mboe

2,657

2,827

4,483

2,657

4,483

 


 

 

 

 

 

Total Marketing

Mboe

2,657

2,827

4,483

2,657

4,483


 

 

 

 

 

 

Total sales

Mboe

45,900

49,469

50,385

45,900

50,385

Mboe/d

504

538

560

504

560

 

 

 


 

 

Revenue

 


Q1

2024

Q4

2023

Q1

2023

YTD

2024

YTD

2023

AUSTRALIA

 

 

 

 

 

   North West Shelf

592

509

1,270

592

1,270

   Pluto

745

1,011

1,131

745

1,131

   Wheatstone[20]

223

208

324

223

324

   Bass Strait

223

225

211

223

211

   Macedon

51

54

51

51

51

   Ngujima-Yin

92

128

100

92

100

   Okha

50

-

56

50

56

   Pyrenees

44

94

50

44

50

 






INTERNATIONAL






   Atlantis

196

241

199

196

199

   Mad Dog

204

178

68

204

68

   Shenzi

190

217

199

190

199

   Trinidad & Tobago[21]

61

103

136

61

136

   Other[22]

5

4

5

5

5

 






Marketing revenue[23]

227

332

479

227

479

 






Total sales revenue[24]

2,903

3,304

4,279

2,903

4,279

 






Processing revenue

61

49

47

61

47

Shipping and other revenue

5

2

4

5

4







Total revenue

2,969

3,355

4,330

2,969

4,330

 

 


 

Realised prices

 

Units

Q1

2024

Q4

2023

Q1

2023

Units

Q1

2024

Q4

2023

Q1

2023

LNG produced[25]

$/MMBtu

10.4

11.5

16.7

$/boe

67

74

105

LNG traded[26]

$/MMBtu

9.1

11.9

16.7

$/boe

59

76

105

Pipeline gas





$/boe

34

37

38

Oil and condensate

$/bbl

79

82

76

$/boe

79

82

76

NGL

$/bbl

47

24

51

$/boe

47

24

51

Liquids traded26

$/bbl

60

85

-

$/boe

60

85

-









Average realised price for pipeline gas:









Western Australia





A$/GJ

6.4

6.8

6.9


East coast Australia





A$/GJ

13.7

13.4

11.9


International





$/Mcf

4.6

4.4

7.2

Average realised price





$/boe

63

67

85










Dated Brent





$/bbl

83

84

81

JCC (lagged three months)





$/bbl

92

83

100

WTI





$/bbl

77

78

76

JKM





$/MMBtu

11.9

15.0

26.0

TTF





$/MMBtu

9.8

13.5

24.7

 

 

 

Capital expenditure (US$ million)

 


Q1

2024

Q4

2023

Q1

2023

YTD

2024

YTD

2023

Exploration and evaluation capitalised[27],[28]

38

43

37

38

37

Oil and gas properties

1,090

1,449

1,279

1,090

1,279

Other[29]

51

74

87

51

87

Total

1,179

1,566

1,403

1,179

1,403

 


Q1

2024

Q4

2023

Q1

2023

YTD

2024

YTD

2023

Sangomar

210

211

279

210

279

Scarborough

574

826

626

574

626

Trion

97

154

-

97

-

Other

298

375

498

298

498

Total

1,566

1,403

1,403

 

Other expenditure (US$ million)

 


Q1

2024

Q4

2023

Q1

2023

YTD

2024

YTD

2023

Exploration and evaluation expense

 

 

 

 

 

Exploration and evaluation expensed[30]

54

108

52

54

52

Permit amortisation

3

2

2

3

2

Total

57

110

54

57

54

 

Trading costs

145

181

385

145

385

 

 


Exploration or appraisal wells drilled

 

Region

Permit Area

Well

Target

Interest (%)

Spud Date

Water       depth (m)

Planned well depth (m)[31]

Remarks

Gulf of Mexico

AT 453

Corvus

Oil

30%

Non-operator

22 January 2024

1,735

6,858

Drilling complete

 

Permits and licences

 

Key changes to permit and licence holdings during the quarter ended 31 March 2024 are noted below.

 

Region

Permits or licence areas

Change in interest (%)

Current interest (%)

Remarks

Barbados

Carlisle Bay

(60%)

0

License Exit

US GoM[32]

GB 780, GB 824, GB 825, GB 821, GB 866, EB 636, EB 637, EB 550, EB 594,  EB 638, KC 859, KC 903,         KC 904, KC 905, KC 948, KC 949, WR 795, WR 796

100%

100%

Lease Sale 261

 

 


 

 

Production rates

 

Average daily production rates (100% project) for the quarter ended 31 March 2024:

 

Woodside
share
[33]

Production rate
(100% project, Mboe/d)

Remarks

 



Mar

2024

Dec

2023


AUSTRALIA


 

 


NWS Project





LNG

30.67%

293

278

Production was higher due to improved reliability.

Crude oil and condensate

30.78%

56

46

NGL

30.69%

10

10






Pluto LNG

 

 

 

 

LNG

90.00%

112

119

Production was lower due to reduced reliability following unplanned downtime. Production returned to normal within the quarter.

Crude oil and condensate

90.00%

10

11






Pluto-KGP Interconnector




LNG

100.00%

29

28


Crude oil and condensate

100.00%

1

1

NGL

100.00%

1

1






Wheatstone[34]





LNG

11.52%

224

231


Crude oil and condensate

16.14%

31

34






Bass Strait





Pipeline gas

42.16%

61

80

Production was lower due to reduced market demand during summer and planned maintenance activities.

Crude oil and condensate

43.49%

12

18

NGL

47.45%

19

24






Australia Oil





Ngujima-Yin

60.00%

13

22

Production at Ngujima-Yin and Okha was lower due to weather downtime.

Okha

50.00%

8

13


Pyrenees

64.27%

2

11

Production at Pyrenees was lower due to a subsea produced-water leak and the planned turnaround.






Other





Pipeline gas25F[35]


33

37

















 

 

Woodside
share
[36]

Production rate
(100% project, Mboe/d)

Remarks



Mar 2024

Dec 2023


INTERNATIONAL


 

 


Atlantis





Crude oil and condensate

38.50%

70

78


NGL

38.50%

4

5

Pipeline Gas

38.50%

6

6






Mad Dog





Crude oil and condensate

20.86%

146

107

Production was higher following completion of the riser flex joint remediation in Q4 2023 and continued ramp-up of the field.

NGL

20.86%

5

4

Pipeline Gas

20.86%

3

2






Shenzi





Crude oil and condensate

65.07%

41

46


NGL

65.37%

2

2

Pipeline Gas

65.36%

2

1





Trinidad & Tobago





Crude oil and condensate

60.24%[37]

2

4


Pipeline gas

50.75%37

54

60






 

 

 

 

 

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 development, completion and execution of Woodside's projects, guidance with respect to production, expectations regarding future capital commitment, future cash flows, future results of projects, operating activities, new energy products, accounting decisions including impairments, commencement dates under supply arrangements, construction and delivery dates, expectations and plans for renewables production capacity and investments in, and development of, renewables projects. 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', '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 only opinions and 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, 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, 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, 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, and the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets.

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.

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.

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.

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 31 March 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

Mbbl

thousand barrels

Mboe

thousand barrels of oil equivalent

Mcf

thousand cubic feet of gas

MMboe

million barrels of oil equivalent

MMBtu

million British thermal units

MMscf

million standard cubic feet of gas

scf

standard cubic feet of gas

 



[1] Total equity production sales reflect the sale of produced gas and liquids.

[2] The completion % excludes the Pluto Train 1 modifications project.

[3] The SPA is with JERA Scarborough Pty Ltd which is a wholly owned subsidiary of JERA Co., Inc. Subject to completion of the transaction, targeted for the second half of 2024. See "Woodside to sell 15.1% Scarborough interest to JERA", announced 23 February 2024.

[4] LJ Scarborough Pty Ltd (LNG Japan) is a jointly owned subsidiary of LNG Japan Corporation (which is a 50:50 joint venture between Sumitomo Corporation and Sojitz Corporation) and Japan Organization for Metals and Energy Security (JOGMEC). JOGMEC has a 49.9% interest in LJ Scarborough Pty Ltd. The sale proceeds remain subject to adjustments. See "Woodside completes sale of 10% Scarborough interest", announced 26 March 2024.

[5] Q1 2024 includes 0.29 MMboe, Q4 2023 includes 0.32 MMboe and Q1 2023 includes 0.31 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

[6] Includes capital additions on oil and gas properties, exploration and evaluation capitalised and other corporate spend.

[7] Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar product.

[8] The completion % excludes the Pluto Train 1 modifications project.

[9] The Greater Sunrise Concept Study contract was executed on 4 April 2024.

[10] The leases are awaiting final execution by the regulator.

[11] 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 subsequent asset sell-downs, acquisitions or other changes in equity.

[12] Gas hub indices include Japan Korea Marker (JKM), TTF and National Balancing Point (NBP). It excludes HH.

[13] Q1 2024 includes 2.60 MMboe of LNG, 0.10 MMboe of condensate and 0.05 MMboe of NGL, Q4 2023 includes 2.56 MMboe of LNG, 0.10 MMboe of condensate and 0.06 MMboe of NGL and Q1 2023 includes 2.70 MMboe of LNG and 0.11 MMboe of condensate and 0.05 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.

[14] Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

[15] Q1 2024 includes 0.29 MMboe, Q4 2023 includes 0.32 MMboe and Q1 2023 includes 0.31 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

[16] Overriding royalty interests held in the Gulf of Mexico (GoM) for several producing wells.

[17] Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.28 MMboe in Q1 2024, 0.10 MMboe in Q4 2023 and 0.06 MMboe in Q1 2023.

[18] Overriding royalty interests held in the GoM for several producing wells.

[19] Purchased volumes sourced from third parties.

[20] Q1 2024 includes $24 million, Q4 2023 includes $9 million and Q1 2023 includes $3 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.

[21] Includes the impact of periodic adjustments related to the production sharing contract (PSC).

[22] Overriding royalty interests held in the GoM for several producing wells.

[23] 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.

[24] Total sales revenue excludes all hedging impacts.

[25] Realised prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales.

[26] Excludes any additional benefit attributed to produced volumes through third-party trading activities.

[27] 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.

[28] 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.

[29] Other primarily incorporates corporate spend including SAP build costs, carbon costs and other investments.

[30] Includes seismic and general permit activities and other exploration costs.

[31] Well depths are referenced to the rig rotary table.

[32] The leases are awaiting final execution by the regulator.

[33] Woodside share reflects the net realised interest for the period.

[34] 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.

[35] Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

[36] Woodside share reflects the net realised interest for the period.

[37] Operations governed by production sharing contracts, Woodside share changes monthly.

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