Fourth Quarter 2022 Report

RNS Number : 7548N
Woodside Energy Group Ltd
24 January 2023
 

P1#yIS1

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

 

Wednesday, 25 January 2023

 

 

FOURTH QUARTER REPORT FOR PERIOD ENDED 31 DECEMBER 2022

 

 

Delivering reliable production

· Delivered record quarterly production of 51.6 MMboe (561 Mboe/day), up 0.7% from Q3 2022.

· Delivered sales volume of 52.2 MMboe, down 8.5% from Q3 2022, primarily due to reduced
third-party trades.

· Delivered revenue of $5,160 million, down 12.0% from Q3 2022, impacted by reduced trading activity and lower realised prices.

· Achieved a portfolio average realised price of $98 per barrel of oil equivalent.

· Sold 29% of produced LNG at prices linked to gas hub indices (23% full year 2022).

· Achieved record full-year 2022 production of 157.7 MMboe, outperforming the production guidance of 153 - 157 MMboe due to strong operational performance in the fourth quarter.

 

Executing major projects

· The Scarborough and Pluto Train 2 projects in Western Australia are now 25% complete, with manufacturing of the export trunkline 59% complete and the commencement of module construction for Pluto Train 2.

· Development drilling program progressed on Sangomar with seven of 23 wells complete. The Sangomar FPSO was successfully relocated to Singapore to complete topsides integration, pre-commissioning and commissioning activities.

 

Investing in growth

· Issued multiple competitive tenders for Trion to support 2023 FID readiness.

· FEED was completed at H2OK and long-lead items were ordered to support 2023 FID readiness.

· Selected as the preferred partner to progress to the next stage of the proposed Southern Green Hydrogen project in New Zealand.

 

 

Woodside CEO Meg O'Neill said production in the fourth quarter was a record 51.6 million barrels of oil equivalent (boe).

"The result lifted output for calendar 2022 to 157.7 million boe, surpassing guidance and marking the highest annual production in Woodside's history.

"Consistent strong operational performance and favourable operating conditions across the combined portfolio was a key driver in achieving record quarterly and full-year production.

"Reliability at our Australian operated assets was exceptional with Pluto LNG and the North West Shelf (NWS) Project both achieving 98.3% reliability for the quarter. During the quarter, Woodside celebrated a milestone at Pluto LNG, passing 50 million tonnes of LNG production since the facility started up in 2012. Internationally, asset performance was boosted by completion of planned turnaround work.

"Woodside contributed 29.4 PJ to the east coast Australian gas market in the quarter. Every molecule produced by Woodside's east coast gas business went into the domestic market to support Australian households, businesses and manufacturers.

"Revenue for the period was $5,160 million, down 12% from the third quarter on the back of lower international crude oil and LNG prices and reduced trading activity. Woodside's average realised price was $98/boe, down from $102/boe in the preceding period.

"Ongoing production of Pluto gas through the Pluto-KGP Interconnector continues to deliver additional LNG volumes to a market with strong demand.

"Strong progress was made across our portfolio of growth projects, both in Australia and globally.

"The teams working on Scarborough and Pluto Train 2 have done an outstanding job over the latter part of the year. The combined projects are now one quarter of the way to completion and are on track for targeted first LNG cargo in 2026, bringing essential volumes into a market demanding more LNG.

"Most of the major equipment for the Scarborough floating production unit has been ordered and module construction of Pluto Train 2 has commenced.

"At Sangomar Field Development Phase 1 in Senegal, subsea installation and development drilling has progressed well, with seven of the planned 23 wells now completed. The floating production storage and offloading facility (FPSO) is currently undergoing topsides integration, pre-commissioning and commissioning activities in Singapore. Overall, the project is 77% complete and is on target to start producing oil in late 2023.

"Progress was also made at the proposed Trion project in Mexico, where we are aiming to be ready for a final investment decision (FID) in 2023. During the quarter competitive tenders were issued for the drilling rig, subsea equipment, and installation scopes for subsea, the floating production unit, and the floating storage and offloading vessel.

"In our new energy portfolio, front-end engineering design (FEED) has now been completed at H2OK and contracts were awarded for key equipment, putting us on target to be ready for FID in 2023.

"In Australia, Woodside entered into an Indigenous land use and modern benefits sharing agreement for the Woodside Solar project and is targeting FID readiness in 2023.

"Elsewhere in new energy, Woodside was selected as the preferred partner to progress to the next stage of the proposed Southern Green Hydrogen project in New Zealand, which would produce ammonia from electrolysis using renewable power.

"Woodside's production guidance for full-year 2023 remains 180 million to 190 million barrels of oil equivalent," she said.

 

Comparative performance at a glance

 

 


Q4 2022

Q3 2022

Change %

Q4 2021

Change %

Production

51.6

561

51.2

557

0.7

22.6

246

128.3

Sales

MMboe

52.2

57.1

(8.5)

31.8

64.5

Revenue

$ million

5,160

5,858

(11.9)

2,906

77.6

 

 

 

Operational overview

Production

· Production increased compared to the previous quarter to a record 51.6 MMboe in Q4 2022, due to:

ongoing strong operational performance

continued high reliability at Australian operated oil and LNG assets, with Pluto LNG and NWS Project achieving 98.3% reliability for the quarter

completion of an approximately seven-week planned turnaround at Atlantis.

This was partly offset by lower production from Bass Strait due to planned offshore maintenance activities and a reduction in demand following the seasonal winter peak.

· Full-year 2022 production was a record 157.7 MMboe, above upgraded production guidance of 153 - 157 MMboe.

 

Australian LNG

· The second phase of Pyxis Hub was successfully completed with ready for start up (RFSU) of Xena-2 achieved on schedule and under budget in November 2022.

· Woodside and NWS Project participants signed non-binding agreements with Western Gas for processing 2-3 Mtpa of Equus gas from 2027, initially through the Karratha Gas Plant and then later through Pluto LNG. Discussions continue with other resource owners for processing of additional third-party gas.

 

Gulf of Mexico

· Drilling of the second development well completed on the Shenzi North project in the Gulf of Mexico and well completion operations commenced. The project was 42% complete at the end of the period.

 

Australia Oil

· The Pyrenees Phase 4 infill campaign commenced during the period, with final completion of the campaign expected in Q1 2023. The infill campaign is targeting one workover well and one infill well and is expected to increase recovery from the Crosby and Stickle fields.

· The Enfield plugging and abandonment (P&A) campaign continued with four wells permanently plugged and one xmas tree removed in the quarter. In 2022, a total of five wells were permanently plugged and 13 xmas trees were removed.

· The Balnaves P&A campaign consisting of four wells was completed.

 

Project and development activities

Scarborough

· The Pluto Train 2 site in Western Australia was handed over to Bechtel and LNG train module construction commenced in Indonesia.

· Pipeline manufacturing is 59% complete and 92% of tagged equipment has been ordered for the floating production unit (FPU).

· Engagement with regulators on secondary environmental approvals continued for offshore execution activities, with no impact to critical path.

· FEED activities for Pluto Train 1 modifications were completed and the project was 25% complete at the end of the period, targeting first LNG cargo in 2026.

 

Sangomar Field Development Phase 1

· The subsea installation campaign progressed with rigid pipeline installation now 69% complete.

· The development drilling program continued with seven of 23 wells completed.

· The construction phase for the FPSO facility was completed in China. The FPSO facility was successfully relocated to Singapore to complete topsides integration and pre-commissioning.

· The project was 77% complete at the end of the period and first oil is targeted in late 2023.

 

Mad Dog Phase 2

· The operator is working through project commissioning issues and is planning start up in 2023.

 

Trion

· Competitive tenders were issued for the drilling rig, subsea equipment, long-lead rotating equipment and installation scopes for subsea, the FPU and the floating storage and offloading vessel.

· Woodside received confirmation from the National Hydrocarbons Commission (CNH) in December that the "minimum work program" obligation associated with the Trion licence was completed.

 

Wheatstone

· Concept selection has been completed for Julimar-Brunello Phase 3. The third phase of the Julimar-Brunello project will involve the tieback of additional production wells to the Wheatstone platform. Woodside is targeting to be FID ready in 2023.

 

Sunrise

· The Sunrise Joint Venture and Australian and Timor-Leste Governments held two further Greater Sunrise trilateral meetings for 2022 to progress a new production sharing contract.

· Subsequent to the quarter, retention lease renewals were granted for Australian titles NT/RL2 and NT/RL4.

 

New energy

H2OK

· Completed FEED activities, which have matured the facility design, cost and schedule.

· Awarded contracts for the engineering and fabrication of electrolysers and liquefaction equipment in support of targeted FID readiness in 2023.

 

Southern Green Hydrogen (SGH)

· Woodside was selected as the preferred partner to progress to the next stage of the proposed SGH project in New Zealand. The proposed project will target production of 500,000 tonnes per year of ammonia using electrolysis from renewable power. Subject to finalising commercial arrangements, next steps will involve project participants working towards commencing FEED for the project.

 

Woodside Solar

· Woodside entered into a bilateral Indigenous Land Use Agreement and a modern benefits-sharing and relationship agreement with the Ngarluma Aboriginal Corporation (NAC). NAC holds the native title rights on behalf of the Ngarluma people, in respect to the land on which the proposed Woodside Solar project is planned to be developed. Woodside also executed an option to lease this land and has been progressing North West Interconnected System (NWIS) connection and transmission access arrangements.

 

Marketing

Vessel management

· Woodside signed binding agreements with Maran Gas Maritime Inc. for the long-term charter of two new-build LNG carriers to be delivered to support the delivery of Scarborough LNG cargoes and growth in trading activities.

 

PT Pertamina (Persero)

· Woodside did not exercise its option to supply additional volumes into its long-term sale and purchase agreement with PT Pertamina (Persero), executed in June 2017.

 

Corporate activities

Hedging

· As at 31 December 2022, Woodside has placed oil price hedges for approximately 21.8 MMboe of 2023 production at an average price of $74.5 per barrel.

· Woodside also has a hedging program for Corpus Christi LNG volumes to protect against downside pricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. As at 31 December 2022, approximately 49% of Corpus Christi volumes included in stock in transit for 2022, approximately 82% of 2023 volumes and approximately 29% of 2024 volumes have reduced pricing risk as a result of hedging activities.

· The realised value of hedged positions for the year ended 31 December 2022 is a pre-tax expense of approximately $872 million, with $475 million pre-tax expense related to oil price hedges, $384 million pre-tax expense related to Corpus Christi hedges and $13 million pre-tax expense related to other hedge positions. Hedging losses will be included in "other expenses" in the full-year financial statements.

 

2022 full-year results and teleconference

· Woodside's Annual Report 2022, Sustainable Development Report 2022, Climate Report 2022 and associated investor briefing will be released to the market on Monday, 27 February 2023, and will be available on Woodside's website at www.woodside.com.

· A teleconference providing an overview of the full-year 2022 results and a question and answer session will be hosted by Woodside CEO and Managing Director, Meg O'Neill, and Chief Financial Officer, Graham Tiver, on Monday, 27 February at 10:00 AEDT / 07:00 AWST / 15:00 CST (Sunday, 26 February).

· We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:

https://webcast.openbriefing.com/wds-fyr-2023/ to view the presentation and listen to a live stream of the question-and-answer session

https://s1.c-conf.com/diamondpass/10028290-3mrhp6.html to participate in the question-and-answer session. Following pre-registration, participants will receive the teleconference details and a unique access passcode.

 

2022 full-year guidance

· Woodside will provide 2022 full-year line-item guidance in early February ahead of the 2022 full-year results.

 

 

Contacts:

 

 


INVESTORS

 

Matthew Turnbull (Group)

M: +61 410 471 079

 

Sarah Peyman (Australia)

M: +61 457 513 249

 

Rohan Goudge (US)

M: +1 (713) 679-1550

 

E: investor@woodside.com

MEDIA

 

Christine Forster

M: +61 484 112 469

E: christine.forster@woodside.com

 

 

 


 

 

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

Production summary



Three months ended

Year to date



Dec
2022

Sep
2022

Dec
2021

Dec
2022

Dec
2021

 

AUSTRALIA







 

LNG







 

North West Shelf

Mboe

9,564

9,694

4,850

29,696

20,449

 

Pluto 0F [1]

Mboe

12,124

12,458

10,241

46,236

40,119

 

Wheatstone

Mboe

2,596

2,556

2,343

9,205

10,210

 

Total

Mboe

24,284

24,708

17,434

85,137

70,778

 

 







 

Pipeline gas

 






 

Bass Strait

Mboe

4,883

6,481

13,717

 

Other 1F [2]

Mboe

3,470

3,389

601

9,304

2,505

 

Total

Mboe

8,353

9,870

601

23,021

2,505

 








 

Crude oil and condensate







 

North West Shelf

Mbbl

1,711

1,750

794

5,371

3,364

 

Pluto1

Mbbl

982

990

770

3,684

3,037

 

Wheatstone

Mbbl

506

494

533

1,698

2,329

 

Bass Strait

Mbbl

935

1,229

-

2,605

-

 

Macedon & Pyrenees

Mbbl

692

602

-

1,517

-

 

Ngujima-Yin

Mbbl

1,890

1,464

1,914

7,027

7,113

 

Okha

Mbbl

598

653

452

2,120

1,516

 

Total

Mboe

7,314

7,182

4,463

24,022

17,359

 








 

NGL 2 [3]







 

North West Shelf

Mbbl

307

324

128

1,040

498

 

Pluto1

Mbbl

52

52

170

 

Bass Strait

Mbbl

1,187

1,554

3,244

 

Total

Mboe

1,546

1,930

128

4,454

498

 








 

Total Australia

Mboe

41,497

43,690

22,626

136,634

91,140

 

 

 

 






 

 



 



Three months ended

Year to date



Dec
2022

Sep
2022

Dec
2021

Dec
2022

Dec
2021

INTERNATIONAL

 

 

 

 

 

 

Pipeline gas







Gulf of Mexico

Mboe

409

219

-

750

-

Trinidad & Tobago

Mboe

1,952

2,102

-

4,883

-

Total

Mboe

2,361

2,321

-

5,633

-

 

 






Crude oil and condensate







Atlantis

Mbbl

3,229

1,257

-

5,473

-

Mad Dog

Mbbl

1,165

838

-

2,414

-

Shenzi

Mbbl

2,517

2,452

-

5,734

-

Trinidad & Tobago

Mbbl

361

365

-

876

-

Other 3F [4]

Mbbl

81

81

-

189

-

Total

Mboe

7,353

4,993

-

14,686

-








NGL 4 [5]







Gulf of Mexico

Mbbl

390

244

-

753

-

Total

Mboe

390

244

-

753

-

 

 






Total International

Mboe

10,104

7,558

-

21,072

-



 

 

 

 

 

Total production

Mboe

51,601

51,248

22,626

157,706

91,140

 



 

Product sales



Three months ended

Year to date



Dec
2022

Sep
2022

Dec
2021

Dec

2022

Dec
2021

AUSTRALIA


 

 

 

 

 

LNG


 

 

 

 

 

North West Shelf

Mboe

9,000

8,441

5,771

28,069

20,362

Pluto 5 [6]

Mboe

12,189

11,862

9,868

44,578

39,375

Wheatstone 6 [7]

Mboe

2,360

2,898

2,497

9,243

9,686

Total

Mboe

23,549

23,201

18,136

81,890

69,423

 


 

 

 

 

 

Pipeline gas

 

 

 

 

 

 

Bass Strait

Mboe

4,725

6,564

 - 

13,483

 - 

Other

Mboe

3,524

3,436

609

9,337

2,512

Total

Mboe

8,249

10,000

609

22,820

2,512



 

 

 

 

 

Crude oil and condensate







North West Shelf

Mbbl

1,989

2,140

1,342

5,765

3,356

Pluto6

Mbbl

856

838

742

3,994

2,902

Wheatstone

Mbbl

684

325

661

1,652

2,458

Bass Strait

Mbbl

1,115

1,435

 - 

2,883

 - 

Ngujima-Yin

Mbbl

1,753

1,502

1,941

7,027

7,039

Okha

Mbbl

-

1,298

653

1,917

1,463

Pyrenees

Mbbl

1,142

502

 - 

1,644

 - 

Total

Mboe

7,539

8,040

5,339

24,882

17,218



 

 

 

 

 

NGL 7 [8]


 

 

 

 

 

North West Shelf

Mbbl

228

701

 375 

929

 733

Pluto6

Mbbl

 - 

 - 

-

 - 

Bass Strait

Mbbl

672

1,999

 - 

2,884

 - 

Total

Mboe

900

2,700

 375 

3,813

 733



 

 

 

 

 

Total Australia

Mboe

40,237

43,941

24,459

133,405

89,886

 

 

 

 

 

 

 

 

 



 



Three months ended

Year to date

 



Dec
2022

Sep
2022

Dec
2021

Dec
2022

Dec
2021

INTERNATIONAL

 

 

 

 

 

 

Pipeline gas


 

 

 

 

 

Gulf of Mexico

Mboe

343

214

-

684

-

Trinidad & Tobago

Mboe

1,969

2,118

 - 

4,923

 - 

Other 8 [9]

Mboe

4

9

 - 

16

 - 

Total

Mboe

2,316

2,341

 - 

5,623

 - 

 

 

 

 

 

 

 

Crude oil and condensate


 

 

 

 

 

Atlantis

Mbbl

3,091

1,466

 - 

5,440

 - 

Mad Dog

Mbbl

1,098

891

 - 

2,368

 - 

Shenzi

Mbbl

2,245

2,636

 - 

5,599

 - 

Trinidad & Tobago

Mbbl

130

443

 - 

777

 - 

Other 9

Mbbl

59

77

 - 

164

-

Total

Mboe

6,623

5,513

 - 

14,348

 - 



 

 

 

 

 

NGL 9 [10]


 

 

 

 

 

Gulf of Mexico

Mbbl

422

276

-

822

-

Trinidad & Tobago

Mbbl

-

 - 

 - 

-

 - 

Other 9

Mbbl

2

4

 - 

8

 

Total

Mboe

424

280

 - 

830

 - 



 

 

 

 

 

Total International

Mboe

9,363

8,134

 - 

20,801

 - 

 

 

 

 

 

 

 

MARKETING

 

 

 

 

 

 

LNG 1 [11]

Mboe

2,625

5,023

7,297

14,727

21,750

Total

Mboe

2,625

5,023

7,297

14,727

21,750

 


 

 

 

 

 

Total Marketing

Mboe

2,625

5,023

7,297

14,727

21,750


 

 

 

 

 

 

Total sales

Mboe

52,225

57,098

31,756

168,933

111,636

 

 

 



 

Revenue (US$ million)


Three months ended

Year to date

 


Dec
2022

Sep
2022

Dec
2021

Dec
2022

Dec
2021

AUSTRALIA

 

 

 

 

 

  North West Shelf

1,260

1,081

712

3,500

1,463

  Pluto 11 [12]

1,666

1,716

936

5,497

2,508

  Wheatstone 12 [13]

383

300

203

1,110

696

  Bass Strait

363

656

 - 

1,251

 - 

  Macedon

54

41

 - 

111

 - 

  Ngujima-Yin

164

162

169

762

562

  Okha

-

124

57

191

111

  Pyrenees

118

69

 - 

188

 - 

 

 

 


 


INTERNATIONAL

 

 


 


  Atlantis

263

134

 - 

506

 - 

  Mad Dog

87

81

 - 

212

 - 

  Shenzi

188

249

 - 

520

 - 

  Trinidad & Tobago

112

143

 - 

321

 - 

  Other 13 [14]

6

7

 - 

16

 - 

 

 

 


 


Marketing revenue 14 [15]

431

1,043

775

2,464

1,449

 

 

 


 


Total sales revenue [16]

5,095

5,806

2,852

16,649

6,789

 

 

 


 


Processing revenue

48

50

37

175

143

Shipping and other revenue

17

2

17

27

41

 

 

 

 



Total revenue

5,160

5,858

2,906

16,851

6,973

 

Realised prices

 

 

 Three months ended

 

 Three months ended

 

 

Units

Dec

2022

Sep

2022

Dec

2021

Units

Dec

2022

Sep

2022

Dec

2021

LNG produced 15 [17]

$/MMBtu

20.3

19.1

15.1

$/boe

128

117

87

LNG traded 16 [18]

$/MMBtu

24.2

32.7

18.2

$/boe

153

207

106

Pipeline gas





$/boe

43

49

17

Oil and condensate

$/bbl

82

95

84

$/boe

82

95

84

NGL

$/bbl

36

48

104

$/boe

36

48

104 










Average realised price





$/boe

98

102

90










Dated Brent





$/bbl

89

101

80

JCC (lagged three months)





$/bbl

113

111

73

WTI





$/bbl

82.8

91.6

77.3

JKM





$/MMBtu

38.6

36.0

28.0

TTF





$/MMBtu

45.0

50.9

26.9

 

· Average realised price was A$5.3/GJ in Western Australia, A$14.2/GJ in east coast Australia and $7.88/Mcf for International in Q4 2022.

 

Expenditure (US$ million)


Three months ended

Year to date


 Dec

2022

 Sep

2022

 Dec

2021

 Dec

2022

 Dec

2021

 

Exploration and evaluation expense

 

 

 

 

 

 

Exploration and evaluation expensed 1F [19] ,

239

181

220

454

319

 

Permit amortisation

3

5

1

11

3

 

Total

242

186

221

465

322

 

 

 

 

 

 

 

 

Capital expenditure

 

 

 

 

 

 

Exploration and evaluation capitalised 18F [20] , 19F [21]

8

101

237

119

460

 

Oil and gas properties

1,342

1,056

960

3,903

2,178

 

Total

1,350

1,157

1,197

4,022

2,638

 

 

 

 

 

 

 

 

Trading costs

260

727

 

1,777

 

 

 

 

Key project expenditure (US$ million)


Three months ended

Year to date


Dec

2022

Sep

2022

Dec

2021

Dec

2022

Dec

2021

 

Capital expenditure

 

 

 

 

 

 

Scarborough and Pluto Train 2

579

424

794

1,769

1,003

 

Sangomar

290

278

276

1,017

1,051

 

 



 

Exploration

 

· The Hoodoo-1 well was drilled and did not encounter hydrocarbons. Drilling data will inform future activity.

· Woodside participated in the Chevron-operated Starman-1 well. The well reached total depth in October. Analysis of well results is ongoing.

 

Exploration or appraisal wells drilled

Region

Permit area

Well

Target

Interest (%)

Spud date

Water depth (m)

Planned well depth (m) 20 [22]

Remarks

Gulf of Mexico

MC 412

Starman-1

Oil

25%
Non-operator

9 June 2022

457

8,327

Drilling complete

Gulf of Mexico

EB 699

Hoodoo-1

Oil

70%
Operator

16 October 2022

941

9,693

Drilling complete

 

Permits and licences

Key changes to permit and licence holding during the quarter ended 31 December 2022 are noted below.

 

Region

Permits or licence areas

Change in interest (%)

Current interest (%)

Remarks

Gulf of Mexico

GB 574, GB 575, GB 619

(60)

40

Cross assignment with Shell and Equinor

Gulf of Mexico

GB 429, GB 530, GB 531

40

40

Gulf of Mexico

DC 667

(100)

0

Expired

Gulf of Mexico

AC 35, AC 79, AC 83, AC 125, AC 126

(70)

0

Expired

Barbados

Carlisle Bay, Bimshire

(40)

60

Farm down to Shell

 

Seismic and geophysical survey activity

 

Region

Field

Permits or licence areas

Remarks

 

Caribbean

Calypso

Block 23 (a) MDP and Block 14 MDP

Completed acquisition of a controlled source electromagnetic survey to improve reservoir characterisation



 

Production rates

 

Average daily production rates (100% project) for the quarter ended 31 December 2022:

 

Woodside
share
23F [23]

Production rate
(100% project, Mboe/d)

Remarks



Dec

2022

Sep

2022


AUSTRALIA


 

 


NWS Project





LNG

30.47%

340

346

Production was lower due to offshore turnaround activities.

Crude oil and condensate

30.48%

62

NGL

30.49%

12





Pluto LNG





LNG

90.00%

118

122


Crude oil and condensate

90.00%

11





Pluto-KGP Interconnector




LNG

100.00%

26

25


Crude oil and condensate

100.00%

1

NGL

100.00%

1





Wheatstone[24]





LNG

11.84%

238

241


Crude oil and condensate

16.63%

34





Bass Strait





Pipeline gas

46.26%

115

157

Production was lower due to planned offshore maintenance activities and a reduction in demand following winter.

Crude oil and condensate

48.47%

28

NGL

49.23%

35





Australia Oil





Ngujima-Yin

60.00%

34

27

Production was higher due to increased facility reliability.

Okha

50.00%

14


Pyrenees

65.91%

10






Other





Pipeline gas 25F [25]


38

37








 

 

Woodside
share
26 [26]

Production rate
(100% project, Mboe/d)

Remarks



Dec

2022

Sep

2022


INTERNATIONAL


 

 


Atlantis





Crude oil and condensate

38.50%

91

35

Production was higher following completion of a planned turnaround in Q3.

NGL

38.50%

6

2

Pipeline Gas

38.50%

9

3







Mad Dog





Crude oil and condensate

20.86%

62

44

Production was higher due to increased facility availability and reliability.

NGL

20.86%

2

2

Pipeline Gas

20.86%

1

1







Shenzi





Crude oil and condensate

64.39%

42

41


NGL

64.39%

2

2

Pipeline Gas

64.39%

1

1







Trinidad & Tobago





Crude oil and condensate

N/A

7

7


Pipeline gas

N/A

54

57







 



 

Forward looking statements and other conversion factors

 

Disclaimer and important notice

This announcement contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition which reflect Woodside's views held as at the date of this announcement. Forward-looking statements generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions. These forward-looking statements include, but are not limited to, statements about Woodside's future plans for projects and the timing thereof, the implementation of Woodside's new energy strategy and Woodside's expectations and guidance with respect to production and certain financial results for 2023. 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, drilling and production results; gas commercialisation; development progress; operating results; engineering estimates; environmental risks; physical risks; project delay or advancement; regulatory approvals; fluctuations in commodity prices; the impact of armed conflict and political instability (such as the ongoing conflict in Ukraine) on economic activity and oil and gas supply and demand; the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws; inflation and government efforts to reduce inflation; increases in interest rates; and fluctuations in currency exchange rates. Details of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent Annual Report which was released to the Australian Securities Exchange on 17 February 2022 and in Woodside's filings with the U.S. Securities and Exchange Commission. You should review and have regard to these risks when considering the information contained in this announcement.

Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. All information included in this announcement, including any forward-looking statements, speak only as of the date of this announcement and, except as required by law or regulation, Woodside does not undertake to update or revise any information or forward-looking statements contained in this announcement, whether as a result of new information, future events, or otherwise.

All figures are Woodside share for the quarter ending 31 December 2022, unless otherwise stated.

All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated.

References to "Woodside" may be references to Woodside Energy Group Ltd or its applicable subsidiaries.

 

 

 

Product

Unit

Conversion

factor


bbl

boe

Mbbl

Mboe

MMboe

Bcf

MMBtu

MMscf

scf

barrel

barrel of oil equivalent

thousand barrels

thousand barrels of oil equivalent

million barrels of oil equivalent

billion cubic feet 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 (NGL)

1 bbl

1 boe


Facility

Unit

LNG conversion factor

 

Karratha Gas Plant

1 tonne

8.08 boe

 

Pluto Gas Plant

1 tonne

8.34 boe

 

Wheatstone

1 tonne

8.27 boe

 

 

The LNG conversion factor from tonne to boe is specific to volumes produced
at each facility and is based on gas composition which may change over time.



[1] Q4 2022 includes 2.39 MMboe of LNG, 0.10 MMboe of condensate and 0.05 MMboe of NGL, Q3 2022 includes 2.35 MMboe of LNG, 0.09 MMboe of condensate and 0.05 MMboe of NGL and Q4 YTD 2022 includes 7.56 MMboe of LNG, 0.31 MMboe of condensate and 0.17 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.

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

[3] Natural gas liquids (NGL) include LPG, ethane, propane and butane.

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

[5] Natural gas liquids (NGL) include LPG, ethane, propane and butane.

[6] Processing of volumes commenced at the Karratha Gas Plant via the Pluto-KGP Interconnector in 2022.

[7] Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.03 MMboe in Q4 2022, 0.09 MMboe in Q3 2022, -0.26 MMboe in Q4 2021, 0.00 MMboe in Q4 YTD 2022 and -0.86 MMboe in Q4 YTD 2021.

[8] Natural gas liquids (NGL) include LPG, ethane, propane and butane.

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

[10] Natural gas liquids (NGL) include LPG, ethane, propane and butane.

[11] Purchased LNG volumes sourced from third parties.

[12] Q4 YTD 2022 includes $38 million and Q4 YTD 2021 includes $67 million relating to Pluto volumes delivered into a Wheatstone sales commitment. These amounts will be included within other income in the financial statements rather than operating revenue.

[13] Q4 2022 includes $2 million, Q3 2022 includes $10 million, Q4 2021 includes -$20 million, Q4 YTD 2022 includes -$3 million and Q4 YTD 2021 includes -$56 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.

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

[15] 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.

[16] Total sales revenue excludes all hedging impacts.

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

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

[19] Exploration expense includes the reclassification of well results during the period. Q4 2022 includes $39m relating to the write-off of capitalised exploration costs due to the relinquishment of exploration permit acreage at Sangomar. Q3 2022 includes $140 million related to the decision to exit the Orphan Basin exploration licences in Canada.

[20] 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.

[21] 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.

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

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

[24] 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.

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

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

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