First Quarter 2023 Report

RNS Number : 9850W
Woodside Energy Group Ltd
21 April 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

 

Friday, 21 April 2023

 

 

FIRST QUARTER REPORT FOR PERIOD ENDED 31 MARCH 2023

 

 

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

Mboe/day

46.8

520

51.6

561

(9%)

21.1

234

122%

Sales

MMboe

50.4

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:

planned turnaround on Ngujima-Yin FPSO

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

 

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



Mar
2023

Dec
2022

Mar
2022

Mar
2023

Mar
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

 

Pluto2

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

 

Pluto2

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
2023

Dec
2022

Mar
2022

Mar
2023

Mar
2022

INTERNATIONAL

 

 

 

 

 

 

Pipeline gas


 





Gulf of Mexico

Mboe

330

409

-

 330

-

Trinidad & Tobago

Mboe

2,236

1,952

-

 2,236

-

Other6

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

-

Other6

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
2023

Dec
2022

Mar
2022

Mar

2023

Mar
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

Pluto8

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

 -

Pluto8

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
2023

Dec
2022

Mar
2022

Mar
2023

Mar
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
2023

Dec
2022

Mar
2022

Mar
2023

Mar
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

2023

Dec

2022

Mar

2022

Units

Mar

2023

Dec

2022

Mar

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

2023

 Dec

2022

 Mar

2022

 Mar

2023

 Mar

2022

 

Exploration and evaluation expense

 

 

 

 

 

 

Exploration and evaluation expensed 1F [20] ,

52 

239

7

 52

7

 

Permit amortisation

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

2023

Dec

2022

Mar

2022

Mar

2023

Mar

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 area

Well

Target

Interest (%)

Spud date

Water depth (m)

Planned well depth (m) 20 [25]

Remarks

Gulf of Mexico

GC 868

Mad Dog SWX4

Oil

23.9%
Non-operator

12 March 2023

1,331

7,437

Drilling ongoing

 

Permits and licences

Key changes to permit and licence holding during the quarter ended 31 March 2023 are noted below.

 

Region

Permits or licence areas

Change in interest (%)

Current interest (%)

Remarks

Egypt - Herodotus Basin

North Sidi Barrani Offshore (Block 2)

27

27

Non-operated

Egypt - Herodotus Basin

North El Dabaa Offshore (Block 4)

27

27

Non-operated

 

Seismic and geophysical survey activity

 

Region

Field

Permits or licence areas

Remarks

 

Namibia

PEL 87 - Orange Basin

Deep Water PEL 87 License

Acquisition of ~6,800 km2 of 3D is ongoing



 

Production rates

 

Average daily production rates (100% project) for the quarter ended 31 March 2023:

 

Woodside
share
23F [26]

Production rate
(100% project, Mboe/d)

Remarks



Mar

2023

Dec

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





Pipeline gas

42.30%

82

115

Production was lower due to seasonal demand and planned onshore and offshore maintenance activities.

Crude oil and condensate

48.71%

18

21

NGL

42.94%

19

26






Australia Oil





Ngujima-Yin

60.00%

16

34

Production was lower due to a planned maintenance turnaround.

Okha

50.00%

10

13


Pyrenees

64.06%

11

11







Other





Pipeline gas 25F [28]


34

38









 

 

Woodside
share
26 [29]

Production rate
(100% project, Mboe/d)

Remarks



Mar

2023

Dec

2022


INTERNATIONAL

 

 


Atlantis





Crude oil and condensate

38.50%

78

91

Production was lower due to execution of a planned well intervention campaign.

NGL

38.50%

5

6

Pipeline Gas

38.50%

6

9







Mad Dog





Crude oil and condensate

20.86%

50

62

Production was lower due to execution of a planned 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





Crude oil and condensate

57.97%[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

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] 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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