Third Quarter 2023 Report

Woodside Energy Group Ltd
17 October 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, 18 October 2023

 

 

THIRD QUARTER REPORT FOR PERIOD ENDED 30 SEPTEMBER 2023

 

 

Delivering reliable production

·      Delivered quarterly production of 47.8 MMboe (520 Mboe/day), up 8% from Q2 2023 following completion of planned turnaround and maintenance activities. Full-year production guidance has been narrowed to 183 - 188 MMboe.

·      Delivered sales volume of 53.3 MMboe, up 10% from Q2 2023, primarily due to higher production.

·      Delivered revenue of $3,259 million, up 6% from Q2 2023, due to higher production offset by lower realised prices.

·      Achieved a portfolio average realised price of $60.2/boe.

·      Sold 29% of produced LNG at prices linked to gas hub indices.

·      Achieved first production at Shenzi North in September 2023, ahead of the 2024 target.

 

Executing major projects

·      The Scarborough and Pluto Train 2 project was 46% complete at the end of the period, with fabrication of the floating production unit (FPU) and Pluto Train 2 modules progressing.

·      The Sangomar project was 90% complete at the end of the period, with 14 of 23 wells drilled and completed. The floating production storage and offloading (FPSO) topsides integration and pre-commissioning works continued in Singapore.

·      The Trion field development plan (FDP) was approved by the Mexican regulator, with the project now moving into execution phase.

 

Carbon and new energy

·      The H2OK final investment decision (FID) has been delayed pending more certainty regarding Government tax incentive qualifications and customer offtake agreements.

·      Substantially completed installation works within Pluto LNG and progressed commercial agreements including solar farm and battery energy storage system agreements to support Woodside Solar targeted FID readiness of 2023.

 

 

Woodside CEO Meg O'Neill said the quarter-on-quarter increase in output to 47.8 million barrels of oil equivalent was underpinned by strong operating results at Pluto LNG.

"The 99.9% reliability achieved at Pluto during the third quarter followed the completion of a maintenance turnaround in June.

"Production from North West Shelf was impacted by planned turnaround and maintenance activities in the quarter, but the facility's reliability was still exceptional at 98.9%.

"Woodside's project teams made strong progress over the course of the quarter.

"In September, first production at the Shenzi North tieback in the US Gulf of Mexico was achieved ahead of the original 2024 schedule. Production at Mad Dog Phase 2 offshore Louisiana, which started up in April, continued to ramp up during the quarter.

"Activity at Scarborough and Pluto Train 2 increased as planned and the project is now 46% complete. Installation of the nearshore component of the Scarborough trunkline commenced and fabrication of the floating production unit topsides and hull continued.

"Site construction works for Pluto Train 2 are progressing and we have awarded the engineering, procurement and construction contract for the Pluto Train 1 modifications that will allow it to process Scarborough gas.

"The Federal Court's 28 September decision that the Commonwealth Environment Plan for the Scarborough offshore seismic survey is invalid has not impacted our target for first LNG cargo in 2026. The decision does however highlight the urgent need for reform of Australia's offshore approvals process.

"Uncertainty over approvals has the potential to add cost and delays to any offshore activities to be undertaken in Australia. In the case of gas projects, such uncertainty threatens the delivery of much-needed new supplies to the Western Australian domestic market, as well as undermining the confidence of our regional trading partners.

"The importance of Scarborough to regional energy security was demonstrated in August when LNG Japan agreed to purchase a 10% non-participating interest in the joint venture.

"As part of a broader strategic relationship, Woodside and LNG Japan, owned by Sumitomo Corporation and Sojitz Corporation also entered into a non-binding heads of agreement for the sale and purchase of approximately 0.9 million tonnes per annum of LNG for 10 years commencing in 2026. In addition, we entered into non-binding agreements with Sumitomo and Sojitz to collaborate on new energy opportunities globally.

"At Sangomar in Senegal, another two of the 23 planned wells were drilled, taking the total now completed to 14. Pre-commissioning work at the floating production storage and offloading vessel continued in Singapore. Overall, the Sangomar project is 90% complete and we remain on track for targeted first oil in mid-2024.

"A significant milestone for our deepwater Trion project was passed during the quarter, with the approval of the field development plan by the Mexican regulator. Project execution activities at Trion are progressing.

"In new energy, progress was made on contracts for the plant construction scope and other critical packages at our proposed H2OK facility in Oklahoma. Technical work to support readiness for a final investment decision at H2OK is expected to be completed in 2023, although a decision itself has been delayed, pending clarification of government tax incentives and the finalisation of offtake agreements.

"During the quarter we signed two non-binding memoranda of understanding with a total of four Japanese companies to jointly study potential carbon capture and storage (CCS) value chains between Australia and Japan. We believe that with collaboration between industry partners and governments CCS could provide a pathway to help our Japanese customers decarbonise," she said.

Comparative performance at a glance

 

 


Three months ended

Year to date

 


Sep

2023

Jun

2023

Change %

Sep

 2022

Change %

Sep

2023

Sep

2022[1]

Change %

Production[2]

MMboe

47.8

520

44.5
489

8%

51.2

557

(7%)

139.1

106.1

31%

Mboe/day



510

389


Sales

MMboe

53.3

48.4

10%

57.1

(7%)

152.1

116.7

30%

Mboe/day

579

532


621


557

428


Revenue

$ million

3,259

3,084

6%

5,858

(44%)

10,673

11,691

(9%)

 

Operational overview

Production

·      Production increased compared to the previous quarter to 47.8 MMboe primarily due to:

higher production from Pluto LNG and Ngujima-Yin following completion of planned turnaround and maintenance activities

high LNG reliability at Australian operated assets, with Pluto LNG and the North West Shelf (NWS) Project achieving 99.9% and 98.9% reliability respectively for the quarter

higher production on Mad Dog due to the continued ramp up at the Argos platform.

This was partly offset by lower NWS production due to planned turnaround and maintenance activities on the North Rankin Complex, Goodwyn Platform and Karratha Gas Plant, with production recommencing in September 2023.

·      Production from Bass Strait was lower than the corresponding quarter in 2022 due to lower gas demand following a warmer winter.

 

Gulf of Mexico

·      First production was successfully achieved at Shenzi North in September 2023 ahead of the 2024 target.

·      A maintenance turnaround of the Shenzi facility was completed on schedule.

·      Production continues to ramp up at the Argos platform with seven wells now online.

 

Australia Oil

·      The Ngujima-Yin FPSO recommenced production in July following successful completion of the five-yearly maintenance turnaround in a Singapore drydock.

 

Greater Angostura

·      In July 2023, a valve bolt failure on the Angostura gas export platform resulted in an unplanned gas release and emergency shutdown to stop the flow of gas. This incident is classified as a Tier 1 process safety event.[3] Production recommenced in August 2023 following completion of safety checks and remediation activities.

 

Decommissioning

·      The Enfield plug and abandonment (P&A) campaign continued with four wells permanently plugged. The plugging of 17 of 18 Enfield wells and removal of 16 of 18 xmas trees has been completed.

·      The Bass Strait P&A operations on Flounder, Bream A, and Kingfish A platforms continued with six wells plugged in the quarter.

·      Subsequent to the quarter, Woodside commenced removing the Nganhurra riser turret mooring which will be transported for cleaning and deconstruction in preparation for recycling or reuse.

 

Project and development activities

Scarborough

·      Installation of the trunkline nearshore component commenced and fabrication of the FPU topsides and hull continued.

·      The Pluto Train 2 project continued to ramp up, with both module fabrication and site construction works progressing.

·      In August 2023, Woodside entered into an agreement with LNG Japan to sell a 10% interest in the Scarborough Joint Venture.[4]

·      In September 2023, Woodside awarded the engineering, procurement and construction contract for Pluto Train 1 modifications. Engineering and procurement of long-lead items are progressing.

·      The Federal Court has set aside NOPSEMA's acceptance of the Marine Seismic Survey Environment Plan on the basis that NOPSEMA's decision to accept the environment plan with conditions relating to consultation was invalid.

·      Engagement continues with NOPSEMA on the outstanding Commonwealth Environment Plans.

·      The Scarborough and Pluto Train 2 project was 46% complete at the end of the period and first LNG cargo is targeted for 2026.

 

Sangomar Field Development Phase 1

·      FPSO topsides integration and pre-commissioning works continued in Singapore.

·      The development drilling program continued with 14 of 23 wells completed.

·      The subsea installation campaign was 80% complete, with the overall subsea work scope 96% complete at the end of the period.

·      The project was 90% complete at the end of the period and first oil is targeted for mid-2024.

 

Trion

·      The Mexican regulator, Comisión Nacional de Hidrocarburos, approved the Trion FDP in August 2023.

·      Awarded contracts for the drill rig; FPU and floating storage and offloading (FSO) installation; subsea trees and control system; subsea flexible piping and riser terminations.

·      Placed equipment orders for umbilical tubing and subsea manifolds.

·      Commenced FSO front-end engineering design activities and progressed shipyard engineering.

 

New energy and carbon solutions

H2OK

·      The H2OK FID has been delayed pending more certainty regarding Government tax incentive qualifications and customer offtake agreements.

·      Technical work to support FID readiness remains on target to be complete in 2023.

·      Contracting activities for the plant construction scope and other critical packages continued.

 

Woodside Solar

·      Installation works within the Pluto LNG facility have been substantially completed in readiness for power import.

·      Engagement continues with local, state and commonwealth authorities on key development and environmental approvals.

·      Progressed commercial agreements including for the solar farm and battery energy storage system infrastructure required for the power opportunity.

·      Woodside Solar is targeting FID readiness in 2023.

 

Carbon origination

·      In August 2023, Woodside entered into an agreement for the offtake of carbon credits from the restoration of up to 7,000 hectares of mangroves in the Sine Saloum and Casamance regions of Senegal. Woodside is expected to receive up to 1.4 million carbon credits from this project over 30 years.

 

CCS opportunities

·      Entered into two non-binding memoranda of understanding with Japanese companies to enable studies of potential carbon capture and storage value chains between Japan and Australia.

 

Corporate activities

Hedging

·      Woodside has placed oil price hedges for approximately 21.8 MMboe of 2023 production at an average price of approximately $74.5 per barrel, of which approximately 16.5 MMboe has been delivered. As at the end of the period, Woodside hedged approximately 29.3 MMboe of 2024 production at an average price of approximately $75.7 per barrel.

·      Woodside also has a hedging program for Corpus Christi LNG volumes designed to protect against downside pricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 77% of Corpus Christi volumes for the remainder of 2023, approximately 41% of 2024 and approximately 4% of 2025 volumes have reduced pricing risk as a result of hedging activities.

·      The year-to-date pre-tax expense related to hedged positions is approximately $248 million, with $146 million pre-tax expense related to oil price hedges, $73 million pre-tax expense related to Corpus Christi hedges and $29 million pre-tax expense related to other hedge positions.

 

Investor Briefing Day 2023

·      Woodside's Investor Briefing Day 2023 will be held in Sydney, Australia, on Wednesday, 8 November 2023, commencing at 09.30 AEDT / 06.30 AWST (16.30 CST on Tuesday, 7 November 2023).

·      A live webcast of the event will be available at https://webcast.openbriefing.com/wds-id-2023/

 

Update to 2023 full-year guidance

Woodside's full-year 2023 production and capex guidance has been updated.



Prior

Current

Production

MMboe

180 - 190

183 - 188

Capital expenditure

$ billion

6.0 - 6.5

5.7 - 6.0

Gas hub exposure

% of produced LNG

27 - 33

No change

 

 

 

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



Sep

2023

Jun

2023

Sep

2022

Sep

2023

Sep

2022[5]

 

AUSTRALIA







 

LNG







 

North West Shelf

Mboe

6,590

8,746

 9,694

25,009

 20,132

 

Pluto[6]

Mboe

12,261

8,765

 12,458

33,180

 34,112

 

Wheatstone

Mboe

2,610

2,588

 2,556

7,654

 6,609

 

Total

Mboe

21,461

20,099

 24,708

65,843

 60,853

 

 







 

Pipeline gas

 






 

Bass Strait

Mboe

4,591

4,170

 6,481

11,894

 8,834

 

Other[7]

Mboe

3,472

3,080

 3,389

9,589

 5,834

 

Total

Mboe

8,063

7,250

 9,870

21,483

 14,668

 








 

Crude oil and condensate







 

North West Shelf

Mbbl

1,278

1,546

 1,750

4,508

 3,660

 

Pluto6

Mbbl

976

699

 990

2,636

 2,702

 

Wheatstone

Mbbl

477

425

 494

1,310

 1,192

 

Bass Strait

Mbbl

982

904

 1,229

2,663

 1,670

 

Macedon & Pyrenees

Mbbl

688

759

602

2,078

 825

 

Ngujima-Yin

Mbbl

1,140

-

 1,464

2,009

5,137

 

Okha

Mbbl

608

421

 653

1,460

 1,522

 

Total

Mboe

6,149

4,754

 7,182

16,664

 16,708

 








 

NGL2







 

North West Shelf

Mbbl

276

339

 324

 907

 733

 

Pluto6

Mbbl

53

45

 52

 148

 118

 

Bass Strait

Mbbl

1,380

1,191

 1,554

 3,294

 2,057

 

Total

Mboe

1,709

1,575

 1,930

 4,349

 2,908

 








 

Total Australia[8]

Mboe

37,382

33,678

 43,690

 108,339

 95,137

 

Mboe/day

406

370

475

397

348

 

 

 

 






 

 



 



Three months ended

Year to date



Sep

2023

Jun

2023

Sep

2022

Sep

2023

Sep

2022[9]

INTERNATIONAL

 

 

 

 

 

 

Pipeline gas


 





Gulf of Mexico

Mboe

350

349

 219

1,029

 341

Trinidad & Tobago

Mboe

2,413

2,723

 2,102

7,372

 2,931

Other10

Mboe

17

-

-

47

 -  

Total

Mboe

2,780

3,072

 2,321

8,448

 3,272

 

 






Crude oil and condensate







Atlantis

Mbbl

2,714

2,792

 1,257

8,202

 2,244

Mad Dog

Mbbl

2,188

1,627

 838

4,754

 1,249

Shenzi

Mbbl

2,158

2,599

 2,452

7,353

 3,217

Trinidad & Tobago

Mbbl

201

294

 365

792

 515

Other[10]

Mbbl

36

81

 81

156

 108

Total

Mboe

7,297

7,393

 4,993

21,257

 7,333








NGL4







Gulf of Mexico

Mbbl

362

350

 244

1,043

 363

Other10

Mbbl

10

-

-

27

 -  

Total

Mboe

372

350

 244

1,070

 363

 

 






Total International

Mboe

10,449

10,815

 7,558

30,775

 10,968

Mboe/day

114

119

82

113

40



 

 


 


Total production

Mboe

47,831

44,493

 51,248

139,114

 106,105

Mboe/day

520

489

557

510

389

 



 

Product sales



Three months ended

Year to date



Sep

2023

Jun

2023

Sep

2022

Sep

2023

Sep

2022[11]

AUSTRALIA


 

 

 

 

 

LNG


 

 

 

 

 

North West Shelf

Mboe

7,639

9,003

 8,441

 27,206

 19,069

Pluto5

Mboe

12,622

9,592

 11,862

 33,524

 32,389

Wheatstone[12]

Mboe

 2,541

2,312

 2,898

 7,203

 6,883

Total

Mboe

  22,802

20,907

 23,201

 67,933

 58,341

 






 

Pipeline gas

 





 

Bass Strait

Mboe

 4,506

4,113

6,564

 11,701

 8,758

Other

Mboe

 3,243

3,040

 3,436

 9,222

 5,813

Total

Mboe

 7,749

7,153

 10,000

 20,923

 14,571







 

Crude oil and condensate







North West Shelf

Mbbl

 1,640

1,855

 2,140

 4,584

 3,776

Pluto

Mbbl

 1,228

614

 838

 2,456

 3,138

Wheatstone

Mbbl

 689

309

 325

 1,348

 968

Bass Strait

Mbbl

 1,407

1,035

 1,435

 2,524

 1,768

Ngujima-Yin

Mbbl

 708

-

 1,502

 1,849

 5,274

Okha

Mbbl

1,297

-

 1,298

 1,950

 1,917

Macedon & Pyrenees

 

Mbbl

1

1,032

 502

1,551

502

Total

Mboe

6,970

4,845

8,040

 16,262

 17,343







 

NGL7






 

North West Shelf

Mbbl

 263

255

 701

 688

 701

Pluto

Mbbl

 32

73

 -  

 287

 -  

Bass Strait

Mbbl

959

903

 1,999

 2,971

 2,212

Total

Mboe

 1,254

1,231

 2,700

 3,946

 2,913



 

 

 

 

 

Total Australia

Mboe

38,775

34,136

43,941

 109,064

 93,168

 

 

 

 

 

 

 

 

 



 



Three months ended

Year to date

 



Sep

2023

Jun

2023

Sep

2022

Sep

2023

Sep 2022[13]

INTERNATIONAL

 

 

 

 

 

 

Pipeline gas


 

 

 

 

 

Gulf of Mexico

Mboe

 321

341

 214

 1,005

 341

Trinidad & Tobago

Mboe

 2,574

2,700

 2,118

 7,569

 2,954

Other[14]

Mboe

 7

6

 9

 20

 12

Total

Mboe

 2,902

3,047

 2,341

 8,594

 3,307

 

 





 

Crude oil and condensate






 

Atlantis

Mbbl

 2,442

2,710

 1,466

 7,820

 2,349

Mad Dog

Mbbl

 2,041

1,628

 891

 4,610

 1,270

Shenzi

Mbbl

 2,123

2,652

 2,636

 7,448

 3,354

Trinidad & Tobago

Mbbl

 242

248

 443

 903

 647

Other14

Mbbl

 61

65

 77

 189

 105

Total

Mboe

 6,909

7,303

 5,513

 20,970

 7,725







 

NGL9






 

Gulf of Mexico

Mbbl

379

363

276

 1,084

 400

Other14

Mbbl

4

3

4

 11

 6

Total

Mboe

383

366

280

 1,095

 406







 

Total International

Mboe

10,194

10,716

8,134

 30,659

 11,438

 

 

 

 

 

 

 

MARKETING

 

 

 

 

 

 

LNG[15]

Mboe

4,329

3,532

5,023

 12,344

 12,102

Total

Mboe

4,329

3,532

5,023

 12,344

 12,102

 


 

 

 

 

 

Total Marketing

Mboe

4,329

3,532

5,023

 12,344

 12,102


 

 

 

 

 

 

Total sales

Mboe

53,298

48,384

57,098

 152,067

 116,708

 

 



 

Revenue (US$ million)


Three months ended

Year to date

 


Sep

2023

Jun

2023

Sep

2022

Sep

2023

Sep 2022[16]

AUSTRALIA

 

 

 

 

 

   North West Shelf

 575

667

 1,081

 2,512

 2,240

   Pluto

 923

724

 1,716

 2,778

 3,831

   Wheatstone[17]

 246

204

 300

 774

 727

   Bass Strait

 379

328

 656

 918

 888

   Macedon

 41

53

 41

 145

 57

   Ngujima-Yin

 64

-

 162

 164

 598

   Okha

 103

-

 124

 159

 191

   Pyrenees

 -  

89

 69

 139

 70

 






INTERNATIONAL






   Atlantis

 209

203

 134

 611

 243

   Mad Dog

 170

116

 81

 354

 125

   Shenzi

 178

200

 249

 577

 332

   Trinidad & Tobago[18]

 17

112

 143

 265

 209

   Other[19]

 5

4

 7

 14

 10

 






Marketing revenue[20]

298

344

1,043

1,121

2,033

 






Total sales revenue[21]

3,208

3,044

5,806

10,531

11,554

 






Processing revenue

 50

38

 50

 135

 127

Shipping and other revenue

 1

2

 2

 7

 10

 






Total revenue

3,259

3,084

5,858

10,673

11,691

 

Realised prices

 

 

 Three months ended

 

 Three months ended

 

 

Units

Sep

2023

Jun
2023

Sep 2022

Units

Sep

2023

Jun
2023

Sep 202216

LNG produced[22]

$/MMBtu

10.3

10.9

19.1

$/boe

65

69

117

LNG traded[23]

$/MMBtu

8.2

11.0

32.7

$/boe

52

70

207

Pipeline gas





$/boe

28

37

49

Oil and condensate

$/bbl

82

75

95

$/boe

82

75

95

NGL

$/bbl

45

41

48

$/boe

45

41

48










Average realised price





$/boe

60

63

102










Dated Brent





$/bbl

87

78

101

JCC (lagged three months)





$/bbl

84

87

111

WTI





$/bbl

82

74

92

JKM





$/MMBtu

10.9

12.6

36.0

TTF





$/MMBtu

10.3

12.6

50.9

 

·      Average realised price for pipeline gas was A$6.1/GJ in Western Australia, A$12.3/GJ in east coast Australia and $3.75/Mcf for International in Q3 2023.[24]

 

Expenditure (US$ million)


Three months ended

Year to date


Sep

2023

Jun

2023

Sep

2022

Sep

2023

Sep

2022[25]

 

Exploration and evaluation expense

 

 

 

 

 

 

Exploration and evaluation expensed

123

81

181

256

215

 

Permit amortisation

3

2

5

7

8

 

Total

126

83

186

263

223

 

 

 

 

 

 

 

 

Capital expenditure

 

 

 

 

 

 

Exploration and evaluation capitalised[26],[27]

3

92

101

132

111

 

Oil and gas properties

1,313

1,229

1,056

3,821

2,561

 

Total

1,316

1,321

1,157

3,953

2,672

 

 

 

 

 

 

 

 

Trading costs

265

237

727

887

1,517

 

 

 

Key project expenditure (US$ million)


Three months ended

Year to date


Sep

2023

Jun

2023

Sep

2022

Sep

2023

Sep

2022

Capital expenditure

 

 

 

 

 

Scarborough[28]

613

578

442

1,817

1,242

Sangomar

257

272

278

808

727

Trion

111

8

-

119

-

 



 

Exploration

·      In the US Gulf of Mexico, the Spinel well (non-operated) completed drilling in August 2023. The well did not encounter hydrocarbons.

·      Woodside drilled the Gemtree well in Australia. The well was unsuccessful, encountering minor gas shows in the primary target.

 

Exploration or appraisal wells drilled

Region

Permit area

Well

Target

Interest (%)

Spud date

Water depth (m)

Planned well depth (m)20[29]

Remarks

Gulf of Mexico

GC 436

Spinel

Oil

44%
Non-operator

7 June 2023

1,258

7,042

Drilling complete

Australia

WA49-L

Gemtree

Gas

65%

Operator

25 August

2023

202m

3,554

Drilling complete

 

Permits and licences

Key changes to permit and licence holding during the quarter ended 30 September 2023 are noted below.

 

Region

Permits or licence areas

Change in interest (%)

Current interest (%)

Remarks

Gulf of Mexico

GC 520, GC 564

(100%)

0%


 



 

Production rates

 

Average daily production rates (100% project) for the quarter ended 30 September 2023:

 

Woodside
share[30]

Production rate
(100% project, Mboe/d)

Remarks

 



Sep

2023

Jun
2023


AUSTRALIA


 

 


NWS Project





LNG

29.91%

238

321

Production was lower due to planned turnaround and maintenance activities on the North Rankin Complex, Goodwyn Platform and the Karratha Gas Plant.

Crude oil and condensate

29.88%

46

57

NGL

33.27%

10

11






Pluto LNG

 

 

 

 

LNG

90.00%

123

83

Production was higher following completion of planned maintenance and turnaround in Q2 2023.

Crude oil and condensate

90.00%

11

8






Pluto-KGP Interconnector




LNG

100.00%

22

22


Crude oil and condensate

100.00%

1

1

NGL

100.00%

1

0






Wheatstone[31]





LNG

11.86%

239

240


Crude oil and condensate

14.90%

31

31






Bass Strait





Pipeline gas

43.75%

105

105


Crude oil and condensate

45.96%

23

22

NGL

45.83%

30

29






Australia Oil





Ngujima-Yin

60.00%

21

0

Production was higher following completion of planned maintenance, with production recommencing in July.

Okha

50.00%

13

9


Pyrenees

64.97%

12

13







Other





Pipeline gas25F[32]


38

34










 

 

Woodside
share[33]

Production rate
(100% project, Mboe/d)

Remarks



Sep 2023

Jun
2023


INTERNATIONAL


 

 


Atlantis




Crude oil and condensate

38.50%

77

80


NGL

38.50%

5

5

Pipeline Gas

38.50%

6

7







Mad Dog




Crude oil and condensate

20.86%

114

86

Production was higher due to the continuation of ramp-up activities for Mad Dog Phase 2.

NGL

20.86%

4

2

Pipeline Gas

20.86%

2

2






Shenzi




Crude oil and condensate

64.39%

36

44

Completed turnaround for Shenzi North tie-ins and maintenance

NGL

64.39%

2

2

Pipeline Gas

64.39%

1

1







Trinidad & Tobago




Crude oil and condensate

41.72%[34]

5

5


Pipeline gas

46.58%34

56

57







 



 

Forward looking statements

 

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, 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 results of projects, operating activities, new energy products, 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', 'forecast', '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. The information and statements in this announcement about Woodside's future strategy and other forward-looking statements are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of aspirational targets that Woodside has set for itself and its management of the business. 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; 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; approvals; 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, 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 released to the Australian Securities Exchange and London Stock Exchange, and in Woodside's most recent Annual Report on Form 20-F filed with the U.S. 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 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.

All forward-looking statements contained in this announcement reflect Woodside's views held as at the date of this announcement 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 announcement, 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.

All figures are Woodside share for the quarter ending 30 September 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.

 

 

 

 

 

 

Other conversion factors

 

 

Product

Unit

Conversion factor


bbl

bcf

boe

Mbbl

Mboe

Mcf

MMboe

MMBtu

MMscf

scf

barrel

billion cubic feet of gas

barrel of oil equivalent

thousand barrels

thousand barrels of oil equivalent

thousand cubic feet of gas

million barrels of oil equivalent

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] September 2022 reflects the performance of the interests acquired as part of the merger with BHP's petroleum business from 1 June 2022.

[2] Q3 2023 includes 0.26 MMboe, Q2 2023 includes 0.23 MMboe and Q3 2022 includes 0.30 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

[3] A typical Tier 1 process safety event is loss of containment of hydrocarbons greater than 500 kg (in any one-hour period).

[4] See "Woodside to sell 10% Scarborough interest to LNG Japan", announced 8 August 2023.

[5] September 2022 reflects the performance of the interests acquired as part of the merger with BHP's petroleum business from 1 June 2022.

[6] Q3 2023 includes 2.07 MMboe of LNG, 0.08 MMboe of condensate and 0.05 MMboe of NGL, Q2 2023 includes 1.96 MMboe of LNG, 0.08 MMboe of condensate and 0.05 MMboe of NGL and Q3 2022 includes 2.35 MMboe of LNG and 0.09 MMboe of condensate and 0.05 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.

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

[8] Q3 2023 includes 0.26 MMboe, Q2 2023 includes 0.23 MMboe and Q3 2022 includes 0.30 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

[9] September 2022 reflects the performance of the interests acquired as part of the merger with BHP's petroleum business from 1 June 2022.

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

[11] September 2022 reflects the performance of the interests acquired as part of the merger with BHP's petroleum business from 1 June 2022.

[12] Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.16 MMboe in Q3 2023, 0.15 MMboe in Q2 2023 and 0.09 MMboe in Q3 2022.

[13] September 2022 reflects the performance of the interests acquired as part of the merger with BHP's petroleum business from 1 June 2022.

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

[15] Purchased LNG volumes sourced from third parties.

[16] September 2022 reflects the performance of the interests acquired as part of the merger with BHP's petroleum business from 1 June 2022.

[17] Q3 2023 includes $11 million, Q2 2023 includes $11 million and Q3 2022 includes $10 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.

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

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

[20] 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.

[21] Total sales revenue excludes all hedging impacts.

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

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

[24] Average realised price for International excludes the impact of periodic adjustments related to the PSC in Trinidad.

[25] September 2022 reflects the expenditure relating to interests acquired as part of the merger with BHP's petroleum business from          1 June 2022.

[26] 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.

[27] 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.

[28] Scarborough key project expenditure includes Scarborough offshore, Pluto Train 2, Pluto Train 1 modifications and Train 2 tie-in spend. Prior period comparatives have been restated to include Pluto Train 1 modifications and Train 2 tie-in spend of $18 million in Q3 2022 and

$52 million in YTD Q3 2022.

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

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

[31] 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.

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

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

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

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