Woodside能源集團有限公司 | 2024年中期報告 |
1 |
伍德賽德能源集團有限公司 | 2024年半年度報告 |
2 |
• | Net profit after tax of $1,937 million. |
• | Underlying net profit after tax of $1,632 million. 1 |
• | Cash flow from operating activities of $2,393 million, cash flow used in investing activities of US$(1,653) million and positive free cash flow of $740 million. 1 |
• | Australian tax and royalty payments of A$2,682 million. |
• | Liquidity of $8,479 million. 1 ,2 |
• | Determined a fully franked interim dividend of 69 US cents per share (cps), at the top end of the payout range and representing a half-year annualised dividend yield of 7.3%. 3 |
• | Delivered H1 production of 89.3 MMboe (491 Mboe/d). Full year production guidance remains unchanged. |
• | Reduced unit production cost to $8.3/boe ($8.8/boe in H1 2023) despite the inflationary environment. |
• | Achieved first oil at the Sangomar Project in June 2024. Subsequent to the period the project achieved nameplate capacity with gross production rates of 100,000 barrels per day. |
• | Continued to embed the Field Leadership Program to strengthen our learning culture and improve safety outcomes. |
• | Took a final investment decision (FID) on Lambert West, Xena-3 and Atlantis Drill Centre 1 Expansion (DC1X). |
• | The Scarborough Energy Project was 67% complete at the end of H1 2024, with first LNG cargo expected in 2026. 4 |
• | Signed an agreement with JERA for the sale of a 15.1% non-operated participating interest in the Scarborough Joint Venture (SJV). Estimated total consideration for the sale is $1,400 million.5 |
• | Completed the sale of a 10% non-operated participating interest in the SJV to LNG Japan for $910 million.6 |
• | Signed sale and purchase agreements (SPAs) with Korea Gas Corporation (KOGAS) and CPC Corporation, Taiwan (CPC) for the long-term supply of LNG to Korea and Taiwan respectively. |
• | Continued to progress the Trion Project engineering, procurement and contracting. |
• | Subsequent to the period, Woodside entered into two transactions that have significant cash generation potential to underpin long-term shareholder value. These are agreements to acquire: |
• | Tellurian, including its US Gulf Coast Driftwood LNG development opportunity, for an all-cash payment of approximately $900 million; and |
• | OCI’s Clean Ammonia Project in Beaumont, Texas for an all-cash consideration of approximately $2,350 million. |
1 |
Non-IFRS measure. Refer to pages A-8 to A-9 for further information. |
2 |
Woodside cancelled $1,550 million of undrawn facilities in July 2024. This cancellation has the effect of reducing our liquidity by US$1,550 million. |
3 |
Calculated based on Woodside’s closing share price on 28 June 2024 of A$28.21 and a US$:A$ exchange rate of 0.67. |
4 |
The completion % excludes the Pluto Train 1 modifications project. |
5 |
The SPA is with JERA Scarborough Pty Ltd which is a wholly owned subsidiary of JERA Co., Inc. Subject to completion of the transaction, targeted for the second half of 2024. |
6 |
LJ Scarborough Pty Ltd (LNG Japan) is a jointly owned subsidiary of LNG Japan Corporation (which is a 50:50 joint venture between Sumitomo Corporation and Sojitz Corporation) and Japan Organization for Metals and Energy Security (JOGMEC). JOGMEC has a 49.9% interest in LJ Scarborough Pty Ltd. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
3 |
7 |
Non-IFRS measure. Refer to pages A-8 to A-9 for further information. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
4 |
H1 2024 |
H1 2023 |
Change % |
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Operating revenue |
$ | million | 5,988 | 7,400 | (19 | %) | ||||||||||
EBITDA excluding impairment 8 |
$ | million | 4,371 | 4,888 | (11 | %) | ||||||||||
EBIT 8 |
$ | million | 2,362 | 2,791 | (15 | %) | ||||||||||
Net profit after tax (NPAT) 9 , 10 |
$ | million | 1,937 | 1,740 | 11 | % | ||||||||||
Underlying NPAT 8 |
$ | million | 1,632 | 1,896 | (14 | %) | ||||||||||
Cash flow from operating activities 11 |
$ | million | 2,393 | 2,951 | (19 | %) | ||||||||||
Cash flow used in investing activities |
$ | million | (1,653 | ) | (2,637 | ) | 37 | % | ||||||||
Free cash flow 8,11,12 |
$ | million | 740 | 314 | 136 | % | ||||||||||
Dividends distributed |
$ | million | 1,310 | 1,519 | (14 | %) | ||||||||||
Interim dividend declared |
US cps | 69 | 80 | (14 | %) | |||||||||||
Key ratios |
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Earnings |
US cps | 102.2 | 91.7 | 11 | % | |||||||||||
Gearing 8 |
% | 13.3 | 8.2 | 5.1 | % | |||||||||||
Production volumes 13,14 |
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Gas |
MMboe | 60.9 | 63.5 | (4 | %) | |||||||||||
Liquids |
MMboe | 28.4 | 27.8 | 2 | % | |||||||||||
Total |
MMboe | 89.3 | 91.3 | (2 | %) | |||||||||||
Production volumes per day 13 |
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Gas |
MMscf/d | 1,907 | 1,999 | (5 | %) | |||||||||||
Liquids |
Mbbl/d | 156 | 154 | 1 | % | |||||||||||
Total |
Mboe/d | 491 | 504 | (3 | %) | |||||||||||
Sales volumes 14 |
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Gas |
MMboe | 65.0 | 72.0 | (10 | %) | |||||||||||
Liquids |
MMboe | 28.9 | 26.8 | 8 | % | |||||||||||
Total |
MMboe | 93.9 | 98.8 | (5 | %) | |||||||||||
Sales volumes per day |
||||||||||||||||
Gas |
MMscf/d | 2,035 | 2,268 | (10 | %) | |||||||||||
Liquids |
Mbbl/d | 159 | 148 | 7 | % | |||||||||||
Total |
Mboe/d | 516 | 546 | (5 | %) |
8 |
This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information, but it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. Refer to Alternative Performance Measures on pages A-8 to A-9 for a reconciliation for these measures to Woodside’s financial statements and Non-IFRS Measures on page 2 for more information about non-IFRS measures. |
9 |
Net profit after tax attributable to equity holders of the parent. |
10 |
Subsequent to achieving first oil on the Sangomar project in June 2024, the Group has recognised a net deferred tax asset of $305 million. The expected sale of Woodside’s 15.1% share in the Scarborough Joint Venture resulted in the recognition of a net tax benefit of $91 million. These events have resulted in a reduction of the global effective income tax rate from 25.6% to 6.9%. In the prior period, as a result of the final investment decision to develop the Trion resource, the Group recognised deferred tax assets of $319 million, resulting in a reduction of the global effective income tax rate from 29.6% to 13.9%. |
11 |
Purchases of shares relating to employee share plans, which were previously classified within cash flows used in operating activities, has been classified within cash flows used in financing activities for the half-year ended 2024. The 2023 comparatives have been reclassified to be presented on the same basis. |
12 |
Cash flow from operating activities less cash flow from investing activities. |
13 |
Includes production of 88.7 MMboe from Woodside reserves and 0.6 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. |
14 |
The conversion factors used throughout this report are set out on pages A-13 to A-14, unless otherwise stated. Sales volumes differ from production volumes primarily due to the timing of liftings and the exclusion of third-party purchased volumes. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
5 |
US$ million |
||||||||||||||||
Revenue from ordinary activities |
Decreased | 19 | % 15 |
to | 5,988 | |||||||||||
Profit from ordinary activities after tax attributable to members |
Increased | 11 | % 15 |
to | 1,937 | |||||||||||
Net profit for the period attributable to members |
Increased | 11 | % 15 |
to | 1,937 | |||||||||||
Interim dividend – fully franked |
69 US cps H1 2024 | |||||||||||||||
Record date for determining entitlements to the dividend |
6 September 2024 |
US$m |
Primary reasons for variance | |||
2023 H1 reported NPAT |
1,740 |
|||
Revenue from sale of hydrocarbons | ||||
Price |
(1,077) | Lower average realised prices. | ||
Volume |
(364) | Fewer third-party LNG trades classified as revenue and natural field decline. | ||
Other operating revenue | 29 | Increase in processing and services revenue. | ||
Cost of sales | 600 | Lower royalties, trading costs and depreciation expense in H1 2024 and Pluto turnaround activities in the prior period. | ||
Other income | 181 | Gain on SJV sell-down to LNG Japan. | ||
Other expenses | 134 | Lower fair value losses on embedded derivatives. | ||
Impairment losses | 68 | Pre-tax impairment of Pyrenees recognised in prior period. | ||
Income tax and PRRT expense | 724 | Recognition of the Trion deferred tax asset (DTA) offset by derecognition of the Pluto PRRT DTA, both not present in the current period. H1 2024 includes the first-time recognition of a net DTA for the Sangomar Project. | ||
Other | (98) | |||
2024 H1 reported NPAT |
1,937 |
|||
2024 H1 NPAT adjustments | (305) |
Adjustment for the recognition of the Sangomar DTA. | ||
2024 H1 underlying NPAT |
1,632 |
15 |
Comparisons are to half-year ended 30 June 2023. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
6 |
• | approximately 29.3 MMboe of 2024 production at an average price of $75.6 per barrel, of which approximately 14.4 MMboe has been delivered; and |
• | a further 15 MMboe of 2025 production at an average price of approximately $81.2 per barrel. |
16 |
Calculated based on Woodside’s closing share price on 28 June 2024 of A$28.21 and a US$:A$ exchange rate of 0.67. |
17 |
These are non-IFRS measures. Refer to Alternative Performance Measures for a reconciliation for these measures to Woodside’s financial statements on pages A-8 to A-9 and Non-IFRS Measures on page 2 for more information about non-IFRS measures. |
18 |
Cash flow from operating activities less cash flow used in investing activities. |
19 |
Liquidity refers to total cash and cash equivalents and available undrawn debt facilities less restricted cash. Subsequent to the period, Woodside cancelled $1,550 million of undrawn facilities. As a result, Woodside’s liquidity was $6,929 million. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
7 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
8 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
9 |
20 |
The 22nd well was drilled subsequent to the period. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
10 |
21 |
Subject to conditions and agreements on terms for this period. |
22 |
Woodside uses the term “lower-carbon” to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar product. Refer to ‘Climate strategy and emissions data’ on page 2 for more information. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
11 |
23 |
The completion % excludes the Pluto Train 1 modifications project. |
24 |
The SPA is with JERA Scarborough Pty Ltd which is a wholly owned subsidiary of JERA Co., Inc. |
25 |
LJ Scarborough Pty Ltd (LNG Japan) is a jointly owned subsidiary of LNG Japan Corporation (which is a 50:50 joint venture between Sumitomo Corporation and Sojitz Corporation) and Japan Organization for Metals and Energy Security (JOGMEC). JOGMEC has a 49.9% interest in LJ Scarborough Pty Ltd. The sale proceeds received by Woodside of US$910 million for equity in the Scarborough Joint Venture comprises the purchase price, reimbursed expenditure and escalation. |
26 |
Woodside’s 90% participating interest in the Scarborough Joint Venture is prior to the completion of the sell-down of 15.1% interest to JERA. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
12 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
13 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
14 |
26 |
The supply of carbon abated hydrogen is dependent on ExxonMobil’s CCS facility becoming operational. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
15 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
16 |
• | Respect for Culture and Heritage; |
• | Economic Participation; |
• | Capability and Capacity; and |
• | Stronger Communities. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
17 |
Health and safety |
Our business is subject to risks related to safety or major hazard events in connection with our activities or facilities which may include unanticipated or unforeseeable adverse events that impact our ability to respond, manage and recover from such events. | |
Environment |
Risks associated with major hazard events in connection with our activities or facilities, including potential incidents resulting in significant loss of hydrocarbon. We work to avoid incidents and prevent harm to the environment, by integrating environmental management into our activities. We are also subject to risks associated with progressing biodiversity positive outcomes and emission reductions in a timely manner, consistent with regulatory and stakeholder expectations. | |
People and culture |
Risks associated with the ability to attract, retain, develop and motivate key employees to succeed and safeguard both current or future performance and growth. | |
Social integrity |
Risks associated with actual or perceived deviation from social or business expectations of ethical behaviour (including breaches of laws or regulations) and social responsibility (including environmental impact and community contribution), particularly as these expectations evolve and as Woodside expands its global operations. | |
Strategy and climate change |
The global response to climate change is changing the way the world produces and consumes energy. Our strategy requires us to take risk-based decisions and seek opportunities to continue to deliver energy solutions. The complex and pervasive nature of climate change means transition risks are interconnected with and may amplify other risks. Additionally, the inherent uncertainty of potential societal responses to climate change may create a systemic risk to the global economy. Climate change may also create significant physical risks, such as increased frequency and severity of storms, wildfires, floods and other climatic events, as well as chronic shifts in temperature and precipitation patterns. | |
Growth |
Risks associated with delivery of both major and complex multi-year execution project activities and transactions (including acquisitions and divestments) across multiple global locations, including a reliance on third parties for materials, products, and services. | |
Production and operations |
Due to the nature of our operations, Woodside and neighbouring communities are potentially exposed to a broad range of risks. This is a result of factors such as the geographical range, operational diversity and technical complexity of our assets. These types of risks include health and safety; commercial; regulation; and reserves and resources estimates. | |
Financial management |
Risks associated with interest rate, commodity price and foreign exchange fluctuations and inflation. | |
Commercial and market |
Risks associated with the ability to capture value whether markets are stable or volatile. | |
Technology, innovation and systems |
Risks associated with adopting and implementing new technologies, whilst safeguarding our digital information and landscape (including from cyber threats) across our value chain. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
18 |
Mr Richard Goyder, AO (Chair) | Ms Meg O’Neill (CEO and Managing Director) | |
Mr Larry Archibald | Mr Ashok Belani (appointed 29 January 2024) | |
Mr Arnaud Breuillac | Ms Swee Chen Goh | |
Mr Ian Macfarlane | Ms Angela Minas | |
Mr Tony O’Neill (appointed 3 June 2024) | Ms Ann Pickard | |
Mr Ben Wyatt | ||
Mr Frank Cooper, AO (retired 24 April 2024) | Mr Gene Tilbrook (retired 28 February 2024) |
Woodside Energy Group Ltd | Half-Year Report 2024 |
19 |
F-1 |
F-3 |
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F-4 |
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F-5 |
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F-6 |
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F-7 |
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F-8 |
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A. |
F-10 |
|||||
A.1 Segment revenue and expenses | F-10 | |||||
A.2 Finance costs | F-11 | |||||
A.3 Dividends paid and proposed | F-11 | |||||
A.4 Earnings per share | F-11 | |||||
A.5 Taxes | F-12 | |||||
B. |
F-13 |
|||||
B.1 Exploration and evaluation | F-13 | |||||
B.2 Oil and gas properties | F-14 | |||||
B.3 Goodwill | F-15 | |||||
B.4 Disposal of assets | F-15 | |||||
C. |
F-17 |
|||||
C.1 Contributed equity | F-17 | |||||
C.2 Interest-bearing liabilities and financing facilities | F-17 | |||||
D. |
F-18 |
|||||
D.1 Segment assets and liabilities | F-18 | |||||
D.2 Provisions | F-18 | |||||
D.3 Other financial assets and liabilities | F-19 | |||||
E. |
F-21 |
|||||
E.1 Contingent liabilities and assets | F-21 | |||||
E.2 Changes to the composition of the Group | F-21 | |||||
E.3 New standards and interpretations | F-21 | |||||
E.4 Events after the end of the reporting period | F-22 |
• | On 23 February 2024, the Group and JERA Scarborough Pty Ltd (JERA) entered into a sale and purchase agreement for JERA to acquire a 15.1% non-operating participating interest in the Scarborough Joint Venture. The transaction is expected to complete in the second half of 2024. As a result, $1,378 million of assets have been reclassified as assets held for sale and $119 million of liabilities have been reclassified as liabilities directly associated with assets held for sale (refer to Note B.4). This has also resulted in the recognition of a net tax benefit of $91 million (refer to Note A.5). |
• | On 26 March 2024, the Group completed the sell-down of a 10% non-operating participating interest in the Scarborough Joint Venture to LNG Japan. Proceeds from the sale were $910 million, including capital reimbursements and escalation. As a result, the Group recognised a pre-tax gain of $121 million on the transaction (refer to Note B.4). |
• | In June 2024, the Sangomar project in Senegal achieved first oil. During the half-year ended 30 June 2024, Sangomar produced 0.54 MMboe of crude oil. Production will continue to ramp up in 2024. The Group also recognised a net deferred tax asset of $305 million (refer to Note A.5). |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F-2 |
Notes | 2024 US$m |
2023 US$m |
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Operating revenue |
A.1 | |||||||||||
Cost of sales |
A.1 | ( |
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Gross profit |
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Other income |
A.1 | |||||||||||
Other expenses |
A.1 | ( |
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( |
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Impairment losses |
A.1 | ( |
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Profit before tax and net finance costs |
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Finance income |
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Finance costs |
A.2 | ( |
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( |
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Profit before tax |
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Petroleum resource rent tax (PRRT) expense |
( |
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( |
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Income tax expense |
A.5 | ( |
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( |
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Profit after tax |
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Profit attributable to: |
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Equity holders of the parent |
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Non-controlling interest |
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Profit for the period |
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Basic earnings per share attributable to equity holders of the parent (US cents) |
A.4 | |||||||||||
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Diluted earnings per share attributable to equity holders of the parent (US cents) |
A.4 | |||||||||||
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Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 3 |
2024 US$m |
2023 US$m |
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Profit for the period |
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Other comprehensive income |
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Items that may be reclassified to the income statement in subsequent periods: |
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(Losses)/gains on cash flow hedges |
( |
) |
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Losses on cash flow hedges reclassified to the income statement |
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Tax recognised within other comprehensive income |
( |
) | ||||||
Exchange fluctuations on translation of foreign operations taken to equity |
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Items that will not be reclassified to the income statement in subsequent periods: |
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Remeasurement loss on defined benefit plan |
( |
) |
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Net loss on financial instruments at fair value through other comprehensive income |
( |
) |
( |
) | ||||
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Other comprehensive (loss)/income for the period, net of tax |
( |
) |
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Total comprehensive income for the period |
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Total comprehensive income attributable to: |
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Equity holders of the parent |
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Non-controlling interest |
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Total comprehensive income for the period |
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Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 4 |
Notes | 30 June 2024 US$m |
31 December 2023 US$m |
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Current assets |
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Cash and cash equivalents |
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Receivables |
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Inventories |
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Other financial assets |
D.3 | |||||||||||
Assets held for sale |
B.4 | |||||||||||
Tax receivable |
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Other assets |
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Total current assets |
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Non-current assets |
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Receivables |
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Inventories |
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Other financial assets |
D.3 | |||||||||||
Exploration and evaluation assets |
B.1 | |||||||||||
Oil and gas properties |
B.2 | |||||||||||
Deferred tax assets |
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Lease assets |
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Investments accounted for using the equity method |
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Goodwill |
B.3 | |||||||||||
Other assets |
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Total non-current assets |
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Total assets |
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Current liabilities |
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Payables |
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Interest-bearing liabilities |
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Other financial liabilities |
D.3 | |||||||||||
Liabilities directly associated with assets held for sale |
B.4 | |||||||||||
Provisions |
D.2 | |||||||||||
Tax payable |
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Lease liabilities |
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Other liabilities |
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Total current liabilities |
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Non-current liabilities |
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Interest-bearing liabilities |
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Deferred tax liabilities |
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Other financial liabilities |
D.3 | |||||||||||
Provisions |
D.2 | |||||||||||
Tax payable |
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Lease liabilities |
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Other liabilities |
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Total non-current liabilities |
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Total liabilities |
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Net assets |
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Equity |
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Issued and fully paid shares |
C.1 | |||||||||||
Shares reserved for employee share plans |
C.1 | ( |
) |
( |
) | |||||||
Other reserves |
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Retained earnings |
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Equity attributable to equity holders of the parent |
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Non-controlling interest |
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Total equity |
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Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 5 |
Notes | 2024 US$m |
2023 US$m |
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Cash flows from operating activities |
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Profit after tax for the period |
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Adjustments for: |
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Non-cash items |
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Depreciation and amortisation |
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Depreciation of lease assets |
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Change in fair value of derivative financial instruments |
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Net finance costs/(income) |
( |
) | ||||||||||
Tax expense |
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Exploration and evaluation written off |
— |
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Impairment losses |
— |
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Restoration movement |
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Gain on disposal of oil and gas properties |
( |
) |
— | |||||||||
Other |
( |
) |
( |
) | ||||||||
Changes in assets and liabilities |
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Decrease in trade and other receivables |
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Increase in inventories |
( |
) |
( |
) | ||||||||
Decrease in provisions |
( |
) |
( |
) | ||||||||
Decrease in lease liabilities |
— |
( |
) | |||||||||
Decrease/(increase) in other assets and liabilities |
( |
) | ||||||||||
Increase/(decrease) in trade and other payables |
( |
) | ||||||||||
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Cash generated from operations |
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Interest received |
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Dividends received |
— |
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Borrowing costs relating to operating activities |
( |
) |
( |
) | ||||||||
Income tax and PRRT paid |
( |
) |
( |
) | ||||||||
Payments for restoration |
( |
) |
( |
) | ||||||||
Receipts from hedge collateral |
— |
|||||||||||
|
|
|
|
|||||||||
Net cash from operating activities 1 |
||||||||||||
|
|
|
|
|||||||||
Cash flows used in investing activities |
||||||||||||
Payments for capital and exploration expenditure |
( |
) |
( |
) | ||||||||
Borrowing costs relating to investing activities |
( |
) |
( |
) | ||||||||
Proceeds from disposal of non-current assets |
||||||||||||
Funding of equity accounted investments |
— |
( |
) | |||||||||
|
|
|
|
|||||||||
Net cash used in investing activities |
( |
) |
( |
) | ||||||||
|
|
|
|
|||||||||
Cash flows used in financing activities |
||||||||||||
Proceeds from borrowings |
C.2 | — | ||||||||||
Repayment of borrowings |
C.2 | — |
( |
) | ||||||||
Purchases of shares relating to employee share plans 1 |
( |
) |
( |
) | ||||||||
Repayment of the principal portion of lease liabilities |
( |
) |
( |
) | ||||||||
Borrowing costs relating to lease liabilities |
( |
) |
( |
) | ||||||||
Contributions to non-controlling interests |
( |
) |
( |
) | ||||||||
Dividends paid |
( |
) |
( |
) | ||||||||
|
|
|
|
|||||||||
Net cash used in financing activities 1 |
( |
) |
( |
) | ||||||||
|
|
|
|
|||||||||
Net increase/(decrease) in cash held |
( |
) | ||||||||||
Cash and cash equivalents at the beginning of the period |
||||||||||||
Effects of exchange rate changes |
( |
) |
( |
) | ||||||||
|
|
|
|
|||||||||
Cash and cash equivalents at the end of the period |
||||||||||||
|
|
|
|
1. |
Purchases of shares relating to employee share plans, which were previously classified within cash flows used in operating activities, has been classified within cash flows used in financing activities for the half-year ended 2024. The 2023 comparatives have been reclassified to be presented on the same basis. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 6 |
Issued and fully paid shares |
Reserved shares |
Employee benefits reserve |
Foreign currency translation reserve |
Hedging reserve |
Distributable profits reserve |
Other reserve |
Retained earnings |
Equity holders of the parent |
Non-controlling interest |
Total equity |
||||||||||||||||||||||||||||||||||
Notes |
C.1 US$m |
C.1 US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|||||||||||||||||||||||||||||||||
At 1 January 2024 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||||
Profit for the period |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||||
Other comprehensive loss |
— |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) |
— |
( |
) | ||||||||||||||||||||||||||||
Total comprehensive (loss)/income for the period |
— |
— |
— |
— |
( |
) |
— |
( |
) |
|||||||||||||||||||||||||||||||||||
Transfers |
— |
— |
— |
— |
— |
— |
( |
) |
— |
— |
— |
|||||||||||||||||||||||||||||||||
Employee share plan purchases |
— |
( |
) |
— |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) | ||||||||||||||||||||||||||||||
Employee share plan redemptions |
— |
( |
) |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||
Share-based payments (net of tax) |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
Dividends paid |
— |
— |
— |
— |
( |
) |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
At 30 June 2024 |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||
At 1 January 2023 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||
Profit for the period |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) |
— | — | — | — | ( |
) | — |
— | ||||||||||||||||||||||||||||||||||||
Total comprehensive income/(loss) for the period |
— | — | — | — | ( |
) | ||||||||||||||||||||||||||||||||||||||
Transfers |
— | — | — | — | — | — | ( |
) | — | — | — | |||||||||||||||||||||||||||||||||
Employee share plan purchases |
— | ( |
) | — | — | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||
Employee share plan redemptions |
— | ( |
) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Share-based payments (net of tax) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends paid |
— | — | — | — | — | ( |
) | — | — |
( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||
At 30 June 2023 |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 7 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F-8 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F-9 |
Australia |
International |
Marketing |
Corporate/Other |
Consolidated |
||||||||||||||||||||||||||||||||||||
2024 US$m |
2023 US$m |
2024 US$m |
2023 US$m |
2024 US$m |
2023 US$m |
2024 US$m |
2023 US$m |
2024 US$m |
2023 US$m |
|||||||||||||||||||||||||||||||
Liquified natural gas |
— |
— | — |
— | ||||||||||||||||||||||||||||||||||||
Pipeline gas |
— |
— | — |
— | ||||||||||||||||||||||||||||||||||||
Crude oil and condensate |
— |
— | ||||||||||||||||||||||||||||||||||||||
Natural gas liquids |
— |
— | ||||||||||||||||||||||||||||||||||||||
Revenue from sale of hydrocarbons |
— |
— | ||||||||||||||||||||||||||||||||||||||
Intersegment revenue 1 |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | — |
— | ||||||||||||||||||||||||||||
Processing and services revenue |
— |
— | — |
— | — |
— | ||||||||||||||||||||||||||||||||||
Shipping and other revenue |
— |
— | — |
— | — |
— | ||||||||||||||||||||||||||||||||||
Other revenue |
( |
) | ( |
) |
( |
) | — |
— | ||||||||||||||||||||||||||||||||
Operating revenue 2 |
— |
— | ||||||||||||||||||||||||||||||||||||||
Production costs |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | — |
— |
( |
) |
( |
) | ||||||||||||||||||||||||
Royalties, excise and levies |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | — |
— | ( |
) |
( |
) | ||||||||||||||||||||||||
Insurance |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||
Inventory movement |
— |
— | ||||||||||||||||||||||||||||||||||||||
Costs of production |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||
Land and buildings |
( |
) |
( |
) | ( |
) | — |
— | ( |
) |
— | ( |
) |
( |
) | |||||||||||||||||||||||||
Transferred exploration and evaluation |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | — |
— | ( |
) |
( |
) | ||||||||||||||||||||||||
Plant and equipment |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||
Oil and gas properties depreciation and amortisation |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||
Shipping and direct sales costs |
( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||||
Trading costs |
( |
) | — |
— | ( |
) |
( |
) | — |
— | ( |
) |
( |
) | ||||||||||||||||||||||||||
Other hydrocarbon costs |
( |
) |
( |
) | — |
— | — |
— | — |
— | ( |
) |
( |
) | ||||||||||||||||||||||||||
Other cost of sales |
( |
) |
— |
— | — |
— | ( |
) |
— | ( |
) |
|||||||||||||||||||||||||||||
Other cost of sales |
( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) |
( |
) | ||||||||||||||||||||||
Cost of sales |
( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||
Gross profit/(loss) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||
Other income 3 |
||||||||||||||||||||||||||||||||||||||||
Exploration and evaluation expenditure |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | ( |
) | ( |
) |
( |
) | ||||||||||||||||||||||||
Amortisation of permit acquisitions |
— |
— | ( |
) |
( |
) | — |
— | — |
— | ( |
) |
( |
) | ||||||||||||||||||||||||||
Write-offs |
( |
) | — |
— | — |
— | ( |
) | ||||||||||||||||||||||||||||||||
Exploration and evaluation |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | ( |
) | ( |
) |
( |
) | ||||||||||||||||||||||||
General, administration and other costs |
— |
— | — |
( |
) | — |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||||
Amortisation of intangible assets |
— |
— | — |
— | — |
— | ( |
) |
— | ( |
) |
— | ||||||||||||||||||||||||||||
Depreciation of lease assets |
( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||
Restoration movement |
( |
) |
( |
) | ( |
) |
( |
) | — |
— | — |
— | ( |
) |
( |
) | ||||||||||||||||||||||||
Other 4 |
( |
) | — |
( |
) | ( |
) | ( |
) |
( |
) | ( |
) |
( |
) | |||||||||||||||||||||||||
Other costs |
( |
) |
( |
) | ( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||
Other expenses |
( |
) |
( |
) | ( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||
Impairment losses |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Profit/(loss) before tax and net finance costs |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||
1. | Intersegment revenue comprises the incremental income net of all incremental associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. |
2. | Operating revenue includes revenue from contracts with customers of $ sub-lease income of $ |
3. | Includes fees, recoveries and other income not associated with the ongoing operations of the business. The 2024 amount includes the gain on the Scarborough sell-down to LNG Japan of $ |
4. | Includes gains and losses on foreign exchange and hedging activities, fair value losses on embedded derivatives and other items not associated with the ongoing operations of the business. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 1 0 |
2024 US$m |
2023 US$m |
|||||||
Interest on interest-bearing liabilities |
||||||||
Interest on lease liabilities |
||||||||
Accretion charge |
||||||||
Other finance costs |
||||||||
Less: Finance costs capitalised against qualifying assets |
( |
) |
( |
) | ||||
2024 US$m |
2023 US$m |
|||||||
(a) Dividends paid during the financial period Prior year fully franked final dividend US$ |
||||||||
(b) Dividend declared subsequent to the reporting period (not recorded as a liability) Current year fully franked interim dividend US$ 3 October 2024 (2023: US$3 October 2023) |
||||||||
2024 |
2023 | |||||||
Profit attributable to equity holders of the parent (US$m) |
||||||||
Weighted average number of shares on issue for basic earnings per share |
||||||||
Effect of dilution from contingently issuable shares |
||||||||
Weighted average number of shares on issue adjusted for the effect of dilution |
||||||||
Basic earnings per share (US cents) |
||||||||
Diluted earnings per share (US cents) |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 11 |
2024 US$m |
2023 US$m |
|||||||
Reconciliation of income tax expense |
||||||||
Profit before tax |
||||||||
PRRT expense |
( |
) |
( |
) | ||||
Profit before income tax |
||||||||
Income tax expense calculated at |
||||||||
Effect of tax rate differentials |
( |
) |
||||||
Effect of deferred tax assets not recognised |
||||||||
Effect of tax benefits previously unrecognised 1 |
( |
) |
( |
) | ||||
Reduction in deferred tax liability due to held for sale basis 1 |
( |
) |
||||||
Foreign exchange impact on tax benefit |
( |
) |
( |
) | ||||
Adjustment to prior years |
( |
) |
( |
) | ||||
Other |
||||||||
Income tax expense |
||||||||
1. | Subsequent to achieving first oil on the Sangomar project in June 2024, the Group has recognised a net deferred tax asset of $ million. The remaining $ share in the Scarborough Joint Venture resulted in the recognition of a net tax benefit of $million. These events have resulted in a reduction of the global effective income tax rate from |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 12 |
Asia Pacific US$m |
Americas US$m |
Africa US$m |
Total US$m |
|||||||||||||
Half-year ended 30 June 2024 |
||||||||||||||||
Carrying amount at 1 January 2024 |
||||||||||||||||
Additions |
||||||||||||||||
Amortisation of licence acquisition costs |
— |
( |
) |
( |
) | |||||||||||
Transferred exploration and evaluation |
( |
) |
( |
) |
( |
) | ||||||||||
Carrying amount at 30 June 2024 |
||||||||||||||||
Year ended 31 December 2023 |
||||||||||||||||
Carrying amount at 1 January 2023 |
||||||||||||||||
Additions |
||||||||||||||||
Amortisation of licence acquisition costs |
— | ( |
) | ( |
) | ( |
) | |||||||||
Expensed |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Transferred exploration and evaluation 1 |
( |
) | ( |
) | — | ( |
) | |||||||||
Carrying amount at 31 December 2023 |
||||||||||||||||
1. | On 20 June 2023, the Group made a final investment decision to develop the Trion resource in Mexico. Related exploration and evaluation assets of $ |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 13 |
Land and buildings US$m |
Transferred exploration and evaluation US$m |
Plant and equipment US$m |
Projects in development 1 US$m |
Total US$m |
||||||||||||||||
Half-year ended 30 June 2024 |
||||||||||||||||||||
Carrying amount at 1 January 2024 |
||||||||||||||||||||
Additions 2 |
— |
— |
( |
) |
||||||||||||||||
Disposals at written down value |
( |
) |
— |
( |
) |
( |
) | |||||||||||||
Depreciation and amortisation |
( |
) |
( |
) |
( |
) |
— |
( |
) | |||||||||||
Completions and transfers 3 |
( |
) |
||||||||||||||||||
Transfer to assets held for sale 4 |
— |
— |
( |
) |
( |
) |
( |
) | ||||||||||||
Carrying amount at 30 June 2024 |
||||||||||||||||||||
At 30 June 2024 |
||||||||||||||||||||
Historical cost |
||||||||||||||||||||
Accumulated depreciation and impairment |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Net carrying amount |
||||||||||||||||||||
Year ended 31 December 2023 |
||||||||||||||||||||
Carrying amount at 1 January 2023 |
||||||||||||||||||||
Additions |
— | — | ||||||||||||||||||
Disposals at written down value |
( |
) | ( |
) | — | ( |
) | |||||||||||||
Depreciation and amortisation |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Impairment losses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Completions and transfers |
— | ( |
) | |||||||||||||||||
Transfer to assets held for sale |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||
Carrying amount at 31 December 2023 |
||||||||||||||||||||
At 31 December 2023 |
||||||||||||||||||||
Historical cost |
||||||||||||||||||||
Accumulated depreciation and impairment |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Net carrying amount |
||||||||||||||||||||
1. | Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations. |
2. | Includes $ reducing plant and equipment relates to changes in restoration provision assumptions. |
3. | Upon first oil in June 2024, the carrying value of the Sangomar project in projects in development has been transferred to plant and equipment. |
4. | Refer to Note B.4 for details of the sell-downs of the Scarborough Joint Venture. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 14 |
US$m |
||||
Half-year ended 30 June 2024 |
||||
Carrying amount at 1 January 2024 |
||||
Transfer to assets held for sale 1 |
( |
) | ||
Carrying amount at 30 June 2024 |
||||
At 30 June 2024 |
||||
Cost |
||||
Accumulated impairment |
( |
) | ||
Net carrying amount |
||||
Year ended 31 December 2023 |
||||
Carrying amount at 1 January 2023 |
||||
Adjustment to purchase price allocation |
||||
Impairment |
( |
) | ||
Transfer to assets held for sale |
( |
) | ||
Carrying amount at 31 December 2023 |
||||
At 31 December 2023 |
||||
Cost |
||||
Accumulated impairment |
( |
) | ||
Net carrying amount |
||||
1. |
Refer to Note B.4(a) for details of the sell-downs of the Scarborough Joint Venture. |
US$m |
||||
Assets classified as held for sale |
||||
Oil and gas properties |
||||
Inventories |
||||
Lease assets |
||||
Goodwill |
||||
Other assets |
||||
Total assets held for sale |
||||
Liabilities directly associated with assets held for sale |
||||
Payables |
( |
) | ||
Deferred tax liabilities |
( |
) | ||
Lease liabilities |
( |
) | ||
Provisions |
( |
) | ||
Total liabilities directly associated with assets held for sale |
( |
) | ||
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 15 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 1 6 |
Number of shares |
US$m |
|||||||
Half-year ended 30 June 2024 |
||||||||
Opening balance |
||||||||
Amounts as at 30 June 2024 |
||||||||
Year ended 31 December 2023 |
||||||||
Opening balance |
||||||||
Amounts as at 31 December 2023 |
||||||||
Number of shares |
US$m |
|||||||
Half-year ended 30 June 2024 |
||||||||
Opening balance |
( |
) | ||||||
Purchases during the period |
( |
) | ||||||
Vested/allocated during the period |
( |
) |
||||||
Amounts as at 30 June 2024 |
( |
) | ||||||
Year ended 31 December 2023 |
||||||||
Opening balance |
( |
) | ||||||
Purchases during the year |
( |
) | ||||||
Vested/allocated during the year |
( |
) | ||||||
Amounts as at 31 December 2023 |
( |
) | ||||||
• | $ Interest is based on daily Secured Overnight Financing Rate (SOFR) plus margin. This facility was fully drawn subsequent to the period on 22 July 2024. |
• | $ Interest is based on daily SOFR plus credit adjustment spread (CAS) and margin. This facility was fully drawn in June 2024. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 17 |
30 June 2024 US$m |
31 December 2023 US$m |
|||||||
(a) Segment assets |
||||||||
Australia |
||||||||
International |
||||||||
Marketing |
||||||||
Corporate/Other |
||||||||
30 June 2024 US$m |
31 December 2023 US$m |
|||||||
(b) Segment liabilities |
||||||||
Australia |
||||||||
International |
||||||||
Marketing |
||||||||
Corporate/Other |
||||||||
Restoration 1 US$m |
Employee benefits US$m |
Other US$m |
Total US$m |
|||||||||||||
Half-year ended 30 June 2024 |
||||||||||||||||
At 1 January 2024 |
||||||||||||||||
Change in provision |
( |
) |
( |
) |
( |
) | ||||||||||
Unwinding of present value discount |
||||||||||||||||
Carrying amount at 30 June 2024 |
||||||||||||||||
Current |
||||||||||||||||
Non-current |
||||||||||||||||
Net carrying amount |
||||||||||||||||
Year ended 31 December 2023 |
||||||||||||||||
At 1 January 2023 |
||||||||||||||||
Change in provision |
( |
) | ||||||||||||||
Unwinding of present value discount |
||||||||||||||||
Carrying amount at 31 December 2023 |
||||||||||||||||
Current |
||||||||||||||||
Non-current |
||||||||||||||||
Net carrying amount |
||||||||||||||||
1. | 2024 change in provision is due to a revision of discount rates of $ rates of $ |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 18 |
30 June 2024 US$m |
31 December 2023 US$m |
|||||||
Other financial assets |
||||||||
Financial instruments at fair value through profit and loss |
||||||||
Derivative financial instruments designated as hedges |
||||||||
Other financial assets |
||||||||
Financial instruments at fair value through other comprehensive income |
||||||||
Other financial assets |
||||||||
Total other financial assets |
||||||||
Current |
||||||||
Non-current |
||||||||
Net carrying amount |
||||||||
Other financial liabilities |
||||||||
Financial instruments at fair value through profit and loss |
||||||||
Derivative financial instruments designated as hedges |
||||||||
Embedded derivative |
||||||||
Other financial liabilities |
||||||||
Total other financial liabilities |
||||||||
Current |
||||||||
Non-current |
||||||||
Net carrying amount |
||||||||
• | The Group had hedged approximately |
• | The Group additionally hedged approximately |
• | The Group also has a hedging program for Corpus Christi LNG volumes designed to protect against downside pricing risk. These hedges are Henry Hub (HH) and Title Transfer Facility (TTF) commodity swaps. Approximately |
• | Through foreign exchange forward contracts, the Group hedged the Australian dollar to US dollar exchange rate for a portion of the Australian dollar denominated capital expenditure expected to be incurred for the Scarborough development. |
30 June 2024 US$m |
31 December 2023 US$m |
|||||||
Oil swaps (cash flow hedges) |
( |
) |
( |
) | ||||
HH Corpus Christi commodity swaps (cash flow hedges) |
( |
) |
( |
) | ||||
TTF Corpus Christi commodity swaps (cash flow hedges) |
||||||||
Interest rate swaps (cash flow hedges) |
||||||||
Foreign exchange forwards (cash flow hedges) |
( |
) |
||||||
Total derivative financial instruments asset designated as hedges |
||||||||
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 19 |
• | Inflation rate – |
• | Discount rate – a pre-tax interest rate curve (range: |
• | Domestic gas pricing – forecast sales are subject to urea pricing. Price assumptions are based on the best market information available at measurement date and derived from short- and long-term views of global supply and demand, building upon past experience of the industry and consistent with external sources. The long-term urea price is determined with reference to the prevailing gas hub (TTF) prices available in the market at reporting date. |
Change in assumption 1 |
US$m |
|||
Urea sales price: increase of |
||||
Urea sales price: decrease of |
( |
) | ||
Discount rate: increase of 2 |
( |
) | ||
Discount rate: decrease of 2 |
1. | Amounts shown represent the change of the present value of the contract keeping all other variables constant. |
2. | A change of 1.5 % represents 150 basis points. |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F - 20 |
30 June 2024 US$m |
31 December 2023 US$m |
|||||||
Contingent liabilities at reporting date |
||||||||
Not otherwise provided for in the financial statements: |
||||||||
Contingent liabilities |
||||||||
Guarantees |
||||||||
• | aim to ensure that large multinational groups pay a minimum amount of tax on income arising in each jurisdiction in which they operate; and |
• | would achieve a minimum effective tax rate in each jurisdiction of |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 21 |
Woodside Energy Group Ltd | Half-Year Report 2024 |
F- 22 |
Appendix 4D
Dividends
Ex-dividend date | 5 September 2024 | |||||
Record date for the interim dividend | 6 September 2024 | |||||
Date the dividend is payable | 3 October 2024 | |||||
Current period | Previous corresponding period1 | |||||
Interim dividend – fully franked | US cents per share | 69 | 80 |
None of these dividends are foreign sourced.
Woodside dividends are determined and declared in US dollars. However, shareholders will receive their dividend in Australian dollars unless their registered address is in the United Kingdom (in which case they will receive their dividend in British pounds), in the United States of America (in which case they will receive their dividend in US dollars) or in New Zealand (in which case they will receive their dividend in NZ dollars).
Shareholders who reside outside of the United States can elect to receive their dividend electronically in US dollars, payable into a US financial institution account. Shareholders who reside outside of the United States, the United Kingdom, New Zealand and Australia may elect to receive their dividend electronically in their local currency using Global Wire Payment Service from the Company’s share registry, Computershare Investor Services Pty Ltd.
Shareholders should contact the Company’s share registry if they wish to alter their dividend currency for future dividend payments. Contact details are available on Woodside’s website on the Shareholder Information section of the Investors page. Shareholders must make an election to alter their dividend currency on or before 5.00pm AWST on 9 September 2024.
Details of Associates and Joint Venture Entities
Percentage of ownership interest held at end of period or date of disposal | ||||
Name of entity |
Current period | Previous corresponding period1 | ||
North West Shelf Gas Pty Ltd |
33.33% | 33.33% | ||
North West Shelf Liaison Company Pty Ltd |
33.33% | 33.33% | ||
China Administration Company Pty Ltd |
33.33% | 33.33% | ||
International Gas Transportation Company Limited |
33.33% | 33.33% | ||
North West Shelf Shipping Service Company Pty Ltd |
33.33% | 33.33% | ||
North West Shelf Lifting Coordinator Pty Ltd |
33.33% | 33.33% | ||
Blue Ocean Seismic Services Limited |
16.17% | 28.50% | ||
Iwilei District Participating Parties, LLC |
14.96% | 14.96% | ||
Caesar Oil Pipeline Company, LLC |
25.00% | 25.00% | ||
Cleopatra Gas Gathering Company LLC |
22.00% | 22.00% | ||
Marine Well Containment Company LLC |
10.00% | 10.00% |
1 | Comparisons are to half-year ended 30 June 2023. |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-1 |
Shareholder information
Key announcements 2024
January | Fourth quarter 2023 report | |
Appointment of Director and changes to Committee Membership | ||
February | Woodside concludes discussions with Santos | |
Woodside releases Reserves Statement and financial updates | ||
Woodside to sell 15.1% Scarborough interest to JERA | ||
Full-year 2023 results and briefing | ||
Annual Report 2023 and US Annual Report 2023 (Form 20-F) | ||
Climate Transition Action Plan and 2023 Progress Report | ||
March | Thriving through the energy transition investor presentation | |
Woodside completes sale of 10% Scarborough interest | ||
April | Chair’s letter to shareholders | |
First quarter 2024 report | ||
2024 Annual General Meeting | ||
June | Appointment of Director to Woodside Board | |
Woodside achieves first oil at Sangomar field in Senegal | ||
Report on payments to governments 2023 | ||
July | Woodside to acquire Tellurian and Driftwood LNG | |
Second quarter 2024 report | ||
August | Woodside to acquire OCI’s Clean Ammonia Project | |
Half-Year 2024 line-item guidance | ||
Half-Year 2024 results |
Events calendar 2024-2025
Key calendar dates for Woodside shareholders in 2024-25. Please note dates are subject to review.
August |
27 | Half-year 2024 results | ||
September |
5 | Ex-dividend date for interim dividend (Australian Securities Exchange and London Stock Exchange) | ||
6 | Ex-dividend date for interim dividend (New York Stock Exchange) | |||
6 | Record date for interim dividend | |||
16 | US investor event | |||
October |
3 | Payment date for interim dividend | ||
16 | Third quarter 2024 report | |||
December |
31 | Year-end 2024 | ||
January |
Fourth quarter 2024 report |
Business directory
Registered office: | Postal address: | |
Woodside Energy Group Ltd Mia Yellagonga 11 Mount Street Perth WA 6000 Australia |
GPO Box D188 Perth WA 6840 Australia
T: +61 8 9348 4000 |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-2 |
Investor enquiries
Investors seeking information on the company should contact Investor Relations at:
Postal address: | ||
Investor Relations GPO Box D188 Perth WA 6840 Australia |
T: +61 8 9348 4000 E: investor@woodside.com W: woodside.com |
Share registry enquiries
Investors seeking information about their shareholdings should contact the company’s share registry:
Registered office: | Postal address: | |
Computershare Investor Services Pty Limited Level 11 172 St Georges Terrace Perth WA 6000 |
GPO Box D182 Perth WA 6840
T: 1300 558 507 (within Australia) +61 3 9415 4632 (outside Australia) E: web.queries@computershare.com.au W: investorcentre.com/wds |
The share registry can assist with queries on share transfers, dividend payments, the dividend reinvestment plan, notification of tax file numbers and changes of name, address or bank account details.
Details of shareholdings can be checked by visiting the share registry website at www.investorcentre.com/wds.
Details of our registrar in the United Kingdom and our authorised depositary bank for Woodside’s American Depositary Receipt programme can be found on our website.
Assets
Producing facilities
Australia
Asset |
Role |
Equity | Product | |||||
Pluto LNG |
Operator |
90% | LNG, pipeline gas and condensate | |||||
North West Shelf1 |
Operator |
33.33% | LNG, pipeline gas, condensate and NGLs | |||||
Wheatstone |
Non-operator |
13% | LNG, pipeline gas and condensate | |||||
Julimar-Brunello |
Operator |
65% | ||||||
Okha FPSO |
Operator |
50% | Crude oil | |||||
Ngujima-Yin FPSO |
Operator |
60% | Crude oil | |||||
Bass Strait |
Non-operator |
32.5-50% | Crude oil, pipeline gas, condensate and NGLs | |||||
Pyrenees FPSO |
Operator |
40-71.4% | Crude oil | |||||
Macedon |
Operator |
71.4% | Pipeline gas |
Interest JVs is 31.567%. |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-3 |
International
Asset |
Role |
Equity | Product | |||||
Sangomar |
Operator |
82% | Crude oil | |||||
Greater Angostura |
Operator |
45-68.46% | Crude oil and pipeline gas | |||||
Greater Shenzi |
Operator |
72% | Crude oil, pipeline gas, condensate and NGLs | |||||
Atlantis |
Non-operator |
44% | Crude oil, pipeline gas, condensate and NGLs | |||||
Mad Dog |
Non-operator |
23.9% | Crude oil, pipeline gas, condensate and NGLs |
Projects1
Post FID
Asset |
Role |
Equity | Product | |||||
Scarborough |
Operator |
90% | 2 | LNG, pipeline gas and condensate | ||||
Trion |
Operator |
60% | Crude oil |
1. | Excludes acquisitions subsequent to the period. |
2. | On completion of the transaction to sell a 15.1% interest in the Scarborough Joint Venture to JERA, Woodside will hold a 74.9% interest and remain as operator. Completion is expected in the second half of 2024. |
Developments
Asset |
Role |
Equity | Product | |||||
Calypso |
Operator |
70% | Gas | |||||
Browse |
Operator |
30.6% | LNG, pipeline gas and condensate | |||||
Greater Scarborough1 |
Operator |
100% | Gas | |||||
Liard |
Non-operator |
50% | Gas | |||||
Sunrise |
Operator |
33.44% | LNG, pipeline gas and condensate |
1. | “Greater Scarborough” includes the Jupiter and Thebe fields. |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-4 |
New energy opportunities1,2
Asset |
Role |
Equity | Product | |||||
H2OK |
Operator |
100% | Hydrogen | |||||
H2Perth |
Operator |
100% | Hydrogen | |||||
Hydrogen Refueller@H2Perth |
Operator |
100% | Hydrogen | |||||
H2TAS |
Operator |
100% | Hydrogen and ammonia | |||||
Woodside Solar |
Proponent2 |
100% | Solar energy | |||||
Southern Green Hydrogen3 |
Preferred partner |
— | Hydrogen and ammonia | |||||
Capella |
Non-operating participant | N/A | Solar energy |
1. | Subject to FID and regulatory approvals. Excludes acquisitions subsequent to the period. |
2. | Solar generation, battery services and transmission access and services will be supplied to Woodside under contracts with third parties. |
3. | Subsequent to the period, Woodside ceased discussions on a potential Southern Green Hydrogen collaboration. |
Greenhouse gas assessment permits
Country |
Permit |
Role |
Joint venture |
Comment | ||||
Australia | G-7-AP | Non-operator | Bonaparte CCS Assessment Joint Venture | Located in the Bonaparte basin off the north western coast of the Northern Territory | ||||
G-8-AP | Operator | Browse Joint Venture | For carbon capture and storage evaluation for Browse | |||||
G-10-AP | Operator | Angel CCS Joint Venture | Located in the Northern Carnarvon basin off the north west coast of Western Australia |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-5 |
Exploration
Country |
Permit |
Role |
Equity |
Product | ||||
Asia – Pacific | ||||||||
Australia | WA-404-P | Operator | 100% | Gas prone basin | ||||
WA-536-P | Operator | 65% | Gas prone basin | |||||
WA-550-P | Operator | 100% | Gas prone basin | |||||
NT/P86 | Operator | 100% | Gas prone basin | |||||
WA-28-P | Operator | 15.78%-33.3% | Oil and gas prone basin | |||||
WA-93-R | Operator | 70% | Gas prone basin | |||||
WA-94-R | Operator | 70% | Gas prone basin | |||||
Europe | ||||||||
Ireland | FEL 5/13 | Operator | Exit initiated | Oil or gas prone basin | ||||
Africa | ||||||||
Senegal | Rufisque, Sangomar and Sangomar Deep (RSSD) | Operator | Exit initiated | Oil prone basin | ||||
Congo | Marine XX | Non-operator | 22.5% | Oil or gas prone basin | ||||
Egypt | Red Sea Block 1 | Non-operator | 45% | Oil or gas prone basin | ||||
Red Sea Block 3 | Non-operator | 30% | Oil and gas prone basin | |||||
Red Sea Block 4 | Non-operator | 25% | Oil and gas prone basin | |||||
North El Dabaa Offshore (Block 4) | Non-operator | 27% | Oil and gas prone basin | |||||
Caribbean | ||||||||
Barbados | Bimshire Bay | Operator | 60% - Exit initiated | Oil or gas prone basin |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-6 |
Country |
Permit |
Role |
Equity |
Product | ||||
North America | ||||||||
US Gulf of Mexico | GB 780, GB 824, GB 825, GB 821, GB 866, EB 636, EB 637, EB 550, EB 594, EB 638, KC 859, KC 903, KC 904, KC 905, KC 948, KC 949, WR 795, WR 796 | Operator | 100% | Oil prone basin | ||||
GB 640, GB 641, GB 685, GB 555, GB 726, GB 770, GB 771, GB 604, GB 605, GB 647, GB 648, GB 772, GB 728, GB 729, GB 773, GB 774, GB 421, GB 464, GB 465, GB 508, GB 509, GC 598 | Non-operator | 40% | Oil prone basin | |||||
GB 574, GB 575, GB 619, GB 529, GB 530, GB 531 | Operator | 40% | Oil prone basin | |||||
GC 436, GC 480 | Non-operator | 44% | Oil prone basin | |||||
GB 501, GB 502, GB 545, GB 630, GB 672, GB 676, GB 677, GB 716, GB 719, GB 720, GB 721, GB 760, GB 762, GB 763, GB 805, GB 806, GB 807, GB 851, GB 852, GB 895 | Operator | 60% | Oil prone basin | |||||
GC 282, GC 237 | Non-operator | 50% | Oil prone basin | |||||
GB 663, GB 664, GB 678, GC 210, GC 211 |
Operator | 100% | Oil prone basin | |||||
EB 655, EB 656, EB 699, EB 700, EB 701, EB 566, EB 567, EB 610, EB 611, AC 34, AC 36, AC 78, AC 80, EB 914 |
Operator | 70% | Oil prone basin | |||||
MC 798, MC 842 | Non-operator | 45% | Oil prone basin | |||||
AC 125, AC 126, AC 81, AC 82 | Operator | 45% | Oil prone basin | |||||
GC 679, GC 768 | Non-operator | 31.9% | Oil prone basin | |||||
MC 368, MC 369, MC 411, MC 412, MC 455, MC 456 | Non-operator | 25% | Oil prone basin | |||||
GC 80, GC 123, GC 124, GC 168 | Operator | 75% | Oil prone basin | |||||
GC 870 | Non-operator | 23.9% | Oil prone basin | |||||
AT 228, AT 273, AT 274, AT 409, AT 452, AT 453, AT 454, AT 424, AT 425, AT 469, AT 470 | Non-operator | 30% | Oil prone basin |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-7 |
Alternative Performance Measures
Woodside uses various alternative performance measures (APM) which are non-IFRS measures that are unaudited but derived from our Half-Year Financial Statements. Although certain non-IFRS data has been extracted or derived from the Half-Year financial statements, this data has not been audited or reviewed by Woodside’s independent auditors. These measures are presented to provide further insight into Woodside’s performance. See Non-IFRS Measures on page 2 for more information.
APMs and their nearest respective IFRS measure.
APMs derived from the condensed consolidated income statement |
30 June 2024 US$m |
30 June 2023 US$m |
||||||
EBIT/EBITDA excluding impairment |
||||||||
Net profit after tax |
1,972 | 1,766 | ||||||
Adjusted for: |
||||||||
Finance income |
(95 | ) | (174 | ) | ||||
Finance costs |
147 | 137 | ||||||
PRRT expense |
192 | 778 | ||||||
Income tax expense |
146 | 284 | ||||||
|
|
|
|
|||||
EBIT |
2,362 | 2,791 | ||||||
|
|
|
|
|||||
Adjusted for: |
||||||||
Oil and gas properties depreciation and amortisation |
1,893 | 1,944 | ||||||
Amortisation of licence acquisition costs |
5 | 4 | ||||||
Amortisation of intangible assets |
10 | — | ||||||
Depreciation of lease assets |
101 | 81 | ||||||
Impairment losses |
— | 68 | ||||||
|
|
|
|
|||||
EBITDA excluding impairment |
4,371 | 4,888 | ||||||
|
|
|
|
|||||
Underlying NPAT |
||||||||
Net profit after tax attributable to equity holders of the parent |
1,937 | 1,740 | ||||||
Adjusted for the following exceptional items: |
||||||||
Add: Derecognition of Pluto PRRT (post-tax) |
— | 446 | ||||||
Add: Impairment losses (post-tax) |
— | 29 | ||||||
Less: Sangomar DTA recognition |
(305 | ) | — | |||||
Less: Trion DTA recognition |
— | (319 | ) | |||||
|
|
|
|
|||||
Underlying NPAT |
1,632 | 1,896 | ||||||
|
|
|
|
APMs derived from the condensed consolidated statement of cash flows and other notes |
30 June 2024 US$m |
30 June 2023 US$m |
||||||
Capital expenditure |
||||||||
Capital additions on evaluation |
42 | 76 | ||||||
Capital additions on oil and gas properties |
2,212 | 2,555 | ||||||
Capital additions on other1 |
111 | 138 | ||||||
|
|
|
|
|||||
Capital expenditure |
2,365 | 2,769 | ||||||
|
|
|
|
|||||
Exploration expenditure |
||||||||
Exploration and evaluation expenditure |
103 | 138 | ||||||
Adjusted for: |
||||||||
Amortisation expense |
(5 | ) | (4 | ) | ||||
Prior year expense written off |
— | (1 | ) | |||||
Exploration capitalised |
14 | 54 | ||||||
|
|
|
|
|||||
Exploration expenditure |
112 | 187 | ||||||
|
|
|
|
|||||
Capital and exploration expenditure |
2,477 | 2,956 | ||||||
|
|
|
|
|||||
Free cash flow |
||||||||
Cash flow from operating activities2 |
2,393 | 2,951 | ||||||
Cash flow used in investing activities |
(1,653 | ) | (2,637 | ) | ||||
|
|
|
|
|||||
Free cash flow |
740 | 314 | ||||||
|
|
|
|
|||||
Liquidity |
||||||||
Cash and cash equivalents |
1,979 | 3,469 | ||||||
Add: Available undrawn facilities |
6,500 | 4,050 | ||||||
Less: Restricted cash |
— | (10 | ) | |||||
|
|
|
|
|||||
Liquidity |
8,479 | 7,509 | ||||||
|
|
|
|
1. | Includes capital additions on other corporate spend. The 2023 amounts have been restated to be presented on the same basis. |
2. | Purchases of shares relating to employee share plans, which were previously classified within cash flows used in operating activities, has been classified within cash flows used in financing activities for the half-year ended 2024. The 2023 amounts have been restated to be presented on the same basis. |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-8 |
APMs derived from the condensed consolidated statement of financial position |
30 June 2024 US$m |
30 June 2023 US$m |
||||||
Net tangible assets per ordinary security |
||||||||
Net assets |
35,829 | 36,684 | ||||||
Adjusted for: |
||||||||
Goodwill |
(3,697 | ) | (4,669 | ) | ||||
Non-controlling interest |
(759 | ) | (775 | ) | ||||
Intangible assets |
(205 | ) | (103 | ) | ||||
|
|
|
|
|||||
Net tangible assets |
31,168 | 31,137 | ||||||
|
|
|
|
|||||
Number of issued and fully paid shares |
1,898,749,771 | 1,898,749,771 | ||||||
|
|
|
|
|||||
Net tangible assets per ordinary security |
16.42 | 16.40 | ||||||
|
|
|
|
|||||
Gearing |
||||||||
Interest-bearing liabilities (Current and non-current) |
5,822 | 5,109 | ||||||
Lease liabilities (Current and non-current) |
1,545 | 1,570 | ||||||
Adjusted for: |
||||||||
Cash and cash equivalents |
(1,979 | ) | (3,469 | ) | ||||
Add: Restricted cash |
— | 10 | ||||||
|
|
|
|
|||||
Net debt |
5,388 | 3,220 | ||||||
|
|
|
|
|||||
Equity attributable to equity holders of the parent |
35,070 | 35,909 | ||||||
|
|
|
|
|||||
Total net debt and equity attributable to equity holders of the parent |
40,458 | 39,129 | ||||||
|
|
|
|
|||||
Gearing (%) |
13.3 | 8.2 | ||||||
|
|
|
|
APMs derived from the condensed consolidated income statement and statement of financial position |
30 June 2024 US$m |
30 June 2023 US$m |
||||||
Return on equity |
||||||||
Net profit after tax attributable to equity holders of the parent |
1,937 | 1,740 | ||||||
Equity attributable to equity holders of the parent |
35,070 | 35,909 | ||||||
|
|
|
|
|||||
Return on equity (%) |
5.5 | 4.8 | ||||||
|
|
|
|
|||||
Return on average capital employed |
||||||||
Profit before tax and net finance costs |
2,362 | 2,791 | ||||||
Opening non-current liabilities |
15,209 | 15,586 | ||||||
Closing non-current liabilities |
14,932 | 15,109 | ||||||
|
|
|
|
|||||
Average non-current liabilities |
15,071 | 15,348 | ||||||
|
|
|
|
|||||
Opening equity attributable to equity holders of the parent |
34,399 | 36,336 | ||||||
Closing equity attributable to equity holders of the parent |
35,070 | 35,909 | ||||||
|
|
|
|
|||||
Average equity attributable to equity holders of the parent |
34,735 | 36,123 | ||||||
|
|
|
|
|||||
Total average non-current liabilities and equity attributable to equity holders of the parent |
49,806 | 51,471 | ||||||
|
|
|
|
|||||
Return on average capital employed (%) |
4.7 | 5.4 | ||||||
|
|
|
|
APMs derived from other notes |
30 June 2024 US$m |
30 June 2023 US$m |
||||||
Revenue from sale of hydrocarbons (excluding marketing segment) |
5,376 | 6,486 | ||||||
Cash margin (excluding marketing segment) |
||||||||
Gross profit/(loss) |
2,526 | 3,221 | ||||||
Adjusted for: |
||||||||
Other cost of sales |
21 | — | ||||||
Trading costs |
— | 4 | ||||||
Oil and gas properties depreciation and amortisation |
1,893 | 1,944 | ||||||
Other revenue |
(99 | ) | 41 | |||||
Cash margin (excluding marketing segment) |
4,341 | 5,210 | ||||||
Cash margin % |
81 | % | 80 | % | ||||
Production costs (excluding marketing segment) |
745 | 807 | ||||||
Production cost margin % |
14 | % | 13 | % | ||||
Other cash costs (excluding marketing segment): |
||||||||
Royalties, excise and levies |
196 | 316 | ||||||
Insurance |
26 | 34 | ||||||
Inventory movement |
(62 | ) | (33 | ) | ||||
Shipping and direct sales costs |
104 | 145 | ||||||
Other hydrocarbon costs |
26 | 7 | ||||||
Total other cash costs (excluding marketing segment) |
290 | 469 | ||||||
Other cash cost margin % |
5 | % | 7 | % |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-9 |
Notes
Glossary
Term |
Definition | |
$, $m | US dollars unless otherwise stated, millions of dollars | |
1P | Proved reserves | |
2C | Best Estimate of Contingent resources | |
2P | Proved plus Probable reserves | |
Abate/abatement | Avoidance, reduction or removal of an amount of carbon dioxide or equivalent. | |
ASX | Australian Securities Exchange | |
A$, AUD | Australian dollars | |
BHP Petroleum | Woodside Energy Global Holdings Pty Ltd ACN 006 923 897 (formerly known as BHP Petroleum International Pty Ltd) and, unless context otherwise requires, its subsidiaries. References to “Woodside Energy Global Holdings Pty Ltd” or “BHP Petroleum International Pty Ltd” are references to Woodside Energy Global Holdings Pty Ltd ACN 006 923 897 (formerly known as BHP Petroleum International Pty Ltd) excluding its subsidiaries. | |
Biodiversity | Biological diversity means the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are a part; this includes diversity within species, between species and of ecosystems.1 | |
Board | The Board of Directors of Woodside Energy Group Ltd | |
Brent | Intercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil price) | |
Capital expenditure | Includes capital additions on oil and gas properties and evaluation capitalised. | |
Carbon credit | A tradeable financial instrument that is issued by a carbon-crediting program. A carbon credit represents a greenhouse gas emission reduction to, or removal from, the atmosphere equivalent to 1 tCO2-e, calculated as the difference in emissions from a baseline scenario to a project scenario. Carbon credits are uniquely serialised, issued, tracked and retired or administratively cancelled by means of an electronic registry operated by an administrative body, such as a carbon-crediting program. | |
Cash margin | Gross profit/loss adjusted for other cost of sales, trading costs, oil and gas properties depreciation and amortisation and other revenue. Excludes the marketing segment. Cash margin % is calculated as cash margin divided by revenue from sale of hydrocarbons (excluding marketing segment). | |
CCS | Carbon capture and storage | |
CCUS | Carbon capture utilisation and storage | |
CHF | Swiss francs | |
CO2 | Carbon dioxide | |
CO2-e | CO2 equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis.2 | |
Condensate | Hydrocarbons that are gaseous in a reservoir but that condense to form liquids as they rise to the surface. | |
cps | Cents per share | |
Decarbonisation | Woodside uses this term to describe activities or pathways that have the effect of moving towards a state that is lower carbon, as defined in this glossary. | |
DRP | Dividend reinvestment plan | |
EBIT | Calculated as profit before income tax, PRRT and net finance costs | |
EBITDA excluding impairment | Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses, impairment reversals | |
Emissions | Emissions refers to emissions of greenhouse gases unless otherwise stated. | |
EPS | Earnings per share | |
Exploration expenditure | Includes exploration and evaluation expenditure less amortisation of licence acquisition costs and prior year exploration expense written off. | |
Extended Interest Joint Ventures or Extended Interest JVs | The Extended Interest Joint Ventures commenced on 1 August 2020 and cover the relevant joint venturers’ production entitlement for equity lifted LNG and pipeline gas from the North West Shelf Project. Woodside’ participating interest in the Extended Interest Joint Ventures is 31.567%. |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-10 |
FEED | Front-end engineering design | |
FID | Final investment decision | |
FPSO | Floating production storage and offloading | |
FPU | Floating production unit | |
Free cash flow | Cash flow from operating activities and cash flow used in investing activities | |
GAAP | Generally Accepted Accounting Principles | |
Gearing | Net debt divided by the total of net debt and equity attributable to equity holders of the parent. | |
GHG or greenhouse gas | The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6).2 | |
Goal | Woodside uses this term to broadly encompass its targets and aspirations. | |
Gross margin | Gross profit divided by operating revenue. Gross profit excludes income tax, PRRT, net finance costs, other income and other expenses. | |
H1, H2 | Halves of the calendar year (H1 is 1 January to 30 June and H2 is 1 July to 31 December). | |
HSE | Health, safety and environment | |
IFRS | International Financial Reporting Standards | |
JV | Joint venture | |
KGP | Karratha Gas Plant | |
Liquidity | Total cash and cash equivalents and available undrawn debt facilities less restricted cash. | |
LNG | Liquified natural gas | |
Lower carbon | Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity. | |
Lower carbon ammonia | Lower carbon ammonia is characterised here by the use of hydrogen with emissions abated by carbon, capture, and storage (CCS), with an expected ammonia lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 0.8 tCO2/tNH3 (based on contracted intensity threshold with Linde) relative to unabated ammonia with a lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 2.3 tCO2/tNH3 (Hydrogen Europe, 2023). | |
Lower carbon portfolio | For Woodside, a lower carbon portfolio is one from which the net equity Scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim. | |
Lower carbon services | Woodside uses this term to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions. | |
LSE | London Stock Exchange | |
Net debt | Interest-bearing liabilities and lease liabilities less cash and cash equivalents. | |
Net profit attributable to equity holders of the parent | Net profit after tax excluding non-controlling interests from the Group’s operations. | |
Net tangible assets | The Group’s net assets less goodwill, non-controlling interest and intangible assets. | |
Net tangible assets per ordinary security | Net tangible assets divided by the number of issued and fully paid shares. | |
New energy | Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, that are emerging in scale but which are expected to grow during the energy transition due to having lower greenhouse gas emissions at the point of use than conventional fossil fuels. | |
NGLs | Natural gas liquids | |
NPAT | Net profit after tax attributable to equity holders of the parent |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-11 |
NWS | North West Shelf | |
NYSE | New York Stock Exchange | |
Offsets | The compensation for an entity’s greenhouse gas emissions within its scope by achieving an equivalent amount of emission reductions or removals outside the boundary or value chain of that entity. | |
Other cash cost margin | Other cash costs include royalties, excise and levies, insurance, inventory movement, shipping and direct sales costs and other hydrocarbon costs. Excludes the marketing segment. Other cash cost margin % is calculated as other cash costs divided by revenue from sale of hydrocarbons (excluding marketing segment). | |
Production cost margin | Production cost margin % is calculated as production costs divided by revenue from sale of hydrocarbons. Excludes the marketing segment. | |
PRRT | Petroleum resources rent tax | |
PSC | Production sharing contract | |
PSE | Process safety event | |
Revenue from ordinary activities | Revenue from the sale of hydrocarbons, processing and services revenue and shipping and other revenue. | |
RFSU | Ready for start up | |
RSSD | Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore. | |
Scope 1 GHG emissions | Direct GHG emissions. These occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process equipment. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian national Greenhouse and Energy Reporting (nGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist.3 | |
Scope 2 GHG emissions | Electricity indirect GHG emissions. Scope 2 accounts for GHG emissions from the generation of purchased electricity consumed by the company. Purchased electricity is defined as electricity that is purchased or otherwise brought into the organisational boundary of the company. Scope 2 emissions physically occur at the facility where electricity is generated. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian national Greenhouse and Energy Reporting (nGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist.3 | |
Scope 3 GHG emissions | Other indirect GHG emissions. Scope 3 is a reporting category that allows for the treatment of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company but occur from sources not owned or controlled by the company. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services. | |
Significant environmental event | Unplanned or undesired event resulting in a moderate, medium-term impact on ecosystem, species, habitat or physical or biological attributes. | |
Sustainably (including sustainable and sustainably) | References to sustainability (including sustainable and sustainably) are used with reference to Woodside’s Sustainability Committee and sustainability related Board policies, as well as in the context of Woodside’s aim to ensure its business is sustainable from a long-term perspective, considering a range of factors including economic (including being able to sustain our business in the long term by being low cost and profitable), environmental (including considering our environmental impact and striving for a lower carbon portfolio), social (including supporting our license to operate), and regulatory (including ongoing compliance with relevant legal obligations). Use of the terms ‘sustainability’, ‘sustainable’ and ‘sustainably’ is not intended to imply that Woodside will have no adverse impact on the economy, environment, or society, or that Woodside will achieve any particular economic, environmental, or social outcomes. | |
Target | Woodside uses this term to describe an intention to seek the achievement of an outcome, where Woodside considers that it has developed a suitably defined plan or pathway to achieve that outcome | |
TCFD | Taskforce on Climate-related Financial Disclosures | |
Tier 1 PSE | A typical Tier 1 process safety event is loss of containment of hydrocarbons greater than 500 kg (in any one-hour period). | |
Tier 2 PSE | A typical Tier 2 process safety event is loss of containment of hydrocarbons greater than 50 kg but less than 500 kg (in any one-hour period). | |
TRIR | Total recordable injury rate. The number of recordable injuries (fatalities, lost workday cases, restricted work day cases and medical treatment cases) per million work hours |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-12 |
Underlying NPAT | Net profit after tax from the Group’s operations excluding any exceptional items | |
Unit production cost or UPC | Production costs ($ million) divided by production volume (MMboe) | |
US, USA | United States of America | |
USD | US dollars | |
WA | Western Australia |
1. | UNEP,1992. “Convention on Biological Diversity’ https://www.cbd.int/doc/legal/cbd-en.pdf. |
2. | See IFRS Foundation 2021: Climate Related Disclosures Prototype. Appendix A. The IFRS published a further consultation document subsequent to the 2021 prototype. As it did not contain an updated definition of Paris-Aligned scenarios Woodside has retained use of the previous edition. |
3. | World Resources Institute and World Business Council for Sustainable Development 2004. “GHG Protocol: a corporate accounting and reporting standard”. |
Conversion factors
Product |
Unit |
Conversion factor | ||
Natural gas | 5,700 scf | 1 boe | ||
Condensate | 1 bbl | 1 boe | ||
Oil | 1 bbl | 1 boe | ||
Natural gas liquids | 1 bbl | 1 boe |
Facility |
Unit |
LNG conversion factor | ||
Karratha Gas Plant | 1 tonne | 8.08 boe | ||
Pluto Gas Plant | 1 tonne | 8.34 boe | ||
Wheatstone | 1 tonne | 8.27 boe |
The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time.
Units of measure
Term |
Definition | |
bbl | barrel | |
bcf | billion cubic feet of gas | |
boe | barrel of oil equivalent | |
CO2-e | carbon dioxide equivalent | |
GJ | gigajoule | |
ha | hectare | |
Mbbl | thousand barrels | |
Mbbl/d | thousand barrels per day | |
Mboe | thousand barrels of oil equivalent | |
Mboe/d | thousand barrels of oil equivalent per day | |
Mcf | thousand cubic feet of gas | |
MMboe | million barrels of oil equivalent | |
MMBtu | million British thermal units | |
MMscf | million standard cubic feet of gas | |
MMscf/d | million standard cubic feet of gas per day | |
Mtpa | million tonnes per annum |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-13 |
MW | megawatt | |
PJ | petajoules | |
scf | standard cubic feet of gas | |
TJ | terajoule | |
tpd | tonnes per day |
Woodside Energy Group Ltd | Half-Year Report 2024 | A-14 |