附件99.1
關於本報告
本2024年半年度報告總結了伍德薩德截至2024年6月30日的運營、活動及財務狀況。伍德薩德能源集團有限公司（ABN 55 004 898 962）是伍德薩德集團公司的母公司。在本報告中，除非另有說明，提到的「伍德薩德」、「公司」、「集團」、「我們」、「我們」和「我們的」均指伍德薩德能源集團有限公司及其控制的實體作爲一個整體。文本不區分母公司的活動與其控制的實體的活動。
提到的「第一季度」是指年度的第一半部分，即2024年1月1日至2024年6月30日之間的期限。所有美元數字以美國貨幣表示，除非另有說明。生產和銷售量、儲備和資源按伍德薩德股份計算。有關關鍵術語、計量單位和轉換因素的詞彙表在A-10至A-14頁。
前瞻性聲明
本報告包含關於伍德薩德的業務和運營、市場條件、運營結果和財務狀況的前瞻性聲明，包括例如但不限於關於交易結果的聲明，包括擬議收購tellurian及OCI的清潔氨項目的時機、條款和潛在利益，關於伍德薩德產品的長期需求、開發、完成和執行伍德薩德項目的聲明，關於未來資本支出的預期、未來分紅的支付及其金額、未來項目的結果、運營活動和新能母基產品的預期，關於可再生能源生產能力和在可再生能源項目中的投資和開發的計劃預期和指導，關於生產、資本和勘探支出及燃氣中心暴露的預期，以及關於實現伍德薩德淨資產範圍1和範圍2溫室氣體排放減少及新能母基投資目標和其他氣候與可持續發展目標的預期。
除歷史或當前事實陳述外，所有陳述均爲前瞻性陳述，並通常可以通過使用諸如「指導」，「預見」，「可能」，「潛在」，「預期」，「相信」，「目標」，「渴望」，「估計」，「期望」，「打算」，「可能」，「目標」，「計劃」，「策略」，「預測」，「展望」，「項目」，「日程」，「將要」，「應該」，「尋求」以及其他類似的詞或表達來識別。同樣，描述Woodside的目標、計劃、目標或期望的陳述也是前瞻性陳述。
本報告中的前瞻性陳述不是指導、預測、擔保或對未來事件或業績的預測，而是基於管理層當前預期和假設的未來期望。
這些陳述及其所基於的任何假設可能會在沒有通知的情況下發生變化，並受到已知和未知的風險、不確定性、假設和其他因素的固有影響，其中許多超出了Woodside及其關聯公司的控制，以及各自的高級職員、董事、員工、顧問或代表。
可能導致實際結果與前瞻性陳述中的結果存在重大差異的重要因素包括但不限於商品價格波動、Woodside產品的實際需求、貨幣波動、岩土因素、鑽探與生產結果、氣體商業化、發展進程、操作結果、工程估算、儲備和資源估算、市場損失、行業競爭、環保母基風險、氣候相關風險、物理風險、立法、財政和監管發展、會計標準的變化、各國和地區的經濟和金融市場狀況、政治風險、第三方的行動、項目延遲或推進、監管批准、武裝衝突和政治不穩定（如烏克蘭和中東的持續衝突）對經濟活動及油氣供需的影響、成本估算、未來監管或立法措施對Woodside或其所經營行業的影響，包括潛在稅法變化、一般經濟狀況的影響、通貨膨脹條件、當前匯率和利率及金融市場條件，以及併購、合併和合資企業相關的風險，包括整合業務的困難、與財務預測相關的不確定性、重組、成本增加和不利稅務後果，以及與獲得和剝離的物業和業務相關的不確定性和責任。
除了本報告第18頁關於「主要風險和不確定性」的摘要外，關於Woodside及其業務的關鍵風險的更詳細摘要可以在Woodside最近發佈的年報的「風險」部分找到，該年報已提交給澳大利亞證券交易所和倫敦證券交易所，並且在Woodside最近的《20-F表格年報》中也有呈交給美國證券交易委員會，並可以在Woodside網站上獲取，網址爲https://www.woodside.com/investors/reports-investor-briefings。在考慮本報告中包含的信息時，您應該審查並關注這些風險。
如果與前瞻性聲明相關的任何假設發生變化或被發現不正確，這可能會導致結果與本報告中所作的聲明不同。
 
Woodside能源集團有限公司 | 2024年中期報告
    1   
目錄
投資者被強烈警告不要過度依賴任何前瞻性陳述。實際結果或表現可能與本報告中表達或暗示的任何前瞻性陳述存在實質性差異。Woodside及其相關公司或其各自的官員、董事、員工、顧問或代表，以及本報告中提到的任何人或參與本報告信息準備的人，均不對任何前瞻性陳述的準確性或實現可能性，或本報告中的任何結果、事件或結果，作出任何陳述、保證或擔保（無論是明示還是暗示）。
本報告中包含的所有前瞻性陳述反映了Woodside在本報告日期持有的觀點，除非法律要求，Woodside不打算、承擔或假設提供任何額外信息或在本報告日期後更新或修訂任何這些陳述，無論是爲了使其與實際結果一致，還是由於新信息、未來事件、Woodside的預期變化或其他原因。
過去的業績（包括歷史財務和運營信息）僅供說明之用。應當注意，這並不能作爲未來業績的可靠指標，包括未來的安防-半導體價格。
公司在評估企業表現時使用以下非實物金融指標。這些術語沒有被國際財務報告準則規定的標準化含義，因此可能與其他公司計算類似指標的方式不可比。
在本報告中，使用了一系列財務和非財務指標來評估Woodside的表現，包括一些未在國際財務報告準則（IFRS）中定義的、且未按IFRS編制的財務指標，這些指標不被視爲根據IFRS的財務表現或流動性認可的指標（非IFRS財務指標）。這些指標包括EBIT、排除減值的EBITDA、槓桿、基礎NPAt、淨債務、流動性、自由現金流、資本支出、勘探支出、股本回報率、平均資本回報率、現金利潤率、生產成本利潤率、其他現金成本利潤率、淨有形資產和每個普通安防-半導體的淨有形資產。這些非IFRS財務指標在本報告A-10萬億至A-14頁的詞彙表中定義。對這些指標與根據IFRS計算和呈現的最直接可比財務指標的定量對賬可以在本報告A-8至A-9頁的替代業績指標部分找到。
伍德賽德的管理層使用這些指標來監控伍德賽德的財務表現，並結合國際財務報告準則（IFRS）指標，以提高不同報告期和業務單元之間信息的可比性。伍德賽德相信，它所提供的非IFRS財務指標提供了一種有用的方式來審視其業務的基礎表現。
不應過度依賴本報告中包含的非IFRS財務指標，這些非IFRS財務指標應視爲對根據國際財務報告準則（IFRS）報告的財務績效、財務狀況或現金流量指標的補充，而不是替代或優於這些指標。非IFRS財務指標並不是所有公司統一定義的，包括那些在伍德賽德行業板塊中的公司。因此，它們可能無法與其他公司的類似名稱的指標和披露進行比較。
氣候策略與排放數據
本報告中的所有溫室氣體排放數據均爲估計值，因測量或量化溫室氣體排放所固有的不確定性和侷限性，以及我們測量或量化溫室氣體排放的方法可能會隨着最佳實踐的繼續發展而演變，數據質量和數量也將持續改善。
除非另有說明，伍德賽德報告的「溫室氣體」或「排放」信息爲淨資產範圍1溫室氣體排放、範圍2溫室氣體排放和/或範圍3溫室氣體排放。有關伍德賽德氣候策略的更多信息，包括提及作爲該策略一部分的「低碳」和「低碳服務」，以及排放數據，請參考伍德賽德的氣候轉型行動計劃和2023年進展報告，網址爲woodside.com。
無明確或隱含的價格
本報告不包括伍德賽德將以何種明確或隱含的價格買入或賣出金融產品。
 
伍德賽德能源集團有限公司 | 2024年半年度報告
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Table of Contents
HALF-YEAR REPORT
FOR PERIOD ENDED 30 JUNE 2024
ASX: WDS | NYSE: WDS | LSE: WDS
Tuesday, 27 August 2024
High-quality business delivering strong dividends
 
Financial highlights
 
  •   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
Operational highlights
 
  •   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).
Business highlights
 
  •   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.
 
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Table of Contents
Summary
Woodside reported net profit after tax (NPAT) for the half-year of $1,937 million. Production was 89.3 MMboe (491 Mboe/d) and underlying NPAT
7
was $1,632 million, down 14% on the corresponding period in 2023.
The directors have determined a fully franked interim dividend of 69 US cents per share (cps), representing an approximately 80% payout ratio of underlying NPAT.
Woodside Energy CEO Meg O’Neill said the results demonstrate how Woodside’s high performing base business continues to deliver strong dividends to shareholders while laying a foundation for future success.
“We maintained high reliability of 97.9% at our operated LNG assets and continue to manage costs effectively in an inflationary environment.
“In the first half of 2024 we delivered on a significant element of our strategy, achieving first production from Sangomar, Senegal’s first offshore oil project. Production
ramp-up
at Sangomar has progressed well and subsequent to the period, peak gross production rate of 100,000 barrels per day was achieved, demonstrating Woodside’s world-class project execution capability. Sangomar will deliver enduring value for Woodside shareholders and benefits for our partner Petrosen and the people of Senegal.
“We also made good progress on the Scarborough Energy Project in Western Australia, which is more than
two-thirds
complete and on track for first LNG cargo in 2026. Work on the Scarborough floating production unit passed a major milestone with structural completion of the topsides. Pluto Train 2 site works continued with 29 of the 51 modules delivered and 25 modules set in position.
“We completed the sale of a 10%
non-operating
participating interest in the Scarborough Joint Venture (SJV) to LJ Scarborough Pty Ltd (LNG Japan) for $910 million and executed a binding sale and purchase agreement for the sale of a further 15.1%
non-operating
participating interest in the SJV to JERA.
“Long-term LNG supply agreements were also reached with Korea Gas Corporation and with CPC Corporation, Taiwan, underlining the importance of LNG in regional energy security.
“Our agreement last month to acquire Tellurian, including its US Gulf Coast Driftwood LNG development further strengthens our LNG portfolio, complementing our existing Pacific basin position with additional exposure in the Atlantic basin. Woodside expects to leverage its global LNG expertise to unlock this development and enable long-term cashflow generation.
“In our new energy business, all primary environmental approvals have been secured for the Hydrogen Refueller @H2Perth, which is targeting supplying industrial customers in Western Australia in 2025. We have also progressed several carbon capture and storage (CCS) opportunities, including the signing of a memorandum of understanding between the Angel CCS Joint Venture and Yara Pilbara Fertilisers to study the use of the technology.
“We continue to deliver on our strategy to thrive through the energy transition whilst maintaining our disciplined capital management. Our agreement to acquire OCI’s Clean Ammonia project in Texas positions Woodside to be an early mover in the emerging lower carbon ammonia industry and makes a significant contribution to delivering our Scope 3 targets.
“Above all, we are committed to continually improving safety and have focused on strengthening our safety culture, simplifying our processes and improving our systems.
“As we officially mark 70 years as an Australian company, I am proud that Woodside is facing the future with the same spirit of innovation and determination that our founders showed.”
 
7
 
Non-IFRS measure. Refer to pages A-8 to A-9 for further information.
 
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    4   
Table of Contents
Financial summary
Key metrics
 
           
H1
2024
     
H1
2023
     
Change
%
  
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
            
Earnings
      US cps        102.2        91.7        11 % 
Gearing
8
      %        13.3        8.2        5.1 % 
Production volumes
13,14
            
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
            
Gas
      MMscf/d        1,907        1,999        (5 %) 
Liquids
      Mbbl/d        156        154        1 % 
Total
      Mboe/d        491        504        (3 %) 
Sales volumes
14
            
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
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Table of Contents
Appendix 4D
Results for announcement to the market
More information is available on page 44
                        
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  
Net profit after tax reconciliation
The following table summarises the variance between the H1 2023 and H1 2024 results for the contribution of each line item to NPAT.
 
    
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.
 
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Table of Contents
Capital management
Woodside’s capital management framework provides us with the flexibility to optimise value and shareholder returns delivered from our portfolio.
Interim dividend and dividend reinvestment plan
A 2024 fully franked interim dividend of 69 US cps has been determined, representing a half-year annualised dividend yield of 7.3%.
16
The total amount of the interim dividend payment is $1,310 million which represents approximately 80% of underlying NPAT for the first half of 2024.
17
The dividend reinvestment plan (DRP) remains suspended.
Liquidity and Balance sheet
In H1 2024, Woodside generated $2,393 million of cash flow from operating activities and $(1,653) million of cash flow used in investing activities and delivered positive free cash flow of $740 million.
17,
18
Woodside increased its standby debt facilities from $6,050 million to $6,500 million. Cash and cash equivalents at the end of the period were $1,979 million. Liquidity
19
at the end of the period was $8,479 million and Woodside’s drawn debt at the end of the period was $5,850 million.
Woodside entered into a $1,000 million
10-year
loan with the Japan Bank for International Cooperation (JBIC) to support the Scarborough Energy Project which was available for drawdown from the end of June 2024. In addition, Woodside entered into a $450 million
10-year
loan from commercial banks for general corporate purposes. Subsequent to the period, $1,550 million of undrawn facilities were cancelled. This cancellation has the effect of reducing our liquidity by $1,550 million. As part of active debt management, Woodside continues to review options to further access the debt market.
Net debt at the end of the period increased 67% from H1 2023 to $5,388 million, in line with planned capital expenditure.
17
Woodside’s gearing at the end of the first half was 13.3%, within our target range of 10-20%.
17
As a result of the recent announcements to acquire Tellurian, including its Driftwood LNG development, and OCI’s Clean Ammonia Project, Woodside expects its gearing to be above the top end of the target range for a period of time as the balance sheet is managed through the investment cycle.
Woodside’s commitment to an investment grade credit rating remains unchanged and supports our aim of providing sustainable returns to shareholders and investing in future growth opportunities, in accordance with the capital allocation framework.
Commodity price risk management
Woodside hedges to protect the balance sheet against downside commodity price risk, particularly during periods of high capital expenditure.
As at 30 June 2024, Woodside has placed oil price hedges for:
 
  •  
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.
Woodside has also placed a number of hedges for Corpus Christi LNG volumes to protect against downside commodity price risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 70% of Corpus Christi volumes for the remainder of 2024, 48% of 2025 and 9% of 2026 volumes have reduced pricing risk as a result of hedging activities.
 
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.
 
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Australian operations
Pluto LNG
Pluto LNG is a gas processing facility in the Pilbara region of Western Australia, comprising an offshore platform and one onshore LNG processing train.
Woodside’s share of production in H1 2024 was 26.9 MMboe. This was a 15% increase compared with H1 2023 which was impacted by planned turnaround activities, partially offset by reduced reliability following an offshore trip and a separate electrical fault onshore in H1 2024.
Woodside took FID for the
Xena-3
well to support ongoing production from the project and
started-up
the produced water handling unit at the Pluto A platform.
Drilling of the
PLA-08
production well commenced in June 2024.
Approvals were also granted to extend Pluto gas flows through the Pluto-Karratha Gas Plant Interconnector (Interconnector) from April 2024 to approximately December 2025, enabling continued acceleration of LNG and domestic gas production. The Interconnector generated incremental revenue of $315 million in H1 2024.
Woodside is operator and holds a 90% participating interest.
Woodside Solar
Woodside is progressing a potential opportunity to reduce gross Scope 1 greenhouse gas emissions at Pluto LNG by utilising solar energy from the proposed Woodside Solar Project.
In H1 2024, Woodside continued to work closely with the Western Australian Government to progress its plans to develop common user transmission infrastructure that will be required to transmit renewable energy from the proposed solar facility to Pluto LNG via the North-West Interconnected System.
Woodside Solar FID and first solar energy import timing are subject to securing access to this new power transmission infrastructure and finalising associated commercial agreements.
North West Shelf Project
The North West Shelf Project (NWS) consists of three offshore platforms and the onshore Karratha Gas Plant (KGP) which includes five onshore LNG processing trains and two domestic gas trains.
Woodside’s share of production in H1 2024 was 19.6 MMboe. This was a 14% decrease compared with H1 2023 due to planned offshore maintenance and natural field decline. In H1 2024, 6.0 MMboe of Pluto gas was processed at KGP through the Interconnector.
Woodside continues to look for opportunities to harness value from our late-life assets. In H1 2024, the NWS Joint Venture participants took FID on the Lambert West Project which will support ongoing production from NWS. Discussions continue between the NWS Joint Venture participants and other resource owners for the processing of third-party gas to utilise ullage at KGP. Processing of Waitsia gas continued and is expected to ramp up when the Waitsia Stage 2 facility commences production, which is expected in late 2024.
As the NWS celebrates 40 years of operations, the project is entering a period of production decline. KGP currently has processing ullage due to natural field decline and the current level of third-party gas processing demand. To manage both operating costs and emissions, NWS is preparing to take one LNG train offline between late 2024 and
mid-2025.
State and Commonwealth regulatory approval processes are progressing for the North West Shelf Project Extension, which will support long-term operations and processing of future third-party gas resources at KGP.
Woodside is operator and holds a 33.33% participating interest.
 
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Wheatstone and Julimar-Brunello
Wheatstone is an LNG processing facility near Onslow, Western Australia, comprising an offshore production platform and two onshore LNG production trains. It processes gas from several offshore gas fields including Julimar and Brunello.
Woodside’s share of Wheatstone production in H1 2024 was 5.8 MMboe. This was a 12% decrease compared with H1 2023, due to unplanned outages impacting the Julimar subsea production system and the Wheatstone facility respectively.
Woodside is operator and holds a 65% participating interest in the Julimar-Brunello fields.
Woodside holds a 13%
non-operating
participating interest in the Wheatstone Project.
Bass Strait
Bass Strait is located in the south east of Australia and produces oil and gas through a network of offshore platforms, pipelines and onshore processing facilities. The Bass Strait assets include the Gippsland Basin Joint Venture (GBJV) and the Kipper Unit Joint Venture (KUJV).
Woodside’s share of production from Bass Strait was 8.5 MMboe in H1 2024, a 22% decrease from H1 2023 predominantly due to lower domestic gas market demand, offshore maintenance, and reduced crude oil production due to field decline. All of Woodside’s share of the gas produced from Bass Strait is supplied into the eastern Australian domestic gas market.
The GBJV is optimising facilities through the Gippsland Asset Streamlining project as production rates from the Bass Strait decline. As planned, production from the West Kingfish and Halibut oil platforms ceased in March and April 2024 respectively.
The Kipper Compression Project offshore modules have been successfully installed. The project is planning for startup in Q3 2024, to enable continued supply of gas to the domestic market.
Woodside holds a 50%
non-operating
participating interest in the GBJV and a 32.5%
non-operating
participating interest in the KUJV.
Other Australian oil and gas assets
Woodside operates three FPSO facilities off the north west coast of Western Australia. These are the Okha FPSO (Woodside participating interest: 50%),
Ngujima-Yin
FPSO (Woodside participating interest: 60%) and Pyrenees FPSO (Woodside participating interest: 40% in
WA-43-L
and 71.4% in
WA-42-L).
Woodside’s share of production from the FPSO assets was 3.0 MMboe in H1 2024. This was a 3% decrease from H1 2023 primarily due to the planned five-yearly Pyrenees FPSO maintenance turnaround and the Pyrenees
shut-in
following a produced-water leak identified subsea at the facility. Production at Pyrenees recommenced in June 2024 and the produced-water leak has been rectified.
Macedon (Woodside participating interest: 71.4%), also operated by Woodside, is a gas project located near Onslow, Western Australia which produces pipeline gas for the Western Australian domestic gas market.
Woodside’s share of production from Macedon was 3.9 MMboe, down from 4.1 MMboe in H1 2023. The Macedon facility delivered approximately 11% of the Western Australian domestic gas market supply in H1 2024.
 
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International operations
Sangomar
The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone FPSO facility moored approximately 100 kilometres offshore Senegal and subsea infrastructure that is designed to allow subsequent development phases.
First oil was achieved in June 2024, marking the delivery of Senegal’s first offshore oil project. Woodside’s share of production from Sangomar in H1 2024 was 0.5 MMboe. Subsequent to the period, nine production wells have come online, and the project successfully achieved peak gross rate of 100,000 barrels per day. Commissioning activities are expected to continue through 2024.
Sales of the initial Sangomar crude cargoes have been finalised, with interest received from European and Asian refiners. Subsequent to the period, the first two cargoes were loaded and delivered to Europe and a third cargo was loaded for delivery to Asia.
The project was 98% complete at the end of H1 2024. The development drilling program continues with 22 of the 23 wells drilled and completed.
20
An additional 24th well approved by the Rufisque, Sangomar and Sangomar Deep (RSSD) Joint Venture was also drilled and completed.
Woodside has filed action with the High Court of Dakar disputing a tax assessment from the Senegalese tax authorities. The majority of the tax claims relate to the application of an exemption that applied during the project development phase.
Woodside is operator and has an 82% participating interest in the project.
Shenzi
Shenzi is a conventional oil and gas field developed through a tension leg platform located in the US Gulf of Mexico. Woodside’s share of production in H1 2024 was 5.2 MMboe. This was a 7% decrease compared with H1 2023 due to natural field decline and maintenance activity. Woodside is operator and holds a 72% participating interest.
Atlantis
Atlantis is a conventional oil and gas development and is one of the largest producing fields in the US Gulf of Mexico. The Atlantis development includes a semi-submersible facility with 28 active producer wells and three water injector wells.
Woodside’s share of production in H1 2024 was 5.1 MMboe. This was a 19% decrease compared with H1 2023 due to planned turnaround activity.
In H1 2024, the first horizontal well in the field was successfully completed, potentially unlocking future infill opportunities for the asset. An FID was taken at DC1X, which will be a
two-well
tie back to the Atlantis facility through the existing DC1 manifold in the southwest of the field. Woodside holds a 44%
non-operating
participating interest.
Mad Dog
Mad Dog is a conventional oil and gas development located in the US Gulf of Mexico. Mad Dog Phase 2 is a development of the southern flank of the Mad Dog field though the new Argos floating production facility.
Woodside’s share of production in H1 2024 was 6.0 MMboe. This was a 122% increase compared with H1 2023 primarily due to a full period of production from Mad Dog Phase 2.
The Argos facility continued to safely and systematically ramp up production in H1 2024, following completion of the riser flex joint remediation, and achieved peak production of approximately 130 Mbbl/d. The first water injection at the Argos platform was achieved in April 2024. Woodside holds a 23.9%
non-operating
participating interest.
 
20
 
The 22nd well was drilled subsequent to the period.
 
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Greater Angostura
Greater Angostura includes the Angostura and Ruby conventional oil and gas fields, located offshore Trinidad and Tobago. The development includes an offshore central processing facility and five wellhead platforms.
Woodside’s share of production in H1 2024 was 4.5 MMboe. This was a 20% decrease compared with H1 2023 due to the planned maintenance activity.
In H1 2024, Woodside continued to pursue opportunities to maximise value and safely optimise production and operating costs. A planned facility maintenance turnaround was completed in June 2024.
Woodside is operator of both fields and holds a 45% participating interest in the Angostura field and a 68.5% participating interest in the Ruby field.
Marketing and Trading
The marketing segment’s profit before tax and net finance costs in H1 2024 was $218 million. This reflected the optimisation activities and incremental value generated through the marketing, trading and shipping of Woodside’s oil and gas and through third-party purchased volumes.
In H1 2024, Woodside signed SPAs with KOGAS and CPC for the long-term supply of LNG to Korea and Taiwan respectively. The KOGAS SPA is for the supply of approximately 0.5 Mtpa of LNG from 2026, for a period of 10.5 years.
The CPC SPA is for the supply of approximately 6 million tonnes of LNG over 10 years, from July 2024. Under the CPC SPA, Woodside may also deliver approximately 8.4 million tonnes of LNG for a further 10 years, from 2034 to 2043.
21
LNG delivered under both SPAs will be sourced from volumes across Woodside’s global portfolio.
In Western Australia, Woodside executed 14 PJ of sales for delivery into the domestic market from May to the end of 2024. Woodside continues to support the Western Australian domestic market by offering additional supply for 2025, 2026 and 2027.
A record quantity of trucked LNG (approximately 850 TJ) was delivered in H1 2024 to customers in northern Western Australia. Since the commencement of operations at the Pluto LNG Truck Loading Facility in 2019, Woodside has delivered more than 2,000 trailers of LNG (approximately 2,240 TJ), offering a lower-carbon alternative to diesel.
22
In the east coast of Australia, Woodside was granted an exemption under the applicable domestic gas price cap legislation. The exemption provides Woodside the opportunity to increase delivery to the domestic market by more than 260 PJ (100% share) through to 2033 if needed. Woodside conducted an expression of interest for Bass Strait supply for 2025 and 2026 totalling 50 PJ and is progressing towards final offers in line with the conditions set under the Mandatory Code of Conduct.
In Trinidad and Tobago, incremental gas production from the Angostura field was placed under the existing gas SPA with the National Gas Company of Trinidad and Tobago (NGC). This ongoing optimisation maximises our production efficiency and provides a reliable supply of natural gas to meet growing customer demand.
Woodside’s marketing and trading portfolio is supported by our shipping capacity, which includes seven vessels under long-term charter and multiple vessels on short-term charter. A new 174,000m
3
long-term charter LNG vessel, the Woodside Scarlet Ibis, was delivered in June 2024 and the vessel’s efficiency will support efforts to lower the carbon intensity of Woodside’s LNG deliveries.
 
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.
 
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Projects
Scarborough Energy Project
The Scarborough gas field is located in the Carnarvon basin, approximately 375 km off the coast of Western Australia.
The development includes installation of a floating production unit (FPU) with eight wells drilled in the initial phase and 13 wells drilled over the life of the Scarborough field. Expansion of the Pluto LNG facility includes construction of a second LNG train (Pluto Train 2), installation of additional domestic gas processing facilities and supporting infrastructure, and modifications to Pluto Train 1 to allow it to process Scarborough gas.
The project was 67% complete at the end of H1 2024.
23
Pluto Train 2 module delivery and site works progressed and at the end of H1 2024, 29 modules were delivered to site, with 25 modules set in position. Site integration activities continue to ramp up and are expected to peak in H2 2024.
The FPU reached a major milestone, achieving structural completion of the topsides. The monoethylene glycol (MEG) module and living quarters were installed on the topsides and, subsequent to the period, the hull entered its second dry dock.
Trunkline installation is more than 50% complete and the pipe diameter has transitioned from 36” to 32”. All crossings of other pipelines are complete.
Installation and testing of the three subsea flowlines has been successfully completed. The drilling campaign commenced with the installation of conductors for all eight wells. Two development wells have been drilled, with one well completed and the other to be completed as part of the forward campaign. Reservoir quality was in line with expectations.
All major engineering reviews for Pluto Train 1 modifications have been completed and approximately 80% of materials and equipment have been ordered. Contractor mobilisation to the Thailand module yard and Pluto site commenced.
Subsequent to the period, the Integrated Remote Operating Centre building works were completed with fit out now underway.
In February 2024, Woodside signed an agreement with JERA, as part of a broader strategic relationship, for the sale of a 15.1%
non-operated
participating interest in the SJV. Estimated total consideration for the sale is $1,400 million, subject to completion which is targeted for the second half of 2024.
24
In March 2024, Woodside completed the sale of a 10%
non-operated
participating interest in the SJV to LNG Japan for $910 million.
25
Woodside is operator and holds a 90% participating interest in Scarborough and a 51% participating interest in Pluto Train 2.
26
Trion
Trion is an oil development located in the Gulf of Mexico, approximately 180 km off the Mexican coastline and 30 km south of the United States/Mexico maritime border. The Trion project includes a semi-submersible FPU capable of producing and transferring 100,000 barrels of oil per day to a floating storage and offloading (FSO) vessel. Oil from the FSO is expected to be exported to the market, with excess gas transferred to existing offshore gas export infrastructure.
The project progressed engineering, procurement and contracting (EPC) activities in H1 2024. The FPU detailed engineering achieved key milestones including the completion of integrated model reviews of the hull and topsides with key vendor data and formal risk assessments of the facility’s design and operability. Technical maturity in engineering has enabled the FPU EPC contractor to start procurement of equipment. 
 
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.
 
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Model testing was completed as part of FSO
front-end
engineering design (FEED). Other key achievements include completion of hull and disconnectable turret module model reviews and the hazards and operability assessment.
Subsea delivery also advanced with the start of manufacturing activities.
Key contracts were awarded for subsea marine installation, FPU dry transportation, gas gathering line pipe and drilling equipment and consumables.
Woodside is currently carrying Pemex’s portion of development capital expenditure (approximately $460 million post FID) and Pemex is not expected to contribute to cash calls until 2025.
Woodside is targeting first oil in 2028. Woodside is operator and holds a 60% participating interest in the project.
Driftwood LNG
Subsequent to the period, Woodside entered into a definitive agreement to acquire all issued and outstanding common stock of Tellurian including its owned and operated US Gulf Coast Driftwood LNG development opportunity.
Driftwood LNG is a fully permitted,
pre-FID
development opportunity located near Lake Charles, Louisiana. The current development plan comprises five LNG trains through four phases, with a total permitted capacity of 27.6 Mtpa. Once operating, the Driftwood LNG development will increase Woodside’s LNG portfolio, complementing the significant Pacific basin exposure with additional Atlantic basin exposure.
The transaction remains subject to approvals and conditions precedent, with completion targeted in Q4 2024. If completed, Woodside is targeting FID readiness for Phase 1 of the development opportunity from Q1 2025.
Decommissioning
Woodside continued execution of planned decommissioning activities in H1 2024, spending approximately $325 million across our portfolio.
At Enfield, the final two of 18 xmas trees were removed and wellhead severance activities commenced. Deconstruction of the Nganhurra riser turret mooring (RTM) was completed at the Australian Marine Complex, enabling more than 95% of the RTM to be recycled or reused.
At Griffin, all rigid piping has been recovered and wellhead severance activities have been completed.
The Transocean Endurance drill rig mobilised to the Stybarrow field and commenced the ten well plug and abandonment (P&A) campaign.
At Bass Strait, the GBJV continued to progress significant decommissioning activity including ongoing execution of P&A of platform wells and commenced execution of the P&A of two subsea wells. In addition, FEED for the removal of platforms no longer in use has progressed.
 
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Exploration and Development
Calypso
Calypso is located approximately 220 km off the coast of Trinidad in 2,100m water depth. The resource comprises several gas discoveries in Block 23(a) and Block TTDAA 14. The development is located in a region with existing infrastructure and a favourable demand outlook.
In H1 2024, Woodside continued
pre-FEED
engineering studies to mature the technical definition and cost estimate for the deepwater infield host. Marketing and commercial discussions continue with key stakeholders to evaluate options to monetise the resource.
Woodside is operator and holds a 70% participating interest.
Browse
The Browse development comprises the Calliance, Brecknock and Torosa gas and condensate fields located approximately 425 km north of Broome, Western Australia.
Key work scopes continued in support of the proposed Browse to NWS Project development, including engagement with regulators on environmental and regulatory approvals and progressing commercial discussions. A carbon capture and storage solution has been incorporated into the offshore infrastructure, designed to sequester the majority of Browse reservoir CO
2
. In June 2024, a Declaration of an Identified Greenhouse Gas Storage Formation was made by the Commonwealth Government over the Calliance Storage Formation within the
G-8-AP
Greenhouse Gas Assessment Permit.
Woodside is operator and holds a 30.6% participating interest.
Liard
The Liard field is an unconventional gas field located in British Columbia, Canada. Woodside holds a 50%
non-operating
participating interest.
Sunrise
The Sunrise development comprises the Sunrise and Troubadour gas and condensate fields, located approximately 450 km north-west of Darwin and 150 km south of Timor-Leste.
The Sunrise Joint Venture participants continued to negotiate a new Production Sharing Contract, Petroleum Mining Code and fiscal regime with the Australian and Timor-Leste Governments in H1 2024. The Greater Sunrise Concept Study commenced in April 2024, with local content and socio-economic data gathering and engagement with potential site owners planned for H2 2024.
Woodside is operator and holds a 33.44% participating interest.
Exploration
Woodside continued to build its position in the US Gulf of Mexico during the period, acquiring 18 leases in Lease Sale 261 in the central and western Gulf of Mexico areas within the highly contested Paleogene trends. Woodside also participated in the Corvus well
(non-operated)
in the Gulf of Mexico which completed drilling in March 2024. The well did not encounter commercial hydrocarbons and detailed analysis of well results is ongoing.
In Congo, Woodside is participating in the Niamou
Marine-1
well
(non-operated)
which is currently drilling.
Woodside also continued to optimise its exploration portfolio, exiting blocks that are no longer considered prospective. This included a decision to exit Block 2 in the offshore Herodotus basin in Egypt and completing all formal exit activities for permit
WA-356-P
in Australia and the Carlisle Bay Block in Barbados.
 
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New energy
Beaumont Clean Ammonia Project
Subsequent to the period, Woodside entered into a binding agreement to acquire 100% of OCI Clean Ammonia Holding B.V. and its lower carbon ammonia project in Beaumont, Texas. This acquisition provides Woodside with an early-mover advantage in the growing lower carbon ammonia market.
Phase 1 of the project, which is expected to exceed Woodside’s capital allocation target for new energy projects has a design capacity of 1.1 Mtpa and is under construction.
The transaction is subject to an OCI shareholder vote and satisfaction of customary conditions precedent, with completion targeted in H2 2024. If completed, Woodside is targeting production of first ammonia from 2025 and lower carbon ammonia from 2026 following commencement of CCS operations.
26
H2OK
H2OK is a proposed liquid hydrogen project in Ardmore, Oklahoma, and is expected to produce up to 60 tonnes per day of liquid hydrogen.
In H1 2024, Woodside continued to progress discussions with potential offtakers on pricing and volumes. Woodside also provided comments on the proposed 45V Clean Hydrogen Production Tax Credit guidelines issued by the United States Department of Treasury and the Internal Revenue Service.
Hydrogen Refueller @H2Perth
The Hydrogen Refueller @H2Perth is a proposed self-contained hydrogen production, storage and refuelling station.
All primary environmental approvals have been secured for the project. Woodside awarded the major services contract which includes detailed engineering, construction, commissioning and startup work scopes to enable progression towards ready for
start-up.
Woodside is targeting supply of hydrogen to customers in 2025.
H2Perth
Woodside has changed the H2Perth concept from ammonia and hydrogen production to liquid hydrogen only, following feedback from potential customers. In supporting the opportunity, Woodside progressed engineering and technology studies for large-scale liquefied hydrogen production.
H2TAS
H2TAS is a proposed renewable ammonia and hydrogen production facility to be located in Tasmania.
Subsequent to the period, Woodside withdrew environmental applications submitted under the Environmental Management and Pollution Control Act 1994 and Environment Protection and Biodiversity Conservation Act 1999. Woodside continues to assess the viability of this potential opportunity.
Southern Green Hydrogen
Subsequent to the period, Woodside ceased discussions with Meridian Energy Limited, Mitsui & Co.,Ltd and Murihiku Regeneration, representing Ngāi Tahu, regarding a potential collaboration with respect to the Southern Green Hydrogen Project.
 
26
 
The supply of carbon abated hydrogen is dependent on ExxonMobil’s CCS facility becoming operational.
 
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Carbon solutions
Carbon capture and storage (CCS)
Woodside is progressing several CCS opportunities in Australia, including Angel CCS (as operator), South East Australia (SEA) CCS
(non-operator)
and Bonaparte CCS
(non-operator).
The proposed Angel CCS Project progressed engineering and marketing activities to support FEED entry. In April 2024, the Angel CCS Joint Venture announced a
non-binding
memorandum of understanding with Yara Pilbara Fertilisers Pty Ltd (Yara) to study the feasibility of using CCS to decarbonise Yara’s existing operations near Karratha in Western Australia. Terrestrial ecological surveys have been completed and heritage surveys are scheduled for August 2024.
The Bonaparte CCS Joint Venture progressed appraisal activities in the
G-7-AP
Assessment Permit Area, which included the acquisition of the West Peron Marine 3D Seismic Survey.
The SEA CCS continued to progress engineering studies.
Carbon credits portfolio
Woodside acquires carbon credits through both market purchases and the development of its own carbon origination projects.
During H1 2024, Woodside began planting activities on approximately 4,900 hectares of land at Woodside-owned properties as part of our Native Reforestation Project. The full-year program is forecast to plant over 3.2 million mixed biodiverse seedlings. These activities were 40% complete by the end of H1 2024. Subsequent to the period, Woodside signed an agreement to fund the reforestation of 5,000 hectares of land in the Chaco region in Paraguay. The Woodside portion of the project is expected to generate approximately 1.6 million carbon credits over 40 years.
Climate and Sustainability
Climate
Woodside released its Climate Transition Action Plan and 2023 Progress Report (CTAP) on 27 February 2024. The CTAP was put to a
non-binding
advisory vote of shareholders at the 2024 Annual General Meeting (AGM) on 24 April 2024 and received a vote of 58.36% against the resolution. All other Board proposed resolutions were approved including the Remuneration Report and Director elections.
Management is reflecting on the results of the CTAP vote and is engaging with investors to seek feedback.
In January 2024, Woodside became the first Australian company to join the Oil and Gas Methane Partnership (OGMP2.0) to voluntarily improve the accuracy and transparency of methane emissions reporting.
Woodside also committed to providing $12.5 million over a period of five years to fund the creation of the Woodside-Rice Decarbonisation Accelerator. This collaboration with Rice University in the United States aims to bring breakthrough decarbonisation technology to market.
Health, Safety and Environment
Woodside experienced two Tier 2 process safety events in H1 2024. The contributing factors to these events are understood, with corrective actions identified. Woodside is strengthening process safety management through an expanded company-wide Process Safety Critical Role competency development program in 2024. Woodside is targeting a 95% conformance to training and assessment requirements for senior roles.
At 30 June 2024, the
year-to-date
total recordable injury rate was 2.27 per million work hours compared with 1.86 recorded for full-year 2023. There were no fatalities or permanent injuries recorded in H1 2024.
 
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To improve safety performance Woodside is focusing on simplifying safety processes, implementing improvements around safe hardware and engineering systems, and promoting a learning culture through implementation of its Field Leadership Program.
Environmental performance remained strong in H1 2024, with no events leading to any significant environmental impacts.
Supporting local suppliers
Woodside continues to identify opportunities in Australia to award contracts to local and Indigenous suppliers.
In H1 2024, 16 new local subcontracts were awarded in the Pilbara region for Pluto Train 2.
In Sangomar, Woodside has progressed work with key contractors to provide opportunities for Senegalese people and suppliers, whilst meeting the requirements of
in-country
local content legislation. Woodside has also continued to grow local contracting opportunities in Trinidad and Tobago and the Gulf of Mexico.
In support of the Trion Project’s National Content program in Mexico, Woodside sponsored a second group of 33
small-to-medium-sized
suppliers from the Tamaulipas state to participate in a program called BlueWave. The program supports the development of suppliers and provides an opportunity to assess capabilities according to global business standards.
Communities
Woodside released its 2023 Social Contribution Impact Report in April 2024, outlining its total global social contribution spend of A$33.3 million. This report was complemented by the North West Community Development Report which highlights the significant contribution Woodside continues to make in the Pilbara region of Western Australia as operator of the Karratha Gas Plant, Pluto LNG and Scarborough Energy Project.
Subsequent to the period, Woodside released its third Reconciliation Action Plan 2021 – 2025 (RAP) Report. The report reflects on Woodside’s progress against the four pillars outlined in the RAP, namely:
 
  •  
Respect for Culture and Heritage;
 
  •  
Economic Participation;
 
  •  
Capability and Capacity; and
 
  •  
Stronger Communities.
The RAP demonstrates that although Woodside has made significant advancements towards our stated targets, continued focus is needed to achieve our goals relevant to the four pillars.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    17   
Table of Contents
Principal risks and uncertainties
There are several risk factors or uncertainties that could result in a material effect on the company’s results over the next six months. These risks and uncertainties may arise from Woodside’s activities globally, including in connection with its operated (or
non-operated)
assets, and third parties engaged through the value chain.
Information on Woodside’s risks and how they are managed can be found on pages
40-47
of the Annual Report on Form 20-F for the year ended 31 December 2023. There have been no material changes to the risk factors described in the Annual Report 2023 since the date of that report, but risk factors have been retitled and recategorised to align with Woodside’s Risk Appetite Statement.
Key changes to the categorisation include the Health and Safety and Environment risk factors being split from Operations and Climate Change, to provide greater visibility of topics most relevant to our business activities and stakeholders and to reflect where our tolerance for uncertainty is low. Additionally, Finance and Market has been split into Finance Management and Commercial and Market to acknowledge a difference in risk appetite. The risks are summarised below.
 
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   
Table of Contents
Directors’ Report
The directors of Woodside Energy Group Ltd present their report (including the review of operations of Woodside Energy Group Ltd and its controlled entities (Group) set out on pages 3 - 18 which forms part of this report) together with the Half-Year Financial Statements of the Group.
Board of directors
The names of directors in office during or since the end of the 2024 half-year are as follows:
 
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)
Change of Group Company Secretary
Mr Warren Baillie ceased to be Group Company Secretary on 27 August 2024 and the Board appointed Mr Damien Gare as Group Company Secretary, effective 27 August 2024.
Rounding of amounts
Woodside Energy Group Ltd is an entity to which the Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 (ASIC Instrument 2016/191) applies. Amounts in this report have been rounded in accordance with ASIC Instrument 2016/191. This means that amounts contained in this report have been rounded to the nearest million dollars, unless otherwise stated.
Signed in accordance with a resolution of the directors.
 

R J Goyder, AO
Chair
Perth, Western Australia
27 August 2024
 
Woodside Energy Group Ltd | Half-Year Report 2024
    19
 
 
LOGO
HALF-YEAR FINANCIAL
STATEMENTS
for the half-year ended 30 June 2024
 
 
   F-1   
Table of Contents
HALF-YEAR FINANCIAL STATEMENTS
CONTENTS
 
  
 
F-3
 
  
 
F-4
 
  
 
F-5
 
  
 
F-6
 
  
 
F-7
 
  
 
F-8
 
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  
Significant changes in the current reporting period
The financial performance and position of the Group were particularly affected by the following events and transactions during the reporting period:
 
  •  
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   
Table of Contents
CONDENSED CONSOLIDATED INCOME STATEMENT
for the half-year ended 30 June 2024
 
       Notes       
2024

US$m
      2023
US$m		  
Operating revenue
        A.1       
 
5,988
 
      7,400  
Cost of sales
        A.1       
 
(3,272
) 
      (3,872 ) 
         
 
 
     
 
 
  
Gross profit
          
 
2,716
 
      3,528  
Other income
        A.1       
 
315
 
      134  
Other expenses
        A.1       
 
(669
) 
      (803 ) 
Impairment losses
        A.1       
 
— 
 
      (68 ) 
         
 
 
     
 
 
  
Profit before tax and net finance costs
          
 
2,362
 
      2,791  
Finance income
          
 
95
 
      174  
Finance costs
        A.2       
 
(147
) 
      (137 ) 
         
 
 
     
 
 
  
Profit before tax
          
 
2,310
 
      2,828  
Petroleum resource rent tax (PRRT) expense
          
 
(192
) 
      (778 ) 
Income tax expense
        A.5       
 
(146
) 
      (284 ) 
         
 
 
     
 
 
  
Profit after tax
          
 
1,972
 
      1,766  
         
 
 
     
 
 
  
Profit attributable to:
             
Equity holders of the parent
          
 
1,937
 
      1,740  
Non-controlling
interest
          
 
35
 
      26  
         
 
 
     
 
 
  
Profit for the period
          
 
1,972
 
      1,766  
         
 
 
     
 
 
  
Basic earnings per share attributable to equity holders of the parent (US cents)
        A.4       
 
102.2
 
      91.7  
         
 
 
     
 
 
  
Diluted earnings per share attributable to equity holders of the parent (US cents)
        A.4       
 
101.4
 
      91.1  
         
 
 
     
 
 
  
The accompanying notes form part of the half-year financial statements.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
3
   
Table of Contents
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half-year ended 30 June 2024
 
      
2024

US$m
      2023
US$m		  
Profit for the period
     
 
1,972
 
      1,766  
    
 
 
     
 
 
  
Other comprehensive income
        
Items that may be reclassified to the income statement in subsequent periods:
        
(Losses)/gains on cash flow hedges
     
 
(165
) 
      413  
Losses on cash flow hedges reclassified to the income statement
     
 
38
 
      241  
Tax recognised within other comprehensive income
     
 
19
 
      (76 ) 
Exchange fluctuations on translation of foreign operations taken to equity
     
 
— 
 
      1  
Items that will not be reclassified to the income statement in subsequent periods:
        
Remeasurement loss on defined benefit plan
     
 
(15
) 
      —   
Net loss on financial instruments at fair value through other comprehensive income
     
 
(11
) 
      (23 ) 
    
 
 
     
 
 
  
Other comprehensive (loss)/income for the period, net of tax
     
 
(134
) 
      556  
    
 
 
     
 
 
  
Total comprehensive income for the period
     
 
1,838
 
      2,322  
    
 
 
     
 
 
  
Total comprehensive income attributable to:
        
Equity holders of the parent
     
 
1,803
 
      2,296  
Non-controlling
interest
     
 
35
 
      26  
    
 
 
     
 
 
  
Total comprehensive income for the period
     
 
1,838
 
      2,322  
    
 
 
     
 
 
  
The accompanying notes form part of the half-year financial statements.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
4
   
Table of Contents
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2024
 
     Notes     
30 June

2024

US$m
     31 December
2023
US$m		  
Current assets
        
Cash and cash equivalents
      
 
1,979
 
     1,740  
Receivables
      
 
1,459
 
     1,517  
Inventories
      
 
719
 
     616  
Other financial assets
      D.3     
 
154
 
     209  
Assets held for sale
      B.4     
 
1,378
 
     826  
Tax receivable
      
 
306
 
     118  
Other assets
      
 
57
 
     92  
     
 
 
    
 
 
  
Total current assets
      
 
6,052
 
     5,118  
     
 
 
    
 
 
  
Non-current
assets
        
Receivables
      
 
790
 
     839  
Inventories
      
 
183
 
     120  
Other financial assets
      D.3     
 
106
 
     120  
Exploration and evaluation assets
      B.1     
 
714
 
     668  
Oil and gas properties
      B.2     
 
40,125
 
     40,791  
Deferred tax assets
      
 
1,969
 
     1,717  
Lease assets
      
 
1,187
 
     1,230  
Investments accounted for using the equity method
      
 
248
 
     249  
Goodwill
      B.3     
 
3,697
 
     3,995  
Other assets
      
 
571
 
     514  
     
 
 
    
 
 
  
Total
non-current
assets
      
 
49,590
 
     50,243  
     
 
 
    
 
 
  
Total assets
      
 
55,642
 
     55,361  
     
 
 
    
 
 
  
Current liabilities
        
Payables
      
 
1,597
 
     1,724  
Interest-bearing liabilities
      
 
992
 
     —   
Other financial liabilities
      D.3     
 
152
 
     67  
Liabilities directly associated with assets held for sale
      B.4     
 
119
 
     94  
Provisions
      D.2     
 
1,223
 
     1,506  
Tax payable
      
 
416
 
     1,108  
Lease liabilities
      
 
217
 
     298  
Other liabilities
      
 
165
 
     185  
     
 
 
    
 
 
  
Total current liabilities
      
 
4,881
 
     4,982  
     
 
 
    
 
 
  
Non-current
liabilities
        
Interest-bearing liabilities
      
 
4,830
 
     4,883  
Deferred tax liabilities
      
 
1,312
 
     1,627  
Other financial liabilities
      D.3     
 
203
 
     42  
Provisions
      D.2     
 
6,454
 
     6,451  
Tax payable
      
 
39
 
     40  
Lease liabilities
      
 
1,328
 
     1,317  
Other liabilities
      
 
766
 
     849  
     
 
 
    
 
 
  
Total
non-current
liabilities
      
 
14,932
 
     15,209  
     
 
 
    
 
 
  
Total liabilities
      
 
19,813
 
     20,191  
     
 
 
    
 
 
  
Net assets
      
 
35,829
 
     35,170  
     
 
 
    
 
 
  
Equity
        
Issued and fully paid shares
      C.1     
 
29,001
 
     29,001  
Shares reserved for employee share plans
      C.1     
 
(65
) 
     (49 ) 
Other reserves
      
 
4,726
 
     5,261  
Retained earnings
      
 
1,408
 
     186  
     
 
 
    
 
 
  
Equity attributable to equity holders of the parent
      
 
35,070
 
     34,399  
     
 
 
    
 
 
  
Non-controlling
interest
      
 
759
 
     771  
     
 
 
    
 
 
  
Total equity
      
 
35,829
 
     35,170  
     
 
 
    
 
 
  
The accompanying notes form part of the half-year financial statements.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
5
   
Table of Contents
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the half-year ended 30 June 2024
 
     Notes     
2024

US$m
     2023
US$m		  
Cash flows from operating activities
        
Profit after tax for the period
      
 
1,972
 
     1,766  
Adjustments for:
        
Non-cash
items
        
Depreciation and amortisation
      
 
1,908
 
     1,948  
Depreciation of lease assets
      
 
101
 
     81  
Change in fair value of derivative financial instruments
      
 
205
 
     269  
Net finance costs/(income)
      
 
52
 
     (37 ) 
Tax expense
      
 
338
 
     1,062  
Exploration and evaluation written off
      
 
— 
 
     1  
Impairment losses
      
 
— 
 
     68  
Restoration movement
      
 
15
 
     20  
Gain on disposal of oil and gas properties
      
 
(143
) 
     —   
Other
      
 
(66
) 
     (180 ) 
Changes in assets and liabilities
        
Decrease in trade and other receivables
      
 
113
 
     488  
Increase in inventories
      
 
(166
) 
     (72 ) 
Decrease in provisions
      
 
(31
) 
     (110 ) 
Decrease in lease liabilities
      
 
— 
 
     (8 ) 
Decrease/(increase) in other assets and liabilities
      
 
39
 
     (234 ) 
Increase/(decrease) in trade and other payables
      
 
6
 
     (220 ) 
     
 
 
    
 
 
  
Cash generated from operations
      
 
4,343
 
     4,842  
Interest received
      
 
77
 
     174  
Dividends received
      
 
— 
 
     6  
Borrowing costs relating to operating activities
      
 
(2
) 
     (8 ) 
Income tax and PRRT paid
      
 
(1,700
) 
     (2,233 ) 
Payments for restoration
      
 
(325
) 
     (162 ) 
Receipts from hedge collateral
      
 
— 
 
     332  
     
 
 
    
 
 
  
Net cash from operating activities
1
     
 
2,393
 
     2,951  
     
 
 
    
 
 
  
Cash flows used in investing activities
        
Payments for capital and exploration expenditure
      
 
(2,418
)
     (2,457 ) 
Borrowing costs relating to investing activities
      
 
(155
) 
     (181 ) 
Proceeds from disposal of
non-current
assets
      
 
920
 
     3  
Funding of equity accounted investments
      
 
— 
 
     (2 ) 
     
 
 
    
 
 
  
Net cash used in investing activities
      
 
(1,653
) 
     (2,637 ) 
     
 
 
    
 
 
  
Cash flows used in financing activities
        
Proceeds from borrowings
      C.2     
 
950
 
     —   
Repayment of borrowings
      C.2     
 
— 
 
     (41 ) 
Purchases of shares relating to employee share plans
1
     
 
(25
) 
     (20 ) 
Repayment of the principal portion of lease liabilities
      
 
(213
) 
     (168 ) 
Borrowing costs relating to lease liabilities
      
 
(21
) 
     (3 ) 
Contributions to
non-controlling
interests
      
 
(48
) 
     (51 ) 
Dividends paid
      
 
(1,139
) 
     (2,738 ) 
     
 
 
    
 
 
  
Net cash used in financing activities
1
     
 
(496
) 
     (3,021 ) 
     
 
 
    
 
 
  
Net increase/(decrease) in cash held
      
 
244
 
     (2,707 ) 
Cash and cash equivalents at the beginning of the period
      
 
1,740
 
     6,201  
Effects of exchange rate changes
      
 
(5
) 
     (25 ) 
     
 
 
    
 
 
  
Cash and cash equivalents at the end of the period
      
 
1,979
 
     3,469  
     
 
 
    
 
 
  
 
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.
The accompanying notes form part of the half-year financial statements.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
6
   
Table of Contents
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half-year ended 30 June 2024
 
    
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
   
 
29,001
 
   
 
(49
) 
  
 
290
 
  
 
795
 
   
 
88
 
  
 
4,118
 
  
 
(30
) 
  
 
186
 
  
 
34,399
 
  
 
771
 
  
 
35,170
 
Profit for the period
   
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
1,937
 
  
 
1,937
 
  
 
35
 
  
 
1,972
 
Other comprehensive loss
   
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
   
 
(108
) 
  
 
— 
 
  
 
(11
) 
  
 
(15
) 
  
 
(134
) 
  
 
— 
 
  
 
(134
) 
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive (loss)/income for the period
   
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
   
 
(108
) 
  
 
— 
 
  
 
(11
) 
  
 
1,922
 
  
 
1,803
 
  
 
35
 
  
 
1,838
 
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Transfers
   
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
   
 
— 
 
  
 
700
 
  
 
— 
 
  
 
(700
) 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Employee share plan purchases
   
 
— 
 
   
 
(25
) 
  
 
— 
 
  
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
(25
) 
  
 
— 
 
  
 
(25
) 
Employee share plan redemptions
   
 
— 
 
   
 
9
 
  
 
(9
) 
  
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Share-based payments (net of tax)
   
 
— 
 
   
 
— 
 
  
 
32
 
  
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
32
 
  
 
— 
 
  
 
32
 
Dividends paid
   
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
   
 
— 
 
  
 
(1,139
) 
  
 
— 
 
  
 
— 
 
  
 
(1,139
) 
  
 
(47
) 
  
 
(1,186
) 
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
At 30 June 2024
   
 
29,001
 
   
 
(65
) 
  
 
313
 
  
 
795
 
   
 
(20
) 
  
 
3,679
 
  
 
(41
) 
  
 
1,408
 
  
 
35,070
 
  
 
759
 
  
 
35,829
 
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
At 1 January 2023
      29,001        (38 )      278       796        (586 )      3,541       2       3,342       36,336       791       37,127  
Profit for the period
      —         —        —        —         —        —        —        1,740       1,740       26       1,766  
Other comprehensive income/(loss)
      —         —        —        1        578       —        (23 )     
— 
       556       —        556  
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total comprehensive income/(loss) for the period
      —         —        —        1        578       —        (23 )      1,740       2,296       26       2,322  
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Transfers
      —         —        —        —         —        4,700       —        (4,700 )      —        —        —   
Employee share plan purchases
      —         (20 )      —        —         —        —        —        —        (20 )      —        (20 ) 
Employee share plan redemptions
      —         8       (8 )      —         —        —        —        —        —        —        —   
Share-based payments (net of tax)
      —         —        31       —         —        —        —        —        31       —        31  
Dividends paid
      —         —        —        —         —        (2,734 )      —       
— 
       (2,734 )      (42 )      (2,776 ) 
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
At 30 June 2023
      29,001        (50 )      301       797        (8 )      5,507       (21 )      382       35,909       775       36,684  
  
 
 
     
 
 
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The accompanying notes form part of the half-year financial statements.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
7
   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
About these statements
Woodside Energy Group Ltd (Woodside or the Group) is a
for-profit
entity limited by shares, incorporated and domiciled in Australia. Its shares are publicly traded on the Australian Securities Exchange (ASX), on the Main Market for listed securities of the London Stock Exchange (LSE) (with trades settled in the form of UK Depository Interests) and on the New York Stock Exchange (NYSE) (in the form of Woodside American Depositary Shares). The nature of the operations and principal activities of the Group are described in the Australia Operations, International Operations, Marketing and Trading, Projects, Decommissioning, Exploration and Development and New energy and Carbon solutions sections and in the segment information below.
The condensed consolidated half-year financial statements were authorised for issue in accordance with a resolution of the Directors on 27 August 2024.
Statement of compliance
The condensed consolidated half-year financial statements are condensed general purpose financial statements, which have been prepared in accordance with Australian Accounting Standard (AASB) 134
Interim Financial Reporting
as issued by the Australian Accounting Standards Board and the Australian
Corporations Act 2001
. These condensed consolidated half-year financial statements also comply with International Accounting Standard (IAS) 34
Interim Financial Reporting
as issued by the International Accounting Standards Board.
The condensed consolidated half-year financial statements do not include all notes of the type normally included in annual financial statements. Accordingly, these condensed consolidated half-year financial statements are to be read in conjunction with the Financial Statements within the Annual Report for the year ended 31 December 2023 (2023 Financial Statements) and any public announcements made by Woodside during the period ended 30 June 2024 in accordance with the continuous disclosure requirements of the Australian
Corporations Act 2001
and the relevant ASX, LSE and NYSE Listing Rules.
The Group’s accounting policies are materially consistent with those disclosed in the Group’s 2023 Financial Statements. Adoption of new or amended standards and interpretations effective 1 January 2024 did not result in any significant changes to the Group’s accounting policies. Refer to Note E.3 for more details.
The significant accounting estimates and judgements are consistent with those disclosed in the 2023 Financial Statements. Estimates have been revised, where required, to reflect current market conditions including the impact of climate change. Updated estimates used for the sell-down of the Scarborough Joint Venture and embedded commodity derivatives are disclosed in Notes B.4 and D.3 respectively; these assumptions could change in the future.
Currency
The functional and presentation currency of Woodside and all its material subsidiaries is US dollars.
Transactions in foreign currencies are initially recorded in the functional currency of the transacting entity at the exchange rates ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the rates of exchange ruling at that date. Exchange differences in the consolidated financial statements are taken to the income statement.
Rounding of amounts
The amounts contained in the condensed consolidated half-year financial statements have been rounded to the nearest million dollars under the option available to the Group under Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 dated 24 March 2016, unless otherwise stated.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-8   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
Basis of preparation
The condensed consolidated half-year financial statements have been prepared on an historical cost basis, except for derivative financial instruments and certain other financial assets and financial liabilities, which have been measured at fair value or amortised cost, adjusted for changes in fair value attributable to the risks that are being hedged in effective hedge relationships. Where not carried at fair value, if the carrying value of financial assets and financial liabilities does not approximate their fair value, the fair value has been included in the notes to the condensed consolidated half-year financial statements.
The condensed consolidated half-year financial statements comprise the financial results of the Group and its subsidiaries for the period ended 30 June 2024. Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date at which the Group ceases to have control.
The material subsidiaries of the Group apply the same reporting period and accounting policies as the parent company in preparation of the condensed consolidated half-year financial statements. All intercompany balances and transactions, including unrealised profits and losses arising from intra-group transactions, have been eliminated in full.
Non-controlling
interests are allocated their share of the net profit after tax in the consolidated income statement; their share of other comprehensive income, net of tax, in the consolidated statement of comprehensive income; and are presented within equity in the consolidated statement of financial position, separately from parent shareholders’ equity.
Comparative information
The condensed consolidated half-year financial statements provide comparative information in respect of the previous period. Where required, a reclassification of items in the financial statements of the previous period has been made in accordance with the classification of items in the condensed consolidated half-year financial statements of the current period.
Reporting segments
Refer to the 2023 Financial Statements for details of the Group’s operating segment information.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-9   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
A. Earnings for the period
A.1 Segment revenue and expenses
 
    
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
   
 
2,595
 
     3,894    
 
— 
 
     —     
 
412
 
     785    
 
— 
 
     —     
 
3,007
 
     4,679  
Pipeline gas
   
 
512
 
     515    
 
107
 
     198    
 
— 
 
     —     
 
— 
 
     —     
 
619
 
     713  
Crude oil and condensate
   
 
861
 
     715    
 
1,190
 
     1,028    
 
40
 
     15    
 
— 
 
     —     
 
2,091
 
     1,758  
Natural gas liquids
   
 
87
 
     120    
 
24
 
     16    
 
40
 
     23    
 
— 
 
     —     
 
151
 
     159  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Revenue from sale of hydrocarbons
   
 
4,055
 
     5,244    
 
1,321
 
     1,242    
 
492
 
     823    
 
— 
 
     —     
 
5,868
 
     7,309  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Intersegment revenue
1
   
 
(12
) 
     (120 )   
 
(2
) 
     (6 )   
 
14
 
     126    
 
— 
 
     —     
 
— 
 
     —   
Processing and services revenue
   
 
113
 
     85    
 
— 
 
     —     
 
— 
 
     —     
 
— 
 
     —     
 
113
 
     85  
Shipping and other revenue
   
 
— 
 
     —     
 
— 
 
     —     
 
7
 
     6    
 
— 
 
     —     
 
7
 
     6  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other revenue
   
 
101
 
     (35 )   
 
(2
) 
     (6 )   
 
21
 
     132    
 
— 
 
     —     
 
120
 
     91  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating revenue
2
   
 
4,156
 
     5,209    
 
1,319
 
     1,236    
 
513
 
     955    
 
— 
 
     —     
 
5,988
 
     7,400  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Production costs
   
 
(511
) 
     (614 )   
 
(234
) 
     (193 )   
 
— 
 
     —     
 
— 
 
    
—
 		    
 
(745
) 
     (807 ) 
Royalties, excise and levies
   
 
(185
) 
     (285 )   
 
(11
) 
     (31 )   
 
— 
 
     —     
 
— 
 
     —     
 
(196
) 
     (316 ) 
Insurance
   
 
(13
) 
     (20 )   
 
(2
) 
     (5 )   
 
— 
 
     —     
 
(11
) 
     (9 )   
 
(26
) 
     (34 ) 
Inventory movement
   
 
15
 
     31    
 
47
 
     2    
 
— 
 
     —     
 
— 
 
     —     
 
62
 
     33  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Costs of production
   
 
(694
) 
     (888 )   
 
(200
) 
     (227 )   
 
— 
 
     —     
 
(11
) 
     (9 )   
 
(905
) 
     (1,124 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Land and buildings
   
 
(26
) 
     (31 )   
 
— 
 
     (2 )   
 
— 
 
     —     
 
(2
) 
     —     
 
(28
) 
     (33 ) 
Transferred exploration and evaluation
   
 
(41
) 
     (51 )   
 
(45
) 
     (2 )   
 
— 
 
     —     
 
— 
 
     —     
 
(86
) 
     (53 ) 
Plant and equipment
   
 
(1,189
) 
     (1,298 )   
 
(567
) 
     (543 )   
 
— 
 
     —     
 
(23
) 
     (17 )   
 
(1,779
) 
     (1,858 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Oil and gas properties depreciation and amortisation
   
 
(1,256
) 
     (1,380 )   
 
(612
) 
     (547 )   
 
— 
 
     —     
 
(25
) 
     (17 )   
 
(1,893
) 
     (1,944 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Shipping and direct sales costs
   
 
(61
) 
     (107 )   
 
(43
) 
     (38 )   
 
(50
) 
     (30 )   
 
— 
 
     —     
 
(154
) 
     (175 ) 
Trading costs
   
 
— 
 
     (4 )   
 
— 
 
     —     
 
(273
) 
     (618 )   
 
— 
 
     —     
 
(273
) 
     (622 ) 
Other hydrocarbon costs
   
 
(26
) 
     (7 )   
 
— 
 
     —     
 
— 
 
     —     
 
— 
 
     —     
 
(26
) 
     (7 ) 
Other cost of sales
   
 
(17
) 
     —     
 
— 
 
     —     
 
— 
 
     —     
 
(4
) 
     —     
 
(21
) 
     —   
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other cost of sales
   
 
(104
) 
     (118 )   
 
(43
) 
     (38 )   
 
(323
) 
     (648 )   
 
(4
) 
     —     
 
(474
) 
     (804 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Cost of sales
   
 
(2,054
) 
     (2,386 )   
 
(855
) 
     (812 )   
 
(323
) 
     (648 )   
 
(40
) 
     (26 )   
 
(3,272
) 
     (3,872 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross profit/(loss)
   
 
2,102
 
     2,823    
 
464
 
     424    
 
190
 
     307    
 
(40
) 
     (26 )   
 
2,716
 
     3,528  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other income
3
   
 
242
 
     106    
 
20
 
     —     
 
20
 
     1    
 
33
 
     27    
 
315
 
     134  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Exploration and evaluation expenditure
   
 
(12
) 
     (9 )   
 
(86
) 
     (123 )   
 
— 
 
     —     
 
— 
 
     (1 )   
 
(98
) 
     (133 ) 
Amortisation of permit acquisitions
   
 
— 
 
     —     
 
(5
) 
     (4 )   
 
— 
 
     —     
 
— 
 
     —     
 
(5
) 
     (4 ) 
Write-offs
   
 
— 
 
     —     
 
— 
 
     (1 )   
 
— 
 
     —     
 
— 
 
     —     
 
— 
 
     (1 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Exploration and evaluation
   
 
(12
) 
     (9 )   
 
(91
) 
     (128 )   
 
— 
 
     —     
 
— 
 
     (1 )   
 
(103
) 
     (138 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
General, administration and other costs
   
 
— 
 
     —     
 
— 
 
     (3 )   
 
— 
 
     (10 )   
 
(214
) 
     (224 )   
 
(214
) 
     (237 ) 
Amortisation of intangible assets
   
 
— 
 
     —     
 
— 
 
     —     
 
— 
 
     —     
 
(10
) 
     —     
 
(10
) 
     —   
Depreciation of lease assets
   
 
(28
) 
     (22 )   
 
(1
) 
     (7 )   
 
(50
) 
     (34 )   
 
(22
) 
     (18 )   
 
(101
) 
     (81 ) 
Restoration movement
   
 
(14
) 
     (8 )   
 
(1
) 
     (12 )   
 
— 
 
     —     
 
— 
 
     —     
 
(15
) 
     (20 ) 
Other
4
   
 
16
 
     (27 )   
 
— 
 
     (1 )   
 
58
 
     (99 )   
 
(300
) 
     (200 )   
 
(226
) 
     (327 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other costs
   
 
(26
) 
     (57 )   
 
(2
) 
     (23 )   
 
8
 
     (143 )   
 
(546
) 
     (442 )   
 
(566
) 
     (665 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other expenses
   
 
(38
) 
     (66 )   
 
(93
) 
     (151 )   
 
8
 
     (143 )   
 
(546
) 
     (443 )   
 
(669
) 
     (803 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Impairment losses
   
 
— 
 
     (68 )   
 
— 
 
     —     
 
— 
 
     —     
 
— 
 
     —     
 
— 
 
     (68 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Profit/(loss) before tax and net finance costs
   
 
2,306
 
     2,795    
 
391
 
     273    
 
218
 
     165    
 
(553
) 
     (442 )   
 
2,362
 
     2,791  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
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 $5,981 million (2023: $7,394 million) and
sub-lease
income of $7 million (2023: $6 million) disclosed within shipping and other revenue.
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 $121 million.
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-
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0
   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
A.2 Finance costs
 
    
2024

US$m
      2023
US$m		  
Interest on interest-bearing liabilities
   
 
125
 
      112  
Interest on lease liabilities
   
 
51
 
      54  
Accretion charge
   
 
145
 
      134  
Other finance costs
   
 
13
 
      21  
Less: Finance costs capitalised against qualifying assets
   
 
(187
) 
      (184 ) 
  
 
 
     
 
 
  
  
 
147
 
      137  
  
 
 
     
 
 
  
A.3 Dividends paid and proposed
Woodside Energy Group Ltd, the parent entity, paid and proposed dividends as set out below:
 
    
2024

US$m
      2023
US$m		  
(a) Dividends paid during the financial period
Prior year fully franked final dividend US$0.60, paid on 4 April 2024 (2023: US$1.44, paid on 5 April 2023)
   
 
1,139
 
      2,734  
  
 
 
     
 
 
  
(b) Dividend declared subsequent to the reporting period (not recorded as a liability)
Current year fully franked interim dividend US$0.69 to be paid on 
3 October
2024 (2023: US$0.80, paid on 
3 October
2023)
   
 
1,310
 
      1,519  
  
 
 
     
 
 
  
A.4 Earnings per share
 
    
2024
      2023  
Profit attributable to equity holders of the parent (US$m)
   
 
1,937
 
      1,740  
Weighted average number of shares on issue for basic earnings per share
   
 
1,896,041,815
 
      1,896,624,636  
Effect of dilution from contingently issuable shares
   
 
14,691,983
 
      12,981,487  
Weighted average number of shares on issue adjusted for the effect of dilution
   
 
1,910,733,798
 
      1,909,606,123  
Basic earnings per share (US cents)
   
 
102.2
 
      91.7  
Diluted earnings per share (US cents)
   
 
101.4
 
      91.1  
Earnings per share is calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of shares on issue during the period. The weighted average number of shares makes allowance for shares reserved for employee share plans. Diluted earnings per share is calculated by adjusting basic earnings per share by the number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
11
   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
A.5 Taxes
 
    
2024

US$m
      2023
US$m		  
Reconciliation of income tax expense
      
Profit before tax
   
 
2,310
 
      2,828  
PRRT expense
   
 
(192
) 
      (778 ) 
  
 
 
     
 
 
  
Profit before income tax
   
 
2,118
 
      2,050  
  
 
 
     
 
 
  
Income tax expense calculated at 30%
   
 
635
 
      615  
Effect of tax rate differentials
   
 
(15
) 
      30  
Effect of deferred tax assets not recognised
   
 
35
 
      67  
Effect of tax benefits previously unrecognised
1
   
 
(366
)
      (340 ) 
Reduction in deferred tax liability due to held for sale basis
1
   
 
(91
) 
      —   
Foreign exchange impact on tax benefit
   
 
(11
) 
      (83 ) 
Adjustment to prior years
   
 
(52
) 
      (16 ) 
Other
   
 
11
 
      11  
  
 
 
     
 
 
  
Income tax expense
   
 
146
 
      284  
  
 
 
     
 
 
  
 
1.
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 remaining $61 million relates to other tax benefits previously unrecognised. 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%.
In May 2024, the Parliament of Australia enacted the Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024 for the PRRT deductions cap which takes effect from 1 July 2023. If an entity is an LNG producer and its petroleum projects meet the criteria of the deduction cap, the entity will have a taxable profit of 10% of the projects’ assessable receipts in the year of tax.
The new legislation has impacted the Pluto and Wheatstone projects resulting in the Group recognising a $124 million current tax payable as at 30 June 2024.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
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Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
B. Production and growth assets
B.1 Exploration and evaluation
 
    
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
   
 
568
 
  
 
76
 
  
 
24
 
  
 
668
 
Additions
   
 
11
 
  
 
52
 
  
 
14
 
  
 
77
 
Amortisation of licence acquisition costs
   
 
— 
 
  
 
(5
) 
  
 
— 
 
  
 
(5
) 
Transferred exploration and evaluation
   
 
(8
) 
  
 
— 
 
  
 
(18
) 
  
 
(26
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Carrying amount at 30 June 2024
   
 
571
 
  
 
123
 
  
 
20
 
  
 
714
 
  
 
 
    
 
 
    
 
 
    
 
 
  
Year ended 31 December 2023
         
Carrying amount at 1 January 2023
      529       240       38       807  
Additions
      79       161       6       246  
Amortisation of licence acquisition costs
      —        (2 )      (2 )      (4 ) 
Expensed
      (31 )      (28 )      (18 )      (77 ) 
Transferred exploration and evaluation
1
      (9 )      (295 )      —        (304 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Carrying amount at 31 December 2023
      568       76       24       668  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
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 $274 million were transferred to oil and gas properties.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
13
   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
B.2 Oil and gas properties
 
    
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
   
 
701
 
  
 
777
 
  
 
23,589
 
  
 
15,724
 
  
 
40,791
 
Additions
2
   
 
— 
 
  
 
— 
 
  
 
(127
) 
  
 
2,447
 
  
 
2,320
 
Disposals at written down value
   
 
(2
) 
  
 
— 
 
  
 
— 
 
  
 
(47
) 
  
 
(49
) 
Depreciation and amortisation
   
 
(28
) 
  
 
(86
) 
  
 
(1,779
) 
  
 
— 
 
  
 
(1,893
) 
Completions and transfers
3
   
 
— 
 
  
 
341
 
  
 
5,391
 
  
 
(5,706
)
  
 
26
 
Transfer to assets held for sale
4
   
 
— 
 
  
 
— 
 
  
 
(4
) 
  
 
(1,066
) 
  
 
(1,070
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Carrying amount at 30 June 2024
   
 
671
 
  
 
1,032
 
  
 
27,070
 
  
 
11,352
 
  
 
40,125
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
At 30 June 2024
           
Historical cost
   
 
1,743
 
  
 
2,320
 
  
 
55,533
 
  
 
12,072
 
  
 
71,668
 
Accumulated depreciation and impairment
   
 
(1,072
) 
  
 
(1,288
) 
  
 
(28,463
) 
  
 
(720
) 
  
 
(31,543
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net carrying amount
   
 
671
 
  
 
1,032
 
  
 
27,070
 
  
 
11,352
 
  
 
40,125
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Year ended 31 December 2023
           
Carrying amount at 1 January 2023
      840       481       23,057       15,541       39,919  
Additions
      —        —        836       5,759       6,595  
Disposals at written down value
      (8 )      —        (2 )      —        (10 ) 
Depreciation and amortisation
      (67 )      (125 )      (3,764 )      —        (3,956 ) 
Impairment losses
      (64 )      (20 )      (1,028 )      (328 )      (1,440 ) 
Completions and transfers
      —        441       4,496       (4,633 )      304  
Transfer to assets held for sale
      —        —        (6 )      (615 )      (621 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Carrying amount at 31 December 2023
      701       777       23,589       15,724       40,791  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
At 31 December 2023
           
Historical cost
      1,745       1,979       50,272       16,443       70,439  
Accumulated depreciation and impairment
      (1,044 )      (1,202 )      (26,683 )      (719 )      (29,648 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net carrying amount
      701       777       23,589       15,724       40,791  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1.
Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations.
2.
Includes $2,212 million of capital additions and $187 million of capitalised borrowing costs offset by $79 million relating to changes in restoration provision assumptions. The $127 million of additions
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.
The Group has capital expenditure commitments contracted for, but not provided for in the financial statements, of $3,017 million (31 December 2023: $4,245 million).
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
14
   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
B.3 Goodwill
 
    
US$m
  
Half-year ended 30 June 2024
   
Carrying amount at 1 January 2024
   
 
3,995
 
Transfer to assets held for sale
1
   
 
(298
) 
  
 
 
  
Carrying amount at 30 June 2024
   
 
3,697
 
  
 
 
  
At 30 June 2024
   
Cost
   
 
4,174
 
Accumulated impairment
   
 
(477
) 
  
 
 
  
Net carrying amount
   
 
3,697
 
  
 
 
  
Year ended 31 December 2023
   
Carrying amount at 1 January 2023
      4,614  
Adjustment to purchase price allocation
      55  
Impairment
      (477 ) 
Transfer to assets held for sale
      (197 ) 
  
 
 
  
Carrying amount at 31 December 2023
      3,995  
  
 
 
  
At 31 December 2023
   
Cost
      4,472  
Accumulated impairment
      (477 ) 
  
 
 
  
Net carrying amount
      3,995  
  
 
 
  
 
1.
Refer to Note B.4(a) for details of the sell-downs of the Scarborough Joint Venture.
B.4 Disposal of assets
(a) Sell-down of Scarborough Joint Venture to JERA
On 23 February 2024, the Group entered into a sale and purchase agreement with JERA for the sale of a 15.1%
non-operating
participating interest in the Scarborough Joint Venture.
As at 30 June 2024, the Group has reclassified $1,378 million of assets, being the carrying value of the 15.1% interest in the Scarborough Joint Venture within the Australia segment, to assets held for sale. Liabilities of $119 million have been reclassified to liabilities directly associated with assets held for sale. No impairment of assets occurred on reclassification to held for sale.
The following assets and liabilities were reclassified as held for sale as at 30 June 2024:
 
    
US$m
  
Assets classified as held for sale
   
Oil and gas properties
   
 
1,070
 
Inventories
   
 
6
 
Lease assets
   
 
2
 
Goodwill
   
 
298
 
Other assets
   
 
2
 
  
 
 
  
Total assets held for sale
   
 
1,378
 
  
 
 
  
Liabilities directly associated with assets held for sale
   
Payables
   
 
(28
) 
Deferred tax liabilities
   
 
(75
) 
Lease liabilities
   
 
(8
) 
Provisions
   
 
(8
) 
  
 
 
  
Total liabilities directly associated with assets held for sale
   
 
(119
) 
  
 
 
  
The purchase price is $
740
 
million, subject to adjustments which includes the reimbursement to Woodside for JERA’s share of expenditure for the Scarborough project from the effective date of 1 January 2022. The total proceeds from the sale are expected to exceed the net carrying value of the assets and liabilities classified as held for sale. The transaction is expected to complete in the second half of 2024. Completion of the transaction is subject to conditions precedent including Western Australia Government approval. This has also resulted in the recognition of a net tax benefit of $91 million. After completion, the Group’s participating interest in the Scarborough Joint Venture will reduce from 90% to 74.9%.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
15
   
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
B.4 Disposal of assets (continued)
(a) Sell-down of Scarborough Joint Venture to JERA (continued)
 
Key estimates and judgements
Goodwill allocation on Scarborough sell-down
In accordance with AASB 136/IAS 36
Impairment of assets
, if goodwill has been allocated to a CGU and the entity disposes of an operation within that unit, the goodwill associated with the operation disposed shall be included in the carrying value of the operation when determining the gain or loss on disposal and measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained.
The Pluto-Scarborough CGU includes goodwill allocated from the merger with BHP Petroleum in 2022. Judgement is required to determine the amount of goodwill allocated to the 15.1% participating interest in the Scarborough assets being disposed.
The Group used fair value measurements of Pluto and Scarborough assets within the CGU as the basis to allocate goodwill between the Pluto and Scarborough assets. The goodwill associated with the participating interest of the Scarborough assets being disposed of was determined based on the percentage participating interest disposed of in proportion to the participating interest being retained.
(b) Sell-down of Scarborough Joint Venture to LNG Japan
On 8 August 2023 the Group entered into a sale and purchase agreement with LNG Japan for the sale of a 10%
non-operating
participating interest in the Scarborough Joint Venture.
As at 31 December 2023, the Group reclassified $823 million of assets, being the carrying value of the 10% interest in the Scarborough Joint Venture, to assets held for sale. Liabilities of $94 million were reclassified to liabilities directly associated with assets held for sale.
The transaction completed on 26 March 2024, reducing the Group’s participating interest from 100% to 90%. Proceeds from the sale were $910 million, including capital reimbursements and escalation. Delays to the first cargo or cost overruns in specific circumstances may result in payments by Woodside to LNG Japan of up to a max
i
mum of $50 million. For the half-year ended 30 June 2024, the Group recognised a
pre-tax
gain on sale of $121 million.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
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6
   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
C. Debt and capital
C.1 Contributed equity
Issued and fully paid shares
 
    
Number of
shares
     
US$m
  
Half-year ended 30 June 2024
      
Opening balance
   
 
1,898,749,771
 
   
 
29,001
 
  
 
 
     
 
 
  
Amounts as at 30 June 2024
   
 
1,898,749,771
 
   
 
29,001
 
  
 
 
     
 
 
  
Year ended 31 December 2023
      
Opening balance
      1,898,749,771        29,001  
  
 
 
     
 
 
  
Amounts as at 31 December 2023
      1,898,749,771        29,001  
  
 
 
     
 
 
  
All shares are a single class with equal rights to dividends, capital distributions and voting. The Company does not have authorised capital nor par value in respect of its issued shares.
Reserved shares
Reserved shares are the Group’s own equity instruments, which are used in employee share-based payment arrangements or the Dividend Reinvestment Plan (DRP). The DRP was suspended on 27 February 2023. These shares are deducted from equity.
 
    
Number of
shares
     
US$m
  
Half-year ended 30 June 2024
      
Opening balance
   
 
2,140,927
 
   
 
(49
) 
Purchases during the period
   
 
1,262,082
 
   
 
(25
) 
Vested/allocated during the period
   
 
(424,959
) 
   
 
9
 
  
 
 
     
 
 
  
Amounts as at 30 June 2024
   
 
2,978,050
 
   
 
(65
) 
  
 
 
     
 
 
  
Year ended 31 December 2023
      
Opening balance
      1,873,777        (38 ) 
Purchases during the year
      2,332,121        (57 ) 
Vested/allocated during the year
      (2,064,971 )       46  
  
 
 
     
 
 
  
Amounts as at 31 December 2023
      2,140,927        (49 ) 
  
 
 
     
 
 
  
C.2 Interest-bearing liabilities and financing facilities
During the period, the Group completed the drawdown of $500 million from bilateral loan facilities. In addition, the Group entered into the following facilities during the period:
 
  •  
$1,000 million loan facility with Japan Bank for International Cooperation (JBIC) with a term of 10 years.
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.
 
  •  
$450 million syndicated term loan facility with a tenor of 10 years.
Interest is based on daily SOFR plus credit adjustment spread (CAS) and margin. This facility was fully drawn in June 2024.
There were no other material changes to interest-bearing liabilities and financing facilities. As at 30 June 2024, the Group had $6,500 million (31 December 2023: $6,050 million) of available undrawn facilities. Subsequent to 30 June 2024, the Group cancelled $1,550 million of undrawn facilities.
For the year ended 31 December 2023, the Group repaid $201 million of the CHF Medium Term Note and $83 million of the JBIC facility which was settled in July 2023.
Fair value
The carrying amounts of interest-bearing liabilities approximate their fair values, with the exception of the Group’s unsecured bonds and the medium-term notes. The unsecured bonds have a carrying amount of $4,087 million (31 December 2023: $4,087 million) and a fair value of $3,958 million (31 December 2023: $3,936 million). The medium-term notes have a carrying amount of $200 million (31 December 2023: $200 million) and a fair value of $188 million (31 December 2023: $188 million). Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date and classified as Level 1 on the fair value hierarchy.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
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Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
D. Other assets and liabilities
D.1 Segment assets and liabilities
 
    
30 June

2024

US$m
      31 December
2023
US$m		  
(a) Segment assets
      
Australia
   
 
30,895
 
      31,602  
International
   
 
18,083
 
      17,923  
Marketing
   
 
798
 
      835  
Corporate/Other
   
 
5,866
 
      5,001  
  
 
 
     
 
 
  
  
 
55,642
 
      55,361  
  
 
 
     
 
 
  
 
    
30 June

2024

US$m
      31 December
2023
US$m		  
(b) Segment liabilities
      
Australia
   
 
7,312
 
      7,833  
International
   
 
2,434
 
      2,624  
Marketing
   
 
890
 
      751  
Corporate/Other
   
 
9,177
 
      8,983  
  
 
 
     
 
 
  
  
 
19,813
 
      20,191  
  
 
 
     
 
 
  
Corporate/Other assets mainly comprise cash and cash equivalents, lease assets and deferred tax assets. Corporate/Other liabilities mainly comprise interest-bearing liabilities, lease liabilities and deferred tax liabilities.
D.2 Provisions
 
    
Restoration
1

US$m
     
Employee
benefits

US$m
     
Other

US$m
     
Total

US$m
  
Half-year ended 30 June 2024
            
At 1 January 2024
   
 
7,154
 
   
 
522
 
   
 
281
 
   
 
7,957
 
Change in provision
   
 
(449
) 
   
 
(31
) 
   
 
55
 
   
 
(425
) 
Unwinding of present value discount
   
 
144
 
   
 
— 
 
   
 
1
 
   
 
145
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Carrying amount at 30 June 2024
   
 
6,849
 
   
 
491
 
   
 
337
 
   
 
7,677
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Current
   
 
698
 
   
 
302
 
   
 
223
 
   
 
1,223
 
Non-current
   
 
6,151
 
   
 
189
 
   
 
114
 
   
 
6,454
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net carrying amount
   
 
6,849
 
   
 
491
 
   
 
337
 
   
 
7,677
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Year ended 31 December 2023
            
At 1 January 2023
      6,253        517        409        7,179  
Change in provision
      664        5        (128 )       541  
Unwinding of present value discount
      237        —         —         237  
  
 
 
     
 
 
     
 
 
     
 
 
  
Carrying amount at 31 December 2023
      7,154        522        281        7,957  
  
 
 
     
 
 
     
 
 
     
 
 
  
Current
      1,011        351        144        1,506  
Non-current
      6,143        171        137        6,451  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net carrying amount
      7,154        522        281        7,957  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
1.
2024 change in provision is due to a revision of discount rates of $147 million (primarily due to an increase in risk-free rates), changes in foreign exchange
 rates
of $84 million and provisions used of $358 million, offset by changes in estimates of $140 million.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
18
   
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
D.3 Other financial assets and liabilities
 
    
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
   
 
160
 
      248  
Other financial assets
   
 
100
 
      53  
Financial instruments at fair value through other comprehensive income
      
Other financial assets
   
 
— 
 
      28  
  
 
 
     
 
 
  
Total other financial assets
   
 
260
 
      329  
  
 
 
     
 
 
  
Current
   
 
154
 
      209  
Non-current
   
 
106
 
      120  
  
 
 
     
 
 
  
Net carrying amount
   
 
260
 
      329  
  
 
 
     
 
 
  
Other financial liabilities
      
Financial instruments at fair value through profit and loss
      
Derivative financial instruments designated as hedges
   
 
126
 
      74  
Embedded derivative
   
 
188
 
      35  
Other financial liabilities
   
 
41
 
      —   
  
 
 
     
 
 
  
Total other financial liabilities
   
 
355
 
      109  
  
 
 
     
 
 
  
Current
   
 
152
 
      67  
Non-current
   
 
203
 
      42  
  
 
 
     
 
 
  
Net carrying amount
   
 
355
 
      109  
  
 
 
     
 
 
  
Hedging activities
During the period, the following hedging activities were undertaken:
 
  •  
The Group had hedged approximately 29.3 MMboe of 2024 oil production at an average price of approximately $75.6 per barrel, of which approximately 49% was delivered as at 30 June 2024.
 
  •  
The Group additionally hedged approximately
15
MMboe of 2025 oil production at an average price of approximately $81.2 per barrel.
 
  •  
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 70% of volumes for the remainder of 2024, 48% of 2025 and 9% of 2026 volumes have been hedged.
 
  •  
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.
The following table presents the Group’s derivative financial instruments designated as hedges, measured and recognised at fair value:
 
    
30 June

2024

US$m
      31 December
2023
US$m		  
Oil swaps (cash flow hedges)
   
 
(53
) 
      (14 ) 
HH Corpus Christi commodity swaps (cash flow hedges)
   
 
(24
) 
      (44 ) 
TTF Corpus Christi commodity swaps (cash flow hedges)
   
 
72
 
      181  
Interest rate swaps (cash flow hedges)
   
 
48
 
      43  
Foreign exchange forwards (cash flow hedges)
   
 
(9
) 
      8  
  
 
 
     
 
 
  
Total derivative financial instruments asset designated as hedges
   
 
34
 
      174  
  
 
 
     
 
 
  
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
19
   
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
D.3 Other financial assets and liabilities (continued)
 
Embedded commodity derivative
In 2023, the Group entered into a revised long-term gas sale and purchase contract (GSPA) with Perdaman, where a component of the selling price is linked to the price of urea. The contract was assessed to contain an embedded commodity derivative that is required to be separated and recognised at fair value through profit and loss. The carrying value of the embedded derivative at 30 June 2024 amounted to a net liability of $188 million (31 December 2023: net liability of $35 million). The derivative is remeasured to fair value at each reporting date in accordance with the urea price at that date. For the
six-month
period ended 30 June 2024, an unrealised loss of $153 million (30 June 2023: unrealised loss of $52 million) has been recognised through other expenses.
Fair value
Except for the other financial assets and other financial liabilities set out in this note, there are no other material financial assets or financial liabilities carried at fair value. Other financial assets and other financial liabilities set out in this note are classified as Level 2 on the fair value hierarchy with market observable inputs, with the exception of the embedded commodity derivative which has been classified as Level 3 on the fair value hierarchy with no market observable inputs. Refer to key estimates and judgements for further details. During the period, there were no reclassifications between the fair value hierarchy levels.
There were no changes to the Group’s valuation processes, valuation techniques and types of inputs used in the fair value measurements during the period.
Financial risk factors
The Group’s activities expose its financial instruments to a variety of market risks, including foreign exchange, commodity price and interest rate risk. The half-year financial report does not include all financial risk management information and disclosures required in the Annual Report and, as such, should be read in conjunction with the Group’s 2023 Financial Statements. There have been no significant changes in risk management policies since 31 December 2023. Refer to the embedded commodity derivative key estimates and judgements section for the sensitivity assessment on discount rates and pricing.
Key estimates and judgements
Embedded commodity derivative
The fair value of the Perdaman embedded derivative has been estimated using a Monte Carlo simulation model. The assessment requires management to make certain assumptions about the model inputs, including forecast cash flows, discount rate, credit risk and volatility. These assumptions require significant management judgement and are subject to risk and uncertainty, and hence changes in economic conditions can affect the assumptions. The present value of the embedded derivative was estimated using the assumptions set out below.
 
  •  
Inflation rate – 2.5%.
 
  •  
Discount rate – a
pre-tax
interest rate curve (range: 5.8% to 6.95%).
 
  •  
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.
The embedded derivative is most sensitive to changes in discount rates and pricing, which may result in unrealised gains or losses recognised in other income/expenses. The nominal impact of the effects of changes to discount rate and long-term price assumptions are estimated as follows:
 
Change in assumption
1
   
US$m
  
Urea sales price: increase of 10%
   
 
137
 
Urea sales price: decrease of 10%
   
 
(137
) 
Discount rate: increase of 1.5%
2
   
 
(186
) 
Discount rate: decrease of 1.5%
2
   
 
230
 
 
  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
   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year
end
ed 30 June 2024
 
E. Other items
E.1 Contingent liabilities and assets
 
    
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
   
 
226
 
      260  
Guarantees
   
 
3
 
      2  
  
 
 
     
 
 
  
  
 
229
 
      262  
  
 
 
     
 
 
  
Contingent liabilities relate predominantly to possible obligations whose existence will only be confirmed by the occurrence or
non-occurrence
of uncertain future events, and therefore the Group has not provided for such amounts in these financial statements. The Group operates in complex tax and legislative regimes. The amounts disclosed above include estimates made in relation to ongoing disputes with various tax and government authorities. Assessing a value of contingent liabilities requires a high degree of judgement. The contingent liabilities relating to tax matters are estimated based on notices received from authorities before interest and penalties. The possibility of further claims related to the same matters cannot be ruled out and the judicial processes may take extended periods to conclude. Additionally, there are a number of other claims and possible claims that have arisen in the course of business against entities in the Group, the outcome of which cannot be estimated at present and for which no amounts have been included in the table above.
The Group has contingent assets of $56 million as at 30 June 2024 (31 December 2023: $47 million).
E.2 Changes to the composition of the Group
Since the last annual reporting, Koolbardi Pte Ltd, a wholly owned subsidiary, was incorporated in Singapore on 21 February 2024.
E.3 New standards and interpretations
New and amended accounting standards adopted
A number of amended standards became applicable for the current reporting period. The Group did not make any significant changes to its accounting policies and did not make retrospective adjustments as a result of adopting these amended standards. These amendments did not materially impact the accounting policies or amounts disclosed in the half-year financial statements of the Group.
New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the 30 June 2024 reporting period and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact to the Group in the current or future reporting periods and on foreseeable future transactions with the exception of AASB 18/ IFRS 18
Presentation and Disclosure in Financial Statements
and the amendments to AASB 112/ IAS 12
Income Taxes
where the impact is under assessment.
Pillar Two tax reform
In December 2021, the Organisation for Economic
Co-operation
and Development (OECD) published its Pillar Two model rules. The Pillar Two model rules:
 
  •  
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 15% from the reporting period commencing1 January 2024.
For the half-year ended 30 June 2024, the Group paid $1,700 million of income tax and PRRT.
The Group’s impact assessment will depend on the extent to which the Pillar Two legislation has been enacted in the various jurisdictions the Group operates in and when it comes into effect. As at reporting date, Australia has not enacted the Pillar Two legislation. The Group will continue to monitor and assess the expected impact of the Pillar Two reform.
 
Woodside Energy Group Ltd | Half-Year Report 2024
    F-
21
   
Table of Contents
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
 
E.4 Events after the end of the reporting period
Acquisition of Tellurian Inc
On 22 July 2024, the Group entered into a definitive agreement to acquire all the issued and outstanding common stock of Tellurian Inc (Tellurian) for a cash payment of approximately
$900 million (the transaction). As part of the agreement, the Group has provided a loan facility of up to $230 million to Tellurian to ensure site activity maintains momentum prior to the completion of the transaction. The loan is secured by a first priority lien over the Tellurian assets, subject to customary exclusions. The latest maturity date of the loan is 15 December 2024 or the date of transaction completion.
The transaction is subject to Tellurian shareholder approval, satisfaction of customary conditions precedent, and is expected to complete in the fourth quarter of 2024. The financial effect of the transaction is still being assessed.
Acquisition of OCI Clean Ammonia Holding B.V.
On 5 August 2024, Woodside entered into a binding agreement to acquire 100% of OCI Clean Ammonia Holding B.V. (OCI) and its Clean Ammonia Project for an
all-cash
consideration of approximately $2.35 
billion. The project is under construction and is subject to cost, schedule, and performance guarantees from OCI. 
The transaction is subject to OCI shareholder approval, satisfaction of customary conditions precedent, and is expected to complete in the second half of 2024. The financial effect of the transaction is still being assessed.

 
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