TIDMWDS
RNS Number : 4509Q
Woodside Energy Group Ltd
17 October 2023
Woodside Energy Group Ltd
ACN 004 898 962
Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia
T +61 8 9348 4000
www.woodside.com
ASX: WDS
NYSE: WDS
LSE: WDS
Announcement
Wednesday, 18 October 2023
THIRD QUARTER REPORT FOR PERIODED 30 SEPTEMBER 2023
Delivering reliable production
* Delivered quarterly production of 47.8 MMboe (520
Mboe/day), up 8% from Q2 2023 following completion of
planned turnaround and maintenance activities.
Full-year production guidance has been narrowed to
183 - 188 MMboe.
* Delivered sales volume of 53.3 MMboe, up 10% from Q2
2023, primarily due to higher production.
* Delivered revenue of $3,259 million, up 6% from Q2
2023, due to higher production offset by lower
realised prices.
* Achieved a portfolio average realised price of
$60.2/boe.
* Sold 29% of produced LNG at prices linked to gas hub
indices.
* Achieved first production at Shenzi North in
September 2023, ahead of the 2024 target.
Executing major projects
* The Scarborough and Pluto Train 2 project was 46%
complete at the end of the period, with fabrication
of the floating production unit (FPU) and Pluto Train
2 modules progressing.
* The Sangomar project was 90% complete at the end of
the period, with 14 of 23 wells drilled and
completed. The floating production storage and
offloading (FPSO) topsides integration and
pre-commissioning works continued in Singapore.
* The Trion field development plan (FDP) was approved
by the Mexican regulator, with the project now moving
into execution phase.
Carbon and new energy
* The H2OK final investment decision (FID) has been
delayed pending more certainty regarding Government
tax incentive qualifications and customer offtake
agreements.
* Substantially completed installation works within
Pluto LNG and progressed commercial agreements
including solar farm and battery energy storage
system agreements to support Woodside Solar targeted
FID readiness of 2023.
Woodside CEO Meg O'Neill said the quarter-on-quarter increase in
output to 47.8 million barrels of oil equivalent was underpinned by
strong operating results at Pluto LNG.
"The 99.9% reliability achieved at Pluto during the third
quarter followed the completion of a maintenance turnaround in
June.
"Production from North West Shelf was impacted by planned
turnaround and maintenance activities in the quarter, but the
facility's reliability was still exceptional at 98.9%.
"Woodside's project teams made strong progress over the course
of the quarter.
"In September, first production at the Shenzi North tieback in
the US Gulf of Mexico was achieved ahead of the original 2024
schedule. Production at Mad Dog Phase 2 offshore Louisiana, which
started up in April, continued to ramp up during the quarter.
"Activity at Scarborough and Pluto Train 2 increased as planned
and the project is now 46% complete. Installation of the nearshore
component of the Scarborough trunkline commenced and fabrication of
the floating production unit topsides and hull continued.
"Site construction works for Pluto Train 2 are progressing and
we have awarded the engineering, procurement and construction
contract for the Pluto Train 1 modifications that will allow it to
process Scarborough gas.
"The Federal Court's 28 September decision that the Commonwealth
Environment Plan for the Scarborough offshore seismic survey is
invalid has not impacted our target for first LNG cargo in 2026.
The decision does however highlight the urgent need for reform of
Australia's offshore approvals process.
"Uncertainty over approvals has the potential to add cost and
delays to any offshore activities to be undertaken in Australia. In
the case of gas projects, such uncertainty threatens the delivery
of much-needed new supplies to the Western Australian domestic
market, as well as undermining the confidence of our regional
trading partners.
"The importance of Scarborough to regional energy security was
demonstrated in August when LNG Japan agreed to purchase a 10%
non-participating interest in the joint venture.
"As part of a broader strategic relationship, Woodside and LNG
Japan, owned by Sumitomo Corporation and Sojitz Corporation also
entered into a non-binding heads of agreement for the sale and
purchase of approximately 0.9 million tonnes per annum of LNG for
10 years commencing in 2026. In addition, we entered into
non-binding agreements with Sumitomo and Sojitz to collaborate on
new energy opportunities globally.
"At Sangomar in Senegal, another two of the 23 planned wells
were drilled, taking the total now completed to 14.
Pre-commissioning work at the floating production storage and
offloading vessel continued in Singapore. Overall, the Sangomar
project is 90% complete and we remain on track for targeted first
oil in mid-2024.
"A significant milestone for our deepwater Trion project was
passed during the quarter, with the approval of the field
development plan by the Mexican regulator. Project execution
activities at Trion are progressing.
"In new energy, progress was made on contracts for the plant
construction scope and other critical packages at our proposed H2OK
facility in Oklahoma. Technical work to support readiness for a
final investment decision at H2OK is expected to be completed in
2023, although a decision itself has been delayed, pending
clarification of government tax incentives and the finalisation of
offtake agreements.
"During the quarter we signed two non-binding memoranda of
understanding with a total of four Japanese companies to jointly
study potential carbon capture and storage (CCS) value chains
between Australia and Japan. We believe that with collaboration
between industry partners and governments CCS could provide a
pathway to help our Japanese customers decarbonise," she said.
Comparative performance at a glance
Three months ended Year to date
------------ ----------- ---------------------------------------- -------------------------
Sep Jun Change Sep Change Sep Sep Change
2023 2023 % 2022 % 2023 2022 %
[1]
------------ ----------- ------ ------ ------- ------ ------- ------- ------- -------
Production
[2] MMboe 47.8 44.5 8% 51.2 (7%) 139.1 106.1 31%
520 489 557
====== ====== ======
Mboe/day 510 389
======================== ====== ====== ======= ====== ======= ======= ======= =======
Sales MMboe 53.3 48.4 10% 57.1 (7%) 152.1 116.7 30%
============
Mboe/day 579 532 621 557 428
======================== ====== ====== ======= ====== ======= ======= ======= =======
Revenue $ million 3,259 3,084 6% 5,858 (44%) 10,673 11,691 (9%)
Operational overview
Production
-- Production increased compared to the previous quarter to 47.8 MMboe primarily due to:
o higher production from Pluto LNG and Ngujima-Yin following
completion of planned turnaround and maintenance activities
o high LNG reliability at Australian operated assets, with Pluto
LNG and the North West Shelf (NWS) Project achieving 99.9% and
98.9% reliability respectively for the quarter
o higher production on Mad Dog due to the continued ramp up at
the Argos platform.
This was partly offset by lower NWS production due to planned
turnaround and maintenance activities on the North Rankin Complex,
Goodwyn Platform and Karratha Gas Plant, with production
recommencing in September 2023.
-- Production from Bass Strait was lower than the corresponding
quarter in 2022 due to lower gas demand following a warmer
winter.
Gulf of Mexico
-- First production was successfully achieved at Shenzi North in
September 2023 ahead of the 2024 target.
-- A maintenance turnaround of the Shenzi facility was completed on schedule.
-- Production continues to ramp up at the Argos platform with seven wells now online.
Australia Oil
-- The Ngujima-Yin FPSO recommenced production in July following
successful completion of the five-yearly maintenance turnaround in
a Singapore drydock.
Greater Angostura
-- In July 2023, a valve bolt failure on the Angostura gas
export platform resulted in an unplanned gas release and emergency
shutdown to stop the flow of gas. This incident is classified as a
Tier 1 process safety event. [3] Production recommenced in August
2023 following completion of safety checks and remediation
activities.
Decommissioning
-- The Enfield plug and abandonment (P&A) campaign continued
with four wells permanently plugged. The plugging of 17 of 18
Enfield wells and removal of 16 of 18 xmas trees has been
completed.
-- The Bass Strait P&A operations on Flounder, Bream A, and
Kingfish A platforms continued with six wells plugged in the
quarter.
-- Subsequent to the quarter, Woodside commenced removing the
Nganhurra riser turret mooring which will be transported for
cleaning and deconstruction in preparation for recycling or
reuse.
Project and development activities
Scarborough
-- Installation of the trunkline nearshore component commenced
and fabrication of the FPU topsides and hull continued.
-- The Pluto Train 2 project continued to ramp up, with both
module fabrication and site construction works progressing.
-- In August 2023, Woodside entered into an agreement with LNG
Japan to sell a 10% interest in the Scarborough Joint Venture.
[4]
-- In September 2023, Woodside awarded the engineering,
procurement and construction contract for Pluto Train 1
modifications. Engineering and procurement of long-lead items are
progressing.
-- The Federal Court has set aside NOPSEMA's acceptance of the
Marine Seismic Survey Environment Plan on the basis that NOPSEMA's
decision to accept the environment plan with conditions relating to
consultation was invalid.
-- Engagement continues with NOPSEMA on the outstanding Commonwealth Environment Plans.
-- The Scarborough and Pluto Train 2 project was 46% complete at
the end of the period and first LNG cargo is targeted for 2026.
Sangomar Field Development Phase 1
-- FPSO topsides integration and pre-commissioning works continued in Singapore.
-- The development drilling program continued with 14 of 23 wells completed.
-- The subsea installation campaign was 80% complete, with the
overall subsea work scope 96% complete at the end of the
period.
-- The project was 90% complete at the end of the period and
first oil is targeted for mid-2024.
Trion
-- The Mexican regulator, Comisión Nacional de Hidrocarburos,
approved the Trion FDP in August 2023.
-- Awarded contracts for the drill rig; FPU and floating storage
and offloading (FSO) installation; subsea trees and control system;
subsea flexible piping and riser terminations.
-- Placed equipment orders for umbilical tubing and subsea manifolds.
-- Commenced FSO front-end engineering design activities and progressed shipyard engineering.
New energy and carbon solutions
H2OK
-- The H2OK FID has been delayed pending more certainty
regarding Government tax incentive qualifications and customer
offtake agreements.
-- Technical work to support FID readiness remains on target to be complete in 2023.
-- Contracting activities for the plant construction scope and
other critical packages continued.
Woodside Solar
-- Installation works within the Pluto LNG facility have been
substantially completed in readiness for power import.
-- Engagement continues with local, state and commonwealth
authorities on key development and environmental approvals.
-- Progressed commercial agreements including for the solar farm
and battery energy storage system infrastructure required for the
power opportunity.
-- Woodside Solar is targeting FID readiness in 2023.
Carbon origination
-- In August 2023, Woodside entered into an agreement for the
offtake of carbon credits from the restoration of up to 7,000
hectares of mangroves in the Sine Saloum and Casamance regions of
Senegal. Woodside is expected to receive up to 1.4 million carbon
credits from this project over 30 years.
CCS opportunities
-- Entered into two non-binding memoranda of understanding with
Japanese companies to enable studies of potential carbon capture
and storage value chains between Japan and Australia.
Corporate activities
Hedging
-- Woodside has placed oil price hedges for approximately 21.8
MMboe of 2023 production at an average price of approximately $74.5
per barrel, of which approximately 16.5 MMboe has been delivered.
As at the end of the period, Woodside hedged approximately 29.3
MMboe of 2024 production at an average price of approximately $75.7
per barrel.
-- Woodside also has a hedging program for Corpus Christi LNG
volumes designed to protect against downside pricing risk. These
hedges are Henry Hub and Title Transfer Facility (TTF) commodity
swaps. Approximately 77% of Corpus Christi volumes for the
remainder of 2023, approximately 41% of 2024 and approximately 4%
of 2025 volumes have reduced pricing risk as a result of hedging
activities.
-- The year-to-date pre-tax expense related to hedged positions
is approximately $248 million, with $146 million pre-tax expense
related to oil price hedges, $73 million pre-tax expense related to
Corpus Christi hedges and $29 million pre-tax expense related to
other hedge positions.
Investor Briefing Day 2023
-- Woodside's Investor Briefing Day 2023 will be held in Sydney,
Australia, on Wednesday, 8 November 2023, commencing at 09.30 AEDT
/ 06.30 AWST (16.30 CST on Tuesday, 7 November 2023).
-- A live webcast of the event will be available at
https://webcast.openbriefing.com/wds-id-2023/
Update to 2023 full-year guidance
Woodside's full-year 2023 production and capex guidance has been
updated.
Prior Current
Production MMboe 180 - 190 183 - 188
Capital expenditure $ billion 6.0 - 6.5 5.7 - 6.0
Gas hub exposure % of produced LNG 27 - 33 No change
----------------------- ------------------- ---------- ----------
Contacts:
INVESTORS MEDIA
Matthew Turnbull (Group) Christine Forster
M: +61 410 471 079 M: +61 484 112 469
E: christine.forster@woodside.com
Sarah Peyman (Australia)
M: +61 457 513 249
Rohan Goudge (US)
M: +1 (713) 679-1550
E: investor@woodside.com
This announcement was approved and authorised for release by
Woodside's Disclosure Committee.
Production summary
Three months ended Year to date
Sep Jun Sep Sep Sep
2023 2023 2022 2023 2022
[5]
AUSTRALIA
LNG
North West Shelf Mboe 6,590 8,746 9,694 25,009 20,132
Pluto [6] Mboe 12,261 8,765 12,458 33,180 34,112
Wheatstone Mboe 2,610 2,588 2,556 7,654 6,609
-------------------------- ----------- ------- ------- -------- ----------- -----------
Total Mboe 21,461 20,099 24,708 65,843 60,853
-------------------------- ----------- ------- ------- -------- ----------- -----------
Pipeline gas
Bass Strait Mboe 4,591 4,170 6,481 11,894 8,834
Other [7] Mboe 3,472 3,080 3,389 9,589 5,834
-------------------------- ----------- ------- ------- -------- ----------- -----------
Total Mboe 8,063 7,250 9,870 21,483 14,668
-------------------------- ----------- ------- ------- -------- ----------- -----------
Crude oil and condensate
North West Shelf Mbbl 1,278 1,546 1,750 4,508 3,660
Pluto(6) Mbbl 976 699 990 2,636 2,702
Wheatstone Mbbl 477 425 494 1,310 1,192
Bass Strait Mbbl 982 904 1,229 2,663 1,670
Macedon & Pyrenees Mbbl 688 759 602 2,078 825
Ngujima-Yin Mbbl 1,140 - 1,464 2,009 5,137
Okha Mbbl 608 421 653 1,460 1,522
-------------------------- ----------- ------- ------- -------- ----------- -----------
Total Mboe 6,149 4,754 7,182 16,664 16,708
-------------------------- ----------- ------- ------- -------- ----------- -----------
NGL 2
North West Shelf Mbbl 276 339 324 907 733
Pluto(6) Mbbl 53 45 52 148 118
Bass Strait Mbbl 1,380 1,191 1,554 3,294 2,057
-------------------------- ----------- ------- ------- -------- ----------- -----------
Total Mboe 1,709 1,575 1,930 4,349 2,908
-------------------------- ----------- ------- ------- -------- ----------- -----------
Total Australia [8] Mboe 37,382 33,678 43,690 108,339 95,137
-------------------------- ----------- ------- ------- -------- ----------- -----------
Mboe/day 406 370 475 397 348
----------- ------- ------- -------- ----------- -----------
Three months ended Year to date
Sep Jun Sep Sep Sep
2023 2023 2022 2023 2022
[9]
-------------------------- ---------- -------- -------- -------- ---------- ----------
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 350 349 219 1,029 341
Trinidad & Tobago Mboe 2,413 2,723 2,102 7,372 2,931
Other(10) Mboe 17 - - 47 -
-------------------------- ---------- -------- -------- -------- ---------- ----------
Total Mboe 2,780 3,072 2,321 8,448 3,272
-------------------------- ---------- -------- -------- -------- ---------- ----------
Crude oil and condensate
Atlantis Mbbl 2,714 2,792 1,257 8,202 2,244
Mad Dog Mbbl 2,188 1,627 838 4,754 1,249
Shenzi Mbbl 2,158 2,599 2,452 7,353 3,217
Trinidad & Tobago Mbbl 201 294 365 792 515
Other [10] Mbbl 36 81 81 156 108
-------------------------- ---------- -------- -------- -------- ---------- ----------
Total Mboe 7,297 7,393 4,993 21,257 7,333
-------------------------- ---------- -------- -------- -------- ---------- ----------
NGL 4
Gulf of Mexico Mbbl 362 350 244 1,043 363
Other(10) Mbbl 10 - - 27 -
-------------------------- ---------- -------- -------- -------- ---------- ----------
Total Mboe 372 350 244 1,070 363
-------------------------- ---------- -------- -------- -------- ---------- ----------
Total International Mboe 10,449 10,815 7,558 30,775 10,968
-------------------------- ---------- -------- -------- -------- ---------- ----------
Mboe/day 114 119 82 113 40
------------------------------------- -------- -------- -------- ---------- ----------
Total production Mboe 47,831 44,493 51,248 139,114 106,105
-------------------------- ---------- -------- -------- -------- ---------- ----------
Mboe/day 520 489 557 510 389
------------------------------------- -------- -------- -------- ---------- ----------
Product sales
Three months ended Year to date
Sep Jun Sep Sep Sep
2023 2023 2022 2023 2022
[11]
AUSTRALIA
LNG
North West Shelf Mboe 7,639 9,003 8,441 27,206 19,069
Pluto 5 Mboe 12,622 9,592 11,862 33,524 32,389
Wheatstone [12] Mboe 2,541 2,312 2,898 7,203 6,883
----------------------------- ---------- --------- --------- ---------- ----------- -----------
Total Mboe 22,802 20,907 23,201 67,933 58,341
----------------------------- ---------- --------- --------- ---------- ----------- -----------
Pipeline gas
Bass Strait Mboe 4,506 4,113 6,564 11,701 8,758
Other Mboe 3,243 3,040 3,436 9,222 5,813
----------------------------- ---------- --------- --------- ---------- ----------- -----------
Total Mboe 7,749 7,153 10,000 20,923 14,571
----------------------------- ---------- --------- --------- ---------- ----------- -----------
Crude oil and condensate
North West Shelf Mbbl 1,640 1,855 2,140 4,584 3,776
Pluto Mbbl 1,228 614 838 2,456 3,138
Wheatstone Mbbl 689 309 325 1,348 968
Bass Strait Mbbl 1,407 1,035 1,435 2,524 1,768
Ngujima-Yin Mbbl 708 - 1,502 1,849 5,274
Okha Mbbl 1,297 - 1,298 1,950 1,917
Macedon & Pyrenees Mbbl 1 1,032 502 1,551 502
----------------------------- ---------- --------- --------- ---------- ----------- -----------
Total Mboe 6,970 4,845 8,040 16,262 17,343
----------------------------- ---------- --------- --------- ---------- ----------- -----------
NGL 7
North West Shelf Mbbl 263 255 701 688 701
Pluto Mbbl 32 73 - 287 -
Bass Strait Mbbl 959 903 1,999 2,971 2,212
----------------------------- ---------- --------- --------- ---------- ----------- -----------
Total Mboe 1,254 1,231 2,700 3,946 2,913
----------------------------- ---------- --------- --------- ---------- ----------- -----------
Total Australia Mboe 38,775 34,136 43,941 109,064 93,168
----------------------------- ---------- --------- --------- ---------- ----------- -----------
Three months ended Year to date
Sep Jun Sep Sep Sep
2023 2023 2022 2023 2022
[13]
-------------------------- ------- ------- ------- -------- --------- -----------
INTERNATIONAL
Pipeline gas
Gulf of Mexico Mboe 321 341 214 1,005 341
Trinidad & Tobago Mboe 2,574 2,700 2,118 7,569 2,954
Other [14] Mboe 7 6 9 20 12
-------------------------- ------- ------- ------- -------- --------- -----------
Total Mboe 2,902 3,047 2,341 8,594 3,307
-------------------------- ------- ------- ------- -------- --------- -----------
Crude oil and condensate
Atlantis Mbbl 2,442 2,710 1,466 7,820 2,349
Mad Dog Mbbl 2,041 1,628 891 4,610 1,270
Shenzi Mbbl 2,123 2,652 2,636 7,448 3,354
Trinidad & Tobago Mbbl 242 248 443 903 647
Other (14) Mbbl 61 65 77 189 105
-------------------------- ------- ------- ------- -------- --------- -----------
Total Mboe 6,909 7,303 5,513 20,970 7,725
-------------------------- ------- ------- ------- -------- --------- -----------
NGL 9
Gulf of Mexico Mbbl 379 363 276 1,084 400
Other (14) Mbbl 4 3 4 11 6
-------------------------- ------- ------- ------- -------- --------- -----------
Total Mboe 383 366 280 1,095 406
-------------------------- ------- ------- ------- -------- --------- -----------
Total International Mboe 10,194 10,716 8,134 30,659 11,438
-------------------------- ------- ------- ------- -------- --------- -----------
MARKETING
LNG [15] Mboe 4,329 3,532 5,023 12,344 12,102
-------------------------- ------- ------- ------- -------- --------- -----------
Total Mboe 4,329 3,532 5,023 12,344 12,102
-------------------------- ------- ------- ------- -------- --------- -----------
Total Marketing Mboe 4,329 3,532 5,023 12,344 12,102
-------------------------- ------- ------- ------- -------- --------- -----------
Total sales Mboe 53,298 48,384 57,098 152,067 116,708
-------------------------- ------- ------- ------- -------- --------- -----------
Revenue (US$ million)
Three months ended Year to date
Sep Jun Sep Sep Sep
2023 2023 2022 2023 2022
[16]
AUSTRALIA
North West Shelf 575 667 1,081 2,512 2,240
Pluto 923 724 1,716 2,778 3,831
Wheatstone [17] 246 204 300 774 727
Bass Strait 379 328 656 918 888
Macedon 41 53 41 145 57
Ngujima-Yin 64 - 162 164 598
Okha 103 - 124 159 191
Pyrenees - 89 69 139 70
INTERNATIONAL
Atlantis 209 203 134 611 243
Mad Dog 170 116 81 354 125
Shenzi 178 200 249 577 332
Trinidad & Tobago [18] 17 112 143 265 209
Other [19] 5 4 7 14 10
Marketing revenue [20] 298 344 1,043 1,121 2,033
Total sales revenue [21] 3,208 3,044 5,806 10,531 11,554
Processing revenue 50 38 50 135 127
Shipping and other revenue 1 2 2 7 10
Total revenue 3,259 3,084 5,858 10,673 11,691
------------------------------ ------ ------ ------- ---------- ------------
Realised prices
Three months ended Three months ended
Units Sep Jun Sep Units Sep Jun Sep
2023 2023 2022 2023 2023 2022(16)
-------------------- --------- ------- ------ ------- -------- --------- ------- ------------
LNG produced [22] $/MMBtu 10.3 10.9 19.1 $/boe 65 69 117
LNG traded [23] $/MMBtu 8.2 11.0 32.7 $/boe 52 70 207
Pipeline gas $/boe 28 37 49
Oil and condensate $/bbl 82 75 95 $/boe 82 75 95
NGL $/bbl 45 41 48 $/boe 45 41 48
Average realised
price $/boe 60 63 102
Dated Brent $/bbl 87 78 101
JCC (lagged three
months) $/bbl 84 87 111
WTI $/bbl 82 74 92
JKM $/MMBtu 10.9 12.6 36.0
TTF $/MMBtu 10.3 12.6 50.9
-- Average realised price for pipeline gas was A$6.1/GJ in
Western Australia, A$12.3/GJ in east coast Australia and $3.75/Mcf
for International in Q3 2023. [24]
Expenditure (US$ million)
Three months ended Year to date
Sep Jun Sep Sep Sep
2023 2023 2022 2023 2022
[25]
Exploration and evaluation
expense
Exploration and evaluation
expensed 123 81 181 256 215
Permit amortisation 3 2 5 7 8
------------------------------ ------ ------ ------ ------ ------
Total 126 83 186 263 223
------------------------------ ------ ------ ------ ------ ------
Capital expenditure
Exploration and evaluation
capitalised [26] (,) [27] 3 92 101 132 111
Oil and gas properties 1,313 1,229 1,056 3,821 2,561
------------------------------ ------ ------ ------ ------ ------
Total 1,316 1,321 1,157 3,953 2,672
------------------------------ ------ ------ ------ ------ ------
Trading costs 265 237 727 887 1,517
------------------------------ ------ ------ ------ ------ ------
Key project expenditure (US$ million)
Three months ended Year to date
Sep Jun Sep Sep Sep
2023 2023 2022 2023 2022
Capital expenditure
Scarborough [28] 613 578 442 1,817 1,242
Sangomar 257 272 278 808 727
Trion 111 8 - 119 -
--------------------- ------- ------ ------ ------- ------
Exploration
-- In the US Gulf of Mexico, the Spinel well (non-operated)
completed drilling in August 2023. The well did not encounter
hydrocarbons.
-- Woodside drilled the Gemtree well in Australia. The well was
unsuccessful, encountering minor gas shows in the primary
target.
Exploration or appraisal wells drilled
Region Permit Well Target Interest Spud date Water Planned Remarks
area (%) depth well depth
(m) (m) 20
[29]
----------- ------- -------- ------- -------------- ---------- ------ ----------- ---------
Gulf 44% 7 June Drilling
of Mexico GC 436 Spinel Oil Non-operator 2023 1,258 7,042 complete
----------- ------- -------- ------- -------------- ---------- ------ ----------- ---------
65% 25 August Drilling
Australia WA49-L Gemtree Gas Operator 2023 202m 3,554 complete
----------- ------- -------- ------- -------------- ---------- ------ ----------- ---------
Permits and licences
Key changes to permit and licence holding during the quarter
ended 30 September 2023 are noted below.
Region Permits or licence Change Current Remarks
areas in interest interest
(%) (%)
---------------- -------------------- ------------- ---------- --------
Gulf of Mexico GC 520, GC 564 (100%) 0%
---------------- -------------------- ------------- ---------- --------
Production rates
Average daily production rates (100% project) for the quarter
ended 30 September 2023:
Woodside Production Remarks
share rate
[30] (100% project,
Mboe/d)
Sep Jun
2023 2023
AUSTRALIA
NWS Project
------------------------- -------- ------- -------- ---------------------------------------
Production was lower due
to planned turnaround and
maintenance activities on
the North Rankin Complex,
Goodwyn Platform and the
LNG 29.91% 238 321 Karratha Gas Plant.
Crude oil and condensate 29.88% 46 57
NGL 33.27% 10 11
Pluto LNG
------------------------- -------- ------- -------- ---------------------------------------
Production was higher following
completion of planned maintenance
LNG 90.00% 123 83 and turnaround in Q2 2023.
Crude oil and condensate 90.00% 11 8
Pluto-KGP Interconnector
----------------------------------- ------- -------- ---------------------------------------
LNG 100.00% 22 22
Crude oil and condensate 100.00% 1 1
NGL 100.00% 1 0
Wheatstone [31]
------------------------- -------- ------- -------- ---------------------------------------
LNG 11.86% 239 240
Crude oil and condensate 14.90% 31 31
Bass Strait
------------------------- -------- ------- -------- ---------------------------------------
Pipeline gas 43.75% 105 105
Crude oil and condensate 45.96% 23 22
NGL 45.83% 30 29
Australia Oil
------------------------- -------- ------- -------- ---------------------------------------
Production was higher following
completion of planned maintenance,
with production recommencing
Ngujima-Yin 60.00% 21 0 in July.
Okha 50.00% 13 9
Pyrenees 64.97% 12 13
Other
------------------------- -------- ------- -------- ---------------------------------------
Pipeline gas 25F [32] 38 34
Woodside Production Remarks
share rate
[33] (100% project,
Mboe/d)
Sep Jun
2023 2023
INTERNATIONAL
Atlantis
-------------------------- ----------- -------- ------- --------------------------
Crude oil and condensate 38.50% 77 80
NGL 38.50% 5 5
Pipeline Gas 38.50% 6 7
Mad Dog
-------------------------- ----------- -------- ------- --------------------------
Production was higher due
to the continuation of
ramp-up activities for
Crude oil and condensate 20.86% 114 86 Mad Dog Phase 2.
NGL 20.86% 4 2
Pipeline Gas 20.86% 2 2
Shenzi
-------------------------- ----------- -------- ------- --------------------------
Completed turnaround for
Shenzi North tie-ins and
Crude oil and condensate 64.39% 36 44 maintenance
NGL 64.39% 2 2
Pipeline Gas 64.39% 1 1
Trinidad & Tobago
-------------------------- ----------- -------- ------- --------------------------
41.72%
Crude oil and condensate [34] 5 5
Pipeline gas 46.58%(34) 56 57
Forward looking statements
Disclaimer and important notice
This announcement contains forward-looking statements with
respect to Woodside's business and operations, market conditions,
results of operations and financial condition, including, for
example, but not limited to, statements regarding development,
completion and execution of Woodside's projects, guidance with
respect to production, expectations regarding future capital
commitment, future results of projects, operating activities, new
energy products, expectations and plans for renewables production
capacity and investments in, and development of, renewables
projects. All statements, other than statements of historical or
present facts, are forward-looking statements and generally may be
identified by the use of forward-looking words such as 'guidance',
'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim',
'estimate', 'expect', 'intend', 'may', 'target', 'plan',
'forecast', 'project', 'schedule', 'will', 'should', 'seek' and
other similar words or expressions. Similarly, statements that
describe the objectives, plans, goals or expectations of Woodside
are forward-looking statements. The information and statements in
this announcement about Woodside's future strategy and other
forward-looking statements are not guidance, forecasts, guarantees
or predictions of future events or performance, but are in the
nature of aspirational targets that Woodside has set for itself and
its management of the business. Those statements and any
assumptions on which they are based are only opinions and are
subject to change without notice and are subject to inherent known
and unknown risks, uncertainties, assumptions and other factors,
many of which are beyond the control of Woodside, its related
bodies corporate and their respective officers, directors,
employees, advisers or representatives. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to,
fluctuations in commodity prices; actual demand; currency
fluctuations; geotechnical factors; drilling and production
results; gas commercialisation; development progress; operating
results; engineering estimates; reserve and resource estimates;
loss of market; industry competition; environmental risks; physical
risks; legislative, fiscal and regulatory developments; changes in
accounting standards; economic and financial markets conditions in
various countries and regions; political risks; project delay or
advancement; approvals; cost estimates; the effect of future
regulatory or legislative actions on Woodside or the industries in
which it operates, including potential changes to tax laws; and the
impact of general economic conditions, prevailing exchange rates
and interest rates and conditions in financial markets.
Details of the key risks relating to Woodside and its business
can be found in the "Risk" section of Woodside's most recent Annual
Report released to the Australian Securities Exchange and London
Stock Exchange, and in Woodside's most recent Annual Report on Form
20-F filed with the U.S. Securities and Exchange Commission and
available on the Woodside website at
https://www.woodside.com/investors/reports-investor-briefings. You
should review and have regard to these risks when considering the
information contained in this announcement.
If any of the assumptions on which a forward-looking statement
is based were to change or be found to be incorrect, this would
likely cause outcomes to differ from the statements made in this
announcement.
All forward-looking statements contained in this announcement
reflect Woodside's views held as at the date of this announcement
and, except as required by applicable law, Woodside does not intend
to, undertake to, or assume any obligation to, provide any
additional information or update or revise any of these statements
after the date of this announcement, either to make them conform to
actual results or as a result of new information, future events,
changes in Woodside's expectations or otherwise.
Investors are strongly cautioned not to place undue reliance on
any forward-looking statements. Actual results or performance may
vary materially from those expressed in, or implied by, any
forward-looking statements. None of Woodside nor any of its related
bodies corporate, nor any of their respective officers, directors,
employees, advisers or representatives , nor any person named in
this report or involved in the preparation of the information in
this report, makes any representation, assurance, guarantee or
warranty (either express or implied) as to the accuracy or
likelihood of fulfilment of any forward-looking statement , or any
outcomes, events or results expressed or implied in any
forward-looking statement in this report.
Past performance (including historical financial and operational
information) is given for illustrative purposes only. It should not
be relied on as, and is not necessarily, a reliable indicator of
future performance, including future security prices.
All figures are Woodside share for the quarter ending 30
September 2023, unless otherwise stated.
All references to dollars, cents or $ in this presentation are
to US currency, unless otherwise stated.
References to "Woodside" may be references to Woodside Energy
Group Ltd or its applicable subsidiaries.
Other conversion factors
Product Unit Conversion factor bbl barrel
bcf billion cubic feet
boe of gas
Mbbl barrel of oil equivalent
Mboe thousand barrels
Mcf thousand barrels of
MMboe oil equivalent
MMBtu thousand cubic feet
MMscf of gas
scf million barrels of
oil equivalent
million British thermal
units
million standard cubic
feet of gas
standard cubic feet
of gas
-------------------- -------- ------------------
Natural gas 5,700 1 boe
scf
Condensate 1 bbl 1 boe
Oil 1 bbl 1 boe
Natural gas liquids 1 bbl 1 boe
(NGL)
Facility Unit LNG conversion
factor
-------------------- -------- ------------------
Karratha Gas 1 tonne 8.08 boe
Plant
Pluto Gas Plant 1 tonne 8.34 boe
Wheatstone 1 tonne 8.27 boe
The LNG conversion factor from tonne to boe is specific to
volumes produced
at each facility and is based on gas composition which may
change over time.
[1] September 2022 reflects the performance of the interests
acquired as part of the merger with BHP's petroleum business from 1
June 2022.
[2] Q3 2023 includes 0.26 MMboe, Q2 2023 includes 0.23 MMboe and
Q3 2022 includes 0.30 MMboe primarily from feed gas purchased from
Pluto non-operating participants processed through the Pluto-KGP
Interconnector.
[3] A typical Tier 1 process safety event is loss of containment
of hydrocarbons greater than 500 kg (in any one-hour period).
[4] See "Woodside to sell 10% Scarborough interest to LNG
Japan", announced 8 August 2023.
[5] September 2022 reflects the performance of the interests
acquired as part of the merger with BHP's petroleum business from 1
June 2022.
[6] Q3 2023 includes 2.07 MMboe of LNG, 0.08 MMboe of condensate
and 0.05 MMboe of NGL, Q2 2023 includes 1.96 MMboe of LNG, 0.08
MMboe of condensate and 0.05 MMboe of NGL and Q3 2022 includes 2.35
MMboe of LNG and 0.09 MMboe of condensate and 0.05 MMboe of NGL
processed at the Karratha Gas Plant (KGP) through the Pluto-KGP
Interconnector.
[7] Includes the aggregate Woodside equity domestic gas
production from all Western Australian projects.
[8] Q3 2023 includes 0.26 MMboe, Q2 2023 includes 0.23 MMboe and
Q3 2022 includes 0.30 MMboe primarily from feed gas purchased from
Pluto non-operating participants processed through the Pluto-KGP
Interconnector.
[9] September 2022 reflects the performance of the interests
acquired as part of the merger with BHP's petroleum business from 1
June 2022.
[10] Overriding royalty interests held in the Gulf of Mexico
(GoM) for several producing wells.
[11] September 2022 reflects the performance of the interests
acquired as part of the merger with BHP's petroleum business from 1
June 2022.
[12] Includes periodic adjustments reflecting the arrangements
governing Wheatstone LNG sales of 0.16 MMboe in Q3 2023, 0.15 MMboe
in Q2 2023 and 0.09 MMboe in Q3 2022.
[13] September 2022 reflects the performance of the interests
acquired as part of the merger with BHP's petroleum business from 1
June 2022.
[14] Overriding royalty interests held in the GoM for several
producing wells.
[15] Purchased LNG volumes sourced from third parties.
[16] September 2022 reflects the performance of the interests
acquired as part of the merger with BHP's petroleum business from 1
June 2022.
[17] Q3 2023 includes $11 million, Q2 2023 includes $11 million
and Q3 2022 includes $10 million recognised in relation to periodic
adjustments reflecting the arrangements governing Wheatstone LNG
sales. These amounts will be included within other
income/(expenses) in the financial statements rather than operating
revenue.
[18] Includes the impact of periodic adjustments related to the
production sharing contract (PSC).
[19] Overriding royalty interests held in the GoM for several
producing wells.
[20] Values include revenue generated from purchased LNG
volumes, as well as the marketing margin on the sale of Woodside's
produced liquids portfolio. Hedging impacts are excluded.
[21] Total sales revenue excludes all hedging impacts.
[22] Realised prices include the impact of periodic adjustments
reflecting the arrangements governing Wheatstone LNG sales.
[23] Excludes any additional benefit attributed to produced LNG
through third-party trading activities.
[24] Average realised price for International excludes the
impact of periodic adjustments related to the PSC in Trinidad.
[25] September 2022 reflects the expenditure relating to
interests acquired as part of the merger with BHP's
petroleum business from 1 June 2022.
[26] Exploration capitalised represents expenditure on
successful and pending wells, plus permit acquisition costs during
the period and is net of well costs reclassified to expense on
finalisation of well results.
[27] Project final investment decisions result in amounts of
previously capitalised exploration and evaluation expense (from
current and prior years) being transferred to oil and gas
properties. This table does not reflect the impact of such
transfers.
[28] Scarborough key project expenditure includes Scarborough
offshore, Pluto Train 2, Pluto Train 1 modifications and Train 2
tie-in spend. Prior period comparatives have been restated to
include Pluto Train 1 modifications and Train 2 tie-in spend of $18
million in Q3 2022 and
$52 million in YTD Q3 2022.
[29] Well depths are referenced to the rig rotary table.
[30] Woodside share reflects the net realised interest for the
period.
[31] The Wheatstone asset processes gas from several offshore
gas fields, including the Julimar and Brunello fields, for which
Woodside has 65% participating interest and is the operator.
[32] Includes the aggregate Woodside equity domestic gas
production from all Western Australian projects.
[33] Woodside share reflects the net realised interest for the
period.
[34] Operations governed by production sharing contracts,
Woodside share changes monthly.
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END
QRTLDLLFXBLFFBE
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October 18, 2023 02:00 ET (06:00 GMT)
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