Performance
- Delivered production of 33.8 MMboe, up 60% from Q1 2022.
- Delivered sales volume of 35.8 MMboe, up 51% from Q1 2022.
- Delivered average realised price of $95 per barrel of oil
equivalent.
- Delivered revenue of $3,438 million, up 44% from Q1 2022.
Highlights
- Completed the merger with BHP’s petroleum business on 1
June.
- Changed company name to Woodside Energy Group Ltd.
- Commenced trading on the New York Stock Exchange on 2 June and
the London Stock Exchange on 6 June under the ticker ‘WDS’.
Woodside Energy CEO Meg O’Neill said production and revenue in
the second quarter rose 60% and 44% respectively from the first
three months of 2022, helped by the contribution from BHP’s
petroleum business.
“Production for the period was 33.8 million barrels of oil
equivalent, while revenue climbed to $3,438 million on the back of
a 51% increase in sales volume to 35.8 million barrels of oil
equivalent.
“The completion on 1 June of our merger with BHP’s petroleum
business was the highlight of the period, transforming Woodside
into a top 10 global independent energy producer by hydrocarbon
production, and making us the largest energy company listed on the
Australian Securities Exchange.
“Woodside received a net cash payment from BHP Group of
approximately $1.1 billion, which included the cash remaining in
the bank accounts of BHP Petroleum immediately prior to
completion.
“The merger was overwhelmingly endorsed by Woodside’s
shareholders at our Annual General Meeting in May, and they are now
seeing first evidence of the increased financial and operational
strength the transaction will deliver.
“The subsequent listings of Woodside shares on the New York and
London stock exchanges were historic moments for the company,
reflecting our more diverse shareholder base.
“Significant progress was made on our key projects during the
quarter. All major equipment items for Scarborough have been
procured and construction has begun at the Pluto Train 2 site.
“First steel for Scarborough’s floating production unit topsides
was cut, pipeline manufacturing is 25% progressed and the subsea
trees for initial start-up of the project are all complete.
“Installation of the mooring system for the floating production,
storage and offloading facility at the Sangomar field has been
completed and the second drillship, the Ocean BlackHawk, commenced
drilling in July.
“Following extensive discussions with potential new partners, we
have decided to discontinue the sell-down of equity in
Sangomar.
“In Australia, accelerated Pluto gas transported through the
Pluto-Karratha Gas Plant Interconnector has resulted in additional
LNG production and sales of uncontracted cargoes in a high-priced
market.
“Lambert Deep, a component of the Greater Western Flank Phase 3
project, achieved ready for start-up in July,” she said.
Comparative performance at a
glance
Q2 2022
Q1 2022
Change %
Q2 2021
Change %
Production
MMboe
33.8
21.1
60.2
22.7
49.1
Sales
MMboe
35.8
23.8
50.8
28.1
27.4
Revenue
$ million
3,438
2,395
43.6
1,327
159.1
Production was 60.2% higher and sales volume was 50.8% higher
than the previous quarter primarily due to the inclusion from 1
June 2022 of the BHP petroleum assets, following the completion of
the merger.
Reserves and production reporting
- Woodside’s production reporting and reserves statement are
being updated to include the assets acquired as part of the BHP
Petroleum (BHPP) merger, and to apply a consistent methodology and
conversion factors across the combined portfolio. The updated
reserves statement is expected to be released on 30 August
2022.
- All gas products for production and reserves will be reported
in barrels of oil equivalent (boe) and calculated from a volumetric
basis with a conversion factor of 5,700 standard cubic feet (scf)
per boe. BHPP previously used 6,000 scf per boe. Woodside’s
production reporting previously used product-specific conversion
factors on an energy basis.
- Production and sales volumes for Q1 2022 have been restated
using the updated conversion factors. There is no impact on revenue
as a result of the change in conversion factors.
Woodside and BHP Petroleum merger
- The merger of Woodside and BHP’s petroleum business completed
on 1 June 2022 following Woodside shareholder approval on 19 May
2022.
- On completion, Woodside:
- acquired the entire share capital of BHP Petroleum
International Pty Ltd and issued 914,768,948 new Woodside shares to
BHP
- received net cash of approximately $1.1 billion, which included
the cash remaining in BHPP bank accounts immediately prior to
completion. All completion payments are subject to a customary
post-completion review which may result in an adjustment.
- Trading commenced on 2 June 2022 under the ticker WDS of:
- the new Woodside shares on the Australian Securities Exchange
(ASX), and
- Woodside depository shares on the New York Stock Exchange
(NYSE).
- Trading commenced on 6 June 2022 of Woodside shares on the Main
Market for listed securities of the London Stock Exchange (LSE),
also under the ticker WDS.
- The merger has created a top 10 global independent energy
producer by hydrocarbon production on a combined 2021 basis and the
largest energy company listed on the ASX.1
______________
1 Woodside analysis of independent energy
companies excludes government-backed national oil companies,
companies with free float less than 60%, major integrated oil and
gas companies and Canadian oil sands companies.
Development activities
Scarborough and Pluto Train 2
- All major equipment items for both the Scarborough floating
production unit (FPU) and Pluto Train 2, including compressors,
generators and turbines, have been procured.
- Construction works for Pluto Train 2 have commenced at the
Pluto LNG site in Western Australia.
- Fabrication of the FPU topsides commenced in June 2022,
manufacturing of the pipeline was 25% progressed and the subsea
trees for initial start-up are all complete.
- Approval was granted in June 2022 under section 45C of the
Environmental Protection Act 1986 (WA) to increase the diameter of
the Scarborough trunkline within State waters from 32 inches to 36
inches.
- Assessment by regulators of secondary environmental approvals
continues for offshore execution activities.
- The sell-down process for equity in the Scarborough Joint
Venture is progressing.
Sangomar Field Development Phase 1
- The Sangomar Field Development Phase 1 was 63% complete at the
end of the period.
- Installation of the mooring system in the Sangomar field for
the floating production storage and offloading (FPSO) facility was
successfully completed in July 2022.
- The development drilling program is progressing and the second
drillship, the Ocean BlackHawk, commenced drilling in July
2022.
- The FPSO is expected to be relocated in October 2022 from the
current shipyard in China to the Keppel Shipyard in Singapore to
complete commissioning.
- The subsea installation campaign is planned to commence in Q3
2022.
- Woodside is ending the current sell-down process for
Sangomar.
Mad Dog Phase 2
- Mad Dog Phase 2 includes the installation of a new floating
production facility with production capacity of up to 140,000 gross
barrels of oil equivalent per day (Woodside interest: 23.9%).
- The hook-up and commissioning program of the Argos platform
topsides is proceeding, with a successful wells campaign nearing
completion.
- An issue with two of the production flexible joints was
detected during testing. This is being assessed and an update on
whether the expected project start-up in 2022 is impacted will be
provided in due course.
Trion
- Trion is a greenfield deepwater oil development located in the
Mexican waters of the western Gulf of Mexico. Front-end engineering
design (FEED) activities are continuing with a focus on optimising
the development and execution plan, cost, and schedule.
- Woodside is targeting a potential final investment decision
(FID) in 2023.
Wildling
- Wildling is a 2-well tieback opportunity to the Shenzi tension
leg platform (TLP) in the central Gulf of Mexico.
- Drilling of appraisal well SJ101 commenced in May 2022 and is
now complete. The well encountered sub-commercial quantities of
hydrocarbons and was plugged and abandoned. Woodside does not plan
to pursue any further Wildling development activities in Blocks
GC564 or GC520.
Operational overview
- Woodside achieved a significant increase in production in the
second quarter of 2022 compared to the prior quarter.
- This increased production was in large part due to:
- the addition of the BHPP assets from 1 June 2022, following
completion of the merger. Production volumes more than doubled from
May 2022 with the BHPP assets contributing 53% of total production
volumes in June 2022
- a full quarter of accelerated Pluto production processed at
North West Shelf (NWS) through the Pluto-KGP Interconnector
following start-up in March 2022
- increased production from the Ngujima-Yin FPSO following
maintenance and weather impacts in the first quarter of 2022.
This was partly offset by lower production at
NWS and Wheatstone compared to the prior quarter due to scheduled
turnaround activities.
Pyxis Hub
- The drilling and completions campaign for the Xena field, which
is phase 2 of the Pyxis Hub project, has commenced and ready for
start-up (RFSU) remains on track for H2 2022.
- The Pyxis Hub project was 90% complete at the end of the
period.
Greater Western Flank Phase 3 (GWF-3)
- GWF-3 (including Lambert Deep) is a subsea tie-back opportunity
to further commercialise NWS reserves.
- The subsea installation program is complete and the GWF-3 wells
started-up in May 2022.
- Lambert Deep achieved RFSU in July 2022.
- The project was 98% complete at the end of the period.
NWS Extension
- In June 2022, the Western Australian Environmental Protection
Authority (EPA) released its public report on the NWS Project
Extension proposal.
- The EPA’s report recommends that the NWS Project Extension
proposal may be implemented subject to key environmental conditions
being met. The proposal remains subject to approval by the WA
Minister for Environment.
- The NWS Project Extension Greenhouse Gas Management Plan
includes emissions reduction targets of 15% reduction by 2025, 30%
reduction by 2030, and net zero emissions by 2050.2 These emissions
reduction targets will be achieved by avoiding emissions where
possible, reducing emissions and finally through offsetting
emissions.
______________
2 The emission reductions in the NWS
Project Extension Greenhouse Gas Management Plan are determined off
a baseline of 7.7 Mtpa CO2-e, as per existing State approvals for
Karratha Gas Plant.
Bass Strait
- An offshore fuel gas pipeline was redirected in June 2022 to
increase production capacity from 970 terajoules to 1,020
terajoules per day (100%). This enabled Woodside to supply
additional gas into the eastern Australian domestic gas
market.
- The Gippsland Basin Joint Venture (GBJV) is progressing a
feasibility study of the potential development of a south-east
Australian carbon capture and storage hub (SEA CCS) to support the
decarbonisation goals of the GBJV participants, other local
industry, and the Victorian and Commonwealth Governments. SEA CCS
aims to utilise existing infrastructure to capture and store up to
2 MtCO2 per year in the depleted Bream reservoir located offshore
Victoria.
Shenzi North
- Shenzi North is a two-well subsea tieback to the Shenzi TLP,
with production capacity of up to 30,000 gross barrels of oil
equivalent per day (Woodside interest: 72%).
- The Deepwater Invictus drillship is expected to commence
drilling the second development well of the Shenzi North project in
2022.
- The Shenzi North project is targeting first oil in 2024.
Shenzi Subsea Multi-Phase Pump
- The Shenzi subsea multi-phase pump was installed and
commissioned during a planned Shenzi TLP shutdown in April-May 2022
and achieved start-up ahead of schedule. The pump is expected to
improve recovery from existing producing wells and future infill
wells.
New energy
H2Perth
- Woodside has updated the proposed H2Perth development concept
to increase ammonia production in the initial phase from 0.6 Mtpa
to 0.84 Mtpa.
- Environmental studies to support H2Perth were progressed which
included flora and fauna, greenhouse gas management, heritage,
groundwater sampling, discharge modelling, air, noise, emissions
management, traffic modelling and visual impact assessment.
- A pre-FEED contract was awarded to McDermott for the proposed
H2Perth project.
H2NZ
- Woodside Energy has been selected as one of two companies to
enter final stage negotiations to become the lead developer of the
Southern Green Hydrogen project in Southland, New Zealand.
- Southern Green Hydrogen is a joint project by Meridian Energy
and Contact Energy, to evaluate the opportunity to produce green
hydrogen in Southland, New Zealand.
Investment in lower-carbon services
- Subsequent to the period, Woodside agreed to invest US$9.9
million in String Bio Private Limited (String Bio), the developer
of a patented process for recycling greenhouse gases into products
such as livestock feed. The investment is subject to conditions
precedent.
- Woodside and String Bio have entered a strategic development
agreement to explore opportunities for the potential commercial
scale-up of String Bio technology.
Technology
- Woodside committed A$10 million in financial and in-kind
support to its innovation partner, Curtin University in Perth,
Western Australia, after it was selected by the Australian
Government to be part of the Trailblazer University Program.
Corporate activities
Half-year results
- Woodside’s Half-year Report 2022 and the associated investor
briefing will be released to the market on Tuesday, 30 August 2022.
It will also be available on Woodside’s website at
www.woodside.com.
- An investor briefing conference call will take place on 30
August at 07.30 AWST / 09.30 AEST / 18:30 CDT (Monday 29 August).
Log-in information for the conference call will be published on
Woodside’s website prior to 30 August 2022.
Change of company name and ticker code
- Woodside shareholders approved the change of company name to
Woodside Energy Group Ltd at Woodside’s 2022 Annual General
Meeting.
- The new company name was registered on 20 May 2022 and the
ticker code on the ASX changed from WPL to WDS on 25 May 2022. In
June 2022, Woodside commenced trading on the LSE and NYSE also
under the ticker code WDS.
Financial reporting
- Woodside’s net profit after tax for the first half of 2022,
including sales revenue and the associated production and sales
volumes, will incorporate the contribution of the BHPP portfolio
from completion of the merger on 1 June 2022.
- Woodside’s reporting in the half-year 2022 financial statements
is expected to be represented under four segments to align with the
company’s management and business structure; Australia,
International, Marketing and Corporate/Other.
- Woodside’s consolidated statement of financial position as at
30 June 2022 will include the fair value of the former BHPP assets
and liabilities and any associated goodwill after the allocation of
the merger purchase price.
Hedging
- Woodside continues to review its hedging program, subject to
market conditions.
- As at 30 June 2022, Woodside has placed oil price hedges for:
- approximately 17.5 MMboe of 2022 production at an average price
of $74.6 per barrel of which approximately 5.8 MMboe has been
delivered; and
- approximately 21.8 MMboe of 2023 production at an average price
of $74.5 per barrel.
- In addition, a number of hedges have been entered into for
Corpus Christi volumes to protect against downside pricing risk.
These hedges are Henry Hub and Title Transfer Facility (TTF)
commodity swaps. As a result of hedging and term sales,
approximately 94% of Corpus Christi volumes in 2022, approximately
73% in 2023 and approximately 27% of 2024 have reduced pricing
risk.3
______________
3 As at 30 June 2022.
Syndicate facility renewal
- Subsequent to the period, Woodside refinanced and increased an
existing committed undrawn syndicated facility. The total amount of
the undrawn syndicated facilities is $2 billion.
Merger synergies
- The merger is expected to unlock annual pre-tax synergies of
more than $400 million on a 100% basis, which are expected to be
fully implemented by early 2024. Woodside is planning to provide an
update on the progress of synergy identification and capture as
part of the half-year 2022 results.
2022 full-year guidance
PRODUCTION4
LNG
MMboe
77 – 79
Pipeline gas
MMboe
27 – 29
Crude and condensate
MMboe
36 – 40
Natural gas liquids
MMboe
~5
Total
MMboe
145 – 153
CAPITAL EXPENDITURE5
Sangomar6
%
~25%
Scarborough and Pluto Train 27
%
~45%
Other growth8
%
~10%
Base business9
%
~20%
Total capital expenditure
$ million
4,300 – 4,800
EXPLORATION EXPENDITURE5
Exploration
$ million
400 - 500
2022 GAS HUB EXPOSURE
Portfolio
% of produced LNG
20-25%
______________
4 Woodside’s previous production range was
92-98 MMboe. Woodside’s production range, excluding the former BHPP
assets and updated for the new conversion factors, would result in
a range of 88-94 MMboe.
5 Capital and exploration expenditure
related to former BHPP assets included from 1 June 2022.
6 Sangomar represents 82% participating
interest.
7 Scarborough represents 100%
participating interest (from 1 June 2022). Pluto Train 2 represents
51% participating interest. Excludes the benefit of Global
Infrastructure Partners’ additional contribution of approximately
$800 million for Pluto Train 2.
8 Other growth includes primarily Shenzi
North, Mad Dog Phase 2, Trion, New Energy and Browse.
9 Base business includes Pluto LNG, NWS,
Gulf of Mexico (Atlantis, Shenzi, Mad Dog), Bass Strait,
Wheatstone, Macedon, Pyrenees, Ngujima-Yin, Okha, Trinidad &
Tobago and Corporate.
Half-year 2022 line-item
guidance
Comments
Depreciation and amortisation
expense
Oil and gas properties
$ million
700 – 1,100
Other plant and equipment
$ million
10 – 30
Lease assets
$ million
40 – 80
Other cost of sales
Movement in onerous contract provision
benefit
$ million
~(200)
Unwind and derecognition of the provision
for Corpus Christi.
Other costs
General, administrative and other
costs
$ million
500 – 650
Includes merger transaction costs of ~$420
million.
Taxes
Income tax
$ million
800 – 1,100
PRRT
$ million
225 – 525
Contacts:
INVESTORS
Australia & Europe | Damien
Gare
W: +61 8 9348 4421
M: +61 417 111 697
Americas | Matthew Turnbull
M: +1 (713) 448-0956
E: investor@woodside.com
MEDIA
Christine Forster
M: +61 484 112 469
E: christine.forster@woodside.com
This ASX announcement was approved and
authorised for release by Woodside’s Disclosure Committee.
Production summary
Three months ended
Year to date
Jun 2022
Mar 202210
Jun 2021
Jun 2022
Jun 2021
AUSTRALIA
LNG
North West Shelf
Mboe
5,826
4,612
5,134
10,438
11,033
Pluto11
Mboe
12,328
9,326
10,235
21,654
19,796
Wheatstone
Mboe
1,645
2,408
2,550
4,053
5,435
Total
Mboe
19,799
16,346
17,919
36,145
36,264
Pipeline gas
Bass Strait
Mboe
2,353
-
-
2,353
-
Other12
Mboe
1,692
753
617
2,445
1,302
Total
Mboe
4,045
753
617
4,798
1,302
Crude oil and condensate
North West Shelf
Mbbl
1,104
806
824
1,910
1,827
Pluto11
Mbbl
967
745
779
1,712
1,511
Wheatstone
Mbbl
277
421
572
698
1,277
Bass Strait
Mbbl
441
-
-
441
-
Ngujima-Yin
Mbbl
2,275
1,398
1,578
3,673
3,284
Okha
Mbbl
444
425
240
869
616
Pyrenees
Mbbl
223
-
-
223
-
Total
Mboe
5,731
3,795
3,993
9,526
8,515
NGL13
North West Shelf
Mbbl
228
181
121
409
252
Pluto11
Mbbl
60
6
-
66
-
Bass Strait
Mbbl
503
-
-
503
-
Total
Mboe
791
187
121
978
252
Total Australia
Mboe
30,366
21,081
22,650
51,447
46,333
______________
10 Production and sales volumes in boe for
Q1 2022 have been restated using updated conversion factors,
referenced on page 18.
11 Q2 2022 includes 2.51 MMboe of LNG,
0.10 MMboe of condensate and 0.04 MMboe of LPG and Q1 2022 includes
0.35 MMboe of LNG and 0.01 MMboe of condensate processed at the
Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.
12 Includes the aggregate Woodside equity
domestic gas production from all Western Australian projects.
13 Natural gas liquids (NGL) includes LPG,
ethane, propane and butane.
Three months ended
Year to date
Jun 2022
Mar 202214
Jun 2021
Jun 2022
Jun 2021
INTERNATIONAL
Pipeline gas
Atlantis
Mboe
87
-
-
87
-
Mad Dog
Mboe
10
-
-
10
-
Shenzi
Mboe
25
-
-
25
-
Trinidad & Tobago
Mboe
829
-
-
829
-
Total
Mboe
951
-
-
951
-
Crude oil and condensate
Atlantis
Mbbl
987
-
-
987
-
Mad Dog
Mbbl
411
-
-
411
-
Shenzi
Mbbl
765
-
-
765
-
Trinidad & Tobago
Mbbl
150
-
-
150
-
Other15
Mbbl
27
-
-
27
-
Total
Mboe
2,340
-
-
2,340
-
NGL16
Atlantis
Mbbl
66
-
-
66
-
Mad Dog
Mbbl
16
-
-
16
-
Shenzi
Mbbl
37
-
-
37
-
Total
Mboe
119
-
-
119
-
Total International
Mboe
3,410
-
-
3,410
-
Total production
Mboe
33,776
21,081
22,650
54,857
46,333
______________
14 Production and sales volumes in boe for
Q1 2022 have been restated using updated conversion factors,
referenced on page 18.
15 Overriding royalty interests held in
the Gulf of Mexico (GOM) for several producing wells.
16 Natural gas liquids (NGL) include LPG,
ethane, propane and butane.
Product sales
Three months ended
Year to date
Jun 2022
Mar 202217
Jun 2021
Jun 2022
Jun 2021
AUSTRALIA
LNG
North West Shelf
Mboe
5,616
5,012
5,052
10,628
10,851
Pluto18
Mboe
11,094
9,433
10,594
20,527
20,128
Wheatstone19
Mboe
1,464
2,521
2,311
3,985
4,675
Total
Mboe
18,174
16,966
17,957
35,140
35,654
Pipeline gas
Bass Strait
Mboe
2,194
-
-
2,194
-
Other
Mboe
1,629
748
602
2,377
1,294
Total
Mboe
3,823
748
602
4,571
1,294
Crude oil and condensate
North West Shelf
Mbbl
1,018
618
649
1,636
1,331
Pluto18
Mbbl
1,828
472
585
2,300
1,170
Wheatstone
Mbbl
354
289
642
643
1,394
Bass Strait
Mbbl
333
-
-
333
-
Ngujima-Yin
Mbbl
2,436
1,336
1,666
3,772
3,273
Okha
Mbbl
619
-
810
619
810
Pyrenees
Mbbl
-
-
-
-
-
Total
Mboe
6,588
2,715
4,352
9,303
7,978
NGL20
North West Shelf
Mbbl
-
-
-
-
358
Pluto18
Mbbl
-
-
-
-
-
Bass Strait
Mbbl
213
-
-
213
-
Total
Mboe
213
-
-
213
358
Total Australia
Mboe
28,798
20,429
22,911
49,227
45,284
______________
17 Production and sales volumes in boe for
Q1 2022 have been restated using updated conversion factors,
referenced on page 18.
18 Processing of volumes commenced at the
Karratha Gas Plant via the Pluto-KGP Interconnector in 2022.
19 Includes periodic adjustments
reflecting the arrangements governing Wheatstone LNG sales of 0.06
MMboe in Q2 2022, -0.18 MMboe in Q1 2022 and -0.11 MMboe in Q2
2021.
20 Natural gas liquids (NGL) include LPG,
ethane, propane and butane.
Three months ended
Year to date
Jun 2022
Mar 202221
Jun 2021
Jun 2022
Jun 2021
INTERNATIONAL
Pipeline gas
Atlantis
Mboe
95
-
-
95
-
Mad Dog
Mboe
11
-
-
11
-
Shenzi
Mboe
21
-
-
21
-
Trinidad & Tobago
Mboe
836
-
-
836
-
Other22
Mboe
3
-
-
3
-
Total
Mboe
966
-
-
966
-
Crude oil and condensate
Atlantis
Mbbl
883
-
-
883
-
Mad Dog
Mbbl
379
-
-
379
-
Shenzi
Mbbl
718
-
-
718
-
Trinidad & Tobago
Mbbl
204
-
-
204
-
Other
Mbbl
28
-
-
28
-
Total
Mboe
2,212
-
-
2,212
-
NGL23
Atlantis
Mbbl
67
-
-
67
-
Mad Dog
Mbbl
18
-
-
18
-
Shenzi
Mbbl
39
-
-
39
-
Trinidad & Tobago
Mbbl
-
-
-
-
-
Other22
Mbbl
2
-
-
2
Total
Mboe
126
-
-
126
-
Total International
Mboe
3,304
-
-
3,304
-
MARKETING
LNG
Trading24
Mboe
3,741
3,338
5,227
7,079
8,595
Total
Mboe
3,741
3,338
5,227
7,079
8,595
Total Marketing
Mboe
3,741
3,338
5,227
7,079
8,595
Total sales
Mboe
35,843
23,767
28,138
59,610
53,879
______________
21 Production and sales volumes in boe for
Q1 2022 have been restated using updated conversion factors,
referenced on page 18.
22 Overriding royalty interests held in
the GOM for several producing wells.
23 Natural gas liquids (NGL) include LPG,
ethane, propane and butane.
24 Purchased LNG volumes sourced from
third parties.
Revenue (US$ million)
Three months ended
Year to date
Jun 2022
Mar 2022
Jun 2021
Jun 2022
Jun 2021
AUSTRALIA
North West Shelf
523
636
235
1,159
505
Pluto
1,286
829
509
2,115
931
Wheatstone25
160
267
150
427
331
Bass Strait
232
-
-
232
-
Macedon
16
-
-
16
-
Ngujima-Yin
288
148
132
436
247
Okha
67
-
54
67
54
Pyrenees
1
-
-
1
-
INTERNATIONAL
Atlantis
109
-
-
109
-
Mad Dog
44
-
-
44
-
Shenzi
83
-
-
83
-
Trinidad & Tobago
66
-
-
66
-
Other26
3
-
-
3
-
Marketing (trading) revenue27
511
479
205
990
338
Total sales revenue
3,389
2,359
1,285
5,748
2,406
Processing revenue
42
35
36
77
70
Shipping and other revenue
7
1
6
8
17
Total revenue
3,438
2,395
1,327
5,833
2,493
Realised prices
Three months ended
Three months ended
Units
Jun 2022
Mar 2022
Jun 2021
Units
Jun 2022
Mar 202228
Jun 2021
LNG produced29
$/MMBtu
13.8
14.6
7.3
$/boe
87
93
41
LNG traded30
$/MMBtu
21.5
22.6
6.8
$/boe
137
144
43
Pipeline gas
$/boe
57
26
17
Condensate
$/bbl
125
107
69
$/boe
125
107
69
Oil
$/bbl
110
111
75
$/boe
110
111
75
NGL
$/bbl
48
-
-
$/boe
48
-
-
Average realised price
$/boe
95
100
46
Dated Brent
$/bbl
114
101
69
JCC (lagged three months)
$/bbl
86
80
56
JKM
$/MMBtu
31.3
31.2
7.4
WTI
$/bbl
108.4
94.3
66.1
TTF
$/MMBtu
31.6
32.6
15.5
______________
25 Q2 2022 includes $5 million, Q1 2022
includes -$20 million, Q2 YTD 2022 includes -$15 million, Q2 2021
includes -$7 million and Q2 YTD 2021 includes -$11 million,
recognised in relation to periodic adjustments reflecting the
arrangements governing Wheatstone LNG sales. Q2 2022 includes $38
million relating to Pluto volumes delivered into a Wheatstone sales
commitment. These amounts will be included within other
income/(expenses) in the financial statements rather than operating
revenue.
26 Overriding royalty interests held in
GOM for several producing wells.
27 Values include cargoes from Corpus
Christi, third party trades and the joint venture partners’ share
of Pluto upside cargoes under the transitional marketing
arrangements agreement (TMAA).
28 Realised price has been restated to
incorporate the updated boe conversion factors.
29 Realised prices include the impact of
periodic adjustments reflecting the arrangements governing
Wheatstone LNG sales.
30 Excludes any additional benefit
attributed to produced LNG through third-party trading
activities.
Expenditure (US$ million)
Three months ended
Year to date
Jun
2022
Mar
2022
Jun
2021
Jun
2022
Jun
2021
Exploration and evaluation
expense
Exploration and evaluation expensed31
27
7
19
34
88
Permit amortisation
2
1
1
3
2
Total
29
8
20
37
90
Capital expenditure
Exploration and evaluation
capitalised32,33
5
5
74
10
124
Oil and gas properties
748
757
261
1,505
596
Total
753
762
335
1,515
720
Key project expenditure (US$
million)
Three months ended
Year to date
Jun
2022
Mar
2022
Jun
2021
Jun
2022
Jun
2021
Capital expenditure
Scarborough and Pluto Train 2
332
434
72
766
119
Sangomar
207
242
115
449
340
______________
31 Exploration expense includes the
reclassification of well results during the period.
32 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.
33 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.
Exploration
Permits and licences
Key changes to permit and licence holding
during the quarter ended 30 June 2022 are noted below.
Region
Permits or licence
areas
Change in interest (%)
Current interest (%)
Remarks
Myanmar
A-4
(40)
-
Permit relinquished
Myanmar
AD-2
(45)
-
Permit relinquished
Gulf of Mexico
GB 630, GB 676, GB 677, GB 721,
GB 762, GB 805, GB 806, GB 851, GB 852, GB 895, GB 672, GB 716, GB
760
(40)
60
Farm out
Gulf of Mexico
GB 772
(60)
40
Farm out
Gulf of Mexico
GB 640, GB 641, GB 685, GB 555,
GB 556, GB 726, GB 770, GB 771, GB 604, GB 605, GB 647, GB 648, GB
649, GB 728, GB 729, GB 773, GB 774, GB 421, GB 464, GB 465, GB
508, GB 509, GB 736, GB 780, GB 824
40
40
Farm in
Gulf of Mexico
GB 719, GB 720, GB 763, GB 807,
GB 501, GB 502, GB 545
60
60
Farm in
- The Western Gulf of Mexico Lease Exchange Agreement was
executed on 19 April 2022, resulting in Woodside acquiring a 40%
interest in 25 blocks operated by Shell, Woodside acquiring a 60%
interest in 7 blocks previously operated by Shell, Shell acquiring
a 40% interest in 13 blocks operated by Woodside, and Shell
acquiring a 60% interest in one block previously operated by
Woodside.
- A farm-out agreement with a subsidiary of Shell plc. was signed
on 2 March 2022 to assign a 40% interest in two offshore
exploration licences for the Bimshire and Carlisle Bay Blocks in
Barbados. The agreement is subject to customary regulatory
approvals and third-party consents and completion is targeted for
Q3 2022.
Exploration or appraisal wells
drilled
Region
Permit area
Well
Target
Interest (%)
Spud date
Water depth (m)
Planned well depth
(m)34
Remarks
Gulf of Mexico
GC 564
Wildling SJ101
Oil
100% Operator
1 May 2022
1,276
9,388
Drilling complete
Gulf of Mexico
GC 564
Wildling SJ101 ST01
Oil
100% Operator
1 May 2022
1,276
9,533
Drilling complete
Gulf of Mexico
MC 412
Starman-1
Oil
25% Non-operator
9 June 2022
457
8,327
Drilling ongoing
Gulf of Mexico
GC 826
Mad Dog SP1 exploration tail
Oil
23.9% Non-operator
N/A35
1,513
8,051
Drilling ongoing
______________
34 Well depths are referenced to the rig
rotary table.
35 Drilling of exploration tail in
existing Mad Dog SP1 well commenced 11 July 2022.
Seismic activity
- The 2D Galactic Marine Seismic Survey offshore northern
Australia was completed in May 2022.
- A multi-client 3D seismic survey acquisition in the Egyptian
Red Sea Blocks 3 and 4 is in progress and completion is targeted
for H2 2022.
Production rates
Average daily production rates (100%
project) for the quarter ended 30 June 2022:36
Woodside share37
Production rate (100% project,
Mboe/d)
Remarks
Jun
2022
Mar
202238
AUSTRALIA
NWS Project
LNG
20.58%
311
352
Production was lower in Q2 due to onshore
and offshore turnaround activities. Condensate production increased
due to RFSU of GWF-3 in April.
Crude oil and condensate
20.72%
59
56
NGL
20.50%
12
9
Pluto LNG
LNG
90.00%
120
119
Crude oil and condensate
90.00%
11
9
Pluto-KGP Interconnector
LNG
100.00%
28
4
Production was higher in Q2 due to a full
quarter of production following start-up in March.
Crude oil and condensate
100.00%
1
0
NGL
100.00%
1
0
Wheatstone
LNG
11.54%
157
237
Production was lower in Q2 due to onshore
and offshore turnaround activities.
Crude oil and condensate
15.72%
19
31
Bass Strait
Pipeline gas
46.81%
161
-
New addition to Woodside portfolio.
Crude oil and condensate
47.49%
29
-
NGL
47.93%
36
-
Australia Oil
Ngujima-Yin
60.00%
42
26
Production was higher in Q2 due to
increased reliability.
Okha
39.80%
12
14
Production was lower in Q2 due to
decreased reliability.
Pyrenees
63.52%
11
-
New addition to Woodside portfolio.
Other
Pipeline gas39
36
8
Macedon production included from 1 June
2022.
______________
36 Standalone former BHPP assets
represented at 100% rates over the month of June only.
37 Woodside share reflects the net
realised interest for the period.
38 Production and sales volumes in boe for
Q1 2022 have been restated using updated conversion factors,
referenced on page 18.
39 Includes the aggregate Woodside equity
domestic gas production from all Western Australian projects.
Woodside share40
Production rate (100% project,
Mboe/d)
Remarks
Jun
2022
Mar
202241
INTERNATIONAL
Atlantis
Crude oil and condensate
38.50%
84
-
New addition to Woodside portfolio.
NGL
38.50%
6
-
Pipeline Gas
38.50%
7
Mad Dog
Crude oil and condensate
20.86%
58
-
New addition to Woodside portfolio.
NGL
20.86%
2
-
Pipeline Gas
20.86%
1
Shenzi
Crude oil and condensate
64.39%
40
-
New addition to Woodside portfolio.
NGL
64.39%
2
-
Pipeline Gas
64.39%
1
Trinidad & Tobago
Crude oil and condensate
N/A
7
-
Pipeline gas
N/A
56
-
New addition to Woodside portfolio.
______________
40 Woodside share reflects the net
realised interest for the period.
41 Production and sales volumes in boe for
Q1 2022 have been restated using updated conversion factors,
referenced on page 18.
Forward looking statements and other conversion
factors
Disclaimer and important notice
This announcement contains forward-looking statements with
respect to Woodside’s business and operations, market conditions,
results of operations and financial condition which reflect
Woodside’s views held as at the date of this announcement.
Forward-looking statements 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. These forward-looking statements include, but are not
limited to, statements about Woodside’s future plans for projects
and the timing thereof, the implementation of Woodside’s new energy
strategy, Woodside’s planned sell-down of interests in certain
projects, and Woodside’s expectations and guidance with respect to
production and certain financial results for full year 2022.
Forward-looking statements are not guarantees of future performance
and are subject to inherent known and unknown risks, uncertainties,
assumptions and other factors, many of which are beyond the control
of Woodside, its related bodies corporate and their respective
officers, directors, employees, advisers or representatives.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, fluctuations in commodity prices; the
impact of armed conflict and political instability (such as the
ongoing conflict in Ukraine) on economic activity and oil and gas
supply and demand; Woodside’s ability to identify purchasers, and
to negotiate acceptable terms, for the sell-down of interests in
certain projects; and the effect of future regulatory or
legislative actions on Woodside or the industries in which it
operates, including potential changes to tax laws. Details of the
key risks relating to Woodside and its business can be found in the
“Risk” section of Woodside’s most recent Annual Report which was
released to the Australian Securities Exchange on 17 February 2022
and in Woodside’s filings with the U.S. Securities and Exchange
Commission. You should review and have regard to these risks when
considering the information contained in this announcement.
Investors are strongly cautioned not to place undue reliance on
any forward-looking statements. Actual results or performance may
vary materially from those expressed in, or implied by, any
forward-looking statements. All information included in this
announcement, including any forward-looking statements, speak only
as of the date of this announcement and, except as required by law
or regulation, Woodside does not undertake to update or revise any
information or forward-looking statements contained in this
announcement, whether as a result of new information, future
events, or otherwise.
All figures are Woodside share for the quarter ending 30 June
2022, unless otherwise stated.
All references to dollars, cents or $ in this presentation are
to US currency, unless otherwise stated.
References to “Woodside” may be references to Woodside Energy
Group Ltd or its applicable subsidiaries.
Product
Unit
Conversion
factor
bbl
boe
Mbbl
Mboe
MMboe
Bcf
MMBtu
MMscf
scf
barrel
barrel of oil equivalent
thousand barrels
thousand barrels of oil equivalent
million barrels of oil equivalent
billion cubic feet of gas
million British thermal units
million standard cubic feet of gas
standard cubic feet of gas
Natural gas
5,700 scf
1 boe
Condensate
1 bbl
1 boe
Oil
1 bbl
1 boe
Natural gas liquids (NGL)
1 bbl
1 boe
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220720006033/en/
INVESTORS Australia & Europe | Damien Gare W:
+61 8 9348 4421 M: +61 417 111 697 Americas | Matthew
Turnbull M: +1 (713) 448-0956 E: investor@woodside.com
MEDIA
Christine Forster M: +61 484 112 469 E:
christine.forster@woodside.com
Woodside Energy (NYSE:WDS)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Woodside Energy (NYSE:WDS)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024