Woodside Releases Quarter Three 2024 Results
Woodside Energy Group (ASX: WDS) released its Q3 2024 results, reporting record quarterly production of 53.1 MMboe, up 20% from Q2 2024. Key highlights include:
- Quarterly revenue of $3,679 million, up 21% from Q2 2024
- Sangomar achieved nameplate capacity of 100,000 barrels per day
- Scarborough Energy Project 73% complete, on track for first LNG cargo in 2026
- Completed acquisition of OCI's Clean Ammonia Project for ~$2,350 million
- Acquired Tellurian and its Driftwood LNG project, renamed Woodside Louisiana LNG
- Signed LNG supply agreement with JERA for ~0.4 Mtpa over 10 years
- Successfully issued $2 billion in senior unsecured bonds
The company narrowed full-year production guidance to 189-195 MMboe and increased gas hub exposure guidance to 33-37% of produced LNG.
Woodside Energy Group (ASX: WDS) ha rilasciato i risultati del terzo trimestre 2024, riportando una produzione trimestrale record di 53,1 MMboe, con un aumento del 20% rispetto al secondo trimestre 2024. I punti salienti includono:
- Ricavi trimestrali di 3.679 milioni di dollari, in aumento del 21% rispetto al secondo trimestre 2024
- Sangomar ha raggiunto la capacità nominale di 100.000 barili al giorno
- Il progetto Scarborough Energy è completato al 73%, sulla buona strada per la prima spedizione di GNL nel 2026
- Completata l'acquisizione del progetto di ammoniaca pulita di OCI per circa 2.350 milioni di dollari
- Acquisito Tellurian e il suo progetto Driftwood LNG, rinominato Woodside Louisiana LNG
- Firmato un accordo di fornitura di GNL con JERA per circa 0,4 Mtpa per 10 anni
- Emessi con successo 2 miliardi di dollari in obbligazioni senior non garantite
L'azienda ha ristretto le previsioni di produzione per l'intero anno a 189-195 MMboe e ha aumentato l'esposizione al gas hub prevista al 33-37% del GNL prodotto.
Woodside Energy Group (ASX: WDS) publicó sus resultados del tercer trimestre de 2024, informando una producción trimestral récord de 53,1 MMboe, un aumento del 20% con respecto al segundo trimestre de 2024. Los puntos clave incluyen:
- Ingresos trimestrales de 3.679 millones de dólares, un 21% más que en el segundo trimestre de 2024
- Sangomar alcanzó una capacidad nominal de 100.000 barriles por día
- El Proyecto Scarborough Energy está completado en un 73%, en camino a la primera carga de GNL en 2026
- Completada la adquisición del Proyecto de Amoniaco Limpio de OCI por aproximadamente 2.350 millones de dólares
- Adquirido Tellurian y su proyecto Driftwood LNG, renombrado Woodside Louisiana LNG
- Firmado un acuerdo de suministro de GNL con JERA por aproximadamente 0,4 Mtpa durante 10 años
- Emitido con éxito 2.000 millones de dólares en bonos senior no garantizados
La compañía ha ajustado su guía de producción para todo el año a 189-195 MMboe y ha aumentado la guía de exposición del hub de gas al 33-37% del GNL producido.
우드사이드 에너지 그룹(ASX: WDS)은 2024년 3분기 결과를 발표하며 기록적인 분기 생산량 53.1 MMboe를 보고했으며, 이는 2024년 2분기 대비 20% 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 분기 매출 36억 7900만 달러, 2024년 2분기 대비 21% 증가
- 상고마르에서 일일 10만 배럴의 정량 생산능력 도달
- 스카버러 에너지 프로젝트는 73% 완료되어 2026년에 첫 번째 LNG 화물 출하를 목표로 진행 중
- OCI의 청정 암모니아 프로젝트를 약 23억 5000만 달러에 인수 완료
- 텔루리안과 그의 드리프트우드 LNG 프로젝트를 인수해 우드사이드 루이지애나 LNG로 명명
- JERA와 약 연 40만 톤(Gtpa) 10년 공급 계약 체결
- 총 20억 달러의 고급 무담보 채권 성공적으로 발행
회사는 연간 생산 가이드를 189-195 MMboe로 좁히고 가스 허브 노출 가이드를 생산된 LNG의 33-37%로 증가시켰습니다.
Woodside Energy Group (ASX: WDS) a publié ses résultats pour le troisième trimestre 2024, rapportant une production trimestrielle record de 53,1 MMboe, en hausse de 20% par rapport au deuxième trimestre 2024. Les points forts incluent :
- Revenus trimestriels de 3 679 millions de dollars, en hausse de 21% par rapport au deuxième trimestre 2024
- Sangomar a atteint une capacité nominale de 100 000 barils par jour
- Le projet Scarborough Energy est achevé à 73%, sur la bonne voie pour la première cargaison de GNL en 2026
- Acquisition du projet d'ammoniaque propre d'OCI pour environ 2 350 millions de dollars terminée
- Acquisition de Tellurian et de son projet Driftwood LNG, renommé Woodside Louisiana LNG
- Signature d'un contrat d'approvisionnement en GNL avec JERA pour environ 0,4 Mtpa sur 10 ans
- Émission réussie de 2 milliards de dollars d'obligations senior non garanties
La société a révisé ses prévisions de production annuelle à 189-195 MMboe et a augmenté ses prévisions d'exposition au hub de gaz à 33-37% du GNL produit.
Woodside Energy Group (ASX: WDS) veröffentlichte seine Ergebnisse für das 3. Quartal 2024 und berichtete von einer Rekordproduktion von 53,1 MMboe, was einem Anstieg von 20% im Vergleich zum 2. Quartal 2024 entspricht. Zu den wichtigsten Highlights gehören:
- Quartalsumsatz von 3.679 Millionen Dollar, ein Anstieg von 21% im Vergleich zum 2. Quartal 2024
- Sangomar erreichte eine Nennkapazität von 100.000 Barrel pro Tag
- Der Scarborough Energy Project ist zu 73% abgeschlossen und auf Kurs für die erste LNG-Lieferung im Jahr 2026
- Abschluss der Übernahme von OCIs Clean Ammonia Project für rund 2.350 Millionen Dollar
- Erwerb von Tellurian und seinem Driftwood LNG-Projekt, umbenannt in Woodside Louisiana LNG
- LNG-Liefervertrag mit JERA über rund 0,4 Mtpa über 10 Jahre unterzeichnet
- Erfolgreiche Emission von 2 Milliarden Dollar in unbesicherten Wandelanleihen
Das Unternehmen hat die Produktionsprognose für das Gesamtjahr auf 189-195 MMboe eingegrenzt und die Prognose für die Gas-Hub-Exposition auf 33-37% des produzierten LNG erhöht.
- Record quarterly production of 53.1 MMboe, up 20% from Q2 2024
- Quarterly revenue of $3,679 million, up 21% from Q2 2024
- Sangomar achieved nameplate capacity of 100,000 barrels per day
- Scarborough Energy Project 73% complete, on track for first LNG cargo in 2026
- Signed LNG supply agreement with JERA for ~0.4 Mtpa over 10 years
- Successfully issued $2 billion in senior unsecured bonds
- Increased gas hub exposure guidance to 33-37% of produced LNG
- Year-to-date revenue of $9,681 million, down 9% from previous year
- Year-to-date sales volume of 149.7 MMboe, down 2% from previous year
- Average realized price of $63/boe year-to-date, down 9% from previous year
- Year-to-date hedging losses of approximately $70 million pre-tax
Insights
Woodside's Q3 2024 results demonstrate strong operational performance and strategic growth. Key highlights include:
- Record quarterly production of 53.1 MMboe, up 20% from Q2 2024, driven by Sangomar ramp-up and high reliability at LNG facilities.
- Quarterly revenue of
$3,679 million , a 21% increase from Q2, primarily due to Sangomar sales and higher LNG prices. - Sangomar achieved nameplate capacity of 100,000 barrels per day, marking a significant milestone.
- Strategic acquisitions completed, including OCI's Clean Ammonia Project and Tellurian's Driftwood LNG (now Woodside Louisiana LNG).
- Successful
$2 billion bond issuance, demonstrating strong investor confidence.
The company's diversified portfolio and exposure to gas hub pricing (39% of LNG sales) have allowed it to capitalize on market volatility. With major projects progressing well and new acquisitions expanding its footprint, Woodside is positioning itself for long-term growth in both traditional and new energy markets.
Woodside's Q3 results reflect a company successfully navigating the energy transition while maintaining strong conventional operations. The accelerated ramp-up of Sangomar and exceptional performance at LNG facilities demonstrate operational excellence. The company's strategic moves are noteworthy:
- Increased exposure to gas hub pricing (39% of LNG sales) shows adaptability to market dynamics.
- Acquisitions in clean ammonia and LNG position Woodside for future low-carbon opportunities.
- Progress on Scarborough (73% complete) and Trion (15% complete) projects ensures future production growth.
- Commitment to domestic gas supply with new sales agreements in Australia.
The company's balanced approach, combining traditional oil & gas with new energy initiatives, appears well-aligned with the evolving energy landscape. However, investors should monitor the execution of these diverse projects and the integration of new acquisitions, as these will be critical for long-term value creation.
Sangomar fuels record-breaking production
Operations
-
Record quarterly production of 53.1 MMboe (577 Mboe/day), up
20% from Q2 2024 due to ramp-up of Sangomar, increased uptime across operated assets including99.9% LNG reliability at Pluto and increased seasonal domestic gas demand. Full-year production guidance has been narrowed to 189–195 MMboe. -
Quarterly revenue of
, up$3,679 million 21% from Q2 2024 primarily due to Sangomar cargo sales and higher average LNG prices. - Achieved nameplate capacity at Sangomar with gross production rates of 100,000 barrels per day.
-
Capitalised on increased gas-hub prices by selling
39% of produced LNG cargoes in the quarter on prices linked to gas hub indices.1 Full year gas hub guidance has been increased to 33–37% of produced LNG.
Projects
-
The Scarborough Energy Project was
73% complete at the end of the quarter, with trunkline installation successfully completed in October. The project is on track for first LNG cargo in 2026.2 -
The Trion Project was
15% complete at the end of the quarter and is targeting first oil in 2028. -
Completed acquisition of OCI’s Clean Ammonia Project in
Beaumont, Texas for an all-cash consideration of approximately , with$2,350 million 80% paid and the remaining20% to be paid at project completion. The project is targeting first ammonia production from 2025 and lower carbon ammonia from 2026.3
Other
- Completed acquisition of Tellurian and its US Gulf Coast Driftwood LNG development opportunity in October. The project has been renamed Woodside Louisiana LNG.
- Signed a sale and purchase agreement (SPA) with JERA for the supply of approximately 0.4 Mtpa LNG for 10 years.
- Executed 66 PJ of Western Australian gas sales for delivery across 2025 and 2026.
-
Successfully completed issuance of
of senior unsecured bonds to quality debt investors in the US market, with the book peaking at almost four times oversubscribed.$2 billion
Woodside CEO Meg O’Neill said:
“We would like to acknowledge the tragic death in early October of an employee of one of the construction contractors at our Clean Ammonia Project in
“Safety is our top priority. We are taking steps to understand the circumstances around what occurred and are working closely with local authorities, OCI and the contractor company.
“Our production for the third quarter was a record 53.1 million barrels of oil equivalent. The strong operational performance was underpinned by the accelerated ramp-up of Sangomar and exceptional performance at Pluto LNG and NWS, which recorded
“Our
“At Sangomar the 24-well drilling program has been completed and the project has achieved nameplate capacity of 100,000 barrels per day. Commissioning activities continue to progress as planned and start-up of gas and water injection systems is underway.
The Scarborough Energy Project in
“At the end of September we completed the acquisition of OCI’s Clean Ammonia Project in
“The Clean Ammonia Project is expected to produce first ammonia in 2025 and at Woodside Louisiana LNG we are targeting final investment decision (FID) readiness from the first quarter of 2025. These acquisitions expand our diverse, geographically advantaged portfolio and position Woodside to execute our strategy to thrive through the energy transition and deliver long-term value to shareholders.
“Our sale and purchase agreement with JERA for the long-term supply of LNG from Woodside’s global portfolio again evidenced the value Asian customers place on our product.
“Woodside’s commitment to the domestic market was also demonstrated by the execution of gas sales of 66 petajoules (PJ) across 2025 and 2026 in
1 |
2 The completion % excludes the Pluto Train 1 modifications project. |
3 Production of lower carbon ammonia is conditional on supply of carbon abated hydrogen and ExxonMobil’s CCS facility becoming operational. See disclaimer and important notices on page 16 for information on “lower carbon ammonia”. |
Comparative performance at a glance
|
Q3 2024 |
Q2 2024 |
Change
|
Q3 2023 |
Change
|
YTD 2024 |
YTD 2023 |
Change % |
||
Revenue |
$ million |
3,679 |
3,033 |
|
3,259 |
|
9,681 |
10,673 |
( |
|
Production4 |
MMboe |
53.1 |
44.4 |
|
47.8 |
|
142.4 |
139.1 |
|
|
|
Gas |
MMscf/d |
2,001 |
1,885 |
|
2,001 |
- |
1,939 |
2,000 |
( |
|
Liquids |
Mbbl/d |
226 |
157 |
|
169 |
|
180 |
159 |
|
|
Total |
Mboe/d |
577 |
488 |
|
520 |
|
520 |
510 |
|
Sales |
MMboe |
55.8 |
48.0 |
|
53.3 |
|
149.7 |
152.1 |
( |
|
|
Gas |
MMscf/d |
2,154 |
2,103 |
|
2,341 |
( |
2,075 |
2,292 |
( |
|
Liquids |
Mbbl/d |
228 |
159 |
|
169 |
|
182 |
155 |
|
|
Total |
Mboe/d |
606 |
528 |
|
579 |
|
546 |
557 |
( |
Average realised price |
$/boe |
65 |
62 |
|
60 |
|
63 |
69 |
( |
|
Capital expenditure5 |
$ million |
3,033 |
1,233 |
|
1,360 |
|
5,445 |
4,135 |
|
|
|
Capex excl. acquisitions |
$ million |
1,133 |
1,233 |
( |
1,360 |
( |
3,545 |
4,135 |
( |
|
Acquisitions6 |
$ million |
1,900 |
- |
|
- |
|
1,900 |
- |
|
Operations
Pluto LNG
-
Achieved outstanding quarterly LNG reliability of
99.9% .
North West Shelf (NWS) Project
-
Achieved outstanding quarterly LNG reliability of
99.2% . - Successfully completed planned maintenance offshore at North Rankin Complex and an onshore LNG train at Karratha Gas Plant (KGP), and production has recommenced as planned.
- Continued to pursue opportunities for third party onshore gas processing following announcement of the Western Australian Government’s updated policy allowing onshore gas exports.
- Took FID on the Low-Low Pressure Operation Project at Goodwyn Alpha, aimed at increasing NWS production from the Goodwyn area reservoirs. This project is targeted for start-up in Q2 2027.
-
Planning to bring one LNG train offline for retirement in the fourth quarter of 2024.
4 Q3 2024 includes 0.28 MMboe, Q2 2024 includes 0.30 MMboe and Q3 2023 includes 0.26 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. |
5 Includes capital additions on property plant and equipment, exploration and evaluation capitalised, other corporate spend and investment expenditure on Beaumont Clean Ammonia Project. |
6 Acquisition of OCI’s Clean Ammonia Project in |
Bass Strait
- Safely completed the Kipper Compression Project, adding compression facilities on the West Tuna Platform, increasing production potential of existing well stock and enabling development of additional Kipper reserves.
- Continued optimisation of facilities through the Gippsland Asset Streamlining project with closure of the Cobia Platform in September 2024.
- Ethane power generation project successfully started up in September.
Sangomar
- Achieved nameplate capacity of 100,000 barrels per day in July 2024.
-
Continued to receive strong interest in Sangomar crude from buyers in
Europe andAsia . - The final Phase 1 well was drilled and completed in the period. The Sangomar drilling campaign is now complete marking the successful drilling and completion of 24 development wells.
- Start-up of gas and water injection systems has commenced and commissioning activities are expected to continue through 2024.
Gulf of
- Completed a planned shutdown on Shenzi in July 2024 which included integrity inspections and control system improvements.
- Completed a planned three-well intervention campaign on Mad Dog A-Spar.
- In September, Hurricanes Francine and Helene caused deferrals at our operated and non-operated GOM facilities, largely due to availability of third-party infrastructure and planned facility ramp down.
Marketing and Trading
- Signed a long-term LNG SPA with JERA to supply approximately 0.4 million tonnes (six cargoes) of LNG per year over 10 years on a delivered basis, commencing in April 2026. LNG delivered under the SPA will be sourced from volumes across Woodside’s global portfolio.
-
Sold
39% of produced LNG at prices linked to gas hub indices in the quarter (36% year to date).7Full year gas hub guidance has been increased to 33–37% of produced LNG. - Executed 66 PJ of Western Australian gas sales for delivery across 2025 and 2026. Woodside continues to engage with the Western Australian domestic market on additional supply requirements for 2025, 2026 and 2027.
- Woodside continued its eastern Australian Expression of Interest (EOI) process with executed sales to date already of 63 PJ across 2025 and 2026. The remaining sales under the EOI process are expected to be completed in Q4 2024.
Projects
Scarborough Energy Project
-
The Scarborough and Pluto Train 2 project was
73% complete at the end of the quarter. - 41 of 51 Pluto Train 2 modules have been delivered to site, with 39 modules set in position at the end of the quarter.
- Fabrication of the floating production unit (FPU) hull and topsides progressed, with installation of piping, electrical, and instrumentation packages continuing on the topsides and the hull entering its second dry dock in preparation for FPU integration activities in 2025.
- Trunkline installation was completed subsequent to the quarter.
- The drilling program continued with batch drilling of the development wells ongoing.
- First steel was cut at the module yard on the Pluto Train 1 modifications project and site preparation works at the Pluto LNG facility commenced.
- First LNG cargo is targeted for 2026.
7 |
Trion
-
The Trion project was
15% complete at the end of the quarter. - Awarded contracts for the floating, storage and offloading vessel (FSO) bare boat charter, aviation services, and fibre optic trunkline installation.
- Procurement activities continued, including delivery of long lead items to subsea equipment manufacturers.
-
Completed the FPU hull
90% model review and initiated FPU pre-construction activities.
Woodside Louisiana LNG (Driftwood LNG)
-
Subsequent to the quarter, completed acquisition of Tellurian and its US Gulf Coast Driftwood LNG development opportunity in
Calcasieu Parish, Louisiana . -
Woodside acquired all issued and outstanding Tellurian common stock for approximately
cash, or$900 million per share. The implied enterprise value was approximately$1.00 .8$1,200 million - Woodside has renamed the Driftwood LNG development opportunity Woodside Louisiana LNG.
- Woodside is targeting FID readiness from the first quarter of 2025.
Decommissioning
- The Griffin, Stybarrow and Enfield decommissioning campaign continued with ~54 km of flexible flowlines and umbilicals recovered in the quarter, and completion of wellhead severance activities at Enfield.
-
The well plug and abandonment campaign at the Stybarrow field is
40% complete, with 4 wells plugged and abandoned to date. -
At Mad Dog in US Gulf of
Mexico , operator (BP) completed plug and abandonment of well 869-1.
Exploration and development
Calypso
- Pre-front-end engineering design (FEED) engineering studies continued to mature the technical definition and cost estimate for the deepwater infield host.
- Fiscal and marketing negotiations continued with various counterparties to assess the commercial options to monetise the Calypso resource.
Browse
- Additional information was provided to the WA Environmental Protection Authority to support the final phase of assessment of the Browse to North West Shelf Project environmental referral.
- Engineering studies on Browse to North West Shelf Project continue to optimise the upstream development concept and improve project cost and schedule certainty.
Sunrise
- The Sunrise Joint Venture participants continued negotiations with the Australian and Timor-Leste Governments to progress a new Production Sharing Contract, Petroleum Mining Code and fiscal regime.
-
The concept study for the potential development of Greater Sunrise is expected to conclude in Q4 2024.
8 Includes |
Exploration
- In Congo, the Niamou Marine-1 (non-operated) well reached total depth in September 2024. The well did not encounter hydrocarbons.
-
In September 2024, Woodside was granted Exploration Permit WA-554-P in the Barrow sub-Basin,
Western Australia . WA-554-P comprises a total area of 943 km2. Woodside holds a100% working interest in the permit. -
Subsequent to the period, Woodside acquired a
40% non-operated stake in ENI’s Tiba Block in the Nile Delta,Egypt .
New energy and carbon solutions
Beaumont Clean Ammonia Project
-
Completed OCI Clean Ammonia acquisition, comprising
100% of OCI Clean Ammonia Holding B.V., which holds its lower carbon ammonia project inBeaumont, Texas . -
The acquisition was for an all-cash consideration of approximately
, inclusive of capital expenditure through completion of phase 1 of the project. OCI is continuing to manage the construction of the project under the Construction Management Agreement.$2,350 million - Woodside is targeting first ammonia production from 2025 and lower carbon ammonia from 2026 following commencement of CCS operations.9
H2OK
- Secured non-binding offtake term sheets with several customers and continued to advance pricing and volume discussions with additional offtakers.
- Woodside continues to await final guidance for the 45V Clean Hydrogen Production Tax Credit.
Woodside Solar
- Woodside continued working with the Western Australian Government to progress its process to develop common user transmission infrastructure required to support the proposed Woodside Solar project.
-
Woodside was awarded two greenhouse gas assessment permits to progress CCS evaluation work:
-
G-18-AP, offshore Onslow,
Western Australia , as part of a joint venture with Chevron Australia New Ventures Pty Ltd; and -
G-19-AP, off the coast of
Victoria , as part of the Gippsland Basin Joint Venture (GBJV).
-
G-18-AP, offshore Onslow,
Corporate activities
London Stock Exchange listing
- Subsequent to the period, Woodside announced it will delist from the London Stock Exchange (LSE). The last day of trading of Woodside shares on the LSE will be 19 November 2024.
Funding
-
Woodside successfully raised
in the US market through a multi-tranche SEC registered bond in September 2024, comprising a$2 billion 10-year bond and a$1.25 billion 30-year bond.$0.75 billion -
Woodside converted and upsized an existing
revolving facility to a new$800 million 7-year syndicated term loan primarily from Asian and European banks.$1.2 billion
9 Production of lower carbon ammonia is conditional on supply of carbon abated hydrogen and ExxonMobil’s CCS facility becoming operational. See disclaimer and important notices on page 18 for information on “lower carbon ammonia”. |
Hedging
-
Woodside hedged approximately 29.3 MMboe of 2024 oil production at an average price of approximately
per barrel, with approximately$75.6 72% delivered as of 30 September 2024. -
As at 30 September, Woodside had hedged approximately 18.6 MMboe of 2025 production. An additional 11.4 MMboe was subsequently added with the total for 2025 now 30 MMboe at an average price of approximately
.$78.75 -
Woodside 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
88% of volumes for the remainder of 2024,83% of 2025 and25% of 2026 volumes have been hedged. -
The year-to-date realised value of all hedged positions for as of 30 September 2024 is a pre-tax expense of approximately
, with$70 million related to oil price hedges offset by$195 million profit related to$88 million Corpus Christi hedges and related to other hedge positions. Hedging losses will be included in “other expenses” in the full-year financial statements.$37 million
Climate and sustainability
- Woodside released its 2023 Reconciliation Action Plan 2021-2025 (RAP) Report. The report reflects Woodside’s progress against the four pillars outlined in the RAP including Respect for Culture and Heritage, Capability and Capacity, Economic Participation, and Stronger Communities.
- Subsequent to the period Woodside signed a memorandum of understanding (MOU) with the Japan Organisation for Metals and Energy Security (JOGMEC) regarding collaboration on methane emissions management.
Upcoming events 2024 - 2025
November 2024 |
6-7 |
|
January 2025 |
22 |
Q4 2024 Report |
2024 full-year guidance
|
|
Prior |
Current |
Production |
MMboe |
185 – 195 (505 – 533 Mboe/day) |
189 – 195 (516 – 533 Mboe/day) |
Capital expenditure10 |
$ billion |
5.0 – 5.5 |
4.8 – 5.2 |
Gas hub exposure11 |
% of produced LNG |
26 – 33 |
33 – 37 |
10 Capital expenditure includes the following participating interests; Sangomar ( |
11 Gas hub indices include Japan Korea Marker (JKM), TTF and National Balancing Point (NBP). It excludes HH. |
Production summary
|
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
Gas |
MMscf/d |
2,001 |
1,885 |
2,001 |
1,939 |
2,000 |
Liquids |
Mbbl/d |
226 |
157 |
169 |
180 |
159 |
Total |
Mboe/d |
577 |
488 |
520 |
520 |
510 |
|
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
|
|
|||||
LNG |
|
|||||
North West Shelf |
Mboe |
7,029 |
7,088 |
6,590 |
22,309 |
25,009 |
Pluto12 |
Mboe |
12,007 |
11,726 |
12,261 |
35,487 |
33,180 |
Wheatstone |
Mboe |
2,565 |
1,959 |
2,610 |
6,881 |
7,654 |
Total |
Mboe |
21,601 |
20,773 |
21,461 |
64,677 |
65,843 |
|
|
|
|
|
|
|
Pipeline gas |
|
|
|
|
|
|
Bass Strait |
Mboe |
4,069 |
3,410 |
4,591 |
9,838 |
11,894 |
Other13 |
Mboe |
4,016 |
3,848 |
3,472 |
11,142 |
9,589 |
Total |
Mboe |
8,085 |
7,258 |
8,063 |
20,980 |
21,483 |
|
|
|
|
|
|
|
Crude oil and condensate |
|
|
|
|
|
|
North West Shelf |
Mbbl |
1,265 |
1,260 |
1,278 |
3,937 |
4,508 |
Pluto12 |
Mbbl |
966 |
933 |
976 |
2,830 |
2,636 |
Wheatstone |
Mbbl |
474 |
380 |
477 |
1,316 |
1,310 |
Bass Strait |
Mbbl |
701 |
503 |
982 |
1,696 |
2,663 |
Macedon & Pyrenees |
Mbbl |
633 |
107 |
688 |
849 |
2,078 |
Ngujima-Yin |
Mbbl |
1,231 |
974 |
1,140 |
3,091 |
2,009 |
Okha |
Mbbl |
615 |
491 |
608 |
1,572 |
1,460 |
Total |
Mboe |
5,885 |
4,648 |
6,149 |
15,291 |
16,664 |
|
|
|
|
|
|
|
NGL |
|
|
|
|
|
|
North West Shelf |
Mbbl |
288 |
279 |
276 |
857 |
907 |
Pluto12 |
Mbbl |
55 |
59 |
53 |
168 |
148 |
Bass Strait |
Mbbl |
1,152 |
941 |
1,380 |
2,925 |
3,294 |
Total |
Mboe |
1,495 |
1,279 |
1,709 |
3,950 |
4,349 |
|
|
|
|
|
|
|
Total |
Mboe |
37,066 |
33,958 |
37,382 |
104,898 |
108,339 |
Mboe/d |
403 |
373 |
406 |
383 |
397 |
12 Q3 2024 includes 1.89 MMboe of LNG, 0.08 MMboe of condensate and 0.05 MMboe of NGL, Q2 2024 includes 2.18 MMboe of LNG, 0.10 MMboe of condensate and 0.06 MMboe of NGL and Q3 2023 includes 2.07 MMboe of LNG and 0.08 MMboe of condensate and 0.05 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector. |
13 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. |
14 Q3 2024 includes 0.28 MMboe, Q2 2024 includes 0.30 MMboe and Q3 2023 includes 0.26 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. |
|
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
INTERNATIONAL |
|
|
|
|
|
|
Pipeline gas |
|
|||||
Gulf of |
Mboe |
327 |
324 |
350 |
1,011 |
1,029 |
|
Mboe |
2,289 |
1,736 |
2,413 |
6,528 |
7,372 |
Other15 |
Mboe |
- |
- |
17 |
- |
47 |
Total |
Mboe |
2,616 |
2,060 |
2,780 |
7,539 |
8,448 |
|
|
|
|
|
|
|
Crude oil and condensate |
|
|
|
|
|
|
Atlantis |
Mbbl |
2,351 |
2,019 |
2,714 |
6,811 |
8,202 |
Mad Dog |
Mbbl |
2,363 |
2,944 |
2,188 |
8,072 |
4,754 |
Shenzi |
Mbbl |
2,047 |
2,333 |
2,158 |
6,785 |
7,353 |
|
Mbbl |
143 |
94 |
201 |
363 |
792 |
Sangomar |
Mbbl |
5,902 |
540 |
- |
6,442 |
- |
Other15 |
Mbbl |
81 |
81 |
36 |
243 |
156 |
Total |
Mboe |
12,887 |
8,011 |
7,297 |
28,716 |
21,257 |
|
|
|
|
|
|
|
NGL |
|
|
|
|
|
|
Gulf of |
Mbbl |
515 |
355 |
362 |
1,263 |
1,043 |
Other15 |
Mbbl |
- |
- |
10 |
- |
27 |
Total |
Mboe |
515 |
355 |
372 |
1,263 |
1,070 |
|
|
|
|
|
|
|
Total International |
Mboe |
16,018 |
10,426 |
10,449 |
37,518 |
30,775 |
Mboe/d |
174 |
115 |
114 |
137 |
113 |
|
|
|
|
|
|
|
|
Total production |
Mboe |
53,084 |
44,384 |
47,831 |
142,416 |
139,114 |
Mboe/d |
577 |
488 |
520 |
520 |
510 |
15 Overriding royalty interests held in the GoM for several producing wells. |
Product sales
|
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
Gas |
MMscf/d |
2,154 |
2,103 |
2,341 |
2,075 |
2,292 |
Liquids |
Mbbl/d |
228 |
159 |
169 |
182 |
155 |
Total |
Mboe/d |
606 |
528 |
579 |
546 |
557 |
|
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
|
|
|||||
LNG |
|
|||||
North West Shelf |
Mboe |
7,353 |
7,081 |
7,639 |
22,442 |
27,206 |
Pluto |
Mboe |
12,014 |
12,749 |
12,622 |
35,276 |
33,524 |
Wheatstone16 |
Mboe |
3,048 |
2,264 |
2,541 |
7,901 |
7,203 |
Total |
Mboe |
22,415 |
22,094 |
22,802 |
65,619 |
67,933 |
|
|
|
|
|
|
|
Pipeline gas |
|
|
|
|
|
|
Bass Strait |
Mboe |
4,163 |
3,508 |
4,506 |
10,241 |
11,701 |
Other17 |
Mboe |
3,816 |
3,435 |
3,243 |
10,145 |
9,222 |
Total |
Mboe |
7,979 |
6,943 |
7,749 |
20,386 |
20,923 |
|
|
|
|
|
|
|
Crude oil and condensate |
|
|
|
|
|
|
North West Shelf18 |
Mbbl |
1,253 |
1,904 |
1,471 |
4,371 |
4,155 |
Pluto |
Mbbl |
858 |
1,283 |
1,228 |
2,781 |
2,456 |
Wheatstone |
Mbbl |
360 |
666 |
689 |
1,355 |
1,348 |
Bass Strait |
Mbbl |
662 |
271 |
1,407 |
1,530 |
2,524 |
Ngujima-Yin |
Mbbl |
1,082 |
1,018 |
708 |
3,099 |
1,849 |
Okha |
Mbbl |
618 |
572 |
1,297 |
1,808 |
1,950 |
Macedon & Pyrenees |
Mbbl |
498 |
- |
1 |
994 |
1,551 |
Total |
Mboe |
5,331 |
5,714 |
6,801 |
15,938 |
15,833 |
|
|
|
|
|
|
|
NGL |
|
|
|
|
|
|
North West Shelf |
Mbbl |
249 |
266 |
263 |
770 |
688 |
Pluto |
Mbbl |
52 |
49 |
32 |
156 |
287 |
Bass Strait |
Mbbl |
1,142 |
361 |
959 |
2,288 |
2,971 |
Total |
Mboe |
1,443 |
676 |
1,254 |
3,214 |
3,946 |
|
|
|
|
|
|
|
Total |
Mboe |
37,168 |
35,427 |
38,606 |
105,157 |
108,635 |
Mboe/d |
404 |
389 |
420 |
384 |
398 |
16 Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.29 MMboe in Q3 2024, 0.19 MMboe in Q2 2024 and 0.16 MMboe in Q3 2023. |
17 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. |
18 Includes reclassification of purchased condensate volumes from NWS JV Participants to Marketing liquids of 0.16 MMboe in Q3 2023 and 0.26 MMboe in Q2 2023. |
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
|
INTERNATIONAL |
|
|
|
|
|
|
Pipeline gas |
|
|
|
|
|
|
Gulf of |
Mboe |
286 |
336 |
321 |
908 |
1,005 |
|
Mboe |
2,004 |
1,606 |
2,574 |
6,067 |
7,569 |
Other19 |
Mboe |
2 |
5 |
7 |
13 |
20 |
Total |
Mboe |
2,292 |
1,947 |
2,902 |
6,988 |
8,594 |
|
|
|
|
|
|
|
Crude oil and condensate |
|
|
|
|
|
|
Atlantis |
Mbbl |
2,436 |
2,013 |
2,442 |
6,875 |
7,820 |
Mad Dog |
Mbbl |
2,489 |
3,043 |
2,041 |
8,158 |
4,610 |
Shenzi |
Mbbl |
2,032 |
2,430 |
2,123 |
6,814 |
7,448 |
|
Mbbl |
221 |
19 |
242 |
292 |
903 |
Sangomar |
Mbbl |
6,070 |
- |
- |
6,070 |
- |
Other19 |
Mbbl |
45 |
59 |
61 |
164 |
189 |
Total |
Mboe |
13,293 |
7,564 |
6,909 |
28,373 |
20,970 |
|
|
|
|
|
|
|
NGL |
|
|
|
|
|
|
Gulf of |
Mbbl |
388 |
454 |
379 |
1,255 |
1,084 |
Other19 |
Mbbl |
1 |
3 |
4 |
7 |
11 |
Total |
Mboe |
389 |
457 |
383 |
1,262 |
1,095 |
|
|
|
|
|
|
|
Total International |
Mboe |
15,974 |
9,968 |
10,194 |
36,623 |
30,659 |
Mboe/d |
174 |
110 |
111 |
134 |
112 |
|
|
|
|
|
|
|
|
MARKETING20 |
|
|
|
|
|
|
LNG |
Mboe |
2,077 |
2,593 |
4,329 |
6,756 |
12,344 |
Liquids21 |
Mboe |
555 |
37 |
169 |
1,163 |
429 |
Total |
Mboe |
2,632 |
2,630 |
4,498 |
7,919 |
12,773 |
|
|
|
|
|
|
|
Total Marketing |
Mboe |
2,632 |
2,630 |
4,498 |
7,919 |
12,773 |
|
|
|
|
|
|
|
Total sales |
Mboe |
55,774 |
48,025 |
53,298 |
149,699 |
152,067 |
Mboe/d |
606 |
528 |
579 |
546 |
557 |
19 Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.29 MMboe in Q3 2024, 0.19 MMboe in Q2 2024 and 0.16 MMboe in Q3 2023. |
20 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. |
21 Includes reclassification of purchased condensate volumes from NWS JV Participants to Marketing liquids of 0.16 MMboe in Q3 2023 and 0.26 MMboe in Q2 2023. |
Revenue
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
|
|||||
North West Shelf |
520 |
524 |
575 |
1,636 |
2,512 |
Pluto |
920 |
891 |
923 |
2,556 |
2,778 |
Wheatstone22 |
237 |
202 |
246 |
662 |
774 |
Bass Strait |
344 |
247 |
379 |
814 |
918 |
Macedon |
48 |
48 |
41 |
147 |
145 |
Ngujima-Yin |
94 |
91 |
64 |
277 |
164 |
Okha |
51 |
46 |
103 |
147 |
159 |
Pyrenees |
44 |
- |
- |
88 |
139 |
|
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
|
Atlantis |
194 |
168 |
209 |
558 |
611 |
Mad Dog |
192 |
249 |
170 |
645 |
354 |
Shenzi |
160 |
205 |
178 |
555 |
577 |
|
63 |
38 |
17 |
162 |
265 |
Sangomar |
464 |
- |
- |
464 |
- |
Other24 |
3 |
5 |
5 |
13 |
14 |
|
|
|
|
|
|
Marketing revenue25 |
285 |
265 |
298 |
777 |
1,121 |
|
|
|
|
|
|
Total sales revenue26 |
3,619 |
2,979 |
3,208 |
9,501 |
10,531 |
|
|
|
|
|
|
Processing revenue |
54 |
52 |
50 |
167 |
135 |
Shipping and other revenue |
6 |
2 |
1 |
13 |
7 |
|
|
|
|
|
|
Total revenue |
3,679 |
3,033 |
3,259 |
9,681 |
10,673 |
22 Q3 2024 includes - |
23 Includes the impact of periodic adjustments related to the production sharing contract (PSC). |
24 Overriding royalty interests held in the GoM for several producing wells. |
25 Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside’s produced LNG and liquids portfolio. Marketing revenue excludes hedging impacts and cargo swaps where a Woodside produced cargo is sold and repurchased from the same counterparty to optimise the portfolio. The margin for these cargo swaps is recognised net in other income. |
26 Total sales revenue excludes all hedging impacts. |
Realised prices
|
Units |
Q3 2024 |
Q2 2024 |
Q3 2023 |
Units |
Q3 2024 |
Q2 2024 |
Q3 2023 |
|
LNG produced27 |
$/MMBtu |
10.8 |
9.6 |
10.3 |
$/boe |
68 |
60 |
65 |
|
LNG traded28 |
$/MMBtu |
11.2 |
9.1 |
8.2 |
$/boe |
71 |
58 |
52 |
|
Pipeline gas |
|
|
|
|
$/boe |
38 |
38 |
28 |
|
Oil and condensate |
$/bbl |
78 |
83 |
82 |
$/boe |
78 |
83 |
82 |
|
NGL |
$/bbl |
48 |
44 |
45 |
$/boe |
48 |
44 |
45 |
|
Liquids traded28 |
$/bbl |
60 |
79 |
72 |
$/boe |
60 |
79 |
72 |
|
|
|
|
|
|
|
|
|
||
Average realised price for pipeline gas: |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
A$/GJ |
6.5 |
6.5 |
6.1 |
|
East coast |
|
|
|
|
A$/GJ |
14.2 |
14.3 |
12.3 |
|
International |
|
|
|
|
$/Mcf |
4.3 |
3.9 |
3.8 |
Average realised price |
|
$/boe |
65 |
62 |
60 |
||||
|
|
|
|
|
|
|
|
|
|
Dated Brent |
|
$/bbl |
80 |
85 |
87 |
||||
JCC (lagged three months) |
|
$/bbl |
88 |
84 |
84 |
||||
WTI |
|
|
|
|
$/bbl |
75 |
81 |
82 |
|
JKM |
|
|
|
|
$/MMBtu |
12.4 |
9.6 |
10.9 |
|
TTF |
|
|
|
|
$/MMBtu |
11.2 |
9.2 |
10.3 |
Average realised price increased
27 Realised prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. |
28 Excludes any additional benefit attributed to produced volumes through third-party trading activities. |
Capital expenditure (US$ million)
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
Exploration and evaluation capitalised29,30 |
6 |
38 |
3 |
82 |
132 |
Property plant and equipment |
1,076 |
1,135 |
1,313 |
3,301 |
3,821 |
Other31 |
51 |
60 |
44 |
162 |
182 |
Sub Total (excluding acquisitions) |
1,133 |
1,233 |
1,360 |
3,545 |
4,135 |
Acquisitions |
1,900 |
- |
- |
1,900 |
- |
Total |
3,033 |
1,233 |
1,360 |
5,445 |
4,135 |
|
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
Sangomar |
73 |
206 |
257 |
489 |
808 |
Scarborough |
438 |
563 |
613 |
1,575 |
1,817 |
Trion |
225 |
137 |
111 |
459 |
119 |
Beaumont Clean Ammonia Project |
1,900 |
- |
- |
1,900 |
- |
Other |
397 |
327 |
379 |
1,022 |
1,391 |
Total |
3,033 |
1,233 |
1,360 |
5,445 |
4,135 |
Other expenditure (US$ million)
Q3 2024 |
Q2 2024 |
Q3 2023 |
YTD 2024 |
YTD 2023 |
|
Exploration and evaluation expensed32 |
90 |
46 |
123 |
190 |
256 |
Permit amortisation |
2 |
3 |
3 |
8 |
7 |
Total |
92 |
49 |
126 |
198 |
263 |
Trading costs |
132 |
128 |
265 |
405 |
887 |
29 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. |
30 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. |
31 Other primarily incorporates corporate spend including SAP build costs, carbon costs and other investments. |
32 Includes seismic and general permit activities and other exploration costs. |
Exploration or appraisal wells drilled
Region |
Permit Area |
Well |
Target |
Interest (%) |
Spud Date |
Water depth (m) |
Actual well depth (m)33 |
Remarks |
Congo |
Marine XX |
Niamou
|
Oil |
|
24 May
|
2,094 |
6,928 |
Drilling
|
Permits and licences
Key changes to permit and licence holdings during the quarter ended 30 September 2024 are noted below.
Region |
Permits or licence areas |
Change in interest (%) |
Current interest (%) |
Remarks |
|
WA-554-P |
|
|
Licence entry |
Gulf of |
GB 729, GB 772,
|
( |
0 |
Licence expiry |
|
Tiba Block |
|
|
Licence entry
|
33 Well depths are referenced to the rig rotary table. |
34 Subsequent to the period |
Production rates
Average daily production rates (
|
Woodside
|
Production rate
|
Remarks |
|
|
Sept 2024 |
June 2024 |
|
|
|
|
|
|
|
NWS Project |
|
|
|
|
LNG |
|
259 |
256 |
|
Crude oil and condensate |
|
46 |
46 |
|
NGL |
|
10 |
10 |
|
|
|
|
|
|
Pluto LNG |
|
|
|
|
LNG |
|
122 |
116 |
Production was higher following completion of planned maintenance activities in Q2. |
Crude oil and condensate |
|
10 |
10 |
|
|
|
|
|
|
Pluto-KGP Interconnector |
|
|
|
|
LNG |
|
21 |
24 |
|
Crude oil and condensate |
|
1 |
1 |
|
NGL |
|
1 |
1 |
|
|
|
|
|
|
Wheatstone36 |
|
|
|
|
LNG |
|
232 |
212 |
Production was higher due to improved reliability. |
Crude oil and condensate |
|
33 |
30 |
|
|
|
|
|
|
Bass Strait |
|
|
|
|
Pipeline gas |
|
102 |
86 |
Production was higher due to increased seasonal domestic gas demand. |
Crude oil and condensate |
|
16 |
12 |
|
NGL |
|
26 |
23 |
|
|
|
|
|
|
Australia Oil |
|
|
|
|
Ngujima-Yin |
|
22 |
18 |
Production at Ngujima-Yin and Okha was higher due to improved reliability and production optimisation. |
Okha |
|
13 |
11 |
|
Pyrenees |
|
11 |
2 |
Production at Pyrenees was higher following completion of planned turnaround in Q2. |
|
|
|
|
|
Other |
|
|
|
|
Pipeline gas37 |
|
44 |
42 |
|
|
35 Woodside share reflects the net realised interest for the period. |
36 The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has |
37 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. |
|
Woodside
|
Production rate
|
Remarks |
|
|
|
Sept 2024 |
June 2024 |
|
INTERNATIONAL |
|
|
|
|
Atlantis |
|
|
|
|
Crude oil and condensate |
|
66 |
58 |
Production was higher following completion of planned turnaround activities in Q2, partially offset by weather. |
NGL |
|
5 |
4 |
|
Pipeline Gas |
|
7 |
5 |
|
|
|
|
|
|
Mad Dog |
|
|
|
|
Crude oil and condensate |
|
123 |
155 |
Production was lower due to planned interventions and weather. |
NGL |
|
7 |
5 |
|
Pipeline Gas |
|
2 |
3 |
|
|
|
|
|
|
Shenzi |
|
|
|
|
Crude oil and condensate |
|
34 |
39 |
Production was lower due to planned well intervention, unplanned downtime, and weather. |
NGL |
|
3 |
2 |
|
Pipeline Gas |
|
1 |
1 |
|
|
|
|
|
|
|
|
|
|
|
Crude oil and condensate |
|
3 |
2 |
Production was higher following completion of planned maintenance activities in Q2. |
Pipeline gas |
|
49 |
39 |
|
|
|
|
|
|
Sangomar |
|
|
|
|
Crude Oil |
|
81 |
8 |
Production was higher due to continued ramp-up and commissioning of the field. |
38 Woodside share reflects the net realised interest for the period. |
39 Operations governed by production sharing contracts, Woodside share may change monthly. |
Disclaimer and important notice
Forward looking statements
This report 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 long-term demand for Woodside’s products, development, completion and execution of Woodside’s projects, expectations regarding future capital expenditures, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables production capacity and investments in, and development of, renewables projects expectations and guidance with respect to production, capital and exploration expenditure and gas hub exposure, and expectations regarding the achievement of Woodside’s net equity Scope 1 and 2 greenhouse gas emissions reduction and new energy investment targets and other climate and sustainability goals.
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’, ‘aspire’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘target’, ‘plan’, ‘strategy’, ‘forecast’, ‘outlook’, ‘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.
Forward-looking statements in this report are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of future expectations that are based on management’s current expectations and assumptions.
Those statements and any assumptions on which they are based 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 for Woodside’s products, 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, climate related risks, physical risks, legislative, fiscal and regulatory developments, changes in accounting standards, economic and financial markets conditions in various countries and regions, political risks, the actions of third parties, project delay or advancement, regulatory approvals, the impact of armed conflict and political instability (such as the ongoing conflict in
A more detailed summary 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 the London Stock Exchange and in Woodside’s most recent Annual Report on Form 20-F filed with the United States 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 report.
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 report.
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.
All forward-looking statements contained in this report reflect Woodside’s views held as at the date of this report 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 report, either to make them conform to actual results or as a result of new information, future events, changes in Woodside’s expectations or otherwise.
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.
Other important information
All figures are Woodside share for the quarter ending 30 September 2024, unless otherwise stated.
All references to dollars, cents or $ in this report are to US currency, unless otherwise stated.
References to “Woodside” may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires).
Units of measure and 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.
Term |
Definition |
bbl |
barrel |
bcf |
billion cubic feet of gas |
boe |
barrel of oil equivalent |
GJ |
gigajoule |
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/d |
million standard cubic feet of gas per day |
PJ |
petajoules |
scf |
standard cubic feet of gas |
TJ |
terajoule |
This announcement was approved and authorised for release by Woodside’s Disclosure Committee.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015929378/en/
INVESTORS
Marcela Louzada
M: +61 456 994 243
E: investor@woodside.com
MEDIA
Christine Forster
M: +61 484 112 469
E: christine.forster@woodside.com
Source: Woodside Energy Group
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