Performance
Highlights
PERTH, Australia–(BUSINESS WIRE)–Woodside Energy CEO Meg ONeill 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 BHPs 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 BHPs 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 Woodsides 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 Scarboroughs 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 and BHP Petroleum merger
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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
Sangomar Field Development Phase 1
Mad Dog Phase 2
Trion
Wildling
Operational overview
This was partly offset by lower production at NWS and Wheatstone compared to the prior quarter due to scheduled turnaround activities.
Pyxis Hub
Greater Western Flank Phase 3 (GWF-3)
NWS Extension
______________
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
Shenzi North
Shenzi Subsea Multi-Phase Pump
New energy
H2Perth
H2NZ
Investment in lower-carbon services
Technology
Corporate activities
Half-year results
Change of company name and ticker code
Financial reporting
Hedging
______________
3 As at 30 June 2022. |
Syndicate facility renewal
Merger synergies
2022 full-year guidance | ||
PRODUCTION4 |
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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 |
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|
Sangomar6 | % | ~25% |
Scarborough and Pluto Train 27 | % | ~45% |
Other growth8 | % | ~10% |
Base business9 | % | ~20% |
Total capital expenditure | $ million | 4,300 4,800 |
EXPLORATION EXPENDITURE5 |
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Exploration | $ million | 400 – 500 |
2022 GAS HUB EXPOSURE |
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Portfolio | % of produced LNG | 20-25% |
______________
4 Woodsides previous production range was 92-98 MMboe. Woodsides 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 | |||
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| Comments |
Depreciation and amortisation expense |
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Oil and gas properties | $ million | 700 1,100 |
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Other plant and equipment | $ million | 10 30 |
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Lease assets | $ million | 40 80 |
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Other cost of sales |
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Movement in onerous contract provision benefit | $ million | ~(200) | Unwind and derecognition of the provision for Corpus Christi. |
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Other costs |
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General, administrative and other costs | $ million | 500 650 | Includes merger transaction costs of ~$420 million. |
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Taxes |
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Income tax | $ million | 800 1,100 |
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PRRT | $ million | 225 525 |
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Contacts: | |||
INVESTORS
Australia & Europe | Damien Gare W: +61 8 9348 4421 M: +61 417 111 697
Americas | Matthew Turnbull M: +1 (713) 448-0956
| MEDIA
Christine Forster M: +61 484 112 469 E: christine.forster@woodside.com
| ||
This ASX announcement was approved and authorised for release by Woodsides Disclosure Committee. |
Production summary | ||||||
Three months ended | Year to date | |||||
Jun |
Mar |
Jun |
Jun |
Jun | ||
AUSTRALIA |
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| |
LNG |
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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 |
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Pipeline gas |
|
|
|
|
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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 |
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Crude oil and condensate |
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|
|
|
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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 |
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NGL13 |
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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 |
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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 |
Mar |
Jun |
Jun |
Jun | ||
INTERNATIONAL |
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Pipeline gas |
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Atlantis | Mboe | 87 | – | – | 87 | – |
Mad Dog | Mboe | 10 | – | – | 10 | – |
Shenzi | Mboe | 25 | – | – | 25 | – |
Trinidad & Tobago | Mboe | 829 | – | – | 829 | – |
Total | Mboe | 951 | – | – | 951 | – |
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Crude oil and condensate |
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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 | – |
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NGL16 |
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Atlantis | Mbbl | 66 | – | – | 66 | – |
Mad Dog | Mbbl | 16 | – | – | 16 | – |
Shenzi | Mbbl | 37 | – | – | 37 | – |
Total | Mboe | 119 | – | – | 119 | – |
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Total International | Mboe | 3,410 | – | – | 3,410 | – |
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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 | ||||||
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| Three months ended | Year to date | |||
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Jun |
Mar |
Jun |
Jun |
Jun |
AUSTRALIA |
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LNG |
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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 |
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Pipeline gas |
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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 |
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Crude oil and condensate |
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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 |
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NGL20 |
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North West Shelf | Mbbl | – | – | – | – | 358 |
Pluto18 | Mbbl | – | – | – | – | – |
Bass Strait | Mbbl | 213 | – | – | 213 | – |
Total | Mboe | 213 | – | – | 213 | 358 |
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Total Australia | Mboe | 28,798 | 20,429 | 22,911 | 49,227 | 45,284 |
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______________
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 | ||||
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Jun |
Mar |
Jun |
Jun |
Jun |
INTERNATIONAL |
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Pipeline gas |
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|
|
|
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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 | – |
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Crude oil and condensate |
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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 | – |
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NGL23 |
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Atlantis | Mbbl | 67 | – | – | 67 | – |
Mad Dog | Mbbl | 18 | – | – | 18 | – |
Shenzi | Mbbl | 39 | – | – | 39 | – |
Trinidad & Tobago | Mbbl | – | – | – | – | – |
Other22 | Mbbl | 2 | – | – | 2 |
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Total | Mboe | 126 | – | – | 126 | – |
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Total International | Mboe | 3,304 | – | – | 3,304 | – |
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MARKETING |
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LNG |
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Trading24 | Mboe | 3,741 | 3,338 | 5,227 | 7,079 | 8,595 |
Total | Mboe | 3,741 | 3,338 | 5,227 | 7,079 | 8,595 |
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Total Marketing | Mboe | 3,741 | 3,338 | 5,227 | 7,079 | 8,595 |
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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. |
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
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