Woodside Energy (WDS)
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Woodside Energy (WDS) - 2024 Q2 - Quarterly Report
2024-08-30 20:07
Financial Performance - Net profit after tax for H1 2024 was $1,937 million, with underlying net profit after tax at $1,632 million, down 14% compared to H1 2023[11][15] - Operating revenue decreased by 19% to $5,988 million in H1 2024 compared to H1 2023[19] - Net profit after tax (NPAT) increased by 11% to $1,937 million in H1 2024[19] - Free cash flow surged by 136% to $740 million in H1 2024[19] - The company achieved a fully franked interim dividend of 69 US cents per share, representing a half-year annualised dividend yield of 7.3%[11] - Woodside declared a fully franked interim dividend of 69 US cps, totaling $1,310 million[24] - Cash flow from operating activities was $2,393 million in H1 2024[25] - Woodside's gearing increased to 13.3% in H1 2024, within the target range of 10-20%[26] - Woodside hedged 29.3 MMboe of 2024 production at an average price of $75.6 per barrel[28] - Profit after tax for the half-year ended 30 June 2024 was $1,972 million, up from $1,766 million in the same period in 2023[82] - Basic earnings per share for the half-year ended 30 June 2024 were 102.2 US cents, compared to 91.7 US cents in the same period in 2023[82] - Total comprehensive income for the half-year ended 30 June 2024 was $1,838 million, compared to $2,322 million in the same period in 2023[83] - The Group's gross profit for the half-year ended 30 June 2024 was $2,716 million, down from $3,528 million in the same period in 2023[82] - The Group's finance costs for the half-year ended 30 June 2024 were $147 million, compared to $137 million in the same period in 2023[82] - Cash and cash equivalents increased to $1,979 million in June 2024 from $1,740 million in December 2023, reflecting a 13.7% growth[85] - Total current assets rose to $6,052 million in June 2024, up from $5,118 million in December 2023, marking an 18.2% increase[85] - Net cash from operating activities for the half-year ended June 2024 was $2,393 million, compared to $2,951 million in the same period in 2023, a decrease of 18.9%[86] - Capital and exploration expenditure for the half-year ended June 2024 was $2,418 million, slightly lower than the $2,457 million spent in the same period in 2023[86] - Dividends paid in the half-year ended June 2024 amounted to $1,139 million, a significant reduction from $2,738 million in the same period in 2023, reflecting a 58.4% decrease[86] - Total liabilities decreased to $19,813 million in June 2024 from $20,191 million in December 2023, a 1.9% reduction[85] - Retained earnings surged to $1,408 million in June 2024 from $186 million in December 2023, indicating a substantial 657% increase[85] - Net assets grew to $35,829 million in June 2024, up from $35,170 million in December 2023, a 1.9% increase[85] - Income tax and PRRT paid in the half-year ended June 2024 was $1,700 million, down from $2,233 million in the same period in 2023, a 23.9% decrease[86] - Proceeds from disposal of non-current assets in the half-year ended June 2024 were $920 million, compared to $3 million in the same period in 2023[86] - Total equity increased to $35.829 billion as of 30 June 2024, up from $35.170 billion at the start of the year[88] - Profit for the period was $1.972 billion, with $1.937 billion attributable to equity holders of the parent[88] - Dividends paid during the period amounted to $1.186 billion, including $1.139 billion to equity holders and $47 million to non-controlling interests[88] - Retained earnings grew to $1.408 billion as of 30 June 2024, compared to $186 million at the start of the year[88] - Other comprehensive loss for the period was $134 million, primarily driven by a $108 million loss in the hedging reserve[88] - Employee share plan purchases and redemptions resulted in a net decrease of $16 million in reserved shares[88] - Share-based payments (net of tax) contributed $32 million to the employee benefits reserve[88] - Consolidated revenue for the half-year ended 30 June 2024 was $5,988 million, a decrease from $7,400 million in the same period in 2023[99] - Liquified natural gas (LNG) revenue decreased to $3,007 million in 2024 from $4,679 million in 2023[99] - Crude oil and condensate revenue increased to $2,091 million in 2024 from $1,758 million in 2023[99] - Gross profit for the half-year ended 30 June 2024 was $2,716 million, down from $3,528 million in 2023[99] - Profit before tax and net finance costs was $2,362 million in 2024, compared to $2,791 million in 2023[99] - Finance costs for the half-year ended 30 June 2024 were $147 million, up from $137 million in 2023[100] - Dividends paid during the financial period were $1,139 million in 2024, down from $2,734 million in 2023[101] - A dividend of $1,310 million was declared subsequent to the reporting period for 2024, compared to $1,519 million in 2023[101] - Basic earnings per share increased to 102.2 US cents in 2024 from 91.7 US cents in 2023[102] - Diluted earnings per share increased to 101.4 US cents in 2024 from 91.1 US cents in 2023[102] - Profit before tax for the half-year ended 30 June 2024 was $2,310 million, compared to $2,828 million in 2023[103] - The global effective income tax rate decreased from 25.6% to 6.9% due to the recognition of a net deferred tax asset of $305 million and a net tax benefit of $91 million from the Scarborough Joint Venture sale[103] - The Group recognised a $124 million current tax payable due to the new PRRT deductions cap legislation impacting the Pluto and Wheatstone projects[104] - Exploration and evaluation assets increased by $77 million to $714 million as of 30 June 2024, with additions of $52 million in the Americas and $14 million in Africa[104] - Oil and gas properties carrying amount decreased by $666 million to $40,125 million as of 30 June 2024, with $2,447 million added to projects in development[105] - Capital expenditure commitments contracted but not provided for in the financial statements decreased to $3,017 million as of 30 June 2024 from $4,245 million at 31 December 2023[105] - Goodwill decreased by $298 million to $3,697 million as of 30 June 2024 due to the transfer of assets held for sale related to the Scarborough Joint Venture[106] - The Group reclassified $1,378 million of assets and $119 million of liabilities to held for sale related to the 15.1% interest in the Scarborough Joint Venture[107] - The sale of the 15.1% interest in the Scarborough Joint Venture to JERA is expected to generate proceeds exceeding the net carrying value, with a purchase price of $740 million[107] - After the Scarborough Joint Venture sale, the Group's participating interest will reduce from 90% to 74.9%[107] - The Group sold a 10% non-operating participating interest in the Scarborough Joint Venture to LNG Japan for $910 million, reducing its interest from 100% to 90%[110] - The Group recognized a pre-tax gain of $121 million from the sale of the Scarborough Joint Venture interest for the half-year ended 30 June 2024[110] - The Group reclassified $823 million of assets and $94 million of liabilities related to the Scarborough Joint Venture as held for sale as of 31 December 2023[110] - The Group completed a $500 million drawdown from bilateral loan facilities and entered into a $1,000 million loan facility with JBIC and a $450 million syndicated term loan facility during the period[113] - The Group had $6,500 million of available undrawn facilities as of 30 June 2024, with $1,550 million of undrawn facilities cancelled subsequent to the period[113] - The Group hedged 29.3 MMboe of 2024 oil production at an average price of $75.6 per barrel, with 49% delivered as of 30 June 2024[118] - The Group hedged 15 MMboe of 2025 oil production at an average price of $81.2 per barrel[118] - The Group's embedded commodity derivative related to the Perdaman GSPA contract had a net liability of $188 million as of 30 June 2024, with an unrealised loss of $153 million recognised for the six-month period[120] - The Group's total segment assets were $55,642 million as of 30 June 2024, with Australia accounting for $30,895 million and International for $18,083 million[115] - The Group's total segment liabilities were $19,813 million as of 30 June 2024, with Australia accounting for $7,312 million and Corporate/Other for $9,177 million[115] - The embedded derivative is most sensitive to changes in discount rates and pricing, with a 10% increase in Urea sales price resulting in a $137 million gain, while a 10% decrease results in a $137 million loss. A 1.5% increase in discount rate leads to a $186 million loss, and a 1.5% decrease results in a $230 million gain[124] - Contingent liabilities as of 30 June 2024 are $229 million, down from $262 million as of 31 December 2023[125] - The Group has contingent assets of $56 million as of 30 June 2024, up from $47 million as of 31 December 2023[126] - The Group paid $1,700 million in income tax and PRRT for the half-year ended 30 June 2024[130] - The Group entered into a definitive agreement to acquire Tellurian Inc for approximately $900 million, with a loan facility of up to $230 million provided to Tellurian[131] - Woodside agreed to acquire 100% of OCI Clean Ammonia Holding B.V. for approximately $2.35 billion, with the transaction expected to complete in the second half of 2024[133] - The interim dividend for the current period is 69 US cents per share, down from 80 US cents per share in the previous corresponding period[133] - The Group's ownership interest in Blue Ocean Seismic Services Limited decreased to 16.17% from 28.50% in the previous corresponding period[136] - Net profit after tax for H1 2024 was $1,972 million, up from $1,766 million in H1 2023[157] - Capital expenditure for H1 2024 was $2,365 million, down from $2,769 million in H1 2023[157] - Free cash flow for H1 2024 was $740 million, up from $314 million in H1 2023[157] - Liquidity as of June 2024 was $8,479 million, including $1,979 million in cash and cash equivalents and $6,500 million in available undrawn facilities[157] - Net tangible assets per ordinary security increased to $16.42 from $16.40 year-over-year[158] - Net debt rose to $5,388 million from $3,220 million, reflecting a significant increase in interest-bearing liabilities[158] - Return on equity improved to 5.5% from 4.8% year-over-year[159] - Revenue from the sale of hydrocarbons (excluding marketing segment) decreased to $5,376 million from $6,486 million[160] - Cash margin (excluding marketing segment) declined to $4,341 million from $5,210 million, with cash margin percentage slightly increasing to 81% from 80%[160] - Production costs (excluding marketing segment) decreased to $745 million from $807 million, with production cost margin improving to 14% from 13%[160] - Total other cash costs (excluding marketing segment) decreased to $290 million from $469 million[160] - Net profit after tax (NPAT) attributable to equity holders of the parent is a key financial metric, excluding non-controlling interests from the Group's operations[162] - Gross margin is calculated as gross profit divided by operating revenue, excluding income tax, PRRT, net finance costs, and other expenses[162] - Unit production cost (UPC) is calculated as production costs ($ million) divided by production volume (MMboe)[164] - Production cost margin is calculated as production costs divided by revenue from the sale of hydrocarbons, excluding the marketing segment[163] Production and Operations - H1 2024 production was 89.3 MMboe (491 Mboe/d), with unit production cost reduced to $8.3/boe from $8.8/boe in H1 2023[12] - The Scarborough Energy Project was 67% complete at the end of H1 2024, with first LNG cargo expected in 2026[13] - Sangomar Project achieved first oil in June 2024, with peak gross production rate of 100,000 barrels per day achieved post-period[12][16] - Woodside signed agreements to acquire Tellurian for approximately $900 million and OCI's Clean Ammonia Project for approximately $2,350 million[14] - Woodside completed the sale of a 10% non-operated interest in the Scarborough Joint Venture to LNG Japan for $910 million and signed an agreement to sell a 15.1% interest to JERA for $1,400 million[13][14] - Woodside signed long-term LNG supply agreements with Korea Gas Corporation and CPC Corporation, Taiwan[14][17] - Gas production volumes decreased by 4% to 60.9 MMboe in H1 2024[19] - Liquids production volumes increased by 2% to 28.4 MMboe in H1 2024[19] - Pluto LNG production increased by 15% to 26.9 MMboe in H1 2024[30] - Woodside's share of Wheatstone production in H1 2024 was 5.8 MMboe, a 12% decrease compared to H1 2023 due to unplanned outages[35] - Woodside's share of Bass Strait production in H1 2024 was 8.5 MMboe, a 22% decrease from H1 2023 due to lower domestic gas demand and field decline[36] - Woodside's share of production from FPSO assets in H1 2024 was 3.0 MMboe, a 3% decrease from H1 2023 due to planned maintenance and a subsea leak[38] - Woodside's share of production from Macedon in H1 2024 was 3.9 MMboe, down from 4.1 MMboe in H1 2023, supplying 11% of Western Australia's domestic gas market[39] - Woodside's share of production from Sangomar in H1 2024 was 0.5 MMboe, with peak gross rate of 100,000 barrels per day achieved post-period[39] - Woodside's share of production from Shenzi in H1 2024 was 5.2 MMboe, a 7% decrease compared to H1 2023 due to natural field decline and maintenance[41] - Woodside's share of production from Mad Dog in H1 2024 was 6.0 MMboe, a 122% increase compared to H1 2023 due to full production from Mad Dog Phase 2[43] - Woodside's marketing segment profit before tax and net finance costs in H1 2024 was $218 million, driven by optimization and third-party trading activities[45] - Woodside signed SPAs with KOGAS and CPC for long-term LNG supply, totaling 6.5 million tonnes over 10 years, with potential for an additional 8.4 million tonnes[45] - The Scarborough Energy Project was 67% complete at the end of H1 2024, with 29 modules delivered to site and 25 set in position[49] - Woodside spent approximately $325 million on decommissioning activities in H1 2024, with over 95% of the Nganhurra riser turret mooring (RTM) recycled or reused[55] - The Calypso project, located 220 km off Trinidad, is in pre-FEED engineering studies, with Woodside holding a 70% participating interest[56] - The Browse development incorporates a carbon capture and storage solution designed to sequester the majority of reservoir CO2, with Woodside holding a 30.6% interest[57] - Woodside acquired 18 leases in the US Gulf of Mexico during Lease Sale 261 and participated in the Corvus well, which did not encounter commercial hydrocarbons[60] - Woodside entered into a binding agreement to acquire 100% of OCI Clean Ammonia Holding B.V., targeting first ammonia production from 2025 and lower carbon ammonia from 2026[61] - The H2OK project in Ardmore, Oklahoma, is expected to produce up to 60 tonnes per day of liquid hydrogen[61] - Woodside began planting activities on 4,900 hectares of land as part of its Native Reforestation Project, with over 3.2 million seedlings forecasted for the full year[68] - Woodside's Climate Transition Action Plan received a 58.36% vote against
Woodside Energy: Good H1, Let's See On New Projects Execution
Seeking Alpha· 2024-08-28 12:06
I l and of the county of the county of 1 19 1041 TD II L H - P L alvarez Australia's Woodside Encergy Group (NYSE:WDS) (OTC:WOPEF) just reported a decent set of H1 2024 earnings. The company is a diversified exploration and production company with revenues from the production of liquefical natural gas, L.NG liquefaction and transport, marketing of LNG, crude oil production, and is looking to make infields into hydrogen, solar and ammonia clean energy markets. The company has three segments: Australia, Inter ...
Woodside Energy (WDS) - 2024 Q2 - Earnings Call Transcript
2024-08-27 06:29
Woodside Energy Group Ltd (NYSE:WDS) Q2 2024 Earnings Conference Call August 26, 2024 8:00 PM ET Company Participants Meg O'Neill - Chief Executive Officer and Managing Director Graham Tiver - Executive Vice President and Chief Financial Officer Conference Call Participants Mark Wiseman - Macquarie Saul Kavonic - MST Gordon Ramsay - RBC Tom Allen - UBS Nik Burns - Jordan Australia James Byrne - Citi Adam Martin - E&P Dale Koenders - Barrenjoey Henry Meyer - Goldman Sachs Sarah Kerr - Morgan Stanley Matt Cha ...
Woodside Energy (WDS) - 2024 Q2 - Earnings Call Presentation
2024-08-27 04:27
INVESTORS Marcela Louzada M: +61 456 994 243 E: investor@woodside.com MEDIA Dan Pagoda M: +61 482 675 731 E: dan.pagoda@woodside.com Woodside Energy Group Ltd ACN 004 898 962 Mia Yellagonga 11 Mount Street Perth WA 6000 Australia T +61 8 9348 4000 www.woodside.com ASX: WDS NYSE: WDS LSE: WDS Announcement Tuesday, 27 August 2024 HALF-YEAR 2024 RESULTS TELECONFERENCE AND PRESENTATION A teleconference providing an overview of the half-year 2024 results and a question-and-answer session will be hosted by Woodsi ...
Woodside Energy (WDS) - 2023 Q4 - Annual Report
2024-02-27 13:03
This report contains references to woodside.com, and our Climate Transition Action Plan and 2023 Progress Report. These references are for the readers' convenience only and are not incorporated by reference into this report. Similarly, the content of any other websites referred to in this report does not form part of it. Please refer to section 6.7 - Glossary, units of measure and conversation factors for definitions of terms captured in this report. 2023 AN △I Wood Energy REP INCORPORATING APPENDIX 4E I AN ...
Woodside Energy (WDS) - 2023 Q4 - Annual Report
2024-02-27 12:33
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission File No.: 001-41404 Woodside Energy Group Ltd (Exact name of Registrant as specified in its charter) N/A (Translation of Registrant's name into English) Australia (Jurisdiction of incorporation or organization) Woodside Energy Group Ltd Mia Ye ...
Woodside Energy (WDS) - 2023 Q4 - Earnings Call Transcript
2024-02-27 06:29
Woodside Energy Group Ltd (NYSE:WDS) Q4 2023 Earnings Conference Call February 26, 2024 6:00 PM ET Company Participants Marguerite O’Neill - CEO, MD & Executive Director Graham Tiver - EVP & CFO Conference Call Participants James Redfern - Bank of America Merrill Lynch Nik Burns - Jarden Limited Gordon Ramsay - RBC Capital Markets Robert Koh - Morgan Stanley Henry Meyer - Goldman Sachs Group James Byrne - Citigroup Dale Koenders - Barrenjoey Adam Martin - E&P Tom Allen - UBS Mark Busuttil - JPMorgan Chase & ...
Woodside Energy (WDS) - 2023 Q2 - Earnings Call Transcript
2023-08-22 17:39
Woodside Energy Group Ltd (NYSE:WDS) Q2 2023 Results Conference Call August 21, 2023 8:00 PM ET Company Participants Marguerite O’Neill - CEO, MD and Executive Director Graham Tiver - Executive VP and CFO Conference Call Participants James Byrne - Citi Tom Allen - UBS Cameron Taylor - Bank of America Dale Koenders - Barrenjoey Saul Kavonic - Credit Suisse Adam Martin - E&P Financial Gordon Ramsay - RBC Capital Markets Henry Meyer - Goldman Sachs Nik Burns - Jarden Australia Sarah Kerr - Morgan Stanley Margu ...
Woodside Energy (WDS) - 2023 Q2 - Quarterly Report
2023-06-30 10:06
Exhibit 99.1 Woodside Energy Group Ltd ACN 004 898 962 Mia Yellagonga 11 Mount Street Perth WA 6000 Australia T +61 8 9348 4000 www.woodside.com ASX: WDS NYSE: WDS LSE: WDS Announcement Tuesday, 22 August 2023 HALF-YEAR REPORT FOR PERIOD ENDED 30 JUNE 2023 Safety performance • There was a fatality in June 2023 at the North Rankin Complex. Woodside’s investigation is ongoing. Immediate actions have been implemented and preliminary lessons shared with industry Financial highlights for H1 2023 • Record H1 net ...
Woodside Energy (WDS) - 2022 Q4 - Earnings Call Transcript
2023-02-27 15:13
Woodside Energy Group Ltd (NYSE:WDS) Q4 2022 Results Conference Call February 26, 2023 6:00 PM ET Company Participants Meg O’Neill - Chief Executive Officer and Managing Director Graham Tiver - Executive VP & CFO Conference Call Participants Tom Allen - UBS Mark Samter - MST Marquee James Byrne - Citi James Redfern - Bank of America Dale Koenders - Barrenjoey Saul Kavonic - Credit Suisse Mark Wiseman - Macquarie Group Nik Burns - Jarden Australia Meg O’Neill Good morning everyone, and thank you for joining ...