Group 1 - Woodside Energy (NYSE: WDS) reported impressive first-quarter earnings in early April, leading to a significant stock price increase from $11.54 to the upper $16s over the past couple of months [1] - The stock rally was attributed to positive market reactions following the earnings release, indicating strong investor confidence in the company's performance [1] Group 2 - The investment group The Daily Drilling Report, led by an expert in the oil and gas industry, provides comprehensive investment analysis covering various segments of upstream oilfield activity [1] - The group offers a model portfolio with weekly updates, investment ideas for both U.S. and international energy companies, and technical analysis to identify potential catalysts [1]

Core Viewpoint - Woodside Energy (NYSE: WDS) is viewed as a long-term investment opportunity despite current challenges in the energy sector, including weak energy prices and tariff uncertainties [1]. Company Summary - Woodside Energy has faced share price pressure due to unfavorable market conditions affecting energy companies [1]. - The company is recognized for its potential in the energy space, indicating a belief in its long-term viability and growth prospects [1]. Industry Summary - The energy sector is currently experiencing weak prices, which has negatively impacted investor sentiment and stock performance across the industry [1].

Group 1 - Woodside, Australia's largest LNG exporter, plans to sell 20%-30% of its stake in the Louisiana LNG project, which has a value of $17.5 billion, following the project's final approval [1][2] - The company aims to achieve a target investment capital of around 50% by selling its wholly-owned holding company in the project [1] - The project is expected to deliver its first gas by 2029 and generate $2 billion in annual net operating cash in the 2030s [2] Group 2 - Woodside has previously agreed to sell 40% of the project infrastructure company to investor Stonepeak, which will contribute $5.7 billion towards the expected capital costs [2] - The company's target for reducing its stake aligns with analysts' expectations, who believe that further divestment is crucial for mitigating project risks and validating project value [2] - Discussions with potential partners are ongoing, with increased interest from various parties following the project's approval [3][4]

加税40天已过，中方转守为攻，美国想要的15年大单，中方给了澳 自中方对美加征关税至今，已经过去了40天，中方所说的"奉陪到底"，特朗普终究是没能领会，中方这次转守为攻，将美国的大单，转头交给了澳大利亚。 今年2月10日，为反制美国对中国输美产品加征10%关税，中国对原产于美国的部分进口商品加征关税，其中，对液化天然气（LNG）加征的关税达到了 15%。到今天，40天过去了，美媒突然发现中方的反制措施不止加征关税而已，这回中方似乎要反过来先和美国"脱钩"了。 当地时间3月18日，彭博社发布报道称，从船舶跟踪数据来看，中国已经40天没有从美国进口LNG了，并且中国买家已经找到了新供应商，这似乎预示着， 中国之后也没有恢复美国LNG进口的打算。 美国的能源供应商和肉品加工厂之所以过得这么艰难，都要归咎于美国政府对所谓"公平贸易"的狂热追求。特朗普上任短短五十几天，美国已经借由各种名 目对中国加征了至少三轮关税，中国外交部、商务部几次强调，"美方如果别有所图，执意损害中国的利益，中方必将奉陪到底"，表明已经做好了应战的准 备。这四十天的时间也已经给到了美方，但美方还是没能做出正确的决定，中方也只能为自保主动出击。 ...

Financial Performance - Woodside achieved a net profit after tax (NPAT) of $3.6 billion and an underlying NPAT of $2.9 billion for 2024[806]. - The company reported gross equity Scope 1 and 2 emissions of 6.784 Mt CO2-e, which is 8% better than the target[810]. - Woodside's EBITDA excluding impairment for 2024 is reported at $9,276 million, a decrease of 1.14% from $9,383 million in 2023[832]. - The net profit after tax (NPAT) for 2024 is $3,573 million, significantly up from $1,660 million in 2023, marking a 115% increase[832]. - Underlying NPAT for 2024 is $2,880 million, down 13.3% from $3,320 million in 2023[832]. - Basic earnings per share for 2024 is 188.5 cents, an increase from 87.5 cents in 2023[832]. - Dividends per share for 2024 are set at 122 cents, down from 140 cents in 2023[832]. - The average annual Dated Brent price for 2024 is projected at $81 per barrel, slightly down from $83 in 2023[832]. - For the year ended December 31, 2024, the Group reported operating revenue of $13,179 million, a decrease of 5.8% from $13,994 million in 2023[973]. - The Group achieved a profit after tax of $3,646 million, significantly up from $1,722 million in 2023, representing a year-over-year increase of 111.3%[973]. - The basic earnings per share attributable to equity holders of the parent increased to 188.5 cents, compared to 87.5 cents in 2023, marking a growth of 114.3%[973]. Production and Operations - Woodside's global production reached a record 193.9 MMboe in 2024, exceeding targets and guidance[807]. - The Scarborough and Pluto Train 2 Project is 78% complete, with first LNG cargo expected in 2026[807]. - Woodside's production volume for 2024 is 193.9 MMboe, an increase from 187.2 MMboe in 2023[832]. - Production for 2024 reached 193.9 MMboe, exceeding the target by 3.6 MMboe due to earlier-than-planned first oil from Sangomar and higher reliability from NWS[892]. - The drilling campaign included 24 wells successfully completed, contributing to production ramp-up and capacity achievement[900]. - International production increased from 22% to 28% of total production, driven by growth in Senegal and the United States[921]. - The Sangomar project in Senegal contributed $948 million in operating revenue for the year, following its first oil achievement on June 11, 2024[972]. Acquisitions and Investments - Woodside completed the acquisition of Louisiana LNG, enhancing its position in the LNG market[808]. - Significant acquisition of Louisiana LNG and an asset swap with Chevron for NWS and Wheatstone assets were completed in 2024[894]. - Woodside made a significant acquisition of Beaumont New Ammonia, advancing its new energy and lower-carbon investment targets[902]. - The Group completed the acquisition of OCI Clean Ammonia Holding B.V. and its Beaumont New Ammonia Project, accounting for it as a business combination[972]. Environmental and Safety Performance - The company reported gross equity Scope 1 and 2 emissions performance was 6.784 Mt CO2-e, which is 8% better than the target metric set for the 2024 Corporate Scorecard[898]. - Personal safety performance for 2024 was on target, with one high consequence injury recorded[896]. - Process safety critical role conformance was 93%, slightly below the target of 95%[896]. - Achieved zero high consequence injuries and zero environmental non-compliance events in 2024[921]. Executive Compensation and Governance - The CEO's Executive Incentive Scheme award was 122.7% of the target opportunity, reflecting strong corporate performance[813]. - The Board approved a 5.2% increase in the CEO's Fixed Annual Reward to A$2,600,000 effective January 1, 2025[821]. - The total compensation for the CEO and Senior Executives in 2024 amounted to approximately US$14.07 million, an increase from US$13.55 million in 2023, reflecting a growth of about 3.8%[954]. - The CEO's total compensation for 2024 was US$8.39 million, compared to US$7.37 million in 2023, indicating an increase of approximately 13.8%[954]. - The total remuneration paid to NEDs in 2024 is subject to an aggregate limit of A$4.675 million, approved by shareholders at the 2023 AGM[939]. - The Board has set the FAR for the CEO above the median of the ASX 20 peer group and in the upper quartile of international oil and gas peers[881]. - The company engaged KPMG and Meridian for external remuneration benchmarking in 2024, ensuring independent advice for CEO and Senior Executive reviews[950]. Financial Position and Cash Flow - The total assets of the Group increased to $61,264 million in 2024, up from $55,361 million in 2023, reflecting a growth of 10.3%[977]. - Current assets rose to $7,563 million, compared to $5,118 million in 2023, indicating a significant increase of 47.9%[977]. - The Group's total liabilities increased to $25,111 million, up from $20,191 million in 2023, representing a rise of 24.4%[977]. - Cash generated from operations in 2024 was $9,134 million, up from $8,801 million in 2023, reflecting a growth of 3.8%[978]. - Net cash from operating activities decreased to $5,847 million in 2024 from $6,145 million in 2023, a decline of 4.9%[978]. - Net cash used in investing activities was $5,747 million in 2024, slightly higher than $5,585 million in 2023[978]. - Dividends paid in 2024 totaled $2,449 million, a decrease from $4,253 million in 2023, representing a reduction of 42.4%[979]. - Total comprehensive income for the period in 2024 was $3,467 million, compared to $6,351 million in 2023, showing a decline of 45.4%[979]. Strategic Initiatives - The company aims to optimize value and balance strong shareholder returns while investing in quality opportunities as part of its capital management framework[834][835]. - The Technical definition of the Calypso development concept progressed, with fiscal negotiations advanced with the Government of Trinidad and Tobago[893]. - The company is targeting Final Investment Decision (FID) for the NWS infill program in 2025[920]. - The Corporate Scorecard for 2025 includes six measures, with safety and climate metrics each contributing 15%[886]. - The company is actively engaging with the investor community, including presentations at shareholder events, to maintain transparency and support shareholder focus[918]. Board Composition and Changes - Woodside's Board membership was refreshed with the appointment of new Non-Executive Directors, enhancing expertise in decarbonisation and sustainability[823]. - The company appointed two new non-executive directors in 2024, expanding its board composition[964]. - The company ceased the directorship of two non-executive directors in 2024, indicating a restructuring of its governance[964].

Production and Reserves - Woodside produced a total of 206.3 MMboe in 2024, including 192.7 MMboe produced for sale and 13.6 MMboe consumed as fuel in operations[111]. - As of 31 December 2024, Woodside's remaining proved (1P) reserves were 1,975.7 MMboe, with 8,049.9 Bcf of natural gas, 18.9 MMbbl of NGLs, and 544.6 MMbbl of oil and condensate[114]. - Woodside's proved undeveloped reserves decreased by 323.0 MMboe due to the sale of non-operating interests in the Scarborough Joint Venture[112]. - In 2024, revisions and extensions resulted in an increase of 54.9 MMboe in proved reserves, driven by successful project start-ups[113]. - The acquisition of assets on 1 June 2022 increased Woodside's proved reserves by 922.8 MMboe to 2,339.6 MMboe[119]. - Woodside's proved reserves in 2023 were 2,450.1 MMboe, with a total production of 201.0 MMboe, including 186.1 MMboe produced for sale[115]. - As of December 31, 2024, Woodside's remaining proved undeveloped reserves were 1,268.9 MMboe, a decrease of 443.6 MMboe from 1,712.5 MMboe as of December 31, 2023[126]. - In 2024, 132.6 MMboe of proved undeveloped reserves were transferred to proved developed reserves due to the start-up of development wells in various projects[127]. - Revisions of previous estimates resulted in an increase of 5.0 MMboe in proved undeveloped reserves, with technical updates at Greater Pluto contributing an increase of 20.7 MMboe[128]. - The final investment decision on a single well development in Greater Pluto (Xena-3) resulted in extensions of proved undeveloped reserves of 7.1 MMboe[129]. - Approximately 88% of Woodside's proved undeveloped reserves are scheduled to be developed within five years of initial disclosure[130]. - Approximately 89% of Woodside's proved undeveloped reserves are scheduled to be developed within five years of initial disclosure as of December 31, 2023[135]. Financial Performance - Oil and gas revenue for 2024 was $11,688 million, a decrease of 4.7% compared to $12,263 million in 2023[155]. - Production costs in 2024 totaled $1,726 million, a slight decrease from $1,798 million in 2023, indicating a 4% reduction[155]. - Exploration expenses for 2024 were $329 million, down from $354 million in 2023, representing a decrease of 7.1%[155]. - The results of oil and gas producing activities in 2024 showed a profit of $3,012 million, compared to $1,823 million in 2023, marking a significant increase of 65.4%[155]. - Development costs in 2024 reached $4,786 million, a decrease from $5,439 million in 2023, reflecting a reduction of 12%[152]. - Total capitalized costs related to oil and gas production activities amounted to $76,474 million in 2024, up from $72,904 million in 2023, reflecting a 5.3% increase[150]. Future Projections and Risks - The company faces significant volatility in energy prices, which may impact future revenue and strategy delivery[101]. - Woodside must accurately forecast global demand for LNG products to secure long-term sales contracts[101]. - Woodside's acquisition activities carry risks that may affect anticipated benefits and shareholder returns due to lower commodity prices[101]. - Future cash inflows for 2024 are projected at $105,376 million, a decrease from $155,475 million in 2023[161]. - Future net cash flows for 2024 are estimated at $37,505 million, down from $60,310 million in 2023, reflecting a significant decline[161]. - The standardised measure of discounted future net cash flows at the end of 2024 is $22,855 million, compared to $32,153 million at the end of 2023, indicating a reduction of 29%[164]. - The company experienced a revision in future cash inflows, net of production costs, resulting in a decrease of $12,139 million in 2024[164]. - Changes in future income taxes resulted in an increase of $6,764 million in 2024, compared to $14,992 million in 2023[164]. Capital Expenditures - Woodside incurred approximately US$4.0 billion in 2024 to progress the transfer of proved undeveloped reserves for projects where development status was achieved[131]. - Woodside incurred approximately $4.7 billion in 2023 to progress the transfer of proved undeveloped reserves for projects where development status was achieved[136]. - The company incurred previously estimated development costs of $5,061 million in 2024, slightly down from $5,276 million in 2023[164]. - Capitalised exploratory well costs increased to $721 million in 2024 from $668 million in 2023, reflecting ongoing investment in exploration[168]. - The number of projects with capitalised exploratory well costs for over one year decreased to 7 in 2024 from 12 in 2023[172]. Cybersecurity and Operational Risks - Woodside's technology systems are at risk from cyber threats, which could lead to disruptions and increased operational costs[100]. - Acquisitions and divestments in 2024 resulted in a reduction of proved undeveloped reserves by 323.0 MMboe[142]. - Scarborough proved undeveloped reserves as of December 31, 2024, are estimated at 964.0 MMboe, with development activities currently underway[144]. - The United States accounted for 13% of Woodside's total proved reserves in 2024, with 249.7 MMboe reported[144].

Financial Data and Key Metrics Changes - Woodside reported a record annual production of 194 million barrels of oil equivalent in 2024, achieving the top end of its guidance range [6][35] - The net profit after tax for 2024 was $3.6 billion, a significant increase from 2023, with earnings per share at $1.89 [9][37] - The company reduced its unit production cost to $8.10 per barrel of oil equivalent, demonstrating efficiency in an inflationary environment [8][36] Business Line Data and Key Metrics Changes - The Sangomar project significantly contributed to production, achieving nameplate capacity of 100,000 barrels per day within nine weeks of startup [21][49] - The Scarborough Energy project is 80% complete and on track for its first LNG cargo in 2026 [50][51] - The Beaumont New Ammonia project is 83% complete, targeting first ammonia production in the second half of 2025 [53][54] Market Data and Key Metrics Changes - Emerging Asia is expected to drive LNG demand as countries seek to reduce coal reliance, with a potential requirement of 310 billion cubic meters of gas per year [15][43] - New long-term supply agreements with major Asian energy customers reflect robust LNG demand in the region [16][44] - Project delays are expected to cause a supply growth slip of almost 30 million tons per annum beyond the end of the decade, indicating a strong price environment for LNG [45][46] Company Strategy and Development Direction - Woodside aims for a 4% to 5% compound annual growth rate for portfolio sales from 2024 to 2030, positioning itself to capitalize on growing global energy demand [12][40] - The company is focused on executing its growth strategy and progressing new opportunities for long-term success, including the Louisiana LNG project [27][28] - Woodside's strategy includes streamlining its asset base to prioritize high-value projects and reducing exploration activity to enhance shareholder value [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in LNG's role in the energy transition, citing strong fundamentals driving global energy demand [14][42] - The company anticipates generating significant free cash flow as new projects come online, providing options for shareholder returns [41][65] - Management highlighted the importance of maintaining a disciplined approach to capital management and shareholder distributions [58][62] Other Important Information - Woodside's net equity Scope 1 and 2 emissions were reduced by 14% below the starting base, aligning with its climate commitments [7][69] - The company injected over $7.9 billion into local economies through the purchase of local goods and services in 2024 [70][71] - Woodside is the fifth largest taxpayer in Australia and the largest payer of petroleum resource rent tax [81][82] Q&A Session Summary Question: Comments on decommissioning costs - Management noted that approval delays have pushed some decommissioning work into 2024, focusing on cleaning up legacy assets [88][90] Question: Update on Beaumont New Ammonia project - The project is on track to meet a return on investment greater than 10%, with ongoing unit cash production costs expected to be between $260 to $300 per ton [96][98] Question: Update on Louisiana LNG sell-down process - Management confirmed that the sell-down process is well advanced, with expectations of attracting quality partners and achieving a premium price [113][115] Question: Progress on Sangomar Phase 2 - Management indicated that more data is needed over the next 12 to 24 months to inform decisions on reserves for Phase 2, with ongoing production performance being monitored [119][121]

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

Core Viewpoint - Woodside Energy Group reported a mixed set of H1 2024 earnings, with total gas and liquids production down only 2% year-on-year, despite a 15% decrease in earnings before tax and interest due to lower commodity prices [8][10]. Segment Performance - Woodside operates in three segments: Australia, International, and Marketing, with significant production from Pluto LNG, North West Shelf Project, and Bass Strait [2][3][4]. - Pluto LNG production increased by 15% to 26.9 million barrels of oil equivalent (MMboe) in H1 2024 compared to H1 2023 [2]. - North West Shelf Project production decreased by 14% to 19.6 MMboe due to planned maintenance and natural field decline [3]. - Bass Strait production fell by 22% to 8.5 MMboe, attributed to lower domestic gas demand and maintenance [4]. - Internationally, production from Mad Dog increased by 122% to 6.0 MMboe, while Atlantis production decreased by 19% to 5.1 MMboe [5][6]. Financial Performance - Total revenue from sales was $4.055 billion in H1 2024, down from $7.309 billion in H1 2023 [7]. - Unit production costs were reduced to $8.3 per barrel of oil equivalent, down from $8.8 in H1 2023 [9]. - The marketing segment generated a profit before tax of $218 million, reflecting strong LNG sales and optimization activities [9]. Capacity Growth and Investments - Woodside is investing heavily in LNG projects, with Scarborough and Trion projects expected to drive future growth [10][11]. - The Scarborough project is 67% complete and on track for first LNG cargo in 2026, with development costs rising to $12.5 billion [10]. - The Beaumont Clean Ammonia Project aims to capitalize on the lower-carbon ammonia market, with a capacity to abate 3.2 million tonnes of CO2 per annum [12]. Strategic Outlook - The company is focusing on geographical diversification and energy transition opportunities, including hydrogen and ammonia [10][14]. - Woodside's strategy includes building a high-quality LNG portfolio while navigating high capital expenditures and maintaining an investment-grade credit rating [14].

Financial Data and Key Metrics Changes - The company reported a net profit after tax of $1.9 billion, translating into strong earnings per share and a healthy interim dividend of $0.69 per share, at the top end of the payout ratio range [4][3] - Unit production costs were reduced by 6% to $8.30 per barrel, despite inflationary pressures [4][39] - Cash flow generation for the first half of 2024 was strong, delivering a cash margin above 80%, with positive free cash flow of $740 million [20][52] Business Line Data and Key Metrics Changes - The Sangomar project achieved a nameplate capacity of 100,000 barrels per day, with all 24 wells drilled and completed [11] - The Scarborough Energy project was reported to be 67% complete, on track for first LNG cargo in 2026 [11] - The company is progressing with the Trion project, expecting first oil in 2028 [12] Market Data and Key Metrics Changes - The global demand for reliable, affordable, and lower carbon energy is expected to continue growing, with significant opportunities for coal to gas switching in key markets [6][8] - The Asia Pacific region accounts for more than 80% of global coal use, indicating a sustained opportunity for LNG [9] Company Strategy and Development Direction - The company aims to thrive through the energy transition by focusing on providing energy, creating shareholder value, and conducting business sustainably [3] - Recent acquisitions, including Tellurian and OCI's Clean Ammonia Project, position the company as a leading independent LNG player with significant future cash generation potential [13][15] - The company is committed to achieving its Scope 1 and 2 emissions reduction targets and has set a new abatement target for 2030 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver reliable, affordable, and lower carbon energy, emphasizing the importance of LNG in the energy transition [4][6] - The company acknowledged the challenges in the operating environment but remains focused on maintaining strong operational performance and cash flow generation [20][52] Other Important Information - The company paid AUD2.7 billion in taxes and royalties to Australian governments during the half, demonstrating significant contributions to the economy [23] - The company is actively involved in decommissioning campaigns and has a significant decommissioning campaign underway this year [64] Q&A Session Summary Question: Breakdown of $1.7 billion tax payments - The CFO clarified that $1.5 billion was related to income tax and the remainder to PRRT, highlighting the company's status as one of the largest taxpayers in Australia [26] Question: Hedging strategy for 2025 and 2026 - Management confirmed the intention to continue hedging in 2025 and will assess the need for hedging in 2026 based on capital spend visibility [28][29] Question: Gearing and dividend payout sustainability - Management indicated that while gearing may exceed the target range temporarily, they remain committed to maintaining the dividend payout ratio [32][34] Question: Confidence in Scarborough project cost estimates - Management expressed high confidence in delivering the Scarborough project within the updated budget of $12.5 billion, while monitoring ongoing risks closely [46][47] Question: Outlook for cash flows and production guidance - Management reassured that the business is performing strongly and is on track to meet cash flow guidance, despite some concerns raised about production levels [52][54]