Woodside Energy (WDS)2024-02-27 12:33Financial Performance - The company reported a significant increase in revenue, reaching 1.66 billion for 2023, with an underlying NPAT of 14 billion, driven by robust product demand[55]. - The underlying net profit after tax (NPAT) for 2023 was 5,230 million in 2022[90]. - Woodside's total full-year dividend was 140 US cents per share, representing approximately 80% of underlying NPAT[28][40]. - The final dividend for 2023 is set at 60 US cents per share, totaling approximately 6,145 million in cash flow from operating activities in 2023, with a positive free cash flow of 13,994 million, a decrease of 17% from 1.725 billion[20]. - New product launches are expected to contribute an additional 50 million in research and development for new technologies aimed at enhancing user experience[19]. - The company completed a strategic acquisition of a smaller competitor for 400 million, providing a strong liquidity position for future investments[18]. Operational Performance - Woodside achieved record full-year production of 187.2 MMboe, averaging 513 Mboe/day, with a reliability rate of 98% at key facilities[54][55]. - Key growth projects, including Scarborough and Sangomar, are progressing well, with Scarborough over 55% complete and Sangomar 93% complete[43][56]. - The company is targeting first oil from the Sangomar project in mid-2024 and from the Trion project in 2028[56][57]. - Woodside's share of production from Australian operations was 145.1 MMboe in 2023, a 6% increase compared to 2022[114]. - Pluto LNG production was 51.8 MMboe in 2023, a 1% decrease from 2022, attributed to planned turnaround activities[115]. - North West Shelf Project production increased by 11% to 40.8 MMboe in 2023 due to an increase in Woodside's equity share following the merger with BHP Petroleum[120]. - Wheatstone production rose to 13.5 MMboe in 2023, up from 12.2 MMboe in 2022[127]. - Woodside's share of production from international operations was 42.1 MMboe in 2023[135]. Environmental and Sustainability Efforts - Woodside aims to develop a low cost, lower carbon, profitable, resilient, and diversified portfolio to thrive during the energy transition[23]. - The company is investing in new products and services to assist customers in reducing or avoiding emissions[23]. - Woodside's net equity Scope 1 and 2 emissions were reduced by 12.5% compared to the starting base, improving from an 11% reduction in 2022[55][60]. - The company plans to generate approximately 50 MW of electricity from the proposed Woodside Solar project to reduce greenhouse gas emissions at Pluto LNG[117]. - Woodside planted approximately 2.7 million mixed biodiverse seedlings in Western Australia as part of its Native Reforestation Project, covering about 4,700 hectares[204]. - The company expects to receive up to 1.4 million carbon credits from its reforestation project over 30 years[205]. - Woodside is involved in three greenhouse gas assessment permits and is a participant in the proposed South East Australia CCS Project[202]. Future Projects and Developments - Woodside's capital expenditure for 2024 is expected to be between 5,500 million, primarily due to the Sangomar, Scarborough, and Trion projects[98]. - The Sangomar Field Development Phase 1 is targeting first oil in mid-2024, while the Scarborough Energy Project aims for first LNG cargo in 2026[78]. - Woodside's proposed H2OK project in Oklahoma aims to produce up to 60 tonnes per day of liquid hydrogen, with a 100% participating interest[195][196]. - The company is progressing a proposed hydrogen and ammonia production facility, H2Perth, in Western Australia, with primary environmental approval documents submitted[199]. - Woodside is collaborating with Heliogen on a 5 MW demonstration module of concentrated solar energy technology in California, known as the Capella project[198]. - The company is evaluating power solutions and offtake opportunities for its proposed renewable ammonia and hydrogen production facility, H2TAS, in Tasmania[200].