Financial Performance - Net profit after tax for H1 2024 was 1,937million,withunderlyingnetprofitaftertaxat1,632 million, down 14% compared to H1 2023[11][15] - Operating revenue decreased by 19% to 5,988millioninH12024comparedtoH12023[19]−Netprofitaftertax(NPAT)increasedby111,937 million in H1 2024[19] - Free cash flow surged by 136% to 740millioninH12024[19]−Thecompanyachievedafullyfrankedinterimdividendof69UScentspershare,representingahalf−yearannualiseddividendyieldof7.31,310 million[24] - Cash flow from operating activities was 2,393millioninH12024[25]−Woodside′sgearingincreasedto13.375.6 per barrel[28] - Profit after tax for the half-year ended 30 June 2024 was 1,972million,upfrom1,766 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 1,838million,comparedto2,322 million in the same period in 2023[83] - The Group's gross profit for the half-year ended 30 June 2024 was 2,716million,downfrom3,528 million in the same period in 2023[82] - The Group's finance costs for the half-year ended 30 June 2024 were 147million,comparedto137 million in the same period in 2023[82] - Cash and cash equivalents increased to 1,979millioninJune2024from1,740 million in December 2023, reflecting a 13.7% growth[85] - Total current assets rose to 6,052millioninJune2024,upfrom5,118 million in December 2023, marking an 18.2% increase[85] - Net cash from operating activities for the half-year ended June 2024 was 2,393million,comparedto2,951 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 2,418million,slightlylowerthanthe2,457 million spent in the same period in 2023[86] - Dividends paid in the half-year ended June 2024 amounted to 1,139million,asignificantreductionfrom2,738 million in the same period in 2023, reflecting a 58.4% decrease[86] - Total liabilities decreased to 19,813millioninJune2024from20,191 million in December 2023, a 1.9% reduction[85] - Retained earnings surged to 1,408millioninJune2024from186 million in December 2023, indicating a substantial 657% increase[85] - Net assets grew to 35,829millioninJune2024,upfrom35,170 million in December 2023, a 1.9% increase[85] - Income tax and PRRT paid in the half-year ended June 2024 was 1,700million,downfrom2,233 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 920million,comparedto3 million in the same period in 2023[86] - Total equity increased to 35.829billionasof30June2024,upfrom35.170 billion at the start of the year[88] - Profit for the period was 1.972billion,with1.937 billion attributable to equity holders of the parent[88] - Dividends paid during the period amounted to 1.186billion,including1.139 billion to equity holders and 47milliontonon−controllinginterests[88]−Retainedearningsgrewto1.408 billion as of 30 June 2024, compared to 186millionatthestartoftheyear[88]−Othercomprehensivelossfortheperiodwas134 million, primarily driven by a 108millionlossinthehedgingreserve[88]−Employeeshareplanpurchasesandredemptionsresultedinanetdecreaseof16 million in reserved shares[88] - Share-based payments (net of tax) contributed 32milliontotheemployeebenefitsreserve[88]−Consolidatedrevenueforthehalf−yearended30June2024was5,988 million, a decrease from 7,400millioninthesameperiodin2023[99]−Liquifiednaturalgas(LNG)revenuedecreasedto3,007 million in 2024 from 4,679millionin2023[99]−Crudeoilandcondensaterevenueincreasedto2,091 million in 2024 from 1,758millionin2023[99]−Grossprofitforthehalf−yearended30June2024was2,716 million, down from 3,528millionin2023[99]−Profitbeforetaxandnetfinancecostswas2,362 million in 2024, compared to 2,791millionin2023[99]−Financecostsforthehalf−yearended30June2024were147 million, up from 137millionin2023[100]−Dividendspaidduringthefinancialperiodwere1,139 million in 2024, down from 2,734millionin2023[101]−Adividendof1,310 million was declared subsequent to the reporting period for 2024, compared to 1,519millionin2023[101]−Basicearningspershareincreasedto102.2UScentsin2024from91.7UScentsin2023[102]−Dilutedearningspershareincreasedto101.4UScentsin2024from91.1UScentsin2023[102]−Profitbeforetaxforthehalf−yearended30June2024was2,310 million, compared to 2,828millionin2023[103]−Theglobaleffectiveincometaxratedecreasedfrom25.6305 million and a net tax benefit of 91millionfromtheScarboroughJointVenturesale[103]−TheGrouprecogniseda124 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 77millionto714 million as of 30 June 2024, with additions of 52millionintheAmericasand14 million in Africa[104] - Oil and gas properties carrying amount decreased by 666millionto40,125 million as of 30 June 2024, with 2,447millionaddedtoprojectsindevelopment[105]−Capitalexpenditurecommitmentscontractedbutnotprovidedforinthefinancialstatementsdecreasedto3,017 million as of 30 June 2024 from 4,245millionat31December2023[105]−Goodwilldecreasedby298 million to 3,697millionasof30June2024duetothetransferofassetsheldforsalerelatedtotheScarboroughJointVenture[106]−TheGroupreclassified1,378 million of assets and 119millionofliabilitiestoheldforsalerelatedtothe15.1740 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 910million,reducingitsinterestfrom100121 million from the sale of the Scarborough Joint Venture interest for the half-year ended 30 June 2024[110] - The Group reclassified 823millionofassetsand94 million of liabilities related to the Scarborough Joint Venture as held for sale as of 31 December 2023[110] - The Group completed a 500milliondrawdownfrombilateralloanfacilitiesandenteredintoa1,000 million loan facility with JBIC and a 450millionsyndicatedtermloanfacilityduringtheperiod[113]−TheGrouphad6,500 million of available undrawn facilities as of 30 June 2024, with 1,550millionofundrawnfacilitiescancelledsubsequenttotheperiod[113]−TheGrouphedged29.3MMboeof2024oilproductionatanaveragepriceof75.6 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 81.2perbarrel[118]−TheGroup′sembeddedcommodityderivativerelatedtothePerdamanGSPAcontracthadanetliabilityof188 million as of 30 June 2024, with an unrealised loss of 153millionrecognisedforthesix−monthperiod[120]−TheGroup′stotalsegmentassetswere55,642 million as of 30 June 2024, with Australia accounting for 30,895millionandInternationalfor18,083 million[115] - The Group's total segment liabilities were 19,813millionasof30June2024,withAustraliaaccountingfor7,312 million and Corporate/Other for 9,177million[115]−Theembeddedderivativeismostsensitivetochangesindiscountratesandpricing,witha10137 million gain, while a 10% decrease results in a 137millionloss.A1.5186 million loss, and a 1.5% decrease results in a 230milliongain[124]−Contingentliabilitiesasof30June2024are229 million, down from 262millionasof31December2023[125]−TheGrouphascontingentassetsof56 million as of 30 June 2024, up from 47millionasof31December2023[126]−TheGrouppaid1,700 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 900million,withaloanfacilityofupto230 million provided to Tellurian[131] - Woodside agreed to acquire 100% of OCI Clean Ammonia Holding B.V. for approximately 2.35billion,withthetransactionexpectedtocompleteinthesecondhalfof2024[133]−Theinterimdividendforthecurrentperiodis69UScentspershare,downfrom80UScentspershareinthepreviouscorrespondingperiod[133]−TheGroup′sownershipinterestinBlueOceanSeismicServicesLimiteddecreasedto16.171,972 million, up from 1,766millioninH12023[157]−CapitalexpenditureforH12024was2,365 million, down from 2,769millioninH12023[157]−FreecashflowforH12024was740 million, up from 314millioninH12023[157]−LiquidityasofJune2024was8,479 million, including 1,979millionincashandcashequivalentsand6,500 million in available undrawn facilities[157] - Net tangible assets per ordinary security increased to 16.42from16.40 year-over-year[158] - Net debt rose to 5,388millionfrom3,220 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 5,376millionfrom6,486 million[160] - Cash margin (excluding marketing segment) declined to 4,341millionfrom5,210 million, with cash margin percentage slightly increasing to 81% from 80%[160] - Production costs (excluding marketing segment) decreased to 745millionfrom807 million, with production cost margin improving to 14% from 13%[160] - Total other cash costs (excluding marketing segment) decreased to 290millionfrom469 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)dividedbyproductionvolume(MMboe)[164]−Productioncostmarginiscalculatedasproductioncostsdividedbyrevenuefromthesaleofhydrocarbons,excludingthemarketingsegment[163]ProductionandOperations−H12024productionwas89.3MMboe(491Mboe/d),withunitproductioncostreducedto8.3/boe from 8.8/boeinH12023[12]−TheScarboroughEnergyProjectwas67900 million and OCI's Clean Ammonia Project for approximately 2,350million[14]−Woodsidecompletedthesaleofa10910 million and signed an agreement to sell a 15.1% interest to JERA for 1,400million[13][14]−Woodsidesignedlong−termLNGsupplyagreementswithKoreaGasCorporationandCPCCorporation,Taiwan[14][17]−Gasproductionvolumesdecreasedby4218 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 (WDS)2024-08-30 20:07