Woodside Energy (WDS)2025-02-25 12:01Production 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 12,263 million in 2023[155]. - Production costs in 2024 totaled 1,798 million in 2023, indicating a 4% reduction[155]. - Exploration expenses for 2024 were 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 1,823 million in 2023, marking a significant increase of 65.4%[155]. - Development costs in 2024 reached 5,439 million in 2023, reflecting a reduction of 12%[152]. - Total capitalized costs related to oil and gas production activities amounted to 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 155,475 million in 2023[161]. - Future net cash flows for 2024 are estimated at 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 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 6,764 million in 2024, compared to 4.0 billion in 2024 to progress the transfer of proved undeveloped reserves for projects where development status was achieved[131]. - Woodside incurred approximately 5,061 million in 2024, slightly down from 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].