Woodside Energy (WDS) - 2023 Q2 - Quarterly Report

Chief Financial Officer's Introduction CFO Graham Tiver highlights Woodside's strong 2022 financial performance, including US$6.5 billion net profit and US$2.2 billion in government payments, emphasizing global expansion and transparency 2022 Key Financial and Contribution Metrics | Metric | Value (USD) | | :--- | :--- | | Net Profit After Tax | $6.5 billion | | Total Payments to Governments | $2.2 billion | | Payments to Australian Governments | $1.8 billion | - The merger with BHP's petroleum business on June 1, 2022, expanded Woodside's international presence, leading to payments to governments across multiple countries[8] - Woodside affirms its commitment to transparency through EITI membership and voluntary reporting under Australia's Tax Transparency Code[9] About This Report This section outlines the report's methodology, definitions, and scope, prepared in accordance with UK DTR 4.3A, covering extractive activity payments on a consolidated cash basis Basis of Preparation This section details the report's preparation, a consolidated cash-basis statement of 2022 government payments, adhering to UK DTR 4.3A with a £86,000 materiality threshold - The report adheres to the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules (DTR) set out in DTR 4.3A[12][14] - Payments are reported on a cash basis, included in the period of actual payment[15] - A materiality threshold excludes payments below £86,000 from the report[19] - All payments are reported in US dollars, with other currencies translated at the payment date's exchange rate[20] Payment Types This section defines disclosed payment categories, including production entitlements, taxes, royalties, bonuses, and fees, noting no reportable dividend or infrastructure payments in 2022 - Reported payment types include Production Entitlements, Taxes, Royalties, Bonuses, and Fees[22][23][24] - Reported taxes are levied on income, production, or profit, such as PRRT, and are net of refunds[24] - For 2022, no reportable dividend or infrastructure improvement payments were made to governments[26][29] Payments by Government This chapter details US$2,224.9 million in 2022 government payments by country and agency, with Australia as the largest recipient and Taxes and Royalties as primary payment types Total Payments by Country (2022, US$ Million) | Country | Production Entitlements | Taxes | Royalties | Bonuses | Fees | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Australia | - | 1,425.4 | 363.6 | - | 10.0 | 1,799.0 | | Trinidad and Tobago | 215.0 | 0.4 | - | - | 2.2 | 217.6 | | United States of America | - | 22.4 | 175.1 | 4.1 | 3.4 | 205.0 | | Mexico | - | 0.9 | - | - | 1.7 | 2.6 | | Canada | - | - | - | - | 0.4 | 0.4 | | Timor-Leste | - | - | - | - | 0.3 | 0.3 | | Total | 215.0 | 1,449.1 | 538.7 | 4.1 | 18.0 | 2,224.9 | Payments by Project This section details the US$2,224.9 million in 2022 government payments allocated by specific operational projects, with significant contributions from Australian projects and others globally Top Payments by Project (2022, US$ Million) | Project | Country | Total Payments | | :--- | :--- | :--- | | North West Shelf | Australia | 636.8 | | Bass Strait | Australia | 386.4 | | Woodside Energy Group Ltd (Non-project specific) | Australia | 352.9 | | Pluto | Australia | 325.5 | | Greater Angostura | Trinidad and Tobago | 217.6 | | Gulf of Mexico | United States of America | 193.5 | - Payments not attributable to a specific project are disclosed at the entity level, such as US$352.9 million from Woodside Energy Group Ltd in Australia[34]