Woodside Energy (US:WDS)2025-02-25 13:58Financial 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].