Woodside Energy (WDS) Seeking Alpha·2024-08-28 12:06Core Viewpoint - Woodside Energy Group reported a mixed set of H1 2024 earnings, with total gas and liquids production down only 2% year-on-year, despite a 15% decrease in earnings before tax and interest due to lower commodity prices [8][10]. Segment Performance - Woodside operates in three segments: Australia, International, and Marketing, with significant production from Pluto LNG, North West Shelf Project, and Bass Strait [2][3][4]. - Pluto LNG production increased by 15% to 26.9 million barrels of oil equivalent (MMboe) in H1 2024 compared to H1 2023 [2]. - North West Shelf Project production decreased by 14% to 19.6 MMboe due to planned maintenance and natural field decline [3]. - Bass Strait production fell by 22% to 8.5 MMboe, attributed to lower domestic gas demand and maintenance [4]. - Internationally, production from Mad Dog increased by 122% to 6.0 MMboe, while Atlantis production decreased by 19% to 5.1 MMboe [5][6]. Financial Performance - Total revenue from sales was 7.309 billion in H1 2023 [7]. - Unit production costs were reduced to 8.8 in H1 2023 [9]. - The marketing segment generated a profit before tax of 12.5 billion [10]. - The Beaumont Clean Ammonia Project aims to capitalize on the lower-carbon ammonia market, with a capacity to abate 3.2 million tonnes of CO2 per annum [12]. Strategic Outlook - The company is focusing on geographical diversification and energy transition opportunities, including hydrogen and ammonia [10][14]. - Woodside's strategy includes building a high-quality LNG portfolio while navigating high capital expenditures and maintaining an investment-grade credit rating [14].