ウッドサイドエナジーGADRの適時開示

6-K 1 d810819d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2024

Commission File Number: 001-41404

Woodside Energy Group Ltd

(ABN 55 004 898 962)

(Registrant’s name)

Woodside Energy Group Ltd

Mia Yellagonga, 11 Mount Street

Perth, Western Australia 6000

Australia

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☑ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXHIBIT INDEX


Exhibit No.		Description

99.1		A copy of the registrant’s ASX Announcement, dated April 19, 2024, entitled “First Quarter Report for the period ended 31 March 2024”.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: April 19, 2024


WOODSIDE ENERGY GROUP LTD

By:		/s/ Warren Baillie
		Warren Baillie Corporate Secretary

EX-99.1 2 d810819dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

FIRST QUARTER REPORT FOR PERIOD ENDED 31 MARCH 2024

LOGO

ASX: WDS | NYSE: WDS | LSE: WDS

Friday, 19 April 2024

Delivering value and executing major projects

Operations highlights

•

Delivered quarterly production of 44.9 MMboe (494 Mboe/day), down 7% from Q4 2023 due to lower production at Bass Strait, Pyrenees and Pluto partially offset by increased production at Mad Dog Phase 2.

•

Quarterly revenue of $2,969 million, down 12% from Q4 2023 primarily due to a mix of lower realised prices and lower volumes.

•

Sold 13% of total equity production on prices linked to gas hub indices (23% of produced LNG).1

Project highlights

•

The Scarborough Energy Project commenced drilling of production wells and the first Pluto Train 2 modules were delivered to site. The project was 62% complete at the end of the quarter and targeting first LNG cargo in 2026.2

•

The Sangomar Project FPSO arrived offshore Senegal and commissioning activities are underway. The project was 96% complete at the end of the quarter and targeting first oil in mid-2024.

•

The Trion Project continued to progress engineering, procurement, and contracting activities including the award of the subsea marine installation contract.

•

Continued offtake discussions for the H2OK project and progressed commercial agreements for the Woodside Solar Project.

Other highlights

•

Signed an agreement with JERA, as part of a broader strategic relationship, for the sale of a 15.1% non-operated participating interest in the Scarborough Joint Venture (SJV). Estimated total consideration for the sale is $1,400m.3

•

Completed the sale of a 10% non-operated participating interest in the SJV to LNG Japan for $910 million in March 2024.4

•

Signed a sale and purchase agreement (SPA) with Korea Gas Corporation (KOGAS) for the long-term supply of LNG to Korea.

•

Published the Climate Transition Action Plan and 2023 Progress Report (CTAP) in February and held an investor briefing on climate strategy in March.

Woodside CEO Meg O’Neill said production in the first quarter totalled 44.9 million barrels of oil equivalent (boe) and guidance for the full year remained at 185-195 million boe.

“Significant progress was made in the period on our three major growth projects. Commissioning activities are now underway at the Sangomar project in Senegal, on track for first oil in the middle of this year. Nineteen of the 23 production wells at Sangomar have now been completed.

“In Western Australia, a milestone was marked with the arrival on site of the first modules for Pluto Train 2 and 13 modules were in place at the end of the quarter. Offshore, two flowlines were installed at the Scarborough field and drilling of the initial wells commenced. Overall, the Scarborough and Pluto Train 2 projects were 62% complete at the end of the first quarter and we remain on target for first LNG cargo in 2026.

“During the period we completed the sale of a 10% non-operated interest in the Scarborough project to LNG Japan and entered into an agreement with JERA for the sale of a further 15.1% of the Scarborough joint venture.

1	Total equity production sales reflect the sale of produced gas and liquids.

2	The completion % excludes the Pluto Train 1 modifications project.

3	The SPA is with JERA Scarborough Pty Ltd which is a wholly owned subsidiary of JERA Co., Inc. Subject to completion of the transaction, targeted for the second half of 2024. See “Woodside to sell 15.1% Scarborough interest to JERA”, announced 23 February 2024.

LJ Scarborough Pty Ltd (LNG Japan) is a jointly owned subsidiary of LNG Japan Corporation (which is a 50:50 joint venture between Sumitomo Corporation and Sojitz Corporation) and Japan Organization for Metals and Energy Security (JOGMEC). JOGMEC has a 49.9% interest in LJ Scarborough Pty Ltd. The sale proceeds remain subject to adjustments. See “Woodside completes sale of 10% Scarborough interest”, announced 26 March 2024.


1				First quarter report for period ended 31 March 2024

“We are very pleased to have participants of the calibre of LNG Japan and JERA in Scarborough. Their support for the project demonstrates the quality of the asset and the importance of gas to Japan’s energy mix.

“We continue to deliver on our strategy to thrive through the energy transition and we published our Climate Transition Action Plan and 2023 Progress Report in February. As Australia’s largest energy company, feedback arising from our engagement with investors and stakeholders reflects the challenges and complexities of navigating the energy transition.

“We look forward to further engaging with shareholders at our 2024 Annual General Meeting.

Comparative performance at a glance


			Q1 2024		Q4 2023		Change %			Q1 2023		Change %			YTD 2024		YTD 2023		Change %
Revenue	$	million		2,969		3,355		(12	%)		4,330		(31	%)		2,969		4,330		(31	%)
Production5		MMboe		44.9		48.1		(7	%)		46.8		(4	%)		44.9		46.8		(4	%)
Gas		Mscf/d		1,929		2,010		(4	%)		2,093		(8	%)		1,929		2,093		(8	%)
Liquids		Mbbl/d		155		170		(9	%)		153		1	%		155		153		1	%
Total		Mboe/d		494		522		(5	%)		520		(5	%)		494		520		(5	%)

Sales		MMboe		45.9		49.5		(7	%)		50.4		(9	%)		45.9		50.4		(9	%)
Gas		Mscf/d		1,967		2,118		(7	%)		2,367		(17	%)		1,967		2,367		(17	%)
Liquids		Mbbl/d		159		166		(4	%)		145		10	%		159		145		10	%
Total		Mboe/d		504		538		(6	%)		560		(10	%)		504		560		(10	%)

Average realised price	$	/boe		63		67		(5	%)		85		(25	%)		63		85		(25	%)
Capital expenditure6	$	million		1,179		1,566		(25	%)		1,403		(16	%)		1,179		1,566		(25	%)

Operations

North West Shelf (NWS)

•

Achieved 97% LNG production reliability for the quarter.

•

The NWS project participants took a final investment decision (FID) on the Lambert West Project which will support ongoing production from NWS.

•

An Offshore Project Proposal was submitted to the regulator in January for a proposed Goodwyn Alpha (GWA) infill development. The development will infill the Karratha Gas Plant (KGP) with resources from several fields in proximity to the GWA platform, which will be tied back to existing GWA subsea infrastructure.

Pluto

•

Production was lower than the prior quarter due to reduced reliability (94.6% for the quarter) following an offshore trip and a separate electrical fault onshore.

•

Successfully commenced start-up of the produced water handling unit at the Pluto A platform.

•

Approvals were granted to extend Pluto gas flows through the Pluto-KGP Interconnector from ~April 2024 to ~December 2025, enabling continued acceleration of LNG and domestic gas production. This also supports the Western Australian market by increasing the allocation of domestic gas from Pluto gas processed at the NWS from 15% to 30% for the period.

•

Took FID on the Xena-3 well to support ongoing production from the Pluto LNG Project.

5	Q1 2024 includes 0.29 MMboe, Q4 2023 includes 0.32 MMboe and Q1 2023 includes 0.31 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

6	Includes capital additions on oil and gas properties, exploration and evaluation capitalised and other corporate spend.


2				First quarter report for period ended 31 March 2024

Bass Strait

•

Production was lower than the prior quarter due to lower seasonal market demand and offshore maintenance activities.

•

Commenced offshore installation of the Kipper Compression modules. The Kipper Compression Project will support the supply of gas to the East Coast domestic gas market from H2 2024.

•

In March, the Gippsland Basin Joint Venture (GBJV) ceased production from the West Kingfish platform as planned, due to declining oil production from the Kingfish field. The GBJV continues to optimise facilities through the Gas Asset Streamlining Project as production rates from the Bass Strait decline.

Other Australia

•

The Pyrenees FPSO commenced a planned five-yearly maintenance turnaround in a Singapore drydock and is expected to return to production in Q2 2024.

•

In January, a produced-water leak was identified subsea at the Pyrenees facility. This was immediately stopped, reported to the Regulator and the cause is being rectified.

International

•

At Mad Dog Phase 2, Argos continued to safely and systematically ramp up production following completion of the riser flex joint remediation and achieved peak production of ~130 kbbl/d.

•

At Atlantis, the first horizontal well in the field was successfully completed, potentially unlocking future infill opportunities for the asset.

•

FID was taken on the Atlantis Drill Centre 1 Expansion (DC1X). DC1X will be a two well tie back to the Atlantis facility through the existing DC1 manifold in the southwest of the field.

•

Execution of production optimisation projects to maximise field recovery continued in Trinidad and Tobago with an additional injector to producer well conversion completed in February.

Marketing

•

Sold 23% of produced LNG at prices linked to gas hub indices, representing 13% of total equity production. Full year guidance remains unchanged.

•

Woodside was granted an exemption under the domestic gas price cap legislation applicable to the east coast of Australia. The exemption provides Woodside the opportunity to increase delivery to the domestic market by more than 260 PJ (100% share) through to 2033 if needed.

•

Woodside signed a SPA with KOGAS in February for the long-term supply of approximately 0.5 mtpa of LNG, from 2026. Woodside expects to continue to layer long-term supply agreements into its portfolio and continuously monitors its exposure to the various price markers.

•

Woodside achieved record quarterly deliveries of trucked LNG of 327 TJ during the quarter to customers in the North West Australia. Woodside has now delivered approximately 1,700 trailers of LNG, offering a lower-carbon alternative to diesel.7

Projects

Scarborough Energy Project

•

The Scarborough and Pluto Train 2 project was 62% complete at the end of the quarter and first LNG cargo is targeted for 2026.8

•

Fabrication of the floating production unit (FPU) hull and topsides progressed. The hull exited its first drydock and installation of the flare boom and monoethylene glycol (MEG) module on the FPU topsides structure was completed.

•

The first Pluto Train 2 modules were delivered to site, with 13 modules set in position at the end of the quarter. Site works continued to ramp up.

•

Two flowlines were installed in the Scarborough field, and the third installed subsequent to the quarter.

7	Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar product.

8	The completion % excludes the Pluto Train 1 modifications project.


3				First quarter report for period ended 31 March 2024

•

Drilling of the production wells commenced, and the first subsea tree was successfully installed.

•

Trunkline installation was delayed this quarter due to a buckling incident and weather conditions. Trunkline remediation works from the incident have been completed and installation has recommenced.

Sangomar Field Development Phase 1

•

The project was 96% complete at the end of the quarter, and first oil is targeted for mid-2024.

•

The Léopold Sédar Senghor FPSO arrived offshore Senegal in February and was securely moored. Hookup work was completed and the commissioning program is underway.

•

The subsea installation campaign is now complete.

•

The development drilling program continued with 19 of 23 wells drilled and completed.

Trion

•

Completed the FPU hull and topsides 30% model reviews and hazards analysis of the design.

•

Awarded the subsea marine installation contract. Received tenders for the FPU dry transportation, gas gathering line pipe, and drilling and completion services.

•

Commenced manufacturing activities including subsea valves, umbilical tubing and line pipe.

Decommissioning

•

The Griffin, Stybarrow and Enfield decommissioning campaign continued with 24 subsea structures and facilities recovered in the quarter and the Commonwealth waters section of the Griffin Gas Export Pipeline successfully removed.

•

The Transocean Endurance drill rig has mobilised to the Stybarrow field and commenced the ten well plug and abandonment campaign.

•

Completed deconstruction of the Nganhurra Riser Turret Mooring at the Australian Marine Complex, with over 95% of material reused or recycled.

Exploration and development

Calypso

•

Progressed pre-FEED engineering studies to mature the technical definition of the deepwater infield host.

•

Progressed marketing and commercial discussions to evaluate monetisation options.

•

Commenced discussions on access to the Atlantic LNG facility (ALNG) following completion of the ALNG restructuring negotiations between the Government of Trinidad and Tobago and ALNG equity shareholders in December 2023.

Sunrise

•

Subsequent to the quarter, the Sunrise Joint Venture awarded the Greater Sunrise Concept Study contract (the Study). The Study will consider the key issues for developing, processing and marketing gas either via Timor-Leste or Australia and is targeted to be completed by no later than Q4 2024.9

Exploration

•

In the US Gulf of Mexico (GoM), the Corvus well (non-operated) completed drilling. The well did not encounter commercial hydrocarbons and analysis of well results is ongoing.

•

Woodside was awarded 18 leases in Lease Sale 261 in the central and western GoM areas within the highly contested Paleogene trends.10

•

Woodside completed exit activities of the Carlisle Bay block in Barbados.

9	The Greater Sunrise Concept Study contract was executed on 4 April 2024.

10	The leases are awaiting final execution by the regulator.


4				First quarter report for period ended 31 March 2024

New energy and carbon solutions

H2OK

•

In February, Woodside provided comments on the proposed 45V Clean Hydrogen Production Tax Credit guidelines (45V Tax Credit) issued by the United States Department of Treasury and the Internal Revenue Service. Woodside anticipates final guidelines will be issued in the second half of 2024.

•

Despite the uncertainty from the 45V Tax Credit, Woodside and potential offtakers have continued discussions on pricing and volumes.

Woodside Solar

•

Woodside continued to progress commercial agreements, including for power transmission, to support the proposed project.

Refueller@H2Perth

•

Woodside awarded the major services contract for the Refueller@H2Perth in March. This includes detailed engineering, construction, commissioning and start-up work scopes to enable progression towards ready for start-up.

•

Woodside is targeting supply of hydrogen to Western Australian industrial and public customers in 2025.

Carbon capture and storage (CCS) opportunities

•

The Bonaparte CCS joint venture continues to progress appraisal activities in the G-7-AP permit, which included the successful acquisition of the West Peron Marine 3D Seismic Survey.

•

Subsequent to the quarter, the Angel CCS joint venture signed a Memorandum of Understanding (MOU) with Yara Pilbara Fertilisers Pty Ltd to study the feasibility of using CCS with the decarbonisation of Yara Pilbara’s existing operations near Karratha in Western Australia.

Corporate activities

Hedging

•

As at the end of the quarter, Woodside hedged approximately 29.3 MMboe of 2024 production at an average price of approximately $75.7 per barrel, of which approximately 7.0 MMboe has been delivered.

•

Woodside also has a hedging program for Corpus Christi LNG volumes designed to protect against downside pricing risk. These hedges are Henry Hub (HH) and Title Transfer Facility (TTF) commodity swaps. An average of 74% of 2024 and 31% of 2025 Corpus Christi volumes have been hedged.

•

The year-to-date realised value of hedged positions for the quarter ended 31 March 2024 is a pre-tax expense of approximately $43 million, with $69 million pre-tax expense related to oil price hedges, $25 million pre-tax profit related to Corpus Christi hedges and $1 million pre-tax profit related to other hedge positions. Hedging losses will be included in “other expenses” in the full-year financial statements.

Climate and sustainability

•

Woodside published its Climate Transition Action Plan and 2023 Progress Report (CTAP) in February and summarised its approach to material sustainability topics in the 2023 Annual Report.

•

An investor briefing on climate was held in March as part of Woodside’s increased engagement with investors on these topics. Shareholders will have the opportunity to vote on the CTAP through a non-binding advisory vote at the 2024 Annual General Meeting.


5				First quarter report for period ended 31 March 2024

•

Woodside completed the piloting of its Field Leadership Program that aims to strengthen understanding of our work practices and make improvements to our health, safety and environment risk controls. The program commenced in 2023 and will be rolled out across operating facilities through 2024.

•

Woodside continued engagement with First Nations communities in Australia with regards to our current and future regulatory approvals. This included executive level engagements with two Aboriginal representative organisations in the Pilbara to further build relationships and discuss ongoing and future social and economic development opportunities.

Chair of Audit & Risk Committee

•

As previously announced, Mr Frank Cooper will retire at Woodside’s Annual General Meeting on 24 April 2024. With effect from 24 April 2024, Mr Ben Wyatt will Chair Woodside’s Audit & Risk Committee.

Upcoming events 2024


April	24	Annual General Meeting
July	23	Second quarter 2024 results
August	27	Half-Year 2024 report
October	16	Third quarter 2024 report

2024 full-year guidance


		Prior	Current
Production	MMboe	185 –195 (505 – 533 Mboe/day)		No change
Capital expenditure11	$ billion	5.0 – 5.5		No change
Gas hub exposure12	% of produced LNG	26 – 33		No change


Contacts:

INVESTORS	MEDIA	REGISTERED ADDRESS

		Woodside Energy Group Ltd.
		ACN 004 898 962
Marcela Louzada	Christine Forster	Mia Yellagonga
M: +61 456 994 243	M: +61 484 112 469	11 Mount Street
E: investor@woodside.com	E: christine.forster@woodside.com	Perth WA 6000
		Australia
		T +61 8 9348 4000
		www.woodside.com

This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

Capital expenditure includes the following participating interests; Sangomar (82%); Scarborough (90% following completion of the transaction with LNG Japan in March 2024 and 74.9% following completion of the transaction with JERA, expected in the second half of 2024), Pluto Train 2 (51%) and Trion (60%). Trion capital expenditure includes Pemex carry. This guidance assumes no change to these participating interests in 2024. This excludes the impact of any subsequent asset sell-downs, acquisitions or other changes in equity.

12	Gas hub indices include Japan Korea Marker (JKM), TTF and National Balancing Point (NBP). It excludes HH.


6				First quarter report for period ended 31 March 2024

Production summary


		Q1		Q4		Q1		YTD		YTD
		2024		2023		2023		2024		2023
Gas	Mscf/d		1,929		2,010		2,093		1,929		2,093
Liquids	Mbbl/d		155		170		153		155		153

Total	Mboe/d		494		522		520		494		520


		Q1		Q4		Q1		YTD		YTD
		2024		2023		2023		2024		2023
AUSTRALIA
LNG
North West Shelf	Mboe		8,192		7,798		9,673		8,192		9,673
Pluto13	Mboe		11,754		12,407		12,154		11,754		12,154
Wheatstone	Mboe		2,357		2,505		2,456		2,357		2,456

Total	Mboe		22,303		22,710		24,283		22,303		24,283


Pipeline gas
Bass Strait	Mboe		2,359		3,206		3,133		2,359		3,133
Other14	Mboe		3,278		3,438		3,037		3,278		3,037

Total	Mboe		5,637		6,644		6,170		5,637		6,170


Crude oil and condensate
North West Shelf	Mbbl		1,412		1,359		1,684		1,412		1,684
Pluto13	Mbbl		931		994		961		931		961
Wheatstone	Mbbl		462		495		408		462		408
Bass Strait	Mbbl		492		704		777		492		777
Macedon & Pyrenees	Mbbl		109		653		631		109		631
Ngujima-Yin	Mbbl		886		1,203		869		886		869
Okha	Mbbl		466		616		431		466		431

Total	Mboe		4,758		6,024		5,761		4,758		5,761


NGL
North West Shelf	Mbbl		290		275		292		290		292
Pluto13	Mbbl		54		58		50		54		50
Bass Strait	Mbbl		832		1,026		723		832		723

Total	Mboe		1,176		1,359		1,065		1,176		1,065


Total Australia15	Mboe		33,874		36,737		37,279		33,874		37,279


	Mboe/d		372		399		414		372		414

Q1 2024 includes 2.60 MMboe of LNG, 0.10 MMboe of condensate and 0.05 MMboe of NGL, Q4 2023 includes 2.56 MMboe of LNG, 0.10 MMboe of condensate and 0.06 MMboe of NGL and Q1 2023 includes 2.70 MMboe of LNG and 0.11 MMboe of condensate and 0.05 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.

14	Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

15	Q1 2024 includes 0.29 MMboe, Q4 2023 includes 0.32 MMboe and Q1 2023 includes 0.31 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.


7				First quarter report for period ended 31 March 2024


		Q1 2024		Q4 2023		Q1 2023		YTD 2024		YTD 2023
INTERNATIONAL
Pipeline gas
Gulf of Mexico	Mboe		360		314		330		360		330
Trinidad & Tobago	Mboe		2,503		2,779		2,236		2,503		2,236
Other16	Mboe		—		—		30		—		30

Total	Mboe		2,863		3,093		2,596		2,863		2,596


Crude oil and condensate
Atlantis	Mbbl		2,441		2,763		2,696		2,441		2,696
Mad Dog	Mbbl		2,765		2,054		939		2,765		939
Shenzi	Mbbl		2,405		2,712		2,596		2,405		2,596
Trinidad & Tobago	Mbbl		126		284		297		126		297
Other16	Mbbl		81		81		39		81		39

Total	Mboe		7,818		7,894		6,567		7,818		6,567


NGL
Gulf of Mexico	Mbbl		393		344		331		393		331
Other16	Mbbl		—		—		17		—		17

Total	Mboe		393		344		348		393		348

Total International	Mboe		11,074		11,331		9,511		11,074		9,511


	Mboe/d		122		123		106		122		106


Total production	Mboe		44,948		48,068		46,790		44,948		46,790


	Mboe/d		494		522		520		494		520

16	Overriding royalty interests held in the Gulf of Mexico (GoM) for several producing wells.


8				First quarter report for period ended 31 March 2024

Product sales


		Q1 2024		Q4 2023		Q1 2023		YTD 2024		YTD 2023
Gas	Mscf/d		1,967		2,118		2,367		1,967		2,367
Liquids	Mbbl/d		159		166		145		159		145

Total	Mboe/d		504		538		560		504		560


		Q1 2024		Q4 2023		Q1 2023		YTD 2024		YTD 2023
AUSTRALIA
LNG
North West Shelf	Mboe		8,008		7,367		10,564		8,008		10,564
Pluto	Mboe		10,513		12,130		11,310		10,513		11,310
Wheatstone17	Mboe		2,589		2,473		2,350		2,589		2,350

Total	Mboe		21,110		21,970		24,224		21,110		24,224


Pipeline gas
Bass Strait	Mboe		2,570		3,341		3,082		2,570		3,082
Other	Mboe		2,894		3,684		2,939		2,894		2,939

Total	Mboe		5,464		7,025		6,021		5,464		6,021


Crude oil and condensate
North West Shelf	Mbbl		1,214		514		1,089		1,214		1,089
Pluto	Mbbl		640		614		614		640		614
Wheatstone	Mbbl		329		349		350		329		350
Bass Strait	Mbbl		597		410		82		597		82
Ngujima-Yin	Mbbl		999		1,352		1,141		999		1,141
Okha	Mbbl		618		1		653		618		653
Macedon & Pyrenees	Mbbl		496		1,054		518		496		518

Total	Mboe		4,893		4,294		4,447		4,893		4,447


NGL
North West Shelf	Mbbl		255		253		170		255		170
Pluto	Mbbl		55		49		182		55		182
Bass Strait	Mbbl		785		1,370		1,109		785		1,109

Total	Mboe		1,095		1,672		1,461		1,095		1,461

Total Australia	Mboe		32,562		34,961		36,153		32,562		36,153


	Mboe/d		358		380		402		358		402

17	Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.28 MMboe in Q1 2024, 0.10 MMboe in Q4 2023 and 0.06 MMboe in Q1 2023.


9				First quarter report for period ended 31 March 2024


		Q1 2024		Q4 2023		Q1 2023		YTD 2024		YTD 2023
INTERNATIONAL
Pipeline gas
Gulf of Mexico	Mboe		286		357		343		286		343
Trinidad & Tobago	Mboe		2,457		2,611		2,295		2,457		2,295
Other18	Mboe		6		6		7		6		7

Total	Mboe		2,749		2,974		2,645		2,749		2,645


Crude oil and condensate
Atlantis	Mbbl		2,426		2,976		2,668		2,426		2,668
Mad Dog	Mbbl		2,626		2,209		941		2,626		941
Shenzi	Mbbl		2,352		2,716		2,673		2,352		2,673
Trinidad & Tobago	Mbbl		52		316		413		52		413
Other18	Mbbl		60		53		63		60		63

Total	Mboe		7,516		8,270		6,758		7,516		6,758


NGL
Gulf of Mexico	Mbbl		413		435		342		413		342
Other18	Mbbl		3		2		4		3		4

Total	Mboe		416		437		346		416		346

Total International	Mboe		10,681		11,681		9,749		10,681		9,749

	Mboe/d		117		127		108		117		108


MARKETING19
LNG	Mboe		2,086		2,209		4,483		2,086		4,483
Liquids	Mboe		571		618		—		571		—

Total	Mboe		2,657		2,827		4,483		2,657		4,483


Total Marketing	Mboe		2,657		2,827		4,483		2,657		4,483


Total sales	Mboe		45,900		49,469		50,385		45,900		50,385


	Mboe/d		504		538		560		504		560

18	Overriding royalty interests held in the GoM for several producing wells.

19	Purchased volumes sourced from third parties.


10				First quarter report for period ended 31 March 2024

Revenue


	Q1 2024		Q4 2023		Q1 2023		YTD 2024		YTD 2023
AUSTRALIA
North West Shelf		592		509		1,270		592		1,270
Pluto		745		1,011		1,131		745		1,131
Wheatstone20		223		208		324		223		324
Bass Strait		223		225		211		223		211
Macedon		51		54		51		51		51
Ngujima-Yin		92		128		100		92		100
Okha		50		—		56		50		56
Pyrenees		44		94		50		44		50

INTERNATIONAL
Atlantis		196		241		199		196		199
Mad Dog		204		178		68		204		68
Shenzi		190		217		199		190		199
Trinidad & Tobago21		61		103		136		61		136
Other22		5		4		5		5		5

Marketing revenue23		227		332		479		227		479

Total sales revenue24		2,903		3,304		4,279		2,903		4,279
Processing revenue		61		49		47		61		47
Shipping and other revenue		5		2		4		5		4


Total revenue		2,969		3,355		4,330		2,969		4,330

Q1 2024 includes $24 million, Q4 2023 includes $9 million and Q1 2023 includes $3 million recognised in relation to periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. These amounts will be included within other income/(expenses) in the financial statements rather than operating revenue.

21	Includes the impact of periodic adjustments related to the production sharing contract (PSC).

22	Overriding royalty interests held in the GoM for several producing wells.

Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside’s produced LNG and liquids portfolio. Marketing revenue excludes hedging impacts and cargo swaps where a Woodside produced cargo is sold and repurchased from the same counterparty to optimise the portfolio. The margin for these cargo swaps is recognised net in other income.

24	Total sales revenue excludes all hedging impacts.


11				First quarter report for period ended 31 March 2024

Realised prices


		Q1		Q4		Q1			Q1		Q4		Q1
	Units	2024		2023		2023		Units	2024		2023		2023
LNG produced25	$/MMBtu		10.4		11.5		16.7	$/boe		67		74		105
LNG traded26	$/MMBtu		9.1		11.9		16.7	$/boe		59		76		105
Pipeline gas								$/boe		34		37		38
Oil and condensate	$/bbl		79		82		76	$/boe		79		82		76
NGL	$/bbl		47		24		51	$/boe		47		24		51
Liquids traded26	$/bbl		60		85		—	$/boe		60		85		—
Average realised price for pipeline gas:
Western Australia								A$/GJ		6.4		6.8		6.9
East coast Australia								A$/GJ		13.7		13.4		11.9
International								$/Mcf		4.6		4.4		7.2

Average realised price								$/boe		63		67		85

Dated Brent								$/bbl		83		84		81
JCC (lagged three months)								$/bbl		92		83		100
WTI								$/bbl		77		78		76
JKM								$/MMBtu		11.9		15.0		26.0
TTF								$/MMBtu		9.8		13.5		24.7

25	Realised prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales.

26	Excludes any additional benefit attributed to produced volumes through third-party trading activities.


12				First quarter report for period ended 31 March 2024

Capital expenditure (US$ million)


	Q1 2024		Q4 2023		Q1 2023		YTD 2024		YTD 2023
Exploration and evaluation capitalised27,28		38		43		37		38		37
Oil and gas properties		1,090		1,449		1,279		1,090		1,279
Other29		51		74		87		51		87

Total		1,179		1,566		1,403		1,179		1,403


	Q1 2024		Q4 2023		Q1 2023		YTD 2024		YTD 2023
Sangomar		210		211		279		210		279
Scarborough		574		826		626		574		626
Trion		97		154		—		97		—
Other		298		375		498		298		498

Total		1,179		1,566		1,403		1,179		1,403


Other expenditure (US$ million)

	Q1 2024		Q4 2023		Q1 2023		YTD 2024		YTD 2023
Exploration and evaluation expense
Exploration and evaluation expensed30		54		108		52		54		52
Permit amortisation		3		2		2		3		2

Total		57		110		54		57		54


Trading costs		145		181		385		145		385

27	Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results.

28	Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to oil and gas properties. This table does not reflect the impact of such transfers.

29	Other primarily incorporates corporate spend including SAP build costs, carbon costs and other investments.

30	Includes seismic and general permit activities and other exploration costs.


13				First quarter report for period ended 31 March 2024

Exploration or appraisal wells drilled

Region

Permit
Area

Well

Target

Interest (%)

Spud Date

Water
depth (m)

Planned well
depth (m)31

Remarks

Gulf of Mexico

AT 453

Corvus

Oil

30% Non-operator

22 January 2024

1,735

6,858

Drilling complete

Permits and licences

Key changes to permit and licence holdings during the quarter ended 31 March 2024 are noted below.

Region

Permits or licence areas

Change in
interest (%)

Current
interest (%)

Remarks

Barbados

Carlisle Bay

(60

License Exit

US GoM32

GB 780, GB 824, GB 825, GB 821, GB 866,

EB 636, EB 637, EB 550, EB 594, EB 638,

KC 859, KC 903, KC 904, KC 905, KC 948,

KC 949, WR 795, WR 796

100

Lease Sale 261

31	Well depths are referenced to the rig rotary table.

32	The leases are awaiting final execution by the regulator.


14				First quarter report for period ended 31 March 2024

Production rates

Average daily production rates (100% project) for the quarter ended 31 March 2024:


	Woodside share33			Production rate (100% project, Mboe/d)				Remarks
				Mar 2024		Dec 2023
AUSTRALIA
NWS Project
LNG		30.67	%		293		278	Production was higher due to improved reliability.
Crude oil and condensate		30.78	%		56		46
NGL		30.69	%		10		10

Pluto LNG
LNG		90.00	%		112		119	Production was lower due to reduced reliability following unplanned downtime.
Crude oil and condensate		90.00	%		10		11	Production returned to normal within the quarter.

Pluto-KGP Interconnector
LNG		100.00	%		29		28
Crude oil and condensate		100.00	%		1		1
NGL		100.00	%		1		1

Wheatstone34
LNG		11.52	%		224		231
Crude oil and condensate		16.14	%		31		34

Bass Strait
Pipeline gas		42.16	%		61		80	Production was lower due to reduced market demand during summer and planned maintenance activities.
Crude oil and condensate		43.49	%		12		18
NGL		47.45	%		19		24

Australia Oil
Ngujima-Yin		60.00	%		13		22	Production at Ngujima-Yin and Okha was lower due to weather downtime.
Okha		50.00	%		8		13	Production at Pyrenees was lower due to a subsea produced-water leak and the planned turnaround.
Pyrenees		64.27	%		2		11

Other
Pipeline gas35					33		37

33	Woodside share reflects the net realised interest for the period.

34	The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has 65% participating interest and is the operator.

35	Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.


15				First quarter report for period ended 31 March 2024


	Woodside share36			Production rate (100% project, Mboe/d)				Remarks
				Mar 2024		Dec 2023
INTERNATIONAL
Atlantis
Crude oil and condensate		38.50	%		70		78
NGL		38.50	%		4		5
Pipeline Gas		38.50	%		6		6

Mad Dog
Crude oil and condensate		20.86	%		146		107	Production was higher following completion of the riser flex joint remediation in Q4 2023 and continued ramp-up of the field.
NGL		20.86	%		5		4
Pipeline Gas		20.86	%		3		2

Shenzi
Crude oil and condensate		65.07	%		41		46
NGL		65.37	%		2		2
Pipeline Gas		65.36	%		2		1

Trinidad & Tobago
Crude oil and condensate		60.24	%37		2		4
Pipeline gas		50.75	%37		54		60

36	Woodside share reflects the net realised interest for the period.

37	Operations governed by production sharing contracts, Woodside share changes monthly.


16				First quarter report for period ended 31 March 2024

Disclaimer and important notice

Forward looking statements

This report contains forward-looking statements with respect to Woodside’s business and operations, market conditions, results of operations and financial condition, including, for example, but not limited to, statements regarding development, completion and execution of Woodside’s projects, guidance with respect to production, expectations regarding future capital commitment, future cash flows, future results of projects, operating activities, new energy products, accounting decisions including impairments, commencement dates under supply arrangements, construction and delivery dates, expectations and plans for renewables production capacity and investments in, and development of, renewables projects. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as ‘guidance’, ‘foresee’, ‘likely’, ‘potential’, ‘anticipate’, ‘believe’, ‘aim’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘target’, ‘plan’, ‘strategy’, ‘forecast’, ‘outlook’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’ and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside are forward-looking statements.

Forward-looking statements in this report are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of future expectations that are based on management’s current expectations and assumptions. Those statements and any assumptions on which they are based are only opinions and are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, fluctuations in commodity prices, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve and resource estimates, loss of market, industry competition, environmental risks, climate related risks, physical risks, legislative, fiscal and regulatory developments, changes in accounting standards, economic and financial markets conditions in various countries and regions, political risks, project delay or advancement, regulatory approvals, the impact of armed conflict and political instability (such as the ongoing conflict in Ukraine) on economic activity and oil and gas supply and demand, cost estimates, the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, and the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets.

A more detailed summary of the key risks relating to Woodside and its business can be found in the “Risk” section of Woodside’s most recent Annual Report released to the Australian Securities Exchange and the London Stock Exchange and in Woodside’s most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this report.

If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this report.

All forward-looking statements contained in this report reflect Woodside’s views held as at the date of this report and, except as required by applicable law, Woodside does not intend to, undertake to, or assume any obligation to, provide any additional information or update or revise any of these statements after the date of this report, either to make them conform to actual results or as a result of new information, future events, changes in Woodside’s expectations or otherwise.

Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. None of Woodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report.

Past performance (including historical financial and operational information) is given for illustrative purposes only. It should not be relied on as, and is not necessarily, a reliable indicator of future performance, including future security prices.


17				First quarter report for period ended 31 March 2024

Other important information

All figures are Woodside share for the quarter ending 31 March 2024, unless otherwise stated.

All references to dollars, cents or $ in this report are to US currency, unless otherwise stated.

References to “Woodside” may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires).

Units of measure and conversion factors


Product	Unit		Conversion factor
Natural gas		5,700 scf		1 boe
Condensate		1 bbl		1 boe
Oil		1 bbl		1 boe
Natural gas liquids		1 bbl		1 boe

Facility	Unit		LNG conversion factor
Karratha Gas Plant		1 tonne		8.08 boe
Pluto Gas Plant		1 tonne		8.34 boe
Wheatstone		1 tonne		8.27 boe

The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time.


Term		Definition
bbl		barrel
bcf		billion cubic feet of gas
boe		barrel of oil equivalent
Mbbl		thousand barrels
Mboe		thousand barrels of oil equivalent
Mcf		thousand cubic feet of gas
MMboe		million barrels of oil equivalent
MMBtu		million British thermal units
MMscf		million standard cubic feet of gas
scf		standard cubic feet of gas


18				First quarter report for period ended 31 March 2024