Woodside has announced its second quarter report for period ended 30 June 2024.
Delivering on our growth strategy
Operations
- Quarterly production of 44.4 MMboe (488 Mboe/day), down 1% from Q1 2024 due to planned maintenance activities, weather impacts at North West Shelf and unplanned outages at Wheatstone and Julimar, partly offset by higher seasonal demand at Bass Strait and first oil at Sangomar. Full year production guidance remains unchanged.
- Quarterly revenue of $3,033 million, up 2% from Q1 2024 primarily due to timing of Pluto cargoes partially offset by lower realised prices.
- Sold 22% of total equity production in the quarter on prices linked to gas hub indices.[1] Full year gas hub guidance remains unchanged.
Projects
- The Sangomar Project achieved first oil in June and production continues to ramp up as planned. Subsequent to the quarter, the first cargo was loaded for delivery to Europe.
- The Scarborough Energy Project was 67% complete at the end of the quarter, with first LNG cargo expected in 2026.[2]
- The total estimated cost of the Scarborough Energy Project has increased by 4% to US$12.5 billion (US$8.2 billion Woodside share), significantly driven by scope maturation of the Pluto Train 1 modifications project.[3]
- The Trion Project continued to progress engineering, procurement, and contracting activities in accordance with the execution plan.
- Secured all primary environmental approvals for the Hydrogen Refueller @H2Perth and progressed offtake discussions for the H2OK Project.
Other
- Signed a sale and purchase agreement (SPA) with CPC Corporation, Taiwan (CPC) for the long-term supply of LNG to Taiwan.
- Secured $1 billion funding from Japan Bank for International Cooperation (JBIC) for the Scarborough Energy Project.
- Subsequent to the quarter, Woodside entered into a definitive agreement to acquire Tellurian and its US Gulf Coast Driftwood LNG development opportunity for an all-cash payment of approximately $900 million.
Woodside CEO Meg O'Neill said the company is on track to achieve its full year production guidance of 185-195 million barrels of oil equivalent (MMboe), with output for the second quarter of 44.4 MMboe.
'The first oil from our Sangomar project offshore Senegal was a significant milestone, delivering against our growth strategy. Subsequent to the quarter, we achieved peak gross rate of 75,000 barrels per day and production ramp-up continues as planned.
'The addition of Sangomar to Woodside's portfolio will deliver enduring shareholder value and significant economic benefits for Senegal.
'Work on our other major growth projects continued at pace. The Scarborough Energy Project in Western Australia is now more than two-thirds complete and we remain on target for first LNG cargo in 2026.
'We are also progressing our opportunities in new energy, securing all primary environmental approvals for the Hydrogen Refueller @H2Perth, while continuing offtake discussions for H2OK in the US.
'We see ongoing demand for Woodside's LNG in Asian markets, as evidenced by our long-term sale and purchase agreement with CPC Corporation, Taiwan, and the $1 billion loan agreement executed with JBIC to fund Woodside's Scarborough Energy Project.
'The recent announcement of an agreement to acquire Tellurian and Driftwood LNG positions Woodside to be a global LNG powerhouse, adding scalable US LNG development exposure to our portfolio,' she said.
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Source: Woodside
