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Woodside announces first quarter report for period ended 31 March 2024

19 Apr 2024

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Woodside has announced its first quarter report for period ended 31 March 2024.

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.

'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'.

(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.
(4) 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.

Click here for full announcement

Source: Woodside Energy

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