Woodside Energy Group Ltd
ACN 004 898 962

Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia
T +61 8 9348 4000
www.woodside.com
ASX: WDS
NYSE: WDS
LSE: WDS

Announcement
Wednesday, 25 January 2023

FOURTH QUARTER REPORT FOR PERIOD ENDED 31 DECEMBER 2022

Delivering reliable production• Delivered record quarterly production of 51.6 MMboe (561 Mboe/day), up 0.7% from Q3 2022.
• Delivered sales volume of 52.2 MMboe, down 8.5% from Q3 2022, primarily due to reduced
third-party trades.
• Delivered revenue of $5,160 million, down 12.0% from Q3 2022, impacted by reduced trading
activity and lower realised prices.
• Achieved a portfolio average realised price of $98 per barrel of oil equivalent.
• Sold 29% of produced LNG at prices linked to gas hub indices (23% full year 2022).
• Achieved record full-year 2022 production of 157.7 MMboe, outperforming the production
guidance of 153 – 157 MMboe due to strong operational performance in the fourth quarter.
Executing major projects• The Scarborough and Pluto Train 2 projects in Western Australia are now 25% complete, with
manufacturing of the export trunkline 59% complete and the commencement of module
construction for Pluto Train 2.
• Development drilling program progressed on Sangomar with seven of 23 wells complete. The
Sangomar FPSO was successfully relocated to Singapore to complete topsides integration, precommissioning and commissioning activities.
Investing in growth• Issued multiple competitive tenders for Trion to support 2023 FID readiness.
• FEED was completed at H2OK and long-lead items were ordered to support 2023 FID readiness.
• Selected as the preferred partner to progress to the next stage of the proposed Southern Green
Hydrogen project in New Zealand.

Woodside CEO Meg O’Neill said production in the fourth quarter was a record 51.6 million barrels of oil
equivalent (boe).
“The result lifted output for calendar 2022 to 157.7 million boe, surpassing guidance and marking the highest
annual production in Woodside’s history.

Page 1 of 15

“Consistent strong operational performance and favourable operating conditions across the combined portfolio
was a key driver in achieving record quarterly and full-year production.
“Reliability at our Australian operated assets was exceptional with Pluto LNG and the North West Shelf (NWS)
Project both achieving 98.3% reliability for the quarter. During the quarter, Woodside celebrated a milestone at
Pluto LNG, passing 50 million tonnes of LNG production since the facility started up in 2012. Internationally,
asset performance was boosted by completion of planned turnaround work.
“Woodside contributed 29.4 PJ to the east coast Australian gas market in the quarter. Every molecule
produced by Woodside’s east coast gas business went into the domestic market to support Australianhouseholds, businesses and manufacturers.
“Revenue for the period was $5,160 million, down 12% from the third quarter on the back of lower
international crude oil and LNG prices and reduced trading activity. Woodside’s average realised price was$98/boe, down from $102/boe in the preceding period.
“Ongoing production of Pluto gas through the Pluto-KGP Interconnector continues to deliver additional LNG
volumes to a market with strong demand.
“Strong progress was made across our portfolio of growth projects, both in Australia and globally.
“The teams working on Scarborough and Pluto Train 2 have done an outstanding job over the latter part of theyear. The combined projects are now one quarter of the way to completion and are on track for targeted first
LNG cargo in 2026, bringing essential volumes into a market demanding more LNG.
“Most of the major equipment for the Scarborough floating production unit has been ordered and module
construction of Pluto Train 2 has commenced.
“At Sangomar Field Development Phase 1 in Senegal, subsea installation and development drilling has
progressed well, with seven of the planned 23 wells now completed. The floating production storage andoffloading facility (FPSO) is currently undergoing topsides integration, pre-commissioning and commissioning
activities in Singapore. Overall, the project is 77% complete and is on target to start producing oil in late 2023.
“Progress was also made at the proposed Trion project in Mexico, where we are aiming to be ready for a final
investment decision (FID) in 2023. During the quarter competitive tenders were issued for the drilling rig,
subsea equipment, and installation scopes for subsea, the floating production unit, and the floating storageand offloading vessel.
“In our new energy portfolio, front-end engineering design (FEED) has now been completed at H2OK andcontracts were awarded for key equipment, putting us on target to be ready for FID in 2023.
“In Australia, Woodside entered into an Indigenous land use and modern benefits sharing agreement for the
Woodside Solar project and is targeting FID readiness in 2023.
“Elsewhere in new energy, Woodside was selected as the preferred partner to progress to the next stage ofthe proposed Southern Green Hydrogen project in New Zealand, which would produce ammonia fromelectrolysis using renewable power.
“Woodside’s production guidance for full-year 2023 remains 180 million to 190 million barrels of oil
equivalent,” she said.
Comparative performance at a glance
Q4 2022

Q3 2022

Sales

MMboe
Mboe/day
MMboe

51.6
561
52.2

51.2
557
57.1

(8.5)

22.6
246
31.8

Revenue$ million

5,160

5,858

(11.9)

2,906

Production

Page 2 of 15

Change %0.7

Q4 2021

Change %
128.3
64.5
77.6

Operational overview
Production••

Production increased compared to the previous quarter to a record 51.6 MMboe in Q4 2022, due to:o ongoing strong operational performanceo continued high reliability at Australian operated oil and LNG assets, with Pluto LNG and NWS
Project achieving 98.3% reliability for the quartero completion of an approximately seven-week planned turnaround at Atlantis.
This was partly offset by lower production from Bass Strait due to planned offshore maintenance activities
and a reduction in demand following the seasonal winter peak.
Full-year 2022 production was a record 157.7 MMboe, above upgraded production guidance of
153 – 157 MMboe.

Australian LNG••

The second phase of Pyxis Hub was successfully completed with ready for start up (RFSU) of Xena-2
achieved on schedule and under budget in November 2022.
Woodside and NWS Project participants signed non-binding agreements with Western Gas for processing
2-3 Mtpa of Equus gas from 2027, initially through the Karratha Gas Plant and then later through Pluto
LNG. Discussions continue with other resource owners for processing of additional third-party gas.

Gulf of Mexico•

Drilling of the second development well completed on the Shenzi North project in the Gulf of Mexico andwell completion operations commenced. The project was 42% complete at the end of the period.

Australia Oil•••

The Pyrenees Phase 4 infill campaign commenced during the period, with final completion of thecampaign expected in Q1 2023. The infill campaign is targeting one workover well and one infill well andis expected to increase recovery from the Crosby and Stickle fields.
The Enfield plugging and abandonment (P&A) campaign continued with four wells permanently plugged
and one xmas tree removed in the quarter. In 2022, a total of five wells were permanently plugged and 13
xmas trees were removed.
The Balnaves P&A campaign consisting of four wells was completed.

Project and development activities
Scarborough••••

The Pluto Train 2 site in Western Australia was handed over to Bechtel and LNG train module
construction commenced in Indonesia.
Pipeline manufacturing is 59% complete and 92% of tagged equipment has been ordered for the floatingproduction unit (FPU).
Engagement with regulators on secondary environmental approvals continued for offshore execution
activities, with no impact to critical path.
FEED activities for Pluto Train 1 modifications were completed and the project was 25% complete at theend of the period, targeting first LNG cargo in 2026.

Sangomar Field Development Phase 1••

The subsea installation campaign progressed with rigid pipeline installation now 69% complete.
The development drilling program continued with seven of 23 wells completed.

Page 3 of 15

••The construction phase for the FPSO facility was completed in China. The FPSO facility was successfully
relocated to Singapore to complete topsides integration and pre-commissioning.
The project was 77% complete at the end of the period and first oil is targeted in late 2023.

Mad Dog Phase 2•

The operator is working through project commissioning issues and is planning start up in 2023.

Trion
•
•

Competitive tenders were issued for the drilling rig, subsea equipment, long-lead rotating equipment andinstallation scopes for subsea, the FPU and the floating storage and offloading vessel.
Woodside received confirmation from the National Hydrocarbons Commission (CNH) in December thatthe “minimum work program” obligation associated with the Trion licence was completed.

Wheatstone• Concept selection has been completed for Julimar-Brunello Phase 3. The third phase of the JulimarBrunello project will involve the tieback of additional production wells to the Wheatstone platform.
Woodside is targeting to be FID ready in 2023.
Sunrise••The Sunrise Joint Venture and Australian and Timor-Leste Governments held two further Greater Sunrise
trilateral meetings for 2022 to progress a new production sharing contract.
Subsequent to the quarter, retention lease renewals were granted for Australian titles NT/RL2 andNT/RL4.

New energy
H2OK
•
•

Completed FEED activities, which have matured the facility design, cost and schedule.
Awarded contracts for the engineering and fabrication of electrolysers and liquefaction equipment insupport of targeted FID readiness in 2023.

Southern Green Hydrogen (SGH)•

Woodside was selected as the preferred partner to progress to the next stage of the proposed SGH
project in New Zealand. The proposed project will target production of 500,000 tonnes per year ofammonia using electrolysis from renewable power. Subject to finalising commercial arrangements, next
steps will involve project participants working towards commencing FEED for the project.

Woodside Solar•

Woodside entered into a bilateral Indigenous Land Use Agreement and a modern benefits-sharing andrelationship agreement with the Ngarluma Aboriginal Corporation (NAC). NAC holds the native title rights
on behalf of the Ngarluma people, in respect to the land on which the proposed Woodside Solar project isplanned to be developed. Woodside also executed an option to lease this land and has been progressing
North West Interconnected System (NWIS) connection and transmission access arrangements.

Marketing
Vessel management•

Woodside signed binding agreements with Maran Gas Maritime Inc. for the long-term charter of two newbuild LNG carriers to be delivered to support the delivery of Scarborough LNG cargoes and growth intrading activities.

Page 4 of 15

PT Pertamina (Persero)•

Woodside did not exercise its option to supply additional volumes into its long-term sale and purchaseagreement with PT Pertamina (Persero), executed in June 2017.

Corporate activities
Hedging•••

As at 31 December 2022, Woodside has placed oil price hedges for approximately 21.8 MMboe of 2023
production at an average price of $74.5 per barrel.
Woodside also has a hedging program for Corpus Christi LNG volumes to protect against downsidepricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. As at
31 December 2022, approximately 49% of Corpus Christi volumes included in stock in transit for 2022,
approximately 82% of 2023 volumes and approximately 29% of 2024 volumes have reduced pricing risk
as a result of hedging activities.
The realised value of hedged positions for the year ended 31 December 2022 is a pre-tax expense of
approximately $872 million, with $475 million pre-tax expense related to oil price hedges, $384 million pretax expense related to Corpus Christi hedges and $13 million pre-tax expense related to other hedge
positions. Hedging losses will be included in “other expenses” in the full-year financial statements.

2022 full-year results and teleconference•••

Woodside’s Annual Report 2022, Sustainable Development Report 2022, Climate Report 2022 andassociated investor briefing will be released to the market on Monday, 27 February 2023, and will beavailable on Woodside’s website at www.woodside.com.
A teleconference providing an overview of the full-year 2022 results and a question and answer session
will be hosted by Woodside CEO and Managing Director, Meg O'Neill, and Chief Financial Officer,
Graham Tiver, on Monday, 27 February at 10:00 AEDT / 07:00 AWST / 15:00 CST (Sunday,
26 February).
We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:o https://webcast.openbriefing.com/wds-fyr-2023/ to view the presentation and listen to a live
stream of the question-and-answer sessiono https://s1.c-conf.com/diamondpass/10028290-3mrhp6.html to participate in the question-andanswer session. Following pre-registration, participants will receive the teleconference details anda unique access passcode.

2022 full-year guidance•

Woodside will provide 2022 full-year line-item guidance in early February ahead of the 2022 full-year
results.

Contacts:
INVESTORS

MEDIA

Matthew Turnbull (Group)
M: +61 410 471 079

Christine Forster
M: +61 484 112 469
E: christine.forster@woodside.com

Sarah Peyman (Australia)
M: +61 457 513 249
Rohan Goudge (US)
M: +1 (713) 679-1550
E: investor@woodside.com
This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

Page 5 of 15

Production summary
Three months ended

Year to date

Dec
2022

Sep
2022

Dec
2021

Dec
2022

Dec
2021

AUSTRALIA
LNG
North West Shelf
Pluto 1
Wheatstone
Total

Mboe
Mboe
Mboe
Mboe

9,564
12,124
2,596
24,284

9,694
12,4582,556
24,7084,850
10,241
2,343
17,43429,696
46,236
9,205
85,137

20,44940,11910,21070,778

Pipeline gas
Bass Strait
Other 2
Total

Mboe
Mboe
Mboe

4,883
3,470
8,353

6,481
3,389
9,870

601
601

13,717
9,304
23,021

2,505
2,505

Crude oil and condensate
North West Shelf
Pluto1
WheatstoneBass Strait
Macedon & Pyrenees
Ngujima-Yin
Okha
Total

Mbbl
Mbbl
Mbbl
Mbbl
Mbbl
Mbbl
Mbbl
Mboe

1,711
982
506
935
692
1,890
598
7,314

1,750
990
494
1,229
602
1,464
653
7,182

794
770
533
1,914
452
4,463

5,371
3,684
1,698
2,605
1,517
7,027
2,120
24,022

3,364
3,037
2,329
7,113
1,516
17,359NGL3North West Shelf
Pluto1
Bass Strait
Total

Mbbl
Mbbl
Mbbl
Mboe

307
52
1,187
1,546

324
52
1,554
1,930

128
128

1,040
170
3,244
4,454

498
498

Total Australia

Mboe

41,497

43,69022,626

136,634

91,140

0F

1F

2

1

Q4 2022 includes 2.39 MMboe of LNG, 0.10 MMboe of condensate and 0.05 MMboe of NGL, Q3 2022 includes 2.35 MMboe of LNG,
0.09 MMboe of condensate and 0.05 MMboe of NGL and Q4 YTD 2022 includes 7.56 MMboe of LNG, 0.31 MMboe of condensate and0.17 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.
2
Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
3
Natural gas liquids (NGL) include LPG, ethane, propane and butane.
Page 6 of 15

Three months ended
Dec
2022

Sep
2022

Year to date

Dec
2021

Dec
2022

Dec
2021

INTERNATIONAL
Pipeline gas
Gulf of Mexico
Trinidad & Tobago
Total

Mboe
Mboe
Mboe

409
1,952
2,361

219
2,102
2,321

-

750
4,883
5,633

-

Crude oil and condensate
Atlantis
Mad Dog
Shenzi
Trinidad & Tobago
Other 4
Total

Mbbl
Mbbl
Mbbl
Mbbl
Mbbl
Mboe

3,229
1,165
2,517
361
81
7,353

1,257
838
2,452
365
81
4,993

-

5,473
2,414
5,734
876
189
14,686-

NGL5
Gulf of Mexico
Total

Mbbl
Mboe

390
390

244
244

-

753
753

-

Total International

Mboe

10,104

7,558-

21,072-

Total production

Mboe

51,601

51,24822,626

157,706

91,1403F

4

45Overriding royalty interests held in the Gulf of Mexico (GoM) for several producing wells.
Natural gas liquids (NGL) include LPG, ethane, propane and butane.

Page 7 of 15

Product sales
Three months ended

Year to date

Dec
2022

Sep
2022

Dec
2021

Dec
2022

Dec
2021

AUSTRALIA
LNG
North West Shelf
Pluto6
Wheatstone7
Total

Mboe
Mboe
Mboe
Mboe

9,000
12,1892,360
23,5498,441
11,862
2,898
23,201

5,771
9,868
2,497
18,13628,06944,5789,243
81,89020,36239,375
9,686
69,423

Pipeline gas
Bass Strait
Other
Total

Mboe
Mboe
Mboe

4,725
3,524
8,249

6,564
3,436
10,000609
609

13,483
9,337
22,820

2,512
2,512

Crude oil and condensate
North West Shelf
Pluto6
WheatstoneBass Strait
Ngujima-Yin
Okha
Pyrenees
Total

Mbbl
Mbbl
Mbbl
Mbbl
Mbbl
Mbbl
Mbbl
Mboe

1,989
856
684
1,115
1,753
1,142
7,539

2,140
838
325
1,435
1,502
1,298
502
8,040

1,342
742
661
1,941
653
5,339

5,765
3,994
1,652
2,883
7,027
1,917
1,644
24,882

3,356
2,902
2,458
7,039
1,463
17,218NGL8North West Shelf
Pluto6
Bass Strait
Total

Mbbl
Mbbl
Mbbl
Mboe

228
672
900

701
1,999
2,700

375
375

929
2,884
3,813

733
733

Total Australia

Mboe

40,23743,941

24,459133,405

89,8865

6

7

6

Processing of volumes commenced at the Karratha Gas Plant via the Pluto-KGP Interconnector in 2022.
Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.03 MMboe in Q4 2022, 0.09 MMboe in
Q3 2022, -0.26 MMboe in Q4 2021, 0.00 MMboe in Q4 YTD 2022 and -0.86 MMboe in Q4 YTD 2021.
8
Natural gas liquids (NGL) include LPG, ethane, propane and butane.
7

Page 8 of 15

Three months ended
Dec
2022

Sep
2022

Year to date
Dec
2021

Dec
2022

Dec
2021

INTERNATIONAL
Pipeline gas
Gulf of Mexico
Trinidad & Tobago
Other9
Total

Mboe
Mboe
Mboe
Mboe

343
1,969
4
2,316

214
2,118
9
2,341

-

684
4,923
16
5,623

-

Crude oil and condensate
Atlantis
Mad Dog
Shenzi
Trinidad & Tobago
Other9
Total

Mbbl
Mbbl
Mbbl
Mbbl
Mbbl
Mboe

3,091
1,098
2,245
130
59
6,623

1,466
891
2,636
443
77
5,513

-

5,440
2,368
5,599
777
164
14,348-

NGL10
Gulf of Mexico
Trinidad & Tobago
Other9
Total

Mbbl
Mbbl
Mbbl
Mboe

422
2
424

276
4
280

-

822
8
830

-

Total International

Mboe

9,363

8,134

-

20,801-

MARKETING
LNG11
Total

Mboe
Mboe

2,625
2,625

5,023
5,023

7,297
7,297

14,727
14,72721,75021,750Total Marketing

Mboe

2,625

5,023

7,297

14,72721,750Total sales

Mboe

52,22557,09831,756

168,933

111,636

8

9

1

9

Overriding royalty interests held in the GoM for several producing wells.
Natural gas liquids (NGL) include LPG, ethane, propane and butane.
11
Purchased LNG volumes sourced from third parties.
10

Page 9 of 15-

Revenue (US$ million)
Three months ended
Dec
2022

Sep
2022

Year to date

Dec
2021

Dec
2022

Dec
2021

AUSTRALIA
North West Shelf
Pluto12Wheatstone13
Bass Strait
MacedonNgujima-Yin
Okha
Pyrenees

1,260
1,666
383
363
54
164
118

1,081
1,716
300
656
41
162
124
69

712
936
203
169
57
-

3,500
5,497
1,110
1,251
111
762
191
188

1,463
2,508
696
562
111
-

INTERNATIONAL
Atlantis
Mad Dog
Shenzi
Trinidad & Tobago
Other14

263
87
188
112
6

134
81
249
143
7

-

506
212
520
321
16

-

Marketing revenue15

431

1,043

775

2,464

1,449

Total sales revenue16

5,095

5,806

2,852

16,649

6,789

48
17

50
2

37
17

175
27

143
41

5,160

5,858

2,906

16,851

6,973

1

12

13

14

Processing revenue
Shipping and other revenue
Total revenue

Realised prices
Three months ended
Units
LNG produced17
LNG traded18
Pipeline gas
Oil and condensate
NGL
15

16

Average realised price
Dated Brent
JCC (lagged three months)
WTI
JKM
TTF

•

$/MMBtu$/MMBtu
$/bbl
$/bbl

Three months ended

Dec
2022
20.3
24.2

Sep
2022
19.1
32.7

Dec
2021
15.1
18.2

82
36

95
48

84
104

$/boe
$/boe
$/boe
$/boe
$/boe

Dec
2022
128
153
43
82
36

Sep
2022
117
207
49
95
48

Dec
2021
87
106
17
84
104

$/boe

98

102

90

$/bbl
$/bbl
$/bbl
$/MMBtu$/MMBtu

89
113
82.8
38.6
45.0

101
111
91.6
36.0
50.9

80
73
77.3
28.0
26.9

Units

Average realised price was A$5.3/GJ in Western Australia, A$14.2/GJ in east coast Australia and$7.88/Mcf for International in Q4 2022.

12

Q4 YTD 2022 includes $38 million and Q4 YTD 2021 includes $67 million relating to Pluto volumes delivered into a Wheatstone salescommitment. These amounts will be included within other income in the financial statements rather than operating revenue.
13
Q4 2022 includes $2 million, Q3 2022 includes $10 million, Q4 2021 includes -$20 million, Q4 YTD 2022 includes -$3 million and Q4
YTD 2021 includes -$56 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.
14
Overriding royalty interests held in GoM for several producing wells.
15
Values include revenue generated from purchased LNG volumes, as well as the marketing margin on the sale of Woodside’s produced
liquids portfolio. Hedging impacts are excluded.
16
Total sales revenue excludes all hedging impacts.
17
Realised prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales.
18
Excludes any additional benefit attributed to produced LNG through third-party trading activities.
Page 10 of 15

Expenditure (US$ million)
Three months ended
Dec
2022
Exploration and evaluation expense
Exploration and evaluation expensed 19
Permit amortisation
Total
1F

,

Capital expenditure
Exploration and evaluation capitalised 20, 21
Oil and gas properties
Total
18F

19F

Trading costs

Sep
2022

Year to date

Dec
2021

Dec
2022

Dec
2021

239
3
242

181
5
186

220
1
221

454
11
465

319
3
322

8
1,342
1,350

101
1,056
1,157

237
960
1,197

119
3,903
4,022

460
2,178
2,638

260

727

1,777

Key project expenditure (US$ million)
Three months ended
Dec
Sep
Dec
2022
2022
2021
Capital expenditure
Scarborough and Pluto Train 2
Sangomar

19

579
290

424
278

794
276

Dec
2022

Year to date
Dec
2021

1,769
1,017

1,003
1,051

Exploration expense includes the reclassification of well results during the period. Q4 2022 includes $39m relating to the write-off ofcapitalised exploration costs due to the relinquishment of exploration permit acreage at Sangomar. Q3 2022 includes $140 million related
to the decision to exit the Orphan Basin exploration licences in Canada.
20
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.
21
Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prioryears) being transferred to oil and gas properties. This table does not reflect the impact of such transfers.
Page 11 of 15

Exploration••

The Hoodoo-1 well was drilled and did not encounter hydrocarbons. Drilling data will inform future activity.
Woodside participated in the Chevron-operated Starman-1 well. The well reached total depth in October.
Analysis of well results is ongoing.

Exploration or appraisal wells drilled
Permitarea

Well

Gulf of
MexicoMC 412

Starman-1

Oil25%
Non-operator

Gulf of
MexicoEB 699Hoodoo-1

Oil70%
Operator

RegionTarget Interest (%)

Water
depth (m)Planned well
Remarks
depth (m)22

9 June 2022

457

8,327

Drilling
complete

16 October
2022

941

9,693

Drilling
complete

Spud date

20

Permits and licences
Key changes to permit and licence holding during the quarter ended 31 December 2022 are noted below.
RegionGulf of Mexico
Gulf of Mexico
Gulf of Mexico
Gulf of Mexico
Barbados

Permits or licence areas
GB 574, GB 575, GB 619
GB 429, GB 530, GB 531
DC 667
AC 35, AC 79, AC 83, AC 125, AC 126
Carlisle Bay, Bimshire

Change ininterest (%)
(60)
40
(100)
(70)
(40)

Current
interest (%)
40
40
0
0
60

Remarks
Cross assignment with
Shell and Equinor
ExpiredExpiredFarm down to Shell

Seismic and geophysical survey activity
RegionField

Permits or licence areas

Caribbean

CalypsoBlock 23 (a) MDP and
Block 14 MDP

22

Well depths are referenced to the rig rotary table.

Page 12 of 15

Remarks
Completed acquisition of a controlled
source electromagnetic survey to improvereservoir characterisation

Production rates
Average daily production rates (100% project) for the quarter ended 31 December 2022:
Woodsideshare 23
23F

Production rate
(100% project,
Mboe/d)
Dec
Sep
2022
2022

Remarks

AUSTRALIANWS Project
LNG
Crude oil and condensate
NGL

30.47%
30.48%
30.49%

340
61
11

346
62
12

Pluto LNG
LNG
Crude oil and condensate

90.00%
90.00%

118
11

122
11

Pluto-KGP Interconnector
LNG
Crude oil and condensate
NGL

100.00%100.00%100.00%

26
1
1

25
1
1

Wheatstone24
LNG
Crude oil and condensate

11.84%
16.63%

238
33

241
34

Bass Strait
Pipeline gas
Crude oil and condensate
NGL

46.26%
48.47%
49.23%

115
21
26

157
28
35

Production was lower due to planned
offshore maintenance activities and areduction in demand following winter.

Ngujima-Yin

60.00%

34

27

Production was higher due to increased
facility reliability.

Okha
Pyrenees

50.00%
65.91%

13
11

14
10

38

37

Production was lower due to offshore
turnaround activities.

Australia Oil

Other
Pipeline gas 25
25F

23

Woodside share reflects the net realised interest for the period.
The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodsidehas 65% participating interest and is the operator.
25
Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.
24Page 13 of 15

Woodsideshare26
26

26

Production rate
(100% project,
Mboe/d)
Dec
Sep
2022
2022

Remarks

INTERNATIONAL
Atlantis
Crude oil and condensate
NGL
Pipeline Gas

38.50%
38.50%
38.50%

91
6
9

35
2
3

Production was higher following completionof a planned turnaround in Q3.

Mad Dog
Crude oil and condensate
NGL
Pipeline Gas

20.86%
20.86%
20.86%

62
2
1

44
2
1

Production was higher due to increased
facility availability and reliability.

Shenzi
Crude oil and condensate
NGL
Pipeline Gas

64.39%
64.39%
64.39%

42
2
1

41
2
1

Trinidad & Tobago
Crude oil and condensate
Pipeline gas

N/A
N/A

7
54

7
57

Woodside share reflects the net realised interest for the period.

Page 14 of 15

Forward looking statements and other conversion factors
Disclaimer and important noticeThis announcement contains forward-looking statements with respect to Woodside’s business and operations, market
conditions, results of operations and financial condition which reflect Woodside’s views held as at the date of thisannouncement. Forward-looking statements 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’,‘forecast’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’ and other similar words or expressions. These forward-looking
statements include, but are not limited to, statements about Woodside’s future plans for projects and the timing thereof,
the implementation of Woodside’s new energy strategy and Woodside’s expectations and guidance with respect toproduction and certain financial results for 2023. Forward-looking statements are not guarantees of future performanceand are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which arebeyond 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, drilling and production results; gas commercialisation; development progress;
operating results; engineering estimates; environmental risks; physical risks; project delay or advancement; regulatory
approvals; fluctuations in commodity prices; 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; the effect of future regulatory or legislative
actions on Woodside or the industries in which it operates, including potential changes to tax laws; inflation andgovernment efforts to reduce inflation; increases in interest rates; and fluctuations in currency exchange rates. Details of
the key risks relating to Woodside and its business can be found in the “Risk” section of Woodside’s most recent Annual
Report which was released to the Australian Securities Exchange on 17 February 2022 and in Woodside’s filings with the
U.S. Securities and Exchange Commission. You should review and have regard to these risks when considering theinformation contained in this announcement.
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. All information
included in this announcement, including any forward-looking statements, speak only as of the date of this announcement
and, except as required by law or regulation, Woodside does not undertake to update or revise any information or forwardlooking statements contained in this announcement, whether as a result of new information, future events, or otherwise.
All figures are Woodside share for the quarter ending 31 December 2022, unless otherwise stated.
All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated.
References to “Woodside” may be references to Woodside Energy Group Ltd or its applicable subsidiaries.

Product

Unit

Natural gas
Condensate
Oil
Natural gas liquids (NGL)

5,700 scf
1 bbl
1 bbl
1 bbl

Facility

Unit

Karratha Gas Plant
Pluto Gas Plant
Wheatstone

1 tonne1 tonne1 tonneConversion
factor
1 boe
1 boe
1 boe
1 boe

LNG
conversion
factor
8.08 boe
8.34 boe
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.

Page 15 of 15

bbl
boe
Mbbl
Mboe
MMboe
Bcf
MMBtu
MMscf
scf

barrelbarrel of oil equivalent
thousand barrels
thousand barrels of oil equivalentmillion barrels of oil equivalentbillion cubic feet of gas
million British thermal units
million standard cubic feet of gas
standard cubic feet of gas