PERTH, Australia--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS):
Woodside CEO Meg O’Neill said Woodside is delivering on its growth strategy while taking steps to sharpen its focus on high-value core assets.
“Our high-quality assets continued to deliver outstanding performance in the quarter, underpinned by Sangomar producing 75 thousand barrels of oil equivalent per day at 95% reliability, driving record annual production of 194 million barrels of oil equivalent. We also saw a strong contribution from Mad Dog in the Gulf of Mexico, with a full year of Argos production at peak rates.
“At the same time, we made important progress with our growth projects, including the arrival of the final Pluto Train 2 modules for our Scarborough Energy Project, which remains on track for first LNG in 2026. We were also pleased to welcome JERA, another strategic partner, into the Scarborough Joint Venture.
“The Trion Project has also transitioned into the construction phase, with the first steel cut for the floating production unit, and we remain on track for 2028 first oil.
“We continued to move at pace on our recently acquired Louisiana LNG development, signing an engineering, procurement, and construction contract with Bechtel to support final investment decision readiness from the first quarter of 2025. We also progressed the sell-down process, which has attracted strong interest from high-quality potential partners. It is encouraging to see the growing level of support for LNG opportunities in the US from capital markets, including the recognition of the potential additional value unlocked by strong marketing capabilities. Woodside's business model is uniquely placed to deliver compelling long-term value in the US LNG market.
“Equally exciting was the progress at our re-named Beaumont New Ammonia project, with construction of Train 1 underway as we work towards Phase 1 project completion and operations readiness in the second half of 2025.
“With such a strong growth journey ahead of us, we recognize the need to remain focused. In the quarter, we announced an asset swap with Chevron, which streamlines our Australia portfolio by trading our equity in Wheatstone to increase our position in North West Shelf to 50% and support short-term cash generation.
“This agreement positions Woodside to continue providing energy for local and global customers from the North West Shelf, further supported by the Western Australian Government’s environmental approval for the North West Shelf Project Extension received during the quarter.
“We will continue to pursue targeted and strategic opportunities to simplify our business and sharpen our focus to deliver long-term shareholder value.
“Our commitment to the domestic market was further demonstrated by the execution of gas sales of 77 petajoules in eastern Australia. This highlights the ongoing role of gas in supporting Australian households, businesses and manufacturers. We continued work on optimizing facilities and maximizing gas production from Bass Strait, while marking the end of 55 years of oil production.
“Conducting our business sustainably underpins our strategy to thrive through the energy transition. Preliminary data shows a 14% reduction in our net equity Scope 1 and 2 emissions in 2024, from our stated starting base. Whilst we are on track to meet our scope 1 and 2 net reduction targets, with the strong start-up of Sangomar, our absolute emissions did increase in 2024. We remain committed to take actions to decarbonize our assets and this has become part of how we run our business every day.
“Over the quarter, we continued to make major contributions to the communities where we operate, awarding our largest-ever Traditional Owner construction contract to locally based company Winyama, which will support the delivery of Scarborough.
“As we officially recognized our 70-year anniversary in 2024, we reflected on our proud history and the contributions of the determined people who built this company. Today, Woodside’s determination to provide energy the world needs and deliver value for our shareholders is stronger than ever. We are building on strong foundations to position Woodside for long-term success,” she said.
Comparative performance at a glance
|
Q4 2024 |
Q3
|
Change
|
Q4
|
Change
|
YTD 2024 |
YTD 2023 |
Change
|
|
Revenue |
$ million |
3,470 |
3,679 |
(6%) |
3,355 |
3% |
13,151 |
14,028 |
(6%) |
Production2 |
MMboe |
51.4 |
53.1 |
(3%) |
48.1 |
7% |
|||
Gas |
MMscf/d |
1,909 |
2,001 |
(5%) |
2,010 |
(5%) |
|||
Liquids |
Mbbl/d |
224 |
226 |
(1%) |
170 |
32% |
|||
Total |
Mboe/d |
559 |
577 |
(3%) |
522 |
7% |
2024 full-year guidance comparison
Q3 Guidance |
Full-year result |
||
Production |
MMboe |
189 - 195 |
193.9 |
(516 - 533 Mboe/day) |
(530 Mboe/day) |
||
Capital expenditure (excl acquisitions and other equity changes) |
$ billion |
4.8 - 5.2 |
4.9 |
Gas hub exposure5 |
% of produced LNG |
33 - 37 |
34.4 |
|
|
|
Operations |
|
Pluto LNG |
LNG reliability was 92.2% for the quarter following an unplanned five-day shutdown of the Pluto facilities in November. Full-year LNG reliability at Pluto was 96.1%. |
North West Shelf (NWS) Project |
Achieved strong quarterly LNG reliability of 97.2%. Full-year LNG reliability at NWS was 98.3%. |
Bass Strait |
Completed the Gippsland Asset Streamlining project with final crude oil from the Cobia platform processed prior to closure of the Crude Stabilisation Plant at Longford. |
Sangomar |
Achieved outstanding production of 95 Mboe/day (100%, 75 Mboe/day Woodside share) from the Sangomar field, with a total of 17 cargoes exported from startup to the end of December 2024. |
Marketing |
Sold 33.6% of produced LNG at prices linked to gas hub indices in the quarter (34.4% full-year 2024), realizing a 31% premium compared to oil-linked pricing. |
Decommissioning |
Safely recovered and transported the Griffin Riser Turret Mooring (RTM) to the Australian Marine Complex at Henderson, Western Australia where the RTM will be disassembled and components recycled or reused. |
Exploration and development |
Continued activities in support of the Browse to North West Shelf Project, including ongoing regulatory engagement in support of key approvals, progressing commercial discussions and work to optimize the upstream development concept. |
This announcement was approved and authorised for release by Woodside’s Disclosure Committee.