Woodside Releases Fourth Quarter Report for Period Ended 31 December 2024

In This Article:

Sangomar underpins record annual production

Operations

  • Outstanding production from Sangomar with 75 Mboe/day produced in the quarter, driving record full-year production of 194 MMboe (530 Mboe/day), at the top end of the 2024 full-year production guidance range.

  • Quarterly production of 51.4 MMboe. (559 Mboe/day), down 3% from Q3 2024 due to lower seasonal demand at Bass Strait and an unplanned shutdown at Pluto, partly offset by increased production at Sangomar.

  • Quarterly revenue of $3,470 million, down 6% from Q3 2024 primarily due to lower seasonal demand at Bass Strait, partly offset by higher third-party LNG trades.

  • Sold 33.6% of produced LNG at prices linked to gas hub indices in the quarter (12.8% of total equity production), realising a 31% premium compared to oil-linked pricing.

Projects

  • The Scarborough Energy project was 78% complete at the end of the quarter, with the final Pluto Train 2 modules arriving at the Pluto LNG site in December. The project remains on target for first LNG cargo in 2026.

  • The Trion project was 20% complete at the end of the quarter, with construction of the floating production unit commencing in November. First oil is targeted for 2028.

  • Continued construction of the Beaumont New Ammonia project with Phase 1 of the project on track for start up in the second half of 2025.

Portfolio Developments

  • Simplified Woodside’s Australian portfolio and consolidated focus on operated LNG assets, by entering into an asset swap with Chevron.1

  • Signed an engineering, procurement and construction (EPC) contract with Bechtel for the Louisiana LNG foundation development. FID is targeted from Q1 2025.

  • Completed the sale of a 15.1% non-operating participating interest in the Scarborough Joint Venture to JERA for approximately US$1.4 billion.

PERTH, Australia, January 22, 2025--(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.