Woodside Energy has released its half-year financial highlights citing a net profit after tax of A$1,937 million ($1.3 million) and underlying net profit after tax of A$1,632 million ($1.1 million).
Operational highlights include the delivery of 89.3 MMboe (491 Mboe/d) during the period and reduced unit production cost to A$8.3/boe ($5.6/boe) ($8.8/boe in H1 2023) despite the inflationary environment.
Woodside Energy CEO Meg O’Neill said the results demonstrate how Woodside’s high performing base business continues to deliver strong dividends to shareholders while laying a foundation for future success.
“We maintained high reliability of 97.9% at our operated LNG assets and continue to manage costs effectively in an inflationary environment.
“In the first half of 2024 we delivered on a significant element of our strategy, achieving first production from Sangomar, Senegal’s first offshore oil project. Production ramp-up at Sangomar has progressed well and subsequent to the period, peak gross production rate of 100,000 barrels per day was achieved.”
The company achieved first oil at the Sangomar Project in June 2024 and subsequently achieved nameplate capacity with gross production rates of 100,000 barrels per day.
Woodside also took a final investment decision (FID) on Lambert West, Xena-3 and Atlantis Drill Centre 1 Expansion (DC1X).
The Scarborough Energy Project was 67% complete at the end of H1 2024, with first LNG cargo expected in 2026. An agreement was signed with JERA for the sale of a 15.1% non-operated participating interest in the Scarborough Joint Venture (SJV). Estimated total consideration for the sale is A$1,400 million.
Work on the Scarborough floating production unit passed a major milestone with structural completion of the topsides.
Pluto Train 2 site works continued with 29 of the 51 modules delivered and 25 modules set in position.
Woodside completed the sale of a 10% non-operated participating interest in the SJV to LNG Japan for A$910 million and signed sale and purchase agreements with Korea Gas Corporation (KOGAS) and CPC Corporation, Taiwan (CPC) for the long-term supply of LNG to Korea and Taiwan respectively.
The company is making continued progress on the Trion Project engineering, procurement and contracting.
Subsequent to the period, Woodside entered into agreements to acquire Tellurian, including its US Gulf Coast Driftwood LNG development opportunity for an all-cash payment of approximately A$900 million and OCI’s Clean Ammonia Project in Beaumont, Texas for an all-cash consideration of approximately A$2,350 million.
“In our new energy business, all primary environmental approvals have been secured for the Hydrogen Refueller @H2Perth, which is targeting supplying industrial customers in Western Australia in 2025,” said O’Neill. “We have also progressed several carbon capture and storage (CCS) opportunities, including the signing of a memorandum of understanding between the Angel CCS Joint Venture and Yara Pilbara Fertilisers to study the use of the technology.
“We continue to deliver on our strategy to thrive through the energy transition whilst maintaining our disciplined capital management. Our agreement to acquire OCI’s Clean Ammonia project in Texas positions Woodside to be an early mover in the emerging lower carbon ammonia industry and makes a significant contribution to delivering our Scope 3 targets.
“As we officially mark 70 years as an Australian company, I am proud that Woodside is facing the future with the same spirit of innovation and determination that our founders showed.”
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