Woodside Energy Group Ltd 6-K, filed Aug 30, 2024

About this 6-K

Woodside Energy Group Ltd (WDS)

6-K 2024-08-30 For: 2024-06-30

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Added on April 10, 2026

Ex-dividend date

5 September 2024

Record date for the interim dividend

6 September 2024

Date the dividend is payable

3 October 2024

Current period

Previous corresponding period¹

Interim dividend – fully franked

US cents per share

Woodside Energy Group Ltd filed this 6-K on August 30, 2024.

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Exhibit Number		Description

99.1		Half Year Report for the period ended June 30, 2024, containing the unaudited consolidated financial statements for the half year ended June 30, 2024.

99.2		Second Quarter Report for the period ended June 30, 2024, containing operational information for the period ended June 30, 2024.

99.3		Select information concerning the Company’s strategy, industry and performance previously published in connection with the Company’s full-year 2023 and half-year 2024 results.

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover page Interactive Data File (embedded within the Inline XBRL document)


WOODSIDE ENERGY GROUP LTD

By:		/s/ Lucy Bowman
		Lucy Bowman Corporate Secretary


			H1 2024			H1 2023			Change %
Operating revenue	$	million		5,988			7,400			(19	%)
EBITDA excluding impairment 8	$	million		4,371			4,888			(11	%)
EBIT 8	$	million		2,362			2,791			(15	%)
Net profit after tax (NPAT) 9 , 10	$	million		1,937			1,740			11	%
Underlying NPAT 8	$	million		1,632			1,896			(14	%)
Cash flow from operating activities 11	$	million		2,393			2,951			(19	%)
Cash flow used in investing activities	$	million		(1,653	)		(2,637	)		37	%
Free cash flow 8,11,12	$	million		740			314			136	%
Dividends distributed	$	million		1,310			1,519			(14	%)
Interim dividend declared		US cps		69			80			(14	%)

Key ratios
Earnings		US cps		102.2			91.7			11	%
Gearing 8		%		13.3			8.2			5.1	%

Production volumes 13,14
Gas		MMboe		60.9			63.5			(4	%)
Liquids		MMboe		28.4			27.8			2	%
Total		MMboe		89.3			91.3			(2	%)

Production volumes per day 13
Gas		MMscf/d		1,907			1,999			(5	%)
Liquids		Mbbl/d		156			154			1	%
Total		Mboe/d		491			504			(3	%)

Sales volumes 14
Gas		MMboe		65.0			72.0			(10	%)
Liquids		MMboe		28.9			26.8			8	%
Total		MMboe		93.9			98.8			(5	%)

Sales volumes per day
Gas		MMscf/d		2,035			2,268			(10	%)
Liquids		Mbbl/d		159			148			7	%
Total		Mboe/d		516			546			(5	%)


	US$m	Primary reasons for variance
2023 H1 reported NPAT	1,740

Revenue from sale of hydrocarbons

Price	(1,077)	Lower average realised prices.

Volume	(364)	Fewer third-party LNG trades classified as revenue and natural field decline.

Other operating revenue	29	Increase in processing and services revenue.

Cost of sales	600	Lower royalties, trading costs and depreciation expense in H1 2024 and Pluto turnaround activities in the prior period.

Other income	181	Gain on SJV sell-down to LNG Japan.

Other expenses	134	Lower fair value losses on embedded derivatives.

Impairment losses	68	Pre-tax impairment of Pyrenees recognised in prior period.

Income tax and PRRT expense	724	Recognition of the Trion deferred tax asset (DTA) offset by derecognition of the Pluto PRRT DTA, both not present in the current period. H1 2024 includes the first-time recognition of a net DTA for the Sangomar Project.

Other	(98)

2024 H1 reported NPAT	1,937

2024 H1 NPAT adjustments	(305)	Adjustment for the recognition of the Sangomar DTA.

2024 H1 underlying NPAT	1,632


Health and safety		Our business is subject to risks related to safety or major hazard events in connection with our activities or facilities which may include unanticipated or unforeseeable adverse events that impact our ability to respond, manage and recover from such events.

Environment		Risks associated with major hazard events in connection with our activities or facilities, including potential incidents resulting in significant loss of hydrocarbon. We work to avoid incidents and prevent harm to the environment, by integrating environmental management into our activities. We are also subject to risks associated with progressing biodiversity positive outcomes and emission reductions in a timely manner, consistent with regulatory and stakeholder expectations.

People and culture		Risks associated with the ability to attract, retain, develop and motivate key employees to succeed and safeguard both current or future performance and growth.

Social integrity		Risks associated with actual or perceived deviation from social or business expectations of ethical behaviour (including breaches of laws or regulations) and social responsibility (including environmental impact and community contribution), particularly as these expectations evolve and as Woodside expands its global operations.

Strategy and climate change		The global response to climate change is changing the way the world produces and consumes energy. Our strategy requires us to take risk-based decisions and seek opportunities to continue to deliver energy solutions. The complex and pervasive nature of climate change means transition risks are interconnected with and may amplify other risks. Additionally, the inherent uncertainty of potential societal responses to climate change may create a systemic risk to the global economy. Climate change may also create significant physical risks, such as increased frequency and severity of storms, wildfires, floods and other climatic events, as well as chronic shifts in temperature and precipitation patterns.

Growth		Risks associated with delivery of both major and complex multi-year execution project activities and transactions (including acquisitions and divestments) across multiple global locations, including a reliance on third parties for materials, products, and services.

Production and operations		Due to the nature of our operations, Woodside and neighbouring communities are potentially exposed to a broad range of risks. This is a result of factors such as the geographical range, operational diversity and technical complexity of our assets. These types of risks include health and safety; commercial; regulation; and reserves and resources estimates.

Financial management		Risks associated with interest rate, commodity price and foreign exchange fluctuations and inflation.

Commercial and market		Risks associated with the ability to capture value whether markets are stable or volatile.

Technology, innovation and systems		Risks associated with adopting and implementing new technologies, whilst safeguarding our digital information and landscape (including from cyber threats) across our value chain.


Mr Richard Goyder, AO (Chair)		Ms Meg O’Neill (CEO and Managing Director)

Mr Larry Archibald		Mr Ashok Belani (appointed 29 January 2024)

Mr Arnaud Breuillac		Ms Swee Chen Goh

Mr Ian Macfarlane		Ms Angela Minas

Mr Tony O’Neill (appointed 3 June 2024)		Ms Ann Pickard

Mr Ben Wyatt

Mr Frank Cooper, AO (retired 24 April 2024)		Mr Gene Tilbrook (retired 28 February 2024)


CONDENSED CONSOLIDATED INCOME STATEMENT		F-3

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME		F-4

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION		F-5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS		F-6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY		F-7

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS		F-8

A.	Earnings for the period	F-10

	A.1 Segment revenue and expenses	F-10
	A.2 Finance costs	F-11
	A.3 Dividends paid and proposed	F-11
	A.4 Earnings per share	F-11
	A.5 Taxes	F-12

B.	Production and growth assets	F-13

	B.1 Exploration and evaluation	F-13
	B.2 Oil and gas properties	F-14
	B.3 Goodwill	F-15
	B.4 Disposal of assets	F-15

C.	Debt and capital	F-17

	C.1 Contributed equity	F-17
	C.2 Interest-bearing liabilities and financing facilities	F-17

D.	Other assets and liabilities	F-18

	D.1 Segment assets and liabilities	F-18
	D.2 Provisions	F-18
	D.3 Other financial assets and liabilities	F-19

E.	Other items	F-21

	E.1 Contingent liabilities and assets	F-21
	E.2 Changes to the composition of the Group	F-21
	E.3 New standards and interpretations	F-21
	E.4 Events after the end of the reporting period	F-22


	Notes		2024 US$m			2023 US$m
Operating revenue		A.1		5,988			7,400
Cost of sales		A.1		(3,272	)		(3,872	)

Gross profit				2,716			3,528
Other income		A.1		315			134
Other expenses		A.1		(669	)		(803	)
Impairment losses		A.1		—			(68	)

Profit before tax and net finance costs				2,362			2,791
Finance income				95			174
Finance costs		A.2		(147	)		(137	)

Profit before tax				2,310			2,828
Petroleum resource rent tax (PRRT) expense				(192	)		(778	)
Income tax expense		A.5		(146	)		(284	)

Profit after tax				1,972			1,766

Profit attributable to:
Equity holders of the parent				1,937			1,740
Non-controlling interest				35			26

Profit for the period				1,972			1,766

Basic earnings per share attributable to equity holders of the parent (US cents)		A.4		102.2			91.7

Diluted earnings per share attributable to equity holders of the parent (US cents)		A.4		101.4			91.1


	Notes		30 June 2024 US$m			31 December 2023 US$m
Current assets
Cash and cash equivalents				1,979			1,740
Receivables				1,459			1,517
Inventories				719			616
Other financial assets		D.3		154			209
Assets held for sale		B.4		1,378			826
Tax receivable				306			118
Other assets				57			92

Total current assets				6,052			5,118

Non-current assets
Receivables				790			839
Inventories				183			120
Other financial assets		D.3		106			120
Exploration and evaluation assets		B.1		714			668
Oil and gas properties		B.2		40,125			40,791
Deferred tax assets				1,969			1,717
Lease assets				1,187			1,230
Investments accounted for using the equity method				248			249
Goodwill		B.3		3,697			3,995
Other assets				571			514

Total non-current assets				49,590			50,243

Total assets				55,642			55,361

Current liabilities
Payables				1,597			1,724
Interest-bearing liabilities				992			—
Other financial liabilities		D.3		152			67
Liabilities directly associated with assets held for sale		B.4		119			94
Provisions		D.2		1,223			1,506
Tax payable				416			1,108
Lease liabilities				217			298
Other liabilities				165			185

Total current liabilities				4,881			4,982

Non-current liabilities
Interest-bearing liabilities				4,830			4,883
Deferred tax liabilities				1,312			1,627
Other financial liabilities		D.3		203			42
Provisions		D.2		6,454			6,451
Tax payable				39			40
Lease liabilities				1,328			1,317
Other liabilities				766			849

Total non-current liabilities				14,932			15,209

Total liabilities				19,813			20,191

Net assets				35,829			35,170

Equity
Issued and fully paid shares		C.1		29,001			29,001
Shares reserved for employee share plans		C.1		(65	)		(49	)
Other reserves				4,726			5,261
Retained earnings				1,408			186

Equity attributable to equity holders of the parent				35,070			34,399

Non-controlling interest				759			771

Total equity				35,829			35,170


	Issued and fully paid shares		Reserved shares			Employee benefits reserve			Foreign currency translation reserve		Hedging reserve			Distributable profits reserve			Other reserve			Retained earnings			Equity holders of the parent			Non-controlling interest			Total equity
Notes	C.1 US$m		C.1 US$m			US$m			US$m		US$m			US$m			US$m			US$m			US$m			US$m			US$m
At 1 January 2024		29,001		(49	)		290			795		88			4,118			(30	)		186			34,399			771			35,170
Profit for the period		—		—			—			—		—			—			—			1,937			1,937			35			1,972
Other comprehensive loss		—		—			—			—		(108	)		—			(11	)		(15	)		(134	)		—			(134	)

Total comprehensive (loss)/income for the period		—		—			—			—		(108	)		—			(11	)		1,922			1,803			35			1,838

Transfers		—		—			—			—		—			700			—			(700	)		—			—			—
Employee share plan purchases		—		(25	)		—			—		—			—			—			—			(25	)		—			(25	)
Employee share plan redemptions		—		9			(9	)		—		—			—			—			—			—			—			—
Share-based payments (net of tax)		—		—			32			—		—			—			—			—			32			—			32
Dividends paid		—		—			—			—		—			(1,139	)		—			—			(1,139	)		(47	)		(1,186	)

At 30 June 2024		29,001		(65	)		313			795		(20	)		3,679			(41	)		1,408			35,070			759			35,829

At 1 January 2023		29,001		(38	)		278			796		(586	)		3,541			2			3,342			36,336			791			37,127
Profit for the period		—		—			—			—		—			—			—			1,740			1,740			26			1,766
Other comprehensive income/(loss)		—		—			—			1		578			—			(23	)		—			556			—			556

Total comprehensive income/(loss) for the period		—		—			—			1		578			—			(23	)		1,740			2,296			26			2,322

Transfers		—		—			—			—		—			4,700			—			(4,700	)		—			—			—
Employee share plan purchases		—		(20	)		—			—		—			—			—			—			(20	)		—			(20	)
Employee share plan redemptions		—		8			(8	)		—		—			—			—			—			—			—			—
Share-based payments (net of tax)		—		—			31			—		—			—			—			—			31			—			31
Dividends paid		—		—			—			—		—			(2,734	)		—			—			(2,734	)		(42	)		(2,776	)

At 30 June 2023		29,001		(50	)		301			797		(8	)		5,507			(21	)		382			35,909			775			36,684


	Australia						International						Marketing						Corporate/Other						Consolidated
	2024 US$m			2023 US$m			2024 US$m			2023 US$m			2024 US$m			2023 US$m			2024 US$m			2023 US$m			2024 US$m			2023 US$m
Liquified natural gas		2,595			3,894			—			—			412			785			—			—			3,007			4,679
Pipeline gas		512			515			107			198			—			—			—			—			619			713
Crude oil and condensate		861			715			1,190			1,028			40			15			—			—			2,091			1,758
Natural gas liquids		87			120			24			16			40			23			—			—			151			159

Revenue from sale of hydrocarbons		4,055			5,244			1,321			1,242			492			823			—			—			5,868			7,309

Intersegment revenue 1		(12	)		(120	)		(2	)		(6	)		14			126			—			—			—			—
Processing and services revenue		113			85			—			—			—			—			—			—			113			85
Shipping and other revenue		—			—			—			—			7			6			—			—			7			6

Other revenue		101			(35	)		(2	)		(6	)		21			132			—			—			120			91

Operating revenue 2		4,156			5,209			1,319			1,236			513			955			—			—			5,988			7,400

Production costs		(511	)		(614	)		(234	)		(193	)		—			—			—			—			(745	)		(807	)
Royalties, excise and levies		(185	)		(285	)		(11	)		(31	)		—			—			—			—			(196	)		(316	)
Insurance		(13	)		(20	)		(2	)		(5	)		—			—			(11	)		(9	)		(26	)		(34	)
Inventory movement		15			31			47			2			—			—			—			—			62			33

Costs of production		(694	)		(888	)		(200	)		(227	)		—			—			(11	)		(9	)		(905	)		(1,124	)

Land and buildings		(26	)		(31	)		—			(2	)		—			—			(2	)		—			(28	)		(33	)
Transferred exploration and evaluation		(41	)		(51	)		(45	)		(2	)		—			—			—			—			(86	)		(53	)
Plant and equipment		(1,189	)		(1,298	)		(567	)		(543	)		—			—			(23	)		(17	)		(1,779	)		(1,858	)

Oil and gas properties depreciation and amortisation		(1,256	)		(1,380	)		(612	)		(547	)		—			—			(25	)		(17	)		(1,893	)		(1,944	)

Shipping and direct sales costs		(61	)		(107	)		(43	)		(38	)		(50	)		(30	)		—			—			(154	)		(175	)
Trading costs		—			(4	)		—			—			(273	)		(618	)		—			—			(273	)		(622	)
Other hydrocarbon costs		(26	)		(7	)		—			—			—			—			—			—			(26	)		(7	)
Other cost of sales		(17	)		—			—			—			—			—			(4	)		—			(21	)		—

Other cost of sales		(104	)		(118	)		(43	)		(38	)		(323	)		(648	)		(4	)		—			(474	)		(804	)

Cost of sales		(2,054	)		(2,386	)		(855	)		(812	)		(323	)		(648	)		(40	)		(26	)		(3,272	)		(3,872	)

Gross profit/(loss)		2,102			2,823			464			424			190			307			(40	)		(26	)		2,716			3,528

Other income 3		242			106			20			—			20			1			33			27			315			134

Exploration and evaluation expenditure		(12	)		(9	)		(86	)		(123	)		—			—			—			(1	)		(98	)		(133	)
Amortisation of permit acquisitions		—			—			(5	)		(4	)		—			—			—			—			(5	)		(4	)
Write-offs		—			—			—			(1	)		—			—			—			—			—			(1	)

Exploration and evaluation		(12	)		(9	)		(91	)		(128	)		—			—			—			(1	)		(103	)		(138	)

General, administration and other costs		—			—			—			(3	)		—			(10	)		(214	)		(224	)		(214	)		(237	)
Amortisation of intangible assets		—			—			—			—			—			—			(10	)		—			(10	)		—
Depreciation of lease assets		(28	)		(22	)		(1	)		(7	)		(50	)		(34	)		(22	)		(18	)		(101	)		(81	)
Restoration movement		(14	)		(8	)		(1	)		(12	)		—			—			—			—			(15	)		(20	)
Other 4		16			(27	)		—			(1	)		58			(99	)		(300	)		(200	)		(226	)		(327	)

Other costs		(26	)		(57	)		(2	)		(23	)		8			(143	)		(546	)		(442	)		(566	)		(665	)

Other expenses		(38	)		(66	)		(93	)		(151	)		8			(143	)		(546	)		(443	)		(669	)		(803	)

Impairment losses		—			(68	)		—			—			—			—			—			—			—			(68	)

Profit/(loss) before tax and net finance costs		2,306			2,795			391			273			218			165			(553	)		(442	)		2,362			2,791


	2024 US$m			2023 US$m
Interest on interest-bearing liabilities		125			112
Interest on lease liabilities		51			54
Accretion charge		145			134
Other finance costs		13			21
Less: Finance costs capitalised against qualifying assets		(187	)		(184	)

		147			137


	2024 US$m		2023 US$m
(a) Dividends paid during the financial period Prior year fully franked final dividend US$0.60, paid on 4 April 2024 (2023: US$1.44, paid on 5 April 2023)		1,139		2,734

(b) Dividend declared subsequent to the reporting period (not recorded as a liability) Current year fully franked interim dividend US$0.69 to be paid on 3 October 2024 (2023: US$0.80, paid on 3 October 2023)		1,310		1,519


	2024		2023
Profit attributable to equity holders of the parent (US$m)		1,937		1,740
Weighted average number of shares on issue for basic earnings per share		1,896,041,815		1,896,624,636
Effect of dilution from contingently issuable shares		14,691,983		12,981,487
Weighted average number of shares on issue adjusted for the effect of dilution		1,910,733,798		1,909,606,123
Basic earnings per share (US cents)		102.2		91.7
Diluted earnings per share (US cents)		101.4		91.1


	2024 US$m			2023 US$m
Reconciliation of income tax expense
Profit before tax		2,310			2,828
PRRT expense		(192	)		(778	)

Profit before income tax		2,118			2,050

Income tax expense calculated at 30%		635			615
Effect of tax rate differentials		(15	)		30
Effect of deferred tax assets not recognised		35			67
Effect of tax benefits previously unrecognised 1		(366	)		(340	)
Reduction in deferred tax liability due to held for sale basis 1		(91	)		—
Foreign exchange impact on tax benefit		(11	)		(83	)
Adjustment to prior years		(52	)		(16	)
Other		11			11

Income tax expense		146			284


	Asia Pacific US$m			Americas US$m			Africa US$m			Total US$m
Half-year ended 30 June 2024
Carrying amount at 1 January 2024		568			76			24			668
Additions		11			52			14			77
Amortisation of licence acquisition costs		—			(5	)		—			(5	)
Transferred exploration and evaluation		(8	)		—			(18	)		(26	)

Carrying amount at 30 June 2024		571			123			20			714

Year ended 31 December 2023
Carrying amount at 1 January 2023		529			240			38			807
Additions		79			161			6			246
Amortisation of licence acquisition costs		—			(2	)		(2	)		(4	)
Expensed		(31	)		(28	)		(18	)		(77	)
Transferred exploration and evaluation 1		(9	)		(295	)		—			(304	)

Carrying amount at 31 December 2023		568			76			24			668


	Land and buildings US$m			Transferred exploration and evaluation US$m			Plant and equipment US$m			Projects in development 1 US$m			Total US$m
Half-year ended 30 June 2024
Carrying amount at 1 January 2024		701			777			23,589			15,724			40,791
Additions 2		—			—			(127	)		2,447			2,320
Disposals at written down value		(2	)		—			—			(47	)		(49	)
Depreciation and amortisation		(28	)		(86	)		(1,779	)		—			(1,893	)
Completions and transfers 3		—			341			5,391			(5,706	)		26
Transfer to assets held for sale 4		—			—			(4	)		(1,066	)		(1,070	)

Carrying amount at 30 June 2024		671			1,032			27,070			11,352			40,125

At 30 June 2024
Historical cost		1,743			2,320			55,533			12,072			71,668
Accumulated depreciation and impairment		(1,072	)		(1,288	)		(28,463	)		(720	)		(31,543	)

Net carrying amount		671			1,032			27,070			11,352			40,125

Year ended 31 December 2023
Carrying amount at 1 January 2023		840			481			23,057			15,541			39,919
Additions		—			—			836			5,759			6,595
Disposals at written down value		(8	)		—			(2	)		—			(10	)
Depreciation and amortisation		(67	)		(125	)		(3,764	)		—			(3,956	)
Impairment losses		(64	)		(20	)		(1,028	)		(328	)		(1,440	)
Completions and transfers		—			441			4,496			(4,633	)		304
Transfer to assets held for sale		—			—			(6	)		(615	)		(621	)

Carrying amount at 31 December 2023		701			777			23,589			15,724			40,791

At 31 December 2023
Historical cost		1,745			1,979			50,272			16,443			70,439
Accumulated depreciation and impairment		(1,044	)		(1,202	)		(26,683	)		(719	)		(29,648	)

Net carrying amount		701			777			23,589			15,724			40,791


	US$m
Assets classified as held for sale
Oil and gas properties		1,070
Inventories		6
Lease assets		2
Goodwill		298
Other assets		2

Total assets held for sale		1,378

Liabilities directly associated with assets held for sale
Payables		(28	)
Deferred tax liabilities		(75	)
Lease liabilities		(8	)
Provisions		(8	)

Total liabilities directly associated with assets held for sale		(119	)


	Number of shares		US$m
Half-year ended 30 June 2024
Opening balance		1,898,749,771		29,001

Amounts as at 30 June 2024		1,898,749,771		29,001

Year ended 31 December 2023
Opening balance		1,898,749,771		29,001

Amounts as at 31 December 2023		1,898,749,771		29,001


	30 June 2024 US$m		31 December 2023 US$m
(a) Segment assets
Australia		30,895		31,602
International		18,083		17,923
Marketing		798		835
Corporate/Other		5,866		5,001

		55,642		55,361


	30 June 2024 US$m		31 December 2023 US$m
(b) Segment liabilities
Australia		7,312		7,833
International		2,434		2,624
Marketing		890		751
Corporate/Other		9,177		8,983

		19,813		20,191


	Restoration 1 US$m			Employee benefits US$m			Other US$m			Total US$m
Half-year ended 30 June 2024
At 1 January 2024		7,154			522			281			7,957
Change in provision		(449	)		(31	)		55			(425	)
Unwinding of present value discount		144			—			1			145

Carrying amount at 30 June 2024		6,849			491			337			7,677

Current		698			302			223			1,223
Non-current		6,151			189			114			6,454

Net carrying amount		6,849			491			337			7,677

Year ended 31 December 2023
At 1 January 2023		6,253			517			409			7,179
Change in provision		664			5			(128	)		541
Unwinding of present value discount		237			—			—			237

Carrying amount at 31 December 2023		7,154			522			281			7,957

Current		1,011			351			144			1,506
Non-current		6,143			171			137			6,451

Net carrying amount		7,154			522			281			7,957


	30 June 2024 US$m			31 December 2023 US$m
Oil swaps (cash flow hedges)		(53	)		(14	)
HH Corpus Christi commodity swaps (cash flow hedges)		(24	)		(44	)
TTF Corpus Christi commodity swaps (cash flow hedges)		72			181
Interest rate swaps (cash flow hedges)		48			43
Foreign exchange forwards (cash flow hedges)		(9	)		8

Total derivative financial instruments asset designated as hedges		34			174


Change in assumption 1	US$m
Urea sales price: increase of 10%		137
Urea sales price: decrease of 10%		(137	)
Discount rate: increase of 1.5% 2		(186	)
Discount rate: decrease of 1.5% 2		230


	30 June 2024 US$m		31 December 2023 US$m
Contingent liabilities at reporting date
Not otherwise provided for in the financial statements:
Contingent liabilities		226		260
Guarantees		3		2

		229		262


	Percentage of ownership interest held at end of period or date of disposal
Name of entity	Current period	Previous corresponding period¹
North West Shelf Gas Pty Ltd	33.33%	33.33%
North West Shelf Liaison Company Pty Ltd	33.33%	33.33%
China Administration Company Pty Ltd	33.33%	33.33%
International Gas Transportation Company Limited	33.33%	33.33%
North West Shelf Shipping Service Company Pty Ltd	33.33%	33.33%
North West Shelf Lifting Coordinator Pty Ltd	33.33%	33.33%
Blue Ocean Seismic Services Limited	16.17%	28.50%
Iwilei District Participating Parties, LLC	14.96%	14.96%
Caesar Oil Pipeline Company, LLC	25.00%	25.00%
Cleopatra Gas Gathering Company LLC	22.00%	22.00%
Marine Well Containment Company LLC	10.00%	10.00%


January		Fourth quarter 2023 report
January		Appointment of Director and changes to Committee Membership

February		Woodside concludes discussions with Santos
		Woodside releases Reserves Statement and financial updates
		Woodside to sell 15.1% Scarborough interest to JERA
		Full-year 2023 results and briefing
		Annual Report 2023 and US Annual Report 2023 (Form 20-F)
		Climate Transition Action Plan and 2023 Progress Report

March		Thriving through the energy transition investor presentation
March		Woodside completes sale of 10% Scarborough interest

April		Chair’s letter to shareholders
		First quarter 2024 report
		2024 Annual General Meeting

June		Appointment of Director to Woodside Board
		Woodside achieves first oil at Sangomar field in Senegal
		Report on payments to governments 2023

July		Woodside to acquire Tellurian and Driftwood LNG
July		Second quarter 2024 report

August		Woodside to acquire OCI’s Clean Ammonia Project
		Half-Year 2024 line-item guidance
		Half-Year 2024 results


August	27	Half-year 2024 results

September	5	Ex-dividend date for interim dividend (Australian Securities Exchange and London Stock Exchange)
	6	Ex-dividend date for interim dividend (New York Stock Exchange)
	6	Record date for interim dividend
	16	US investor event

October	3	Payment date for interim dividend
October	16	Third quarter 2024 report

December	31	Year-end 2024

January		Fourth quarter 2024 report


Asset	Role	Equity		Product
Pluto LNG	Operator		90%	LNG, pipeline gas and condensate
North West Shelf¹	Operator		33.33%	LNG, pipeline gas, condensate and NGLs
Wheatstone	Non-operator		13%	LNG, pipeline gas and condensate
Julimar-Brunello	Operator		65%	LNG, pipeline gas and condensate
Okha FPSO	Operator		50%	Crude oil
Ngujima-Yin FPSO	Operator		60%	Crude oil
Bass Strait	Non-operator		32.5-50%	Crude oil, pipeline gas, condensate and NGLs
Pyrenees FPSO	Operator		40-71.4%	Crude oil
Macedon	Operator		71.4%	Pipeline gas


Country	Permit	Role	Joint venture	Comment
Australia	G-7-AP	Non-operator	Bonaparte CCS Assessment Joint Venture	Located in the Bonaparte basin off the north western coast of the Northern Territory
	G-8-AP	Operator	Browse Joint Venture	For carbon capture and storage evaluation for Browse
	G-10-AP	Operator	Angel CCS Joint Venture	Located in the Northern Carnarvon basin off the north west coast of Western Australia


APMs derived from the condensed consolidated income statement	30 June 2024 US$m			30 June 2023 US$m
EBIT/EBITDA excluding impairment
Net profit after tax		1,972			1,766
Adjusted for:
Finance income		(95	)		(174	)
Finance costs		147			137
PRRT expense		192			778
Income tax expense		146			284

EBIT		2,362			2,791

Adjusted for:
Oil and gas properties depreciation and amortisation		1,893			1,944
Amortisation of licence acquisition costs		5			4
Amortisation of intangible assets		10			—
Depreciation of lease assets		101			81
Impairment losses		—			68

EBITDA excluding impairment		4,371			4,888

Underlying NPAT
Net profit after tax attributable to equity holders of the parent		1,937			1,740
Adjusted for the following exceptional items:
Add: Derecognition of Pluto PRRT (post-tax)		—			446
Add: Impairment losses (post-tax)		—			29
Less: Sangomar DTA recognition		(305	)		—
Less: Trion DTA recognition		—			(319	)

Underlying NPAT		1,632			1,896


APMs derived from other notes	30 June 2024 US$m			30 June 2023 US$m
Revenue from sale of hydrocarbons (excluding marketing segment)		5,376			6,486
Cash margin (excluding marketing segment)
Gross profit/(loss)		2,526			3,221
Adjusted for:
Other cost of sales		21			—
Trading costs		—			4
Oil and gas properties depreciation and amortisation		1,893			1,944
Other revenue		(99	)		41
Cash margin (excluding marketing segment)		4,341			5,210
Cash margin %		81	%		80	%
Production costs (excluding marketing segment)		745			807
Production cost margin %		14	%		13	%
Other cash costs (excluding marketing segment):
Royalties, excise and levies		196			316
Insurance		26			34
Inventory movement		(62	)		(33	)
Shipping and direct sales costs		104			145
Other hydrocarbon costs		26			7
Total other cash costs (excluding marketing segment)		290			469
Other cash cost margin %		5	%		7	%


Term		Definition

$, $m		US dollars unless otherwise stated, millions of dollars

1P		Proved reserves

2C		Best Estimate of Contingent resources

2P		Proved plus Probable reserves

Abate/abatement		Avoidance, reduction or removal of an amount of carbon dioxide or equivalent.

ASX		Australian Securities Exchange

A$, AUD		Australian dollars

BHP Petroleum		Woodside Energy Global Holdings Pty Ltd ACN 006 923 897 (formerly known as BHP Petroleum International Pty Ltd) and, unless context otherwise requires, its subsidiaries. References to “Woodside Energy Global Holdings Pty Ltd” or “BHP Petroleum International Pty Ltd” are references to Woodside Energy Global Holdings Pty Ltd ACN 006 923 897 (formerly known as BHP Petroleum International Pty Ltd) excluding its subsidiaries.

Biodiversity		Biological diversity means the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are a part; this includes diversity within species, between species and of ecosystems.¹

Board		The Board of Directors of Woodside Energy Group Ltd

Brent		Intercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil price)

Capital expenditure		Includes capital additions on oil and gas properties and evaluation capitalised.

Carbon credit		A tradeable financial instrument that is issued by a carbon-crediting program. A carbon credit represents a greenhouse gas emission reduction to, or removal from, the atmosphere equivalent to 1 tCO₂-e, calculated as the difference in emissions from a baseline scenario to a project scenario. Carbon credits are uniquely serialised, issued, tracked and retired or administratively cancelled by means of an electronic registry operated by an administrative body, such as a carbon-crediting program.

Cash margin		Gross profit/loss adjusted for other cost of sales, trading costs, oil and gas properties depreciation and amortisation and other revenue. Excludes the marketing segment. Cash margin % is calculated as cash margin divided by revenue from sale of hydrocarbons (excluding marketing segment).

CCS		Carbon capture and storage

CCUS		Carbon capture utilisation and storage

CHF		Swiss francs

CO₂		Carbon dioxide

CO₂-e		CO₂equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis.²

Condensate		Hydrocarbons that are gaseous in a reservoir but that condense to form liquids as they rise to the surface.

cps		Cents per share

Decarbonisation		Woodside uses this term to describe activities or pathways that have the effect of moving towards a state that is lower carbon, as defined in this glossary.

DRP		Dividend reinvestment plan

EBIT		Calculated as profit before income tax, PRRT and net finance costs

EBITDA excluding impairment		Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses, impairment reversals

Emissions		Emissions refers to emissions of greenhouse gases unless otherwise stated.

EPS		Earnings per share

Exploration expenditure		Includes exploration and evaluation expenditure less amortisation of licence acquisition costs and prior year exploration expense written off.

Extended Interest Joint Ventures or Extended Interest JVs		The Extended Interest Joint Ventures commenced on 1 August 2020 and cover the relevant joint venturers’ production entitlement for equity lifted LNG and pipeline gas from the North West Shelf Project. Woodside’ participating interest in the Extended Interest Joint Ventures is 31.567%.



FEED		Front-end engineering design

FID		Final investment decision

FPSO		Floating production storage and offloading

FPU		Floating production unit

Free cash flow		Cash flow from operating activities and cash flow used in investing activities

GAAP		Generally Accepted Accounting Principles

Gearing		Net debt divided by the total of net debt and equity attributable to equity holders of the parent.

GHG or greenhouse gas		The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO₂); methane (CH₄); nitrous oxide (N₂O); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF₃); perfluorocarbons (PFCs); and sulphur hexafluoride (SF₆).²

Goal		Woodside uses this term to broadly encompass its targets and aspirations.

Gross margin		Gross profit divided by operating revenue. Gross profit excludes income tax, PRRT, net finance costs, other income and other expenses.

H1, H2		Halves of the calendar year (H1 is 1 January to 30 June and H2 is 1 July to 31 December).

HSE		Health, safety and environment

IFRS		International Financial Reporting Standards

JV		Joint venture

KGP		Karratha Gas Plant

Liquidity		Total cash and cash equivalents and available undrawn debt facilities less restricted cash.

LNG		Liquified natural gas

Lower carbon		Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity.

Lower carbon ammonia		Lower carbon ammonia is characterised here by the use of hydrogen with emissions abated by carbon, capture, and storage (CCS), with an expected ammonia lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 0.8 tCO₂/tNH₃ (based on contracted intensity threshold with Linde) relative to unabated ammonia with a lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 2.3 tCO₂/tNH₃ (Hydrogen Europe, 2023).

Lower carbon portfolio		For Woodside, a lower carbon portfolio is one from which the net equity Scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim.

Lower carbon services		Woodside uses this term to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions.

LSE		London Stock Exchange

Net debt		Interest-bearing liabilities and lease liabilities less cash and cash equivalents.

Net profit attributable to equity holders of the parent		Net profit after tax excluding non-controlling interests from the Group’s operations.

Net tangible assets		The Group’s net assets less goodwill, non-controlling interest and intangible assets.

Net tangible assets per ordinary security		Net tangible assets divided by the number of issued and fully paid shares.

New energy		Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, that are emerging in scale but which are expected to grow during the energy transition due to having lower greenhouse gas emissions at the point of use than conventional fossil fuels.

NGLs		Natural gas liquids

NPAT		Net profit after tax attributable to equity holders of the parent