• Delivered sales revenue of $2,852 million, up 86% from Q3 2021.
• Average realised price increased to $90 per barrel of oil equivalent, up 53% from Q3 2021.
• Delivered production of 22.6 MMboe, up 2% from Q3 2021.
• Delivered sales volume of 31.8 MMboe, up 22% from Q3 2021.
• Signed a binding share sale agreement with BHP Group for the merger of BHP’s oil and gas portfolio with Woodside.
• Approved final investment decisions for the Scarborough and Pluto Train 2 projects.
• Entered into a sale and purchase agreement with Global Infrastructure Partners for the sale of a 49% non-operating participating interest in the Pluto Train 2 Joint Venture.
• Announced a $5 billion investment target for new energy products and lower-carbon services by 2030.
• Achieved start-up of Pyxis Hub and Julimar-Brunello Phase 2.
• Appointed Mr Graham Tiver as Chief Financial Officer and Executive Vice President.
Woodside CEO Meg O’Neill noted a broad range of highlights for the quarter which included strong revenue supported by increased product pricing, executing the binding share sale agreement with BHP for the proposed merger, taking final investment decisions on the Scarborough and Pluto Train 2 projects and progressing Woodside’s strategy for new energy investment.
“The 86% increase in sales revenue for the quarter was underpinned by a 22% increase in sales volume as well as significantly stronger average realised prices. We achieved our highest quarterly sales revenue on record.
“The upward trajectory in global oil and gas prices resulted in a portfolio realised price of $90 per barrel of oil equivalent and a strong realised LNG price of $93 per barrel of oil equivalent. This increase in realised price demonstrates the continued strong demand for LNG and improvement in the trading environment over the course of 2021.
“We signed a binding share sale agreement for the merger of BHP’s oil and gas portfolio with Woodside. The merger will deliver increased scale, diversity and resilience to better navigate the energy transition and will provide the financial strength to help fund planned developments in the near-term, invest in future energy opportunities and return value to our shareholders through the cycle.
“The Australian Competition and Consumer Commission provided informal clearance of the merger in December and clearance from the Committee on Foreign Investment in the United States was recently received. This provides momentum towards completion of the merger which is targeted in the second quarter of 2022.
“Final investment decisions were also made to approve the Scarborough and Pluto Train 2 projects in November, including new domestic gas facilities and modifications to Pluto Train 1.
“Scarborough is a world-class resource, a globally competitive project and is amongst the lowest carbon intensity projects for LNG delivered to north Asia. The project is already underway with full notice to proceed issued to key offshore contractors, and early construction works have commenced on the worker accommodation village.
“Woodside entered into a sale and purchase agreement with Global Infrastructure Partners for the sale of a 49% non-operating participating interest in the Pluto Train 2 Joint Venture in November. This transaction completed earlier this week.
“Significant progress was made at our Sangomar Field Development Phase 1 in Senegal, with equipment continuing to arrive in country ahead of the subsea installation campaign scheduled to commence in the second quarter of this year.
“In December, we announced a target to invest $5 billion in new energy products and lower-carbon services by 2030. This significant investment will position Woodside as an early mover in the new energy market and support the decarbonization goals of our customers.
“During the quarter, land was secured for two proposed hydrogen and ammonia projects, H2Perth and H2TAS in Australia and the proposed hydrogen project, H2OK in North America. Front-end engineering design commenced on the H2OK project and we signed a memorandum of understanding with two potential hydrogen customers.
“In November, we sold our first carbon offset LNG cargo to Uniper Global Commodities SE, and our first carbon offset LPG cargo to Vitol Asia Pte Ltd.
“Construction of the Pluto-KGP Interconnector pipeline between Pluto LNG and the Karratha Gas Plant was completed ahead of the targeted ready for start-up in H1 2022 with commissioning currently underway. The Pyxis Hub and Julimar-Brunello Phase 2 tie-back projects achieved ready for start-up, with both delivered ahead of schedule and under budget,” she said.