Woodside Announces 2023 Full Year Guidance

Source: 11/29/2022, Location: Africa

Woodside has completed a review of its 2023 corporate plan, including cost, production and sales forecasts. As a result, the following guidance is provided.

Capital expenditure Woodside’s full-year 2023 capital expenditure guidance is US$6.0 – 6.5 billion, assuming no change to current participating interests.

Woodside’s full-year 2023 production guidance is 180 – 190 million barrels of oil equivalent (MMboe).

Key factors influencing this range are:
• Sangomar Field Development Phase 1 is targeting first oil in late 2023. No credit is taken for any production in 2023.
• Mad Dog Phase 2 is undergoing commissioning and Woodside assumes for production guidance purposes a start-up in mid-2023.
• A major turnaround is planned at Pluto LNG in Q2 2023 with an expected duration of approximately four weeks.

In July 2022, Woodside updated its methodology for calculating the barrels of oil equivalent (boe) for its products, applying a single volumetric conversion factor across the entire post-merger portfolio.

Natural gas liquids are reported on a liquid volume basis. All gas products are calculated on a volumetric basis with a conversion factor of 5,700 standard cubic feet (scf) per boe. Woodside previously used product-specific conversion factors on an energy basis. BHP Petroleum previously used 6,000 scf per boe. The 2023 production guidance using the previous conversion factors would be approximately 6 MMboe higher.

Gas hub exposure
Woodside expects approximately 20-25% of its 2023 produced LNG to be sold at prices linked to gas hub indices.

Investor Briefing Day 2022
Woodside’s Investor Briefing Day 2022 will be held in Sydney, Australia, on Thursday, 1 December 2022, commencing at 09.30 AEDT / 06.30 AWST (16.30 CST on Wednesday, 30 November 2022).

Woodside CEO Meg O’Neill and the executive team will provide an update on the company’s strategy and value proposition.

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