Safety performance
• There was a fatality in June 2023 at the North Rankin Complex. Woodside’s investigation is
ongoing. Immediate actions have been implemented and preliminary lessons shared with industry
Financial highlights for H1 2023
• Record H1 net profit after tax of US$1,740 million
• Underlying net profit after tax of US$1,896 million
• Positive free cash flow of US$294 million
• Record Australian tax and royalty payments of A$3,654 million
• Liquidity of US$7,509 million
• Declared an interim dividend of 80 US cents per share, representing a half-year annualised
dividend yield of 6.9%1
Operational highlights
• Delivered record H1 production of 91.3 MMboe
• Achieved first production at the Mad Dog Phase 2 Argos platform in April 2023
• Completed major turnaround at Pluto LNG on schedule
Business highlights
• The Scarborough development was 38% complete; the floating production unit (FPU) topsides and
pipeline fabrication and Pluto Train 2 module fabrication and foundation site works progressed
• Agreed to sell a 10% interest in the Scarborough Joint Venture to LJ Scarborough Pty Ltd (LNG
Japan) and established a broader strategic relationship which includes potential LNG offtake and
collaboration on global opportunities in new energy2
• The Sangomar project was 88% complete; 12 of 23 wells were drilled and completed and the
floating production storage and offloading (FPSO) topsides integration and pre-commissioning
works continued in Singapore
• Approved a final investment decision (FID) on the Trion project. The development remains subject
to regulatory approval of the field development plan (FDP)
• Approved a FID on the Julimar-Brunello Phase 3 project
New energy & carbon highlights
• Progressed key project activities for H2OK to support targeted FID readiness in 2023
• Progressed development of the solar generation, battery energy storage and transmission
infrastructure required for the Woodside Solar project in support of targeted FID readiness in 2023
• Awarded contract for the engineering and fabrication of the hydrogen production equipment for
Hydrogen Refueller @H2Perth
• Progressed front-end engineering design (FEED) work on Phase 1 of the South East Australia
Carbon Capture and Storage (SEA CCS) project
Summary
Woodside recorded a half-year net profit after tax (NPAT) of US$1,740 million. Underlying NPAT was
US$1,896 million, up 4% on the corresponding period in 2022, reflecting a full period of results with
Woodside’s expanded operations portfolio. Operating revenue rose 27% period-on-period to
US$7,400 million.
The Directors have declared an interim dividend of 80 US cents per share (cps), representing an
approximately 80% payout of underlying NPAT.
Woodside CEO Meg O’Neill said the tragic death of a contractor employee at the North Rankin Complex in
early June overshadowed a strong financial and underlying operational performance in the first half of the
year.
“The loss of our colleague was a tragedy for his family and friends and has had an emotional impact on
everyone at Woodside. Investigations into the incident by Western Australian Police and the National Offshore
Petroleum Safety and Environmental Management Authority (NOPSEMA) are ongoing, as are Woodside’s
internal investigations.
“We have implemented changes to our operational practices based on the preliminary findings of those
investigations and shared our learnings with the broader industry via the Safer Together collaboration hub.
“Woodside’s safety performance over the past two years has been below the standard we set for ourselves.
We know we must do better and are resolved to strive for a return to leading safety performance.
“Our strong financial performance and our focus on disciplined capital management has enabled us to
maintain our interim dividend payout ratio through the cycle.
“Woodside’s gearing remained low at 8.2% at the end of the first half. Our active management of the debt
portfolio positions Woodside’s balance sheet well as we invest in future production.
“Woodside also continues to make a significant contribution to the economic prosperity of the communities
where we operate. Woodside’s total tax and royalty payments to state and federal governments in Australia in
the first half was A$3,654 million.
“Production for the first half was a record at 91.3 million barrels of oil equivalent. The Pluto LNG facility
delivered an outstanding 99.9% reliability rate in the five months prior to the planned maintenance turnaround,
which was completed on schedule.
“First production was achieved at the Argos platform at Mad Dog Phase 2 in the Gulf of Mexico and we expect
output from the facility to ramp up over the remainder of the year.
“During the half a successful appraisal well was drilled in the southwest portion of the Mad Dog field in the
Gulf of Mexico and a multi well tie back to Argos is being evaluated.
“In June, Woodside took a FID on the Trion oil development offshore Mexico. The development leverages our
proven expertise in deepwater project execution and is expected to deliver strong returns to Woodside
shareholders as well as economic and social benefits to Mexico.
“Following FID, Woodside executed a contract with South Korea’s Hyundai Heavy Industries for the
construction of the Trion floating production unit. We are looking forward to the approval of the Trion field
development plan, expected to be announced by the Mexican regulator in the second half of the year.
"We also took FID during the period at Julimar-Brunello Phase 3, a new source of gas for the non-operated
Wheatstone facility in Western Australia.
“Work on the Scarborough and Pluto Train 2 project progressed well during the first half. Following
acceptance of the Scarborough Trunkline Installation (State Waters) Environmental Plan in April, shore
crossing preparations at Pluto commenced and are now nearing completion.
“Two significant milestones were achieved for Scarborough subsequent to the end of the half, with NOPSEMA
approving the Environmental Plan for the marine seismic survey and the announcement of the sale of a 10%
interest in the offshore joint venture to LNG Japan. The new strategic relationship with LNG Japan also
includes the potential for LNG offtake and collaboration on opportunities in new energy.
“While identification of the need for remedial work on the Sangomar floating production and offloading facility
was disappointing, we are confident that undertaking the rectifications in the shipyard in Singapore will
facilitate a safe and efficient start-up to allow first oil in mid-2024.
“Progress has also been made on our proposed new energy projects. Woodside is actively marketing
hydrogen offtake from our proposed H2OK liquid hydrogen project in Oklahoma, in support of our target of
being ready to take a FID before year-end.
“In Australia we are aiming to be ready to take FID in the second half of 2023 on the Woodside Solar project,
which is expected to supply around 50 MW of energy to Pluto LNG.
“During the half Woodside demonstrated its commitment to providing energy security to Australia’s domestic
gas markets, executing several agreements for the total supply of around 120 petajoules of pipeline gas to
retailers and industrial users in both the eastern states and Western Australia. Delivery of this gas is expected
to take place over the period from end-2023 to 2026,” she said.
