ACCESSWIRE
29 Nov 2022, 16:55 GMT+10
PERTH, AUSTRALIA / ACCESSWIRE / November 29, 2022 / 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. The approximate split by activity area is:
Production
Woodside's full-year 2023 production guidance is 180 - 190 million barrels of oil equivalent (MMboe). Key factors influencing this range are:
The approximate split by product type is:
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.[4]
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.
A live webcast of the event will be available at https://webcast.openbriefing.com/9173/.
This announcement was approved and authorised for release by Woodside's Disclosure Committee.
Forward looking statements
This announcement contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition which reflect Woodside's views held as at the date of this announcement. Forward-looking statements generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions. These forward-looking statements include, but are not limited to, statements about Woodside's expectations and guidance with respect to capital expenditures, production and gas hub exposure for 2023. Forward-looking statements are not guarantees of future performance and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, drilling and production results; gas commercialisation; development progress; operating results; engineering estimates; environmental risks; physical risks; project delay or advancement; approvals; fluctuations in commodity prices; the impact of armed conflict and political instability (such as the ongoing conflict in Ukraine) on economic activity and oil and gas supply and demand; the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws; inflation and government efforts to reduce inflation; increases in interest rates; and fluctuations in currency exchange rates. Details of the key risks relating to Woodside and its business can be found in the 'Risk' section of Woodside's most recent Annual Report which was released to the Australian Securities Exchange on 17 February 2022 and in Woodside's filings with the U.S. Securities and Exchange Commission. Further details of the key risks can also be found in the prospectus issued by Woodside in connection with its admission to trading on the London Stock Exchange, available on the Company's website at https://www.woodside.com/investors. You should review and have regard to these risks when considering the information contained in this announcement.
Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. All information included in this announcement, including any forward-looking statements, speak only as of the date of this announcement and, except as required by law or regulation, Woodside does not undertake to update or revise any information or forward-looking statements contained in this announcement, whether as a result of new information, future events, or otherwise.
[1] Sangomar at 82% participating interest.
[2] Scarborough at 100% participating interest; Pluto Train 2 at 51% participating interest.
[3] Australia, Corporate & Other includes expenditure for new energy.
[4] Refer to announcement '2022 production guidance recommendation', 22 July 2022.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Woodside Energy Group Ltd
ACN 004 898 962
Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia
T +61 8 9348 4000
www.woodside.com
SOURCE: Woodside Energy Group Ltd
Get a daily dose of The US News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to The US News.
More InformationTRENTON, New Jersey: A federal judge has blocked a New Jersey law allowing the state's attorney-general to sue gun manufacturers ...
WASHINGTON D.C.: The Biden administration said this week that it will end US COVID-19 emergency declarations on 11th May, nearly ...
WASHINGTON D.C.: In a letter to lawmakers last week, the US Federal Aviation Administration (FAA) said it had put in ...
WASHINGTON D.C.: The Biden administration has stopped issuing export licenses to US companies seeking to ship most items to China's ...
Nearly a year in, the war in Ukraine has cost tens of thousands of lives and brought the world to ...
WASHINGTON D.C.: The US House of Representatives has passed a bill that limits the ability of US Energy Secretary Jennifer ...
IRVINE, California: In an effort to cut costs in preparation for an industry-wide price war, electric vehicle manufacturer Rivian Automotive, ...
SANTA CLARA, California: One week after Intel forecasted lower-than-expected sales caused by a loss of market share to rivals and ...
WASHINGTON D.C.: As part of a wider policy drive to increase competition in consumer markets, President Joe Biden has announced ...
OSLO, Norway: Ending a three-year run of profits as stock and bond prices were hit by rising inflation and Russia's ...
NEW YORK, New York - Strong economic data failed to stem profit-taking on the major U.S. bourses on Friday, while ...
WASHINGTON D.C.: The US has again asked Mexico to investigate claims that workers at an auto parts facility of American ...