WOODSIDE ENERGY GROUP LTD Tuesday, 1 March 2016
ASX: WPL OTC: WOPEY
Woodside Petroleum Ltd.
ACN 004 898 962
Woodside Plaza
240 St Georges Terrace Perth WA 6000 Australia
www.woodside.com.au
The attached Full-Year Shareholder Review provides a summary of Woodside's 2015 Full-Year Report and the Full-Year 2015 results, which were released to the ASX on 17 February 2016.
These documents are available on the company's website at www.woodside.com.au.
Contacts: MEDIA
Michelle Grady
W: +61 8 9348 5995
M: +61 418 938 660
E: michelle.grady@woodside.com.au
INVESTORS
Craig Ashton
W: +61 8 9348 6214
M: +61 417 180 640
E: investor@woodside.com.au
KEY METRICS 2014 2015
US$ million unless stated otherwise
%
change
KEY ANNOUNCEMENTS 2015
18 February - Woodside 2014 full-year profit of
US$2.414 billion
20 March - Woodside signs production sharing contracts for Myanmar offshore acreage
2 April - Woodside closes purchase
EVENTS CALENDAR 2016
21 January - Fourth quarter 2015 report
17 February - 2015 full-year result and final dividend announcement
22 February - Ex-dividend date for final dividend
Operating revenue | 7,435 | 5,030 | (32) |
EBITDA1 | 5,568 | 3,063 | (45) |
Impairments | 434 | 1,083 | 150 |
EBIT | 3,672 | 441 | (88) |
Reported NPAT | 2,414 | 26 | (99) |
NPAT adjusted for one-off non-cash items2 | 2,617 | 1,126 | (57) |
Net cash from operating activities | 4,785 | 2,376 | (50) |
Capital expenditure | 561 | 5,567 | 892 |
Exploration expenditure | 410 | 436 | 6 |
Free cash flow | 4,168 | (3,080) | (174) |
Net debt | (682) | 4,319 | n.m3 |
Production MMboe | 95.1 | 92.2 | (3) |
Proved reserves MMboe | 1,048 | 1,150 | 10 |
Proved plus Probable reserves MMboe | 1,339 | 1,508 | 13 |
Contingent resources MMboe | 1,743 | 4,398 | 152 |
24 February - Record date for final dividend
2015 FULL YEAR REVIEWof interests in Wheatstone and
Balnaves Oil assets
8 April - Gas discovery at Pyxis-1
10 April -Woodside closes purchase of interest in the Kitimat asset
14 May - Corpus Christi liquefaction LLC conditions satisfied
4 June- Woodside to investigate
8 April - Payment date for final dividend
April - Annual General Meeting (AGM) proxy returns close at 10.00 am (AWST)
April - First quarter 2016 report
April - AGM
20 May - Investor Briefing Day - Sydney
30 June - Woodside half-year end
About Woodside
KEY RAT IOS
LNG Development in Texas
21 July - Second quarter 2016 report
We are an Australian-based oil and
gas company with a global presence, recognised for our world-class
We are growing our portfolio through
acquisitions and exploration while maintaining a disciplined approach to
Gearing | % | (4.5) | 23.3 | n.m3 |
Earnings | US cps | 293 | 3 | (99) |
Adjusted earnings | US cps | 318 | 137 | (57) |
Return on equity | % | 15.3 | 0.2 | (99) |
Effective income tax rate | % | 30.1 | 49.8 | 65 |
SALES VOLUMES
1 July - FEED phase entered for
Browse FLNG Development
8 September - Woodside proposal
to Oil Search Limited
8 December - Woodside withdraws
19 August - 2016 half-year result and interim dividend announcement
TBA August - Ex-dividend date for interim dividend
TBA August - Record date for interim dividend
capabilities - as an explorer, a developer, a producer and a supplier.
Our mission is to deliver superior shareholder returns through realising our vision of becoming a global leader in upstream oil and gas.
ensure that we continue to increase shareholder value and appropriately manage risk.
We are transforming to become a global business. We have a portfolio of significant interests in Canada and
Gas MMboe 72.4 71.7 (1)
proposal to merge with
Timor-Leste and a growing network of
Liquids MMbbl 20.8 21.0 1
EBITDA excludes impairment and amortisation of permit acquisition costs.
Removes the impacts of impairments, deferred tax asset de-recognition and onerous lease.
Oil Search Limited
11 December - North West Shelf Project Approves Development of GWF-2 Project
TBA September - Payment date for interim dividend
Today, our exploration portfolio includes emerging and frontier provinces in Australia and the Asia- Pacific region, the Atlantic margins
partnerships.
Known as a reliable and safe energy supplier, we have enduring
n.m - not meaningful.
A strong performance from our operating assets, disciplined financial management and productivity
20 October - Third quarter 2016 report
31 December - Woodside year end
and Latin America and Sub-Saharan
Africa. We have significant equity interests in high-quality development opportunities.
We are Australia's most experienced
relationships with foundation
customers throughout the Asia-Pacific region which span more than 25 years.
We believe technology and innovation are essential to unlocking future
gains reflect our ongoing commitment to delivering
value for our shareholders.
OUR GLOBAL BUSINESS
Grassy Point LNG
Canada
Share registry: enquiries
Investors seeking information about their shareholdings should contact the company's share registry:
Computershare Investor Services Pty Limited
Level 11, 172 St Georges Terrace Perth, Western Australia 6000
Head office:
Woodside Petroleum Ltd 240 St Georges Terrace Perth WA 6000 Australia
Postal address:
GPO Box D188
Perth WA 6840 Australia
t: +61 8 9348 4000
LNG operator and largest independent oil and gas company. Our proven track record and distinctive capabilities are underpinned by more than 60 years
of experience, making us a partner of choice.
Through collaboration, we leverage our capabilities to progress our growth strategy. Since 1984, we have been operating the landmark Australian
growth and commercialising assets. We continually expand our technical knowledge, discover new solutions and learn valuable lessons.
Innovation has always been in our DNA. Our knowledge has been built through decades of experience, dating back to the world-record water depths of wells we drilled in offshore southern Australia in the 1950s. Today, we are
Ireland
Morocco Spain
Republic of Korea
Kitimat LNG
USA
Port Arthur
Nova Scotia
Postal address: GPO Box D182 Perth, Western Australia 6840
f: +61 8 9214 2777
e: companyinfo@woodside.com.au
project, the North West Shelf, and it
remains one of the world's premier LNG facilities. In 2012, we added
pioneering remote support and the
application of artificial intelligence and advanced analytics in our operations.
(Canary
Islands)
Cameroon Gabon
Myanmar
Perth
Sunrise LNG
Australia
New Zealand
Corpus Christi
expo design
Peru
t: 1300 558 507 (within Australia)
+61 3 9415 4632 (outside Australia)
f: +61 8 9473 2500
e: web.queries@computershare.com.au
www.investorcentre.com/wpl woodside.com.au
our Pluto LNG Plant to our onshore operating facilities.
We operate five floating oil production, storage and offloading vessels,
the largest owner-operated fleet in Australia, and we have an excellent
We are open and honest in our relationships. Sharing ideas and aspirations, we have the courage to always do the right thing for our people, partners, customers and communities.
Woodside headquarters | Exploration acreage |
Developments and projects | Business opportunities | Producing assets
This review provides a summary of Woodside's 2015 Annual Report and the 2015 Full-Year Results (ASX release dated 17 February 2016) which are both available on the company's website. All dollars are expressed in US currency unless otherwise stated.
track record of efficient and safe production.
It is clear that our strategy, our assets and our people have performed well amid the
PERFORMANCE SUMMARY 2015Personal safety Reserves replacement
Production
Sales revenue
pressures of the lower oil price environment.
Peter Coleman
3.0
Chief Executive Officer and Managing Director
10%
4.2
4.1
276
64.6
84.9
87.0
95.1
92.2
4,802
6,223
5,776
7,076
4,496
Improvement
276%
3% 36%
2015 Key performance highlights
Achieved a total recordable injury rate (TRIR) of 1.71, a 10% improvement
Future objectives
Achieve global top-quartile health and safety performance by 2017.
TRIR
(per million hours worked)
11 12 13
14 15
1.9
1.7
Percent %
(10)
25
(19)
1
11 12 13
14 15
MMboe
11 12 13
14 15
US$ million
11 12
13 14 15
from 2014.
Achieved 92.2 MMboe of annual production, our second highest result on record.
Acquired Wheatstone, Balnaves and Kitimat interests, which increased 2P Developed and Undeveloped
Reserves (19.1%, 264.8 MMboe) and
2C Contingent resources (151%, 2,632 MMboe).
Completed the Xena Phase 1 project ahead of schedule and
commenced production in June 2015. The Phase 1 project accesses net reserves (2P) of 197 Bcf dry gas and
Maintain a strong balance sheet, low cost of operations and capital discipline enabling the delivery of superior shareholder returns.
Operate according to a business plan that reflects low prices.
Work with the Browse Joint Venture participants targeting a globally competitive, economically robust project.
Progress our projects:
à Greater Western Flank Phase 1 project, which achieved first gas in 2015.
à Persephone project, scheduled for
Our total recordable injury rate result, which measures the number of recordable injuries per one million hours worked, represented a 10% improvement on 2014. It has significantly improved over
the past four years, demonstrating solid progress towards our goal
of global top-quartile health and safety performance by 2017.
Operating cash flow
In 2015, we achieved a Proved plus Probable (2P) annual total reserves replacement ratio of 276%, largely through acquisitions.
Reported NPAT
In 2015, we delivered annual production of 92.2 MMboe, our second highest annual result.
This was 3% lower than 2014 due to the planned Pluto turnaround and natural field decline.
Break-even cash cost of sales
We experienced a 36% decrease in sales revenue. This reflected lower realised prices across the portfolio. During 2015, the average price of Brent oil was US$53.60, 46% lower than the average
Brent price in 2014.
Dividends per share
2.3 MMbbl of condensate.
Entered front-end engineering and design (FEED) for Browse FLNG Development.
Discovered additional 2C Contingent resources of 68 MMboe (net) with the Pyxis-1 exploration well.
Commenced production from the Greater Western Flank Phase 1 Project in December 2015.
Approved the US$2.0 billion Greater Western Flank Phase 2 Project off the north-west coast of Australia.
Discovered gas in Block A-6 in the Rakhine Basin, located offshore Myanmar.
first gas in the first half of 2018.
à Wheatstone LNG project, with first gas expected in mid-20171.
à Greater Western Flank Phase 2 Project, scheduled for first gas in the second half of 2019.
Deliver value adding growth organically and inorganically.
Enhance our competitive advantage through leveraging technology
to deliver sustainable growth through cost reductions and commercialisation of stranded resources.
Expand our marketing capabilities through access to new markets and
4,785
50%
1,507
2,009^
1,749
2,983
974
2,414
99%
US$ million
26
11
12
13
14
15
11 12 13 14 15
11 12 13 14 15
11 12 13 14 15
^ Normalised to remove Browse
^ Special dividend
partial equity sale
16.63
16.71
16.52
14.27
11.09
63^
255
249
22% 57%
Entered FEED for the Greater Enfield
Development.
Raised US$4.1 billion in bond and bank markets, reducing our pre-tax portfolio cost of debt.
Delivered annual productivity program benefits of >US$700 million.
low cost shipping.
1. Source: Chevron.
US$ million
2,242
3,475
3,330
2,376
Operating cash flow decreased
by 50%, largely attributable to lower commodity prices.
Delivered reported NPAT of
US$26 million, a decrease of 99% compared to 2014. This was due to lower oil prices impacting revenue and impairments driven by lower near-term and long-term forward price assumptions.
US$/boe
Our break-even cash cost of
sales per boe has reduced from US$14.27 in 2014 to US$11.09
in 2015, representing a 22% reduction. This cost reduction is inclusive of royalties and excise, and the impact of a weaker Australian dollar.
US cents per share
110
130
186
109
NPAT adjusted for special items
of US$1.126 billion was used for calculating the full-year dividend of US109 cents per share.
Woodside Petroleum Ltd. issued this content on 01 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 March 2016 02:19:16 UTC
Original Document: http://www.woodside.com.au/Investors-Media/announcements/Documents/01.03.16 2015 Full-Year Shareholder Review.pdf
