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2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd.

Woodside Petroleum Ltd. · Feb 24, 2010 · 59 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 1
    2009 Full Year Results Briefing Don Voelte MD and CEO 24 February 2010
  2. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 2
    Financial headlines Reported NPAT: 1.82 billion Underlying NPAT: 1.91 billion Revenue: 4.35 billion Operating Cash flow: 1.86 billion Earnings per share: 259 cps Dividend per share (FY): 110 cps Return on equity: 18.5% Gearing*:…
  3. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 3
    Operational headlines Production volume: 80.9 MMboe Sales volume: 80.7 MMboe Safety: 3.3 TRCF* Staff turnover: 5.2% Future potential Proved Reserves: 16 years R/P plus Probable Reserves: 21 Years R/P plus Contingent Resources: 44…
  4. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 4
    Woodside LNG: building a bright future 20 19 Woodside plans to deliver up to 20mtpa equity 18 LNG capacity before 2020 Browse 17 (Pluto Trains 4 and 5 would be additional) Trains 1-3 16 15 14 0 9 Sunrise 13 20 Train 1 r 12 b e…
  5. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 5
    Woodside LNG: plans are all coming together Target FID represented by 24 Feb 20 2010 Appraisal and Concept select BOD FEED Construction Browse Train 3 18 Appraisal and Concept select BOD FEED Construction Browse Train 2 16…
  6. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 6
    Demand for gas is growing, including LNG World primary energy demand by fuel LNG Gas (non-LNG) Other renewable LNG growth over period 2010-2020 = 140 mt or 14 mtpa 20,000 With natural decline of existing production, overall 15 - 20…
  7. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 7
    LNG demand is not a constraint Contracted supply 450 Yemen Global LNG demand United Arab Emirates 400 Trinidad Russia East 350 Peru Uncontracted demand Papua New Guinea 300 Norway Libya LNG (mtpa) Equatorial Guinea 250…
  8. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 8
    LNG receiving infrastructure is clearly not a constraint Regasification capacity by region 900 South America 800 North America Europe 700 Asia Pacific Asia Pacific Demand Global Demand 600 500 mtpa 400 300 200…
  9. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 9
    Many challenges to achieving FID* for new supply Historically, FIDs and the start up of new 4+ years from FID* supply comes in cycles to capacity start-up 60 Black line shows Many projects targeting FID in 2010 - 2012 to proposed LNG…
  10. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 10
    Conventional LNG supply is very well positioned Preferential consideration for Woodside LNG (sourcing conventional gas) Brownfield Significant Environmental Shared Liquids High heating Deliverability of Proven size and approvals…
  11. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 11
    Woodside LNG plant economics Revenue components Economic components Liquids make up a substantial NPV portion of revenues at Woodside IRR e.g. Karratha onshore gas plant operated by Woodside Pipeline gas plant Pipeline VIR gas…
  12. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 12
    Economic environment Economic Growth and Inflation: US, Europe & Asia-Pacific Positive signs of growth 8 8 6 6 World economy expected to grow 3% in Real GDP, percent change Consumer Price Index 4 4 2010 and reach new…
  13. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 13
    Financial Results Mark Chatterji EVP and CFO 24 February 2010
  14. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 14
    Strong reserves position Proved Reserves (1P) 1.3 billion boe 16 years R/P + Probable 21 years R/P Reserves (2P) 1.65 billion boe + Contingent Resources (CR) 1.87 billion boe 44 years (1P+2P+CR*) 0 1000 2000 3000 4000 5000…
  15. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 15
    Production 90 Production (MMboe) 60 30 59.7 67.9 70.6 81.3 80.9 0 2005 2006 2007 2008 2009 Woodside 2009 Production 2010 production guidance Record NWS LNG production, 21.4 MMboe Production target…
  16. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 16
    Sales revenue (Am) 0 2,000 4,000 6,000 8,000 2,747 74 2005 Sales revenue 88 3,475 2006 87 3,841 2007 5,990 119 2008 80 4,352 2009 0 50 100 150 West Texas Intermediate…
  17. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 17
    Lifting costs per boe 10 8.53 7.77 8 Lifting Costs (A/boe) 6.13 5.87 5.66 6 3.93 4 3.35 2.93 2.43 1.91 2 0 2005 2006 2007 2008 2009 Oil lifting costs increased due to gas oil Gas lifting costs decreased due to Lower…
  18. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 18
    Operating cashflow 4,000 3,784 (1,638) Operating Cashflow (Am) 3,000 (126) (312) 2,000 151 1,859 1,000 0 2008 Revenue Interest Working Tax paid 2009 Operating paid capital and Operating cashflow other cashflow…
  19. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 19
    million 0 1,000 2,000 3,000 4,000 5,000 Re ve nu Pr od e u 4,352 cti o nc os ts (928) De pr ec iat i on Ot he (949) r in co e* m Ot 72 Reported Profit he re xp en se Ne t fi s…
  20. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 20
    Impact of significant items on profit Net profit after tax - before significant items 2009 2008 m m Underlying NPAT 1,906 1,832 Add/(subtract) significant items after tax Libya writeoff (91) - Sale of exploration permit equity 15…
  21. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 21
    Full year dividend 119 160 120 West Texas Intermediate cushing spot Dividend per share (A cents) 88 87 120 80 74 80 price (A/boe) 80 40 40 135 110 126 104 93 0 0 2005 2006 2007 2008 2009…
  22. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 22
    Investment expenditure 5.7 billion 6,000 21 86 5,000 4.7 billion 181 4,000 3,429 Pluto A Millions 4,247 Expansion 2,842 3,000 Pluto 1,023 Foundation Exploration 2,000 485 459 374 AUS 566 511 International 843 523…
  23. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 23
    Funding for 2010 is complete 4,500 40 Cash and undrawn facilities of A2.9 billion at 31 Dec 2009 29.6 29.8 30 Net Debt (A millions) 26.4 3,000 Entitlement offer (retail) Gearing (%) 20.4 14.9 20 approximately A1.2…
  24. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 24
    Debt maturity profile 3,000 Bank Debt US Bonds 2,000 USm 1,000 - 2010 2011 2012 2013 2014 2015 2016-2023 Note: chart includes undrawn facilities of US1.4 billion Slide 25
  25. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 25
    Outlook Don Voelte MD and CEO 24 February 2010
  26. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 26
    North West Shelf operations: strong and steady Record LNG production (100%) NWSV Train 5 LNG: 136 MMboe LPG: 8 MMboe Pipeline gas: 36 MMboe Condensate: 45 MMboe Oil: 14 MMboe Total: 239 MMboe 5 LNG trains, 6 condensate…
  27. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 27
    NWS operations: future supply is being readied now NWS oil FPSO replacement NR2 project Conversion of Okha to FPSO Involves installation of bridge Replacement of subsea linked compressor platform infrastructure Develops 5 TCF low…
  28. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 28
    Pluto foundation: maintaining schedule and revised cost Scope Currently 85% complete Schedule Late 2010 expect first gas from Pluto field Early 2011 expect first LNG Schedule targets are contingent on a productive industrial relations…
  29. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 29
    Pluto foundation: at peak construction Health and Safety Achieved 2009 targets Drive to improve performance throughout 2010 Onshore 258 of 264 modules for the LNG plant have arrived from Thailand Peak construction phase continues…
  30. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 30
    Pluto foundation: transition from civil to mechanical works Slide 31
  31. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 31
    Pluto foundation: platform in place and 4 wells complete Slide 32
  32. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 32
    Pluto foundation: first-half 2010 milestones Onshore Offshore Ship last modules from Thailand Conclude trench backfilling Finish setting modules on Finish subsea installation foundations Complete platform hook-up and Complete both…
  33. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 33
    Pluto expansion: capturing the upside Pluto LNG expansion FEED: dual contracts awarded for T2 and T3 Target end 2010 for Train 2 FID Target end 2013 for first gas Train 2 Train 2 and 3 potential timing is driving strong market…
  34. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 34
    Pluto exploration: 20+ wells in Phase 1 20+ well campaign commenced in 2009 4 out of 5 wells found gas Maersk Discoverer rig on 3 year contract Ocean America rig arrives in May for 2 year contract Slide 35
  35. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 35
    Central hub exploration: WA-404-P WA-404-P First 3 exploration wells found gas Camus Hine Martell-1 gas discovery (Q1 2009) Moyet Hennessy Kelt Noblige-1 gas discovery (Q1 2010) WA-269-P Martell Larsen-1 gas…
  36. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 36
    Central hub success de-risks new prospects Larsen -1 Martell -1 Noblige -1 Gas at Noblige-1 and Larsen-1 used to calibrate seismic amplitude as a gas indicator Assists identification of new prospects at Noblige South and…
  37. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 37
    Claudius hub: accelerated activity to access big targets Permit awarded August 2009 3710 km2 3D seismic acquisition completed January 2010 2 wells planned mid-year 2010 Pinnacle Triassic Reefs Reservoirs Claudius area 3D…
  38. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 38
    Early success has adjusted rig sequence 2009 2010 2011 Rigs Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec WA-34L WA-34L Pelion Eris Songa Mercur…
  39. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 39
    Pluto expansion: in discussions for ORO gas Greater Carnarvon Basin contains significant quantities of gas Opportunities for ORO* gas to come through Pluto facilities Discussions continue with third parties; but not relying on…
  40. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 40
    Expansion: building volume to plan Nov 2009 4 of 5 Pluto and central hub exploration wells T3 found gas in 2009/2010 T2 Clustered discoveries in southern WA-404-P T1 Time Gas supply-build supports our target Train 2 Feb 2010 options…
  41. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 41
    Pluto LNG key messages Foundation project on track for world- class outcome Early exploration success consolidating expansion plans In discussion with ORO but not relying on it Strong market interest in expansion Slide 42
  42. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 42
    Browse: a positive change in momentum Renewals granted for Browse leases accompanied by conditions to drive earliest commercialisation of resources Development Concept selected Basis of Design phase started WA Government process…
  43. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 43
    Browse: delivering a world-class LNG project Slide 44
  44. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 44
    Browse: offshore development concept Deepwater dry-tree units with liquid removal Subsea tiebacks to dry-tree units Central gas processing and compression facilities in shallower water (100m) 900km of inter-field and infield…
  45. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 45
    Browse: upstream facilities Infield production facilities Deepwater dry-tree units (DTUs) tension-leg platforms or spar initial gas processing Calliance DTU modular rig Brecknock DTU not normally manned Torosa DTU Central…
  46. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 46
    Browse: downstream facilities Located at Browse LNG Precinct, near JPP Browse JVP targeting initial phase, 12mtpa with up to 3 processing trains Browse JVP has dedicated site to potentially expand up to 25mtpa Using next…
  47. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 47
    Browse Basin exploration: growth opportunities Argus-2 Argus-2 well well Argus Argus field field area area AC/RL8 AC/RL8 (WEL (WEL 60%) 60%) and and AC/P48 AC/P48 (WEL (WEL 70%) 70%) Eastern Eastern Browse Browse…
  48. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 48
    Browse area: Argus field Argus-1 N Top Reservoir Elevation High Low Retention lease AC/RL8: Woodside 60% and operator Argus-1 (2000) discovered gas-condensate in 40m Oxfordian-aged sandstone Argus-2 appraisal well…
  49. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 49
    Browse area: Omar prospect Omar-B Top Reservoir Elevation High Low WA-397-P: Woodside 50% and Operator 65km south-west of Browse Fields Deep wildcat exploration well planned in 2010 Multi Tcf potential Slide 50
  50. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 50
    Sunrise LNG development JVP agreed CR* volume estimate of 5.13 Tcf dry gas and 226 MMstb condensate Dili Indonesia jurisdiction Completed rigorous evaluation of FLNG, DLNG NT/RL4 Sunrise and and TLNG development options…
  51. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 51
    Strong sustainable performance Focus on safety Elevated to CEO direct report High potential frequency rate (per 6 6 Contractor safety engagement forum Total recordable case frequency 5.1 rate (per million hours…
  52. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 52
    Building our people capability Number of employees Graduates, trainees Indigenous workforce and voluntary turnover and apprentices 250 11.2 12 250 10.1 Total Indigenous employees, trainees, 3000 9 200 200 8.2…
  53. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 53
    Woodside shareholders have huge leverage to LNG Ratio of Tonnes of LNG Equity to Market Capitalisation (excludes National Oil Com panies) 700 Tonnes/USM Market Capitalisation 2009 2014 2019 2009 2014 2019 0 on il…
  54. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 54
    Appendices 24 February 2010
  55. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 55
    NPAT Sensitivities Oil price WTI, US1 / bbl + A24 million increase Exchange rate 1 cent decrease - A19 million Slide 56
  56. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 56
    Unrealised Exchange Impacts Balance as at Effect on Unrealised FX Sensitivity to 1 cent move in AUD:USD Rate* Dec 09 balance sheet effect on P&L USM AM AM USD Debt Facilities (4,738) (61) USD Investments Net asset position 1,160 15…
  57. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 57
    2009 exploration wells drilled Well Name Basin Permit Target % Equity Comment Australia Martell-1 Carnarvon WA-404-P Gas 50.00% Gas Discovery Somerset-1 Otway T/34-P Gas 51.55% Dry Hole Pelion-1 Carnarvon WA-34-L Gas 90.00% Pluto…
  58. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 58
    Brazil: exploration and appraisal Ga sP ipe li ne Un de rC on str uc ti on Woodside Blocks Mexihao S-M-506 S-M-673 G as S-M-674 Asterix Pi pe S-M-675 Exploration lin Well S-M-789 e Panoramix-2 (Q3 2010)…
  59. 2009 FULL YEAR RESULTS BRIEFING – Woodside Petroleum Ltd. – slide 59
    Gulf of Mexico: strong acreage position Key Wilcox Discoveries 108 deepwater exploration Key Miocene Discoveries leases WUSA 2009/2010 drill candidates Plan 2-3 exploration wells WUSA Deepwater Fields Freedom 2010 Vito Using…

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