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FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd.

Woodside Petroleum Ltd. · Feb 22, 2011 · 42 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. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 1
    2011 Full-Year Results Briefing Peter Coleman CEO and Managing Director 22 February 2012 Slide 1
  2. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 2
    Disclaimer and important notice This ppresentation contains forward looking g statements that are subject j to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are…
  3. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 3
    2011 financial headlines Revenue: 4,802 million 14.5% Reported NPAT: 1,507 million 4.3% Underlying NPAT: 1,655 million 16.7% Dividend per share: 110 cps (final 55 cps) 4.8% Operating cash flow: 2.2 billion 6.6% Capital p…
  4. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 4
    2011 operational performance Safety improving: 20% iimprovementt iin TRCF* tto 4 4.80 80 (6 (6.0 0 FY 2010) 34% improvement in HPIF** to 1.2 (1.8 FY 2010) NWS achievements continue: Achieved world-class 98% LNG reliability Final…
  5. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 5
    2012 outlook Production: 73 81 MMboe 2012 production target 56 60 MMboe from base business 17 21 MMboe from Pluto Capex: 1.8 billion budget Exploration: 430 million budget Exploration wells: 8 wells planned Developments: Browse…
  6. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 6
    Strategic direction Top quartile TSR performance Maximise value of producing assets Commercialise our significant discovered resources Broaden our portfolio, leveraging our core activities and capabilities Rigorous and…
  7. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 7
    Financial Results Lawrie Tremaine Executive VP Finance and CFO 22 February 2012 Slide 7
  8. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 8
    Production Impacted by one-off events of divestments and a severe cyclone season Infill wells partially offset field decline Reliability improvement at NWS gas offset by lower oil reliability 80 72.7 0.9 2.1 69.7 2.6 70 4.2 3.3…
  9. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 9
    Sales revenue Sales revenue up 14.5%, underpinned by strong Brent pricing Greater Enfield Area crudes achieving strong premiums to Brent Brent driving LNG pricing 6 000 6,000 111 120 nt oil price (US/bbl) 99 5,000 100 e…
  10. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 10
    Lifting costs 2010 2011 Oil Oil Lifting costs (A millions) 230 231 Flat underlying cost cost. Per Gas Lifting costs (A millions) 167 185 unit basis increase due to Total Lifting costs (A millions) 397 416 lower volumes resulting…
  11. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 11
    Gross margin Margins increasing in line with oil price 120.0 111 99 100.0 80 80.0 73 Royalties & excise 8.4 Production costs 63 79 7.9 D Depreciation i ti & amortisation ti ti 6.4 US/ boe 60.0 Gross margin 5.0 6.9…
  12. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 12
    Reported profit Reported profit down 4.3%, driven by: Lower sales volume volume, Higher exploration expense and the impact of the Pluto delay mitigation costs, Largely offset by higher prices across all products. 3,000 1,153…
  13. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 13
    Underlying profit* After adjusting for non-recurring items, the 2011 underlying profit was 16.7% higher than 2010 2010 profit was boosted by the Otway asset sale 2011 2010 M M Reported NPAT 1,507 1,575 Non-recurring items after…
  14. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 14
    Final dividend 2011 final dividend of US55 cps fully franked A record annual dividend of US110 cps fully franked A fully underwritten dividend reinvestment plan to be offered 300 266 250 209 are ents per sha 200 183 150…
  15. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 15
    Investment expenditure Pluto nearing completion, dual benefit to cash flow 5 000 5,000 4,500 319 298 4,000 847 1,423 660 506 3,500 3,000 USmillion 875 1,267 2 500 2,500 385 2,000 430 1,445 3,369 1,500 2,922 2,400…
  16. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 16
    Operating cash flow 2011 operating cash flow 6.6% higher than 2010 St change Step h in i 2012-2013 2012 2013 with ith ramp up off Pl Pluto t LNG 3,500 3,000 on 2,500 US millio 2,000 1,500 , 2,082 3,224 1,483…
  17. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 17
    Funding and debt maturity profile During 2011 700 million 10 year Bond issued at low coupon rate of 4.6% 400 million short-term funding secured at highly competitive margins Renewal of maturities at more favourable terms…
  18. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 18
    Reserves and resources Creating value through reserve growth Continuing to grow reserves base of foundation business Exploration and appraisal delivering additional volumes Greater Pluto* Browse Growth in 2P Reserves Growth in…
  19. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 19
    Outlook O tl k Project P j t updates d t andd operational performance Rob Cole Executive Director Director, Commercial 22 February 2012 Slide 19
  20. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 20
    Maximising value of producing assets North West Shelf continues to perform at record levels Revenue US3 billion Safety performance at Karratha Gas Plant 120 days incident free 98% LNG production reliability 1,600 120 1,400…
  21. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 21
    Maximising value of producing assets Refurbishing Karratha Gas Plant to maintain production Routine maintenance critical to sustaining reliable and safe operations Impacts short term availability but protects long-term reliability and…
  22. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 22
    Maximising value of producing assets North Rankin Redevelopment Project NWS Oil Redevelopment Access low pressure reserves Extends life of CWLH fields North Rankin B jacket launched and in Production commenced in position. Topsides…
  23. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 23
    Maximising value of producing assets Greater Western Flank (GWF) GWF 3 Tcf T f gas, 100 MMboe MMb condensate (100% project) GWF-2 Phase 1 FID late 2011,, expect p start GWF-1 up early 2016 A2.5 billion project Outline of…
  24. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 24
    Maximising value of producing assets Maintain steady production through enhanced reliability and growth options Vincent Oil Production Vincent 2,500 2,000 Infill wells lifted Q4 production Oil 1 500 1,500 Thousands…
  25. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 25
    Maximising value of producing assets Maintain steady production through enhanced reliability and growth options St b Stybarrow L i Laminaria-Corallina i C lli Stybarrow North tie-back online Over 12 years of production December…
  26. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 26
    Maximising value of producing assets Vincent oil field using leading multi-lateral technology 13 horizontal multilateral wells Well lengths of up to 4,400 metres with horizontal sections of up to 2,100 metres Requires precise…
  27. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 27
    Commercialising new discoveries New growth opportunities in an existing production hub Laverda Successful Laverda appraisal in 2011 has taken us to Development phase Development options include standalone FPSO or tieback Norton-1…
  28. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 28
    Commercialising our significant gas resources Pluto goes live as offshore gas enters plant Jetty, storage and loading facilities operational Offshore platform and infrastructure operational Final commissioning of liquefaction systems…
  29. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 29
    Commercialising our significant gas resources Pluto delivers a step-change in production Pluto expected to account for approximately 25% (17-21 MMBoe) of Woodsides 2012 production d ti In steady state contributes around 37 MMboe…
  30. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 30
    Commercialising our significant gas resources Browse meeting commitments Contingent g resources increased Dry gas volumes up from 13.3 Tcf to 15.5 Tcf (100%) Condensate volumes up from 360 MMstb to 417 MMstb (100%) Tridacna 3D…
  31. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 31
    Commercialising our significant gas resources Dili Sunrise increasing alignment Indonesia jurisdiction NT/RL4 Sunrise S i and d JPDA03-20 Troubadour Common desire for resource development Timor-Leste jurisdiction NT/RL2…
  32. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 32
    Maximising and broadening our portfolio Republic of Korea Drilling first exploration well well, Jujak Jujak-1 1 in Q2 2012 Neptune (non-operator) Bottom hole pressure reduction campaign success continues Evaluating North Flank…
  33. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 33
    Capturing additional value through exploration Eight exploration wells in 2012, six Australian and two international Ragnar-1: 190 metre gross gas interval Four wells to support Pluto expansion Two wells target oil in Greater Enfield…
  34. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 34
    Capturing additional value through exploration Exploration portfolio strengthened 2011: awarded seven new exploration blocks 2012: acquire over 11,000 km2 of 3D seismic over the Rowley Basin blocks. Potential targets range from 0.2…
  35. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 35
    Strategic direction Peter Coleman CEO and Managing Director 22 February 2012 Slide 35
  36. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 36
    Strategic direction Over the past 30 years Woodside has regularly delivered top quartile TSR performance* Implementing strategies to continue this level of performance Maximising the value of our producing assets through: Operational…
  37. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 37
    Leveraging our capabilities Distinctive core capabilities in LNG, FPSO and subsea operations Built on a strong track record Customer access and relationships in prominent LNG markets LNG plant engineering, engineering construction…
  38. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 38
    Disciplined approach Disciplined in what we do and how we do it Relentless focus on maximising shareholder value Focus on value accretive opportunities only Build from our core apply strengths to growth opportunities Pursue…
  39. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 39
    Summary North West Shelf another strong year in 2011 Australia Oil progressing growth opportunities, material revenue Pluto step change in cash flow in 2012 2013 Commercialising resources Pluto expansion, expansion Browse and…
  40. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 40
    Appendix 22 February 2012 Slide 40
  41. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 41
    NPAT: inc. and excluding non-recurring items 2011 M(1) 2010 M(1) Variance % Oil and gas revenues 4,802 4,193 14.5% EBITDAX(2) 3,687 3,205 15.0% Exploration and evaluation expensed (587) (329) (78.4%) Depreciation and amortisation (627)…
  42. FULL YEAR 2011 RESULTS – Woodside Petroleum Ltd. – slide 42
    NPAT sensitivities Impact on 2012 NPAT Oil Price, US1/bbl increase Increase by US12 million Exchange rate, AUD/USD 1 cent increase Decrease by US2 million Slide 42

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