2011 Half-Year Results Briefing Peter Coleman CEO and Managing Director 17 August 2011
Woodside strategy Delivery of sustained growth in shareholder value through operation and development of our portfolio of world class assets. 1) Foundation Business: NWS: Reliable operation of multiple assets provides capacity for…
Current environment Despite recent fluctuations in global markets, one thing is clear - there is long-term demand for Woodsides products. Recent volatility in global financial markets may have short-term pricing impacts, but…
Executing on deliverables Woodside continues to advance the development of its assets Foundation business: Performing well with record 1H operating cash flow, providing platform for growth Capital management plans well executed LNG…
1H 2011 financial headlines All amounts are in US dollars unless otherwise stated Revenue: 2,253 million Underlying NPAT: 842 million Dividend per share (HY): 55 cps Operating cash flow: 1.4 billion Capex: 1.5 billion Gearing*:…
Financial Results Lawrie Tremaine Executive VP Finance and CFO 17 August 2011
Production One-off factors contributed to reduced production in 1H 2011 Full-year 2011 production target of 62-64 MMboe 40.0 36.7 (1.3) (1.3) 34.1 (1.6) Production (MMboe) (1.2) 31.9 0.6 20.0 1H 2010 Divestments…
Sales revenue Regional factors driving stronger Brent pricing Greater Enfield Area crudes achieving record premiums to Brent Brent drives JCC price LNG contracts reflect the 3 month lagged JCC price and will benefit from current high…
Lifting costs 1H 2011 1H 2010 Total Lifting costs (A millions) 193 193 Gas Lifting costs (A millions) 78 84 Oil Lifting costs (A millions) 115 109 18 Oil (A/boe) 15.86 Oil lifting costs 16 Gas (A/boe) Cost increase of A6…
Unit gross margin Column height equates to realised price for all products Grey portion shows margin prior to finance costs, income tax and PRRT 1,628 120 Other Depreciation and Amortisation Production Costs Royalties and Excise…
Underlying profit 1H 2010 profit was boosted by the Otway asset sale and a lower effective tax rate After adjusting for significant items, the 1H 2011 underlying profit was 3.6% higher than the prior year 1H 2011 1H 2010 M M…
Reported profit Reported profit down 8.1%, driven by: Increased realised prices across all products, which more than offsets lower sales volumes, less the impact of the Otway sale and functional currency related tax adjustments…
Interim dividend Interim dividend of US55 cps fully franked A fully underwritten dividend reinvestment plan to be offered 90 160 144 Interim Dividend (US cps) 140 Underlying EPS (US cps) 107 120 105 100 86 79 80…
Operating cash flow Record first-half operating cash flow Step change in 2012 2013 with ramp up of Pluto LNG 1,628 5,000 2H 4,500 1H 4,000 Operating cash flow (US million) 3,500 3,224 3,000 2,500 1,887 2,104 2,082…
Funding and debt maturity profile During 1H 2011 5,000 231 Net debt and FFO/Debt 250 700 million 10 year Bond issued at low 4,354 4,000 200 Net Debt (US million) 3,952 158 coupon rate of 4.6% FFO/Debt (%)…
Projects Update and Operational Performance Peter Coleman CEO and Managing Director 17 August 2011
Growth path to enhance shareholder value OPPORTUNITIES (e.g. GOM Deepwater, Laverda, Cimatti) GROWTH (Pluto Expansion, Browse, Sunrise) Value Pluto Train 1 FOUNDATION (NWS, Australia Oil) Time Maximising value from…
Foundation projects performing well NWS 1,628 Karratha Gas Plant reliability 100 90 80 70 Reliability % 60 50 40 30 20 10 0 2008 2009 2010 2011E LNG1,2&3 LNG4 LNG5 Combined Excellent reliability and system…
Maximising value by extending NWS production NRB jacket North Rankin Redevelopment Project Extends North Rankin and Perseus supply Compression enables recovery of 5 Tcf gas (100% project) Utilises existing NWS infrastructure hub…
Foundation projects performing well Australian oil Oil provided a material 36%* revenue contribution Revenue Production Production 4% 3% 3% 15% 20% 15% LNG 31% LNG 37% LNG Pipeline Gas Pipeline Gas 37% Oil Pipeline Gas Oil…
LNG growth - Pluto LNG Train 1 Onshore Commissioning gas safely introduced to onshore plant Gas turbine generators started up, providing electrical power to site Offshore Trunkline, pipelines and flowlines pressurised with…
Pluto commissioning progressing PROJECT ELEMENT 2007 Current Pluto and Xena reserves (dry gas)* 3.89 Tcf 4.84 Tcf Estimated total investment** A12 billion A14.9 billion OFFSHORE COMMISSIONING COMPLETION DATE Trunkline, pipelines and…
Leveraging Pluto footprint for growth Building business case for LNG expansion Equity gas Building volumes, but additional work required Forward program includes additional exploration and appraisal work Focused on delivering…
LNG growth - Browse Browse Front-end engineering and design studies progressing Native Title Agreement signed June 2011, enables James Price Point land access Approvals, including the field development plan and environmental,…
LNG growth - Sunrise Sunrise Actively re-engaging with Timor-Leste and Australian governments Potential to provide Timor- Leste with significant revenue and opportunities for training, jobs, social investment and local…
Pursuing opportunities with active exploration campaign In total, 11 Australian exploration wells are planned to be drilled through to end Q1 2012: Seven* Carnarvon Basin gas wells to support Pluto gas equity expansion Two NWS gas…
Summary NWS strong production continues, driven by excellent system utilisation Australia Oil progressing growth opportunities, material revenue Pluto Train 1 step change in cash flow in 2012 2013 Pluto Expansion building the…
Appendix 17 August 2011
Profit and loss: pre- and post-significant items 1H 2011 1H 2010 Variance % (1) (1) - M M Oil and gas revenues 2,253 2,102 7.2% (2) 1,739 1,691 2.8% EBITDAX Exploration and evaluation expensed (213) (145) - Depreciation and…
NPAT sensitivities Oil price, US1/bbl increase Increase by US8 million Exchange rate, 1 cent increase Decrease by US2 million Numbers provided are for remainder 2011 Slide 33
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