2010 Half Year Results Briefing Don Voelte MD and CEO 18 August 2010
Financial headlines All amounts are in US dollars unless otherwise stated Reported NPAT: 901 million Underlying NPAT: 813 million Revenue: 2,102 million Operating cash flow: 1,009 million Earnings per share: 117 cps Dividend per…
Operational headlines Production volume: 36.7 MMboe NWSV daily production record Sales volume: 36.0 MMboe Safety: 4.89 TRCF* 0.82 LTIF* Staff turnover: 5.0% * TRCF = Total recordable case frequency per million hours worked *…
Project headlines North West Shelf Venture North Rankin Redevelopment project on schedule and budget Oil Redevelopment project on schedule and budget Australian Oil Infill opportunities successful and continuing Pluto Foundation:…
Financial Results Mark Chatterji EVP and CFO 18 August 2010
Production Production (MMboe) 29.9 35.0 36.5 40.1 36.7 1H 2006 1H 2007 1H 2008 1H 2009 1H 2010 Woodside 1H 2010 Production 2010 full year production guidance Declining oil production, due to natural field…
Lifting costs per boe Oil Gas 10 Lifting Costs (US/boe) 8 8.91 6 6.62 6.77 4 4.62 4.92 3.35 3.00 2 2.46 2.66 1.83 0 FY 2006 FY 2007 FY 2008 FY 2009 1H 2010 Oil lifting costs increased due to Gas lifting costs…
Operating cashflow 1,500 Operating cashflow (US million) 656 (29) (40) 10 1,009 412 0 2009 1H Revenue Net interest paid Working capital Tax paid 2010 1H Operating and other Operating cashflow cashflow Slide 10
Profit (US million) 0 1,800 20 09 Pr 1H ic e 646 /F X im pa Vo ct lu 835 m e im pa ct H (151) ed g e lo ss C Reported profit (28) os t of sa le O s th (142) er i nc o m O e…
Impact of significant items on profit Net profit after tax - before significant items 1H 2010 1H 2009 m m Underlying NPAT 813 646 Add/(subtract) significant items after tax Gain on sale of Otway 149 - Impact of functional currency…
Business environment and strategy Business Environment Future Growth Options Remains challenging LNG Global Value But manageable LNG Growth Experience Foundation Business business Execution capability Time Industrial…
Australian oil past 5 years performance Financial Performance 100 1,000 Revenue per Boe Nganhurra - Enfield Cumulative cashflow Stybarrow Cummulative Cashflow ( MM) Revenue per Barrel (/bbbl) 50 500 - 0 2005 2006…
Australian oil ongoing opportunities Operational Performance Increased reservoir performance Over 90% availability across oil assets delivering reliable production Two Vincent phase II infill wells onstream in 1H 2010 Vincent…
NWSV strong operational performance Increased production from capacity improvements on LNG5 Additional stabiliser 6 processing capacity Additional Frac 3 capacity Trains 1-3 reliability over 97% Daily production records recently…
NWSV stronger financial performance NWS Revenue 1H 2006 - 2010 1,000 1,500 Record 1H 2010 revenue Total Sales Revenue (US Million) Sales Revenue (US Million) 1,000 Record 1H 2010 profit after tax 500 Return on capital…
NWSV ensuring future supply NWS Oil Redevelopment Project Conversion, completion and commissioning of the Okha continues On budget and schedule for Q1 2011 completion Currently 83% complete North Rankin Redevelopment Project Jacket…
Pluto foundation approaching the home straight Scope Currently 92% complete Schedule and cost End February 2011 Targeting start-up of Pluto LNG processing facility End March 2011 Targeting first LNG Schedule targets are…
Pluto foundation self contained and self sustaining Project economics since FID Increase in NPV Increase in P90 Reserves (over 25%) Pluto will have a significant impact on Woodside when up and running, generating: Approximately 40%…
Pluto foundation offshore transition to commissioning Platform in place and 4 wells complete Platform hook-up and completions base scope of work completed July 2010 Commissioning underway with 25 of 32 systems accepted…
Pluto foundation onshore September 2009 Slide 26
Pluto foundation onshore June 2010 Slide 27
Pluto foundation onshore major construction milestones achieved All 264 modules for the LNG plant have arrived from Thailand Final key heavy lifts have been completed 145 systems mechanically complete Central control room…
Pluto foundation onshore commissioning commenced 49 systems ready for use Plant air compressors operational Plant has self sufficient power through permanent diesel generation Substations all online LNG storage tanks under…
Pluto foundation meeting Indigenous and heritage targets Heritage performance Two heritage site audits undertaken in 2010 with Traditional Custodian participation No reportable heritage incidents Indigenous employment 130…
Pluto expansion update Foundation project at FID assumed: Scope for 3 trains in total Other LNG projects competing with Woodside for contractors and resources Exploration drilling program would essentially be complete at this time…
Pluto expansion active drilling program WA-353-P Cazadores North Hub WA-389-P, earning 65% WA-347-P WA-389-P Cazadores WA-348-P South Hub WA-404-P Dalia South-1 unsuccessful Central Hub Claudius Hub Martell-1 Larsen-1…
Pluto expansion central hub success Delamain WA- 404 -P (Woodside 50%) Hine-1 N Camus Five wells drilled Moyet Martell-1 Noblige-1 - Martell, Larsen, Noblige & Larsen Deep - Gas Larsen-1 Larsen Deep-1 - Hine - dry…
Pluto expansion outer hubs encouraging 3D representation of Triassic structure Cazadores Hub Dalia South 1 unsuccessful Alaric Tiberius Claudius Hub Two wells drilled Alaric 1 results exciting - Stacked Triassic reservoirs -…
Pluto expansion active exploration and appraisal plan 2010 2011 Rigs Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept WA-404-P WA-348-P WA-404-P Pluto Dev Appraisal…
Pluto expansion equity gas resource schematic Current Position 9000 Gas volume range for second 8000 expansion LNG Train 7000 Recoverable Gas Volumes Sum of Discovered Cummulative MSV which may arise 6000 P10 Volumes from…
Pluto expansion inner and central hubs Inner and Central Hub Volume Potential 9000 Gas volume range for second 8000 expansion LNG Train Recoverable Gas Volumes 7000 6000 Sum of Discovered P10 Volumes 5000 Gas volume…
Pluto expansion outer hubs Outer Hubs Volume Potential 9000 8000 Position of vertical line does not include Alaric results Recoverable Gas Volumes 7000 6000 5000 Required volumes for additional Train 4000 3000…
Pluto expansion third party gas resources NWS LNG Hub Pluto LNG Hub Devil Creek Domgas Scarborough Wheatstone LNG Hub Gorgon LNG Hub LNG Hub Hess WA- 390-P Varanus Domgas Hub Slide 39
Pluto expansion third party infrastructure opportunities Site can accommodate 4 additional trains Existing infrastructure also has excess capacity Excess capacity may be sold to ORO parties or reserved for potential equity gas…
Pluto expansion - summary Pluto: 5 LNG train footprints confirmed Exploration program fully engaged Maersk Discoverer and Ocean America now drilling 6 discoveries from first 10 prospects A further 6 wells in 2010 and at least 6…
Sunrise - building momentum Agreed contingent resource volumes of 5.13 Tcf dry gas, 226 MMstb condensate Treaties between Australia and Timor-Leste provide a clear set of rules Multiple development options fully evaluated…
FLNG a good fit for Sunrise Sunrise is well suited to Floating LNG moderate reservoir size ( 5 Tcf gas) benign sea conditions in the Timor Sea Timor Sea Treaty contemplates FLNG for Sunrise Sunrise utilises Shell FLNG FLNG…
Sunrise recent developments Engineering in support of BOD is ongoing Shell is continuing a generic FEED on FLNG Woodside continues to engage with regulators and governments to progress the development of Greater Sunrise Woodside…
Browse significant progress made Over past 18 months Retention Lease renewal offers unanimously accepted by JVP James Price Point unanimously selected by JVP as onshore development site Engineering reference cases produced BOD…
Browse schedule to FID 2009 2010 2011 2012 Heads of Retention Final Agreement Leases BOD FEED Investment with KLC & granted Decision State signed This briefing Slide 46
Browse offshore development concept Foundation development based on Brecknock and Calliance fields, followed by phased Torosa development Deepwater dry tree units configured for subsea tieback Central gas processing and Dry Tree…
Browse onshore development concept Up to three LNG processing trains with capacity of 12mtpa 280,000 cu.m LNG storage, 300,000 cu.m condensate storage Integrated marine facility for module offloading, supply vessels and LNG…
Browse an opportunity for Australia, WA and the Kimberley Heads of Agreement signed between the State of Western Australia, Kimberley Land Council and Woodside Woodside remains committed to engaging in good faith negotiations and…
Two discoveries Wheatstone August 2004 Partial Licence Award Relinquishment 1994 2002 2003 2004 2005 Wheatstone Discovery Pluto March 2005 Licence Award 23/12/2005 2003 2004 2005 Pluto Discovery Slide 50
Two sites Pluto FID 27 July 2007 Ashburton North Wheatstone Slide 51
Two projects Pluto 92% Complete Ashburton North - Wheatstone Slide 52
Summary Excellent first half results Foundation business delivering outstanding performance Pluto foundation on track Pluto expansion still on the agenda Browse momentum maintained Sunrise building momentum Woodside on track…
Appendix 18 August 2010
Profit and loss: pre- and post-significant items 1H 2010 1H 2009 % change Oil and gas revenues 2,102 1,446 45.4% (1) EBITDAX 1,691 1,460 15.8% Exploration and evaluation expensed (145) (119) 21.8% Depreciation and amortisation…
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