2014 half-year results briefing Peter Coleman CEO and Managing Director 20 August 2014
Key achievements Operations Record first half production of 46.5 MMboe 2014 production target range increased to 89 - 94 MMboe Productivity improvement initiatives delivering results Development Browse FLNG on track for our FEED…
Financial headlines Record first half financial results, with increased reliability and realised prices Record operating revenue of 3,551 million, up 24% Record reported Net Profit after Tax of 1,105 million, up 27% Record…
Capital management Strong balance sheet, well positioned for growth 2000 Free cash flow Strong operational performance delivers 1000 Significant free cash flow USm Balance sheet and liquidity to fund growth 0 Free Cash…
Production Record first half production of 46.5 MMboe up 11% 50 0.8 0.1 2.0 1.2 46.5 1.6 2.9 Gains from: 41.9 40 Full half-year of production from the Vincent FPSO 30 Higher reliability at Pluto and NWS MMboe Reduced…
Operating revenue Record first half revenue of 3,551 million up 24% 4,000 114 120 111 109 108 3,551 100 Increased revenue 3,000 from: Average Brent oil price (US/bbl) 78 Operating revenue (USm) 2,857 80 Pluto LNG…
Unit production costs Unit production costs lower due to Pluto spend reduction and Vincent production Gas production costs Oil production costs 250 20.00 164 Total Gas Production Costs (USm) 210 204 18.00 153 Total…
Cash margins Unit cash margins increase with higher realised Pluto pricing and Vincent production Weighted average unit cash margins trend 1H 2014 cash margins 2 11 9 7 11 32 9 9 8 8 7 7 8 4 6 5 11 5 89 61 60 79…
Reported profit Record first half reported profit of 1,105 million up 27% on 1H 2013 Increased sales revenue predominantly due to Pluto 51 234 pricing and reliability and 73 564 Vincent production 175 No impairments in 1H 2014,…
Investment expenditure Investment in exploration is increasing as we execute our strategy 4000 660 506 Pluto 220 million Xena development costs 150m and sustaining capex 20m 3000 600 953 Expenditure (USm) 274 NWS 210…
Liquidity 2.7 billion in cash and 1.6 billion in undrawn facilities available to fund growth Cash and debt position Debt maturity profile 9,000 2,000 1,600 2703 6,000 1,200 USm USm 1600 800 3,000 2014 half-year…
Dividend Record first-half EPS gives rise to a record US111 cent fully franked interim dividend 138 111 Underlying EPS (US cps) 107 Interim dividend (US cps) 105 105 104 80% payout ratio 83 continues Dividend 65…
Segment performance All business units perform strongly Business Unit performance NWS1 Pluto Aus Oil Production volume (MMboe) 22.6 19.3 4.3 NWS contributes 43% of total operating revenue Operating revenue (million) 1,512 1,436 473…
Product pricing Increased volume weighted average realised pricing from increased oil and LNG re- pricing Average realised price Pluto realised pricing increased 36% as All in US/boe 1H 2014 1H 2013 Variance foundation customer…
Consensus 1H 2014 profit and dividend in line with consensus USm NPAT and dividend Consensus Reported Net Profit after Tax 1,114 result is consistent Woodside Reported Net Profit after Tax 1,105 with market expectations Variance…
Underlying NPAT reconciliation Loss on disposal of Gulf of Mexico assets added back to underlying NPAT 1H 2014 1H 2013 Variance MMboe MMboe % Production volume 46.5 41.9 11.0 Sales volume 44.7 41.8 6.9 USm USm Variance % Sales…
2014 half-year results briefing Development updates Peter Coleman CEO and Managing Director
Browse FLNG development Browse development moves closer to FEED Basis of design (BOD) studies nearing completion to mature design parameters and enable optimal development Our FEED entry decision 2H 2014 FID target 2H 2015…
Development pipeline Development projects are progressing to plan 2014 2015 2016 2017 Resource1 1H 2H 1H 2H 1H 2H 1H 2H MMboe Browse 955.62 NWS 133.03 GWF 1 Persephone GWF 2 Lambert Deep Pluto - Xena 36.94 Greater Enfield5…
Global exploration achievements Exploration activities executed across the portfolio in 1H 2014 Four 3D marine seismic surveys completed in Australia: NWS Fortuna targeting 2016 drill ready prospects for NWS back-fill Centaurus…
Executing global exploration growth New country entries evidence the re-balancing and growth of our exploration portfolio During 1H 2014, we were awarded four new blocks in Myanmars Rakhine basin, adding to our existing acreage…
Atlantic Margins Building inventory in unexplored/underexplored emerging systems predominantly oil Ireland Build inventory post 3D for drilling 2015 onwards Proven but underexplored plays Morocco Non-operator or options to…
Sub-Saharan Africa Building strategic footprint with optionality oil focus Targeting oil opportunities recent industry success demonstrates potential Gabon Establish balanced portfolio, exposure Tanzania to materiality with…
Australasia Maximising and extending the core predominantly gas Myanmar Execute drilling plan and test new frontier plays in Australia Build future inventory from new 3D (Australia, Korea, NZ) Focused regional expansion Australia…
Global exploration pipeline Drilling and seismic activities demonstrate strategy execution 2014 2015 Volume1 Q3 Q4 Q1 Q2 Q3 Q4 Drilling Exmouth sub basin Malaguti Large Pluto One well Beagle Basin Two wells Outer Canning Hannover South…
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