Woodside Energy Group Ltd Announces 2023 full-year guidance

Announcement

PERTH, AUSTRALIA / ACCESSWIRE / November 29, 2022 / Woodside has completed a review of its 2023 corporate plan, including cost, production and sales forecasts. As a result, the following guidance is provided.

Foto: Accesswire

Capital expenditure

Woodside's full-year 2023 capital expenditure guidance is US$6.0 - 6.5 billion, assuming no change to current participating interests. The approximate split by activity area is:

Sangomar[1]	~20%
Scarborough[2]	~50%
Gulf of Mexico and Caribbean	~15%
Australia, Corporate and Other[3]	~15%

Production

Woodside's full-year 2023 production guidance is 180 - 190 million barrels of oil equivalent (MMboe). Key factors influencing this range are:

• Sangomar Field Development Phase 1 is targeting first oil in late 2023. No credit is taken for any production in 2023.
• Mad Dog Phase 2 is undergoing commissioning and Woodside assumes for production guidance purposes a start-up in mid-2023.
• A major turnaround is planned at Pluto LNG in Q2 2023 with an expected duration of approximately four weeks.

The approximate split by product type is:

LNG	MMboe	83 - 85
Pipeline gas	MMboe	40 - 42
Crude and condensate	MMboe	50 - 55
Natural gas liquids	MMboe	7 - 8
Total	MMboe	180 - 190

In July 2022, Woodside updated its methodology for calculating the barrels of oil equivalent (boe) for its products, applying a single volumetric conversion factor across the entire post-merger portfolio. Natural gas liquids are reported on a liquid volume basis. All gas products are calculated on a volumetric basis with a conversion factor of 5,700 standard cubic feet (scf) per boe. Woodside previously used product-specific conversion factors on an energy basis. BHP Petroleum previously used 6,000 scf per boe.^[4]