Woodside Announces Segment Reporting Restatement & Other Items

Source: www.gulfoilandgas.com 8/23/2022, Location: Not categorized

Woodside’s half-year 2022 results are scheduled for release on 30 August 2022.

The results will include the first financial statements and reserves and resources update issued for the company following completion of the merger with BHP’s petroleum business (BHPP). Further context on changes to Woodside’s reporting and other items in the half-year 2022 results is provided below.

Segment reporting restatement
The half-year 2022 financial statements will be represented under four segments to align with Woodside’s management and business structure:
• Australia – covers Woodside’s operating assets, exploration and development activities in Australia
• International – covers Woodside’s operating assets, exploration and development activities outside Australia
• Marketing – includes third-party LNG trading activities, activities related to the sale and purchase of Corpus Christi cargoes and LNG optimisation activities
• Corporate/Other – corporate and all other activities unable to be allocated.

To enable a comparison of prior period performance, table A.1 “Segment revenue and expenses” has been restated using the new segments for the full-year 2021, half-year 2021 and full-year 2020 reporting periods.

The restated tables are attached to this announcement and reflect Woodside prior to the merger with BHPP. Woodside also intends to provide supplementary information by project in its half-yearly release which will include operating revenue; earnings before interest and tax (EBIT); earnings before interest, tax and depreciation and amortisation (EBITDA); depreciation and amortisation expense and production costs.

Reserves and resources update
An update to Woodside’s reserves and resources position will be released with the half-year 2022 results and will incorporate the assets acquired as part of the merger. Woodside confirms there are no changes to reservoir outcomes expected in the half-year reserves and resources update compared to Woodside's most recent reserves statement issued in February 2022.

The reserves and resources will apply consistent reporting methodology and conversion factors across the combined portfolio, as outlined in Woodside’s Second Quarter 2022 Report released on 21 July 2022.

All gas products for reserves and resources will be reported in standard cubic feet (scf) and barrels of oil equivalent (boe) based on a conversion factor of 5,700 scf per boe. BHPP previously used 6,000 scf per boe.

Woodside will also estimate and report its Proved Reserves (1P) in accordance with US Securities and Exchange Commission (SEC) reporting requirements. Woodside’s reserves and resource estimates remain compliant with the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS) guidelines.

Half-year LNG production
In the first half of 2022, Woodside produced 4.39 million tonnes of liquefied natural gas (LNG) which is approximately 36.14 million barrels of oil equivalent. The first-half LNG production by facility (Woodside share) was:


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