Woodside Energy Group Ltd. Files 20-F with Financial Updates and Project Developments

Ticker: WOPEF · Form: 20-F · Filed: Feb 27, 2024 · CIK: 844551

Woodside Energy Group Ltd 20-F Filing Summary
FieldDetail
CompanyWoodside Energy Group Ltd (WOPEF)
Form Type20-F
Filed DateFeb 27, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$1,660 m, $7.8 billion, $1.7 billion, $3.3 billion, $5 billion
Sentimentneutral

Sentiment: neutral

Topics: Woodside Energy, 20-F Filing, Trion Project, Commodity Prices, Restoration Provision

TL;DR

<b>Woodside Energy Group Ltd. filed its 20-F, detailing significant changes in restoration provisions, long-term price forecasts for gas and oil, and capital expenditures, including the FID for the Trion project.</b>

AI Summary

WOODSIDE ENERGY GROUP LTD (WOPEF) filed a Foreign Annual Report (20-F) with the SEC on February 27, 2024. Woodside Energy Group Ltd. reported a 2023 change in restoration provision of $1,111 million due to increased estimates, $237 million from accretion, offset by $447 million in provisions used. Long-term gas prices are projected at US$2.6/MMBtu from 2026 and US$3.2/MMBtu from 2030 (2022 real terms), escalated at 2.0% annually. Long-term oil prices are set at US$70/bbl from 2026 (2022 real terms), escalated at 2.0% onwards. Capital additions totaled $5,317 million in 2023, with $311 million in capitalized borrowing costs and $967 million from restoration provision changes. On June 20, 2023, Woodside made a final investment decision for the Trion resource in Mexico, transferring $274 million in exploration assets to oil and gas properties.

Why It Matters

For investors and stakeholders tracking WOODSIDE ENERGY GROUP LTD, this filing contains several important signals. The filing provides specific long-term price forecasts for natural gas and oil, crucial for investors assessing future revenue streams and project viability. Details on the Trion project's final investment decision and associated asset transfers indicate progress on key growth initiatives.

Risk Assessment

Risk Level: medium — WOODSIDE ENERGY GROUP LTD shows moderate risk based on this filing. The filing contains detailed financial information and forward-looking statements regarding commodity prices and project developments, which are subject to market volatility and execution risks.

Analyst Insight

Investors should analyze the long-term price assumptions and the financial implications of the Trion project FID to assess Woodside's future profitability.

Key Numbers

  • 20231231 — Fiscal Year End (Period of report)
  • 20240227 — Filing Date (Date of submission)
  • 3.8% — Weighted Average Interest Rate (Borrowing costs capitalized)
  • 2.0% — Escalation Rate (Long-term gas and oil prices)
  • $5,317 million — Capital Additions (2023 total)
  • $311 million — Capitalised Borrowing Costs (2023 total)
  • $967 million — Restoration Provision Changes (2023 impact)
  • $274 million — Trion Resource Exploration Assets (Transferred to oil and gas properties)

Key Players & Entities

  • WOODSIDE ENERGY GROUP LTD (company) — Filer
  • WOODSIDE PETROLEUM LTD (company) — Former company name
  • US$2.6/MMBtu (dollar_amount) — Long-term gas price forecast from 2026
  • US$3.2/MMBtu (dollar_amount) — Long-term gas price forecast from 2030
  • US$70/bbl (dollar_amount) — Long-term oil price forecast from 2026
  • $1,111 million (dollar_amount) — Increase in restoration provision estimates in 2023
  • $237 million (dollar_amount) — Accretion in restoration provision in 2023
  • $447 million (dollar_amount) — Restoration provisions used in 2023

FAQ

When did WOODSIDE ENERGY GROUP LTD file this 20-F?

WOODSIDE ENERGY GROUP LTD filed this Foreign Annual Report (20-F) with the SEC on February 27, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by WOODSIDE ENERGY GROUP LTD (WOPEF).

Where can I read the original 20-F filing from WOODSIDE ENERGY GROUP LTD?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WOODSIDE ENERGY GROUP LTD.

What are the key takeaways from WOODSIDE ENERGY GROUP LTD's 20-F?

WOODSIDE ENERGY GROUP LTD filed this 20-F on February 27, 2024. Key takeaways: Woodside Energy Group Ltd. reported a 2023 change in restoration provision of $1,111 million due to increased estimates, $237 million from accretion, offset by $447 million in provisions used.. Long-term gas prices are projected at US$2.6/MMBtu from 2026 and US$3.2/MMBtu from 2030 (2022 real terms), escalated at 2.0% annually.. Long-term oil prices are set at US$70/bbl from 2026 (2022 real terms), escalated at 2.0% onwards..

Is WOODSIDE ENERGY GROUP LTD a risky investment based on this filing?

Based on this 20-F, WOODSIDE ENERGY GROUP LTD presents a moderate-risk profile. The filing contains detailed financial information and forward-looking statements regarding commodity prices and project developments, which are subject to market volatility and execution risks.

What should investors do after reading WOODSIDE ENERGY GROUP LTD's 20-F?

Investors should analyze the long-term price assumptions and the financial implications of the Trion project FID to assess Woodside's future profitability. The overall sentiment from this filing is neutral.

Risk Factors

  • Changes in Restoration Provision Assumptions [medium — financial]: Significant changes in restoration provision estimates, accretion, and usage in 2023 impact financial reporting.
  • Long-Term Commodity Price Forecasts [high — market]: Future revenue is based on projected long-term gas and oil prices, subject to market volatility.

Filing Stats: 4,531 words · 18 min read · ~15 pages · Grade level 11.2 · Accepted 2024-02-27 07:33:36

Key Financial Figures

  • $1,660 m — VALUE We delivered a reported NPAT of $1,660 million, reflecting our strong operationa
  • $7.8 billion — period with liquidity of approximately $7.8 billion. CONSISTENT OPERATIONS We maintaine
  • $1.7 billion — orded an annual net profit after tax of $1.7 billion and an underlying net profit after tax
  • $3.3 billion — d an underlying net profit after tax of $3.3 billion. Based on this, the Board has determine
  • $5 billion — nefit. In 2023, Woodside paid a record A$5 billion to the Australian Government in tax and
  • $14 b — roducts. Operating revenue for 2023 was $14 billion, driving an annual reported net p

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents ANNUAL REPORT 2023 This Annual Report 2023 is a summary of Woodside's operations and activities for the 12-month period ended 31 December 2023 and financial position as at 31 December 2023. Woodside Energy Group Ltd (ABN 55 004 898 962) is the ultimate holding company of the Woodside group of companies. In this report, unless otherwise stated, references to Woodside', the Group', the company', we', us' and our' refer to Woodside Energy Group Ltd and/or its controlled entities, as a whole. The text does not distinguish between the activities of the ultimate holding company and those of its controlled entities. This report contains references to woodside.com, and our Climate Transition Action Plan and 2023 Progress Report. These references are for the readers' convenience only and are not incorporated by reference into this report. Similarly, the content of any other websites referred to in this report does not form part of it. Please refer to section 6.7 - Glossary, units of measure and conversation factors for definitions of terms captured in this report. This document is Woodside's annual report on Form 20-F for the year ended 31 December 2023 (this "Annual Report"). Reference is made to our Australian Annual Report for the year ended 31 December 2023, which has been furnished to the U.S. Securities and Exchange Commission (the "SEC") on a Report on Form 6-K on 27 February 2024 and includes information that has been omitted from

Risk Factors

Risk Factors Section 3.9 4 Information on the Company A History and development of the company Section 1, 3 B Business overview Section 1, 2, 3, 6.2, 6.3 C Organisational structure Section 5.1, Exhibit 8.1 D Property, plants and equipment Section 1.5, 3, 5.1, 6.5 4A Unresolved Staff Comments None 5 Operating and Financial Review Prospects A Operating results Section 1, 2, 3, 5.1, 6.2 B Liquidity and capital resources Section 2.2, 2.3, 6.2 C Research and development, patents and licenses, etc. Section 4.2 D Trend information Section 2.3, 5.1, 6.2 E Critical Accounting estimates IFRS is applied in the Financial Statements 6 Directors, Senior Management and Employees A Directors and senior management Section 4.1 B Compensation Section 4.3 C Board practices Section 4.1 D Employees Section 6.3 E Share Ownership Section 4.3 F Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation Not applicable 7 Major Shareholders and Related Party Transactions A Major shareholders Section 6.4 B Related party transactions Section 4.3, 5.1 (Note E.3) C Interests of experts and counsel Not applicable 8 Financial Information A Consolidated Statements and Other Financial Information Section 2.3, 5.1, 6.2 B Significant Changes Section 5.1 (Note E.5) 9 The Offer and Listing A Offer and listing details Section 6.4, Exhibit 2.1 B Plan of distribution Not applicable C Markets Section 6.4 D Selling shareholders Not applicable E

Dilution

Dilution Not applicable F Expenses of the issue Not applicable 10 Additional Information A Share Capital Not applicable B Memorandum and articles of association Exhibit 2.1 C Material contracts Not applicable D Exchange controls Section 6.4 E Taxation Section 6.4 F Dividends and paying agents Not applicable G Not applicable H Documents on display Section 6.4 I Subsidiary Information Section 5.1 (Note E.8), Exhibit 8.1 11

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk Section 5.1 (Note A, C), 6.3 12

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities A Debt Securities Not applicable B Warrants and Rights Not applicable C Other Securities Not applicable D American Depositary Shares Section 6.4, Exhibit 2.1 13 Defaults, Dividend Arrearages and Delinquencies None 14 Material Modifications to the Rights of Security Holders and Use of Proceeds None 15

Controls and Procedures

Controls and Procedures Section 4.1 16 [Reserved] Not applicable 16A Audit committee financial expert Section 4.1 16B Code of Ethics Section 4.1, Exhibit 11.1 16C Principal Accountant Fees and Services Section 4.1 16D Exemptions from the Listing Standards for Audit Committees Not applicable 2 Table of Contents 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers Section 6.4 16F Change in Registrant's Certifying Accountant Not applicable 16G Corporate Governance Section 4.1 16H Mine Safety Disclosure Not applicable 16I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable 16J Insider Trading Policies Not applicable 16K Cybersecurity Section 4.1, 6.3 17

Financial Statements

Financial Statements Not applicable 18

Financial Statements

Financial Statements Section 5.1, 6.1, 6.2 19 Exhibits Exhibits 3 Table of Contents Contents 1. Overview 1.1 About Woodside 5 1.2 2023 summary 6 1.3 Chair's report 9 1.4 Chief Executive Officer's report 10 1.5 Focus areas 11 2. Strategy and Financial Performance 2.1 Woodside's strategy 13 2.2 Capital management 14 2.3 Financial overview 17 2.4 Energy markets 19 2.5 Business model and value chain 20 3. Our Business 3.1 Australian operations 21 3.2 International operations 23 3.3 Marketing and trading 24 3.4 Projects 25 3.5 Decommissioning 27 3.6 Exploration and development 28 3.7 New energy and carbon solutions 29 3.8 Climate and sustainability 31 3.9

Risk factors

Risk factors 40 3.10 Reserves Statement 48 4. Governance 4.1 Corporate Governance Statement 53 Corporate governance at Woodside 53 Board of directors 54 Board committees 63 Executive Leadership Team 67 Promoting responsible and ethical behaviour 69 Risk management and internal control 71 Inclusion and diversity 73 Other governance disclosures 76 Shareholders 77 4.2 Directors' report 78 4.3 Remuneration Report 82 5.

Financial Statements

Financial Statements 5.1

Financial statements

Financial statements F-1 6. Additional Information 6.1 Supplementary information on oil and gas - unaudited A-1 6.2 Three-year financial analysis A-7 6.3 Additional disclosures A-15 6.4 Shareholder statistics A-28 6.5 Asset facts A-38 6.6 Alternative performance measures A-42 6.7 Glossary, units of measure and conversion factors A-46 6.8 Information about this report A-51 4 Table of Contents 1.1 Overview About Woodside We are a global energy company founded in Australia, providing reliable and affordable energy to help people lead better lives. Driven by a spirit of innovation and determination, we established the liquefied natural gas (LNG) industry in Australia 35 years ago and today supply a growing base of customers. We have reliably delivered gas to homes and businesses in Australia for decades, supporting the development of local industry and driving economic prosperity. Following our merger with BHP's petroleum business in 2022, we have become a larger supplier of energy to the world through an expanded global portfolio. We are contributing to the energy transition by leveraging our track record of reliable operations, strong customer relationships and investing in new energy. Our strategy is to thrive through this transition by developing a low cost, lower carbon, profitable, resilient and diversified portfolio. 1 Our LNG in particular can help customers in Asia's major economies meet their energy security needs, while also supporting their decarbonisation goals. We are also investing in new products and services that can help customers reduce or avoid their emissions. We are working to reduce our net equity Scope 1 and 2 greenhouse gas emissions towards our aspiration of net zero by 2050 or sooner. 2 Our quality global portfolio and strong balance sheet enables us to execute major projects today, while pursuing opportunities that will deliver Woodside's next wave of growth. Thes

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