Gordon Ramsay

Gordon Ramsay requested more details on the dry dock maintenance for some Australian oil assets mentioned on slide eight, specifically asking about the assets involved and the expected downtime.

Answer

Acting CEO Liz Westcott explained that periodic turnarounds, including dry docks for FPSOs, are a normal part of Woodside's maintenance program, typically occurring on a five-year cycle. She declined to provide specific asset names or downtime details on the call, offering to follow up offline.

Gordon Ramsay asked about Woodside's plans for Beaumont New Ammonia Project Phase 2, its dependence on securing contracts for clean ammonia sales, and the potential for project slowdown if premium prices are not achieved due to a lack of global legislation. He also requested more details on the dry dock maintenance for Australian oil assets mentioned on Slide 8, specifically which assets are involved and the expected downtime.

Answer

Meg O'Neill (CEO and Managing Director, Woodside Energy Group) stated that the current focus is on Phase 1 of Beaumont and understanding customer appetite for lower carbon ammonia in the US, Europe, and Asia Pacific. She noted that demand uptake for lower carbon ammonia has been slower than forecast, which will influence the timing of a Phase 2 development. While Phase 2 would be economically advantaged, it requires a clear customer market and must meet Woodside's capital allocation framework. Regarding dry dock maintenance, Meg O'Neill confirmed that two Australian oil assets would undergo dry dock maintenance this year as part of a normal 5-year cycle for FPSOs. She declined to name specific assets or provide exact downtime on the call but offered to follow up offline.

Gordon Ramsay from RBC Capital Markets inquired about the Sangomar field's performance, specifically asking for an update on the injector-producer pairs in the S-400 sand units and the potential timeline for a Phase 2 development. He also asked for details on the drivers behind the reduction in unit production costs.

Answer

CEO & Managing Director Meg O’Neill confirmed positive signs and a reserve add from the S-400 sands, noting the company will need 12-24 months of production data to inform a Phase 2 decision, which would leverage existing FPSO infrastructure. Regarding costs, she credited the 'star' performance and low unit cost of Sangomar, alongside business-wide cost reduction efforts and some one-off reductions in the U.S., for the improved guidance.