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01/11 04:04
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reflects strong financial performance with peer-leading EBITDA margins, increased free cash flow, and a commitment to shareholder returns through dividends. The Q&A session provided additional insights into positive project developments and cash flow expectations. Although there were some management responses that were unclear, the overall sentiment remains positive due to robust financial health and strategic project progress, which outweighs any uncertainties.
Total Revenue $3.6 billion, a significant increase from 2023 due to record production and strong operational performance.
Earnings Per Share (EPS) U.S. 189 cents, an increase from the previous year driven by higher net profit.
Net Profit After Tax $3.6 billion, a significant increase from 2023 attributed to strong production and cost control.
Underlying Net Profit After Tax $2.9 billion, reflecting improved operational efficiency and production performance.
Unit Production Cost $8.10 per barrel of oil equivalent, reduced due to increased efficiency despite inflationary pressures.
EBITDA Margin 70%, a peer-leading margin supported by strong cost control and production performance.
Free Cash Flow $1 billion, increased when excluding the impact of acquisitions and divestments, driven by strong cash generation.
Dividend U.S. 122 cents per share, reflecting a commitment to shareholder returns and positioned at the top of the payout range.
Cash Margin Above 80%, sustained for four consecutive years, indicating strong cash flow generation.
Social Contribution Spend $35.4 million Australian dollars, reflecting Woodside's commitment to community investments.
Local Economic Injection More than $7.9 billion, including $5.1 billion in Australia, demonstrating the economic impact of Woodside's operations.
Sangomar Project: Outstanding performance at Sangomar drove record annual production in 2024 of 194 million barrels of oil equivalent.
Beaumont New Ammonia Project: Phase one of our Beaumont New Ammonia project was 83% complete, targeting first ammonia production in the second half of 2025.
Scarborough Project: Scarborough Energy project is 80% complete and on track for first LNG cargo in 2026.
Trion Project: Trion remains on track for first oil in 2028, with all major contracts awarded and construction phase commenced.
Louisiana LNG Development: Acquisition of Tellurian and Louisiana LNG development positions Woodside as a global LNG powerhouse.
LNG Demand: Emerging Asia is expected to be a key driver of LNG demand, with significant opportunities for suppliers.
Long-term Supply Agreements: New long-term supply agreements executed with major Asian energy customers reflect ongoing robust demand for LNG.
Supply Gap: A significant supply gap is expected to emerge in the 2030s, leading to a strong price environment for LNG.
Production Cost: Unit production cost reduced to $8.10 per barrel of oil equivalent.
Net Profit: Net profit after tax of $3.6 billion, a significant increase from 2023.
Cash Flow Generation: Strong cash flow generation with a cash margin above 80% sustained for four years.
Asset Swap with Chevron: Australian asset swap agreement with Chevron consolidates focus on operated LNG assets.
Focus on High-Quality Partners: Attracting high-quality partners for Scarborough and Louisiana LNG projects to maximize shareholder value.
Streamlining Asset Base: Streamlining of Woodside's asset base to prioritize activities that deliver maximum value for shareholders.
Safety Risks: The tragic death of a construction contractor employee at the Beaumont New Ammonia project in October 2024 highlights the need for constant vigilance and improvement in safety performance.
Regulatory Risks: Awaiting federal approval for the Northwest Shelf project, which is crucial for ongoing reliable supply.
Market Volatility: Periods of heightened market volatility, as experienced in 2022, demonstrate the risks associated with fluctuating energy prices and demand.
Supply Chain Challenges: Project delays are causing a significant supply growth shortfall, with almost 30 million tons per annum of supply growth slipping beyond the end of the decade.
Economic Factors: Inflationary pressures have impacted unit production costs, although the company has managed to keep costs down.
Investment Risks: The need for disciplined capital allocation and the potential impact of acquisitions and divestments on free cash flow.
Record Production: Achieved record annual production of 194 million barrels of oil equivalent, at the top end of the full year guidance range.
Growth Projects: Significant progress on major growth projects at Scarborough and Trion, with expectations for a 4% to 5% compound annual growth rate for portfolio sales from 2024 to 2030.
Acquisitions: Acquisition of Beaumont New Ammonia and Tellurian's Louisiana LNG development, positioning Woodside as a global LNG powerhouse.
Safety Initiatives: Focus on strengthening safety culture and improving systems, with a positive safety record at key projects.
Sustainability Goals: Reduced net equity Scope 1 and 2 emissions by 14% below the starting base, on track to meet 2025 and 2030 targets.
Future Cash Flow: Expect significant free cash flow generation following the startup of Sangomar and the online status of Beaumont New Ammonia, Scarborough, Trion, and Louisiana LNG.
Dividend Policy: Targeting a dividend payout ratio at the top of the range, with a fully franked total full year dividend of U.S. 122 cents per share.
Financial Performance: Projected strong cash flow generation with a cash margin above 80%, and a peer-leading EBITDA margin of 70%.
Capital Management: Maintaining a gearing range of 10% to 20% through the cycle, with flexibility to balance growth and shareholder returns.
Market Outlook: Strong demand for LNG expected to continue, with a significant supply gap emerging in the 2030s.
Total Full Year Dividend: U.S. 122 cents per share, fully franked, at the top of the payout range.
Full-Year Yield: 8% at year-end.
Cash Proceeds from Sell-Downs of Scarborough: $2.3 billion.
Free Cash Flow (excluding acquisitions/divestments): $1 billion.
The earnings call summary presents several challenges: construction delays, unclear sell-down and offtake plans, and significant restoration costs. The Q&A reveals management's lack of clarity on key issues like the MOU with Aramco and CapEx discrepancies. Despite a strong LNG market and operational cash flows supporting an 80% dividend payout, the overall sentiment is negative due to uncertainties and risks in decommissioning and unclear strategic partnerships.
The earnings call reflects strong financial performance with peer-leading EBITDA margins, increased free cash flow, and a commitment to shareholder returns through dividends. The Q&A session provided additional insights into positive project developments and cash flow expectations. Although there were some management responses that were unclear, the overall sentiment remains positive due to robust financial health and strategic project progress, which outweighs any uncertainties.
The earnings call reveals strong financial performance with a net profit of $1.9 billion, reduced unit production costs, and a high cash margin. The interim dividend and free cash flow are robust, and the company has a positive cash position from asset sales. Despite some risks, such as gearing potentially exceeding targets due to acquisitions, management shows confidence in achieving project budgets. The Q&A section indicates cautious optimism and a strategic approach to future challenges. Overall, the financial health and shareholder return plan suggest a positive sentiment, likely leading to a stock price increase.
Basic Financial Performance: 4 (strong cash flow, reduced costs, but gearing concerns). Product Development and Business Update: 4 (growth in LNG, but some uncertainties). Market Strategy: 3 (no clear priorities for Browse vs. Sunrise). Expenses and Financial Health: 4 (strong cash margin, but gearing above target). Shareholder Return Plan: 4 (healthy dividend, but concerns on maintaining payout). Q&A insights suggest positive sentiment towards growth and cost management, though some unclear responses on future contracts and reliability. Overall, a positive outlook with strong financials and optimistic growth guidance.
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