Full Year 2024 Woodside Energy Group Ltd Earnings Call Transcript
Key Points
- Woodside Energy Group Ltd (WOPEF) reported record annual production of 194 million barrels of oil equivalent, reaching the top end of their full-year guidance range.
- The company achieved a significant net profit after tax of $3.6 billion, marking a substantial increase from the previous year.
- Woodside Energy Group Ltd (WOPEF) declared a fully franked total full-year dividend of USD1.22 per share, at the top of their payout range.
- The company successfully reduced its net equity Scope 1 and 2 emissions by 14% below the starting base, aligning with its climate commitments.
- Woodside Energy Group Ltd (WOPEF) made transformative decisions, including targeted acquisitions and project executions, positioning the company for long-term growth and value creation.
- The tragic death of a construction contractor employee at the Beaumont new ammonia project highlighted ongoing safety challenges.
- Approval delays in 2023 led to the extension of some decommissioning work into 2024, impacting project timelines.
- The company faces potential risks from regulatory delays, particularly concerning the North West Shelf project, which could affect future investments.
- Woodside Energy Group Ltd (WOPEF) experienced a modest 2P reserve cut to the Mad Dog project, raising concerns about subsurface challenges.
- The company's equity has underperformed compared to global and local peers over the last 12 months, raising questions about market confidence.
Thank you for standing by, and welcome to the Woodside Energy Group Limited full-year 2024 results. (Operator Instructions)
I would now like to hand the conference over to Ms. Meg O'Neill, Chief Executive Officer and Managing Director. Thank you. Please go ahead.
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Good morning, everyone, and welcome to Woodside's 2024 full-year results presentation. We are presenting from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal People of the Eora Nation, and pay my respects to their elders past and present.
Today, I'm joined on the call by our Chief Financial Officer, Graham Tiver. Together, we will provide an overview of our full-year 2024 performance before opening up to Q&A. Please take time to read the disclaimers, assumptions, and other important information. I'd like to remind you that all dollar figures in today's presentation are in US dollars unless otherwise
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