Woodside Energy Group Ltd (WDS) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Woodside Petroleum Limited Full Year 2021 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Mr. Meg O'Neill, CEO and Managing Director. Thank you. Please go ahead.

美好的一天，感謝您的支持。歡迎參加伍德賽德石油有限公司 2021 年全年業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，首席執行官兼董事總經理 Meg O'Neill 先生。謝謝你。請繼續。

Good morning, everyone, and thank you for joining us for our 2021 full year results.

大家早上好，感謝您加入我們的 2021 年全年業績。

I would like to begin by acknowledging the traditional custodians of the land from which we are presenting today, the Noongar Whadjuk people, and pay my respects to their elders past, present and emerging. I also extend my respect to all other aboriginal nations, the future generations and their continued connection to country.

首先，我要感謝我們今天所呈現的土地的傳統守護者，Noongar Whadjuk 人，並向他們過去、現在和新興的長者致以我的敬意。我也向所有其他土著民族、後代以及他們與國家的持續聯繫表示敬意。

As you would have seen this morning, we released our annual report and full year results briefing pack to the ASX, along with our sustainable development report and our climate report.

正如您今天早上所看到的，我們向 ASX 發布了年度報告和全年業績簡報包，以及我們的可持續發展報告和氣候報告。

I'd like to welcome our new Chief Financial Officer, Graham Tiver, who is on the call today. Graham started with us on the first of February, joining us from BHP, where he previously held the results of Group Financial Controller with responsibility for BHP's global accounting and reporting function and for financial improvement. Together, Graham and I will provide an overview of our 2021 financial, operational and strategic performance before opening up the call to a Q&A session.

我想歡迎我們的新任首席財務官 Graham Tiver，他今天在電話會議上。 Graham 於 2 月 1 日加入我們，他曾在 BHP 擔任集團財務總監，負責 BHP 的全球會計和報告職能以及財務改進。在開啟問答環節之前，格雷厄姆和我將一起概述我們 2021 年的財務、運營和戰略績效。

Please note the disclaimer on Slide 2, advising that this presentation does include some forward-looking statements and that our reported numbers are all in U.S. dollars.

請注意幻燈片 2 上的免責聲明，建議本演示文稿確實包含一些前瞻性陳述，並且我們報告的數字均以美元為單位。

On Slide 3, 2021 has been a transformative year for Woodside. On nearly every metric, this is our best financial performance since 2014. And strategically, it is perhaps our most significant year on record. We have taken several strategic decisions, which position Woodside for a bright future. We agreed the merger with BHP's Petroleum business, took final investment decision on Scarborough and Pluto Train 2, agreed to sell down Pluto Train 2 and announced the target to invest $5 billion in new energy products and lower carbon services by 2030.

在幻燈片 3 上，2021 年對伍德賽德來說是變革性的一年。從幾乎每一個指標來看，這都是我們自 2014 年以來最好的財務表現。從戰略上講，這可能是我們有記錄以來最重要的一年。我們已經做出了幾項戰略決策，使伍德賽德的未來更加光明。我們同意了與必和必拓石油業務的合併，對士嘉堡和冥王星列車 2 做出最終投資決定，同意出售冥王星列車 2，並宣佈到 2030 年投資 50 億美元用於新能源產品和低碳服務的目標。

We have been able to capitalize on the strong rebound in market conditions, and our financial results reflect this. We reported a net profit after tax of $1.98 billion and an underlying NPAT of $1.62 billion. The Directors have declared a full year total fully franked dividend of USD 1.35 per share, representing an 80% payout ratio of underlying NPAT.

我們已經能夠利用市場狀況的強勁反彈，我們的財務業績也反映了這一點。我們報告的稅後淨利潤為 19.8 億美元，基礎 NPAT 為 16.2 億美元。董事已宣布全年每股 1.35 美元的全額免稅股息，相當於基本 NPAT 的 80% 派息率。

Moving to Slide 4. We have delivered solid operational performance and been able to capture the benefit of improved market conditions. We achieved a very healthy average portfolio realized price of $60.30 per barrel of oil equivalent, underpinned by the significant increase in oil and gas prices through the year and increased trading activity to capture incremental benefits. Our strong operating revenue of just under $7 billion is almost double what we have in 2020. The higher operating revenue has resulted in a large increase in free cash flow to $851 million, up 424% from 2020.

轉到幻燈片 4。我們提供了穩健的運營業績，並能夠從改善的市場條件中獲益。我們實現了非常健康的平均投資組合實際價格為每桶石油當量 60.30 美元，這得益於全年石油和天然氣價格的大幅上漲以及交易活動的增加以獲取增量收益。我們強勁的營業收入略低於 70 億美元，幾乎是 2020 年的兩倍。較高的營業收入導致自由現金流大幅增加至 8.51 億美元，比 2020 年增長 424%。

This is a great result considering our major project expenditure of approximately $2.3 billion, which includes the FID payments made for Scarborough. You'll recall that we define free cash flow as cash flow from operating activities less cash flow from investing activities, including all major capital expenditure.

考慮到我們大約 23 億美元的主要項目支出，其中包括為士嘉堡支付的 FID 款項，這是一個很好的結果。您會記得我們將自由現金流定義為經營活動產生的現金流減去投資活動產生的現金流，包括所有主要資本支出。

Our production was 91.1 million barrels of oil equivalent, down from the record production we achieved in 2020. Production was impacted by adverse weather events, natural field decline and increased planned maintenance.

我們的產量為 9,110 萬桶油當量，低於我們在 2020 年實現的創紀錄產量。產量受到惡劣天氣事件、自然油田衰退和計劃維護增加的影響。

On our facilities, we continue to maintain strong LNG reliability. The Pyxis Hub and Julimar-Brunello Phase 2 projects, which provide additional gas to Pluto and Wheatstone, respectively, were both delivered ahead of schedule and under budget. Our focus on cost is paying off at the Northwest shelf, where we achieved a 14% reduction in underlying operating cost.

在我們的設施上，我們繼續保持強大的液化天然氣可靠性。 Pyxis Hub 和 Julimar-Brunello Phase 2 項目分別為 Pluto 和 Wheatstone 提供額外的天然氣，均提前交付且低於預算。我們對成本的關注在西北貨架得到了回報，我們在那裡實現了 14% 的基本運營成本降低。

I'd like to address our health and safety performance on Slide 5. While we had 0 Tier 1 or Tier 2 process safety events, we have seen a disappointing increase in personal injury rates in 2021, with our total recordable injury rate increasing to 1.74 per million work hours. We have had some challenges as a result of COVID-19, which have resulted in disruptions to workforce continuity and capability. One of our priorities for 2022 is to return to leading personal safety performance.

我想在幻燈片 5 上討論我們的健康和安全表現。雖然我們有 0 次 1 級或 2 級過程安全事件，但我們看到 2021 年人身傷害率令人失望地增加，我們的總可記錄傷害率增加到 1.74每百萬工時。由於 COVID-19，我們遇到了一些挑戰，這導致了勞動力連續性和能力的中斷。我們 2022 年的首要任務之一是恢復領先的人身安全績效。

On Slide 6, you will see the impact of the significant increase in oil and gas prices throughout 2021. Using proactive portfolio optimization, including weighting our LNG spot exposure to the first and fourth quarters to align with the Northern Hemisphere winter, we have been able to capture the favorable market conditions and deliver an annual average realized price of $60.30 per barrel of oil equivalent, the highest we've seen in 7 years.

在幻燈片 6 中，您將看到整個 2021 年石油和天然氣價格大幅上漲的影響。通過積極優化投資組合，包括將我們的 LNG 現貨敞口加權到第一季度和第四季度以與北半球冬季保持一致，我們已經能夠抓住有利的市場條件並實現每桶石油當量 60.30 美元的年均實現價格，這是我們 7 年來看到的最高價。

The table in the bottom left-hand corner shows the increases in realized prices for our products from 2020 to 2021. Oil prices continued to climb in 2022. And this week, Brent touched $96 per barrel.

左下角的表格顯示了我們產品從 2020 年到 2021 年的實際價格上漲情況。油價在 2022 年繼續攀升。本週，布倫特原油觸及每桶 96 美元。

We look at a range of different published energy demand forecasts to help inform our investment decisions, and it's clear that demand for our primary products will remain strong for decades. Significant investment is required to ensure the world has access to reliable and affordable energy through the energy transition. The current high prices for oil and LNG gives confidence as we increase our investments in future production.

我們查看了一系列不同的已發布能源需求預測，以幫助為我們的投資決策提供信息，很明顯，對我們的初級產品的需求將在幾十年內保持強勁。需要大量投資來確保世界通過能源轉型獲得可靠和負擔得起的能源。隨著我們增加對未來生產的投資，目前石油和液化天然氣的高價使我們充滿信心。

Moving to Slide 7 and the merger, one of the key strategic achievements of 2021. The proposed merger with BHP's Petroleum business is transformative, and this slide explains the key reasons for this. The merger will deliver increased scale, diversity and resilience to better navigate the energy transition and provide the financial strength to fund plant developments in the near term, investment in future energy opportunities and return value to shareholders through the cycle. Completion of the merger is targeted for early June following a shareholder vote, which is planned to be held together with our 2022 Annual General Meeting on the 19th of May.

轉到幻燈片 7 和合併，這是 2021 年的關鍵戰略成就之一。與必和必拓石油業務的擬議合併具有變革性，這張幻燈片解釋了其中的關鍵原因。此次合併將帶來更大的規模、多樣性和彈性，以更好地駕馭能源轉型，並提供財務實力來為近期的工廠開發、對未來能源機會的投資以及在整個週期內為股東帶來回報。在股東投票後，合併的目標是在 6 月初完成，該投票計劃與 5 月 19 日與我們的 2022 年度股東大會一起舉行。

On to Slide 8. And as I observed at our investor update in December, we understand environmental, social and governance performance is integral to our success. A responsible ESG mindset is core to a high-performing culture and is part of our strategic framework. ESG covers a broad range of topics, and I'd like to highlight a few of our activities in 2021.

轉到幻燈片 8。正如我在 12 月的投資者更新中觀察到的那樣，我們了解環境、社會和治理績效是我們成功不可或缺的一部分。負責任的 ESG 思維方式是高績效文化的核心，也是我們戰略框架的一部分。 ESG 涵蓋了廣泛的主題，我想強調一下我們在 2021 年的一些活動。

Under environmental, we continued support for the Burrup air monitoring program and we've worked with customers to sell carbon offset cargoes, demonstrating how we're helping our customers meet their emission reduction goals.

在環境方面，我們繼續支持 Burrup 空氣監測計劃，並與客戶合作銷售碳補償貨物，展示我們如何幫助客戶實現減排目標。

Under social, we launched a new 5-year social investment strategy and invested AUD 20.3 million in the community in 2021.

在social下，我們啟動了新的5年社會投資戰略，2021年在社區投入了2030萬澳元。

And under governance, we released our working respectfully policy, confirming our shared commitment to a safe, inclusive and respectful working environment. Our sustainable development report, which we released today, provides detailed information on Woodside's sustainability approach and achievements.

在治理下，我們發布了尊重工作的政策，確認了我們對安全、包容和尊重工作環境的共同承諾。我們今天發布的可持續發展報告提供了有關伍德賽德可持續發展方法和成就的詳細信息。

Moving to Slide 9. In 2021, we articulated our plan for a lower carbon future. Our strategy is twofold. First, we will reduce our net equity Scope 1 and 2 greenhouse gas emissions; and second, we will invest in the products and services our customers need as they decarbonize. We are targeting a reduction in net equity Scope 1 and 2 greenhouse gas emissions by 15% by 2025 and 30% by 2030 towards a net zero aspiration by 2050 or sooner. We can achieve these targets in 3 ways: by avoiding emissions through design of our facilities, reducing emissions through operational practices and improvements and by offsetting for the remainder.

轉到幻燈片 9。2021 年，我們闡述了我們的低碳未來計劃。我們的策略是雙重的。首先，我們將減少我們的淨權益範圍 1 和 2 溫室氣體排放；其次，我們將投資於客戶在脫碳時需要的產品和服務。我們的目標是到 2025 年將淨權益範圍 1 和範圍 2 溫室氣體排放量減少 15%，到 2030 年減少 30%，以實現到 2050 年或更早實現淨零排放。我們可以通過 3 種方式實現這些目標：通過設施設計避免排放，通過運營實踐和改進減少排放，以及抵消其餘部分。

In 2021, we achieved a 10% reduction on our 2016 to 2020 gross annual average emissions, and we are on track to deliver -- we are on track to achieve our 2025 target of a 15% reduction. To help build and support a market for the products and services needed by our customers, we have set a target to invest $5 billion in new energy products and lower carbon services by 2030. We have several new energy opportunities, which we are progressing in support of this goal.

2021 年，我們在 2016 年至 2020 年的年平均總排放量上實現了 10% 的減少，我們正在按計劃實現——我們有望實現 2025 年減少 15% 的目標。為了幫助建立和支持客戶所需產品和服務的市場，我們設定了到 2030 年投資 50 億美元用於新能源產品和低碳服務的目標。我們有幾個新能源機會，我們正在支持這些機會這個目標的。

In summary, Slide 10 outlines our strategy to thrive through the energy transition by developing a low-cost, lower carbon, profitable, resilient and diversified portfolio. 2021 has been a strong year financially, and we have made a number of key strategic decisions to set us on a path to delivering ongoing shareholder value.

總之，幻燈片 10 概述了我們通過開發低成本、低碳、盈利、彈性和多元化的投資組合來在能源轉型中蓬勃發展的戰略。 2021 年在財務上是強勁的一年，我們做出了許多關鍵的戰略決策，以使我們走上實現持續股東價值的道路。

Graham will now take you through the financial update in closer detail.

格雷厄姆現在將帶您更詳細地了解財務更新。

Thank you, Meg, and good morning, everyone. Before I begin, I'd like to say how excited I am to join Woodside at this pivotal time, and I look forward to meeting many of you over the coming weeks.

謝謝你，梅格，大家早上好。在我開始之前，我想說在這個關鍵時刻加入伍德賽德我是多麼興奮，我期待在接下來的幾週內與你們中的許多人會面。

Let me kick off with Slide 12, which speaks to our strong business fundamentals. A feature of the macroeconomic environment in 2021 was the strong recovery of oil and gas prices, underpinning our operating revenue and our annual average realized price of $60.30 per barrel of oil equivalent. We recorded very strong free cash flow of $851 million, even with the increased major project expenditure on Scarborough, Pluto Train 2 and Sangomar. Meg announced the new capital allocation framework at the 2021 investor update in December, reiterating our commitment to disciplined capital allocation, which is something I'm very passionate about. We also agreed the sell-down of a 49% share of Pluto Train 2 to Global Infrastructure Partners, and we will continue to review the appropriate participating interest for our other assets.

讓我從幻燈片 12 開始，它說明了我們強大的業務基礎。 2021 年宏觀經濟環境的一個特點是石油和天然氣價格的強勁復甦，支撐了我們的營業收入和每桶石油當量 60.30 美元的年均實現價格。我們錄得非常強勁的 8.51 億美元自由現金流，即使斯卡伯勒、冥王星火車 2 和桑戈馬的主要項目支出增加。 Meg 在 12 月的 2021 年投資者更新中宣布了新的資本配置框架，重申了我們對嚴格資本配置的承諾，這是我非常熱衷的事情。我們還同意將 Pluto Train 2 的 49% 股份出售給全球基礎設施合作夥伴，我們將繼續審查我們其他資產的適當參與權益。

Woodside has spent the past few years preparing and protecting its strong balance sheet ready for growth, and we are well primed to deliver. Our liquidity is over $6 billion. Our gearing of 21.9% is at the lower end of the target range of 15% to 35%. And the additional capital contribution of approximately $822 million from GIP for Pluto Train 2 further supports our upcoming period of increased investment.

伍德賽德過去幾年一直在準備和保護其強勁的資產負債表，為增長做好準備，我們已經做好了交付的準備。我們的流動性超過 60 億美元。我們 21.9% 的負債率處於 15% 至 35% 的目標範圍的下限。 GIP 為 Pluto Train 2 額外出資約 8.22 億美元，進一步支持了我們即將到來的增加投資期。

Moving to Slide 13, give us an overview of our key financial outcomes. There are a lot of green arrows on this chart, which indicate the improved environment in 2021. I'll speak about the majority of these metrics later, but the key takeaways are that we captured the benefits of higher oil and gas prices. We delivered our highest profit since 2014. We were cash flow -- free cash flow positive. Our liquidity remains strong, and we're investing in our future in a disciplined manner. The Directors have declared a full year fully franked dividend of USD 1.35 per share, an increase of 255% from 2021. We understand how much our eligible shareholders value distribution of our significant franking credit balance.

轉到幻燈片 13，讓我們概述一下我們的主要財務成果。這張圖表上有很多綠色箭頭，表示 2021 年環境有所改善。我稍後會談到這些指標中的大部分，但關鍵的要點是我們抓住了石油和天然氣價格上漲帶來的好處。我們實現了自 2014 年以來的最高利潤。我們是現金流——自由現金流為正。我們的流動性依然強勁，我們正在以有紀律的方式投資於我們的未來。董事已宣布全年全額免稅股息為每股 1.35 美元，比 2021 年增加 255%。我們了解我們的合格股東對我們大量的免稅信貸餘額的分配有多麼重視。

On to Slide 14. Our production was 91.1 million barrels of oil equivalent, down from the record high of 2020. The key factors impacting 2021 production were natural field decline, the expiry of North West Shelf joint venture domestic gas contract obligations, planned turnaround activity on the North West Shelf project and also Wheatstone and adverse weather events in the first half of 2021. We are expecting higher production this year of 92 million to 98 million barrels of oil equivalent as set out in our production guidance, which is repeated on Slide 24. Our sales volumes, on the other hand, increased, primarily due to a full year of Corpus Christi offtake and the significantly higher level of trading activity for third-party LNG cargoes. And I'll speak to this later on.

上幻燈片 14。我們的產量為 9110 萬桶油當量，低於 2020 年的歷史新高。影響 2021 年產量的關鍵因素是自然油田產量下降、西北大陸架合資企業國內天然氣合同義務到期、計劃中的周轉活動西北大陸架項目以及 2021 年上半年的惠斯通和惡劣天氣事件。我們預計今年產量將增加 9200 萬至 9800 萬桶石油當量，如我們的生產指導中所述，這在幻燈片上重複24. 另一方面，我們的銷量增加，主要是由於科珀斯克里斯蒂全年的承購量以及第三方液化天然氣貨物的貿易活動水平顯著提高。我稍後會談到這個。

Slide 15 shows the flow of operating revenue, EBITDA and underlying NPAT. All 3 are the strongest we've seen since 2014, with underlying NPAT up 262% from 2020. These results demonstrate the value of our high-margin, low-cost operations and the ability to convert revenue into shareholder value.

幻燈片 15 顯示了營業收入、EBITDA 和基礎 NPAT 的流量。這三個都是我們自 2014 年以來最強勁的，基本 NPAT 比 2020 年增長了 262%。這些結果證明了我們高利潤、低成本運營的價值以及將收入轉化為股東價值的能力。

On Slide 16, we present a more detailed breakdown of our net profit after tax, showing the variance from 2020 to '21. We've mentioned a few times the impact of pricing and increased trading activity on our results. And this shows sales revenue increased by nearly $3.2 billion. We also have higher revenue due to sales volumes as a result of increased trading activity and the Corpus Christi volumes.

在幻燈片 16 上，我們提供了更詳細的稅後淨利潤明細，顯示了從 2020 年到 21 年的差異。我們已經多次提到定價和交易活動增加對我們業績的影響。這表明銷售收入增加了近 32 億美元。由於交易活動的增加和科珀斯克里斯蒂的銷量增加，我們的收入也增加了。

In January, we announced our impairment reversals of over $1 billion on Pluto and North West Shelf gas. These noncash impairment reversals were due to the increased combined value of Pluto and Scarborough associated with the Scarborough and Pluto Train 2 final investment decision. Also, we updated Northwest shelf cost and production profiles, as well as the impact of pricing.

1 月，我們宣布對 Pluto 和西北大陸架天然氣的減值轉回超過 10 億美元。這些非現金減值轉回是由於與斯卡伯勒和冥王星列車 2 最終投資決定相關的冥王星和斯卡伯勒的綜合價值增加。此外，我們更新了西北貨架成本和生產概況，以及定價的影響。

Trading costs increased in line with our higher trading activity, and taxes increased as a result of higher revenue and impairment reversals. All these factors have contributed to a 2021 reported NPAT of $1.983 billion. The chart shows how reported NPAT has been adjusted for the one-offs to realize an underlying NPAT of $1.62 billion.

交易成本隨著我們更高的交易活動而增加，稅收增加是由於收入增加和減值轉回。所有這些因素促成了 2021 年報告的 19.83 億美元的 NPAT。該圖表顯示瞭如何針對一次性調整報告的 NPAT 以實現 16.2 億美元的基礎 NPAT。

Moving to Slide 17, and this speaks to the resilience of our free cash flow, which incorporates all major expenditure -- capital expenditure. The key takeaway from this slide is that we are investing in Woodside's future by increasing investment in Scarborough, Pluto Train 2 and Sangomar and doing so within our means. The improved market conditions are highly supportive, and importantly, our balance sheet is strong.

轉到幻燈片 17，這說明了我們的自由現金流的彈性，其中包括所有主要支出——資本支出。這張幻燈片的主要內容是，我們正在通過增加對斯卡伯勒、冥王星火車 2 和桑戈瑪的投資來投資伍德賽德的未來，並在我們力所能及的範圍內這樣做。改善的市場條件非常支持，重要的是，我們的資產負債表很強勁。

The resilience of our free cash flow is highlighted on Slide 18, which provides a breakdown of how our cash balance has moved over the last 12 months. The strong cash generated from our operations has supported our major investments and also the repayment of a $700 million bond in '21. We are on a solid financial -- we are in a solid financial position, actively managing our balance sheet while investing in our future.

幻燈片 18 突出顯示了我們的自由現金流的彈性，它提供了我們現金餘額在過去 12 個月中如何變動的明細。我們的業務產生的強勁現金支持了我們的重大投資，並在 21 年償還了 7 億美元的債券。我們的財務狀況穩健——我們的財務狀況穩健，在投資未來的同時積極管理我們的資產負債表。

Moving to Slide 19 and some detail on our margins. Gross margin has returned to a pre-COVID level of 45% as a result of higher realized prices, and importantly, good cost control. Our cash margin is strong, above 80%, and the graph on the right demonstrates the contribution of our producing assets to our strong cash margin.

轉到幻燈片 19 和我們的利潤的一些細節。由於較高的已實現價格，以及重要的是良好的成本控制，毛利率已恢復到 COVID 之前的 45% 水平。我們的現金利潤率很高，超過 80%，右圖顯示了我們的生產資產對我們強勁的現金利潤率的貢獻。

Slide 20 talks about balance sheet strength. Net debt is down to $3.8 billion, and our gearing is at the lower end of the target range. The declared full dividend of USD 0.35 per share is at the high end of the Board's target of 50% to 80% payout ratio of underlying NPAT, a target that was reaffirmed by the Board last year.

幻燈片 20 談到了資產負債表的實力。淨債務降至 38 億美元，我們的負債率處於目標範圍的下限。宣布的每股 0.35 美元的全額股息處於董事會目標 50% 至 80% 的基本 NPAT 派息率目標的高端，該目標已於去年得到董事會的重申。

Further to this, on Slide 21, I'd like to talk about how we are managing our debt and liquidity. Our balance sheet is characterized by a well-managed debt maturity profile and our liquidity remains over $6 billion. We continue to manage our near-term debt maturities and maintain a low cost of debt. Importantly, we have minimal drawn debt maturing in the next few years as we invest in Scarborough, Pluto Train 2 and Sangomar. During 2021, our credit ratings were reaffirmed, and we continue to maintain our strong liquidity cover of 12 to 18 months.

除此之外，在幻燈片 21 上，我想談談我們如何管理債務和流動性。我們的資產負債表以管理良好的債務到期狀況為特徵，我們的流動性仍然超過 60 億美元。我們繼續管理短期債務到期，並保持較低的債務成本。重要的是，隨著我們投資於士嘉堡、冥王星火車 2 和桑戈瑪，我們在未來幾年內到期的已提取債務最少。 2021 年，我們的信用評級得到重申，我們繼續保持 12 至 18 個月的強勁流動性保障。

Slide 22 summarizes how we have adjusted our marketing strategy in 2021 in response to market conditions to capture value. Our trading activities increased significantly. Trading is opportunistic and enables us to extract additional value from flexibilities within Woodside's contract portfolio. In 2021, we had 21 third-party traded cargoes compared to 2 in 2020. We're expecting trading to be at similar levels in '22 compared to 2021.

幻燈片 22 總結了我們如何在 2021 年調整營銷策略以應對市場狀況以獲取價值。我們的交易活動顯著增加。交易是機會主義的，使我們能夠從伍德賽德合同組合中的靈活性中提取額外價值。 2021 年，我們有 21 件第三方交易貨物，而 2020 年為 2 件。我們預計 22 年的交易量將與 2021 年相似。

The purchase cost of Corpus Christi volumes is part of our reported trading costs. Corpus Christi is expected to be cash flow positive in 2022 post hedging impact, and the volumes provide exposure to the Atlantic Basin and enables further optimization.

科珀斯克里斯蒂卷的購買成本是我們報告的交易成本的一部分。科珀斯克里斯蒂預計在對沖影響後的 2022 年現金流為正，並且交易量提供了對大西洋盆地的敞口並能夠進一步優化。

Moving to Slide 23 and the trading outlook. We've previously provided spot exposure guidance. However, our contract portfolio is evolving with the market, and our contracted cargo pricing is linked to a range of pricing indices, including gas hubs, such as JKM, TTF and NBP. In 2022 and going forward, we will provide guidance on our overall gas hub exposure to provide a clear indication of our revenue exposure to gas hub pricing, some of which we realize through term contracts.

轉到幻燈片 23 和交易前景。我們之前提供了現場曝光指導。然而，我們的合同組合隨著市場而發展，我們的合同貨物定價與一系列定價指數掛鉤，包括 JKM、TTF 和 NBP 等天然氣樞紐。在 2022 年及以後，我們將就我們的整體天然氣樞紐敞口提供指導，以明確表明我們對天然氣樞紐定價的收入敞口，其中一些我們通過定期合同實現。

Gas Hub exposure is the proportion of our produced equity LNG volumes expected to be sold on gas hub indices, excluding Henry Hub. And this year, it's expected to be 20% to 25% of produced volumes.

天然氣樞紐敞口是我們生產的股權液化天然氣量預計將在天然氣樞紐指數上出售的比例，不包括亨利樞紐。今年，預計將佔產量的 20% 至 25%。

I'd also like to talk to the presentation of trading activities in our financial statements, in particular, the segment note. Trading revenue is included in the LNG revenue and presented at the average portfolio LNG realized price, and that aligns with our LNG portfolio strategy, while trading costs are presented at the actual price the third-party cargo is purchased.

我還想談談我們財務報表中交易活動的介紹，特別是分部說明。交易收入包含在 LNG 收入中，並以平均組合 LNG 實現價格列報，這與我們的 LNG 組合策略一致，而交易成本則以購買第三方貨物的實際價格列報。

Slide 24 provides a summary of our 2022 guidance, which is a Woodside-only view and it excludes the impact of the proposed merger and any subsequent sell-downs. As disclosed in our fourth quarter report, our full year 2022 production guidance is 92 million to 98 million barrels of oil equivalent, and our investment expenditure guidance is $3.8 billion to $4.2 billion, noting this excludes the benefits of the additional contribution from Global Infrastructure Partners for Pluto Train 2 of approximately $822 million.

幻燈片 24 提供了我們 2022 年指導的摘要，這是僅伍德賽德的觀點，不包括擬議合併和任何後續拋售的影響。正如我們在第四季度報告中所披露的，我們的 2022 年全年生產指導為 9200 萬至 9800 萬桶石油當量，我們的投資支出指導為 38 億至 42 億美元，並指出這不包括全球基礎設施合作夥伴額外貢獻的收益Pluto Train 2 的費用約為 8.22 億美元。

I'll now hand back over to Meg.

我現在將交還給梅格。

Thanks, Graham. Before we move to questions, I'd like to give an overview of our project performance and discuss our 2022 priorities.

謝謝，格雷厄姆。在我們提出問題之前，我想概述一下我們的項目績效並討論我們 2022 年的優先事項。

Slide 26 provides an update on how we are progressing with Scarborough and Pluto Train 2 since we took FID 3 months ago. The FID resulted in an increase to our 2P total reserves by over 1.4 billion barrels of oil equivalent. We have since completed the sell-down of a 49% stake in the Pluto Train 2 joint venture to Global Infrastructure Partners, and we have issued full notice to proceed to key contractors to commence construction activities.

幻燈片 26 提供了自 3 個月前參加 FID 以來我們如何在 Scarborough 和 Pluto Train 2 上取得進展的最新情況。 FID 使我們的 2P 總儲量增加了超過 14 億桶石油當量。此後，我們已完成將 Pluto Train 2 合資企業 49% 的股份出售給 Global Infrastructure Partners，並且我們已發出完整通知，要求主要承包商開始建設活動。

Scarborough is, in our opinion, a world-class project with an expected internal rate of return of greater than 13.5% and a globally competitive cost of supply of approximately $5.80 per MMBtu. We expect net cash flow of approximately $26 billion over the field life. 90% of the total development contractor spend is lump sum or on a provisional sum basis, effectively shielding the project from inflationary pressure.

在我們看來，士嘉堡是一個世界級的項目，預期內部收益率超過 13.5%，具有全球競爭力的供應成本約為每 MMBtu 5.80 美元。我們預計在油田生命週期內的淨現金流約為 260 億美元。開發承包商總支出的 90% 為一次性付款或臨時付款，有效地保護了項目免受通脹壓力。

On Slide 27, our Sangomar project is progressing well and on track for first oil next year. We have successfully drilled and completed the first production well in Senegal and a second drillship is expected to arrive this year to support the drilling campaign. FPSO conversion activities are progressing, and the subsea installation campaign is expected to commence early this year.

在幻燈片 27 上，我們的 Sangomar 項目進展順利，並有望在明年獲得第一批石油。我們已在塞內加爾成功鑽探並完成了第一口生產井，預計第二艘鑽井船將於今年抵達以支持鑽井活動。 FPSO 轉換活動正在進行中，海底安裝活動預計將於今年年初開始。

Slide 28 provides an update on our other projects in Western Australia. We have made really pleasing progress across the board. Construction was completed for the Pluto to KGP Interconnector pipeline in the fourth quarter of 2021, commissioning activities are underway and startup is targeted for later this quarter. Both Pyxis Hub and Julimar-Brunello Phase 2 achieved startup last year, ahead of schedule and under budget. Greater Western Flank Phase 3, which will provide backfill to the North West Shelf, is targeting first production this year.

幻燈片 28 提供了我們在西澳大利亞的其他項目的最新信息。我們在各個方面都取得了非常令人高興的進展。冥王星至 KGP 互連管道的建設已於 2021 年第四季度完成，調試活動正在進行中，併計劃在本季度晚些時候啟動。 Pyxis Hub 和 Julimar-Brunello Phase 2 都在去年實現了啟動，提前且低於預算。 Greater Western Flank Phase 3 將為西北大陸架提供回填物，目標是今年首次生產。

Moving on to our 2022 priorities. Slide 30 outlines the time line to our targeted completion of the merger. We are pursuing secondary listings on the New York and London Stock Exchanges. We expect to provide supporting materials to the market in April, ahead of the shareholder vote plans to be held together with our 2022 Annual General Meeting on the 19th of May. Following the shareholder vote, completion is targeted in early June.

繼續我們的 2022 年優先事項。幻燈片 30 概述了我們完成合併的目標時間線。我們正在紐約和倫敦證券交易所進行二次上市。我們預計在 5 月 19 日與我們的 2022 年度股東大會一起舉行的股東投票計劃之前，將在 4 月向市場提供支持材料。在股東投票之後，目標是在 6 月初完成。

On Slide 31, I was delighted earlier this week to announce the nominees for our executive leadership team to lead the business after completion of the merger. We have said all along that the combined organization would bring together the best of Woodside and BHP Petroleum. This team has the capability and deep experience to deliver long-term success for Woodside. A reminder that these nominations will only become effective if and when the merger completes.

在幻燈片 31 上，我很高興本週早些時候宣布了我們的執行領導團隊的提名人選，他們將在合併完成後領導業務。我們一直說，合併後的組織將匯集伍德賽德和必和必拓石油公司的精華。這個團隊有能力和豐富的經驗為伍德賽德帶來長期的成功。提醒一下，這些提名只有在合併完成時才會生效。

Finally, on Slide 32, our priorities for 2022 are very clear. Our operational priorities are to maintain reliable and efficient operations and return to leading personal safety performance. Our strategic priorities are to complete the merger with BHP's Petroleum business and deliver the $400 million-plus in synergies and to advance the project execution of Scarborough, Pluto Train 2 and Sangomar. Our sustainability priorities are to achieve the new energy project milestones we have set for ourselves and to deliver our 2022 emissions reduction targets.

最後，在幻燈片 32 上，我們 2022 年的優先事項非常明確。我們的運營重點是保持可靠和高效的運營，並恢復領先的人身安全績效。我們的戰略重點是完成與必和必拓石油業務的合併，提供超過 4 億美元的協同效應，並推進 Scarborough、Pluto Train 2 和 Sangomar 的項目執行。我們的可持續發展重點是實現我們為自己設定的新能源項目里程碑，並實現我們的 2022 年減排目標。

2021 was a game changer for Woodside as we made transformative decisions for our future. 2022 will be just as exciting as we implement these decisions and become a larger, more significant company.

2021 年改變了伍德賽德的遊戲規則，因為我們為未來做出了變革性的決定。 2022 年將與我們實施這些決定並成為一家更大、更重要的公司一樣令人興奮。

We will now move to the Q&A session.

我們現在將進入問答環節。

(Operator Instructions) Your first question comes from Dale Koenders from Barrenjoey.

（操作員說明）您的第一個問題來自 Barrenjoey 的 Dale Koenders。

Just a question on your LNG trading. Should we be considering -- I guess, how should we consider hedging, both in terms of volumes, fixed versus floating, for this 20% to 25% hub exposure in Corpus Christi through '22?

只是關於您的液化天然氣交易的問題。我們是否應該考慮——我想，我們應該如何考慮對沖，無論是在交易量方面，還是固定的還是浮動的，到 22 年科珀斯克里斯蒂市 20% 到 25% 的樞紐敞口？

Yes, thanks, Dale, that's -- sorry, say that again, Dale?

是的，謝謝，戴爾，那是——對不起，再說一遍，戴爾？

Or is there no hedging at all?

還是根本沒有對沖？

Yes, Dale, just to, I guess, be clear. So the gas hub pricing exposure refers to the percentage of our produced LNG that is exposed to being sold on those indices, JKM, TTF or U.K. NBP.

是的，戴爾，只是為了，我想，要清楚。因此，天然氣樞紐定價風險是指我們生產的液化天然氣在這些指數、JKM、TTF 或英國 NBP 上出售的百分比。

So Corpus Christi, much of our hedging is focused on our Corpus Christi volumes to reduce the price risk associated with that offtake agreement. Does that answer your question, Dale?

所以科珀斯克里斯蒂，我們的大部分對沖都集中在我們的科珀斯克里斯蒂銷量上，以降低與該承購協議相關的價格風險。這能回答你的問題嗎，戴爾？

Yes, I think it does. Just a follow-on question then is, 20% to 25% of the 71 to 74 MMBoe of production, which equals about 100 million in MMBtu, if that's exposed to hub pricing, which flat forward pricing for '22 this morning, it's about USD 22 in MMBtu. In simplicity, call it, USD 10 MMBtu above contractual pricing. And this is implying more than $1 billion per annum of incremental EBITDA versus if you'd contracted the portfolio at legacy pricing. Is there any reason why you won't realize that going forward? Or is that the right way to think about it?

是的，我認為確實如此。那麼接下來的問題是，71 到 74 MMBoe 產量的 20% 到 25%，相當於大約 1 億 MMBtu，如果這受到集線器定價的影響，今天早上 22 年的遠期定價持平，大約是22 美元，單位為 MMBtu。簡單來說，就是比合同定價高出 10 美元 MMBtu。這意味著每年增加超過 10 億美元的 EBITDA 與如果您以傳統定價簽約投資組合。有什麼理由你不會意識到這一點？或者這是正確的思考方式？

And so your quick back of the envelope math there, Dale, we'll need to check. I think it's important just to be really crisp that the gas hub exposure is on our produced LNG. So our total production guidance range, of course, includes oil production as well. So I think we'll need to follow up with you on the math there.

因此，戴爾，您的信封數學很快就回來了，我們需要檢查一下。我認為重要的是要明確天然氣樞紐暴露在我們生產的液化天然氣上。因此，我們的總生產指導範圍當然也包括石油生產。所以我認為我們需要跟進你的數學問題。

But I'll go back and reiterate that the gas hub pricing exposure is in that 20% to 25% range, again, associated with our produced LNG.

但我會回過頭來重申，天然氣樞紐的定價風險再次在 20% 到 25% 的範圍內，這與我們生產的 LNG 相關。

Okay. And then just finally, the comment around special dividends and the slide, how it's ordered, is that prioritizing special dividends over buybacks? Or is the implication you're seeing the stock expensive?

好的。最後，關於特別股息和幻燈片的評論，它是如何排序的，是優先考慮特別股息而不是回購嗎？還是暗示您看到股票價格昂貴？

No, it's a great question, Dale. So when we spoke to the market in December, one of the things we wanted to articulate with that slide was that we will be looking at a variety of tools in our tool kits on ways we can return value to shareholders. So obviously, our dividend policy has been and remains a 50% payout of underlying net profit after tax. We have historically been paying out closer to 80%. But what we wanted to articulate with that chart, Dale, was that we do have other tools in the tool kit, and we will look at those, particularly post-merger when we have a bigger and more diversified shareholder base.

不，這是一個很好的問題，戴爾。因此，當我們在 12 月與市場交談時，我們想用這張幻燈片闡明的一件事是，我們將研究工具包中的各種工具，以了解我們可以向股東回報價值的方式。很明顯，我們的股息政策一直是並且仍然是稅後基本淨利潤的 50%。從歷史上看，我們一直在支付接近 80% 的費用。但是我們想用這張圖表來表達，戴爾，我們在工具包中確實有其他工具，我們將研究這些工具，尤其是在合併後，當我們擁有更大、更多元化的股東基礎時。

And there'll be shareholders who will value buybacks. There will be shareholders who will value the dividend. And of course, it's worth emphasizing the franking credits that come with our dividend today, and we know how valuable that is for our Australian investor base. But the purpose of that slide is to really illustrate that we do have greater flexibility in the tools we'll use to return value to shareholders.

並且會有股東重視回購。會有股東重視股息。當然，值得強調的是我們今天的股息帶來的紅利抵免，我們知道這對我們的澳大利亞投資者群有多麼寶貴。但該幻燈片的目的是真正說明我們在用於向股東回報價值的工具方面確實具有更大的靈活性。

Your next question comes from James Redfern from Bank of America.

您的下一個問題來自美國銀行的 James Redfern。

Two questions, please. The first one, maybe a follow-on from Dale's question. I just wanted to understand this new sort of concept that you've got there. Just -- so the 20% to 25% exposed to those market indices relates to produced LNG from the Australian LNG projects. And then the trading revenues and earnings from Corpus Christi is separate. Is that right?

請教兩個問題。第一個，也許是戴爾問題的後續。我只是想了解你所擁有的這種新概念。只是——因此，與這些市場指數相關的 20% 至 25% 與澳大利亞液化天然氣項目生產的液化天然氣有關。然後科珀斯克里斯蒂的交易收入和收益是分開的。那正確嗎？

Yes, that's correct, James. So the gas hub exposure is, as it relates to our produced volumes, so those are the volumes that we operate, so those are the Australian projects. And it may be worth just elaborating a bit as to why we've made this change. One of the things that we've seen over time is that some of our customers are preferring to link their purchases to these indices for longer-term deals. And we felt like with the use of spot, the spot language refers to a single cargo sale.

是的，這是正確的，詹姆斯。因此，天然氣樞紐的風險與我們的產量有關，所以這些是我們運營的量，所以這些是澳大利亞的項目。並且可能值得詳細說明我們為什麼要進行此更改。隨著時間的推移，我們看到的一件事是，我們的一些客戶更願意將他們的購買與這些指數聯繫起來以進行長期交易。而且我們覺得用spot，spot語言是指單貨銷售。

So previously, we might have missed, for example, if we had a term contract that was linked to a gas hub index or if we had a spot sale that was on Brent linkage, for example, it might have been confusing to the market. So we think this language around gas hub exposure really does provide more insight as to how much of our production goes against those gas hubs and how much of our production goes against oil indexation?

因此，以前，我們可能會錯過，例如，如果我們有一個與天然氣樞紐指數相關的定期合同，或者如果我們有一個與布倫特掛鉤的現貨銷售，例如，這可能會讓市場感到困惑。因此，我們認為這種圍繞天然氣樞紐暴露的語言確實提供了更多關於我們的產量有多少與這些天然氣樞紐不符，以及我們的產量有多少與石油指數化不符？

Yes. So I mean, like, essentially the spot exposure, sorry to use that word, it has increased from 10% to 15% to 20% to 25%. Even if we're not talking about the spot cargo. We're still talking about effectively spot price indices, whether that be JKM or TTF, is trading at $22 per MMBtu. So it's almost the same thing though, isn't it? Is that right?

是的。所以我的意思是，基本上是現場曝光，抱歉用這個詞，它已經從 10% 增加到 15% 到 20% 到 25%。即使我們不是在談論現貨貨物。我們仍在談論有效的現貨價格指數，無論是 JKM 還是 TTF，其交易價格為每 MMBtu 22 美元。所以這幾乎是一樣的，不是嗎？那正確嗎？

Yes. It's just, I think, it helps the market understand more clearly because the reality is we do have some term deals now that are sold on those gas spot prices.

是的。我認為，這只是有助於市場更清楚地理解，因為現實是我們現在確實有一些定期交易，這些交易是以天然氣現貨價格出售的。

Okay. Understood. I got one more, please. BHP have indicated that the Trion oil project in the Gulf of Mexico is going to be FID-ready by the middle of this calendar year. Obviously, the merger with BHP Petroleum hasn't completed yet. But just sort of wondering if you have sort of initial thoughts or comments that you can make around the Trion oil project, which we can assume should be FID in the second half of this calendar year. So just interested in any comments you can provide, please?

好的。明白了。請給我再來一份。必和必拓表示，墨西哥灣的 Trion 石油項目將在本日曆年年中完成 FID 準備工作。顯然，與必和必拓石油的合併尚未完成。但只是想知道你是否有一些關於 Trion 石油項目的初步想法或評論，我們可以假設這應該是今年下半年的 FID。所以只是對您可以提供的任何評論感興趣，好嗎？

Yes. Thanks, James. So I guess, a few observations. First off, of course, until the merger is complete, ourselves and BHP Petroleum are operating as 2 independent businesses. But of course, they have taken the Trion project into the FEED stage and are working towards that milestone of being ready for an investment decision.

是的。謝謝，詹姆斯。所以我想，一些觀察。首先，當然，在合併完成之前，我們自己和必和必拓石油公司作為兩個獨立的企業運營。但當然，他們已經將 Trion 項目帶入了 FEED 階段，並正在朝著準備投資決策的里程碑邁進。

Look, it's a very significant asset, a very big resource. BHP has done a great job in building a strong working relationship with the Mexican government and with PEMEX as the partner. But that's one of the kind of first tasks for us as the merger completes is to really understand the quality of the asset, understand the investment metrics, understand how it stacks up with the other opportunities that we have. So it would be premature to conclude as to how that will go, but we'll be looking at it with the -- through the lens of the capital allocation framework that we talked about in December.

看，這是一個非常重要的資產，一個非常大的資源。必和必拓在與墨西哥政府和 PEMEX 作為合作夥伴建立牢固的工作關係方面做得很好。但這是合併完成後我們的首要任務之一，即真正了解資產的質量，了解投資指標，了解它如何與我們擁有的其他機會疊加。因此，現在就下定論還為時過早，但我們將通過我們在 12 月討論的資本分配框架的視角來看待它。

Your next question comes from Mark Samter from MST.

您的下一個問題來自 MST 的 Mark Samter。

Meg, just a quick question, if I can, on the Sangomar sales process. I guess your own process has been going on 7 or 8 months now and, I guess, there were 2 data rooms open for probably 18 months before that. I would have thought anyone who's going to take a look at Sangomar would have taken a look already. Can you give us an update on how that's progressing and if your appetite exists to keep 82% rather than potentially have to settle down a value well below what you think it's worth?

梅格，如果可以的話，我只是一個簡單的問題，關於 Sangomar 的銷售流程。我猜您自己的流程現在已經進行了 7 或 8 個月，而且我猜在此之前有 2 個數據室可能開放了 18 個月。我原以為任何想看看 Sangomar 的人都已經看過了。您能否向我們提供有關進展情況的最新信息，以及您是否存在保持 82% 的意願，而不是可能不得不將價值確定為遠低於您認為的價值？

Yes. Thanks, Mark. That's a great question. So as you know, the process -- the sale process has been underway for a period of time. Look, I think it's important to think of the sale process in context. And when we look at the strength of our balance sheet, we look at the strength of our financials, it's clear we don't need to sell down Sangomar. And so the guidance that we've given the team is we need to be looking for 2 things. We need to be looking for a quality partner at the right price, and we will not be schedule-driven on the sell-down. And so we continue to hold that bar at a high level. We want to make sure we get value that's accretive for our shareholders. And we want to make sure we bring in the right partner because we'll be having -- we'll be working with those -- that partner or partners over a very long time period. So we'll be patient and make sure we are taking the right decision when it comes to preserving value for Woodside shareholders.

是的。謝謝，馬克。這是一個很好的問題。如您所知，銷售過程已經進行了一段時間。看，我認為在上下文中考慮銷售過程很重要。當我們查看資產負債表的實力時，我們會查看財務實力，很明顯我們不需要出售 Sangomar。所以我們給團隊的指導是我們需要尋找兩件事。我們需要以合適的價格尋找優質的合作夥伴，並且我們不會因拋售而受進度驅動。因此，我們繼續將這一標准保持在較高水平。我們希望確保我們獲得對股東而言增值的價值。我們希望確保引入合適的合作夥伴，因為我們將在很長一段時間內擁有 - 我們將與那些合作夥伴合作。因此，在為伍德賽德股東保留價值方面，我們將保持耐心並確保我們做出正確的決定。

Got it. And does that mean -- obviously, you've got the luxury of a strong balance sheet and a strengthening balance sheet post merger of having time on your side? But does that also mainly towards thinking any thoughts on capital management, particularly if you hold higher equity in these projects rather than giving away value for the sake of deleveraging that you don't need to do it that probably pushes back thoughts on that excess capital management if you do hold higher equity for longer or for the duration of these projects?

知道了。這是否意味著 - 顯然，您擁有強大的資產負債表和強大的資產負債表，合併後有時間陪伴您？但這是否也主要是為了考慮對資本管理的任何想法，特別是如果你在這些項目中持有更高的股權，而不是為了去槓桿化而放棄價值，你不需要這樣做，這可能會推翻對過剩資本的想法如果您確實在這些項目的持續時間內或在這些項目的持續時間內持有更高的股權，管理層會怎樣？

It's a great question, Mark, and we look at all of those dimensions. So Sangomar, of course, with first oil expected next year, when we start producing, it's going to add a very attractive revenue stream. So we need to make sure that if we were to progress the sell-down that it would be value accretive. Obviously, in today's oil prices, near-term oil volumes are more attractive in the marketplace.

這是一個很好的問題，馬克，我們會考慮所有這些方面。因此，當然，Sangomar 預計將在明年首次生產石油，當我們開始生產時，它將增加一個非常有吸引力的收入來源。因此，我們需要確保，如果我們要推進拋售，它會增值。顯然，在今天的油價下，近期的石油量在市場上更具吸引力。

But I'll go back to the key point, which is we need to make sure we bring in the right partner for the right price. And we're not going to be rushed because, again, we do have the strength of the balance sheet to continue to carry the investment at 82%. And if that means we get revenue at 82%, that's not a bad outcome.

但我會回到關鍵點，那就是我們需要確保以合適的價格引進合適的合作夥伴。而且我們不會著急，因為我們確實有足夠的資產負債表繼續將投資保持在 82%。如果這意味著我們獲得了 82% 的收入，那並不是一個糟糕的結果。

Yes. And then just one more quick question, if I can as well. But just the mindset for Woodside, not just my view, but I would argue Woodside's business that historically has arguably chased production growth at the cost of value in the past. And when you look at the BHP portfolio, obviously, BHP had a great result. Like it was the other day, but certainly, 60-ish percent of production currently is in rapidly declining assets in the North West Shelf and give somebody some -- does Woodside look at those assets and assuming it holds them and feel the need to replace that production? Or do you think we see the Woodside that's happy to see production go backwards and run the business more for cash?

是的。如果可以的話，再問一個簡單的問題。但只是伍德賽德的心態，不僅僅是我的觀點，而是我認為伍德賽德的業務在歷史上可以說是在過去以價值為代價來追求產量增長。當您查看必和必拓的產品組合時，顯然，必和必拓取得了不錯的成績。就像前幾天一樣，但可以肯定的是，目前 60% 的產量處於西北大陸架迅速下降的資產中，並給一些人一些 -- 伍德賽德是否考慮過這些資產並假設它持有它們並覺得有必要更換那個生產？或者你認為我們看到伍德賽德樂於看到生產倒退並以更多的現金經營業務？

Mark, maybe the best way to answer that is to refer back again to the capital framework that we talked about in December. So we want to make sure that we are disciplined in our investment decision-making. We want to ensure that we protect the balance sheet. We've set out the target ranges for gearing and liquidity. So we want to make sure we are, first and foremost, a financially sound company.

馬克，也許回答這個問題的最佳方式是再次參考我們在 12 月討論過的資本框架。因此，我們希望確保我們在投資決策中遵守紀律。我們要確保我們保護資產負債表。我們已經設定了槓桿和流動性的目標範圍。因此，我們首先要確保我們是一家財務穩健的公司。

Now where we do have opportunities to invest in a way that meets those investment criteria for each of the sorts of commodities we might pursue, be it oil or gas or new energy, we'll want to be able to invest in the business and invest in business growth. But I think capital management and fiscal discipline will be a very important factor for us.

現在，我們確實有機會以符合我們可能追求的每種商品的投資標準的方式進行投資，無論是石油、天然氣還是新能源，我們都希望能夠投資於業務並進行投資在業務增長中。但我認為資本管理和財政紀律對我們來說將是一個非常重要的因素。

Your next question comes from Saul Kavonic from Credit Suisse.

您的下一個問題來自瑞士信貸的 Saul Kavonic。

Two questions, if I may. First one is just back on the merger. I was wondering if you have any updated views on the outlook for register flows and any overhang risk now post BHP unification and how you're thinking about that.

兩個問題，如果可以的話。第一個剛剛恢復合併。我想知道您是否對必和必拓統一後註冊流量的前景和任何懸垂風險有任何更新的看法，以及您對此有何看法。

Yes, it's a great question, Saul. Obviously, we've been looking very closely at the register, the BHP register trying to understand who holds BHP today. With unification, that's changed the register a bit. So we continuously look to refine our flowback analysis. Of course, unification is still sort of propagating its way through the BHP register, but nothing has come to light that would change our view that we expect any selling will be balanced by new buying.

是的，這是一個很好的問題，索爾。顯然，我們一直在密切關注登記冊，必和必拓登記冊試圖了解今天誰持有必和必拓。通過統一，這改變了寄存器。因此，我們不斷尋求改進我們的回流分析。當然，統一仍然在某種程度上通過必和必拓登記冊傳播，但沒有任何事情可以改變我們的觀點，即我們預計任何拋售都將通過新的購買來平衡。

And a few reasons why we make that assertion. We think buying will be well supported by index funds that will adjust their weighting due to Woodside's increased presence in the sector and on the ASX. And we do see stronger international demand, particularly in the U.S., where I think we're going to be a very attractive alternative to many of the other players in our sector.

以及我們做出這種斷言的幾個原因。我們認為，由於伍德賽德在該行業和澳大利亞證券交易所的影響力增加，指數基金將調整其權重，從而很好地支持購買。而且我們確實看到了更強勁的國際需求，特別是在美國，我認為我們將成為我們行業中許多其他參與者的一個非常有吸引力的替代品。

Understood. And just to confirm the secondary listings in the U.S.A. and London, what exactly is the time frame you're envisaging that will be up and trading by?

明白了。只是為了確認在美國和倫敦的二級上市，您所設想的啟動和交易的時間框架到底是什麼？

Yes, great question, Saul. So we're working through those filings as we speak. We expect those will go live upon completion.

是的，很好的問題，掃羅。因此，我們正在處理這些文件。我們預計這些將在完成後上線。

Great. My second question is just back on the EU gas hub indices and the increased spot exposure there. Obviously, great for the time being with high spot pricing. I was just hoping you could give us some color on what's been the driver behind taking on this increased exposure into U.S. indices? Is this something that's happened recently? Or is this some contracts which have been put in place a number of years ago which are only kicking in now?

偉大的。我的第二個問題是關於歐盟天然氣樞紐指數以及那裡增加的現貨敞口。顯然，在高現貨價的情況下暫時很棒。我只是希望你能給我們一些顏色，讓我們了解增加對美國指數的敞口背後的驅動因素是什麼？這是最近發生的事情嗎？或者這是一些幾年前簽訂的合同，現在才開始生效？

Yes, it's a great question, Saul. So look, it's probably been a more recent phenomenon. And as we look at the LNG market and how it's evolved over the last decade, what we've seen is, particularly as the U.S. industry has grown, buyers are looking to manage some of their price risk as well. And so we're seeing buyers who are interested in signing up for volumes that are linked to indices like JKM or TTF. So a bit of it is how the market has evolved over time. The reality is we're just seeing a lot of change. And I think there's a question in the marketplace around will gas structurally diverge from oil. We're seeing that today. We want to make sure we're positioned to take advantage of the upside that, that offers. And so that's part of what underpins our thinking as to why we've locked in some additional volumes at those gas hub prices.

是的，這是一個很好的問題，索爾。所以看，這可能是最近才出現的現象。當我們審視液化天然氣市場及其在過去十年中的演變時，我們看到的是，特別是隨著美國行業的發展，買家也在尋求管理他們的一些價格風險。因此，我們看到有興趣註冊與 JKM 或 TTF 等指數相關的交易量的買家。所以有一點是市場如何隨著時間的推移而演變的。現實是我們只是看到了很多變化。而且我認為市場上存在一個問題，即天然氣是否會在結構上與石油分離。我們今天看到了。我們希望確保我們能夠充分利用這一優勢。因此，這就是我們思考為什麼我們以這些天然氣樞紐價格鎖定一些額外數量的部分原因。

Just a quick follow-up is the locking in of some of the European indices here, is that under term deal? So should we expect that to be kind of a material part of the leverage going forward? And just in terms of the pricing of that, should we just think about it similarly to the way we'll think about JKM and it's going to move like that? Or are there a formula in some of these indices, which could see significant premium or discount like TTF actually trade that?

快速跟進是鎖定一些歐洲指數，這是有期限的交易嗎？那麼我們是否應該期望這會成為未來槓桿的重要組成部分？就其定價而言，我們是否應該像我們對 JKM 的思考方式一樣思考它，它會像那樣移動嗎？或者在這些指數中是否有一個公式，可以看到像TTF這樣的顯著溢價或折價實際交易？

Yes. So it's an interesting question, Saul. So one of the things that I think we've seen, particularly over the last year is an increased globalization of the LNG market. And the winter that -- or Northern Hemisphere winter that we're in currently, I think, is a great example of that, where we're at a point where Europe started the winter low on storage. That caused volumes to flow -- LNG volumes to flow into Europe. We're seeing linkages between TTF and JKM. They move relative to one another, depending on where gas are in terms of -- or where demand grows in one basin relative to the other basin.

是的。所以這是一個有趣的問題，掃羅。因此，我認為我們已經看到的一件事，特別是在去年，是液化天然氣市場日益全球化。我認為，那個冬天——或者說我們目前所處的北半球冬天，就是一個很好的例子，我們正處於歐洲開始冬季儲存量不足的時候。這導致流量流動——液化天然氣流量流入歐洲。我們看到了 TTF 和 JKM 之間的聯繫。它們相對於彼此移動，這取決於天然氣在哪裡——或者一個盆地相對於另一個盆地的需求增長。

So I think we are seeing some increased linkage between the 2 basins. And I think that, as an LNG producer, just creates a tremendous opportunity for us. So historically, we would have sold most of our volumes on a Brent-linked basis and really just had a pretty modest portion of our sales that were on these spot gas indices. But as we see the spot indices start to become more structurally linked, I think that does create more opportunity for us as a producer.

所以我認為我們看到兩個盆地之間的聯繫有所增加。我認為，作為液化天然氣生產商，這為我們創造了巨大的機會。因此，從歷史上看，我們會在與布倫特原油掛鉤的基礎上出售我們的大部分交易量，而我們的銷售額中只有很小一部分是在這些現貨天然氣指數上。但隨著我們看到現貨指數開始在結構上變得更加緊密，我認為這確實為我們作為生產商創造了更多機會。

Apologies, I've probably phrased that badly. This is definitely the last one. Just the link to the European indices, should we expect that to continue in the years ahead and not just be a temporary kind of one-off phenomenon this year or next year?

抱歉，我的措辭可能很糟糕。這絕對是最後一個。只是與歐洲指數的聯繫，我們是否應該期望這種情況在未來幾年繼續下去，而不僅僅是今年或明年的一種暫時的一次性現象？

No, I think we will see that structural linkage.

不，我認為我們會看到這種結構聯繫。

Your next question comes from Nik Burns from Jarden Australia.

您的下一個問題來自 Jarden Australia 的 Nik Burns。

Just a question around Pluto. Just trying to understand a bit more detail around how we should think around Pluto production from here. Facility is doing around 5 million tonnes at the moment, you've just flagged you've got the Pluto-KGP interconnect ready to start up at the end of this quarter. I understand that I think that runs for around 3 years, the agreement you have with North West Shelf, so that could increase output to 6.5 million tonnes, from my understanding. I just want to check on that number.

只是一個關於冥王星的問題。只是試圖從這裡了解更多關於我們應該如何思考冥王星生產的細節。設施目前正在生產約 500 萬噸，您剛剛標記您已準備好在本季度末啟動 Pluto-KGP 互連。據我了解，我認為您與西北大陸架的協議將持續大約 3 年，據我了解，這可能會將產量增加到 650 萬噸。我只是想檢查一下那個號碼。

And then just post that 3-year period, how we should think about Pluto production? Does it go back to 3 million tonnes to accommodate Scarborough volumes? Or is there scope to bring additional volumes through the KGP and accelerate Pluto production further?

然後只是發布那個 3 年的時間，我們應該如何看待冥王星的生產？是否會回到 300 萬噸以容納士嘉堡的數量？或者是否有空間通過 KGP 增加產量並進一步加速冥王星的生產？

Thanks, Nik. That's a comprehensive question. Let me give you a few kind of fun facts and figures. The interconnector is sized to be able to handle about 5 million tonnes per annum. So it's a very large piece of pipe. What Pluto has contracted with North West Shelf is a 4-year agreement to process a total of 3 million tonnes over that time period.

謝謝，尼克。這是一個綜合性的問題。讓我給你一些有趣的事實和數字。互連器的尺寸能夠每年處理約 500 萬噸。所以這是一個非常大的管道。 Pluto 與西北大陸架簽訂了一份為期 4 年的協議，在此期間總共處理 300 萬噸。

On an annual basis, that works out to be a little bit less than 1 million tonnes per annum. But we are still going to be -- as we start flowing the Pluto gas through to the Karratha Gas Plant, I think we'll get some good learning experience early about what does it take and how much can KGP actually process of Pluto gas, just recognizing the composition of the gas coming from Pluto is quite different from the composition of the gas that North West Shelf processes today.

按年計算，每年的產量略低於 100 萬噸。但我們仍然會——當我們開始將冥王星氣體輸送到卡拉薩天然氣廠時，我認為我們會儘早獲得一些很好的學習經驗，了解這需要什麼以及 KGP 實際處理冥王星氣體的程度，僅僅認識到來自冥王星的氣體成分與今天西北大陸架處理的氣體成分完全不同。

So the planning basis, just to be clear, 3 million tonnes over 4 years, and that starts up this year. So when we look forward to Pluto, we will see more Pluto production in 2022. When Scarborough comes online, you're absolutely right, we will curtail Pluto production to enable processing of Scarborough gas through Pluto Train 1. And we expect that when Scarborough starts up that we will curtail Pluto to about 3 million tonnes per annum so that we can process about 2 million tonnes of Scarborough gas through that Train 1.

因此，計劃基礎，只是要明確一點，4 年內 300 萬噸，並且從今年開始。因此，當我們期待冥王星時，我們將在 2022 年看到更多冥王星產量。當斯卡伯勒上線時，你是絕對正確的，我們將削減冥王星產量，以便通過冥王星火車 1 處理斯卡伯勒天然氣。我們預計，當斯卡伯勒開始時，我們將把冥王星的年產量減少到大約 300 萬噸，這樣我們就可以通過 1 號列車處理大約 200 萬噸的斯卡伯勒天然氣。

Now you highlight future optimization potential. Obviously, there's lots of optionality that exists with the interconnector pipe in place, but the contract that's been agreed thus far with North West Shelf is for that 4-year period.

現在您強調未來的優化潛力。顯然，連接管道存在很多選擇餘地，但迄今為止與西北大陸架達成的合同是為期 4 年的。

Got it. That's clear. And just on the reserves downgrade for your Wheatstone and Pluto fields late last year. Just can you talk about what the implications are for future CapEx there? Will you need to bring forward some further wells, et cetera? I think in the annual report, you have 750 million barrels of undeveloped 2P reserves booked in those 2 assets. Just trying to understand when we might need to see more -- when we might expect to see more capital coming through to develop those undeveloped reserves.

知道了。這很清楚。就在去年年底你的惠斯通和冥王星油田的儲量降級。你能談談那裡對未來資本支出的影響嗎？您是否需要提出一些進一步的井，等等？我認為在年報中，這兩項資產中有 7.5 億桶未開發的 2P 儲量。只是想了解什麼時候我們可能需要看到更多——什麼時候我們可能期望看到更多的資金通過來開發那些未開發的儲備。

Okay. Let me answer it for the 2 fields separately. So for Wheatstone, when we -- if I go back to when we bought into the Wheatstone development, one of the things that characterizes the fields that we produce from, so those are the Julimar and Brunello fields, is it is multiple, call it, smaller individual gas reservoirs, and we always knew that we would have multiple phases of development.

好的。讓我分別回答這兩個領域。所以對於惠斯通來說，當我們——如果我回到我們購買惠斯通開發項目的時候，這是我們生產的領域的特徵之一，所以那些是 Julimar 和 Brunello 領域，它是多重的，稱之為，較小的單個氣藏，我們一直知道我們將有多個開發階段。

So we started up producing from the Brunella reservoir. The second phase of developments from the Julimar fields just started up in 2021. We do have future phases expected, largely to go after more of those Julimar sands. So we're at the point now where we're working through what exactly the phasing looks like and what our investment plan looks like. So the team continues to do work to understand when exactly we need to take some of those additional backfill projects forward.

所以我們開始從布魯內拉水庫生產。 Julimar 油田的第二階段開發剛剛於 2021 年開始。我們確實預計未來的階段，主要是為了開發更多的 Julimar 砂。因此，我們現在正在研究分階段的具體情況以及我們的投資計劃。因此，團隊繼續努力了解我們何時需要推進一些額外的回填項目。

On Pluto, Pluto is a little bit of a different story. As you'll recall, with Pluto, we actually increased the proved reserves. We decreased the 2P with the reserve adjustment that we made. One of the things we did with the reserve update was took a hard look at some of the future investments that had initially been included in the development plan. And one of the outcomes is we'll actually spend less at Pluto. So one of the projects that we had originally anticipated for Pluto was a compressor project relatively late in life. And we don't expect to make that investment at this point in time. The gas associated with that uplift has been moved to contingent resource. So it's something we'll continue to test, but that is actually CapEx that we have taken out of the long-term development plan for Pluto.

在冥王星上，冥王星有點不同。你會記得，在冥王星上，我們實際上增加了探明儲量。我們通過我們所做的儲備調整減少了 2P。我們對儲備更新所做的其中一件事是仔細研究最初包含在開發計劃中的一些未來投資。結果之一是我們實際上會在冥王星上花費更少。因此，我們最初為 Pluto 預期的項目之一是相對較晚的壓縮機項目。我們不希望在這個時間點進行投資。與該隆起相關的天然氣已被轉移到或有資源中。所以這是我們將繼續測試的東西，但這實際上是我們從 Pluto 的長期發展計劃中取出的資本支出。

Your next question comes from Gordon Ramsay from RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Gordon Ramsay。

Meg, I've raised this before, and I'm kind of coming back to it, and apologies. But I'm still trying to understand the outlook for North West Shelf marketable LNG output capacity going forward. And I know you've given indications that it will reduce significantly by 2030 and potentially, on my math anyway, the first 3 trains could shut in. Just -- and this is with third-party gas coming into the plant. Can you just give us a feel for where that all sits right now in terms of the outlook for the North West Shelf going forward?

梅格，我以前提出過這個問題，我有點想回到它，並道歉。但我仍在試圖了解西北大陸架可銷售液化天然氣產能的前景。而且我知道你已經表明到 2030 年它將顯著減少，並且可能，無論如何，根據我的數學，前 3 列火車可能會關閉。只是 - 這是第三方天然氣進入工廠。就西北大陸架的未來前景而言，您能否讓我們了解一下目前的情況？

Yes. That's a great question, Gordon. Obviously, North West Shelf is a very significant asset for us. We are at a point in time where we are now constrained offshore, which means the plants volume we produce is limited by what the reservoir can deliver, not what the plants can process. The teams did a great job last year of really adapting to that change in mindset and trying to find ways to continue to kind of get more gas out of the ground as quickly as we can.

是的。這是一個很好的問題，戈登。顯然，西北大陸架對我們來說是一項非常重要的資產。我們現在處於海上受限的時間點，這意味著我們生產的植物數量受限於水庫可以輸送的東西，而不是植物可以處理的東西。去年，球隊在真正適應這種思維方式的變化方面做得很好，並試圖找到繼續盡快從地下獲得更多天然氣的方法。

But obviously, with the fields on decline, coming up with agreements to process other gas is extraordinarily important. You will recall in January 2021, we finalized the agreements with the state governments to allow us to process gas from Pluto and Waitsia through the Karratha Gas Plant. And we will start flowing that gas later this quarter from Pluto initially. And then we'll start processing gas from Waitsia in 2023.

但顯然，隨著油氣田的衰落，就其他天然氣的處理達成協議顯得尤為重要。您會記得，在 2021 年 1 月，我們與州政府敲定了協議，允許我們通過 Karratha 天然氣廠處理來自 Pluto 和 Waitsia 的天然氣。我們將在本季度晚些時候開始從冥王星開始輸送這種氣體。然後我們將在 2023 年開始處理來自 Waitsia 的天然氣。

So that helps for a period of time. But obviously, we are out looking for additional gas to process through the Karratha Gas Plant. The joint venture has set up a marketing entity, which is talking to kind of all-in sundry gas resource holders around the basin to explore opportunities for processing other gas or processing their gas.

所以這有助於一段時間。但顯然，我們正在尋找額外的天然氣來通過 Karratha 天然氣廠進行處理。合資公司成立了營銷實體，正在與盆地周邊的各類綜合性天然氣資源持有者進行洽談，以探索加工其他天然氣或加工其天然氣的機會。

But to maybe get to the point, Gordon, in our investor briefing in 2020, we signaled that 2024 notionally is when we would be shutting down the first train if we didn't have additional gas at that time.

但也許要直截了當地說，戈登，在我們 2020 年的投資者簡報中，我們暗示如果當時沒有額外的汽油，我們將在 2024 年關閉第一列火車。

I guess it's worth highlighting, we are also looking for self-help. So our Greater Western Flank 3 developments is a North West Shelf joint venture development to bring new gas into the plant. So we are taking all the steps that we can within the venture to try to keep as much gas going through as we can.

我想這是值得強調的，我們也在尋求自助。因此，我們的 Greater Western Flank 3 開發項目是西北大陸架的合資開發項目，旨在將新天然氣引入工廠。因此，我們正在採取我們可以在合資企業內採取的所有措施，盡量保持盡可能多的天然氣通過。

Meg, just to be clear. This is all about deliverability of gas into the plant. It's less about the age of the plant and the requirement for significant ongoing maintenance CapEx?

梅格，只是為了清楚。這都是關於氣體進入工廠的能力。這不是關於工廠的年齡和對大量持續維護資本支出的要求嗎？

Yes, correct. I mean, we've been investing for several years on a variety of, call it, life extension projects in the Karratha Gas Plant to ensure that the plant is ready to process gas as gas is available.

是，對的。我的意思是，多年來，我們一直在 Karratha 天然氣廠的各種（稱之為）延壽項目上進行投資，以確保該廠準備好在天然氣可用時處理天然氣。

Okay. And just lastly from me, coming back to the question other analysts have asked about the gas hub exposure guidance of 20% to 25%. You've mentioned different hub indices, JKM, TTF and U.K. National Balance Point, can you give us a feel for the mix of those? Is this like 90% JKM? Or is it just 2 variable going forward? And you did say there's interrelationships, and we get that because of the arbitrage and trading. But there are differences at times between these 3 hubs in terms of pricing. It'd be good for us to have some idea of the weighting, would be helpful.

好的。最後，我回到了其他分析師提出的關於 20% 到 25% 的天然氣樞紐暴露指導的問題。你提到了不同的中心指數，JKM、TTF 和英國國家平衡點，你能給我們一個感覺嗎？這像 90% JKM 嗎？還是只是2個變量？你確實說過存在相互關係，我們之所以能理解是因為套利和交易。但是這三個中心在定價方面有時會有所不同。對我們有一些權重的想法會很有幫助，這會很有幫助。

Yes. Thanks, Gordon. Look, I don't think we'd want to or even be able to be that precise. Some of the contracts do have a clear link to one or the other. But some of it -- this also reflects what we would have historically called spot, which are volumes that are not yet sold today. And so I don't want to commit today as to what index those will be sold on.

是的。謝謝，戈登。聽著，我不認為我們想要甚至無法做到那麼精確。一些合同確實與其中一個或另一個有明確的聯繫。但其中一些——這也反映了我們歷史上所謂的現貨，即今天尚未售出的數量。所以我今天不想承諾這些將在什麼指數上出售。

Okay. Lastly, so if we look at, let's say, the Uniper contract that you signed, we could assume that's TTF pricing. That's not a bad assumption. Would that be right?

好的。最後，如果我們看一下你簽署的 Uniper 合同，我們可以假設這是 TTF 定價。這不是一個壞假設。那是對的嗎？

No, the Uniper deal we signed -- look, we haven't set what price indexation that is based on. That actually is a longer-term contract. I wouldn't try to draw any conclusions from that.

不，我們簽署的 Uniper 交易——看，我們還沒有設定基於什麼價格指數化。這實際上是一份長期合同。我不會試圖從中得出任何結論。

Your next question comes from Daniel Butcher from CLSA.

您的下一個問題來自里昂證券的 Daniel Butcher。

First question is just on your contracts you signed a while ago or MOUs for Scarborough and Pluto 2. Just curious about their status. And is the pricing on those set already? Or can that be renegotiated in the background of higher or tight LNG markets?

第一個問題是關於你不久前簽署的合同或斯卡伯勒和冥王星 2 的諒解備忘錄。只是對他們的狀態感到好奇。這些套裝的價格已經確定了嗎？或者能否在 LNG 市場走高或吃緊的背景下重新談判？

Sorry, Dan, just which MOUs are you referring to?

抱歉，丹，你指的是哪些諒解備忘錄？

The various ones that's sort of associated with Scarborough and Pluto 2 that you've signed over the years.

與您多年來簽署的斯卡伯勒和冥王星 2 相關的各種協議。

Yes. Look, it's probably worth differentiating, Dan. So we signed firm sales agreements with a number of players. So Uniper is probably the most notable one. The Uniper contract had a condition precedent of Scarborough FID, which obviously, we ticked that box last year. And so that contract has now gone unconditional. So that's a firm contract. We have MOUs with a few other players that we signed probably back in 2019. Those kind of went into a bit of a slow point in COVID. But we're continuing to talk to a number of prospective buyers about additional Scarborough offtake. Obviously, with pricing where it is right now, we feel like conditions actually are pretty attractive for us as a seller.

是的。看，這可能值得區分，丹。因此，我們與許多玩家簽署了牢固的銷售協議。所以 Uniper 可能是最值得注意的一個。 Uniper 合同有斯卡伯勒 FID 的先決條件，很明顯，我們去年勾選了那個框。因此，該合同現在已成為無條件的。所以這是一份牢固的合同。我們與其他一些玩家簽訂了諒解備忘錄，我們可能早在 2019 年就簽署了這些諒解備忘錄。這些在 COVID 中進入了一個緩慢的階段。但我們將繼續與一些潛在買家討論額外的士嘉堡分包。顯然，按照現在的定價，我們覺得條件實際上對我們作為賣家來說非常有吸引力。

As we communicated before we took the FID decision, we didn't want to rush into too many LNG term sales agreements at a point in time where pricing was soft. We felt like patience would allow us to get more value for Woodside shareholders. And it looks like that strategy is bearing fruit.

正如我們在做出 FID 決定之前所溝通的那樣，我們不想在定價疲軟的時候倉促簽訂太多的 LNG 定期銷售協議。我們覺得耐心會讓我們為伍德賽德的股東獲得更多價值。看起來該策略正在取得成果。

Okay. Just to summarize, except in part for the Uniper deal, which is unconditional, the rest of them are pretty much subject to where the slopes are moving right now for new contracts?

好的。總結一下，除了 Uniper 的部分交易是無條件的，其餘的幾乎都受制於現在新合同的坡度？

No. So look, Uniper's firm, of course. The Perdaman contract is firm. The Pertamina option is an option that remains firmly in our court. So that's a decision that we have the right to take, and we'll be looking very closely at that option. And then we have -- and then we have a term agreement with RWE as well, which is also firm.

不，看，Uniper 的公司，當然。 Perdaman 的合同是牢固的。 Pertamina 選項是在我們的法庭上牢牢保留的選項。所以這是我們有權做出的決定，我們將密切關注該選項。然後我們有 - 然後我們也與 RWE 簽訂了期限協議，這也是堅定的。

Okay. And just curious, going to your hydrogen strategy unveiled a couple of months ago. You seem like you're in danger of being an early mover. I'm just sort of curious how you weigh up the advantages of being an early mover versus perhaps the risk of moving too early when the things are still coming down the cost curve. How do you sort of weigh out those risks? And is there a more capital light way of keeping your finger on the pulse of where new energy is moving without spending $5 billion just early in the pace?

好的。只是好奇，去看看你幾個月前公佈的氫戰略。你似乎有成為先行者的危險。我只是有點好奇，您如何權衡作為先行者的優勢與可能在成本曲線仍在下降時過早行動的風險。你如何權衡這些風險？有沒有一種更輕鬆的方式來讓您掌握新能源的發展脈搏，而無需在初期就花費 50 億美元？

Yes. Look, it's a great question, Dan. And obviously, there's a lot of interest in new energy. Thanks for calling us an early mover. I'm not sure that if you read the paper, you think a lot of people were doing a lot of work in this space. But the reality is for the new energy opportunities, we need to be customer led. And so a lot of the work that we're doing right now is to ensure that there is demand for the products that we are potentially going to be producing. And you'll have seen that we've signed a number of agreements -- MOUs, study agreements with partners like Marubeni, with Osaka Gas, with Keppel to look at opportunities to use products like ammonia or liquid hydrogen, either for power use or for ground transportation.

是的。看，這是一個很好的問題，丹。顯然，人們對新能源很感興趣。感謝您稱我們為先行者。我不確定如果你讀了這篇論文，你認為很多人在這個領域做了很多工作。但現實是，對於新能源的機會，我們需要以客戶為主導。因此，我們現在正在做的很多工作是確保對我們可能生產的產品有需求。你會看到我們已經簽署了許多協議——諒解備忘錄，與丸紅、大阪燃氣、吉寶等合作夥伴的研究協議，以尋找使用氨或液氫等產品的機會，無論是用於電力用途還是用於地面運輸。

So then we're absolutely keenly focused on ensuring that any significant investment we make in new energy is one that is going to deliver a return that is acceptable to Woodside shareholders. And in our capital market update, we outlined what sort of return we expect to be acceptable. We said it's greater than 10%. But the challenge I've given the team is we really want to see early projects that are quite comfortably beating that target threshold.

因此，我們絕對專注於確保我們在新能源上進行的任何重大投資都將帶來伍德賽德股東可以接受的回報。在我們的資本市場更新中，我們概述了我們期望可以接受的回報。我們說它大於 10%。但我給團隊的挑戰是，我們真的希望看到能夠輕鬆超過目標門檻的早期項目。

Your next question comes from Tom Allen from UBS.

您的下一個問題來自瑞銀的湯姆艾倫。

Most all questions have been answered, but I just have 1 outstanding on your emissions reduction strategy. So to meet your emissions reduction targets going forward, you've been clear that offsets are going to play a key role. I understand that Woodside have been pretty active in the forward market for ACCUs, Australian Carbon Credit Units, just to build a long exposure. But those prices are currently trading over AUD 50 a tonne. So can you just clarify how you can keep your carbon costs below your $20 a tonne target without buying the cheaper, lower-quality international [CERs]?

大多數問題都已得到解答，但我在您的減排策略上只有 1 個未解決的問題。因此，為了實現您未來的減排目標，您已經清楚抵消將發揮關鍵作用。據我所知，伍德賽德在澳大利亞碳信用單位 ACCU 的遠期市場上非常活躍，只是為了建立長期敞口。但這些價格目前超過每噸 50 澳元。那麼，您能否澄清一下如何在不購買更便宜、質量更低的國際 [CER] 的情況下將碳成本控制在每噸 20 美元以下？

Yes. It's a really great question, Tom. Look, one of the things we've done, and we feel like we really did get out ahead of the game on the offset spaces. We want to make sure we have a diversified portfolio of offsets, maybe similar to the diversified portfolio of products that we want to sell. So we've gotten very active in origination. We have a number of projects that we are managing ourselves. We are also participating in the markets, both in the Australian market as well as the international markets.

是的。這是一個非常好的問題，湯姆。看，我們已經完成的一件事，我們覺得我們確實在偏移空間上領先於比賽。我們希望確保我們擁有多元化的抵消組合，可能類似於我們想要銷售的多元化產品組合。所以我們在起源上變得非常活躍。我們有許多我們自己管理的項目。我們還參與了澳大利亞市場和國際市場的市場。

Now as, of course, the focus on the quality of offsets has evolved, we are absolutely focused on making sure we are buying quality offsets that those are scientifically verified. We want to make sure that we are buying at an appropriate time, and you're spot on that the ACCU market right now is particularly hot. And similar to our strategy around LNG, this is not a time for us to be buying. So we're generating now, and we will continue to generate. But we want to make sure that when we are in the offset market, we are purchasing at a point in time where it is value accretive. And the team has been challenged to continue to deliver at very affordable prices. And thus far, they've been doing a fantastic job.

現在，當然，對膠印質量的關注已經發展，我們絕對專注於確保我們購買的是經過科學驗證的優質膠印。我們希望確保我們在適當的時間購買，並且您發現現在 ACCU 市場特別火爆。與我們圍繞液化天然氣的戰略類似，現在不是我們購買的時候。所以我們現在正在生成，我們將繼續生成。但我們想確保當我們在抵消市場時，我們是在一個價值增值的時間點購買的。並且該團隊一直面臨著繼續以非常實惠的價格交付產品的挑戰。到目前為止，他們一直做得非常出色。

Sure. So I agree that there is -- the focus on quality is progressing quickly. Can you share maybe what proportion of your offset portfolio would likely be procured internationally?

當然。所以我同意——對質量的關注正在迅速發展。您能否分享一下您的抵消投資組合中可能有多少比例是在國際上採購的？

No, it's probably premature to signal that, Tom. Obviously, for projects where we have a regulatory obligation to provide ACCUs, we obviously comply with those regulations. For our voluntary commitments, that's a space where we have the flexibility to use international offsets. But again, with the international and domestic offsets, we need to make sure that we are participating and purchasing offsets that meet our expectations around quality.

不，湯姆，現在發出這樣的信號可能還為時過早。顯然，對於我們有義務提供 ACCU 的項目，我們顯然會遵守這些規定。對於我們的自願承諾，這是我們可以靈活使用國際補償的空間。但同樣，對於國際和國內補償，我們需要確保我們參與和購買的補償符合我們對質量的期望。

I would now like to hand the conference back to our presenters. Thank you, please continue.

我現在想把會議交還給我們的演講者。謝謝，請繼續。

All right. Well, thank you all for your questions. I'm looking forward to meeting with many of you over the coming weeks. We will keep you updated as we finalize the shareholder materials ahead of the vote on the merger. Thank you.

好的。嗯，謝謝大家的提問。我期待在接下來的幾週內與你們中的許多人會面。我們會在合併投票前敲定股東資料時及時通知您。謝謝你。