Woodside Energy Group Ltd (WDS) 2022 Q4 法說會逐字稿

Thank you for standing by and welcome to the Woodside Energy Group Limited Full Year 2022 Results Conference Call. All participants are in listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions).

感謝您的支持，歡迎來到伍德賽德能源集團有限公司 2022 年全年業績電話會議。所有參與者都處於只聽模式。將有一個演示，然後是一個問答環節。 （操作員說明）。

I would now like to hand the conference over to Ms. Meg O'Neill, Chief Executive Officer and Managing Director. Please go ahead.

我現在想將會議交給首席執行官兼常務董事 Meg O'Neill 女士。請繼續。

Good morning everyone, and thank you for joining our 2022 full year results investor call. We are presenting the results today 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, present and emerging. I also extend my respect to all other Aboriginal nations, the future generations and their continued connection to country.

大家早上好，感謝您參加我們的 2022 年全年業績投資者電話會議。我們今天將在悉尼公佈結果，首先我要感謝這片土地的傳統守護者 Eora 民族的 Gadigal 人，並向他們過去、現在和新興的長輩致以敬意。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 market along with our sustainable development report and our climate report. I would encourage you all to read these reports together as they provide a complementary review of our business. I'm joined on the call with our Chief Financial Officer, Graham Tiver. Together we will provide an overview of our 2022 financial, operational and strategic performance before opening up the call to a Q&A session. Please take the time to read the disclaimers, assumptions and other important information on Slides 2 and 3. I'd like to remind you that all dollar figures in today's presentation are in US dollars unless otherwise indicated.

正如您今天上午看到的那樣，我們向市場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。我鼓勵大家一起閱讀這些報告，因為它們對我們的業務進行了補充審查。我與我們的首席財務官 Graham Tiver 一起參加了電話會議。在開始問答環節之前，我們將一起概述我們 2022 年的財務、運營和戰略績效。請花時間閱讀幻燈片 2 和 3 上的免責聲明、假設和其他重要信息。我想提醒您，除非另有說明，否則今天演示文稿中的所有美元數字均以美元為單位。

Moving on to Slide 4, Woodside's strategy has delivered exceptional results in 2022. We transformed the company through the completion of the merger, which has provided increased scale and resilience and further strengthened the balance sheet. The addition of the heritage BHP assets and the expanded global portfolio coupled with strong operating performance and strong market conditions are key drivers in delivering record net profit after tax of $6.5 billion. We have backed out some one-off items, which Graham will touch on later to deliver an underlying profit of $5.2 billion. The Directors have determined a final dividend of $1.44 per share fully franked. This represents an 80% payout ratio of the second half underlying NPAT. The total full year dividend is $2.53 per share, meaning we are returning $4.8 billion to shareholders at a full year yield of over 10% based on Friday's closing share price. The outstanding performance from our business has set us up well to continue investment in oil, gas and new energy projects. We are investing in a range of commodities for the next wave of growth and are fiscally well-positioned for this period of higher capital investments. Our 2022 performance speaks to the strength of the business, our ability to deliver results today, deliver projects for tomorrow and return value to shareholders.

轉到幻燈片 4，Woodside 的戰略在 2022 年取得了非凡的成果。我們通過完成合併對公司進行了轉型，這提供了更大的規模和彈性，並進一步加強了資產負債表。必和必拓傳統資產的加入和擴大的全球投資組合，加上強勁的經營業績和強勁的市場環境，是實現創紀錄的 65 億美元稅後淨利潤的主要推動力。我們已經取消了一些一次性項目，格雷厄姆稍後將談到這些項目，以實現 52 億美元的潛在利潤。董事已決定派發每股 1.44 元的已全數繳稅的末期股息。這表示下半年基礎 NPAT 的支付率為 80%。全年總股息為每股 2.53 美元，這意味著我們將以周五收盤價計算的 10% 以上的全年收益率向股東返還 48 億美元。我們業務的出色表現為我們繼續投資石油、天然氣和新能源項目奠定了良好基礎。我們正在投資一系列大宗商品以迎接下一波增長，並在財政上為這段更高資本投資的時期做好準備。我們 2022 年的業績體現了業務實力、我們今天交付成果、交付明天項目以及為股東回報價值的能力。

Slide 5 provides an overview of key metrics underpinning our strong operational performance and how this translates to strong financial outcomes. In 2022, we achieved production volumes of 157.7 million barrels of oil equivalent, a record for Woodside. This includes production from the heritage BHP Petroleum assets for seven months of the year. Operationally, we delivered outstanding performance in our operated LNG assets, averaging reliability of 98.5% from Pluto LNG and the North West Shelf Project. We also delivered value from the interconnector with 9.8 million barrels oil equivalent produced at a time the world needs more LNG. Our unit production cost increased, impacted primarily by the inclusion of BHP Petroleum business and the interconnector tolling fees. We had strong underlying cost performance in an inflationary environment. The realized price of $98.40 per barrel of oil equivalent reflects strong global demand for our products and the benefits realized by our marketing and trading business. This has translated to $16.8 billion in revenue and $6.5 billion of free cash flow. Our significant free cash flow is after investing $4.2 billion in the business and enables us to pay a healthy dividend. The free cash flow also allowed us to reduce gearing to ensure a strong balance sheet given our upcoming capital commitment.

幻燈片 5 概述了支撐我們強勁運營績效的關鍵指標，以及這如何轉化為強勁的財務成果。 2022 年，我們實現了 1.577 億桶油當量的產量，創下了伍德賽德的記錄。這包括一年中七個月來自必和必拓石油資產的生產。在運營方面，我們在運營的液化天然氣資產中表現出色，冥王星液化天然氣和西北大陸架項目的平均可靠性為 98.5%。在世界需要更多液化天然氣的時候，我們還通過互連器實現了 980 萬桶石油當量的價值。我們的單位生產成本增加，主要是受到必和必拓石油業務的影響和互連通行費的影響。在通脹環境下，我們的潛在成本表現強勁。每桶油當量 98.40 美元的實際價格反映了全球對我們產品的強勁需求以及我們的營銷和貿易業務實現的收益。這已轉化為 168 億美元的收入和 65 億美元的自由現金流。我們可觀的自由現金流是在對業務投資 42 億美元之後產生的，這使我們能夠支付可觀的股息。考慮到我們即將到來的資本承諾，自由現金流還使我們能夠降低負債率以確保強勁的資產負債表。

Moving on to Slide 6, we have now achieved the goals we set ourselves ahead of the merger delivering initiatives expected to realize over $400 million per year of post merger synergies. We've delivered subsea tieback and improvement projects across our West Australian LNG assets and Gulf of Mexico assets continuing to keep the plants full. On the sustainability side, we achieved an 11% reduction against the starting base in net equity Scope 1 and 2 greenhouse gas emissions and are on-track to achieve our 2025 target. Higher profits have translated to higher tax and royalties paid to the Australian government. For 2022 we paid a record AUD2.7 billion, up 311% from our 2021 payments. We continue to advocate for a stable tax and physical environment in order to incentivize the large long-term investments that support energy security, decarbonization, and economic growth.

轉到幻燈片 6，我們現在已經實現了我們在合併交付計劃之前為自己設定的目標，預計每年將實現超過 4 億美元的合併後協同效應。我們已經在我們的西澳大利亞液化天然氣資產和墨西哥灣資產中交付了海底回接和改進項目，繼續保持工廠滿負荷運行。在可持續性方面，我們實現了淨股權範圍 1 和 2 溫室氣體排放量比起始基數減少 11%，並且有望實現我們的 2025 年目標。更高的利潤轉化為更高的稅收和支付給澳大利亞政府的特許權使用費。 2022 年，我們支付了創紀錄的 27 億澳元，比 2021 年的支付額增長了 311%。我們繼續倡導穩定的稅收和物質環境，以激勵支持能源安全、脫碳和經濟增長的大規模長期投資。

Slide 7 summarizes our safety performance. Disappointingly, we failed to improve on our safety outcomes of 2021 with our total recordable injury rate increasing to 1.8 per million work hours. Environmental performance has been good with just one Tier 2 loss of containment events recorded in the first half of the year, which resulted in no impact on the environment. Safety is central in everything we do and we've made it an imperative to return to leading performance in 2023. By date demonstrates the changing price environment over the last two years. The landscape has changed as energy security and affordability are now at the forefront of the energy challenge faced today. Even before Russia's invasion of Ukraine, we were seeing market volatility increasing. With the invasion accelerating, the rerouting of energy flows and contributing to volatile energy prices. There are growing concerns over the amount of supply available to meet immediate demand, which is contributing to price volatility in the market.

幻燈片 7 總結了我們的安全績效。令人失望的是，我們未能改善 2021 年的安全成果，我們的總可記錄傷害率增加到每百萬工作小時 1.8 起。環境績效良好，上半年僅記錄了一次 2 級洩漏事件，未對環境造成影響。安全是我們所做一切的核心，我們已將在 2023 年恢復領先性能作為當務之急。截止日期顯示了過去兩年不斷變化的價格環境。隨著能源安全和可負擔性成為當今面臨的能源挑戰的最前沿，情況發生了變化。甚至在俄羅斯入侵烏克蘭之前，我們就看到市場波動性在增加。隨著入侵的加速，能源流動的重新路由並導致能源價格波動。人們越來越擔心可滿足即時需求的供應量，這導致市場價格波動。

Slide 9 demonstrates how we were able to capture value in these conditions. We actively positioned our portfolio through the year to realize the benefit of higher commodity prices utilizing our expanded global marketing presence and trading capability. Our trading team optimizes the value of our produced LNG supplemented by the trading of third-party cargos. The realized price for the third-party LNG was $166 per barrel of oil equivalent, more than doubling from the prior year. The price achieved for our produced LNG benefited from our planned exposure to gas hub indices, which was 23% in 2022. For this coming year we are targeting to sell approximately 20% to 25% of our produced LNG on gas hub pricing. We were also fortunate to bring the interconnector online at the right time, which enabled the delivery of almost $1.2 billion of incremental revenue.

幻燈片 9 展示了我們如何能夠在這些條件下獲取價值。我們全年積極定位我們的投資組合，以利用我們擴大的全球營銷影響力和交易能力實現商品價格上漲的好處。我們的貿易團隊優化了我們生產的液化天然氣的價值，並輔以第三方貨物的貿易。第三方液化天然氣的實際價格為每桶石油當量 166 美元，比上一年翻了一番多。我們生產的液化天然氣實現的價格得益於我們計劃在天然氣中心指數中的敞口，該指數在 2022 年為 23%。明年，我們的目標是根據天然氣中心定價出售約 20% 至 25% 的生產液化天然氣。我們也很幸運能夠在正確的時間將互連器上線，從而實現了近 12 億美元的增量收入。

Slide 10 shows Woodside's dividend performance over the last five years. The final dividend of $1.44 per share has been considered and balanced against our capital commitments over the coming years. We are pleased to return $4.8 billion of value to shareholders, being in the $2.1 billion interim dividend and the $2.7 billion final dividend, while protecting the strength of the balance sheet. We have made very good progress on our major projects in 2022.

幻燈片 10 顯示了伍德賽德過去五年的股息表現。每股 1.44 美元的末期股息已被考慮並與我們未來幾年的資本承諾相平衡。我們很高興向股東返還 48 億美元的價值，包括 21 億美元的中期股息和 27 億美元的末期股息，同時保護資產負債表的實力。我們在 2022 年的重大項目上取得了很好的進展。

Slide 11 summarizes our activities on the Sangomar Field development in Senegal. 2022 was a great year as we progressed the project in preparation for targeted first oil later this year. We completed construction of the FPSO vessel and all subsea equipment. The drilling program continued ramping-up to two rigs. We commenced installation of subsea infrastructure. The FPSO has been relocated to Singapore where it will complete topsides integration and pre-commissioning. The image on the right of this slide is a close-up of the turret, which really gives you an idea of the scale of the project which we are undertaking. We will spend 2023 finalizing the execution activities and preparing for start up. First oil is expected in late 2023.

幻燈片 11 總結了我們在塞內加爾 Sangomar 油田開發方面的活動。 2022 年是偉大的一年，因為我們推進了該項目，為今年晚些時候的第一批石油做準備。我們完成了 FPSO 船和所有海底設備的建造。鑽井計劃繼續增加到兩個鑽井平台。我們開始安裝海底基礎設施。 FPSO 已搬遷至新加坡，將在那裡完成上部結構整合和預調試。這張幻燈片右側的圖像是砲塔的特寫鏡頭，它讓您真正了解我們正在進行的項目的規模。我們將在 2023 年完成執行活動並準備啟動。預計將於 2023 年底產出第一批石油。

On Slide 12 the Scarborough project is progressing across all work streams. We have commenced fabrication of all major facilities including the offshore floating production unit topsides and hull, the Pluto Train 2 modules, subsea facilities and the trunk line. Fabrication of both Scarborough and Pluto Train 2 is progressing well and will continue through 2023. Site works have commenced at the Pluto LNG sites. In parallel, we are progressing the secondary approvals needed for certain offshore activities.

在幻燈片 12 上，Scarborough 項目正在所有工作流程中取得進展。我們已經開始製造所有主要設施，包括海上浮式生產裝置上部結構和船體、Pluto Train 2 模塊、海底設施和乾線。 Scarborough 和 Pluto Train 2 的製造進展順利，並將持續到 2023 年。Pluto LNG 站點的現場工程已經開始。與此同時，我們正在推進某些離岸活動所需的二級審批。

Slide 13 highlights some changes in the Australian regulatory environment affecting our activities on the West and East Coast. There have been some changes in offshore approval requirements, which required stakeholder consultation over a more extensive area. We have clear plans to consult in a manner aligned with the new requirements and are progressing those consultations. Our project execution schedules have been adapted to enable more extensive consultation. We do not anticipate an impact on first LNG from Scarborough, which remains planned for 2026. Regarding the intervention in the East Coast gas market, Woodside is supportive of the government's objective of access to affordable and reliable energy. But we believe as a supplier of energy that increasing supply is the most effective way to address these issues in the market.

幻燈片 13 強調了澳大利亞監管環境的一些變化，這些變化影響了我們在西海岸和東海岸的活動。離岸審批要求發生了一些變化，這需要利益相關者在更廣泛的領域進行磋商。我們有明確的計劃以符合新要求的方式進行磋商，並且正在推進這些磋商。我們的項目執行時間表已經過調整，可以進行更廣泛的諮詢。我們預計不會對斯卡伯勒的第一批液化天然氣產生影響，該項目仍計劃在 2026 年進行。關於對東海岸天然氣市場的干預，伍德賽德支持政府獲得負擔得起的可靠能源的目標。但我們認為，作為能源供應商，增加供應是解決市場上這些問題的最有效方式。

Slide 14 demonstrates the breadth of projects that Woodside has across the oil, gas and new energy commodities. You can see that we have a strong mix of sanctioned projects and a healthy pipeline of future opportunities. Our focus is on executing these sanctioned projects safely, on-time, and within budget. For 2023 we are targeting final investment decisions on Trion and H2OK.

幻燈片 14 展示了 Woodside 在石油、天然氣和新能源商品方面的項目範圍。您可以看到，我們有大量已獲批准的項目和健康的未來機會管道。我們的重點是在預算範圍內安全、準時地執行這些批准的項目。 2023 年，我們的目標是對 Trion 和 H2OK 做出最終投資決策。

Of course, a decision on sanctioning new projects must be made in line with our capital allocation framework, which is shown on Slide 15. This framework is unchanged from what you've seen before, but it is always important to reiterate in the context of our pipeline of opportunities. We have to be disciplined in our investment decisions, which are guided by our targets for expected return in addition to how they fit within the overall portfolio. Our corporate emissions reduction targets do not change with new investments, which must include the cost of abating incremental emissions.

當然，批准新項目的決定必須符合我們的資本配置框架，如幻燈片 15 所示。該框架與您之前看到的沒有變化，但在我們的機會管道。我們必須遵守投資決策的紀律，這些決策除了要考慮它們如何融入整體投資組合之外，還要以我們的預期回報目標為指導。我們的企業減排目標不會隨著新投資而改變，新投資必須包括減少增量排放的成本。

I'd now like to move on to Trion on Slide 16. Trion is a deepwater development in the Mexican waters of the Gulf of Mexico. Trion provides us with the opportunity to leverage our deepwater Gulf of Mexico experience. The semi-submersible floating production unit would have a production capacity of up to a 100,000 barrels per day of oil and the initial field development would include water injection and gas injection. We're very excited about Trion. The technical work is well-advanced, as is the execution planning. In 2022, we completed front-end engineering design or FEED for the floating production unit. We issued key tender packages and we are now evaluating the responses. We expect to select the FPU contractor within the first half of the year, ahead of an FID decision.

我現在想轉到幻燈片 16 上的 Trion。Trion 是墨西哥灣墨西哥水域的一個深水開發項目。 Trion 為我們提供了利用我們在墨西哥灣深水區的經驗的機會。半潛式浮式生產裝置的生產能力可達每天 100,000 桶石油，初期油田開發將包括注水和注氣。我們對 Trion 感到非常興奮。技術工作進展順利，執行計劃也是如此。 2022年，我們完成了浮式生產裝置的前端工程設計或FEED。我們發布了關鍵的投標包，我們現在正在評估響應。我們希望在 FID 決定之前，在今年上半年選擇 FPU 承包商。

Moving on Slide 17, we are also targeting a final investment decision on H2OK in 2023, which would be our first major new energy project. H2OK is the hydrogen opportunity in Oklahoma in the United States. H2OK is well-positioned given its proximity to a strategic transport and supply-chain corridor in the US, close to customers who wish to adopt hydrogen as a fuel in the heavy transport sector. The potential fiscal incentives that the Inflation Reduction Act represents an opportunity for our H2OK project. And in 2022 we completed front-end engineering design activities. We have awarded contracts for the electrolysers and liquefaction equipment, and will continue to progress approvals and customer offtake agreements in support of final investment decision readiness.

轉到幻燈片 17，我們還計劃在 2023 年對 H2OK 做出最終投資決定，這將是我們的第一個主要新能源項目。 H2OK 是美國俄克拉荷馬州的氫能機會。 H2OK 地理位置優越，因為它靠近美國的戰略運輸和供應鏈走廊，靠近希望在重型運輸行業採用氫作為燃料的客戶。通貨膨脹減少法案的潛在財政激勵措施為我們的 H2OK 項目提供了機會。並在 2022 年完成了前端工程設計活動。我們已經授予電解槽和液化設備合同，並將繼續推進批准和客戶承購協議，以支持最終投資決策準備。

On Slide 18, we are delivering on our Scope 1 and 2 targets, which have also now been expanded to the merged portfolio. Our heritage Woodside operated assets have identified plans for potential decarbonization opportunities. And if all our opportunities are implemented in full, this could result in a 300 kilo-tonne of CO2 equivalent reduction in emissions in 2030. For 2023, our focus is on extending these plans to the heritage BHP assets.

在幻燈片 18 上，我們正在實現我們的範圍 1 和範圍 2 目標，這些目標現在也已擴展到合併後的產品組合。我們的傳統伍德賽德經營資產已經確定了潛在脫碳機會的計劃。如果我們所有的機會都得到充分實施，這可能會導致 2030 年減少 300 噸二氧化碳當量的排放量。到 2023 年，我們的重點是將這些計劃擴展到必和必拓的傳統資產。

And on Slide 19 we are also making progress on our investments in new energy and lower carbon services. We've now spent $100 million towards our new energy target, which is to invest $5 billion by 2030. We expect spending against the target to ramp-up over the coming years as the market for these products grows and we progress projects into the execute phase.

在幻燈片 19 上，我們在新能源和低碳服務方面的投資也取得了進展。我們現在已經為我們的新能源目標花費了 1 億美元，即到 2030 年投資 50 億美元。我們預計隨著這些產品市場的增長以及我們將項目推進到執行階段，未來幾年針對該目標的支出將會增加階段。

I'll now hand over to Graham Tiver to discuss our financial performance in more detail.

我現在將交給 Graham Tiver 來更詳細地討論我們的財務業績。

Thank you Meg, and good morning everyone. Starting off with Slide 21. Across the board, we have achieved very strong financial outcomes and what has been an outstanding year. This is driven by higher operational reliability, higher prices, coupled with the active positioning in the market from the marketing team, contribution of the former BHP assets to the portfolio and the Pluto KGP interconnector. We've delivered record shareholder returns while retaining flexibility to meet our capital commitments and delivered future returns against the backdrop of global volatility. Returning value to shareholders is important to us as is delivering the next phase of growth.

謝謝梅格，大家早上好。從幻燈片 21 開始。總體而言，我們取得了非常強勁的財務成果，並且是出色的一年。這是由更高的運營可靠性、更高的價格、營銷團隊在市場上的積極定位、前必和必拓資產對投資組合的貢獻以及 Pluto KGP 互連器推動的。我們實現了創紀錄的股東回報，同時保持靈活性以履行我們的資本承諾，並在全球動蕩的背景下實現未來回報。向股東回報價值對我們來說很重要，因為實現下一階段的增長也很重要。

Moving on to Slide 22, we continue to deliver in line with our capital management framework, which you would be very familiar with. Our ability to generate cash and remain resilient through the price cycle is demonstrated by a higher operating cash flow of $8.8 billion for '22. We are also putting this cash to use across oil, gas, and new energy projects with investing cash flow totaling $4.2 billion. And when we exclude the positive impacts of the merger completion payment and the contribution from global infrastructure partners for Pluto Train 2, our three boundary conditions, which I outlined at our Investor Briefing Day last year have been met. First, our ability to meet our investing expenditure commitment, mainly Scarborough and Sangomar. Second, our investment grade credit ratings were reaffirmed during the year, and third our final dividend of $1.44 per share represents a payout ratio of 80%, which is at the top end of our targeted range. This represents a full year dividend yield of over 10%. Whilst gearing for the period was 1.6%, it is important to note that if the final dividend was added to the end of the financials, I should say, payment would have the effect of increasing the year-end gearing to 9%, which is just outside of our targeted range of 10% to 20% through the cycle. We may at times sit temporarily outside of this range. But the low gearing provides us with the flexibility for future uncertainty, which is important when we consider the current volatile price environment as well as upcoming capital expenditure and future shareholder returns.

轉到幻燈片 22，我們將繼續按照您非常熟悉的資本管理框架交付產品。 22 年 88 億美元的更高運營現金流證明了我們產生現金並在價格週期中保持彈性的能力。我們還將這筆現金用於石油、天然氣和新能源項目，投資現金流總計 42 億美元。當我們排除合併完成付款的積極影響和全球基礎設施合作夥伴對 Pluto Train 2 的貢獻時，我在去年的投資者簡報日上概述的三個邊界條件已經得到滿足。首先，我們有能力履行我們的投資支出承諾，主要是 Scarborough 和 Sangomar。其次，我們的投資級信用評級在年內得到重申，第三，我們的末期股息為每股 1.44 美元，派息率為 80%，處於我們目標範圍的上限。這代表全年股息收益率超過 10%。雖然該期間的負債率為 1.6%，但需要注意的是，如果末期股息被添加到財務報表的末尾，我應該說，支付會導致年終負債率增加至 9%，即剛好超出我們整個週期 10% 到 20% 的目標範圍。我們有時可能會暫時坐在這個範圍之外。但低負債為我們提供了應對未來不確定性的靈活性，這在我們考慮當前波動的價格環境以及即將到來的資本支出和未來股東回報時非常重要。

Slide 23 shows the movement in our net profit. Each bar represents the increase or decrease in each category compared to 2021. The two largest increases are due to price and volume with the combined effect of these two columns totaling over $9.8 billion. The boost to volume is primarily due to the contribution of the BHP assets post merger and the boost to price was primarily higher realised prices across all markets. The other positive contributor to income was the completion of the sale of Pluto Train 2 to GIP, which was completed in January 2022. The increase in the cost of sales is driven by changes to the business. This includes the cost of operating the BHP assets, which includes depreciation, higher royalties in excise linked to higher prices, and finally the startup of the value-accretive interconnector. Other costs are predominantly made up of the hedging losses, which were put in place for two reasons. First to provide downside protection of the balance sheet. And second to lock-in positions on our Corpus Christi contract. We also incurred significantly higher income taxes and PRRT as a result of the increased income. The bar does include a credit of approximately $1.4 billion, relating to the recognition of an increase in the Pluto PRRT deferred tax asset. This simply represents the recognition of additional off balance sheet credits available to Pluto, which reflects the strong 2022 profit and future view of profitability. The underlying NPAT figure removed the one off impact of the merger transaction costs, the benefits of de-recognizing the Corpus Christi onerous contract provision, Wheatstone impairment reversals, the Pluto PRRT DTO and the Orphan Basin exit costs. As a result we achieved an underlying NPAT of $5.2 billion, which is used as the basis for the dividend calculation, being a fully franked dividend equivalent to $1.44 per share. As Meg mentioned, this represents a full year dividend payout of $4.8 billion.

幻燈片 23 顯示了我們淨利潤的變化。每個條柱代表每個類別與 2021 年相比的增減。兩個最大的增幅是由於價格和數量，這兩列的綜合影響總計超過 98 億美元。銷量的增長主要是由於必和必拓資產在合併後的貢獻，價格的增長主要是所有市場實現價格的上漲。收入的另一個積極貢獻是於 2022 年 1 月完成了將 Pluto Train 2 出售給 GIP。銷售成本的增加是由業務變化驅動的。這包括必和必拓資產的運營成本，其中包括折舊、與價格上漲相關的更高的消費稅特許權使用費，以及最終啟動價值增值互連器。其他成本主要由套期保值損失組成，套期保值損失的產生有兩個原因。首先為資產負債表提供下行保護。其次是鎖定我們科珀斯克里斯蒂合同的頭寸。由於收入增加，我們還產生了更高的所得稅和 PRRT。酒吧確實包括約 14 億美元的抵免，與確認 Pluto PRRT 遞延稅資產的增加有關。這僅代表承認 Pluto 可獲得額外的資產負債表外信貸，這反映了強勁的 2022 年利潤和未來盈利前景。基礎 NPAT 數據消除了合併交易成本的一次性影響、取消確認科珀斯克里斯蒂繁重合同條款的好處、惠斯通減值逆轉、冥王星 PRRT DTO 和孤兒盆地退出成本。結果，我們實現了 52 億美元的基本 NPAT，用作股息計算的基礎，是相當於每股 1.44 美元的完全免稅股息。正如梅格所提到的，這代表全年派息 48 億美元。

Slide 24 shows the five year comparison of operating revenue, EBITDA and underlying NPAT. As outlined previously the merger and market conditions along with a strong operational performance and the Pluto KGP interconnector were key to driving increased profitability. Our underlying NPAT of $5.2 billion is our best full year result ever recorded.

幻燈片 24 顯示了營業收入、EBITDA 和基礎 NPAT 的五年比較。如前所述，合併和市場狀況以及強勁的運營業績和 Pluto KGP 互連器是推動盈利能力提高的關鍵。我們 52 億美元的基礎 NPAT 是我們有史以來最好的全年業績。

Slide 25 demonstrates the cash generating capacity of our operations. Both the operating cash flow of $8.8 billion and free cash flow of $6.5 billion on this page include the impact of a collateral payment of approximately $0.5 billion against hedging activities. We are expecting to receive our money back in the second half of 2023. Without the collateral payments, operating cash flow would effectively been $9.3 billion and free cash flow would have been $7.1 billion. As mentioned the statutory investing cash flow of $2.3 billion is positively impacted by the benefit of the $1.1 billion in cash received as part of the completion of the merger and the capital contribution by GIP to Pluto Train 2 of $0.8 billion. The key underlying drivers of the increase in investing cash flow are the project execution cost for Scarborough and Sangomar.

幻燈片 25 展示了我們運營的現金產生能力。本頁中 88 億美元的運營現金流和 65 億美元的自由現金流都包括約 5 億美元的對沖活動抵押品支付的影響。我們預計將在 2023 年下半年收回我們的資金。如果沒有抵押品支付，運營現金流實際上為 93 億美元，自由現金流為 71 億美元。如前所述，23 億美元的法定投資現金流受到合併完成後收到的 11 億美元現金和 GIP 對 Pluto Train 2 的 8 億美元出資的積極影響。投資現金流量增加的主要潛在驅動因素是士嘉堡和 Sangomar 的項目執行成本。

Moving to Slide 26, unit production cost has increased, but underlying cost performance remained strong, despite inflationary pressure. The addition of the BHP assets and the interconnector have added to our production cost base. We've included a waterfall highlighting the changes. Whilst the interconnector has contributed to unit production cost, it has delivered substantial value with incremental revenue of almost $1.2 billion. We are managing inflationary pressure on our assets, and we'll continue to keep this in focus. The $0.50 cost increase is primarily driven by the Wheatstone turnaround and planned cyclical maintenance at Pluto. It is worth noting the unit production cost is also consistent with our pre-merger expectations of approximately $8 per barrel of oil equivalent as outlined in our merger documentation.

轉到幻燈片 26，單位生產成本有所增加，但儘管存在通脹壓力，但基本成本表現仍然強勁。必和必拓資產和互連器的加入增加了我們的生產成本基礎。我們包括了一個瀑布圖，突出顯示了這些變化。雖然互連器增加了單位生產成本，但它帶來了可觀的價值，增加了近 12 億美元的收入。我們正在管理資產的通脹壓力，我們將繼續關注這一點。 0.50 美元的成本增加主要是由 Wheatstone 檢修和計劃在 Pluto 進行的周期性維護所推動的。值得注意的是，單位生產成本也符合我們合併前的預期，即合併文件中概述的每桶石油當量約 8 美元。

Slide 27 demonstrates the resilience of our growth and cash margins. Our margins have remained resilient through the price cycle, the cash margin averaging approximately 80% over the last five years. This demonstrates the quality of our portfolio and the continued benefit of the merger.

幻燈片 27 展示了我們的增長和現金利潤率的彈性。我們的利潤率在整個價格週期中保持彈性，現金利潤率在過去五年平均約為 80%。這證明了我們投資組合的質量和合併的持續利益。

Slide 28 shows our five year liquidity and 10-year debt maturity profile both of which speak to our strength of the balance sheet and our preparedness for the upcoming committed capital expenditure. Our liquidity remains high at $10.2 billion, but when we think about this figure in the context of the $6 billion to $6.5 billion of CapEx which we have forecast for '23, we are well covered. Our debt maturity profile has minimum near-term maturities and our low gearing of 1.6% provides additional flexibility for future uncertainty. Our net debt position is strong at under $600 million. With this robust balance sheet, I am confident of our ability to meet our investment expenditure commitments and continue to return value to our shareholders.

幻燈片 28 顯示了我們五年的流動性和 10 年的債務到期情況，這兩者都說明了我們資產負債表的實力以及我們對即將到來的承諾資本支出的準備。我們的流動性仍然保持在 102 億美元的高位，但是當我們在我們預測的 23 年資本支出為 60 億至 65 億美元的背景下考慮這個數字時，我們得到了很好的保障。我們的債務期限狀況具有最低的近期期限，我們 1.6% 的低負債率為未來的不確定性提供了額外的靈活性。我們的淨債務頭寸強勁，不到 6 億美元。憑藉穩健的資產負債表，我相信我們有能力履行投資支出承諾並繼續為股東回報價值。

Slide 29 demonstrates overall tax contributed to the Australian government. This isn't a non-cash number, this is genuine cash paid to the government in the form of a number of different taxes, which are listed on the right hand side of the chart. This is a record tax contribution for Woodside. Taxes designed to capture the upside like PRRT are working. The top-up payments resulting from our '22 full year profits, we can also expect our 2023 tax contribution to continue to be strong. We are proud of the contribution that we make back to the Australian economy. And this demonstrates that higher prices do translate to higher taxes paid.

幻燈片 29 展示了對澳大利亞政府的總體稅收貢獻。這不是一個非現金數字，這是以多種不同稅收的形式支付給政府的真實現金，這些稅收列在圖表的右側。這是伍德賽德創紀錄的稅收貢獻。像 PRRT 這樣旨在獲取好處的稅收正在發揮作用。我們的 22 年全年利潤產生的補足付款，我們還可以預期我們 2023 年的稅收貢獻將繼續強勁。我們為回饋澳大利亞經濟所做的貢獻感到自豪。這表明更高的價格確實轉化為更高的稅收。

I'll now hand back over to Meg. Thank you.

我現在將交還給梅格。謝謝。

Speaker C-Meg O'Neill

演講者 C-Meg O'Neill

Thanks, Graham. I'd like to close by providing a quick overview on how market demand remains resilient across our products as shown on Slide 31. It's clear that the global energy transition can take many pathways. What the last two years has demonstrated is that the energy transition is unlikely to be a smooth linear progression. An enormous amount of investment is required in all forms of energy in the coming decades to meet demand under these scenarios. For example, analysts such as Wood Mackenzie expect global LNG demand to grow by more than 60% in volume between 2021 and 2040. And more LNG projects will be required to ensure adequate supply from the late 2020s. Woodside is positioning itself with opportunities across these three products and remaining prepared to supply the world with the energy it requires.

謝謝，格雷厄姆。最後，我想快速概述一下市場需求如何在我們的產品中保持彈性，如幻燈片 31 所示。很明顯，全球能源轉型可以採取多種途徑。過去兩年的情況表明，能源轉型不太可能是平穩的線性進程。未來幾十年，各種形式的能源都需要大量投資才能滿足這些情景下的需求。例如，Wood Mackenzie 等分析師預計，從 2021 年到 2040 年，全球液化天然氣需求量將增長 60% 以上。並且需要更多的液化天然氣項目來確保從 2020 年代末開始供應充足。伍德賽德正在利用這三種產品的機會為自己定位，並隨時準備為世界提供所需的能源。

Slide 32 lists our key priorities for 2023. First, in our core business, we need to focus on safety performance, an imperative for maintaining high-performance in both day to day operations and when executing maintenance campaigns. Whilst the merger is complete, there are number of integration activities such as integration of systems and SOX compliance. Second, in our major projects we will look to continue to safely deliver Sangomar and Scarborough. We will continue to progress opportunities that deliver value to shareholders consistent with our capital allocation framework. Following the merger, we have the benefit of a broad set of potential investment opportunities and we will be disciplined and selective in moving opportunities forward. Third, we need to progress our decarbonization opportunities, extending the asset decarbonization plans to heritage BHP operating assets. We also need to mature our new energy growth opportunities. All of these priorities support our strategy to be a low cost, lower carbon, profitable, resilient and diversified supplier of energy. We are delivering today and intends to deliver these priorities. The whole organization is focused and we are excited about the year ahead.

幻燈片 32 列出了我們 2023 年的主要優先事項。首先，在我們的核心業務中，我們需要關注安全性能，這是在日常運營和執行維護活動時保持高性能的必要條件。合併完成後，還有許多集成活動，例如係統集成和 SOX 合規性。其次，在我們的主要項目中，我們將尋求繼續安全地交付 Sangomar 和 Scarborough。我們將繼續把握機會，根據我們的資本配置框架為股東創造價值。合併後，我們受益於廣泛的潛在投資機會，我們將在推進機會時保持紀律和選擇性。第三，我們需要推進我們的脫碳機會，將資產脫碳計劃擴展到傳統的必和必拓運營資產。我們還需要成熟我們的新能源增長機會。所有這些優先事項都支持我們成為低成本、低碳、盈利、有彈性和多元化的能源供應商的戰略。我們今天正在交付並打算交付這些優先事項。整個組織都很專注，我們對來年感到興奮。

We will now open the question-and-answer session.

我們現在開始問答環節。

Thank you. (Operator Instructions). Your first question comes from Tom Allen with UBS.

謝謝。 （操作員說明）。你的第一個問題來自瑞銀的 Tom Allen。

The presentation references higher CapEx incurred on Scarborough and Sangomar, can you please provide some color on the magnitude of that and which work packages you've seen that pressure. And also share some color please on how the Australian offshore regulators expanded consultation requirements might impact the drilling schedule or costs generally for Scarborough over the next couple of years?

該演示文稿提到了 Scarborough 和 Sangomar 產生的更高資本支出，您能否提供一些關於其規模的顏色以及您看到該壓力的工作包。並分享一些關於澳大利亞離岸監管機構擴大諮詢要求可能如何影響未來幾年斯卡伯勒的鑽井計劃或成本的顏色？

So when we said a higher CapEx for Scarborough and Sangomar, that was 2022 versus 2021. I know there is a lot of concern about inflationary pressures. What we're seeing in both of these projects is they are both tracking to the FID spend. Sangomar as we noted is working towards first oil later this year. Scarborough, we continue to execute, we're about 25% complete. And we do expect Scarborough to remain on budget. So the comment on higher CapEx was really a year-on-year comment.

因此，當我們說 Scarborough 和 Sangomar 的資本支出更高時，那是 2022 年與 2021 年相比。我知道人們對通脹壓力有很多擔憂。我們在這兩個項目中看到的是它們都在跟踪 FID 支出。正如我們所指出的，Sangomar 正在努力在今年晚些時候生產第一批石油。斯卡伯勒，我們繼續執行，我們大約完成了 25%。我們確實希望斯卡伯勒保持在預算之內。因此，對更高資本支出的評論實際上是同比評論。

The consultation requirements as I noted in the in the pack nOPSEMA has provided the market with guidance on what is expected. The court was very clear in their ruling around the sorts of activities that proponents need to be providing to relevant parties. We have put together a very detailed consultation plan that aligns with that guidance from nOPSEMA and the team is off executing it. We've done a number of things to provide ourselves with a bit of additional flexibility in the schedule, so we do not anticipate any impact on Scarborough activities that would that would affect the first LNG, which we remain targeting for 2026.

正如我在 nOPSEMA 包中指出的那樣，諮詢要求為市場提供了預期的指導。法院在圍繞支持者需要向相關方提供的活動種類進行裁決時非常明確。我們已經制定了一個非常詳細的諮詢計劃，該計劃與 nOPSEMA 的指導相一致，並且團隊正在執行它。我們已經做了很多事情來為自己提供一些額外的時間表靈活性，因此我們預計 Scarborough 活動不會受到任何會影響第一批液化天然氣的影響，我們仍將其定為 2026 年。

If I can please just ask one another question on the capital demands in the business. Is Woodside still assessing, so, let's say, mid-cap sized acquisition opportunities that could extend your Gulf of Mexico exposure? And in some cases even bring perhaps an onshore shale exposure in the US. Just keen to understand whether that's still a live assessment and something we should be considering when looking at the broader capital demands in the business for the year ahead?

如果可以的話，請再問一個關於企業資本需求的問題。伍德賽德是否仍在評估，比方說，可以擴大您在墨西哥灣的風險敞口的中型收購機會？在某些情況下，甚至可能在美國帶來陸上頁岩風險。只是想知道這是否仍然是一個實時評估，以及我們在審視來年業務中更廣泛的資本需求時應該考慮的事情？

Sure. So of course we remain opened to M&A kinds of opportunities and we are quite interested in continued growth opportunities in the Gulf of Mexico. Nothing to signal beyond that. You'll note that we have been doing a bit of exploration work and we do have more exploration planned, we picked up some blocks in the most recent lease sale in the Gulf of Mexico. So we're looking at both organic and inorganic opportunities there. And if anything comes to fruition, we'll let you know. We will remain very cautious about onshore opportunities. I think when you look at the capabilities of Woodside, we're an organization that's really well-designed for the risk and the capital intensity associated with offshore. So we remain a bit cautious around the onshore that's a different skill set required to be successful in that space.

當然。因此，我們當然對併購機會持開放態度，我們對墨西哥灣的持續增長機會非常感興趣。除此之外沒有任何信號。你會注意到我們一直在做一些勘探工作，我們確實有更多的勘探計劃，我們在墨西哥灣最近的租賃銷售中獲得了一些區塊。所以我們正在尋找那裡的有機和無機機會。如果有任何成果，我們會通知您。我們將對在岸機會保持非常謹慎。我認為，當您查看 Woodside 的能力時，我們是一個真正針對與離岸相關的風險和資本密集度而精心設計的組織。因此，我們對在岸領域保持謹慎態度，因為在該領域取得成功需要不同的技能組合。

Your next question comes from Mark Samter with MST Marquee.

您的下一個問題來自 MST Marquee 的 Mark Samter。

I didn't think I'd ever start with a question on depreciation in my life, but I'm just wondering if we could talk about FY '24 when we think about the fact Sangomar starts out with a pretty low 1P base may adopt to obviously these asset is going be depreciated over 1P basis. Obviously got higher production expected. But should we be thinking that group units D&A costs will be higher in '24 than in '23 on that logic. And obviously are going to target into the dividend after. Hopefully you can answer that question.

我不認為我會從生活中的折舊問題開始，但我只是想知道我們是否可以談論 FY '24 當我們考慮 Sangomar 開始時的 1P 基數可能會採用這一事實顯然，這些資產將在 1P 基礎上折舊。顯然得到了更高的產量預期。但是我們是否應該認為，按照這種邏輯，24 年的集團單位 D&A 成本會比 23 年更高。並且顯然將在之後將目標定為股息。希望你能回答這個問題。

So, in the results announcement we have included a depreciation expense reconciliation for '23. And you will see our 2022 depreciation increase from $2.9 billion to $4.4 billion. The majority of that is driven by the additional five months of depreciation of the BHP heritage assets. And you will also see the breakdown in there, the change in the application of the depreciation policy. So of that movement $600 million is related to the change in the depreciation policy as well. So there is a reconciliation provided in the appendices of the results announcement.

因此，在業績公告中，我們包含了 23 年的折舊費用對賬。你會看到我們 2022 年的折舊從 29 億美元增加到 44 億美元。其中大部分是由必和必拓遺產資產額外五個月的折舊推動的。你還會看到那裡的細目，折舊政策應用的變化。因此，在該變動中，有 6 億美元也與折舊政策的變化有關。因此，結果公告的附錄中提供了對賬。

But it's fair to say the assets will start, produce the added production is coming from assets that are relatively low 1P reserve basin relatively high CapEx means that, am I wrong in thinking that?

但可以公平地說，資產將開始生產，增加的產量來自相對較低的資產 1P 儲備盆地相對較高的資本支出意味著，我的想法是錯誤的嗎？

In '24.

24 年。

In '24.

24 年。

Yeah, so Mark, I mean, you're correct that the assets that we'll start up in '23, and then have full year production in '24 are assets that will be depreciated on a 1P basis. And so as you would expect in those sorts of assets the unit depreciation rate is higher, the positive of course is that as we do infill drilling for example and continue to develop the full 2P resource, that additional resource comes in with limited incremental unit depreciation cost.

是的，馬克，我的意思是，你是對的，我們將在 23 年啟動，然後在 24 年進行全年生產的資產是將以 1P 為基礎折舊的資產。因此，正如您所期望的那樣，在這些類型的資產中，單位折舊率更高，當然，積極的是，例如，當我們進行加密鑽井並繼續開發完整的 2P 資源時，額外的資源會以有限的增量單位折舊出現成本。

And I guess can we just roll back into how we're thinking about and you said you highlighted today (inaudible) gearing would be, I have lost the page, it was 8% or 9% take into account the final dividend. If we look back at the chart you gave us Investor Day on free cash flow pre dividends through the course of this year. I mean if you mark to market for the current futures (inaudible) pretty cash flow negative this year, so by the time we get to the interim dividend FY '23 gearing should be well and truly within that 10% to 20% gearing range. Can you talk through how you think about, A, do we think still 50% to 80% despite the change in depreciation policy is a sensible number we should base it up? And I guess at both ends of that range, I don't want to frame this as a negative question, what would you need to see happening to payout more than 80%, and what do you think we would need to see if you were to think about reducing that payout ratio below the 80%, but has been the standard for (inaudible).

我想我們能否回到我們的想法，你說你今天強調（聽不清）槓桿率是，我已經丟失了頁面，考慮到末期股息，它是 8% 或 9%。如果我們回顧一下你給我們的投資者日關於今年全年的自由現金流預股息的圖表。我的意思是，如果你按市值計算當前的期貨（聽不清）今年相當負的現金流量，那麼當我們獲得中期股息時，23 財年的負債率應該確實在 10% 到 20% 的負債率範圍內。你能談談你的想法嗎，A，我們認為儘管折舊政策發生變化，仍然有 50% 到 80% 是一個合理的數字，我們應該以此為基礎嗎？我想在這個範圍的兩端，我不想把它作為一個否定的問題，你需要看到發生什麼才能支付超過 80%，你認為如果你是考慮將支付率降低到 80% 以下，但一直是（聽不清）的標準。

Yeah. As you know, our capital management framework has been unchanged for a period. There are a few things that are really fundamental for us. First-off is protecting investment grade credit rating. And we're very pleased that the ratings agencies have reaffirmed our strong credit rating over the course of the year. The second thing that's important and we hear this quite consistently from our shareholders is the way they value our dividend. We've done extensive modeling to understand our ability to payout and the dividend policy remains very firm at that 50% payout ratio as the policy. Of course, we've been paying out at 80% for the last few years the market conditions this past year and the profitability of the business allowed us to pay out at the 80% in this full year results. As we play the year forwards, as Graham noted, we do have significant capital expected for this year. As the Scarborough project continues into next year, we'll have a significant capital investment there as well. Assuming Trion in Oklahoma, FIDs are successful. We just need to continue to have that disciplined approach to ensuring that we protect the balance sheet, we protect our ability to invest and we protect that ability to return value to shareholders.

是的。如您所知，我們的資本管理框架在一段時間內沒有變化。有幾件事對我們來說非常重要。首先是保護投資級信用評級。我們很高興評級機構在這一年中重申了我們強大的信用評級。第二件重要的事情是他們對我們股息的估值方式，我們一直從股東那裡聽到這一點。我們已經進行了廣泛的建模以了解我們的支付能力，並且股息政策在 50% 的支付率作為政策仍然非常堅定。當然，在過去幾年中，我們一直在支付 80% 的費用，去年的市場狀況和業務的盈利能力使我們能夠在今年的全年業績中支付 80% 的費用。正如格雷厄姆指出的那樣，在我們展望未來的一年時，我們今年確實有大量資金預期。隨著 Scarborough 項目持續到明年，我們也將在那裡進行大量資本投資。假設 Trion 在俄克拉荷馬州，FID 是成功的。我們只需要繼續採用這種紀律嚴明的方法來確保我們保護資產負債表，保護我們的投資能力以及我們保護向股東回報價值的能力。

Yeah, true. I hope this isn't pushing too much in the light, but when we think about, I guess three years ago, we would have thought $15 JKM is the greatest thing ever. But when we think about that pretty precipitous drop we've seen in JKM, as do you tend to think that just the low earnings from that is a balancing factor enough or do we think as that macro is potentially working and it could swing back the other way. Do we think you need to be more prudent assuming a much level of JKM persist for a while than you talked before or do you think just the 80% of a smaller number compensates for it?

是啊，沒錯。我希望這不會影響太多，但當我們想到時，我想三年前，我們會認為 15 美元的 JKM 是有史以來最棒的東西。但是，當我們考慮到我們在 JKM 中看到的急劇下降時，您傾向於認為僅僅是低收益就足以平衡因素，還是我們認為宏觀可能正在發揮作用並且可能會回落另一種方式。我們是否認為您需要更謹慎地假設 JKM 的水平比您之前所說的持續了一段時間，或者您認為只有 80% 的較小數字可以彌補它？

Yeah. So Mark, I think it's probably worth highlighting that whilst JKM has fallen from its heady levels of last year, it's still at levels that are well-above historic $15 JKM is pretty attractive. Three years ago we would have been ecstatic to be at that pricing level. So we do, as I said, we modeled a variety of price forecast going forward. We test our ability to pay out and we feel comfortable with the 50% to 80% range of payout is still appropriate as long as we also keep our eyes on that gearing ratio of the 10% to 20%. We were well-positioned this year, but we do have a period of significant capital ahead of us. And that's why we've been I think quite prudent in balancing the desire to give shareholders good returns this year with protecting the balance sheet and the ability to invest.

是的。所以馬克，我認為可能值得強調的是，雖然 JKM 已經從去年的高位回落，但它仍處於遠高於歷史 15 美元的水平，JKM 非常有吸引力。三年前，我們會欣喜若狂地處於那個定價水平。因此，正如我所說，我們對未來的各種價格預測進行了建模。我們測試了我們的支付能力，我們覺得 50% 到 80% 的支付範圍仍然合適，只要我們也關注 10% 到 20% 的負債比率。我們今年處於有利地位，但我們確實有一段重要的資本期。這就是為什麼我認為我們一直在平衡今年給股東良好回報的願望與保護資產負債表和投資能力之間的平衡。

And I think Mark, it's worth pointing out that testing of the scenarios, we see the balance sheet as still quite resilient at our low price scenario as well. So we're comfortable where we are today, but we are conscious that times are quite volatile. But we do see ourselves resilient at the low gross.

我認為馬克，值得指出的是，對這些情景的測試，我們認為資產負債表在我們的低價情景下仍然非常有彈性。因此，我們對今天的處境感到滿意，但我們意識到時代非常動盪。但我們確實看到自己在低毛利情況下具有彈性。

Yeah, absolutely. Sounds very sensible to me. My second one really last quick question if I can probably a bigger-picture one, Meg, if we think broadly about the business in its biggest form scarred, but largely offset the declines in LNG production you'll see from North West Shelf and Pluto broadly-ish. It will be without new project sanctioned or M&A it will be pretty much 65% of the reserve base by the time it starts. When you think about the rest of the business and that's why Trion perhaps does an FID for whatever reason, do you see the need to replace reserves and keep the business of scale outside the LNG portfolio or is there a scenario where Woodside just becomes ever more an LNG business and you're happy for the rest of the portfolio to be in runoff mode?

是的，絕對。對我來說聽起來很明智。我的第二個問題真的是最後一個快速問題，梅格，如果我們廣泛地考慮最大形式的業務，但我可以在很大程度上抵消西北大陸架和冥王星液化天然氣產量的下降廣泛的。在沒有批准新項目或併購的情況下，到開始時，儲備基數將達到近 65%。當您考慮其他業務時，這就是 Trion 可能出於某種原因進行 FID 的原因時，您是否認為需要更換儲備並將業務規模保持在 LNG 投資組合之外，或者是否存在 Woodside 變得越來越多的情況液化天然氣業務，您對其餘投資組合處於流失模式感到高興嗎？

So Mark, one of the things that we do extensively is take a look at scenarios around how the world's energy mix might change over time, and it's probably shown on that Slide 31 that's got those graphs on it, which shows that in all scenarios, oil continues to be an important part of the energy mix for the next 30 years. Gas is important, whilst our foundation is LNG, the BHP Petroleum acquisition really does give us a lot of strengths in the oil side of the house. So we are open to continued investments in all three of these commodities. And we'll continue seeing what opportunities are out there, but we need to be disciplined about progressing those opportunities. So I think we're open to a variety of investments, we're pleased with our LNG position today. Scarborough will allow us to continue to have a strong LNG position into the future. But opportunities beyond that, we're looking at across all three commodity types.

所以馬克，我們廣泛做的其中一件事就是看看世界能源結構如何隨時間變化的情景，它可能顯示在幻燈片 31 上，上面有這些圖表，它表明在所有情景中，未來 30 年，石油仍將是能源結構的重要組成部分。天然氣很重要，雖然我們的基礎是液化天然氣，但必和必拓石油公司的收購確實給了我們在石油方面的很多優勢。因此，我們對繼續投資所有這三種商品持開放態度。我們將繼續看到那裡有什麼機會，但我們需要在推進這些機會方面遵守紀律。所以我認為我們對各種投資持開放態度，我們對今天的液化天然氣頭寸感到滿意。斯卡伯勒將使我們能夠在未來繼續擁有強大的液化天然氣地位。但除此之外的機會，我們正在研究所有三種商品類型。

Your next question comes from James Byrne with Citi.

你的下一個問題來自花旗銀行的 James Byrne。

Two questions. Firstly PRRT-related, Slide 29, Graham, it came out almost pre-emptively swinging on many sort of higher taxation in the future. I'm wondering, are you aware of any potential changes to PRRT that could be coming up in the May budget that would sort of see you put out a slide like this that really defends your position of paying higher taxes during higher commodity prices. And Meg, you're obviously very -- falls with API, are you sort of lobbying against PRRT actively at the moment for changes?

兩個問題。首先是與 PRRT 相關的幻燈片 29，格雷厄姆，它幾乎先發製人地在未來擺出許多更高的稅收。我想知道，您是否知道 5 月份預算中可能出現的 PRRT 的任何潛在變化，這些變化有點像您推出這樣的幻燈片，真正捍衛您在商品價格上漲期間支付更高稅收的立場。梅格，你顯然非常 - 與 API 墮落，你目前是否正在積極遊說反對 PRRT 以進行更改？

James, I think we've been really consistent in our public messaging for a very long period, which is, for us to make the big investments that we make which payout over or generate revenue over 20 plus years we need stable fiscal and regulatory regime. The fiscal framework with PRRT has been in place for decades. The Federal government has had a number of reviews of the PRRT. But part of why we had that slide in there is just to help communicate more effectively that's when Woodside is profitable, many of our shareholders benefit. Our shareholders benefits and the government of Australia benefits. $2.7 billion is really a phenomenal contribution. And if you think about how far that stretches in terms of aged care, education, infrastructure investments, we're a very significant contributor to Australia. The investments that we're making in things like Scarborough will allow us to continue to make that sort of significant financial investments for decades to come.

詹姆斯，我認為我們在很長一段時間內一直在公開信息中保持一致，也就是說，對於我們進行的大型投資，我們需要在 20 多年的時間裡進行支出或產生收入，我們需要穩定的財政和監管制度. PRRT 的財政框架已經存在了幾十年。聯邦政府對 PRRT 進行了多次審查。但我們放那張幻燈片的部分原因只是為了幫助更有效地溝通，那就是當伍德賽德盈利時，我們的許多股東都會受益。我們的股東受益，澳大利亞政府也受益。 27 億美元確實是一項了不起的貢獻。如果你想想這在老年護理、教育、基礎設施投資方面的延伸程度，你會發現我們對澳大利亞做出了非常重要的貢獻。我們在像斯卡伯勒這樣的地方所做的投資將使我們能夠在未來幾十年繼續進行這種重大的金融投資。

Okay. Second question then just around are theses secondary approvals to Scarborough, are you able to sort of say what court cases there are sort of outstanding against the project. And in that context when you do your workshops with nOPSEMA, do you feel really comfortable that you're aligned with nOPSEMA to get those secondary approvals. If we saw a Barossa style for the delay to Scarborough and the rig was idle, I'm also wondering how expensive the contingency budget is at the moment to absorb any sort of delay to the project.

好的。第二個問題是斯卡伯勒的這些二級批准，你能說說有哪些針對該項目的未決案件。在這種情況下，當您使用 nOPSEMA 舉辦研討會時，您是否真的覺得自己與 nOPSEMA 保持一致以獲得這些二級批准。如果我們看到 Barossa 風格的延誤到斯卡伯勒並且鑽井平台閒置，我也想知道目前應急預算是多麼昂貴以吸收項目的任何形式的延誤。

Look, I'll start with the fact, so outstanding court cases we have two. One is in the Supreme Court of Western Australia was from CCWA related to Pluto LNG Train 2 construction. The hearing on that matter was heard in August, and we're awaiting an opinion from the court. The Australian Conservation Foundation commenced proceedings last year related to Scarborough environmental approvals broadly. That matter continues to progress through the court system. When it comes to nOPSEMA, we have a very active discussion and nOPSEMA has been very forthcoming publicly and with a number of proponents on how the results of the Barossa court case influence their thinking when they're reviewing environmental plans.

看，我將從事實開始，我們有兩個懸而未決的法庭案件。一個是在西澳大利亞最高法院，CCWA 與 Pluto LNG Train 2 建設有關。關於此事的聽證會已於 8 月舉行，我們正在等待法院的意見。澳大利亞保護基金會去年開始了廣泛涉及斯卡伯勒環境審批的訴訟程序。這件事繼續通過法院系統取得進展。當談到 nOPSEMA 時，我們進行了非常積極的討論，並且 nOPSEMA 一直非常公開地與許多支持者討論 Barossa 法院案件的結果如何影響他們在審查環境計劃時的想法。

And for Scarborough, we have three environmental plans that we're progressing, one for seismic -- sorry, three related to Scarborough, one for seismic, one for drilling and one for the pipeline installation. As I said in my opening remarks, we are consulting in accordance with consultation plan that aligns with that nOPSEMA guidance. So it's a much broader consultation than we historically would have performed. But we are getting after it. The teams got a lot of enthusiasm and is out talking to a wide variety of potential relevant persons. We've got flexibility in the schedule to be able to accommodate this longer consultation period. And as I said, we remain on track for first LNG in 2026.

對於斯卡伯勒，我們正在製定三項環境計劃，一項針對地震——抱歉，三項與斯卡伯勒有關，一項針對地震，一項針對鑽探，一項針對管道安裝。正如我在開場白中所說，我們正在根據與 nOPSEMA 指南一致的諮詢計劃進行諮詢。因此，這是一次比我們以往進行的諮詢範圍更廣的諮詢。但我們正在追求它。這些團隊表現出極大的熱情，並與各種各樣的潛在相關人員進行了交談。我們在時間表上有靈活性，可以適應這個較長的諮詢期。正如我所說，我們仍有望在 2026 年實現第一批液化天然氣。

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

你的下一個問題來自美國銀行的 James Redfern。

I guess question is going to follow on to Mark Samter question just around the dividends. I mean, the presentation the last 12 months, to be fair to special dividends and buybacks with regard to increasing shareholder returns. But I guess the prudence of conservatism you've shown today suggest that we should not be assuming any special dividends or buybacks in the foreseeable future given the oil price outlook and also the CapEx coming up. And so, I guess the best we could expect is the 80% dividend payout ratio, which is fine, but just wanted to check if that's consistent with your thinking? That's the first one please.

我想問題將繼續圍繞股息問題向 Mark Samter 提問。我的意思是，過去 12 個月的演示文稿，是為了公平對待特別股息和回購，以增加股東回報。但我想你今天表現出的謹慎態度表明，鑑於油價前景和即將到來的資本支出，我們不應該在可預見的未來假設任何特別股息或回購。因此，我想我們可以期望的最好結果是 80% 的股息支付率，這很好，但只是想檢查一下這是否與您的想法一致？這是第一個。

So, the way we look at it at a point in time, at the time of assessing the dividend and declaring the dividend, so it's a bit early to call that out just yet, but I guess where we are today with the dividend at the 80%, it takes into account two things one is the CapEx that we have in front of us and nothing new there, the $6 billion to $6.5 billion. And I guess the market volatility and how the overall market is playing out as well. When we get to the half year, we'll be making the same assessment, we'll be looking-forward, looking at the global economic scenarios, how our operations are performing, we'll be looking at it in the context of how our capital programs are playing out. So I certainly wouldn't be in a position to say there'll be no additional returns in any shape or form moving forward, we'll make that point -- well that decision at that point in time based on the overall performance of the business and global macro.

所以，我們在某個時間點看待它的方式，在評估股息和宣布股息的時候，所以現在就宣布這一點還為時過早，但我想我們今天的股息在80%，它考慮了兩件事，一個是我們面前的資本支出，60 億美元到 65 億美元之間沒有什麼新東西。我猜想市場波動以及整個市場的表現也是如此。當我們進入半年時，我們將進行相同的評估，我們將展望未來，審視全球經濟情景，我們的運營表現如何，我們將在如何看待它的背景下進行審視我們的資本計劃正在發揮作用。因此，我當然不能說未來不會有任何形式或形式的額外回報，我們會做出這一點——好吧，那個時候的決定是基於整體表現的商業和全球宏觀。

James, I think it's important to keep that really front and center in our capital management framework just to remind the market that we do have additional tools at our disposal. If the market conditions allow us to use some of those tools, we're prepared to. But at this point in time as Graham noted with the capital spend ahead in the next year plus, we're being prudent.

詹姆斯，我認為在我們的資本管理框架中保持真正的前沿和中心是很重要的，只是為了提醒市場我們確實有更多的工具可供我們使用。如果市場條件允許我們使用其中一些工具，我們就準備好了。但在這個時間點，正如格雷厄姆指出的那樣，明年的資本支出加上，我們是謹慎的。

Second question is just a housekeeping question, with regards to Sangomar. If we see first production later this year, the expected production expected 75,000 barrels a day. Just wondering, how quickly do you think Sangomar will ramp-up and to that 75,000 barrels a day, how quickly will the ramp up be and what are you seeing in terms of that plateau that actually in terms of years.

第二個問題只是關於 Sangomar 的內務處理問題。如果我們在今年晚些時候看到首次生產，預計產量預計為每天 75,000 桶。只是想知道，您認為 Sangomar 將以多快的速度增加到每天 75,000 桶，增加的速度將多快，以及您看到的實際上是幾年的高原。

Look, what we've said, I guess just to make sure we're all on the same page, is that we expect first production in 2023. But for purposes of the production guidance, we have not assumed anything material in the production guidance for this year. In terms of the pace of ramp up, look that's something that we are working on. It will depend a bit on how we manage the flow assurance, this is a deepwater development with pretty complex subsea infrastructure. So it will be ramped-up over the course of a few months. Plateau, I think we'll want to reserve commentary on plateau period until we get a bit more confidence in how the reservoir is going to perform. We've certainly modeled it, and we'll put our production guidance at a point that's appropriate in time for that particular asset.

看，我們所說的，我想只是為了確保我們都在同一頁上，我們預計在 2023 年首次生產。但出於生產指南的目的，我們沒有在生產指南中假設任何實質性內容今年。就提升速度而言，看這是我們正在努力的事情。這在一定程度上取決於我們如何管理流量保證，這是一個具有相當複雜海底基礎設施的深水開發項目。因此，它將在幾個月內逐漸增加。高原，我想我們要保留對高原期的評論，直到我們對水庫的運行方式更有信心為止。我們當然已經對其進行了建模，我們會將我們的生產指南放在適合該特定資產的時間點。

Your next question comes from Dale Koenders with Barrenjoey.

你的下一個問題來自 Dale Koenders 和 Barrenjoey。

Just I guess going back to prior questioning, the free cash flow outlook you presented for the business at the Investor Day, is just under $1 billion or thereabouts in '23 and about $4 billion in '24 before thinking about a couple of billion dollars for Trion and H2OK CapEx. Oil price has fallen off. Can you just confirm we are right to think about negative free cash flow this year at current forward curves before thinking about dividends and probably more break-even next year, is that the right way to think about business?

我想回到之前的問題，你在投資者日為企業提出的自由現金流前景在 23 年不到 10 億美元左右，24 年約為 40 億美元，然後再考慮 20 億美元Trion 和 H2OK 資本支出。油價已經下跌。你能否確認我們在考慮股息和明年可能更多的收支平衡之前考慮當前遠期曲線上的負自由現金流是正確的，這是思考業務的正確方法嗎？

So Dale, the '23 or the free cash flow graph that we put forward, an indicative position for the future at the IBD was using forward curves, and it does take into account the drop in prices. However, I would just point you back to the overall strength of the balance sheet, our overall gearing and the flexibility we have. We have the ability to be able to continue our capital programs, in particular Scarborough and Sangomar. And we have the ability to continue to maintain strong shareholder returns into the future where the balance sheet is in great shape. Yes, cash will be lower this year because of the CapEx spend and there has been a drop in prices, we think we've captured that. And as I touched on with Mark, our low price sensitivity analysis does prove that we can robustly get through 2023.

所以 Dale，我們提出的 '23 或自由現金流圖，IBD 未來的指示性頭寸是使用遠期曲線，它確實考慮了價格下跌。然而，我只想讓你回到資產負債表的整體實力、我們的整體負債率和我們擁有的靈活性。我們有能力繼續我們的資本計劃，特別是斯卡伯勒和桑戈馬爾。我們有能力在資產負債表狀況良好的未來繼續保持強勁的股東回報。是的，由於資本支出支出以及價格下跌，今年現金將會減少，我們認為我們已經抓住了這一點。正如我與馬克談到的那樣，我們的低價格敏感性分析確實證明我們可以穩健地度過 2023 年。

How do you think about the preference between maybe pulling back your dividend payout to 50% restarting the DRP or delaying FIDs?

您如何看待可能將股息支付降低至 50% 以重新啟動 DRP 或延遲 FID 之間的偏好？

Yeah. Look, once again, it's similar to what we answered to James. We will assess that at the point in time of making the decision on the dividend looking at the overall balance sheet, global macro trends, performance of the business, Dale. But every time we have a discussion with the Board on capital management, these are the kinds of conversations we are having on how we set the business up and how we distribute shareholder returns.

是的。看，再一次，這類似於我們對詹姆斯的回答。我們將在做出股息決定時評估整體資產負債表、全球宏觀趨勢、業務績效，Dale。但每次我們與董事會討論資本管理時，這些都是我們就如何建立業務以及如何分配股東回報進行的對話。

And then just finally can I check my math, it looks like Greater Enfield gas were 2P reserve downgrade in the order of 200 Bcf. Can you talk through that, is that Wheatstone?

然後我終於可以檢查我的數學了，看起來 Greater Enfield 天然氣的 2P 儲備降級為 200 Bcf。你能談談嗎，那是惠斯通嗎？

We'll have to follow-up with you on that, Dale.

Dale，我們必須跟進您的情況。

Your next question comes from Saul Kavonic with Credit Suisse.

你的下一個問題來自瑞士信貸的 Saul Kavonic。

Quick question on the Sangomar drilling results that were referred today as part of which factored into some of the reserves changes to Sangomar, can you give us an update on what the latest drilling results, what they are, what the implication is for Sangomar and particularly Sangomar Phase 2 if there's any read through for that?

關於今天提到的 Sangomar 鑽探結果的快速問題，其中一部分是 Sangomar 的一些儲量變化的一部分，你能告訴我們最新的鑽探結果是什麼，它們是什麼，對 Sangomar 有什麼影響，特別是Sangomar 第 2 階段是否有通讀？

So the Phase 1 results actually have been really close to prognosis throughout. The only well that I think we've commented on specifically was one of the exploration wells, which was this SNE North-2 well, which was a potential near field tieback opportunity. And that encountered gas and we abandoned it as was part of the initial drilling plan, we'll continue to assess whether or not there's opportunity there. As we've talked about from the beginning with Sangomar, there's two main reservoir horizons that we're targeting the S500 sands. And as I said, the drilling results there have been coming in really close to prognosis. That's the, call it the sweet spot of the field. Then we've got the S400 sands, which are laterally extensive high in place. But questions about connectivity and we won't be able to really understand Phase 2 until we get some of that dynamic data, particularly in the S400 section. So it's still open questions around what Phase 2 would look like. But if you look at our kind of history in fields like this, I would fully expect that there will be infill opportunities. And there will be future phases of development, but we do need that dynamic data to figure out exactly what those look like.

因此，第一階段的結果實際上一直非常接近預後。我認為我們專門評論過的唯一一口井是其中一口勘探井，也就是這口 SNE North-2 井，這是一個潛在的近場回接機會。那遇到了天然氣，我們放棄了它作為最初鑽探計劃的一部分，我們將繼續評估那裡是否有機會。正如我們從一開始就談到 Sangomar 時所說的那樣，我們的目標是 S500 砂層的兩個主要儲層層位。正如我所說，那裡的鑽探結果非常接近預測。那就是，稱之為該領域的甜蜜點。然後我們得到了 S400 沙子，它們在適當的位置橫向延伸。但是關於連通性的問題，我們將無法真正理解第 2 階段，直到我們獲得一些動態數據，特別是在 S400 部分。因此，關於第 2 階段的情況仍然存在懸而未決的問題。但如果你看看我們在這樣的領域的歷史，我完全相信會有填補機會。並且會有未來的發展階段，但我們確實需要動態數據來弄清楚它們到底是什麼樣子。

And one more I guess following on from a lot of balance sheet questions, but perhaps I'll just ask quite a specific one. I guess, is Woodside willing to go above its 10% to 20% gearing target for a single year, high CapEx year in order to kind of smooth out and maintain an overall dividend payout. Is that something you'd consider for particularly the 2023 year?

我想還有一個問題來自很多資產負債表問題，但也許我只會問一個非常具體的問題。我想，伍德賽德是否願意在一年、高資本支出年中超過其 10% 至 20% 的負債率目標，以便平穩並維持整體股息支付。這是您特別要考慮的 2023 年的事情嗎？

I think Graham described it well, while talking about us being on the low-side of the range this year. If we paid out the dividend last year we would have been at 9%. The 10% to 20% is a gearing target range through the cycle. So there may be periods where we fall below. And there may be periods where we go above. So I would use that as a soft guardrail, not as a hard limit set.

我認為格雷厄姆描述得很好，同時談到我們今年處於該範圍的低端。如果我們去年支付股息，我們將達到 9%。 10% 到 20% 是整個週期的槓桿目標範圍。所以可能會有我們跌破的時期。並且可能會有我們超越的時期。所以我會將其用作軟護欄，而不是硬限制集。

Your next question comes from Mark Wiseman with Macquarie Group.

你的下一個問題來自麥格理集團的馬克懷斯曼。

I have a couple of questions, one on the Bass Strait in the context of the government intervention. I was just wondering if you could provide a bit of an outlook for the investments in the Bass Strait and the reduction in capacity at the (inaudible) gas processing plant. Could you maybe just help us understand how much of that capacity is going to be permanently closed in terms of gas processing. And just on the government consultation pace, are you able to provide a bit of colour just on how those discussions are going? Are you getting more confident that the government is -- realizes the impact that they're having on the market and perhaps could we end-up with a more reasonable outcome here?

我有幾個問題，一個是關於政府乾預背景下的巴斯海峽問題。我只是想知道你是否可以提供一些關於巴斯海峽投資和（聽不清）天然氣加工廠產能減少的前景。您能否幫助我們了解在天然氣加工方面有多少產能將永久關閉。就政府磋商的步伐而言，您能否提供一些關於這些討論進展情況的顏色？您是否對政府越來越有信心 - 意識到他們對市場的影響，也許我們最終可以在這裡取得更合理的結果？

So Bass Strait, there's probably a few projects to talk about and you'll be aware that the joint-venture and this was pre-merger sanctioned the Kipper compression project that was sanctioned in October '21, targeting RFSU in '24, so that project is underway. But when you step back and look at Bass Strait in aggregate, we are in a mature basin. These fields are mature and production is declining. And so we're working very closely with the operator to define projects, to ensure we have the capacity that fits the production that's flowing through it, to make sure that we're managing the costs of running these assets.

所以巴斯海峽，可能有幾個項目要談，你會知道合資企業和合併前批准了 Kipper 壓縮項目，該項目於 21 年 10 月批准，目標是 24 年的 RFSU，因此項目正在進行中。但當你退後一步，從整體上看巴斯海峽時，我們處於一個成熟的盆地中。這些油田已經成熟，產量正在下降。因此，我們正在與運營商密切合作來定義項目，以確保我們擁有適合流經它的生產的能力，以確保我們正在管理運行這些資產的成本。

Yeah, obviously, we'd keen to continue to bring new gas to market in the East Coast of Australia. You'll be aware we were looking at some opportunities for bringing LNG across. With the government intervention, there is great uncertainty. And so, we've paused and you'll be aware that the Bass Strait joint venture for this year only approved a six month budget because of the uncertainty, it's very difficult to make investment decisions when there is this residual uncertainty around the prices that we'll be able to get for our commodities. But I think it is a certainty that the production from Bass Strait is declining. And as that happens, we need to make sure we're managing the cost as well and managing the capacity of the facilities.

是的，顯然，我們渴望繼續將新天然氣推向澳大利亞東海岸的市場。你會知道我們正在尋找一些將液化天然氣帶入的機會。隨著政府的干預，存在很大的不確定性。因此，我們暫停了，你會注意到巴斯海峽合資企業今年只批准了六個月的預算，因為存在不確定性，當價格存在這種殘餘不確定性時，很難做出投資決定我們將能夠獲得我們的商品。但我認為巴斯海峽的產量正在下降是肯定的。當發生這種情況時，我們需要確保我們也在管理成本並管理設施的容量。

From a government consultation perspective, we've been having a lot of discussions as have many other members of the industry. Look I think there is an understanding of the complexity of the market. I don't want to signal too much. I guess your probably best question posed to the government around, are they going to be thinking about different solutions than what's been tabled thus far. But I do feel pretty positive about the quality of the conversation we're having, about the recognition that our business the Bass Strait business, all we're selling to is the domestic market. And we're keen to continue to support that market. We know households and small businesses depend on it.

從政府諮詢的角度來看，我們和業內許多其他成員一樣進行了很多討論。看，我認為對市場的複雜性有所了解。我不想發出太多信號。我想您可能向周圍的政府提出的最好的問題是，他們是否會考慮與目前已提出的解決方案不同的解決方案。但我確實對我們正在進行的對話的質量感到非常積極，因為我們認識到我們的業務巴斯海峽業務，我們所銷售的只是國內市場。我們熱衷於繼續支持該市場。我們知道家庭和小型企業都依賴它。

And just finally from me just on the Sunrise project, in the last couple of updates, it has sounded like you're getting a little bit more positive on that asset. I was just wondering how those PSE discussions going and how you're thinking about the concepts at this point in time?

最後，從我的 Sunrise 項目來看，在最近的幾次更新中，聽起來您對該資產的看法更加積極了。我只是想知道這些 PSE 討論的進展情況以及您此時如何考慮這些概念？

Yeah. So Mark we announced to market, it was probably a few weeks ago that the Sunrise joint venture has agreed to start some formal work on concept select, looking at options to process the gas in Australia as well as options to process gas in East Timor. So the venture is going to conduct those technical studies. The PSE discussions are continuing. The thing that's probably most encouraging for us is we do have a real clear signal from both the Australian government and the East Timor governments that they are keenly interested in this opportunity progressing. And I think that government's engagement, and the government's desire to move things forward is something that's very positive and something that's I think will catalyze a bit of action in the venture. But still going to be a long road ahead for us. The technical work is part of it, the commercial work is part of it, the government negotiations are part of it, and we'll just keep pushing on all those fronts. And hopefully be able to move this opportunity forward.

是的。所以馬克，我們向市場宣布，可能是幾週前，Sunrise 合資企業已同意開始一些關於概念選擇的正式工作，研究在澳大利亞加工天然氣的方案以及在東帝汶加工天然氣的方案。因此，該企業將進行這些技術研究。 PSE 的討論仍在繼續。對我們來說最令人鼓舞的事情可能是我們確實從澳大利亞政府和東帝汶政府那裡得到了一個真正明確的信號，即他們對這個機會的進展非常感興趣。而且我認為政府的參與以及政府推動事情向前發展的願望是非常積極的，我認為這將促進合資企業採取一些行動。但對我們來說，未來的路還很長。技術工作是其中的一部分，商業工作是其中的一部分，政府談判是其中的一部分，我們將繼續推進所有這些方面。並希望能夠推動這個機會。

Your next question comes from Nik Burns with Jarden Australia.

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

Just couple of questions from me. The first one, one of the shining lights in 2022 looking at the segment data from your marketing team from right, I think profit before-tax was up 140% versus the prior year. We said we've seen the strong LNG trading margins coming through in your quarterly reports. Feels like LNG markets are less volatile right now versus last year. And if we take look ahead, so that lower level of volatility continues through this year, does that mean the arbitrage opportunity available this year will be less and should we expect lower margins coming out from that team this year?

我只是幾個問題。第一個是 2022 年的亮點之一，從右側查看您的營銷團隊的細分數據，我認為稅前利潤比上一年增長了 140%。我們說過，我們在你們的季度報告中看到了強勁的液化天然氣交易利潤率。與去年相比，感覺液化天然氣市場現在的波動較小。如果我們展望未來，那麼較低水平的波動將持續到今年，這是否意味著今年可用的套利機會會減少，我們是否應該期望今年該團隊的利潤率會降低？

So if we look at '21 versus '22, we actually did a lot more trading in '21. '22 the market was in -- was extraordinarily tight. And so, there was a lot less pure trading going on. What you do see in our segments earnings is the benefit of optimisation. So our marketing team was able to come up with a lot of creative ways to increase the value of our produced LNG business. The second aspect to the marketing business of course is our Corpus Christi position, and you'll see that that's also turned the corner last year to be quite profitable, and that's profitable even after the hedge loss. The outlook going forward, look we are seeing more liquidity in the markets, and we are seeing prices of course have fallen off a bit. China we expect to come back into the market. There's still a bit of an open question around what's going to happen in Europe, they appear to be finishing the winter with storage in a pretty good position. But prices are now at the point where we may start to see some coal to gas switching. So I think the volatility that we've seen over the past years is likely to persist into the coming years. The marketing team is ready to go. What we've I think historically guided is that for the pure trading part of our business that the margins normally are quite slender, but where we can really make a big difference and you certainly saw it in the segment note this year is in the (technical difficulty).

因此，如果我們看一下 21 年與 22 年的對比，我們實際上在 21 年做了更多的交易。 22 年的市場非常緊張。因此，進行的純粹交易要少得多。您在我們的部門收益中看到的是優化的好處。因此，我們的營銷團隊能夠想出很多創造性的方法來增加我們生產的液化天然氣業務的價值。營銷業務的第二個方面當然是我們的 Corpus Christi 職位，你會看到它在去年也出現了轉機，變得相當有利可圖，即使在對沖損失之後也是有利可圖的。展望未來，我們看到市場流動性增加，我們看到價格當然有所下跌。我們預計中國將重返市場。關於歐洲將會發生什麼，仍然存在一些懸而未決的問題，他們似乎在以一個非常好的位置結束冬季。但現在價格處於我們可能開始看到一些煤炭向天然氣轉變的地步。所以我認為我們在過去幾年看到的波動可能會持續到未來幾年。營銷團隊已準備就緒。我認為歷史上的指導是，對於我們業務的純交易部分，利潤率通常相當微薄，但我們真正可以發揮重大作用的地方，你肯定在今年的分部說明中看到了（技術難度）。

I will now hand back to Ms. O'Neill for closing remarks.

我現在將交還給奧尼爾女士作結束語。

All right. I hear from the team that there is still a few folks in the queue. And apologies that we didn't get around to answer everyone's questions. We know who you are and so our team here will follow up offline. Appreciate everyone for joining us on the call today. And I look forward to meeting with many of you in the coming weeks. Thank you.

好的。我從團隊那裡聽說還有一些人在排隊。很抱歉我們沒有抽空回答每個人的問題。我們知道您是誰，因此我們的團隊將在線下跟進。感謝大家今天加入我們的電話會議。我期待著在接下來的幾週內與你們中的許多人會面。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

我們今天的會議到此結束。感謝您的參與。您現在可以斷開連接。