Woodside Energy Group Ltd (WDS) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Woodside Energy Group Limited Full Year 2023 Results. (Operator Instructions) I would now like to hand the conference over to Ms. Meg O'Neill, Chief Executive Officer and Managing Director. Please go ahead.

感謝您的支持，並歡迎閱讀 Woodside Energy Group Limited 2023 年全年業績。 （操作員指示）我現在將會議交給執行長兼董事總經理梅格·奧尼爾女士。請繼續。

Good morning, everyone, and welcome to Woodside's 2023 full year results presentation. We are presenting from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal people of the Eora Nation and pay my respects to their elders past, present and emerging. Today, I am joined on the call by our Chief Financial Officer, Graham Tiver. Together, we will provide an overview of our 2023 performance before opening up to Q&A. Please take the time to read the disclaimers, assumptions and other important information.

大家早安，歡迎來到伍德賽德 2023 年全年業績發表會。我們從雪梨出發，首先我要向這片土地的傳統守護者——歐拉民族的加迪加爾人表示感謝，並向他們過去、現在和未來的長輩致以敬意。今天，我們的財務長 Graham Tiver 加入了我的電話會議。在進行問答之前，我們將共同概述 2023 年的表現。請花時間閱讀免責聲明、假設和其他重要資訊。

I'd like to remind you that all dollar figures in today's presentation are in U.S. dollars unless otherwise indicated. At Woodside, our strategy is to thrive through the energy transition. This is underpinned by three strategic priorities. And in 2023, we delivered on all three. The first is providing energy through a high-quality portfolio now and into the future. I'm pleased to report that in 2023, we delivered record full year production with excellent LNG reliability. We also made significant progress on our major growth projects.

我想提醒您，除非另有說明，今天演示中的所有美元數字均以美元為單位。在伍德賽德，我們的策略是透過能源轉型實現繁榮。這是由三個策略重點所支撐的。 2023 年，我們達成了這三項目標。首先是透過高品質的投資組合為現在和未來提供能量。我很高興地向大家報告，2023 年，我們實現了創紀錄的全年產量，並且具有出色的液化天然氣可靠性。我們的主要成長項目也取得了重大進展。

Our second strategic priority is creating and returning value through disciplined capital management. In 2023, our underlying net profit after tax was $3.3 billion. Based on this, our Board has determined a fully franked dividend of USD 0.60 per share. This represents a payout ratio of 80% of underlying NPAT, which is at the top end of our range. We also generated $0.6 billion of free cash flow. This is a significant achievement in a period of major capital expenditure and normalized prices.

我們的第二個策略重點是透過嚴格的資本管理來創造和回報價值。 2023 年，我們的稅後淨利為 33 億美元。據此，我們的董事會確定了每股 0.60 美元的完全免稅股利。這代表了基本 NPAT 的 80% 的支付率，處於我們範圍的上限。我們也產生了 6 億美元的自由現金流。這是在大量資本支出和價格正常化時期的重大成就。

And our third strategic priority is to conduct our business sustainably. I'm pleased to report we have further reduced our net equity Scope 1 and 2 emissions in 2023, and we are now 12.5% below our starting base. I'd like to highlight that we are launching our Climate Transition Action Plan today, and we will be hosting a special investor briefing about our climate plans on the 12th of March. Please take this as a sign of our continued commitment to action and transparency.

我們的第三個策略重點是可持續地開展我們的業務。我很高興地報告，到 2023 年，我們進一步減少了範圍 1 和範圍 2 的淨資產排放量，目前比起始基數低了 12.5%。我想強調的是，我們今天將啟動氣候轉型行動計劃，並將於 3 月 12 日舉辦一場有關我們氣候計劃的特別投資者簡報會。請將此視為我們持續致力於行動和透明度的標誌。

Conducting our business sustainably means more than reducing emissions. It includes ensuring everyone who works here goes home safely, and we did not achieve that in 2023. So I'd like to reflect on that. We are steadfast in our commitment to learning from the tragic death of a colleague at the North Rankin Complex last year. We commissioned an external review of our safety systems, and we will work relentlessly to improve our processes, tools and training programs. There is nothing more important to us in 2024 than improving safety.

永續開展業務不僅意味著減少排放。其中包括確保在這裡工作的每個人都能安全回家，但我們在 2023 年沒有實現這一目標。我們堅定不移地致力於從去年北蘭金綜合大樓一名同事的悲慘死亡中學習。我們委託對我們的安全系統進行外部審查，我們將不懈地努力改進我們的流程、工具和培訓計劃。 2024 年，對我們來說，沒有什麼比提高安全性更重要的了。

I'd like to look now at the macroeconomic backdrop. As you can see on the charts, we saw extraordinarily -- extraordinary volatility in 2022, resulting from Russia's invasion of Ukraine and subsequent impacts on global oil and gas trade. These periods of volatility underline the importance of LNG and ensuring global energy security. During this time, we were able to provide our customers with reliable, affordable and secure energy.

我現在想了解一下宏觀經濟背景。正如您在圖表中看到的那樣，由於俄羅斯入侵烏克蘭以及隨後對全球石油和天然氣貿易的影響，我們在 2022 年看到了非同尋常的波動。這些波動時期凸顯了液化天然氣和確保全球能源安全的重要性。在此期間，我們能夠為客戶提供可靠、實惠且安全的能源。

At the same time, the fundamentals of long-term LNG demands remain strong. Global demand for LNG is forecast to grow 53% in the coming decade between now and 2033. This demand is expected to emerge from China and Southeast Asia markets, our assets are geographically advantaged to supply.

同時，液化天然氣長期需求的基本面依然強勁。從現在到 2033 年，全球液化天然氣需求預計將在未來十年增加 53%。

Looking at the second graph, in 2023, the majority of contracts signed in the global LNG market were for durations of 20 or more years. This long-term demand for LNG supports our conviction that gas will be a key part of the global energy mix for decades to come.

從第二張圖來看，2023年，全球液化天然氣市場簽訂的大部分合約期限都在20年或以上。對液化天然氣的長期需求支持了我們的信念，即天然氣將成為未來幾十年全球能源結構的關鍵組成部分。

The sell-down of Scarborough to LNG Japan and JERA at full value provides further evidence of Asian players looking to secure access to long-term LNG as they navigate the energy transition. With strong fundamentals, our high-quality portfolio is positioned to provide energy now and into the future.

士嘉堡以全額價格出售給日本液化天然氣公司和 JERA 進一步證明，亞洲企業在能源轉型過程中尋求長期液化天然氣的機會。憑藉堅實的基礎，我們的高品質投資組合能夠為現在和未來提供能源。

Focusing now on our portfolio. We see clear benefits of our merger with BHP's petroleum business. Looking at the green line on Slide 8, you can see our production has more than doubled compared to premerger levels. Our outstanding LNG reliability contributed to this record overall production, which we achieved while also successfully delivering planned turnarounds.

現在專注於我們的投資組合。我們看到與必和必拓石油業務合併的明顯好處。查看投影片 8 上的綠線，您可以看到我們的產量與合併前的水平相比增加了一倍以上。我們出色的液化天然氣可靠性促成了這項創紀錄的總產量，同時我們也成功地實現了計畫的周轉。

We also took steps to further increase our capacity to supply our customers with LNG in the future. For example, we signed an offtake deal with Mexico Pacific LNG and expect first cargo in 2029. This strengthens our position as a portfolio player, supplying our own LNG as well as third-party volumes to our customers. At the same time, we have made significant progress on our major projects.

我們也採取措施進一步提高未來向客戶供應液化天然氣的能力。例如，我們與墨西哥太平洋液化天然氣公司簽署了承購協議，預計將於2029 年交付第一批貨物。的液化天然氣。同時，我們的重大專案也取得了重大進展。

Going to Slide 9. The Sangomar project was 93% complete at the end of 2023. Since then, the FPSO has arrived safely in Senegal. And as you can see, the mooring chains have been connected to the FPSO. 17 wells have been drilled and completed. We are targeting first oil in mid-2024 and expect production to ramp up through the year.

轉到幻燈片 9。正如您所看到的，繫泊鏈已連接到 FPSO。已鑽完井17口。我們的目標是在 2024 年中期產出第一批石油，並預計全年產量將增加。

Moving to Australia. At year-end, Scarborough was 55% complete and is targeting first LNG cargo in 2026. A key achievement was four offshore environment plans were accepted by the regulator in December 2023. The seismic work is now done and the pipelay and drilling are underway. We've also made progress across the other work streams we have for our Scarborough Energy project. We have recently completed the initial dry dock of the FPU hole. And as you can see, site works are well advanced at the Pluto Train 2 sites where we will process the gas.

搬到澳洲。截至年底，Scarborough 已完成55%，目標是在2026 年運送第一批液化天然氣貨物。和鑽探正在進行中。我們的斯卡伯勒能源專案的其他工作流程也取得了進展。我們最近完成了 FPU 孔的初始乾船塢。正如您所看到的，Pluto Train 2 現場的現場工作進展順利，我們將在那裡處理氣體。

Let's now have a look at our financial performance. Overall, commodity prices were lower compared to the highs we saw in 2022, and this is reflected in our financial performance. But thanks to our strong underlying business, we have demonstrated resilience across our financial metrics.

現在讓我們來看看我們的財務表現。整體而言，大宗商品價格低於 2022 年的高點，這反映在我們的財務表現中。但由於我們強大的基礎業務，我們在財務指標上展現了彈性。

Our unit production cost of $8.30 per barrel of oil equivalent has remained steady despite the inflationary environment and planned turnarounds, demonstrating our focus on cost efficiency. Now what makes us tremendously proud is that in this inflationary environment, we continue to return strong dividends to our shareholders. We target paying between 50% and 80% of our underlying net profit and dividends. And over the last decade, we have consistently paid at the top end of the range.

儘管存在通貨膨脹環境和計劃週轉，但我們每桶油當量 8.30 美元的單位生產成本仍保持穩定，這表明我們對成本效率的關注。現在讓我們無比自豪的是，在這種通貨膨脹的環境下，我們繼續向股東回報豐厚的股息。我們的目標是支付基本淨利潤和股息的 50% 至 80%。在過去的十年裡，我們一直支付最高的費用。

I'll now hand over to Graham to take you through our capital management.

現在我將請格雷厄姆向您介紹我們的資本管理。

Thanks, Mig, and hello, everyone. Our cash flow generation in 2023 was strong. Looking at the chart on the left, you can see we have delivered a cash margin of 80%. Importantly, we've achieved positive free cash flow of $0.6 billion in a heavy capital investment year with record tax payments.

謝謝，米格，大家好。 2023 年我們的現金流生成強勁。查看左圖，您可以看到我們的現金利潤率為 80%。重要的是，我們在大量資本投資的一年中實現了 6 億美元的正自由現金流，稅額創歷史新高。

Turning to the balance sheet. Our gearing of 12% is at the lower end of the target range, and we closed the year with liquidity of $7.8 billion. We have also sustained credit ratings of BBB+ or equivalent. Our strong balance sheet supports major capital investments, which provides our near-term growth. It also allows us to continue providing strong returns to our shareholders.

轉向資產負債表。我們 12% 的負債比率處於目標範圍的下限，而我們年底的流動性為 78 億美元。我們也維持了 BBB+ 或同等信用評等。我們強大的資產負債表支持重大資本投資，這為我們提供了短期成長。它還使我們能夠繼續為股東提供豐厚的回報。

Our financial performance and balance sheet have remained resilient because of our strong underlying business and our consistent approach to capital management. The main point I'd like to highlight is that our capital management framework remains unchanged as do our priorities for cash. As we seek to create value, we will continue to be disciplined to ensure the business remains resilient.

由於我們強大的基礎業務和一貫的資本管理方法，我們的財務表現和資產負債表保持彈性。我想強調的要點是，我們的資本管理框架保持不變，我們的現金優先事項也保持不變。在我們尋求創造價值的同時，我們將繼續遵守紀律，以確保業務保持彈性。

Looking at our sources of cash in the period 2024 to 2028, we expect a significant increase in our cash generation at each of our three major projects, Sangoma, Scarborough and Trion come online. Assuming an oil price of $70 per barrel, we expect to generate cash flow from operations that more than covers our current budgeted capital expenditure and dividends, creating a projected surplus of cash through the period of 2024 to 2028. Decisions on surplus of cash allocation will be guided by our capital management framework, continuously balancing investing for growth, managing our balance sheet and strong returns to our shareholders. Those decisions will be influenced by a number of factors, including macroeconomic conditions and growth pipeline at a particular point in time.

考慮到 2024 年至 2028 年期間我們的現金來源，我們預期 Sangoma、Scarborough 和 Trion 三個主要項目上線後的現金產生量都會大幅增加。假設油價為每桶 70 美元，我們預計營運產生的現金流將超過我們當前預算的資本支出和股息，從而在 2024 年至 2028 年期間創造預計的現金盈餘。資本管理框架為指導，不斷平衡成長投資、管理我們的資產負債表並為股東帶來豐厚回報。這些決定將受到許多因素的影響，包括特定時間點的宏觀經濟狀況和成長管道。

In addition, there is further optionality within our gearing range. So we are currently sitting towards the lower end of our target range of 10% to 20% gearing. We expect that after 2026, our operating cash flow will increase significantly, creating even more capacity in our balance sheet.

此外，我們的傳動裝置範圍內還有更多選擇。因此，我們目前正處於 10% 至 20% 負債比率目標範圍的下限。我們預計 2026 年之後，我們的營運現金流將大幅增加，從而在我們的資產負債表中創造更多的產能。

These graphs on the slide do not include the impact of our recent Scarborough sell-down to JERA, which is subject to completion. We are pleased with this transaction and the value it creates for Woodside. In addition to the sale of 15.1% interest in Scarborough, we are also partnering with JERA for an offtake agreement and collaboration in new energy. This deal is further evidence of market confidence in the quality of Scarborough. And as Meg said, underlines the long-term value our partners see in the asset.

投影片上的這些圖表不包括我們最近將士嘉堡出售給 JERA 的影響，該出售有待完成。我們對這筆交易及其為伍德賽德創造的價值感到滿意。除了出售 Scarborough 15.1% 的權益外，我們還與 JERA 達成承購協議並在新能源領域合作。這筆交易進一步證明了市場對士嘉堡品質的信心。正如梅格所說，這強調了我們的合作夥伴在該資產中看到的長期價值。

And this positive cash story has been bolstered by our merger with BHP's petroleum business in 2022. Trion is an example of how we unlocked value as part of the merger. It was an asset which came into Woodside's portfolio, and we progressed it to a positive final investment decision, adding cash generative and debt-free assets, the merger transformed our balance sheet. It has also enabled us to -- enabled us to bring together global capabilities and bolster our marketing and trading expertise. We implemented initiatives to deliver over $400 million in synergies within the first 7 months of operating as a merged company. This is how we have created and returned value in 2023.

我們於 2022 年與必和必拓石油業務合併，進一步推動了這個正面的現金故事。這是伍德賽德投資組合中的一項資產，我們將其發展為積極的最終投資決策，增加了現金生成和無債務資產，這次合併改變了我們的資產負債表。它還使我們能夠匯集全球能力並增強我們的行銷和貿易專業知識。我們實施了多項舉措，在合併後的前 7 個月內實現了超過 4 億美元的協同效應。這就是我們在 2023 年創造和回報價值的方式。

I'll now hand back to Mig.

現在我將把話交還給米格。

Thanks, Graham. At Woodside, we are committed to running our business sustainably. It's why I am pleased to report we are on track to meet our targets to reduce our net equity Scope 1 and 2 emissions by 15% below our starting base by the end of next year.

謝謝，格雷厄姆。在伍德賽德，我們致力於永續地經營我們的業務。這就是為什麼我很高興地向大家報告，我們預計將實現目標，即到明年年底將範圍 1 和範圍 2 的淨資產排放量比起始基數減少 15%。

We also progressed our asset decarbonization plans. For example, the picture on the left of Slide 16 shows the modifications we've made at Pluto LNG to be ready to receive power from the proposed Woodside Solar project. Over the course of 2023, we listened to a wide range of stakeholders in the climate space. We consistently heard requests for more information about our Scope 3 emissions plan. Today, we are announcing a new complementary Scope 3 emissions abatement targets. This target is to take final investment decisions on new energy products and lower carbon services by 2030, with total abatement capacity of 5 million tonnes per annum of CO2 equivalents. This will complement our existing $5 billion investment targets, which remain a key part of our Scope 3 plan and tracks our work to bring these new products and services to market. The new emissions abatement target will allow us to track the potential impact of these investments on our customers' emissions.

我們也推進了資產脫碳計劃。例如，投影片 16 左側的圖片顯示了我們對 Pluto LNG 所做的修改，以便準備好從擬議的 Woodside 太陽能專案接收電力。 2023 年，我們廣泛聽取了氣候領域利害關係人的意見。我們不斷聽到有人要求提供有關我們的範圍 3 排放計劃的更多資訊。今天，我們宣布新的補充範圍 3 減排目標。該目標是到2030年對新能源產品和低碳服務做出最終投資決定，總減量達到每年500萬噸二氧化碳當量。這將補充我們現有的 50 億美元投資目標，該目標仍然是我們範圍 3 計畫的關鍵部分，並追蹤我們將這些新產品和服務推向市場的工作。新的減排目標將使我們能夠追蹤這些投資對客戶排放的潛在影響。

With that, I'd like to look at where we are going from here and finish with a recap of our investment case. We are focused on building value in 2024 and beyond. We will do this by operating our base business reliably and efficiently while progressing our next wave of growth through value-creating major projects. We will maintain a disciplined approach to capital management. And on this point, I'd like to emphasize that I am pleased with our portfolio as it stands. We will only pursue growth opportunities that are value accretive. We will also continue to implement and identify emissions reduction opportunities. And above all else, we will work to improve safety.

至此，我想看看我們接下來的發展方向，並以回顧我們的投資案例作為結束。我們致力於在 2024 年及以後創造價值。為此，我們將可靠、有效率地經營我們的基礎業務，同時透過創造價值的重大項目來推動下一波成長。我們將保持嚴格的資本管理方法。在這一點上，我想強調，我對我們目前的投資組合感到滿意。我們只會追求增值的成長機會。我們也將繼續實施和尋找減排機會。最重要的是，我們將努力提高安全性。

In closing, our investment case is clear. Woodside is positioned to thrive through the energy transition. We have a high-quality portfolio, geographically advantaged to meet growing LNG demand. We are a reliable supplier, celebrating 35 years of LNG delivery in 2024. We deliver strong and consistent returns to our shareholders, and we are on track to deliver our emissions reduction targets. I'm immensely proud of our achievements in 2023. They demonstrate disciplined adherence to our strategic goals. We will now open the call to questions. May I request that you ask one or two each so that everybody has an opportunity to participate.

最後，我們的投資理由很明確。伍德賽德已做好準備，透過能源轉型實現蓬勃發展。我們擁有高品質的產品組合，具有地理優勢，可以滿足不斷增長的液化天然氣需求。我們是一家可靠的供應商，將於 2024 年慶祝液化天然氣交付 35 週年。我對我們 2023 年的成就感到非常自豪。我們現在開始提問。請大家每人問一兩個，以便每個人都有機會參與。

(Operator Instructions) The first question today comes from James Redfern with Bank of America. Please go ahead.

（操作員說明）今天的第一個問題來自美國銀行的 James Redfern。請繼續。

Good morning. Megan, Graham. I guess two questions, please. I guess the first one, if we focus on the target reduction in Scope 1, 2 emissions by 2030. Just wondering if you could please maybe walk through what the key drivers will be in achieving that target of a 3% reduction by 2030, please? Thank you.

早安.梅根、格雷厄姆.我想有兩個問題請教一下。我想第一個是，如果我們專注於到 2030 年減少範圍 1、2 排放量的目標。謝謝。

Sure. Thanks, James, and great to have emissions oriented question. As I said, we released today our Climate Transition Action Plan, which provides a fair amount of detail on the work that we are doing. Our focus in the near term is very much on the asset decarbonization plan, which provides a road map and a list of opportunities for each of our existing assets to try to reduce their emissions. And in the Climate Transition Action Plan document, you'll see some good examples of the work that we're progressing on this front. Probably the biggest low-hanging fruit is to bring solar power, low emissions power into the Pluto LNG facility. So I'd encourage you to take a look at the Climate Transition Action Plan.

當然。謝謝，詹姆斯，很高興提出以排放為導向的問題。正如我所說，我們今天發布了氣候轉型行動計劃，其中提供了有關我們正在進行的工作的大量細節。我們近期的重點主要是資產脫碳計劃，該計劃為我們的每項現有資產提供了路線圖和機會清單，以嘗試減少排放。在《氣候轉型行動計畫》文件中，您將看到我們在這方面正在進行的工作的一些很好的例子。也許最容易實現的目標是將太陽能、低排放電力引入冥王星液化天然氣設施。因此，我鼓勵您查看氣候轉型行動計劃。

As we've said, we also have a strong focus on designing out, and you'll be aware, James, that we've got three new facilities starting up between now and 2030. We've taken a number of steps in the design of those assets to really ensure that we are avoiding emissions rather than having to operate out later. So there are key steps in the design phase. There are steps in the operate phase. And then as we need to, we've built a carbon portfolio to be able to offset any further emissions. And just to be really sharp, it is our net equity Scope 1 and 2 emissions. So it's our working interest share across all of our assets operated and non.

正如我們所說，我們也非常注重設計，詹姆斯，你會知道，從現在到 2030 年，我們已經啟動了三個新設施。進行營運。因此，設計階段有幾個關鍵步驟。操作階段有步驟。然後，根據需要，我們建立了碳投資組合，以便能夠抵消任何進一步的排放。需要明確的是，這是我們的淨資產範圍 1 和 2 排放量。因此，這是我們在所有經營和非經營資產中所佔的工作權益份額。

Perfect. Thanks, Mig. Second question, if I can, please. Just maybe some comments around Woodside's growth strategy with regards to inorganic growth. I'm just wondering with the preference between expanding or growing Woodside's LNG, I guess, portfolio or deepwater oil projects, I guess, I'm asking [preference] between deepwater oil and LNG in terms of organic growth opportunities? Thank you.

完美的。謝謝，米格。第二個問題，如果可以的話，請說。也許只是關於伍德賽德關於無機成長的成長策略的一些評論。我只是想知道擴大或發展伍德賽德的液化天然氣，我想，投資組合或深水石油項目之間的偏好，我想，我想問在有機增長機會方面，深水石油和液化天然氣之間的[偏好]？謝謝。

Sure. Thanks, James. And I know that's a question that many on the call are interested in. So let me first and foremost, start off by the fact that we are in the process of recapitalizing the business already with our very significant investments in Sangomar, Scarborough, Pluto Train 2 and Trion. We are very comfortable with the portfolio as it stands, and we're very pleased with the progress that we're making on these growth projects.

當然。謝謝，詹姆斯。我知道這是許多參加電話會議的人都感興趣的問題。重組。我們對現有的投資組合感到非常滿意，並且對這些成長項目所取得的進展感到非常滿意。

Now as we look further down the track, we are always going to be looking for ways to profitably grow the business in line with our capital management framework. We have assets that are in our portfolio today and teams working on the best way to unlock value from those assets. We do spend modestly and in a risk-managed way on exploration. We have new energy opportunities as well that we are pursuing, largely from ground up at this stage. And we've been really clear that our strategic priorities are LNG, deepwater oil and new energy, and we will look at a range of other ways to grow in those spaces. But as I said in the call, we're pleased with the portfolio as it stands today.

現在，當我們進一步展望未來時，我們始終會尋找根據我們的資本管理框架實現業務獲利成長的方法。我們今天的投資組合中擁有資產，並且團隊致力於以最佳方式釋放這些資產的價值。我們確實以適度且風險可控的方式進行勘探支出。我們也擁有正在尋求的新能源機會，現階段主要是從頭開始。我們非常明確，我們的策略重點是液化天然氣、深水石油和新能源，我們將尋找一系列其他方式在這些領域成長。但正如我在電話中所說，我們對目前的投資組合感到滿意。

Okay. Thanks, Mig.

好的。謝謝，米格。

Thanks, James.

謝謝，詹姆斯。

The next question comes from Nik Burns with Jarden Australia. Please go ahead.

下一個問題來自賈登澳洲的尼克伯恩斯。請繼續。

Yeah, thanks, Meg and Graham. First of all, just on Pluto. It's pleasing to see an increase in Pluto 2P reserves prior to production in your recent reserve statement. And production there has been extremely strong. I guess the flip side of high production is shorter reserve life. I'm calculating 1P and 2P reserve life there around 3 or 4 years at current production rates. Can you just talk through how we should think about Pluto's production profile from here? How much longer will you be able to process gas at the KGP and when should we start seeing natural field decline start to kick in? And then once Scarborough starts up, how should we think about Pluto production from there? Thank you.

是的，謝謝，梅格和格雷厄姆。首先，就冥王星而言。很高興在最近的儲量聲明中看到 Pluto 2P 儲量在生產前有所增加。那裡的生產非常強勁。我想高產量的另一面是儲備壽命較短。我計算的 1P 和 2P 儲備壽命以目前的生產力約為 3 或 4 年。您能在這裡談談我們應該如何看待冥王星的生產概況嗎？ KGP 的天然氣處理能力還能持續多久？一旦斯卡伯勒啟動，我們該如何考慮冥王星的生產？謝謝。

Okay. That's a very comprehensive question on Pluto. We are very pleased with how Pluto has been performing. Nik, it's one of our crown jewel assets. And I think it's a great proof point of the merit of taking a project through with high working interest as you get significant benefits once you get into that operational phase.

好的。這是一個關於冥王星的非常全面的問題。我們對 Pluto 的表現非常滿意。尼克，這是我們皇冠上的寶石資產之一。我認為這是一個很好的證據，證明了以高工作興趣完成專案的優點，因為一旦進入營運階段，您就會獲得顯著的收益。

I think we've been public about this in the past that the agreement to process gas at KGP is a 4-year agreement. So we're 2 years through that, continuing to look for opportunities to maximize value of the asset and maximize near-term cash generation. We were very pleased with the reserve add. Again, we're seeing really pretty positive resource performance from the Pluto set of assets.

我想我們過去已經公開過這一點，KGP 天然氣加工協議是一份為期 4 年的協議。因此，我們已經度過了兩年的時間，繼續尋找機會最大化資產價值並最大化近期現金產生。我們對保留添加感到非常滿意。再次，我們從 Pluto 資產組中看到了非常積極的資源績效。

One of the things that is important to bear in mind is that when Scarborough comes online, we will ramp back Pluto gas production. So we're still working the details of this, but you're right to observe that we are past the 50% mark with Pluto. But again, it's a fantastic asset, and it's generating tremendous cash that's enabling us to continue to invest in profitable growth and return value to shareholders who have stuck with us through the cycle.

需要記住的重要事情之一是，當斯卡伯勒上線時，我們將減少冥王星天然氣產量。所以我們仍在研究這方面的細節，但你觀察到我們已經超過了 Pluto 的 50% 大關，這是正確的。但同樣，它是一項出色的資產，它產生了大量現金，使我們能夠繼續投資於盈利增長，並為在整個週期中一直支持我們的股東回報價值。

All right. Maybe another reserve question. Just on Shenzi and Shenzi North reserve downgrade. Just trying to gain some confidence in your Gulf of Mexico portfolio. It's a relatively new portfolio to a number of us, and there's not a lot of detail, except for what was in the independent expert report. Just can you give us some confidence that, say, Ma Dog Phase 2 is performing in line with expectations? And have you undertaken a broader review of the undeveloped reserves in the portfolio? If you can just talk to those. Thank you.

好的。也許還有一個保留問題。剛剛對沈子和沈子北儲備降級。只是想對您的墨西哥灣投資組合有一些信心。對於我們許多人來說，這是一個相對較新的投資組合，除了獨立專家報告中的內容之外，沒有太多細節。您能否給我們一些信心，例如麻狗二期的表現符合預期？您是否對投資組合中的未開發儲量進行了更廣泛的審查？如果你能和那些人談談的話。謝謝。

Sure. So probably worth some framing comments. So Shenzi represents about 5% of our production last year. So it is a reasonably modest contributor to the business. And you'll probably recall, Nik, that there have been a couple of campaigns to test the extent of the Shenzi and the greater Shenzi area. The Wildling opportunity we pursued in 2022, and that was unsuccessful. Shenzi North was a project that was sanctioned in '21. I'm pleased with the project execution. We were able to bring the program online ahead of schedule and under budget. But unfortunately, the resource performance has disappointed.

當然。所以可能值得一些框架評論。因此，Shenzi 約占我們去年產量的 5%。因此，它對業務的貢獻相當有限。尼克，您可能還記得，已經進行了幾次活動來測試沈子和大沈子地區的範圍。我們在 2022 年尋求野人機會，但沒有成功。深子北是21年獲準的項目。我對專案的執行感到滿意。我們能夠在預算範圍內提前使該計劃上線。但不幸的是，資源效能卻令人失望。

And so I feel like we've got our arms around where Shenzi is at this point in time. We'll continue to watch the reservoir performance closely and update our models, and we'll see if there's further infill. But at this point in time, we're focused on maximizing value from that asset.

所以我覺得我們現在已經抓住了 Shenzi 的位置。我們將繼續密切關注油藏的表現並更新我們的模型，我們將看看是否有進一步的填充。但目前，我們的重點是最大化該資產的價值。

Mad Dog Phase 2, you'll recall we were limiting -- we're managing performance -- sorry, managing production last year because we were continuing to work through some of those integrity issues. Those have been worked through. The flex joint replacement campaign was conducted late last year, early this year, and pleased with what we're seeing from the subsurface at this point in time. And so the nonoperated assets, we feel like there's -- those are performing well. And perhaps another proof point is the Mad Dog Southwest appraisal well that gave us confidence in further expansion in the Mad Dog resource.

瘋狗第二階段，你會記得我們有限制——我們正在管理績效——抱歉，去年管理生產，因為我們正在繼續解決其中一些誠信問題。這些都已經解決了。柔性關節置換活動於去年底、今年年初進行，我們對此時從地下看到的情況感到滿意。因此，我們認為非營運資產表現良好。也許另一個證據是 Mad Dog Southwest 評價井，它讓我們對進一步擴大 Mad Dog 資源充滿信心。

That's great. Thanks, Mig.

那太棒了。謝謝，米格。

The next question comes from Gordon Ramsay with RBC Capital Markets. Please go ahead.

下一個問題來自加拿大皇家銀行資本市場的戈登拉姆齊。請繼續。

Thank you very much. Great result, Mig. Just on the maintenance plan this year for the North West Shelf LNG train. Can you confirm which train that is?

非常感謝。偉大的結果，米格。剛剛在今年西北大陸架液化天然氣列車的維護計畫中。你能確認那是哪一班火車嗎？

Sorry, Gordon. Are you asking about which train is likely to be decommissioned?

對不起，戈登。您是想問哪一輛列車可能會退役嗎？

No, I know there's some maintenance work I thought was planned in the third quarter on one of the trains. Am I misunderstanding that?

不，我知道其中一列火車計劃在第三季進行一些維護工作。我誤解了嗎？

Yes, I think we'll have to get back to you on that, Gordon. At this point in time, I think we've been signaling that is that we've got capacity in the plants -- in the Karratha Gas Plants already to the extent that we are likely to take -- or we are planning to take one LNG train offline this year, that train LNG Train 2. But the fact that we've got spare capacity this year means that any train maintenance we do ahead of that point in time will have a pretty modest impact on production.

是的，我想我們必須就此問題回覆你，戈登。在這一點上，我認為我們已經發出信號，我們的工廠已經具備了產能——卡拉薩天然氣工廠已經達到了我們可能採用的程度——或者我們計劃採用一個今年，液化天然氣列車2 號列車離線。但事實上，我們今年有閒置產能，這意味著我們在此之前進行的任何列車維護將對生產產生相當小的影響。

Okay. And then secondly, just on the impairment charge with respect to Wheatstone, it was related to short -- the outlook on short-term LNG pricing, can you just explain what that means, why it was taken?

好的。其次，就惠斯頓的減損費用而言，它與短期液化天然氣定價的前景有關，您能否解釋一下這意味著什麼，為什麼要這樣做？

Yes. So this is a great feature of the accounting treatments where we've -- and if you went back over time, Gordon, you would have seen we've impaired an unimpaired Wheatstone a couple of times. The accounting standards drive that. I'll let Graham as our accountant give you some of those details.

是的。因此，這是我們會計處理的一個重要特點 - 如果你回顧過去，戈登，你會發​​現我們已經對未受損的惠斯通進行了幾次減值。會計準則推動了這一點。我會讓我們的會計師格雷厄姆向您提供一些詳細資訊。

Yes. So thank you, Mig. So yes, in terms of -- we had an impairment reversal in the prior year in 2022, and that was predominantly driven by short-term pricing, which was the extreme highs of 2022. When you factor the price deck for the forward for the short term and then into the long term, it resulted in a position where the carrying value was potentially below its full value. So we had to provide that impairment reversal.

是的。所以謝謝你，米格。所以，是的，就我們而言，我們在2022 年的前一年發生了減值逆轉，這主要是由短期定價驅動的，這是2022 年的極高點。在內時從短期來看，然後從長期來看，它導致帳面價值可能低於其全部價值。因此，我們必須提供減損撥回。

This year, with prices dropping, it's seen a part of that unwind. And I guess, where Wheatstone is today, we're watching those prices very closely Gordon, but it's very, very clear. This is nothing to do with the underlying performance of Wheatstone itself. Wheatstone is performing very well. This is just the nature of accounting treatments when we get into impairing assets, you have to check those on an annual basis.

今年，隨著價格下跌，這種情況有所緩解。我想，惠斯通今天的情況，我們正在非常密切地關注這些價格，戈登，但它非常非常清楚。這與惠斯通本身的底層性能無關。惠斯通的表現非常好。這就是當我們涉及資產減損時會計處理的本質，你必須每年檢查一次。

Okay. Thank you very much.

好的。非常感謝。

Thanks, Gordon.

謝謝，戈登。

The next question comes from James Byrne of Citi. Please go ahead.

下一個問題來自花旗銀行的詹姆斯·伯恩。請繼續。

Good morning, team. I'm going to ask a question on Slide 14, sources and uses of cash. Firstly, thank you just for tightening up that disclosure, making it a little less ambiguous. That's very helpful.

早上好，團隊。我將就幻燈片 14 提出一個問題：現金的來源和用途。首先，感謝您加強了披露，使其不再那麼含糊。這非常有幫助。

Just firstly, can I confirm that the gas hub prices that you have used to determine the sources of cash is the same as what you gave us in November at the IBD? Just because if you've mark-to-market there for lower futures prices, then that would infer that the business is performing better than what you've given us a few months ago?

首先，我能否確認您用來確定現金來源的天然氣中心價格與您 11 月在 IBD 提供的價格相同？僅僅因為如果您以較低的期貨價格按市價計價，那麼這就意味著該業務的表現比您幾個月前給我們的表現要好？

James, that is correct. No change to the assumptions, which we produced as part of the IBD. And as you've clarified, it's based on $70. Current oil price today is $80.

詹姆斯，這是正確的。我們作為 IBD 的一部分提出的假設沒有改變。正如您所澄清的，它是以 70 美元為基礎的。今天的當前油價為 80 美元。

And the gas hub price is so important to include in your models, James.

詹姆斯，燃氣中心的價格非常重要，需要包含在您的模型中。

Yes. Okay. So no change to gas hub prices. Okay. So Graham, in your section earlier, you said you are balancing investing for growth, maintaining a strong balance sheet and strong capital returns back to shareholders. The dividend component of the uses of cash there is, call it, a 3.7% yield at the last close. Let's say you wanted to bring that up to 5% with some special that's going to eat into around half of your surplus capital bucket there. The remaining surplus cash, though, would push gearing over 20% on my numbers if you wanted to reinvest in the business for flat production, of course, you need projects to invest in, that could be organic or inorganic.

是的。好的。因此天然氣中心價格沒有變動。好的。格雷厄姆，在您之前的部分中，您說過您正在平衡成長投資、保持強勁的資產負債表和向股東回報強勁的資本回報。最後收盤時現金使用的股息部分的收益率為 3.7%。假設您希望透過一些特殊措施將其提高到 5%，這將消耗您剩餘資本桶的大約一半。不過，如果你想對公寓生產業務進行再投資，那麼剩餘的剩餘現金將把我的數字中的負債率推高 20% 以上，當然，你需要投資項目，可以是有機的也可以是無機的。

But nonetheless, I still really struggle with how you're going to satisfy those three things around growth, balance sheet and capital returns. I'd love to use this Q&A as a forum for you to suggest where I might be wrong in that conclusion, which, of course, largely relies on your own disclosures as opposed to my assumptions.

但儘管如此，我仍然很難解決如何滿足成長、資產負債表和資本回報這三件事。我很樂意使用這個問答作為一個論壇，讓您提出我的結論中可能存在錯誤的地方，當然，這在很大程度上依賴於您自己的披露，而不是我的假設。

James, let me start with some framing points, and then I'll hand over to Graham. First and foremost, we've never said that we target flat production. I think the industry is littered with companies that have targeted production growth for maintaining production as the detriment of shareholder value. So we are focused on profitably investing in assets that will deliver shareholder value over the long term. And our existing slate of projects, I think, is a great example of that. And so we want to make sure that we continue to be disciplined and let the capital management framework guide how we think about the business.

詹姆斯，讓我從一些框架點開始，然後我將交給格雷厄姆。首先，我們從未說過我們的目標是扁平化生產。我認為，該行業充斥著以產量成長為目標以維持生產的公司，但卻損害了股東價值。因此，我們專注於對能夠長期為股東帶來價值的資產進行有利可圖的投資。我認為，我們現有的項目就是一個很好的例子。因此，我們希望確保我們繼續遵守紀律，並讓資本管理框架指導我們如何看待業務。

Yes. Look, I think Mig's hit the nail on the head in terms of -- we'll always continually balance how we allocate our surplus of cash. And so yes, look, in the next few years as we mature the growth opportunities for the 20 or for the 2030s, we will have to balance investment in growth and potential of additional shareholder returns. And we'll take into account the macro environment when we look at this, we take into account our growth pipeline, the returns on those growth pipelines just among other factors.

是的。聽著，我認為米格說得一針見血——我們將始終不斷平衡我們如何分配剩餘現金。所以，是的，看，在未來幾年，隨著我們 20 世紀或 2030 年代的成長機會成熟，我們將必須平衡成長投資和額外股東回報的潛力。當我們考慮這個問題時，我們會考慮宏觀環境，我們會考慮我們的成長管道、這些成長管道的回報以及其他因素。

But I guess it's really important, as Mig touched on to the core all of this and how we look at it is through the capital management framework. So yes, look, I'm not sure if there's any more to say, James, the capital management framework is how we look. We're very clear on what's fundamental. That's our gearing. It's our stated dividend policy, which is driven off of NPAT. We start at 50% payout ratio, and we've had a history of paying at the top end of that, and we look at our credit rating. Once we have that surplus cash, we will then look at what we do with that. And that could be based on returns on those projects. It could be returning back to shareholders in the form of special dividends or share buybacks.

但我認為這確實很重要，因為米格觸及了所有這一切的核心，以及我們如何透過資本管理框架來看待它。所以，是的，我不確定是否還有什麼要說的，詹姆斯，資本管理框架就是我們的樣子。我們非常清楚什麼是根本性的。這就是我們的裝備。這是我們規定的股利政策，不受 NPAT 影響。我們從 50% 的支付率開始，我們有以最高支付率支付的歷史，我們會考慮我們的信用評級。一旦我們有了多餘的現金，我們就會考慮如何使用它。這可能基於這些項目的回報。它可能會以特別股利或股票回購的形式返還給股東。

Got it. Okay. I might then for the second question is just a follow-up on James Redfern's questions about M&A. Look, 6 months ago, at the sell-side briefing Mig, you talked about Gulf of Mexico deepwater, U.S. LNG, then you've [bid] to entered discussions rather with Santos and more recently, Mig in Saudi Arabia at a conference, you talked about potential deals in the Middle East and collaborating with Saudi Aramco.

知道了。好的。那麼我的第二個問題可能只是詹姆斯雷德芬關於併購的問題的後續。看，6 個月前，在 Mig 的賣方簡報中，您談到了墨西哥灣深水、美國液化天然氣，然後您[投標]進入了與桑托斯的討論，最近，Mig 在沙特阿拉伯的一次會議上，您談到了中東的潛在交易以及與沙特阿美公司的合作。

From the outside looking in, that's quite a breadth of things that you're looking at. And I'm happy to admit I'm perhaps a little bit confused about the strategic rationale of some of these actions and the rhetoric. Can you perhaps go into a little bit more detail around some of that strategic rationale around inorganic growth? What you're trying to solve for? You're looking at development assets, producing assets, where should we expect you to focus?

從外面看，你看到的東西非常廣泛。我很高興地承認，我可能對其中一些行動和言論的戰略原理有點困惑。您能否更詳細地介紹一些有關無機成長的策略原理？你想解決什麼問題？您正在尋找開發資產、生產資產，我們應該預期您關注哪些方面？

Look, I think I gave the answer pretty clearly to James, which is we're very pleased with the portfolio that we have today. We've got opportunities and options to grow the business in our portfolio today. That includes things like Calypso, Browse, Sunrise. It includes our new energy opportunities. And then in the inorganic space, our focus is on LNG, deepwater oil and new energy. And the opportunities that we're pursuing are really consistent with that strategic framework around thriving through the energy transition, ensuring we're meeting customers' energy needs today and into the future, creating and delivering value to our shareholders.

聽著，我想我已經很清楚地向詹姆斯給了答案，那就是我們對今天的投資組合非常滿意。今天，我們有機會和選擇來發展我們的投資組合中的業務。其中包括 Calypso、Browse、Sunrise 等內容。它包括我們的新能源機會。然後在無機領域，我們的重點是液化天然氣、深水石油和新能源。我們所追求的機會與能源轉型蓬勃發展的策略框架確實一致，確保我們滿足客戶今天和未來的能源需求，為股東創造和交付價值。

Maybe just to add, James, I think from our perspective, there is always -- we'll always look at M&A, but we don't need to do deals. We don't need M&A. The base business is performing well. We've got three great projects ahead of us. But as Mig touched on, deals need to be compelling, the value for our shareholders, and that's really important for us.

也許只是補充一下，詹姆斯，我認為從我們的角度來看，我們總是會考慮併購，但我們不需要交易。我們不需要併購。基地業務表現良好。我們面前有三個偉大的項目。但正如米格所說，交易必須具有吸引力，必須為我們的股東帶來價值，這對我們來說非常重要。

Okay. That's clear. Thank you. Appreciate it.

好的。很清楚。謝謝。欣賞它。

Thanks, James.

謝謝，詹姆斯。

The next question comes from [Saul Kavoni] with MST. Please go ahead.

下一個問題來自 MST 的 [Saul Kavoni]。請繼續。

Thank you. Hi, Mig. Hi, Graham. I've a have a couple of questions. Perhaps just the first one on the Scarborough sell-down to JERA on Friday. I think macro has probably come off since you did the LNG Japan deal in the middle of last year. There's also obviously been some of those EP delay issues. The price tag is, I think, 1.5% below the LNG Japan sales. Can you just give us your thoughts on the sell-down price tag to JERA? And perhaps some comments on do you have any idea why you think that the market has not really reacted positively in that regard, even though it does appear that value has been maintained despite that macro back drop over the last 9 months?

謝謝。嗨，米格。嗨，格雷厄姆。我有幾個問題。也許這只是周五士嘉堡向 JERA 拋售的第一個案例。我認為自從去年年中達成日本液化天然氣交易以來，宏觀經濟可能已經開始放緩。顯然也存在一些 EP 延遲問題。我認為該價格比日本液化天然氣銷量低 1.5%。您能否告訴我們您對 JERA 降價標籤的看法？也許有些評論是關於您是否知道為什麼您認為市場在這方面並沒有真正做出積極反應，儘管在過去 9 個月的宏觀回落中，價值似乎一直保持不變？

Thanks for the question, Saul. And I appreciate your analysis, you're spot on that the JERA and LNG Japan buy-in price is essentially the same within a couple of percent. We're really thrilled to be forming a strategic comprehensive partnership with JERA. JERA is one of the world's most significant LNG customers, a very significant player in the LNG market holistically. So we're absolutely thrilled to be bringing them into Scarborough and to also be progressing things like LNG offtake agreement with them and an agreement to collaborate on new energy.

謝謝你的提問，索爾。我很欣賞你的分析，你很清楚 JERA 和 LNG Japan 的買價基本上相同，相差幾個百分點。我們非常高興與 JERA 建立全面的策略合作夥伴關係。 JERA 是世界上最重要的液化天然氣客戶之一，也是液化天然氣市場中非常重要的參與者。因此，我們非常高興能夠將他們引入斯卡伯勒，並與他們推進液化天然氣承購協議以及新能源合作協議等事宜。

Look, I think the markets we -- for a variety of scheduling reasons, we announced on a Friday, that was probably a factor in why things weren't picked up on Friday, and then there was a bit of market softness overall yesterday. So look, I think those are some of the things that has influenced where the market has -- or how the market has responded. But overall, it is a fantastic deal with a Tier 1 buyer, a fully priced -- fully priced transaction. I mean, we are getting a wonderful value. And that's Saul as you said, despite the fact that we've derisked the project from the point in time when we had the LNG Japan transaction.

聽著，我認為我們的市場——出於各種日程安排的原因，我們在周五宣布了這一消息，這可能是周五情況沒有好轉的一個因素，然後昨天市場整體出現了一些疲軟。所以看，我認為這些是影響市場走向或市場反應方式的一些因素。但總的來說，對於一級買家來說，這是一筆很棒的交易，是一筆全價交易。我的意思是，我們正在獲得巨大的價值。正如你所說，這就是索爾，儘管事實上我們從進行日本液化天然氣交易時就已經消除了該項目的風險。

Thank you. Second question, I guess I'm going to come back to some of the M&A side of things. I think Graham mentioned only pursuing M&A if it's compelling. So I need to ask, I guess, what happened with the merger talks and why was it found to not be compelling?

謝謝。第二個問題，我想我會回到一些併購方面的問題。我認為格雷厄姆提到只有在令人信服的情況下才會進行併購。所以我想我需要問的是，合併談判發生了什麼以及為什麼它被發現不引人注目？

Well, let me speak strategically. So as I said, we've been looking to grow our LNG position and potentially bringing Woodside and Santos together would have created a very significant Pacific base in LNG position. So that was the strategic underpinning for the conversations. As we communicated to the market, we got to a point where it was no longer in either party's best interest to continue to progress.

好吧，讓我策略性地說一下。正如我所說，我們一直在尋求擴大我們的液化天然氣地位，並將伍德賽德和桑托斯合併可能會在液化天然氣地位上創建一個非常重要的太平洋基地。這就是對話的戰略基礎。當我們與市場溝通時，我們發現繼續進步不再符合任何一方的最佳利益。

Great. Thank you. I'll jump back in the queue.

偉大的。謝謝。我會跳回到隊列中。

Thanks, Saul.

謝謝，索爾。

The next question comes from Tom Allen with UBS. Please go ahead.

下一個問題來自瑞銀集團的湯姆艾倫。請繼續。

Good morning, Mig, Graham and the Board of team. Congratulations on the sell-down of Scarborough equity to JERA, just following up the last comments. If I'm correct, over the first 10 years of Scarborough production, that takes Woodside to 33% of each share of production from Scarborough now sold with binding LNG SPAs, recognizing there are a couple of nonbinding HOAs to JERA and LNG Japan that could add to that level.

早上好，米格、格雷厄姆和團隊董事會。恭喜您繼上次評論後將 Scarborough 股權出售給 JERA。如果我是對的，在斯卡伯勒產量的前10 年裡，伍德賽德將佔斯卡伯勒產量的33%，現在透過具有約束力的LNG SPA 出售，並認識到JERA 和LNG Japan 有一些非約束性的HOA 可以加入到該層級。

But can you please share some color on why the LNG Japan and JERA in committing to a share of equity and production in Scarborough have only entered nonbinding HOAs, incremental Woodside share of LNG production and perhaps some comments made on your broader marketing efforts?

但是，您能否分享一些關於為什麼LNG Japan 和JERA 在承諾在斯卡伯勒獲得股權和生產份額時只進入非約束性HOA、增量Woodside 液化天然氣生產份額以及對您更廣泛的營銷工作的一些評論？

Sure. Thanks, Tom. So one of the things to remind the group about is that over the years, we have changed our approach to LNG marketing. And so if you went back in time to North West Shelf, for example, we had everything contracted on a project basis. And actually, even in Pluto, we had a lot of the LNG offtake contracted on a project basis, and that was to give certainty to the banks largely that the venture would be able to repay its capital.

當然。謝謝，湯姆。因此，需要提醒大家注意的一件事是，多年來，我們改變了液化天然氣行銷方式。因此，例如，如果你回到西北大陸架，我們會根據專案簽訂所有合約。實際上，即使在冥王星，我們也以專案形式簽訂了許多液化天然氣承購合同，這在很大程度上是為了讓銀行確信該合資企業將能夠償還其資本。

Now over the last decade, we've been moving to -- towards portfolio marketing. So we're not doing point-to-point marketing anymore. That's something that both sellers and buyers value. So we actually don't think of our portfolio in the terms of a certain percentage of certain assets being contracted. We take a look at our overall portfolio position.

在過去的十年裡，我們一直在轉向組合行銷。所以我們不再進行點對點行銷。這是賣家和買家都看重的東西。因此，我們實際上並沒有按照某些資產的一定比例進行收縮來考慮我們的投資組合。讓我們來看看我們的整體投資組合狀況。

One of the things that's important is to continue to be in the market through the ups and downs of the cycle. And I think that has served us extremely well. If you look at some of the deals that we've completed over the past few years with buyers like RWE and Uniper, now with the agreements with LNG, Japan and JERA. And we will continue to be in the market, ensuring that we've got the appropriate balance between long-term contracted volumes and then volumes that we have available to sell on the shorter-term markets where potentially you can capture the upside associated with the volatility that we've seen over the past couple of years.

重要的事情之一是在周期的起起落落中繼續留在市場中。我認為這對我們非常有幫助。如果你看看我們過去幾年與 RWE 和 Uniper 等買家完成的一些交易，現在又與 LNG、Japan 和 JERA 達成了協議。我們將繼續留在市場上，確保我們在長期合約銷售量和我們可在短期市場上出售的銷售量之間取得適當的平衡，在短期市場上您可能會獲得與短期市場相關的上行空間。幾年中看到的波動性。

Okay. Thanks, Mig. Maybe just following up, recognizing the incremental supply in LNG coming out of the U.S., the Qatar gas announcement over the weekend at a further expansion of the North field. Just some comments, please, on how Woodside will manage its exposure to gas hub indices [oodles] of LNG is added globally from 26 to 30?

好的。謝謝，米格。也許只是跟進，認識到美國液化天然氣供應的增量，卡達天然氣週末宣布進一步擴大北部油田。請就伍德賽德如何管理其在全球範圍內將液化天然氣指數從 26 增加到 30 的天然氣樞紐指數（大量）進行一些評論？

Yeah, oodles. That's a new quantity of measurement. We'll have to incorporate that in our presentation. Look, you're spot on, Tom, that there is a fair amount of LNG hitting the market. And this year, there's not a lot of new volume coming in. In '25, we start to see some more come out of the U.S., '26 is when we start to see some of the bigger volumes from Qatar.

是的，很多。這是一個新的測量量。我們必須將其納入我們的演示中。湯姆，你說得對，市場上有相當數量的液化天然氣。今年，沒有太多新產量。

We've been, I think, pretty upfront with the market around a few guiding factors. So firstly, we see that the oil and gas markets are diverging. If you went back in time, you would have seen them closely linked, but we are now seeing that gas as a commodity is being considered and traded separately from oil.

我認為，我們圍繞著一些指導因素對市場非常坦率。首先，我們看到石油和天然氣市場正在分化。如果你回到過去，你會發現它們緊密相連，但我們現在看到天然氣作為一種商品正在與石油分開考慮和交易。

The other important point to note is that gas does and will continue to have more volatility than oil. And if you ask, how do you make money in a trading situation, you make money from volatility. So we've been, I think, quite deliberate around our strategy to ensure we've got the ability to capture that volatility. But with (technical difficulty) into the market, it is an active conversation that we're having with the marketing team around what level of exposure do we want, particularly in the late 2020s as the additional supply lands in the marketplace.

另一個值得注意的要點是，天然氣確實並將繼續比石油具有更大的波動性。如果你問，在交易情況下如何賺錢，你會從波動中賺錢。因此，我認為，我們對我們的策略進行了深思熟慮，以確保我們有能力捕捉這種波動性。但隨著進入市場的（技術困難），我們正在與行銷團隊就我們想要的曝光程度進行積極的對話，特別是在 2020 年代末，隨著額外的供應登陸市場。

Now the things that we do control, the thing that differentiates Woodside from others is our competitive cost of supply. And I've said this before, but the Qataris obviously are incredibly cost competitive. They have a giant resource that they develop at a very low unit cost, but we beat the U.S. projects. So on a delivered cost of supply to our North Asian customers, we beat the U.S. projects and continuing to have that sharp focus on cost efficiency will ensure that we are better positioned than many others to compete for the attractive customers and those attractive contracts over the long term.

現在，我們所控制的事情，使伍德賽德與其他公司區分開來的是我們具有競爭力的供應成本。我之前已經說過，但卡達顯然具有令人難以置信的成本競爭力。他們擁有巨大的資源，並且以非常低的單位成本開發，但我們擊敗了美國的項目。因此，就向北亞客戶交付的供應成本而言，我們擊敗了美國項目，並且繼續對成本效率的高度關注將確保我們比許多其他公司處於更有利的地位，能夠在競爭中爭奪有吸引力的客戶和有吸引力的合約。

Thanks, Mig.

謝謝，米格。

Thanks, Tom.

謝謝，湯姆。

The next question comes from Dale Koenders with Barrenjoey. Please go ahead.

下一個問題來自戴爾·科恩德斯和巴倫喬伊。請繼續。

Hi, Mig and team. I guess when we look at the net debt position reported $4.7 billion, it was quite a bit higher than consensus about $1 billion. Just wondering when you've obviously reviewed the results relative to consensus prior to today, anything you can call out to help explain why the cash result was so soft?

嗨，米格和團隊。我想，當我們查看 47 億美元的淨債務部位時，它比共識的 10 億美元高出很多。只是想知道您在今天之前是否明顯審查了相對於共識的結果，您可以提出什麼來幫助解釋為什麼現金結果如此疲軟？

Yes. Thanks, Dale. I think in terms of cash, I think it's worthwhile calling out in a very heavy CapEx period. We were free cash flow positive, $0.6 billion in cash generated after we reduced our capital expenditure off of our operating cash flow. So we're very, very happy with that.

是的。謝謝，戴爾。我認為就現金而言，我認為在資本支出非常沉重的時期值得呼籲。我們的自由現金流為正，在我們減少營運現金流中的資本支出後，產生了 6 億美元的現金。所以我們對此非常非常滿意。

In terms of net debt, it's still at very moderate levels. And when you look at our gearing, which flows into our gearing, we're at the bottom end of the range. So coming out of a -- was not coming out, but in a high CapEx period as we invest in our near-term growth with Sangomar, Scarborough and Trion. This is not unexpected to us, and we plan for it, and we're at the low end of that range.

就淨債務而言，仍處於非常溫和的水平。當你看看我們的齒輪，它流入我們的齒輪，我們處於該範圍的底部。因此，走出—並不是走出，而是在資本支出較高的時期，因為我們投資於 Sangomar、Scarborough 和 Trion 的近期成長。這對我們來說並不意外，我們也為此做好了計劃，而且我們正處於該範圍的低端。

Dale, perhaps it's worth reiterating to yourselves and everyone on the call. If you look at Woodside's history, last year was a peak year from a capital investment period, so $5.6 billion invested in capital. It was also a year of significant cash outlay for taxes, so that's the Australia $5 billion ballpark it, but USD that's roughly $3.5 billion. And then, of course, it was a big dividend year for us as we paid out the significant dividends, the 2022 full year and the 2023 half year. So all of those things affected our cash position and thus, we're starting the year with a higher net debt. But again, that shouldn't have been a surprise.

戴爾，也許值得向您自己和參加電話會議的每個人重申。如果你看看伍德賽德的歷史，去年是資本投資時期的高峰年，因此資本投資達到了 56 億美元。這也是稅收現金支出大量的一年，澳洲的預算約為 50 億美元，但美元約為 35 億美元。當然，這對我們來說是一個大股息年，因為我們支付了 2022 年全年和 2023 年半年的大量股息。因此，所有這些因素都影響了我們的現金狀況，因此，我們在新年伊始就面臨更高的淨債務。但話又說回來，這並不令人意外。

Okay. So not really answering question, but maybe then digging deeper, just the $2.9 billion of tax and [PRRT] payments, is that just one-off? Is that timing? Can you talk maybe about has PRRT payments increased for Pluto from midyear with the change in timing? And also the $0.5 billion of restoration provisions, just confirming this is sort of where that goes. So I think it was about $1 billion of restoration you called out for this year, at the Investor Day, it sits in [here] and it's above CapEx?

好的。因此，並不是真正回答問題，但也許可以更深入地挖掘，只是 29 億美元的稅收和 [PRRT] 付款，這只是一次性的嗎？是這個時間嗎？您能否談談從年中開始，隨著時間的變化，冥王星的 PRRT 付款是否增加？還有 5 億美元的恢復準備金，只是確認了這一點。因此，我認為您今年在投資者日呼籲恢復約 10 億美元，它位於[此處]並且高於資本支出？

Dale, the majority of the tax was driven off of finalization of the 2022 tax returns, which were the result of an extremely high prices. So yes, it's sort of in arrears, if you want to call it. It's a catch-up. That is the fundamental driver. Now we've normalized our tax payments and PRRT will normalize as well. Sorry, what was your last question?

Dale 表示，大部分稅收是在 2022 年報稅表最終確定時扣除的，這是極高價格的結果。所以，是的，如果你想打電話的話，它有點欠費。這是一個追趕。這是根本驅動力。現在我們的納稅已經正常化，PRRT 也將正常化。抱歉，您最後一個問題是什麼？

Restoration?

恢復？

Restoration. Yes, you'll see in our accounts. We -- I think we spent just under $500 million this year in actual decommissioning activities in cash. And as we provided guidance in -- it wasn't guidance, but we highlighted at the IBD, we have about $900 million for this year, once again, planned scheduled. And yes, it's not unexpected and factored into our considerations and plans.

恢復。是的，您會在我們的帳戶中看到。我想我們今年在實際退役活動上花了不到 5 億美元的現金。正如我們提供的指導——這不是指導，但我們在 IBD 上強調，今年我們再次計劃了大約 9 億美元。是的，這並不意外，並且已納入我們的考慮和計劃中。

Okay. Sorry. And then payments for Pluto? Have you started to pay more PRRT tax in the second half of this year?

好的。對不起。然後為冥王星付款？今年下半年你開始繳更多的PRRT稅了嗎？

I'd have to come back to you on that, but...

我必須回來找你，但是...

No. So Pluto is not paying PRRT. Our PRRT paying assets are Bass Strait and Enfield.

不。我們的 PRRT 支付資產是巴斯海峽和恩菲爾德。

Okay. Thank you.

好的。謝謝。

The next question comes from Henry Meyer with Goldman Sachs. Please go ahead.

下一個問題來自高盛的亨利·邁耶。請繼續。

Morning, Mig and Graham. Thanks for the update. Just keen to expand a bit on some of the previous commentary around LNG contracting in the portfolio in Scarborough. Are you able to touch on if the HOAs are converted to SPAs with JERA and LNG Japan, will that get you to your 30%, 35% hub exposure over the next few years? Or is there more contracting required there?

早上好，米格和格雷厄姆。感謝更新。只是想稍微擴展一下之前關於斯卡伯勒投資組合中液化天然氣合約的一些評論。您能否談談如果 HOA 轉換為 JERA 和 LNG Japan 的 SPA，這會讓您在未來幾年內獲得 30%、35% 的樞紐曝光嗎？或者那裡需要更多的合約嗎？

Henry, as I said, we're always in the market looking to do LNG deals of short, medium and long term. The two that we've talked about are what's in the public domain at this point in time. And when we have other deals to announce, we will.

亨利，正如我所說，我們一直在市場上尋求短期、中期和長期的液化天然氣交易。我們所討論的兩個內容目前都屬於公共領域。當我們有其他交易要宣佈時，我們會的。

Okay. Thanks, Mig. And a more specific one on Pluto LNG. Tokyo Gas is still in the 5% stake. I think we're expecting that to complete last year, but just in the last few weeks, seeing that Inpex preempted that sale of the stake in excess. Able to share if that process is still ongoing for Pluto, if you're in a position to potentially preempt that as well or if you've already made a decision?

好的。謝謝，米格。還有一個關於冥王星液化天然氣的更具體的內容。東京瓦斯仍持有5%的股份。我認為我們預計這將在去年完成，但就在過去幾週，看到 Inpex 搶先出售了多餘的股份。能夠分享冥王星的這個過程是否仍在進行中，如果你也有能力搶佔先機，或者你已經做出了決定？

So we'll reserve our rights, Henry. To the best of our knowledge, that process is still continuing. That's what we hear from Tokyo Gas. And we will always reserve our rights when it comes to preemption. Pluto, as I'm sure you would appreciate is a significant ground jewel asset to Woodside. So we will obviously want to take a close look at it.

所以我們將保留我們的權利，亨利。據我們所知，這一過程仍在繼續。這是我們從東京瓦斯公司聽到的。我們將始終保留搶佔的權利。我相信您會欣賞到冥王星對伍德賽德來說是一項重要的地面寶石資產。所以我們顯然想要仔細研究它。

Okay. Thanks, Mig.

好的。謝謝，米格。

Thanks, Henry.

謝謝，亨利。

The next question comes from Adam Martin with E&P. Please go ahead.

下一個問題來自 E&P 的 Adam Martin。請繼續。

Yeah. Morning, Mig, Graham, just thoughts around sort of potential for future capital management thinking about special dividends versus the buybacks. I mean, historically, we probably thought maybe special dividends is more likely, but also the share price has been weak in the last 4 to 5 months. I just note that you've got LNG Japan to settle and you've got JERA to settle in the next 6 to 12 months. So that should see gearing through 10% on our forecast. So just any thoughts there are buybacks realistic? Or do you think special dividends is what you think about?

是的。早安，米格、格雷厄姆，只是思考未來資本管理的潛力，考慮特別股利與回購。我的意思是，從歷史上看，我們可能認為派發特別股息的可能性更大，但過去 4 到 5 個月股價一直疲軟。我只是注意到，在接下來的 6 到 12 個月內，日本 LNG 和 JERA 都將得到解決。因此，我們的預測負債比率應該會達到 10%。那麼，有什麼想法回購是現實的嗎？或者您認為特別股息是您所考慮的？

Yes. Thanks, Adam. Look, I'll just revert you back to our capital management framework, as I was explaining earlier. Yes, I think our gearing is in a great place as core to our capital management framework. So is our dividend policy and so is our investment grade credit rating. When the time comes to make decisions on dividends, we will always weigh those three factors up in our -- as part of our capital management framework, and we'll look at what are the best options for that cash. Is it special dividends? Is it share buybacks? Do we have other high-returning opportunities on the table to look at? But I just encourage you to continue to look back at the capital management framework on how we think about it.

是的。謝謝，亞當。看，我會讓你回到我們的資本管理框架，正如我之前解釋的那樣。是的，我認為我們的槓桿率作為我們資本管理框架的核心處於一個很好的位置。我們的股利政策也是如此，我們的投資等級信用評級也是如此。當需要做出股利決策時，我們將始終在我們的資本管理框架中權衡這三個因素，並且我們將研究現金的最佳選擇是什麼。是特別股息嗎？是股票回購嗎？我們還有其他高回報的機會可以考慮嗎？但我只是鼓勵您繼續回顧資本管理框架，了解我們如何看待它。

Okay. And just on Scarborough, would you look to sell any more where do you want to sort of end up there on just equity on Scarborough and also just timing in LNG Japan. Is that still first quarter? Or is that slipped?

好的。就斯卡伯勒而言，您是否希望再出售更多產品，最終以斯卡伯勒的股權和日本液化天然氣的時機結束。這還是第一季嗎？或者說是滑倒了？

Well, first and foremost, Adam, we are delighted to bring two quality counterparties like LNG Japan and JERA into the Scarborough joint venture. Pluto was the crown jewel of Woodside for the 2010s in the first half of the 2020. Scarborough will be our crown jewel for the upcoming 20 years starting in 2026. So I'm feeling pretty happy with the equity position that we have today. And on the -- and we do expect that to close in the first quarter, aka next month.

首先，Adam，我們很高興將 LNG Japan 和 JERA 等兩家優質合作夥伴引進斯卡伯勒合資企業。 2020 年上半年，冥王星是 2010 年代伍德賽德皇冠上的明珠。我們確實預計這將在第一季（即下個月）結束。

Perfect. Okay, thanks for that.

完美的。好的，謝謝。

The next question comes from Mark Busuttil with JPMorgan. Please go ahead.

下一個問題來自摩根大通的馬克·布蘇蒂爾。請繼續。

Good morning. Just wanted to ask a real simple question, if you don't mind. Just wondering, given the release that came out earlier in the month, whether the Santos deal is completely off the table for good?

早安.只是想問一個很簡單的問題，如果你不介意的話。只是想知道，考慮到本月早些時候發布的消息，桑托斯的交易是否已經完全不可能了？

Look, I described the strategic rationale. We're keen to grow our LNG position, but we are not in any further discussions with Santos at this point in time.

看，我描述了戰略原理。我們渴望擴大我們的液化天然氣地位，但目前我們沒有與桑托斯進行任何進一步的討論。

Okay. And then a little bit more detailed question just around the LNG strategy. You've made comments in that release on the 7th of February about the global LNG sector providing significant potential for value creation. You've talked about the Mexico Pacific LNG deal. You've done Corpus Christi in the past, and you've basically said that you're only doing portfolio sales now. I'm just wondering, what's the benefit of all of this? How do you benefit from becoming a portfolio producer of LNG versus selling point-to-point?

好的。然後是關於液化天然氣策略的更詳細的問題。您在 2 月 7 日發布的新聞稿中評論了全球液化天然氣產業提供巨大的價值創造潛力。您談到了墨西哥太平洋液化天然氣交易。你過去曾做過科珀斯克里斯蒂，你基本上說過你現在只做投資組合銷售。我只是想知道，這一切有什麼好處？與點對點銷售相比，成為液化天然氣投資組合生產商有何好處？

Sure. Well, first and foremost, I would point you to our segment financials. One of the things we've done in the last couple of years is pull out the marketing segment to illustrate to our shareholders the value created by that business. Last year was really a banner year. It was $850 million of profits. This year, a little bit more subdued as market conditions were more subdued, but it was $375 million.

當然。好吧，首先，我會向您介紹我們的部門財務狀況。過去幾年我們所做的事情之一就是撤出行銷部門，向我們的股東展示該業務創造的價值。去年確實是豐收的一年。利潤為 8.5 億美元。今年，由於市場狀況更加低迷，這一數字有所下降，但仍達到 3.75 億美元。

To give you some flavor for how we get benefits, we're able to optimize within our existing portfolio. So if we have a cargo that's from one project that's headed for a certain customer, we have the ability to perhaps replace that with the cargo that we either purchase on market or is coming from somewhere closer to that customer and create value through optimizing the business within the portfolio.

為了讓您了解我們如何獲得收益，我們能夠在現有的產品組合中進行最佳化。因此，如果我們有一批來自某個項目的貨物運往某個客戶，我們或許有能力用我們在市場上購買的貨物或來自距離該客戶更近的地方的貨物來替換它，並通過優化業務來創造價值在投資組合內。

We are trading more actively with a number of important and rigorous controls around how we do that. But the trading position also allows us to participate in the market in different ways that can generate value.

我們正在更加積極地進行交易，並圍繞我們如何做到這一點進行了一些重要且嚴格的控制。但交易部位也允許我們以不同的方式參與市場，進而產生價值。

Okay, fabulous. Thank you.

好吧，太棒了。謝謝。

The next question comes from Rob Koh with MS. Please go ahead.

下一個問題來自 MS 的 Rob Koh。請繼續。

Good morning. Please excuse me if I sound like I'm shivering. I'm kind of in a really, really cold office, which is kind of where the world would be without your products. So the first question is about your new Scope 3 target of 5 million tonnes per annum of abatement. I wonder if you could just give us a bit of color about how you've gone about sizing and estimating that. I get it to be about 7% of group Scope 3 emissions. And also, if you could just comment on the estimation challenge for, I guess, avoidance credits, which is what these type of abatements would be if they're hydrogen projects, please?

早安.如果我聽起來像是在發抖，請原諒。我在一個非常非常冷的辦公室裡，如果沒有你們的產品，世界就會變成這樣。因此，第一個問題是關於每年 500 萬噸減量的新範圍 3 目標。我想知道您是否可以向我們介紹一下您是如何確定和估計這一點的。我認為大約是範圍 3 組排放量的 7%。另外，如果您能評論一下我想的迴避信用額的估計挑戰，如果它們是氫項目，那麼這些類型的減排將會是什麼？

Sure. Great question, Rob. So one of the things, and maybe I'll give you a bit of why we've added this. We get a lot of questions from our investors who say, we hear your intention to invest $5 billion in new energy products and services. But what does that mean from a climate perspective. So this is trying to answer that question.

當然。好問題，羅布。其中一件事，也許我會給你一些我們添加這個的原因。我們收到了很多投資者的問題，他們說，我們聽說你們打算投資 50 億美元用於新能源產品和服務。但這從氣候角度來看又意味著什麼呢？所以這是試圖回答這個問題。

So the 5 billion tonnes of emissions avoided directly corresponds to the project slate that's associated with our $5 billion of investments. Now of course, all of this is subject to our capital management framework and the critical path on progressing any of these opportunities at this point in time is getting customers to sign up for these kinds of products and services that they're not using today.

因此，所避免的 50 億噸排放量直接對應於與我們 50 億美元投資相關的項目清單。當然，現在這一切都取決於我們的資本管理框架，而目前推進任何這些機會的關鍵路徑是讓客戶註冊他們今天沒有使用的此類產品和服務。

The way we calculate the avoidance is in a very rigorous manner. So we take a look at the products that we're providing and what is the customer using it for and what would the customer use today. So for example, our Oklahoma project where we're providing hydrogen with a target of displacing diesel and ground transportation. We can calculate if diesel were used for those same trucking routes that we would envision using hydrogen for, what would the emissions be from that diesel fleet. So that's how we do it. It's product by product specific. So if there were ammonia for power gen, again, it would be specific to whatever the fuel is that's being displaced.

我們計算迴避的方式非常嚴格。因此，我們會研究我們提供的產品以及客戶使用它的目的以及客戶今天會使用什麼。例如，我們在俄克拉荷馬州的計畫提供氫氣，目標是取代柴油和地面交通。我們可以計算出，如果柴油用於我們設想使用氫氣的相同卡車運輸路線，那麼該柴油車隊的排放量是多少。我們就是這樣做的。這是具體產品的具體情況。因此，如果有氨用於發電，那麼它也將特定於正在被取代的任何燃料。

Okay. Great. Sounds very thorough. My second question refers to Slide 14, the free cash flow estimates for 2024 to 2028. Just wondering if you could give us a bit more detail on what gas price assumptions are in those towers. I guess I'm not interpreting anything that they're no longer fuzzy towers, they're hard towers. I figure that's just a formatting issue. And I guess just -- I'm asking about the gas price assumptions in the context of -- you've talked about the benefits of your marketing segment, your transition to a platform trading. So it's -- I'm guessing it has to be more than just simple price and quantities for the gas component?

好的。偉大的。聽起來很徹底。我的第二個問題涉及幻燈片 14，即 2024 年至 2028 年的自由現金流估計。我想我並不是解釋它們不再是模糊塔，而是硬塔。我認為這只是一個格式問題。我想，我問的是天然氣價格假設，您已經談到了行銷部門的好處，以及向平台交易的過渡。所以我猜這不僅僅是氣體成分的簡單價格和數量？

So what I'd say, Rob, is consistent with previous -- the question is that there's no change to what we included or the assumptions we included in the IBD. If you're looking at sort of the JKM pricing, which I think is listed in the footnote in the IBD, you're looking around sort of the mid-teens around that $14 mark in '24 and then it moves down to sort of 12 to 13 from '26 beyond.

所以，Rob，我想說的是，與之前的一致——問題是我們在 IBD 中包含的內容或假設沒有改變。如果您正在查看某種 JKM 定價（我認為已在 IBD 的腳註中列出），那麼您會看到 24 年的 14 美元大關附近的十幾歲左右，然後它會下降到26 年以後的12至13。

Okay. Great. That's very, very helpful. I appreciate that. Can I sneak...

好的。偉大的。這非常非常有幫助。我很感激。我可以偷偷...

I just want to reconfirm. On the oil side, we've factored in 70, as you know. But with current prices at 80%, we'll just keep reemphasizing, it's up on that at the moment.

我只是想再確認一下。如您所知，在石油方面，我們已考慮了 70。但鑑於目前價格為 80%，我們將繼續強調，目前價格已經上漲。

Yes. Excellent. All right. Thank you. That's really, really helpful. May I just sneak in one further one, which you may wish to take on notice. I guess the Workplace Gender Equality Agency today released a company-specific gender pay gap data. Woodside's figure there is a little higher than the industry average against which it's compared industry average of 15%. Just wondering if you can give us any color on that number and the activities going on within the company to work on that one.

是的。出色的。好的。謝謝。這真的非常非常有幫助。我可以再偷偷介紹一下嗎？我猜工作場所性別平等機構今天發布了一份針對公司的性別薪資差距數據。 Woodside 的數字略高於行業平均水平，而行業平均為 15%。只是想知道您是否可以向我們提供有關該數字的任何資訊以及公司內部為實現該數字而開展的活動。

Sure. Thanks, Rob, and I appreciate your interest in the topic. We'll send you a link to a page that we put up on our website that describes what we're doing. Let me first and foremost, say that we have very rigorous processes to ensure that for people doing like work with like levels of experience and like levels of performance that they are paid the same regardless of gender. So -- and we have rigorous processes in place to ensure that, that is true.

當然。謝謝，羅布，我很感激你對這個主題的興趣。我們將向您發送一個指向我們在網站上發布的頁面的鏈接，該頁面描述了我們正在做的事情。首先，我要說的是，我們有非常嚴格的流程，以確保對於從事相似工作、具有相似經驗和相似績效水平的人來說，無論性別如何，他們都獲得相同的報酬。因此，我們制定了嚴格的流程來確保這是事實。

Now when you step back and look at Woodside as a whole, there are some things that skew our gender pay as reported through the WGEA agency. One is the predominance of men in trades and technician roles. I'm really pleased with the work we've done over the past few years to grow our percent of women in that. We're up to 11%, which is fantastic, but that is a category of the workforce that is mail dominated that is paid pretty well.

現在，當你退後一步，從整體上審視伍德賽德時，你會發現，根據 WGEA 機構的報告，有些事情會扭曲我們的性別薪資。一是男性在產業和技術職位上占主導地位。我對過去幾年我們為提高女性在這方面的比例所做的工作感到非常滿意。我們達到了 11%，這太棒了，但這是一個以郵件為主的勞動力類別，薪資相當高。

And then in the leadership ranks, we have -- women in leadership is about 27%. Women overall in the company is about 33%, and that's another part of the business where, again, like-for-like, men and women get paid the same. There's just more men in those higher paying roles.

然後在領導階層中，女性領導階層比例約為 27%。公司中女性整體比例約為 33%，這也是該業務的另一個部分，同樣，男性和女性的薪酬相同。只是有更多的男性擔任這些高薪職位。

Great. Thanks very much. Appreciate it.

偉大的。非常感謝。欣賞它。

Thanks, Rob.

謝謝，羅布。

The next question comes from Fiona Manning with the Australian Council of Superannuation Investors. Please go ahead.

下一個問題來自澳洲退休金投資者委員會的菲奧娜·曼寧（Fiona Manning）。請繼續。

Hi, Mig and Graham, and I'm delighted on that note to be enhancing tender diversity on this call. I've just got two questions. The first one, noting the new Scope for emissions abatement target, are there any other changes to climate-related targets or strategies?

嗨，米格和格雷厄姆，我很高興在這次電話會議上增強溫柔的多樣性。我只有兩個問題。第一個問題，注意到新的減排目標範圍，與氣候相關的目標或策略是否還有其他變化？

Fiona, I'd point you to our Climate Transition Action Plan document, which outlines a number of the actions that we are taking. The Scope 3 emission abatement target is that big headline for new items. But I know of interest to your members will be a change that we've made to the scorecard for both executive remuneration, and we've pushed it through for the company's scorecard as well, which affects all staff to separate climate and safety and have those as two stand-alone elements of the scorecard to ensure that there is appropriate organizational focus on delivering on our emissions reduction targets and our emissions abatement plans. So those are probably the two big headlines in terms of new contents.

菲奧娜，我想向您介紹我們的氣候轉型行動計畫文件，其中概述了我們正在採取的一些行動。範圍 3 減排目標是新項目的大標題。但我知道你們的成員感興趣的是我們對高階主管薪酬記分卡所做的改變，我們也對公司的記分卡進行了改變，這會影響所有員工將氣候和安全分開，並有它們是記分卡的兩個獨立要素，以確保組織上適當地關注實現我們的減排目標和減排計畫。因此，就新內容而言，這可能是兩大頭條新聞。

Right. And just a second one, H2OK has sort of been stuck in the evaluating incentive phase for a while. Just wondering what's causing the delay in that process and what sort of time frame a decision is likely to be made?

正確的。第二個例子是，H2OK 在評估激勵階段已經有一段時間了。只是想知道是什麼導致了該過程的延遲以及可能在什麼樣的時間範圍內做出決定？

Sure. So we've been continuing to do work on the technical front. We are well positioned in terms of the maturity of the project. Another item to highlight in our Climate Transition Action Plan, we'll highlight that we spent $200-plus million in 2023 on new energy opportunities and a good chunk of that is long leads for H2OK. So we are moving ahead.

當然。所以我們一直在繼續做技術方面的工作。我們在專案的成熟度方面處於有利地位。我們的氣候轉型行動計畫中要強調的另一項是，我們將在 2023 年在新能源機會上花費 2 億多美元，其中很大一部分是 H2OK 的長期領先優勢。所以我們正在前進。

The issue that we've been grappling with over the last few months is the U.S. government finally released their requirements to achieve the full production -- the full hydrogen production tax credits, and we are participating in their consultation process. They've unfortunately set targets that are somewhere between very difficult and impossible to achieve around the matching frequency of green credits to green hydrogen production. And so we are participating in the consultation trying to get a more pragmatic approach so that will unlock the ability to move the project forward.

過去幾個月我們一直在努力解決的問題是美國政府終於發布了實現全面生產的要求——全面的氫氣生產稅收抵免，我們正在參與他們的協商過程。不幸的是，他們設定的目標在綠色信貸與綠氫生產的匹配頻率方面非常困難且不可能實現。因此，我們正在參與磋商，試圖採取更務實的方法，從而釋放推動專案前進的能力。

Okay. And how long is that consultation expected to take?

好的。諮詢預計需要多長時間？

We sent our submission in, I just I want to say a few days ago this week. Hopefully, we'll hear back from the government in the next month or so. But look, that said, Fiona, we continue to talk to customers about their ability to offtake and their willingness to offtake even if we don't have the production tax credits at that full $3 level.

我們已經提交了意見，我只是想說本週幾天前。希望我們能在下個月左右收到政府的回覆。但是，菲奧娜，你看，我們會繼續與客戶討論他們的承購能力和承購意願，即使我們沒有 3 美元的生產稅收抵免。

Yeah. Okay. Thank you very much. Thanks, Fiona.

是的。好的。非常感謝。謝謝，菲奧娜。

All right. I think that is a wrap for us. Thank you all for listening in and participating in the call. Please remember that we are hosting a special investor briefing about our climate plans on the 20 -- sorry, on the 12th of March, and our AGM will be on the 24th of April. I look forward to speaking to you at these events and continuing to share how we are delivering on our strategy to thrive through the energy transition. Thank you.

好的。我認為這對我們來說是一個總結。感謝大家收聽並參與此通話。請記住，我們將於 20 日（抱歉，是 3 月 12 日）舉辦有關我們氣候計畫的特別投資者簡報會，而我們的年度股東大會將於 4 月 24 日舉行。我期待在這些活動中與您交談，並繼續分享我們如何實施能源轉型策略，實現蓬勃發展。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。您現在可以斷開連線。