Woodside Energy Group Ltd (WDS) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to Woodside's 2024 half-year results presentation.

大家早安，歡迎來到伍德賽德 2024 年半年度業績發表會。

We are presenting from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal people of the Eora Nation and pay my respects to their Elders, past and present.

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，並向他們過去和現在的長輩致敬。

Today, I'm joined on the call by our Chief Financial Officer, Graham Tiver.

今天，我們的財務長 Graham Tiver 加入了我的電話會議。

Together, we will provide an overview of our half-year 2024 performance before opening up to Q&A.

在進行問答之前，我們將共同概述 2024 年半年的業績。

Please take the time to read the disclaimers, assumptions, and other important information.

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 US dollars, unless otherwise indicated.

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。

I am very pleased to present a strong set of half-year results today.

我很高興今天介紹一組強勁的半年度業績。

They are a testament not just to our operating performance in the past six months, but also demonstrate how we are delivering on our strategy to thrive through the energy transition.

它們不僅證明了我們過去六個月的經營業績，而且還展示了我們如何實施我們的策略，以透過能源轉型來蓬勃發展。

This strategy is underpinned by three goals: providing energy, creating and returning value to our shareholders, and conducting our business sustainably.

這項策略以三個目標為基礎：提供能源、為股東創造和回報價值以及永續地開展業務。

During the first half of 2024, we have delivered on all three.

2024 年上半年，我們已經實現了這三個目標。

Our project execution capabilities have been demonstrated again with the safe startup and strong ramp-up performance at Sangomar and excellent progress at our Scarborough Energy project.

Sangomar 的安全啟動和強大的爬坡性能以及 Scarborough Energy 專案的出色進展再次證明了我們的專案執行能力。

Our reliable and cost-competitive base business has translated into strong financial performance and returns to shareholders with a fully franked interim dividend of USD0.69 per share once again at the top end of our payout ratio range.

我們可靠且具成本競爭力的基礎業務已轉化為強勁的財務業績和股東回報，全額免稅的中期股息為每股 0.69 美元，再次達到派息率範圍的上限。

With our disciplined approach to cost management, we have reduced our unit production costs by 6% in an inflationary environment.

憑藉嚴格的成本管理方法，我們在通膨環境下將單位生產成本降低了 6%。

And we will continue progressing actions to ensure that we can fund growth while supporting strong shareholder distributions.

我們將繼續採取行動，確保我們能夠為成長提供資金，同時支持強而有力的股東分配。

Looking across Woodside's global business, I've never been more confident in our ability to deliver reliable, affordable, and lower carbon energy to a world that needs it today and into the future.

縱觀伍德賽德的全球業務，我對我們為當今和未來需要的世界提供可靠、負擔得起的低碳能源的能力充滿信心。

Our key operational and financial metrics in the half-year results demonstrate how well our base business is performing.

我們半年業績中的關鍵營運和財務指標顯示了我們的基礎業務表現如何。

World-class LNG reliability of 98% and production of more than 89 million barrels of oil equivalent put us on track to deliver our full-year production guidance.

世界一流的 LNG 可靠性高達 98%，產量超過 8,900 萬桶油當量，使我們有望實現全年產量指引。

We're pleased to have delivered net profit after tax of $1.9 billion, translating into strong earnings per share and a healthy interim dividend for our shareholders.

我們很高興實現 19 億美元的稅後淨利潤，為我們的股東帶來強勁的每股盈餘和健康的中期股息。

Ensuring everyone who works at Woodside Goode side safely remains our highest priority.

確保在 Woodside Goode 工作的每個人的安全仍然是我們的首要任務。

Our commitments to continuous improvement means taking action to strengthen our safety culture, simplify our processes, and improve our systems.

我們對持續改進的承諾意味著採取行動加強我們的安全文化、簡化我們的流程並改善我們的系統。

The full impact of these actions will take some time, and our overall safety performance is not yet meeting our expectations.

這些行動的全面影響需要一段時間，我們的整體安全表現尚未達到我們的預期。

However, we are seeing some positive results.

然而，我們看到了一些正面的結果。

For example, the safe delivery of our Sangomar project included 30 million hours worked on the FPSO without a serious injury, a remarkable result and sets the standard for what I expect to see across the business.

例如，我們的 Sangomar 專案的安全交付包括在 FPSO 上工作了 3000 萬小時，沒有造成嚴重傷害，這是一個了不起的結果，並為我期望在整個企業看到的情況設定了標準。

Let me now speak to the global market environment and our firm conviction that LNG will play an important role in the energy transitions.

現在讓我談談全球市場環境以及我們對液化天然氣將在能源轉型中發揮重要作用的堅定信念。

Starting with energy demand, the fundamentals are strong.

從能源需求開始，基本面就很強勁。

As the world's population continues to grow and economies develop, the demand for energy is increasing.

隨著世界人口的持續成長和經濟的發展，對能源的需求不斷增加。

According to recent updates on progress towards the UN sustainable development goals, the number of people lacking access to electricity around the world remain significant.

根據聯合國永續發展目標最新進展情況，世界各地缺乏電力的人數仍然很大。

In 2022, this reached 685 million people, the highest in over a decade.

2022 年，這一數字達到 6.85 億，是十多年來最高的水準。

So while the precise pathway of the global energy transition remains uncertain, there is one thing we can bank on; demand for reliable, affordable, and increasingly lower carbon energy will continue to grow.

因此，儘管全球能源轉型的確切路徑仍不確定，但我們可以信賴一件事：對可靠、負擔得起且日益低碳的能源的需求將繼續增長。

At the same time, we firmly believe that LNG will remain an important global energy source as countries seek to lower their emissions.

同時，我們堅信，隨著各國尋求降低排放，液化天然氣仍將是重要的全球能源。

When used to generate electricity, gas typically provides -- sorry -- gas typically produces half the lifecycle emissions of coal.

當用於發電時，天然氣通常提供的——抱歉——天然氣在生命週期中產生的排放量通常是煤炭的一半。

Gas can also provide support for electricity grids powered by renewables and batteries.

天然氣還可以為再生能源和電池供電的電網提供支援。

Therefore, for many economies, switching from coal to gas is often the most material and affordable way to reduce emissions while maintaining a reliable source of energy to underpin modern living standards.

因此，對於許多經濟體來說，從煤炭轉向天然氣往往是減少排放、同時保持可靠的能源來源以支撐現代生活水平的最物質和最實惠的方式。

For example, in the US from 2022 to 2023, coal to gas switching accounted for two-thirds of the emissions reduction in electricity generation.

例如，在美國，2022年至2023年，煤改氣佔發電減量的三分之二。

While coal use in markets like Europe has already peaked, the Asia Pacific region currently accounts for more than 80% of global coal use, and global coal consumption is approximately eight times higher than global LNG.

雖然歐洲等市場的煤炭使用量已達到高峰，但亞太地區目前佔全球煤炭使用量的80%以上，全球煤炭消費量約為全球液化天然氣的八倍。

So we see a clear and sustained opportunity for coal to gas switching in key markets as they navigate the energy transition.

因此，我們看到了關鍵市場在能源轉型過程中煤改氣的明顯且持續的機會。

These fundamental drivers for long-term demand also give us confidence that the so-called LNG glut forecast for later this decade is unlikely to have a sustained impact on demand or pricing.

這些長期需求的基本驅動因素也讓我們相信，本十年後期所謂的液化天然氣過剩預測不太可能對需求或定價產生持續影響。

Recent history has shown that due to customers' energy security and decarbonization drivers, increased supply is continuously absorbed by the market with price remaining resilience.

最近的歷史表明，由於客戶的能源安全和脫碳驅動因素，市場不斷吸收增加的供應，而價格仍保持彈性。

For example, international energy agency concerns expressed in both 2009 and 2016, of a sustained, quote-unquote, LNG glut with far-reaching impacts on gas prices did not eventuate.

例如，國際能源機構在 2009 年和 2016 年表達的對液化天然氣持續過剩對天然氣價格產生深遠影響的擔憂並沒有發生。

Looking forward, we believe demand will continue to keep pace as new supply comes online.

展望未來，我們相信隨著新供應的上線，需求將繼續保持成長。

Underpinned by these strong market fundamentals, our high-quality portfolio is well-positioned to provide energy and create value now and into the future.

在這些強勁的市場基本面的支撐下，我們的高品質投資組合處於有利地位，可以為現在和未來提供能源並創造價值。

Core to this is Woodside's continued world-class operational performance, which combines consistently high reliability with reduced operating costs.

其核心是伍德賽德持續保持世界一流的營運效能，將始終如一的高可靠性與降低的營運成本結合在一起。

We are also making targeted investments to extend the production life of our key operated assets to ensure we continue to extract value from our base business.

我們也進行有針對性的投資，以延長我們主要營運資產的生產壽命，以確保我們繼續從基礎業務中獲取價值。

We achieved a major milestone in June with the startup of our Sangomar project.

隨著 Sangomar 計畫的啟動，我們在 6 月實現了一個重要的里程碑。

This demonstrates clear delivery against our growth strategy, creating shareholder value as well as significant economic benefits to Senegal.

這顯示我們的成長策略得到了明確落實，為股東創造了價值，並為塞內加爾帶來了顯著的經濟效益。

I'm pleased to report strong well and subsurface performance.

我很高興地報告強勁的油井和地下表現。

Nameplate capacity of 100,000 barrels per day has been achieved, and all 24 wells have been drilled and completed.

已達銘牌產能10萬桶/日，24口井已全部鑽完。

This achievement has relied on the creation of strong local relationships, including with our joint venture partner, Petrosen.

這項成就依賴與當地建立的牢固關係，包括與我們的合資夥伴 Petrosen 的關係。

We will operate this asset in the same way we do in all jurisdictions, maintaining full compliance with local requirements and positive relationships with regulators while ensuring we protect shareholder value.

我們將以與在所有司法管轄區相同的方式運作該資產，保持完全遵守當地要求並與監管機構建立積極的關係，同時確保保護股東價值。

Moving to Australia, we have made impressive progress with our Scarborough Energy project.

來到澳大利亞，我們的斯卡伯勒能源計畫取得了令人矚目的進展。

Scarborough was 67% complete at the end of the period and is on track for first LNG cargo in 2026.

期末斯卡伯勒港已完成 67%，預計 2026 年運送第一批液化天然氣。

Scarborough was also set to deliver domestic gas at a time the local Western Australian market needs it.

斯卡伯勒還計劃在西澳大利亞當地市場需要時提供國內天然氣。

The image on this slide shows the floating production unit, which reached a major milestone during the half, achieving structural completion of the top sides.

這張投影片上的圖片顯示了浮式生產裝置，該裝置在上半年達到了一個重要的里程碑，實現了頂部結構的完成。

Other key onshore and offshore activities are progressing well, and I look forward to taking some of our investors to see firsthand our progress at Scarborough during a site visit planned for later this year.

其他重要的陸上和海上活動進展順利，我期待在計劃於今年晚些時候進行的實地考察期間，帶領我們的一些投資者親眼目睹我們在斯卡伯勒的進展情況。

We were very pleased to welcome LNG Japan to the Scarborough joint venture and look forward to completing the sell-down to JERA.

我們非常高興歡迎 LNG Japan 加入斯卡伯勒合資企業，並期待完成對 JERA 的出售。

This demonstrates our ability to attract high-quality partners at a competitive price to a Woodside-operated project.

這表明我們有能力以具有競爭力的價格吸引高品質合作夥伴參與伍德賽德營運的專案。

Moving to Trion, we remain on track for first oil in 2028.

轉向 Trion，我們仍有望在 2028 年獲得第一批石油。

Front-end engineering design on the FSO was completed in the period.

同期完成了FSO前端工程設計。

We have also progressed engineering procurement and contracting activities, including the award of the Subsea marine installation contracts.

我們也推進了工程採購和承包活動，包括授予海底海上安裝合約。

While progressing our growth projects, we continue to look for opportunities to grow our portfolio into the 2030s and beyond to deliver long-term value for our shareholders.

在推進我們的成長項目的同時，我們繼續尋找機會將我們的投資組合擴大到 2030 年代及以後，為我們的股東帶來長期價值。

In July and August, we entered into agreements to acquire two significant energy projects on the US Gulf Coast, which I will now turn to.

七月和八月，我們簽訂了收購美國墨西哥灣沿岸兩個重要能源項目的協議，我現在將談談這兩個項目。

Our proposed acquisition of Tellurian and its Driftwood LNG development positions Woodside as a leading independent LNG player with exposure to both the Pacific and Atlantic Basin.

我們擬收購 Tellurian 及其 Driftwood 液化天然氣開發項目，使 Woodside 成為領先的獨立液化天然氣公司，業務遍及太平洋和大西洋盆地。

It has potential for significant future cash generation and reduction of the average Scope 1 and 2 emissions intensity of our LNG portfolio.

它具有在未來產生大量現金並降低我們液化天然氣投資組合的平均範圍 1 和 2 排放強度的潛力。

As we engage with investors following the announcement, there was a desire for more clarity on Woodside's value drivers and expected returns from the Driftwood LNG opportunity.

公告發布後，當我們與投資者接觸時，他們希望更清楚地了解 Woodside 的價值驅動因素以及 Driftwood 液化天然氣機會的預期回報。

Driftwood is a pre-FID project, and we are confident it can achieve the returns of our capital allocation framework.

Driftwood 是一個預 FID 項目，我們有信心它能夠實現我們資本配置框架的回報。

Looking at the chart on the slide, the first two gray bars compare the return profile of a typical project finance development with the returns already achieved by some US LNG players.

查看投影片上的圖表，前兩個灰色條將典型專案融資開發的回報情況與一些美國液化天然氣公司已經實現的回報進行了比較。

Some are improving returns by increasing plant capacity, selling some volumes at international pricing, and extending the life of the project.

一些公司透過增加工廠產能、以國際價格出售部分產品以及延長專案壽命來提高回報。

We see even more potential for Woodside.

我們看到了伍德賽德的更大潛力。

Driftwood plays to our established strengths in project execution, operations, and marketing.

Driftwood 發揮了我們在專案執行、營運和行銷方面的既定優勢。

Our track record on reliability and train de-bottlenecking gives us the credentials to extract more value from assets compared to other players.

與其他參與者相比，我們在可靠性和列車消除瓶頸方面的記錄使我們有資格從資產中獲得更多價值。

Another competitive advantage of Woodside is our global LNG marketing portfolio.

伍德賽德的另一個競爭優勢是我們的全球液化天然氣行銷組合。

This provides us with flexibility to serve our customers and enables global price indexation.

這為我們提供了為客戶提供服務的靈活性，並實現了全球價格指數化。

Our long-shipping position is another strength we bring to the opportunity.

我們的長期運輸地位是我們為這個機會帶來的另一個優勢。

We've seen traditional US LNG players building out shipping fleets to allow dead sales.

我們已經看到傳統的美國液化天然氣生產商建立運輸船隊以允許滯銷。

This is, of course, strength of Woodside today.

當然，這就是伍德賽德今天的優勢。

Driftwood is truly advantaged.

漂流木確實具有優勢。

It is the only fully permitted pre-FID opportunity in US LNG and has Bechtel as the EPC contractor.

這是美國液化天然氣領域唯一完全允許的 FID 前機會，並由柏克德公司擔任 EPC 承包商。

We have a very compelling opportunity for sell-downs.

我們有一個非常引人注目的拋售機會。

Multiple inbounds have been received, and we are in conversations with interested parties.

已收到多個入站訊息，我們正在與感興趣的各方進行對話。

Importantly, however, we will be focused and find the right strategic partners for this opportunity as we did for Scarborough.

然而，重要的是，我們將集中精力並為這個機會找到合適的策略合作夥伴，就像我們為斯卡伯勒所做的那樣。

Now, to our proposed acquisition of OCI's clean ammonia project.

現在，我們提議收購 OCI 的清潔氨計畫。

This is another investment that positions us to thrive through the energy transition.

這是另一項使我們能夠在能源轉型中蓬勃發展的投資。

The project is under development with expansion potential.

該項目正在開發中，具有擴展潛力。

Construction is already 70% complete with ammonia production targeted for 2025 and lower-carbon ammonia for 2026.

建設已完成 70%，目標是 2025 年生產氨，2026 年生產低碳氨。

Global ammonia demand is forecast to double by 2050, with lower carbon ammonia make nearly two-thirds of demand total.

預計到 2050 年，全球氨需求量將翻一番，其中低碳氨佔總需求量的近三分之二。

Market forecasts show that growing demand for lower-carbon ammonia will be supported by policies in key energy markets, stimulating use of ammonia beyond traditional applications to include power generation, marine bunkering, and as a hydrogen carrier.

市場預測顯示，對低碳氨不斷增長的需求將得到主要能源市場政策的支持，刺激氨的使用超越傳統應用，包括發電、海上加油和作為氫載體。

Over the past two decades, we have seen the EU leading the charge in tackling climate change through incentives like the emissions trading scheme.

在過去的二十年裡，我們看到歐盟透過排放交易計畫等激勵措施在應對氣候變遷方面發揮了領導作用。

Last year, it strengthened its lower-carbon framework through the implementation of the carbon border adjustment mechanism.

去年，中國透過實施碳邊界調整機制，強化了低碳框架。

This policy combines a carbon intensity measurement with a mandatory carbon price further incentivizing use of lower-carbon energy sources.

該政策將碳強度測量與強制性碳價格相結合，進一步激勵低碳能源的使用。

Lower-carbon ammonia is also being used in Japan and Korea to decarbonize power generation by co-firing ammonia with coal.

日本和韓國也使用低碳氨，透過氨與煤混燒來實現脫碳發電。

I'll now hand over to Graham to take you through our financial performance.

現在我將請葛拉漢向您介紹我們的財務表現。

Thanks, Meg, and hello, everyone.

謝謝梅格，大家好。

Our financial performance and balance sheet have remained resilient because of our strong underlying business and our consistent approach to capital management.

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。

I would like to highlight here that our capital management framework remains unchanged.

我想在這裡強調的是，我們的資本管理架構並沒有改變。

This framework provides the flexibility of funding value-accretive growth while continuing to deliver strong shareholder returns.

該框架提供了為增值成長提供資金的靈活性，同時繼續提供強勁的股東回報。

Underpinning our capital management framework is discipline.

紀律是我們資本管理架構的基礎。

We run our business with consistent cost focus and have managed our unit production costs down despite inflationary pressures.

我們以一貫的成本關注來經營我們的業務，並在通貨膨脹壓力下控制了我們的單位生產成本。

We will further tighten our belts and continue to rationalize discretionary spend.

我們將進一步勒緊褲帶，繼續合理化可自由支配支出。

We are disciplined with our investment decisions.

我們的投資決策非常嚴格。

The acquisitions of Tellurian and OCI's clean ammonia project are both aligned with Woodside's corporate strategy and our capital allocation framework.

對 Tellurian 和 OCI 清潔氨專案的收購均符合 Woodside 的企業策略和我們的資本配置框架。

As the operator of these opportunities, we control the spend, allowing us to face the development, bring in partners at our determination, and use the contractors we want.

作為這些機會的營運商，我們控制支出，使我們能夠面對發展，根據我們的決定引入合作夥伴，並使用我們想要的承包商。

The sell-down of equity in the Scarborough joint venture bring quality partners into the project and back into the business.

出售士嘉堡合資企業的股權將優質合作夥伴帶入該專案並重新投入業務。

The sale proceeds of $910 million received from LNG Japan and an estimated total consideration of $1.4 billion coming from JERA, and we are disciplined in how we position the balance sheet to achieve our goals.

從 LNG Japan 獲得的銷售收益為 9.1 億美元，JERA 的估計總代價為 14 億美元，我們在如何調整資產負債表以實現我們的目標方面非常嚴格。

We know the importance of dividends to our shareholders.

我們知道股利對股東的重要性。

And when we evaluate the financial scenarios, we assume a dividend payout ratio at the top end of our range, even a stress case pricing.

當我們評估財務情境時，我們假設股利支付率處於我們範圍的上限，甚至是壓力情況下的定價。

We target a gearing range of 10% to 20% through the investment cycle.

我們的目標是整個投資週期的負債比率範圍為 10% 至 20%。

With the recent acquisitions, we expect to access debt markets in the near term our gearing will likely go above the top of our range for a period of time.

透過最近的收購，我們預計在短期內進入債務市場，我們的負債比率可能會在一段時間內高於我們的範圍上限。

This is expected to reduce back to within our target gearing range by utilizing the various levers at our disposal.

透過利用我們可以使用的各種槓桿，預計這將回到我們的目標負債範圍內。

Moving to our financial performance in the period.

轉向我們在此期間的財務業績。

Despite lower average realized prices, our base business continues to perform very well.

儘管平均實現價格較低，但我們的基礎業務仍然表現良好。

Costs are down, and we're demonstrating excellent operational discipline and resilience across our financial metrics.

成本下降了，我們在財務指標上展現了出色的營運紀律和彈性。

This is translating into a healthy dividend payment representing a half year annualized yield of 7.3% at June 30.

這意味著健康的股息支付，截至 6 月 30 日的半年年化收益率為 7.3%。

Cash flow generation through the first half of 2024 was strong, delivering a cash margin above 80%, which has been sustained over the past five years.

2024 年上半年現金流產生強勁，現金利潤率超過 80%，此狀況在過去五年中保持不變。

Importantly, we have achieved positive free cash flow of $740 million in a heavy capital investment year and with significant tax payments.

重要的是，我們在大量資本投資和繳納大量稅款的一年中實現了 7.4 億美元的正自由現金流。

This is in line with the previously provided outlook for free cash flow.

這與先前提供的自由現金流前景一致。

We expect to update our outlook to include acquisitions and sell-downs once we complete the transactions.

一旦完成交易，我們預計將更新我們的前景，包括收購和出售。

Our balance sheet is well-positioned with our gearing at the lower end of our target range and a strong cash-generative portfolio of assets.

我們的資產負債表處於有利位置，我們的負債比率處於目標範圍的下限，且資產組合具有強大的現金產生能力。

This is how we have created and returned value to shareholders in the first half.

這就是我們上半年為股東創造和回報價值的方式。

I'll now hand back to Meg.

現在我將把話交還給梅格。

Thanks, Graham.

謝謝，格雷厄姆。

As I outlined earlier, conducting our business sustainably is one of the goals underpinning our strategy to thrive through the energy transition.

正如我之前概述的那樣，永續地開展業務是支撐我們透過能源轉型實現蓬勃發展的策略的目標之一。

While we were disappointed at the shareholder vote received on our climate transition action plan at our AGM, we respect the results, and we will continue seeking feedback from investors.

雖然我們對年度股東大會上股東對我們的氣候轉型行動計劃的投票感到失望，但我們尊重結果，並將繼續尋求投資者的回饋。

During the half, we progressed the implementation of our asset de-carbonization plans and remain on track to achieve our Scope 1 and 2 emissions reduction targets.

上半年，我們推動了資產脫碳計畫的實施，並繼續實現範圍一和範圍二的減排目標。

We also announced a new complementary abatement target to take FID on new energy opportunities by 2030, with total abatement capacity of 5 million tonnes per annum of CO2 equivalents.

我們也宣布了新的補充減排目標，即到 2030 年對新能源機會進行最終投資決定，總減量為每年 500 萬噸二氧化碳當量。

As well as generating attractive investment returns, the acquisition of OCI's clean ammonia project is a material step towards delivering on our Scope 3 investments and abatement targets.

除了產生有吸引力的投資回報外，收購 OCI 的清潔氨專案也是實現我們的範圍 3 投資和減排目標的重要一步。

And beyond our own initiatives and investments, Woodside is also championing lower carbon initiatives across the sector.

除了我們自己的舉措和投資之外，伍德賽德還倡導整個產業的低碳舉措。

In January, we became the first Australian company to join the Oil and Gas Methane Partnership 2.0, a flagship international program aimed at improving the accuracy and transparency of methane emissions reporting.

一月份，我們成為第一家加入石油和天然氣甲烷夥伴關係 2.0 的澳洲公司，這是一項旗艦國際計劃，旨在提高甲烷排放報告的準確性和透明度。

Conducting our business sustainably also extends to supporting community development wherever we operate.

永續地開展業務也延伸到支持我們營運所在地區的社區發展。

Woodside continues to be among Australia's top tax contributors.

伍德賽德仍然是澳洲最大的納稅人之一。

Our total tax and royalty payments during the half to Australian governments was AUD2.7 billion.

上半年，我們向澳洲政府繳納的稅款和特許權使用費總額為 27 億澳元。

This demonstrates an ongoing and significant contribution to the economic prosperity of Australia.

這顯示了對澳洲經濟繁榮的持續和重大貢獻。

As described in our Northwest Community development report, we spent more than AUD2.4 billion with local businesses in Western Australia through the Northwest Shelf and Scarborough projects during 2023.

正如我們的西北社區發展報告所述，2023 年，我們透過西北大陸架和士嘉堡計畫與西澳大利亞當地企業共花費了超過 24 億澳元。

In Senegal, our Sangomar project is providing significant local content opportunities creating jobs for more than 4,400 Senegalese people.

在塞內加爾，我們的 Sangomar 計畫正在提供重要的本地內容機會，為 4,400 多名塞內加爾人創造就業機會。

I'd like to close by recapping on our strategic priorities for 2024 and demonstrating the strong investment case for our shareholders.

最後，我想回顧一下我們 2024 年的策略重點，並向我們的股東展示強而有力的投資案例。

We have a high-quality, cash-generative portfolio, and we are well-positioned to supply growing LNG demands.

我們擁有高品質、可產生現金的投資組合，並且我們有能力滿足不斷增長的液化天然氣需求。

We deliver strong and consistent returns to our shareholders and are on track to deliver our emissions reduction targets.

我們為股東提供強勁且持續的回報，並有望實現我們的減排目標。

And above all, we are committed to continuously improving safety.

最重要的是，我們致力於不斷提高安全性。

Our achievements in the first half of 2024 demonstrate delivery of our strategic goals and give us great confidence that Woodside will thrive through the energy transition.

我們在 2024 年上半年的成就證明了我們戰略目標的實現，並使我們對伍德賽德將在能源轉型中蓬勃發展充滿信心。

Last month, we celebrated 70 years as an Australian company and reflected on our proud history and proven experience.

上個月，我們慶祝了澳洲公司成立 70 週年，並回顧了我們引以為傲的歷史和成熟的經驗。

Looking to the future, we have the strategy, the people, and the portfolio to enable us to deliver shareholder value for decades to come.

展望未來，我們擁有策略、人才和投資組合，使我們能夠在未來幾十年內為股東創造價值。

Thank you.

謝謝。

I'll now open the call to your questions.

我現在將開始回答您的問題。

Please limit your questions to two each, so everybody has an opportunity to ask their questions.

請將您的問題限制在兩個以內，以便每個人都有機會提出問題。

(Operator Instructions) Mark Wiseman, Macquarie.

（操作員說明）Mark Wiseman，麥格理。

Hi.

你好。

Good morning, Meg, Graham, and team.

早上好，梅格、格雷厄姆和團隊。

Congratulations on a strong result and a strong dividend.

恭喜您取得了強勁的業績和豐厚的股息。

I just had a question on the cash flows, the operating cash flows.

我只是有一個關於現金流、經營現金流的問題。

You paid more than we expected in tax.

您支付的稅款超出了我們的預期。

Are you able to give any breakdown of the $1.7 billion tax, how much of that's PRRT versus income tax?

您能否詳細說明 17 億美元的稅收，其中 PRRT 與所得稅的比例是多少？

Hi, Mark.

嗨，馬克。

Thank you.

謝謝。

Graham here.

格雷厄姆在這裡。

So yes, so effectively, of that $1.7 billion paid in tax in the cash flow statement, $1.5 billion was related to income tax and the remainder being PRRT.

所以，是的，非常有效的是，在現金流量表中繳納的 17 億美元稅款中，15 億美元與所得稅有關，其餘的是 PRRT。

What I'd point to, Mark, is if you have a look at the end of December as a part of our full-year results in the balance sheet, we had a tax payable liability of $1.1 billion.

馬克，我要指出的是，如果您查看 12 月底資產負債表中全年業績的一部分，您會發現我們的應付稅款為 11 億美元。

So effectively, that has been paid along with tax payments for the 2024 year, so hopefully that provides some clarity.

實際上，這筆錢已與 2024 年的稅款一起支付，因此希望這能提供一些清晰的資訊。

Importantly, we are one of the largest taxpayers in Australia.

重要的是，我們是澳洲最大的納稅人之一。

And as Meg touched on in her presentation, all up across all taxes and royalties in Australia, we paid AUD2.7 billion in the first half.

正如梅格在她的演講中提到的，在澳洲的所有稅收和特許權使用費中，我們在上半年支付了 27 億澳元。

Okay.

好的。

Thanks, Graham.

謝謝，格雷厄姆。

Just for my second question, just on hedging, with the two M&A deals that you're working on, the Driftwood FID coming up, and maintaining the 80% dividend payout for now at least, what's your posture with hedging in '25 and '26?

我的第二個問題，關於對沖，您正在處理的兩筆併購交易即將到來，Driftwood FID 即將出台，並且至少目前保持 80% 的股息支付，您在 25 年和 25 年對沖的態度如何26？

Thanks.

謝謝。

Yes.

是的。

Mark, it's probably worth reminding you and the investors why we hedge.

馬克，可能值得提醒您和投資者我們為什麼要對沖。

So we have been hedging plus or minus 30 million barrels of oil for the last couple of years in this period of higher capital spend.

因此，在過去幾年資本支出較高的時期，我們一直在對沖正負 3,000 萬桶石油。

We also hedge our Corpus Christi contracts, so those are Henry Hub and TTF hedges, and that's really to manage the trading risk in that particular contract.

我們也對科珀斯克里斯蒂合約進行對沖，這些是 Henry Hub 和 TTF 對沖，這實際上是為了管理該特定合約的交易風險。

So the hedging that I assume you're asking about is the oil-linked hedging, and we do expect to continue hedging in 2025, and we will take a look in due course at 2026 as we firm up plans forward for Driftwood as we get better line of sight as to what exactly our capital spend is going to look like, that will inform our decisions as to whether or not we hedge in '26.

因此，我認為您所問的對沖是與石油相關的對沖，我們確實預計在 2025 年繼續進行對沖，我們將在 2026 年適當時候進行研究，因為我們會確定 Driftwood 的未來計劃。的資本支出到底是什麼樣子，這將為我們決定是否在26 年進行避險提供依據。

Okay.

好的。

So would it be reasonable to assume all else equal, more CapEx commitment and more gearing on the balance sheet would point you towards more hedged volume?

那麼，假設其他條件相同，更多的資本支出承諾和資產負債表上的更多槓桿率會讓你轉向更多的對沖交易量，這是否合理？

Yes.

是的。

But again, well, look, I'd say not necessarily more.

但再說一次，好吧，看，我想說不一定更多。

We've been targeting the 30 million barrels because we feel that's an appropriate level of hedging to protect our ability to cover our base costs as well as continue the investments that we've sanctioned.

我們一直以 3000 萬桶為目標，因為我們認為這是一個適當的對沖水平，可以保護我們支付基本成本以及繼續我們已批准的投資的能力。

So I wouldn't expect it to go above the 30 million barrels, but it really will be a question for 2026 of how much hedging is appropriate -- as we -- you'll recall, 2026 is when we expect to start LNG production from Scarborough.

因此，我預計產量不會超過3000 萬桶，但到2026 年，多少對沖才是合適的，這確實是一個問題——正如我們——你會記得的，2026 年是我們預計開始液化天然氣生產的時間來自斯卡伯勒。

So spend ramps down, revenue starts to come in, but that will be kind of the critical year as we think about the cash balance going forward.

因此，支出減少，收入開始增加，但這將是我們考慮未來現金餘額的關鍵一年。

Okay, thank you.

好的，謝謝。

That's clear, and congrats on the results again.

很清楚，再次恭喜結果。

Cheers.

乾杯。

Thanks, Mark.

謝謝，馬克。

Saul Kavonic, MST.

索爾·卡沃尼克，MST。

Good morning.

早安.

A couple of questions.

有幾個問題。

Perhaps the first one is for Graham.

也許第一個是給葛拉漢的。

Just in the context where you talk about gearing to go above the top end of the 20% gearing range for a period, should we think about this providing time to enable targeted sell-downs of Driftwood perhaps another way of phrasing that once the -- if you -- once the 50% sell-down of Driftwood occurs, do you think you would then be -- may be below the 20% gearing range at kind of current $70, $80 oil prices?

就在您談論槓桿率在一段時間內高於20% 槓桿率範圍上限的情況下，我們是否應該考慮這提供了時間來實現Driftwood 的有針對性的拋售，這也許是另一種表述方式，一旦——如果你——一旦 Driftwood 發生 50% 的拋售，你認為你會——在當前 70 美元、80 美元的油價下，負債率可能低於 20% 的範圍嗎？

So it's very early days.

所以現在還為時過早。

We are still working through one project completion of the actual acquisition.

我們仍在努力完成實際收購的一個專案。

We're still reassessing the capital, the phasing of the capital, et cetera, and then the sell-down process.

我們仍在重新評估資本、資本的分期等，然後是拋售過程。

But to answer your question at a very high level based on what we see today, it is highly likely that we will still pop up above 20% for gearing for a period of time in a 50% sell-down scenario.

但根據我們今天看到的情況，從一個非常高的水平回答你的問題，在拋售 50% 的情況下，我們的負債率很可能會在一段時間內升至 20% 以上。

But having said that, and I caveat, there's still a lot of work to do between now and then.

但話雖如此，我也需要提醒大家，從現在到那時，還有很多工作要做。

And Saul, maybe it's worth elaborating on Graham's answer.

索爾，也許值得詳細闡述格雷厄姆的答案。

We said our target gearing range is 10% to 20%, but it's not hard guardrails, it's a target range, and we may be above or below at periods in time.

我們說過我們的目標負債範圍是 10% 到 20%，但這不是硬性護欄，而是目標範圍，我們可能會在某個時間段高於或低於該範圍。

And you'd be well aware that we were below it last year when market conditions were in our favor.

你會很清楚，去年市場條件對我們有利時，我們的表現低於這個水準。

We, again, with the investment in Driftwood may go above it for a period of a couple of years.

再次，我們對 Driftwood 的投資可能會在幾年內超過它。

But again, they're not hard and fast rules.

但同樣，它們並不是硬性規定。

It's more target range.

目標範圍更大。

Thanks.

謝謝。

I guess a follow-up to that is, in the absence of a Driftwood sell down, are you still comfortable you can maintain this modeled 80% payout policy within the various scenarios you look at or is the pressure really on to have a sell down to maintain that recent payout ratio?

我想後續的情況是，在沒有 Driftwood 拋售的情況下，您是否仍然可以在您考慮的各種場景中維持這種模擬的 80% 支付政策，或者是否確實面臨拋售的壓力維持最近的派息率？

Yes.

是的。

So what we said about Driftwood is we really want to put together the dream team.

所以我們關於 Driftwood 所說的是我們真的想組成夢幻隊。

We've had more inbounds than we can shake a stick at.

我們的界外球數已經超出了我們所能控制的範圍。

So we've got the luxury of being able to really pick the partners we want to work with.

因此，我們很榮幸能夠真正挑選我們想要合作的合作夥伴。

And our intention, as we progress towards an investment decision there, is we want to have line of sight to the partnership that we want.

當我們在那裡做出投資決策時，我們的意圖是希望能夠看到我們想要的合作關係。

We may not have everything signed, sealed and delivered, but we do want to have line of sight to the partnership.

我們可能沒有簽署、密封和交付所有內容，但我們確實希望能夠了解合作夥伴關係。

If we didn't have anybody interested, I don't -- it would not be our intention to go forward at 100% with nobody queued up.

如果我們沒有人感興趣，我不會——我們不會在沒有人排隊的情況下 100% 前進。

All right.

好的。

Thanks, Meg.

謝謝，梅格。

I also just have a question on Driftwood; it could be for you.

我還有一個關於浮木的問題；它可能適合你。

I don't know if Mark's on the call maybe he's better to address it.

我不知道馬克是否在通話中，也許他最好解決這個問題。

But just looking at the steps you provided here to show how this can go from an infrastructure return to the 12%-plus rate of return.

但只要看看您在此處提供的步驟即可了解如何從基礎設施回報率上升到 12% 以上的回報率。

And you highlight debottlenecking and longer life, et cetera.

您還強調消除瓶頸和延長壽命等。

But I just wanted to kind of holding on two elements.

但我只是想保留兩個要素。

You talked about Woodside achieving greater than 95% reliability.

您談到 Woodside 實現了 95% 以上的可靠性。

Could you provide some, I guess, guidance on what the average US LNG plan achieves that is what you think Woodside can achieve?

我想，您能否就美國液化天然氣計畫的平均目標（您認為伍德賽德可以實現的目標）提供一些指引？

Yeah.

是的。

Thanks for the question, Saul.

謝謝你的提問，索爾。

We actually tried to get that hard and fast data.

我們實際上試圖獲取這些硬性且快速的數據。

And unfortunately, it's a bit all over the map.

不幸的是，它有點遍布地圖。

There are some very high-quality operators in the US who operate in that 95%-ish range reliability.

美國有一些非常高品質的營運商，他們的營運可靠性達到了 95% 左右。

There are other operators that struggle to keep their plants online.

還有其他運營商正在努力保持工廠在線。

What we can speak to is our track record and part of why we highlight our LNG reliability every half year and full year is just to kind of confirm with the market the capability that we have in our organization to get the maximum value through the facilities that we have.

我們可以談論的是我們的業績記錄，以及為什麼我們每半年和全年都會強調我們的液化天然氣可靠性，部分原因只是為了向市場確認我們組織中擁有的能力，透過以下設施獲得最大價值：我們有。

Thanks.

謝謝。

And just a second point to touch on the -- I guess, the upside from the marketing position.

我想談談行銷地位的第二點。

Do you expect, for example, if you would have signed an FOB contract from Driftwood that you'll achieve a premium toll value versus kind of the more recent tolls that have been signed and our push, is it this like a $0.05 in MMBtu premium or $0.50 MMbtu premium?

例如，如果您從 Driftwood 簽署了 FOB 合同，與最近簽署的通行費和我們推動的通行費相比，您是否期望獲得溢價通行費價值，這是否相當於 0.05 美元的 MMBtu 溢價或 $0.50 MMbtu 溢價？

So Saul, one of the things that we're working on as we put together our dream team is making some of those decisions around how much equity LNG we want to maintain, how much equity in the plant we want to maintain, and how much equity LNG we want to maintain.

所以，索爾，當我們組建我們的夢想團隊時，我們正在做的事情之一就是圍繞我們想要維持多少液化天然氣股權、我們想要維持多少工廠股權以及多少股權做出一些決定。液化天然氣權益。

If -- look, it'd be premature for us to speculate on how we would structure any contracts.

如果——看，我們現在推測我們將如何建立任何合約還為時過早。

There may be circumstances where we would sign FOB contracts.

在某些情況下，我們可能會簽署 FOB 合約。

But in some ways, that really is linked to the infrastructure kind of model where you get that high confidence in the new stream, where we think we can really add value is actually by taking more of that into our portfolio.

但在某些方面，這確實與基礎設施類型的模型有關，在這種模型中，您對新的流有很高的信心，我們認為我們可以真正增加價值，實際上是透過將更多的內容納入我們的投資組合中。

So our starting point is whatever equity position we take, we're going to take it into our portfolio because we think we can access better pricing by being able to sell it at either oil indexation, CTS indexation, or JKM.

因此，我們的出發點是，無論我們持有什麼股票頭寸，我們都會將其納入我們的投資組合，因為我們認為，透過以石油指數、CTS 指數或 JKM 出售它，我們可以獲得更好的定價。

Thanks.

謝謝。

Just one more.

再來一張。

My understanding is the annual report

我的理解是年報

--

--

We've got a few others in the queue.

我們還有其他幾個人在排隊。

If we can -- if I can ask you to jump back in.

如果可以的話——如果我可以請你重新加入。

Thanks, Saul.

謝謝，索爾。

Gordon Ramsay, RBC.

戈登拉姆齊，加拿大皇家銀行。

First of all, big congratulations on getting Sangomar up to 100,000 barrels a day.

首先，熱烈祝賀 Sangomar 產量達到每天 10 萬桶。

I think that's a terrific achievement considering the complexities of the project and particularly some of the subsurface infrastructure involved.

考慮到該專案的複雜性，特別是涉及的一些地下基礎設施，我認為這是一項了不起的成就。

Just on Sangomar, Meg, if you 100,000 barrels a day, obviously, that's the cap that you're working with on the project.

梅格，就 Sangomar 而言，如果您每天生產 100,000 桶，顯然，這就是您在該專案中使用的上限。

Do you think that can push out the plateau volumes further than maybe than what you originally thought based on initial well performance?

您認為這是否會比您最初基於初始油井表現的預期進一步推高平台量？

Yes.

是的。

Thanks for the question, Gordon.

謝謝你的提問，戈登。

And I appreciate your commentary.

我很欣賞你的評論。

I know you've studied that quite closely, and you appreciate the complexities of the asset that we have there.

我知道您已經非常仔細地研究過這一點，並且您了解我們在那裡擁有的資產的複雜性。

We're really pleased with the well performance that we've seen to date.

我們對迄今為止所看到的良好表現感到非常滿意。

What we haven't done yet is gotten water injection or gas injection up and running.

我們還沒有做的是注水或註氣並運行。

And as you would well appreciate, we need those secondary recovery mechanisms to maintain the flow rates from the wells.

正如您所理解的，我們需要這些二次回收機制來維持油井的流量。

So it's going to take us a bit of time to really understand how the field is plumbed together and how effective those secondary recovery mechanisms are going to be.

因此，我們需要一些時間才能真正了解該領域是如何整合在一起的，以及這些二級恢復機制的有效性。

So I'd say we're still in the too-early-to-say stage, but very pleased with the well performance to date.

所以我想說我們仍處於言之過早的階段，但對迄今為止的良好表現感到非常滿意。

Okay.

好的。

And just one other operational question just on the unit production cost, bringing that down by 6% to $8.30 and a lower production compared to first half 2023.

另一個營運問題是單位生產成本，與 2023 年上半年相比，單位生產成本下降 6% 至 8.30 美元，產量也較低。

What were the drivers to that?

造成這種情況的驅動因素是什麼？

And could that be sustained going forward?

未來這種情況能持續下去嗎？

It's a lot of hard work on a lot of different fronts as I'm sure you'd appreciate, to manage unit production costs, a lot of focus in base cost management through the business just taking a look at everything we do and how we do our work.

這是在許多不同方面進行的大量艱苦工作，我相信您會欣賞，為了管理單位生產成本，透過業務重點關注基本成本管理，只需看看我們所做的一切以及我們如何做好我們的工作。

It's looking at things like how efficiently we're managing our turnarounds, how efficiently we're executing maintenance, looking for synergies and things like helicopters and boats, making sure we're efficient in our above field support.

它關注的是我們管理週轉的效率、執行維護的效率、尋找協同效應以及直升機和船隻等，確保我們在上述現場支援方面有效率。

So there's no silver bullets.

所以沒有靈丹妙藥。

It's a lot of hard work on a lot of different fronts.

這是在許多不同方面進行的大量艱苦工作。

Thank you.

謝謝。

Thanks, Gordon.

謝謝，戈登。

Tom Allen, UBS.

湯姆艾倫，瑞銀集團。

Morning, Meg, Graham, and team.

早上好，梅格、格雷厄姆和團隊。

Are you comfortable that following the two big deals recently announced with Tellurian an OCI ammonia that Woodside's now added sufficient growth to the outlook or given that these deals haven't added upstream production, should we expect more?

您是否對最近與 Tellurian 和 OCI 氨宣布的兩筆重大交易感到滿意，Woodside 現在為前景帶來了足夠的增長，或者考慮到這些交易沒有增加上游產量，我們是否應該期待更多？

Woodside said that it wants to add growth in LNG, new energy, and deepwater oil you've hit the first two parts of that plan with recent deals.

伍德賽德表示，它希望增加液化天然氣、新能源和深水石油的成長，最近的交易已經實現了該計畫的前兩部分。

So is adding further scale investment in deepwater oil still a near-term key growth ambition?

那麼，進一步增加對深水石油的規模投資仍然是近期的關鍵成長目標嗎？

Well, Tom, I'd say we already are taking steps to add growth in deepwater LNG with Sangomar and Trion.

湯姆，我想說，我們已經在採取措施，與 Sangomar 和 Trion 一起促進深水液化天然氣業務的成長。

So we've got a project that's now in the operational phase, and then the Trion project 10% complete.

所以我們有一個專案現在處於營運階段，然後 Trion 專案已完成 10%。

So we actually have taken steps to increase our -- sorry, our deepwater oil portfolio.

因此，我們實際上已經採取措施增加我們的——抱歉，我們的深水石油投資組合。

If you're trying to fish more generally as are we looking at other M&A opportunities, look, nothing at this point in time.

如果你想更廣泛地捕魚，就像我們在尋找其他併購機會一樣，看看，目前什麼都沒有。

We're very pleased with the quality of the Driftwood and OCI clean ammonia project acquisitions, and we'll be very focused on finding a pathway to make the Driftwood FID decision in a way that delivers value for our shareholders.

我們對 Driftwood 和 OCI 清潔氨計畫收購的品質非常滿意，我們將非常專注於尋找一種途徑，以一種為股東創造價值的方式做出 Driftwood FID 決策。

Thanks, Meg.

謝謝，梅格。

Just following an earlier question on Sangomar.

就在之前關於 Sangomar 的問題之後。

The initial well performance outcomes read well.

最初的油井表現結果很好。

And so based on those initial outcomes and to guide how we think about cash flows over the next 6 to 12 months, can you please comment on when should we expect peak plateau production?

因此，根據這些初步結果並指導我們如何看待未來 6 至 12 個月的現金流，您能否評論一下我們何時應該預期產量達到高峰？

And are the initial flows that you're seeing, recognizing it's early days, but are these supportive of around that 75,000 barrel a day plateau production level or is risk to the upside or downside from those levels based on what you're seeing so far?

您所看到的初始流量是早期的，但這些流量是否支持每天 75,000 桶左右的穩定產量水平，或者根據您目前所看到的情況，這些水平是否存在上行或下行的風險？

Look, Tom, as I said, really pleased with how the wells are performing.

瞧，湯姆，正如我所說，對油井的表現非常滿意。

It's a new facility.

這是一個新設施。

And every time you start up the new facility, you always have to work through a few, we'll call it upsets, and the team has been doing actually a fantastic job of as we bring new equipment on as we learn things, responding to those learnings.

每次啟動新設施時，您總是必須經歷一些困難，我們稱之為煩惱，團隊實際上做得非常出色，因為我們在學習新設備的同時引入了新設備，對那些教訓。

But it really is too early to draw any conclusions around the long-term reservoir performance.

但現在就油藏的長期表現得出任何結論還為時過早。

Again, the key kind of challenge or question with Sangomar is the connectivity within the reservoir, and we need to get the water injection wells up and running and the gas injection wells up and running to understand our ability to sweep oil through the reservoir.

同樣，Sangomar 面臨的關鍵挑戰或問題是油藏內部的連通性，我們需要啟動並運行注水井和啟動並運行注氣井，以了解我們將石油掃過油藏的能力。

Okay, thanks, Meg.

好的，謝謝，梅格。

Thanks, Tom.

謝謝，湯姆。

Nik Burns, Jarden Australia.

尼克伯恩斯，澳洲賈登。

Hi, Thanks, Meg, Graham.

嗨，謝謝，梅格，格雷厄姆。

Look, I'm going to risk trying to ask another M&A question, but talk about risk management instead.

看，我將冒險嘗試提出另一個併購問題，但改為談論風險管理。

Assuming you do complete both the Tellurian and ammonia plant acquisitions to move ahead with the Driftwood LNG project, by the time Driftwood comes online, you'll have considerable exposure to Henry Hub gas prices and input costs.

假設您確實完成了對 Tellurian 和合成氨工廠的收購，以推進 Driftwood 液化天然氣項目，那麼當 Driftwood 上線時，您將面臨相當大的 Henry Hub 天然氣價格和投入成本風險。

Just wondering whether you're comfortable with that long-term exposure to Henry Hub or should we expect you might look to try and remove or mitigate that risk via the acquisition of more US gas production assets such as shale gas?

只是想知道您是否願意長期接觸亨利中心，或者我們是否應該期望您嘗試透過收購更多美國天然氣生產資產（例如頁岩氣）來消除或減輕這種風險？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Nik.

謝謝，尼克。

Look, I appreciate a lot of interest in this topic.

聽著，我很高興大家對這個主題很感興趣。

As we think about putting together our dream team, one of the capabilities we're going to be looking at our partners as you can bring connection into that upstream gas world because, as you know, it will be incredibly important for us to understand the US onshore gas market and to have ability to ensure we get the gas feeding into the plant that we need at a price that remains affordable.

當我們考慮組建我們的夢想團隊時，我們將專注於合作夥伴的能力之一，因為您可以將連接帶入上游天然氣世界，因為如您所知，對我們來說了解這一點非常重要美國陸上天然氣市場，並有能力確保我們以負擔得起的價格將所需的天然氣輸送到工廠。

But at this point in time, we have no intentions of going into the upstream.

但此時此刻，我們還沒有進入上游的意圖。

We would be very cautious if we were to do so, again, recognizing the skills and capabilities for onshore US shale gas is quite different from the skills and capabilities we have.

如果我們這樣做，我們會非常謹慎，再次認識到美國陸上頁岩氣的技能和能力與我們擁有的技能和能力有很大不同。

So in due course, we will continue to look at ways we can manage that upstream risk, but it is not a priority for us to get into upstream US at this point in time.

因此，在適當的時候，我們將繼續尋找管理上游風險的方法，但目前進入美國上游並不是我們的首要任務。

Okay. that's clear.

好的。很清楚。

Thank you.

謝謝。

And then just a question on Scarborough.

然後是關於斯卡伯勒的問題。

You recently increased the cost there by $500 million, and that was primarily associated with Train 1 mods.

您最近將那裡的成本增加了 5 億美元，這主要與火車 1 改裝相關。

Just wondering if you can talk through your confidence in the current cost estimates now?

只是想知道您現在是否可以談談您對當前成本估算的信心？

And did the $500 million increase allow you to replenish your contingency budget?

增加的 5 億美元是否可以補充您的緊急預算？

And just sort of looking ahead, how should we think about what are the residual key risks into the project?

展望未來，我們該如何考慮專案中剩餘的主要風險是什麼？

I understand it's quite complex, but if you can talk to that and maybe the further risk to cost and schedule from here?

我知道這非常複雜，但是您是否可以談談這一點，以及也許從這裡開始的成本和時間表的進一步風險？

Thank you.

謝謝。

Sure.

當然。

We've worked very hard before we put out that cost update to really understand the vulnerabilities of the Scarborough project, to understand where we've spent the money to date, and where we're tight and where we needed a bit of support.

在發布成本更新之前，我們已經非常努力地工作，以真正了解斯卡伯勒計畫的漏洞，了解我們迄今為止把錢花在哪裡，以及我們在哪裡緊張以及在哪裡需要一些支持。

I have a very high level of confidence that we will deliver the project within that $12.5 billion.

我對我們將在 125 億美元內交付該專案充滿信心。

I guess just for the market's understanding, I am personally keeping a couple of hundred million of that in my pocket so the project team doesn't have that.

我想只是為了市場的理解，我個人在口袋裡保留了數億，這樣專案團隊就沒有這些了。

So they've been challenged to deliver it for $12.3 billion.

因此，他們面臨著以 123 億美元的價格交付該專案的挑戰。

As we think about ongoing risks, so very pleased with particularly how the onshore work is going with Pluto Train 2, pleased with how the offshore pipeline installation is going.

當我們考慮持續存在的風險時，我們對 Pluto Train 2 的陸上工作進展非常滿意，對海上管道安裝的進展也非常滿意。

The FPU always has been a critical path, and that remains on critical path.

FPU 一直是一條關鍵路徑，而且現在仍處於關鍵路徑上。

As you saw in the deck, the top side is structurally complete, but there's still many hours to go to get everything ready to go before we made it with the hole.

正如您在甲板上看到的那樣，頂部結構已完成，但在我們打孔之前，還需要很長時間才能做好一切準備。

So we watch from a project execution perspective, that's a key item to watch.

所以我們從專案執行的角度來看，這是一個值得關注的關鍵專案。

The second thing that we are watching very closely and working very closely with the regulator on is the Scarborough operations environment plan.

我們密切關注並與監管機構密切合作的第二件事是士嘉堡營運環境計畫。

We have already passed the completeness check with NOPSEMA so we are continuing to work through their questions.

我們已經通過了 NOPSEMA 的完整性檢查，因此我們正在繼續解決他們的問題。

But given the evolving rules around consultation, we wanted to make sure we got that into NOPSEMA well in advance of needing it to make sure that we are robust and have the approvals we need by the time we bring the FPU into Australian waters.

但考慮到協商規則不斷變化，我們希望確保在需要之前將其納入 NOPSEMA，以確保我們的穩健性，並在將 FPU 引入澳洲水域時獲得所需的批准。

That's great.

那太棒了。

Thanks, Meg.

謝謝，梅格。

(Operator Instructions) James Byrne, CITI.

（操作員說明）James Byrne，CITI。

Good morning.

早安.

I wanted to ask about the outlook for cash flows and whether the performance of the business has deteriorated at all relative to the prior expectations.

我想問一下現金流的前景以及業務業績相對於之前的預期是否有所惡化。

And just bear with me like I'm just going to state a few things here.

請耐心聽我說，就像我只是要在這裡說明一些事情一樣。

So the IBD last year 2024 free cash flow at $70 oil was sort of being indicated at around $600 million.

因此，去年 IBD 2024 年石油價格為 70 美元的自由現金流約為 6 億美元。

If we take that up to $84 oil using your own sensitivity, we can kind of get to a number of about $1.5 billion for 2024, assuming second half oil price is the same as first.

如果我們根據自己的敏感度將石油價格提高到 84 美元，假設下半年油價與上半年相同，那麼我們可以在 2024 年獲得約 15 億美元的數字。

CapEx, $5.5 billion, so that kind of gets us to operating cash flow is $7 billion for 2024.

資本支出為 55 億美元，因此我們到 2024 年的營運現金流為 70 億美元。

We have to adjust then for the asset sales LNG Japan, so probably more like $6 billion, right?

那麼我們必須針對日本液化天然氣的資產銷售進行調整，所以可能更像是 60 億美元，對嗎？

First half achieved less than $2.4 billion of operating cash flow.

上半年實現營運現金流不足24億美元。

So there's a big delta there to get up to what you'd loosely guided to at the IBD next year.

因此，與明年 IBD 的寬鬆指導目標相比，還有很大的差距。

And yes, Sangomar is ramping up, but nonetheless, it's a very big delta.

是的，桑戈馬爾正在加速發展，但儘管如此，這是一個非常大的三角洲。

Secondly, at the Beaumont acquisition call, it was stated that gearing would go to the low-20s to mid-20s in a subdued oil price environment.

其次，在博蒙特收購電話會議上，據稱在油價低迷的環境下，負債比率將降至 20 左右至 20 左右。

And today, it sounds like it will go to the low- to mid-20s in at Woodside's internal assumption of oil as opposed to necessarily a subdued stress test or price environment?

今天，聽起來伍德賽德對石油的內部假設會達到 20 多歲左右，而不是必然受到壓力測試或價格環境的抑制？

And lastly, Sangomar is ramping up really well, and yet, the production guidance is unchanged.

最後，Sangomar 的成長非常好，但產量指導沒有變化。

So if I triangulate those things, it kind of feels like there are parts of the business that might have deteriorated versus prior expectations.

因此，如果我對這些事情進行三角測量，就會感覺到有些業務可能比之前的預期惡化。

And I just wanted you to explicitly be able to say that, that was not the case.

我只是想讓你明確地說，事實並非如此。

Thanks, James.

謝謝，詹姆斯。

I'm very happy to answer the cash flow question.

我很高興回答現金流問題。

As you've quite rightly pointed out, there are swings and roundabouts.

正如您非常正確地指出的那樣，有鞦韆和環形交叉口。

We can go into all the different line items.

我們可以討論所有不同的行項目。

But if we stand back, I'm very comfortable in saying that our half one free cash flow is on track as per our IBD '23, November '23 cash flow guidance.

但如果我們退後一步，我可以非常輕鬆地說，根據我們的 IBD '23、23 年 11 月現金流量指導，我們的半自由現金流量已步入正軌。

And when we extrapolate that forward for the full-year position, also very comfortable that we are tracking above that.

當我們推斷出全年位置時，我們也很高興我們的追蹤高於該位置。

As you hit on, the prices are generally higher than what we've received to the mid case of 70 that we put forward in the IBD.

正如您所言，價格通常高於我們在 IBD 中提出的 70 中間價。

So yeah, we can go into the detail and happy to take that offline.

所以，是的，我們可以深入了解細節，並很樂意將其離線。

But in terms of -- yes, there are swings around about in regards to prices, timing of CapEx, tax payments, et cetera.

但就價格、資本支出時間、納稅等方面而言，是的，存在波動。

But when you stand back and look at it, the business is performing extremely strongly, and that's evidenced in our cash flow generation and the ability to pay strong dividends.

但當你退後一步看時，你會發現該業務的表現非常強勁，這在我們的現金流生成和支付強勁股息的能力中得到了證明。

We are in line with what we put forward at the November IBD and will likely exceed it.

我們與 11 月 IBD 上提出的目標一致，並且很可能會超越它。

And from a production perspective, so the guidance we put out, I think at that point in time, we would have said Sangomar start-up was expected in mid-'24, which is what we've delivered.

從生產的角度來看，我們發布的指導，我認為在那個時間點，我們會說 Sangomar 預計在 24 年中期啟動，這就是我們所交付的。

So yes, very pleased with how it's ramping up.

所以，是的，我對它的發展感到非常滿意。

But again, in any business, there's a number of different assets, and we still feel pretty -- well, we still believe and stand by the guidance we've put out for total production.

但同樣，在任何企業中，都有許多不同的資產，我們仍然感覺很好——嗯，我們仍然相信並堅持我們為總產量製定的指導方針。

Okay.

好的。

Second question, just back around the gearing.

第二個問題，回到傳動裝置。

To have the gearing go to sort of that low-/mid-20s percent, I'm actually getting -- this is very anecdotal, I'm getting credit investors that right to me with our concerns, along with equity investments that are similarly concerned.

為了讓負債率達到 20% 左右的低/中，我實際上得到了——這是非常有趣的，我得到了與我們的擔憂相符的信貸投資者，以及類似的股權投資擔心的。

And my fear is that if the bondholders are pitted against the shareholders, then equity that's likely going to lose out.

我擔心的是，如果債券持有人與股東發生衝突，那麼股權可能會遭受損失。

Now, if I pick up, Graham, on what you mentioned in your opening remarks, you mentioned you have various levers that you can pull, and you sound quite intent on maintaining that strong dividend payout ratio, what levers would you describe as being able to pull in that instance that a normal oil price environment is still getting to that mid gearing -- mid-20s gearing range, a little low day bear market for oil.

現在，格雷厄姆，如果我接聽你在開場白中提到的內容，你提到你有各種可以拉動的槓桿，而且你聽起來很想保持強勁的股息支付率，你認為哪些槓桿能夠在這裡種情況下，正常的油價環境仍達到中等負債比率——20多歲的負債比率範圍，這是石油的一個低日熊市。

I'm just very interested in what levers you think you have to pull because it appears to me that and many in the market, by the way, that the path of least resistance is in fact the dividends.

我只是對你認為你必須拉動什麼槓桿非常感興趣，因為在我看來，以及市場上的許多人，順便說一句，阻力最小的路徑實際上是股息。

Yeah.

是的。

Thanks, James, and always good questions.

謝謝，詹姆斯，總是好問題。

And I think if we can go back to the work at OCI where we spoke around about the strength of the balance sheet and our gearing, I think it was sort of as I touched on with Saul's question, in our mid-price scenario, we will be above 20% and at the stress price.

我認為，如果我們可以回到 OCI 的工作，我們討論了資產負債表的實力和我們的負債率，我認為這有點像我談到索爾的問題，在我們的中等價格情景中，我們將高於20%，且處於壓力價格。

I'm not sure if that's what you mean by subdued.

我不確定這是否是你所說的壓抑的意思。

It was more around the mid-20s.

大約是20年代中期。

What I would say, when we look at the levers, the first and foremost is just continued strong operational performance.

我想說的是，當我們審視槓桿時，首要的是持續強勁的營運表現。

We must continue for the underlying business to perform well and generate strong cash flows to support the balance sheet.

我們必須繼續讓基礎業務表現良好並產生強勁的現金流來支持資產負債表。

We've always got opportunities around phasing of capital spend.

我們總是有機會分階段進行資本支出。

We've got opportunities around cost reductions, tightening up on the OpEx and CapEx, discretionary spend, et cetera.

我們在降低成本、收緊營運支出和資本支出、可自由支配支出等方面有機會。

We've already touched on the hedging program.

我們已經談到了對沖計劃。

We've touched on earlier on around our willingness or our plan to sell down a portion of Driftwood and that's a core part of it.

我們之前已經談到了我們出售部分浮木的意願或計劃，這是其中的核心部分。

So look, there's many levers, and we will assess them on their merits.

所以看，有很多槓桿，我們將根據它們的優點來評估它們。

And it's all a part of the work that has to take place over the next six months or so.

這都是未來六個月左右必須進行的工作的一部分。

But James, at a high level, it's probably worth reinforcing that over the period, you would have seen that Woodside has a track record of taking care of both our debt holders and our equity holders.

但詹姆斯，在高層，可能值得強調的是，在此期間，您會看到伍德賽德在照顧我們的債務持有人和股權持有人方面有著良好的記錄。

You would have seen we've been in and out of the debt market for probably the last 20 or 30 years.

您可能已經看到，過去 20 或 30 年來我們一直進出債務市場。

And we pay our debts as and when they're due.

我們會在債務到期時償還債務。

And for the last decade, we've continued to provide very healthy returns to our shareholders, so we've certainly got the ability to do both.

在過去的十年中，我們繼續為股東提供非常健康的回報，因此我們當然有能力做到這兩點。

So could I perhaps ask it a different way, though.

不過，我也許可以用不同的方式來問這個問題。

So some of those levers sound very much business as usual like operational performance, filling down Driftwood -- they're things that I think both equity and credit would expect management to undertake.

因此，其中一些槓桿聽起來非常正常，例如營運績效、填充浮木——我認為股權和信貸都希望管理層採取這些措施。

But Graham, in your conversations with debt investors and rating agencies, would you say that they are comfortable with the trajectory of the balance sheet given the extension of the CapEx cycle?

但是格雷厄姆，在您與債務投資者和評級機構的對話中，您是否會說，考慮到資本支出週期的延長，他們對資產負債表的軌跡感到滿意？

Yes.

是的。

Okay.

好的。

Thanks, James.

謝謝，詹姆斯。

Adam Martin, E&P.

亞當馬丁，勘探與生產。

Yeah, morning, Meg, Graham.

是的，早上好，梅格，格雷厄姆。

Obviously, pretty strong market reaction post your two recent deals.

顯然，您最近的兩筆交易後，市場反應相當強烈。

Just perhaps just sort of summarize investor feedback any differences in anything that surprised you?

也許只是總結一下投資人的回饋，有什麼差異讓你感到驚訝嗎？

And I suppose, what the market might be missing here?

我想，市場可能缺什麼？

Sure.

當然。

Well, look, what I think we've had a couple of thematic questions, which we tried to address in this presentation.

好吧，我認為我們有幾個主題問題，我們試圖在本次演示中解決這些問題。

With Driftwood, there's been a lot of desire to understand what's different about how Woodside would do a US LNG projects from how other US LNG players have done their projects.

對於 Driftwood，人們非常想了解 Woodside 實施美國液化天然氣專案的方式與其他美國液化天然氣公司實施專案的方式有何不同。

And so that's why we put that slide in showing the sorts of activities that we believe we bring to the opportunity to create additional value and why we think it's compelling.

因此，這就是為什麼我們用這張投影片來展示我們認為可以帶來創造額外價值的機會的各種活動，以及為什麼我們認為它很有吸引力。

And with OCI, look, I think there was an element of surprise.

就 OCI 而言，我認為其中存在著令人驚訝的因素。

We've been saying for three years that we would spend that our intention was to profitably invest $5 billion in new energy products and services.

三年來我們一直在說我們會花錢，我們的目的是在新能源產品和服務上投資 50 億美元以實現盈利。

I think the market just wasn't expecting us to do $2.3 billion this year.

我認為市場並沒有預期我們今年會實現 23 億美元的營收。

I think a lot of folks had probably built into their model that we would back-end weight that.

我認為很多人可能已經在他們的模型中內建了我們將對其進行後端權重的模型。

And look, to be fair, we had probably signaled that as we had been focused on pursuing organic growth opportunities, which would have had a slower ramp-up of spend.

公平地說，我們可能已經暗示，由於我們一直專注於追求有機成長機會，因此支出成長速度會較慢。

So those are probably the key themes that we've been hearing, Adam.

這些可能是我們一直聽到的關鍵主題，亞當。

Okay, thank you.

好的，謝謝。

And just second question around decommissioning, sort of any updates around what you're thinking for North West Shelf?

關於退休的第二個問題，關於您對西北大陸架的想法有什麼更新嗎？

And then also just on the Bass Strait, I think Exxon have recently pulled the EP around 13 platforms that I think is issue around sort of leaving everything below 55 meters in the water.

然後，就在巴斯海峽，我認為埃克森美孚最近將 EP 拉到了 13 個平台附近，我認為這是將所有 55 公尺以下的所有東西都留在水中的問題。

Just talk through what's going on in the Bass Strait but also Northwest Shelf, please?

請談談巴斯海峽以及西北陸棚發生了什麼事？

Sure.

當然。

Well, let me speak more broadly about de-commissioning.

好吧，讓我更廣泛地談談退休。

We have a very significant de-commissioning campaign underway this year.

今年我們正在進行一場非常重要的退休活動。

And this builds on activities we started last year with the build plug-and-abandonment campaign.

這是我們去年開始的「建構即插即棄」活動的基礎。

We've got a large plug-and-abandonment campaign for Stybarrow this year.

今年我們為 Stybarrow 舉辦了一場大型的即插即棄活動。

And we're taking steps to remove subsea flow lines, riser dirt mooring systems from a number of legacy assets, things like Griffin as well as Stybarrow.

我們正在採取措施，從一些遺留資產（例如 Griffin 和 Stybarrow）中拆除海底流線、立管污垢繫泊系統。

As we go to Bass Strait, the operator and joint venture has been working for many years on de-commissioning their initial focus on plug and abandonments.

當我們前往巴斯海峽時，營運商和合資企業多年來一直致力於解除其最初對堵塞和廢棄的關注。

So basically, dealing with the wells so that the platforms can subsequently be removed safely.

所以基本上，處理井以便隨後可以安全地拆除平台。

We have been working with the operator on a plan forward for removing a number of the steel pile jackets that are in place.

我們一直在與營運商合作制定一項計劃，拆除一些已安裝的鋼樁導管。

And the work that we've done thus far would support that a better safety and environmental outcome would be to leave the parts of the steel pile jackets that are in deeper water in place.

我們迄今為止所做的工作將支持更好的安全和環境結果將鋼樁導管架中位於更深水中的部分保留在適當的位置。

Now, Australian law today requires full removal, and that's why the joint venture has pulled that EP with the intention of continuing to do the scientific work to document the positive environmental impacts associated with live in place.

現在，澳洲法律要求完全拆除，這就是為什麼合資企業撤回了該 EP，目的是繼續進行科學工作，記錄與就地生活相關的正面環境影響。

North West Shelf, I assume you're asking about train retirement dates.

西北架，我想您是在問火車退役日期。

So we continue to monitor production from North West Shelf.

因此，我們繼續監控西北大陸架的產量。

The offshore is doing quite well.

離岸業務表現相當不錯。

We're processing a fair amount of Pluto gas at the Karratha Gas Plant today and do expect to see ramp-up from Waitsia in due course.

今天，我們正在卡拉薩天然氣廠處理相當數量的冥王星天然氣，預計維特西亞將在適當的時候增加產量。

So we are continuing with our planning to take one LNG train offline either late this year or in the first half of next year.

因此，我們繼續計劃在今年底或明年上半年讓一輛液化天然氣列車下線。

Okay.

好的。

Thanks for your response.

感謝您的回覆。

Thanks, Adam.

謝謝，亞當。

Dale Koenders, Barrenjoey.

戴爾·科恩德斯、巴倫喬伊。

Morning, Meg, Graham, and team.

早上好，梅格、格雷厄姆和團隊。

Just wondering about Sangomar now that you started up.

既然你開始了，我只是想知道桑戈馬爾的情況。

There's been obviously a lot of cost inflation in the industry.

該行業顯然存在大量成本上漲。

There's a little bit of uncertainty around depreciation rates.

折舊率存在一些不確定性。

Do you think that we need to get guidance as a market on those numbers going forward or are you comfortable with how the consensus is forecasting those costs?

您認為我們是否需要獲得有關這些數字的市場指導，或者您對共識如何預測這些成本感到滿意嗎？

I'll let Graham deal that.

我會讓格雷厄姆來處理這件事。

Yeah.

是的。

So Dale, we don't normally provide that level of detail, asset by operational level, hear your question.

因此，戴爾，我們通常不會按操作等級提供詳細程度的資產，請聽聽您的問題。

I think the key point is to -- as Meg touched on is around the ramp-up and we get a feel for the ramp up, how the connectivity is across the wells and then we can look to consensus and see how we're traveling.

我認為關鍵點是——正如梅格談到的那樣，我們對加速過程有一個感覺，油井之間的連結性如何，然後我們可以尋求共識並了解我們的進展。

Okay.

好的。

Thank you very much for that.

非常感謝你。

I'll leave it there.

我會把它留在那裡。

Thanks, Dale.

謝謝，戴爾。

Henry Meyer, Goldman Sachs.

亨利·邁耶，高盛。

Morning.

早晨。

Just a question on the inclusion of asset sale proceeds and underlying earnings and dividends.

只是關於資產出售收益以及基本收益和股息的包含問題。

Can you share how you determine the amount of sale proceeds that are included in underlying, I think that what we could assume going forward, for example, the $1.4 billion from Scarborough this half?

您能否分享您如何確定包含在基礎資產中的銷售收益金額，我認為我們可以假設未來的情況，例如，今年士嘉堡的 14 億美元？

Yes.

是的。

So Henry, just for clarity, the $1.4 billion is the cash proceeds that will go into the cash flow statement once received, and that's estimated at this point in time.

亨利，為了清楚起見，14 億美元是收到後將進入現金流量表的現金收益，這是目前估計的。

What we're talking about in the net profit after tax calculation is the profit or loss on the sale, which for both LNG Japan and for JERA sell-down will be a profit.

我們在稅後淨利潤中討論的是銷售利潤或虧損，對於 LNG Japan 和 JERA 的銷售來說，這都是利潤。

And for LNG Japan, I think it was $110 million -- $120 million, apologies.

對於日本液化天然氣公司，我認為是 1.1 億美元 - 1.2 億美元，抱歉。

So it's not -- I want to be very clear, it's not the full cash amount that's going into the underlying dividend calculation.

所以，我想非常明確的是，計算基本股利的並不是全部現金金額。

It's the profit on the sale.

這是銷售的利潤。

Yeah, absolutely.

是的，絕對是。

Thanks, Graham.

謝謝，格雷厄姆。

And so that $120 million for LNG Japan, is that proportional to what would you expect from the JERA sale as well?

那麼 LNG Japan 的 1.2 億美元與您對 JERA 銷售的預期是否成正比？

Roundabouts.

迴旋處。

Great.

偉大的。

Okay, thanks.

好的，謝謝。

And last one for me at Sangomar.

這是我在 Sangomar 的最後一站。

We're continuing to see headlines in the press from the Senegalese government looking to renegotiate contracts?

我們繼續在媒體上看到塞內加爾政府尋求重新談判合約的頭條新聞？

I understand, of course, that it will be confidential, but could you share Woodside's perspective on any of these contents, any potential risks, changes, timeline for any resolution that you see from here?

當然，我知道這將是保密的，但您能否分享伍德賽德對這些內容、任何潛在風險、變化、您從這裡看到的任何解決方案的時間表的看法？

Yes.

是的。

At this point, Henry, we're very pleased with the relationship we've built with Petrosen and the relationship we've built with the government of Senegal.

亨利，目前我們對與 Petrosen 建立的關係以及與塞內加爾政府建立的關係感到非常滿意。

You would have seen in the past that photo, myself and the President of Senegal out on the FPSO celebrating first oil.

你過去可能見過這張照片，我和塞內加爾總統在 FPSO 上慶祝首次石油開採。

Look, we know every governments all around the world has the right to determine the framework that governs resource development in their nations.

看，我們知道世界各地的每個政府都有權確定管理本國資源開發的框架。

In Senegal, we have a contract.

在塞內加爾，我們有一份合約。

We have a production sharing contract.

我們有一份生產分成合約。

We have a host government agreement.

我們有東道國政府協議。

These were fairly negotiated with the government of that nation.

這些是與該國政府公平談判的。

And look, we're happy to have a conversation with the government, but we need to make sure that we're protecting the thesis, the investment thesis on which we entered the project.

看，我們很高興與政府進行對話，但我們需要確保我們正在保護論文，即我們進入該計畫的投資論文。

So at this point in time, we'll continue to have open discussions.

因此，此時此刻，我們將繼續進行公開討論。

I would note that the president's, around the time of his appointments or his election, he made some very positive comments welcoming private investment to the nation of Senegal, and Sangomar development is one of the nation's largest private investments.

我要指出的是，總統在就任或當選期間發表了一些非常積極的評論，歡迎私人投資塞內加爾國家，桑戈馬爾開發是該國最大的私人投資之一。

So I'll leave it there.

所以我會把它留在那裡。

Okay.

好的。

Thanks, Meg.

謝謝，梅格。

Thanks, Henry.

謝謝，亨利。

Sarah Kerr, Morgan Stanley.

莎拉‧克爾，摩根士丹利。

Thanks so much, and congratulations on the results.

非常感謝，並祝賀結果。

I was just wondering if there was any update for the timing on Perdaman contract and if there's any impact to Woodside from the changes with the WA domestic gas policy?

我只是想知道 Perdaman 合約的時間表是否有任何更新，以及西澳國內天然氣政策的變化是否對 Woodside 產生任何影響？

Look, you're probably better off asking Perdaman for the timeline.

聽著，你最好向 Perdaman 詢問時間表。

We need to be ready to supply them in 2026, and we will be.

我們需要做好在 2026 年供應它們的準備，我們也會這麼做的。

As to the pace of their ramp-up, that's really Perdaman to communicate to the market.

至於他們的成長速度，這確實是 Perdaman 向市場傳達的訊息。

And in terms of the WA domestic gas inquiry, look, we recognize this is an important matter for the state.

就西澳國內天然氣調查而言，我們認識到這對該州來說是一件重要的事情。

We recognize that the domestic gas, largely from the Northwest Shelf, has underpinned a tremendous amount of economic prosperity in Western Australia.

我們認識到，國內天然氣（主要來自西北大陸架）支撐了西澳大利亞州的巨大經濟繁榮。

We intend to continue to work with the government on how to continue to get those positive benefits.

我們打算繼續與政府合作，研究如何繼續獲得這些正面的好處。

It's probably worth, Sarah, noting that -- I know Browse has also received quite a bit of recent media attention.

莎拉，可能值得指出的是——我知道 Browse 最近也受到了媒體的相當多的關注。

As we think about the state's gas needs in the 2030s, Browse is going to be an important part of solving what appears to be a growing supply/demand gap.

當我們考慮 2030 年代該州的天然氣需求時，Browse 將成為解決日益擴大的供需缺口的重要組成部分。

So we'll continue to work with the government, both state and commonwealth, on Browse to ensure that the state doesn't end up in a similar situation as these East Coast states.

因此，我們將繼續與州政府和聯邦政府在 Browse 方面合作，以確保該州最終不會陷入與這些東海岸各州類似的情況。

Okay, thank you.

好的，謝謝。

And just staying on Browse.

並且只停留在瀏覽上。

You have the Sunrise development concept to in the fourth quarter of this year, so I was just wondering how Woodside is thinking about and what takes priority over Browse versus Sunrise for possibly the next organic development in Australia?

你們在今年第四季提出了 Sunrise 開發概念，所以我只是想知道 Woodside 是如何考慮的，以及對於澳洲下一個可能的有機開發，什麼比 Browse 與 Sunrise 更優先？

Look, I'd say that both of those developments have their challenges.

看，我想說這兩個發展都有其挑戰。

So Browse, as you know, we've been working on environmental approvals for six years and continue to seek them.

因此，瀏覽，如您所知，我們六年來一直致力於環境審批，並繼續尋求它們。

We're not going to make any significant capital investments until we have confidence in those approvals.

在我們對這些批准充滿信心之前，我們不會進行任何重大的資本投資。

Sunrise has a lot of complexity, straddling the border of both Australia and Timor-Leste trying to get all of the governing documents negotiated has complexities and then getting to the point where we've got an investable project.

Sunrise 有許多複雜性，跨越澳洲和東帝汶的邊界，試圖透過談判取得所有管理文件，然後到達我們擁有可投資項目的地步。

We've got a bit of work to do.

我們還有一些工作要做。

So no priority.

所以沒有優先權。

There are two horses that want to get into the race, but they're both in the training track right now.

有兩匹馬想要參加比賽，但它們現在都在訓練場上。

Okay.

好的。

Thank you so much and congratulations again.

非常感謝並再次恭喜。

Thanks, Sarah.

謝謝，莎拉。

Matt Chalmers, Bank of America.

馬特·查默斯，美國銀行。

Thanks, and good morning.

謝謝，早安。

Meg, just a quick question on Trion.

梅格，我想問一個關於 Trion 的簡單問題。

Just with regards to PEMEX and some of the world documented challenges that they're facing.

就 PEMEX 和世界上一些記錄在案的他們面臨的挑戰而言。

Just keen to get your thoughts in terms of how you're thinking about how that may impact the overall development timeline at Trion given the fact that they're your major partner in the project?

鑑於 Trion 是您在該專案中的主要合作夥伴，您是否想了解您的想法，這可能會如何影響 Trion 的整體開發時間表？

Sure.

當然。

So we've, over the past few years, established a very constructive working relationship with PEMEX.

因此，在過去的幾年裡，我們與 PEMEX 建立了非常有建設性的工作關係。

They have quite a bit of deep expertise having been the sole proponent of the Mexican oil and gas sector for many years.

他們擁有相當深厚的專業知識，多年來一直是墨西哥石油和天然氣行業的唯一支持者。

They do have financial challenges, and that's part of why the Trion contract was structured with a carry.

他們確實面臨財務挑戰，這也是 Trion 合約採用套利結構的部分原因。

So we continue to carry PEMEX for their share of investments through this calendar year.

因此，我們在今年繼續持有 PEMEX 的投資份額。

We've worked very closely with both PEMEX and the government to ensure there's clarity around PEMEX's needs to pay their fairway starting in 2025.

我們與 PEMEX 和政府密切合作，以確保明確 PEMEX 從 2025 年開始支付球道費用的需求。

And at this point in time, we've received all assurances from the government and PEMEX that they will do so.

目前，我們已收到政府和墨西哥國家石油公司的所有保證，他們將這樣做。

Got it, okay.

明白了，好吧。

Just one last question for my end.

最後還有最後一個問題。

Just with regards to the lower production unit costs during the year.

僅就今年較低的生產單位成本而言。

I noted from relatively speaking compared to H1 '23, those costs were elevated and understand that royalties were lower and duties have like given the lower LNG prices in this half.

我注意到，相對而言，與 23 年上半年相比，這些成本有所上升，考慮到今年上半年液化天然氣價格較低，特許權使用費較低，關稅也較低。

Just want to understand if there's any further cost out that you managed to take out of those Australian operations that can speak to that cost discipline during the course of this year?

只是想了解今年期間您是否設法從那些可以遵守成本紀律的澳洲業務中扣除任何進一步的成本？

Yeah.

是的。

Thanks, Matt.

謝謝，馬特。

A couple of things.

有幾件事。

The unit costs are really just focused on the production cost.

單位成本實際上只關註生產成本。

So we're not necessarily.

所以我們不一定。

We don't include royalties, et cetera, but you're right, royalties are lower.

我們不包括版稅等，但你是對的，版稅較低。

This is the raw production costs of producing our products.

這是生產我們產品的原始生產成本。

When you normalize across the two years -- the two half years, whether turnaround for interconnector, it doesn't matter how you look at it, our costs for the first half of '24 below those of FY23 for the first half.

當你在這兩年——這兩年半——中實現正常化時，無論你如何看待互連器的周轉，我們24年上半年的成本都低於2023財年上半年的成本。

And as Meg touched on, is there one particular point that stands out where we press the button and it all unfolded, no, it is hard work.

正如梅格所說，是否有一個特別突出的點，當我們按下按鈕時，一切都會展開，不，這是一項艱苦的工作。

It's constant process and energy plugging away at the underlying cost base and just really strong alignment across our businesses and focus on cost scrutiny in the business.

這是持續不斷的流程和能源消耗在潛在的成本基礎上，並且是我們各業務之間真正強有力的協調，並專注於業務中的成本審查。

Got it.

知道了。

So there is actual costs out there.

因此，存在實際成本。

It's not just because it's coming off a higher base in H1 '23, right?

這不僅僅是因為它在 23 年上半年取得了更高的基礎，對嗎？

Absolutely.

絕對地。

The underlying costs have decreased across Woodside, obviously, ups and downs between operations.

整個伍德賽德的基本成本都在下降，顯然，營運之間存在起伏。

It depends what's going on.

這取決於發生了什麼。

But across the business, a very broad theme of strong cost improvement.

但在整個業務中，強而有力的成本改善是一個非常廣泛的主題。

Thanks, guys.

謝謝，夥計們。

Appreciate it.

欣賞它。

Rob Koh, Morgan Stanley.

羅布·科（Rob Koh），摩根士丹利。

Hi, good morning.

嗨，早安。

Morgan Stanley's way of getting more than two questions in at a time, I guess.

我猜摩根士丹利一次提出兩個以上問題的方式。

Just a question about your climate transition action plan, which you acknowledged you continue and reflect.

只是一個關於您的氣候轉型行動計劃的問題，您承認您將繼續並反思該計劃。

Can you give us a sense of where the feedback came from?

您能否讓我們了解一下回饋的來源？

Were people looking for more ambition or less ambition or was the technical issues around offsets?

人們是在尋求更大的野心還是更少的野心，還是圍繞著抵消的技術問題？

And then as a subsidiary question, does the future made in Australia program helped with H2Perth?

然後作為一個附屬問題，未來的“澳大利亞製造”計劃對 H2Perth 有幫助嗎？

All right.

好的。

Well, thanks, Rob.

嗯，謝謝，羅布。

So look, this seems on the climate transition action plan, we're probably thematically oriented towards wanting more rather than wanting less really a broad range of areas of interest from various investors though.

所以看，這似乎是在氣候轉型行動計劃中，我們可能在主題上傾向於想要更多而不是更少，但實際上是不同投資者感興趣的廣泛領域。

Some wanted to see more detail and clarity on Scope 1, some expressed concerns around offsets, some themes around demand resilience for LNG, and part of why we included the chart in this presentation showing coal demand is to make that point around the role for LNG and helping the world de-carbonize.

有些人希望看到範圍1 的更多細節和清晰度，有些人表達了對抵銷的擔憂，一些關於液化天然氣需求彈性的主題，以及我們在本簡報中包含顯示煤炭需求的圖表的部分原因是為了圍繞液化天然氣的作用闡明這一點並幫助世界脫碳。

Some more questions around our ambition on new energy, which the OCI clean ammonia acquisition, I think, addresses pretty elegantly.

關於我們對新能源的雄心壯志還有一些問題，我認為 OCI 清潔氨收購很好地解決了這些問題。

The are really a wide range of feedbacks.

回饋的範圍確實很廣泛。

In terms of the future made in Australia, look, probably less of a connection to H2Perth.

就澳洲製造的未來而言，看起來，可能與 H2Perth 的聯繫較少。

But what I would say, Rob, is if we're thinking about a future made in Australia, just as if we think about it today made in Australia, we need gas.

但我想說的是，羅布，如果我們考慮澳洲製造的未來，就像我們今天考慮澳洲製造一樣，我們需要天然氣。

If you look at how the manufacturing sector in Australia has grown over the decades, it's been underpinned by access to reliable and affordable gas.

如果你看看澳洲的製造業在過去幾十年中是如何發展的，你會發現它的基礎是獲得可靠且負擔得起的天然氣。

So not just a future made in Australia, but it today made in Australia need natural gas.

因此，不僅在澳洲製造的未來，而且今天澳大利亞製造都需要天然氣。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then maybe just a small flyer question.

然後也許只是一個小傳單問題。

Any update on your thinking on exploration in Namibia?

您對納米比亞勘探的想法有什麼更新嗎？

Nothing's changed.

什麼都沒有改變。

So we still have our option to come as operator on one block there.

因此，我們仍然可以選擇作為那裡的一個街區的運營商。

We continue to look at the opportunity space there.

我們繼續關注那裡的機會空間。

Obviously, a lot of kind of interest across our industry with some of the other discoveries, but we're going to be patient and disciplined as we are with all of our exploration opportunities.

顯然，整個行業對其他一些發現很感興趣，但我們將像對待所有勘探機會一樣保持耐心和紀律。

All right.

好的。

Sounds good.

聽起來不錯。

Thank you so much.

太感謝了。

Thanks, Rob.

謝謝，羅布。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

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

現在我請奧尼爾女士致閉幕詞。

All right.

好的。

Well, thanks, everyone, for joining the call.

好的，謝謝大家加入通話。

I really appreciate your interest in Woodside and appreciate your support of the business.

我非常感謝您對伍德賽德的興趣並感謝您對我們業務的支持。

We look forward to engaging with you in future days to further discuss and share with you our strategy of how we're delivering on our goal to thrive through the energy transition.

我們期待在未來與您互動，進一步討論並分享我們如何實現能源轉型蓬勃發展目標的策略。

Thank you.

謝謝。