Woodside Energy Group Ltd (WDS) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Woodside Energy Group Limited full-year 2024 results. (Operator Instructions)

感謝您的支持，歡迎關注伍德賽德能源集團有限公司 2024 年全年業績。（操作員指示）

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

現在，我想將會議交給執行長兼董事總經理梅格·奧尼爾女士。謝謝。請繼續。

Good morning, everyone, and welcome to Woodside's 2024 full-year results presentation. We are presenting from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal People of the Eora Nation, and pay my respects to their elders past and present.

大家早安，歡迎參加伍德賽德2024年全年業績發表會。我們是在雪梨演講的，首先我想感謝這片土地的傳統守護者，埃奧拉族的蓋迪加爾人，並向他們的過去和現在的長者表示敬意。

Today, I'm joined on the call by our Chief Financial Officer, Graham Tiver. Together, we will provide an overview of our full-year 2024 performance before opening up to Q&A. Please take time to read the disclaimers, assumptions, and other important information. I'd like to remind you that all dollar figures in today's presentation are in US dollars unless otherwise indicated.

今天，我們的財務長 Graham Tiver 也參加了電話會議。在進入問答環節之前，我們將共同概述我們 2024 年全年的表現。請花時間閱讀免責聲明、假設和其他重要資訊。我想提醒大家，今天演示中的所有美元數字均為美元，除非另有說明。

I'm very pleased to present an outstanding set of full-year results today. Leveraging our proven track record of operational excellence, disciplined investment decisions and world-class project delivery, we are rewarding our shareholders while laying the foundations for a new chapter of value creation.

我很高興今天能夠公佈一組出色的全年業績。憑藉我們卓越的營運記錄、嚴謹的投資決策和世界一流的專案交付，我們在回報股東的同時，也為價值創造的新篇章奠定了基礎。

During 2024, we took significant steps across all three goals underpinning our strategy to thrive through the energy transition, providing energy, creating and returning value to our shareholders and conducting our business sustainably.

2024 年，我們在實現三大目標方面邁出了重要一步，這些目標支撐著我們的策略：透過能源轉型蓬勃發展、提供能源、為股東創造和回報價值，並可持續地開展業務。

Outstanding performance at Sangomar drove record annual production in 2024 of 194 million barrels of oil equivalent at the top end of the full year guidance range. We made excellent progress on our major growth projects at Scarborough and Trion while investing in new opportunities set to deliver decades of growth and value.

Sangomar 的出色表現推動其 2024 年年產量達到創紀錄的 1.94 億桶油當量，達到全年指導範圍的最高值。我們在斯卡伯勒和特里昂的重大成長項目上取得了優異的進展，同時投資了有望帶來數十年成長和價值的新機會。

Our reliable and cost-competitive base business has translated into strong financial performance and a fully franked total full year dividend of USD1.22 per share, once again at the top of our payout range. And we delivered on our climate commitments, further reducing our net equity Scope 1 and 2 emissions in 2024 to 14% below our starting base.

我們可靠且具有成本競爭力的基礎業務已轉化為強勁的財務業績和每股 1.22 美元的全年全額股息，再次達到我們派息範圍的最高水平。我們履行了氣候承諾，到 2024 年，我們將範圍 1 和範圍 2 的淨股權排放量進一步減少到比起始基準低 14%。

Looking across Woodside's global business, we are strongly positioned to provide energy the world needs while delivering value to our shareholders.

縱觀伍德賽德的全球業務，我們有能力提供世界所需的能源，同時為股東創造價值。

Our key operational performance and financial outcomes demonstrate how well our base business is performing. In 2024, we combined record production with increased efficiency, reducing our unit production cost to $8.10 per barrel of oil equivalents, and outstanding results in an inflationary environment.

我們的關鍵營運績效和財務成果顯示了我們的基礎業務表現如何。2024年，我們結合創紀錄的產量和更高的效率，將單位生產成本降低至每桶油當量8.10美元，並在通膨環境下取得了優異的成績。

Our net profit after tax of $3.6 billion was a significant increase on 2023 as were our earnings per share of USD1.89. We reported an underlying net profit after tax of $2.9 billion. The tragic death in October 2024 of a construction contractor employee at our Beaumont new ammonia project is a painful reminder of the need for constant vigilance and continuous improvement in our safety performance.

我們的稅後淨利為 36 億美元，較 2023 年大幅成長，每股收益為 1.89 美元。我們報告的稅後淨利潤為 29 億美元。2024 年 10 月，我們博蒙特新氨計畫中一名建築承包商員工不幸身亡，這痛苦地提醒我們，我們必須時刻保持警惕，不斷提高安全績效。

Our growing business saw a greater volume of hours worked in 2024, and -- it's positive that during this period of increased exposure, we did not record any permanent injuries or Tier 1 process safety events. However, we remain focused on further strengthening our safety culture, simplifying our processes and improving our systems.

我們的業務不斷成長，2024 年的工作時間也隨之增加，值得慶幸的是，在這段暴露程度增加的時期內，我們沒有記錄任何永久性傷害或一級製程安全事件。然而，我們仍然致力於進一步加強我們的安全文化，簡化我們的流程和改進我們的系統。

While the full impact of these initiatives will take some time, we are already seeing some positive results. The outstanding safety record achieved at our Sangomar project and during delivery of the Pluto Train 2 modules shows what we are capable of and sets the required standard for Woodside going forward.

雖然這些措施的全面影響還需要一些時間，但我們已經看到了一些正面的成果。我們在 Sangomar 專案和冥王星列車 2 號模組交付過程中取得的出色安全記錄證明了我們的能力，並為伍德賽德未來的發展設定了必要的標準。

In 2024, we made transformative decisions that we are confident will reap future benefits for our shareholders. Through targeted acquisitions and excellence in project execution, we are expanding our high-quality and geographically advantaged portfolio.

2024 年，我們做出了變革性的決定，我們相信這些決定將為我們的股東帶來未來利益。透過有針對性的收購和卓越的專案執行，我們正在擴大我們高品質且具有地理優勢的投資組合。

We are more than offsetting declining legacy production with new growth opportunities and expect a 4% to 5% compound annual growth rate for portfolio sales from 2024 to 2030. This positions the Woodside of the 2030s to be a business that is even better placed to capitalize on growing global energy demand. The decisions we take today are also positioned side to generate substantial cash flow over the next decade.

我們透過新的成長機會彌補了傳統產量的下降，並預計 2024 年至 2030 年投資組合銷售額的複合年增長率將達到 4% 至 5%。這使得 21 世紀 30 年代的伍德賽德能夠更好地利用不斷增長的全球能源需求。我們今天做出的決定也是為了在未來十年產生大量現金流。

Following Sangomar start-up and is Beaumont new ammonia, Scarborough, Trion and Louisiana LNG come online, we expect to be generating significant free cash flow in the years ahead. This enables more options to reward our shareholders on top of our established track record of dividend distributions.

隨著 Sangomar 投產以及 Beaumont 新氨、Scarborough、Trion 和 Louisiana LNG 投產，我們預計未來幾年將產生大量自由現金流。這使得我們在既定的股息分配記錄的基礎上有更多選擇來回報我們的股東。

I'll now turn to the global market environment and our firm belief that LNG will continue to play an important role in the energy transition. The essential drivers of global energy demand, growing populations, economic development and rising living standards underpin strong growth in LNG demand over the next decade.

現在我將談談全球市場環境以及我們堅信液化天然氣將繼續在能源轉型中發揮重要作用的信念。全球能源需求、人口成長、經濟發展和生活水平提高等基本驅動因素將支撐未來十年液化天然氣需求的強勁成長。

Emerging Asia is expected to be a key driver of demand as these nations seek to reduce their reliance on coal, while maintaining grid reliability and energy security. There is a sizable opportunity for LNG suppliers to support this transition. For example, switching 20% of Asia's coal-fired power stations to gas would require 310 billion cubic meters of gas per year, roughly 3 times the volume of Australia's annual LNG exports.

預計新興亞洲將成為需求的主要推動力，因為這些國家正在尋求減少對煤炭的依賴，同時保持電網可靠性和能源安全。液化天然氣供應商有相當大的機會支持這項轉型。例如，將亞洲20%的燃煤發電廠改用天然氣發電廠，每年將需要3,100億立方公尺的天然氣，約為澳洲年度液化天然氣出口量的3倍。

New long-term supply agreements executed with -- in recent briefings, I've drawn on incorrect predictions from the past to highlight why a so-called LNG supply glut is unlikely to materialize in the years ahead.

新的長期供應協議的執行——在最近的簡報中，我引用了過去的錯誤預測來強調為什麼所謂的液化天然氣供應過剩不太可能在未來幾年出現。

Events over the course of 2024 give us even more confidence that this will be the case. Compared to forecasts in late 2023, we see project delays causing almost 30 million tonnes per annum of supply growth to slip beyond the end of this decade.

2024 年發生的事件讓我們更相信情況會如此。與 2023 年末的預測相比，我們預計專案延遲將導致本世紀末以後每年供應量成長下滑近 3,000 萬噸。

Ongoing strong demand through this decade with a significant supply gap emerging in the 2030s continues to firm as the most likely scenario. This will result in a strong price environment as customers continue to seek LNG from secure, reliable suppliers.

未來十年持續強勁的需求以及 2030 年代出現顯著的供應缺口仍然是最有可能出現的情況。由於客戶繼續從安全、可靠的供應商尋求液化天然氣，這將帶來強勁的價格環境。

Periods of heightened volatility in the market, like we experienced in 2022, have demonstrated the crucial role LNG plays in maintaining global energy security. As nations around the world seek to build out their renewable energy networks, gas will play an important role in backing up these networks and smoothing out volatility caused by periods of intermittence.

像我們在 2022 年經歷的市場波動加劇時期，證明了液化天然氣在維護全球能源安全方面發揮的關鍵作用。隨著世界各國尋求建設再生能源網絡，天然氣將在支持這些網絡和平滑間歇期造成的波動方面發揮重要作用。

LNG is a globally mobile energy source that can be plugged into existing networks and flexed to meet fluctuating demand, making it a prized commodity for nations seeking to maintain energy security as they decarbonize.

液化天然氣是一種全球移動能源，可連接現有網路並靈活調整以滿足不斷變化的需求，這使其成為尋求在脫碳過程中保持能源安全的國家所青睞的商品。

Underpinned by these strong market fundamentals, our reliable and cost-competitive base business continues to meet customer needs and drive value for shareholders. As I mentioned earlier, Woodside's world-class operational capabilities are demonstrated by consistent high reliability and strong operating cost control across our global asset base.

在這些強勁的市場基本面支撐下，我們可靠且具成本競爭力的基礎業務繼續滿足客戶需求並為股東創造價值。正如我之前提到的，伍德賽德世界級的營運能力體現在我們全球資產基礎上的持續高可靠性和強大的營運成本控制。

And our team continue to find new ways to extend the production life of key operated assets, increasing our proved reserves and allowing us to extract additional value from our base business. In this regard, it was pleasing to receive Western Australian state environmental approval late last year to extend the operating life of the North West Shelf project. We are hopeful of receiving federal approval soon to underpin ongoing reliable supply from this significant asset.

我們的團隊繼續尋找新的方法來延長主要營運資產的生產壽命，增加我們的已探明儲量，並使我們能夠從基礎業務中提取額外的價值。在這方面，我們很高興去年年底獲得西澳大利亞州環境部門的批准，延長西北大陸架計畫的營運壽命。我們希望很快獲得聯邦政府的批准，以支持這項重要資產的持續可靠供應。

Early production performance at our Sangomar project has been exceptional with nameplate capacity of 100,000 barrels per day achieved within nine weeks of startup. This fantastic result is underpinned by excellent reservoir productivity and connectivity, leading us to increase proved reserves, and extend our production plateau forecast into the second quarter of 2025. We are also evaluating Phase II development options.

我們的 Sangomar 專案的早期生產表現非常出色，在啟動後的九週內就實現了每天 100,000 桶的額定產能。這項出色的成果得益於出色的油藏生產力和連結性，這使我們能夠增加探明儲量，並將我們的生產平台預測延長至 2025 年第二季。我們也正在評估第二階段的開發方案。

We have sold Sangomar crude to buyers in Asia, Europe, and the US. And earlier this month, we supplied the first cargo to Senegal's domestic refinery. We have made excellent progress with our Scarborough Energy project, 80% complete and on track for first LNG cargo in 2026.

我們已將 Sangomar 原油出售給亞洲、歐洲和美國的買家。本月初，我們向塞內加爾國內煉油廠供應了第一批貨物。我們的斯卡伯勒能源專案取得了巨大進展，已完成 80%，預計將於 2026 年交付第一批液化天然氣貨物。

The image on this slide showcases the successful completion of the Pluto Train 2 module program with all 51 modules now in position. Another major milestone during 2024 was installation of the 433-kilometer trunk line.

這張投影片上的圖像展示了冥王星列車 2 號模組計畫的成功完成，所有 51 個模組現已就位。2024 年的另一個重要里程碑是安裝 433 公里長的幹線。

Our development drilling campaign is going well. And last week, we welcomed the Commonwealth regulators acceptance of the offshore facility and Trunkline operations environment plan.

我們的開發鑽探活動進展順利。上週，我們對聯邦監管機構接受海上設施和乾線營運環境計畫表示歡迎。

During 2024, we were also pleased to welcome two strategic partners to the Scarborough joint venture, LNG Japan and JERA, demonstrating our ability to attract high-quality partners to this important Woodside-operated project.

2024年，我們也很高興地歡迎兩家策略夥伴加入斯卡伯勒合資企業，即LNG Japan和JERA，這顯示我們有能力吸引優質合作夥伴參與伍德賽德營運的這項重要計畫。

Moving to Tellurian. We remain on track for first oil in 2028. During the year, all major contracts for the project were awarded, and we transitioned into the construction phase with work commencing on the floating production units. The importance of Tellurian to Mexico's energy future was reinforced in 2024, following its declaration as a priority project within Mexico's national energy plan.

移至 Tellurian。我們仍有望在 2028 年產出第一批石油。年內，該專案所有主要合約均已授予，我們已進入建設階段，開始進行浮式生產裝置的建設。2024 年，Tellurian 被宣佈為墨西哥國家能源計畫的優先項目，其對墨西哥能源未來的重要性也進一步加強了。

While progressing our growth projects, we continue to advance the two acquisitions made in 2024. At year-end, Phase 1 of our Beaumont New Ammonia project was 83% complete. We are targeting first ammonia production in the second half of 2025 with lower carbon ammonia targeted for the second half of 2026.

在推動成長項目的同時，我們繼續推動2024年進行的兩項收購。截至年底，我們的博蒙特新氨計畫第一階段已完成 83%。我們的目標是在 2025 年下半年生產第一批氨，並在 2026 年下半年生產低碳氨。

As I highlighted at the time of our acquisition, Beaumont is a competitively advantaged, derisked investments, offering strong commercial and strategic rationale. We expect it to quickly generate strong returns and cash flow once production hit steady state.

正如我在收購時所強調的那樣，博蒙特是一項具有競爭優勢、低風險的投資，具有強大的商業和戰略理由。我們預計，一旦生產達到穩定狀態，它將迅速產生強勁的回報和現金流。

Our acquisition of Tellurian and the Louisiana LNG development was a defining moment for Woodside in 2024, positioning us as a global LNG powerhouse. We are tremendously excited at the opportunity Louisiana LNG presents for long-term value creation, leveraging Woodside's proven strengths on Pluto Train 2, we are focused on attracting high-quality partners who share Woodside's vision for this project, and we are pleased with the strong interest shown from multiple parties. As I've stated previously, we will exercise discipline in the selection of our partners and key decisions in relation to Louisiana LNG to maximize shareholder value.

我們對 Tellurian 和路易斯安那州液化天然氣開發項目的收購是伍德賽德在 2024 年的決定性時刻，使我們成為全球液化天然氣巨頭。我們對路易斯安那液化天然氣計畫為長期價值創造帶來的機會感到非常興奮，利用伍德賽德在冥王星2號列車上已證實的優勢，我們專注於吸引與伍德賽德對該項目有共同願景的高質量合作夥伴，我們對多方表現出的濃厚興趣感到高興。正如我之前所說，我們將嚴格選擇合作夥伴並做出與路易斯安那液化天然氣計畫相關的關鍵決策，以最大限度地提高股東價值。

While 2024 was a year of significant growth in our global portfolio, it was also a period of streamlining Woodside's asset base to prioritize assets and activities that deliver maximum value for shareholders. Our Australian asset swap agreement with Chevron announced in December, consolidates our focus on operated LNG assets and unlock future development opportunities through the North West Shelf.

2024 年是我們全球投資組合顯著成長的一年，同時也是伍德賽德精簡資產基礎的時期，以優先考慮為股東帶來最大價值的資產和活動。我們在 12 月宣布與雪佛龍達成的澳洲資產互換協議，鞏固了我們對營運液化天然氣資產的關注，並透過西北大陸架釋放了未來的發展機會。

We are demonstrating similar discipline across our new energy opportunities. With the acquisition of Beaumont New Ammonia, we have slowed work on H2O. We are also reducing exploration activity to focus on delivering value from the assets currently in our portfolio.

我們在尋找新能源機會時也體現了類似的紀律。隨著對博蒙特新氨公司的收購，我們放慢了 H2O 方面的工作。我們也正在減少勘探活動，專注於從我們目前的投資組合中的資產中獲取價值。

I'll now hand over to Graham to provide an overview of our financial strategy and performance.

現在我將把時間交給格雷厄姆，讓他概述我們的財務策略和績效。

Thanks, Meg, and hello, everyone. Our financial performance and balance sheet have remained resilient because of our strong underlying business and our consistent approach to capital management. Let me highlight here that our capital management framework remains unchanged. We remain committed to an investment-grade credit rating. We target gearing range of 10% to 20% through the cycle, and as I have stated previously, may move outside the range at times.

謝謝，梅格，大家好。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了彈性。我要強調的是，我們的資本管理架構保持不變。我們仍然致力於投資等級信用評級。我們的目標是在整個週期內將槓桿率範圍控制在 10% 到 20% 之間，正如我之前所說，有時可能會超出這個範圍。

We will, however, return to within our target gearing range by utilizing the various levers at our disposal. As a result, the framework provides us the flexibility to balance funding value-accretive growth while delivering strong shareholder distributions. And when Scarborough is online, the cash generation will provide an opportunity to look at additional returns.

然而，我們將利用我們掌握的各種槓桿，回到我們的目標槓桿範圍內。因此，該框架為我們提供了靈活性，可以在實現強勁股東分配的同時平衡資金增值成長。當斯卡伯勒上線時，現金產生將提供尋找額外回報的機會。

We run our business with a consistent cost focus. Despite inflationary pressures over 2024, we continue to keep unit production costs down and cash conversion up. We continue to be disciplined in our application of the capital allocation framework to maximize value for our shareholders.

我們經營業務時始終注重成本。儘管 2024 年面臨通膨壓力，我們仍將繼續降低單位生產成本並提高現金轉換率。我們將繼續嚴格執行資本配置框架，以最大限度地為股東創造價值。

As an example, the sell-downs of Scarborough to high-quality partners reaffirmed its value with cash proceeds of $2.3 billion, strengthening our liquidity. And knowing the importance of dividends to our shareholders, we assume a dividend payout ratio at the top of our range when evaluating financial scenarios, even at stress case.

例如，將斯卡伯勒出售給優質合作夥伴，獲得了 23 億美元的現金收益，重申了其價值，並增強了我們的流動性。並且了解股利對股東的重要性，我們在評估財務狀況時，即使在壓力情況下，也假設股利支付率處於我們範圍的最高水平。

We also actively manage our debt portfolio. We continue to access premium debt markets and receive strong support. For example, our $2 billion bond issuance in September 2024, was oversubscribed nearly 4 times.

我們也積極管理我們的債務組合。我們繼續進入優質債務市場並獲得強有力的支持。例如，我們在2024年9月發行的20億美元債券，超額認購近4倍。

Looking at our 2024 financial performance, we continue to deliver outstanding returns from our base business despite lower average realized prices. Exceptional early production performance from Sangomar, strong cost control, and the successful sell-downs of Scarborough contributed to a peer-leading EBITDA margin of 70%. This translates into another healthy, fully franked dividend payment representing a full year yield of 8% at year-end.

縱觀我們 2024 年的財務業績，儘管平均實現價格較低，但我們的基礎業務仍繼續獲得出色的回報。Sangomar 出色的早期生產表現、強大的成本控制以及 Scarborough 的成功出售，使其 EBITDA 利潤率達到 70%，領先於同行。這意味著另一筆健康的、全額免稅的股息支付，相當於年底全年收益率為 8%。

Cash flow generation through 2024 was strong, delivering a cash margin above 80%, which has been sustained consecutively for four years. The business continues to generate strong cash flow through this period of investment.

到 2024 年，現金流產生強勁，現金利潤率超過 80%，並已連續四年維持這一水平。該業務在這項投資期間繼續產生強勁的現金流。

For example, if we back out the impact of acquisitions and divestments in 2024, free cash flow would increase to $1 billion despite investing in our near-term production growth projects of Sangomar, Scarborough, and Trion. Our balance sheet is well positioned, and our liquidity remains strong, supporting our capacity to meet future investment commitments as well as returning cash to shareholders. This is how we have created and returned value to shareholders in 2024.

例如，如果我們在 2024 年消除收購和撤資的影響，儘管我們投資了 Sangomar、Scarborough 和 Trion 等近期生產成長項目，自由現金流仍將增加到 10 億美元。我們的資產負債表狀況良好，流動性依然強勁，支持我們履行未來投資承諾以及向股東返還現金的能力。這就是我們在2024年為股東創造並回報價值的方式。

I'll now hand back to Meg.

現在我將把話題交還給梅格。

Thanks, Graham. Conducting our business sustainably is one of benchmark. Key to this is a climate strategy for all our shareholders that balances ambition with discipline and achievability. We only set targets where we have identified a pathway to meet them. Woodside's climate update released today demonstrates how we are doing this.

謝謝，格雷厄姆。可持續地開展業務是我們的標準之一。其中的關鍵是為所有股東制定一個平衡雄心、紀律和可實現性的氣候策略。我們只在確定了實現目標的途徑後才設定目標。伍德賽德今天發布的氣候更新展示了我們是如何做到這一點的。

By the end of 2024, our net equity Scope 1 and 2 emissions were 14% below the starting base, putting us firmly on track to meet our 2025 and 2030 targets. We also took a step change towards achieving our Scope 3 investment and abatement targets through our acquisition of Beaumont New Ammonia.

到 2024 年底，我們的淨權益範圍 1 和 2 排放量比起始基數低 14%，這讓我們堅定地走在實現 2025 年和 2030 年目標的軌道上。我們也透過收購博蒙特新氨公司 (Beaumont New Ammonia) 向實現範圍 3 投資和減排目標邁出了重要一步。

Woodside's increased position in the Angel CCS project to be acquired through our asset swap with Chevron, further demonstrates our intent to address Scope 3 emissions.

伍德賽德透過與雪佛龍進行資產互換，增加了在 Angel CCS 專案中的份額，這進一步表明了我們解決範圍 3 排放問題的意圖。

Conducting our business sustainably also extends to supporting community development wherever we operate. Our 2024 performance has shown yet again that when Woodside performs well, the economies and communities where we operate benefit significantly. With our business in a growth phase, we are injecting billions of dollars into local economies through the purchase of local goods and services. In 2024, this was more than $7.9 billion, including $5.1 billion in Australia.

我們以永續的方式開展業務也延伸到支持我們經營所在地的社區發展。我們 2024 年的業績再次表明，當伍德賽德表現良好時，我們營運所在的經濟體和社區將受益匪淺。隨著我們的業務處於成長階段，我們透過購買當地的商品和服務向當地經濟注入了數十億美元。到 2024 年，這一數字將超過 79 億美元，其中包括澳洲的 51 億美元。

Our strong financial performance also translates into billions of dollars of revenue for government. On the most recent Australian government figures, we are the fifth largest taxpayer in Australia and the largest payer of petroleum resource rent tax.

我們強勁的財務表現也為政府帶來了數十億美元的收入。根據澳洲政府最新的數據，我們是澳洲第五大納稅人，也是石油資源租賃稅的最大納稅人。

We were also pleased during 2024 to continue our significant social investments in the communities where we live and work. Our total social contribution spend of AUD35.4 million, including community investments across our expanding global footprint, ranging from education programs in Trinidad & Tobago and Mexico to sustainable waste management in Senegal.

我們也很高興在 2024 年繼續對我們生活和工作的社區進行重大社會投資。我們的社會貢獻總額為 3540 萬澳元，包括我們不斷擴大的全球業務範圍內的社區投資，從特立尼達和多巴哥以及墨西哥的教育項目到塞內加爾的可持續廢物管理。

In addition, we were pleased to announce last month a AUD50 million commitment towards education and cultural infrastructure in our homes today of Western Australia. I look forward to providing investors with an overview of Woodside's sustainability strategy and 2024 performance at a briefing scheduled for early April in Melbourne.

此外，我們很高興地宣布上個月將投資 5,000 萬澳元用於西澳大利亞州的教育和文化基礎設施建設。我期待在 4 月初於墨爾本舉行的簡報會上向投資者概述伍德賽德的可持續發展策略和 2024 年的業績。

I'd like to close by recapping on Woodside's compelling investment case as we look to 2025 and beyond. In 2024, we demonstrated disciplined execution of our strategic goals doing what we said we would do. And we plan to do the same again in 2025 with key milestones to be achieved as we build the foundations of a global LNG powerhouse.

最後，我想回顧一下伍德賽德令人信服的投資案例，展望 2025 年及以後。2024年，我們嚴格執行策略目標，並履行承諾。我們計劃在 2025 年再次這樣做，並在建立全球液化天然氣強國的基礎過程中實現關鍵里程碑。

We are focused on executing our growth strategy, progressing new opportunities for long-term success and delivering strong and consistent returns. We are well placed to reap the benefits of our achievements and decisions in 2024, building a strong and cash-generative business that delivers enduring value for our shareholders.

我們專注於執行我們的成長策略，開拓長期成功的新機會並實現強勁而持續的回報。我們已做好準備，在 2024 年收穫我們所取得的成就和所做的決策所帶來的回報，打造一個強大且能產生現金流的業務，為我們的股東創造持久的價值。

Thank you. I'll now open the call to your questions. Please limit your questions to two each so everybody has an opportunity to ask their questions.

謝謝。我現在開始回答大家的提問。請將每個問題限制為兩個，以便每個人都有機會提出問題。

(Operator Instructions) Gordon Ramsay, RBC.

（操作員指示） 戈登·拉姆齊，RBC。

Thank you. Thank you very much and congratulations, Meg and team on a solid result. Just in the appendix in your presentation, I'm looking at slide 37, and it looks like you've moved forward some of the decommissioning costs that you were previously advising on. Can you just comment on what's driven that?

謝謝。非常感謝，並祝賀梅格和團隊的堅實成果。就在您簡報的附錄中，我正在看第 37 張投影片，看起來您已經提前討論了之前建議的一些退休成本。您能否評論一下造成這現象的原因是什麼？

Sure. Thanks for the question, Gordon. So a couple of things with the decommissioning program. We last communicated a graph like this to the market in our 2023 Investor Briefing Day. We've seen a couple of changes.

當然。謝謝你的提問，戈登。退役計劃有幾件事。我們上次在 2023 年投資者簡報日向市場傳達了這樣的圖表。我們已經看到了一些變化。

So the approval delays that we encountered in 2023 meant some of the work we'd expected to complete in 2024 has extended into this year. The key focus of the activities this year really are cleaning up legacy assets.

因此，我們在 2023 年遇到的審批延遲意味著我們預計在 2024 年完成的一些工作已延長至今年。今年活動的重點確實是清理遺留資產。

And if you look at the names of the fields listed there, heavy activity in fields like Stybarrow, Enfield, Griffin, and Minerva, once these scopes of work are complete, those fields and the leases will then be -- will be complete. So there'll be no enduring spend for those assets. Batra, the profile is, I'd call it, a little bit lumpier.

如果你看那裡列出的油田名稱，你會發現 Stybarrow、Enfield、Griffin 和 Minerva 等油田的活動非常活躍，一旦這些工作範圍完成，這些油田和租約也就完成了。因此，這些資產不會產生持久的支出。巴特拉，我認為，他的形像有點凹凸不平。

So we do continue with extensive P&A campaigns. That's been going on for a number of years in Bass Strait. We do have a big milestone ahead of us in 2027, where we will be removing a number of the platforms. So you'll see continued bit of lumpiness in the profile. 2026 will be a more modest spend, as indicated in the chart.

因此，我們確實會繼續進行廣泛的 P&A 活動。這種情況在巴斯海峽已經持續了很多年。2027 年我們確實有一個重要的里程碑，我們將移除一些平台。因此，您會看到輪廓中持續存在一些凹凸不平之處。如圖所示，2026 年的支出將會更加適中。

2027 will be a bigger number, and we'll guide the market to that as we get closer to the date and firm up the execution plan. But beyond 2027, we should return to, call it, a steady state level of activity in the decommissioning space.

2027 年將是一個更大的數字，隨著日期的臨近和執行計劃的確定，我們將引導市場朝著這個方向發展。但到了 2027 年以後，我們應該會恢復到退役領域活動的穩定水準。

And just to confirm, this is cash spend.

需要確認的是，這是現金支出。

Gordon, yes, confirming that is -- what we're showing here is the proposed cash spend, where you do see the P&L impact in other expenses that is related in the A1 segment note, that is related to a provision update for the closed sites. So the sites that Meg was talking about Scarborough and Griffin, but it's important not to double count or get that mixed up with the cash outflow, and that's what Meg has been referring to on this slide.

戈登，是的，確認這一點——我們在這裡展示的是擬議的現金支出，您可以看到與 A1 分部註釋相關的其他費用對損益的影響，這與已關閉站點的撥備更新有關。因此，梅格談論的是斯卡伯勒和格里芬的站點，但重要的是不要重複計算或將其與現金流出混淆，這就是梅格在這張幻燈片上提到的。

Okay. And second question if I may. Just on Beaumont new ammonia. That project is now completing 83% complete. Just wanted to get a feel for how that's comparing to your target to get an IRR of greater than 10% in your new energy projects.

好的。如果可以的話，這是第二個問題。就在博蒙特新氨。該項目目前已完成83%。只是想了解這與您在新能源項目中實現 IRR 超過 10% 的目標相比如何。

It's going well. As we communicated when we announced Belmont New Ammonia, we expect to reach 10% and have upsides beyond the 10% target for new ammonia investments. And one of the things we included in the pack this year, Gordon is a bit of guidance around the ongoing unit cash of production. So that's $260 to $300 per tonne. That's the steady-state OpEx when we get to call it, 2027 to 2029.

一切進展順利。正如我們在宣布貝爾蒙特新氨項目時所說的那樣，我們預計新氨投資將達到 10%，並且預計將超過 10% 的目標。我們今年在這份計畫中包含的內容之一，就是戈登 (Gordon) 對正在進行的生產單位現金提供了一些指導。所以價格是每噸 260 到 300 美元。這就是我們所說的 2027 年至 2029 年的穩定狀態營運支出。

So when CCS is up and running. But we thought that would be helpful for the market to be able to do your own back of the envelope calculations and look at things like ammonia forward curve prices, that will help you calibrate your models. But we do expect to meet our capital allocation framework and see opportunity to go well above that.

因此當 CCS 啟動並運行時。但我們認為這將有助於市場能夠進行自己的粗略計算並查看氨遠期曲線價格等數據，這將有助於您校準模型。但我們確實希望滿足我們的資本配置框架，並看到遠遠超出這個框架的機會。

Thank you, Meg.

謝謝你，梅格。

Nik Burns, Jarden Australia.

尼克‧伯恩斯 (Nik Burns)，Jarden Australia。

Thank you, Meg and team. First question. Late last year, you signed an EPC contract with Bechtel for the construction of Louisiana LNG, that contract contemplated three LNG trains. Can I just get an update from you in terms of when you get to FID in the coming months? Will it be for two LNG trains or three? Thank you.

謝謝你，梅格和團隊。第一個問題。去年年底，您與 Bechtel 簽署了路易斯安那州液化天然氣 (LNG) 建設的 EPC 合同，該合同涵蓋三條液化天然氣生產線。我能否從您那裡了解您在未來幾個月內何時達成 FID 的最新消息？是兩條還是三條 LNG 列車？謝謝。

Sure. So first off, it's worth highlighting that having a priced EPC contract with Bechtel is differentiating. So if we look at many of the competing US Gulf Coast or even the Mexican Gulf Coast projects, there are very few that have that attribute, so we've got everything fully locked in with Bechtel from a pricing perspective. It is for three trains.

當然。因此首先值得強調的是，與 Bechtel 簽訂定價 EPC 合約具有差異化優勢。因此，如果我們看看美國墨西哥灣沿岸或墨西哥灣沿岸的許多競爭對手的項目，就會發現很少有項目具有這種屬性，因此從定價的角度來看，我們已經將所有一切都完全鎖定在 Bechtel 身上。可供三列火車使用。

And the marketing we've been doing with our potential partners is focused on that foundation, development of three trains. Now the mechanics with which we progressed to full notice to proceed, the first notice will be for Trains 1 and 2, and there will be a subsequent notice for Train 3.

我們與潛在合作夥伴所進行的行銷活動一直都集中於此基礎，即三列列車的開發。現在，我們已按照機制全面通知將繼續進行，第一次通知將針對 1 號和 2 號列車，隨後將針對 3 號列車發出通知。

But again, the pricing is based on three trains and our expectation and the expectation we're communicating to all of our prospective partners is that the plan is to move ahead with the foundation.

但同樣，定價是基於三列火車的，我們的期望以及我們向所有潛在合作夥伴傳達的期望是，該計劃將推進基金會的建設。

Thanks, Meg. Got it. And my second question, just picking up on Graham's comments that Woodside would consider additional shareholder returns post the start-up of Scarborough, should we interpret that comment to mean they expect gearing to peak just after the start-up of the Scarborough project? Thank you.

謝謝，梅格。知道了。我的第二個問題是，根據格雷厄姆的評論，伍德賽德將考慮在斯卡伯勒項目啟動後為股東提供額外的回報，我們是否應該將該評論解讀為他們預計負債率將在斯卡伯勒項目啟動後達到峰值？謝謝。

Thanks, Nik. So I guess if we take a step back, we've discussed about our three near-term growth and positive NPV projects being Sangomar delivering very well before '26, we have Scarborough coming online, which will start to deliver significant cash flow $28 million is Trion.

謝謝，尼克。所以我想如果我們退一步來看，我們已經討論了我們的三個近期增長和正 NPV 項目，其中 Sangomar 在 26 年之前交付得非常好，我們有 Scarborough 上線，它將開始提供可觀的現金流 2800 萬美元是 Trion。

So in terms of our debt profile as those -- as that cash starts to flow, yes, we do see the turning point in our gearing, if you want to call it, and also having the ability to have excess cash available to us from '27 onwards. So '25 and '26, we will see our net debt grow based on a positive FID for Louisiana. But once those Scarborough flows start to kick in, it does give us flexibility and optionality as we move forward.

因此，就我們的債務狀況而言 - 隨著現金開始流動，是的，我們確實看到了我們的負債率的轉折點（如果你願意這麼稱呼它的話），並且有能力從 27 年開始擁有可供我們使用的超額現金。因此，在 25 年和 26 年，我們將看到我們的淨債務基於路易斯安那州的積極 FID 而增長。但一旦斯卡伯勒的流動開始發揮作用，它確實為我們前進提供了靈活性和選擇性。

Thanks, Graham.

謝謝，格雷厄姆。

Saul Kavonic, MST.

索爾·卡沃尼克（Saul Kavonic），MST。

Hi. First question, it's reported in the press that Louisiana sell-down processes advancing and data room has been closed, et cetera. So I might assume you've had some early indications of bids coming in. Meg, can you give us some more color on that process? And particularly, I think you made some comments last year that you're expecting a premium for any sell-down price? Are you still expecting a premium?

你好。第一個問題，根據媒體報道，路易斯安那州的出售進程正在推進，資料室已經關閉，等等。因此我可能認為你已經收到了一些投標的早期跡象。梅格，您能給我們詳細介紹一下這個過程嗎？特別是，我認為您去年曾發表過一些評論，表示您預計任何拋售價格都會有溢價？您還期待溢價嗎？

And if so, are we talking very modest premiums? Or should we be looking at valuations implied by some of the US LNG analogs?

如果是這樣，我們談論的保費是否非常低？或者我們應該看看一些美國液化天然氣類似物所隱含的估值？

Yes. Well, thanks for the question, Paul, and thanks for also highlighting the valuation that our US peers in this space, companies like Cheniere and Venture Global are attracting, we view ourselves as warranting the same premium. So we do see a lot of opportunity with Louisiana LNG to bring in quality partners.

是的。好吧，保羅，謝謝你的提問，也謝謝你強調我們在這個領域的美國同行，例如 Cheniere 和 Venture Global 等公司的估值，我們認為自己值得獲得同樣的溢價。因此，我們確實看到路易斯安那液化天然氣計畫有很多機會引入優質合作夥伴。

To your question on the sell down, so we are well advanced in that process. We have a number of high-quality counterparties with whom we are negotiating as we speak. The pricing point we will communicate in due course.

關於您提出的拋售問題，我們在這過程中已經取得了很大進展。我們有許多高品質的交易對手正在與他們進行談判。我們將適時公佈定價點。

But bear in mind, Saul, the key thing that we're focused on with the sell-down is making sure we have those co-investors to share the capital investments. There is still quite a bit of spend facing us ahead as we move forward into this investment.

但請記住，索爾，我們在出售過程中關注的關鍵是確保我們有共同投資者來分享資本投資。隨著我們推進這項投資，我們仍需要面臨相當多的支出。

So we're focused on getting partners who will share the capital, see that same long-term value that we see, and we'll be getting a price that we think is attractive and fair for our shareholders.

因此，我們專注於尋找願意共享資本、與我們擁有相同長期價值的合作夥伴，我們將獲得一個對股東有吸引力且公平的價格。

Thank you. Can I also ask about Sangomar Phase 2 progress, the update last week seem to derisk Phase 2. There's potentially 200 million barrels of resource there that could become reserves. Can you give an indication of when we might get an update on reserves for Phase 2 and how we should think about value in that regard.

謝謝。我還可以詢問一下 Sangomar 第 2 階段的進展嗎，上週的更新似乎降低了第 2 階段的風險。那裡可能有2億桶資源可以成為儲備。您能否透露一下我們何時可以獲得第二階段儲備的最新消息，以及我們應該如何考慮這方面的價值。

Sure. So as we've said, probably since pre-FID, the 500 sands are the high-quality reservoirs, and we're really seeing outstanding production from those reservoirs, where there is quite a bit of in-place oil is in the 400s, which are geologically more complex.

當然。因此，正如我們所說的那樣，可能自 FID 之前以來，500 砂層都是優質儲層，我們確實看到這些儲層的產量非常出色，其中 400 砂層中有相當多的原地石油，地質條件更為複雜。

What we've seen thus far is enough connectivity to remove some of the low side cases off the table. But we do need to get more production performance and more data from the wells that we have in place to understand what exactly does Phase 2 look like. And we've said -- and we probably need 12 to 24 months of data to informed decision-making in that space.

到目前為止，我們已經看到了足夠的連接性，可以消除一些低端情況。但我們確實需要從現有的油井中獲取更多的生產性能和數據，以了解第二階段的具體情況。我們已經說過——我們可能需要 12 到 24 個月的數據才能在該領域做出明智的決策。

We will continue to book reserves as data comes in. You would have seen we booked reserves late last year that was based on the initial production performance. As we get more information on water injection, we will continue to migrate reserves from 2P to 1P. And so it's worth reminding the audience here that with our US secondary listing, we report 1P reserves in a manner that's defined by the SEC.

隨著數據的到來，我們將繼續預訂儲備。您可能已經看到，我們去年年底根據初始生產表現預訂了儲備。隨著我們獲得更多有關注水的信息，我們將繼續將儲量從 2P 遷移到 1P。因此，值得提醒觀眾的是，當我們在美國二次上市時，我們會按照美國證券交易委員會定義的方式報告 1P 儲備。

So it's a very rigorous and tight process for defining 1P and very tight rules for migrating. So we still believe that we'll recover the full 2P that we sanctioned at the time of FID, but the migration to 1P will follow those SEC rules, and it links to reservoir performance.

因此，定義 1P 是一個非常嚴格和緊密的過程，而且遷移規則非常嚴格。因此，我們仍然相信，我們將恢復在 FID 時批准的全部 2P，但向 1P 的遷移將遵循 SEC 規則，並且與油藏性能相關。

Thank you.

謝謝。

Tom Allen, UBS.

瑞銀的湯姆艾倫。

Thank you. Good morning, Meg, Graham, and the broader team. I was hoping you could please provide a comment just on the production outlook for the producing US oil projects. Just noting that we saw a very modest 2P reserve cut to Mad Dog in the release last week. I was just a little bit surprising just given the big Mad Dog Phase 2 development in Argos platform is still fairly new.

謝謝。早上好，梅格、格雷厄姆和全體團隊。我希望您能對美國石油生產項目的生產前景發表評論。值得注意的是，我們在上週的發布中看到 Mad Dog 的 2P 儲備量被適度削減。我只是有點驚訝，因為 Argos 平台上的大型 Mad Dog 第二階段開發仍然相當新。

Was there anything that you're seeing in the subsurface that looks challenging that the (inaudible) is gone at Mad Dog or anything across those three US producing assets?

您在地下發現的任何東西看起來有挑戰性嗎？ （聽不清楚）在 Mad Dog 或美國這三個生產資產中消失了嗎？

Yeah. Thanks, Tom. So you would be aware that we took an impairment on Shenzi in 2023. We saw some disappointing performance out of the Shenzi North development in particular. With Mad Dog, it's really a matter of timing for getting wells online, and that was a bit of the factor that underpinned the reserve adjustments there.

是的。謝謝，湯姆。因此，您會知道我們在 2023 年對 Shenzi 進行了減值。我們看到深紫北開發案的表現尤其令人失望。對 Mad Dog 來說，油井上線其實只是時間問題，這也是支撐儲量調整的因素。

We do still have quite a bit of drilling ahead of us. And as we look forward, we do see the US Gulf as continuing to be a very important part of our portfolio well through the 2030s. For example, we still have the Mad Dog Southwest development to bring on. We have other satellite developments at Atlantis.

我們確實還有相當多的鑽探工作要做。展望未來，我們確實看到美國墨西哥灣在整個 2030 年代仍將是我們的投資組合中非常重要的一部分。例如，我們仍有 Mad Dog Southwest 開發案需要推進。我們在亞特蘭提斯還有其他衛星開發案。

So particularly those two big assets, we do see continued developments ahead of us. And those will be part of our portfolio for the long term.

因此，特別是這兩項重大資產，我們確實看到了未來的持續發展。這些將成為我們長期投資組合的一部分。

Thanks. Second question. Just a comment, please, on the outlook for the North West Shelf. Now that the assets what whichever one Chevron has been executed, obviously, supports better alignment in the Northwest Shelf joint venture to spend money pursuing potentially other resource to backfill the plant or pursue tolling options? So looking hopefully for a comment on the opportunities that the joint venture see there that you might go after over the next couple of years?

謝謝。第二個問題。請就西北大陸架的前景發表一點評論。現在，無論雪佛龍執行了哪一項資產，顯然都支持西北大陸架合資企業更好地協調，以花錢尋求潛在的其他資源來填補工廠或尋求收費選擇？那麼，您是否希望對合資企業在未來幾年可能抓住的機會發表評論？

Yes. So we're excited about North West Shelf. It's an asset we know extremely well. And we have every intention of squeezing as much gas out of the field as we possibly can. Last year, we sanctioned the Lambert West development.

是的。所以我們對西北大陸架感到非常興奮。這是我們非常了解的資產。我們的目標是盡可能從該油田開採出天然氣。去年，我們批准了 Lambert West 開發案。

That's an infill tieback that will be drilled this year. We also sanctioned a project to lower the back pressure on the Goodwin platform with some modifications to the compressor. Again, that's to get more gas through the system, get more gas out of the reservoirs. We're working -- scoping some additional subsea tiebacks. It would be packaged together as Greater Western Flank Phase 4. So continued work to figure out how do we squeeze more gas out of this reservoir.

這是一個將於今年鑽探的填充錨桿。我們還批准了一個項目，透過對壓縮機進行一些改造來降低 Goodwin 平台的背壓。再次強調，這是為了讓更多的氣體通過系統，從儲層中獲得更多的氣體。我們正在進行工作—確定一些額外的海底回接範圍。它將被打包為大西翼第四階段。因此，我們將繼續研究如何從這個儲層中擠出更多的天然氣。

One of the things that's going to be important is getting that federal government approval for Northwest Shelf life extension. I'm sure as everyone on the call knows, our current approval is valid until early 2030. So we do need to get that approval to give ourselves confidence in investing for the long term.

其中一件重要的事情就是獲得聯邦政府對西北大陸棚壽命延長的批准。我相信電話會議中的每個人都知道，我們目前的批准有效期至 2030 年初。因此，我們確實需要獲得批准，以增強我們對長期投資的信心。

And the second phase for North West Shelf is tolling, and we continue to talk to players in the onshore Perth Basin about bringing some of their guests through the plants. And then the Browse resource is the biggest tolling opportunity and the browser North West shelf joint ventures continue to have discussions about what's the best way to develop the Browse gas.

西北大陸架的第二階段工程正在進行收費，我們將繼續與陸上珀斯盆地的參與者討論如何透過工廠接待他們的一些客人。然後，Browse 資源是最大的收費機會，瀏覽器西北架合資企業繼續討論開發 Browse 天然氣的最佳方式。

Dale Koenders, Barrenjoey.

戴爾·科德斯，巴倫喬伊。

Thank you. Good morning. I was just interested in the comment around delivering $150 million cost reduction wondering about the scope of works basis here? And how much of this is already included in production guidance, cost cut off?

謝謝。早安.我只是對有關削減 1.5 億美元成本的評論感興趣，想知道這裡的工作範圍基礎是什麼？其中有多少已經包含在生產指導、成本削減中？

Yes. So Dale, thank you for the question. What we're talking about here, the $150 million, a portion of it is factored into the unit cost, but the majority of it relates to expenditure that will not factor into the UPC calculation. So we talk small portion in the unit cost.

是的。戴爾，謝謝你的提問。我們在這裡談論的 1.5 億美元，其中一部分已計入單位成本，但大部分涉及不計入 UPC 計算的支出。所以我們談的是單位成本的一小部分。

We'll continue to keep really tight control on our unit costs, and we'll continue to manage them closely, but the majority of this is separate and is related to exploration, new energy and corporate costs.

我們將繼續嚴格控制單位成本，並繼續密切管理，但其中大部分是單獨的，與勘探、新能源和企業成本有關。

And then just in terms of -- I guess thinking about those Baymont cash cost guidance, and thanks for providing that, Mig. Just wondering, what are you assuming in terms of Henry Hub price or price range within that?

然後就——我想考慮一下 Baymont 的現金成本指導，感謝你提供這些指導，Mig。只是想知道，您對亨利中心的價格或其價格範圍有何假設？

Yes. So it is a range, and that's why we've provided the range, but it's similar to what it has been over the last six to nine months so let's just say, around the low 3s.

是的。所以這是一個範圍，這就是我們提供該範圍的原因，但它與過去六到九個月的情況相似，所以我們就說在 3 左右。

Okay. And then if I can just sneak one more in. When -- it seems to be the market is a bit worried about you Louisiana LNG without a sell-down, which seems to be an FID date that's fixed given the limited notice to proceed.

好的。然後如果我能再偷偷溜進去一個。當——市場似乎有點擔心路易斯安那州的液化天然氣沒有出售時，這似乎是一個固定的 FID 日期，因為通知有限。

Should we be, I guess, not worried and think that a case like Scarborough could proceed where -- you've already got partners all but locked in, I guess, the comment of marketing with possible partners would suggest it's pretty progressed, high conviction in the quality of those partners, but just a need to keep moving forward until final approval is kind of. How you think about that?

我想，我們是否應該不必擔心，並認為像斯卡伯勒這樣的案件可以繼續進行——你幾乎已經鎖定了所有合作夥伴，我想，與潛在合作夥伴進行營銷的評論表明它已經取得了相當大的進展，對這些合作夥伴的質量有很高的信心，但只是需要繼續前進，直到獲得最終批准。您對此有何看法？

Yes, Dale, it's worth noting. What we've said is we want to be FID ready from the first quarter of this year, and the teams are working very hard to that objective. But we would not take FID without confidence that we have partners either signed up already or extremely close to signing up.

是的，戴爾，這值得注意。我們說過，我們希望從今年第一季開始做好 FID 準備，團隊正在為實現這一目標而努力工作。但如果我們不確定我們的合作夥伴是否已經簽約或即將簽約，我們就不會接受 FID。

I think Scarborough, Pluto Train 2 is a fantastic analogy. So with the whole Scarborough development, we were able to secure a sell-down of 49% of Pluto Train 2 coincidence with FID.

我認為斯卡伯勒的《冥王星列車 2 號》是一個絕妙的比喻。因此，透過整個斯卡伯勒開發項目，我們能夠確保與 FID 同步出售冥王星列車 2 號 49% 的股份。

And then we were patient to bring in other partners to the offshore resource. So look, we've seen great interest. I think there's potential for us to have the whole 50% sold down by FID. But again, it is complex commercial negotiation. So we will be certainly well advanced, if not signed with one key partner and then continue to be progressing.

然後我們耐心地將其他合作夥伴引入海上資源。所以，我們看到了極大的興趣。我認為我們有可能透過 FID 出售全部 50% 的股份。但這又是一次複雜的商業談判。因此，如果沒有與某個關鍵合作夥伴簽約，我們肯定會取得很大進展，然後繼續前進。

But the team certainly got their skates on. We're deep in negotiations with a number of, as I said, high-quality counterparties, and we'll let the market know and we've got something announceable.

但這支球隊確實已經準備好了。正如我所說，我們正在與許多高品質的交易對手進行深入談判，我們將讓市場知道，我們有可以宣布的消息。

Jennifer Hewett, Australian Financial Review.

珍妮佛休伊特（Jennifer Hewett），《澳洲金融評論報》。

Thank you. Good morning. I was just wondering what would happen? You talked about the fact that you were very disappointed that it had taken years to get a state government approval for North West Shelf expansion. Are you disappointed by the federal government delay? And if, in fact, there is a minority like the government -- would that -- do you think that would mean further delays? And what would be the significance of that for your thinking in terms of investment?

謝謝。早安.我只是想知道會發生什麼事？您談到，您對西北大陸架擴建工程耗費數年時間才獲得州政府批准感到非常失望。您對聯邦政府的拖延感到失望嗎？如果事實上存在像政府這樣的少數派——那——您認為那是否意味著進一步的拖延？這對您的投資思維有何意義？

Yes. Thanks, Jenny. Look, I continue to be pretty frustrated that it's taken more than six years to grant approval to extend the life of an asset that's been operating for 40 years. Helps to bring new gas to the markets, particularly the domestic gas market, which needs it as early as 2028. And we're having to ask ourselves, can we make that decision with confidence not knowing if the federal approval is going to be granted.

是的。謝謝，珍妮。聽著，我仍然感到非常沮喪，因為批准延長一項已經運行了 40 年的資產的使用壽命竟然花了六年多的時間。有助於將新天然氣推向市場，特別是國內天然氣市場，該市場最早在 2028 年就需要新天然氣。我們必須問自己，在不知道聯邦政府是否會批准的情況下，我們能否自信地做出這個決定。

Look, we're disappointed that they continue to request more time. I think it's a proof of some of the challenges that Australia faces in the approvals environment that you've got things like reconsideration requests that come in at the 11th hour where proponents who have no skin in the game can ask the Minister to review decisions that were made 40 years ago.

瞧，他們不斷要求更多時間，這讓我們感到失望。我認為這證明了澳洲在審批環境中面臨的一些挑戰，例如在最後一刻收到重新考慮請求，沒有利益關係的支持者可以要求部長審查 40 年前做出的決定。

So -- and we think about what does this mean for our workforce up in Carasso, what does this mean for workforce at the mine sites that depend on our gas to keep going. There's families whose lives are at stake. So very frustrated. I'll leave it there. Hopefully, we'll get an approval before the election.

所以——我們思考這對我們在卡拉索的勞動力意味著什麼，這對依賴我們的天然氣維持運作的礦場勞動力意味著什麼。有些家庭的生命正處於危險之中。非常沮喪。我就把它留在那裡。希望我們能在選舉前獲得批准。

If you don't get an approval before the election, do you think that -- if you don't get an approval before the election, will that make it more dicey, do you think, given the likelihood of a minority labor government dependent on greens and tails?

如果在選舉前沒有獲得批准，您是否認為——如果在選舉前沒有獲得批准，考慮到少數黨工黨政府依賴綠黨和反黨的可能性，您認為這是否會使情況變得更加危險？

Look, I think the outcome of further delays means more coal in the energy mix longer. So if you're serious about the environment, you'd prove this.

聽著，我認為進一步拖延的結果意味著煤炭在能源結構中的比例將更長。所以如果你真的關心環境，你就應該證明這一點。

Thank you.

謝謝。

James Byrne, Citi.

花旗銀行的詹姆斯‧伯恩 (James Byrne)。

Thank you. Good morning, team. Okay, so Louisiana LNG. Just thinking about the sell-down process assuming you do quite well out of that and there's a gain on sale. This obviously a catalyst that we're all focused on as a market -- how do we think about that gain? Because you actually bought the corporate entity of Tellurian as opposed to buying project equity. So what's the base there that we should think about for a gain on sale?

謝謝。早安，各位團隊。好的，路易斯安那液化天然氣。只需考慮出售過程，假設您從中獲利頗豐，並且銷售有所收益。這顯然是我們作為市場所關注的催化劑──我們如何看待這種利益？因為您實際上購買的是 Tellurian 的企業實體，而不是購買專案股權。那麼，我們應該考慮銷售收益的基礎是什麼呢？

And then just to be clear, when we think about the 12% hurdle rate, will you take into account gains on sale into that calculation? Or is it like a pure project IRR that we should be considering?

然後需要明確的是，當我們考慮 12% 的最低收益率時，您是否會將銷售收益考慮在內？或者它是否像我們應該考慮的純專案 IRR？

Thanks, James. So look, the gain on sale will be exactly the same as what we treated for the likes of the sell down Scarborough sorry, to JERA and LNG Japan, same concept. There's accounting rules. Obviously, you've got the acquisition price of Tellurian. And then we would have to look at the additional CapEx and funding that's continued post the acquisition, so normal standard accounting rules.

謝謝，詹姆斯。所以看，銷售收益將與我們在斯卡伯勒 (Scarborough) 出售的收益完全相同，對不起，對於 JERA 和 LNG Japan 來說，概念是一樣的。有會計規則。顯然，你已經獲得了 Tellurian 的收購價格。然後，我們必須考慮收購後持續的額外資本支出和資金，因此需要遵循正常的標準會計規則。

Yes. So I'm not sure if I'm missing something in your question. But --

是的。所以我不確定我是否遺漏了你的問題中的某些內容。但--

And maybe, Graham, the pointer is, for accounting purposes, the acquisition was treated as asset accounting. So in the financial statements, and the team can follow up with you later on the exact page number, you'll see there's a final note in the financial statements.

格雷厄姆，也許要點是，出於會計目的，收購被視為資產會計。因此，在財務報表中，團隊可以稍後跟進確切的頁碼，您會看到財務報表中有一個最後的註釋。

Yes. It's very clear in our financial statements what the acquisition costs were and then we would take into account the additional funding post -- and then the portion of that would be recognized against the gain on sale against the proceeds.

是的。我們的財務報表非常清楚地列出了收購成本，然後我們會考慮額外的資金，然後其中的一部分將從銷售收益中確認為收益。

And with respect to IR, Calc, as we did with Scarborough, we do account for that. We've done the legwork and money coming in, if it's revenue that's accelerated through sell-down, that counts.

對於 IR，Calc，就像我們對 Scarborough 所做的那樣，我們確實考慮到了這一點。我們已經完成了準備工作並獲得了資金，如果透過減持加速了收入，那就算數了。

Perfect. Thanks. Okay. Second question, just for me. I'm interested in how you think the dynamic is changing for US LNG under a second Trump presidency -- so on the one hand, I think there's a little bit of concern in equity markets that there's a big reduction in red tape that's coming. We saw Commonwealth get its approvals recently, which was earlier than what I anticipated and then whether that would increase competition for offtake in equity? Perhaps on the other side, though, there's this almost US

完美的。謝謝。好的。第二個問題，只針對我。我感興趣的是您認為在川普第二次擔任總統期間，美國液化天然氣行業的動態將如何變化——因此，一方面，我認為股票市場有點擔心即將到來的繁文縟節會大幅減少。我們看到 Commonwealth 最近獲得了批准，這比我預期的要早，這是否會增加股權承購的競爭？但另一方面，也許存在著這種幾乎是美國

exceptional isn't where Trump's pressuring as to buy more US LNG. And I'm wondering whether you think that would result in a contract premium in the US versus rest of world? And lastly, talk now with Ukraine steel and whether that might mean that there's more gas flows probably into Eastern Europe as opposed to Western Europe.

川普施壓要求購買更多美國液化天然氣並不是例外。我想知道您是否認為這會導緻美國的合約溢價高於世界其他地區？最後，現在與烏克蘭鋼鐵公司討論這是否意味著流入東歐而不是西歐的天然氣可能會更多。

I don't think anyone expects same amount of volume is exported. But nonetheless, prices set at the margin that would have a deflationary impact and might make us question the economics of Louisiana. So again, red tape contract price in the US and Russian gas.

我認為沒有人會期望出口量達到相同水準。但儘管如此，設定的價格仍將產生通貨緊縮的影響，並可能讓我們質疑路易斯安那州的經濟狀況。因此，美國和俄羅斯的天然氣合約價格再次變得繁瑣。

Sure. Thanks, James. So I think on many fronts, Trump is changing the landscape. The -- the thing that's really striking for me is all of the competitive advantages that Louisiana LNG has. We've got all of the permits we need.

當然。謝謝，詹姆斯。所以我認為，在很多方面，川普正在改變情況。對我來說真正引人注目的是路易斯安那液化天然氣公司所擁有的所有競爭優勢。我們已經獲得了所需的所有許可證。

We have a priced contract with Bechtel. And I can't overemphasize how important that is. All of the other projects in this market will have to go back and get repriced. The other thing that sets us apart is the fact that we are able to progress this between ourselves and our partners funding on balance sheet. So many of the US

我們與 Bechtel 簽訂了定價合約。我再怎麼強調這一點的重要性也不為過。這個市場上的所有其他項目都必須退回並重新定價。我們與眾不同的另一點是，我們能夠在我們自己和我們的合作夥伴之間推進資產負債表上的融資。美國很多

developers still have to go through the sequential process of securing LNG offtake, using that to then secure financing in parallel repricing contracts and inflationary markets. I just do not have confidence that there's going to be as much competition as simply streamlining the red tape might imply.

開發商仍需經歷確保液化天然氣採購的連續過程，然後利用該過程在並行的重新定價合約和通膨市場中獲得融資。我只是不相信僅僅簡化繁文縟節就能夠帶來如此激烈的競爭。

So we're at least a year ahead of everybody else in the US. And we continue to attract a premium from many players who are interested, who are seriously interested in US LNG.

因此，我們至少比美國其他所有國家領先一年。我們持續吸引眾多對美國液化天然氣感興趣、並認真對待的參與者的青睞。

In terms of price premium, look, LNG is a highly fungible commodity. I wouldn't expect any price premium. We may be able to attract off-takers who come from nations that are looking to restore the balance of trade. But I think we've seen this in a number of ways in the past, things like low-carbon LNG, people don't pay more for that. So we'll continue to negotiate very competitive pricing.

從價格溢價來看，液化天然氣是一種高度可替代的商品。我不期望有任何溢價。我們也許能夠吸引那些來自希望恢復貿易平衡的國家的承購商。但我認為我們過去已經在許多方面看到過這種情況，例如低碳液化天然氣，人們不需要為此支付更多費用。因此我們將繼續協商極具競爭力的價格。

I think Woodside's reputation sets us apart. The way we partner with companies and customers sets us apart some of the flexibilities we offer customers, which is different from other suppliers sets us apart, and those are the sorts of things that will get us better pricing than others in the marketplace.

我認為伍德賽德的聲譽使我們與眾不同。我們與公司和客戶的合作方式使我們與眾不同，我們為客戶提供一些靈活性，這不同於其他供應商，而這些因素將使我們比市場上的其他公司獲得更好的價格。

And Russia, Ukraine looked at a bit of a wild card. Look physically, not as much Russian gas will be able to enter Europe as -- was flowing in 2021. And there may be a bit of gas coming into the marketplace. But again, when we look at LNG demand growth forecast for the long haul, and that's for the latter 2030s and -- sorry, the latter 2020s and the 2030s. Asia's the engine.

而俄羅斯和烏克蘭的情況看起來有點難以預測。從實際來看，2021 年能夠進入歐洲的俄羅斯天然氣數量將不會那麼多。並且可能會有少量天然氣進入市場。但是，當我們再次看長期液化天然氣需求成長預測時，那是針對 2030 年代後期以及——抱歉，是 2020 年代後期和 2030 年代。亞洲是引擎。

So Asia is going to be the engine room of energy growth. Asia is going to be the engine room for LNG growth and it doesn't materially change our thesis.

因此亞洲將成為能源成長的引擎。亞洲將成為液化天然氣成長的引擎，這不會從根本上改變我們的論點。

Thank you. Appreciate it.

謝謝。非常感謝。

Thank you, James.

謝謝你，詹姆斯。

Rob Koh, Morgan Stanley.

摩根士丹利的 Rob Koh。

Thank you. Good morning. First question for me, I guess, is in relation to the derivative item that went through the P&L and that was not a surprise because you talk to us extensively beforehand. But just wanting to understand, a, should we be looking for that derivative -- gas price derivative volatility going forward?

謝謝。早安.我想，對我來說，第一個問題與損益表中涉及的衍生項目有關，這並不奇怪，因為您事先已經與我們進行了廣泛的交流。但只是想了解，a，我們是否應該尋找衍生性商品－未來的天然氣價格衍生性商品波動？

Or is this more of a one-off adjustment? And then secondly, is there any natural hedges within the business that we could think about to offset that item?

或者這更像是一次性調整？其次，我們可以考慮在業務中採用哪些自然對沖來抵銷該專案？

Thanks, Rob. So yeah, look, I think you've captured it. We've provided insight on this for the last couple of years in our accounts. And even though this is a noncash item, the really important point here is we strongly believe the contract has significant expected value, right?

謝謝，羅布。是的，看，我認為你已經抓住了它。我們在過去幾年的會計報表中對此提供了深刻的見解。儘管這是非現金項目，但這裡真正重要的一點是我們堅信該合約具有重大的預期價值，對嗎？

So selling the gas linked to a urea price, we think is good for the business in the long term as opposed to a domestic price. There will be the nature of the fair value accounting required under an embedded derivative.

因此，我們認為，與國內價格相比，將天然氣與尿素價格掛鉤銷售對長期業務有利。嵌入式衍生性商品將具有公允價值會計的性質。

Sorry, I think you was asking about the Henry Hub. Rob, are you asking about the Henry Hub TTF hedging? Or are you asking about the urea pricing?

抱歉，我想您問的是亨利中心。羅布，你問的是亨利港 TTF 對沖的情況嗎？還是您問的是尿素定價？

The urea pricing that Graham was talking about.

格雷厄姆談論的尿素定價。

Sorry, don't just get back my to Yes. Yes, as a part of that, we have to recognize the embedded derivative. We have to value that component on a half yearly basis in our half year accounts and full year accounts. But what we will do going forward, Rob, is we'll provide an update on the movement in the embedded derivatives in the quarterly production report similar to what we do with our hedging derivatives.

抱歉，不要只是回覆我的「是」。是的，作為其中的一部分，我們必須認識到嵌入式衍生品。我們必須在半年帳和全年帳中以半年為基礎對該部分進行估值。但是，羅布，我們下一步要做的是，在季度生產報告中提供嵌入式衍生品變動的最新情況，類似於我們對對沖衍生品所做的工作。

So the market will be able to keep up to speed with it. So it will continue to be revalued through the life of the embedded derivative.

因此市場將能夠跟上它的步伐。因此，在嵌入式衍生性商品的整個生命週期中，它將不斷被重新估值。

Okay. All right. And then my next question, and it may be that you'll be telling this at your climate briefing in, I think, early April, you said. But I know you've got a small element of your cost reduction is focused on new energy you haven't reiterated the $5 billion investment aspiration by 2030. Can you just maybe give us a sense of how you're evolving on your climate ambition?

好的。好的。然後是我的下一個問題，您可能會在四月初的氣候簡報會上談到這個問題，您說。但我知道，你們的成本削減中有一小部分集中在新能源上，你們還沒有重申到 2030 年投資 50 億美元的願望。您能否向我們介紹一下您在氣候目標方面進展如何？

Yes, Rob, nothing has materially changed, and we put another document out today called the Climate updates. What has changed is we've made a $2.3 billion acquisition of a low-carbon ammonia plants. So instead of a pathway that would have had us organically pursuing potentially multiple pathways for growth of this new energy and low carbon business. We've taken a material step forward with this single acquisition that we believe is profitable. We believe it meets our investment targets.

是的，羅布，沒有任何實質的改變，我們今天發布了另一份名為《氣候更新》的文件。改變的是，我們斥資 23 億美元收購了一家低碳氨工廠。因此，我們不應該選擇一條可以讓我們有機地尋求這種新能源和低碳業務成長的潛在多種途徑。我們相信，這次收購將帶來豐厚的利潤，我們由此向前邁出了實質的一步。我們相信它符合我們的投資目標。

We believe it's even got upside potential. So we're very much focusing on delivering shareholder value from the acquisition we've made, and that's going to cause us to reduce some of the other new energy-related business development that we would have been doing over the past few years.

我們相信它甚至還有上漲潛力。因此，我們非常注重透過收購為股東創造價值，這將導致我們減少過去幾年中開展的一些其他新能源相關業務的開發。

Okay. Great. Thanks very much and all the best.

好的。偉大的。非常感謝，祝一切順利。

Adam Martin, E&P.

亞當馬丁（Adam Martin），E&P。

Thank you. Good morning, Meg, Graham, and team. I suppose first question, just on Woodside's equity, I suppose, look, it's underperforming global and local peers in the last 12 months. Just wondering any view on that and any changes or how you're responding, please, and I will come back with a second.

謝謝。早上好，梅格、格雷厄姆和團隊。我想第一個問題是關於伍德賽德的股權，看看它在過去 12 個月中的表現不如全球和本地同行。只是想知道您對此有何看法、有何變化或如何回應，請告訴我，我會再回覆。

Sure. Well, look, I mean, at a headline, one of the things we're emphasizing in our full year results is the quality of the base business. we have absolutely world-class assets, starting with Northwest Shelf, which is the marquee LNG development in Australia. Pluto, which has been an absolutely phenomenal asset for us since we started up in 2012. Bass Strait continues to be a significant cash generator.

當然。嗯，你看，我的意思是，從標題來看，我們在全年業績中強調的事情之一就是基礎業務的品質。我們擁有絕對世界一流的資產，首先是西北大陸架，這是澳洲標誌性的液化天然氣開發項目。冥王星，自 2012 年我們成立以來，它一直是我們絕對非凡的資產。巴斯海峽繼續成為重要的現金來源。

And then the US Gulf properties. But as you would have noticed in the chart on slide -- slide 7, you'll see that many of our mature assets are declining. And so we're in a period of investing in that next wave of profitable assets for Woodside, but the quality is uncompromised.

然後是美國海灣地區的地產。但正如您在第 7 張投影片的圖表中註意到的那樣，您會發現我們的許多成熟資產正在下降。因此，我們正處於為伍德賽德投資下一波獲利資產的時期，但品質不會受到影響。

I mean the same thing, Sangomar, Trion, Scarborough, Louisiana LNG Beaumont are all Tier 1 phenomenal assets -- and once we get through this high investment phase, we're going to be in a period of generating substantial free cash flow.

我的意思是同一件事，Sangomar、Trion、Scarborough、路易斯安那 LNG Beaumont 都是一級非凡資產——一旦我們度過這個高投資階段，我們將進入產生大量自由現金流的時期。

So that's the message that we hope shareholders take away from this presentation today. We know there's been some questions around the acquisitions, and I think that's probably a little bit why our share price has been a bit suppressed. But the reality is we've got absolute world-class assets. We've got a world-class team. We deliver strong operations.

這就是我們希望股東從今天的演講中得到的訊息。我們知道圍繞著收購存在一些疑問，我認為這可能是我們的股價受到抑制的原因之一。但事實上我們擁有絕對世界一流的資產。我們擁有一支世界一流的團隊。我們提供強大的營運。

We deliver on our project commitments, and that allows us to deliver shareholder distributions through this high period of capital investments and well into the future.

我們履行了專案承諾，這使我們能夠在資本投資高峰期以及未來很長一段時間內實現股東分配。

Thank you. That makes sense. Then just a technical one maybe for Graham. Just on these abandonment liabilities, the restoration liabilities. It seems to have fallen on the balance sheet at the 24 million versus 23 million, but we've also got the greater spend in '25, the cost of an exon still working with the regulator. But yes, just. Perhaps you could talk through that, please?

謝謝。這很有道理。那麼對格雷厄姆來說可能只是一個技術問題。僅就這些廢棄責任和修復責任而言。資產負債表上的金額似乎從 2,300 萬美元下降到了 2,400 萬美元，但我們在 25 年的支出也更大了，這是仍在與監管機構合作的外顯子的成本。但確實如此。也許您可以談談這個問題，可以嗎？

Yes. So Adam, as a part of our processes. We will update the provision formally every year. towards the end of the year. But obviously, we have a DCOM team in the US

是的。所以亞當，作為我們流程的一部分。我們每年都會正式更新該條款。接近年底。但顯然，我們在美國有一個 DCOM 團隊

and also in Australia, and they're working on these projects. And if anything was to come that was unexpected or not necessarily included in the plan, we would update ordinarily. But generally, it's an annual process.

他們也在澳洲開展這些計畫。若發生任何意外情況或計畫中未必包含的情況，我們會正常更新。但一般來說，這是一個每年一次的過程。

In terms of the accounting side. So I don't want to get confused with the cash, which is what the slide is talking about on the accounting side. If the operation is operational, it will be reflected through the balance sheet and asset and liability and that will be updated on a regular basis.

就會計方面而言。所以我不想與現金混淆，幻燈片中討論的是會計方面的內容。如果業務正在運營，它將透過資產負債表和資產負債表反映出來，並將定期更新。

And so when you come to the time of decommissioning, you've got the liability ready to go, the provision available to cost of gains. For closed sites, such as Stybarrow, Minerva, et cetera, that will cost any updates to the provision will be charged directly to the P&L, and you see that in the A1 note under other expenses, and that's clearly laid out there.

因此，當您到達退役時間時，您已經準備好承擔責任，並且已準備好收益成本的準備金。對於已關閉的場地，例如 Stybarrow、Minerva 等，任何對準備金的更新都將直接計入損益表，您可以在其他費用下的 A1 註釋中看到這一點，並且那裡有明確的說明。

And I just think I just want to reemphasize we shouldn't get confused with the P&L impact of the provision update for closed sites versus the underlying cash outflow, which is what the slide relates to.

我只是想再次強調，我們不應該混淆關閉站點的撥備更新對損益的影響與幻燈片所涉及的基礎現金流出。

Okay. Thank you very much. That's all from us.

好的。非常感謝。我們就講到這裡。

Henry Meyer, Goldman Sachs.

高盛的亨利·邁耶。

Scarborough and Pluto Train to continue to make good progress. Could you expand on the remaining scope and schedule for SPU fabrication, D&C progress and plant construction? And as we're getting closer to potentially first category, maybe one year from now, do you have a view to narrow the expected start-up timing?

斯卡伯勒和冥王星列車繼續取得良好進展。您能否詳細說明 SPU 製造、D&C 進度和工廠建設的剩餘範圍和時間表？隨著我們越來越接近潛在的第一類，也許從現在起一年後，您是否有縮短預期啟動時間的想法？

Sure. So a couple of key milestones for us. So the floating production unit, which is scheduled critical pass is being built in China. The Holland top sides are at two separate yards so an important milestone for us will be meeting the two structures together. That will happen in the second quarter of this year.

當然。這對我們來說是幾個重要的里程碑。因此，預計關鍵階段的浮式生產裝置正在中國建造。荷蘭號的頂部位於兩個不同的船廠，因此對我們來說，一個重要的里程碑是將兩個結構連接在一起。這將在今年第二季實現。

Then the facility or the FPU will go to another yard for integration work. We expect we'll start telling from China before year-end. And then we go through the hookup and commissioning phase, and we need to hook up the mooring lines, took up the risers, get everything commissioned on the facility, start flowing gas to the beach, then there's a period of getting the gas through Train 2. Train 2 is at the stage where we're completing construction. As I said, all the modules are on site.

然後，該設施或FPU將前往另一個船廠進行整合工作。我們預計我們將在年底前開始從中國報道。然後我們進入連接和調試階段，我們需要連接繫泊纜繩，安裝立管，讓設施上的所有設備投入使用，開始將天然氣輸送到海灘，然後需要一段時間讓天然氣通過 2 號列車。2號列車目前正處於施工完成階段。正如我所說，所有模組都在現場。

So we're completing construction. We'll move into commissioning this year. Drilling and completions, that's progressing very well. All the wells will be drilled and completed. All the wells we expect in this first phase will be done by the end of this year.

所以我們正在完成施工。我們將於今年投入調試。鑽井和完井工作進展非常順利。所有油井都將鑽探並完井。我們預計第一階段的所有油井將在今年年底前完工。

So we're making extremely good progress. The activities offshore are weather-sensitive. And so those are the key factors that we're going to be watching that will drive the exact time line for getting gas to the floating production unit than gas to the beach and then LNG. But I thought in one of the notes we updated that our expectation is for first LNG in the second half of 2026. So that's the time line we're on towards for Scarborough and Pluto Train 2.

因此，我們正在取得非常好的進展。海上活動對天氣十分敏感。因此，這些是我們要關注的關鍵因素，它們將決定將天然氣輸送到浮動生產裝置、海灘和液化天然氣的確切時間表。但我認為，在我們更新的其中一份說明中，我們預計第一批液化天然氣將在 2026 年下半年生產出來。這就是我們為斯卡伯勒和冥王星列車 2 號所製定的時間表。

Excellent. And to expand on some of the previous comments on US LNG exports and Commonwealth, which is making progress towards FID in September targeting first gas in early 2029 similar to Louisiana. Presumably, you'd rather lift your own Louisiana cargoes? Are you still committed to the 2.5 million tonnes from that project if it sanctioning comes online and similarly for Mexico Pacific?

出色的。並擴展先前對美國液化天然氣出口和聯邦的一些評論，聯邦正在朝著 9 月的最終投資決定邁進，目標是在 2029 年初像路易斯安那州一樣產出第一批天然氣。想必您更願意自己運送路易斯安那州的貨物吧？如果該專案獲得批准，您是否仍將致力於生產 250 萬噸石油，墨西哥太平洋專案也同樣如此嗎？

Absolutely. As we think about building a portfolio of quality LNG position, being able to get attractively priced offtake is part of the strategy. We have what I think is a pretty fantastic contract with Commonwealth. So we would be absolutely keen to include that in our portfolio of LNG offtake as well as Mexico Pacific.

絕對地。當我們考慮建立優質液化天然氣投資組合時，能夠以具有吸引力的價格獲得承購權是該策略的一部分。我認為我們與 Commonwealth 簽訂了一份非常棒的合約。因此，我們非常希望將其和墨西哥太平洋納入我們的液化天然氣採購組合中。

And I'm sure you've seen some of the news about some of the changes that are affecting that organization. So we signed those agreements with the -- hope that FID come -- that LNG they want, when they want it.

我相信您已經看到了一些有關影響組織的一些變化的新聞。因此，我們簽署了這些協議，希望最終投資決定 (FID) 能夠及時獲得他們想要的液化天然氣。

That's clear. Thank you.

這很清楚。謝謝。

Saul Kavonic, MST.

索爾·卡沃尼克（Saul Kavonic），MST。

Thanks, Meg, Graham. One last one, just coming back to the dividend because it would like got quite strongly last week for a dividend mix, which is less than $200 million in payout, that's probably not the $1 billion off the share price. You've now got a dividend payout, which can move a few hundred basis points either way based on a urea contract that stop forward urea pricing, right, which adds this level of uncertainty here.

謝謝，梅格，格雷厄姆。最後一個問題，回到股息問題上，因為上週的股息組合相當強勁，但派息不到 2 億美元，這可能不是股價下跌 10 億美元的原因。現在你有了股息支付，根據停止遠期尿素定價的尿素合約，股息支付可能會有幾百個基點的變動，對吧，這增加了這種程度的不確定性。

Can you perhaps give us some color as to why this wasn't normalized out for dividend purposes. And can you give us some level of color and comfort on towards the concerns that ultimately the balance sheet couldn't withstand an extra $200 million payout.

您能否向我們解釋為什麼這在股息分配方面沒有規範化？您能否給我們一些解釋和安慰，讓我們不再擔心資產負債表最終無法負擔額外的 2 億美元支出。

Yes. So thanks, Saul. Good question. Look, what we do is we remove -- moving from our statutory net profit to underlying, it's more based on recurring -- nonrecurring items. This is a 20-year contract that starts in 2027. It was recognized upon FID of Perdaman, it is a part of our business that will be around for quite a period of time. So we don't believe it appropriate to normalize, if you want to call it.

是的。所以謝謝你，索爾。好問題。你看，我們所做的就是將法定淨利潤轉移到基礎利潤，這更多是基於經常性非經常性項目。這是一份為期20年的合同，從2027年開始。這是在 Perdaman 的 FID 上得到認可的，它是我們業務的一部分，並且將存在相當長的一段時間。因此，我們認為，如果你想這麼稱呼的話，規範化是不合適的。

And I'll just bring back to my opening comments in the previous question from Rob, is that the contract is a good contract, and we think it will add significant expected value to the business by having it linked to an underlying global urea price versus the domestic price. So we're very happy with the contract itself. We're dealing with the accounting technicalities of it, if you want to call it.

我只是想回到 Rob 之前提出的問題中我的開場白，那就是這份合同是一份很好的合同，我們認為通過將其與全球尿素價格而非國內價格掛鉤，它將為業務增加顯著的預期價值。所以我們對合約本身非常滿意。如果你願意的話，我們正在處理它的會計技術細節。

It is ongoing. But what we are committed to doing going forward is providing an update on the embedded derivative component of this contract in our quarterly production report, similar to what we do with our other derivatives and they're related to our hedging positions.

它仍在進行中。但我們致力於在季度生產報告中提供該合約嵌入式衍生品部分的最新信息，類似於我們對其他衍生品所做的工作，它們與我們的對沖頭寸有關。

Thanks very much. There are no further questions at this time. I'll now hand back to Ms. O'Neill for closing remarks.

非常感謝。目前沒有其他問題。現在我將把發言權交還給歐尼爾女士，請她作最後發言。

All right. Thanks, everyone, for listening in and participating today. I look forward to speaking to many more of you -- many more of you and other upcoming events and continuing to share how we are delivering on our strategy to thrive through the energy transition. Thank you.

好的。感謝大家今天的收聽與參與。我期待與你們更多的人交談——更多的人以及其他即將舉行的活動，並繼續分享我們如何實現我們的策略，以在能源轉型中蓬勃發展。謝謝。

Thank you very much. That does conclude our conference for today. Thank you all for participating. You may now disconnect your lines.

非常感謝。今天的會議就到此結束了。感謝大家的參與。現在您可以斷開線路了。