Woodside Energy Group Ltd (WDS) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Woodside Energy Group Limited half-year results 2025 conference call. (Operator Instructions)

感謝您的支持，歡迎參加伍德賽德能源集團有限公司 2025 年半年業績電話會議。（操作員指示）

I would now like to hand the conference over to Meg O’Neill, CEO and Managing Director. 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 (Meg O’Neill)。請繼續。

Good morning, everyone, and welcome to Woodside's 2025 half-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 Eora Nation and pay respect to their Elders past and present.

大家早安，歡迎參加伍德賽德2025年半年業績發表會。我們來自悉尼，首先我想感謝這片土地的傳統守護者，Gadigal 人 Eora 民族，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 half-year 2025 performance before opening up to Q&A.

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 2025 年上半年的表現。

Please take the time to read the disclaimers, assumptions, and other important information on slides 2 and 3. I'd like to remind you that all dollar figures in today's presentation are in US dollars unless otherwise indicated.

請花時間閱讀投影片 2 和 3 上的免責聲明、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。

Turning to slide 4. I'm very pleased to present a strong set of half-year results today. They demonstrate outstanding performance across our portfolio of world-class assets, efficient execution of our major growth projects, and continued strong returns for our shareholders.

翻到幻燈片 4。我很高興今天能夠公佈強勁的半年業績。它們展現了我們世界級資產組合的卓越表現、主要成長項目的高效執行以及為股東持續帶來的強勁回報。

During the first half, we have remained focused on delivering against all aspects of our strategy and investment case, providing energy, creating and returning value, and conducting our business sustainably. We combined strong, safe, and reliable operations over the half with reduced unit production costs, maximizing value from our core assets. We continue to demonstrate excellence in project delivery across multiple major projects, including Sangomar and Trion.

上半年，我們繼續致力於實現策略和投資方案的各個方面，提供能源，創造和回報價值，並可持續地開展業務。我們將強大、安全、可靠的營運與降低的單位生產成本相結合，最大限度地發揮了核心資產的價值。我們繼續在包括 Sangomar 和 Trion 在內的多個重大專案中展現出卓越的專案交付能力。

In April, we approved the final investment decision on Louisiana LNG, positioning Woodside as a global LNG powerhouse, Louisiana LNG, built on our proven strengths in project execution, operational excellence, and LNG marketing, to be growing global demand and create long-term shareholder value.

今年 4 月，我們批准了路易斯安那液化天然氣 (LNG) 項目的最終投資決定，將伍德賽德定位為全球液化天然氣巨頭路易斯安那液化天然氣公司，以我們在項目執行、卓越運營和液化天然氣營銷方面公認的優勢為基礎，滿足不斷增長的全球需求並創造長期股東價值。

For strong financial performance and disciplined capital management enables us to invest in future profitable growth while rewarding shareholders today with a fully franked interim dividend of USD053 per share, once again at the top end of our payout range, and we continue to conduct our business sustainably.

強勁的財務表現和嚴謹的資本管理使我們能夠投資於未來的盈利增長，同時以每股 053 美元的全額免稅中期股息回報股東，這再次達到我們派息範圍的最高端，並且我們將繼續可持續地開展業務。

We recorded no high consequence injuries or significant environmental impacts during the half and remain on track to achieve our net equity Scope 1 and 2 greenhouse gas emissions reductions.

我們在上半年沒有記錄到任何嚴重傷害或重大環境影響，並繼續預計將實現淨權益範圍 1 和 2 溫室氣體減排目標。

Our key operational and financial outcomes on slide 5 highlight the strong performance of our base business. Exceptional performance at Sangomar contributed to an outstanding half year production of 548,000 barrels of oil equivalent per day and total production of 9.2 million barrels of oil equivalent. Increased production was max increased efficiency across our operating business as we've reduced unit production costs by a further 7%.

幻燈片 5 上的關鍵營運和財務成果凸顯了我們基礎業務的強勁表現。Sangomar 的出色表現使其半年產量達到每天 548,000 桶油當量，總產量達到 920 萬桶油當量。由於我們將單位生產成本進一步降低了 7%，因此產量的提高最大限度地提高了我們整個營運業務的效率。

We are generating value from our marketing and trading business, and half-year marketing and trading activities delivered a strong contribution of $144 million, representing approximately 8% of total events. We reported a net profit after tax of more than $1.3 billion.

我們正在從行銷和交易業務中創造價值，半年的行銷和交易活動貢獻了 1.44 億美元的強勁收入，約佔總活動的 8%。我們報告的稅後淨利超過13億美元。

Our balance sheet remains well positioned through this period of higher capital investments and we continue to maintain a strong liquidity position with gearing within our targeted range. As a result, we remain well positioned to progress ongoing projects while continuing to deliver strong core results.

在資本投資增加的這段時期，我們的資產負債表仍然保持良好狀態，並且我們繼續保持強勁的流動性狀況，負債比率在我們的目標範圍內。因此，我們仍處於有利地位，可以推進正在進行的項目，同時繼續提供強勁的核心成果。

Keeping our people safe remains at the forefront of everything we do here at Woodside. As the graph on slide 6 outlines, it's very pleasing that during a time of heightened activity levels, which did not record any live consequent injuries.

確保員工安全始終是伍德賽德一切工作的首要任務。正如幻燈片 6 中的圖表所示，令人欣慰的是，在活動水平提高的時期，沒有記錄到任何隨之而來的傷害。

We also marked significant safety milestones across our global portfolio. We achieved 100,000 hours (technical difficulty) worked across two major turnarounds on a Northwest shelf project in Western Australia, with no lost time injuries.

我們也在全球產品組合中樹立了重要的安全里程碑。我們在西澳大利亞西北大陸架專案的兩次重大檢修中實現了 100,000 小時（技術難度）的工作量，並且沒有發生任何工時損失事故。

Safety was also front and center of our exceptional performance at Sangomar with no recordable injuries during the project's first year of operations. These examples demonstrate our continuous commitment to safety and establish the required standards for Woodside.

安全也是我們在 Sangomar 出色表現的核心，在專案運作的第一年沒有任何可記錄的傷害。這些例子顯示了我們對安全的持續承諾，並為伍德賽德建立了所需的標準。

We continue to be proactive and focused on continuous improvement. This has included the deployment of AI-driven analytics to improve our investigation and learning efficiency.

我們將繼續積極主動並致力於持續改進。這包括部署人工智慧驅動的分析來提高我們的調查和學習效率。

So slide 8. The first half of the year has once again showcased Woodside's world-class operational capabilities with the consistent high reliability and disciplined cost control across our global portfolio.

幻燈片 8。今年上半年，伍德賽德再次展現了其世界一流的營運能力，其全球投資組合始終保持高可靠性和嚴格的成本控制。

Outstanding half-year production has allowed us to narrow the full-year guidance to the upper end of the range, even with the impact of the divestment of the greater Inglese. As highlighted on the graph I realize many of our operated assets to the upper end of the range, even with the impact of the divestment of the Greater Angostura assets.

儘管受到大英格萊斯資產剝離的影響，但出色的半年產量使我們能夠將全年預期縮小到範圍的上限。正如圖表所示，即使受到大安戈斯圖拉資產剝離的影響，我意識到我們運營的許多資產仍處於該範圍的上限。

As highlighted on the graph, high reliability of our operated assets aligned with an unrelenting focus on cost control as full-year unit production cost reduced to $7.70 per barrel of oil equivalent.

如圖所示，我們營運資產的高可靠性與對成本控制的不懈關注相一致，全年單位生產成本降至每桶油當量 7.70 美元。

Our teams continue to keep a sharp focus on costs across the business. including new ways of using technology, including AI, to deliver safety, cost, and efficiency improvements such as speeding up real cost analysis during plant trips. We are also finding new avenues to reduce some corporate costs which is our planned establishment of a digital solution center in India.

我們的團隊繼續密切關注整個業務的成本，包括使用人工智慧等技術的新方法來實現安全性、成本和效率的改進，例如加快工廠巡檢期間的實際成本分析。我們也正在尋找新的途徑來降低一些企業成本，即我們計劃在印度建立一個數位解決方案中心。

Since the Minister announced its proposed approval of the North West Shelf Extension in May, we have been working with the government to secure a final approval that supports continued and long-term operations and is consistent with the government's future gas strategy.

自從部長在五月宣布擬批准西北大陸架延伸計畫以來，我們一直在與政府合作，爭取最終批准，以支持持續和長期運營，並符合政府未來的天然氣戰略。

The WA government's approval, which was under rigorous assessment for more than six years. includes conditions that are based on the best available science and are also technically feasible. We are seeking the same objectives in our consultation with the federal government. It's frustrating that we still don't have the final federal approval time frames. There's certainly something that needs to be considered when we're thinking about how to lift productivity in Australia.

西澳政府的批准經過了六年多的嚴格評估，其中包括基於現有最佳科學且技術上可行的條件。我們在與聯邦政府的磋商中尋求同樣的目標。令人沮喪的是，我們仍然沒有得到聯邦政府的最終批准時間表。當我們思考如何提高澳洲的生產力時，肯定有一些事情需要考慮。

We know that the federal government understands how important the North West Shelf Extension is for our communities, customers and our workforce and their coordination. And we look forward to a positive final outcome in the near future. A real highlight during the period was the ongoing exceptional performance asset.

我們知道聯邦政府了解西北大陸棚延伸對我們的社區、客戶、我們的員工及其協調有多重要。我們期待在不久的將來取得積極的最終成果。這段時期的真正亮點是持續卓越的績效資產。

As highlighted on slide 9, in the first half alone, Sangomar is generate revenue of almost $1 billion. or 14 months after achieving first oil, the project has maintained gross production at nameplate capacity of 100,000 barrels per day with almost 99% reliability.

正如幻燈片 9 所強調的，僅在上半年，Sangomar 就創造了近 10 億美元的收入。在獲得第一批石油後的 14 個月內，該專案一直保持著每天 10 萬桶的額定產能，可靠性接近 99%。

Future development decisions will be informed by the first 12 to 24 months of production data and the performance of sec quarter subsurface and wells continues to be very good. The potential Sangomar Phase 2 development to leverage the existing FPSO infrastructure, ensuring a more efficient, lower cost in deal expansion.

未來的開發決策將取決於前 12 至 24 個月的生產數據，而第二季地下和油井的表現仍然非常好。Sangomar 第二階段開發案將利用現有的 FPSO 基礎設施，確保更有效率、更低成本地擴大交易。

Slide 10. In Australia, our agreement announced in July with Exxon Global to assume operatorship in the pass-grade assets strengthens our Australian operations and unlocks the potential development of additional gaps resource. This transaction is expected to complete next year. This strategic move combines with side's existing global operational capabilities with Exxon's highly experienced fast trade workforce further sustaining our overall operating expertise.

幻燈片 10。在澳大利亞，我們於 7 月宣布與埃克森全球公司達成協議，承擔合格資產的營運權，這增強了我們在澳洲的業務，並釋放了額外缺口資源的潛在開發潛力。預計交易將於明年完成。這項策略性舉措結合了 Side 現有的全球營運能力和埃克森美孚經驗豐富的快速貿易員工隊伍，進一步維持了我們的整體營運專業知識。

By taking operatorship of a large trip of Estenson Australia, we will create economies of scale that are expected to drive cost efficiencies and synergies across our operations. The agreement also creates flexibility for future development opportunities through existing infrastructure.

透過獲得 Estenson Australia 大型行程的營運權，我們將創造規模經濟，有望提高我們營運的成本效率和協同效應。該協議還透過現有的基礎設施為未來的發展機會創造了靈活性。

With four potential development wells that could deliver up to [200 petajoules] of sales gas to the domestic market, it also demonstrates the long-standing commitment to supplying reliable and affordable energy to a scaling customers.

該公司擁有四口潛在的開發井，可向國內市場輸送高達 [200 千兆焦耳] 的銷售天然氣，這也表明該公司長期以來致力於為不斷擴大的客戶提供可靠且價格合理的能源。

Let's now take a moment to review the global energy landscape and the petrol role LNG will play in meeting this future demand. As the world's population broadens and living standards improve, energy use is also increasing.

現在讓我們花點時間回顧全球能源格局以及液化天然氣在滿足未來需求方面將發揮的石油作用。隨著世界人口的增加和生活水準的提高，能源的使用也不斷增加。

As the graph on slide 11 shows, since 2020 primary energy consumption per capita has grown 14% in non-OECD Asia specific countries. At the same time, even with this front, a major demand gap exists between these nations and OECD, APAC, and the USA, indicating significant additional demand reais likely as nations see economic growth and improves quality of life.

如投影片 11 的圖表所示，自 2020 年以來，非經合組織亞洲國家的人均一次能源消耗成長了 14%。同時，即使有這樣的優勢，這些國家與經合組織、亞太地區和美國之間仍然存在巨大的需求差距，這表明隨著各國經濟成長和生活品質提高，可能會出現大量的額外需求。

The challenges for these countries remains to secure reliable and affordable supply while at the same time reducing admissions and premier quality. Natural gas and LNG are flexible energy sources, supporting baseload power, industrial use and grid reliability. LNG contributes towards our customer country's energy security through diversification and is a versatile tradable energy source.

這些國家面臨的挑戰仍然是確保可靠且價格合理的供應，同時減少入場人數並確保一流的品質。天然氣和液化天然氣是靈活的能源，支援基載電力、工業用途和電網可靠性。LNG 透過多樣化為我們客戶國家的能源安全做出貢獻，並且是一種多功能可交易能源。

With Scarborough and Louisiana LNG in the pipeline, Woodside's well positioned to meet growing LNG demand. which is expected to rise by approximately 60% by 2020, delivering competitive, reliable energy into key markets.

隨著斯卡伯勒和路易斯安那液化天然氣管道的投入使用，伍德賽德已做好準備，滿足日益增長的液化天然氣需求，預計到 2020 年將增長約 60%，為主要市場提供具有競爭力的可靠能源。

On to slide 12. We Underpinned by this robust long-term man for our products, we are positioning Woodside to maximize value through our global marketing and trading business. We are capturing value from our diverse portfolio of high-quality assets established marketing and citing capabilities and strong shipping positions. Our portfolio provides volume and contractual flexibility, allowing us to adapt to our customers' requirements and changing market conditions.

轉到投影片 12。在這位對我們產品有長期堅定承諾的人的支持下，伍德賽德將透過我們的全球行銷和貿易業務實現價值最大化。我們正在從多元化的優質資產組合、成熟的營銷和引用能力以及強大的航運地位中獲取價值。我們的產品組合提供了數量和合約靈活性，使我們能夠適應客戶的要求和不斷變化的市場條件。

Gas Hub exposure on produced sale in JD was 24.2%, which realized a premium of approximately 3% per MMBtu compared to oil lead sales. demonstrating the value of price diversity and volatile markets. Sale and purchase agreements signed during the half with Uniper and China Resources most Woodside LNG delivered to customers in Europe and Asia into the 2040s, demonstrating the robust long-term demand (technical difficulty)

天然氣樞紐在 JD 產出銷售中的曝光率為 24.2%，與石油銷售相比，每百萬英熱單位溢價約 3%，反映了價格多樣性和波動市場的價值。本季與 Uniper 和華潤簽署的銷售和購買協議將大部分 Woodside LNG 交付給歐洲和亞洲客戶，直至 2040 年代，這表明長期需求強勁（技術難度）

Moving to our major projects. We have made excellent progress with our Scarborough Energy project, which is 86% complete and targeting first LNG cargo in the second half of 2026.

轉向我們的主要項目。我們的斯卡伯勒能源計畫取得了巨大進展，目前已完成 86%，目標是在 2026 年下半年運送第一批液化天然氣貨物。

The timing on slide 13 showcases the significant milestone reached in May as we successfully connected the floating production unit hole and topsides. Integration activities are underway, as we prepare for sale from China to Asure.

幻燈片 13 上的時間展示了我們在 5 月成功連接浮式生產裝置孔和上部結構時達到的重要里程碑。我們正在進行整合活動，為從中國向 Asure 的銷售做準備。

In readiness for the arrival of the FPU and subsequent hookup, subsea installation testing and pre-commissioning works were completed subsequent to the period. Our development drilling campaign is also proceeding to schedule on with four of the wells down letting drilled the reservoir section, confirming excellent reservoir properties. Three of these wells have already been completed.

為了迎接FPU的到來和隨後的連接，海底安裝測試和預先調試工作已於隨後完成。我們的開發鑽井活動也正在按計畫進行，其中四口井已鑽探至儲層段，證實了儲層性能優良。其中三口井已經完工。

Moving to Trion on slide 14. We are on track for targeted first oil in 2028. During the half, we advanced the construction of the floating production unit completing key activities, including equipment fabrication and the construction of three modules and living quarters.

移至幻燈片 14 上的 Trion。我們預計在 2028 年實現第一批石油產出的目標。上半年，我們推進了浮式生產裝置的建設，完成了設備製造、三個模組和生活區的建造等關鍵活動。

Preparations are progressing for the construction of the floating storage and offloading vessels scheduled for the second half of 2020 filing and we are ready for major subsea work scopes to commence next year.

計劃於 2020 年下半年提交的浮式儲卸船建造準備工作正在進行中，我們已準備好於明年開始主要的海底工作範圍。

As I mentioned earlier, Louisiana LNG is a game changer for Woodside set to transform our company into a global LNG newer use and deliver enduring shareholder value for decades to come.

正如我之前提到的，路易斯安那液化天然氣計畫對於伍德賽德來說具有重大意義，它將使我們公司轉變為全球液化天然氣的新用途，並在未來幾十年為股東帶來持久的價值。

On slide 15, you will see that since -- (technical difficulty)

在第 15 張投影片上，你會看到--（技術難度）

Ladies and gentlemen, it seems that we may have a technical issue with the main speaker line. Please stay on the line while we try to reconnect. Thank you.

女士們、先生們，看來我們的主揚聲器線可能出現了技術問題。我們正在嘗試重新連接，請保持通話。謝謝。

And everyone, we are reconnecting the speaker line Please proceed.

各位，我們正在重新連接揚聲器線路，請繼續。

All right. I'm not sure what happened there. But I'll start with Louisiana LNG because it's entirely clear where we cut out. As I mentioned earlier, Louisiana LNG is a game changer for Woodside, set to transform our company into a global LNG powerhouse and deliver enduring value to shareholders for decades to come.

好的。我不確定那裡發生了什麼事。但我將從路易斯安那州液化天然氣開始，因為我們很清楚從哪裡切入。正如我之前提到的，路易斯安那液化天然氣計畫對伍德賽德來說具有重大改變，它將使我們公司轉變為全球液化天然氣巨頭，並在未來幾十年為股東帶來持久的價值。

On slide 15, you will see that since the completion of the acquisition in October last year, we've secured a highly competitive EPC pricing for all 3 Chinese selected a high-quality infrastructure partner to share the capital expenditure, secured long-term offtake agreements with Uniper and signed the long-term gas supply agreement for BPS.

在第15張幻燈片上，你會看到，自去年10月完成收購以來，我們為所有3家中國公司爭取到了極具競爭力的EPC定價，選擇了一家優質的基礎設施合作夥伴來分擔資本支出，與Uniper達成了長期承購協議，並為BPS簽署了長期天然氣供應協議。

Following FID in April, we have maintained strong momentum on the project as we target first LNG in 2020 (technical difficulty) as outlined on slide 15, construction of Train 1 is 22% complete, and we are targeting first structural steel on site by the end of this year. In June, we completed a 40% sell-down in Louisa LNG infrastructure to Steve.

繼 4 月的 FID 之後，我們一直保持著專案的強勁勢頭，正如幻燈片 15 中概述的那樣，我們的目標是在 2020 年生產出第一批液化天然氣（技術難度），1 號生產線的建設已完成 22%，我們的目標是在今年年底前將第一批結構鋼運到現場。6 月份，我們完成了將 Louisa LNG 基礎設施 40% 的出售給史蒂夫的交易。

This will see stone contributed $5.7 million towards the expected capital expenditure including contributing 75% of the capital expenditure over both 2025 and 2026. This strengthens our balance sheet and our ability to fund our growth projects and provide shareholder reach. We continue to receive strong interest from high-quality potential partners as we explore further sell-downs.

這將使 Stone 為預期的資本支出貢獻 570 萬美元，其中包括在 2025 年和 2026 年貢獻 75% 的資本支出。這增強了我們的資產負債表和為成長項目提供資金以及提供股東影響力的能力。當我們探索進一步出售時，我們繼續收到來自高品質潛在合作夥伴的濃厚興趣。

Slide 16. There are several strengths to the traditional US LNG models, including abundant low-cost feed gas and access station in European markets. Louisiana LNG builds on the stress. The project itself is extremely competitive with a fully permitted site and an LNG project cost of around $96 per tonne and the sale ancestor reduces our capital exposure.

幻燈片 16。傳統的美國液化天然氣模式有幾個優勢，包括豐富的低成本原料氣和歐洲市場的接入站。路易斯安那州液化天然氣計畫在壓力下建設。該項目本身極具競爭力，擁有完全許可的場地，液化天然氣項目成本約為每噸 96 美元，並且銷售祖先降低了我們的資本風險。

With site's strong balance sheet and investment-grade print rating means we not require rosin financing. This allows us to take full advantage of the international market prices for LNG and not be reliant on low-margin 20-year offtake agreements.

由於網站擁有強大的資產負債表和投資級印刷評級，因此我們不需要松香融資。這使我們能夠充分利用液化天然氣的國際市場價格，而不必依賴低利潤的20年承購協議。

We will continue to secure LNG sales agreements over the coming years as we advance towards first. In addition, Louisiana LNG volumes will also be added into Woodside's global LNG marketing portfolio, which further enhances value through shipping, trading and lower portfolio optimization. As we evaluate the strong market interest in Louisiana LNG Volta equity, are timework to secure long-term strategic alignments and bring in partners who can contribute complementary capabilities to enhance the value of the project.

未來幾年，我們將繼續達成液化天然氣銷售協議，朝第一的目標邁進。此外，路易斯安那州的液化天然氣產量也將納入伍德賽德的全球液化天然氣行銷組合，透過運輸、交易和較低的投資組合優化進一步提升價值。當我們評估市場對路易斯安那州液化天然氣沃爾特股權的強烈興趣時，我們需要及時確保長期策略聯盟並引入能夠提供互補能力的合作夥伴來提升專案價值。

A good analogy is our sell-down of equity interest in our growth to zero and LNG Japan. This helps to share the investment with partners, secured offtake and opened up further opportunities such as exploring lower carbon solutions. We are not driven by timing or short-term considerations and are undertaking a deliberate and disciplined approach in the selection of partners. Moving to Beaumont net ammonia online 17.

一個很好的類比是，我們將成長至零的 LNG 日本的股權出售。這有助於與合作夥伴分享投資，確保承購，並開啟更多機會，例如探索低碳解決方案。我們不受時間或短期考慮的驅動，在選擇合作夥伴時採取深思熟慮和嚴謹的態度。移至博蒙特淨氨線上 17。

At the end of the first half, Train 1 was 95% complete with first ammonia production targeted for late 2020 pot. Over the period, we successfully completed key activities and have immense precommissioning activities and preparation for sale. We also focused marketing efforts to support uptake.

截至上半年末，1號生產線已完成95%，第一批氨預計於2020年底投產。在此期間，我們成功完成了關鍵活動，並進行了大量的預調試活動和銷售準備。我們也集中行銷力量來支持吸收。

We plan market our early amount of production in the US and Europe with existing spot markets, providing us with flexibility to place our initial production volumes. Aligned with market forecast, we expect opportunities beyond 2026 to place lower carbon ammonia into Europe as customer demand increased.

我們計劃利用現有的現貨市場在美國和歐洲銷售我們早期生產的產品，這為我們提供彈性來投放我們的初始生產量。根據市場預測，隨著客戶需求的增加，我們預計 2026 年以後將有機會將低碳氨引入歐洲。

Following the introduction of policies in key energy markets, is the carbon border adjustment mechanism to slide 18. During the first half, we continued to execute multiple complex decommissioning campaigns, including successfully completing a multiyear deconditioning program on fields.

繼重點能源市場政策推出後，碳邊境調整機制將進入第18階段。上半年，我們繼續執行多項複雜的退役活動，包括成功完成油田的多年退役計畫。

This is an asset that Woodside has taken from exploration through development and operations to decommissioning. We have removal of equipment at the legacy Griffin, Minerva, and Stybarrow assets has been impacted by unexpected challenges, resulting in cost impacts over 2025 and the next few years. We are focused on reducing risk across our decommissioning operations and continue to integrate learnings and improvements while remaining focused on safety, the environment, and efficiency.

這是伍德賽德從勘探、開發、營運到退休所獲得的寶貴資產。我們拆除原有 Griffin、Minerva 和 Stybarrow 資產的設備受到了意外挑戰的影響，導致 2025 年及未來幾年的成本受到影響。我們致力於降低整個退役作業的風險，並繼續整合經驗教訓和改進，同時繼續專注於安全、環境和效率。

The decommissioning works safely ongoing at the Gippsland Basin joint venture, including the permanent plugging and abandonment more than 200 wells, we do not expect to encounter similar challenges with future decommissioning of the dose assets.

吉普斯蘭盆地合資企業的退役工作正在安全進行中，包括 200 多口井的永久封鎖和廢棄，我們預計未來劑量資產退役時不會遇到類似的挑戰。

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. Hello, everyone. I'm pleased to present a strong set of financial results. It's worth calling out Sangomar's cash contribution of approximately $800 million. Our EBITDA margin of 70% remains peer leading, an outstanding result given lower realized prices and ongoing inflationary pressures.

謝謝，梅格。大家好。我很高興地向大家呈現一組強勁的財務表現。值得一提的是，Sangomar 貢獻了約 8 億美元的現金。我們的 EBITDA 利潤率為 70%，仍然處於同業領先地位，考慮到較低的實際價格和持續的通膨壓力，這是一個出色的結果。

It's reliable and cost-competitive performance has translated into half-year earnings of USD0.69 per share, coupled with our consistent approach to capital management, this provides our balance sheet, the resilience and flexibility to continue delivering strong returns for shareholders while funding value-accretive growth.

其可靠且具有成本競爭力的表現已轉化為每股 0.69 美元的半年收益，再加上我們一貫的資本管理方法，這為我們的資產負債表提供了彈性和靈活性，可以繼續為股東帶來強勁回報，同時為增值增長提供資金。

Moving to slide 21. We continue to deliver our business in line with our capital management framework, which remains unchanged. We operate with discipline and focus. We continue to exercise strong cost control across our business, once again achieving a measurable reduction in unit production costs.

移至第 21 張投影片。我們將繼續按照保持不變的資本管理框架開展業務。我們嚴守紀律、專注工作。我們繼續在整個業務中實施強有力的成本控制，再次實現了單位生產成本的顯著降低。

The same discipline is applied when making investment decisions. adhering strictly to our capital allocation framework and ensuring alignment to our strategic goals, and we are disciplined in how we position the balance sheet to achieve these goals.

在做出投資決策時也應用同樣的原則。嚴格遵守我們的資本配置框架並確保與我們的策略目標保持一致，並且我們在如何定位資產負債表以實現這些目標方面也非常嚴格。

Levers such as the sell-down of 40% interest in Louisiana allergy infrastructure to Stone assist in strengthening our balance sheet metrics while also bringing a quality partner into the project

將路易斯安那州過敏基礎設施 40% 的權益出售給 Stone 等手段有助於加強我們的資產負債表指標，同時也為專案帶來了優質合作夥伴

(technical difficulty)

（技術難度）

Okay. And everyone, once again, we seem to be having technical difficulty with the main speaker line. One moment while we try to reconnect the line.

好的。各位，我們再次發現主揚聲器線似乎遇到了技術問題。請稍等，我們正在嘗試重新接通線路。

And thank you for standing by, everyone. We reconnected the speaker line. You may proceed.

謝謝大家的支持。我們重新連接了揚聲器線。您可以繼續。

It's Graham Tiver joining again. I do apologize for the technical difficulties. What I'll do is I'll start from Slide 21, the capital management framework slide. We continue to deliver our business in line with our capital management framework, which remains unchanged. We operate with discipline and focus.

格雷厄姆·蒂弗 (Graham Tiver) 再次加入。對於技術難題，我深感抱歉。我將從第 21 張投影片（資本管理架構投影片）開始。我們將繼續按照保持不變的資本管理框架開展業務。我們嚴守紀律、專注工作。

We continue to exercise strong cost control across our business, once again achieving a measurable reduction in unit production costs. The same discipline is applied when making investment decisions, adhering strictly to our capital allocation framework and ensuring alignment to our strategic goals and we are disciplined in how we position the balance sheet to achieve these goals.

我們繼續在整個業務中實施強有力的成本控制，再次實現了單位生產成本的顯著降低。在做出投資決策時也應用同樣的原則，嚴格遵守我們的資本配置框架並確保與我們的策略目標保持一致，並且我們在如何定位資產負債表以實現這些目標方面也採取了同樣的紀律。

Levers such as the sell-down of a 40% interest in Louisiana LNG infrastructure to Stonepeak assets in strengthening our balance sheet metrics while also bringing a quality partner into the project. As Meg mentioned, Stonepeak will provide $5.7 billion towards the expected capital expenditure of Louisiana LNG and importantly, on an accelerated basis. will contribute 75% of expected project capital expenditure in both 2025 and 2026. This innovative approach has improved our liquidity and keeps our gearing within the target range.

將路易斯安那州液化天然氣基礎設施 40% 的權益出售給 Stonepeak 資產等手段可以加強我們的資產負債表指標，同時也為該項目引入優質合作夥伴。正如梅格所提到的，Stonepeak 將為路易斯安那液化天然氣項目的預期資本支出提供 57 億美元，而且重要的是，將以加速的方式，在 2025 年和 2026 年分別貢獻 75% 的預期項目資本支出。這種創新方法提高了我們的流動性，並使我們的負債比率保持在目標範圍內。

The capital management framework underpins a healthy balance sheet, allowing us to invest in our future while providing strong returns to our shareholders. When referring to returns, our dividend policy is to pay a minimum of 50% of underlying NPAT. We target paying between 50% and 80% and for more than a decade, we have consistently paid at the top end of this range.

資本管理框架支撐著健康的資產負債表，使我們能夠投資未來，同時為股東提供豐厚的回報。當提到回報時，我們的股利政策是支付至少 50% 的基礎 NPAT。我們的目標是支付 50% 到 80% 之間的金額，十多年來，我們支付的金額一直處於這個範圍的最高水平。

As highlighted on slide 22, we have achieved this once again with a healthy interim dividend of USD 0.53 per share fully franked, representing a half year annualized yield of 6.9%. We have taken important steps to maintain the balance sheet strength and pay a dividend at the top of the range. This starts with strong underlying performance of our assets, supported by Sangomar coming online, exceeding our expectations.

正如第 22 張投影片所強調的，我們再次實現了這一目標，每股派發了 0.53 美元的豐厚中期股息，相當於半年年化收益率為 6.9%。我們已採取重要措施來維持資產負債表的強勁勢頭並支付最高額度的股息。首先是我們的資產表現強勁，在 Sangomar 上線的支持下，超出了我們的預期。

Secondly, strong financial discipline and investment-grade credit rating. And finally, portfolio optimization from the Stonepeak transaction and Greater Angostura divestment as well as a focus on OpEx and CapEx, including minimizing discretionary spend. Our balance sheet remains well positioned with a portfolio of high-quality producing assets and transformative growth projects. We are actively managing our debt portfolio.

其次，嚴格的財務紀律和投資等級信用評等。最後，透過 Stonepeak 交易和 Greater Angostura 資產剝離實現投資組合優化，並專注於營運支出和資本支出，包括盡量減少可自由支配的支出。我們的資產負債表依然保持良好狀態，擁有高品質的生產資產和轉型成長項目組合。我們正在積極管理我們的債務組合。

We have minimal debt maturities over the next 12 months, and as you can see on Slide 23, our liquidity remains strong. The strong cash-generating capacity of our assets, combined with the issuance of $3.5 billion in senior unsecured bonds in the US market, which attracted significant oversubscription has led to a liquidity position of $8.4 billion. We remain committed to maintaining an investment-grade credit rating it enables efficient access to global debt markets on competitive terms and represents an independent assessment of the financial strength of our business.

未來 12 個月內，我們的債務到期量很少，正如您在投影片 23 上看到的，我們的流動性依然強勁。我們資產的強大現金產生能力，加上在美國市場發行的 35 億美元優先無擔保債券，吸引了大量超額認購，導致流動性狀況達到 84 億美元。我們仍然致力於維持投資等級信用評級，它使我們能夠以有競爭力的條件有效進入全球債務市場，並代表對我們業務財務實力的獨立評估。

Strong operating cash flow and disciplined capital allocation results in a strong balance sheet. At the half year, our gearing remains within our range of 10% to 20% and we have $8.4 billion in liquidity.

強勁的營運現金流量和嚴格的資本配置帶來強勁的資產負債表。上半年，我們的負債比率維持在 10% 至 20% 的範圍內，流動資金為 84 億美元。

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 the goals underpinning our strategy to thrive through the energy transition. As shown on slide 25, a our company-wide sustainability strategy sets clear objectives and focus areas to track our performance across four material areas: health, safety and well-being, climate First Nation's cultural heritage and engagements and environment and biodiversity.

謝謝，格雷厄姆。永續地開展業務是我們透過能源轉型實現繁榮的策略目標之一。如投影片 25 所示，我們全公司的永續發展策略設定了明確的目標和重點領域，以追蹤我們在四個重要領域的表現：健康、安全和福祉、氣候、原住民的文化遺產和參與以及環境和生物多樣性。

Beyond our safety performance, which I outlined earlier, we have made positive progress across all these areas. We progressed to the implementation of our asset decarbonization plans and remain on to achieve our net equity Scope 1 and 2 greenhouse gas emissions reduction targets. Engagement with traditional owner representatives remains central to our Australian activities.

除了我之前概述的安全表現之外，我們在所有這些領域都取得了積極進展。我們逐步實施資產脫碳計劃，並繼續努力實現淨股權範圍 1 和 2 的溫室氣體減排目標。與傳統業主代表的接觸仍然是我們在澳洲活動的核心。

This included the completion of a planned annual cultural heritage audits of the North West Shelf project leases in collaboration with traditional owners. And we continue to invest in major environmental scientific research partnerships, including a five-year extension to our long-standing marine research collaboration with the University of Western Australia announced earlier this month.

其中包括與傳統所有者合作完成西北大陸架專案租賃計劃的年度文化遺產審計。我們將繼續投資於主要的環境科學研究夥伴關係，包括本月初宣布的與西澳大利亞大學長期海洋研究合作延長五年的計劃。

Moving to slide 26. Woodside continues to make significant economic and social contributions to the communities where we operate. We remain one of Australia's top tax contributors. Our total taxes, royalties and levies paid during the half to Australian governments was AUD1.3 billion demonstrating an ongoing and significant contribution to the nation's economic prosperity. We continue to make major investments that drive local content and capability.

移至第 26 張投影片。伍德賽德持續為我們經營所在地的社區做出重大的經濟和社會貢獻。我們仍然是澳洲最大的稅收貢獻者之一。我們上半年向澳洲政府繳納的稅款、特許權使用費和徵費總額達 13 億澳元，為澳洲的經濟繁榮做出了持續而重大的貢獻。我們將繼續大力投資，推動本地內容和能力的發展。

Our Scarborough Energy project is estimated to spend more than AUD5.4 billion across Western Australia through its development phase while our Louisiana LNG project is expected to generate approximately 40,000 nationwide jobs during construction.

我們的斯卡伯勒能源項目在開發階段預計將在西澳大利亞州花費超過 54 億澳元，而我們的路易斯安那液化天然氣項目預計在建設期間將在全國範圍內創造約 40,000 個就業機會。

On to slide 28. I'd like to close by recapping on our achievements to date for 2025 and the compelling investment case for our shareholders. Above all, the first half of 2025 for Woodside has been about delivery, delivering strong and consistent returns to our shareholders, delivering outstanding production from our world-class assets matched by increased efficiency and cost control, delivering our major growth projects including a final investment decision on Louisiana LNG that positions Woodside to meet growing global demand and unlock long-term shareholder value.

翻到第 28 張投影片。最後，我想回顧一下我們迄今為止在 2025 年取得的成就以及對股東具有吸引力的投資案例。最重要的是，伍德賽德在 2025 年上半年致力於交付，為股東帶來強勁而持續的回報，透過提高效率和成本控制，利用我們世界一流的資產實現卓越的產量，交付我們的主要增長項目，包括對路易斯安那液化天然氣的最終投資決策，使伍德賽德能夠滿足日益增長的全球需求並釋放長期股東價值。

We remain on track to deliver our net equity Scope 1 and 2 greenhouse gas emissions reduction targets. And above all, we are committed to safety. Our achievements in the first half demonstrate delivery of our strategic goals and give us great confidence that Woodside will thrive through the energy transition as we continue to play a critical role in delivering reliable, affordable and lower carbon energy the world needs today and into the future.

我們仍在按計畫實現淨股權範圍 1 和 2 的溫室氣體減排目標。最重要的是，我們致力於安全。我們上半年的成績表明我們已實現戰略目標，並讓我們充滿信心，伍德賽德將在能源轉型中蓬勃發展，我們將繼續在提供當今和未來世界所需的可靠、經濟和低碳能源方面發揮關鍵作用。

Thank you. I'll now open the call to questions. I know we've had some technical issues. So I'd like you to please limit your questions to two each to ensure everybody has an opportunity to ask their questions. Thank you.

謝謝。我現在開始提問。我知道我們遇到了一些技術問題。因此我希望你們將問題限制為兩個，以確保每個人都有機會提出問題。謝謝。

(Operator Instructions) Gordon Ramsay, RBC Capital Markets.

（操作員指示） 戈登‧拉姆齊 (Gordon Ramsay)，加拿大皇家銀行資本市場 (RBC Capital Markets)。

Congratulations, Meg and team on a great result, really encouraged with what we're seeing. I just want to pick up on Sangomar. Obviously, you've delivered exceptional operating performance with that field and reservoirs performed very, very well. the Phase 1 production is based largely on the 500 and development. You made a comment today that Phase 2 could leverage off existing infrastructure.

恭喜梅格和團隊取得了出色的成績，我們所看到的真的讓我們備受鼓舞。我只是想談談 Sangomar。顯然，你們在該油田和油藏的營運表現非常出色。第一階段的生產主要基於 500 和開發。您今天評論說第二階段可以利用現有的基礎設施。

Are you able to provide an update on the performance of the injector producer payers in the S400 San units? And when Woodside might possibly be in a position to advance what appears to be encouraging initial results from those wells.

您能否提供有關 S400 San 裝置中註入器生產付款人性能的最新資訊？伍德賽德何時可能能夠推進這些油井令人鼓舞的初步成果。

Yeah. Thanks, Gordon, and we appreciate your ongoing interest in Sangomar. As you would have seen in the announcements, we made a reserve add based on the S400 performance Early in the period, that was about 7.1 million barrels approved and 16 million barrels to PSP.

是的。謝謝，戈登，我們感謝您對 Sangomar 的持續關注。正如您在公告中看到的，我們根據 S400 表現在該期間初期增加了儲備，批准的儲備約為 710 萬桶，PSP 儲備約為 1600 萬桶。

So some initial positive signs in the S400. And the second reserve add that we made subsequent to the period that's noted in the report of 18.4 million barrels is associated with the 500. So that main portion of the development continues to perform very well. We continue to gather data. So we believe that we'll need, call it, 12 to 24 months of production data to inform decisions around Phase 2.

因此，S400 出現了一些初步的正面跡象。我們在報告中提到的 1840 萬桶的時期之後進行的第二次儲備增加與 500 有關。因此，開發的主要部分繼續表現良好。我們繼續收集數據。因此，我們認為我們需要 12 到 24 個月的生產數據來為第二階段的決策提供資訊。

But conceptually, as I mentioned in the call, the intention would be to leverage the existing FPSO and to continue to tie back subsea wells to the infrastructure. as you can well appreciate, that's a very capital-efficient way of continuing to develop the asset. So we'll keep you posted as we start moving those opportunities through the gate process.

但從概念上講，正如我在電話會議中提到的那樣，我們的目的是利用現有的 FPSO，並繼續將海底油井與基礎設施連接起來。正如您所理解的，這是一種非常有效率的繼續開發資產的方式。因此，當我們開始將這些機會通過門禁流程時，我們會隨時向您通報最新情況。

Thank you. And just one other question for me, just on unit production costs. You brought that guidance down to $8 to $8.5 a barrel oil equivalent. Again, can you just kind of just run through how you've been able to do that? Obviously, Sangomar has performed very well, but also, are there other aspects to the cost reduction that we should be aware of?

謝謝。我還有一個問題，關於單位生產成本。你將該指導價格下調至每桶石油當量 8 至 8.5 美元。再說一次，您能否簡單介紹一下您是如何做到這一點的？顯然，Sangomar 的表現非常出色，但是，在成本降低方面還有哪些方面值得我們注意呢？

Sure. So Sangomar has been really a star with really strong production. And if you look at the unit production cost for Sangomar itself, it's very competitive and has helped bring down our average. We also have been working across the business to bring costs down. In the first half, there were some one-off cost reductions in the US and then there's an activity set that will take our full year UPC into that guidance range of $80 million to $850 million above where we are for the first half, which is the $770 million.

當然。所以 Sangomar 確實是一位明星，並且擁有非常強大的製作能力。如果你看一下 Sangomar 本身的單位生產成本，你會發現它非常有競爭力，並且有助於降低我們的平均成本。我們也一直在努力降低整個業務的成本。上半年，我們在美國實施了一些一次性成本削減，隨後採取了一系列措施，將全年的 UPC 控制在 8,000 萬至 8.5 億美元的指導範圍內，高於上半年的 7.7 億美元。

Tom Allen, UBS.

瑞銀的湯姆艾倫。

Good morning, Meg, Graham, and the broader team. Maybe just starting with Louisiana LNG. So just noting that we've been through a few updates where negotiations on equity sell down have been ongoing. Wondering, Meg, if you could please provide some color on what or if anything has changed relative to sell-downs that we discussed at the Fed result.

早上好，梅格、格雷厄姆和全體團隊。也許只是從路易斯安那州液化天然氣開始。因此請注意，我們已經經歷了一些更新，其中有關股權出售的談判一直在進行中。梅格，我想知道您是否可以提供一些細節，說明與我們在美聯儲會議結果中討論的拋售相比，是否有任何變化。

Is Woodside and prospective partners seeing stronger-than-anticipated competition from competing projects or is it the subtle differences in the EPC arrangements across projects? Obviously, Woodside obviously have a fully wrapped EPC with Bechtel. Or is it the political environment, adding complexity and timing risk to the negotiations for project equity?

伍德賽德和潛在合作夥伴是否面臨來自競爭項目的比預期更激烈的競爭，還是不同項目的 EPC 安排存在細微的差別？顯然，Woodside 顯然與 Bechtel 擁有完全包裝的 EPC。還是政治環境為專案股權談判增加了複雜性和時間風險？

Well, thanks for the question, Tom. So with Louisiana LNG, as we said in the call and I've said all along, we think this is an advantaged projects. And you just look at the numbers, you look at our construction costs, the UPC -- sorry, the dollars per tonne construction cost, very competitive, and you would have seen numbers released from others in this space that would suggest that there's inflationary pressures affecting costs that are getting locked in subsequent to the Louisiana LNG project. We're being disciplined.

嗯，謝謝你的提問，湯姆。因此，對於路易斯安那液化天然氣，正如我們在電話中所說的話以及我一直所說的，我們認為這是一個有優勢的項目。只要看一下這些數字，看看我們的建設成本，UPC——抱歉，是每噸建設成本，非常有競爭力，而且你會看到該領域其他人發布的數字，這些數字表明，在路易斯安那液化天然氣項目之後，通脹壓力會影響成本。我們正在受到紀律處分。

The key focus for us is getting the right partner in and getting fair value for Woodside shareholders. So it's really similar to what we did with Scarborough and Pluto Train 2, where we brought in an infrastructure investor early into the part of the project where the investment and the returns met their expectations. And we're being now very disciplined in who we want to bring into the holdco.

我們的重點是找到合適的合作夥伴並為伍德賽德股東獲得公平的價值。因此，這與我們對斯卡伯勒和冥王星列車 2 號所做的非常相似，我們在計畫早期就引入了基礎設施投資者，最終投資和回報滿足了他們的預期。現在，我們對選擇哪些人加入控股公司非常嚴格。

As I think I said -- I probably would have said in a previous call, once we took FID, that really opened the door to companies to come back into the process. So we've been running a very fast process and some companies said, we're interested, but we can't meet your timeline. Now that we're post FID and we're proceeding into the execute phase, that's allowed some players who need a little bit more time to come to the table. So again, we're being disciplined, and we'll bring quality partners in at value that's attractive to our shareholders.

我想我說過——我可能在之前的電話會議中說過，一旦我們做出最終決定，就真正為公司重新參與這一流程打開了大門。因此，我們的流程一直非常快，一些公司說，我們很感興趣，但我們無法滿足你們的時間表。現在我們已經完成了 FID 並進入執行階段，這使得一些需要更多時間的參與者能夠參與其中。因此，我們再次強調，我們會嚴格遵守紀律，以對股東有吸引力的價值引入優質合作夥伴。

Okay. Thanks, Meg. Second question, just over at Beaumont ammonia, please. There's just a little slip in the schedule for first production out of Beaumont to later in the year. Are you able to share just some color on what happened there. I think we've sort of previously guided plans to sell down the project and enter into offtake is obviously still ahead.

好的。謝謝，梅格。第二個問題，請問一下博蒙特氨那邊的狀況。博蒙特工廠的首次生產時間稍微推遲到了今年稍後。您能否簡單介紹一下那裡發生的事情？我認為我們之前指導的出售項目和進入承購的計劃顯然仍在進行中。

Can we assume that advanced with partners and offtake and that will probably come through over the quarter, ahead of first production?

我們是否可以假設與合作夥伴和承購商的合作取得了進展，並且可能在本季度，在首次生產之前實現？

Yeah. So I don't recall us guiding to sell them. We have no process underway to sell down Beaumont. Our focus very much is on getting -- working with OCI to complete construction. And just to remind you and the other callers, the obligation to complete construction and to deliver an operational plants to very clear performance is OCIs.

是的。所以我不記得我們指導過如何銷售它們。我們目前尚未啟動出售博蒙特的程式。我們的重點是與 OCI 合作完成建造。只是為了提醒您和其他來電者，完成建造並交付運行工廠以達到非常明確的性能是 OCI 的義務。

And so the delay in schedule is due to some delays in construction. But again, that's not scope that Woodside is managing and there is no cost impact to us other than the delay of the second payment, the completion payments.

因此，進度延誤是由於施工延誤造成的。但同樣，這不是伍德賽德管理的範圍，除了第二筆付款（完工付款）的延遲外，對我們沒有任何成本影響。

And as we signaled, I think, in the second quarter, that completion payment is going to likely be made in 2026 and not this year. So that was communicated in the 2Q. So we are working on the marketing. That's really a critical focus area for us is ensuring that we've got buyers ready to purchase the ammonia when we start up later in the year. And the second phase, of course, is starting up the low-carbon ammonia production, which will be in the second half of 2026.

正如我們在第二季度所暗示的那樣，我認為，完成付款可能會在 2026 年而不是今年支付。這是在第二季傳達的訊息。因此我們正在進行行銷。這對我們來說確實是一個關鍵的關注領域，即確保當我們在今年稍後啟動時，我們已經有買家準備好購買氨。第二階段當然是啟動低碳氨生產，預計2026年下半年進行。

And that's when we'll be able to market the products, and we are marketing the product already to try to attract those premium pricing associated with the lower carbon intensity of the blue ammonia that we'll be producing then.

那時我們才能夠行銷產品，而且我們已經在行銷產品，試圖吸引與我們屆時生產的藍氨的較低碳強度相關的溢價。

Thank you, Meg.

謝謝你，梅格。

Thanks, Tom.

謝謝，湯姆。

Adam Martin, E&P.

亞當馬丁（Adam Martin），E&P。

Good morning, Meg, Graham, and team. I suppose, firstly, just on the Bass Strait, could you walk through those sort of potential for development opportunities sort of what needs to happen to get those into FID, please?

早上好，梅格、格雷厄姆和團隊。我想，首先，就巴斯海峽而言，您能否介紹這些潛在的開發機會，以及需要採取哪些措施才能將這些機會納入 FID？

Yeah. Thanks, Adam. And I really appreciate the interest in the Bass Strait operatorship transition. We were very excited to be able to conclude that negotiation with ExxonMobil, particularly with the ability for us to solely develop some of these opportunities. These are gas discoveries that have been -- that were made Many, many years ago, they've been in the contingent resource for a period.

是的。謝謝，亞當。我非常感謝大家對巴斯海峽營運權轉移的關注。我們非常高興能夠與埃克森美孚完成談判，特別是我們能夠獨自開發其中的一些機會。這些天然氣發現是許多年前發現的，它們在一段時間內一直是緊急資源。

Our teams have been doing scoping work for well, a number of months to understand what the potential is. So we need to work through our normal technical due diligence. But we do have the ability to take a final investment decision, that would not happen until the operatorship transition has completed.

我們的團隊已經進行了數月的範圍界定工作，以了解其潛力。因此，我們需要透過正常的技術盡職調查來開展工作。但我們確實有能力做出最終的投資決定，但這要等到營運商過渡完成之後才會發生。

Okay. No, thank you. And just a second question. Obviously, you got the $443 million restoration movements. I think that relates to sort of CapEx going up a little bit from previous expectations. Can you just talk through timing of that future spend and I suppose why that's not a risk for other programs like the best straight moving forward, please?

好的。不，謝謝。還有第二個問題。顯然，你完成了價值 4.43 億美元的修復工程。我認為這與資本支出比之前的預期略有上升有關。您能否談談未來支出的時間安排，以及為什麼這對其他項目來說不會構成風險，例如最好的直接前進？

Yes. So One of the challenges we have faced with -- with the decommissioning work this year has been the condition of some of the closed sites. So these are fields like Stybarrow, Minerva and Griffin that have not produced oil and gas for many years.

是的。因此，我們今年在退休工作中面臨的挑戰之一是一些已關閉場址的狀況。因此，像 Stybarrow、Minerva 和 Griffin 這樣的油田已經多年沒有產出石油和天然氣了。

And the condition of the equipment, as we found it when we got into the field was not as it was documented. And so that's resulted in a number of challenges in recovery. I am very pleased to say that we have plugged all of the wells. So when you think about environmental risk, that is where it is highest.

當我們進入現場時，我們發現設備的狀況與記錄的不符。因此，這導致了恢復過程中出現許多挑戰。我很高興地說我們已經封鎖了所有的油井。因此，當你考慮環境風險時，那裡的風險最高。

So I'm very pleased that we have completed that scope of work. But we've had to take a bit of a step back, recognizing some of the challenges we've encountered. We're back to doing some more engineering work to understand how do we manage the safety and environmental risks that we've found. The additional spend will happen over the coming years. When we have more information, we can put further information out there to the market. But we're going to take our time.

所以我很高興我們完成了這項工作。但我們必須退一步，並認識到我們遇到的一些挑戰。我們又回去做更多的工程工作，以了解如何管理我們發現的安全和環境風險。額外支出將在未來幾年內發生。當我們獲得更多資訊時，我們可以將更多資訊發佈到市場上。但我們會慢慢來。

And as you would have seen, Nassim has revised the general directions associated with these legacy assets, giving us more time to ensure we have good engineering work plans, and we are managing the construction and the safety and environmental risk appropriately when it comes to fast rates.

正如您所看到的，納西姆已經修改了與這些遺留資產相關的總體方向，讓我們有更多時間來確保我們有良好的工程工作計劃，並且在快速發展的情況下，我們正在適當地管理施工、安全和環境風險。

So one of the advantages we've seen and we've seen Enfield is probably another good example. When you do the decommissioning work shortly after completing production, you're able to execute it much more efficiently.

因此，我們所看到的優勢之一，以及我們所看到的恩菲爾德，可能是另一個很好的例子。當您在完成生產後不久進行退役工作時，您可以更有效率地執行它。

That straight as we noted in the report, have plugged and abandoned more than 200 wells and the platform removal campaign is deep in the engineering phase, and we've been going through all of the normal engineering and project gating processes to ensure that we have our arms around the cost. That's a scope. And I think we've indicated this before, the bulk of the scope will happen in 2027.

正如我們在報告中指出的，我們已經封鎖並廢棄了 200 多口井，並且平台拆除工作已進入工程深入階段，我們一直在進行所有正常的工程和專案門控流程，以確保我們能夠控製成本。這是一個範圍。我認為我們之前已經指出過這一點，大部分工作將在 2027 年完成。

So we're working very closely with ExxonMobil. But as we've been advancing that project, everything is remaining on track from a cost perspective.

因此，我們與埃克森美孚的合作非常密切。但隨著我們不斷推進該項目，從成本角度來看一切都仍在按計劃進行。

Okay. No, that's great. That's it. Thank you.

好的。不，那太好了。就是這樣。謝謝。

Saul Kavonic, MST.

索爾·卡沃尼克（Saul Kavonic），MST。

Hi, Meg. Just get, I get some -- a latest update on the MOU with Aramco. Are those discussions still proceeding in line with your expectations? And could you elaborate clearly just a bit of elaboration on what it means by collaboration on ammonia and how that might relate to balance.

你好，梅格。我剛剛得到了一些關於與阿美公司簽署的諒解備忘錄的最新更新。這些討論是否仍在按照您的預期進行？您能否清楚地闡述一下氨合作的含義以及它與平衡的關係。

Sure. So not a lot to update on SOL. So we were very pleased to be invited by Aramco participant in the US Saudi Investment Forum back in May. And very pleased to execute the MOU with them, looking at US investment opportunities in both LNG and low-carbon ammonia. Look, we continue to build a very strong and constructive relationship with Aramco. And when we have something announceable, we will announce.

當然。因此 SOL 上沒有太多需要更新的內容。因此，我們很高興在五月受到阿美公司邀請參加美國沙烏地阿拉伯投資論壇。非常高興與他們簽署諒解備忘錄，探討美國在液化天然氣和低碳氨的投資機會。你看，我們繼續與沙特阿美建立非常牢固和建設性的關係。當我們有值得宣布的事情時，我們就會宣布。

Thank you. That's all for me. Thanks, all.

謝謝。對我來說就這些了。謝謝大家。

Nik Burns, Jarden Australia.

尼克‧伯恩斯 (Nik Burns)，Jarden Australia。

All right. Thanks, Meg and team. Just first question, maybe just on the dividend, paying out again at the top end of your payout range. The gearing at 30 June is at the top end of a gearing target range as well and the dividend probably could push you over the top end of that. Maybe can you talk about the factors that led you to be comfortable with retaining an 80% payout ratio for the interim result? And whether being at the upper end places any risk of having to pay out below the upper end over the next few periods.. Thank you.

好的。謝謝梅格和團隊。第一個問題，也許只是關於股息，再次支付您支付範圍的最高端。6 月 30 日的負債比率也處於負債比率目標範圍的上限，而股息可能會使您的負債比率超過上限。能否談談讓您安心維持 80% 中期業績派息率的因素？並且處於上限是否會帶來任何風險，即在接下來的幾個時期內必須支付低於上限的金額。謝謝。

I'll let Graham take that.

我會讓格雷厄姆來接手。

Thanks, Nik. Yeah, as you know, through our capital management framework, we're not just looking at a point in time, we're looking through into the future as well. We're really comfortable and happy where the business is today. It's performing well and the balance sheet is in a strong position.

謝謝，尼克。是的，如您所知，透過我們的資本管理框架，我們不只是關注某個時間點，我們還在展望未來。我們對目前的業務狀況感到非常滿意和高興。該公司表現良好，資產負債表狀況強勁。

I guess I'd call out that the strong underlying performance of the business continues to shine through, generating very strong operational cash flows. The strong financial discipline around our cost and CapEx control. We've got the investment grade credit rating. And I guess we've been able to optimize our portfolio during the period as well.

我想說的是，該業務強勁的潛在表現持續顯現，產生非常強勁的營運現金流。我們對成本和資本支出控制有嚴格的財務紀律。我們獲得了投資等級信用評級。我想我們也能夠在這段期間優化我們的投資組合。

So with Stonepeak coming in, as I said in my speech, quite an innovative approach with the funding in that 75% upfront in the 2025 and '26 and then the Angostura sell-down as well. So you put all that together and the business is in good shape, and we're confident with our forward view on being able to continue to generate strong cash flow invest in our growth projects, our immediate future and also provide strong returns to our shareholders.

正如我在演講中所說，隨著 Stonepeak 的加入，我們採取了相當創新的方法，即在 2025 年和 2026 年預付 75% 的資金，然後還會出售 Angostura。所以，把所有這些放在一起，我們的業務狀況良好，我們有信心能夠繼續產生強勁的現金流，投資於我們的成長項目、我們的近期未來，並為我們的股東提供豐厚的回報。

Got it. Thanks for that, Graham. And just a question on marketing. Meg, you called out the strong returns being driven by the marketing team or 8% of group EBIT in the first half. I was interested in the fact that you've retained your gas hub exposure guidance of 28% to 35% for the full year. I think on my numbers, the average around 24% in the first half.

知道了。謝謝你，格雷厄姆。這只是一個關於行銷的問題。梅格，您提到了行銷團隊推動的強勁回報，或上半年集團息稅前利潤的 8%。我感興趣的是，你們保留了全年 28% 至 35% 的天然氣樞紐敞口指導。根據我的數據，我認為上半年的平均值約為 24%。

Can you talk a bit about the current state of the global spot LNG market? And looking ahead, what's going to drive a material increase in your sales into the spot market in the second half of the year? Thank you.

能談談全球現貨液化天然氣市場的現況嗎？展望未來，什麼因素將推動您在下半年現貨市場的銷售額大幅成長？謝謝。

Yeah. Thanks, Nik. It's a great question. And I think the results really validate our strategy to preserve a certain amount of our LNG to sell at Gas Hub exposure. So when we look at the difference in pricing between oil-indexed LNG sales versus Gas Hub indexed LNG sales, it's a $3 premium.

是的。謝謝，尼克。這是一個很好的問題。我認為結果確實驗證了我們的策略，即保留一定數量的液化天然氣以在天然氣樞紐銷售。因此，當我們查看石油指數液化天然氣銷售與天然氣樞紐指數液化天然氣銷售之間的價格差異時，發現溢價為 3 美元。

So a very significant uplift associated with the way we have our pricing exposure managed. As you'll note, and as you've caught on, our guidance for the full year is higher than what we've delivered in the first half.

因此，我們管理定價風險的方式帶來了非常顯著的提升。正如您所注意到的，我們對全年的預期高於上半年的預期。

So obviously, our performance in the second half will be above where we are today. And when you look at what's happening in the market with softening in Brent, but continued strength in the LNG pricing that bodes well, and that continues to reinforce the value of our strategy.

所以很明顯，我們下半年的表現會高於今天。如果你觀察市場上的情況，布蘭特原油價格走軟，但液化天然氣價格持續走強，這是一個好兆頭，也將繼續鞏固我們策略的價值。

Now when we look further down the road, I think we've been pretty clear that our target in the next couple of years is to retain that exposure of, call it, circa 30% gas hub indexation. And as we start up Louisiana LNG, we'll continue to be refining our intentions around price indexation and exposures. One of the things that's very clear, the fundamentals for the 2030s are very robust.

現在，當我們進一步展望未來時，我想我們已經非常清楚，我們未來幾年的目標是保持這種風險敞口，即大約 30% 的天然氣樞紐指數化。隨著我們啟動路易斯安那液化天然氣項目，我們將繼續完善我們在價格指數化和風險敞口方面的意圖。有一點非常清楚，那就是 2030 年代的基本面非常強勁。

When you look at things like Asian demand underpinned by economic growth, declining domestic supply in many Asian nations that have historically been strong gas producers. So if you referenced WoodMac, for example, they're expecting more than 100 million tons of new pre-FID LNG supply will be required by 2040.

如果你看一下受經濟成長支撐的亞洲需求，你會發現許多歷史上一直是天然氣生產大國的國內供應正在下降。例如，如果你參考 WoodMac 的數據，他們預計到 2040 年將需要超過 1 億噸新的 FID 前液化天然氣供應。

So we're very bullish in the long term. But we'll continue to be refining our price index exposure over time. We've got a fair amount of opportunity and flexibility with the Louisiana LNG offtake. And we'll be looking to balance that in a way that best works for our shareholders.

因此，我們對長期前景非常樂觀。但隨著時間的推移，我們將繼續完善價格指數的曝險。我們在路易斯安那州液化天然氣採購方面擁有相當多的機會和靈活性。我們將尋求以對股東最有利的方式實現平衡。

That's great. Thanks, Meg.

那太棒了。謝謝，梅格。

Dale Koenders, Barrenjoey.

戴爾·科德斯，巴倫喬伊。

Good morning, Meg and Graham. And this question might be more for Graham. In the second quarter report, you reported CapEx and exploration of $2.5 billion year-to-date, including net contributions in Louisiana, which benefited from the $1.8 billion Stonepeak contribution. Just to $4.3 billion. On your cash flow statement, you reported $4.9 billion spend on CapEx and exploration. I'm just wondering what the $600 million difference is.

早上好，梅格和格雷厄姆。這個問題可能更應該由葛拉漢來回答。在第二季報告中，您報告了年初至今的資本支出和勘探費用為 25 億美元，其中包括路易斯安那州的淨貢獻，該州受益於 Stonepeak 的 18 億美元貢獻。僅為43億美元。在您的現金流量表中，您報告了 49 億美元的資本支出和勘探支出。我只是想知道這 6 億美元的差額是多少。

Sorry. Can you -- so I'm just looking -- yes, so what you've got here is the is the cash flow view and that number will also include borrowing -- capitalized borrowing loss as well. whereas what we report to the market is just a pure view of CapEx expenditure. And that's not all. That's the major component of the major differentiating factor between what we're reporting to the market and the actual underlying cash flow version of view.

對不起。你能嗎 - 所以我只是看看 - 是的，所以你在這裡得到的是現金流視圖，這個數字還包括借款 - 資本化的借款損失。而我們向市場報告的只是對資本支出的純粹看法。但這還不是全部。這是我們向市場報告的內容與實際基礎現金流量版本觀點之間的主要差異因素。

So the $330 million line item that Jim called out in your cash flow statement, is that -- what is that? Is that borrowing costs as well? Or -- sorry, go ahead.

那麼，吉姆在現金流量表中提到的 3.3 億美元項目是什麼？這也是藉貸成本嗎？或者——抱歉，請繼續。

What I suggest is maybe the team can take it offline and have a conversation with you, but that's the major difference.

我的建議是，也許團隊可以將其離線並與您交談，但這是主要的區別。

Okay. And then just secondly, in terms of cash tax payments, they're a little bit higher than expense. I'm just wondering sort of on a go-forward basis, how you think that delta will play out.

好的。其次，就現金稅支付而言，它們比支出略高。我只是想知道，從未來來看，您認為增量將如何發揮作用。

Yeah. So as you know, cash tax payments, there's many different factors that play into the cash tax. And obviously, this year, we have had lower prices across the Australian business. that's also flowing in. You've got the PRRT.

是的。所以，正如你所知，現金稅支付涉及許多不同的因素。顯然，今年我們整個澳洲業務的價格都有所降低。這也是流入的。您已獲得 PRRT。

I guess all we can do is continue to provide as much guidance as possible on that but it's very difficult to sit here and say exactly what that tax number will be because there's many factors that play into it, Dale.

我想我們所能做的就是繼續提供盡可能多的指導，但坐在這裡很難確切地說出稅額是多少，因為有很多因素會影響它，戴爾。

Okay. Thanks, Graham.

好的。謝謝，格雷厄姆。

Henry Meyer, Goldman Sachs.

高盛的亨利·邁耶。

Good morning, team. Just on the LNG carrier position, could you give any update on plans to lease or own carriers to support the Louisiana delivery cargoes? And in a lot of gearing in the balance sheet, just what lease liabilities do you expect to carry when they're delivered perhaps related to the Scarborough carriers on order.

早安，各位團隊。僅就液化天然氣運輸船的情況而言，您能否提供有關租賃或擁有運輸船以支持路易斯安那州交付貨物的計劃的最新進展？在資產負債表中的許多槓桿中，您預計在交付時會承擔哪些租賃負債，這可能與訂購的斯卡伯勒承運人有關。

Sure. So philosophically, Henry, we think there are other companies that are well equipped and well suited to own LNG carriers. When we started up North West Shelf, there were some projects owned vessels, but we've moved away from that, and that's probably the industry standard to use leased vessels. The number of vessels, the balance sheet exposure is something that we're working through as we speak. So too early to advise. But as we progress that work and progress those contracts, we will certainly keep the market updated.

當然。所以從哲學上講，亨利，我們認為其他公司裝備精良，非常適合擁有液化天然氣運輸船。當我們啟動西北大陸架專案時，有一些專案擁有自己的船隻，但我們不再使用這種船隻，使用租賃船隻可能是行業標準。我們正在研究船舶數量和資產負債表風險。現在給予建議還為時過早。但隨著我們推進這項工作並推進這些合同，我們肯定會讓市場保持最新狀態。

Okay. And following up on the decommissioning costs for Griffin Minerva and Stybarrow, I just wanted to double check 1 of the comments before. Have some of those challenges encountered been reflected in the estimates for other fields? Or is there work underway to revise those costs as well?

好的。關於 Griffin Minerva 和 Stybarrow 的退休成本，我只是想再檢查一下之前的一條評論。所遇到的一些挑戰是否已經反映在其他領域的估計中？或是正在進行修改這些成本的工作？

So we always -- as we update our decommissioning estimates, which is typically an annual process, we incorporate things that we've learned as we've gone through the process. One of the positives that I would say we've taken from dealing with these closed sites is we're feeding that back into our decommissioning planning for sites that are still operational today.

因此，我們總是——當我們更新退役估算時（這通常是一個年度過程），我們會融入我們在過程中學到的東西。我想說，我們從處理這些關閉的場址中獲得的積極影響之一是，我們將這些影響反饋到我們今天仍在運行的場址的退役計劃中。

So for example, in our Australia business, some of the FPSOs will be coming offline in the 2030s. We're feeding the lessons learned from these closed sites into those so that we can be more proactive and avoid the sort of challenges that we've encountered here. and perhaps a point of success is Enfield.

例如，在我們的澳洲業務中，一些 FPSO 將在 2030 年代下線。我們正在將從這些已關閉的場地中學到的教訓運用到這些場地中，以便我們能夠更加積極主動，避免我們在這裡遇到的那種挑戰。也許恩菲爾德就是一個成功的點。

So Enfield is a field that Woodside operated. It stopped operations in 2018. We've had none of those issues when we decommissioned the Enfield subsea equipment that we've seen with Griffin and Minerva and Stybarrow.

所以恩菲爾德是伍德賽德營運的油田。它於 2018 年停止運作。當我們退休恩菲爾德海底設備時，我們沒有遇到格里芬、米涅瓦和斯蒂巴羅所遇到的那些問題。

Okay. Thank you.

好的。謝謝。

Thanks, Henry.

謝謝，亨利。

Mark Wiseman, Macquarie.

麥格理銀行的馬克·懷斯曼。

Granted to ask firstly on the best rate operatorship decision. Could we talk about what the alternative would have been to this. It sounds like -- so was waiting for policy stability from the government and perhaps has come to the conclusion that they wouldn't invest in those four development opportunities, the [200 petajoules] and so the alternative would have been to remain nonoperator and not see any of that contingent resource come to fruition. Is that right?

首先獲準詢問最佳費率營運決策。我們可以討論一下除此之外還有什麼其他選擇嗎？聽起來——所以在等待政府的政策穩定性，也許已經得出結論，他們不會投資這四個發展機會，[200 千兆焦耳]，所以另一種選擇就是繼續不運營，並且看不到任何偶然資源實現。是嗎？

And I wonder, you made a comment there, Meg, around the workforce it sounded like you see some benefit in being those -- so experienced staff into your team. Could you perhaps elaborate on that as well, please?

我想知道，梅格，你對勞動力發表了評論，聽起來你認為將這些經驗豐富的員工納入你的團隊有一些好處。能否詳細說明一下這一點？

Yeah. Certainly, the alternative mark would have been for ExxonMobil to continue operating. As I said, those four fields that we've identified and have the rights to exclusively develop or our discoveries that have been on the books and the joint venture is known about for a very long time period. So again, I suspect, although I can't guarantee that those likely would not have matured, had we stayed with the existing operations.

是的。當然，另一個選擇是埃克森美孚繼續運作。正如我所說，我們已經確定並擁有獨家開發權的四個油田，或者說我們的發現已經記錄在案，而合資企業已為人所知很長一段時間了。因此，我再次懷疑，儘管我不能保證如果我們繼續現有的運營，這些可能不會成熟。

And on the people side, yes, we're super excited. There's a lot of talent and capability within the ExxonMobil workforce in Australia. Our Head of Operations in Australia came out of that workforce. So we know the people and I've been really pleased with the positive response we've seen from the ExxonMobil folks who, I think, see potentially a little bit longer horizon to be able to live and work in Australia with Woodside as operator, again, recognizing we've got a little bit bigger footprint and recognizing our desire to continue to be a significant player in the East Coast gas market.

從人員方面來說，是的，我們非常興奮。埃克森美孚澳洲的員工團隊中有很多人才和能力。我們駐澳洲的營運主管就來自這個勞動力隊伍。因此，我們了解人們，並且我對埃克森美孚員工的積極響應感到非常高興，我認為他們看到了更長遠的前景，能夠在伍德賽德作為運營商的情況下在澳大利亞生活和工作，再次認識到我們的足跡更大，並認識到我們希望繼續成為東海岸天然氣市場的重要參與者。

Okay. Thank you. And just finally for me, just on Santos. Obviously, Woodside and Santos had been in discussions a while back, those discussions come to conclusion. Since then, there's obviously been a nonbinding offer for Santos. Did that offer from XR Carlo cause you to review the merits of a merger with Santos?

好的。謝謝。最後，對我來說，只談桑托斯。顯然，伍德賽德和桑托斯之前曾進行過討論，這些討論已經結束。自那時起，顯然就有一份針對桑托斯的非約束性報價。XR Carlo 的提議是否促使您重新考慮與 Santos 合併的優點？

And could you perhaps just comment on what was the appeal back then? And would you still see those sorts of benefits from reengaging with Santos. Thank you.

您能否評論一下當時的吸引力是什麼？您是否也認為與桑托斯重新合作會帶來這些好處？謝謝。

Yeah. Short answer, Mark, is absolutely not. The thing that we -- the reason that we had been exploring opportunities with Santos was the LNG portfolio. We've moved on. We've acquired Tellurian.

是的。馬克，簡短的回答是絕對不是。我們一直在探索與 Santos 合作機會的原因是液化天然氣投資組合。我們已經繼續前進了。我們已經收購了 Tellurian。

We've got the Louisiana LNG investment going when you look at the upside opportunity that's created by having a material Atlantic Basin position, coupled with our material Pacific Basin position. That's actually a better portfolio than combining the 2 Pacific oriented businesses. So we wish them well, but we're focused on delivering our commitments.

當您看到大西洋盆地的重要地位加上太平洋盆地的重要地位所創造的上行機會時，我們就已經開始了路易斯安那州液化天然氣的投資。這實際上是一個比合併兩家太平洋地區的企業更好的投資組合。因此，我們祝福他們一切順利，但我們專注於履行我們的承諾。

Thank you.

謝謝。

Robert Koh, Morgan Stanley.

摩根士丹利的羅伯特高（Robert Koh）。

Good morning. So I guess my first question is just on balance sheet management. And I guess you've got sell-down possibilities for Louisiana holdco. You've got your Chevron asset swap coming. And lots of other things in train, I'm sure. I wonder, could you comment on the possibility to do any further executory contract type deals like the Stonepeak be on any of the other assets? Is that something we could contemplate?

早安.所以我想我的第一個問題只是關於資產負債表管理。我想你有可能出售路易斯安那州的控股公司。您的雪佛龍資產互換即將到來。我確信還有很多其他的事情正在進行中。我想知道，您能否評論一下對其他資產進行類似 Stonepeak 之類的進一步執行合約類型交易的可能性？這是我們可以考慮的事情嗎？

Yeah. Look, Rob, that kind of model was something that we've looked at a few times. And we looked at it actually before we took FID on Pluto Train 2 and Scarborough because it is one way to unlock capital, but given the joint venture structures of some of our existing assets, it's more complicated.

是的。你看，羅布，這種模型我們已經看過幾次了。實際上，在對冥王星列車 2 號和斯卡伯勒進行 FID 之前我們就研究過這個問題，因為這是解鎖資本的一種方式，但考慮到我們一些現有資產的合資結構，情況會變得更加複雜。

So we're very much focused on the holdco sell-down at Louisiana LNG. And again, it's about getting the right partner at the right price and then executing the transactions that we've announced. So the Chevron asset swap as well as the operatorship transition in best rate.

因此，我們非常關注路易斯安那液化天然氣公司的控股公司出售情況。再次強調，這是為了以合適的價格找到合適的合作夥伴，然後執行我們宣布的交易。因此，雪佛龍資產互換以及營運權轉移將以最佳速度進行。

Yeah. Thank you. And then my second question relates to the restoration rehabilitation provisions. I guess, pay of the question is, can you give us a steer on any kind of contingency should the pipelines need to be taken out? Because I think the provision is made on a pipeline in situ basis.

是的。謝謝。我的第二個問題與恢復重建條款有關。我想，問題的關鍵在於，如果需要拆除管道，您能否為我們提供任何意外情況的指導？因為我認為該規定是在管道現場基礎上製定的。

And then secondly, saw that Chevron has a very old legacy deal for Barrel Ireland, where there's decommissioning is offset against royalty refund. Just wondering, does Woodside have anything similar like that on the books and within the provision.

其次，我們看到雪佛龍與 Barrel Ireland 有一項非常古老的遺留協議，其中的退役費用可以抵消特許權使用費的退款。只是想知道，伍德賽德的帳簿上和條款中是否有類似的東西。

Yeah. So when it comes to the provisions, we take a risk approach to certain uses of equipment that we think there's a good environmental reason to argue and leave in situ, so things like jacket structures and pipeline. So within the restoration provision, there's a risking that reflects a certain percentage chance that those items may have to be removed.

是的。因此，在製定規定時，我們會對某些設備的使用採取風險處理方式，我們認為這些設備的使用具有很好的環境理由，因此需要將其留在原地，例如導管架結構和管道。因此，在修復條款中，存在一定的風險，這反映了這些物品可能需要被移除的一定百分比的可能性。

We are doing quite a bit of science, both in the both straight with ExxonMobil as well as in our operations to really understand the Marine habitat that has formed around these assets over the decades they've been in situ.

我們正在進行大量的科學研究，既包括與埃克森美孚的直接合作，也包括我們自身的運營，以真正了解這些資產幾十年來在其周圍形成的海洋棲息地。

So we are in work to really understand what's the best environmental outcome, but we have a risk provision in the -- or sorry, a risk cost in the provisions.

因此，我們正在努力真正了解什麼是最好的環境結果，但我們在條款中有一個風險條款——或者抱歉，條款中有一個風險成本。

When it comes to royalty refunds, no, we don't have that same access or that same structure that Chevron has in fast straight. It probably is worth noting that abandonment expense is creditable on PRRT and income tax, of course. Again, those are expenses for the oilfield developments. And so that's the structure that we have access to.

當談到特許權使用費退款時，我們不具備雪佛龍在快速直銷方面所擁有的相同權限或相同結構。當然，值得注意的是，廢棄費用可以抵扣礦產資源稅和所得稅。再說一遍，這些都是油田開發的費用。這就是我們可以訪問的結構。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

Thanks, Rob.

謝謝，羅布。

Nicholas Morgan, JPMorgan.

摩根大通的尼古拉斯摩根。

Good morning, Meg and team, and thanks for your time this morning. Two questions from me. Firstly, on Louisiana LNG. Could you give some further detail on what the targeted split is for Woodside's equity share of LNG just on a contracted verse spot basis?

早安，梅格和團隊，感謝你們今天早上抽出時間。我有兩個問題。首先，關於路易斯安那州液化天然氣計畫。您能否進一步詳細說明伍德賽德在合約與現貨基礎上的液化天然氣股權目標分割情況？

Look, we want to take about 8 million tons into our portfolio. So the FID we've taken for the first 3 trains is 16.5 million tonnes. We want to keep about 8 million tons of that in our portfolio. But we will sell a good portion of that. Now how much we on-sell and the contracting structure, actually, we have quite a bit of flexibility.

你看，我們想將大約 800 萬噸納入我們的投資組合。因此，我們為前 3 列火車製定的最終投資決定是 1,650 萬噸。我們希望在我們的投資組合中保留約 800 萬噸。但我們會出售其中很大一部分。現在我們的銷售量和承包結構實際上具有相當大的靈活性。

And as you would have seen from our announcements in the half, we've done LNG offtake agreements with China Resources with Uniper. One of the Uniper agreements was direct from Louisiana LNG. So that's -- I would call that in the 8 million tons, that's not for our accounts.

正如您從我們上半年的公告中看到的那樣，我們已經與華潤和 Uniper 簽訂了液化天然氣承購協議。其中一項 Uniper 協議直接來自路易斯安那州液化天然氣公司。所以——我稱之為 800 萬噸，但這不在我們的帳目中。

So we do have quite a bit of flexibility in our LNG marketing really to work closely with customers to understand what do they need and to negotiate outcomes that work for both players. But 8 million tons is what we intend to take into our portfolio.

因此，我們在液化天然氣行銷方面確實具有相當大的靈活性，可以與客戶密切合作，了解他們的需求，並協商出對雙方都有利的結果。但我們打算將 800 萬噸納入我們的投資組合。

Perfect. And then the second one for me is just have you seen any inflationary pressures on steel costs for the Louisiana LNG pipeline in the US and just how those costs are kind of tracking towards expectations taken at FID?

完美的。然後對我來說第二個問題是，您是否看到美國路易斯安那州液化天然氣管道的鋼鐵成本面臨通膨壓力，以及這些成本如何追蹤 FID 的預期？

Look, the pipeline costs are still tracking within what was announced at FID.

你看，管道成本仍然在 FID 宣布的範圍內。

Perfect. Alright, thank you, Meg.

完美的。好的，謝謝你，梅格。

Thanks, Nick

謝謝，尼克

And there are no further phone questions at this time. I will now turn the call back over to Ms. O’Neill for closing remarks.

目前沒有其他電話問題。現在我將把電話轉回給歐尼爾女士，請她作最後發言。

All right. Thank you all for listening in and participating today. I look forward to speaking to many more of you in the coming days. But I would also like to highlight that we have a Capital Markets Day planned for the fifth of November, and we look forward to talking more about the Woodside business at that occasion. Thank you, all.

好的。感謝大家今天的收聽與參與。我期待在未來的日子裡與更多的人交談。但我還想強調的是，我們計劃於 11 月 5 日舉辦資本市場日，我們期待屆時將更多地談論伍德賽德的業務。謝謝大家。

That does conclude our conference for today. We thank you for participating. You may now disconnect your lines.

今天的會議就到此結束了。感謝您的參與。現在您可以斷開線路了。