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Record production for Woodside

Woodside reserves

Woodside Energy has achieved record production of 513 million barrels of oil equivalent per day (MMboe), as noted in its full-year 2023 results.

In addition to the record production numbers, the company recorded full-year net profit after tax (NPAT) of $1660 million and underlying NPAT of $3320 million, while operating cash flow was $6145 million.

“Woodside is supplying energy the world needs from a high-quality portfolio which is geographically advantaged to meet growing demand for LNG,” Woodside Energy chief executive officer Meg O’Neill said.

“Our focus on disciplined capital management has allowed us to deliver consistently strong returns to shareholders. Underlying profit was strong, enabling us to maintain an 80% dividend payout ratio.”

While realised prices were down year-on-year, annual sales volume topped 200 million barrels of oil equivalent for Woodside, generating revenue of almost $14 billion.

“We are contributing to Australia. Our tax contribution in Australia was a record A$5 billion in 2023 and we are committed to maintaining the delivery of affordable, reliable gas to Australian customers,” O’Neill said.

“For over almost 40 years of operations in WA, Woodside has supplied domestic gas volumes equivalent to more than one third of our exported liquefied natural gas volumes.”

The announcement follows Woodside selling a participating interest in the Scarborough Joint Venture to JERA.

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