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Speaker 1: Welcome to Fear and Greed Q and A where we

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Speaker 1: ask and answer questions about business, investing, economics, politics and more.

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Speaker 1: I'm Michael Thompson and today why oil and gas giant

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Speaker 1: Woodside is so frustrated with Australian over regulation. This week,

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Speaker 1: Woodside posted a profit of one point twenty five billion

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Speaker 1: dollars for the six months to June thirty, down twenty

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Speaker 1: four percent on last year, but it was in line

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Speaker 1: with expectations, partly as a result of lower oil prices.

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Speaker 1: But Woodside is a fascinating company. It's been on a

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Speaker 1: real investment spree over the last couple of years and

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Speaker 1: this interview today with CEO Meg O'Neil looks at where

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Speaker 1: those projects are up to, but it goes into the

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Speaker 1: role also of gas in the energy transition, why it's

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Speaker 1: not going to have another crack at buying rival Santos,

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Speaker 1: and why there is so much frustration with government over

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Speaker 1: a major gas project off wa. This is Meg O'Neil,

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Speaker 1: CEO of Woodside, speaking to Andrew Gagan on Osby's.

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Speaker 2: Was great halfier for us. We had really strong production

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Speaker 2: from one of our newest assets, the Sangamar oil Field

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Speaker 2: offshore Senegal, and that took our production number actually up

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Speaker 2: eleven percent versus the previous the comparable period, so production

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Speaker 2: was up. Team did a fantastic job of managing costs

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Speaker 2: in an inflationary environment, so our unit production cost was

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Speaker 2: down seven percent. Prices were a little bit softer, but

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Speaker 2: that contributed to revenue being up ten percent versus the

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Speaker 2: previous period. Now profit is down. That's a result of

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Speaker 2: depreciation from the new asset. And this is not a surprise.

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Speaker 2: You know, when you put a new asset into service,

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Speaker 2: the depreciation rate is very high. But as we continue

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Speaker 2: to develop our understanding of the subsurface and add reserves,

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Speaker 2: that's going to bring the depreciation rate down. So overall,

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Speaker 2: when we look at the bottom line, you know, really

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Speaker 2: outstanding baseline operational performance, really strong top line financial numbers,

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Speaker 2: and the profit you know, look, we feel very pleased

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Speaker 2: actually at our ability to continue to return value to shareholders,

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Speaker 2: even in a period where the commodity prices are a

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Speaker 2: little bit softer.

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Speaker 3: So I'll get to that in just a moment. But

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Speaker 3: your reference obviously the Sentingle project their high appreciation plus

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Speaker 3: production costs, so you expect that's going to even out

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Speaker 3: over time.

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Speaker 2: Yes, we do expect that we even out over time overall.

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Speaker 3: Then you mentioned just those price market prices we're seeing

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Speaker 3: at the moment, average realized price you're receiving for oil

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Speaker 3: and gas slipping by one percent. How are you looking

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Speaker 3: at the overall global market at the moment, particularly, I

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Speaker 3: guess that uncertainty over Russia and its supply into the

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Speaker 3: broader market.

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Speaker 2: Yeah, it's really interesting. And look, when we sell our product,

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Speaker 2: even our energy, much of our energy is sold with

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Speaker 2: the linkage to oil pricing, so we always pay very

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Speaker 2: close attention to the oil market. Oil prices are softening

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Speaker 2: as OPEC plus have been unwinding some of their production cuts,

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Speaker 2: so there is more supply coming into the market. That said,

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Speaker 2: gas prices remain strong. So when we look at gas

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Speaker 2: prices in both Europe and Asia, the gas prices have

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Speaker 2: continued to be very strong through the course of this year,

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Speaker 2: and that's actually had a very positive impact on our

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Speaker 2: bottom line. We save call it twenty five to thirty

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Speaker 2: percent of our produced LNG to be able to sell

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Speaker 2: on those gas price markers, and that gave us about

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Speaker 2: a three dollars per mmbtu uplift versus if we'd sold

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Speaker 2: those same volumes on oil indexation. So even though oil

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Speaker 2: prices are down ten plus percent, we've been able to

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Speaker 2: keep our real life pricing down only one percent because

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Speaker 2: of that gas exposure.

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Speaker 3: How do you see that overall supply and mind dynamic

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Speaker 3: in the gas market at the moment, particularly given the

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Speaker 3: ongoing decarbonization process. I might ask you whether you feel

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Speaker 3: as though that's slowed obviously, given what the Trump administration

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Speaker 3: is doing and the role of gas in that transition.

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Speaker 2: Look, if we just take a look at what's happening

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Speaker 2: in Australia, I think we're starting to see a greater

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Speaker 2: realization of the importance of natural gas as we try

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Speaker 2: to decarbonize the economy and try to do it in

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Speaker 2: a way that keeps energy prices affordable for everyone, both

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Speaker 2: households and businesses. Look, we fully support the need for

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Speaker 2: global action on climate change, but we need to do

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Speaker 2: it in a way that brings everybody along. And you

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Speaker 2: don't have to look too far off. You look at Germany,

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Speaker 2: you look at the UK. You're starting to see a

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Speaker 2: backlash as people start to suffer the impact of higher prices.

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Speaker 2: You're seeing de industrialization of places like Germany, which has

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Speaker 2: historically been the heartland of Europe's manufacturing, so we've got

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Speaker 2: the opportunity here in Australia to get the settings right.

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Speaker 2: There is plenty of gas available. We need to tackle

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Speaker 2: some of the regulatory barriers that are preventing us from

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Speaker 2: developing that. But we see the ideal energy mixes one

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Speaker 2: that's got a combination of renewables and gas to help

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Speaker 2: provide energy that is both reliable, affordable and increasingly lower

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Speaker 2: carbon intensity.

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Speaker 3: I'm going to come back to the domestic market. Let's

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Speaker 3: just look first though at your major projects overseas well,

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Speaker 3: in fact, likeally your Scarborough projects. So what eighty six

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Speaker 3: complete yep six eighty six percent complete. One of those

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Speaker 3: other projects you got on the go at the moment,

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Speaker 3: try on buy mo p neew Ammonia yep.

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Speaker 2: So Treon, we'll just maybe go to Scarborough. So Scarborough

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Speaker 2: is development of a deep water gas field offshore Australia,

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Speaker 2: so that'll supply gas to both customers in Western Australia

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Speaker 2: as well as LNG to our customers overseas. Making great

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Speaker 2: progress eighty six percent complete, targeting first LNG cargo second

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Speaker 2: half of next year. Treon is a very large deep

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Speaker 2: water oil field in the Mexican sector of the Gulf

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Speaker 2: of Mexico as it's still called in Mexico. So that's

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Speaker 2: about thirty five percent complete, targeting first oil in twenty

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Speaker 2: twenty eight. But the first project to start up will

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Speaker 2: be Beaumont PNEU ammonia, So that's an asset we acquire

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Speaker 2: last year. Construction is being managed by the previous owner

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Speaker 2: and it's their obligation to complete construction and to deliver

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Speaker 2: a high performing ammonia plant to our care. But we

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Speaker 2: do expect to produce first ammonia later this year, and

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Speaker 2: we'll start producing lower carbon ammonia in twenty twenty six

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Speaker 2: when the supplier of the industrial gases gets their plant

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Speaker 2: up and running with carbon capture and sequestration. So that'll

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Speaker 2: be our first very significant investment in low carbon energy

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Speaker 2: products and very excited about the opportunity to get those

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Speaker 2: into markets that are looking for reliable supply of lower

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Speaker 2: carbon energy products.

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Speaker 3: Magie. Of course, you also picked up the Louisiana llen

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Speaker 3: g project as well. You're you're anticipating your further sail

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Speaker 3: down the.

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Speaker 2: Yeah, So Louisiana Elergy's fantastic acquisition for us, so we

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Speaker 2: bought a company called Tellurian late last year. They had

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Speaker 2: done the hard yards in terms of getting all of

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Speaker 2: the regulatory permits required for this development. We're able to

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Speaker 2: move really quickly to lock in a fully lump some

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Speaker 2: turnkey contract with Bechtel for construction of the first three trains,

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Speaker 2: to bring in a quality infrastructure investor as an equity

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Speaker 2: partner in stone Peaks. So they've taken forty percent of

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Speaker 2: the LNG plant investment and with that we were able

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Speaker 2: to take a final investment decision. We are looking for

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Speaker 2: partners to come in at the we'll call it the

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Speaker 2: parent company level, so partners to come in and be

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Speaker 2: party to the full value chain from gas procurement all

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Speaker 2: the way through to LNG off take. But you know

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Speaker 2: we've with with the stone Peak agreement and with the

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Speaker 2: progress we've made, we've got the luxury of time and

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Speaker 2: we're going to be very disciplined about selecting partners who

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Speaker 2: we feel bring complementary skills to the joint venture and

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Speaker 2: I'll pay a price that is fair for Woodside shareholders.

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Speaker 2: So those discussions are continuing, but we'll be patient about them.

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Speaker 3: So given your outlies, United it is at eight point

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Speaker 3: sixty six billion US dollargy. Gearing is a top end

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Speaker 3: of your target, so elevated capis Are you comfortable with

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Speaker 3: your debt position at the moment?

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Speaker 2: We are, and we've done a couple of things to

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Speaker 2: give ourselves confidence that we have a line of sight

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Speaker 2: to be able to get through this period of higher

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Speaker 2: capital investment continue to return value to shareholders through the cycle.

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Speaker 2: Team has done a great job. We were out in

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Speaker 2: the US bond market, sourced three point five billion dollars

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Speaker 2: in the US bond market in an offering that was

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Speaker 2: heavily oversubscribed. We've updated some syndicated loan facilities, so we're

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Speaker 2: well positioned a very strong liquidity today. So yes, we're

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Speaker 2: at the top end of the gearing range, and we'd

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Speaker 2: signaled that that would be the case for a period

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Speaker 2: as we go through this significant investment period. But as

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Speaker 2: we do the forward forecasting, we feel like we're in

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Speaker 2: good shape to get through it and to continue to

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Speaker 2: have that strong investment grade credit rating that we've had

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Speaker 2: for many decades at Woodside.

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Speaker 3: So you talk about that discipline capital management, what can

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Speaker 3: shareholets look forward to in terms of future dividends do

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Speaker 3: you think, Well, we're.

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Speaker 2: Very pleased to have a dividend at the top end

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Speaker 2: of our range in this interim period for the half year,

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Speaker 2: so paying out eighty percent of underlying net profit after

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Speaker 2: tax fifty three US cents fully franked, and we know

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Speaker 2: our Australian shareholders really appreciate the franking credits that we're

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Speaker 2: able to release with our dividends. We do all of

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Speaker 2: our forward modeling assuming you know, testing our ability to

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Speaker 2: continue to pay at the top end of that profit range.

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Speaker 2: And as we get through the period of high spend,

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Speaker 2: you know, we've signaled that we were also always looking

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Speaker 2: at other ways to return value to shareholders and exploring

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Speaker 2: things like buybacks for example. So you know, nothing in

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Speaker 2: the cards for the very near term because we are

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Speaker 2: focused on getting through this investment period. But as we

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Speaker 2: start to turn the tide to cash gen you know

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Speaker 2: we'll be we'll be looking at different ways to reward

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Speaker 2: our shareholders.

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Speaker 3: Now, locally, the federal government has will conditionally approved the

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Speaker 3: extent Northwest she venture. However it appears to run into

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Speaker 3: a roadblock. What's going on there? How frustrated are you

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Speaker 3: given to how many years this is taken.

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Speaker 2: Yeah. Well, look, I know there's twenty four people in

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Speaker 2: Canberra today talking about productivity, and today I think they're

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Speaker 2: talking about regulation. I hope this is a case study

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Speaker 2: that they talk about. So we have a state regulatory

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Speaker 2: environmental regulatory agency, a Commonwealth regulatory environmental approval agency looking

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Speaker 2: at basically the same question. The State took six plus

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Speaker 2: years a very rigorous process, including a number of rounds

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Speaker 2: of appeals, to issue an approval that has some quite

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Speaker 2: stringent conditions on the sorts of emissions that we can

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Speaker 2: have from our plant and it's all about protecting the

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Speaker 2: very precious rock art and cultural heritage that exists in

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Speaker 2: close proximity to where we operate. I was pleased to

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Speaker 2: see Minister what one of his first decisions after his

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Speaker 2: appointment as a Minister of Environment issue that preliminary approval.

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Speaker 2: And all we want from the federal government is exactly

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Speaker 2: what we have from the state government, which is operational

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Speaker 2: conditions that are based on the science and are technically feasible.

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Speaker 2: So we'll continue to work with the governments with the

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Speaker 2: goal of achieving that outcome.

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Speaker 3: End on the East Coast A see you're in support

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Speaker 3: of a domestic gas reservation system, we are how does

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Speaker 3: that lock the work?

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Speaker 2: Well. Look, one of the complexities in the East Coast

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Speaker 2: is this is a conversation that should have happened fifteen

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Speaker 2: years ago, before the LNG projects were developed. If you

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Speaker 2: look at what happened in Western Australia. By contrast, before

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Speaker 2: Northwest Shelf was developed, there was an agreement with the

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Speaker 2: government that a certain amount of our gas would be

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Speaker 2: provided to domestic customers. That has served the state well,

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Speaker 2: it has served industry well. Much of our gas goes

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Speaker 2: to mining companies, you know, whose alternative would be to

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Speaker 2: burn diesel. Our gas goes into plants that need the

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Speaker 2: gas for heat, so there's no alternative. So that's worked

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Speaker 2: very well in the West. The complexity in the East

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Speaker 2: is you know, now you've got companies that have built

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Speaker 2: LNG plants on the assumption they can export the gas

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Speaker 2: they drill. So any sort of reservation policy needs to

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Speaker 2: be prospective. But one of the key points in our

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Speaker 2: submission is we've got to tackle this regulatory bureaucracy and

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Speaker 2: the red and the green tape that is slowing down

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Speaker 2: investment in gas in Australia. You know, you can reserve

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Speaker 2: one hundred percent of a field, but if you can't develop,

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Speaker 2: it's one hundred percent of nothing. It does nothing to

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Speaker 2: solve the.

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Speaker 3: Problem and may just finally have you ruled out another

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Speaker 3: bid for Santos.

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Speaker 2: We have, look, the reason we were looking at Santos

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Speaker 2: and looking at bringing the two companies together was to

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Speaker 2: grow our L and G portfolio. They've got a great

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Speaker 2: L and G portfolio and the Pacific similar to ours.

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Speaker 2: But what we've done in the US with the acquisition

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Speaker 2: of Louisiana LNG is we've built an LNG business, or

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Speaker 2: we're in the process of building an LNG business that

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Speaker 2: will have a big hub in the Pacific and a

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Speaker 2: big hub in the Atlantic. And we think there's more

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Speaker 2: value to be gained for shareholders by operating with this

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Speaker 2: sort of L and G portfolio than just a Pacific one.

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Speaker 2: So we are very focused on delivering on our commitments

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Speaker 2: and continuing to reward shareholders throughout.

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Speaker 1: That was Mego and Neil c of Woodside speaking to

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Speaker 1: Andrew Gagan on Osby's. Osby's is Australia's leading provider of

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Speaker 1: delve into on this podcast, then please send through your

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Speaker 1: question on LinkedIn, Instagram, Facebook, or at Fearandgreed dot com

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Speaker 1: dot au. I'm Michael Thompson and this is Fear and

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Speaker 1: Greed Q and A