Cover Page
Cover Page | 12 Months Ended | |
Dec. 31, 2022 shares | ||
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Registration Statement | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Woodside Energy Group Ltd | |
Entity Central Index Key | 0000844551 | |
Entity File Number | 001-41404 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Incorporation, State or Country Code | C3 | |
Entity Address, Address Line One | 11 Mount Street | |
Entity Address, City or Town | Perth | |
Entity Address, Country | AU | |
Entity Address, Postal Zip Code | 6000 | |
Entity Common Stock, Shares Outstanding | 1,898,749,771 | |
Document Accounting Standard | International Financial Reporting Standards | |
ICFR Auditor Attestation Flag | false | |
Auditor Name | PricewaterhouseCoopers | |
Auditor Firm ID | 1379 | |
Auditor Location | Australia | |
ADR [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares | |
Trading Symbol | WDS | |
Security Exchange Name | NYSE | |
Ordinary shares [member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary Shares, no par value per share | [1] |
Security Exchange Name | NYSE | |
No Trading Symbol Flag | true | |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Contact Personnel Name | Mia Yellagonga | |
Contact Personnel Email Address | investor@woodside.com | |
Local Phone Number | 8 9348 4000 | |
City Area Code | 61 | |
Entity Address, Address Line One | 11 Mount Street | |
Entity Address, City or Town | Perth | |
Entity Address, Country | AU | |
Entity Address, Postal Zip Code | 6000 | |
[1]Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Operating revenue | $ 16,817 | $ 6,962 | $ 3,600 |
Cost of sales | (6,540) | (3,845) | (2,985) |
Gross profit | 10,277 | 3,117 | 615 |
Other income | 735 | 139 | (36) |
Other expenses | (2,726) | (811) | (481) |
Impairment losses | (10) | (5,269) | |
Impairment reversals | 900 | 1,058 | |
Profit/(loss) before tax and net finance costs | 9,186 | 3,493 | (5,171) |
Finance income | 155 | 27 | 58 |
Finance costs | (167) | (230) | (327) |
Profit/(loss) before tax | 9,174 | 3,290 | (5,440) |
Petroleum resource rent tax (PRRT) benefit/(expense) | 313 | (297) | 439 |
Income tax (expense)/benefit | (2,912) | (957) | 1,026 |
Profit/(loss) after tax | 6,575 | 2,036 | (3,975) |
Profit/(loss) attributable to: | |||
Equity holders of the parent | 6,498 | 1,983 | (4,028) |
Non-controlling interest | 77 | 53 | 53 |
Profit/(loss) for the period | $ 6,575 | $ 2,036 | $ (3,975) |
Basic earnings/(losses) per share attributable to equity holders of the parent | $ 4.30 | $ 2.06 | $ (4.235) |
Diluted earnings/(losses) per share attributable to equity holders of the parent | $ 4.263 | $ 2.041 | $ (4.235) |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Profit/(loss) for the period | $ 6,575 | $ 2,036 | $ (3,975) |
Items that may be reclassified to the income statement in subsequent periods: | |||
Losses on cash flow hedges | (1,097) | (390) | (136) |
Losses on cash flow hedges reclassified to the income statement | 847 | 66 | 52 |
Tax recognised within other comprehensive income | 64 | (5) | 25 |
Exchange fluctuations on translation of foreign operations taken to equity | 3 | ||
Items that will not be reclassified to the income statement in subsequent periods: | |||
Remeasurement gains on defined benefit plan | 34 | 13 | 2 |
Net gain on financial instruments at fair value through other comprehensive income | 2 | ||
Other comprehensive loss for the period, net of tax | (147) | (316) | (57) |
Total comprehensive income/(loss) for the period | 6,428 | 1,720 | (4,032) |
Total comprehensive income/(loss) attributable to: | |||
Equity holders of the parent | 6,351 | 1,667 | (4,085) |
Non-controlling interest | 77 | 53 | 53 |
Total comprehensive income/(loss) for the period | $ 6,428 | $ 1,720 | $ (4,032) |
Consolidated Statement Of Finan
Consolidated Statement Of Financial Position - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | ||
Current assets | ||||
Cash and cash equivalents | $ 6,201 | $ 3,025 | ||
Receivables | 1,578 | 368 | ||
Inventories | 678 | 202 | ||
Other financial assets | 677 | 320 | ||
Assets held for sale | 254 | |||
Tax receivable | 73 | |||
Other assets | 83 | 109 | ||
Total current assets | 9,290 | 4,278 | ||
Non-current assets | ||||
Receivables | 845 | 686 | ||
Inventories | 11 | 19 | ||
Other financial assets | 120 | 107 | ||
Exploration and evaluation assets | 807 | 614 | ||
Oil and gas properties | [1] | 39,919 | 18,649 | |
Deferred tax assets | 1,959 | 1,007 | ||
Lease assets | 1,264 | 1,080 | ||
Investments accounted for using the equity method | [2] | 265 | 2 | |
Goodwill | 4,614 | |||
Other assets | [2] | 227 | 32 | |
Total non-current assets | 50,031 | 22,196 | ||
Total assets | [3] | 59,321 | 26,474 | [4] |
Current liabilities | ||||
Payables | 2,094 | 639 | ||
Interest-bearing liabilities | 260 | 277 | ||
Other financial liabilities | 654 | 411 | ||
Provisions | 1,219 | 605 | ||
Tax payable | 1,854 | 413 | ||
Lease liabilities | 324 | 191 | ||
Other liabilities | 203 | 86 | ||
Total current liabilities | 6,608 | 2,622 | ||
Non-current liabilities | ||||
Interest-bearing liabilities | 4,878 | 5,153 | ||
Deferred tax liabilities | 2,457 | 878 | ||
Other financial liabilities | 67 | 161 | ||
Provisions | 5,960 | 2,219 | ||
Tax payable | 36 | |||
Lease liabilities | 1,310 | 1,176 | ||
Other liabilities | 878 | 36 | ||
Total non-current liabilities | 15,586 | 9,623 | ||
Total liabilities | [3] | 22,194 | 12,245 | [4] |
Net assets | 37,127 | 14,229 | ||
Equity | ||||
Issued and fully paid shares | 29,001 | 9,409 | ||
Shares reserved for employee share plans | (38) | (30) | ||
Other reserves | 4,031 | 683 | ||
Retained earnings | 3,342 | 3,381 | ||
Equity attributable to equity holders of the parent | 36,336 | 13,443 | ||
Non-controlling interest | 791 | 786 | ||
Total equity | $ 37,127 | $ 14,229 | ||
[1]Oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis.[2]Investments accounted for using the equity method, which was previously included within other assets (non-current), is separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis.[3]Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details.[4]The 2021 amounts have been restated to reflect the changes in operating segments. Refer to ‘Operating segment information’ in Note A.1 for details. In addition, oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from/(used in) operating activities | |||
Profit/(loss) after tax for the period | $ 6,575 | $ 2,036 | $ (3,975) |
Non-cash items | |||
Depreciation and amortisation | 2,808 | 1,582 | 1,730 |
Depreciation of lease assets | 140 | 108 | 94 |
Change in fair value of derivative financial instruments | 960 | 31 | 31 |
Net finance costs | 12 | 203 | 269 |
Tax expense/(benefit) | 2,599 | 1,254 | (1,465) |
Exploration and evaluation written off | 164 | 265 | 2 |
Impairment losses | 10 | 5,269 | |
Impairment reversals | (900) | (1,058) | |
Restoration movement | 272 | 68 | 28 |
Gain on disposal of oil and gas properties (including revaluation gain) | (494) | ||
Onerous contracts provision | (245) | (95) | 347 |
Other | (254) | 30 | (12) |
Changes in assets and liabilities | |||
(Increase)/decrease in trade and other receivables | (77) | (39) | 41 |
(Increase)/decrease in inventories | (146) | (4) | 51 |
Increase in lease assets | (16) | ||
Increase/(decrease) in provisions | 131 | (75) | 155 |
(Decrease)/increase in lease liabilities | (31) | (25) | 40 |
Increase in other assets and liabilities | (961) | (128) | (137) |
Increase/(decrease) in trade and other payables | 184 | 75 | (121) |
Cash generated from operations | 10,737 | 4,222 | 2,347 |
Purchases of shares and payments relating to employee share plans | (45) | (47) | (32) |
Interest received | 108 | 11 | 64 |
Dividends received | 19 | 6 | 4 |
Borrowing costs relating to operating activities | (21) | (91) | (180) |
Income tax and PRRT paid | (1,218) | (271) | (331) |
Payments for restoration | (263) | (38) | (23) |
Payments for hedge collateral | (506) | ||
Net cash from operating activities | 8,811 | 3,792 | 1,849 |
Cash flows from/(used in) investing activities | |||
Cash received on acquisition of BHPP, including cash acquired | 1,082 | ||
Payments for capital and exploration expenditure | (3,136) | (2,406) | (1,418) |
Borrowing costs relating to investing activities | (287) | (126) | (57) |
Advances to other external entities | (48) | (206) | (110) |
Proceeds from disposal of non-current assets | 132 | 9 | |
Funding of equity accounted investments | (8) | ||
Payments for acquisition of joint arrangements | (212) | (527) | |
Net cash used in investing activities | (2,265) | (2,941) | (2,112) |
Cash flows from/(used in) financing activities | |||
Proceeds from borrowings | 600 | ||
Repayment of borrowings | (283) | (784) | (83) |
Borrowing costs relating to financing activities | (18) | (15) | (21) |
Repayment of the principal portion of lease liabilities | (248) | (155) | (71) |
Borrowing costs relating to lease liabilities | (10) | (89) | (86) |
Purchases of shares and payments relating to Dividend Reinvestment Plan | (144) | ||
Contributions to non-controlling interests | (98) | (92) | (111) |
Dividends paid (net of Dividend Reinvestment Plan) | (2,558) | (289) | (454) |
Net (payments)/proceeds from share issuance | (5) | 23 | |
Net cash used in financing activities | (3,364) | (1,424) | (203) |
Net increase/(decrease) in cash held | 3,182 | (573) | (466) |
Cash and cash equivalents at the beginning of the period | 3,025 | 3,604 | 4,058 |
Effects of exchange rate changes | (6) | (6) | 12 |
Cash and cash equivalents at the end of the period | $ 6,201 | $ 3,025 | $ 3,604 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) $ in Millions | Total | Issued and fully paid shares [member] | Shares reserved for employee share plans [member] | Employee benefits reserve [member] | Foreign currency translation reserve [member] | Hedging reserve [member] | Distributable profits reserve [member] | Other reserves [member] | Retained earrings [member] | Equity holders of the parent [member] | Non-controlling interest [member] |
Beginning balance at Dec. 31, 2019 | $ 17,409 | $ 9,010 | $ (39) | $ 211 | $ 793 | $ (12) | $ 6,654 | $ 16,617 | $ 792 | ||
Profit/(loss) for the period | (3,975) | (4,028) | (4,028) | 53 | |||||||
Other comprehensive income/(loss) | (57) | 2 | (59) | (57) | |||||||
Total comprehensive income/(loss) for the period | (4,032) | 2 | (59) | (4,028) | (4,085) | 53 | |||||
Transfers | $ 710 | (710) | |||||||||
Dividend Reinvestment Plan | 264 | 264 | 264 | ||||||||
Shares issued | 23 | 23 | 23 | ||||||||
Employee share plan purchases | (32) | (32) | (32) | ||||||||
Employee share plan redemptions | 48 | (48) | |||||||||
Share-based payments (net of tax) | 54 | 54 | 54 | ||||||||
Dividends paid | (811) | (248) | (518) | (766) | (45) | ||||||
Ending balance at Dec. 31, 2020 | 12,875 | 9,297 | (23) | 219 | 793 | (71) | 462 | 1,398 | 12,075 | 800 | |
Profit/(loss) for the period | 2,036 | 1,983 | 1,983 | 53 | |||||||
Other comprehensive income/(loss) | (316) | 13 | (329) | (316) | |||||||
Total comprehensive income/(loss) for the period | 1,720 | 13 | (329) | 1,983 | 1,667 | 53 | |||||
Dividend Reinvestment Plan | 112 | 112 | 112 | ||||||||
Employee share plan purchases | (47) | (47) | (47) | ||||||||
Employee share plan redemptions | 40 | (40) | |||||||||
Share-based payments (net of tax) | 40 | 40 | 40 | ||||||||
Dividends paid | (471) | (404) | (404) | (67) | |||||||
Ending balance at Dec. 31, 2021 | 14,229 | 9,409 | (30) | 232 | 793 | (400) | 58 | 3,381 | 13,443 | 786 | |
Profit/(loss) for the period | 6,575 | 6,498 | 6,498 | 77 | |||||||
Other comprehensive income/(loss) | (147) | 3 | (186) | $ 2 | 34 | (147) | |||||
Total comprehensive income/(loss) for the period | 6,428 | 3 | (186) | 2 | 6,532 | 6,351 | 77 | ||||
Transfers | 5,553 | (5,553) | |||||||||
Shares purchased for Dividend Reinvestment Plan | (144) | (144) | (144) | ||||||||
Dividend Reinvestment Plan | 476 | 332 | 144 | 476 | |||||||
Shares issued for acquisition of BHPP | 19,265 | 19,265 | 19,265 | ||||||||
Replacement employee share plan issued for acquisition of BHPP | 18 | 18 | 18 | ||||||||
Employee share plan purchases | (45) | (45) | 0 | (45) | |||||||
Employee share plan redemptions | 37 | (37) | |||||||||
Share-based payments (net of tax) | 65 | 65 | 65 | ||||||||
Dividends paid | (3,160) | (2,070) | (1,018) | (3,088) | (72) | ||||||
Transaction costs associated with the issue of shares | (5) | (5) | (5) | ||||||||
Ending balance at Dec. 31, 2022 | $ 37,127 | $ 29,001 | $ (38) | $ 278 | $ 796 | $ (586) | $ 3,541 | $ 2 | $ 3,342 | $ 36,336 | $ 791 |
Earnings For The Year
Earnings For The Year | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Earnings For The Year | A. Earnings for the year A.1 Segment revenue and expenses Page F-14 A.2 Finance costs Page F-19 A.3 Dividends paid and proposed Page F-19 A.4 Earnings/(losses) per share Page F-19 A.5 Taxes Page F-20 Key financial and capital risks in this section Commodity price risk management The Group’s revenue is exposed to commodity price fluctuations through the sale of hydrocarbons. Commodity price risks are measured by monitoring and stress testing the Group’s forecast financial position to sustained periods of low oil and gas prices. This analysis is regularly performed on the Group’s portfolio and as required for discrete projects and transactions. The Group’s management of commodity price risk includes the use of commodity derivatives to hedge its exposure (refer to Note D.6). The hedged exposure includes oil-linked revenue related to produced volumes and revenues derived from trading operations. Commodity derivatives protect the Group against downside price risk within its strategic and trading portfolio. As at the reporting date, the Group held hedging financial instruments with a net liability carrying value of $557 million (2021: $431 million) exposed to commodity price risk. An increase in relevant commodity prices of 10% would increase the instruments’ net liability by $219 million, the effect of which would be recognised within reserves and/or the income statement in accordance with hedge accounting application. A 10% decrease would have the same but opposite effect. Th is Foreign exchange risk management Foreign exchange risk arises from future commitments, financial assets and financial liabilities that are not denominated in US dollars. The majority of the Group’s revenue is denominated in US dollars. The Group is exposed to foreign currency risk arising from operating and capital expenditure incurred in currencies other than US dollars, particularly Australian dollars. The Group’s management of foreign exchange risk relating to capital expenditure includes the use of forward exchange contract derivatives to hedge its exposure (refer to Note D.6). As at the reporting date, the Group held hedging financial instruments with a net liability carrying value of $17 million (2021: net asset carrying value of $10 million) exposed to foreign exchange risk. Measuring the exposure to foreign exchange risk is achieved by regularly monitoring and performing sensitivity analysis on the Group’s financial position. A reasonably possible change in the exchange rate of the US dollar to the Australian dollar (+12%/-12% +12%/-12%)), The Group entered into foreign exchange forward contracts to fix the Australian dollar to US dollar exchange rate in relation to a portion of the Australian dollar denominated capital expenditure incurred or expected to be incurred under the Scarborough development from 2022 to 2025 (refer to Note D.6). In order to hedge the foreign exchange risk and interest rate risk (refer to Section C) of a Swiss Franc (CHF) denominated medium term note, Woodside holds a number of cross-currency interest rate swaps (refer to Notes C.2 and D.6). The aim of these investments is to convert the fixed interest CHF bond into variable interest US dollar debt. |
Segment Revenue and Expenses
Segment Revenue and Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Segment revenue and expenses | A.1 Segment revenue and expenses Operating segment information The Group has identified its operating segments based on the internal reports that are reviewed and used by the Chief Executive Officer (Chief Operating Decision Maker) in assessing performance and determining the allocation of resources. As a result of the merger with BHPP on 1 June 2022, the Group has transformed into a global energy company which has led to a change in how financial information is reported in the Group. The disclosed operating segments have been updated to reflect this change and the 2021 and 2020 amounts have been restated to be presented on the same basis. Operating segments outlined below are identified by management based on the nature and geographical location of the business and venture. Australia: Exploration, evaluation, development, production and sale of liquified natural gas, pipeline gas, crude oil and condensate and natural gas liquids in Australia. International: Exploration, evaluation, development, production and sale of pipeline gas, crude oil and condensate and natural gas liquids in international jurisdictions outside of Australia. Marketing: Marketing, Shipping and Trading of Woodside’s oil and gas portfolio (including non-produced volumes) and optimisation activities attributed to Marketing which have generated incremental value. Corporate/Other items: Corporate/Other items comprise primarily corporate non-segmental items of revenue and expenses and associated assets and liabilities not allocated to operating segments as they are not considered part of the core operations of any segment. In addition to the updated segments, the Group has reassessed the reporting of revenue from the sale of liquified natural gas on a portfolio basis. With the Marketing segment separately reported for the year ended 31 December 2022, the Group will no longer report revenue from the sale of liquified natural gas on a portfolio basis to better represent the revenues and margins generated by each segment. 2021 and 2020 amounts have been restated to be presented on the same basis. Major customer information The Group has two major customers which respectively account for 12% and 9% of the Group’s external revenue. The sales are generated by the Australia and Marketing operating segments (2021: two major customers; 8% and 6% generated by the Australia operating segment and 2020: two major customers; 15% and 13% generated by the Australia operating segment). Geographical Information Revenue from external customers 1 Non-current assets 2 2022 US$m 2021 US$m 2020 US$m 2022 US$m 2021 US$m Asia Pacific 12,521 6,342 3,362 36,966 18,386 Americas 1,545 - - 7,057 1 Africa - - - 4,049 2,802 Europe 2,751 620 238 - - Consolidated 16,817 6,962 3,600 48,072 21,189 1. Revenue is attributable to geographic location based on the location of the customers. 2. Non-current Recognition and measurement Revenue from contracts with customers Revenue is recognised when or as the Group transfers control of products or provides services to a customer at the amount to which the Group expects to be entitled. If the consideration includes a variable component, the Group estimates the amount of the expected consideration receivable. Variable consideration is estimated throughout the contract and is recognised to the extent that it is highly probable a significant reversal will not occur. · Revenue from sale of hydrocarbons . · Other operating revenue Expenses · Royalties, excise and levies · Depreciation and amortisation · Impairment and impairment reversals · Leases · Employee benefits Key estimates and judgements Revenue from contracts with customers The transaction price at the date control passes for sales made subject to provisional pricing periods in oil and condensate contracts is determined with reference to quoted commodity prices. Judgement is also used to determine if it is highly probable that a significant reversal will not occur in relation to revenue recognised during open pricing periods in LNG contracts. The Group estimates variable consideration based on available information from contract negotiations and market indicators. Australia International Marketing Corporate/ Other Consolidated 2022 US$m 2022 US$m 2022 US$m 2022 US$m 2022 US$m Liquefied natural gas 8,855 - 2,434 - 11,289 Pipeline gas 1,086 276 - - 1,362 Crude oil and condensate 2,467 1,273 18 - 3,758 Natural gas liquids 171 26 9 - 206 Revenue from sale of hydrocarbons 12,579 1,575 2,461 - 16,615 Intersegment revenue 1 (455 ) (5 ) 460 - - Processing and services revenue 175 - - - 175 Shipping and other revenue - - 27 - 27 Other revenue (280 ) (5 ) 487 - 202 Operating revenue 2 12,299 1,570 2,948 - 16,817 Production costs (975 ) (313 ) - 7 (1,281 ) Royalties, excise and levies (540 ) (39 ) - (17 ) (596 ) Insurance (35 ) (7 ) - (1 ) (43 ) Inventory movement 44 (3 ) - - 41 Costs of production (1,506 ) (362 ) - (11 ) (1,879 ) Land and buildings (51 ) (3 ) - - (54 ) Transferred exploration and evaluation (107 ) - - - (107 ) Plant and equipment (2,168 ) (436 ) - (33 ) (2,637 ) Oil and gas properties depreciation and amortisation (2,326 ) (439 ) - (33 ) (2,798 ) Shipping and direct sales costs (312 ) (36 ) (73 ) 142 (279 ) Trading costs (14 ) - (1,763 ) - (1,777 ) Other hydrocarbon costs (19 ) - - - (19 ) Other cost of sales (4 ) - - - (4 ) Movement in onerous contract provision 3 - - 216 - 216 Other cost of sales (349 ) (36 ) (1,620 ) 142 (1,863 ) Cost of sales (4,181 ) (837 ) (1,620 ) 98 (6,540 ) Gross profit 8,118 733 1,328 98 10,277 Other income 4 722 4 5 4 735 Exploration and evaluation expenditure 5 (20 ) (277 ) - 1 (296 ) Amortisation of permit acquisition (1 ) (9 ) - - (10 ) Write-offs 6 - (164 ) - - (164 ) Exploration and evaluation (21 ) (450 ) - 1 (470 ) General, administrative and other costs 7 (13 ) (21 ) (10 ) (747 ) (791 ) Depreciation of other plant and equipment - - - - - Depreciation of lease assets (49 ) (11 ) - (80 ) (140 ) Restoration movement (234 ) (46 ) - 8 (272 ) Other 8 (8 ) (84 ) (475 ) (486 ) (1,053 ) Other costs (304 ) (162 ) (485 ) (1,305 ) (2,256 ) Other expenses (325 ) (612 ) (485 ) (1,304 ) (2,726 ) Impairment losses - - - - - Impairment reversals 9 900 - - - 900 Profit/(loss) before tax and net finance costs 9,415 125 848 (1,202 ) 9,186 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $16,790 million and sub-lease income of $27 million disclosed within shipping and other revenue. 3. Comprises changes in estimates of $245 million offset by provisions used of $29 million. Refer to Note D.5 for further details. 4. Includes initial gain on Train 2 sell-down of $427 million, revaluation gain on the remeasurement of the Train 2 sell-down variable consideration of $71 million, fees and recoveries, foreign exchange gains and other income not associated with the ongoing operations of the business. 5. Includes $142 million for various costs relating to the Group’s exit from the Orphan Basin exploration licences in Canada. 6. $125 million relates to costs of unsuccessful wells that have been written off. Refer to Note B.2. 7. Transaction costs of $419 million incurred as a result of the BHPP merger on 1 June 2022 are included in the Corporate/Other segment. Refer to Note B.5 for details. 8. Includes losses on hedging activities and changes in fair value of derivative financial instruments of $960 million in the Marketing and Corporate/Other segments and other expenses not associated with the ongoing operations of the business. 9. Impairment reversals on oil and gas properties. Refer to Note B.4 for more details. Australia International Marketing Corporate/ Other Consolidated 2021 8 US$m 2021 8 US$m 2021 8 US$m 2021 8 US$m 2021 US$m Liquefied natural gas 3,910 - 1,449 - 5,359 Pipeline gas 43 - - - 43 Crude oil and condensate 1,316 - - - 1,316 Natural gas liquids 60 - - - 60 Revenue from sale of hydrocarbons 5,329 - 1,449 - 6,778 Intersegment revenue 1 (236) - 236 - - Processing and services revenue 143 - - - 143 Shipping and other revenue 4 - 37 - 41 Other revenue (89) - 273 - 184 Operating revenue 2 5,240 - 1,722 - 6,962 Production costs (489) - - 8 (481) Royalties, excise and levies (218) - - - (218) Insurance (32) - - 1 (31) Inventory movement 17 - - - 17 Costs of production (722) - - 9 (713) Land and buildings (51 ) - - - (51 ) Transferred exploration and evaluation (79 ) - - - (79 ) Plant and equipment (1,419 ) - - - (1,419 ) Oil and gas properties depreciation and amortisation (1,549 ) - - - (1,549 ) Shipping and direct sales costs (197 ) - (45 ) 32 (210 ) Trading costs (3 ) - (1,492 ) - (1,495 ) Other hydrocarbon costs (6 ) - - - (6 ) Other cost of sales (11 ) - - (1 ) (12 ) Movement in onerous contract provision 3 - - 140 - 140 Other cost of sales (217 ) - (1,397 ) 31 (1,583 ) Cost of sales (2,488 ) - (1,397 ) 40 (3,845 ) Gross profit/(loss) 2,752 - 325 40 3,117 Other income 4 97 (2 ) 1 43 139 Exploration and evaluation expenditure (16 ) (27 ) - (11 ) (54 ) Amortisation of permit acquisition - (2 ) - (1 ) (3 ) Write-offs 5 - (265 ) - - (265 ) Exploration and evaluation (16 ) (294 ) - (12 ) (322 ) General, administrative and other costs (5 ) (1 ) - (152 ) (158 ) Depreciation of other plant and equipment - - - (30 ) (30 ) Depreciation of lease assets (28 ) - - (80 ) (108 ) Restoration movement (80 ) 12 - - (68 ) Other 6 (57 ) (32 ) 28 (64 ) (125 ) Other costs (170 ) (21 ) 28 (326 ) (489 ) Other expenses (186 ) (315 ) 28 (338 ) (811 ) Impairment losses (10 ) - - - (10 ) Impairment reversals 7 1,058 - - - 1,058 Profit/(loss) before tax and net finance costs 3,711 (317 ) 354 (255 ) 3,493 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $6,923 million and sub-lease income of $39 million disclosed within shipping and other revenue. 3. Comprises provisions used of $45 million and changes in estimates of $95 million. Refer to Note D.5 for further details. 4. Includes other income of $67 million relating to Pluto volumes delivered into Wheatstone’s sales commitments and net foreign exchange gains of $44 million. 5. $56 million relates to costs of unsuccessful wells. $209 million relates to capitalised costs written off due to the Group’s decision to withdraw from its interests in Myanmar. Refer to Note B.2. 6. Includes net loss on hedging activities of $91 million, various costs relating to Woodside’s exit from the Kitimat LNG development of $33 million and other expenses not associated with the ongoing operations of the business. 7. Impairment reversals on oil and gas properties. Refer to Note B.4 for more details. 8. The 2021 amounts have been restated to reflect the changes in operating segments and portfolio reporting for LNG revenue. Australia International Marketing Corporate/ Other Consolidated 2020 6 US$m 2020 6 US$m 2020 6 US$m 2020 6 US$m 2020 US$m Liquefied natural gas 1 2,390 - 129 - 2,519 Pipeline gas 73 - - - 73 Crude oil and condensate 843 - - - 843 Natural gas liquids 16 - - - 16 Revenue from sale of hydrocarbons 3,322 - 129 - 3,451 Intersegment revenue 2 (47) - 47 - - Processing and services revenue 142 - - - 142 Shipping and other revenue 4 - 3 - 7 Other revenue 99 - 50 - 149 Operating revenue 3,421 - 179 - 3,600 Production costs (486) - - 8 (478) Royalties, excise and levies (82) - - - (82) Insurance (32) - - 1 (31) Inventory movement (32) - - - (32) Costs of production (632) - - 9 (623) Land and buildings (55 ) - - - (55 ) Transferred exploration and evaluation (99 ) - - - (99 ) Plant and equipment (1,535 ) - - - (1,535 ) Oil and gas properties depreciation and amortisation (1,689 ) - - - (1,689 ) Shipping and direct sales costs (146 ) - (3 ) 38 (111 ) Trading costs (4 ) - (207 ) - (211 ) Other hydrocarbon costs (4 ) - - - (4 ) Other cost of sales - - - - - Movement in onerous contract provision 3 - - (347 ) - (347 ) Other cost of sales (154 ) - (557 ) 38 (673 ) Cost of sales (2,475 ) - (557 ) 47 (2,985 ) Gross profit/(loss) 946 - (378 ) 47 615 Other income 4 3 (1 ) 1 (39 ) (36 ) Exploration and evaluation expenditure (26 ) (32 ) - (9 ) (67 ) Amortisation of permit acquisition (6 ) (5 ) - (1 ) (12 ) Write-offs - (2 ) - - (2 ) Exploration and evaluation (32 ) (39 ) - (10 ) (81 ) General, administrative and other costs (7 ) (14 ) - (169 ) (190 ) Depreciation of other plant and equipment - - - (29 ) (29 ) Depreciation of lease assets (26 ) - - (68 ) (94 ) Restoration movement (65 ) 37 - - (28 ) Other 4 (8 ) - - (51 ) (59 ) Other costs (106 ) 23 - (317 ) (400 ) Other expenses (138 ) (16 ) - (327 ) (481 ) Impairment losses 5 (3,971 ) (1,298 ) - - (5,269 ) Impairment reversals - - - - - Loss before tax and net finance costs (3,160 ) (1,315 ) (377 ) (319 ) (5,171 ) 1. Includes an adjustment of $113 million related to price reviews under negotiation for multiple contracts in the Australia segment, reducing revenue recognised in the current and prior periods and increasing other liabilities. 2. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 3. Comprised of the recognition of an onerous contract provision $447 million, offset by changes in estimates of $54 million, provisions used of $41 million and a revision of discount rates of $5 million. 4. Includes foreign exchange gains and losses, gains and losses on hedging activities, cancellation costs and other expenses not associated with the ongoing operations of the business. 5. The impairment losses represent charges on exploration and evaluation of $1,557 million and oil and gas properties of $3,712 million. 6. The 2020 amounts have been restated to reflect the changes in operating segments and portfolio reporting for LNG revenue. |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Finance costs | A.2 Finance costs 2022 US$m 2021 US$m 2020 US$m Interest on interest-bearing liabilities 212 201 237 Interest on lease liabilities 103 97 86 Accretion charge 110 29 32 Other finance costs 36 26 29 Less: Finance costs capitalised against qualifying assets (294) (123) (57) 167 230 327 |
Dividends Paid and Proposed
Dividends Paid and Proposed | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Dividends paid and proposed | A.3 Dividends paid and proposed Woodside Energy Group Ltd, the parent entity, paid and proposed dividends set out below: 2022 US$m 2021 US$m 2020 US$m (a) Dividends paid during the financial year Prior year fully franked final dividend 1 1,018 115 518 Current year fully franked interim dividend 2 2,070 289 248 3,088 404 766 (b) Dividend declared subsequent to the reporting period (not recorded as a liability) Final dividend 3 2,734 1,018 115 (c) Other information Current year dividends per share (US cents) 253 135 38 1. 2022: US$1.05, paid on 23 March 2022 2021: US$0.12, paid on 24 March 2021 2020: US$0.55, paid on 20 March 2020 2. 2022: US$1.09, paid on 6 October 2022 2021: US$0.30, paid on 24 September 2021 2020: US$0.26, paid on 18 September 2020 3. 2022: US$1.44, to be paid on 5 April 2023 2021: US$1.05, paid on 23 March 2022 2020: US$0.12, paid on 24 March 2021 The Dividend Reinvestment Plan (DRP) was approved by the shareholders at the Annual General Meeting in 2003 for activation as required to fund future growth. The DRP was reactivated in 2019 and suspended by the Board of Directors on 27 February 2023. |
Earnings_(Losses) Per Share
Earnings/(Losses) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Earnings/(losses) per share | A.4 Earnings/(losses) per share 2022 2021 2020 Profit/(loss) attributable to equity holders of the parent (US$m) 6,498 1,983 (4,028) Weighted average number of shares on issue for basic earnings/(loss) per share 1,511,257,404 962,604,811 951,113,086 Effect of dilution from contingently issuable shares 13,061,376 9,023,439 - Weighted average number of shares on issue adjusted for the effect of dilution 1 1,524,318,780 971,628,250 951,113,086 Basic earnings/(losses) per share (US cents) 430.0 206.0 (423.5) Diluted earnings/(losses) per share (US cents) 426.3 204.1 (423.5) 1. The contingently issuable shares in 2020 have an anti-dilutive impact. Earnings/(losses) per share is calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares on issue during the year. The weighted average number of shares makes allowance for shares reserved for employee share plans. Diluted earnings/(losses) per share is calculated by adjusting basic earnings/(losses) per share by the number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. At 31 December 2022, 13,061,376 awards (2021: 9,023,439 awards) granted under the Woodside employee share plans are considered dilutive. Total outstanding share awards as at 31 December 2020 were 9,392,203 and considered anti-dilutive due to the loss position in 2020. There have been no significant transactions involving ordinary shares between the reporting date and the date of completion of these financial statements. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Taxes | A.5 Taxes 2022 US$m 2021 US$m 2020 US$m (a) Tax expense comprises Petroleum resource rent tax (PRRT) Current tax expense 501 - - Deferred tax (benefit)/ expense (814) 297 (439) PRRT (benefit)/ expense (313) 297 (439) Income tax Current year Current tax expense 2,256 658 275 Deferred tax expense/(benefit) 701 301 (1,308) Adjustment to prior years Current tax (benefit)/expense (276) (20) 16 Deferred tax expense/(benefit) 231 18 (9) Income tax expense/(benefit) 2,912 957 (1,026) Tax expense/(benefit) 2,599 1,254 (1,465) 2022 US$m 2021 US$m 2020 US$m (b) Reconciliation of income tax expense Profit/(loss) before tax 9,174 3,290 (5,440) PRRT benefit/(expense) 313 (297) 439 Profit/(loss) before income tax 9,487 2,993 (5,001) Income tax expense/(benefit) calculated at 30% 2,847 898 (1,500) Effect of tax rate differentials (141) (42) 192 Effect of deferred tax assets not recognised 150 114 270 Foreign exchange impact on tax (benefit)/expense (44) (18) 3 Adjustment to prior years (45) (2) 7 Integration and transaction costs non-deductible 142 - - Other 3 7 2 Income tax expense/(benefit) 2,912 957 (1,026) 2022 US$m 2021 US$m 2020 US$m (c) Reconciliation of PRRT benefit Profit/(loss) before tax 9,174 3,290 (5,440) Non-PRRT (6,197) (2,134) 3,080 PRRT projects profit/(loss) before tax 2,977 1,156 (2,360) PRRT expense/(benefit) calculated at 40% 1,191 462 (944) (Recognition)/derecognition of Pluto general expenditure 1 (1,362) - 627 Augmentation (175) (166) (138) Other 33 1 16 PRRT expense/(benefit) (313) 297 (439) 2022 US$m 2021 US$m 2020 US$m (d) Deferred tax income statement reconciliation PRRT Production and growth assets (710) 455 (242) Augmentation for current year (175) (166) (138) Provisions (12) (29) (32) Other 83 37 (27) PRRT (benefit)/ expense (814) 297 (439) Income tax Oil and gas properties 292 674 (981) Exploration and evaluation assets 14 (204) (210) Lease assets and liabilities 25 1 (16) Provisions 151 (10) (106) PRRT assets and liabilities 236 (88) 134 Unused tax losses and tax credits 19 149 (149) Assets held for sale 205 (205) - Derivatives 21 (11) 16 Other (31) 13 (5) Income tax deferred tax expense/(benefit) 932 319 (1,317) Deferred tax expense/(benefit) 118 616 (1,756) 2022 US$m 2021 US$m 2020 US$m (e) Deferred tax other comprehensive income reconciliation Income tax Derivatives (64) 5 (25) Other (2) 5 6 Deferred income tax (benefit)/expense via other comprehensive income (66) 10 (19) 2022 US$m 2021 US$m 2020 US$m (f) Effective income tax rate: Australian and global operations Effective income tax rate 2 Australia 30.0% 30.6 % 29.6 % Global 30.7% 32.0 % 20.5 % 1. The $1,362 million increase of the Pluto PRRT deferred tax asset is due to the recognition of previously unrecognised deductible 2. The global operations ef fe 2022 2021 (g) Deferred tax balance sheet reconciliation Deferred tax assets PRRT Production and growth assets 1,460 767 Augmentation for current year 113 166 Provisions 271 75 Other (23) (1) PRRT deferred tax assets 1,821 1,007 Income tax 3 Oil and gas properties (1,496 ) - Exploration and evaluation assets 30 - Lease assets and liabilities 23 - Unused tax losses and tax credits 1,464 - Derivatives 23 - Provisions 60 - Other 34 - Income tax deferred tax assets 138 - Deferred tax assets 1,959 1,007 Deferred tax liabilities PRRT 4 Production and growth assets 1,281 - Augmentation for current year (62 ) - Provisions (743 ) - Other 137 - PRRT deferred tax liabilities 613 - Income tax Oil and gas properties 2,857 1,520 Exploration and evaluation assets 67 51 Lease assets and liabilities (22 ) (38) Provisions (1,280 ) (706) PRRT assets and liabilities 347 303 Assets held for sale - (205) Derivatives (36 ) (15) Other (89 ) (32) Income tax deferred tax liabilities 1,844 878 Deferred tax liabilities 2,457 878 3 The Group was in a net income tax deferred tax l iability 4 The Group was in a net PRRT deferred tax asset position in 2021. Tax transparency code Woodside participates in the Australian Board of Taxation’s voluntary Tax Transparency Code (TTC). To increase public confidence in the contributions and compliance of corporate taxpayers, the TTC recommends public disclosure of tax information. Part A of the recommended disclosures are addressed within this Taxes note and Part B within our Sustainable Development Report, supported by additional information on our website. Recognition and measurement Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised. The tax rates and laws used to determine the amount are based on those that have been enacted or substantially enacted by the end of the reporting period. Income taxes relating to items recognised directly in equity are recognised in equity. Current taxes Current tax expense is the expected tax payable on the taxable income for the current year and any adjustment to tax paid in respect of previous years. Deferred taxes Deferred tax expense represents movements in the temporary differences between the carrying amount of an asset or liability in the consolidated With the exception of those noted below, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for deductible temporary differences, unused tax losses and tax credits only if it is probable that sufficient future taxable income will be available to utilise those temporary differences and losses. Deferred tax is not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither accounting profit nor the taxable profit. In relation to PRRT, the impact of future augmentation on expenditure is included in the determination of future taxable profits when assessing the extent to which a deferred tax asset can be recognised in the consolidated statement of financial position. Offsetting deferred tax balances Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset current tax assets and liabilities and when they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities that the Group intends to settle its current tax assets and liabilities on a net basis. Refer to Notes E.8 and E.9 for detail on the tax consolidated groups. Key estimates and judgements (a) Income tax classification Judgement is required when determining whether a particular tax is an income tax or another type of tax. PRRT is considered, for accounting purposes, to be an income tax. Accounting for deferred tax is applied to income taxes as described above, but is not applied to other types of taxes, e.g. North West Shelf royalties, excise and levies which are recognised in cost of sales in the income statement. (b) Deferred tax asset recognition Income t unused DTAs relating to carry forward unused tax losses and credits of $250 million from the USA TCG, $146 million from USA entities outside of the USA TCG and $1,061 million from regions other than Australia and the USA have not been recognised as it is not currently probable that the assets will be utilised based on current planned activities in those regions (2021: $497 million unrecognised DTAs). PRRT: The recoverability of PRRT deferred tax assets is primarily assessed with regard to future oil price assumptions impacting forecast future taxable profits. As a result of higher actual and forecast assessable revenues supporting future recoverability of unrecognised quarantined exploration and general expenditure, the Pluto PRRT DTA has increased by $1,362 million. In determining the amount of DTA that is considered probable and eligible for recognition, forecast future taxable profits are risk-adjusted where appropriate by a market premium risk rate to reflect uncertainty inherent in long-term forecasts. A long-term bond rate of 3.2% (31 December 2021: 1.5%) was used for the purposes of augmentation. Certain deferred tax assets on deductible temporary differences have not been recognised on the basis that deductions from future augmentation of the recognised deductible temporary difference will be sufficient to offset future taxable profits. $6,523 million (2021: $4,507 million) relates to the North West Shelf Project, $189 million (2021: $1,432 million) relates to remaining Pluto quarantined exploration expenditure and $831 million (2021: $1,071 million) relates to Wheatstone. A long-term bond rate of 3.2% (31 December 2021: 1.5%) was used for the purposes of augmentation. Had an alternative approach been used to assess recovery of the deferred tax assets, whereby future augmentation was not included in the assessment, additional deferred tax assets would be recognised, with a corresponding benefit to tax expense. It was determined that the approach adopted provides the most meaningful information on the implications of the PRRT regime, whilst ensuring compliance with IAS 12 Income Taxes . (c) Uncertain tax position The Group has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflows are uncertain. Where the Group assesses an outcome for any tax matter, litigation or other claim as more likely than not to be accepted by the relevant tax authority, the position is adopted in the reported tax balances. Because of the complexity of some of these positions the ultimate outcome may differ from the current estimate of the position. These differences will be reflected as increases or decreases to tax expense in the period in which new information is available. |
Segment Production and Growth A
Segment Production and Growth Assets | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Segment production and growth assets | B.1 Segment production and growth assets Australia International 2022 US$m Marketing Corporate/Other Consolidated 2022 US$m Balance as at 31 December Asia Pacific 529 - - - 529 Americas - 240 - - 240 Africa - 38 - - 38 Total exploration and evaluation 529 278 - - 807 Balance as at 31 December Land and buildings 802 37 - 1 840 Transferred exploration and evaluation 481 - - - 481 Plant and equipment 18,249 4,647 - 161 23,057 Projects in development 1 5,623 9,795 - 123 15,541 Total oil and gas properties 25,155 14,479 - 285 39,919 Balance as at 31 December Land and buildings 93 107 - 264 464 Plant and equipment 214 131 - 455 800 Total lease assets 307 238 - 719 1,264 Additions to exploration and evaluation 2 Exploration 1 121 - - 122 Evaluation 19 100 - - 119 Restoration 3 (1 ) - - - (1 ) 19 221 - - 240 Additions to oil and gas properties 2 Oil and gas properties 2,252 1,560 - 92 3,904 Capitalised borrowings costs 4 115 179 - - 294 Restoration 3 (346 ) (28 ) - - (374 ) 2,021 1,711 - 92 3,824 Additions to lease assets 2 Land and buildings 4 - - - 4 Plant and equipment 139 90 - 9 238 143 90 - 9 242 1. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations. 2. Additions exclude acquisitions through business combinations. 3 Relates to changes in restoration provision assumptions. 4 Borrowing costs capitalised were at a weighted average interest rate of 3.8%. Refer to Note A.1 for descriptions of the Group’s segments and geographical regions. Australia 2021 2 US$m International 2021 2 US$m Marketing 2021 2 US$m Corporate/Other 2021 2 US$m Consolidated 2021 US$m Balance as at 31 December Asia Pacific 546 - - - 546 Americas - - - - - Africa - 68 - - 68 Total exploration and evaluation 546 68 - - 614 Balance as at 31 December Land and buildings 738 - - 1 739 Transferred exploration and evaluation 526 - - - 526 Plant and equipment 12,316 3 - 146 12,465 Projects in development 2,646 2,195 - 78 4,919 Total oil and gas properties 16,226 2,198 - 225 18,649 Balance as at 31 December Land and buildings 76 11 1 289 377 Plant and equipment 133 176 - 394 703 Total lease assets 209 187 1 683 1,080 Additions to exploration and evaluation: Exploration 1 41 - - 42 Evaluation 451 2 - - 453 Restoration 6 - - - 6 458 43 - - 501 Additions to oil and gas properties: Oil and gas properties 1,071 1,051 - 57 2,179 Capitalised borrowings costs 1 46 77 - - 123 Restoration 18 14 - - 32 1,135 1,142 - 57 2,334 Additions to lease assets: Land and buildings - 14 - - 14 Plant and equipment - 214 - - 214 - 228 - - 228 1. Borrowing costs capitalised were at a weighted average interest rate of 3.6%. 2. The 2021 amounts have been restated to reflect the changes in operating segments. Refer to ‘Operating segment information’ in Note A.1 for details. In addition, oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. |
Exploration and Evaluation
Exploration and Evaluation | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Exploration and evaluation | B.2 Exploration and evaluation Asia Pacific US$m Americas Africa US$m Total Year ended 31 December 2022 Carrying amount at 1 January 2022 546 - 68 614 Acquisitions through business combination 1 - 180 - 180 Additions 19 204 17 240 Disposals - (10) - (10) Amortisation of licence acquisition costs - (8) (2) (10) Expensed 2 - (126) (45) (171) Transferred exploration and evaluation (36) - - (36) Carrying amount at 31 December 2022 529 240 38 807 Year ended 31 December 2021 3 Carrying amount at 1 January 2021 1,981 - 64 2,045 Additions 494 - 7 501 Amortisation of licence acquisition costs - - (3) (3) Expensed 2 (265) - - (265) Transferred exploration and evaluation (1,664) - - (1,664) Carrying amount at 31 December 2021 546 - 68 614 Exploration commitments Year ended 31 December 2022 1 1 27 29 Year ended 31 December 2021 3 16 1 77 94 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. 2. $125 million (2021: $56 million) relates to costs of unsuccessful wells. For the year ended 31 December 2021, $209 million relates to capitalised cost Myanmar. 3. Oceania and Asia have been presented within Asia Pacific for the year ended 31 December 2022. The 2021 amounts have been reclassified to be presented on the same basis. Recognition and measurement Expenditure on exploration and evaluation is accounted for in accordance with the area of interest method. Areas of interest are based on a geographical area for which the rights of tenure are current. All exploration and evaluation expenditure, including general permit activity, geological and geophysical costs and new venture activity costs, is expensed as incurred except for the following: · where the expenditure relates to an exploration discovery for which the assessment of the existence or otherwise of economically recoverable hydrocarbons is not yet complete; or · where the expenditure is expected to be recouped through successful exploitation of the area of interest, or alternatively, by its sale. The costs of acquiring interests in new exploration and evaluation licences are capitalised. The costs of drilling exploration wells are initially capitalised pending the results of the well. Costs are expensed where the well does not result in the successful discovery of economically recoverable hydrocarbons and the recognition of an area of interest. Subsequent to the recognition of an area of interest, all further evaluation costs relating to that area of interest are capitalised. Upon approval for the commercial development of an area of interest, accumulated expenditure for the area of interest is transferred to oil and gas properties. In the consolidated statement of cash flows, those cash flows associated with capitalised exploration and evaluation expenditure, including unsuccessful wells, are classified as cash flows used in investing activities. Exploration commitments The Group has exploration expenditure obligations which are contracted for, but not provided for in the financial statements. These obligations may be varied from time to time and are expected to be fulfilled in the normal course of the Group’s operations. Impairment Refer to Note B.4 for details on impairment, including any write-offs. Key estimates and judgements (a) Area of interest Typically, an area of interest (AOI) is defined by the Group as an individual geographical area whereby the presence of hydrocarbons is considered favourable or proved to exist. The Group has established criteria to recognise and maintain an AOI. (b) Transfer to projects in development Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when the project is technically feasible and economically viable to transfer to projects in development. |
Oil and Gas Properties
Oil and Gas Properties | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Oil and gas properties | Oil and gas properties Land Transferred evaluation Plant and Projects in Total US$m US$m US$m US$m US$m Year ended 31 December 2022 Carrying amount at 1 January 2022 739 526 12,465 4,919 18,649 Acquisitions through business combinations 1 64 - 11,952 7,337 19,353 Additions 2 - - (508) 4,332 3,824 Disposals at written down value (3) (10) (32) - (45) Depreciation and amortisation (54) (107) (2,637) - (2,798) Impairment reversal 3 87 30 783 - 900 Completions and transfers 7 42 1,034 (1,047) 36 Carrying amount at 31 December 2022 840 481 23,057 15,541 39,919 At 31 December 2022 Historical cost 1,765 1,538 45,273 15,937 64,513 Accumulated depreciation and impairment (925) (1,057) (22,216) (396) (24,594 Net carrying amount 840 481 23,057 15,541 39,919 Year ended 31 December 2021 4 Carrying amount at 1 January 2021 749 431 12,091 2,195 15,466 Additions - - 13 2,321 2,334 Disposals at written down value (2) - (6) (22) (30) Depreciation and amortisation (51) (79) (1,449) - (1,579) Impairment losses 3 (10) - - - (10) Impairment reversal 3 44 66 911 37 1,058 Completions and transfers 11 108 905 640 1,664 Transfer to assets held for sale 5 (2) - - (252) (254) Carrying amount at 31 December 2021 739 526 12,465 4,919 18,649 At 31 December 2021 4 Historical cost 1,701 1,495 32,796 5,321 41,313 Accumulated depreciation and impairment (962) (969) (20,331) (402) (22,664) Net carrying amount 739 526 12,465 4,919 18,649 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations. 2. Includes $3,904 million of capital additions and $294 million of capitalised borrowing costs offset by $374 million following changes in restoration provision assumptions. 3. Refer to Note B.4 for details on impairment losses and impairment reversals. 4. Oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. 5. Refer to Note B.7 for details on assets held for sale. Recognition and measurement Oil and gas properties are stated at cost less accumulated depreciation and impairment charges. Oil and gas properties include the costs to acquire, construct, install or complete production and infrastructure facilities such as pipelines and platforms, capitalised borrowing costs, transferred exploration and evaluation assets, development wells and the estimated cost of dismantling and restoration. Subsequent capital costs, including major maintenance, are included in the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. Depreciation and amortisation Oil and gas properties are depreciated to their estimated residual values at rates based on their expected useful lives. Transferred exploration and evaluation and offshore plant and equipment are depreciated using the unit of production basis over proved plus probable reserves or proved reserves for late life assets. The depreciable amount for the unit of production basis excludes future development costs necessary to bring probable reserves into production. For certain offshore assets, methodologies using proved and probable reserves are adjusted to best reflect the expected pattern of consumption. Onshore plant and equipment is depreciated using a straight-line basis over the lesser of useful life and the life of proved plus probable reserves. On a straight-line basis the assets have an estimated useful life of 5-50 All other items of oil and gas properties are depreciated using the straight-line method over their useful life. They are depreciated as follows: · Buildings – 24-50 · Plant and equipment – 2-40 · Land is not depreciated. Impairment Refer to Note B.4 for details on impairment. Capital commitments The Group has capital expenditure commitments contracted for, but not provided for in the financial statements, of $7,762 million as at 31 December 2022 (2021: $7,875 million). Capital expenditure commitments relate predominantly to the Scarborough and Sangomar projects. Key estimates and judgements (a) Reserves The estimation of reserves requires significant management judgement and interpretation of complex geological and geophysical models in order to make an assessment of the size, shape, depth and quality of reservoirs, and their anticipated recoveries. Estimates of oil and natural gas reserves are used to calculate depreciation and amortisation charges for the Group’s oil and gas properties. Judgement is used in determining the economic reserve base applied to each asset. Typically, late life oil assets use proved reserves. Estimates are reviewed at least annually or when there are changes in the economic circumstances impacting specific assets or asset groups. These changes may impact depreciation, asset carrying values, restoration provisions and deferred tax balances. If proved plus probable (2P) reserves estimates are revised downwards, earnings could be affected by higher depreciation expense or an immediate write-down of the asset’s carrying value. (b) Depreciation and amortisation Judgement is required to determine when assets are available for use to commence depreciation and amortisation. Depreciation and amortisation generally commences on first production. |
Impairment of Exploration and E
Impairment of Exploration and Evaluation and Oil and Gas Properties And Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Impairment of exploration and evaluation and oil and gas properties and goodwill | Impairment of exploration and evaluation, oil and gas properties and goodwill Exploration and evaluation Impairment testing The recoverability of the carrying amount of exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively sale of the respective AOI. Each AOI is reviewed half-yearly to determine whether economic quantities of hydrocarbons have been found, or whether further exploration and evaluation work is underway or planned to support continued carry forward of capitalised costs. Where a potential impairment is indicated for an AOI, an assessment is performed using a fair value less costs to dispose (FVLCD) method to determine its recoverable amount. Upon approval for commercial development, exploration and evaluation assets are assessed for impairment before they are transferred to oil and gas properties. Impairment calculations The recoverable amounts of exploration and evaluation assets are determined using FVLCD, as there is no value in use (VIU). Costs to dispose are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense. If the carrying amount of an AOI exceeds its recoverable amount, the AOI is written down to its recoverable amount and an impairment loss is recognised in the consolidated income statement. For assets previously impaired, if the recoverable amount exceeds the carrying amount, the impairment is reversed, but only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been recognised if no impairment had occurred. Oil and gas properties Impairment testing The carrying amounts of oil and gas properties are assessed half-yearly to determine whether there is an indicator of impairment or impairment reversal for those assets which have previously been impaired. Indicators of impairment and impairment reversals include changes in reserves, expected future sales prices or costs. Oil and gas properties are assessed for impairment indicators and impairments on a cash-generating unit (CGU) basis. CGUs are determined as offshore and onshore facilities, infrastructure and associated oil and/or gas fields. If there is an indicator of impairment or impairment reversal for a CGU, its recoverable amount is calculated and compared with the CGU’s carrying value (refer to impairment calculations below). Goodwill For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it might be impaired. Impairment of goodwill is determined by assessing the recoverable amount of each CGU to which the goodwill relates and comparing it with its carrying value which includes deferred taxes (refer to impairment calculations below and Note B.5). When part of an operation is disposed of, any goodwill associated with the disposed operation is included in the carrying amount of the operation in determining the gain or loss on disposal. Goodwill and oil and gas impairment calculations The recoverable amount of an asset or CGU is determined as the higher of its VIU and FVLCD. VIU is determined by estimating future cash flows after taking into account the risks specific to the asset and discounting these to present value using an appropriate discount rate. FVLCD is the price that would be received to sell the asset in an orderly transaction between market participants and does not reflect the effects of factors that may be specific to the Group. In determining FVLCD, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model, such as discounted cash flow techniques, are applied on a post-tax If the carrying amount of an asset or CGU, including any allocated goodwill, exceeds its recoverable amount, the asset or CGU is written down to its recoverable amount and an impairment loss is recognised in the consolidated income statement. Any impairment losses are first allocated to reduce the carrying amount of any goodwill allocated, with the remaining impairment losses allocated to the relevant assets. If the recoverable amount of an asset or CGU exceeds its carrying amount, and that asset has previously been impaired, the impairment is reversed. The carrying amount of the asset or CGU is increased to its recoverable amount, but only to the extent that the carrying amount does not exceed the value that would have been determined, net of depreciation or amortisation, if no impairment had been recognised. Impairments of goodwill are not reversed. For the year ended 31 December 2022 Goodwill allocation The Group performed its annual goodwill impairment test as at 31 December 2022. The carrying amount of goodwill allocated to each CGU, or groups of CGUs and excess recoverable amounts are as follows: Segment CGU Goodwill carrying 1 Excess of recoverable amount over 2 US$m US$m Australia Pluto-Scarborough 2,955 7,656 Australia NWS Gas 394 1,399 International Shenzi 469 401 International Atlantis 513 189 International Other goodwill 283 107 Total 4,614 1. Carrying amount of goodwill as at 31 December 2021 was nil. 2. Amounts are with reference to the total CGU value including goodwill. Other goodwill of $283 million (2021: nil) has been allocated across a number of CGUs within the International segment. This represents less than one percent of net assets as at 31 December 2022. Recognised impairment and impairment reversals As at 31 December 2022, the Group assessed each AOI and CGU to determine whether an indicator of impairment or impairment reversal existed. The Group identified the following indicators of impairment reversals: • Wheatstone CGU – revision in short- and long-term LNG price assumptions and updated cost and production profiles. For CGUs where goodwill has been allocated, no impairment was recognised as the recoverable amount exceeds the carrying amount of the CGU. An impairment reversal was recognised for Wheatstone (refer to Note A.1), with results as follows: Impairment reversal Oil and gas properties Segment CGU Recoverable US$m Land and US$m Transferred US$m Plant and US$m Total US$m Australia Wheatstone 3,456 87 30 783 900 Recoverable amounts have been determined using the FVLCD method using discounted cash flow projections, classified as Level 3 on the fair value hierarchy. The carrying amount of each CGU includes all assets allocated to the respective CGU. Refer to key estimates and judgements for further details. Sensitivity analysis Recoverable amount valuations are sensitive to changes in certain key accounting estimates and judgements (refer to key estimates and judgements for further details). Reasonable possible changes to these key assumptions are set out below: · Post tax discount rate – plus or minus 1.5% (representing a change of 150 basis points) · Commodity pricing – plus or minus 10% · Foreign exchange (FX) rate – plus or minus 12% · Production volumes – plus or minus 4% Management’s analysis on the impact of reasonable possible changes to these assumptions on recoverable amounts is detailed below. CGUs with impairment or impairment reversals Changes in the following key assumptions have been estimated to result in a higher or lower carrying amount 1 Sensitivity (US$m) 2 CGU Discount rate 3 Discount rate 3 Brent price Brent price FX FX Production 4 Production 4 Wheatstone (117 ) 127 294 (294 ) (79 ) 79 116 (43 ) 1 Increases to carrying amounts are limited to historical impairment losses recognised, net of depreciation and amortisation, that would have been recognised had no impairment taken place. 2 The sensitivities represent the reasonable possible changes to discount rate, oil price, FX and production volumes assumptions. 3 The relationship between the discount rate and the carrying amount is non-linear and as such, sensitivities are unlikely to result in a symmetrical impact. Due to the non-linear relationship, the impact of changing the discount rate is likely to be greater at a lower discount rate than at a higher discount rate. 4 The relationship between production and the carrying amount is non-linear due to the proportion of fixed costs. Sensitivities are therefore unlikely to result in a symmetrical impact. A significant change in production volumes would typically require a reassessment of the asset concept and should not be interpreted in isolation. A change in any of the above assumptions would likely have an impact on other assumptions which, when considered together, may offset. This does not incorporate decisions management may take in order to mitigate the change in assumptions. CGUs with goodwill The valuation of CGUs with goodwill are most sensitive to changes in commodity prices and discount rates. Reasonably possible changes in these estimates which could result in the estimated recoverable amount being equal to the carrying amount, assuming all other variables are held constant, are as follows: CGU Commodity price 1 Nominal discount rate % change (absolute terms) Oil and gas properties Pluto-Scarborough N/A 2 N/A 2 Oil and gas properties NWS Gas N/A 2 N/A 2 Oil and gas properties Shenzi (7% ) N/A 2 Oil and gas properties Atlantis (2% ) 10% 1. Brent price applies to Pluto-Scarborough and NWS Gas. WTI price (Brent - $3/bbl) applies to Shenzi and Atlantis. 2. Management considers there to be no reasonably possible changes in the respective estimate which, in isolation, would result in the estimated recoverable amount being equal to the carrying amount. A change in any of the above assumptions would have an impact on other assumptions which when considered together may offset. This does not incorporate decisions management may take in order to mitigate the change in assumptions. Management considers there to be no reasonably possible changes in production volumes, carbon prices or foreign exchange rates that would, in isolation result in the estimated recoverable amount being equal to the carrying amount. Analysis of key assumptions which could result in the carrying value to equal the recoverable value provides a basis to assess the magnitude of a reasonable possible change to the carrying amounts of respective CGUs. Key estimates and judgements CGU determination Identification of a CGU requires management judgement. In determining CGUs for acquired assets during the reporting period, management has assessed this based on the smallest group of assets that generate significant cash inflows that are independent from other assets or groups of assets. Allocation of goodwill Allocation of goodwill to the relevant CGUs requires management judgement. The goodwill arising from the merger has been allocated to relevant CGUs which are expected to benefit from the expected synergies as a result of the merger. Recoverable amount calculation key assumptions In determining the recoverable amount of CGUs, estimates are made regarding the present value of future cash flows when determining the FVLCD. These estimates require significant management judgement and are subject to risk and uncertainty, and hence changes in economic conditions can also affect the assumptions used and the rates used to discount future cash flow estimates. The basis for each estimate used to determine recoverable amounts as at 31 December 2022 is set out below: · · · · post-tax · · · Brent oil prices – derived from long-term views of global supply and demand, building upon past experience of the industry and consistent with external sources. Prices are adjusted for premiums and discounts based on the nature and quality of the product. Brent oil price estimates have considered the risk of climate policies along with other factors such as industry investment and cost trends. There is significant uncertainty around how society will respond to the climate challenge; Woodside’s pricing assumptions reflect a ‘best estimate’ scenario in which global governments pursue decarbonisation as well as other goals such as energy security and economic development. As with carbon pricing, Woodside continues to monitor this uncertainty and will revise its oil pricing assumptions accordingly in its transition to a lower carbon economy. Further information on climate change risk is provided in the Climate change and energy transition section within the basis of preparation. The nominal Brent oil prices (US$/bbl) used were: 2023 2024 2025 2026 2027 2028 31 December 2022 1 87 78 74 76 77 79 31 December 2021 2 71 68 69 70 72 73 1. Long-term oil prices are based on US$70/bbl (2022 real terms) from 2025 and prices are escalated at 2.0% onwards. 2. Long-term oil prices are based on US$65/bbl (2022 real terms) from 2024 and prices are escalated at 2.0% onwards. For the year ended 31 December 2021 Recognised impairment and impairment reversals As at 31 December 2021, the Group identified the following indicators for impairment and impairment reversals: · Pluto-Scarborough and Wheatstone CGU - a reduction of 2P total reserves within the Greater Pluto and Wheatstone reserves and resources estimates. · Pluto-Scarborough CGU - additional value generated by Scarborough and Pluto Train 2, which have been combined with Pluto into a new Pluto-Scarborough CGU following the final investment decision for Scarborough and Pluto Train 2 in November 2021. · North West Shelf CGU - updated cost and production profiles, including the impact of third-party processing agreements, and short-term pricing assumptions. · NWS Oil (Okha) CGU - the reclassification to a late life oil asset due to natural reservoir decline and short-term pricing assumptions. No impairment was recognised for Wheatstone and NWS Oil (Okha) as the recoverable amount exceeds the carrying amount of the CGU. Impairment reversals were recognised for Pluto-Scarborough and NWS Gas (refer to Note A.1). The results were as follows: Impairment reversal Oil and gas properties Segment CGU Recoverable amount US$m Land buildings US$m Transferred exploration and evaluation US$m Plant and equipment US$m Projects in development US$m Total US$m Producing and Pluto-Scarborough 17,474 42 53 563 24 682 Producing North West Shelf 2,425 2 13 348 13 376 Total 19,899 44 66 911 37 1,058 The recoverable amounts were determined using the VIU method. The carrying amounts of the CGUs include all assets allocated to the CGU. Refer to key estimates and judgements for further details . Sensitivity analysis Changes in the following key assumptions were estimated to result in a higher or lower carrying amounts 1 Sensitivity (US$m) 2 Discount rate: increase of 1% 3,4 Discount rate: decrease of 1% Brent price: increase of 10% Brent price: decrease of 10% FX: increase of 12% 5 FX: decrease of 12% Oil and gas properties Producing and Development Pluto-Scarborough - - - - - - Producing North West Shelf - - - (13) - - Wheatstone (159) 178 438 (438) (122) 122 NWS Oil (Okha) (4) 4 39 (39) (28) 28 1. Increases to carrying amounts are limited to historical impairment losses recognised, net of depreciation and amortisation that would have been incurred had no impairment taken place. 2. The sensitivities represent reasonable possible changes to the discount rate, oil price and FX assumptions. 3. A change of 1% represents 100 basis points. 4. The relationship between the discount rate and carrying amount is non-linear non-linear 5. FX sensitivity of +12%/-12% 5-year Impairment on non-current The sale of a portion of the Wheatstone Construction Village resulted in an impairment loss of $10 million as the asset’s carrying value exceeded its FVLCD, which was determined based on the underlying sale agreements, classified as Level 3 on the fair value hierarchy. For the year ended 31 December 2021, an Key estimates and judgements CGU determination Identification of a CGU requires management judgement. For the year ended 31 December 2021, management has determined that the Scarborough and Pluto Train 2 development concept integrates with the existing Pluto onshore assets and is the smallest group of assets that generate significant cash inflows that are independent from other assets or group of assets. Recoverable amount calculation key assumptions In determining the recoverable amount of CGUs, estimates are made regarding the present value of future cash flows when determining the VIU. These estimates require significant management judgement and are subject to risk and uncertainty, and hence changes in economic conditions can also affect the assumptions used and the rates used to discount future cash flow estimates. The basis for each estimate used to determine recoverable amounts as at 31 December 2021 is set out below: · Resource estimates – 2P reserves for oil and gas properties, except for NWS Oil (Okha) which is based on 1P reserves due to the reclassification to a late life asset. The reserves are as disclosed in the Reserves and resources statement in the 31 December 2021 Annual Report. · · · pre-tax (post-tax 7.5%-8.5%) · · · 2022 2023 2024 2025 2026 2027 31 December 2021 1 73 71 68 69 70 72 30 June 2020 2 57 62 67 72 73 75 1. Based on US$65/bbl (2022 real terms) from 2024 with 2. Based on US$65/bbl (2020 real terms) from 2025 with prices escalated at 2.0% annually thereafter. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Business combination | B.5 Business combination BHP Petroleum merger On 17 August 2021, Woodside and BHP Group (BHP) entered into a merger commitment deed to combine their respective oil and gas portfolios by an all-stock On 19 May 2022, 98.66% of Woodside shareholders voted in favour of the merger at Woodside’s Annual General Meeting. On 1 June 2022, the transaction was completed with the Group acquiring 100% of the issued share capital of BHP Petroleum International Pty Ltd (subsequently renamed Woodside Energy Global Holdings Pty Ltd), which held BHP’s oil and gas business. In exchange, the Group issued 914,768,948 new Woodside shares to BHP as part of the merger consideration. The transaction has been accounted for as a business combination with an acquisition date of 1 June 2022. The Group’s net profit after tax for the year ended 31 December 2022 incorporates BHPP results from acquisition date. The merger is expected to create opportunities to realise ongoing synergies. Due to the size, complexity and timing of the transaction, the assets acquired and liabilities assumed are measured on a provisional basis. As at 31 December 2022, the Allocable Cost Amount (ACA) tax valuation process has been substantially completed with potential adjustments if new information is obtained within 12 months from the acquisition date about facts and circumstances that existed at the acquisition date. Adjustments will be made to the provisional amounts recognised including the value of goodwill. The merged Group’s financial results could be adversely affected by impairments of goodwill or other intangible assets, the application of future accounting policies or interpretations of existing accounting policies including by regulatory direction, and changes in estimates of decommissioning costs. Details and risks have been included in the Merger Explanatory Memorandum released on 8 April 2022. Given the purchase consideration was agreed on 22 November 2021 based on a fixed number of shares, the final value of consideration paid was subject to fluctuations in share price until completion on 1 June 2022. This has resulted in a material goodwill number which will be subject to impairment in future, for example should commodity prices decrease. Details of the purchase consideration and the provisional fair value of goodwill, identifiable assets and liabilities of BHPP acquired are as follows: Provisional fair value of net identifiable assets and goodwill arising on acquisition date US$m Cash and cash equivalents 399 Receivables 1,164 Inventories 295 Investments accounted for using the equity method 267 Other financial assets 59 Other assets 114 Exploration and evaluation assets 180 Oil and gas properties 19,353 Lease assets 142 Payables (910 ) Provisions (4,804 ) Tax payable (365 ) Deferred tax liabilities (576 ) Lease liabilities (268 ) Other liabilities (1,054 ) Net identifiable assets acquired 13,996 Goodwill arising on acquisition 4,614 Purchase consideration 18,610 Purchase consideration US$m Shares issued, at fair value 19,265 Other reserves (share replacement awards) 18 Provisional locked box payment received 1 (683 ) Adjustments to locked box payment 10 Total purchase consideration 18,610 1. Represents the positive net cash flow of $1,513 million generated by BHPP assets from Analysis of cash flows on acquisition US$m Cash acquired on acquisition 399 Provisional locked box payment received 683 Net cash flow on acquisition (Included in the consolidated statement of cash flows as investing activities) 1,082 Acquisition-related costs of $419 million that were not directly attributable to the issue of shares are included as an expense in general, administration and other costs in the consolidated income statement. $357 million has been paid and included in the consolidated statement of cash flows as operating activities. Acquisition-related costs of $5 million directly attributable to the issue of shares are included in contributed equity and included in the consolidated statement of cash flows as financing activities. Shares issued, at fair value The fair value of 914,768,948 shares issued as part of the consideration paid to BHP was $19,265 million. This was based on the published share price on 1 June 2022 of US$21.06 per share. Provisional locked box payment received The Group received $683 million as part of the merger consideration which includes the locked box payment of $1,513 million representing the positive net cash flow generated by BHPP assets from the effective date of the transaction to completion date offset by the notional dividend distribution of $830 million paid to BHP. The $683 million of provisional locked box payment received and the $399 million of cash and cash equivalents acquired as part of the merger have been included within investing activities in the consolidated statement of cash flows. Revenue and contribution to the Group The acquired business contributed operating revenue of $4,653 million and profit before tax of $2,042 million to the Group from the acquisition date to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated operating revenue and profit before tax would have been higher by $3,115 million and $1,265 million respectively. Acquired receivables The fair value of receivables approximates the gross amount of trade receivables. None of the receivables have been impaired and the full contractual amounts are expected to be collected. Other liabilities The Group recognised contingent liabilities of $79 million within o l As at 31 December 2022, there have been no changes to the amount recognised on acquisition date. Goodwill Goodwill arising from the acquisition has been recognised as the excess of consideration paid above the fair value of the assets acquired and liabilities assumed as part of the business combination. $1,958 million of the goodwill arises from the deferred tax liability recognised on acquisition as a consequence of asset tax bases received in the merger being lower than the fair value of the assets acquired. The remaining goodwill of $2,656 million reflects the value expected to be generated from the Pluto-Scarborough CGU as a result of the merger. The goodwill is not deductible for tax purposes. Goodwill is initially measured at cost and is subsequently measured at cost less any accumulated impairment losses. For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGUs or groups of CGUs no larger than an operating segment that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill is not amortised but will be assessed at least annually for impairment and more frequently if events or changes in circumstances indicate that it might be impaired. Share replacement awards In accordance with the terms of the SSA, the Group exchanged equity-settled share-based payment awards held by employees of BHPP for equity-settled share-based payment awards of Woodside. The replacement awards are based on service conditions with a vesting date of 31 August 2023 and 31 August 2024. The fair value of the replacement awards on acquisition is $49 million based on a forfeiture rate of 3%. $18 million has been included as part of the purchase consideration and the remaining amount will be recognised as post-acquisition compensation cost. Business combination accounting The acquisition method of accounting is used to account for all business combinations, including business combinations involving entities or businesses under common control, regardless of whether equity instruments are issued or liabilities incurred or assumed at the date of exchange. Where equity instruments are issued in an acquisition, the fair value of the instruments is their published market price as at the date of exchange. Transaction costs arising on the issue of equity instruments are recognised directly in equity. Transaction costs that were not directly attributable to the issue of shares are expensed as incurred. Contractual assets and liabilities in respect of sales agreements are recognised at fair value. Restoration provisions are recognised on acquisition at fair value. Key estimates and judgements (a) Fair value determination for net assets acquired Judgement is required to determine the fair value of assets acquired and liabilities assumed in a business combination, which can have a material impact on resultant goodwill. This includes the use of a cash flow model to estimate the expected future cash flows of the oil and gas assets acquired, based on reserves and resources at acquisition date and the discount rate used. The expected future cash flows are based on estimates of future production, commodity carbon Restoration provisions require judgemental assumptions regarding removal date, environmental legislation and regulations and the extent of restoration activities required in determining the cost estimate. Carry forward tax losses are recognised only if it is probable that sufficient future taxable income will be available to utilise the losses. (b) Goodwill allocation Judgement is required in the allocation of goodwill to the Group’s CGUs that are expected to benefit from the synergies of the business combination. Refer to Note B.4 for the details of the goodwill allocation. |
Significant Production and Grow
Significant Production and Growth Asset Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Significant production and growth asset acquisitions | B.6 Significant production and growth asset acquisitions (a) Sangomar - Acquisition from FAR Senegal RSSD SA On 7 July 2021, Woodside completed the acquisition of FAR Senegal RSSD SA’s interest in the RSSD Joint Venture (13.67% interest in the Sangomar exploitation area and 15% interest in the remaining RSSD evaluation area), for an aggregate purchase price of $212 million. The transaction was accounted for as an asset acquisition. Additional payments of up to $55 million are contingent on future commodity prices and timing of first oil. The contingent payments terminate on the earliest of 31 December 2027, three years from first oil being sold, and a total contingent payment of $55 million being reached. The contingent payments are accounted for as contingent liabilities in accordance with the Group’s accounting policies. As at 31 December 2021, Woodside held an 82% interest in the Sangomar exploitation area (2020: 68.33%) and a 90% interest in the remaining RSSD evaluation area (2020: 75%). Assets acquired and liabilities assumed The identifiable assets and liabilities acquired as at the date of the acquisition inclusive of transaction costs are: US$m Oil and gas properties 205 Exploration and evaluation 7 Cash acquired 3 Payables (13) Net other assets and liabilities assumed 10 Total identifiable net assets at acquisition 212 Cash flows on acquisition US$m Purchase cash consideration 212 Transaction costs - Total purchase consideration 212 Net cash outflows on acquisition 212 Key estimates and judgements Nature of acquisition Judgement was required to determine if the transaction was the acquisition of an asset or a business combination. The Sangomar project was in the early phase of development and a substantive process that had the ability to convert inputs to outputs was not present and therefore the acquisition in 2021 was treated as asset acquisitions. (b) Sangomar - Acquisition from Capricorn Senegal Limited On 22 December 2020, Woodside completed the acquisition of Capricorn Senegal Limited’s (Cairn’s) interest in the RSSD Joint Venture (36.44% interest in the Sangomar exploitation area and 40% interest in the remaining RSSD evaluation area) for an aggregate purchase price of $527 million. The transaction was accounted for as an asset acquisition. Additional payments of up to $100 million are contingent on future commodity prices and the occurrence prior to 2025 Assets acquired and liabilities assumed The identifiable assets and liabilities acquired as at the date of the acquisition inclusive of transaction costs were: US$m Oil and gas properties 540 Exploration and evaluation 26 Cash acquired 5 Payables (51) Net other assets and liabilities assumed 7 Total identifiable net assets at acquisition 527 Cash flows on acquisition US$m Purchase cash consideration 525 Transaction costs 2 Total purchase consideration 527 Net cash outflows on acquisition 527 |
Disposal of Assets
Disposal of Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Noncurrent Assets Or Disposal Groups Classified As Held For Sale [Abstract] | |
Disposal of assets | B.7 Disposal of assets Sell-down of Train 2 On 15 November 2021 the Group entered into a sale and purchase agreement with Global Infrastructure Partners (GIP) for the sale of a 49% non-operating As at 31 December 2021, the Group reclassified the carrying value of the 49% interest in the Pluto Train 2 assets to assets held for sale. There were no recognised liabilities associated with the assets held for sale. The transaction completed on 18 January 2022, reducing the Group’s participating interest from 100% to 51%. The Group recognised an initial pre-tax The arrangements require GIP to fund its 49% share of capital expenditure from 1 October 2021 and an additional amount of construction capital expenditure of $822 million on behalf of the Group. If the total capital expenditure incurred is less than $5,800 million, GIP will pay Woodside an additional amount equal to 49% of the under-spend. In the event of a cost overrun, Woodside will fund up to $822 million of GIP’s share of the overrun. Delays to the expected start-up Given judgement was used to determine the consideration received, the Group is required to remeasure the variable consideration at each reporting period. As at 31 December 2022, the variable consideration has been remeasured with a $71 million revaluation gain recognised as other income, with a corresponding reduction to other liabilities other liabilities Key estimates and judgements Sell-down of Train 2 Given the arrangements include provisions for GIP to sell its 49% interest back to Woodside if the status of key regulatory environmental approvals materially changes and the requirement for Woodside to fund up to $822 million of GIP’s share in the event of a cost overrun, judgement is required to determine if the sell-down of Train 2 constitutes a sale and if a portion of the transaction price should be considered a variable consideration. Judgement was used to determine that the sell-down of Train 2 constituted a sale given the various conditions included in the sale and purchase agreement. The Group determined that a sale occurred as control of the 49% interest was passed to GIP on completion date. Control is determined as the ability to direct the use of, and obtain substantially all of the economic benefits of, the associated interest. Judgement was used to determine if it is highly probable that a significant reversal will not occur in relation to the consideration received. The Group estimated the variable consideration based on the construction capital expenditure cost profile, the development schedule, and assessing the probability and impact of any event which may result in a significant reversal. The constraining estimates of variable consideration have been applied resulting in the initial pre-tax gain on sale of $427 million. The variable consideration is remeasured at each reporting period with any changes recognised through the consolidated income statement. As at 31 December 2022, the variable consideration has been remeasured with a $71 million revaluation gain recognised as other income. |
Debt and Capital
Debt and Capital | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Debt and Capital | C. Debt and capital C.1 Cash and cash equivalents Page F-4 2 C.2 Interest-bearing liabilities and financing facilities Page F-4 3 C.3 Contributed equity Page F-4 5 C.4 Other reserves Page F-4 6 Key financial and capital risks in this section Capital risk management Group Treasury is responsible for the Group’s capital management including cash, debt and equity. Capital management is undertaken to ensure that a secure, cost-effective and flexible supply of funds is available to meet the Group’s operating and capital expenditure requirements. A stable capital base is maintained from which the Group can pursue its growth aspirations, whilst maintaining a flexible capital structure that allows access to a range of debt and equity markets to both draw upon and repay capital. The Dividend Reinvestment Plan (DRP) was approved by shareholders at the Annual General Meeting in 2003 for activation as required to fund future growth. The DRP was reactivated in 2019 and suspended by the Board of Directors on 27 February 2023. A range of financial metrics are monitored, including gearing and cash flow leverage, and Treasury policy breaches and exceptions. Liquidity risk management Liquidity risk arises from the financial liabilities of the Group and the Group’s subsequent ability to meet its obligations to repay financial liabilities as and when they fall due. The liquidity position of the Group is managed to ensure sufficient liquid funds are available to meet its financial commitments in a timely and cost-effective manner. The Group’s liquidity is continually reviewed, including cash flow forecasts to determine the forecast liquidity position and maintain appropriate liquidity levels. At 31 December 2022, the Group had a total of $10,239 million (2021: $6,125 million) of available undrawn facilities and cash at its disposal. The maturity profile of interest-bearing liabilities is disclosed in Note C.2, trade and other payables are disclosed in Note D.4 and lease liabilities are disclosed in Note D.7. Financing facilities available to the Group are disclosed in Note C.2. Interest rate risk management Interest rate risk is the risk that the Group’s financial position will fluctuate due to changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to financial instruments with floating interest rates including long-term debt obligations, cash and short-term deposits. The Group manages its interest rate risk by maintaining an appropriate mix of fixed and floating rate debt. To manage the ratio of fixed rate debt to floating rate debt, the Group may enter into interest rate swaps. The Group holds cross-currency interest rate swaps to hedge the foreign exchange risk (refer to Section A) and interest rate risk of the CHF denominated medium term note. The Group also holds interest rate swaps to hedge the interest rate risk associated with the $600 million syndicated facility. Refer to Notes C.2 and D.6 for further details. At the reporting date, the Group was exposed to various benchmark interest rates that were not designated in cash flow hedges, primarily through $6,143 million (2021: $2,962 million) on cash and cash equivalents, $83 million (2021: $367 million) on interest-bearing liabilities (excluding transaction costs), $167 million of other financial assets (2021: nil) and $5 million (2021: $9 million) on cross-currency interest rate swaps. A reasonably possible change in the USD London Interbank Offered Rate (USD LIBOR) (+1.5%/-1.5% (2021: +1.0%/-1.0%)), with all variables held constant, would not have a material impact on the Group’s equity or the income statement in the current period. The transition of a number of the Group’s financial liabilities from USD LIBOR to SOFR during the year ended 31 December 2022 did not result in a material impact to the Group. The Group’s Treasury function continues to execute the transition of the remaining financial instruments from current benchmark rates to alternative benchmark rates. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Cash and cash equivalents | C.1 Cash and cash equivalents 2022 US$m 2021 US$m Cash and cash equivalents Cash at bank 1,222 300 Term deposits 4,967 2,725 Restricted cash 12 - Total cash and cash equivalents 6,201 3,025 Recognition and measurement Cash and cash equivalents in the consolidated statement of financial position comprise cash at bank and short-term deposits with an original maturity of three months or less. Cash and cash equivalents are stated at face value in the consolidated Foreign exchange risk The following table summarises the Group’s cash and cash equivalents by currency. 2022 US$m 2021 US$m US dollar 5,886 2,917 Australian dollar 182 63 Other 133 45 Total cash and cash equivalents 6,201 3,025 |
Interest-Bearing Liabilities an
Interest-Bearing Liabilities and Financing Facilities | 12 Months Ended |
Dec. 31, 2022 | |
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Interest-bearing liabilities and financing facilities | C.2 Interest-bearing liabilities and financing facilities Bilateral Facilities Syndicated Facilities JBIC Facility US Bonds Medium Term Notes Total US$m US$m US$m US$m US$m US$m Year ended 31 December 2022 At 1 January 2022 (4 ) 595 166 4,081 592 5,430 Repayments 1 - - (83 ) - (200 ) (283 ) Fair value adjustment and foreign exchange movement - - - - (7 ) (7 ) Transaction costs capitalised and amortised (1 ) (4 ) - 3 - (2 ) Carrying amount at 31 December 2022 (5 ) 591 83 4,084 385 5,138 Current (2 ) (3 ) 83 (3 ) 185 260 Non-current (3 ) 594 - 4,087 200 4,878 Carrying amount at 31 December 2022 (5 ) 591 83 4,084 385 5,138 Undrawn balance at 31 December 2022 2,050 2,000 - - - 4,050 Year ended 31 December 2021 At 1 January 2021 (4 ) 593 250 4,778 597 6,214 Repayments 1 - - (84 ) (700 ) - (784 ) Fair value adjustment and foreign exchange movement - - - - (5 ) (5 ) Capitalised borrowing costs - 2 - 3 - 5 Carrying amount at 31 December 2021 (4 ) 595 166 4,081 592 5,430 Current (2 ) (2 ) 83 (2 ) 200 277 Non-current (2 ) 597 83 4,083 392 5,153 Carrying amount at 31 December 2021 (4 ) 595 166 4,081 592 5,430 Undrawn balance at 31 December 2021 1,900 1,200 - - - 3,100 1. Included in cash flows classified within financing activities in consolidated Recognition and measurement All borrowings are initially recognised at fair value less transaction costs. Borrowings are subsequently carried at amortised cost. Any difference between the proceeds received and the redemption amount is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings designated as a hedged item are measured at amortised cost adjusted to record changes in the fair value of risks that are being hedged in fair value hedges. The changes in the fair value risks of the hedged item resulted in a gain of $7 million being recorded (2021: gain of $5 million), and a loss of $7 million recorded on the hedging instrument (2021: loss of $7 million). All bonds, notes and facilities are subject to various covenants and negative pledges restricting future secured borrowings, subject to a number of permitted lien exceptions. Neither the covenants nor the negative pledges have been breached at any time during the reporting period. Fair value The carrying amount of interest-bearing liabilities approximates their fair value, with the exception of the Group’s unsecured bonds and the medium term notes. The unsecured bonds have a carrying amount of $4,084 million (2021: $4,081 million) and a fair value of $3,852 million (2021: $4,443 million). The medium term notes have a carrying amount of $385 million (2021: $592 million) and a fair value of $372 million (2021: $604 million). Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date and classified as Level 1 on the fair value hierarchy. Where these cash flows are in a foreign currency, the present value is converted to US dollars at the foreign exchange spot rate prevailing at the reporting date. The Group’s repayment obligations remain unchanged. Foreign exchange risk All interest-bearing liabilities are denominated in US dollars, excluding the CHF175 million medium term note. Maturity profile of interest-bearing liabilities The table below presents the contractual undiscounted cash flows associated with the Group’s interest-bearing liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position. 2022 US$m 2021 US$m Due for payment in: 1 year or less 483 470 1-2 206 462 2-3 1,181 188 3-4 962 1,169 4-5 908 951 More than 5 years 2,416 3,320 6,156 6,560 Amounts exclude transaction costs. Bilateral facilities The Group has 14 bilateral loan facilities totalling $2,050 million (2021: 14 bilateral loan facilities totalling $1,900 million). Details of bilateral loan facilities at the reporting date are as follows: Number of facilities Term (years) Currency Extension option 1 5 - 6 US$ Evergreen 5 4 - 5 US$ Evergreen 4 3 - 4 US$ Evergreen 4 3 US$ Evergreen Interest rates are based on USD LIBOR or Secured Overnight Financing Rate (SOFR) and margins are fixed at the commencement of the drawdown period. Interest is paid at the end of the drawdown period. Evergreen facilities may be extended continually by a year subject to the bank’s agreement. Syndicated facility During the period, Woodside refinanced and increased the existing facilities to $2,000 million, with $800 million expiring on 11 October 2024, $600 million expiring on 12 July 2025 and $600 million expiring on 12 July 2027. Interest rates are based on SOFR and margins are fixed at the commencement of the drawdown period. On 17 January 2020, the Group completed a $600 million syndicated facility with a term of seven years. Interest is based on the USD LIBOR plus 1.2%. Interest is paid on a quarterly basis. Japan Bank for International Cooperation (JBIC) facility On 24 June 2008, the Group entered into a two tranche committed loan facility of $1,000 million and $500 million respectively. The $500 million tranche was repaid in 2013. There is a prepayment option for the remaining balance. Interest rates are based on USD LIBOR. Interest is payable semi-annually in arrears and the principal amortises on a straight-line basis, with equal instalments of principal due on each interest payment date (every six months). Under this facility, 90% of the receivables from designated Pluto LNG sale and purchase agreements are secured in favour of the lenders through a trust structure, with a required reserve amount of $30 million. To the extent that this reserve amount remains fully funded and no default notice or acceleration notice has been given, the revenue from Pluto LNG continues to flow directly to the Group from the trust account. Medium term notes On 28 August 2015, the Group established a $3,000 million Global Medium Term Notes Programme listed on the Singapore Stock Exchange. Two notes have been issued under this programme as set out below: Maturity date Currency Carrying amount (million) Nominal interest rate 11 December 2023 CHF 185 1.00 % 29 January 2027 US$ 200 3.07 % The unutilised program is not considered to be an unused facility. US bonds The Group has four unsecured bonds issued in the United States of America as defined in Rule 144A of the US Securities Act of 1933 Maturity date Carrying amount US$m Nominal interest rate 5 March 2025 1,000 3.65 % 15 September 2026 800 3.70 % 15 March 202 800 3.70 % 4 March 2029 1,500 4.50 % Interest on the bonds is payable semi-annually in arrears. During the period, the Group repaid $200 million of the Yucho 2022 Medium Term Note and $83 million of the JBIC facility. |
Contributed Equity
Contributed Equity | 12 Months Ended |
Dec. 31, 2022 | |
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Contributed equity | Contributed equity Recognition and measurement Issued capital Ordinary shares are classified as equity and recorded at the value of consideration received. The cost of issuing shares is shown in share capital as a deduction, net of tax, from the proceeds. Reserved shares Reserved shares are the Group’s own equity instruments, which are reacquired for later use in employee share-based payment arrangements or the Dividend Reinvestment Plan (DRP). These shares are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group’s own equity instruments. (a) Issued and fully paid shares Number of shares US$m Year ended 31 December 2022 Opening balance 969,631,826 9,409 DRP – ordinary shares issued at US$23.14 (2021 final dividend) 1 14,348,997 332 Ordinary shares issued at US$21.06 for the acquisition of BHPP 2 914,768,948 19,265 Transaction costs associated to the issue of shares - (5) Amounts as at 31 December 2022 1,898,749,771 29,001 Year ended 31 December 2021 Opening balance 962,225,814 9,297 DRP – ordinary shares issued at US$19.03 (2020 final dividend) 1,354,072 26 DRP – ordinary shares issued at US$14.21 (2021 interim dividend) 6,051,940 86 Amounts as at 31 December 2021 969,631,826 9,409 Year ended 31 December 2020 Opening balance 942,286,900 9,010 DRP - ordinary shares issued at A$25.61 (2019 final dividend) 12,072,034 181 DRP - ordinary shares issued at A$18.79 (2020 interim dividend) 6,091,035 83 Employee share plan - ordinary shares issued at A$18.27 (2017 Woodside equity plan) 1,775,845 23 Amounts as at 31 December 2020 962,225,814 9,297 1. Relates to ordinary shares issued for the DRP as part of the 2021 final dividend. The Group purchased on-market shares for the issuance of DRP as part of the 2022 interim dividend. Refer to Note C.3(b) for details of the on-market purchases and allocation. 2. 914,768,948 new Woodside shares were issued as consideration for the BHPP merger. Refer to Note B.5 for details. All shares are a single class with equal rights to dividends, capital, distributions and voting. The Company does not have authorised capital nor par value in relation to its issued shares. (b) Reserved shares Employee share plans Dividend reinvestment plan Number of shares US$m Number of shares US$m Year ended 31 December 2022 Opening balance 1,819,744 (30) - - Purchases during the year 2,232,589 (45) 6,823,092 (144) Vested/allocated during the year (2,178,556) 37 (6,823,092) 144 Amounts at 31 December 2022 1,873,777 (38) - - Year ended 31 December 2021 Opening balance 1,766,099 (23) - - Purchases during the year 2,683,469 (47) - - Vested during the year (2,629,824) 40 - - Amounts at 31 December 2021 1,819,744 (30) - - Year ended 31 December 2020 Opening balance 1,985,306 (39) - - Purchases during the year 2,242,345 (32) - - Vested during the year (2,461,552) 48 - - Amounts at 31 December 2020 1,766,099 (23) - - |
Other Reserves
Other Reserves | 12 Months Ended |
Dec. 31, 2022 | |
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Other reserves | C.4 Other reserves 2022 US$m 2021 US$m 2020 US$m Other reserves Employee benefits reserve 278 232 219 Foreign currency translation reserve 796 793 793 Hedging reserve 1 (586) (400) (71) Distributable profits reserve 2 3,541 58 462 Other reserves 2 - - 4,031 683 1,403 The portion of the hedging reserve relating to settled hedges is $226 million. 2. For the year ended 31 December 2022, the Group transferred $5,553 million of retained earnings to the distributable profits reserve. The increase was offset by the 2022 interim dividend of $2,070 million which was paid on 6 October 2022. Nature and purpose Employee benefits reserve Used to record share-based payments associated with the employee share plans. Foreign currency translation reserve Used to record foreign exchange differences arising from the translation of the financial statements of foreign entities from their functional currency to the Group’s presentation currency. Hedging reserve Used to record gains and losses on hedges designated as cash flow hedges, and foreign currency basis spread arising from the designation of a financial instrument as a hedging instrument. Gains and losses accumulated in the cash flow hedge reserve for qualifying assets are capitalised against the carrying amount of that asset and taken to the income statement as the asset is depreciated. Distributable profits reserve Used to record distributable profits generated by the Parent entity, Woodside Energy Group Ltd. Other reserves Used to record gains and losses on financial instruments at fair value through other comprehensive income. |
Other Assets and Liabilities
Other Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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Other assets and liabilities | D. Other assets and liabilities D.1 Segment assets and liabilities Page F-4 8 D.2 Receivables Page F-4 8 D.3 Inventories Page F-4 9 D.4 Payables Page F-4 9 D.5 Provisions Page F- 50 D.6 Other financial assets and liabilities Page F-5 2 D.7 Leases Page F-5 5 Key financial and capital risks in this section Credit risk management Credit risk is the risk that a counterparty will not meet its obligation under a financial instrument or customer contract, leading to a financial loss to the Group. Credit risk arises from the financial assets of the Group, which comprise trade and other receivables, loans receivables and deposits with banks and financial institutions. The Group manages its credit risk on trade receivables and financial instruments by predominantly dealing with counterparties with an investment grade credit rating. Sufficient collateral is obtained to mitigate the risk of financial loss when transacting with counterparties with below investment grade credit ratings. Customers who wish to trade on unsecured credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis. As a result, the Group’s exposure to bad debts is not significant. The Group’s maximum credit risk is limited to the carrying amount of its financial assets. Customer credit risk is managed by the Treasury function subject to the Group’s established policy, procedures and controls relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. At 31 December 2022 Depending on the product, settlement days from the date of invoice or bill of lading unless otherwise stated in the agreed payment terms. The Group considers the probability of default upon initial recognition of the asset and whether there has been a significant depreciation in credit quality on an ongoing basis. A significant decrease in credit quality is defined as a debtor being greater than 30 days past due in making a contractual payment. Credit losses for trade receivables (including lease receivables) and contract assets are determined by applying the simplified approach and are measured at an amount equal to lifetime expected loss. Under the simplified approach, determination of the loss allowance provision and expected loss rate incorporates past experience and forward-looking information, including the outlook for market demand and forward-looking interest rates. A default on other financial assets is considered to be when the counterparty fails to make contractual payments within 60 days of when they fall due. At 31 December 2022, the Group had a provision for credit losses of nil (2021: nil). Subsequent to 31 December 2022, 99% (2021: 100%) of the trade receivables balance of $1,067 million (2021: $152 million) has been received. Credit risk from balances with banks is managed by the Treasury function in accordance with the Group’s policy. The Group’s main funds are placed as short-term deposits with reputable financial institutions with strong investment grade credit ratings. At 31 December 2022 and 31 December 2021, there were no significant concentrations of credit risk within the Group and financial instruments are spread amongst a number of financial institutions to minimise the risk of counterparty default. The maximum exposure to financial institution credit risk is represented by the sum of all cash deposits plus accrued interest, bank account balances and fair value of derivative assets. The Group’s counterparty credit policy limits this exposure to commercial and investment banks, according to approved credit limits based on the counterparty’s credit rating. |
Segment Assets and Liabilities
Segment Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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Segment assets and liabilities | D.1 Segment assets and liabilities 2022 US$m 2021 2 US$m (a) Segment assets 1 Australia 31,240 18,163 International 18,084 2,877 Marketing 182 217 Corporate/Other 9,815 5,217 59,321 26,474 2022 US$m 2021 2 US$m (b) Segment liabilities 1 Australia 8,104 2,889 International 2,677 435 Marketing 561 639 Corporate/Other 10,852 8,282 22,194 12,245 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. 2. The 2021 amounts have been restated to reflect the changes in operating segments. Refer to ‘Operating segment information’ in Note A.1 for details. Refer to Note A.1 for descriptions of the Group’s segments. Corporate/other assets mainly comprise cash and cash equivalents, deferred tax assets and lease assets. Corporate/other liabilities mainly comprise interest-bearing liabilities, deferred tax liabilities and lease liabilities. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2022 | |
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Receivables | D.2 Receivables 2022 2021 US$m (a) Receivables (current) Trade receivables 1 1,067 152 Other receivables 1 381 123 Loans receivable 76 75 Lease receivables 35 18 Interest receivable 19 - 1,578 368 (b) Receivables (non-current) Other receivables 75 - Loans receivable 724 627 Lease receivables 46 26 Defined benefit plan asset - 33 845 686 1. Interest-free and settlement terms are usually between 14 and 30 days. Recognition and measurement Trade receivables are initially recognised at the transaction price determined under IFRS 15 Revenue from Contracts with Customers Subsequent recoveries of amounts previously written off are credited against other expenses in the consolidated income statement. Certain receivables that do not satisfy the contractual cash flow and business model tests are subsequently measured at fair value (refer to Note D.6). The Group’s customers are required to pay in accordance with agreed payment terms. Depending on the product, settlement terms are 14 to 30 days from the date of invoice or bill of lading and customers regularly pay on time. There are no significant overdue trade receivables as at the end of the reporting period (2021: nil). Fair value The carrying amount of trade and other receivables approximates their fair value. Foreign exchange risk The Group held $174 million of receivables at 31 December 2022 (2021: $121 million) in currencies other than US dollars (predominantly Australian dollars). Loans receivable On 9 January 2020, Woodside Energy Finance (UK) Ltd entered into a secured loan agreement with Petrosen (the Senegal National Oil Company), to provide up to $450 million for the purpose of funding Sangomar project costs. The facility has a maximum term of 12 years and semi-annual repayments of the loan are due to commence at the earlier of 12 months after RFSU or 30 June 2025. The carrying amount of the loan receivable is $408 million at 31 December 2022 (2021: $335 million), which approximates its fair value. The remaining balance of loans receivable is due from non-controlling |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
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Inventories | D.3 Inventories 2022 US$m 2021 US$m (a) Inventories (current) Petroleum products Goods in transit 95 35 Finished stocks 103 34 Warehouse stores and materials 480 133 678 202 (b) Inventories (non-current) Warehouse stores and materials 11 19 11 19 Recognition and measurement Inventories include hydrocarbon stocks, consumable supplies and maintenance spares. Inventories are valued at the lower of cost and net realisable value. Cost is determined on a weighted average basis and includes direct costs and an appropriate portion of fixed and variable production overheads where applicable. Inventories determined to be obsolete or damaged are written down to net realisable value, being the estimated selling price less selling costs. |
Payables
Payables | 12 Months Ended |
Dec. 31, 2022 | |
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Payables | D.4 Payables The following table shows the Group’s payables balances. 2022 US$m 2021 US$m Trade payables 1 759 191 Other payables 1 1,270 390 Interest payable 2 65 58 Total payables 2,094 639 1. Interest-free and normally settled on 30 day terms. 2. Details regarding interest-bearing liabilities are contained in Note C.2. Recognition and measurement Trade and other payables are carried at amortised cost and are recognised when goods and services are received, whether or not billed to the Group, prior to the end of the reporting period. Fair value The carrying amount of payables approximates their fair value. Foreign exchange risk The Group held $657 million of payables at 31 December 2022 (2021: $311 million) in currencies other than US dollars (predominantly Australian dollars). Maturity profile of payables The Group’s payables balances at 31 December 2022 and 31 December 2021 are due for payment within a year. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
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Provisions | D.5 Provisions Restoration 1 US$m Employee benefits US$m Onerous contracts 2 US$m Other US$m Total US$m Year ended 31 December 2022 At 1 January 2022 2,218 286 214 106 2,824 Acquisitions through business combination 3 4,310 329 - 165 4,804 Change in provision (382 ) (98 ) (216 ) 137 (559 ) Unwinding of present value discount 107 - 2 1 110 Carrying amount at 31 December 2022 6,253 517 - 409 7,179 Current 575 331 - 313 1,219 Non-current 5,678 186 - 96 5,960 Net carrying amount 6,253 517 - 409 7,179 Year ended 31 December 2021 At 1 January 2021 2,134 295 349 129 2,907 Change in provision 60 (9) (140) (23) (112) Unwinding of present value discount 24 - 5 - 29 Carrying amount at 31 December 2021 2,218 286 214 106 2,824 Current 235 269 - 101 605 Non-current 1,983 17 214 5 2,219 Net carrying amount 2,218 286 214 106 2,824 1. 2022 change in provision is due to a revision of discount rates of $978 million (primarily due to an increase in risk free rates) and provisions used of $262 million, offset by changes in estimates of $858 million. Changes in estimates are due to new activities, increase in scope of removal and cost and rate escalations supported by the most recent estimates and benchmarks. 2. 2022 change in provision is due to changes in estimates of $245 million offset by provisions used of $29 million. 3. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. Recognition and measurement Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Restoration The restoration provision is first recognised in the period in which the obligation arises. The nature of restoration activities includes the removal of facilities, abandonment of wells and restoration of affected areas. Restoration provisions are updated annually, with the corresponding movement recognised against the related exploration and evaluation assets or oil and gas properties or expensed for late life projects with no corresponding asset. Over time, the liability is increased for the change in the present value based on a pre-tax Costs incurred that relate to an existing condition caused by past operations, and which do not have a future economic benefit, are expensed. Employee benefits Provision is made for employee benefits accumulated as a result of employees rendering services up to the end of the reporting period. These benefits include wages, salaries, annual leave and long service leave. Liabilities in respect of employees’ services rendered that are not expected to be wholly settled within one year after the end of the period in which the employees render the related services are recognised as long-term employee benefits. These liabilities are measured at the present value of the estimated future cash outflow to the employees using the projected unit credit method. Liabilities expected to be wholly settled within one year after the end of the period in which the employees render the related services are classified as short-term benefits and are measured at the amount due to be paid. Onerous contract provision Provision is made for loss-making contracts at the present value of the lower of the net cost of fulfilling and the cost arising from failure to fulfill each contract. Key estimates and judgements (a) Restoration obligations The Group estimates the future decommissioning and remediation costs of offshore oil and gas platforms, offshore and onshore production facilities, wells and pipelines at different stages of the development and construction of assets or facilities. In many instances, decommissioning of assets occurs many years into the future. The Group’s restoration obligations are based on compliance with the requirements of relevant regulations which vary for different jurisdictions. For example Australian regulations require full removal for offshore assets unless regulator approval is received to decommission in-situ. The Group maintains technical expertise to ensure that industry learnings, scientific research and local and international guidelines are reviewed in assessing its restoration obligations. The restoration obligation requires judgemental assumptions regarding removal date, environmental legislation and regulations, the extent of restoration activities required, the engineering methodology for estimating cost, technologies used in determining the decommissioning cost, and liability-specific discount rates to determine the present value of these cash flows. The Group applies either the ‘expected outcome’ approach or ‘expected value’ approach in assessing the cost estimate, reflecting a difference in approach to cost estimation for heritage Woodside and heritage BHPP assets. Both approaches are supported by IAS 37 Provisions, Contingent liabilities and Contingent Assets Expected outcome approach This approach is used for heritage Woodside assets, and those assets commonly held by both heritage entities. The following cost assumptions are applied: · · in-situ where it can be demonstrated that this will deliver equal or better environmental outcomes than full removal and that regulatory approval is obtained where arrangements are satisfactory to the regulator . Expected value approach This approach is used for heritage BHPP assets (excluding those commonly held by both heritage entities). For both onshore and offshore assets, provision has been made taking into consideration a risked range of possible removal outcomes, including full removal of certain assets. Individual site provisions are an estimate of the expected value of future cash flows required to rehabilitate the relevant site using current restoration standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using country specific discount rates aligned to the estimated timing of cash outflows. Inherent uncertainties The basis of the restoration obligation provision for assets with approved decommissioning plans or general directions issued by the regulator can differ from the assumptions disclosed above. Whilst the provisions reflect the Group’s best estimate based on current knowledge and information, further studies and detailed analysis of the restoration activities for individual assets will be performed near the end of their operational life and/or when detailed decommissioning plans are required to be submitted to the relevant regulatory authorities. Actual costs and cash outflows can materially differ from the current estimate as a result of changes in regulations and their application, prices, analysis of site conditions, further studies, timing of restoration and changes in removal technology. These uncertainties may result in actual expenditure differing from amounts included in the provision recognised as at 31 December 2022. A range of pre-tax discount rates between 3.4% and 4.7% (2021: 0.4% to 2.4%) has been applied. If the discount rates were decreased by 0.5% then the provision would be $316 million higher. If the cost estimates were increased by 10% then the provision would be $627 million higher. The proportion of the non-current balance not expected to be settled within 10 years is 54% (2021: 65%). (b) Legal case outcomes Provisions for legal cases are measured at the present value of the amount expected to settle the claim. Management is required to use judgement when assessing the likely outcome of legal cases, estimating the risked amount and whether a provision or contingent liability should be recognised. (c) Onerous contracts The onerous contract provision assessment requires management to make certain estimates regarding the unavoidable costs and the expected economic benefits from the contract. These estimates require significant management judgement and are subject to risk and uncertainty, and hence changes in economic conditions can affect the assumptions. As at 31 December 2022, the Corpus Christi contract is expected to return a positive value and on this basis the provision has been reversed to nil (2021: $214 million). Changes in assumptions predominantly relating to the narrowing of the spread between the sales price and purchase price could result in the contract becoming onerous in the future. Assumptions used to determine the present value as at 31 December 2022 are set out below: · · pre-tax, · 1 2023 2024 2025 2026 2027 TTF (US$/MMBtu) 47.9 36.4 22.3 8.8 9.0 Brent (US$/bbl) 87 78 74 76 77 2 HH (US$/MMBtu) 6.1 4.7 4.0 4.1 4.2 3 1. For committed volumes, contracted pricing has been applied. 2. Long-term oil prices are based on US$70/bbl (2022 real terms) from 2025 and prices are escalated at 2.0% onwards. 3. Long-term gas prices are based on US$3.8/MMBtu (2022 real terms) from 2025. All long-term prices are escalated at 2.0%. |
Other Financial Assets and Liab
Other Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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Other financial assets and liabilities | Other financial assets and liabilities 2022 US$m 2021 US$m Other financial assets Financial instruments at fair value through profit and loss Derivative financial instruments designated as hedges 207 134 Other financial assets 22 293 Financial instruments at amortised cost Hedge collateral (including interest) 509 - Other financial assets 30 - Financial instruments at fair value through other comprehensive income Other financial assets 29 - Total other financial assets 797 427 Current 677 320 Non-current 120 107 Net carrying amount 797 427 Other financial liabilities Financial instruments at fair value through profit and loss Derivative financial instruments designated as hedges 721 563 Other financial liabilities - 9 Total other financial liabilities 721 572 Current 654 411 Non-current 67 161 Net carrying amount 721 572 Recognition and measurement Other financial assets and liabilities Receivables subject to provisional pricing adjustments are initially recognised at the transaction price and subsequently measured at fair value with movements recognised in the consolidated income statement. Derivative financial instruments Derivative financial instruments that are designated within qualifying hedge relationships are initially recognised at fair value on the date the contract is entered into. For relationships designated as fair value hedges, subsequent fair value movements of the derivative are recognised in the consolidated income statement. For relationships designated as cash flow hedges, subsequent fair value movements of the derivative for the effective portion of the hedge are recognised in other comprehensive income and accumulated in reserves in equity; fair value movements for the ineffective portion are recognised immediately in the consolidated income statement. Costs of hedging have been separated from the hedging arrangements and deferred to other comprehensive income and accumulated in reserves in equity. Amounts accumulated in equity are reclassified to the consolidated income statement in the periods when the hedged item affects profit or loss. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged exposure and the hedging instrument. The Group assesses whether the derivative designated in each hedging relationship has been, and is expected to be, effective in offsetting changes in cash flows of the hedged exposure using the hypothetical derivative method. Ineffectiveness is recognised where the cumulative change in the designated component value of the hedging instrument on an absolute basis exceeds the change in value of the hedged exposure attributable to the hedged risk. Ineffectiveness may arise where the timing of the transaction changes from what was originally estimated such as delayed shipments or changes in timing of forecast sales. This may also arise where the commodity swap pricing terms do not perfectly match the pricing terms of the LNG revenue contracts. Fair value Except for the other financial assets and other financial liabilities set out in this note, there are no material financial assets or financial liabilities carried at fair value. The fair value of commodity derivative financial instruments is determined based on observable quoted forward pricing and swap models and is classified as Level 2 on the fair value hierarchy. The most frequently applied valuation techniques include forward pricing and swap models that use present value calculations. The models incorporate various inputs including the credit quality of counterparties and forward rate curves of the underlying commodity. The fair value of interest rate swaps is calculated by discounting estimated future cash flows based on the terms of maturity of each contract, using market interest rates for a similar instrument at the reporting date and is classified as Level 2 on the fair value hierarchy. The fair value of foreign exchange forward contracts is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curves in the respective currencies and is classified as Level 2 on the fair value hierarchy. The fair values of other financial assets and other financial liabilities are predominantly determined based on observable quoted forward pricing and are predominantly classified as Level 2 on the fair value hierarchy. Foreign exchange The derivative financial instruments include foreign exchange forward contracts that are denominated in Australian dollars. The Group had no material other financial assets and liabilities denominated in currencies other than US dollars. Hedging activities During the period, the following hedging activities were undertaken: · The Group hedged a percentage of its oil-linked exposure, entering into oil swap derivatives settling in 2023 in order to achieve a minimum average sales price of $75 per barrel. · The Group entered into additional separate HH commodity swaps to hedge the purchase leg of the Corpus Christi volumes and separate TTF commodity swaps to hedge the sales leg of Corpus Christi volumes to mitigate pricing risk for 2023 to 2024. · As a result of hedging activities, approximately 49% of Corpus Christi volumes included in stock in transit for 2022, approximately 82% of of · The Group restruck $150 million of the TTF hedges to reduce the derivative financial liability. · The Group restruck $92 million of the oil swap hedges to reduce the derivative financial liability. Further , · Through the use of foreign exchange forward contracts, the Group hedged its Australian dollar to US dollar exchange rate in relation to a portion of the Australian dollar denominated capital expenditure expected to be incurred under the Scarborough development. 2022 2021 Oil swaps (cash flow hedges) Carrying amount (US$m) (114) (1 ) Notional amount (MMbbl) 18 30 Maturity date 2023 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMbbl) 79 74 HH Corpus Christi commodity swaps (cash flow hedges) Carrying amount (US$m) 26 31 Notional amount (TBtu) 58 65 Maturity date 2023-2024 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMBtu) 4 3 TTF Corpus Christi commodity swaps (cash flow hedges) Carrying amount (US$m) (469) (465 ) Notional amount (TBtu) 50 49 Maturity date 2023-2024 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMBtu) 16 9 TTF commodity swaps (cash flow hedges) Carrying amount (US$m) - 4 Notional amount (TBtu) - 3 Maturity date - 2022 Hedge ratio - 1:1 Weighted average hedged rate (US$/MMBtu) - 26 Interest rate swap (cash flow hedges) Carrying amount (US$m) 55 (17 ) Notional amount (US$m) 600 600 Maturity date 2027 2027 Hedge ratio 1:1 1:1 Weighted average hedged rate 1.7% 1.7% Cross currency interest rate swap (cash flow and fair value hedges) Carrying amount (US$m) 5 9 Notional amount (Swiss Franc) 175 175 Maturity date 2023 2023 Hedge ratio 1:1 1:1 Weighted average hedged rate Three month USD LIBOR Three month US$ LIBOR FX forwards (cash flow hedges) Carrying amount (US$m) (17) 10 Notional amount (AUD$m) 1,037 934 Maturity date 2023-2025 2022-2025 Hedge Ratio 1:1 1:1 Weighted average hedged rate (AUD:USD) 0.68 0.71 Hedge ineffectiveness loss of $72 million (2021: $38 million loss) has been recognised in the profit and loss. Other financial assets Other financial assets measured at fair value include receivables subject to provisional pricing adjustments of nil (2021: $163 million) and repurchase agreements entered into for the purposes of net settlement rather than for physical delivery of $nil (2021: $69 million). Interest Rate Benchmark Reform A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as ‘IBOR reform’). The Group has exposures to IBORs on its financial instruments that will be impacted as part of these market-wide initiatives. The Group’s main IBOR exposure at the reporting date is USD LIBOR. In 2020, the Federal Reserve announced that the three-month and six-month During the period, the Group has transitioned a number of financial liabilities from USD LIBOR to SOFR and is in the process of transitioning the remaining financial instruments to alternative benchmark rates. The Group has financial liabilities and financial assets with a total carrying value of $670 million (2021: $957 million) and $393 million (2021: $367 million) respectively, which reference USD LIBOR. The Group has the following hedging relationships which are exposed to interest rate benchmarks impacted by IBOR Reform: · Interest rate swaps to hedge the LIBOR interest rate risk associated with the $600 million syndicated facility (refer to Note C.2). The interest rate swaps are designated as cash flow hedges, converting the variable interest into fixed interest US dollar debt, and mature in 2027. · A fixed rate 175 million Swiss Franc (CHF) denominated medium term note, which it hedges with cross-currency interest rate swaps designated in both fair value and cash flow hedge relationships. The cross-currency interest rate swaps are referenced to LIBOR (refer to Note C.2). The transition of a number of the Group’s financial liabilities from USD LIBOR to SOFR during the year ended 31 December 2022 did not result in a material impact to the Group. The Group’s Treasury function continues to execute the transition of the remaining financial instruments from current benchmark rates to alternative benchmark rates. Key estimates and judgements Fair value of other financial assets and liabilities Estimates have been applied in the measurement of other financial assets and liabilities and, where required, judgement is applied in the settlement of any financial assets or liabilities. In the current period, this included a $3 million periodic adjustment relating to timing which increased other financial liabilities, reflecting the arrangements governing Wheatstone LNG sales (2021: $56 million increase). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
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Leases | Leases Land and buildings Plant and equipment 2 Total US$m US$m US$m Lease assets Year ended 31 December 2022 Carrying amount at 1 January 2022 377 703 1,080 Acquisitions through business combination 1 120 22 142 Additions 4 238 242 Lease remeasurements 5 103 108 Depreciation (42) (266) (308) Carrying amount at 31 December 2022 464 800 1,264 At 31 December 2022 Historical cost and remeasurements 591 1,311 1,902 Accumulated depreciation, impairment and disposals (127) (511) (638) Net carrying amount 464 800 1,264 Lease liabilities Year ended 31 December 2022 At 1 January 2022 437 930 1,367 Acquisitions through business combination 1 245 23 268 Additions 1 189 190 Repayments (principal and interest) (60) (305) (365) Accretion of interest 25 78 103 Lease remeasurements (25) 96 71 Carrying amount at 31 December 2022 623 1,011 1,634 Current 48 276 324 Non-current 575 735 1,310 Carrying amount at 31 December 2022 623 1,011 1,634 Lease assets Year ended 31 December 2021 Carrying amount at 1 January 2021 392 592 984 Additions 14 214 228 Lease remeasurements 15 16 31 Disposals at written down value (12) - (12) Depreciation (32) (119) (151) Carrying amount at 31 December 2021 377 703 1,080 At 31 December 2021 Historical cost 462 948 1,410 Accumulated depreciation and impairment (85) (245) (330) Net carrying amount 377 703 1,080 Lease liabilities Year ended 31 December 2021 At 1 January 2021 484 794 1,278 Additions 7 244 251 Repayments (principal and interest) (70) (192) (262) Accretion of interest 25 72 97 Lease remeasurements (9) 12 3 Carrying amount at 31 December 2021 437 930 1,367 Current 19 172 191 Non-current 418 758 1,176 Carrying amount at 31 December 2021 437 930 1,367 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the 2. Marine, vessels and carriers have been included within plant and equipment for the year ended 31 December 2022. The 2021 amounts have been reclassified to be presented on the same basis. Recognition and measurement When a contract is entered into, the Group assesses whether the contract contains a lease. A lease arises when the Group has the right to direct the use of an identified asset which is not substitutable and to obtain substantially all economic benefits from the use of the asset throughout the period of use. The leases recognised by the Group predominantly relate to LNG vessels, property and drilling rigs. The Group separates the lease and non-lease Leases as a lessee Lease assets and lease liabilities are recognised at the lease commencement date, which is when the assets are available for use. The assets are initially measured at cost, which is the present value of future lease payments adjusted for any lease payments made at or before the commencement date, plus any make-good obligations and initial direct costs incurred. Lease assets are depreciated using the straight-line method over the shorter of their useful life and the lease term. Refer to Note B.3 for the useful lives of assets. Periodic adjustments are made for any re-measurements Lease liabilities are initially measured at the present value of future minimum lease payments, discounted using the Group’s incremental borrowing rate if the rate implicit in the lease cannot be readily determined, and are subsequently measured at amortised cost using the effective interest rate. Minimum lease payments are fixed payments or index-based variable payments incorporating the Group’s expectations of extension options and do not include non-lease The lease liability is remeasured when there are changes in future lease payments arising from a change in rates, index or lease terms from exercising an extension or termination option. A corresponding adjustment is made to the carrying amount of the lease assets, with any excess recognised in the consolidated income statement. There are no restrictions placed upon the lessee by entering into these leases. Short-term leases and leases of low value Short-term leases (lease term of 12 months or less) and leases of low value assets are recognised as incurred as an expense in the consolidated income statement. Low value assets comprise plant and equipment. Foreign exchange risk The Group held $441 million of lease liabilities at 31 December 2022 (2021: $476 million) in currencies other than the US dollar (predominantly Australian dollars). Maturity profile of lease liabilities The table below presents the contractual undiscounted cash flows associated with the Group’s lease liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position. 2022 US$m 2021 US$m Due for payment in: 1 year or less 433 283 1-2 272 283 2-3 199 191 3-4 186 171 4-5 176 161 More than 5 years 966 789 2,232 1,878 Lease commitments The table below presents the contractual undiscounted cash flows associated with the Group’s future lease commitments for non-cancellable 2022 US$m 2021 US$m Due for payment in: Within one year 67 80 After one year but not more than five years 263 159 Later than five years 1,288 49 1,618 288 Payments of $162 million (2021: $68 million) for short-term leases (lease term of 12 months or less) and payments of $12 million (2021: $18 million) for leases of low value assets were expensed in the consolidated income statement. Total payments for leases in the consolidated statement of cash flows are $525 million (2021: $330 million), with $258 million (2021: $244 million) included in financing activities. The Group has short-term and low value lease commitments for marine vessels and carriers, property, drill rigs and plant and equipment contracted for, but not provided for in the financial statements, of $60 million (2021: $53 million). Key estimates and judgements (a) Control Judgement is required to assess whether a contract is or contains a lease at inception by assessing whether the Group has the right to direct the use of the identified asset and obtain substantially all the economic benefits from the use of that asset. (b) Lease term Judgement is required when assessing the term of the lease and whether to include optional extension and termination periods. Option periods are only included in determining the lease term at inception when they are reasonably certain to be exercised. Lease terms are reassessed when a significant change in circumstances occurs. On this basis, possible additional lease payments amounting to $2,323 million (2021: $1,654 million) were not included in the measurement of lease liabilities. (c) lnterest in joint arrangements Judgement is required to determine the Group’s rights and obligations for lease contracts within joint operations, to assess whether lease liabilities are recognised gross (100%) or in proportion to the Group’s participating interest in the joint operation. This includes an evaluation of whether the lease arrangement contains a sublease with the joint operation. (d) Discount rates Judgement is required to determine the discount rate, where the discount rate is the Group’s incremental borrowing rate if the rate implicit in the lease cannot be readily determined. The incremental borrowing rate is determined with reference to the Group’s borrowing portfolio at the inception of the arrangement or the time of the modification. |
Contingent Liabilities and Asse
Contingent Liabilities and Assets | 12 Months Ended |
Dec. 31, 2022 | |
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Contingent liabilities and assets | Contingent liabilities and assets 2022 US$m 2021 US$m Contingent liabilities at reporting date Contingent liabilities 161 195 Guarantees 2 7 163 202 Contingent liabilities relate predominantly to possible obligations whose existence will only be confirmed by the occurrence or non-occurrence The Group has contingent . |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
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Employee benefits | E.2 Employee benefits 2022 US$m 2021 US$m 2020 US$m Employee benefits 415 217 252 Share-based payments 26 12 19 Defined contribution plan costs 41 26 27 Defined benefit plan expense 9 1 2 491 256 300 (a) Employee benefits Employee benefits for the reporting period are as follows: Recognition and measurement The Group’s accounting policy for employee benefits other than superannuation is set out in Note D.5. The policy relating to share-based payments is set out in Note E.2(c). All employees of the Group are entitled to benefits on retirement, disability or death from the Group’s retirement plans. The Group operates a number of pension schemes throughout the world. Employees entitled to defined contribution schemes receive fixed contributions from Group companies and the Group’s legal or constructive obligation is limited to these contributions. Contributions to defined contribution funds are recognised as an expense as they become payable. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payment is available. (b) Compensation of key management personnel Key management personnel (KMP) compensation for the financial year was as follows: 2022 US$ 2021 US$ 2020 US$ Short-term employee benefits 1 5,730,340 6,626,354 5,868,476 Post-employment benefits 1 155,086 88,396 63,805 Share-based payments 2 3,114,043 5,697,529 7,201,653 Long-term employee benefits 4,300 717,223 515,585 Termination benefits 152,531 2,447,525 390,087 9,156,300 15,577,027 14,039,606 1. The 2021 comparatives for short-term employee benefits and post-employment benefits have been restated to include the superannuation component of the 2021 EIS cash and other cash bonuses for three key management personnel, increasing the short-term employee benefits expense by and the post-employee benefits expense by $10,881 to $ 88,396. 2. The 2021 comparative for share-based payments has been restated to include amortisation of the fair value of 2021 performance rights for two key management personnel, increasing the expense by $88,507 to $5,697,529. (c) Share plans The Group provides benefits to its employees (including KMP) in the form of share-based payments whereby employees render services for shares (equity-settled transactions). Woodside equity plan (WEP) and supplementary Woodside equity plan (SWEP) The WEP is available to all permanent employees, but since 1 January 2018 has excluded Executive Incentive Scheme (EIS) participants. The number of Equity Rights (ERs) offered to each eligible employee is determined by the Board, and based on individual performance as assessed under the performance review process. The linking of performance to an allocation allows the Group to recognise and reward eligible employees for high performance. The ERs have no further ongoing performance conditions after allocation, and do not require participants to make any payment in respect of the ERs at grant or at vesting. Each ER entitles the participant to receive a Woodside share on the vesting date three years after the grant date. For awards made in 2022, the Board amended the terms of the plan to entitle participants to receive a Woodside share on the vesting date, three years after the grant date. Awards made in 2020 and 2021 will vest under the terms of the plan at that time, which provided for 75% vesting of the ERs three years after the grant date and the remaining 25% of the ERs five years after the grant date. In October 2011, the Board approved the establishment of the SWEP to enable the offering of targeting retention awards of ERs for key capability. The SWEP was updated in 2022 to broaden eligibility to all employees of a subsidiary of Woodside Energy Group Ltd and ensure compliance in all jurisdictions in which Woodside operates. This facilitated the offer of replacement unvested incentives, as required under transitional arrangements for eligible heritage BHP employees transitioning from BHP Group Long-Term Incentive (LTI) plans to VAR offered under Woodside’s VAR arrangements. Each ER entitles the participant to receive a Woodside share or an American Depositary share on the vesting date either one, two, three or four years after the effective grant date, depending on the individual details of each SWEP offered. Participants do not make any payment in respect of the ERs at grant or at vesting. Executive Incentive Plans (EIP) The EIP operated as Woodside’s Executive incentive framework until the end of 2017, after which the Board introduced the EIS. The EIP was used to deliver Short-Term Awards (STAs) and Long-Term Awards (LTAs) to Senior Executives. Short-Term Awards (STAs) STAs were delivered in the form of restricted shares to Executives, including all Executive KMP. There are no further performance conditions for vesting of deferred STAs. Participants are not required to make any payments in respect of STA awards at grant or at vesting. Restricted shares entitle their holders to receive dividends. Long-Term Awards (LTAs) LTAs were granted in the form of Performance Rights (PRs) to Executives, including all Executive KMP. Vesting of LTAs is subject to achievement of relative total shareholder return (RTSR) targets, with 33% measured against the ASX 50 and the remaining 67% tested against an international group of oil and gas companies. Participants are not entitled to receive dividends and are not required to make any payments in respect of LTA awards at grant or at vesting. Executive Incentive Scheme (EIS) The EIS was introduced for the 2018 performance year for all Executives including Executive KMP. The EIS is delivered in the form of a cash incentive, Restricted Shares and Performance Rights. The grant date of the Restricted Shares and Performance Rights has been determined to be subsequent to the performance year, being the date of the Board of Directors’ approval. Accordingly, the 2021 Restricted Shares and Performance Rights were granted on 16 February 2022 for Executives and 19 May 2022 for the CEO and have been included in the table below. The expense estimated as at 31 December 2021 in relation to the 2021 performance year was updated to the fair value on grant date during the period. The 2022 Restricted Shares and Performance Rights have not been included in the table below as they have not been approved as at 31 December 2022. An expense related to the 2022 performance year has been estimated for Restricted Shares and Performance Rights, using fair value estimates based on inputs at 31 December 2022. Performance Based Pay Plus (PBP Plus) PBP Plus is available to senior, permanent employees who are not Executives. Participants receive an annual award of cash and Restricted Shares based on corporate and individual performance, recognising and rewarding eligible employees for high performance. The grant date of the Restricted Shares has been determined to be subsequent to the performance year, being the date of the Board of Directors’ approval. Accordingly, the 2021 Restricted Shares were granted on 16 February 2022 and have been included in the table below. The expense estimated as at 31 December 2021 in relation to the 2021 performance year was updated to the fair value on grant date during the period. The 2022 Restricted Shares have not been included in the table below as they have not been approved as at 31 December 2022. An expense related to the 2022 performance year has been estimated for the Restricted Shares, using fair value estimates based on inputs at 31 December 2022. Recognition and measurement All compensation under WEP, SWEP and Executive share plans is accounted for as share-based payments to employees for services provided. The cost of equity-settled transactions with employees is measured by reference to the fair values of the equity instruments at the date at which they are granted. The fair value of share-based payments is recognised, together with the corresponding increase in equity, over the period in which the vesting conditions are fulfilled, ending on the date on which the relevant employee becomes fully entitled to the shares. At each balance sheet date, the Group reassesses the number of awards that are expected to vest based on service conditions. The expense recognised each year takes into account the most recent estimate. The fair value of the benefit provided for the WEP and SWEP is estimated using the Black-Scholes option pricing technique. The fair value of the restricted shares is estimated as the closing share price at grant date. The fair value of the benefit provided for the RTSR PRs is calculated using the Binomial or Black-Scholes option pricing technique combined with a Monte Carlo simulation methodology, where relevant, using historical volatility to estimate the volatility of the share price in the future. The number of awards and movements for all share plans are summarised as follows: Number of performance awards Employee plans Executive plans WEP SWEP STA 4 LTA 4 Year ended 31 December 2022 Opening balance 5,649,783 - 994,436 2,379,220 Granted during the year 1,2 ,3 3,017,366 3,046,963 495,800 764,171 Vested during the year (1,498,065 ) (38,146 ) (450,609 ) (191,736 ) Forfeited during the year (539,403 ) (124,741 ) (46,430 ) (397,233 ) Awards at 31 December 2022 6,629,681 2,884,076 993,197 2,554,422 US$m US$m US$m US$m Fair value of awards granted during the year 49 60 9 13 Number of performance awards Employee plans Executive plans WEP SWEP STA 4 LTA 4 Opening balance 5,618,603 - 975,295 2,798,305 Granted during the year 1,2,3 2,507,167 - 353,412 553,849 Vested during the year (1,999,676 ) - (307,402 ) (322,746 ) Forfeited during the year (476,311 ) - (26,869) (650,188 ) Awards at 31 December 2021 5,649,783 - 994,436 2,379,220 US$m US$m US$m US$m Fair value of awards granted during the year 39 - 7 9 1. For the purpose of valuation, the share price on grant date for the 2022 WEP allocations was $16.30 (2021: $15.17). 2. For the purpose of valuation, the share price on grant date for the 2022 SWEP allocations was $19.74 1 3. For the purpose of valuation, the share price on grant date for Restricted Shares was $19.20 and $19.27 (2021: $20.18) and Performance Rights was $13.08 and $13.71 (2021: $11.66 and $14.44). 4. Includes awards issued under EIP and EIS. For more detail on these share plans and performance rights issued to KMPs, refer to the Remuneration Report. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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Related party transactions | E.3 Related party transactions The Group’s related party transactions are predominantly with associates of the Group. During the period, the transactions with related parties include purchases of goods/services of $60.730 million, sale of goods/services of $18.527 There were no transactions with directors during the year. Key management personnel compensation is disclosed in Note E.2(b). |
Auditor Remuneration
Auditor Remuneration | 12 Months Ended |
Dec. 31, 2022 | |
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Auditor remuneration | E.4 Auditor remuneration Note not required for the purposes of US reporting. |
Events After the End of the Rep
Events After the End of the Reporting Period | 12 Months Ended |
Dec. 31, 2022 | |
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Events after the end of the reporting period | Events after the end of the reporting period The Group has undertaken a review of the depreciation methodology and asset useful lives for oil and gas properties in accordance with its accounting policies and the accounting standards, considering the scale and diversity of the post-merger portfolio and to ensure alignment with common industry practice. In assessing useful lives of certain oil and gas assets, these have been approximated by reference to either their proved (1P) or proved plus probable (2P) reserves, which is then used in the units of production depreciation calculation. From 1 January 2023, upstream oil and conventional gas assets will be depreciated over proved reserves (previously proved plus probable, except for certain assets considered late life). Upstream LNG assets will continue to be depreciated over proved plus probable reserves. Multiproduct assets are assessed on a case-by-case basis and aligned to the most appropriate representation of useful life. The indicative impact to depreciation expense in 2023 resulting from the change in estimate is expected to be an increase of approximately $600 million. This is an indicative amount and is based on current forecasts which are subject to assumptions and uncertainties. |
Joint Arrangements
Joint Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
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Joint arrangements | E.6 Joint arrangements (a) Interest percentage in joint ventures Group Interest % Entity Principal activity 2022 2021 North West Shelf Gas Pty Ltd Contract administration services for venturers for LNG sales to Japan. Marketing and administration services for venturers for gas processing. 33.3 16.67 North West Shelf Liaison Company Pty Ltd Liaison for ventures in the sale of LNG to the Japanese market. 33.3 16.67 China Administration Company Pty Ltd Contract administration services for venturers for LNG sales to China. 33.3 16.67 North West Shelf Shipping Service Company Pty Ltd LNG vessel fleet advisor. 33.3 16.67 North West Shelf Lifting Coordinator Pty Ltd Allocating, scheduling and administering the lifting of LNG and pipeline gas. 33.3 16.67 (b) Interest percentage in joint operations Group Interest % 2022 2021 Producing and developing assets Australia North West Shelf 1 25.0 - 66.7 12.5 - 50.0 Greater Enfield and Vincent 60.0 60.0 Stybarrow 2 - 50.0 Balnaves 65.0 65.0 Pluto 90.0 90.0 Wheatstone 13.0 - 65.0 13.0 - 65.0 Scarborough 2 - 73.5 Bass Strait 1 25.0 - 50.0 - Macedon 1 71.4 - Pyrenees 1 40.0 - 71.4 - Griffin 1 45.0 - 71.0 - Minerva 1 90.0 - International Sangomar 82.0 82.0 Atlantis 1 44.0 - Mad Dog 1 23.9 - Shenzi 1 72.0 - Trion 1 60.0 - Greater Angostura 1 45.0 - 68.5 - Calypso 1 70.0 - Group Interest % 2022 2021 Exploration and evaluation assets Oceania Browse Basin 30.6 30.6 Carnarvon Basin 3 31.6 -70.0 15.8 -70.0 Scarborough 2 ,3 - 50.0 Bonaparte Basin 26.7 -35.0 26.7 -35.0 Africa Congo 4 22.5 42.5 Senega l 90.0 90.0 Egypt 1 25.0 -45.0 - Americas US Gulf of Mexico 1 23.9 -75.0 - Kitimat 50.0 50.0 Asia Republic of Korea 50.0 50.0 Myanmar 5 40.0 -45.0 40.0 -50.0 Caribbean Barbados 1 60.0 - Trinidad & Tobago 1 65.0 -70.0 - Other joint operations Angel 6 20.0 - Bonaparte Basin 6 21.0 - 1. Increase in interests due to the merger with BHPP on 1 June 2022. 2. No longer recognised as joint operations as the Group’s interest increased to 100% due to the merger with BHPP on 1 June 2022. 3. The Carnarvon Basin and Scarborough exploration and evaluation assets which were previously presented on the same line, have been separately presented in 2022. The 2021 group interests have been reclassified to be presented on the same basis. 4. The Group’s interest decreased to 22.5% upon farm-down of interest in June 2022. 5. The Group relinquished permits AD-1 and AD-8 in 2022. Formalities are pending. 6. Carbon Capture Storage titles G-10-AP and G-7-AP granted to the Group in 2022. The principal activities of the joint operations are exploration, development and production of hydrocarbons. Key estimates and judgements Accounting for interests in other entities Judgement is required in assessing the level of control obtained in a transaction to acquire an interest in another entity; depending upon the facts and circumstances in each case, Woodside may obtain control, joint control or significant influence over the entity or arrangement. Judgement is applied when determining the relevant activities of a project and if joint control is held over it. Relevant activities include, but are not limited to, work program and budget approval, investment decision approval, voting rights in joint operating committees, amendments to permits and changes to joint arrangement participant holdings. Transactions which give Woodside control of a business are business combinations. If Woodside obtains joint control of an arrangement, judgement is also required to assess whether the arrangement is a joint operation or a joint venture. If Woodside has neither control nor joint control, it may be in a position to exercise significant influence over the entity, which is then accounted for as an associate. Recognition and measurement Joint arrangements are arrangements in which two or more parties have joint control. Joint control is the contractual agreed sharing of control of the arrangement which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Joint arrangements are classified as either a joint operation or joint venture, based on the rights and obligations arising from the contractual obligations between the parties to the arrangement. To the extent the joint arrangement provides the Group with rights to the individual assets and obligations arising from the joint arrangement, the arrangement is classified as a joint operation, and as such the Group recognises its: · assets, including its share of any assets held jointly; · liabilities, including its share of any liabilities incurred jointly; · revenue from the sale of its share of the output arising from the joint operation; · share of revenue from the sale of the output by the joint operation; and expenses, including its share of any expenses incurred jointly. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the investment is classified as a joint venture and accounted for using the equity method. Joint arrangements acquired which are deemed to be carrying on a business are accounted for applying the principles of Business Combinations |
Parent Entity Information
Parent Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
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Parent entity information | E.7 Parent entity information Note not required for the purposes of US reporting. |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
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Subsidiaries | E.8 Subsidiaries (a) Subsidiaries Name of entity Notes Ultimate Parent Entity Woodside Energy Group Ltd (1,2,3 ) Subsidiaries Company name Woodside Energy Ltd (2,3,4 ) Woodside Browse Pty Ltd (2,4 ) Woodside Burrup Pty Ltd (2,4 ) Burrup Facilities Company Pty Ltd (5 ) Burrup Train 1 Pty Ltd (5 ) Pluto LNG Pty Ltd (5 ) Woodside Burrup Train 2 A Pty Ltd (2,4 ) Woodside Burrup Train 2 B Pty Ltd (2,4 ) Woodside Energy (LNG Fuels and Power) Pty Ltd (2,4 ) Woodside Energy (Domestic Gas) Pty Ltd (2,4 ) Woodside Energy (Algeria) Pty Ltd (2,4 ) Woodside Energy Australia Asia Holdings Pte Ltd (4 ) Woodside Energy Holdings International Pty Ltd (2,4 ) Woodside Energy International (Canada) Limited (4 ) Woodside Energy (Canada LNG) Limited (4 ) Woodside Energy (Canada PTP) Limited (4 ) KM LNG Operating General Partnership (9 ) KM LNG Operating Ltd (4 ) Woodside Energy Holdings Pty Ltd (2,4 ) Woodside Energy Holdings (USA) Inc (4 ) Woodside Energy (USA) Inc (4 ) Gryphon Exploration Company (4 ) PT Woodside Energy Indonesia (6 ) Woodside Energy (Cameroon) SARL ∎ (4 ) Woodside Energy (Gabon) Pty Ltd (2,4 ) Woodside Energy (Indonesia) Pty Ltd (2,4 ) Woodside Energy (Indonesia II) Pty Ltd (2,4 ) Woodside Energy (Malaysia) Pty Ltd (2,4 ) Woodside Energy (Ireland) Pty Ltd (2,4 ) Woodside Energy (Korea) Pte Ltd (4 ) Woodside Energy (Korea II) Pte Ltd (4 ) Woodside Energy (Myanmar) Pte Ltd (4 ) Woodside Energy (Morocco) Pty Ltd (2,4 ) Woodside Energy (New Zealand) Limited (4 ) Woodside Energy (New Zealand 55794) Limited (4 ) Woodside Energy (Peru) Pty Ltd (2,4 ) Woodside Energy (Senegal) Pty Ltd (2,4 ) Woodside Energy (Tanzania) Limited (7 ) Name of entity Notes Woodside Energy Holdings II Pty Ltd (2,4 ) Woodside Power Pty Ltd (2,4 ) Woodside Power (Generation) Pty Ltd (2,4 ) Woodside Energy Holdings (South America) Pty Ltd (2,4 ) Woodside Energia (Brasil) Apoio Administrativo L (8 ) Woodside Energy Holdings (UK) Pty Ltd (2,4 ) Woodside Energy (UK) Limited ( 4 ) Woodside Energy Finance (UK) Limited (4 ) Woodside Energy (Congo) Limited (4 ) Woodside Energy (Bulgaria) Limited ( 4 ) Woodside Energy Holdings (Senegal) Limited (4 ) Woodside Energy (Senegal) B.V. (4 ) Woodside Energy (France) SAS (4 ) Woodside Energy Iberia S.A. (4 ) Woodside Energy (N.A.) Ltd (4 ) Woodside Energy Services (Qingdao) Co Ltd (4 ) Woodside Energy Julimar Pty Ltd (2,4 ) Woodside Energy (Norway) Pty Ltd (2,4 ) Woodside Energy Technologies Pty Lt (2,4,14 ) Woodside Technology Solutions Pty Ltd (2,4 ) Woodside Energy Scarborough Pty Ltd (2,4 ) Woodside Energy Carbon Holdings Pty Ltd (2,4 ) Woodside Energy Carbon (Assets) Pty Ltd (2,4 ) Woodside Energy Carbon (Services) Pty Ltd (2,4 ) Woodside Energy (Financial Advisory Services) Pty Ltd (2,4 ) Woodside Energy Trading Singapore Pte Ltd (4 ) WelCap Insurance Pte Ltd (4 ) Woodside Energy Shipping Singapore Pte Ltd (4 ) Metasource Pty Ltd (2,4 ) Mermaid Sound Port and Marine Services Pty Ltd (2,4 ) Woodside Finance Limited (2,4 ) Woodside Petroleum (Timor Sea 19) Pty Ltd (2,4 ) Woodside Petroleum (Timor Sea 20) Pty Ltd (2,4 ) Woodside Petroleum Holdings Pty Ltd (2,4,15 ) Woodside Energy Global Holdings Pty Ltd (2,4 ) Woodside Energy Global Pty Ltd (2,4 ) Perdido Mexico Pipeline Holdings, S.A. de C.V. (10 ) Perdido Mexico Pipeline, S. de R.L. de C.V. (10 ) Woodside Energy Investments Pty Ltd (2,4 ) Woodside Energia Brasil Investimentos Ltda. ● (11 ) Woodside Energia Brasil Exploração e Produção Ltda. ● (4 ) Woodside Energy (Great Britain) Limited (4 ) Woodside Energy (North West Shelf) Pty Ltd (2,4 ) Woodside Energy (Trinidad) Holdings Ltd (4 ) Woodside Energy (Trinidad-3A) (4 ) Name of entity Notes Woodside Energy USA Operations Inc (12 ) Hamilton Brothers Petroleum Corporation (4 ) Hamilton Oil Company LLC (4 ) Woodside Energy Boliviana Inc. (4 ) Woodside Energy (North America) LLC (4 ) Woodside Energy (Americas) Inc. (4 ) Woodside Energy (GOM) Inc. (4 ) Woodside Energy Hawaii Inc. (4,16 ) Woodside Energy Resources Inc. (4 ) Woodside Energy Holdings (Resources) Inc. (4 ) Woodside Energy USA Services Inc. (4 ) Woodside Energy Marketing Inc. (4 ) Woodside Energy (Deepwater) Inc. (4,17 ) Woodside Energy (Foreign Exploration Holdings) LLC (4 ) Woodside Energy (Trinidad Block 3) Limited (4 ) Woodside Energy (Trinidad Block 6) Limited (4 ) Woodside Energy (Trinidad Block 5) Limited (4 ) Woodside Energy (Trinidad Block 7) Limited (4 ) Woodside Energy (Trinidad Block 14) Limited (4 ) Woodside Energy (Trinidad Block 23A) Limited (4 ) Woodside Energy (Trinidad Block 23B) Limited (4 ) Woodside Energy (Trinidad Block 28) Limited (4 ) Woodside Energy (Trinidad Block 29) Limited (4 ) Woodside Energy (Bimshire) Limited (4 ) Woodside Energy (South Africa 3B/4B) Limited (4 ) Woodside Energy (Egypt) Limited (4 ) Woodside Energy (Carlisle Bay) Limited (4 ) Woodside Energy (Mexico) Limit (4 ) Woodside Energía Servicios Administrativos,S. de R.L. de C.V. (13 ) Woodside Energía Servicios de México, S. de R.L. de C.V. (13 ) Woodside Energy (Mexico Holdings) LLC (4 ) Operaciones Conjuntas, S. de R.L. de C.V. (13 ) Woodside Energía Holdings de México, S. de R.L. de C.V. (13 ) Woodside Petróleo Operaciones de México, S. de R.L. de C.V. (13 ) Woodside Energy (Australia) Pty Ltd (2,4 ) Woodside Energy (International Exploration) Pty Ltd (2,4 ) Woodside Energy (Bass Strait) Pty Ltd (2,4 ) Woodside Energy (Victoria) Pty Ltd (2,4 ) Woodside Energy Holdings LLC (4 ) Woodside Energy (Trinidad-2C) (4 ) Woodside Energy (Canada) Corporation (4 ) 1. Woodside Energy Group Ltd, previously Woodside Petroleum Ltd, is the ultimate holding company and the head entity within the tax consolidated group. 2. These companies were members of the Australian tax consolidated group at 31 December 2022. 3. Woodside Energy Group Ltd and Woodside Energy Ltd are parties to a Deed of Cross Guarantee. 4. All subsidiaries are wholly owned except those referred to in Notes 5 to 13. 5. Kansai Electric Power Australia Pty Ltd and Tokyo Gas Pluto Pty Ltd each hold a 5% interest in the shares of these subsidiaries. These subsidiaries are controlled. 6. PT Woodside Energy Indonesia was incorporated on 27 April 2022. As at 31 December 2022, Woodside Energy Holdings Pty Ltd held a 99% interest in the shares of PT Woodside Energy Indonesia. Woodside Energy Ltd held the remaining 1% interest. 7. As at 31 December 2022, Woodside Energy Holdings Pty Ltd held >99.99% interest in the shares of Woodside Energy (Tanzania) Limited and Woodside Energy Ltd held the remaining interest. 8. As at 31 December 2022, Woodside Energy Holdings (South America) Pty Ltd held >99.99% interest in the shares of Woodside Energia (Brasil) Apoio Administrativo Ltda and Woodside Energy Ltd held the remaining interest. 9. As at 31 December 2022, Woodside Energy International (Canada) Limited and Woodside Energy (Canada LNG) Limited were the general partners of the KM LNG Operating General Partnership holding a 99.99% and 0.01% partnership interest, respectively. 10. As at 31 December 2022, Woodside Energy Global Holdings Pty Ltd held a 99.99% interest in shares of Perdido Mexico Pipeline Holdings, S.A. de C.V. and Perdido Mexico Pipeline, S. de R.L. de C.V. Woodside Energy Investments Pty Ltd held the remaining 0.01% interest. 11. As at 31 December 2022, Woodside Energy Investments Pty Ltd held a 99.97% interest in shares of Woodside Energia Brasil Investimentos Ltda. Woodside Energy Global Holdings Pty Ltd held the remaining 0.03% interest. 12. As at 31 December 2022, Woodside Energy Global Holdings Pty Ltd held 90% voting interest and 37.67% interest in shares of Woodside Energy USA Operations Inc. Woodside Energy Holdings LLC held the remaining 10% voting interest and 62.33% interest in shares. 13. As at 31 December 2022, Woodside Energy (Mexico) Limited held a 99% interest in shares of Woodside Energía Servicios Administrativos, S. de R.L. de C.V., Woodside Energía Servicios de México, S. de R.L. de C.V., Operaciones Conjuntas, S. de R.L. de C.V. and Woodside Petróleo Operaciones de México, S. de R.L. de C.V. and 99.99% interest in shares of Woodside Energía Holdings de México, S. de R.L. de C.V. Woodside Energy (Mexico Holdings) LLC held the remaining 0.01%-1% 14. Woodside Energy Technologies Pty Ltd owns 28.50% in Blue Ocean Seismic Services Limited which is accounted for as an investment in associate. 15. Woodside Energy (North West Shelf) Pty Ltd and Woodside Petroleum Holdings Pty Ltd owns 16.67% in International Gas Transportation Company Limited respectively. This investment has been accounted for as an investment in associate. 16. Woodside Energy Hawaii Inc owns 14.96% in Iwilei District Participating Parties LLC which is accounted for as an investment in associate. 17. Woodside Energy (Deepwater) Inc owns 25% in Caesar Oil Pipeline Company LLC, 22% in Cleopatra Gas Gathering Company LLC and 10% in Marine Well Containment Company LLC. These investments are accounted for as an investment in associate. All subsidiaries were incorporated in Australia unless identified with one of the following symbols: ◆ Bermuda Mexico Singapore ● Brazil u Indonesia Spain ∎ Cameroon The Netherlands Tanzania t Canada R. of Trinidad and Tobago p United Kingdom China New Zealand q United States France Saint Lucia Classification Subsidiaries are all the entities over which the Group has the power over the investee such that the Group is able to direct the relevant activities, has exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of the investor’s returns. (b) Subsidiaries with material non-controlling interests The Group has two Australian subsidiaries with material non-controlling Name of entity Principal place of business % held by NCI Burrup Facilities Company Pty Ltd Australia 10% Burrup Train 1 Pty Ltd Australia 10% The NCI in both subsidiaries is 10% held by the same parties (refer to Note E.8(a) footnote 5 for details). The summarised financial information (including consolidation adjustments but before intercompany eliminations) of subsidiaries with material NCI is as follows: 2022 2021 2020 US$m US$m US$m Burrup Facilities Company Pty Ltd Current assets 567 518 425 Non-current 5,047 5,038 5,224 Current liabilities (68 ) (71) (51) Non-current (528 ) (528) (571) Net assets 5,018 4,957 5,027 Accumulated balance of NCI 502 496 503 Revenue 889 858 859 Profit 489 328 318 Profit allocated to NCI 49 33 32 Dividends paid to NCI (43 ) (40) (32) Operating 601 633 652 Investing (45 ) (111) (69) Financing (556 ) (522) (583) Net increase/(decrease) in cash and cash equivalents - - - Burrup Train 1 Pty Ltd Current assets 429 435 372 Non-current 2,900 2,915 3,081 Current liabilities (119 ) (110) (103) Non-current (325 ) (345) (385) Net assets 2,885 2,895 2,965 Accumulated balance of NCI 289 290 297 Revenue 1,471 1,421 1,423 Profit 282 200 208 Profit allocated to NCI 28 20 21 Dividends paid to NCI (29 ) (27) (13) Operating 391 393 473 Investing (55 ) (4) (2) Financing (336 ) (389) (471) Net increase/(decrease) in cash and cash equivalents - - - (c) Deed of Cross Guarantee and Closed Group Note not required for the purposes of US reporting. |
Other Accounting Policies
Other Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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Other accounting policies | Other accounting policies (a) Summary of other significant accounting policies Australia tax consolidation The parent and its wholly owned Australian controlled entities have elected to enter a tax consolidation, with Woodside Energy Group Ltd as the head entity of the tax consolidated group. The members of the Australian tax consolidated group are identified in Note E.8(a). The tax expense/benefit, deferred tax liabilities and deferred tax assets arising from temporary differences of the members of the tax consolidated group are recognised in the separate financial statements of the members of the tax consolidated group, using the stand-alone approach. Entities within the tax consolidated group have entered into a tax funding arrangement and a tax sharing agreement with the head entity. Under the tax funding agreement, Woodside Energy Group Ltd and each of the entities in the tax consolidated group have agreed to pay or receive a tax equivalent payment to or from the head entity, based on the current tax liability or current tax asset of the entity. The tax sharing agreement entered into between members of the tax consolidated group provides for the determination of the allocation of income tax liabilities between the entities, should the head entity default on its tax payment obligations. No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote. US tax consolidation Woodside Energy USA Operations Inc and its wholly owned USA controlled entities have elected to file a consolidated tax return, with Woodside Energy USA Operations Inc as the parent of the tax consolidated group. The tax expense/benefit, deferred tax liabilities and deferred tax assets arising from temporary differences of the members of the tax consolidated group are computed on a separate company basis. Entities within the tax consolidated group have entered into a tax sharing agreement. Under the tax sharing agreement, the tax liability for the consolidated group or the utilisation of tax attributes are settled periodically between the members of the group. No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote. (b) New and amended accounting standards and interpretations issued but not yet effective A number of new standards, amendments of standards and interpretations have recently been issued but are not yet effective and have not been adopted by the Group as at the financial reporting date. The Group has reviewed these standards and interpretations and has determined that none of the new or amended standards will significantly affect the Group’s accounting policies, financial position or performance. (c) New and amended accounting standards and interpretations adopted As of 1 January 2022, the Group adopted the following amendments: · Amendments to IFRS 3 Reference to the Conceptual Framework · Amendments to IFRS 9 Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities · Amendments to IAS 37 Onerous Contracts - Costs of Fulfilling a Contract These amendments did not impact the financial statements of the Group. A number of other new standards are also effective from 1 January 2022 but they do not have a material effect on the Group’s financial statements. |
Additional Information
Additional Information | 12 Months Ended |
Dec. 31, 2022 | |
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Additional Information | SECTION 6: ADDITIONAL INFORMATION SECTION 6.1 Supplementary information on oil and gas - unaudited In accordance with the requirements of the Financial Accounting Standards Board (FASB) Accounting Standard Codification ‘Extractive Activities-Oil S-K, The information set out in this section is referred to as unaudited as it is not included in the scope of the audit opinion of the independent auditor on Woodside’s Financial Statements. Reserves Proved oil and gas reserves information is included in section 3.9 - Reserves Statement. Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs related to oil and gas exploration and production activities, and the related accumulated depreciation, depletion, amortisation and valuation provisions. Australia International Total 2022 Unproved properties 1,154 1,834 2,988 Proved properties 1 49,190 15,546 64,736 Total costs 50,344 17,380 67,724 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (24,353) (2,491) (26,844) Net capitalised costs 25,991 14,889 40,880 2021 Unproved properties 1,172 1,703 2,875 Proved properties 1 38,352 2,517 40,869 Total costs 39,524 4,220 43,744 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (22,738) (1,958) (24,696) Net capitalised costs 16,786 2,262 19,048 2020 Unproved properties 2,709 1,750 4,459 Proved properties 1 35,892 1,377 37,269 Total costs 38,601 3,127 41,728 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (22,305) (2,111) (24,416) Net capitalised costs 16,296 1,016 17,312 1. Proved properties include the fair value ascribed to future phases of certain projects acquired through business combinations. Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows the costs incurred related to oil and gas property acquisition, exploration and development activities (expensed and capitalised). Amounts shown include interest capitalised. Australia International Total US$m 2022 Acquisitions of proved property 8,488 11,098 19,586 Acquisitions of unproved property - 180 180 Exploration 1 39 541 580 Development 2 2,365 1,740 4,105 Total costs 3 10,892 13,559 24,451 2021 Acquisitions of proved property - 205 205 Acquisitions of unproved property - 7 7 Exploration 1 459 84 543 Development 1,141 935 2,076 Total costs 3 1,600 1,231 2,831 2020 Acquisitions of proved property - 540 540 Acquisitions of unproved property - 26 26 Exploration 1 279 117 396 Development 987 256 1,243 Total costs 3 1,266 939 2,205 1. Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. 2. Total development costs includes $3,812 million of expenditure and $294 million of capitalised interest in 2022. 3. Total costs include $23,991 million (2021: $2,777 million, 2020: $2,138 million) capitalised during the year. Results of operations from oil and gas production activities Australia US$m International US$m Total 2022 Oil and gas revenue 12,453 1,575 14,028 Production costs (1,277 ) (353 ) (1,630 ) Exploration expenses (20 ) (440 ) (460 ) Depreciation, depletion, amortisation and valuation provision 1 (1,476 ) (460 ) (1,936 ) Production taxes 2 (429 ) (16 ) (445 ) Accretion expense 3 (85 ) (23 ) (108 ) Income taxes (2,707 ) (151 ) (2,858 ) Royalty-related taxes 4 (501 ) - (501 ) Results of oil and gas producing activities 5 5,958 132 6,090 2021 Oil and gas revenue 5,624 - 5,624 Production costs (504 ) - (504 ) Exploration expenses (6 ) (48 ) (54 ) Depreciation, depletion, amortisation and valuation provision 1 (501 ) (268 ) (769 ) Production taxes 2 (218 ) - (218 ) Accretion expense 3 (23 ) (1 ) (24 ) Income taxes (1,312 ) - (1,312 ) Royalty-related taxes 4 - - - Results of oil and gas producing activities 5 3,060 (317 ) 2,743 2020 Oil and gas revenue 3,339 - 3,339 Production costs (550 ) - (550 ) Exploration expenses (8 ) (59 ) (67 ) Depreciation, depletion, amortisation and valuation provision 1 (5,833 ) (1,137 ) (6,970 ) Production taxes 2 (82 ) - (82 ) Accretion expense 3 (27 ) (1 ) (28 ) Income taxes 948 - 948 Royalty-related taxes 4 - - - Results of oil and gas producing activities 5 (2,213 ) (1,197 ) (3,410 ) 1. Includes valuation provision reversal in 2022 (2021: reversal of $ 1,048 million and recognition of $5,269 million). 2. Includes royalties and excise duty. 3. Represents the unwinding of the discount on the closure and rehabilitation provision. 4. Includes petroleum resource rent tax and petroleum revenue tax where applicable. Excludes deferred tax expense/ (benefit) of $(814) million (2021: $297 million; 2020: $(439) million). 5. This table reflects the results of our oil and gas activities as reported in Note A.1 Segment revenue and expenses in section 5 – Financial Statements. Other income, other expenses, general and administrative costs and amounts relating to the marketing and corporate/other segments within the note are excluded. Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (standardised measure) The following tables set out the standardised measure of discounted future net cash flows, and changes therein, related to the Group’s estimated proved reserves as presented in Reserves, and should be read in conjunction with that disclosure. The analysis is prepared in compliance with FASB Oil and Gas Disclosure requirements, applying certain prescribed assumptions under Topic 932 including the use of unweighted average first-day-of-the-month 12-months, year-end year-end Certain key assumptions prescribed under Topic 932 are arbitrary in nature and may not prove to be accurate. The reserve estimates on which the Standard measure is based are subject to revision as further technical information becomes available or economic conditions change. Discounted future net cash flows like those shown below are not intended to represent estimates of fair value. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated future changes in commodity prices, exchange rates, development and production costs as well as alternative discount factors representing the time value of money and adjustments for risk inherent in producing oil and gas. Woodside standardised measure year ended 31 December. Australia US$m International US$m Total 2022 Future cash inflows 1 197,194 38,256 235,450 Future production costs 1 (31,157) (9,698) (40,855) Future development costs 2 (12,259) (4,487) (16,746) Future income taxes (62,182) (4,823) (67,005) Future net cash flows 91,596 19,248 110,844 Discount at 10% per annum (48,924) (7,777) (56,701) Standardised measure 42,672 11,471 54,143 2021 Future cash inflows 1 76,202 5,695 81,897 Future production costs 1 (22,193) (899) (23,092) Future development costs 2 (8,296) (2,481) (10,777) Future income taxes (16,266) (90) (16,356) Future net cash flows 29,447 2,225 31,672 Discount at 10% per annum (14,793) (1,142) (15,935) Standardised measure 14,654 1,083 15,737 2020 Future cash inflows 1 14,629 - 14,629 Future production costs 1 (3,862) - (3,862) Future development costs 2 (3,800) - (3,800) Future income taxes (1,023) - (1,023) Future net cash flows 5,944 - 5,944 Discount at 10% per annum (860) - (860) Standardised measure 5,084 - 5,084 1. Woodside have entered multiple term contracts relating to LNG volumes from our producing and sanctioned assets. Under a 2P reserves outcome, we produce a sufficient quantity of LNG to satisfy these contracts within expected timeframes. Therefore, we have not included the revenue and cost impact of LNG shortfalls under a SEC 1P reserves outcome. 2. Future development costs include decommissioning. Changes in the standardised measure are presented in the following table. 2022 US$m 2021 2020 Changes in the standardised measure Standardised measure at the beginning of the year 15,737 5,084 10,324 Revisions: Prices, net of production costs 22,558 7,741 (5,800) Changes in future development costs (873) 20 (29) Revisions of reserves quantity estimates 5,898 2,109 269 Accretion of discount 4,051 430 1,038 Changes in production timing and other 2,371 3,485 (1,180) Sales of oil and gas, net of production costs (10,202) (5,698) (2,666) Acquisitions of reserves-in-place 28,309 - - Sales of reserves-in-place - - - Previously estimated development costs incurred 3,339 565 702 Extensions, discoveries, and improved recoveries, net of future costs - 8,346 44 Changes in future income taxes (17,045) (6,345) 2,382 Standardised measure at the end of the year 54,143 15,737 5,084 1. Changes in reserves quantities are shown in section 3.9 - Reserves Statement. Accounting for suspended exploratory well costs Expenditure on exploration and evaluation is accounted for in accordance with the area of interest method. Areas of interest are based on a geographical area for which the rights of tenure are current. All exploration and evaluation expenditure, including general permit activity, geological and geophysical costs and new venture activity costs, is expensed as incurred except for the following: • where the expenditure relates to an exploration discovery for which the assessment of the existence or otherwise of economically recoverable hydrocarbons is not yet complete; or • where the expenditure is expected to be recouped through successful exploitation of the area of interest, or alternatively, by its sale. The costs of acquiring interests in new exploration and evaluation licences are capitalised. The costs of drilling exploration wells are initially capitalised pending the results of the well. Costs are expensed where the well does not result in the successful discovery of economically recoverable hydrocarbons and the recognition of an area of interest. Subsequent to the recognition of an area of interest, all further evaluation costs relating to that area of interest are capitalised. Upon approval for the commercial development of an area of interest, accumulated expenditure for the area of interest is transferred to oil and gas properties. In the consolidated statement of cash flows, those cash flows associated with capitalised exploration and evaluation expenditure, including unsuccessful wells, are classified as cash flows used in investing activities. The following table provides the changes to the capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 31 December 2022, 31 December 2021 and 31 December 2020. 2022 2021 2020 Movement in capitalised exploratory well costs 1 At the beginning of the year 614 2,045 3,809 A c 180 - - Additions to the capitalised exploratory well costs pending the determination of proved reserves 111 501 399 2 ,3 (62) (268) (1,571) Capitalised exploratory well costs reclassified to wells, equipment and facilities based on the determination of proved reserves (36) (1,664) (592) Sale of suspended wells - - - At the end of the year 807 614 2,045 1. Suspended exploratory well costs represent capitalised exploration, evaluation and permit acquisition costs. 2. Includes $1,557 million of impairment losses in 2020. 3 Includes amortisation of licence acquisition costs. The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling. 1 Exploration activity typically involves drilling multiple wells, over a number of years, to fully evaluate and appraise a project. The term ‘project’ as used in this disclosure refers primarily to individual wells and associated exploratory activities. 2022 2021 2020 Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 124 19 330 Exploratory well costs capitalised for a period greater than one year 683 595 1,715 At the end of the year 807 614 2,045 2022 2021 2020 Number of projects that have been capitalised for a period greater than one year 21 25 13 1. Ageing of exploratory wells considers dates prior to the merger with BHP’s petroleum business which completed on 1 June 2022. |
Other Accounting Policies (Poli
Other Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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Summary of other significant accounting policies | (a) Summary of other significant accounting policies Australia tax consolidation The parent and its wholly owned Australian controlled entities have elected to enter a tax consolidation, with Woodside Energy Group Ltd as the head entity of the tax consolidated group. The members of the Australian tax consolidated group are identified in Note E.8(a). The tax expense/benefit, deferred tax liabilities and deferred tax assets arising from temporary differences of the members of the tax consolidated group are recognised in the separate financial statements of the members of the tax consolidated group, using the stand-alone approach. Entities within the tax consolidated group have entered into a tax funding arrangement and a tax sharing agreement with the head entity. Under the tax funding agreement, Woodside Energy Group Ltd and each of the entities in the tax consolidated group have agreed to pay or receive a tax equivalent payment to or from the head entity, based on the current tax liability or current tax asset of the entity. The tax sharing agreement entered into between members of the tax consolidated group provides for the determination of the allocation of income tax liabilities between the entities, should the head entity default on its tax payment obligations. No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote. US tax consolidation Woodside Energy USA Operations Inc and its wholly owned USA controlled entities have elected to file a consolidated tax return, with Woodside Energy USA Operations Inc as the parent of the tax consolidated group. The tax expense/benefit, deferred tax liabilities and deferred tax assets arising from temporary differences of the members of the tax consolidated group are computed on a separate company basis. Entities within the tax consolidated group have entered into a tax sharing agreement. Under the tax sharing agreement, the tax liability for the consolidated group or the utilisation of tax attributes are settled periodically between the members of the group. No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote. |
New and amended accounting standards and interpretations issued but not yet effective | (b) New and amended accounting standards and interpretations issued but not yet effective A number of new standards, amendments of standards and interpretations have recently been issued but are not yet effective and have not been adopted by the Group as at the financial reporting date. The Group has reviewed these standards and interpretations and has determined that none of the new or amended standards will significantly affect the Group’s accounting policies, financial position or performance. |
New and amended accounting standards and interpretations adopted | (c) New and amended accounting standards and interpretations adopted As of 1 January 2022, the Group adopted the following amendments: · Amendments to IFRS 3 Reference to the Conceptual Framework · Amendments to IFRS 9 Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities · Amendments to IAS 37 Onerous Contracts - Costs of Fulfilling a Contract These amendments did not impact the financial statements of the Group. A number of other new standards are also effective from 1 January 2022 but they do not have a material effect on the Group’s financial statements. |
Segment Revenue and Expenses (T
Segment Revenue and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of geographical information | Geographical Information Revenue from external customers 1 Non-current assets 2 2022 US$m 2021 US$m 2020 US$m 2022 US$m 2021 US$m Asia Pacific 12,521 6,342 3,362 36,966 18,386 Americas 1,545 - - 7,057 1 Africa - - - 4,049 2,802 Europe 2,751 620 238 - - Consolidated 16,817 6,962 3,600 48,072 21,189 1. Revenue is attributable to geographic location based on the location of the customers. 2. Non-current |
Summary of segment assets and liabilities | Australia International Marketing Corporate/ Other Consolidated 2022 US$m 2022 US$m 2022 US$m 2022 US$m 2022 US$m Liquefied natural gas 8,855 - 2,434 - 11,289 Pipeline gas 1,086 276 - - 1,362 Crude oil and condensate 2,467 1,273 18 - 3,758 Natural gas liquids 171 26 9 - 206 Revenue from sale of hydrocarbons 12,579 1,575 2,461 - 16,615 Intersegment revenue 1 (455 ) (5 ) 460 - - Processing and services revenue 175 - - - 175 Shipping and other revenue - - 27 - 27 Other revenue (280 ) (5 ) 487 - 202 Operating revenue 2 12,299 1,570 2,948 - 16,817 Production costs (975 ) (313 ) - 7 (1,281 ) Royalties, excise and levies (540 ) (39 ) - (17 ) (596 ) Insurance (35 ) (7 ) - (1 ) (43 ) Inventory movement 44 (3 ) - - 41 Costs of production (1,506 ) (362 ) - (11 ) (1,879 ) Land and buildings (51 ) (3 ) - - (54 ) Transferred exploration and evaluation (107 ) - - - (107 ) Plant and equipment (2,168 ) (436 ) - (33 ) (2,637 ) Oil and gas properties depreciation and amortisation (2,326 ) (439 ) - (33 ) (2,798 ) Shipping and direct sales costs (312 ) (36 ) (73 ) 142 (279 ) Trading costs (14 ) - (1,763 ) - (1,777 ) Other hydrocarbon costs (19 ) - - - (19 ) Other cost of sales (4 ) - - - (4 ) Movement in onerous contract provision 3 - - 216 - 216 Other cost of sales (349 ) (36 ) (1,620 ) 142 (1,863 ) Cost of sales (4,181 ) (837 ) (1,620 ) 98 (6,540 ) Gross profit 8,118 733 1,328 98 10,277 Other income 4 722 4 5 4 735 Exploration and evaluation expenditure 5 (20 ) (277 ) - 1 (296 ) Amortisation of permit acquisition (1 ) (9 ) - - (10 ) Write-offs 6 - (164 ) - - (164 ) Exploration and evaluation (21 ) (450 ) - 1 (470 ) General, administrative and other costs 7 (13 ) (21 ) (10 ) (747 ) (791 ) Depreciation of other plant and equipment - - - - - Depreciation of lease assets (49 ) (11 ) - (80 ) (140 ) Restoration movement (234 ) (46 ) - 8 (272 ) Other 8 (8 ) (84 ) (475 ) (486 ) (1,053 ) Other costs (304 ) (162 ) (485 ) (1,305 ) (2,256 ) Other expenses (325 ) (612 ) (485 ) (1,304 ) (2,726 ) Impairment losses - - - - - Impairment reversals 9 900 - - - 900 Profit/(loss) before tax and net finance costs 9,415 125 848 (1,202 ) 9,186 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $16,790 million and sub-lease income of $27 million disclosed within shipping and other revenue. 3. Comprises changes in estimates of $245 million offset by provisions used of $29 million. Refer to Note D.5 for further details. 4. Includes initial gain on Train 2 sell-down of $427 million, revaluation gain on the remeasurement of the Train 2 sell-down variable consideration of $71 million, fees and recoveries, foreign exchange gains and other income not associated with the ongoing operations of the business. 5. Includes $142 million for various costs relating to the Group’s exit from the Orphan Basin exploration licences in Canada. 6. $125 million relates to costs of unsuccessful wells that have been written off. Refer to Note B.2. 7. Transaction costs of $419 million incurred as a result of the BHPP merger on 1 June 2022 are included in the Corporate/Other segment. Refer to Note B.5 for details. 8. Includes losses on hedging activities and changes in fair value of derivative financial instruments of $960 million in the Marketing and Corporate/Other segments and other expenses not associated with the ongoing operations of the business. 9. Impairment reversals on oil and gas properties. Refer to Note B.4 for more details. Australia International Marketing Corporate/ Other Consolidated 2021 8 US$m 2021 8 US$m 2021 8 US$m 2021 8 US$m 2021 US$m Liquefied natural gas 3,910 - 1,449 - 5,359 Pipeline gas 43 - - - 43 Crude oil and condensate 1,316 - - - 1,316 Natural gas liquids 60 - - - 60 Revenue from sale of hydrocarbons 5,329 - 1,449 - 6,778 Intersegment revenue 1 (236) - 236 - - Processing and services revenue 143 - - - 143 Shipping and other revenue 4 - 37 - 41 Other revenue (89) - 273 - 184 Operating revenue 2 5,240 - 1,722 - 6,962 Production costs (489) - - 8 (481) Royalties, excise and levies (218) - - - (218) Insurance (32) - - 1 (31) Inventory movement 17 - - - 17 Costs of production (722) - - 9 (713) Land and buildings (51 ) - - - (51 ) Transferred exploration and evaluation (79 ) - - - (79 ) Plant and equipment (1,419 ) - - - (1,419 ) Oil and gas properties depreciation and amortisation (1,549 ) - - - (1,549 ) Shipping and direct sales costs (197 ) - (45 ) 32 (210 ) Trading costs (3 ) - (1,492 ) - (1,495 ) Other hydrocarbon costs (6 ) - - - (6 ) Other cost of sales (11 ) - - (1 ) (12 ) Movement in onerous contract provision 3 - - 140 - 140 Other cost of sales (217 ) - (1,397 ) 31 (1,583 ) Cost of sales (2,488 ) - (1,397 ) 40 (3,845 ) Gross profit/(loss) 2,752 - 325 40 3,117 Other income 4 97 (2 ) 1 43 139 Exploration and evaluation expenditure (16 ) (27 ) - (11 ) (54 ) Amortisation of permit acquisition - (2 ) - (1 ) (3 ) Write-offs 5 - (265 ) - - (265 ) Exploration and evaluation (16 ) (294 ) - (12 ) (322 ) General, administrative and other costs (5 ) (1 ) - (152 ) (158 ) Depreciation of other plant and equipment - - - (30 ) (30 ) Depreciation of lease assets (28 ) - - (80 ) (108 ) Restoration movement (80 ) 12 - - (68 ) Other 6 (57 ) (32 ) 28 (64 ) (125 ) Other costs (170 ) (21 ) 28 (326 ) (489 ) Other expenses (186 ) (315 ) 28 (338 ) (811 ) Impairment losses (10 ) - - - (10 ) Impairment reversals 7 1,058 - - - 1,058 Profit/(loss) before tax and net finance costs 3,711 (317 ) 354 (255 ) 3,493 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $6,923 million and sub-lease income of $39 million disclosed within shipping and other revenue. 3. Comprises provisions used of $45 million and changes in estimates of $95 million. Refer to Note D.5 for further details. 4. Includes other income of $67 million relating to Pluto volumes delivered into Wheatstone’s sales commitments and net foreign exchange gains of $44 million. 5. $56 million relates to costs of unsuccessful wells. $209 million relates to capitalised costs written off due to the Group’s decision to withdraw from its interests in Myanmar. Refer to Note B.2. 6. Includes net loss on hedging activities of $91 million, various costs relating to Woodside’s exit from the Kitimat LNG development of $33 million and other expenses not associated with the ongoing operations of the business. 7. Impairment reversals on oil and gas properties. Refer to Note B.4 for more details. 8. The 2021 amounts have been restated to reflect the changes in operating segments and portfolio reporting for LNG revenue. Australia International Marketing Corporate/ Other Consolidated 2020 6 US$m 2020 6 US$m 2020 6 US$m 2020 6 US$m 2020 US$m Liquefied natural gas 1 2,390 - 129 - 2,519 Pipeline gas 73 - - - 73 Crude oil and condensate 843 - - - 843 Natural gas liquids 16 - - - 16 Revenue from sale of hydrocarbons 3,322 - 129 - 3,451 Intersegment revenue 2 (47) - 47 - - Processing and services revenue 142 - - - 142 Shipping and other revenue 4 - 3 - 7 Other revenue 99 - 50 - 149 Operating revenue 3,421 - 179 - 3,600 Production costs (486) - - 8 (478) Royalties, excise and levies (82) - - - (82) Insurance (32) - - 1 (31) Inventory movement (32) - - - (32) Costs of production (632) - - 9 (623) Land and buildings (55 ) - - - (55 ) Transferred exploration and evaluation (99 ) - - - (99 ) Plant and equipment (1,535 ) - - - (1,535 ) Oil and gas properties depreciation and amortisation (1,689 ) - - - (1,689 ) Shipping and direct sales costs (146 ) - (3 ) 38 (111 ) Trading costs (4 ) - (207 ) - (211 ) Other hydrocarbon costs (4 ) - - - (4 ) Other cost of sales - - - - - Movement in onerous contract provision 3 - - (347 ) - (347 ) Other cost of sales (154 ) - (557 ) 38 (673 ) Cost of sales (2,475 ) - (557 ) 47 (2,985 ) Gross profit/(loss) 946 - (378 ) 47 615 Other income 4 3 (1 ) 1 (39 ) (36 ) Exploration and evaluation expenditure (26 ) (32 ) - (9 ) (67 ) Amortisation of permit acquisition (6 ) (5 ) - (1 ) (12 ) Write-offs - (2 ) - - (2 ) Exploration and evaluation (32 ) (39 ) - (10 ) (81 ) General, administrative and other costs (7 ) (14 ) - (169 ) (190 ) Depreciation of other plant and equipment - - - (29 ) (29 ) Depreciation of lease assets (26 ) - - (68 ) (94 ) Restoration movement (65 ) 37 - - (28 ) Other 4 (8 ) - - (51 ) (59 ) Other costs (106 ) 23 - (317 ) (400 ) Other expenses (138 ) (16 ) - (327 ) (481 ) Impairment losses 5 (3,971 ) (1,298 ) - - (5,269 ) Impairment reversals - - - - - Loss before tax and net finance costs (3,160 ) (1,315 ) (377 ) (319 ) (5,171 ) 1. Includes an adjustment of $113 million related to price reviews under negotiation for multiple contracts in the Australia segment, reducing revenue recognised in the current and prior periods and increasing other liabilities. 2. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 3. Comprised of the recognition of an onerous contract provision $447 million, offset by changes in estimates of $54 million, provisions used of $41 million and a revision of discount rates of $5 million. 4. Includes foreign exchange gains and losses, gains and losses on hedging activities, cancellation costs and other expenses not associated with the ongoing operations of the business. 5. The impairment losses represent charges on exploration and evaluation of $1,557 million and oil and gas properties of $3,712 million. 6. The 2020 amounts have been restated to reflect the changes in operating segments and portfolio reporting for LNG revenue. |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of finance cost | A.2 Finance costs 2022 US$m 2021 US$m 2020 US$m Interest on interest-bearing liabilities 212 201 237 Interest on lease liabilities 103 97 86 Accretion charge 110 29 32 Other finance costs 36 26 29 Less: Finance costs capitalised against qualifying assets (294) (123) (57) 167 230 327 |
Dividends Paid and Proposed (Ta
Dividends Paid and Proposed (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of Woodside Energy Group Ltd, the parent entity, paid and proposed dividends | Woodside Energy Group Ltd, the parent entity, paid and proposed dividends set out below: 2022 US$m 2021 US$m 2020 US$m (a) Dividends paid during the financial year Prior year fully franked final dividend 1 1,018 115 518 Current year fully franked interim dividend 2 2,070 289 248 3,088 404 766 (b) Dividend declared subsequent to the reporting period (not recorded as a liability) Final dividend 3 2,734 1,018 115 (c) Other information Current year dividends per share (US cents) 253 135 38 1. 2022: US$1.05, paid on 23 March 2022 2021: US$0.12, paid on 24 March 2021 2020: US$0.55, paid on 20 March 2020 2. 2022: US$1.09, paid on 6 October 2022 2021: US$0.30, paid on 24 September 2021 2020: US$0.26, paid on 18 September 2020 3. 2022: US$1.44, to be paid on 5 April 2023 2021: US$1.05, paid on 23 March 2022 2020: US$0.12, paid on 24 March 2021 |
Earnings_(Losses) Per Share (Ta
Earnings/(Losses) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of Earnings/(losses) per share | 2022 2021 2020 Profit/(loss) attributable to equity holders of the parent (US$m) 6,498 1,983 (4,028) Weighted average number of shares on issue for basic earnings/(loss) per share 1,511,257,404 962,604,811 951,113,086 Effect of dilution from contingently issuable shares 13,061,376 9,023,439 - Weighted average number of shares on issue adjusted for the effect of dilution 1 1,524,318,780 971,628,250 951,113,086 Basic earnings/(losses) per share (US cents) 430.0 206.0 (423.5) Diluted earnings/(losses) per share (US cents) 426.3 204.1 (423.5) 1. The contingently issuable shares in 2020 have an anti-dilutive impact. |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statements [Line Items] | |
Summary of components of tax expense benefit | 2022 US$m 2021 US$m 2020 US$m (a) Tax expense comprises Petroleum resource rent tax (PRRT) Current tax expense 501 - - Deferred tax (benefit)/ expense (814) 297 (439) PRRT (benefit)/ expense (313) 297 (439) Income tax Current year Current tax expense 2,256 658 275 Deferred tax expense/(benefit) 701 301 (1,308) Adjustment to prior years Current tax (benefit)/expense (276) (20) 16 Deferred tax expense/(benefit) 231 18 (9) Income tax expense/(benefit) 2,912 957 (1,026) Tax expense/(benefit) 2,599 1,254 (1,465) |
Summary of reconciliation of effective and applicable income tax expenses | 2022 US$m 2021 US$m 2020 US$m (b) Reconciliation of income tax expense Profit/(loss) before tax 9,174 3,290 (5,440) PRRT benefit/(expense) 313 (297) 439 Profit/(loss) before income tax 9,487 2,993 (5,001) Income tax expense/(benefit) calculated at 30% 2,847 898 (1,500) Effect of tax rate differentials (141) (42) 192 Effect of deferred tax assets not recognised 150 114 270 Foreign exchange impact on tax (benefit)/expense (44) (18) 3 Adjustment to prior years (45) (2) 7 Integration and transaction costs non-deductible 142 - - Other 3 7 2 Income tax expense/(benefit) 2,912 957 (1,026) |
Summary of reconciliation of petroleum resource rent tax benefit | 2022 US$m 2021 US$m 2020 US$m (c) Reconciliation of PRRT benefit Profit/(loss) before tax 9,174 3,290 (5,440) Non-PRRT (6,197) (2,134) 3,080 PRRT projects profit/(loss) before tax 2,977 1,156 (2,360) PRRT expense/(benefit) calculated at 40% 1,191 462 (944) (Recognition)/derecognition of Pluto general expenditure 1 (1,362) - 627 Augmentation (175) (166) (138) Other 33 1 16 PRRT expense/(benefit) (313) 297 (439) |
Summary of reconciliation of deferred tax income statement | 2022 US$m 2021 US$m 2020 US$m (d) Deferred tax income statement reconciliation PRRT Production and growth assets (710) 455 (242) Augmentation for current year (175) (166) (138) Provisions (12) (29) (32) Other 83 37 (27) PRRT (benefit)/ expense (814) 297 (439) Income tax Oil and gas properties 292 674 (981) Exploration and evaluation assets 14 (204) (210) Lease assets and liabilities 25 1 (16) Provisions 151 (10) (106) PRRT assets and liabilities 236 (88) 134 Unused tax losses and tax credits 19 149 (149) Assets held for sale 205 (205) - Derivatives 21 (11) 16 Other (31) 13 (5) Income tax deferred tax expense/(benefit) 932 319 (1,317) Deferred tax expense/(benefit) 118 616 (1,756) |
Summary of income tax relating to components of deferred tax other comprehensive income | 2022 US$m 2021 US$m 2020 US$m (e) Deferred tax other comprehensive income reconciliation Income tax Derivatives (64) 5 (25) Other (2) 5 6 Deferred income tax (benefit)/expense via other comprehensive income (66) 10 (19) |
Summary of effective income tax rate | 2022 US$m 2021 US$m 2020 US$m (f) Effective income tax rate: Australian and global operations Effective income tax rate 2 Australia 30.0% 30.6 % 29.6 % Global 30.7% 32.0 % 20.5 % 1. The $1,362 million increase of the Pluto PRRT deferred tax asset is due to the recognition of previously unrecognised deductible 2. The global operations ef fe |
Summary of reconciliation of deferred tax asset and liabilities | 2022 2021 (g) Deferred tax balance sheet reconciliation Deferred tax assets PRRT Production and growth assets 1,460 767 Augmentation for current year 113 166 Provisions 271 75 Other (23) (1) PRRT deferred tax assets 1,821 1,007 Income tax 3 Oil and gas properties (1,496 ) - Exploration and evaluation assets 30 - Lease assets and liabilities 23 - Unused tax losses and tax credits 1,464 - Derivatives 23 - Provisions 60 - Other 34 - Income tax deferred tax assets 138 - Deferred tax assets 1,959 1,007 Deferred tax liabilities PRRT 4 Production and growth assets 1,281 - Augmentation for current year (62 ) - Provisions (743 ) - Other 137 - PRRT deferred tax liabilities 613 - Income tax Oil and gas properties 2,857 1,520 Exploration and evaluation assets 67 51 Lease assets and liabilities (22 ) (38) Provisions (1,280 ) (706) PRRT assets and liabilities 347 303 Assets held for sale - (205) Derivatives (36 ) (15) Other (89 ) (32) Income tax deferred tax liabilities 1,844 878 Deferred tax liabilities 2,457 878 3 The Group was in a net income tax deferred tax l iability 4 The Group was in a net PRRT deferred tax asset position in 2021. |
Segment Production and Growth_2
Segment Production and Growth Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of detailed information about segment production and growth assets | Australia International 2022 US$m Marketing Corporate/Other Consolidated 2022 US$m Balance as at 31 December Asia Pacific 529 - - - 529 Americas - 240 - - 240 Africa - 38 - - 38 Total exploration and evaluation 529 278 - - 807 Balance as at 31 December Land and buildings 802 37 - 1 840 Transferred exploration and evaluation 481 - - - 481 Plant and equipment 18,249 4,647 - 161 23,057 Projects in development 1 5,623 9,795 - 123 15,541 Total oil and gas properties 25,155 14,479 - 285 39,919 Balance as at 31 December Land and buildings 93 107 - 264 464 Plant and equipment 214 131 - 455 800 Total lease assets 307 238 - 719 1,264 Additions to exploration and evaluation 2 Exploration 1 121 - - 122 Evaluation 19 100 - - 119 Restoration 3 (1 ) - - - (1 ) 19 221 - - 240 Additions to oil and gas properties 2 Oil and gas properties 2,252 1,560 - 92 3,904 Capitalised borrowings costs 4 115 179 - - 294 Restoration 3 (346 ) (28 ) - - (374 ) 2,021 1,711 - 92 3,824 Additions to lease assets 2 Land and buildings 4 - - - 4 Plant and equipment 139 90 - 9 238 143 90 - 9 242 1. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations. 2. Additions exclude acquisitions through business combinations. 3 Relates to changes in restoration provision assumptions. 4 Borrowing costs capitalised were at a weighted average interest rate of 3.8%. Refer to Note A.1 for descriptions of the Group’s segments and geographical regions. Australia 2021 2 US$m International 2021 2 US$m Marketing 2021 2 US$m Corporate/Other 2021 2 US$m Consolidated 2021 US$m Balance as at 31 December Asia Pacific 546 - - - 546 Americas - - - - - Africa - 68 - - 68 Total exploration and evaluation 546 68 - - 614 Balance as at 31 December Land and buildings 738 - - 1 739 Transferred exploration and evaluation 526 - - - 526 Plant and equipment 12,316 3 - 146 12,465 Projects in development 2,646 2,195 - 78 4,919 Total oil and gas properties 16,226 2,198 - 225 18,649 Balance as at 31 December Land and buildings 76 11 1 289 377 Plant and equipment 133 176 - 394 703 Total lease assets 209 187 1 683 1,080 Additions to exploration and evaluation: Exploration 1 41 - - 42 Evaluation 451 2 - - 453 Restoration 6 - - - 6 458 43 - - 501 Additions to oil and gas properties: Oil and gas properties 1,071 1,051 - 57 2,179 Capitalised borrowings costs 1 46 77 - - 123 Restoration 18 14 - - 32 1,135 1,142 - 57 2,334 Additions to lease assets: Land and buildings - 14 - - 14 Plant and equipment - 214 - - 214 - 228 - - 228 1. Borrowing costs capitalised were at a weighted average interest rate of 3.6%. 2. The 2021 amounts have been restated to reflect the changes in operating segments. Refer to ‘Operating segment information’ in Note A.1 for details. In addition, oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. |
Exploration and Evaluation (Tab
Exploration and Evaluation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of Exploration And Evaluation | Asia Pacific US$m Americas Africa US$m Total Year ended 31 December 2022 Carrying amount at 1 January 2022 546 - 68 614 Acquisitions through business combination 1 - 180 - 180 Additions 19 204 17 240 Disposals - (10) - (10) Amortisation of licence acquisition costs - (8) (2) (10) Expensed 2 - (126) (45) (171) Transferred exploration and evaluation (36) - - (36) Carrying amount at 31 December 2022 529 240 38 807 Year ended 31 December 2021 3 Carrying amount at 1 January 2021 1,981 - 64 2,045 Additions 494 - 7 501 Amortisation of licence acquisition costs - - (3) (3) Expensed 2 (265) - - (265) Transferred exploration and evaluation (1,664) - - (1,664) Carrying amount at 31 December 2021 546 - 68 614 Exploration commitments Year ended 31 December 2022 1 1 27 29 Year ended 31 December 2021 3 16 1 77 94 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. 2. $125 million (2021: $56 million) relates to costs of unsuccessful wells. For the year ended 31 December 2021, $209 million relates to capitalised cost Myanmar. 3. Oceania and Asia have been presented within Asia Pacific for the year ended 31 December 2022. The 2021 amounts have been reclassified to be presented on the same basis. |
Oil and Gas Properties (Tables)
Oil and Gas Properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of detailed information about oil and gas properties | Land Transferred evaluation Plant and Projects in Total US$m US$m US$m US$m US$m Year ended 31 December 2022 Carrying amount at 1 January 2022 739 526 12,465 4,919 18,649 Acquisitions through business combinations 1 64 - 11,952 7,337 19,353 Additions 2 - - (508) 4,332 3,824 Disposals at written down value (3) (10) (32) - (45) Depreciation and amortisation (54) (107) (2,637) - (2,798) Impairment reversal 3 87 30 783 - 900 Completions and transfers 7 42 1,034 (1,047) 36 Carrying amount at 31 December 2022 840 481 23,057 15,541 39,919 At 31 December 2022 Historical cost 1,765 1,538 45,273 15,937 64,513 Accumulated depreciation and impairment (925) (1,057) (22,216) (396) (24,594 Net carrying amount 840 481 23,057 15,541 39,919 Year ended 31 December 2021 4 Carrying amount at 1 January 2021 749 431 12,091 2,195 15,466 Additions - - 13 2,321 2,334 Disposals at written down value (2) - (6) (22) (30) Depreciation and amortisation (51) (79) (1,449) - (1,579) Impairment losses 3 (10) - - - (10) Impairment reversal 3 44 66 911 37 1,058 Completions and transfers 11 108 905 640 1,664 Transfer to assets held for sale 5 (2) - - (252) (254) Carrying amount at 31 December 2021 739 526 12,465 4,919 18,649 At 31 December 2021 4 Historical cost 1,701 1,495 32,796 5,321 41,313 Accumulated depreciation and impairment (962) (969) (20,331) (402) (22,664) Net carrying amount 739 526 12,465 4,919 18,649 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations. 2. Includes $3,904 million of capital additions and $294 million of capitalised borrowing costs offset by $374 million following changes in restoration provision assumptions. 3. Refer to Note B.4 for details on impairment losses and impairment reversals. 4. Oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. 5. Refer to Note B.7 for details on assets held for sale. |
Impairment of Exploration and_2
Impairment of Exploration and Evaluation and Oil and Gas Properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of Carrying amount of goodwill allocated to CGUs | The carrying amount of goodwill allocated to each CGU, or groups of CGUs and excess recoverable amounts are as follows: Segment CGU Goodwill carrying 1 Excess of recoverable amount over 2 US$m US$m Australia Pluto-Scarborough 2,955 7,656 Australia NWS Gas 394 1,399 International Shenzi 469 401 International Atlantis 513 189 International Other goodwill 283 107 Total 4,614 1. Carrying amount of goodwill as at 31 December 2021 was nil. 2. Amounts are with reference to the total CGU value including goodwill. |
Summary of impairment loss recognised or reversed for cash-generating unit | An impairment reversal was recognised for Wheatstone (refer to Note A.1), with results as follows: Impairment reversal Oil and gas properties Segment CGU Recoverable US$m Land and US$m Transferred US$m Plant and US$m Total US$m Australia Wheatstone 3,456 87 30 783 900 |
Summary of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties | Changes in the following key assumptions have been estimated to result in a higher or lower carrying amount 1 Sensitivity (US$m) 2 CGU Discount rate 3 Discount rate 3 Brent price Brent price FX FX Production 4 Production 4 Wheatstone (117 ) 127 294 (294 ) (79 ) 79 116 (43 ) 1 Increases to carrying amounts are limited to historical impairment losses recognised, net of depreciation and amortisation, that would have been recognised had no impairment taken place. 2 The sensitivities represent the reasonable possible changes to discount rate, oil price, FX and production volumes assumptions. 3 The relationship between the discount rate and the carrying amount is non-linear and as such, sensitivities are unlikely to result in a symmetrical impact. Due to the non-linear relationship, the impact of changing the discount rate is likely to be greater at a lower discount rate than at a higher discount rate. 4 The relationship between production and the carrying amount is non-linear due to the proportion of fixed costs. Sensitivities are therefore unlikely to result in a symmetrical impact. A significant change in production volumes would typically require a reassessment of the asset concept and should not be interpreted in isolation. Changes in the following key assumptions were estimated to result in a higher or lower carrying amounts 1 Sensitivity (US$m) 2 Discount rate: increase of 1% 3,4 Discount rate: decrease of 1% Brent price: increase of 10% Brent price: decrease of 10% FX: increase of 12% 5 FX: decrease of 12% Oil and gas properties Producing and Development Pluto-Scarborough - - - - - - Producing North West Shelf - - - (13) - - Wheatstone (159) 178 438 (438) (122) 122 NWS Oil (Okha) (4) 4 39 (39) (28) 28 1. Increases to carrying amounts are limited to historical impairment losses recognised, net of depreciation and amortisation that would have been incurred had no impairment taken place. 2. The sensitivities represent reasonable possible changes to the discount rate, oil price and FX assumptions. 3. A change of 1% represents 100 basis points. 4. The relationship between the discount rate and carrying amount is non-linear non-linear 5. FX sensitivity of +12%/-12% 5-year |
Impairment of exploration and evaluation, oil and gas properties and goodwill | Impairment reversals were recognised for Pluto-Scarborough and NWS Gas (refer to Note A.1). The results were as follows: Impairment reversal Oil and gas properties Segment CGU Recoverable amount US$m Land buildings US$m Transferred exploration and evaluation US$m Plant and equipment US$m Projects in development US$m Total US$m Producing and Pluto-Scarborough 17,474 42 53 563 24 682 Producing North West Shelf 2,425 2 13 348 13 376 Total 19,899 44 66 911 37 1,058 |
Summary of nominal Brent oil Prices | 2023 2024 2025 2026 2027 2028 31 December 2022 1 87 78 74 76 77 79 31 December 2021 2 71 68 69 70 72 73 1. Long-term oil prices are based on US$70/bbl (2022 real terms) from 2025 and prices are escalated at 2.0% onwards. 2. Long-term oil prices are based on US$65/bbl (2022 real terms) from 2024 and prices are escalated at 2.0% onwards. 2022 2023 2024 2025 2026 2027 31 December 2021 1 73 71 68 69 70 72 30 June 2020 2 57 62 67 72 73 75 1. Based on US$65/bbl (2022 real terms) from 2024 with 2. Based on US$65/bbl (2020 real terms) from 2025 with prices escalated at 2.0% annually thereafter. |
Summary of Assuming all Other Variables are Held Constant | Reasonably possible changes in these estimates which could result in the estimated recoverable amount being equal to the carrying amount, assuming all other variables are held constant, are as follows: CGU Commodity price 1 Nominal discount rate % change (absolute terms) Oil and gas properties Pluto-Scarborough N/A 2 N/A 2 Oil and gas properties NWS Gas N/A 2 N/A 2 Oil and gas properties Shenzi (7% ) N/A 2 Oil and gas properties Atlantis (2% ) 10% 1. Brent price applies to Pluto-Scarborough and NWS Gas. WTI price (Brent - $3/bbl) applies to Shenzi and Atlantis. 2. Management considers there to be no reasonably possible changes in the respective estimate which, in isolation, would result in the estimated recoverable amount being equal to the carrying amount. |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Summary of purchase consideration and the provisional fair value of goodwill, identifiable assets and liabilities of BHPP acquired | Details of the purchase consideration and the provisional fair value of goodwill, identifiable assets and liabilities of BHPP acquired are as follows: Provisional fair value of net identifiable assets and goodwill arising on acquisition date US$m Cash and cash equivalents 399 Receivables 1,164 Inventories 295 Investments accounted for using the equity method 267 Other financial assets 59 Other assets 114 Exploration and evaluation assets 180 Oil and gas properties 19,353 Lease assets 142 Payables (910 ) Provisions (4,804 ) Tax payable (365 ) Deferred tax liabilities (576 ) Lease liabilities (268 ) Other liabilities (1,054 ) Net identifiable assets acquired 13,996 Goodwill arising on acquisition 4,614 Purchase consideration 18,610 Purchase consideration US$m Shares issued, at fair value 19,265 Other reserves (share replacement awards) 18 Provisional locked box payment received 1 (683 ) Adjustments to locked box payment 10 Total purchase consideration 18,610 1. Represents the positive net cash flow of $1,513 million generated by BHPP assets from |
Summary of analysis of cash flows on acquisition | Analysis of cash flows on acquisition US$m Cash acquired on acquisition 399 Provisional locked box payment received 683 Net cash flow on acquisition (Included in the consolidated statement of cash flows as investing activities) 1,082 |
Significant Production and Gr_2
Significant Production and Growth Asset Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FAR Senegal RSSD SA [member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of assets acquired and liabilities assumed | The identifiable assets and liabilities acquired as at the date of the acquisition inclusive of transaction costs are: US$m Oil and gas properties 205 Exploration and evaluation 7 Cash acquired 3 Payables (13) Net other assets and liabilities assumed 10 Total identifiable net assets at acquisition 212 |
Summary of cash flows on acquisition | US$m Purchase cash consideration 212 Transaction costs - Total purchase consideration 212 Net cash outflows on acquisition 212 |
Capricorn Senegal Limited [member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of assets acquired and liabilities assumed | The identifiable assets and liabilities acquired as at the date of the acquisition inclusive of transaction costs were: US$m Oil and gas properties 540 Exploration and evaluation 26 Cash acquired 5 Payables (51) Net other assets and liabilities assumed 7 Total identifiable net assets at acquisition 527 |
Summary of cash flows on acquisition | US$m Purchase cash consideration 525 Transaction costs 2 Total purchase consideration 527 Net cash outflows on acquisition 527 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of Information about Cash and cash equivalents | 2022 US$m 2021 US$m Cash and cash equivalents Cash at bank 1,222 300 Term deposits 4,967 2,725 Restricted cash 12 - Total cash and cash equivalents 6,201 3,025 |
Summary of Group's cash and cash equivalents by currency | Recognition and measurement Cash and cash equivalents in the consolidated statement of financial position comprise cash at bank and short-term deposits with an original maturity of three months or less. Cash and cash equivalents are stated at face value in the consolidated Foreign exchange risk The following table summarises the Group’s cash and cash equivalents by currency. 2022 US$m 2021 US$m US dollar 5,886 2,917 Australian dollar 182 63 Other 133 45 Total cash and cash equivalents 6,201 3,025 |
Interest-Bearing Liabilities _2
Interest-Bearing Liabilities and Financing Facilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest bearing liabilities and financing facilities [line items] | |
Summary of interest bearing liability and financing facility | C.2 Interest-bearing liabilities and financing facilities Bilateral Facilities Syndicated Facilities JBIC Facility US Bonds Medium Term Notes Total US$m US$m US$m US$m US$m US$m Year ended 31 December 2022 At 1 January 2022 (4 ) 595 166 4,081 592 5,430 Repayments 1 - - (83 ) - (200 ) (283 ) Fair value adjustment and foreign exchange movement - - - - (7 ) (7 ) Transaction costs capitalised and amortised (1 ) (4 ) - 3 - (2 ) Carrying amount at 31 December 2022 (5 ) 591 83 4,084 385 5,138 Current (2 ) (3 ) 83 (3 ) 185 260 Non-current (3 ) 594 - 4,087 200 4,878 Carrying amount at 31 December 2022 (5 ) 591 83 4,084 385 5,138 Undrawn balance at 31 December 2022 2,050 2,000 - - - 4,050 Year ended 31 December 2021 At 1 January 2021 (4 ) 593 250 4,778 597 6,214 Repayments 1 - - (84 ) (700 ) - (784 ) Fair value adjustment and foreign exchange movement - - - - (5 ) (5 ) Capitalised borrowing costs - 2 - 3 - 5 Carrying amount at 31 December 2021 (4 ) 595 166 4,081 592 5,430 Current (2 ) (2 ) 83 (2 ) 200 277 Non-current (2 ) 597 83 4,083 392 5,153 Carrying amount at 31 December 2021 (4 ) 595 166 4,081 592 5,430 Undrawn balance at 31 December 2021 1,900 1,200 - - - 3,100 1. Included in cash flows classified within financing activities in consolidated |
Summary of maturity profile interest bearing liabilities | The table below presents the contractual undiscounted cash flows associated with the Group’s interest-bearing liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position. 2022 US$m 2021 US$m Due for payment in: 1 year or less 483 470 1-2 206 462 2-3 1,181 188 3-4 962 1,169 4-5 908 951 More than 5 years 2,416 3,320 6,156 6,560 |
Bilateral facilities [member] | |
Interest bearing liabilities and financing facilities [line items] | |
Summary of bilateral loan facilities at the reporting date | The Group has 14 bilateral loan facilities totalling $2,050 million (2021: 14 bilateral loan facilities totalling $1,900 million). Details of bilateral loan facilities at the reporting date are as follows: Number of facilities Term (years) Currency Extension option 1 5 - 6 US$ Evergreen 5 4 - 5 US$ Evergreen 4 3 - 4 US$ Evergreen 4 3 US$ Evergreen |
Medium Term Notes [member] | |
Interest bearing liabilities and financing facilities [line items] | |
Summary of detailed information about debt instruments | On 28 August 2015, the Group established a $3,000 million Global Medium Term Notes Programme listed on the Singapore Stock Exchange. Two notes have been issued under this programme as set out below: Maturity date Currency Carrying amount (million) Nominal interest rate 11 December 2023 CHF 185 1.00 % 29 January 2027 US$ 200 3.07 % The unutilised program is not considered to be an unused facility. |
US Bonds [member] | |
Interest bearing liabilities and financing facilities [line items] | |
Summary of detailed information about debt instruments | The Group has four unsecured bonds issued in the United States of America as defined in Rule 144A of the US Securities Act of 1933 Maturity date Carrying amount US$m Nominal interest rate 5 March 2025 1,000 3.65 % 15 September 2026 800 3.70 % 15 March 202 800 3.70 % 4 March 2029 1,500 4.50 % |
Contributed Equity (Tables)
Contributed Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of issued and fully paid shares | (a) Issued and fully paid shares Number of shares US$m Year ended 31 December 2022 Opening balance 969,631,826 9,409 DRP – ordinary shares issued at US$23.14 (2021 final dividend) 1 14,348,997 332 Ordinary shares issued at US$21.06 for the acquisition of BHPP 2 914,768,948 19,265 Transaction costs associated to the issue of shares - (5) Amounts as at 31 December 2022 1,898,749,771 29,001 Year ended 31 December 2021 Opening balance 962,225,814 9,297 DRP – ordinary shares issued at US$19.03 (2020 final dividend) 1,354,072 26 DRP – ordinary shares issued at US$14.21 (2021 interim dividend) 6,051,940 86 Amounts as at 31 December 2021 969,631,826 9,409 Year ended 31 December 2020 Opening balance 942,286,900 9,010 DRP - ordinary shares issued at A$25.61 (2019 final dividend) 12,072,034 181 DRP - ordinary shares issued at A$18.79 (2020 interim dividend) 6,091,035 83 Employee share plan - ordinary shares issued at A$18.27 (2017 Woodside equity plan) 1,775,845 23 Amounts as at 31 December 2020 962,225,814 9,297 1. Relates to ordinary shares issued for the DRP as part of the 2021 final dividend. The Group purchased on-market shares for the issuance of DRP as part of the 2022 interim dividend. Refer to Note C.3(b) for details of the on-market purchases and allocation. 2. 914,768,948 new Woodside shares were issued as consideration for the BHPP merger. Refer to Note B.5 for details. |
Summary of information about shares reserved for employee share plans | (b) Reserved shares Employee share plans Dividend reinvestment plan Number of shares US$m Number of shares US$m Year ended 31 December 2022 Opening balance 1,819,744 (30) - - Purchases during the year 2,232,589 (45) 6,823,092 (144) Vested/allocated during the year (2,178,556) 37 (6,823,092) 144 Amounts at 31 December 2022 1,873,777 (38) - - Year ended 31 December 2021 Opening balance 1,766,099 (23) - - Purchases during the year 2,683,469 (47) - - Vested during the year (2,629,824) 40 - - Amounts at 31 December 2021 1,819,744 (30) - - Year ended 31 December 2020 Opening balance 1,985,306 (39) - - Purchases during the year 2,242,345 (32) - - Vested during the year (2,461,552) 48 - - Amounts at 31 December 2020 1,766,099 (23) - - |
Other Reserves (Tables)
Other Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of information about other reserves | 2022 US$m 2021 US$m 2020 US$m Other reserves Employee benefits reserve 278 232 219 Foreign currency translation reserve 796 793 793 Hedging reserve 1 (586) (400) (71) Distributable profits reserve 2 3,541 58 462 Other reserves 2 - - 4,031 683 1,403 The portion of the hedging reserve relating to settled hedges is $226 million. 2. For the year ended 31 December 2022, the Group transferred $5,553 million of retained earnings to the distributable profits reserve. The increase was offset by the 2022 interim dividend of $2,070 million which was paid on 6 October 2022. |
Segment Assets and Liabilities
Segment Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of segment assets and liabilities | 2022 US$m 2021 2 US$m (a) Segment assets 1 Australia 31,240 18,163 International 18,084 2,877 Marketing 182 217 Corporate/Other 9,815 5,217 59,321 26,474 2022 US$m 2021 2 US$m (b) Segment liabilities 1 Australia 8,104 2,889 International 2,677 435 Marketing 561 639 Corporate/Other 10,852 8,282 22,194 12,245 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. 2. The 2021 amounts have been restated to reflect the changes in operating segments. Refer to ‘Operating segment information’ in Note A.1 for details. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of information about receivables | 2022 2021 US$m (a) Receivables (current) Trade receivables 1 1,067 152 Other receivables 1 381 123 Loans receivable 76 75 Lease receivables 35 18 Interest receivable 19 - 1,578 368 (b) Receivables (non-current) Other receivables 75 - Loans receivable 724 627 Lease receivables 46 26 Defined benefit plan asset - 33 845 686 1. Interest-free and settlement terms are usually between 14 and 30 days. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of inventories | 2022 US$m 2021 US$m (a) Inventories (current) Petroleum products Goods in transit 95 35 Finished stocks 103 34 Warehouse stores and materials 480 133 678 202 (b) Inventories (non-current) Warehouse stores and materials 11 19 11 19 |
Payables (Tables)
Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of information about payables | The following table shows the Group’s payables balances. 2022 US$m 2021 US$m Trade payables 1 759 191 Other payables 1 1,270 390 Interest payable 2 65 58 Total payables 2,094 639 1. Interest-free and normally settled on 30 day terms. 2. Details regarding interest-bearing liabilities are contained in Note C.2. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of Information About Provisions | Restoration 1 US$m Employee benefits US$m Onerous contracts 2 US$m Other US$m Total US$m Year ended 31 December 2022 At 1 January 2022 2,218 286 214 106 2,824 Acquisitions through business combination 3 4,310 329 - 165 4,804 Change in provision (382 ) (98 ) (216 ) 137 (559 ) Unwinding of present value discount 107 - 2 1 110 Carrying amount at 31 December 2022 6,253 517 - 409 7,179 Current 575 331 - 313 1,219 Non-current 5,678 186 - 96 5,960 Net carrying amount 6,253 517 - 409 7,179 Year ended 31 December 2021 At 1 January 2021 2,134 295 349 129 2,907 Change in provision 60 (9) (140) (23) (112) Unwinding of present value discount 24 - 5 - 29 Carrying amount at 31 December 2021 2,218 286 214 106 2,824 Current 235 269 - 101 605 Non-current 1,983 17 214 5 2,219 Net carrying amount 2,218 286 214 106 2,824 1. 2022 change in provision is due to a revision of discount rates of $978 million (primarily due to an increase in risk free rates) and provisions used of $262 million, offset by changes in estimates of $858 million. Changes in estimates are due to new activities, increase in scope of removal and cost and rate escalations supported by the most recent estimates and benchmarks. 2. 2022 change in provision is due to changes in estimates of $245 million offset by provisions used of $29 million. 3. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. |
Summary of Oil And Gas Pricing | The nominal TTF, Brent oil prices and HH gas prices used at 31 December 2022 were: 2023 2024 2025 2026 2027 TTF (US$/MMBtu) 47.9 36.4 22.3 8.8 9.0 Brent (US$/bbl) 87 78 74 76 77 2 HH (US$/MMBtu) 6.1 4.7 4.0 4.1 4.2 3 1. For committed volumes, contracted pricing has been applied. 2. Long-term oil prices are based on US$70/bbl (2022 real terms) from 2025 and prices are escalated at 2.0% onwards. 3. Long-term gas prices are based on US$3.8/MMBtu (2022 real terms) from 2025. All long-term prices are escalated at 2.0%. |
Other Financial Assets and Li_2
Other Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of information about other financial assets and liabilities | 2022 US$m 2021 US$m Other financial assets Financial instruments at fair value through profit and loss Derivative financial instruments designated as hedges 207 134 Other financial assets 22 293 Financial instruments at amortised cost Hedge collateral (including interest) 509 - Other financial assets 30 - Financial instruments at fair value through other comprehensive income Other financial assets 29 - Total other financial assets 797 427 Current 677 320 Non-current 120 107 Net carrying amount 797 427 Other financial liabilities Financial instruments at fair value through profit and loss Derivative financial instruments designated as hedges 721 563 Other financial liabilities - 9 Total other financial liabilities 721 572 Current 654 411 Non-current 67 161 Net carrying amount 721 572 |
Summary of detailed information about hedging activities | 2022 2021 Oil swaps (cash flow hedges) Carrying amount (US$m) (114) (1 ) Notional amount (MMbbl) 18 30 Maturity date 2023 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMbbl) 79 74 HH Corpus Christi commodity swaps (cash flow hedges) Carrying amount (US$m) 26 31 Notional amount (TBtu) 58 65 Maturity date 2023-2024 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMBtu) 4 3 TTF Corpus Christi commodity swaps (cash flow hedges) Carrying amount (US$m) (469) (465 ) Notional amount (TBtu) 50 49 Maturity date 2023-2024 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMBtu) 16 9 TTF commodity swaps (cash flow hedges) Carrying amount (US$m) - 4 Notional amount (TBtu) - 3 Maturity date - 2022 Hedge ratio - 1:1 Weighted average hedged rate (US$/MMBtu) - 26 Interest rate swap (cash flow hedges) Carrying amount (US$m) 55 (17 ) Notional amount (US$m) 600 600 Maturity date 2027 2027 Hedge ratio 1:1 1:1 Weighted average hedged rate 1.7% 1.7% Cross currency interest rate swap (cash flow and fair value hedges) Carrying amount (US$m) 5 9 Notional amount (Swiss Franc) 175 175 Maturity date 2023 2023 Hedge ratio 1:1 1:1 Weighted average hedged rate Three month USD LIBOR Three month US$ LIBOR FX forwards (cash flow hedges) Carrying amount (US$m) (17) 10 Notional amount (AUD$m) 1,037 934 Maturity date 2023-2025 2022-2025 Hedge Ratio 1:1 1:1 Weighted average hedged rate (AUD:USD) 0.68 0.71 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of detailed information about lease assets and lease liabilities | Land and buildings Plant and equipment 2 Total US$m US$m US$m Lease assets Year ended 31 December 2022 Carrying amount at 1 January 2022 377 703 1,080 Acquisitions through business combination 1 120 22 142 Additions 4 238 242 Lease remeasurements 5 103 108 Depreciation (42) (266) (308) Carrying amount at 31 December 2022 464 800 1,264 At 31 December 2022 Historical cost and remeasurements 591 1,311 1,902 Accumulated depreciation, impairment and disposals (127) (511) (638) Net carrying amount 464 800 1,264 Lease liabilities Year ended 31 December 2022 At 1 January 2022 437 930 1,367 Acquisitions through business combination 1 245 23 268 Additions 1 189 190 Repayments (principal and interest) (60) (305) (365) Accretion of interest 25 78 103 Lease remeasurements (25) 96 71 Carrying amount at 31 December 2022 623 1,011 1,634 Current 48 276 324 Non-current 575 735 1,310 Carrying amount at 31 December 2022 623 1,011 1,634 Lease assets Year ended 31 December 2021 Carrying amount at 1 January 2021 392 592 984 Additions 14 214 228 Lease remeasurements 15 16 31 Disposals at written down value (12) - (12) Depreciation (32) (119) (151) Carrying amount at 31 December 2021 377 703 1,080 At 31 December 2021 Historical cost 462 948 1,410 Accumulated depreciation and impairment (85) (245) (330) Net carrying amount 377 703 1,080 Lease liabilities Year ended 31 December 2021 At 1 January 2021 484 794 1,278 Additions 7 244 251 Repayments (principal and interest) (70) (192) (262) Accretion of interest 25 72 97 Lease remeasurements (9) 12 3 Carrying amount at 31 December 2021 437 930 1,367 Current 19 172 191 Non-current 418 758 1,176 Carrying amount at 31 December 2021 437 930 1,367 |
Summary of detailed information about maturity analysis of lease payments | The table below presents the contractual undiscounted cash flows associated with the Group’s lease liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position. 2022 US$m 2021 US$m Due for payment in: 1 year or less 433 283 1-2 272 283 2-3 199 191 3-4 186 171 4-5 176 161 More than 5 years 966 789 2,232 1,878 |
Summary of detailed information about contractual undiscounted cash flows associated with future lease commitments | The table below presents the contractual undiscounted cash flows associated with the Group’s future lease commitments for non-cancellable 2022 US$m 2021 US$m Due for payment in: Within one year 67 80 After one year but not more than five years 263 159 Later than five years 1,288 49 1,618 288 |
Contingent Liabilities and As_2
Contingent Liabilities and Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of contingent liabilities | 2022 US$m 2021 US$m Contingent liabilities at reporting date Contingent liabilities 161 195 Guarantees 2 7 163 202 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of employee benefits expense | 2022 US$m 2021 US$m 2020 US$m Employee benefits 415 217 252 Share-based payments 26 12 19 Defined contribution plan costs 41 26 27 Defined benefit plan expense 9 1 2 491 256 300 |
Summary of information about key management personnel compensation | Key management personnel (KMP) compensation for the financial year was as follows: 2022 US$ 2021 US$ 2020 US$ Short-term employee benefits 1 5,730,340 6,626,354 5,868,476 Post-employment benefits 1 155,086 88,396 63,805 Share-based payments 2 3,114,043 5,697,529 7,201,653 Long-term employee benefits 4,300 717,223 515,585 Termination benefits 152,531 2,447,525 390,087 9,156,300 15,577,027 14,039,606 1. The 2021 comparatives for short-term employee benefits and post-employment benefits have been restated to include the superannuation component of the 2021 EIS cash and other cash bonuses for three key management personnel, increasing the short-term employee benefits expense by and the post-employee benefits expense by $10,881 to $ 88,396. 2. The 2021 comparative for share-based payments has been restated to include amortisation of the fair value of 2021 performance rights for two key management personnel, increasing the expense by $88,507 to $5,697,529. |
Summary of number of awards and movements for all share plans | The number of awards and movements for all share plans are summarised as follows: Number of performance awards Employee plans Executive plans WEP SWEP STA 4 LTA 4 Year ended 31 December 2022 Opening balance 5,649,783 - 994,436 2,379,220 Granted during the year 1,2 ,3 3,017,366 3,046,963 495,800 764,171 Vested during the year (1,498,065 ) (38,146 ) (450,609 ) (191,736 ) Forfeited during the year (539,403 ) (124,741 ) (46,430 ) (397,233 ) Awards at 31 December 2022 6,629,681 2,884,076 993,197 2,554,422 US$m US$m US$m US$m Fair value of awards granted during the year 49 60 9 13 Number of performance awards Employee plans Executive plans WEP SWEP STA 4 LTA 4 Opening balance 5,618,603 - 975,295 2,798,305 Granted during the year 1,2,3 2,507,167 - 353,412 553,849 Vested during the year (1,999,676 ) - (307,402 ) (322,746 ) Forfeited during the year (476,311 ) - (26,869) (650,188 ) Awards at 31 December 2021 5,649,783 - 994,436 2,379,220 US$m US$m US$m US$m Fair value of awards granted during the year 39 - 7 9 1. For the purpose of valuation, the share price on grant date for the 2022 WEP allocations was $16.30 (2021: $15.17). 2. For the purpose of valuation, the share price on grant date for the 2022 SWEP allocations was $19.74 1 3. For the purpose of valuation, the share price on grant date for Restricted Shares was $19.20 and $19.27 (2021: $20.18) and Performance Rights was $13.08 and $13.71 (2021: $11.66 and $14.44). 4. Includes awards issued under EIP and EIS. |
Joint Arrangements (Tables)
Joint Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of interest percentage in joint ventures | (a) Interest percentage in joint ventures Group Interest % Entity Principal activity 2022 2021 North West Shelf Gas Pty Ltd Contract administration services for venturers for LNG sales to Japan. Marketing and administration services for venturers for gas processing. 33.3 16.67 North West Shelf Liaison Company Pty Ltd Liaison for ventures in the sale of LNG to the Japanese market. 33.3 16.67 China Administration Company Pty Ltd Contract administration services for venturers for LNG sales to China. 33.3 16.67 North West Shelf Shipping Service Company Pty Ltd LNG vessel fleet advisor. 33.3 16.67 North West Shelf Lifting Coordinator Pty Ltd Allocating, scheduling and administering the lifting of LNG and pipeline gas. 33.3 16.67 |
Summary of interest percentage in joint operations | (b) Interest percentage in joint operations Group Interest % 2022 2021 Producing and developing assets Australia North West Shelf 1 25.0 - 66.7 12.5 - 50.0 Greater Enfield and Vincent 60.0 60.0 Stybarrow 2 - 50.0 Balnaves 65.0 65.0 Pluto 90.0 90.0 Wheatstone 13.0 - 65.0 13.0 - 65.0 Scarborough 2 - 73.5 Bass Strait 1 25.0 - 50.0 - Macedon 1 71.4 - Pyrenees 1 40.0 - 71.4 - Griffin 1 45.0 - 71.0 - Minerva 1 90.0 - International Sangomar 82.0 82.0 Atlantis 1 44.0 - Mad Dog 1 23.9 - Shenzi 1 72.0 - Trion 1 60.0 - Greater Angostura 1 45.0 - 68.5 - Calypso 1 70.0 - Group Interest % 2022 2021 Exploration and evaluation assets Oceania Browse Basin 30.6 30.6 Carnarvon Basin 3 31.6 -70.0 15.8 -70.0 Scarborough 2 ,3 - 50.0 Bonaparte Basin 26.7 -35.0 26.7 -35.0 Africa Congo 4 22.5 42.5 Senega l 90.0 90.0 Egypt 1 25.0 -45.0 - Americas US Gulf of Mexico 1 23.9 -75.0 - Kitimat 50.0 50.0 Asia Republic of Korea 50.0 50.0 Myanmar 5 40.0 -45.0 40.0 -50.0 Caribbean Barbados 1 60.0 - Trinidad & Tobago 1 65.0 -70.0 - Other joint operations Angel 6 20.0 - Bonaparte Basin 6 21.0 - 1. Increase in interests due to the merger with BHPP on 1 June 2022. 2. No longer recognised as joint operations as the Group’s interest increased to 100% due to the merger with BHPP on 1 June 2022. 3. The Carnarvon Basin and Scarborough exploration and evaluation assets which were previously presented on the same line, have been separately presented in 2022. The 2021 group interests have been reclassified to be presented on the same basis. 4. The Group’s interest decreased to 22.5% upon farm-down of interest in June 2022. 5. The Group relinquished permits AD-1 and AD-8 in 2022. Formalities are pending. 6. Carbon Capture Storage titles G-10-AP and G-7-AP granted to the Group in 2022. |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of subsidiaries | (a) Subsidiaries Name of entity Notes Ultimate Parent Entity Woodside Energy Group Ltd (1,2,3 ) Subsidiaries Company name Woodside Energy Ltd (2,3,4 ) Woodside Browse Pty Ltd (2,4 ) Woodside Burrup Pty Ltd (2,4 ) Burrup Facilities Company Pty Ltd (5 ) Burrup Train 1 Pty Ltd (5 ) Pluto LNG Pty Ltd (5 ) Woodside Burrup Train 2 A Pty Ltd (2,4 ) Woodside Burrup Train 2 B Pty Ltd (2,4 ) Woodside Energy (LNG Fuels and Power) Pty Ltd (2,4 ) Woodside Energy (Domestic Gas) Pty Ltd (2,4 ) Woodside Energy (Algeria) Pty Ltd (2,4 ) Woodside Energy Australia Asia Holdings Pte Ltd (4 ) Woodside Energy Holdings International Pty Ltd (2,4 ) Woodside Energy International (Canada) Limited (4 ) Woodside Energy (Canada LNG) Limited (4 ) Woodside Energy (Canada PTP) Limited (4 ) KM LNG Operating General Partnership (9 ) KM LNG Operating Ltd (4 ) Woodside Energy Holdings Pty Ltd (2,4 ) Woodside Energy Holdings (USA) Inc (4 ) Woodside Energy (USA) Inc (4 ) Gryphon Exploration Company (4 ) PT Woodside Energy Indonesia (6 ) Woodside Energy (Cameroon) SARL ∎ (4 ) Woodside Energy (Gabon) Pty Ltd (2,4 ) Woodside Energy (Indonesia) Pty Ltd (2,4 ) Woodside Energy (Indonesia II) Pty Ltd (2,4 ) Woodside Energy (Malaysia) Pty Ltd (2,4 ) Woodside Energy (Ireland) Pty Ltd (2,4 ) Woodside Energy (Korea) Pte Ltd (4 ) Woodside Energy (Korea II) Pte Ltd (4 ) Woodside Energy (Myanmar) Pte Ltd (4 ) Woodside Energy (Morocco) Pty Ltd (2,4 ) Woodside Energy (New Zealand) Limited (4 ) Woodside Energy (New Zealand 55794) Limited (4 ) Woodside Energy (Peru) Pty Ltd (2,4 ) Woodside Energy (Senegal) Pty Ltd (2,4 ) Woodside Energy (Tanzania) Limited (7 ) Name of entity Notes Woodside Energy Holdings II Pty Ltd (2,4 ) Woodside Power Pty Ltd (2,4 ) Woodside Power (Generation) Pty Ltd (2,4 ) Woodside Energy Holdings (South America) Pty Ltd (2,4 ) Woodside Energia (Brasil) Apoio Administrativo L (8 ) Woodside Energy Holdings (UK) Pty Ltd (2,4 ) Woodside Energy (UK) Limited ( 4 ) Woodside Energy Finance (UK) Limited (4 ) Woodside Energy (Congo) Limited (4 ) Woodside Energy (Bulgaria) Limited ( 4 ) Woodside Energy Holdings (Senegal) Limited (4 ) Woodside Energy (Senegal) B.V. (4 ) Woodside Energy (France) SAS (4 ) Woodside Energy Iberia S.A. (4 ) Woodside Energy (N.A.) Ltd (4 ) Woodside Energy Services (Qingdao) Co Ltd (4 ) Woodside Energy Julimar Pty Ltd (2,4 ) Woodside Energy (Norway) Pty Ltd (2,4 ) Woodside Energy Technologies Pty Lt (2,4,14 ) Woodside Technology Solutions Pty Ltd (2,4 ) Woodside Energy Scarborough Pty Ltd (2,4 ) Woodside Energy Carbon Holdings Pty Ltd (2,4 ) Woodside Energy Carbon (Assets) Pty Ltd (2,4 ) Woodside Energy Carbon (Services) Pty Ltd (2,4 ) Woodside Energy (Financial Advisory Services) Pty Ltd (2,4 ) Woodside Energy Trading Singapore Pte Ltd (4 ) WelCap Insurance Pte Ltd (4 ) Woodside Energy Shipping Singapore Pte Ltd (4 ) Metasource Pty Ltd (2,4 ) Mermaid Sound Port and Marine Services Pty Ltd (2,4 ) Woodside Finance Limited (2,4 ) Woodside Petroleum (Timor Sea 19) Pty Ltd (2,4 ) Woodside Petroleum (Timor Sea 20) Pty Ltd (2,4 ) Woodside Petroleum Holdings Pty Ltd (2,4,15 ) Woodside Energy Global Holdings Pty Ltd (2,4 ) Woodside Energy Global Pty Ltd (2,4 ) Perdido Mexico Pipeline Holdings, S.A. de C.V. (10 ) Perdido Mexico Pipeline, S. de R.L. de C.V. (10 ) Woodside Energy Investments Pty Ltd (2,4 ) Woodside Energia Brasil Investimentos Ltda. ● (11 ) Woodside Energia Brasil Exploração e Produção Ltda. ● (4 ) Woodside Energy (Great Britain) Limited (4 ) Woodside Energy (North West Shelf) Pty Ltd (2,4 ) Woodside Energy (Trinidad) Holdings Ltd (4 ) Woodside Energy (Trinidad-3A) (4 ) Name of entity Notes Woodside Energy USA Operations Inc (12 ) Hamilton Brothers Petroleum Corporation (4 ) Hamilton Oil Company LLC (4 ) Woodside Energy Boliviana Inc. (4 ) Woodside Energy (North America) LLC (4 ) Woodside Energy (Americas) Inc. (4 ) Woodside Energy (GOM) Inc. (4 ) Woodside Energy Hawaii Inc. (4,16 ) Woodside Energy Resources Inc. (4 ) Woodside Energy Holdings (Resources) Inc. (4 ) Woodside Energy USA Services Inc. (4 ) Woodside Energy Marketing Inc. (4 ) Woodside Energy (Deepwater) Inc. (4,17 ) Woodside Energy (Foreign Exploration Holdings) LLC (4 ) Woodside Energy (Trinidad Block 3) Limited (4 ) Woodside Energy (Trinidad Block 6) Limited (4 ) Woodside Energy (Trinidad Block 5) Limited (4 ) Woodside Energy (Trinidad Block 7) Limited (4 ) Woodside Energy (Trinidad Block 14) Limited (4 ) Woodside Energy (Trinidad Block 23A) Limited (4 ) Woodside Energy (Trinidad Block 23B) Limited (4 ) Woodside Energy (Trinidad Block 28) Limited (4 ) Woodside Energy (Trinidad Block 29) Limited (4 ) Woodside Energy (Bimshire) Limited (4 ) Woodside Energy (South Africa 3B/4B) Limited (4 ) Woodside Energy (Egypt) Limited (4 ) Woodside Energy (Carlisle Bay) Limited (4 ) Woodside Energy (Mexico) Limit (4 ) Woodside Energía Servicios Administrativos,S. de R.L. de C.V. (13 ) Woodside Energía Servicios de México, S. de R.L. de C.V. (13 ) Woodside Energy (Mexico Holdings) LLC (4 ) Operaciones Conjuntas, S. de R.L. de C.V. (13 ) Woodside Energía Holdings de México, S. de R.L. de C.V. (13 ) Woodside Petróleo Operaciones de México, S. de R.L. de C.V. (13 ) Woodside Energy (Australia) Pty Ltd (2,4 ) Woodside Energy (International Exploration) Pty Ltd (2,4 ) Woodside Energy (Bass Strait) Pty Ltd (2,4 ) Woodside Energy (Victoria) Pty Ltd (2,4 ) Woodside Energy Holdings LLC (4 ) Woodside Energy (Trinidad-2C) (4 ) Woodside Energy (Canada) Corporation (4 ) 1. Woodside Energy Group Ltd, previously Woodside Petroleum Ltd, is the ultimate holding company and the head entity within the tax consolidated group. 2. These companies were members of the Australian tax consolidated group at 31 December 2022. 3. Woodside Energy Group Ltd and Woodside Energy Ltd are parties to a Deed of Cross Guarantee. 4. All subsidiaries are wholly owned except those referred to in Notes 5 to 13. 5. Kansai Electric Power Australia Pty Ltd and Tokyo Gas Pluto Pty Ltd each hold a 5% interest in the shares of these subsidiaries. These subsidiaries are controlled. 6. PT Woodside Energy Indonesia was incorporated on 27 April 2022. As at 31 December 2022, Woodside Energy Holdings Pty Ltd held a 99% interest in the shares of PT Woodside Energy Indonesia. Woodside Energy Ltd held the remaining 1% interest. 7. As at 31 December 2022, Woodside Energy Holdings Pty Ltd held >99.99% interest in the shares of Woodside Energy (Tanzania) Limited and Woodside Energy Ltd held the remaining interest. 8. As at 31 December 2022, Woodside Energy Holdings (South America) Pty Ltd held >99.99% interest in the shares of Woodside Energia (Brasil) Apoio Administrativo Ltda and Woodside Energy Ltd held the remaining interest. 9. As at 31 December 2022, Woodside Energy International (Canada) Limited and Woodside Energy (Canada LNG) Limited were the general partners of the KM LNG Operating General Partnership holding a 99.99% and 0.01% partnership interest, respectively. 10. As at 31 December 2022, Woodside Energy Global Holdings Pty Ltd held a 99.99% interest in shares of Perdido Mexico Pipeline Holdings, S.A. de C.V. and Perdido Mexico Pipeline, S. de R.L. de C.V. Woodside Energy Investments Pty Ltd held the remaining 0.01% interest. 11. As at 31 December 2022, Woodside Energy Investments Pty Ltd held a 99.97% interest in shares of Woodside Energia Brasil Investimentos Ltda. Woodside Energy Global Holdings Pty Ltd held the remaining 0.03% interest. 12. As at 31 December 2022, Woodside Energy Global Holdings Pty Ltd held 90% voting interest and 37.67% interest in shares of Woodside Energy USA Operations Inc. Woodside Energy Holdings LLC held the remaining 10% voting interest and 62.33% interest in shares. 13. As at 31 December 2022, Woodside Energy (Mexico) Limited held a 99% interest in shares of Woodside Energía Servicios Administrativos, S. de R.L. de C.V., Woodside Energía Servicios de México, S. de R.L. de C.V., Operaciones Conjuntas, S. de R.L. de C.V. and Woodside Petróleo Operaciones de México, S. de R.L. de C.V. and 99.99% interest in shares of Woodside Energía Holdings de México, S. de R.L. de C.V. Woodside Energy (Mexico Holdings) LLC held the remaining 0.01%-1% 14. Woodside Energy Technologies Pty Ltd owns 28.50% in Blue Ocean Seismic Services Limited which is accounted for as an investment in associate. 15. Woodside Energy (North West Shelf) Pty Ltd and Woodside Petroleum Holdings Pty Ltd owns 16.67% in International Gas Transportation Company Limited respectively. This investment has been accounted for as an investment in associate. 16. Woodside Energy Hawaii Inc owns 14.96% in Iwilei District Participating Parties LLC which is accounted for as an investment in associate. 17. Woodside Energy (Deepwater) Inc owns 25% in Caesar Oil Pipeline Company LLC, 22% in Cleopatra Gas Gathering Company LLC and 10% in Marine Well Containment Company LLC. These investments are accounted for as an investment in associate. All subsidiaries were incorporated in Australia unless identified with one of the following symbols: ◆ Bermuda Mexico Singapore ● Brazil u Indonesia Spain ∎ Cameroon The Netherlands Tanzania t Canada R. of Trinidad and Tobago p United Kingdom China New Zealand q United States France Saint Lucia |
Summary of australian subsidiaries with material non-controlling interests | (b) Subsidiaries with material non-controlling interests The Group has two Australian subsidiaries with material non-controlling Name of entity Principal place of business % held by NCI Burrup Facilities Company Pty Ltd Australia 10% Burrup Train 1 Pty Ltd Australia 10% |
Summary of financial information of subsidiaries with material noncontrolling interest | The summarised financial information (including consolidation adjustments but before intercompany eliminations) of subsidiaries with material NCI is as follows: 2022 2021 2020 US$m US$m US$m Burrup Facilities Company Pty Ltd Current assets 567 518 425 Non-current 5,047 5,038 5,224 Current liabilities (68 ) (71) (51) Non-current (528 ) (528) (571) Net assets 5,018 4,957 5,027 Accumulated balance of NCI 502 496 503 Revenue 889 858 859 Profit 489 328 318 Profit allocated to NCI 49 33 32 Dividends paid to NCI (43 ) (40) (32) Operating 601 633 652 Investing (45 ) (111) (69) Financing (556 ) (522) (583) Net increase/(decrease) in cash and cash equivalents - - - Burrup Train 1 Pty Ltd Current assets 429 435 372 Non-current 2,900 2,915 3,081 Current liabilities (119 ) (110) (103) Non-current (325 ) (345) (385) Net assets 2,885 2,895 2,965 Accumulated balance of NCI 289 290 297 Revenue 1,471 1,421 1,423 Profit 282 200 208 Profit allocated to NCI 28 20 21 Dividends paid to NCI (29 ) (27) (13) Operating 391 393 473 Investing (55 ) (4) (2) Financing (336 ) (389) (471) Net increase/(decrease) in cash and cash equivalents - - - |
Additional Information (Tables)
Additional Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [abstract] | |
Summary of capitalised costs relating to oil and gas production activities | The following table shows the aggregate capitalised costs related to oil and gas exploration and production activities, and the related accumulated depreciation, depletion, amortisation and valuation provisions. Australia International Total 2022 Unproved properties 1,154 1,834 2,988 Proved properties 1 49,190 15,546 64,736 Total costs 50,344 17,380 67,724 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (24,353) (2,491) (26,844) Net capitalised costs 25,991 14,889 40,880 2021 Unproved properties 1,172 1,703 2,875 Proved properties 1 38,352 2,517 40,869 Total costs 39,524 4,220 43,744 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (22,738) (1,958) (24,696) Net capitalised costs 16,786 2,262 19,048 2020 Unproved properties 2,709 1,750 4,459 Proved properties 1 35,892 1,377 37,269 Total costs 38,601 3,127 41,728 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (22,305) (2,111) (24,416) Net capitalised costs 16,296 1,016 17,312 1. Proved properties include the fair value ascribed to future phases of certain projects acquired through business combinations. |
Summary of oil and gas property acquistion exploration and development activities | The following table shows the costs incurred related to oil and gas property acquisition, exploration and development activities (expensed and capitalised). Amounts shown include interest capitalised. Australia International Total US$m 2022 Acquisitions of proved property 8,488 11,098 19,586 Acquisitions of unproved property - 180 180 Exploration 1 39 541 580 Development 2 2,365 1,740 4,105 Total costs 3 10,892 13,559 24,451 2021 Acquisitions of proved property - 205 205 Acquisitions of unproved property - 7 7 Exploration 1 459 84 543 Development 1,141 935 2,076 Total costs 3 1,600 1,231 2,831 2020 Acquisitions of proved property - 540 540 Acquisitions of unproved property - 26 26 Exploration 1 279 117 396 Development 987 256 1,243 Total costs 3 1,266 939 2,205 1. Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. 2. Total development costs includes $3,812 million of expenditure and $294 million of capitalised interest in 2022. 3. Total costs include $23,991 million (2021: $2,777 million, 2020: $2,138 million) capitalised during the year. |
Summary of operations from oil and gas production activities | Results of operations from oil and gas production activities Australia US$m International US$m Total 2022 Oil and gas revenue 12,453 1,575 14,028 Production costs (1,277 ) (353 ) (1,630 ) Exploration expenses (20 ) (440 ) (460 ) Depreciation, depletion, amortisation and valuation provision 1 (1,476 ) (460 ) (1,936 ) Production taxes 2 (429 ) (16 ) (445 ) Accretion expense 3 (85 ) (23 ) (108 ) Income taxes (2,707 ) (151 ) (2,858 ) Royalty-related taxes 4 (501 ) - (501 ) Results of oil and gas producing activities 5 5,958 132 6,090 2021 Oil and gas revenue 5,624 - 5,624 Production costs (504 ) - (504 ) Exploration expenses (6 ) (48 ) (54 ) Depreciation, depletion, amortisation and valuation provision 1 (501 ) (268 ) (769 ) Production taxes 2 (218 ) - (218 ) Accretion expense 3 (23 ) (1 ) (24 ) Income taxes (1,312 ) - (1,312 ) Royalty-related taxes 4 - - - Results of oil and gas producing activities 5 3,060 (317 ) 2,743 2020 Oil and gas revenue 3,339 - 3,339 Production costs (550 ) - (550 ) Exploration expenses (8 ) (59 ) (67 ) Depreciation, depletion, amortisation and valuation provision 1 (5,833 ) (1,137 ) (6,970 ) Production taxes 2 (82 ) - (82 ) Accretion expense 3 (27 ) (1 ) (28 ) Income taxes 948 - 948 Royalty-related taxes 4 - - - Results of oil and gas producing activities 5 (2,213 ) (1,197 ) (3,410 ) 1. Includes valuation provision reversal in 2022 (2021: reversal of $ 1,048 million and recognition of $5,269 million). 2. Includes royalties and excise duty. 3. Represents the unwinding of the discount on the closure and rehabilitation provision. 4. Includes petroleum resource rent tax and petroleum revenue tax where applicable. Excludes deferred tax expense/ (benefit) of $(814) million (2021: $297 million; 2020: $(439) million). 5. This table reflects the results of our oil and gas activities as reported in Note A.1 Segment revenue and expenses in section 5 – Financial Statements. Other income, other expenses, general and administrative costs and amounts relating to the marketing and corporate/other segments within the note are excluded. |
Summary of standardised measure of discounted future cash flows | Australia US$m International US$m Total 2022 Future cash inflows 1 197,194 38,256 235,450 Future production costs 1 (31,157) (9,698) (40,855) Future development costs 2 (12,259) (4,487) (16,746) Future income taxes (62,182) (4,823) (67,005) Future net cash flows 91,596 19,248 110,844 Discount at 10% per annum (48,924) (7,777) (56,701) Standardised measure 42,672 11,471 54,143 2021 Future cash inflows 1 76,202 5,695 81,897 Future production costs 1 (22,193) (899) (23,092) Future development costs 2 (8,296) (2,481) (10,777) Future income taxes (16,266) (90) (16,356) Future net cash flows 29,447 2,225 31,672 Discount at 10% per annum (14,793) (1,142) (15,935) Standardised measure 14,654 1,083 15,737 2020 Future cash inflows 1 14,629 - 14,629 Future production costs 1 (3,862) - (3,862) Future development costs 2 (3,800) - (3,800) Future income taxes (1,023) - (1,023) Future net cash flows 5,944 - 5,944 Discount at 10% per annum (860) - (860) Standardised measure 5,084 - 5,084 1. Woodside have entered multiple term contracts relating to LNG volumes from our producing and sanctioned assets. Under a 2P reserves outcome, we produce a sufficient quantity of LNG to satisfy these contracts within expected timeframes. Therefore, we have not included the revenue and cost impact of LNG shortfalls under a SEC 1P reserves outcome. 2. Future development costs include decommissioning. |
Summary of movement in changes in the standardised measure | Changes in the standardised measure are presented in the following table. 2022 US$m 2021 2020 Changes in the standardised measure Standardised measure at the beginning of the year 15,737 5,084 10,324 Revisions: Prices, net of production costs 22,558 7,741 (5,800) Changes in future development costs (873) 20 (29) Revisions of reserves quantity estimates 5,898 2,109 269 Accretion of discount 4,051 430 1,038 Changes in production timing and other 2,371 3,485 (1,180) Sales of oil and gas, net of production costs (10,202) (5,698) (2,666) Acquisitions of reserves-in-place 28,309 - - Sales of reserves-in-place - - - Previously estimated development costs incurred 3,339 565 702 Extensions, discoveries, and improved recoveries, net of future costs - 8,346 44 Changes in future income taxes (17,045) (6,345) 2,382 Standardised measure at the end of the year 54,143 15,737 5,084 1. Changes in reserves quantities are shown in section 3.9 - Reserves Statement. |
Summary of movement in capitalised exploratory well costs | The following table provides the changes to the capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 31 December 2022, 31 December 2021 and 31 December 2020. 2022 2021 2020 Movement in capitalised exploratory well costs 1 At the beginning of the year 614 2,045 3,809 A c 180 - - Additions to the capitalised exploratory well costs pending the determination of proved reserves 111 501 399 2 ,3 (62) (268) (1,571) Capitalised exploratory well costs reclassified to wells, equipment and facilities based on the determination of proved reserves (36) (1,664) (592) Sale of suspended wells - - - At the end of the year 807 614 2,045 1. Suspended exploratory well costs represent capitalised exploration, evaluation and permit acquisition costs. 2. Includes $1,557 million of impairment losses in 2020. 3 Includes amortisation of licence acquisition costs. |
Summary of ageing of capitalised exploratory well costs | 2022 2021 2020 Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 124 19 330 Exploratory well costs capitalised for a period greater than one year 683 595 1,715 At the end of the year 807 614 2,045 2022 2021 2020 Number of projects that have been capitalised for a period greater than one year 21 25 13 1. Ageing of exploratory wells considers dates prior to the merger with BHP’s petroleum business which completed on 1 June 2022. |
Earnings for the year - Additio
Earnings for the year - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commodity price risk [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging instrument, assets | $ 557 | $ 431 |
Percentage of increase in commodity price | 10% | |
Impact of hedging instrument, liabilities carrying value | $ 219 | |
Percentage of decrease in commodity price | 10% | |
Foreign exchange risk [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Hedging instrument, assets | $ 17 | $ 10 |
Foreign exchange risk [member] | Australia [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Percentage of increase in the exchange rate | 12% | 12% |
Percentage of decrease in the exchange rate | (12.00%) | (12.00%) |
Segment Revenue and Expenses -
Segment Revenue and Expenses - Summary of Geographical Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Revenue from external customers | $ 16,817 | $ 6,962 | $ 3,600 |
Non-current assets | 48,072 | 21,189 | |
Asia Pacific [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from external customers | 12,521 | 6,342 | 3,362 |
Non-current assets | 36,966 | 18,386 | |
Americas [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from external customers | 1,545 | ||
Non-current assets | 7,057 | 1 | |
Africa [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 4,049 | 2,802 | |
Europe [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from external customers | $ 2,751 | $ 620 | $ 238 |
Segment Revenue and Expenses _2
Segment Revenue and Expenses - Summary of Geographical Information (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of geographical areas [abstract] | ||
Deferred tax assets | $ 1,959 | $ 1,007 |
Segment Revenue and Expenses _3
Segment Revenue and Expenses - Summary of Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Operating revenue | $ 16,817 | $ 6,962 | $ 3,600 |
Cost of sales | 6,540 | 3,845 | 2,985 |
Gross profit/(loss) | 10,277 | 3,117 | 615 |
Other income | 735 | 139 | (36) |
Depreciation of lease assets | (308) | (151) | |
Impairment losses | 10 | 5,269 | |
Impairment reversals | 900 | 1,058 | |
Profit/(loss) before tax and net finance costs | 9,186 | 3,493 | (5,171) |
Oil And Gas Properties [member] | |||
Disclosure of operating segments [line items] | |||
Impairment reversals | 900 | 1,058 | |
Land and buildings [member] | Oil And Gas Properties [member] | |||
Disclosure of operating segments [line items] | |||
Impairment reversals | 87 | 44 | |
Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | 202 | 184 | 149 |
Operating revenue | 16,817 | 6,962 | 3,600 |
Insurance | (43) | (31) | (31) |
Cost of sales | (6,540) | (3,845) | (2,985) |
Gross profit/(loss) | 10,277 | 3,117 | 615 |
Other income | 735 | 139 | (36) |
Exploration and evaluation expenditure | (296) | (54) | (67) |
Amortisation of permit acquisition | (10) | (3) | (12) |
Write-offs | (164) | (265) | (2) |
Exploration and evaluation | (470) | (322) | (81) |
General, administrative and other costs | (791) | (158) | (190) |
Depreciation of lease assets | (140) | (108) | (94) |
Restoration movement | (272) | (68) | (28) |
Other | (1,053) | (125) | (59) |
Other costs | (2,256) | (489) | (400) |
Other expenses | (2,726) | (811) | (481) |
Impairment losses | (10) | (5,269) | |
Impairment reversals | 900 | 1,058 | |
Profit/(loss) before tax and net finance costs | 9,186 | 3,493 | (5,171) |
Depreciation of other plant and equipment | (30) | (29) | |
Operating segments [member] | Oil And Gas Properties [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (2,798) | (1,549) | (1,689) |
Operating segments [member] | Land and buildings [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (54) | (51) | (55) |
Operating segments [member] | Transferred exploration and evaluation [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (107) | (79) | (99) |
Operating segments [member] | Plant and equipment [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (2,637) | (1,419) | (1,535) |
Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | (280) | (89) | 99 |
Operating revenue | 12,299 | 5,240 | 3,421 |
Insurance | (35) | (32) | (32) |
Cost of sales | (4,181) | (2,488) | (2,475) |
Gross profit/(loss) | 8,118 | 2,752 | 946 |
Other income | 722 | 97 | 3 |
Exploration and evaluation expenditure | (20) | (16) | (26) |
Amortisation of permit acquisition | (1) | (6) | |
Exploration and evaluation | (21) | (16) | (32) |
General, administrative and other costs | (13) | (5) | (7) |
Depreciation of lease assets | (49) | (28) | (26) |
Restoration movement | (234) | (80) | (65) |
Other | (8) | (57) | (8) |
Other costs | (304) | (170) | (106) |
Other expenses | (325) | (186) | (138) |
Impairment losses | (10) | (3,971) | |
Impairment reversals | 900 | 1,058 | |
Profit/(loss) before tax and net finance costs | 9,415 | 3,711 | (3,160) |
Depreciation of other plant and equipment | 0 | ||
Operating segments [member] | Australia [member] | External Customers [member] | |||
Disclosure of operating segments [line items] | |||
Operating revenue | (455) | (236) | (47) |
Operating segments [member] | Australia [member] | Oil And Gas Properties [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (2,326) | (1,549) | (1,689) |
Operating segments [member] | Australia [member] | Land and buildings [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (51) | (51) | (55) |
Operating segments [member] | Australia [member] | Transferred exploration and evaluation [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (107) | (79) | (99) |
Operating segments [member] | Australia [member] | Plant and equipment [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (2,168) | (1,419) | (1,535) |
Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | (5) | ||
Operating revenue | 1,570 | ||
Insurance | (7) | ||
Cost of sales | (837) | ||
Gross profit/(loss) | 733 | ||
Other income | 4 | (2) | (1) |
Exploration and evaluation expenditure | (277) | (27) | (32) |
Amortisation of permit acquisition | (9) | (2) | (5) |
Write-offs | (164) | (265) | (2) |
Exploration and evaluation | (450) | (294) | (39) |
General, administrative and other costs | (21) | (1) | (14) |
Depreciation of lease assets | (11) | ||
Restoration movement | (46) | 12 | 37 |
Other | (84) | (32) | |
Other costs | (162) | (21) | 23 |
Other expenses | (612) | (315) | (16) |
Impairment losses | (1,298) | ||
Profit/(loss) before tax and net finance costs | 125 | (317) | (1,315) |
Depreciation of other plant and equipment | 0 | ||
Operating segments [member] | International [member] | External Customers [member] | |||
Disclosure of operating segments [line items] | |||
Operating revenue | (5) | ||
Operating segments [member] | International [member] | Oil And Gas Properties [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (439) | ||
Operating segments [member] | International [member] | Land and buildings [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (3) | ||
Operating segments [member] | International [member] | Transferred exploration and evaluation [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | 0 | ||
Operating segments [member] | International [member] | Plant and equipment [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (436) | ||
Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | 487 | 273 | 50 |
Operating revenue | 2,948 | 1,722 | 179 |
Cost of sales | (1,620) | (1,397) | (557) |
Gross profit/(loss) | 1,328 | 325 | (378) |
Other income | 5 | 1 | 1 |
General, administrative and other costs | (10) | ||
Other | (475) | 28 | |
Other costs | (485) | 28 | |
Other expenses | (485) | 28 | |
Profit/(loss) before tax and net finance costs | 848 | 354 | (377) |
Depreciation of other plant and equipment | 0 | 0 | |
Operating segments [member] | Marketing [member] | External Customers [member] | |||
Disclosure of operating segments [line items] | |||
Operating revenue | 460 | 236 | 47 |
Operating segments [member] | Corporate/Other [member] | |||
Disclosure of operating segments [line items] | |||
Insurance | (1) | 1 | 1 |
Cost of sales | 98 | 40 | 47 |
Gross profit/(loss) | 98 | 40 | 47 |
Other income | 4 | 43 | (39) |
Exploration and evaluation expenditure | 1 | (11) | (9) |
Amortisation of permit acquisition | (1) | (1) | |
Write-offs | 0 | ||
Exploration and evaluation | 1 | (12) | (10) |
General, administrative and other costs | (747) | (152) | (169) |
Depreciation of lease assets | (80) | (80) | (68) |
Restoration movement | 8 | ||
Other | (486) | (64) | (51) |
Other costs | (1,305) | (326) | (317) |
Other expenses | (1,304) | (338) | (327) |
Profit/(loss) before tax and net finance costs | (1,202) | (255) | (319) |
Depreciation of other plant and equipment | (30) | (29) | |
Operating segments [member] | Corporate/Other [member] | Oil And Gas Properties [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (33) | 0 | |
Operating segments [member] | Corporate/Other [member] | Plant and equipment [member] | |||
Disclosure of operating segments [line items] | |||
Depreciation and amortisation | (33) | 0 | |
Liquefied natural gas [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 11,289 | 5,359 | 2,519 |
Liquefied natural gas [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 8,855 | 3,910 | 2,390 |
Liquefied natural gas [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 2,434 | 1,449 | 129 |
Pipeline gas [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 1,362 | 43 | 73 |
Pipeline gas [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 1,086 | 43 | 73 |
Pipeline gas [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 276 | ||
Crude oil and condensate [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 3,758 | 1,316 | 843 |
Crude oil and condensate [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 2,467 | 1,316 | 843 |
Crude oil and condensate [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 1,273 | ||
Crude oil and condensate [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 18 | ||
Natural gas liquids [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 206 | 60 | 16 |
Natural gas liquids [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 171 | 60 | 16 |
Natural gas liquids [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 26 | ||
Natural gas liquids [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 9 | ||
Revenue from sale of hydrocarbons [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 16,615 | 6,778 | 3,451 |
Revenue from sale of hydrocarbons [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 12,579 | 5,329 | 3,322 |
Revenue from sale of hydrocarbons [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 1,575 | ||
Revenue from sale of hydrocarbons [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from sale of oil and gas products | 2,461 | 1,449 | 129 |
Processing and services revenue [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | 175 | 143 | 142 |
Processing and services revenue [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | 175 | 143 | 142 |
Shipping and other revenue [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | 27 | 41 | 7 |
Shipping and other revenue [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | 4 | 4 | |
Shipping and other revenue [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Other revenue | 27 | 37 | 3 |
Production costs [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (1,281) | (481) | (478) |
Production costs [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (975) | (489) | (486) |
Production costs [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (313) | ||
Production costs [member] | Operating segments [member] | Corporate/Other [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 7 | 8 | 8 |
Royalties excise and levies [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (596) | (218) | (82) |
Royalties excise and levies [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (540) | (218) | (82) |
Royalties excise and levies [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (39) | ||
Royalties excise and levies [member] | Operating segments [member] | Corporate/Other [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (17) | ||
Inventory movement [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 41 | 17 | (32) |
Inventory movement [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 44 | 17 | (32) |
Inventory movement [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (3) | ||
Costs of production [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (1,879) | (713) | (623) |
Costs of production [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (1,506) | (722) | (632) |
Costs of production [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (362) | ||
Costs of production [member] | Operating segments [member] | Corporate/Other [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (11) | 9 | 9 |
Shipping and direct sales costs [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (279) | (210) | (111) |
Shipping and direct sales costs [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (312) | (197) | (146) |
Shipping and direct sales costs [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (36) | ||
Shipping and direct sales costs [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (73) | (45) | (3) |
Shipping and direct sales costs [member] | Operating segments [member] | Corporate/Other [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 142 | 32 | 38 |
Trading costs [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (1,777) | (1,495) | (211) |
Trading costs [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (14) | (3) | (4) |
Trading costs [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (1,763) | (1,492) | (207) |
Other hydrocarbon costs [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (19) | (6) | (4) |
Other hydrocarbon costs [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (19) | (6) | (4) |
Other cost of sales [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (4) | (12) | |
Other cost of sales [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (4) | (11) | |
Other cost of sales [member] | Operating segments [member] | Corporate/Other [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (1) | ||
Movement in onerous contract provision [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 216 | 140 | (347) |
Movement in onerous contract provision [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 216 | 140 | (347) |
Total other cost of sales [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (1,863) | (1,583) | (673) |
Total other cost of sales [member] | Operating segments [member] | Australia [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (349) | (217) | (154) |
Total other cost of sales [member] | Operating segments [member] | International [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (36) | ||
Total other cost of sales [member] | Operating segments [member] | Marketing [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (1,620) | (1,397) | (557) |
Total other cost of sales [member] | Operating segments [member] | Corporate/Other [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | $ 142 | $ 31 | $ 38 |
Segment Revenue and Expenses _4
Segment Revenue and Expenses - Summary of Earnings (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||||
Revenue from sale of liquified natural gas | $ 16,817 | $ 6,962 | $ 3,600 | |
Impairment loss | 10 | 5,269 | ||
Gains (losses) on change in fair value of derivatives | 960 | 31 | 31 | |
BHP Petroleum International Pty Ltd [member] | ||||
Disclosure of operating segments [line items] | ||||
Acquisition related costs paid classified as operating activities | $ 419 | 357 | ||
Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue from contracts with customers | 16,790 | 6,923 | ||
Sub-lease income | 27 | 39 | ||
Movement in onerous contract provision, Changes in estimates | 245 | 95 | 54 | |
Movement in onerous contract provision, Provision used | 29 | 45 | 41 | |
Costs relating to exit from exploration licences | 142 | |||
Other trading income | 67 | |||
Net foreign exchange gain | 44 | |||
Costs of unsuccessful wells | 56 | |||
Capitalised costs written off | 209 | |||
Gain (loss) on hedge ineffectiveness | 91 | |||
Exit fee | 33 | |||
Revenue from sale of liquified natural gas | 16,817 | 6,962 | 3,600 | |
Onerous contract provision | 447 | |||
Movement in onerous contract provision, Revision of discount rates | 5 | |||
Impairment loss | (10) | (5,269) | ||
Revaluation gain on assets | 427 | |||
Variable consideraion | 71 | |||
Operating segments [member] | Exploration and evaluation assets [member] | ||||
Disclosure of operating segments [line items] | ||||
Impairment loss | 1,557 | |||
Operating segments [member] | Oil and gas assets [member] | ||||
Disclosure of operating segments [line items] | ||||
Impairment loss | 3,712 | |||
Operating segments [member] | Australia segment [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue from sale of liquified natural gas | 12,299 | 5,240 | 3,421 | |
Impairment loss | $ (10) | (3,971) | ||
Operating segments [member] | Adjustment [member] | Australia segment [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue from sale of liquified natural gas | $ 113 | |||
Corporates Or Others 2022 | ||||
Disclosure of operating segments [line items] | ||||
Costs of unsuccessful wells | $ 125 |
Segment Revenue and Expenses _5
Segment Revenue and Expenses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Information about major customers | two major customers | ||
Operating segments [member] | Australia Operating Segment [member] | |||
Disclosure of operating segments [line items] | |||
Information about major customers | two major customers | two major customers | |
Major Customer One [member] | |||
Disclosure of operating segments [line items] | |||
Percentage of entity revenue | 12% | ||
Major Customer One [member] | Operating segments [member] | Australia Operating Segment [member] | |||
Disclosure of operating segments [line items] | |||
Percentage of entity revenue | 8% | 15% | |
Major Customer Two [member] | |||
Disclosure of operating segments [line items] | |||
Percentage of entity revenue | 9% | ||
Major Customer Two [member] | Operating segments [member] | Australia Operating Segment [member] | |||
Disclosure of operating segments [line items] | |||
Percentage of entity revenue | 6% | 13% |
Finance Costs - Summary of Fina
Finance Costs - Summary of Finance Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance Costs [abstract] | |||
Interest on interest-bearing liabilities | $ 212 | $ 201 | $ 237 |
Interest on lease liabilities | 103 | 97 | 86 |
Accretion charge | 110 | 29 | 32 |
Other finance costs | 36 | 26 | 29 |
Less: Finance costs capitalised against qualifying assets | (294) | (123) | (57) |
Finance costs | $ 167 | $ 230 | $ 327 |
Dividends Paid and Proposed - S
Dividends Paid and Proposed - Summary of Woodside Energy Group Ltd the Parent Entity Paid and Proposed Dividends (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Detailed Information About Paid and Proposed Dividends [Line Items] | |||
Prior year fully franked final dividend | $ 1,018 | $ 115 | $ 518 |
Current year fully franked interim dividend | 2,070 | 289 | 248 |
Total | 3,088 | 404 | 766 |
Final dividend | $ 2,734 | $ 1,018 | $ 115 |
Current year dividends per share (US cents) | $ 2.53 | $ 1.35 | $ 0.38 |
Dividends Paid and Proposed -_2
Dividends Paid and Proposed - Summary of Woodside Energy Group Ltd the Parent Entity Paid and Proposed Dividends (Parenthetical) (Detail) - $ / shares | Apr. 05, 2023 | Oct. 06, 2022 | Mar. 23, 2022 | Sep. 24, 2021 | Mar. 24, 2021 | Sep. 18, 2020 | Mar. 20, 2020 |
Disclosure of Detailed Information About Paid and Proposed Dividends [Line Items] | |||||||
Prior year fully franked final dividend, Per share | $ 1.05 | $ 0.12 | $ 0.55 | ||||
Current year fully franked interim dividend, Per share | $ 1.09 | $ 0.3 | $ 0.26 | ||||
Final dividend, Per share | $ 1.44 | $ 1.05 | $ 0.12 |
Earnings_(Losses) Per Share - S
Earnings/(Losses) Per Share - Summary of Earnings/(Losses) Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Profit/(loss) attributable to equity holders of the parent | $ 6,498 | $ 1,983 | $ (4,028) |
Weighted average number of shares on issue for basic earnings/(loss) per share | 1,511,257,404 | 962,604,811 | 951,113,086 |
Effect of dilution from contingently issuable shares | 13,061,376 | 9,023,439 | |
Weighted average number of shares on issue adjusted for the effect of dilution | 1,524,318,780 | 971,628,250 | 951,113,086 |
Basic earnings/(losses) per share | $ 4.30 | $ 2.06 | $ (4.235) |
Diluted earnings/(losses) per share | $ 4.263 | $ 2.041 | $ (4.235) |
Earnings_(Losses) Per Share - A
Earnings/(Losses) Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | |||
Dilutive effect of share options on number of ordinary shares | 13,061,376 | 9,023,439 | |
Antidilutive shares | 9,392,203 | ||
Woodside Employee Share Plan [member] | |||
Earnings per share [line items] | |||
Dilutive effect of share options on number of ordinary shares | 13,061,376 | 9,023,439 |
Taxes - Summary of Components o
Taxes - Summary of Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Income tax expense/(benefit) | $ 2,912 | $ 957 | $ (1,026) |
Tax expense/(benefit) | 2,599 | 1,254 | (1,465) |
Petroleum Resource Rent Tax [member] | |||
Major components of tax expense (income) [abstract] | |||
Current tax expense | 501 | 0 | 0 |
Deferred tax (benefit)/expense | (814) | 297 | (439) |
Income tax expense/(benefit) | (313) | 297 | (439) |
Income Tax [member] | |||
Major components of tax expense (income) [abstract] | |||
Current tax expense | 2,256 | 658 | 275 |
Deferred tax (benefit)/expense | 701 | 301 | (1,308) |
Current tax (benefit)/expense | (276) | (20) | 16 |
Deferred tax expense/(benefit) | 231 | 18 | (9) |
Income tax expense/(benefit) | $ 2,912 | $ 957 | $ (1,026) |
Taxes - Summary of Reconciliati
Taxes - Summary of Reconciliation of Effective and Applicable Income Tax Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Reconciliation Of Effective And Applicable Income Tax Expenses [Line Items] | |||
Profit/(loss) before tax | $ 9,174 | $ 3,290 | $ (5,440) |
PRRT benefit/(expense) | (313) | 297 | (439) |
Tax expense/(benefit) | 2,912 | 957 | (1,026) |
Income Tax [Member] | |||
Disclosure Of Reconciliation Of Effective And Applicable Income Tax Expenses [Line Items] | |||
Profit/(loss) before tax | 9,174 | 3,290 | (5,440) |
PRRT benefit/(expense) | 313 | (297) | 439 |
Profit/(loss) before income tax | 9,487 | 2,993 | (5,001) |
Income tax expense/(benefit) calculated at 30% | 2,847 | 898 | (1,500) |
Effect of tax rate differentials | (141) | (42) | 192 |
Effect of deferred tax assets not recognised | 150 | 114 | 270 |
Foreign exchange impact on tax (benefit)/expense | (44) | (18) | 3 |
Adjustment to prior years | (45) | (2) | 7 |
Integration and transaction costs non-deductible | 142 | 0 | 0 |
Other | 3 | 7 | 2 |
Tax expense/(benefit) | 2,912 | 957 | (1,026) |
Petroleum Resource Rent Tax [member] | |||
Disclosure Of Reconciliation Of Effective And Applicable Income Tax Expenses [Line Items] | |||
Profit/(loss) before tax | 9,174 | 3,290 | (5,440) |
Non-PRRT assessable (profit)/loss | (6,197) | (2,134) | 3,080 |
PRRT projects profit/(loss) before tax | 2,977 | 1,156 | (2,360) |
Income tax expense/(benefit) calculated at 30% | 1,191 | 462 | (944) |
(Recognition)/derecognition of Pluto general expenditure | (1,362) | 0 | 627 |
Augmentation | (175) | (166) | (138) |
Other | 33 | 1 | 16 |
Tax expense/(benefit) | $ (313) | $ 297 | $ (439) |
Taxes - Summary of Reconcilia_2
Taxes - Summary of Reconciliation of Effective and Applicable Income Tax Expenses (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Petroleum Resource Rent Tax [member] | |
Disclosure Of Reconciliation Of Effective And Applicable Income Tax Expenses [Line Items] | |
Applicable tax rate | 30% |
Income Tax [Member] | |
Disclosure Of Reconciliation Of Effective And Applicable Income Tax Expenses [Line Items] | |
Applicable tax rate | 40% |
Taxes - Summary of Reconcilia_3
Taxes - Summary of Reconciliation of Deferred Tax Income Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | $ 118 | $ 616 | $ (1,756) |
Petroleum Resource Rent Tax [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | (814) | 297 | (439) |
Petroleum Resource Rent Tax [member] | Production and growth assets [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | (710) | 455 | (242) |
Petroleum Resource Rent Tax [member] | Augmentation for current year [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | (175) | (166) | (138) |
Petroleum Resource Rent Tax [member] | Provisions [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | (12) | (29) | (32) |
Petroleum Resource Rent Tax [member] | Other [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 83 | 37 | (27) |
Income Tax [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 932 | 319 | (1,317) |
Income Tax [member] | Oil and gas properties [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 292 | 674 | (981) |
Income Tax [member] | Exploration and evaluation assets [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 14 | (204) | (210) |
Income Tax [member] | Lease assets and liabilities [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 25 | 1 | (16) |
Income Tax [member] | Provisions [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 151 | (10) | (106) |
Income Tax [member] | PRRT assets and liabilities [Member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 236 | (88) | 134 |
Income Tax [member] | Unused tax losses and tax credits [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 19 | 149 | (149) |
Income Tax [member] | Assets held for sale [Member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 205 | (205) | |
Income Tax [member] | Derivatives [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | 21 | (11) | 16 |
Income Tax [member] | Other [member] | |||
Disclosure Of Reconciliation Of Deferred tax income statement [Line Items] | |||
Deferred tax expense/(benefit) | $ (31) | $ 13 | $ (5) |
Taxes - Summary of Income Tax R
Taxes - Summary of Income Tax Relating to Components of Deferred Tax Other Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Income Tax Relating To Components Of Deferred Tax Other Comprehensive Income [Line Items] | |||
Deferred income tax (benefit)/expense via other comprehensive income | $ (66) | $ 10 | $ (19) |
Derivatives [member] | |||
Disclosure Of Income Tax Relating To Components Of Deferred Tax Other Comprehensive Income [Line Items] | |||
Deferred income tax (benefit)/expense via other comprehensive income | (64) | 5 | (25) |
Other [member] | |||
Disclosure Of Income Tax Relating To Components Of Deferred Tax Other Comprehensive Income [Line Items] | |||
Deferred income tax (benefit)/expense via other comprehensive income | $ (2) | $ 5 | $ 6 |
Taxes - Summary of Effective In
Taxes - Summary of Effective Income Tax Rate (Detail) - Income Tax [member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Australia [member] | |||
Disclosure Of Effective Income Tax Rate [Line Items] | |||
Effective income tax rate | 30% | 30.60% | 29.60% |
Global [member] | |||
Disclosure Of Effective Income Tax Rate [Line Items] | |||
Effective income tax rate | 30.70% | 32% | 20.50% |
Taxes - Summary of Effective _2
Taxes - Summary of Effective Income Tax Rate (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Pluto PRRT Deferred Tax Asset [Member] | |
Disclosure Of Effective Income Tax Rate [Line Items] | |
Increase (decrease) in deferred tax asset | $ 1,362 |
Taxes - Summary of Reconcilia_4
Taxes - Summary of Reconciliation of Deferred Tax Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | $ 1,959 | $ 1,007 |
Deferred tax liabilities | 2,457 | 878 |
Petroleum Resource Rent Tax [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 1,821 | 1,007 |
Deferred tax liabilities | 613 | |
Petroleum Resource Rent Tax [member] | Production and growth assets [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 1,460 | 767 |
Deferred tax liabilities | 1,281 | |
Petroleum Resource Rent Tax [member] | Augmentation for current year [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 113 | 166 |
Deferred tax liabilities | (62) | |
Petroleum Resource Rent Tax [member] | Provisions [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 271 | 75 |
Deferred tax liabilities | (743) | |
Petroleum Resource Rent Tax [member] | Other [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | (23) | (1) |
Deferred tax liabilities | 137 | |
Income Tax [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 1,959 | 1,007 |
Deferred tax liabilities | 2,457 | 878 |
Income Tax [member] | Provisions [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 60 | |
Deferred tax liabilities | (1,280) | (706) |
Income Tax [member] | Other [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 34 | |
Deferred tax liabilities | (89) | (32) |
Income Tax [member] | Oil and gas properties [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | (1,496) | |
Deferred tax liabilities | 2,857 | 1,520 |
Income Tax [member] | Exploration and evaluation assets [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 30 | |
Deferred tax liabilities | 67 | 51 |
Income Tax [member] | Lease assets and liabilities [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 23 | |
Deferred tax liabilities | (22) | (38) |
Income Tax [member] | PRRT assets and liabilities [Member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax liabilities | 347 | 303 |
Income Tax [member] | Unused tax losses and tax credits [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 1,464 | |
Income Tax [member] | Assets held for sale [Member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax liabilities | (205) | |
Income Tax [member] | Derivatives [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 23 | |
Deferred tax liabilities | (36) | (15) |
Income Tax [member] | Income tax deferred tax [member] | ||
Disclosure Of Reconciliation Of Deferred Tax Balance Sheet [Line Items] | ||
Deferred tax assets | 138 | |
Deferred tax liabilities | $ 1,844 | $ 878 |
Taxes - Additional Information
Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Components Of Income Tax Expense [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 497 | |
Recognised Deferred tax assets | $ 1,959 | $ 1,007 |
Long term bond rate | 3.20% | 1.50% |
Temporary Difference Pluto Quarantined Exploration Expenditure [Member] | ||
Disclosure Of Components Of Income Tax Expense [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 189 | $ 1,432 |
Temporary Difference North West Shelf Project [Member] | ||
Disclosure Of Components Of Income Tax Expense [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 6,523 | 4,507 |
Temporary Difference Wheatstone [Member] | ||
Disclosure Of Components Of Income Tax Expense [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 831 | 1,071 |
Pluto PRRT Deferred Tax Asset [Member] | ||
Disclosure Of Components Of Income Tax Expense [Line Items] | ||
Increase (decrease) in deferred tax liability (asset) | 1,362 | |
USA Tax Consolidation Group [Member] | Unused tax losses and credits [Member] | ||
Disclosure Of Components Of Income Tax Expense [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 250 | |
Recognised Deferred tax assets | 1,371 | 0 |
Other Than Australia And The USA [Member] | Unused tax losses and credits [Member] | ||
Disclosure Of Components Of Income Tax Expense [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 1,061 | |
Recognised Deferred tax assets | 93 | $ 0 |
Outside Of The USA TCG [Member] | Unused tax losses and credits [Member] | ||
Disclosure Of Components Of Income Tax Expense [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 146 |
Segment Production And Growth_3
Segment Production And Growth Assets - Summary of Segment Production and Growth Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | [1] | $ 39,919 | $ 18,649 | ||
Australia [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | 529 | 546 | [2] | ||
Total oil and gas properties | 25,155 | 16,226 | [2] | ||
Total lease assets | 307 | 209 | [2] | ||
Additions to exploration and evaluation | 19 | [3] | 458 | [2] | |
Additions to oil and gas properties | 2,021 | [3] | 1,135 | [2] | |
Additions to lease assets | [3] | 143 | |||
Australia [member] | Land and buildings [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 802 | 738 | [2] | ||
Total lease assets | 93 | 76 | [2] | ||
Additions to lease assets | [3] | 4 | |||
Australia [member] | Transferred exploration and evaluation [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 481 | 526 | [2] | ||
Australia [member] | Plant and equipment [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 18,249 | 12,316 | [2] | ||
Total lease assets | 214 | 133 | [2] | ||
Additions to lease assets | [3] | 139 | |||
Australia [member] | Projects in development [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 5,623 | [4] | 2,646 | [2] | |
Australia [member] | Exploration [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to exploration and evaluation | 1 | [3] | 1 | [2] | |
Australia [member] | Evaluation [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to exploration and evaluation | 19 | [3] | 451 | [2] | |
Australia [member] | Restoration [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to exploration and evaluation | (1) | [3],[5] | 6 | [2] | |
Additions to oil and gas properties | (346) | [3] | 18 | [2] | |
Australia [member] | Oil And Gas Properties [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to oil and gas properties | 2,252 | [3] | 1,071 | [2] | |
Australia [member] | Capitalised borrowings costs [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to oil and gas properties | 115 | [3],[6] | 46 | [2],[7] | |
Australia [member] | Asia Pacific [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | 529 | 546 | [2] | ||
International [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | 278 | 68 | [2] | ||
Total oil and gas properties | 14,479 | 2,198 | [2] | ||
Total lease assets | 238 | 187 | [2] | ||
Additions to exploration and evaluation | 221 | [3] | 43 | [2] | |
Additions to oil and gas properties | 1,711 | [3] | 1,142 | [2] | |
Additions to lease assets | 90 | [3] | 228 | [2] | |
International [member] | Land and buildings [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 37 | ||||
Total lease assets | 107 | 11 | [2] | ||
Additions to lease assets | [2] | 14 | |||
International [member] | Plant and equipment [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 4,647 | 3 | [2] | ||
Total lease assets | 131 | 176 | [2] | ||
Additions to lease assets | 90 | [3] | 214 | [2] | |
International [member] | Projects in development [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 9,795 | [4] | 2,195 | [2] | |
International [member] | Exploration [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to exploration and evaluation | 121 | [3] | 41 | [2] | |
International [member] | Evaluation [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to exploration and evaluation | 100 | [3] | 2 | [2] | |
International [member] | Restoration [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to oil and gas properties | (28) | [3] | 14 | [2] | |
International [member] | Oil And Gas Properties [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to oil and gas properties | 1,560 | [3] | 1,051 | [2] | |
International [member] | Capitalised borrowings costs [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to oil and gas properties | 179 | [3],[6] | 77 | [2],[7] | |
International [member] | Americas [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | 240 | ||||
International [member] | Africa [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | 38 | 68 | [2] | ||
Marketing [member] | |||||
Disclosure of operating segments [line items] | |||||
Total lease assets | [2] | 1 | |||
Marketing [member] | Land and buildings [member] | |||||
Disclosure of operating segments [line items] | |||||
Total lease assets | [2] | 1 | |||
Corporate/Other [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 285 | 225 | [2] | ||
Total lease assets | 719 | 683 | [2] | ||
Additions to oil and gas properties | 92 | [3] | 57 | [2] | |
Additions to lease assets | [3] | 9 | |||
Corporate/Other [member] | Land and buildings [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 1 | 1 | [2] | ||
Total lease assets | 264 | 289 | [2] | ||
Corporate/Other [member] | Plant and equipment [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 161 | 146 | [2] | ||
Total lease assets | 455 | 394 | [2] | ||
Additions to lease assets | [3] | 9 | |||
Corporate/Other [member] | Projects in development [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 123 | [4] | 78 | [2] | |
Corporate/Other [member] | Oil And Gas Properties [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to oil and gas properties | 92 | [3] | 57 | [2] | |
Consolidated [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | 807 | 614 | |||
Total oil and gas properties | 39,919 | 18,649 | |||
Total lease assets | 1,264 | 1,080 | |||
Additions to exploration and evaluation | 240 | [3] | 501 | ||
Additions to oil and gas properties | 3,824 | [3] | 2,334 | ||
Additions to lease assets | 242 | [3] | 228 | ||
Consolidated [member] | Land and buildings [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 840 | 739 | |||
Total lease assets | 464 | 377 | |||
Additions to lease assets | 4 | [3] | 14 | ||
Consolidated [member] | Transferred exploration and evaluation [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 481 | 526 | |||
Consolidated [member] | Plant and equipment [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 23,057 | 12,465 | |||
Total lease assets | 800 | 703 | |||
Additions to lease assets | 238 | [3] | 214 | ||
Consolidated [member] | Projects in development [member] | |||||
Disclosure of operating segments [line items] | |||||
Total oil and gas properties | 15,541 | [4] | 4,919 | ||
Consolidated [member] | Exploration [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to exploration and evaluation | 122 | [3] | 42 | ||
Consolidated [member] | Evaluation [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to exploration and evaluation | 119 | [3] | 453 | ||
Consolidated [member] | Restoration [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to exploration and evaluation | (1) | [3],[5] | 6 | ||
Additions to oil and gas properties | (374) | [3] | 32 | ||
Consolidated [member] | Oil And Gas Properties [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to oil and gas properties | 3,904 | [3] | 2,179 | ||
Consolidated [member] | Capitalised borrowings costs [member] | |||||
Disclosure of operating segments [line items] | |||||
Additions to oil and gas properties | 294 | [3],[6] | 123 | [7] | |
Consolidated [member] | Asia Pacific [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | 529 | 546 | |||
Consolidated [member] | Americas [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | 240 | ||||
Consolidated [member] | Africa [member] | |||||
Disclosure of operating segments [line items] | |||||
Total exploration and evaluation | $ 38 | $ 68 | |||
[1]Oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis.[2]The 2021 amounts have been restated to reflect the changes in operating segments. Refer to ‘Operating segment information’ in Note A.1 for details. In addition, oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis.[3]Additions exclude acquisitions through business combinations.[4]Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations.[5]Relates to changes in restoration provision assumptions.[6]Borrowing costs capitalised were at a weighted average interest rate of 3.8%.[7]Borrowing costs capitalised were at a weighted average interest rate of 3.6%. |
Segment Production And Growth_4
Segment Production And Growth Assets - Summary of Segment Production and Growth Assets (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | ||
Capitalisation rate of borrowing costs eligible for capitalisation | 3.80% | 3.60% |
Exploration And Evaluation - Su
Exploration And Evaluation - Summary of Exploration And Evaluation (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Exploration commitments | $ 7,762 | $ 7,875 | ||
Exploration and evaluation assets [member] | Asia Pacific [Member] | ||||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Exploration commitments | 1 | 16 | [1] | |
Exploration and evaluation assets [member] | Asia Pacific [Member] | Carrying Amounts [member] | ||||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Carrying amount, Beginning balance | [1] | 546 | 1,981 | |
Additions | 19 | 494 | [1] | |
Expensed | [1],[2] | (265) | ||
Transferred exploration and evaluation | (36) | (1,664) | [1] | |
Carrying amount, Ending balance | 529 | 546 | [1] | |
Exploration and evaluation assets [member] | Americas [Member] | ||||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Exploration commitments | 1 | 1 | [1] | |
Exploration and evaluation assets [member] | Americas [Member] | Carrying Amounts [member] | ||||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Acquisitions through business combination | [3] | 180 | ||
Additions | 204 | |||
Disposals | (10) | |||
Amortisation of licence acquisition costs | (8) | |||
Expensed | [2] | (126) | ||
Carrying amount, Ending balance | 240 | |||
Exploration and evaluation assets [member] | Africa [Member] | ||||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Exploration commitments | 27 | 77 | [1] | |
Exploration and evaluation assets [member] | Africa [Member] | Carrying Amounts [member] | ||||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Carrying amount, Beginning balance | [1] | 68 | 64 | |
Additions | 17 | 7 | [1] | |
Amortisation of licence acquisition costs | (2) | (3) | [1] | |
Expensed | [2] | (45) | ||
Carrying amount, Ending balance | 38 | 68 | [1] | |
Exploration and evaluation assets [member] | Other [member] | ||||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Exploration commitments | 29 | 94 | [1] | |
Exploration and evaluation assets [member] | Other [member] | Carrying Amounts [member] | ||||
Disclosure of detailed information about exploration and evaluation [line items] | ||||
Carrying amount, Beginning balance | [1] | 614 | 2,045 | |
Acquisitions through business combination | [3] | 180 | ||
Additions | 240 | 501 | [1] | |
Disposals | (10) | |||
Amortisation of licence acquisition costs | (10) | (3) | [1] | |
Expensed | [2] | (171) | (265) | [1] |
Transferred exploration and evaluation | (36) | (1,664) | [1] | |
Carrying amount, Ending balance | $ 807 | $ 614 | [1] | |
[1]Oceania and Asia have been presented within Asia Pacific for the year ended 31 December 2022. The 2021 amounts have been reclassified to be presented on the same basis.[2]$125 million (2021: $56 million) relates to costs of unsuccessful wells. For the year ended 31 December 2021, $209 million relates to capitalised costs written off due to the Group’s decision to withdraw its interests in Myanmar.[3]Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. |
Exploration And Evaluation - _2
Exploration And Evaluation - Summary of Exploration And Evaluation (Parenthetical) (Detail) - Corporates Or Others 2022 [member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Disclosure of detailed information about exploration and evaluation [line items] | ||
Cost of unsuccessful wells | $ 56 | $ 125 |
Capitalised cost of written of during period | $ 209 |
Oil And Gas Properties - Summar
Oil And Gas Properties - Summary of Oil And Gas Properties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | $ 18,649 | |||
At the end of the financial year | [1] | 39,919 | $ 18,649 | ||
Oil and gas assets [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 18,649 | |||
At the end of the financial year | 39,919 | 18,649 | [1] | ||
Oil and gas assets [member] | Gross carrying amount [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 18,649 | 15,466 | ||
Acquisitions through business combinations | [2] | 19,353 | |||
Additions | 3,824 | [3] | 2,334 | [1] | |
Disposals at written down value | (45) | (30) | [1] | ||
Depreciation and amortisation | (2,798) | (1,579) | [1] | ||
Completions and transfers | 36 | 1,664 | [1] | ||
Impairment reversal | [4] | 900 | 1,058 | [1] | |
Impairment losses | [1],[4] | (10) | |||
Transfer to non-current assets held for sale | [1],[5] | (254) | |||
At the end of the financial year | 39,919 | 18,649 | [1] | ||
Oil and gas assets [member] | Historical Cost [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 41,313 | |||
At the end of the financial year | 64,513 | 41,313 | [1] | ||
Oil and gas assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | (22,664) | |||
At the end of the financial year | (24,594) | (22,664) | [1] | ||
Oil and gas assets [member] | Land and buildings [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 739 | |||
At the end of the financial year | 840 | 739 | [1] | ||
Oil and gas assets [member] | Land and buildings [member] | Gross carrying amount [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 739 | 749 | ||
Acquisitions through business combinations | [2] | 64 | |||
Disposals at written down value | (3) | (2) | [1] | ||
Depreciation and amortisation | (54) | (51) | [1] | ||
Completions and transfers | 7 | 11 | [1] | ||
Impairment reversal | [4] | 87 | 44 | [1] | |
Impairment losses | [1],[4] | (10) | |||
Transfer to non-current assets held for sale | [1],[5] | (2) | |||
At the end of the financial year | 840 | 739 | [1] | ||
Oil and gas assets [member] | Land and buildings [member] | Historical Cost [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 1,701 | |||
At the end of the financial year | 1,765 | 1,701 | [1] | ||
Oil and gas assets [member] | Land and buildings [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | (962) | |||
At the end of the financial year | (925) | (962) | [1] | ||
Oil and gas assets [member] | Transferred exploration and evaluation [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 526 | |||
At the end of the financial year | 481 | 526 | [1] | ||
Oil and gas assets [member] | Transferred exploration and evaluation [member] | Gross carrying amount [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 526 | 431 | ||
Disposals at written down value | (10) | ||||
Depreciation and amortisation | (107) | (79) | [1] | ||
Completions and transfers | 42 | 108 | [1] | ||
Impairment reversal | [4] | 30 | 66 | [1] | |
At the end of the financial year | 481 | 526 | [1] | ||
Oil and gas assets [member] | Transferred exploration and evaluation [member] | Historical Cost [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 1,495 | |||
At the end of the financial year | 1,538 | 1,495 | [1] | ||
Oil and gas assets [member] | Transferred exploration and evaluation [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | (969) | |||
At the end of the financial year | (1,057) | (969) | [1] | ||
Oil and gas assets [member] | Plant and equipment [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 12,465 | |||
At the end of the financial year | 23,057 | 12,465 | [1] | ||
Oil and gas assets [member] | Plant and equipment [member] | Gross carrying amount [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 12,465 | 12,091 | ||
Acquisitions through business combinations | [2] | 11,952 | |||
Additions | (508) | [3] | 13 | [1] | |
Disposals at written down value | (32) | (6) | [1] | ||
Depreciation and amortisation | (2,637) | (1,449) | [1] | ||
Completions and transfers | 1,034 | 905 | [1] | ||
Impairment reversal | [4] | 783 | 911 | [1] | |
At the end of the financial year | 23,057 | 12,465 | [1] | ||
Oil and gas assets [member] | Plant and equipment [member] | Historical Cost [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 32,796 | |||
At the end of the financial year | 45,273 | 32,796 | [1] | ||
Oil and gas assets [member] | Plant and equipment [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | (20,331) | |||
At the end of the financial year | (22,216) | (20,331) | [1] | ||
Oil and gas assets [member] | Projects in development [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 4,919 | |||
At the end of the financial year | 15,541 | 4,919 | [1] | ||
Oil and gas assets [member] | Projects in development [member] | Gross carrying amount [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 4,919 | 2,195 | ||
Acquisitions through business combinations | [2] | 7,337 | |||
Additions | 4,332 | [3] | 2,321 | [1] | |
Disposals at written down value | [1] | (22) | |||
Completions and transfers | (1,047) | 640 | [1] | ||
Impairment reversal | [1],[4] | 37 | |||
Transfer to non-current assets held for sale | [1],[5] | (252) | |||
At the end of the financial year | 15,541 | 4,919 | [1] | ||
Oil and gas assets [member] | Projects in development [member] | Historical Cost [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | 5,321 | |||
At the end of the financial year | 15,937 | 5,321 | [1] | ||
Oil and gas assets [member] | Projects in development [member] | Accumulated depreciation, amortisation and impairment [member] | |||||
Disclosure of detailed information about oil and gas properties [line items] | |||||
At the beginning of the financial year | [1] | (402) | |||
At the end of the financial year | $ (396) | $ (402) | [1] | ||
[1]Oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis.[2]Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations.[3]Includes $3,904 million of capital additions and $294 million of capitalised borrowing costs offset by $374 million following changes in restoration provision assumptions.[4]Refer to Note B.4 for details on impairment losses and impairment reversals.[5]Refer to Note B.7 for details on non-current assets held for sale. |
Oil And Gas Properties - Summ_2
Oil And Gas Properties - Summary of Detailed Information About Oil And Gas Properties (Parentheticals) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure Of Detailed Information About Oil And Gas Properties [Abstract] | |
Capital additions | $ 3,904 |
Capitalised borrowing costs | 294 |
Changes in revaluation of assets | $ 374 |
Oil And Gas Properties - Additi
Oil And Gas Properties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Capital commitments | $ 7,762 | $ 7,875 |
Bottom of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets | 5 years | |
Top of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets | 50 years | |
Buildings [member] | Bottom of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets | 24 years | |
Buildings [member] | Top of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets | 50 years | |
Plant and equipment [member] | Bottom of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets | 2 years | |
Plant and equipment [member] | Top of range [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets | 40 years |
Impairment of Exploration and_3
Impairment of Exploration and Evaluation and Oil and Gas Properties - Summary of Carrying Amount of Goodwill Allocated to CGUs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of information for cash-generating units [line items] | ||
Goodwill | $ 4,614 | |
WDS Australia Segment [Member] | WDS Pluto Scarborough [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 2,955 | |
Excess of recoverable amount | 7,656 | |
WDS Australia Segment [Member] | NWS Gas [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 394 | |
Excess of recoverable amount | 1,399 | |
WDS International Segment [Member] | WDS Shenzi [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 469 | |
Excess of recoverable amount | 401 | |
WDS International Segment [Member] | WDS Atlantis [Member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 513 | |
Excess of recoverable amount | 189 | |
WDS International Segment [Member] | Other [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Goodwill | 283 | |
Excess of recoverable amount | $ 107 |
Impairment of Exploration and_4
Impairment of Exploration and Evaluation and Oil and Gas Properties - Summary of Carrying Amount of Goodwill Allocated to CGUs (Parentheticals) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of information for cash-generating units [line items] | ||
Carrying amount of goodwill | $ 4,614 |
Impairment Of Exploration And_5
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Summary of Impairment Loss Recognized Or Reversed For Cash Generating Unit (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Recoverable amount | $ 19,899 | |
Impairment reversal | $ 900 | 1,058 |
Producing And Development [member] | Pluto Scarborough [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Recoverable amount | 17,474 | |
Producing [member] | North West Shelf [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Recoverable amount | 2,425 | |
Oil And Gas Properties [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 900 | 1,058 |
Oil And Gas Properties [member] | WDS Australia Segment [Member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Recoverable amount | 3,456 | |
Oil And Gas Properties [member] | Producing And Development [member] | Pluto Scarborough [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 682 | |
Oil And Gas Properties [member] | Producing [member] | North West Shelf [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 376 | |
Oil And Gas Properties [member] | Land and buildings [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 87 | 44 |
Oil And Gas Properties [member] | Land and buildings [member] | Producing And Development [member] | Pluto Scarborough [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 42 | |
Oil And Gas Properties [member] | Land and buildings [member] | Producing [member] | North West Shelf [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 2 | |
Oil And Gas Properties [member] | Transferred exploration and evaluation [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 30 | 66 |
Oil And Gas Properties [member] | Transferred exploration and evaluation [member] | Producing And Development [member] | Pluto Scarborough [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 53 | |
Oil And Gas Properties [member] | Transferred exploration and evaluation [member] | Producing [member] | North West Shelf [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 13 | |
Oil And Gas Properties [member] | Plant and equipment [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | $ 783 | 911 |
Oil And Gas Properties [member] | Plant and equipment [member] | Producing And Development [member] | Pluto Scarborough [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 563 | |
Oil And Gas Properties [member] | Plant and equipment [member] | Producing [member] | North West Shelf [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 348 | |
Oil And Gas Properties [member] | Projects in development [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 37 | |
Oil And Gas Properties [member] | Projects in development [member] | Producing And Development [member] | Pluto Scarborough [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | 24 | |
Oil And Gas Properties [member] | Projects in development [member] | Producing [member] | North West Shelf [member] | ||
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items] | ||
Impairment reversal | $ 13 |
Impairment Of Exploration And_6
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Summary of Sensitivity Analysis of Fair Value Measurement To Changes In Unobservable Inputs, Assets Oil And Gas Properties (Detail) - Producing [member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Wheatstone [member] | |||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |||
Increase | $ 116 | ||
Decrease | $ (43) | ||
Discount rate, measurement input [member] | Oil And Gas Properties [member] | Wheatstone [member] | |||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |||
Increase | [1],[2],[3] | $ (159) | |
Decrease | [3] | 178 | |
Discount rate, measurement input [member] | Oil And Gas Properties [member] | NWS Oil Okha [member] | |||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |||
Increase | [1],[2],[3] | (4) | |
Decrease | [3] | 4 | |
Brent Price Measurement Input [member] | Oil And Gas Properties [member] | North West Shelf [member] | |||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |||
Decrease | [3] | (13) | |
Brent Price Measurement Input [member] | Oil And Gas Properties [member] | Wheatstone [member] | |||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |||
Increase | [3] | 438 | |
Decrease | [3] | (438) | |
Brent Price Measurement Input [member] | Oil And Gas Properties [member] | NWS Oil Okha [member] | |||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |||
Increase | [3] | 39 | |
Decrease | [3] | (39) | |
FX Measurement Input [member] | Oil And Gas Properties [member] | Wheatstone [member] | |||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |||
Increase | [3],[4] | (122) | |
Decrease | [3] | 122 | |
FX Measurement Input [member] | Oil And Gas Properties [member] | NWS Oil Okha [member] | |||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |||
Increase | [3],[4] | (28) | |
Decrease | [3] | $ 28 | |
[1]A change of 1% represents 100 basis points.[2]The relationship between the discount rate and carrying amount is non-linear and as such, the sensitivities are unlikely to result in a symmetrical impact. Due to the non-linear relationship, the impact of changing the discount rate is likely to be greater at a lower discount rate than at a higher discount rate.[3]The sensitivities represent reasonable possible changes to the discount rate, oil price and FX assumptions.[4]FX sensitivity of +12%/-12% was determined based on historical 5-year standard deviation of AU$/US$. |
Impairment Of Exploration And_7
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Summary of Sensitivity Analysis of Fair Value Measurement To Changes In Unobservable Inputs, Assets Oil And Gas Properties (Parenthetical) (Detail) - Oil And Gas Properties [member] | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |
Oil and gas properties measurement input description | 100 basis points |
Discount rate, measurement input [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |
Percentage of reasonably possible increase in unobservable input assets | 1% |
Percentage of reasonably possible decrease in unobservable input assets | 1% |
Brent Price Measurement Input [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |
Percentage of reasonably possible increase in unobservable input assets | 10% |
Percentage of reasonably possible decrease in unobservable input assets | 10% |
FX Measurement Input [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties [line items] | |
Percentage of reasonably possible increase in unobservable input assets | 12% |
Percentage of reasonably possible decrease in unobservable input assets | 12% |
Impairment Of Exploration And_8
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Summary of Nominal Brent Oil Prices (Detail) - bbl | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
2022 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 57 | 73 | |
2023 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 62 | 87 | 71 |
2024 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 67 | 78 | 68 |
2025 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 72 | 74 | 69 |
2026 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 73 | 76 | 70 |
2027 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 75 | 77 | 72 |
2028 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 79 | 73 |
Impairment Of Exploration And_9
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Summary of Nominal Brent Oil Prices (Parenthetical) (Detail) - bbl | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
2022 Real Terms [member] | 2024 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 65 | ||
Prices of barrel per crude oil escalation percentage annually | 2% | ||
2022 Real Terms [member] | 2025 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 70 | ||
Prices of barrel per crude oil escalation percentage annually | 2% | ||
2020 Real Terms [member] | 2024 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 65 | ||
2020 Real Terms [member] | 2025 [member] | |||
Disclosure nominal brent oil prices explanatory [line items] | |||
Nominal price per barrel of crude oil | 65 | ||
Prices of barrel per crude oil escalation percentage annually | 2% |
Impairment Of Exploration An_10
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Summary of Impairment Reversals (Detail) - Wheatstone [member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Producing [member] | |
Summary of impairment reversals [Line Items] | |
Increase | $ 116 |
Decrease | (43) |
WDS Australia Segment [Member] | |
Summary of impairment reversals [Line Items] | |
Increase | (117) |
Decrease | 127 |
Brent Price Measurement Input [member] | WDS Australia Segment [Member] | |
Summary of impairment reversals [Line Items] | |
Increase | 294 |
Decrease | (294) |
FX Measurement Input [member] | WDS Australia Segment [Member] | |
Summary of impairment reversals [Line Items] | |
Increase | (79) |
Decrease | $ 79 |
Impairment Of Exploration An_11
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Summary of Assuming all Other Variables are Held Constant (Detail) - Oil And Gs Properties [Member] - Goodwill [member] | Dec. 31, 2022 |
Shenzi [Member] | |
Disclosure In Tabular Form Of Analysis In Respect Of Input Changes So That Recoverable Value Equals To Carrying Value [Line Items] | |
Commodity price % change | 7% |
Atlantis [Member] | |
Disclosure In Tabular Form Of Analysis In Respect Of Input Changes So That Recoverable Value Equals To Carrying Value [Line Items] | |
Commodity price % change | 2% |
Nominal discount rate (absolute terms) | 10% |
Impairment Of Exploration An_12
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Summary of Assuming all Other Variables are Held Constant (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 $ / bbl | |
Shenzi And Atlantis [Member] | Oil And Gs Properties [Member] | Goodwill [member] | |
Disclosure In Tabular Form Of Analysis In Respect Of Input Changes So That Recoverable Value Equals To Carrying Value [Line Items] | |
Average sales price | 3 |
Impairment Of Exploration An_13
Impairment Of Exploration And Evaluation And Oil And Gas Properties - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) us-au t | Dec. 31, 2021 USD ($) us-au t | Dec. 31, 2020 USD ($) | |
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Goodwill | $ 4,614 | ||
Australian carbon price per tonne of emissions | t | 80 | 80 | |
Inflation rate | 2% | 2% | |
Foreign exchange rate is based on management view of long term exchnage rates | us-au | 0.75 | 0.75 | |
Impairment loss | $ 10 | $ 5,269 | |
WDS International Segment [Member] | Other [Member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Goodwill | $ 283 | ||
Oil And Gs Properties [Member] | Valuation Of Recoverable Amount Of Cash Generating Unit [Member] | Volume Of Production Of Brent Oil [Member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Percentage of reasonably possible increase in unobservable input assets | 4% | ||
Percentage of reasonably possible decrease in unobservable input assets | 4% | ||
Oil And Gs Properties [Member] | Valuation Of Recoverable Amount Of Cash Generating Unit [Member] | FX Measurement Input [Member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Percentage of reasonably possible increase in unobservable input assets | 12% | ||
Percentage of reasonably possible decrease in unobservable input assets | 12% | ||
Oil And Gs Properties [Member] | Valuation Of Recoverable Amount Of Cash Generating Unit [Member] | Brent Price Measurement Input [Member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Percentage of reasonably possible increase in unobservable input assets | 10% | ||
Percentage of reasonably possible decrease in unobservable input assets | 10% | ||
Oil And Gs Properties [Member] | Valuation Of Recoverable Amount Of Cash Generating Unit [Member] | Discount rate, measurement input [member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Percentage of reasonably possible increase in unobservable input assets | 1.50% | ||
Percentage of reasonably possible decrease in unobservable input assets | 1.50% | ||
Non-current assets held for sale [member] | Australian Operating Segment [member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Impairment loss | 10 | ||
Non-current assets held for sale [member] | Level 3 of fair value hierarchy [member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Impairment loss | $ 10 | ||
Bottom of range [member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Pre tax discount rate | 8.90% | ||
Post tax discount rate | 8% | 7.50% | |
Top of range [member] | |||
Impairment of exploration and evaluation and oil and gas properties [line items] | |||
Pre tax discount rate | 11.60% | ||
Post tax discount rate | 11.50% | 8.50% |
Business Combination - Summary
Business Combination - Summary of Purchase Consideration and the Provisional Fair Value of Goodwill Identifiable Assets and Liabilities of BHPP Acquired (Detail) - BHP Petroleum International Pty Ltd [member] - USD ($) $ in Millions | Dec. 31, 2022 | Jun. 01, 2022 |
Disclosure of detailed information about business combination [line items] | ||
Cash and cash equivalents | $ 399 | |
Receivables | 1,164 | |
Inventories | 295 | |
Investments accounted for using the equity method | 267 | |
Other financial assets | 59 | |
Other assets | 114 | |
Exploration and evaluation assets | 180 | |
Oil and gas properties | 19,353 | |
Lease assets | 142 | |
Payables | (910) | |
Provisions | (4,804) | |
Tax payable | (365) | |
Deferred tax liabilities | (576) | |
Lease liabilities | (268) | |
Other liabilities | (1,054) | |
Net identifiable assets acquired | 13,996 | |
Goodwill arising on acquisition | 4,614 | |
Purchase Consideration | 18,610 | |
Purchase consideration | ||
Shares issued, at fair value | 19,265 | $ 19,265 |
Other reserves (share replacement awards) | 18 | |
Provisional locked box payment received | (683) | |
Adjustments to locked box payment | 10 | |
Total purchase consideration | $ 18,610 |
Business Combination - Summar_2
Business Combination - Summary of Purchase Consideration and the Provisional Fair Value of Goodwill, Identifiable Assets and Liabilities of BHPP Acquired (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||
Provisional locked box payment received | $ 683 | ||
Dividends paid | (3,160) | $ (471) | $ (811) |
BHP Petroleum International Pty Ltd [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Provisional locked box payment received | 1,513 | ||
Dividends paid | $ 830 |
Business Combination - Summar_3
Business Combination - Summary of Analysis of Cash Flows on Acquisition (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about business combination [abstract] | |
Cash acquired on acquisition | $ 399 |
Provisional locked box payment received | 683 |
Net cash flow on acquisition (Included in the consolidated statement of cash flows as investing activities) | $ 1,082 |
Business Combination - Addition
Business Combination - Additional Information (Detail) $ / shares in Units, $ in Millions | 7 Months Ended | 12 Months Ended | ||||
Jun. 01, 2022 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | May 19, 2022 | |
Disclosure of detailed information about business combination [line items] | ||||||
Provisional locked box payment received | $ 683 | |||||
Dividends paid | (3,160) | $ (471) | $ (811) | |||
Consideration paid received | 1,082 | |||||
BHP Petroleum International Pty Ltd [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percentage of shareholders voted for merger | 66% | |||||
Percentage of voting equity interests acquired | 100% | |||||
Number of instruments or interests issued or issuable | shares | 914,768,948 | |||||
Acquisition related costs | 419 | |||||
Acquisition related costs paid classified as operating activities | $ 419 | 357 | ||||
Payments for share issue costs | 5 | |||||
Shares issued, at fair value | $ 19,265 | $ 19,265 | 19,265 | |||
Business acquisition share price | $ / shares | $ 21.06 | |||||
Provisional locked box payment received | 1,513 | |||||
Dividends paid | 830 | |||||
Revenue of acquiree since acquisition date | 4,653 | |||||
Profit (loss) of acquiree since acquisition date | $ 2,042 | |||||
Revenue of combined entity as if combination occurred at beginning of period | 3,115 | |||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 1,265 | |||||
Contingent liabilities recognised in business combination | $ 79 | |||||
Goodwill generated allocated to net deferred tax liability | 1,958 | |||||
Goodwill generated allocated to cash generating unit | 2,656 | |||||
Goodwill expected to be deductible for tax purposes | $ 0 | |||||
Percentage of forfeiture rate | 3% | |||||
Share replacement awards recognized in business combination | $ 18 | |||||
Gross provisional locked box payment received | 1,513 | |||||
Fair value of the replacement awards | $ 49 | |||||
Provisonal lock box payment received classfied as investing activities | 683 | |||||
Consideration paid received | 399 | |||||
BHP Petroleum International Pty Ltd [member] | Cash Flows as Financing Activities [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Provisional locked box payment received | $ 683 |
Significant Production And Gr_3
Significant Production And Growth Asset Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 22, 2020 |
FAR Senegal RSSD SA [member] | ||
Disclosure of detailed information about assets acquisition assets acquired and liabilities assumed [line items] | ||
Oil and gas properties | $ 205 | |
Exploration and evaluation | 7 | |
Cash acquired | 3 | |
Payables | (13) | |
Net other assets and liabilities assumed | 10 | |
Total identifiable net assets at acquisition | 212 | |
Capricorn Senegal Limited [member] | ||
Disclosure of detailed information about assets acquisition assets acquired and liabilities assumed [line items] | ||
Oil and gas properties | 540 | |
Exploration and evaluation | 26 | |
Cash acquired | 5 | |
Payables | (51) | |
Net other assets and liabilities assumed | 7 | |
Total identifiable net assets at acquisition | $ 527 | $ 527 |
Significant Production And Gr_4
Significant Production And Growth Asset Acquisitions - Summary of Cash Flows on Acquisition (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
FAR Senegal RSSD SA [member] | |
Disclosure of detailed information about cash flow on asset acquisition [line items] | |
Purchase cash consideration | $ 212 |
Total purchase consideration | 212 |
Net cash flow on acquisition (Included in the Statement of Cash Flows as Investing activities) | 212 |
Capricorn Senegal Limited [member] | |
Disclosure of detailed information about cash flow on asset acquisition [line items] | |
Purchase cash consideration | 525 |
Transaction costs | 2 |
Total purchase consideration | 527 |
Net cash flow on acquisition (Included in the Statement of Cash Flows as Investing activities) | $ 527 |
Significant Production And Gr_5
Significant Production And Growth Asset Acquisitions - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Jul. 07, 2021 | Dec. 22, 2020 | |
FAR Senegal RSSD SA [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total identifiable net assets at acquisition | $ 212 | ||||
Asset acquisition contingent consideration | 55 | ||||
Capricorn Senegal Limited [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total identifiable net assets at acquisition | $ 527 | $ 527 | |||
Asset acquisition contingent consideration | $ 100 | ||||
FAR Senegal RSSD SA Sangomar Exploitation Area [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 13.67% | ||||
Proportion of ownership interest in joint venture | 82% | 68.33% | |||
FAR Senegal RSSD SA RSSD Evaluation Area [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 15% | ||||
Proportion of ownership interest in joint venture | 90% | 75% | |||
Capricorn Senegal Limited Sangomar Exploitation Area [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | (36.44%) | ||||
Capricorn Senegal Limited RSSD Evaluation Area [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 40% | ||||
RSSD Joint Venture [member] | FAR Senegal RSSD SA [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Total identifiable net assets at acquisition | $ 212 |
Disposal of Assets - Additional
Disposal of Assets - Additional Information (Detail) - Pluto Train 2 Joint Venture [member] - USD ($) $ in Millions | Jan. 18, 2022 | Nov. 15, 2021 | Dec. 31, 2022 | Dec. 31, 2021 |
Disposal of assets [line item] | ||||
Percentage of sale of nonoperating participating interest In joint venture | 49% | |||
Carrying value of participating interest | 49% | |||
Proportion of voting rights held in joint venture | 51% | 100% | ||
Disposal group consideration received on sale of assets | $ 427 | |||
Revaluation surplus | $ 71 | |||
Global Infrastructure Partners [member] | ||||
Disposal of assets [line item] | ||||
Percentage of sale of nonoperating participating interest In joint venture | 49% | |||
Proportion of voting rights held in joint venture | 49% | |||
Proportion of ownership interest in joint venture | 49% | |||
Additional construction capital expenditure commitment to joint ventures | $ 822 | |||
Commitments in relation to joint ventures for development project expenditure | $ 5,800 |
Debt and Capital - Additional i
Debt and Capital - Additional information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt and capital [line items] | ||||
Undrawn borrowing facilities | $ 10,239 | $ 6,125 | ||
Cash and cash equivalents | $ 6,201 | 3,025 | $ 3,604 | $ 4,058 |
Description of changes in LIBOR rate | A reasonably possible change in the USD London Interbank Offered Rate (USD LIBOR) (+1.5%/-1.5% (2021: +1.0%/-1.0%)), with all variables held constant, would not have a material impact on the Group’s equity or the income statement in the current period. | |||
Other financial assets | $ 797 | 427 | ||
Interest rate swap contract [member] | Cash flow hedges [member] | ||||
Debt and capital [line items] | ||||
Nominal amount of financial instrument interest rate swaps used to hedge credit risk | 600 | |||
Interest rate benchmark rates not exposed to cash flow hedge [member] | Currency swap contract [member] | ||||
Debt and capital [line items] | ||||
Derivative financial liabilities | 5 | 9 | ||
Interest rate risk [member] | Interest rate benchmark rates not exposed to cash flow hedge [member] | ||||
Debt and capital [line items] | ||||
Cash and cash equivalents | 6,143 | 2,962 | ||
Interest bearing liabilities excluding transaction costs | 83 | 367 | ||
Other financial assets | $ 167 | $ 0 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Information About Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Cash And Cash Equivalents Explanatory [Abstract] | ||||
Cash at bank | $ 1,222 | $ 300 | ||
Term deposits | 4,967 | 2,725 | ||
Restricted cash | 12 | 0 | ||
Total cash and cash equivalents | $ 6,201 | $ 3,025 | $ 3,604 | $ 4,058 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Group's Cash and Cash Equivalents by Currency (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure In Tabular Form Of Cash And Cash And Cash Equivalents By Currency [Line Items] | ||||
Cash and cash equivalents | $ 6,201 | $ 3,025 | $ 3,604 | $ 4,058 |
Foreign exchange risk [member] | ||||
Disclosure In Tabular Form Of Cash And Cash And Cash Equivalents By Currency [Line Items] | ||||
Cash and cash equivalents | 6,201 | 3,025 | ||
Foreign exchange risk [member] | US dollar | ||||
Disclosure In Tabular Form Of Cash And Cash And Cash Equivalents By Currency [Line Items] | ||||
Cash and cash equivalents | 5,886 | 2,917 | ||
Foreign exchange risk [member] | Australian dollar | ||||
Disclosure In Tabular Form Of Cash And Cash And Cash Equivalents By Currency [Line Items] | ||||
Cash and cash equivalents | 182 | 63 | ||
Foreign exchange risk [member] | Other | ||||
Disclosure In Tabular Form Of Cash And Cash And Cash Equivalents By Currency [Line Items] | ||||
Cash and cash equivalents | $ 133 | $ 45 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents [line items] | ||
Restricted cash and cash equivalents | $ 12 | $ 0 |
Interest Bearing Liabilities an
Interest Bearing Liabilities and Financing Facilities - Summary of Interest Bearing Liability and Financing Facility (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Aug. 28, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of detailed information about interest bearing liability and financing facility [line items] | ||||
Beginning balance | $ 5,430 | $ 6,214 | ||
Repayments | (283) | (784) | $ (83) | |
Fair value adjustment and foreign exchange movement | (7) | (5) | ||
Transaction costs capitalised and amortised | (2) | 5 | ||
Ending balance | 5,138 | 5,430 | 6,214 | |
Current | 260 | 277 | ||
Non-current | 4,878 | 5,153 | ||
Undrawn balance at 31 December | 4,050 | 3,100 | ||
US Bonds [member] | ||||
Schedule of detailed information about interest bearing liability and financing facility [line items] | ||||
Beginning balance | 4,081 | 4,778 | ||
Repayments | (700) | |||
Transaction costs capitalised and amortised | 3 | 3 | ||
Ending balance | 4,084 | 4,081 | 4,778 | |
Current | (3) | (2) | ||
Non-current | 4,087 | 4,083 | ||
Medium Term Notes [member] | ||||
Schedule of detailed information about interest bearing liability and financing facility [line items] | ||||
Beginning balance | 592 | 597 | ||
Repayments | (200) | |||
Fair value adjustment and foreign exchange movement | (7) | (5) | ||
Transaction costs capitalised and amortised | 0 | |||
Ending balance | 385 | 592 | 597 | |
Current | 185 | 200 | ||
Non-current | 200 | 392 | ||
Bilateral facilities [member] | ||||
Schedule of detailed information about interest bearing liability and financing facility [line items] | ||||
Beginning balance | (4) | (4) | ||
Transaction costs capitalised and amortised | (1) | |||
Ending balance | (5) | (4) | (4) | |
Current | (2) | (2) | ||
Non-current | (3) | (2) | ||
Undrawn balance at 31 December | 2,050 | 1,900 | ||
Syndicate Facilities [member] | ||||
Schedule of detailed information about interest bearing liability and financing facility [line items] | ||||
Beginning balance | 595 | 593 | ||
Transaction costs capitalised and amortised | (4) | 2 | ||
Ending balance | 591 | 595 | 593 | |
Current | (3) | (2) | ||
Non-current | 594 | 597 | ||
Undrawn balance at 31 December | 2,000 | 1,200 | ||
JBIC facility [member] | ||||
Schedule of detailed information about interest bearing liability and financing facility [line items] | ||||
Beginning balance | 166 | 250 | ||
Repayments | (83) | (84) | ||
Transaction costs capitalised and amortised | 0 | |||
Ending balance | 83 | 166 | $ 250 | |
Current | $ 83 | 83 | ||
Non-current | $ 83 | |||
JBIC facility [member] | US Bonds [member] | ||||
Schedule of detailed information about interest bearing liability and financing facility [line items] | ||||
Repayments | $ (83) |
Interest Bearing Liabilities _2
Interest Bearing Liabilities and Financing Facilities - Summary of Maturity Profile Interest Bearing Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of detailed information about interest bearing liability maturity [line items] | ||
Interest bearing liability periodic payment | $ 6,156 | $ 6,560 |
1 year or less [member] | ||
Schedule of detailed information about interest bearing liability maturity [line items] | ||
Interest bearing liability periodic payment | 483 | 470 |
1-2 years [member] | ||
Schedule of detailed information about interest bearing liability maturity [line items] | ||
Interest bearing liability periodic payment | 206 | 462 |
2-3 years [member] | ||
Schedule of detailed information about interest bearing liability maturity [line items] | ||
Interest bearing liability periodic payment | 1,181 | 188 |
3-4 years [member] | ||
Schedule of detailed information about interest bearing liability maturity [line items] | ||
Interest bearing liability periodic payment | 962 | 1,169 |
4-5 years [member] | ||
Schedule of detailed information about interest bearing liability maturity [line items] | ||
Interest bearing liability periodic payment | 908 | 951 |
More than 5 years [member] | ||
Schedule of detailed information about interest bearing liability maturity [line items] | ||
Interest bearing liability periodic payment | $ 2,416 | $ 3,320 |
Interest Bearing Liabilities _3
Interest Bearing Liabilities and Financing Facilities - Summary of Bilateral Loan Facilities at the Reporting Date (Detail) - Bilateral facilities [member] - Loan | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of detailed information about bilateral loan facilities [line items] | ||
Number of facilities | 14 | 14 |
Tranche One [Member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Number of facilities | 1 | |
Currency | US | |
Extension option | Evergreen | |
Tranche One [Member] | Bottom of range [member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Term (years) | 5 | |
Tranche One [Member] | Top of range [member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Term (years) | 6 | |
Tranche Two [Member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Number of facilities | 5 | |
Currency | US | |
Extension option | Evergreen | |
Tranche Two [Member] | Bottom of range [member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Term (years) | 4 | |
Tranche Two [Member] | Top of range [member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Term (years) | 5 | |
Tranche Three [Member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Number of facilities | 4 | |
Currency | US | |
Extension option | Evergreen | |
Tranche Three [Member] | Bottom of range [member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Term (years) | 3 | |
Tranche Three [Member] | Top of range [member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Term (years) | 4 | |
Tranche Four [Member] | ||
Schedule of detailed information about bilateral loan facilities [line items] | ||
Number of facilities | 4 | |
Term (years) | 3 years or less | |
Currency | US | |
Extension option | Evergreen |
Interest Bearing Liabilities _4
Interest Bearing Liabilities and Financing Facilities - Summary of Detailed Information About Debt Instruments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | $ 5,138 | $ 5,430 | $ 6,214 |
Medium Term Notes [member] | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | $ 385 | 592 | 597 |
Medium Term Notes [member] | 11 December 2023 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Maturity date | 11 December 2023 | ||
Currency | CHF | ||
Nominal interest rate | 1% | ||
Medium Term Notes [member] | 29 January 2027 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Maturity date | 29 January 2027 | ||
Currency | US | ||
Nominal interest rate | 3.07% | ||
Medium Term Notes [member] | Carrying amount [member] | 11 December 2023 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | $ 185 | ||
Medium Term Notes [member] | Carrying amount [member] | 29 January 2027 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | 200 | ||
US Bonds [member] | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | $ 4,084 | $ 4,081 | $ 4,778 |
US Bonds [member] | 5 March 2025 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Maturity date | 5 March 2025 | ||
Nominal interest rate | 3.65% | ||
US Bonds [member] | 15 September 2026 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Maturity date | 15 September 2026 | ||
Nominal interest rate | 3.70% | ||
US Bonds [member] | 15 March 2028 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Maturity date | 15 March 2028 | ||
Nominal interest rate | 3.70% | ||
US Bonds [member] | 4 March 2029 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Maturity date | 4 March 2029 | ||
Nominal interest rate | 4.50% | ||
US Bonds [member] | Carrying amount [member] | 5 March 2025 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | $ 1,000 | ||
US Bonds [member] | Carrying amount [member] | 15 September 2026 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | 800 | ||
US Bonds [member] | Carrying amount [member] | 15 March 2028 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | 800 | ||
US Bonds [member] | Carrying amount [member] | 4 March 2029 | |||
Schedule of Detailed Information About Debt Instruments [Line Items] | |||
Carrying amount | $ 1,500 |
Interest Bearing Liabilities _5
Interest Bearing Liabilities and Financing Facilities - Additional Information (Detail) SFr in Millions, $ in Millions | 12 Months Ended | |||||||
Jan. 17, 2020 USD ($) | Aug. 28, 2015 USD ($) Note | Jun. 24, 2008 USD ($) | Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan | Dec. 31, 2020 USD ($) | Dec. 31, 2013 USD ($) | Dec. 31, 2022 CHF (SFr) Loan | |
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 5,138 | $ 5,430 | $ 6,214 | |||||
Borrowings repaid | 283 | 784 | 83 | |||||
Syndicated facility [member] | Tranche one [Member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 800 | |||||||
Borrowings maturity | October 2024 | |||||||
Syndicated facility [member] | Tranche two [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 600 | |||||||
Borrowings maturity | July 2025 | |||||||
Syndicated facility [member] | Tranche three [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 600 | |||||||
Borrowings maturity | 12 July 2027 | |||||||
JBIC facility [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 83 | 166 | 250 | |||||
Borrowings repaid | $ 83 | $ 84 | ||||||
Receivables percentage in favour of lenders | 90% | |||||||
Reserve amount for receivables of lenders | $ 30 | |||||||
JBIC facility [member] | Tranche one [Member] | Loan commitments [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 1,000 | |||||||
Borrowings interest rate basis | Interest is payable semi-annually in arrears and the principal amortises on a straight-line basis, with equal instalments of principal due on each interest payment date (every six months). | |||||||
JBIC facility [member] | Tranche two [member] | Loan commitments [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 500 | |||||||
Borrowings repaid | $ 500 | |||||||
Bilateral facilities [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Number of borrowing facilities | Loan | 14 | 14 | 14 | |||||
Loan facilities amount | $ 2,050 | $ 1,900 | ||||||
Borrowings | $ (5) | (4) | (4) | |||||
Bilateral facilities [member] | Tranche one [Member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Number of borrowing facilities | Loan | 1 | 1 | ||||||
Bilateral facilities [member] | Tranche two [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Number of borrowing facilities | Loan | 5 | 5 | ||||||
Bilateral facilities [member] | Tranche three [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Number of borrowing facilities | Loan | 4 | 4 | ||||||
New syndicated facility [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 600 | |||||||
Borrowings maturity | seven years | |||||||
Borrowings interest rate | 1.20% | |||||||
Borrowings interest rate basis | LIBOR | |||||||
Unsecured bonds [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Financial liabilities carrying amount | $ 4,084 | 4,081 | ||||||
Financial liabilities at fair value | 3,852 | 4,443 | ||||||
Medium Term Notes [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Financial liabilities carrying amount | 385 | 592 | SFr 175 | |||||
Financial liabilities at fair value | 372 | 604 | ||||||
Borrowings | 385 | 592 | 597 | |||||
Borrowings repaid | 200 | |||||||
Global medium term notes [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | $ 3,000 | |||||||
Number of notes issued | Note | 2 | |||||||
US Bonds [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings | 4,084 | 4,081 | $ 4,778 | |||||
Borrowings interest rate basis | Interest on the bonds is payable semi-annually in arrears | |||||||
Borrowings repaid | 700 | |||||||
US Bonds [member] | JBIC facility [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings repaid | $ 83 | |||||||
US Bonds [member] | Yucho 2022 median term note [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Borrowings repaid | $ 200 | |||||||
Borrowings [member] | Syndicated facility [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Current line of credit facility | 2,000 | |||||||
Fair value hedges [member] | ||||||||
Interest bearing liabilities and financing facilities [line items] | ||||||||
Gain on changes in fair value risks of the hedged item | 7 | 5 | ||||||
Loss on changes in fair value risks of the hedged instrument | $ 7 | $ 7 |
Contributed Equity - Summary of
Contributed Equity - Summary of Issued and Fully Paid Shares (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | |||
Beginning balance | $ 14,229 | $ 12,875 | $ 17,409 |
Ordinary shares issued | 23 | ||
Ordinary shares issued for the acquisition of BHPP1 | 19,265 | ||
Transaction costs associated with the issue of shares | (5) | ||
Ending balance | $ 37,127 | $ 14,229 | $ 12,875 |
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance, shares | 969,631,826 | 962,225,814 | 942,286,900 |
Beginning balance | $ 9,409 | $ 9,297 | $ 9,010 |
Transaction costs associated with the issue of shares | $ (5) | ||
Ending balance, shares | 1,898,749,771 | 969,631,826 | 962,225,814 |
Ending balance | $ 29,001 | $ 9,409 | $ 9,297 |
Ordinary shares [member] | BHP Petroleum International Pty Ltd [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, shares | 914,768,948 | ||
Ordinary shares issued for the acquisition of BHPP1 | $ 19,265 | ||
Ordinary shares [member] | 2021 dividend [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, shares | 14,348,997 | 6,051,940 | |
Ordinary shares issued | $ 332 | $ 86 | |
Ordinary shares [member] | 2020 dividend [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, shares | 1,354,072 | 6,091,035 | |
Ordinary shares issued | $ 26 | $ 83 | |
Ordinary shares [member] | 2019 dividend [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, shares | 12,072,034 | ||
Ordinary shares issued | $ 181 | ||
Ordinary shares [member] | 2017 Woodside equity plan [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, shares | 1,775,845 | ||
Ordinary shares issued | $ 23 |
Contributed Equity - Summary _2
Contributed Equity - Summary of Issued and Fully Paid Shares (Parenthetical) (Detail) - Ordinary shares [member] | 12 Months Ended | |||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
BHP Petroleum International Pty Ltd [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Share price | $ 21.06 | |||
Number of shares issued | shares | 914,768,948 | 914,768,948 | ||
2021 interim dividend [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Share price | $ 14.21 | |||
2020 interim dividend [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Share price | $ 18.79 | |||
2021 dividend [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Share price | $ 23.14 | |||
Number of shares issued | shares | 14,348,997 | 14,348,997 | 6,051,940 | |
2020 dividend [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Share price | $ 19.03 | |||
Number of shares issued | shares | 1,354,072 | 6,091,035 | ||
2019 dividend [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Share price | $ 25.61 | |||
Number of shares issued | shares | 12,072,034 | |||
2017 Woodside equity plan [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Share price | $ 18.27 | |||
Number of shares issued | shares | 1,775,845 |
Contributed equity - Summary _3
Contributed equity - Summary of Information about Shares Reserved for Employee Share Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Share Plans [Member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance, shares | 1,819,744 | 1,766,099 | 1,985,306 |
Beginning balance | $ (30) | $ (23) | $ (39) |
Purchases during the year, shares | 2,232,589 | 2,683,469 | 2,242,345 |
Purchases during the year | $ (45) | $ (47) | $ (32) |
Vested/allocated during the year, shares | (2,178,556) | ||
Vested/allocated during the year | $ 37 | ||
Vested during the year, shares | (2,629,824) | (2,461,552) | |
Vested during the year | $ 40 | $ 48 | |
Ending balance, shares | 1,873,777 | 1,819,744 | 1,766,099 |
Ending balance | $ (38) | $ (30) | $ (23) |
Dividend Reinvestment Plan [Member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance, shares | 0 | ||
Beginning balance | $ 0 | ||
Purchases during the year, shares | 6,823,092 | ||
Purchases during the year | $ (144) | ||
Vested/allocated during the year, shares | (6,823,092) | ||
Vested/allocated during the year | $ 144 | ||
Ending balance, shares | 0 | 0 | |
Ending balance | $ 0 | $ 0 |
Other Reserves - Summary of Inf
Other Reserves - Summary of Information About Other Reserves (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of reserves within equity [abstract] | |||
Employee benefits reserve | $ 278 | $ 232 | $ 219 |
Foreign currency translation reserve | 796 | 793 | 793 |
Hedging reserve | (586) | (400) | (71) |
Distributable profits reserve | 3,541 | 58 | 462 |
Other reserves | 2 | ||
Total | $ 4,031 | $ 683 | $ 1,403 |
Other Reserves - Summary of I_2
Other Reserves - Summary of Information About Other Reserves (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 06, 2022 | Dec. 31, 2022 | |
Disclosure of reserves within equity [line items] | ||
Transfer from retained earnings to distributable profit reserves | $ 5,553 | |
Payment Of Interim Dividend [Member] | ||
Disclosure of reserves within equity [line items] | ||
Dividend paid ordinary shares | $ 2,070 | |
Relating To Settled Hedges [Member] | ||
Disclosure of reserves within equity [line items] | ||
Hedging reserves relating to settled hedges | $ 226 |
Other Assets and Liabilities -
Other Assets and Liabilities - Additional Information (Detail) - Credit risk [member] $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) customer | |
Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Number of customers | customer | 19 | 4 |
Outstanding customer credit exposure | $ 10 | |
Maximum exposure to credit risk, percentage | 79% | 88% |
Provision for credit losses | $ 0 | $ 0 |
Trade receivables [member] | Subsequent Period [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Increase (decrease) in allowance account for credit losses of financial assets, percent | 99% | 100% |
Increase (decrease) in allowance account for credit losses of financial assets | $ 1,067 | $ 152 |
Debtor [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure period | 30 days | |
Other Financial Assets [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure period | 60 days | |
Bottom of range [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure period | 8 days | |
Top of range [member] | Trade receivables [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure period | 30 days |
Segment Assets and Liabilitie_2
Segment Assets and Liabilities - Summary of Segment Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | [2] | |
Disclosure of operating segments [line items] | ||||
Segment assets | [1] | $ 59,321 | $ 26,474 | |
Segment liabilities | [1] | 22,194 | 12,245 | |
Australia [member] | ||||
Disclosure of operating segments [line items] | ||||
Segment assets | [1] | 31,240 | 18,163 | |
Segment liabilities | [1] | 8,104 | 2,889 | |
International [member] | ||||
Disclosure of operating segments [line items] | ||||
Segment assets | [1] | 18,084 | 2,877 | |
Segment liabilities | [1] | 2,677 | 435 | |
Marketing [member] | ||||
Disclosure of operating segments [line items] | ||||
Segment assets | [1] | 182 | 217 | |
Segment liabilities | [1] | 561 | 639 | |
Corporate/Other [member] | ||||
Disclosure of operating segments [line items] | ||||
Segment assets | [1] | 9,815 | 5,217 | |
Segment liabilities | [1] | $ 10,852 | $ 8,282 | |
[1]Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details.[2]The 2021 amounts have been restated to reflect the changes in operating segments. Refer to ‘Operating segment information’ in Note A.1 for details. In addition, oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. |
Receivables - Summary of Inform
Receivables - Summary of Information About Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
(a) Receivables (current) | ||
Trade receivables | $ 1,067 | $ 152 |
Other receivables | 381 | 123 |
Loans receivable | 76 | 75 |
Lease receivables | 35 | 18 |
Interest receivable | 19 | |
Total | 1,578 | 368 |
(b) Receivables (non-current) | ||
Other receivables | 75 | |
Loans receivable | 724 | 627 |
Lease receivables | 46 | 26 |
Defined benefit plan asset | 33 | |
Total | $ 845 | $ 686 |
Receivables - Additional Inform
Receivables - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 09, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Trade And Other Receivables [Line Items] | |||
Overdue trade receivables | $ 0 | $ 0 | |
Loans and receivables | $ 408 | 335 | |
Secured Loan Agreement [Member] | Petrosen [Member] | |||
Disclosure Of Trade And Other Receivables [Line Items] | |||
Notional amount | $ 450 | ||
Term of loans receivables | 12 years | ||
Description of semiannual payment of loans receivables | semi-annual repayments of the loan are due to commence at the earlier of 12 months after RFSU or 30 June 2025 | ||
Bottom of range [member] | |||
Disclosure Of Trade And Other Receivables [Line Items] | |||
Settlement term of receivables | 14 days | ||
Top of range [member] | |||
Disclosure Of Trade And Other Receivables [Line Items] | |||
Settlement term of receivables | 30 days | ||
Currency risk [member] | |||
Disclosure Of Trade And Other Receivables [Line Items] | |||
Trade and other receivables | $ 174 | $ 121 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
(a) Inventories (current) | ||
Goods in transit | $ 95 | $ 35 |
Finished stocks | 103 | 34 |
Warehouse stores and materials | 480 | 133 |
Current inventories | 678 | 202 |
(b) Inventories (non-current) | ||
Warehouse stores and materials | 11 | 19 |
Non-current inventories | $ 11 | $ 19 |
Payables - Summary of Payables
Payables - Summary of Payables (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Payables [Abstract] | ||
Trade payables | $ 759 | $ 191 |
Other payables | 1,270 | 390 |
Interest payable | 65 | 58 |
Total payables | $ 2,094 | $ 639 |
Payables - Summary of Payable_2
Payables - Summary of Payables (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Payables Settlement Term | 30 days |
Payables - Additional Informati
Payables - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Currency risk [member] | ||
Disclosure of trade and other payables [line items] | ||
Trade and other payables | $ 657 | $ 311 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about provisions [line items] | |||
Beginning Balance | $ 2,824 | $ 2,907 | |
Acquisitions through business combination | 4,804 | ||
Change in provision | (559) | (112) | |
Unwinding of present value discount | 110 | 29 | |
Ending Balance | 7,179 | 2,824 | |
Current | 1,219 | 605 | |
Non-current | 5,960 | 2,219 | |
Net carrying amount | 7,179 | 2,824 | |
Restoration [member] | |||
Disclosure of detailed information about provisions [line items] | |||
Beginning Balance | [1] | 2,218 | 2,134 |
Acquisitions through business combination | [1] | 4,310 | |
Change in provision | [1] | (382) | 60 |
Unwinding of present value discount | [1] | 107 | 24 |
Ending Balance | [1] | 6,253 | 2,218 |
Current | [1] | 575 | 235 |
Non-current | [1] | 5,678 | 1,983 |
Net carrying amount | [1] | 6,253 | 2,218 |
Employee benefits [member] | |||
Disclosure of detailed information about provisions [line items] | |||
Beginning Balance | 286 | 295 | |
Acquisitions through business combination | 329 | ||
Change in provision | (98) | (9) | |
Unwinding of present value discount | 0 | ||
Ending Balance | 517 | 286 | |
Current | 331 | 269 | |
Non-current | 186 | 17 | |
Net carrying amount | 517 | 286 | |
Onerous contracts [member] | |||
Disclosure of detailed information about provisions [line items] | |||
Beginning Balance | [2] | 214 | 349 |
Acquisitions through business combination | [2] | 0 | |
Change in provision | [2] | (216) | (140) |
Unwinding of present value discount | [2] | 2 | 5 |
Ending Balance | [2] | 0 | 214 |
Current | [2] | 0 | |
Non-current | [2] | 0 | 214 |
Net carrying amount | [2] | 0 | 214 |
Other [member] | |||
Disclosure of detailed information about provisions [line items] | |||
Beginning Balance | 106 | 129 | |
Acquisitions through business combination | 165 | ||
Change in provision | 137 | (23) | |
Unwinding of present value discount | 1 | ||
Ending Balance | 409 | 106 | |
Current | 313 | 101 | |
Non-current | 96 | 5 | |
Net carrying amount | $ 409 | $ 106 | |
[1]2022 change in provision is due to a revision of discount rates of $978 million (primarily due to an increase in risk free rates) and provisions used of $262 million, offset by changes in estimates of $858 million. Changes in estimates are due to new activities, increase in scope of removal and cost and rate escalations supported by the most recent estimates and benchmarks.[2]2022 change in provision is due to changes in estimates of $245 million offset by provisions used of $29 million. |
Provisions - Summary Of Informa
Provisions - Summary Of Information About Provisions (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Restoration [member] | |
Disclosure of detailed information about provisions [line items] | |
Increase (decrease) through change in discount rate, other provisions | $ 978 |
Increase decrease In accounting estimate other provisions | 262 |
Provision used, other provisions | 858 |
Onerous contracts [member] | |
Disclosure of detailed information about provisions [line items] | |
Increase (decrease) through change in discount rate, other provisions | 245 |
Provision used, other provisions | $ 29 |
Provisions - Summary of Oil and
Provisions - Summary of Oil and Gas Pricing (Detail) | 12 Months Ended |
Dec. 31, 2022 $ / MMBTU $ / bbl | |
TTF (US$/MMBtu) [member] | 2022 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 47.9 |
TTF (US$/MMBtu) [member] | 2023 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 36.4 |
TTF (US$/MMBtu) [member] | 2024 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 22.3 |
TTF (US$/MMBtu) [member] | 2025 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 8.8 |
TTF (US$/MMBtu) [member] | 2026 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 9 |
Brent (US$/bbl) [member] | 2022 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | $ / bbl | 87 |
Brent (US$/bbl) [member] | 2023 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | $ / bbl | 78 |
Brent (US$/bbl) [member] | 2024 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | $ / bbl | 74 |
Brent (US$/bbl) [member] | 2025 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | $ / bbl | 76 |
Brent (US$/bbl) [member] | 2026 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | $ / bbl | 77 |
HH (US$/MMBtu) [member] | 2022 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 6.1 |
HH (US$/MMBtu) [member] | 2023 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 4.7 |
HH (US$/MMBtu) [member] | 2024 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 4 |
HH (US$/MMBtu) [member] | 2025 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 4.1 |
HH (US$/MMBtu) [member] | 2026 [member] | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Oil and gas sale price | 4.2 |
Provisions - Summary of Oil a_2
Provisions - Summary of Oil and Gas Pricing (Parenthetical) (Detail) - 2025 [member] | 12 Months Ended |
Dec. 31, 2022 bbl MMBTU | |
Disclosure of detailed information about oil and gas pricing [line items] | |
Long term oil price | bbl | 70 |
Percentage of oil price escalation | 2% |
Long term gas price | MMBTU | 3.8 |
Percentage of gas price escalation | 2% |
Provisions - Additional Informa
Provisions - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Later than ten years [member] | ||
Disclosure Of Detailed Information About Provisions [Line Items] | ||
Percentage of proportion of noncurrent provision yet to be settled | 54% | 65% |
Provision for decommissioning, restoration and rehabilitation costs [member] | Discount rate, measurement input [member] | ||
Disclosure Of Detailed Information About Provisions [Line Items] | ||
Percentage of pretax discount rates | 0.50% | |
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities | $ 316 | |
Percentage of reasonably possible increase in unobservable input, liabilities | 10% | |
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, liabilities | $ 627 | |
Onerous contracts provision [member] | ||
Disclosure Of Detailed Information About Provisions [Line Items] | ||
Unused provision reversed, other provisions | $ 0 | $ 214 |
Contract term | 18 years | |
US government bond rate | 4.10% | 1.855% |
Bottom of range [member] | Provision for decommissioning, restoration and rehabilitation costs [member] | Discount rate, measurement input [member] | ||
Disclosure Of Detailed Information About Provisions [Line Items] | ||
Significant unobservable input, liabilities | 0.034 | 0.004 |
Top of range [member] | Provision for decommissioning, restoration and rehabilitation costs [member] | Discount rate, measurement input [member] | ||
Disclosure Of Detailed Information About Provisions [Line Items] | ||
Significant unobservable input, liabilities | 0.047 | 0.024 |
Other Financial Assets and Li_3
Other Financial Assets and Liabilities - Summary of Other Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other financial assets | ||
Derivative financial instruments designated as hedges | $ 207 | $ 134 |
Other financial assets | 22 | 293 |
Hedge collateral (including interest) | 509 | |
Other financial assets | 30 | |
Financial instruments at fair value through other comprehensive income | ||
Other financial assets | 29 | |
Total other financial assets | 797 | 427 |
Current | 677 | 320 |
Non-current | 120 | 107 |
Other financial liabilities | ||
Derivative financial instruments designated as hedges | 721 | 563 |
Other financial liabilities | 9 | |
Total other financial liabilities | 721 | 572 |
Current | 654 | 411 |
Non-current | $ 67 | $ 161 |
Other Financial Assets and Li_4
Other Financial Assets and Liabilities - Summary of Hedging Activities (Detail) $ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) TBTU us-au MMBTU MMBbls AUD ($) SwissFrance | Dec. 31, 2021 USD ($) MMBTU TBTU SwissFrance MMBbls us-au AUD ($) | |
Oil Swaps [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount | $ (114) | $ (1) |
Notional amount | MMBbls | 18 | 30 |
Maturity date | 2023 | |
Hedge ratio | 1:1 | 1:1 |
Weighted average hedged rate | MMBbls | 79 | 74 |
Oil Swaps [member] | Cash flow hedges [member] | Top of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Maturity date | 2022 | |
Oil Swaps [member] | Cash flow hedges [member] | Bottom of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Maturity date | 2023 | |
HH Corpus Christi commodity Swaps [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount | $ 26 | $ 31 |
Notional amount | TBTU | 58 | 65 |
Hedge ratio | 1:1 | 1:1 |
Weighted average hedged rate | MMBTU | 4 | 3 |
HH Corpus Christi commodity Swaps [member] | Cash flow hedges [member] | Top of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Maturity date | 2023 | 2022 |
HH Corpus Christi commodity Swaps [member] | Cash flow hedges [member] | Bottom of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Maturity date | 2024 | 2023 |
TTF Corpus Christi Commodity Swaps [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount | $ (469) | $ (465) |
Notional amount | TBTU | 50 | 49 |
Hedge ratio | 1:1 | 1:1 |
Weighted average hedged rate | MMBTU | 16 | 9 |
TTF Corpus Christi Commodity Swaps [member] | Cash flow hedges [member] | Top of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Maturity date | 2023 | 2022 |
TTF Corpus Christi Commodity Swaps [member] | Cash flow hedges [member] | Bottom of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Maturity date | 2024 | 2023 |
TTF Commodity Swaps [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount | $ 0 | $ 4 |
Notional amount | TBTU | 0 | 3 |
Maturity date | 2022 | |
Hedge ratio | 0 | 1:1 |
Weighted average hedged rate | MMBTU | 0 | 26 |
Interest rate swap contract [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount | $ 55 | $ (17) |
Notional amount | 600 | 600 |
Maturity date | 2027 | 2027 |
Hedge ratio | 1:1 | 1:1 |
Weighted average hedged rate | 0.017 | 0.017 |
Cross Currency Interest Rate Swap [member] | Cash flow and fair value hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount | $ 5 | $ 9 |
Notional amount | SwissFrance | 175 | 175 |
Maturity date | 2023 | 2023 |
Hedge ratio | 1:1 | 1:1 |
Weighted average hedged rate | Three month USD LIBOR+2.8% | Three month US$ LIBOR+2.8% |
FX Forwards [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount | $ (17) | $ 10 |
Notional amount | 1,037 | 934 |
Hedge ratio | 1:1 | 1:1 |
Weighted average hedged rate | us-au | 0.68 | 0.71 |
FX Forwards [member] | Cash flow hedges [member] | Top of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Maturity date | 2023 | 2022 |
FX Forwards [member] | Cash flow hedges [member] | Bottom of range [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Maturity date | 2025 | 2025 |
Other Financial Assets and Li_5
Other Financial Assets and Liabilities - Additional Information (Detail) SFr in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) bbl | Dec. 31, 2021 USD ($) | Dec. 31, 2022 CHF (SFr) bbl | |
Other financial assets and liabilities [line items] | |||
Increase decrease in derivative financial liability through restrike of hedging instrument at current market value | $ 150 | ||
Receivables subject to provisional pricing adjustments | 0 | $ 163 | |
Repurchase agreements for net settlement | 0 | 69 | |
Adjustments for increase (decrease) in other financial liabilities | 3 | 56 | |
Gain (loss) on hedge ineffectiveness recognised in profit or loss | 72 | 38 | |
Payments for hedge collateral | 506 | ||
London Interbank Offered Rate LIBOR [member] | Significant interest rate benchmarks subject to interest rate benchmark reform [member] | |||
Other financial assets and liabilities [line items] | |||
Financial liabilities | 670 | 957 | |
Financial assets | $ 393 | $ 367 | |
2023 [member] | |||
Other financial assets and liabilities [line items] | |||
Percentage of hedged pricing risk | 82% | ||
2024 [member] | |||
Other financial assets and liabilities [line items] | |||
Percentage of hedged pricing risk | 29% | ||
2022 [member] | |||
Other financial assets and liabilities [line items] | |||
Percentage of hedged pricing risk | 49% | ||
Oil Swaps [Member] | |||
Other financial assets and liabilities [line items] | |||
Oil and gas sale price | bbl | 75 | 75 | |
Derivative financial liabilities | $ 92 | ||
Payments for hedge collateral | 506 | ||
Interest rate swap contract [member] | Syndicated facility [member] | Cash flow hedges [member] | |||
Other financial assets and liabilities [line items] | |||
Hedging instrument, assets | $ 600 | ||
Hedging instrument year of maturity | 2027 | ||
Currency swap contract [member] | Cash flow and fair value hedges [member] | |||
Other financial assets and liabilities [line items] | |||
Hedging instrument, liabilities | SFr | SFr 175 |
Leases - Summary of Lease Asset
Leases - Summary of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about lease assets and lease liabilities [line items] | ||
Carrying amount, beginning balance | $ 1,080 | $ 984 |
Acquisitions through business combination | 142 | |
Additions | 242 | 228 |
Lease remeasurements | 108 | 31 |
Disposals at written down value | (12) | |
Depreciation | (308) | (151) |
Carrying amount, ending balance | 1,264 | 1,080 |
Historical cost and remeasurements | 1,902 | 1,410 |
Accumulated depreciation, impairment and disposals | (638) | (330) |
Net carrying amount | 1,264 | 1,080 |
Lease liabilities, beginning balance | 1,367 | 1,278 |
Acquisitions through business combination | 268 | |
Additions | 190 | 251 |
Repayments (principal and interest) | (365) | (262) |
Accretion of interest | 103 | 97 |
Lease remeasurements | 71 | 3 |
Lease liabilities, ending balance | 1,634 | 1,367 |
Current | 324 | 191 |
Non-current | 1,310 | 1,176 |
Carrying amount | 1,634 | 1,367 |
Land and buildings [member] | ||
Disclosure of detailed information about lease assets and lease liabilities [line items] | ||
Carrying amount, beginning balance | 377 | 392 |
Acquisitions through business combination | 120 | |
Additions | 4 | 14 |
Lease remeasurements | 5 | 15 |
Disposals at written down value | (12) | |
Depreciation | (42) | (32) |
Carrying amount, ending balance | 464 | 377 |
Historical cost and remeasurements | 591 | 462 |
Accumulated depreciation, impairment and disposals | (127) | (85) |
Net carrying amount | 464 | 377 |
Lease liabilities, beginning balance | 437 | 484 |
Acquisitions through business combination | 245 | |
Additions | 1 | 7 |
Repayments (principal and interest) | (60) | (70) |
Accretion of interest | 25 | 25 |
Lease remeasurements | (25) | (9) |
Lease liabilities, ending balance | 623 | 437 |
Current | 48 | 19 |
Non-current | 575 | 418 |
Carrying amount | 623 | 437 |
Plant and equipment [member] | ||
Disclosure of detailed information about lease assets and lease liabilities [line items] | ||
Carrying amount, beginning balance | 703 | 592 |
Acquisitions through business combination | 22 | |
Additions | 238 | 214 |
Lease remeasurements | 103 | 16 |
Disposals at written down value | 0 | |
Depreciation | (266) | (119) |
Carrying amount, ending balance | 800 | 703 |
Historical cost and remeasurements | 1,311 | 948 |
Accumulated depreciation, impairment and disposals | (511) | (245) |
Net carrying amount | 800 | 703 |
Lease liabilities, beginning balance | 930 | 794 |
Acquisitions through business combination | 23 | |
Additions | 189 | 244 |
Repayments (principal and interest) | (305) | (192) |
Accretion of interest | 78 | 72 |
Lease remeasurements | 96 | 12 |
Lease liabilities, ending balance | 1,011 | 930 |
Current | 276 | 172 |
Non-current | 735 | 758 |
Carrying amount | $ 1,011 | $ 930 |
Leases - Summary of Maturity An
Leases - Summary of Maturity Analysis of Lease Payments (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Due for payment | $ 2,232 | $ 1,878 |
1 year or less [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Due for payment | 433 | 283 |
1-2 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Due for payment | 272 | 283 |
2-3 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Due for payment | 199 | 191 |
3-4 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Due for payment | 186 | 171 |
4-5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Due for payment | 176 | 161 |
More than 5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Due for payment | $ 966 | $ 789 |
Leases - Summary of Contractual
Leases - Summary of Contractual Undiscounted Cash Flows Associated With Future Lease Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about contractual undiscounted cash flows associated with future lease commitments [line items] | ||
Due for payment | $ 1,618 | $ 288 |
Within one year [member] | ||
Disclosure of detailed information about contractual undiscounted cash flows associated with future lease commitments [line items] | ||
Due for payment | 67 | 80 |
After one year but not more than five years Later [member] | ||
Disclosure of detailed information about contractual undiscounted cash flows associated with future lease commitments [line items] | ||
Due for payment | 263 | 159 |
than five years [member] | ||
Disclosure of detailed information about contractual undiscounted cash flows associated with future lease commitments [line items] | ||
Due for payment | $ 1,288 | $ 49 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Line Items] | |||
Lease liabilities | $ 1,634 | $ 1,367 | $ 1,278 |
Cash outflow for leases | 525 | 330 | |
Expense relating to varible lease payments not included in measurement of lease liabilities | $ 2,323 | 1,654 | |
Participating interest rate in the joint operation | 100% | ||
Payments of lease liabilities, classified as financing activities | $ 248 | 155 | $ 71 |
Lease commitments for short term and low value lease commitments not included in financial statements | 60 | 53 | |
Lease commitments [member] | |||
Leases [Line Items] | |||
Payments of short-term leases | 162 | 68 | |
Payments for leases of low-value assets | 12 | 18 | |
Payments of lease liabilities, classified as financing activities | 258 | 244 | |
Foreign Exchange Risk [Member] | |||
Leases [Line Items] | |||
Lease liabilities | $ 441 | $ 476 |
Contingent Liabilities and As_3
Contingent Liabilities and Assets - Summary of Contingent Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities and assets | $ 163 | $ 202 |
Contingent liabilities [member] | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities and assets | 161 | 195 |
Guarantees [member] | ||
Disclosure of contingent liabilities [line items] | ||
Contingent liabilities and assets | $ 2 | $ 7 |
Contingent Liabilities and As_4
Contingent Liabilities and Assets - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Contingent Liabilities And Assets [Abstract] | ||
Contingent assets | $ 199 | $ 0 |
Employee Benefits - Summary of
Employee Benefits - Summary of Employee Benefits Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Employee Benefits Expense [Abstract] | |||
Employee benefits | $ 415 | $ 217 | $ 252 |
Share-based payments | 26 | 12 | 19 |
Defined contribution plan costs | 41 | 26 | 27 |
Defined benefit plan expense | 9 | 1 | 2 |
Total employee benefits expense including share based payments expense | $ 491 | $ 256 | $ 300 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Key Management Personnel Compensation (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Information About Key Management Personnel [Abstract] | |||
Short-term employee benefits | $ 5,730,340 | $ 6,626,354 | $ 5,868,476 |
Post-employment benefits | 155,086 | 88,396 | 63,805 |
Share-based payments | 3,114,043 | 5,697,529 | 7,201,653 |
Long-term employee benefits | 4,300 | 717,223 | 515,585 |
Termination benefits | 152,531 | 2,447,525 | 390,087 |
Key management personnel compensation | $ 9,156,300 | $ 15,577,027 | $ 14,039,606 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Key Management Personnel Compensation (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statements [Line Items] | |||
Short-term employee benefits | $ 5,730,340 | $ 6,626,354 | $ 5,868,476 |
Post-employment benefits | 155,086 | 88,396 | 63,805 |
Share-based payments | $ 3,114,043 | 5,697,529 | $ 7,201,653 |
Bottom of range [member] | |||
Statements [Line Items] | |||
Short-term employee benefits | 26,676 | ||
Post-employment benefits | 10,881 | ||
Share-based payments | 88,507 | ||
Top of range [member] | |||
Statements [Line Items] | |||
Short-term employee benefits | 6,626,354 | ||
Post-employment benefits | 88,396 | ||
Share-based payments | $ 5,697,529 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Number of Awards and Movements for all Share Plans (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Employee plans [member] | WEP [member] | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Opening balance | 5,649,783 | 5,618,603 |
Granted during the year | 3,017,366 | 2,507,167 |
Vested during the year | (1,498,065) | (1,999,676) |
Forfeited during the year | (539,403) | (476,311) |
Ending balance | 6,629,681 | 5,649,783 |
Fair value of awards granted during the year | $ | $ 49 | $ 39 |
Employee plans [member] | SWEP [member] | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Opening balance | 0 | |
Granted during the year | 3,046,963 | |
Vested during the year | (38,146) | |
Forfeited during the year | (124,741) | |
Ending balance | 2,884,076 | 0 |
Fair value of awards granted during the year | $ | $ 60 | |
Executive plans [member] | STA [member] | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Opening balance | 994,436 | 975,295 |
Granted during the year | 495,800 | 353,412 |
Vested during the year | (450,609) | (307,402) |
Forfeited during the year | (46,430) | (26,869) |
Ending balance | 993,197 | 994,436 |
Fair value of awards granted during the year | $ | $ 9 | $ 7 |
Executive plans [member] | LTA [member] | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Opening balance | 2,379,220 | 2,798,305 |
Granted during the year | 764,171 | 553,849 |
Vested during the year | (191,736) | (322,746) |
Forfeited during the year | (397,233) | (650,188) |
Ending balance | 2,554,422 | 2,379,220 |
Fair value of awards granted during the year | $ | $ 13 | $ 9 |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Number of Awards and Movements for all Share Plans (Parenthetical) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
WEP [member] | ||
Disclosure of number and weighted average exercise prices of other equity instruments [line items] | ||
Share price on grant date | $ 16.3 | $ 15.17 |
Restricted Shares [member] | ||
Disclosure of number and weighted average exercise prices of other equity instruments [line items] | ||
Share price on grant date | 20.18 | |
Restricted Shares [member] | Bottom of range [member] | ||
Disclosure of number and weighted average exercise prices of other equity instruments [line items] | ||
Share price on grant date | 19.2 | |
Restricted Shares [member] | Top of range [member] | ||
Disclosure of number and weighted average exercise prices of other equity instruments [line items] | ||
Share price on grant date | 19.27 | |
Performance Rights [member] | Bottom of range [member] | ||
Disclosure of number and weighted average exercise prices of other equity instruments [line items] | ||
Share price on grant date | 13.08 | 11.66 |
Performance Rights [member] | Top of range [member] | ||
Disclosure of number and weighted average exercise prices of other equity instruments [line items] | ||
Share price on grant date | 13.71 | 14.44 |
SWEP [member] | ||
Disclosure of number and weighted average exercise prices of other equity instruments [line items] | ||
Share price on grant date | $ 19.74 | $ 0 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
WEP [member] | |||
Disclosure of employee benefits [line items] | |||
Description of vesting requirements for share based payment arrangement | For awards made in 2022, the Board amended the terms of the plan to entitle participants to receive a Woodside share on the vesting date, three years after the grant date. | Awards made in 2020 and 2021 will vest under the terms of the plan at that time, which provided for 75% vesting of the ERs three years after the grant date and the remaining 25% of the ERs five years after the grant date. | Awards made in 2020 and 2021 will vest under the terms of the plan at that time, which provided for 75% vesting of the ERs three years after the grant date and the remaining 25% of the ERs five years after the grant date. |
SWEP [member] | |||
Disclosure of employee benefits [line items] | |||
Description of vesting requirements for share based payment arrangement | The SWEP was updated in 2022 to broaden eligibility to all employees of a subsidiary of Woodside Energy Group Ltd and ensure compliance in all jurisdictions in which Woodside operates. This facilitated the offer of replacement unvested incentives, as required under transitional arrangements for eligible heritage BHP employees transitioning from BHP Group Long-Term Incentive (LTI) plans to VAR offered under Woodside’s VAR arrangements.Each ER entitles the participant to receive a Woodside share or an American Depositary share on the vesting date either one, two, three or four years after the effective grant date, depending on the individual details of each SWEP offered. Participants do not make any payment in respect of the ERs at grant or at vesting. | ||
SWEP [member] | Woodside share or American Depositary share [Member] | |||
Disclosure of employee benefits [line items] | |||
Description of vesting requirements for share based payment arrangement | Each ER entitles the participant to receive a Woodside share on the vesting date three years after the grant date. | ||
LTA [member] | |||
Disclosure of employee benefits [line items] | |||
Description of vesting requirements for share based payment arrangement | Vesting of LTAs is subject to achievement of relative total shareholder return (RTSR) targets, with 33% measured against the ASX 50 and the remaining 67% tested against an international group of oil and gas companies. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Associates [member] | |
Disclosure of transactions between related parties [line items] | |
Purchases of goods/services related party transactions | $ 60,730 |
Sales of goods/services related party transactions | 18,527 |
Dividend income | 8,294 |
Amounts owing to related parties | 1,686 |
Amounts owing from related parties | $ 2,200 |
Directors [member] | |
Disclosure of transactions between related parties [line items] | |
Description of transactions with related party | There were no transactions with directors during the year |
Events After the End of the R_2
Events After the End of the Reporting Period - Additional information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Events After the End of the Reporting Period [Line Items] | ||||
Depreciation expense | $ 140 | $ 108 | $ 94 | |
Subsequent Period [Member] | ||||
Events After the End of the Reporting Period [Line Items] | ||||
Depreciation expense | $ 600 |
Joint Arrangements - Summary of
Joint Arrangements - Summary of Interest Percentage in Joint Ventures (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
North West Shelf Gas Pty Ltd [member] | ||
Disclosure of joint ventures [line items] | ||
Principal activity | Contract administration services for venturers for LNG sales to Japan. Marketing and administration services for venturers for gas processing. | |
Group Interest | 33.30% | 16.67% |
North West Shelf Liaison Company Pty Ltd [member] | ||
Disclosure of joint ventures [line items] | ||
Principal activity | Liaison for ventures in the sale of LNG to the Japanese market. | |
Group Interest | 33.30% | 16.67% |
China Administration Company Pty Ltd [member] | ||
Disclosure of joint ventures [line items] | ||
Principal activity | Contract administration services for venturers for LNG sales to China. | |
Group Interest | 33.30% | 16.67% |
North West Shelf Shipping Service Company Pty Ltd [member] | ||
Disclosure of joint ventures [line items] | ||
Principal activity | LNG vessel fleet advisor. | |
Group Interest | 33.30% | 16.67% |
North West Shelf Lifting Coordinator Pty Ltd [member] | ||
Disclosure of joint ventures [line items] | ||
Principal activity | Allocating, scheduling and administering the lifting of LNG and pipeline gas. | |
Group Interest | 33.30% | 16.67% |
Joint Arrangements - Summary _2
Joint Arrangements - Summary of Interest Percentage in Joint Operations (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
North West Shelf [member] | Producing and developing assets [member] | Australia [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 25% | 12.50% |
North West Shelf [member] | Producing and developing assets [member] | Australia [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 66.70% | 50% |
Greater Enfield and Vincent [Member] | Producing and developing assets [member] | Australia [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 60% | 60% |
Stybarrow [Member] | Producing and developing assets [member] | Australia [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 50% | |
Balnaves [Member] | Producing and developing assets [member] | Australia [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 65% | 65% |
Pluto [member] | Producing and developing assets [member] | Australia [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 90% | 90% |
Wheatstone [member] | Producing and developing assets [member] | Australia [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 13% | 13% |
Wheatstone [member] | Producing and developing assets [member] | Australia [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 65% | 65% |
Scarborough [member] | Producing and developing assets [member] | Australia [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 73.50% | |
Scarborough [member] | Exploration and evaluation assets [member] | Oceania [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 50% | |
Macedon [member] | Producing and developing assets [member] | Australia [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 71.40% | |
Bass Strait [member] | Producing and developing assets [member] | Australia [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 25% | |
Bass Strait [member] | Producing and developing assets [member] | Australia [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 50% | |
Pyrenees [Member] | Producing and developing assets [member] | Australia [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 40% | |
Pyrenees [Member] | Producing and developing assets [member] | Australia [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 71.40% | |
Griffin [Member] | Producing and developing assets [member] | Australia [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 45% | |
Griffin [Member] | Producing and developing assets [member] | Australia [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 71% | |
Minerva [Member] | Producing and developing assets [member] | Australia [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 90% | |
Sangomar [member] | Producing and developing assets [member] | International [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 82% | 82% |
Atlantis [member] | Producing and developing assets [member] | International [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 44% | |
Mad Dog [Member] | Producing and developing assets [member] | International [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 23.90% | |
Shenzi [member] | Producing and developing assets [member] | International [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 72% | |
Trion [member] | Producing and developing assets [member] | International [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 60% | |
Greater Angostura [member] | Producing and developing assets [member] | International [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 45% | |
Greater Angostura [member] | Producing and developing assets [member] | International [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 68.50% | |
Calypso [member] | Producing and developing assets [member] | International [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 70% | |
Browse Basin [Member] | Exploration and evaluation assets [member] | Oceania [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 30.60% | 30.60% |
Carnarvon Basin [Member] | Exploration and evaluation assets [member] | Oceania [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 31.60% | 15.80% |
Carnarvon Basin [Member] | Exploration and evaluation assets [member] | Oceania [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 70% | 70% |
Bonaparte Basin [Member] | Other joint operations [Member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 21% | |
Bonaparte Basin [Member] | Exploration and evaluation assets [member] | Oceania [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 26.70% | 26.70% |
Bonaparte Basin [Member] | Exploration and evaluation assets [member] | Oceania [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 35% | 35% |
Congo [member] | Exploration and evaluation assets [member] | Africa [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 22.50% | 42.50% |
Senegal [member] | Exploration and evaluation assets [member] | Africa [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 90% | 90% |
Egypt [member] | Exploration and evaluation assets [member] | Africa [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 25% | |
Egypt [member] | Exploration and evaluation assets [member] | Africa [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 45% | |
US Gulf of Mexico [member] | Exploration and evaluation assets [member] | Americas [Member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 23.90% | |
US Gulf of Mexico [member] | Exploration and evaluation assets [member] | Americas [Member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 75% | |
Kitimat [Member] | Exploration and evaluation assets [member] | Americas [Member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 50% | 50% |
Republic Of Korea [member] | Exploration and evaluation assets [member] | Asia [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 50% | 50% |
Myanmar [member] | Exploration and evaluation assets [member] | Asia [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 40% | 40% |
Myanmar [member] | Exploration and evaluation assets [member] | Asia [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 45% | 50% |
Barbados [member] | Exploration and evaluation assets [member] | Caribbean [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 60% | |
Trinidad & Tobago [member] | Exploration and evaluation assets [member] | Caribbean [member] | Bottom of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 65% | |
Trinidad & Tobago [member] | Exploration and evaluation assets [member] | Caribbean [member] | Top of range [member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 70% | |
Angel [Member] | Other joint operations [Member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 20% |
Joint Arrangements - Summary _3
Joint Arrangements - Summary of Interest Percentage in Joint Operations (Parenthetical) (Detail) | 1 Months Ended | |
Jun. 01, 2022 | Jun. 30, 2022 | |
Stybarrow and Scarborough [Member] | Merger with BHPP [Member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 100% | |
Congo [Member] | Farmdown of Interest [Member] | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 22.50% |
Subsidiaries - Summary of Subsi
Subsidiaries - Summary of Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [line items] | |
Name of ultimate parent entity | Woodside Energy Group Ltd |
Woodside Energy Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Ltd |
Woodside Browse Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Browse Pty Ltd |
Woodside Burrup Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Burrup Pty Ltd |
Burrup Facilities Company Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Burrup Facilities Company Pty Ltd |
Burrup Train 1 Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Burrup Train 1 Pty Ltd |
Pluto LNG Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Pluto LNG Pty Ltd |
Woodside Burrup Train 2 A Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Burrup Train 2 A Pty Ltd |
Woodside Burrup Train 2 B Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Burrup Train 2 B Pty Ltd |
Woodside Energy (LNG Fuels and Power) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (LNG Fuels and Power) Pty Ltd |
Woodside Energy (Domestic Gas) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Domestic Gas) Pty Ltd |
Woodside Energy (Algeria) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Algeria) Pty Ltd |
Woodside Energy Australia Asia Holdings Pte Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Australia Asia Holdings Pte Ltd |
Woodside Energy Holdings International Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings International Pty Ltd |
Woodside Energy International (Canada) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy International (Canada) Limited |
Woodside Energy (Canada LNG) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Canada LNG) Limited |
Woodside Energy (Canada PTP) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Canada PTP) Limited |
KM LNG Operating General Partnership [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | KM LNG Operating General Partnership |
KM LNG Operating Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | KM LNG Operating Ltd |
Woodside Energy Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings Pty Ltd |
Woodside Energy Holdings (USA) Inc [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings (USA) Inc |
Woodside Energy (USA) Inc [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (USA) Inc |
Gryphon Exploration Company [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Gryphon Exploration Company |
PT Woodside Energy Indonesia [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | PT Woodside Energy Indonesia |
Woodside Energy (Cameroon) SARL [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Cameroon) SARL |
Woodside Energy (Gabon) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Gabon) Pty Ltd |
Woodside Energy (Indonesia) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Indonesia) Pty Ltd |
Woodside Energy (Indonesia II) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Indonesia II) Pty Ltd |
Woodside Energy (Malaysia) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Malaysia) Pty Ltd |
Woodside Energy (Ireland) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Ireland) Pty Ltd |
Woodside Energy (Korea) Pte Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Korea) Pte Ltd |
Woodside Energy (Korea II) Pte Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Korea II) Pte Ltd |
Woodside Energy (Myanmar) Pte [member] | |
Disclosure of subsidiaries [line items] | |
Name of ultimate parent entity | Woodside Energy (Myanmar) Pte Ltd |
Woodside Energy (Morocco) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Morocco) Pty Ltd |
Woodside Energy (New Zealand) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (New Zealand) Limited |
Woodside Energy (New Zealand 55794) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (New Zealand 55794) Limited |
Woodside Energy (Peru) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Peru) Pty Ltd |
Woodside Energy (Senegal) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Senegal) Pty Ltd |
Woodside Energy (Tanzania) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Tanzania) Limited |
Woodside Energy Holdings II Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings II Pty Ltd |
Woodside Power Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Power Pty Ltd |
Woodside Power (Generation) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Power (Generation) Pty Ltd |
Woodside Energy Holdings (South America) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings (South America) Pty Ltd |
Woodside Energia (Brasil) Apoio Administrativo Ltda [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energia (Brasil) Apoio Administrativo Ltda |
Woodside Energy Holdings (UK) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings (UK) Pty Ltd |
Woodside Energy (UK) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (UK) Limited |
Woodside Energy Finance (UK) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Finance (UK) Limited |
Woodside Energy (Congo) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Congo) Limited |
Woodside Energy (Bulgaria) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Bulgaria) Limited |
Woodside Energy Holdings (Senegal) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings (Senegal) Limited |
Woodside Energy (Senegal) B.V. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Senegal) B.V. |
Woodside Energy (France) SAS [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (France) SAS |
Woodside Energy Iberia S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Iberia S.A. |
Woodside Energy (N.A.) Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (N.A.) Ltd |
Woodside Energy Services (Qingdao) Co Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Services (Qingdao) Co Ltd |
Woodside Energy Julimar Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Julimar Pty Ltd |
Woodside Energy (Norway) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Norway) Pty Ltd |
Woodside Energy Technologies Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Technologies Pty Ltd |
Woodside Technology Solutions Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Technology Solutions Pty Ltd |
Woodside Energy Scarborough Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Scarborough Pty Ltd |
Woodside Energy Carbon Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Carbon Holdings Pty Ltd |
Woodside Energy Carbon (Assets) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Carbon (Assets) Pty Ltd |
Woodside Energy Carbon (Services) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Carbon (Services) Pty Ltd |
Woodside Energy (Financial Advisory Services) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Financial Advisory Services) Pty Ltd |
Woodside Energy Trading Singapore Pte Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Trading Singapore Pte Ltd |
WelCap Insurance Pte Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | WelCap Insurance Pte Ltd |
Woodside Energy Shipping Singapore Pte Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Shipping Singapore Pte Ltd |
Metasource Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Metasource Pty Ltd |
Mermaid Sound Port and Marine Services Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Mermaid Sound Port and Marine Services Pty Ltd |
Woodside Finance Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Finance Limited |
Woodside Petroleum (Timor Sea 19) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Petroleum (Timor Sea 19) Pty Ltd |
Woodside Petroleum (Timor Sea 20) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Petroleum (Timor Sea 20) Pty Ltd |
Woodside Petroleum Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Petroleum Holdings Pty Ltd |
Woodside Energy Global Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Global Holdings Pty Ltd |
Woodside Energy Global Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Global Pty Ltd |
Perdido Mexico Pipeline Holdings, S.A. de C.V. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Perdido Mexico Pipeline Holdings, S.A. de C.V. |
Perdido Mexico Pipeline, S. de R.L. de C.V. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Perdido Mexico Pipeline, S. de R.L. de C.V. |
Woodside Energy Investments Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Investments Pty Ltd |
Woodside Energia Brasil Investimentos Ltda. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energia Brasil Investimentos Ltda. |
Woodside Energia Brasil Explorao e Produo Ltda. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energia Brasil Exploração e Produção Ltda. |
Woodside Energy (Great Britain) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Great Britain) Limited |
Woodside Energy (North West Shelf) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (North West Shelf) Pty Ltd |
Woodside Energy (Trinidad) Holdings Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad) Holdings Ltd |
Woodside Energy (Trinidad 3A) Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad-3A) Ltd |
Woodside Energy USA Operations Inc [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy USA Operations Inc |
Hamilton Brothers Petroleum Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Hamilton Brothers Petroleum Corporation |
Hamilton Oil Company LLC [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Hamilton Oil Company LLC |
Woodside Energy Boliviana Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Boliviana Inc. |
Woodside Energy (North America) LLC [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (North America) LLC |
Woodside Energy (Americas) Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Americas) Inc. |
Woodside Energy (GOM) Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (GOM) Inc. |
Woodside Energy Hawaii Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Hawaii Inc. |
Woodside Energy Resources Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Resources Inc. |
Woodside Energy Holdings (Resources) Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings (Resources) Inc. |
Woodside Energy USA Services Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy USA Services Inc. |
Woodside Energy Marketing Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Marketing Inc. |
Woodside Energy (Deepwater) Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Deepwater) Inc. |
Woodside Energy (Foreign Exploration Holdings) LLC [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Foreign Exploration Holdings) LLC |
Woodside Energy (Trinidad Block 3) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 3) Limited |
Woodside Energy (Trinidad Block 6) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 6) Limited |
Woodside Energy (Trinidad Block 5) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 5) Limited |
Woodside Energy (Trinidad Block 7) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 7) Limited |
Woodside Energy (Trinidad Block 14) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 14) Limited |
Woodside Energy (Trinidad Block 23A) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 23A) Limited |
Woodside Energy (Trinidad Block 23B) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 23B) Limited |
Woodside Energy (Trinidad Block 28) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 28) Limited |
Woodside Energy (Trinidad Block 29) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad Block 29) Limited |
Woodside Energy (Bimshire) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Bimshire) Limited |
Woodside Energy (South Africa 3B4B) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (South Africa 3B/4B) Limited |
Woodside Energy (Egypt) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Egypt) Limited |
Woodside Energy (Carlisle Bay) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Carlisle Bay) Limited |
Woodside Energy (Mexico) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Mexico) Limited |
Woodside Energa Servicios Administrativos, S. de R.L. de C.V. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energía Servicios Administrativos,S. de R.L. de C.V. |
Woodside Energa Servicios de Mxico, S. de R.L. de C.V. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energía Servicios de México, S. de R.L. de C.V. |
Woodside Energy (Mexico Holdings) LLC [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Mexico Holdings) LLC |
Operaciones Conjuntas, S. de R.L. de C.V. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Operaciones Conjuntas, S. de R.L. de C.V. |
Woodside Energa Holdings de Mxico, S. de R.L. de C.V. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energía Holdings de México, S. de R.L. de C.V. |
Woodside Petrleo Operaciones de Mxico, S. de R.L. de C.V. [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Petróleo Operaciones de México, S. de R.L. de C.V. |
Woodside Energy (Australia) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Australia) Pty Ltd |
Woodside Energy (International Exploration) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (International Exploration) Pty Ltd |
Woodside Energy (Bass Strait) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Bass Strait) Pty Ltd |
Woodside Energy (Victoria) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Victoria) Pty Ltd |
Woodside Energy Holdings LLC [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy Holdings LLC |
Woodside Energy(Trinidad2C)Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Trinidad-2C) Ltd |
Woodside Energy (Canada) Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Woodside Energy (Canada) Corporation |
Subsidiaries - Summary of Sub_2
Subsidiaries - Summary of Subsidiaries (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Woodside Energy (Mexico Holdings) LLC [member] | Bottom of range [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 0.01% |
Woodside Energy (Mexico Holdings) LLC [member] | Top of range [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 1% |
Woodside Energy Global Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 62.33% |
Woodside Energy Investments Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 0.01% |
Kansai Electric Power Australia Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 5% |
Tokyo Gas Pluto Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 5% |
PT Woodside Energy Indonesia [member] | Woodside Energy Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99% |
PT Woodside Energy Indonesia [member] | Woodside Energy Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 1% |
Woodside Energy (Tanzania) Limited [member] | Woodside Energy Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99.99% |
Woodside Energia (Brasil) Apoio Administrativo Ltda [member] | Woodside Energy Holdings (South America) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99.99% |
Woodside Energy International (Canada) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99.99% |
Woodside Energy (Canada LNG) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 0.01% |
Perdido Mexico Pipeline Holdings, S.A. de C.V [member] | Woodside Energy Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99.99% |
Perdido Mexico Pipeline, S. de R.L. de C.V [member] | Woodside Energy Global Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99.99% |
Woodside Energia Brasil Investimentos Ltda [member] | Woodside Energy Global Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 0.03% |
Woodside Energia Brasil Investimentos Ltda [member] | Woodside Energy Investments Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99.97% |
Woodside Energy USA Operations Inc [member] | Woodside Energy Global Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 37.67% |
Percentage of voting interest held in subsidiary | 90% |
Woodside Energy USA Operations Inc [member] | Woodside Energy Holdings LLC [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of voting interest held in subsidiary | 10% |
Woodside Energa Servicios Administrativos, S. de R.L. de C.V [member] | Woodside Energy (Mexico) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99% |
Woodside Energa Servicios de Mxico, S. de R.L. de C.V [member] | Woodside Energy (Mexico) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99% |
Operaciones Conjuntas, S. de R.L. de C.V [member] | Woodside Energy (Mexico) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99% |
Woodside Petrleo Operaciones de Mxico, S. de R.L. de C.V [member] | Woodside Energy (Mexico) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99% |
Woodside Energa Holdings de Mxico, S. de R.L. de C.V [member] | Woodside Energy (Mexico) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest hold in subsidiaries | 99.99% |
Blue Ocean Seismic Services Limited [member] | Woodside Energy Technologies Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest held | 28.50% |
International Gas Transportation Company Limited [member] | Woodside Energy (North West Shelf) Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest held | 16.67% |
International Gas Transportation Company Limited [member] | Woodside Petroleum Holdings Pty Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest held | 16.67% |
Iwilei District Participating Parties LLC [member] | Woodside Energy Hawaii Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest held | 14.96% |
Caesar Oil Pipeline Company LLC [member] | Woodside Energy (Deepwater) Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest held | 25% |
Cleopatra Gas Gathering Company LLC [member] | Woodside Energy (Deepwater) Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest held | 22% |
Marine Well Containment Company LLC [member] | Woodside Energy (Deepwater) Inc [member] | |
Disclosure of subsidiaries [line items] | |
Percentage of interest held | 10% |
Subsidiaries - Summary of Austr
Subsidiaries - Summary of Australian Subsidiaries with Material Non Controlling Interests (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Investments In Subsidiaries With Material Noncontrolling Interest [Line Items] | |
% held by NCI | 10% |
Subsidiaries with material non-controlling interests [member] | Burrup Facilities Company Pty Ltd [member] | AUSTRALIA | |
Disclosure Of Significant Investments In Subsidiaries With Material Noncontrolling Interest [Line Items] | |
Name of entity | Burrup Facilities Company Pty Ltd |
Principal place of business | Australia |
% held by NCI | 10% |
Subsidiaries with material non-controlling interests [member] | Burrup Train 1 Pty Ltd [member] | AUSTRALIA | |
Disclosure Of Significant Investments In Subsidiaries With Material Noncontrolling Interest [Line Items] | |
Name of entity | Burrup Train 1 Pty Ltd |
Principal place of business | Australia |
% held by NCI | 10% |
Subsidiaries - Summary of Finan
Subsidiaries - Summary of Financial Information of Subsidiaries with Material Non Controlling Interest (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Financial Information Of Subsidiaries With Material Noncontrolling Interest [Line Items] | |||
Current assets | $ 9,290 | $ 4,278 | |
Non-current assets | 50,031 | 22,196 | |
Current liabilities | 6,608 | 2,622 | |
Non-current liabilities | 15,586 | 9,623 | |
Net assets | 37,127 | 14,229 | |
Accumulated balance of NCI | 791 | 786 | |
Revenue | 16,817 | 6,962 | $ 3,600 |
Profit/(loss) for the period | 6,575 | 2,036 | (3,975) |
Profit allocated to NCI | 77 | 53 | 53 |
Operating | 8,811 | 3,792 | 1,849 |
Investing | (2,265) | (2,941) | (2,112) |
Financing | (3,364) | (1,424) | (203) |
Net increase/(decrease) in cash held | 3,182 | (573) | (466) |
Subsidiaries with material non-controlling interests [member] | Burrup Facilities Company Pty Ltd [member] | |||
Disclosure Of Financial Information Of Subsidiaries With Material Noncontrolling Interest [Line Items] | |||
Current assets | 567 | 518 | 425 |
Non-current assets | 5,047 | 5,038 | 5,224 |
Current liabilities | (68) | (71) | (51) |
Non-current liabilities | (528) | (528) | (571) |
Net assets | 5,018 | 4,957 | 5,027 |
Accumulated balance of NCI | 502 | 496 | 503 |
Revenue | 889 | 858 | 859 |
Profit/(loss) for the period | 489 | 328 | 318 |
Profit allocated to NCI | 49 | 33 | 32 |
Dividends paid to NCI | (43) | (40) | (32) |
Operating | 601 | 633 | 652 |
Investing | (45) | (111) | (69) |
Financing | (556) | (522) | (583) |
Net increase/(decrease) in cash held | 0 | ||
Subsidiaries with material non-controlling interests [member] | Burrup Train 1 Pty Ltd [member] | |||
Disclosure Of Financial Information Of Subsidiaries With Material Noncontrolling Interest [Line Items] | |||
Current assets | 429 | 435 | 372 |
Non-current assets | 2,900 | 2,915 | 3,081 |
Current liabilities | (119) | (110) | (103) |
Non-current liabilities | (325) | (345) | (385) |
Net assets | 2,885 | 2,895 | 2,965 |
Accumulated balance of NCI | 289 | 290 | 297 |
Revenue | 1,471 | 1,421 | 1,423 |
Profit/(loss) for the period | 282 | 200 | 208 |
Profit allocated to NCI | 28 | 20 | 21 |
Dividends paid to NCI | (29) | (27) | (13) |
Operating | 391 | 393 | 473 |
Investing | (55) | (4) | (2) |
Financing | (336) | $ (389) | $ (471) |
Net increase/(decrease) in cash held | $ 0 |
Subsidiaries - Additional Infor
Subsidiaries - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Subsidiaries [Abstract] | |
Percentage of interest in both subsidiaries | 10% |
Additional Information - Summar
Additional Information - Summary of Capitalised Costs Relating to Oil and Gas Production Activities (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Capitalised Costs Relating To Oil Gas Production Activities [Line Items] | |||
Unproved properties | $ 2,988 | $ 2,875 | $ 4,459 |
Proved properties | 64,736 | 40,869 | 37,269 |
Total costs | 67,724 | 43,744 | 41,728 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (26,844) | (24,696) | (24,416) |
Net capitalised costs | 40,880 | 19,048 | 17,312 |
Australia [member] | |||
Capitalised Costs Relating To Oil Gas Production Activities [Line Items] | |||
Unproved properties | 1,154 | 1,172 | 2,709 |
Proved properties | 49,190 | 38,352 | 35,892 |
Total costs | 50,344 | 39,524 | 38,601 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (24,353) | (22,738) | (22,305) |
Net capitalised costs | 25,991 | 16,786 | 16,296 |
International [member] | |||
Capitalised Costs Relating To Oil Gas Production Activities [Line Items] | |||
Unproved properties | 1,834 | 1,703 | 1,750 |
Proved properties | 15,546 | 2,517 | 1,377 |
Total costs | 17,380 | 4,220 | 3,127 |
Less: Accumulated depreciation, depletion, amortisation and valuation provisions | (2,491) | (1,958) | (2,111) |
Net capitalised costs | $ 14,889 | $ 2,262 | $ 1,016 |
Additional Information - Summ_2
Additional Information - Summary of Oil and Gas Property Acquistion Exploration And Development Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Oil And Gas Property Acquistion Exploration And Development Activities Costs Incurred [Line Items] | |||
Acquisitions of proved property | $ 19,586 | $ 205 | $ 540 |
Acquisitions of unproved property | 180 | 7 | 26 |
Exploration | 580 | 543 | 396 |
Development | 4,105 | 2,076 | 1,243 |
Total costs | 24,451 | 2,831 | 2,205 |
Australia [member] | |||
Oil And Gas Property Acquistion Exploration And Development Activities Costs Incurred [Line Items] | |||
Acquisitions of proved property | 8,488 | ||
Acquisitions of unproved property | 0 | ||
Exploration | 39 | 459 | 279 |
Development | 2,365 | 1,141 | 987 |
Total costs | 10,892 | 1,600 | 1,266 |
International [member] | |||
Oil And Gas Property Acquistion Exploration And Development Activities Costs Incurred [Line Items] | |||
Acquisitions of proved property | 11,098 | 205 | 540 |
Acquisitions of unproved property | 180 | 7 | 26 |
Exploration | 541 | 84 | 117 |
Development | 1,740 | 935 | 256 |
Total costs | $ 13,559 | $ 1,231 | $ 939 |
Additional Information - Summ_3
Additional Information - Summary of Oil and Gas Property Acquistion Exploration and Development Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Oil And Gas Property Acquistion Exploration And Development Activities Costs Incurred [Line Items] | |||
Oil and gas properties development costs expenditure | $ 3,812 | ||
Oil and gas properties capitalised interest | 294 | ||
Costs capitalised during the period | $ 23,991 | $ 2,777 | $ 2,138 |
Additional Information - Summ_4
Additional Information - Summary of Results from Operation from Oil and Gas Production Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure In Tabular Form Of Results Of Operation From Oil And Gas Production Activities [Line Items] | |||
Oil and gas revenue | $ 14,028 | $ 5,624 | $ 3,339 |
Production costs | (1,630) | (504) | (550) |
Exploration expenses | (460) | (54) | (67) |
Depreciation, depletion, amortisation and valuation provision | (1,936) | (769) | (6,970) |
Production taxes | (445) | (218) | (82) |
Accretion expense | (108) | (24) | (28) |
Income taxes | (2,858) | (1,312) | 948 |
Royalty-related taxes | (501) | ||
Results of oil and gas producing activities | 6,090 | 2,743 | (3,410) |
Australia [member] | |||
Disclosure In Tabular Form Of Results Of Operation From Oil And Gas Production Activities [Line Items] | |||
Oil and gas revenue | 12,453 | 5,624 | 3,339 |
Production costs | (1,277) | (504) | (550) |
Exploration expenses | (20) | (6) | (8) |
Depreciation, depletion, amortisation and valuation provision | (1,476) | (501) | (5,833) |
Production taxes | (429) | (218) | (82) |
Accretion expense | (85) | (23) | (27) |
Income taxes | (2,707) | (1,312) | 948 |
Royalty-related taxes | (501) | ||
Results of oil and gas producing activities | 5,958 | 3,060 | (2,213) |
International [member] | |||
Disclosure In Tabular Form Of Results Of Operation From Oil And Gas Production Activities [Line Items] | |||
Oil and gas revenue | 1,575 | ||
Production costs | (353) | ||
Exploration expenses | (440) | (48) | (59) |
Depreciation, depletion, amortisation and valuation provision | (460) | (268) | (1,137) |
Production taxes | (16) | ||
Accretion expense | (23) | (1) | (1) |
Income taxes | (151) | ||
Royalty-related taxes | 0 | ||
Results of oil and gas producing activities | $ 132 | $ (317) | $ (1,197) |
Additional Information - Summ_5
Additional Information - Summary of Results from Operation from Oil and Gas Production Activities (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure In Tabular Form Of Results Of Operation From Oil And Gas Production Activities [Line Items] | |||
Valuation provision recovery | $ 900 | $ 1,048 | $ 5,269 |
Petroleum Resource Rent Tax [member] | |||
Disclosure In Tabular Form Of Results Of Operation From Oil And Gas Production Activities [Line Items] | |||
Deferred tax expense/(benefit) | $ (814) | $ 297 | $ (439) |
Additional Information - Summ_6
Additional Information - Summary of Standardised Measure of Discounted Future Cash Flows (Detail) - Exploration and evaluation assets [member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Standardised Measure Of Discounted Future Cash Flows [Line Items] | ||||
Future cash inflows | $ 235,450 | $ 81,897 | $ 14,629 | |
Future production costs | (40,855) | (23,092) | (3,862) | |
Future development costs | (16,746) | (10,777) | (3,800) | |
Future income taxes | (67,005) | (16,356) | (1,023) | |
Future net cash flows | 110,844 | 31,672 | 5,944 | |
Discount at 10% per annum | (56,701) | (15,935) | (860) | |
Standardised measure | 54,143 | 15,737 | 5,084 | $ 10,324 |
Australia [member] | ||||
Standardised Measure Of Discounted Future Cash Flows [Line Items] | ||||
Future cash inflows | 197,194 | 76,202 | 14,629 | |
Future production costs | (31,157) | (22,193) | (3,862) | |
Future development costs | (12,259) | (8,296) | (3,800) | |
Future income taxes | (62,182) | (16,266) | (1,023) | |
Future net cash flows | 91,596 | 29,447 | 5,944 | |
Discount at 10% per annum | (48,924) | (14,793) | (860) | |
Standardised measure | 42,672 | 14,654 | $ 5,084 | |
International [member] | ||||
Standardised Measure Of Discounted Future Cash Flows [Line Items] | ||||
Future cash inflows | 38,256 | 5,695 | ||
Future production costs | (9,698) | (899) | ||
Future development costs | (4,487) | (2,481) | ||
Future income taxes | (4,823) | (90) | ||
Future net cash flows | 19,248 | 2,225 | ||
Discount at 10% per annum | (7,777) | (1,142) | ||
Standardised measure | $ 11,471 | $ 1,083 |
Additional Information - Summ_7
Additional Information - Summary of Movement in Changes in the Standardised Measure (Detail) - Exploration and evaluation assets [member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Detailed Information About Changes In Standardised Measure [Line Items] | |||
Standardised measure at the beginning of the year | $ 15,737 | $ 5,084 | $ 10,324 |
Prices, net of production costs | 22,558 | 7,741 | (5,800) |
Changes in future development costs | (873) | 20 | (29) |
Revisions of reserves quantity estimates | 5,898 | 2,109 | 269 |
Accretion of discount | 4,051 | 430 | 1,038 |
Changes in production timing and other | 2,371 | 3,485 | (1,180) |
Sales of oil and gas, net of production costs | (10,202) | (5,698) | (2,666) |
Acquisitions of reserves-in-place | 28,309 | ||
Sales of reserves-in-place | 0 | ||
Previously estimated development costs incurred | 3,339 | 565 | 702 |
Extensions, discoveries, and improved recoveries, net of future costs | 8,346 | 44 | |
Changes in future income taxes | (17,045) | (6,345) | 2,382 |
Standardised measure at the end of the year | $ 54,143 | $ 15,737 | $ 5,084 |
Additional Information - Summ_8
Additional Information - Summary of Movement in Capitalised Exploratory Well Costs (Detail) - Exploration and evaluation assets [member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Exploration And Evaluation [Line Items] | |||
At the beginning of the year | $ 614 | $ 2,045 | $ 3,809 |
Acquisition to the capitalised exploratory well costs pending the determination of proved reserves | 180 | ||
Additions to the capitalised exploratory well costs pending the determination of proved reserves | 111 | 501 | 399 |
Capitalised exploratory well costs expensed | (62) | (268) | (1,571) |
Capitalised exploratory well costs reclassified to wells, equipment and facilities based on the determination of proved reserves | (36) | (1,664) | (592) |
Sale of suspended wells | 0 | ||
At the end of the year | $ 807 | $ 614 | $ 2,045 |
Additional Information - Summ_9
Additional Information - Summary of Movement in Capitalised Exploratory Well Costs (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Exploration and evaluation assets [member] | |
Disclosure Of Detailed Information About Exploration And Evaluation [Line Items] | |
Impairment losses | $ 1,557 |
Additional Information - Sum_10
Additional Information - Summary of Ageing of Capitalised Exploratory Well Costs and Number of Projects Capitalised (Detail) - Exploration and evaluation assets [member] $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Projects | Dec. 31, 2021 USD ($) Projects | Dec. 31, 2020 USD ($) Projects | Dec. 31, 2019 USD ($) | |
Disclosure Of Detailed Information About Exploration And Evaluation [Line Items] | ||||
Capitalised exploratory well costs | $ 807 | $ 614 | $ 2,045 | $ 3,809 |
One year or less [Member] | ||||
Disclosure Of Detailed Information About Exploration And Evaluation [Line Items] | ||||
Capitalised exploratory well costs | 124 | 19 | 330 | |
Greater than one year [Member] | ||||
Disclosure Of Detailed Information About Exploration And Evaluation [Line Items] | ||||
Capitalised exploratory well costs | $ 683 | $ 595 | $ 1,715 | |
Number of projects | Projects | 21 | 25 | 13 |