for personal use only - asx · 8/19/2009 · average cost of debt is ~4% p.a. on a portfolio basis...
TRANSCRIPT
2009 Half Year Results Briefing
Don VoelteManaging Director and CEO
Mark Chatterji Executive Vice President and CFO
19 August 2009
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Slide 2
Disclaimer and important notice
This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, outcomes of negotiations,project delay or advancement, approvals and cost estimates.
All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.
References to “Woodside” may be references to Woodside Petroleum Ltd. or its applicable subsidiaries.For
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Slide 3
Woodside: building the futureHeadlines
Production – record first half: 40.1MMboe
Profit – robust: A$898 million
North West Shelf – running at 16.3+Mtpadesign rate
Pluto T1 – over 70% complete
Pluto T 2 & 3 – initiating FEED
Browse – strong government support
Sunrise – concept select underway
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Financial Results
Mark ChatterjiExecutive Vice President and CFO
19 August 2009
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Slide 5
Production
2009 target of 81 – 86 MMboe unchanged
2H outlook is positive
NWS Trains 1 - 5 operating at expected capacity
Vincent production restored
Corallina and Enfield wells to support production
Production 40.1 MMboe, up 10%
excellent output from NWS
strong performance from Australian oil
20091H
20081H
20071H
20061H
20051H
Pro
duct
ion
(MM
boe)
40.1
36.5
29.829.9
35.0
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Slide 6
0
10
Lifting costs
Oil ($6.92)
Gas ($3.06)
Oilhigher production despite natural field decline Vincent 9 week shut-in underlying lifting cost: A$6.67 / boe (US$5.38 / boe)
Gasadditional production at NWS and Otwaylower operating costs at NWSunderlying lifting cost:A$3.06 / boe (US$2.47 / boe) A$0.54 / mcf (US$0.44 / mcf)
$6.67
AUS/USD @ 30 June 2009: 0.8064
20091H
20081H
20071H
20061H
Lifti
ng c
ost (
A$
/ boe
)
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Slide 7
Revenue
1242
15681,777
2,574
2,028
Rev
enue
($ m
illio
n)
20091H
20081H
20071H
20061H
20051H
0
2,800(1,276)
187
437106
RealisedPrices
SalesVolumes
ExchangeRate
HedgeGains
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Slide 8
Reported Profit
0
1,800
NPAT1H 2008
Volumeimpact
FXimpact
Costof
Sales*
Otherincome
Otherexpenses**
PRRTIncometax
NPAT1H 2009
1,016
187
(1,276)
(187)
467 (136)
35
437
898
A$
mill
ion
Priceimpact
106
Hedgegains
249
* Cost of sales includes production costs; royalties and excise; third party gas; insurance; inventory movement; shipping and direct sales costs; depreciation and amortisation ** Other expenses includes a $79m loss on derivative financial instruments (a result of unfavourable revaluation of Greater Enfield Area hedges and interest rate swaps) compared to a $26m gain in 1H 2008
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Slide 9
35
49 49
80
55
20091H
20081H
20071H
20061H
20051H
Div
iden
d (c
ents
per
sha
re)
0
90
Oil
Pric
e*
0
140
Dividends
Fully underwritten DRP for half-year dividend*Oil Price: average closing daily price in each 6 month period
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Slide 10
Capital and exploration expenditure
Reduced 2009 spending by $500 millionNote: Chart excludes capitalised interest for 2005: $55m, 2006: $77m, 2007: $95m, 2008: $82m: 2009 forecast $240m
369 247 228 237181369 712 553
417263
566 843 523425
346485 459
374408
1023
34294869
129
379121 58
442
708
86
41
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2005 2006 2007 2008 2009E
Pluto Expansion
Pluto Foundation
Exploration
AUS
International
NWS
Other
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Funding update
Average cost of debt is ~4% p.a. on a portfolio basis (US$)
Deb
t (U
S$ b
n)
31 Dec
2.05
0.87
1.05
0
6
2007 2008 2009
US bonds
1.75
31 Dec 30 June
Undrawn facilitiesDrawn facilities
JBIC
syndicated loanfacilities
bilateral and 364 day facilities
1.1
1.5
1.55
0.11
2009 funding complete
Considering funding plan for 2010
Discussions on additional bilateral facilities in progress
2010 funding requirements will beimpacted by:
Scale of activity in LNG growth portfolio
Outcome of non-core asset reviews(e.g. Otway, Brazil, Libya)
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Oil development
Laminaria CorallinaCorallina-2 sidetrack-2 drilled and tied back26,000 bopd start up production4 similar development targets being worked up
EnfieldENE-01 drilled and tied back 20,000 bopd start up production1-2 additional production wells planned in 20101- 2 exploration prospects planned for drilling in 2010
Vincentproduction restarted after 9 week shutdown, plan to reinstate compression during Q1 20102 development wells planned for 2010
Stybarrow1 development well planned for 2010
Neptune1 development well planned for drilling in 2H 20091-2 development wells planned for 2010 F
or p
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nal u
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Slide 13
Exploration drilling in 2009
Well Name Basin Title Target % Equity Comment
AustraliaMartell-1 Carnarvon WA-404-P Gas 50.0% Gas discoveryPelion-1 Carnarvon WA-34-L Gas 90.0% Planned for Q4-2009Elatus-1 Carnarvon WA-34-L Gas 90.0% Planned for Q4-2009Noblige-1 Carnarvon WA-404-P Gas 50.0% Planned for Q4-2009Somerset-1 Otway T/34P Gas 51.6% Planned for Q4-2009
USARickenbacker GOM KC426 Oil 10.0% 123 day well planned to start September 2009
BrazilPanoramix-1 Santos S-M-674 Oil & Gas 12.5% Gas and oil discoveryVampira-1 Santos S-M-789 Oil & Gas 12.5% Gas and oil discoveryPanoramix-2 Santos S-M-673 Oil & Gas 12.5% Appraisal well - planned for Q4 2009
LibyaC1-NC205 Sirte NC205 Oil 45.0% Dry hole
Sierra LeoneVenus B Sierra Leone Block SL-6 Oil-Gas 25.0% Currently drilling
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Outlook
Don VoelteManaging Director and CEO
19 August 2009
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Slide 15
NWS 25 years of operations~65% of WA pipeline gas supply>2700 cargoes in 20 years of LNG exports>1000 condensate cargoes
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LNG
, Ann
ualis
ed p
rodu
ctio
n (M
tpa)
NWS 5 trains now built and operating to full capacity
64
108
1412
1816
Jan-04 Jul-09
LNG
, Ann
ualis
ed p
rodu
ctio
n (
LNG Production
Jan-04 Jul-09
LNG Production
0Jan-04 Jul-09
LPG
and
Con
dens
ate,
A
nnua
lised
pro
duct
ion
(MM
boe)
Condensate and LPG Production
10
20
30
40
50
60
0Jan-04 Jul-09
Condensate and LPG Production
10
20
30
40
50
60
Pipe
line
Gas
A
nnua
lised
pro
duct
ion
(PJ)
Jan-04
Pipeline Gas Production
Jul-09150170
190210230250
270290
Jan-04Jan-04
Pipeline Gas Production
Jul-09
Pipeline Gas Production
Jul-09150170
190210230250
270290
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Slide 17
Pluto powers ahead
Pluto Train 1 – greenfield foundation 72.5% complete. (WPL 90%)
Pluto Train 2 – brownfield expansion now in FEED (WPL 60% – 90%)
LLIs Q2/Q3 2010
FID end 2010
First gas end 2013Pluto Train 3 – brownfield expansion now in FEED (WPL 75% - 90%)
LLIs mid 2011
FID end 2011First gas end 2014
Pluto Train 4 – location confirmed(WPL 100%)
Pluto Train 5 – to follow (WPL 100%)
Note: Trains 2 to 5, indicative percentages and timeline based upon projections of exploration success and a mix of Woodside and 3rd party gas
FEED = front end engineeringLLIs = long lead itemsFID = final investment decision
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Pluto greenfield foundation is taking shapeF
or p
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nal u
se o
nly
Slide 19
Project is 72.5% completeF
or p
erso
nal u
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nly
Slide 20
>150 of 264 modules delivered
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Exceptional technology applicationF
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Jacket sail away planned for August 2009 F
or p
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nal u
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nly
Slide 23
Topside fabrication approaching completion
…in preparation for installation onto jacket in Q4
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Storage and loading facility progressing wellF
or p
erso
nal u
se o
nly
Slide 25
Pipeline and flowlines under constructionF
or p
erso
nal u
se o
nly
Slide 26
onsh
ore
offs
hore
Commence pipe layoperations
Commence 2nd drillingcampaign
Q1 Q2 Q3 Q42009 2009 2009 2009
Heat exchangersdelivered
Compressor delivered (06/07/09)
Commence site mechanical engineering
Jacket sail awayfrom yard
Complete Phase 1 of Burrup Materials Facility
Liquefaction moduleready for load-out
All major construction contracts awarded
Lift of topsides onto substructure
Topsides sail away from Malaysia
Set down main liquefaction modules
Final GTG moduleready for load-out
Expect ~85% complete by year end
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Moving into 2010 and beyond
Pluto Train 1: maintaining cost and schedule
Peak construction, a critical phase for remaining on cost, is anticipated to be completed over the next 6 months
Late 2010 – first gas from Pluto field
Early 2011 – first LNG
Mid 2011 – achieve expected capacity production
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Slide 28
Pluto powers ahead
Pluto Train 1 – greenfield foundation 72.5% complete. (WPL 90%)
Pluto Train 2 – brownfield expansion now in FEED (WPL 60% – 90%)
LLIs Q2/Q3 2010
FID end 2010
First gas end 2013Pluto Train 3 – brownfield expansion now in FEED (WPL 75% - 90%)
LLIs mid 2011
FID end 2011First gas end 2014
Pluto Train 4 – location confirmed (WPL 100%)
Pluto Train 5 – to follow (WPL 100%)
Note: Trains 2 to 5, indicative percentages and timeline based upon projections of exploration success and a mix of Woodside and 3rd party gas
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Slide 29
Trains 2 & 3 FEED initiated
Gas sourcing:
gas available from Pluto/Xena acceleration
exploration discoveries
exploration portfolio
other resource owners (ORO)
supply fromWoodside discoveries
Time
Capacity
capacity availableto third parties
supply fromWoodside discoveries
Pluto / Xena
Accelerated
Trai
n 1
Trai
n 2
Pluto / Xena
capacity available to third parties
Trai
n 3
supply fromWoodside discoveries
Note: Trains 2 and 3, indicative percentages and timeline based upon projections of exploration success and a mix of Woodside and 3rd party gas
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Train 2 – projected gas sourcing achievable
Cumulative TCF of gas required for 4.3mtpa trains :(assuming Pluto type gas)
15yr 20yr
Pluto train 2 3.8 5.1Pluto train 3 7.6 10.2Pluto train 4 11.4 15.3Pluto train 5 15.2 20.4-------------------------------------------------------------------------Train 2 gas supply scenario*:
15yr 20yr
available from Pluto/Xena acceleration 0.4 0.4additions expected from ORO 1.5 1.5discovered gas 0.5 0.5additions expected from WPL discoveries 1.4 2.7
Total 3.8 5.1
*Pluto/Xena volumes supplied to Pluto Train 1 = 4.85 TCF
TCF
TCF
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Slide 31
Woodside gas or ORO … maintaining economic equivalency
Pluto Onshore
Plant
WoodsideGas
Distantplatform
Plutoplatform
Pluto/XenaGas
Woodside:
ORO Gas
Pluto Onshore
Plant
OROplatform
Plutoplatform
Tolling fee paid to Woodside
ORO:
ORO Gas
OROGas
ORO Gas
WoodsideGas
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Slide 32
Pluto expansion: negotiations progressing
Enquiries from multiple companies
Discussions with 5 companies
2 companies … due diligence and negotiations well advanced
1 company … due diligence and negotiation ongoing
1 company … commercial proposal under consideration
1 company … joint study under consideration
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Slide 33
Expanding Pluto exploration portfolio
Woodside has continued to buildthe leading Carnarvon Basin exploration portfolio:
1) Strong acreage position in tieback range to Pluto
2) Acquisition of 3D datasets to mature portfolio
3) 5 new permits in 2009
Claudius Hub (WA-434-P)Woodside 100%
Ragnar Hub (WA-428, 430,433-P)Woodside 70%
Central Hub (WA-401)Woodside 50%
WA-353-P
WA-347-P
WA-269-P
WA-348-P
WA-404-P
WA-401-P
Cazadores South Hub
Central Hub
Claudius Hub Pluto HubWA-434-P
WA-433-P
WA-430-P
WA-428-P
Martell
Pluto
Ragnar Hub
CazadoresNorth Hub
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Expanding Pluto exploration 3D seismic coverage
Continued building complete 3D regional dataset
17,000 km2 of new 3D seismic recently acquired in Pluto, Central & Cazadores hubsAdditional 23,000 km2 of new, spec and vintage data to be added by end 2010 across all hubs
All prospects matured on 3D seismic
WA-353-P
WA-347-P
WA-269-P
WA-348-P
WA-404-P
WA-401-P
Martell
Thebe
Scarborough
JupiterChandon
JanszGeryon Pluto
Wheatstone
Aquarius
Larsen
Noblige
Hine
Courvoisier
Camus
Hennessy
Guerbie
Charlie
Promenente Cervantes
PlutoDeep
Pyxis
Borrowdale
Esperance
Moyet
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Slide 35
Pluto exploration prospect/lead inventory
Carnarvon Basin39 exploration prospects35+ exploration leadsIndividual prospects ranging from 0.5 -10 Tcf potential
Pluto Hub11 prospectsPOS Range: 15% - 52%
Central Hub13 prospectsPOS Range: 15% - 35%
Cazadores Hub15 prospectsPOS Range: 15% - 20%
Claudius Hub3 separate plays / 20 leads3D seismic planned Q4 2009
Ragnar Hub3 separate plays / 15 leads3D seismic being acquired
POS = Probability of Success
WA-353-P
WA-347-P
WA-269-P
WA-348-P
WA-404-P
WA-401-P
Cazadores South Hub
Central Hub
Claudius Hub Pluto HubWA-434-P
WA-433-P
WA-430-P
WA-428-P
Martell
Pluto
Ragnar Hub
CazadoresNorth Hub
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Variety of plays matured in hub areasCretaceous/Jurassic
Field: Jansz-Io
Deep TriassicFields: Goodwyn-H, Clio, Urania
Top TriassicFields: Pluto, Martell, Goodwyn, N. Rankin, Wheatstone, Gorgon
Carbonate pinnaclesNo fields drilled to dateRecently identified on new 3D
Cretaceous
TriassicJurassic
Water Bottom
Tertiary
GWC
GWC?
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Slide 37
Pluto hub – high POS prospects
Oberon South
Pyxis PyxisWoodside 90%Adjacent to Pluto gas fieldHigh POS amplitude supported prospectSeveral follow-up prospects
Pluto and Xena deep prospectsWoodside 90%Targeting deep Triassic below gas fields6 prospects identifiedPelion-1 (Pluto deep) drilling Q4 2009
Deep Channel #2
Pluto Field
Deep Channel #1
Pelion-1
Map view of seismic amplitude variation at reservoir level
Seismic cross-section showing gas potential
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Slide 38
Central hub – diversified portfolio drill ready
Woodside 50%
Martell-1 gas discovery in Q1 2009
Noblige-1 significant potential adjacent to Martell
Prospect portfolio matured on PSDM 3D seismic
4 different geological plays identified
Noblige
MartellGas Field
WA-404-P
Pluto
Martell
Colombard3D PSDM
Seismic cross-sectionSeismic attribute analysis highlighting potential for gas
PSDM = pre-stack depth migration
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Slide 39
Cazadores hub – drilling planned in Q1 2010
Woodside 90% - 100%
New 3D seismic acquired in Q1 2009
Structures proven on 3D seismic
Reservoir channel sands mapped throughout Triassic section
Indications of possible hydrocarbonsseismic “gas chimney” features
amplitude conformance to structure
Seismic disturbance normally associated with gas
Reservoir amplitudes with conformance to structure
Map view of seismic – colours indicate structural
highs (red) and lows (blue)
Map of seismic amplitudes
Seismic cross-section
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Slide 40
Eendracht-1Gas Discovery
Multiple geologic play typesCarbonate pinnacles identified3D seismic in late 2009
Claudius hub – new permit with new play
PinnacleReefs
Deep Triassic
Top Triassic
WA-434-P
WA-434-P newly awarded permitWoodside 100%Gas discovery on eastern edge of block
Seismic cross-section
Green = pinnacle reefs
Yellow = structural traps
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Slide 41
Multiple Triassic gas plays Cretaceous/Jurassic oil and gas play
Ragnar hub
3 new permits (WA-428, 430, 433-P)Woodside 70% 3D seismic being acquired
Top Triassic
WA-433-P
Seismic cross-section
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Slide 42
Pluto exploration and appraisal rig sequence
Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
Songa Mercur
Atwood Eagle
Maersk B281
Ocean America
2009 2010 2011Rigs
Larse
nW
A-40
4-P
Hine
WA-
404-
P
Gue
rbie
WA-
404-
P
Cour
voisi
er
WA-
404-
P
Camu
sW
A-40
4-P
Henn
esy
W
A-40
4-P
Moye
tW
A-40
4-P
Borro
wdale
W
A-26
9-P
Py
xis
W
A-34
L
Cons
tantin
e W
A-43
4-P
Prom
inate
W
A-34
7-P
Cerva
ntes
W
A-34
7-P
Nobli
ge
W
A-40
4P
Chur
chill
W
A-34
8-P
Clau
dius
WA-
434-
P
Pluto
Dee
p W
A-34
L
Espe
ranc
e W
A-36
9-P
Char
lieW
A-40
1-P
Acqu
aris
W
A-34
8-P
Rig on 3 year ContractUnallocated time for appraisal and explorationAr
cadiu
s
WA-
434-
P
Calig
ula
WA-
424-
P
Rig on Long term ContractUnallocated Time for Appraisal and follow-up explorationGu
mbo
WA-
430-
P
Browse Basin Exploration and Appraisal
Pelio
nW
A-34
L
Elatu
sW
A-34
L
Gumbo Hub
Cazadores HubClaudis Hub
Martell Hub (WA-404-P)Inner Pluto Hub
Note: Well sequence may change based on drilling results and continued prospect de-risking
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Slide 43
Pluto powers ahead
Pluto Train 1 – greenfield foundation 72.5% complete. (WPL 90%)
Pluto Train 2 – brownfield expansion now in FEED (WPL 60% – 90%)
LLIs Q2/Q3 2010
FID end 2010
First gas end 2013Pluto Train 3 – brownfield expansion now in FEED (WPL 75% - 90%)
LLIs mid 2011
FID end 2011First gas end 2014
Pluto Train 4 – location confirmed (WPL 100%)
Pluto Train 5 – to follow (WPL 100%)
Note: Trains 2 to 5, indicative percentages and timeline based upon projections of exploration success and a mix of Woodside and 3rd party gas
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Slide 44
Pluto expansion concept plan
Trains 4 & 5 co-location and infrastructure studies are underway
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Slide 45
Sunrise: approaching theme select
Key milestones delivered
Final evaluation of DLNG and FLNG underway by JVPs
Contingent resource volume agreed by JVPs
Robust economics
Governments engaged
Forward plan
Select development theme in 2H 2009
Submit Field Development Plan for Sunrise Commission Approval
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Slide 46
Browse: significant progress made
Over last 4 years12 appraisal wells drilledA$1 billion investedLNG Key Term Agreements signedEngineering reference cases producedStrong government supportEnvironmental studies and approvals progressed
Current resource estimate14 Tcf (sales gas)370 MMbbls
Two development optionsJames Price Point – earliest start-upKarratha – later start-up and slower ramp-upF
or p
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Slide 47
Browse: Woodside equity position
Kimberley LNG Precinct at James Price Point is Woodside’s preferred development
Heads of Agreement executed with KLC/WA State Government
Strong government alignment for James Price Point
Critical path activities to facilitate FID as early as 2011
early 2010 – commence BOD, following Concept Select
mid 2010 – Strategic Assessment approval for precinct (includes site environmental permits)
early 2011– commence FEED
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Slide 48
Woodside LNG: building a bright future
1415
2004 2008 2013
mtp
a(W
PL
shar
e)
NWS Train 1&2
Pluto Train 1
Pluto Train 2
12345678910111213
NWS Train 3 NWS Train 4NWS Train 5
Pluto Train 3
Sunrise Train 1
Browse Trains 1-3 16
17181920
Pluto 2 has the potential to add more than 22 MMboe/pa to Woodside production
Woodside has the potential to approach 20 Mtpa equity LNG capacity before the end of next decade
2011 2014 2020
Woodside Equity LNG today
Note: This scenario shows indicative equity percentages for Pluto T2 and T3 of 60% & 75% respectively
Plus
Plut
o Tra
ins 4
& 5
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Slide 49
Leveraged to LNG
0
1200
Tonnes of LNG Equity
Market Capitalisation
Poten and Partners equity estimate , Market Capitalisation at 31 December 2008, US$M
Woodside Shell BG Total Chevron BHPBilliton
BP ConocoPhillips ENI ExxonMobil
2008 2013 2018
Tonn
es p
er $
mill
ion
mar
ket c
apita
lisat
ion
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Slide 50
Woodside’s sustainability performance
Safetynow reports directly to CEO>20,000 staff & contractors participated in ‘stand together for safety’
Environmentcontinuing footprint reduction initiatives
0
12
1H 2007 1H 2008 1H 2009
Safe
ty (T
RC
F)In
cide
nts
0
12
Envi
ronm
enta
l (R
EI)
Inci
dent
s
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Slide 51
Well prepared for competition
On front-foot to lead LNG developments. Pluto provides first mover advantage in Carnarvon basin; Sunrise progressing on target; andBrowse critical elements being aligned
Beating the competition for resources:
People – highly competitive remuneration and a newly introduced company-wide equity share plan will boost staff retention
Construction – project elements advanced in parallel with modular construction
Contractors and materials – solid history of development as well as significant portfolio of potential projects plus expansion, ensures Woodside gets priority access
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Appendices
19 August 2009
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Slide 53
Unrealised foreign exchange gain
(151)Tax Effect
502Net impact
A$’MA$’MUS$‘M
351FX gain
(239)(239)Hedge of Net Investment Adjustment
2391,148USD Investments – Net asset position
741(4,258)USD Drawn Debt Facilities
Unrealised FX effect on P&L
Effect onbalance sheet
Balance as atJun 09
To accurately forecast this impact the following information would be required:
Monthly USD debt balance
FX monthly movement
Monthly net asset position of USD investments
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Slide 54
NPAT Sensitivities
Oil price WTI, US$1 / bbl +A$14 millionIncrease
Exchange rateAUD/USD -A$33 million1 cent decrease
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Slide 55
2 discoveries in Santos Basin, Brazil
Panoramix(Oil & GasDiscovery)
Vampira(Oil Discovery)
Woodside BlocksS-M-506S-M-616S-M-617S-M-670S-M-673S-M-674S-M-675S-M-728S-M-789
Merluza
Lagosta
Mexilhao
Newton
Tadeu
Corcovado
SPS-036
Bem Te Vi
Equity on BlocksRepsol 40%
Petrobras 35%Woodside 12.5%
Vale 12.5%
Gas Pipeline
Gas Pipeline
(Under Construction)
For
per
sona
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