Woodside Energy Group Ltd · ASX:WDS

Woodside Energy — Woodside Petroleum — Investor Day (May 2016)

89 slides from Woodside Energy's investor day presentation, May 20, 2016

1. Slide 1: ASX Announcement: 2016 Investor Briefing Day

   Woodside Petroleum Ltd. ASX Announcement ACN 004 898 962 Woodside Plaza Friday, 20 May 2016 240 St Georges Terrace Perth WA 6000 ASX: WPL Australia OTC: WOPEY www.woodside.com.au 2016 INVESTOR BRIEFING DAY Woodside’s Investor Briefing Day is scheduled to take place on Friday 20 May 2016, commencing

2. Slide 2: Driving Value Growth

   Driving Value Growth 2016 Investor Briefing Day | 20 May 2016 | Sydney, Australia

3. Slide 3: Disclaimer and important notice

   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 as at the date of this presentation but they may be affecte

4. Slide 4: Sheraton on the Park floor plan

   Sheraton on the Park floor plan Evacuate:  Alert: Beep Beep  Evacuate: Whoop Whoop Grand Ballroom 1 Grand Ballroom 2 Muster point:  Exit hotel and turn right along ELIZABETH Street Exits to Grand Staircase  Muster point is on the corner of ELIZABETH and PARK Street in HYDE PARK Pre-function area

5. Slide 5: Agenda

   Agenda Start Topic Presenter Session 1 8:00 Introduction Fiona Hick 8:05 CEO Overview Peter Coleman 8:20 Financial Management Lawrie Tremaine, Anthea McKinnell 8:35 Marketing, Trading and Shipping Reinhardt Matisons 9:00 Capability and Technology Shaun Gregory 9:20 Question & Answer (Session 1) Pete

6. Slide 6: CEO Overview

   CEO Overview Peter Coleman | Chief Executive Officer and Managing Director Creating value across the business cycle

7. Slide 7: Elements for success

   Elements for success A strong foundation for growth Our competitive position  strong balance sheet and robust free cash flow  world-class, low-cost assets  track record of operational excellence and proven development expertise  disciplined decision-making, prioritised capital allocation and a c

8. Slide 8: Oil and LNG markets

   Oil and LNG markets Taking advantage of market conditions across the cycle Brent Price Oil market 150  expect price to firm over the next 18 months; volatility likely in the short term  growing investment gap and base field decline will 100 lead to next inflection point US$/bbl  structural change

9. Slide 9: Our competitive position

   Our competitive position Our low cost business continues to generate cash supporting a strong balance sheet Our low cost business continues to generate Free cash flow breakeven 2016 cash supporting a strong balance sheet 2,500 Base business ~$50/boe  All conventional, liquids supported 2,000 Divide

10. Slide 10: Value creation in a changing market

    Value creation in a changing market Decisive action over the next two years Focus areas  Wheatstone: safe and earliest start up  Browse: phased, highest value development first  Myanmar: early development of both discoveries and further exploration Canada Atlantic rim  Kitimat: further confirmat

11. Slide 11: How we will create value

    How we will create value Productivity gains, project development and exploration Projects and opportunities Myanmar Exploration1 Significant value creation from: Kitimat  Discovered resources Browse  Leveraging infrastructure Risk Capital & technology Corpus Christi LNG ORO2 Greater Enfield  Firs

12. Slide 12: Our growth trajectory

    Our growth trajectory Well developed project pipeline increasing resource base Resource (MMboe) Resource Browse Phase 2 ~500-6202 (2C) (MMboe) Sunrise ~370 (2C) NWS ORO 30+ Tcf to capture1 Myanmar, Atlantic rim and Resource Prospective (MMboe) NWS Exploration Prospective Sub Sahara African growth Gr

13. Slide 13: Capital allocation

    Capital allocation Service debt, grow our business and return funds to shareholders  Maintain robust balance sheet and service debt  Value accretive growth  Earliest phased development of captured resources  High graded exploration  Potentially acquire exploration acreage or discovered resource

14. Slide 14: Key messages

    Key messages Strategy is delivering on commitments  Differentiated position through our operational excellence, track record and disciplined decision-making  Demonstrated competitive advantage through our capabilities across the oil and gas value chain  Committed to earliest commercialisation of

15. Slide 15: Financial Management

    Financial Management Lawrie Tremaine | Chief Financial Officer Anthea McKinnell | Vice President Treasury and Taxation Differentiated business performance and balance sheet to fund growth

16. Slide 16: Financial performance

    Financial performance Strong financial performance in 2015 in a challenging environment Operating Annual production 92.2 MMboe performance Operating cash flow $2.4bn Financial NPAT excluding one-off non-cash items1 $1.1bn performance Break even cash cost of sales $11/boe Return to Full year dividend

17. Slide 17: Profitability

    Profitability Peer leading performance Reported profit margin1 40% 20% 0% -20% 2012 2013 2014 2015 Source: Bloomberg Peer group range Woodside Peer group average Return on capital employed2 20% 10% 0% -10% -20% 2012 2013 2014 2015 Peer group range Woodside Peer group average Source: IHS 1. 2015 data

18. Slide 18: Differentiated LNG revenue

    Differentiated LNG revenue Contract portfolio provides support in a low oil price environment LNG realised pricing1 vs JCC2 110  Q1 2016 realised price of ~$8/mmbtu 100 Index (Q2-15 = 100) 90 80 70 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Woodside JCC (Lagged) 1. A portfolio mix of DES and FOB 2016 Investor

19. Slide 19: Cost of sales

    Cost of sales Well established cost reduction trend Weighted average unit cash cost of sales Unit production costs2 18 18 16 -35% Targeting 16 ~10% 14 further 14 reduction 12 12 (US$/boe) US$/boe 10 10 8 8 6 6 4 4 2 2 0 0 2013 2014 2015 2016E 2013 2014 2015 2016E Production costs Other1 Source: IHS

20. Slide 20: Planned investment spend

    Planned investment spend Investing in identified growth opportunities Investment expenditure 2500  Base business1 spend trending down 2000  Continuing to invest in growth  Browse and Kitimat investment through US$ million 1500 front-end phases 1000 500 Plateau Extension Sustaining 0 2016E 2017-20

21. Slide 21: Upstream cash flow break even

    Upstream cash flow break even Low cash flow break even 2016 Cash flow breakeven analysis1 180 160  Level of exploration investment 140 consistent with peers 120  Low cash flow break even reflects US$/bbl (Brent) 100 asset quality 80  Low production cost Woodside Woodside 60  Low sustaining capex

22. Slide 22: Gearing

    Gearing Operating cash flow and balance sheet supports dividends and growth Woodside vs peer group1 80% 70% 60%  Gearing 23% at 31 December 2015 Gearing (year-end 2015) 50%  Well positioned to fund growth within target gearing range of 10%-30% 40% 30%  80% payout ratio for foreseeable future2 20%

23. Slide 23: Credit rating

    Credit rating Resilience of base business recognised Moody's  Credit ratings affirmed (Ratings changes since 2014)  Standard & Poor’s BBB+ (negative outlook) 1 Peer Group1  Moody’s Baa1 (negative outlook) 0  Majority of peers downgraded Woodside Rating Notches -1  Recognition by agencies of -2

24. Slide 24: Liquidity

    Liquidity Flexibility and capacity to fund growth Current maturity profile1 2000 1500  $1.8bn1 in liquidity, targeting $2bn by end US$ millions 2016 1000  Negligible near term maturities 500  Access to funding is maintained 0 2016 2017 2018 2019 Drawn 2020 2021 2022 Undrawn 2023 2024 2025 2026+ 

25. Slide 25: Productivity

    Productivity Program is delivering on promise Benefits1 Annual run rate end 2016 ($m) Target Expected  Structured program since late 2013 Volume 300 ~4002  Cumulative benefits $1.9 billion expected by end 2016 Operating cost 250 ~250  Annual benefits $0.85 billion expected from Capital cost 250 ~

26. Slide 26: Volume benefits

    Volume benefits Reliability and capacity improvements exceeding expectations Volume benefits  Targeted 3-5% increase on 2010-2013 reliability & capacity 8  Now expect 8% sustainable increase 7 6 5 Drivers of result: MMboe 4  Reliability 3  Capacity 2  Maintenance performance 1  Constraints man

27. Slide 27: Spend reduction

    Spend reduction Sustainable cost reductions achieved Operating costs 40% Price (reduction in rates / contract prices) Target 10-20% expected 27%  40% reduction in rig rate contract 2013 Actual 920  Renegotiation of 100+ long term supply contracts 2016E 670 Savings ~250 40% Demand (reduce demand fo

28. Slide 28: Organisational efficiency

    Organisational efficiency Transformation to a leaner, more agile organisation well underway  23% reduction in positions for base business Outcomes:  3,460 staff by year end 2016  Organisation streamlined  Further reductions through attrition  Reduced supplier cost of doing business with Woodsid

29. Slide 29: Key messages

    Key messages Well positioned to fund growth  Financial performance reflects high quality assets & disciplined management  Low oil price serves to highlight our strong competitive position  Preserved ability to fund growth  Delivered sustainable cost and productivity improvements with more to com

30. Slide 30: Marketing, Trading and Shipping

    Marketing, Trading and Shipping Reinhardt Matisons | Executive Vice President Marketing, Trading and Shipping Preferred supplier of premium product

31. Slide 31: LNG outlook

    LNG outlook New supply sanction required from 2018 to meet forecast demand 600 LNG supply and demand FID Window 2018+ 500 Demand Window 2022+ 400  Short to medium-term oversupply, but Mtpa 300 cycle continues 200 100  Supply shortfall developing from 0 2022+, driven by growth in emerging 2016 2021

32. Slide 32: LNG pricing

    LNG pricing Improving price outlook from 2018 Historical spot vs term pricing  Prices have converged 20  Physical liquidity remains strong 18 16  Regionalisation reflects lack of Atlantic/Asia 14 arbitrage 12  Limited long-term deals US$/MMBtu 10  Weakening mid-term prices, recent 8 agreements

33. Slide 33: LNG customers

    LNG customers Customer base increasing  Established customers seeking flexibility to manage uncertainty  Shorter contracts for incremental quantities, FOB1 delivery, destination flexibility  Increasing use of tenders  Continued preference for oil-linked prices east of Suez  Emerging customer ba

34. Slide 34: LNG strategy

    LNG strategy Disciplined evolution from Asia Pacific point-to-point seller to a global portfolio supplier  Underpin revenue with long-term take-or-pay contracts  Proven reserves  Market-based price reviews and downside price mitigation  Transition to portfolio sales for balance of LNG production

35. Slide 35: Implementation

    Implementation Take-or-pay security balanced with operational flexibility Woodside equity LNG1  Portfolio model supports increased commitment to 100% term sales % of expected production 90% 80% 70%  Target 80-90% of expected production in term 60% 50% take-or-pay contracts 40% 30% 20%  Seller vol

36. Slide 36: Outcomes: resilient price outcomes

    Outcomes Resilient price outcomes Realised Long Term, Mid Term and Spot Premium to 7 JKM (FOB Equivalent) 70 Premium to JKM (FOB Equivalent, US$/MMBtu) 6 60  2015/16 long term price review outcomes  11 reviews completed in principle Dated Brent (US$/bbl) 5 50 4 40  Strong oil linkage, 85%+ oil pa

37. Slide 37: Corpus Christi

    Corpus Christi Provides supply diversity and supports new market opportunities  Ramping up from July 2020 to one cargo a month  Improves supply diversity of Woodside’s portfolio  Supports pursuit of new Atlantic basin opportunities  Engaging with Central and South American buyers  Alternatives

38. Slide 38: Key messages

    Key messages Continued disciplined evolution from Asia Pacific point-to-point seller to global portfolio supplier  Well positioned to manage uncertainty as LNG market evolves  Strong realised LNG prices  Portfolio continues to be underpinned by long term take-or-pay contracts  11 price reviews c

39. Slide 39: Capability and Technology

    Capability and Technology Shaun Gregory | Senior Vice President and Chief Technology Officer Combining capability and technology to drive down costs across our value chain

40. Slide 40: Video - Harnessing Disruption

    Video - Harnessing Disruption http://youtu.be/MSCPoe9JAvI 2016 Investor Briefing Day 39

41. Slide 41: Culture, capability and innovation

    Culture, capability and innovation Innovating to improve concepts and reduce costs  Innovation culture: “Think Big, Prototype Small, Scale Fast”  Full value chain capability built on 30 years experience  Business impact: Improve concepts and reduce costs to create growth Full-Waveform inversion D

42. Slide 42: Full value chain capability: LNG liquefaction costs

    Full value chain capability: LNG liquefaction costs Innovating to achieve top-decile LNG liquefaction cost 2400 LNG liquefaction costs1  Liquefaction costs account for ~50% of the total cost of an LNG project 1600  All developments to target <$800/tpa unit cost $/tpa  NextGen III vs Pluto Modular

43. Slide 43: Full value chain capability: Upstream costs

    Full value chain capability: Upstream costs Reductions >20% observed in many upstream cost categories in 2015 2015 Global cost reductions1 Offshore Engineering installation Subsea Construction and project 0% Steel products Drilling vessels equipment labour management Reducing upstream costs by: 5% 

44. Slide 44: Full value chain capability: Improved concepts

    Full value chain capability: Improved concepts Driving down costs, with line-of-sight to top-decile breakeven prices Browse Breakeven LNG Price2 Top-decile1  Achieved ~40% reduction in cost of supply since the onshore Kimberley concept Onshore Kimberley Current View Future Concept Kitimat Breakeven

45. Slide 45: Key messages

    Key messages Innovating to improve concepts and reduce costs  Leveraging our culture: our people are driving change across our business Remaining 2C 2P  Innovation across the full value chain 1.5 Bboe  To deliver 2.4 Bboe of growth projects 2.0 Bboe 1.5Bboe over the next decade2 2.0Bboe  Greater

46. Slide 46: Question and Answer

    Question and Answer Peter Coleman | Chief Executive Officer and Managing Director

47. Slide 47: Morning Tea

    Morning Tea Return at 10:15am AEST

48. Slide 48: Schedule

    Schedule Start Topic Presenter Session 2 10:15 North West Australia Mike Utsler, Niall Myles 10:45 Canada Darren Flynn 11:00 Myanmar Phil Loader 11.10 Atlantic Margins and Sub-Saharan Africa Phil Loader 11.20 Exploration Strategy Phil Loader 11:30 Question & Answer (Session 2) and Wrap-up Peter Cole

49. Slide 49: North West Australia

    North West Australia Mike Utsler | Executive Vice President and Chief Operations Officer Niall Myles | Senior Vice President North West Shelf Underpinning base and enabling growth

50. Slide 50: North West Australia Overview

    North West Australia Overview Underpinning base and enabling growth Greater North West Shelf Ichthys3 Strategy unallocated volume1 ~12 Tcf Prelude4 Scarborough ~8 Tcf ~3 Tcf  Operations excellence enables aggregator options Greater Gorgon ~7-8 Tcf  Low-cost phased developments Geryon / Orthrus-Mae

51. Slide 51: Sustainability

    Sustainability Delivering world class HSE performance Safety  World-class process safety performance TRIR per million hours 5.0 1 Woodside TRIR 4.0 Tier 1 Process Safety Events  Personal safety performance on track for top- worked 3.0 2.0 quartile by 2017 1.0  Energy efficiency improves bottom li

52. Slide 52: LNG capacity

    LNG capacity Optimising value from our infrastructure Pluto & KGP reliability 100% 98% Top quartile  Reliability delivered +1.7MMboe in 2015 Reliability NWS1  maintenance excellence Pluto  defect elimination 80%  No major turnarounds in 2017 2013 2014 2015 2016 (target)  Higher LNG capacity due

53. Slide 53: Video - Turnaround performance

    Video - Turnaround performance http://youtu.be/GlUYPQd0M9I 2016 Investor Briefing Day 52

54. Slide 54: Extending NWS production

    Extending NWS production Accessing options to keep KGP full Production rates  Development projects on track LNG capacity range1  Plant performance has brought capacity forward  World-class lowest cost plant capacity available in early 2020s provides options  nearfield development options  other

55. Slide 55: Cost Leadership

    Cost Leadership Delivering sustainable cost reductions 20 Production costs1  Delivering sustained structural cost reductions: 15 US$/boe  simplifying standards and processes 10  increasing automation 5  integrated activity planning 2013 2014 2015 Source: IHS Woodside Peer Average  targeting $3.

56. Slide 56: Capabilities

    Capabilities Core capabilities enabling low-cost developments Drilling non-productive time (excl weather) Exceptional drilling performance 28% 27%  Top quartile non-productive time reducing well 25% 24% costs 20%  Drilling times better than peers 18%  Capability in complex wells supports global 2

57. Slide 57: Wheatstone

    Wheatstone Supporting operator with targeted capability Diagram for illustration purposes only Wheatstone  ~250 MMboe Woodside share (2P) Iago  Offshore 97% complete, Onshore 75% complete Brunello LNG 1 + 2 Julimar (8.9 mtpa) Domgas (200 TJ/day)  Julimar 90% complete - ahead of schedule, under bu

58. Slide 58: Greater Enfield

    Greater Enfield Revamped oil development delivering significant cost reductions  Developing 41 MMboe Woodside share (2C)1  Revamped development concept:  phased tie-back of oil to existing infrastructure; improvement from standalone gas and oil development considered in 2013  aggregating strande

59. Slide 59: Browse

    Browse Phased development targets highest value and reduces development risk Ichthys3 Dry gas Condensate  1.0 Bboe Woodside share (2C) ~12 Tcf Prelude4 (2C, Tcf) (2C, MMbbl) ~3 Tcf  Strong foundation for commercialisation Gross Gross  Phased development reduces risk Torosa2 ~8 Tcf Brecknock2 ~2 T

60. Slide 60: Canada

    Canada Darren Flynn, Vice President Canada and USA Cost competitive projects, world-class resource

61. Slide 61: Canada overview

    Canada overview Cost competitive projects, world-class resource Strategy  Drive down costs across the value chain through new Liard Horn River technology and best-in-class execution Alberta Summary Existing Pipeline  2.6 Bboe Woodside share (2C) in Horn River and Liard Basins  Liquefaction is key

62. Slide 62: Kitimat Upstream

    Kitimat Upstream Initial production results from Liard Basin are world-class  Exceptional results from two Liard proof of concept horizontal wells  Improving drilling performance and entering ‘manufacture-mode’ has the potential to reduce B-B03-K type well costs by 50% curve range 1, 2 Gas Rate 

63. Slide 63: Kitimat integrated development

    Kitimat integrated development Focus on driving down cost structures across the value chain Clear line-of-sight to top decile cost of supply Shipping  25% reduction in LNG unit costs targeted Breakeven LNG Price through best-in-class execution and LNG Plant technology advances  Initial Liard appra

64. Slide 64: Myanmar

    Myanmar Phil Loader | Executive Vice President Global Exploration Basin opening success in a key industry focus area

65. Slide 65: Video - Pathways to progress

    Video - Pathways to progress http://youtu.be/v5gHjPyG_VI 2016 Investor Briefing Day 64

66. Slide 66: Myanmar overview

    Myanmar overview Strategy and execution deliver promising growth Exploration strategy:  Discover material gas volumes within emerging deep water Rakhine Basin  Under explored basin proximal to markets  First mover position delivers commanding strategic advantage Summary:  Exploration success in

67. Slide 67: Myanmar basin potential

    Myanmar basin potential Competitively positioned with substantial resource potential Gas discoveries in A-6 and AD-7 Thalin-1A  2.4 Tcf, 2C gross (100%)1, at Shwe Yee Htun-1 and Thalin-1A AD-7  Growth potential through multi-Tcf prospects Shwe Field  Four firm appraisal and exploration wells plan

68. Slide 68: Myanmar commercialisation

    Myanmar commercialisation Early success delivers commerciality options Indicative schematic – not to scale Thalin  AD-7, Thalin-1A 1.5 Tcf, 2C gross1  Subsea tieback option via Shwe Platform2  Shwe has design capacity for an additional 320 AD7 mmscf/d train (Thalin)  Planned full appraisal befor

69. Slide 69: Atlantic Margins and sub-Saharan Africa

    Atlantic Margins and sub-Saharan Africa Phil Loader | Executive Vice President Global Exploration Establishing core area portfolio in high impact plays

70. Slide 70: Atlantic Margins and sub-Saharan Africa

    Atlantic Margins and sub-Saharan Africa Proven plays in underexplored basins Exploration Strategy:  Targeting underexplored basins with significant potential to deliver the next core area Summary: Ireland  Building portfolio to deliver repeatable, material success Nova Scotia Morocco  Prospective

71. Slide 71: Atlantic Margins ─ AGC Profond block

    Atlantic Margins ─ AGC Profond block (Senegal/Guinea-Bissau) Key emerging and underdeveloping hydrocarbon province Marsouin Ahmeyim  Targeting significant resource potential Teranga with play diversity  Planning for first exploration well in 20171 Fan SNE  65% equity and operatorship2 Dome Flore

72. Slide 72: Exploration Strategy

    Exploration Strategy Phil Loader | Executive Vice President Global Exploration Positioning for long term growth

73. Slide 73: Exploration overview

    Exploration overview Generating value and long term growth through exploration Exploration strategy:  Building a balanced global portfolio to deliver future growth options  Focused upon emerging basins, play diversity and proven petroleum systems with world class analogues Summary:  Exploration s

74. Slide 74: Exploration portfolio

    Exploration portfolio Focus areas unchanged: Australia & Asia Pacific; Sub-Saharan Africa and Atlantic Margins  Enhanced portfolio balance: oil/gas, emerging/frontier Ireland  Prospective acreage acquired in 2016 - Ireland and AGC1 (Senegal/Guinea-Bissau)  Close to securing additional Nova Scotia

75. Slide 75: Drilling high impact exploration wells (2017 – 2018)

    Exploration strategy Drilling high impact exploration wells (2017 – 2018) 3D Atlantic Margin 3D z Myanmar 2 3 4 3 Drilling 4-5 wells in 2017 – 20181 Drilling 4-7 exploration and appraisal wells in 20171  Delivering resource volumes 3D Australia to meet target of >120% 3 2 annual production Drilling

76. Slide 76: Exploration strategy: Key messages

    Exploration strategy Key messages  Portfolio on track to meet long term plan  resource inventory, commercial success rates (>25%), discovered resources (>120% production pa), finding cost ($3/boe)  Early mover Myanmar success – path to growth and commercialisation  Prioritising spend in 2017/201

77. Slide 77: Question and Answer

    Question and Answer Peter Coleman | Chief Executive Officer and Managing Director

78. Slide 78: Key messages

    Key messages Strategy is delivering on commitments  Differentiated position through our operational excellence, track record and disciplined decision-making  Demonstrated competitive advantage through our capabilities across the oil and gas value chain  Committed to earliest commercialisation of

79. Slide 79: Appendix

    Appendix 2016 Investor Briefing - Strategy Day | 20 May 2016 | Sydney, Australia

80. Slide 80: NWS domestic gas production

    NWS domestic gas production Woodside’s share of domestic gas and its associated condensate will revert to 16.67% circa Q2 2017  Woodside equity share of domestic gas/associated condensate:  50% in DGJV1 up to 414 TJ/day  16.67% in IPGJV2  The DGJV production entitlement forecast to be fulfilled

81. Slide 81: Biographies

    Biographies 2016 Investor Briefing - Strategy Day | 20 May 2016 | Sydney, Australia

82. Slide 82: Peter Coleman and Lawrie Tremaine

    Peter Coleman Lawrie Tremaine BEng, MBA, FATSE BBus, FCPA Chief Executive Officer and Executive Vice President and Chief Managing Director Financial Officer Peter was appointed as Chief Lawrie was appointed as Chief Financial Executive Officer and Managing Officer in 2010. Director in May 2011, and

83. Slide 83: Michael Utsler and Dr Robert Edwardes

    Michael Utsler Dr Robert Edwardes BSc (Petroleum Engineering) BSc (Eng), PhD Chief Operations Officer Executive Vice President Michael was appointed Development as Chief Operations Officer Robert was appointed as in 2013, following an extensive Executive Vice President international career in upstre

84. Slide 84: Phil Loader and Reinhardt Matisons

    Phil Loader Reinhardt Matisons BSc (Geology), MBA, MSc, DIC BEng, MBA, MIE Aust, CPEng, CPA Executive Vice President Executive Vice President Global Exploration Marketing, Trading and Phil was appointed as Shipping Executive Vice President Reinhardt was appointed Global Exploration in 2013, as Execu

85. Slide 85: David McLoughlin and Shaun Gregory

    David McLoughlin Shaun Gregory B.A (Psychology), FAHR BSc (Hons), MBT Senior Vice President People Senior Vice President and Chief and Capability Technology Officer David was appointed as Vice Shaun was appointed as Senior Vice President, People and Capability President and Chief Technology Officer

86. Slide 86: Michael Abbott and Darren Flynn

    Michael Abbott Darren Flynn LLB, BA, MBA BEng (Chem) Senior Vice President Corporate and Vice President Canada and USA Legal Darren was recently appointed Vice Michael is Joint Company Secretary of President Canada and USA. He has Woodside Petroleum and a director of over 25 years’ project experienc

87. Slide 87: Niall Myles and Anthea McKinnell

    Niall Myles Anthea McKinnell BEng(Hons) Chemical CA, CTA Senior Vice President North West Shelf BComm (Accounting & Taxation), Master of Niall was appointed SVP, North West International Tax Shelf in June 2012 and has Vice President Treasury and Taxation responsibility for the Safe Reliable and Anth

88. Slide 88: Fiona Hick and Craig Ashton

    Fiona Hick Craig Ashton BEng (Hons), BAppSci BSc (MechEng), BLaw, MAppFin Vice President Health, Safety, Vice President Investor Relations Environment and Quality Craig was appointed as Vice Fiona was recently appointed VP President, Investor Relations in Health, Safety, Environment and 2013. He has

89. Slide 89: Notes on Petroleum Resource Estimates

    Notes on Petroleum Resource Estimates 1. Unless otherwise stated, all petroleum resource estimates are quoted as at the balance date (i.e. 31 December) of the Reserves Statement in Woodside’s most recent Annual Report released to ASX and available at http://www.woodside.com.au/Investors-Media/Announ

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