<SEC-DOCUMENT>0000950123-22-003667.txt : 20220524
<SEC-HEADER>0000950123-22-003667.hdr.sgml : 20220524
<ACCEPTANCE-DATETIME>20220329215654
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-22-003667
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WOODSIDE PETROLEUM LTD
		CENTRAL INDEX KEY:			0000844551
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		11 MOUNT STREET
		STREET 2:		PERTH
		CITY:			WESTERN AUSTRALIA
		STATE:			C3
		ZIP:			6000
		BUSINESS PHONE:		(618) 9348 5036

	MAIL ADDRESS:	
		STREET 1:		11 MOUNT STREET
		STREET 2:		PERTH
		CITY:			WESTERN AUSTRALIA
		STATE:			C3
		ZIP:			6000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOODSIDE PETROLEUM LTD
		DATE OF NAME CHANGE:	19881222
</SEC-HEADER>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Woodside Petroleum Ltd. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Mia Yellagonga, 11 Mount Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Perth, Western Australia 6000 Australia </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;29, 2022 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy&nbsp;&amp; Transportation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Woodside Petroleum Ltd. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;2 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">F-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Submitted March&nbsp;8, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>CIK No.&nbsp;0000844551 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the responses of Woodside Petroleum Ltd. (the &#147;<B><I>Company</I></B><I>,</I>&#148;
&#147;<B><I>we</I></B>,&#148; &#147;<B><I>us</I></B>&#148; or &#147;<B><I>our</I></B>&#148;), to the comments received from the staff of the Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the U.S. Securities and Exchange
Commission (the &#147;<B><I>Commission</I></B>&#148;) by letter dated March&nbsp;23, 2022, with respect to Amendment No.&nbsp;2 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">F-4,</FONT> CIK No.&nbsp;0000844551, submitted
on a <FONT STYLE="white-space:nowrap">non-public</FONT> basis to the Commission on March&nbsp;8, 2022 (the &#147;<B><I>Draft Registration Statement</I></B>&#148;). In connection with this letter, we are submitting today on a <FONT
STYLE="white-space:nowrap">non-public</FONT> basis via EDGAR Amendment No.&nbsp;3 to the Draft Registration Statement (&#147;<B><I>DRS Amendment No.</I></B><B><I></I></B><B><I>&nbsp;3</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, each response is prefaced by the exact text of the Staff&#146;s corresponding comment in bold, italicized text. All
references to page numbers and captions correspond to DRS Amendment No.&nbsp;3 unless otherwise specified. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Amendment No.&nbsp;2 to Draft
Registration Statement on Form <FONT STYLE="white-space:nowrap">F-4</FONT> </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro Forma Condensed Combined Financial Statements
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro Forma Condensed Combined Statement of Cash Flows, page 127 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note in response to prior comment nine, you have provided revised schedules at page 128 to support BHP
Petroleum&#146;s historical profit and loss results for the twelve months ended December&nbsp;31, 2021. Please provide similar footnote disclosure to support the amounts derived for BHP Petroleum for the twelve months ended December&nbsp;31, 2021 in
your pro forma condensed combined statement of cash flows. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s
comment and respectfully advise that we have included the requested footnote disclosure on page 132 of DRS Amendment No.&nbsp;3 to support the amounts derived for BHP Petroleum for the twelve months ended December&nbsp;31, 2021 in the pro forma
condensed combined statement of cash flows. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 29, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note there is no transaction adjustment related to the impairment losses line item in your pro forma
condensed combined statement of cash flows. Please explain why you referenced footnote 3(m) to this line item or revise accordingly. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and respectfully advise that the footnote was referenced in error. We have revised
the Draft Registration Statement to remove the erroneously referenced footnote. Please see page 130 of DRS Amendment No.&nbsp;3. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro
Forma Condensed Combined Financial Statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 4 Unaudited Pro Forma Supplemental Oil and Natural Gas Reserves Information, page 137
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B><B><I>3.</I></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>Expand the disclosure relating to the tabular reconciliation of the changes in total proved
developed and undeveloped reserves to include an explanation for the line items that represent a significant change so that the change in net reserves between periods is fully explained, e.g. the change relating to extensions/discoveries that
occurred in the year ended December</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;31, 2021 for both Woodside and BHP Petroleum. This comment also applies to the comparable disclosure relating to the &#147;Merged Group Reserves&#148; beginning on
page 218. Refer to FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">932-235-50-5.</FONT></FONT></FONT></I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and respectfully advise that we have revised the disclosure relating to the
reconciliation of the changes in total proved developed and undeveloped reserves on pages 145, 146, 222 and 223 of DRS Amendment No.&nbsp;3 to include an explanation for the line items that represent a significant change. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Business and Certain Information About Woodside </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Reserves and Resources </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Woodside Petroleum
Reserves </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>2021 Proved Undeveloped Reserves, page 178 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B><B><I>4.</I></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B><B><I>You disclose that 58.6 MMBoe of Woodside&#146;s proved undeveloped reserves as of
December</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;31, 2020 were converted to proved developed during 2021. Expand your disclosure to include the dollar amount of capital incurred to convert these reserves. Refer to Item 1203(c) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT></I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and
respectfully advise that we have revised the disclosure on page 182 of DRS Amendment No.&nbsp;3 to include the dollar amount of capital incurred during 2021 to convert the 58.6 MMBoe proved undeveloped reserves to proved developed reserves. </P>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 29, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Audited Consolidated Financial Statements of Woodside Petroleum Ltd. </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Supplementary Oil and Gas Information&#151;Unaudited </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of operations from oil and gas producing activities, page <FONT STYLE="white-space:nowrap">F-82</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note you present a negative result for the 2021 year in your table of results of operations from oil
and gas producing activities at page <FONT STYLE="white-space:nowrap">F-82,</FONT> however the sum of the amounts appear to indicate a positive result. Please advise or revise. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment and respectfully advise that the negative result was presented in error. We have
revised the Draft Registration Statement to change the negative result of operations from oil and gas producing activities for 2021 to a positive result. Please see page <FONT STYLE="white-space:nowrap">F-82</FONT> of DRS Amendment No.&nbsp;3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 29, 2022 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please direct any questions that you have with respect to the foregoing or, if any additional
supplemental information is required by the Staff, to Scott Rubinsky of Vinson&nbsp;&amp; Elkins L.L.P. at (713) <FONT STYLE="white-space:nowrap">758-3287.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">WOODSIDE PETROLEUM LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Meg O&#146;Neill</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Meg O&#146;Neill</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Scott Rubinsky, Vinson&nbsp;&amp; Elkins L.L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Robert Kimball, Vinson&nbsp;&amp; Elkins L.L.P.</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
