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Provisions (Tables) | 12 Months Ended
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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%.

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