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Impairment of Exploration and Evaluation and Oil and Gas Properties (Tables) | 12 Months Ended
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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 amount 1 |  | Excess of recoverable amount over CGU carrying amount 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 amount US$m |  |  | Land and buildings US$m |  |  | Transferred exploration and evaluation US$m |  |  | Plant and equipment US$m |  |  | Total US$m |
Australia |  | Wheatstone |  |  | 3,456 |  |  |  | 87 |  |  |  | 30 |  |  |  | 783 |  |  |  | 900 |
Summary of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets oil and gas properties | Changes in the following key assumptions have been estimated to result in a higher or lower carrying amount 1 than what was determined as at 31 December 2022:
|  |  |  |  | Sensitivity (US$m) 2 |
CGU |  | Discount rate increase 3 |  |  | Discount rate decrease 3 |  |  | Brent price increase |  |  | Brent price decrease |  |  | FX increase |  |  | FX decrease |  |  | Production increase 4 |  |  | Production decrease 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 than what was determined as at 31 December 2021:
|  |  |  |  |  | Sensitivity (US$m) 2 |
|  |  |  |  |  | Discount rate: increase of 1% 3,4 |  |  | Discount rate: decrease of 1% |  |  | Brent price: increase of 10% |  |  | Brent price: decrease of 10% |  |  | FX: increase of 12% 5 |  |  | FX: decrease of 12% |
Oil and gas properties |  | Producing and Development |  | Pluto-Scarborough |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | Producing |  | North West Shelf |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (13) |  |  |  | - |  |  |  | - |
|  |  |  | Wheatstone |  |  | (159) |  |  |  | 178 |  |  |  | 438 |  |  |  | (438) |  |  |  | (122) |  |  |  | 122 |
|  |  |  | NWS Oil (Okha) |  |  | (4) |  |  |  | 4 |  |  |  | 39 |  |  |  | (39) |  |  |  | (28) |  |  |  | 28 |
1. | Increases to carrying amounts are limited to historical impairment losses recognised, net of depreciation and amortisation that would have been incurred had no impairment taken place.
2. | The sensitivities represent reasonable possible changes to the discount rate, oil price and FX assumptions.
3. | A change of 1% represents 100 basis points.
4. | The relationship between the discount rate and carrying amount is non-linear and as such, the sensitivities are unlikely to result in a symmetrical impact. Due to the non-linear relationship, the impact of changing the discount rate is likely to be greater at a lower discount rate than at a higher discount rate.
5. | FX sensitivity of +12%/-12% was determined based on historical 5-year standard deviation of AU$/US$.
Impairment of exploration and evaluation, oil and gas properties and goodwill | Impairment reversals were recognised for Pluto-Scarborough and NWS Gas (refer to Note A.1). The results were as follows:
|  |  |  |  |  |  | Impairment reversal |
|  | Oil and gas properties |
Segment |  | CGU |  | Recoverable amount US$m |  |  | Land and buildings US$m |  |  | Transferred exploration and evaluation US$m |  |  | Plant and equipment US$m |  |  | Projects in development US$m |  |  | Total US$m |
Producing and Development |  | 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 prices escalated at 2.0% annually thereafter. 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.

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