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Additional Information (Tables)
 12 Months Ended
Dec. 31, 2022
Text Block [abstract]  
Summary of capitalised costs relating to oil and gas production activities
The following table shows the aggregate capitalised costs related to oil and gas exploration and production activities, and the related accumulated depreciation, depletion, amortisation and valuation provisions.
 
    
Australia
US$m
     
International
US$m
     
Total
US$m
  
 
  2022
 
   
 
 
 
   
 
 
 
   
 
 
 
       
  Unproved properties
   
 
1,154
 
   
 
1,834
 
   
 
2,988
 
       
  Proved
properties
1
   
 
49,190
 
   
 
15,546
 
   
 
64,736
 
       
  Total costs
   
 
50,344
 
   
 
17,380
 
   
 
67,724
 
       
  Less: Accumulated depreciation, depletion, amortisation and valuation provisions
   
 
(24,353)

  
 
(2,491)

  
 
(26,844)
       
  Net capitalised costs
   
 
25,991
 
   
 
14,889
 
   
 
40,880
 
                            
 
  2021
 
   
 
 
 
   
 
 
 
   
 
 
 
       
  Unproved properties
   
 
1,172
 
   
 
1,703
 
   
 
2,875
 
       
  Proved
properties
1
   
 
38,352
 
   
 
2,517
 
   
 
40,869
 
       
  Total costs
   
 
39,524
 
   
 
4,220
 
   
 
43,744
 
       
  Less: Accumulated depreciation, depletion, amortisation and valuation provisions
   
 
(22,738)
 
   
 
(1,958)
 
   
 
(24,696)
 
       
  Net capitalised costs
   
 
16,786
 
   
 
2,262
 
   
 
19,048
 
                            
 
  2020
 
                           
       
  Unproved properties
   
 
2,709
 
   
 
1,750
 
   
 
4,459
 
       
  
Proved properties
1
   
 
35,892
 
   
 
1,377
 
   
 
37,269
 
       
  Total costs
   
 
38,601
 
   
 
3,127
 
   
 
41,728
 
       
  Less: Accumulated depreciation, depletion, amortisation and valuation provisions
   
 
(22,305)
 
   
 
(2,111)
 
   
 
(24,416)

       
  Net capitalised costs
   
 
16,296
 
   
 
1,016
 
   
 
17,312
 
 
  1.
Proved properties include the fair value ascribed to future phases of certain projects acquired through business combinations.
Summary of oil and gas property acquistion exploration and development activities
The following table shows the costs incurred related to oil and gas property acquisition, exploration and development activities (expensed and capitalised). Amounts shown include interest capitalised.
 
  
  
Australia
US$m
 
    
International
US$m
 
    
Total
US$m
 
  2022
  
    
    
  Acquisitions of proved property
   
 
8,488
 
     
 
11,098
 
 
 
19,586
 
  Acquisitions of unproved property
   
 
-
 
     
 
180
 
 
 
180
 
  Exploration
1
   
 
39
 
     
 
541
 
 
 
580
 
  Development
2
   
 
2,365
 
     
 
1,740
 
 
 
4,105
 
         
  Total costs
3
   
 
10,892
 
     
 
13,559
 
    
 
24,451
 
    
   
 
    
 
     
 
    
 
 
 
    
 
         
  2021
                            
  Acquisitions of proved property
   
 
-
 
     
 
205
 
 
 
205
 
  Acquisitions of unproved property
   
 
-
 
     
 
7
 
 
 
7
 
  Exploration
1
   
 
459
 
     
 
84
 
 
 
543
 
  Development
   
 
1,141
 
     
 
935
 
 
 
2,076
 
         
  Total costs
3
   
 
1,600
 
     
 
1,231
 
 
 
2,831
 
    
                            
         
  2020
                            
  Acquisitions of proved property
   
 
-
 
     
 
540
 
 
 
540
 
  Acquisitions of unproved property
   
 
-
 
     
 
26
 
 
 
26
 
  Exploration
1
   
 
279
 
     
 
117
 
 
 
396
 
  Development
   
 
987
 
     
 
256
 
 
 
1,243
 
         
  Total costs
3
   
 
1,266
 
     
 
939
 
 
 
2,205
 
 
  1.
Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred.
  2.
Total development costs includes $3,812 million of expenditure and $294 million of capitalised interest in 2022.
  3.
Total costs include $23,991 million (2021: $2,777 million, 2020: $2,138 million) capitalised during the year.
Summary of operations from oil and gas production activities
Results of operations from oil and gas production activities
 
     
Australia
US$m
     
International
US$m
     
Total
US$m
  
 
  2022
 
                           
       
  Oil and gas revenue
   
 
12,453
 
   
 
1,575
 
   
 
14,028
 
       
  Production costs
   
 
(1,277
) 
   
 
(353
) 
   
 
(1,630
) 
       
  Exploration expenses
   
 
(20
) 
   
 
(440
) 
   
 
(460
) 
       
  Depreciation, depletion, amortisation and valuation provision
1
   
 
(1,476
 )   
 
(460
) 
   
 
(1,936
 )
       
  Production taxes
2
   
 
(429
) 
   
 
(16
) 
   
 
(445
) 
       
  Accretion expense
3
   
 
(85
) 
   
 
(23
) 
   
 
(108
) 
       
  Income taxes
   
 
(2,707
 )   
 
(151
) 
   
 
(2,858
 )
       
  Royalty-related taxes
4
   
 
(501
) 
   
 
-
 
   
 
(501
) 
       
  
Results of oil and gas producing activities
5
   
 
5,958
 
   
 
132
 
   
 
6,090
 
    
   
 
    
 
   
 
    
 
   
 
    
 
 
  2021
 
                           
       
  Oil and gas revenue
   
 
5,624
 
   
 
-
 
   
 
5,624
 
       
  Production costs
   
 
(504
) 
   
 
-
 
   
 
(504
) 
       
  Exploration expenses
   
 
(6
) 
   
 
(48
) 
   
 
(54
) 
       
  Depreciation, depletion, amortisation and valuation provision
1
   
 
(501
) 
   
 
(268
) 
   
 
(769
) 
       
  Production taxes
2
   
 
(218
) 
   
 
-
 
   
 
(218
) 
       
  Accretion expense
3
   
 
(23
) 
   
 
(1
) 
   
 
(24
) 
       
  Income taxes
   
 
(1,312
) 
   
 
-
 
   
 
(1,312
) 
       
  Royalty-related taxes
4
   
 
-
 
   
 
-
 
   
 
-
 
       
  
Results of oil and gas producing activities
5
   
 
3,060
 
   
 
(317
) 
   
 
2,743
 
    
   
 
    
 
   
 
    
 
   
 
    
 
 
  2020
 
                           
       
  Oil and gas revenue
   
 
3,339
 
   
 
-
 
   
 
3,339
 
       
  Production costs
   
 
(550
) 
   
 
-
 
   
 
(550
) 
       
  Exploration expenses
   
 
(8
) 
   
 
(59
) 
   
 
(67
) 
       
  Depreciation, depletion, amortisation and valuation provision
1
   
 
(5,833
) 
   
 
(1,137
) 
   
 
(6,970
) 
       
  Production taxes
2
   
 
(82
) 
   
 
-
 
   
 
(82
) 
       
  Accretion expense
3
   
 
(27
) 
   
 
(1
) 
   
 
(28
) 
       
  Income taxes
   
 
948
 
   
 
-
 
   
 
948
 
       
  Royalty-related taxes
4
   
 
-
 
   
 
-
 
   
 
-
 
       
  Results of oil and gas producing activities
5
   
 
(2,213
) 
   
 
(1,197
) 
   
 
(3,410
) 
 
1.
Includes valuation
provision reversal
 of $900 million
in 2022
(2021:
reversal of $
1,048 million
 and
2020:
recognition of
$5,269 million).
2.
Includes royalties and excise duty.
3.
Represents the unwinding of the discount on the closure and rehabilitation provision.
4.
Includes petroleum resource rent tax and petroleum revenue tax where
applicable. Excludes deferred tax expense/ (benefit) of $(814) million (2021: $297 million; 2020: $(439) million). 
5.
This table reflects the results of our oil and gas activities as reported in Note A.1 Segment revenue and expenses in section 5 – Financial Statements. Other income, other expenses, general and administrative costs and amounts relating to the marketing and corporate/other segments within the note are excluded.
Summary of standardised measure of discounted future cash flows
    
Australia
US$m
 
       
International
US$m
 
       
Total
US$m
 
  
       
  2022
                               
       
  Future cash inflows
1
   
 
197,194
 
     
 
38,256
 
     
 
235,450
 
       
  Future production costs
1
   
 
(31,157)
 
     
 
(9,698)
 
     
 
(40,855)
 
       
  Future development costs
2
   
 
(12,259)
 
     
 
(4,487)
 
     
 
(16,746)
 
       
  Future income taxes
   
 
(62,182)
 
     
 
(4,823)
 
     
 
(67,005)
 
  Future net cash flows
   
 
91,596
 
     
 
19,248
 
     
 
110,844
 
       
  Discount at 10% per annum
   
 
(48,924)
       
 
(7,777)
 
     
 
(56,701)
 
       
  Standardised measure
   
 
42,672
 
     
 
11,471
 
     
 
54,143
 
                                
       
  2021
                               
       
  Future cash inflows
1
   
 
76,202
 
     
 
5,695
 
     
 
81,897
 
       
  Future production costs
1
   
 
(22,193)
 
     
 
(899)
 
     
 
(23,092)
  
       
  Future development costs
2
   
 
(8,296)
       
 
(2,481)
 
     
 
(10,777)
 
       
  Future income taxes
   
 
(16,266)
 
     
 
(90)
       
 
(16,356)
 
       
  Future net cash flows
   
 
29,447
 
     
 
2,225
 
     
 
31,672
 
       
  Discount at 10% per annum
   
 
(14,793)
       
 
(1,142)
 
     
 
(15,935)
 
       
  Standardised measure
   
 
14,654
 
     
 
1,083
 
     
 
15,737
 
                                
       
  2020
                               
       
  Future cash inflows
1
   
 
14,629
 
     
 
-
 
     
 
14,629
 
       
  Future production costs
1
   
 
(3,862)
       
 
-
 
     
 
(3,862)
  
       
  Future development costs
2
   
 
(3,800)
 
     
 
-
 
     
 
(3,800)
 
       
  Future income taxes
   
 
(1,023)
       
 
-
 
     
 
(1,023)
 
       
  Future net cash flows
   
 
5,944
 
     
 
-
 
     
 
5,944
 
       
  Discount at 10% per annum
   
 
(860)
       
 
-
 
     
 
(860)
 
       
  Standardised measure
   
 
5,084
 
     
 
-
 
     
 
5,084
 
 
1.
Woodside have entered multiple term contracts relating to LNG volumes from our producing and sanctioned assets. Under a 2P reserves outcome, we produce a sufficient quantity of LNG to satisfy these contracts within expected timeframes. Therefore, we have not included the revenue and cost impact of LNG shortfalls under a SEC 1P reserves outcome.
2.
Future development costs include decommissioning.
Summary of movement in changes in the standardised measure
Changes in the standardised measure are presented in the following table.
 
  
    
2022
          US$m
 
    
2021
          US$m
 
    
2020
          US$m
 
  
Changes in the standardised measure
    
 
 
 
    
 
 
 
    
 
 
 
  Standardised measure at the beginning of the year
     
 
15,737
 
     
 
5,084
 
     
 
10,324
 
       
  Revisions:
     
 
 
     
 
 
     
 
 
       
  Prices, net of production costs
     
 
22,558
 
     
 
7,741
 
     
 
(5,800)
 
       
  Changes in future development costs
     
 
(873)
 
     
 
20
 
     
 
(29)
 
       
  Revisions of reserves quantity estimates
     
 
5,898
 
     
 
2,109
 
     
 
269
 
       
  Accretion of discount
     
 
4,051
 
     
 
430
 
     
 
1,038
 
       
  Changes in production timing and other
     
 
2,371
 
     
 
3,485
 
     
 
(1,180)
 
       
  Sales of oil and gas, net of production costs
     
 
(10,202)
 
     
 
(5,698)
 
     
 
(2,666)
 
       
  Acquisitions of
reserves-in-place
     
 
28,309
 
     
 
-
 
     
 
-
 
       
  Sales of
reserves-in-place
     
 
-
 
     
 
-
 
     
 
-
 
       
  Previously estimated development costs incurred
     
 
3,339
 
     
 
565
 
     
 
702
 
       
  Extensions, discoveries, and improved recoveries, net of future costs
     
 
-
 
     
 
8,346
 
     
 
44
 
       
  Changes in future income taxes
     
 
(17,045)
 
     
 
(6,345)
 
     
 
2,382
 
 
  Standardised measure at the end of the year
     
 
54,143
 
     
 
15,737
 
     
 
5,084
 
 
1.
Changes in reserves quantities are shown in section 3.9 - Reserves Statement.
Summary of movement in capitalised exploratory well costs
The following table provides the changes to the capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 31 December 2022, 31 December 2021 and 31 December 2020.
 
 
    
2022
US$m
 
    
2021
US$m
 
    
2020
US$m
 
 
 
 
 
  Movement in capitalised exploratory well costs
1
    
 
 
 
    
 
 
 
    
 
 
 
  At the beginning of the year
     
 
614
 
     
 
2,045
 
     
 
3,809
 
       
  A
c
quisition to the capitalised exploratory well costs pending the determination of proved reserves
     
 
180
 
     
 
-
 
     
 
-
 
       
  Additions to the capitalised exploratory well costs pending the determination of proved reserves
     
 
111
 
     
 
501
 
     
 
399
 
       
 
Capitalised exploratory well costs expensed
2
,3
     
 
(62)
 
     
 
(268)
 
     
 
(1,571)
 
       
  Capitalised exploratory well costs reclassified to wells, equipment and facilities based on the determination of proved reserves
     
 
(36)
 
     
 
(1,664)
 
     
 
(592)
 
       
  Sale of suspended wells
     
 
-
 
     
 
-
 
     
 
-
 
       
  At the end of the year
     
 
807
 
     
 
614
 
     
 
2,045
 
 
 
1.
Suspended exploratory well costs represent capitalised exploration, evaluation and permit acquisition costs.
 
2.
Includes $1,557 million of impairment losses in 2020.
 
3
.
Includes amortisation of licence acquisition costs.
Summary of ageing of capitalised exploratory well costs
 
  
    
2022
US$m
 
    
2021
    US$m
 
    
2020
    US$m
 
  Ageing of capitalised exploratory well costs
    
 
 
 
    
 
 
 
    
 
 
 
  Exploratory well costs capitalised for a period of one year or less
     
 
124
 
     
 
19
 
     
 
330
 
       
  Exploratory well costs capitalised for a period greater than one year
     
 
683
 
     
 
595
 
     
 
1,715
 
       
  At the end of the year
     
 
807
 
     
 
614
 
     
 
2,045
 
       
       
2022
       
2021
       
2020
  
       
  Number of projects that have been capitalised for a period greater than one year
     
 
21
 
     
 
25
 
     
 
13
 
 
1.
Ageing of exploratory wells considers dates prior to the merger with BHP’s petroleum business which completed on 1 June 2022.