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Segment Revenue and Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Text Block [abstract]  
Summary of geographical information
 
Geographical Information
Revenue from external customers
1
2024
2023
2022
US$m
US$m
US$m
Asia Pacific
   
8,445
  
9,823
  
12,521
Americas
   
2,462
  
2,564
  
1,545
Europe
   
2,272
  
1,607
  
2,751
Consolidated
   
13,179
  
13,994
  
16,817
 
1.
Revenue is attributable to geographic location based on the location of the customers.
Summary of segment assets and liabilities
 
For the year ended 31 December 2024
 
Australia
International
Marketing
New energy/
Corporate
Consolidated
2024
US$m
 
2024

US$m
 

 
2024
US$m
 
2024

US$m
 

 
 
2024

US$m
 

 
 
Liquefied natural gas
   
5,361
  
-
  
1,040
  
-
  
6,401
Pipeline gas
   
1,119
  
230
  
-
  
-
  
1,349
Crude oil and condensate
   
1,668
  
3,143
  
76
  
-
  
4,887
Natural gas liquids
   
196
  
39
  
71
  
-
  
306
 
  
Revenue from sale of hydrocarbons
   
8,344
  
3,412
  
1,187
  
-
  
12,943
 
  
Intersegment revenue
1
   
(23
)
   
(7
)
   
30
  
-
  
-
Processing and services revenue
   
220
  
-
  
-
  
-
  
220
Shipping and other revenue
   
-
  
-
  
16
  
-
  
16
 
  
Other revenue
   
197
  
(7
)
   
46
  
-
  
236
 
  
Operating revenue
2
   
8,541
  
3,405
  
1,233
  
-
  
13,179
 
  
Production costs
   
(1,051
)
   
(528
)
   
-
  
-
  
(1,579
)
 
Royalties, excise and levies
   
(349
)
   
(23
)
   
-
  
-
  
(372
)
Insurance
   
(27
)
   
(9
)
   
-
  
11
  
(25
)
Inventory movement
   
55
  
29
  
-
  
-
  
84
 
  
Costs of production
   
(1,372
)
   
(531
)
   
-
  
11
  
(1,892
)
 
  
Property, plant and equipment depreciation and amortisation
   
(2,621
)
   
(1,848
)
   
-
  
(54
)
   
(4,523
)
 
  
Shipping and direct sales costs
   
(89
)
   
(86
)
   
(130
)
   
-
  
(305
)
Trading costs
   
(4
)
   
-
  
(691
)
   
-
  
(695
)
Other hydrocarbon costs
   
(51
)
   
-
  
-
  
-
  
(51
)
Other cost of sales
   
(22
)
   
(7
)
   
-
  
(6
)
   
(35
)
Movement in onerous contract provision
   
-
  
-
  
-
  
-
  
-
 
  
Other cost of sales
   
(166
)
   
(93
)
   
(821
)
   
(6
)
   
(1,086
)
 
  
Cost of sales
   
(4,159
)
 
   
(2,472
)
 
   
(821
)
 
   
(49
)
   
(7,501
)
 
  
Gross profit
   
4,382
  
933
  
412
  
(49
)
   
5,678
 
  
Other income
3
   
568
  
50
  
23
  
(17
)
   
624
 
  
Exploration and evaluation expenditure
4
   
(44
)
   
(276
)
   
-
  
-
  
(320
)
Amortisation of permit acquisition
   
-
  
(8
)
   
-
  
-
  
(8
)
Write-offs
   
(3
)
   
(6
)
   
-
  
-
  
(9
)
 
  
Exploration and evaluation
   
(47
)
   
(290
)
   
-
  
-
  
(337
)
 
  
General, administrative and other costs
   
-
  
-
  
-
  
(445
)
   
(445
)
Amortisation of intangible assets
   
-
  
-
  
-
  
(21
)
   
(21
)
Depreciation of lease assets
   
(58
)
   
(1
)
   
(101
)
   
(50
)
   
(210
)
Restoration movement
   
(176
)
   
6
  
-
  
(29
)
   
(199
)
Other
5
   
(55
)
   
(97
)
   
93
  
(517
)
   
(576
)
 
  
Other costs
   
(289
)
   
(92
)
   
(8
)
   
(1,062
)
   
(1,451
)
 
  
Other expenses
   
(336
)
   
(382
)
   
(8
)
   
(1,062
)
   
(1,788
)
 
  
Impairment losses
   
-
  
-
  
-
  
-
  
-
 
  
Impairment reversals
   
-
  
-
  
-
  
-
  
-
 
  
Profit/(loss) before tax and net finance costs
   
4,614
  
601
  
427
  
(1,128
)
 
   
4,514
 
  
 
1.
Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs.
2.
Operating revenue includes revenue from contracts with customers of $13,163 million and
sub-lease
income of $16 million disclosed within shipping and other revenue.
3.
Includes fees and recoveries and other income not associated with the ongoing operations of the business. The Australia segment includes $209 million from the gain on the sell-down of Scarborough to LNG Japan and JERA.
4.
Includes seismic and general permit activities and other exploration costs.
5.
Includes gains and losses on hedging activities, a $314 million fair value loss on embedded derivatives and other expenses not associated with the ongoing operations of the business.
 
 
For the year ended 31 December 2023
 
  
Australia
 
International
 
Marketing
 
New energy/
Corporate
 
Consolidated
  
2023
US$m
 
 
 
2023
US$m
 
 
  
2023
US$m
 
 
 
2023
US$m
 
 
  
 
 
2023
US$m
 
 
 
  
Liquefied natural gas
   
6,867
 
-
 
1,298
 
-
 
8,165
Pipeline gas
   
1,088
 
286
 
-
 
-
 
1,374
Crude oil and condensate
   
1,611
 
2,246
 
124
 
-
 
3,981
Natural gas liquids
   
218
 
32
 
31
 
-
 
281
 
  
Revenue from sale of hydrocarbons
   
9,784
 
2,564
 
1,453
 
-
 
13,801
 
  
Intersegment revenue
1
   
(166
) 
  
(15
) 
  
181
 
-
 
-
Processing and services revenue
   
184
 
-
 
-
 
-
 
184
Shipping and other revenue
   
-
 
-
 
9
 
-
 
9
 
  
Other revenue
   
18
 
(15
) 
  
190
 
-
 
193
 
  
Operating revenue
2
   
9,802
 
2,549
 
1,643
 
-
 
13,994
 
  
Production costs
   
(1,173
) 
  
(389
) 
  
-
 
-
 
(1,562
) 
Royalties, excise and levies
   
(462
) 
  
(41
) 
  
-
 
-
 
(503
) 
Insurance
   
(41
) 
  
(11
) 
  
-
 
(8
) 
  
(60
) 
Inventory movement
   
(40
) 
  
3
 
-
 
-
 
(37
) 
 
  
Costs of production
   
(1,716
) 
  
(438
) 
  
-
 
(8
) 
  
(2,162
) 
 
  
Property, plant and equipment depreciation and amortisation
   
(2,754
) 
  
(1,168
) 
  
-
 
(34
) 
  
(3,956
) 
 
  
Shipping and direct sales costs
   
(164
) 
  
(83
) 
  
(54
) 
  
(18
) 
  
(319
) 
Trading costs
   
(12
) 
  
-
 
(1,056
) 
  
-
 
(1,068
) 
Other hydrocarbon costs
   
(7
) 
  
-
 
-
 
-
 
(7
) 
Other cost of sales
   
(7
) 
  
-
 
-
 
-
 
(7
) 
Movement in onerous contract provision
   
-
 
-
 
-
 
-
 
-
 
  
Other cost of sales
   
(190
) 
  
(83
) 
  
(1,110
) 
  
(18
) 
  
(1,401
) 
 
  
Cost of sales
   
(4,660
) 
  
(1,689
) 
  
(1,110
) 
  
(60
) 
  
(7,519
) 
 
  
Gross profit
   
5,142
 
860
 
533
 
(60
) 
  
6,475
 
  
Other income
3
   
160
 
54
 
26
 
82
 
322
 
  
Exploration and evaluation expenditure
4
   
(24
) 
  
(253
) 
  
-
 
(2
) 
  
(279
) 
Amortisation of permit acquisition
   
-
 
(4
) 
  
-
 
-
 
(4
) 
Write-offs
   
(31
) 
  
(46
) 
  
-
 
-
 
(77
) 
 
  
Exploration and evaluation
   
(55
) 
  
(303
) 
  
-
 
(2
) 
  
(360
) 
 
  
General, administrative and other costs
   
-
 
-
 
-
 
(453
) 
  
(453
) 
Amortisation of intangible assets
   
-
 
-
 
-
 
(2
)
  
(2
)
Depreciation of lease assets
   
(50
) 
  
(14
) 
  
(75
) 
  
(40
) 
  
(179
) 
Restoration movement
   
(125
) 
  
(22
) 
  
-
 
-
 
(147
) 
Other
5
   
(51
) 
  
-
 
(109
) 
  
(272
)
  
(432
)
 
  
Other costs
   
(226
) 
  
(36
) 
  
(184
) 
  
(767
) 
  
(1,213
) 
 
  
Other expenses
   
(281
) 
  
(339
) 
  
(184
) 
  
(769
) 
  
(1,573
) 
 
  
Impairment losses
6
   
(534
) 
  
(1,383
) 
  
-
 
-
 
(1,917
) 
 
  
Impairment reversals
   
-
 
-
 
-
 
-
 
-
 
  
Profit/(loss) before tax and net finance costs
   
4,487
 
(808
) 
  
375
 
(747
) 
  
3,307
 
  
 
1.
Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs.
2.
Operating revenue includes revenue from contracts with customers of $13,985 million and
sub-lease
income of $9 million disclosed within shipping and other revenue.
3.
Includes fees and recoveries, foreign exchange gains and other income not associated with the ongoing operations of the business.
4.
Includes seismic and general permit activities and other exploration costs.
5.
Includes losses on hedging activities, a $35 million fair value loss on embedded derivatives and other expenses not associated with the ongoing operations of the business.
6.
Impairment on property, plant and equipment and goodwill. Refer to Note B.4 for more details.
 
 
For the year ended 31 December 2022
 
    
Australia
    
International
    
Marketing
    
New energy/
Corporate
    
Consolidated
  
    
2022
US$m
    
2022
US$m
    
2022
US$m
    
2022
US$m
    
2022
US$m
  
 
  
Liquefied natural gas
   
8,855
 
-
 
2,434
 
-
 
11,289
Pipeline gas
   
1,086
 
276
 
-
 
-
 
1,362
Crude oil and condensate
   
2,467
 
1,273
 
18
 
-
 
3,758
Natural gas liquids
   
171
 
26
 
9
 
-
 
206
 
  
Revenue from sale of hydrocarbons
   
12,579
 
1,575
 
2,461
 
-
 
16,615
 
  
Intersegment revenue
1
   
(455)
 
(5)
 
460
 
-
 
-
Processing and services revenue
   
175
 
-
 
-
 
-
 
175
Shipping and other revenue
   
-
 
-
 
27
 
-
 
27
 
  
Other revenue
   
(280)
 
(5)
 
487
 
-
 
202
 
  
Operating revenue
2
   
12,299
 
1,570
 
2,948
 
-
 
16,817
 
  
Production costs
   
(975)
 
(313)
 
-
 
7
 
(1,281)
Royalties, excise and levies
   
(540)
 
(39)
 
-
 
(17)
 
(596)
Insurance
   
(35)
 
(7)
 
-
 
(1)
 
(43)
Inventory movement
   
44
 
(3)
 
-
 
-
 
41
 
  
Costs of production
   
(1,506)
 
(362)
 
-
 
(11)
 
(1,879)
 
  
Property, plant and equipment depreciation and amortisation
   
(2,326
) 
  
(439
) 
  
-
 
(33
) 
  
(2,798
) 
 
  
Shipping and direct sales costs
   
(312
) 
  
(36
) 
  
(73
) 
  
142
 
(279
) 
Trading costs
   
(14
) 
  
-
 
(1,763
) 
  
-
 
(1,777
) 
Other hydrocarbon costs
   
(19
) 
  
-
 
-
 
-
 
(19
) 
Other cost of sales
   
(4
) 
  
-
 
-
 
-
 
(4
) 
Movement in onerous contract provision
3
   
-
 
-
 
216
 
-
 
216
 
  
Other cost of sales
   
(349
) 
  
(36
) 
  
(1,620
) 
  
142
 
(1,863
) 
 
  
Cost of sales
   
(4,181
) 
  
(837
) 
  
(1,620
) 
  
98
 
(6,540
) 
 
  
Gross profit
   
8,118
 
733
 
1,328
 
98
 
10,277
 
  
Other income
4
   
722
 
4
 
5
 
4
 
735
 
  
Exploration and evaluation expenditure
5
   
(20
) 
  
(277
) 
  
-
 
1
 
(296
) 
Amortisation of permit acquisition
   
(1
) 
  
(9
) 
  
-
 
-
 
(10
) 
Write-offs
6
   
-
 
(164
) 
  
-
 
-
 
(164
) 
 
  
Exploration and evaluation
   
(21
) 
  
(450
) 
  
-
 
1
 
(470
) 
 
  
General, administrative and other costs
7
   
(13
) 
  
(21
) 
  
(10
) 
  
(747
) 
  
(791
) 
Depreciation of lease assets
   
(49
) 
  
(11
) 
  
-
 
(80
) 
  
(140
) 
Restoration movement
   
(234
) 
  
(46
) 
  
-
 
8
 
(272
) 
Other
8
   
(8
) 
  
(84
) 
  
(475
) 
  
(486
) 
  
(1,053
) 
 
  
Other costs
   
(304
) 
  
(162
) 
  
(485
) 
  
(1,305
) 
  
(2,256
) 
 
  
Other expenses
   
(325
) 
  
(612
) 
  
(485
) 
  
(1,304
) 
  
(2,726
) 
 
  
Impairment losses
   
-
 
-
 
-
 
-
 
-
 
  
Impairment reversals
9
   
900
 
-
 
-
 
-
 
900
 
  
Profit/(loss) before tax and net finance costs
   
9,415
 
125
 
848
 
(1,202
) 
  
9,186
 
  
 
1.
Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs.
2.
Operating revenue includes revenue from contracts with customers of $
16,790
 
million and
sub-lease
income of $
27 
million disclosed within shipping and other revenue.
3.
Comprises changes in estimates of $245 million offset by provisions used of $
29
 
million.
4.
Includes initial gain on Train 2 sell-down of $427 million, revaluation gain on the remeasurement of the Train 2 sell-down variable consideration of $
71
 
million, fees and recoveries, foreign exchange gains and other income not associated with the ongoing operations of the business.
5.
Includes $142 million for various costs relating to the Group’s exit from the Orphan Basin exploration licences in Canada.
6.
$125 million relates to costs of unsuccessful wells that have been written off.
7.
Transaction costs of $419 million incurred as a result of the BHPP merger on 1 June 2022 are included in the New energy/Corporate segment.
8.
Includes losses on hedging activities and changes in fair value of derivative financial instruments of $
960
 
million in the Marketing and New energy/Corporate segments and other expenses not associated with the ongoing operations of the business.
9.
Impairment reversals on property, plant and equipment.