Woodside Energy will release its 2024 Half-Year results on Tuesday, August 27, 2024, and has provided line-item guidance for several key financial metrics ahead of the results presentation.
Woodside has outlined the following expectations for the first half of 2024:
- Production costs are projected to be between $710 million and $780 million.
- Royalties, excise, and levies are estimated to range from $180 million to $210 million.
- Depreciation and amortisation expenses for oil and gas properties are expected to be between $1,850 million and $1,950 million, excluding depreciation of lease assets.
- Other income is anticipated to be in the range of $250 million to $380 million, which includes profit from the Scarborough sell-down to LNG Japan.
- Net finance cost is estimated to be between $50 million and $55 million.
- Petroleum Resource Rent Tax (PRRT) expense is projected to be between $150 million and $230 million.
Woodside has provided separate guidance for statutory and underlying income tax expenses:
- Statutory income tax expense is expected to be between $100 million and $200 million.
- Underlying income tax expense is projected to be between $400 million and $500 million.
The company noted that the statutory income tax for the first half of 2024 includes the first-time recognition of a net Deferred Tax Asset (DTA) for the Sangomar project and other tax accounting adjustments.
These adjustments are expected to significantly reduce both the statutory and underlying effective income tax rates (EITR) for the half-year period.
Woodside will host a teleconference to provide an overview of the 2024 half-year results, followed by a question-and-answer session.
The event will be led by CEO and Managing Director Meg O’Neill and Chief Financial Officer Graham Tiver.
It is scheduled for Tuesday, August 27, at 08:00 AWST / 10:00 AEST / 19:00 CDT (Monday, August 26).
Investors and analysts can access the presentation and Q&A session through pre-registration links provided by the company.
As the energy sector continues to face global challenges, Woodside’s half-year results will be closely watched by investors for insights into the company’s performance and future outlook in the evolving energy landscape.
