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Positioned for Future Growth ANNUAL REPORT 2013 POSITIONED FOR FUTURE GROWTH Woodside is a proud Australian company with a history of achievement, and we are working hard to realise our vision of becoming a global leader in upstream oil and gas ON THE COVER Record production Growth through exploration and Browse floating LNG In 2013 we posted record production of innovation 2013 was a pivotal year for the Browse 87.0 MMboe, highlighting our ongoing Woodside focused on growing a balanced Development, with the Joint Venture commitment to deliver maximum value global portfolio in 2013. New entries into New participants selecting floating LNG as the from our base business. Zealand and Ireland underpinned our strategy technology for entry into basis of design (BOD) to develop the three Browse gas fields. Planned refurbishment works on the of global portfolio expansion, offering low- Ngujima-Yin floating production storage cost access to areas in which our extensive The project entered BOD in September and offloading vessel were undertaken and deepwater capabilities can be fully leveraged. a final investment decision is targeted for production recommenced at the Vincent Our renewed focus on technology has the the second half of 2015. oil field in November 2013. potential to improve Woodside’s profitability and competitiveness. Our Technology Division worked to develop new in-house capabilities to increase our range of development solutions. Read more on 16 Read more on 17 Read more on 38 Effective capital management Keeping each other safe Enhancing our base business Our commitment to capital management in 2013 In 2013 we began implementing measures 2013 was a significant year for the North saw the company post a record full year dividend to achieve global top quartile health and West Shelf Project with the A$5 billion of US 249 cps and a special dividend of safety performance by 2017. North Rankin Redevelopment Project US 63 cps, exceeding our target dividend payout achieving start-up. ratio of 80% of underlying net profit after tax. This included adopting a new corporate scorecard indicator with specific measures The project enables the recovery of low This result was underpinned by control over for process safety and personal safety. pressure gas, extends resource life and spending and effective investment decision supports our onshore gas assets. making. Significant improvement was recorded in personal safety in 2013 and we will continue We are focused on deriving additional With strong cash flows and falling debt to streamline our processes to deliver world- value from our producing assets and will Woodside is well placed to fund future growth class health and safety performance. continue to invest in refurbishment and and retain its investment grade credit rating. development activities. Read more on 15 Read more on 28 Read more on 20 Improving business productivity Building our internal talent Reliability of supply To remain competitive in Australia’s high- The company is focused on securing our Our flagship Pluto LNG Project performed cost environment we launched an internal future workforce through early career hires, strongly, and subsequent to year end productivity campaign in 2013, focused on including graduates. achieved the milestone of 100 LNG improving efficiency and effectiveness across cargoes loaded since the start of The graduate development program was the organisation. production in April 2012. redesigned in 2013, and in 2014 our graduates Delivering sustainable productivity will undertake a broader program to support Production optimisation activities improvement will ensure Woodside remains a development of both technical and leadership progressed, as we worked to deliver further competitive and efficient partner of choice. capability. efficiencies and value from this project. We continued to work towards building a diverse workforce and rolled out a three-year Indigenous Employment Strategy, in support of our Reconciliation Action Plan. Read more on 8 Read more on 26 Read more on 22 Information available online We have partnered with Green Reports TM in an In this report, we have indicated where initiative that ensures communications minimise additional information is available online environmental impact and creates a more sustainable future for the community. like this . SCS-COC-004440 ii WOODSIDE PETROLEUM LTD ANNUAL REPORT 2013 AboUT WOODSIDE ContentS Our values With the successful start-up of the Pluto LNG Overview Plant in 2012, Woodside now operates six of About this report 1 Integrity the seven LNG processing trains in Australia. About Woodside 1 Respect Working sustainably Together with our four operated offshore gas Values, mission, vision, and strategy 1 production platforms, we are helping meet Working together Our areas of activity 2 the demand for cleaner energy from our Discipline pipeline gas customers in Australia and LNG Performance summary 4 Excellence customers in the Asia Pacific region. Chairman’s report 6 Our mission Woodside also operates four oil floating Chief Executive Officer’s report 8 To deliver superior shareholder returns. production storage and offloading vessels in Woodside Executives 10 the Exmouth Basin, North West Shelf and Timor Sea. This is the largest owner-operated Operating & Financial Review Our vision fleet in Australia with an excellent track i. Financial position 14 Our aim is to be a global leader in record of efficiently and safely producing from ii. Strategy, outlook & risks 16 upstream oil and gas. current fields. Driven by our world-class capabilities, we are iii. Operations Our strategic direction committed to expanding our LNG portfolio a. North West Shelf 20 through premium developments including the b. Pluto LNG 22 In support of our mission, our strategy Browse floating LNG Development. c. Australia Oil 24 comprises three main elements: d. Our people 26 Additionally, we are seeking to expand our Maximising our core business; e. Health, safety, security and exploration portfolio, both within Australia Leveraging our capabilities; and and globally, to generate future growth emergency management 28 Growing our portfolio. opportunities for the company. f. Community engagement 30 g. Environmental report 31 Our international assets include acreage Woodside is Australia’s largest independent h LNG market report 32 in New Zealand, Ireland, Myanmar, Peru, oil and gas company, with safe and reliable i. Reserves statement 34 Republic of Korea and Spain (Canaries), as operations spanning decades. well as a deepwater production facility in the iv. Growth The company has an extensive portfolio of Gulf of Mexico. a. Browse 38 facilities which we operate on behalf of some We remain focused on strengthening our b. International 40 of the world’s major oil and gas companies. relationships with customers, co-venturers, c. Global exploration 42 We have been operating the landmark governments and communities to ensure we Governance Australian project, the North West Shelf, are a partner of choice, and attain our vision of since 1984 and it remains one of the world’s becoming a global leader in oil and gas. Board of Directors 44 premier liquefied natural gas (LNG) facilities. Corporate governance statement 46 In 2014 the asset will celebrate two significant Directors’ report 60 milestones - 30 years of operations and Remuneration report 61 25 years of LNG exports to Japan. 2013 Financial Report 75 Shareholder information Shareholder statistics 143 AboUT thiS rePort Share registry: enquiries 144 Investor relations: enquiries 144 This 2013 Annual Report is a summary of posted to shareholders who have elected to Business directory 145 Woodside’s operations, activities and financial receive a printed copy. Key announcements 2013 145 position as at 31 December 2013. The Annual Report is also printed Units, conversion factors 146 Woodside Petroleum Ltd (ABN 55 004 898 on an environmentally responsible Glossary 146 962) is the parent company of the Woodside paper manufactured under ISO 14001 Index 147 group of companies. In this report, unless environmental management standards, 2013 summary charts 148 otherwise stated, references to ‘Woodside’ using elemental chlorine-free pulps from Ten year comparative data summary 149 and ‘the Group’, ‘we’, ‘us’ and ‘our’ refer to sustainable, well managed forests. Woodside Petroleum Ltd and its controlled entities, as a whole. References to ‘the company’ refer to Woodside Petroleum Ltd REPort OBJectiveS Our 2013 Sustainable unless otherwise stated. The text does not Development Report distinguish between the activities of the This report meets our compliance and parent company and those of its controlled governance requirements, and is designed This report is a summary SUSTAINABLE of Woodside’s entities. to provide easy to read information on DEVELOPMENT REPORT 2013 sustainability approach, References in this report to a ‘year’ is how Woodside performed in 2013 for our actions and to the calendar and financial year ended stakeholders, including shareholders, staff, performance for the 31 December 2013 unless otherwise stated. customers and the community. 12 month period ending All dollar figures are expressed in US currency We aim to build awareness of our unless otherwise stated. 31 December 2013. operations and demonstrate how we WOODSIDE PETROLEUM LTD Woodside is continuing efforts to reduce delivered on our mission and vision while This report will be available in March 2014. its environmental footprint associated with maintaining our values and commitment to
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