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Ar Body Copy Woodside 2000 2000 Annual Report A Year of Outstanding PERFORMANCE AND TRANSFORMATION CONTENTS Chairman’s Overview 2 Managing Director’s Report 4 North West Shelf Ventures 10 Australian Gas 18 Australian Oil 22 New Ventures 26 Permit tables and maps Reserves Statement and table Sustainable Energy Solutions 38 Risk Management 40 Managing Health, Safety and the Environment 42 Community Development 46 Corporate Information 50 Financial Information 64 OUR PURPOSE Enhancing the quality of life by meeting society’s energy needs in ways in which we are proud. A special flame from a tray of burning natural gas hydrate produced in the joint Woodside - Curtin University pilot plant. OUR VALUES Working Together Creativity Integrity and Trust Freedom to Act Care Respect 2000 has been an exceptional year for the Company because of its outstanding operational and financial performance and significant external events. C CHAIRMAN’S OVERVIEW 2000 has been an exceptional year for An excellent operational performance the Company because of its from the Cossack Pioneer and Northern outstanding operational and financial Endeavour floating production, storage and performance and significant external offloading facilities resulted in the Company events. It has also been a period of being well positioned to extract the benefits major transformation as we are now of higher than anticipated oil prices and no longer dependent for our entire favourable exchange rates. This performance revenue stream on oil and gas by the Company’s oil assets greatly enhanced production from the North West Shelf the highly reliable production of LNG, Venture. This follows the successful condensate, domestic gas and LPG from commissioning of oil production from the North West Shelf Venture assets. the Laminaria and Corallina oil fields in the Timor Sea. As a result, sales revenue increased by 138.1% from A$988.8 million in 1999 to The Company continued to make A$2,353.9 million. Net profit for 2000, significant progress towards its strategic which includes A$108.7 million (after tax) growth objectives through new oil and gas from the divestment of 10% of the Greater discoveries in Australia, new gas marketing Sunrise gas and condensate fields, was initiatives in Australia and with A$966.6 million, an increase of 191.8% international LNG customers, and a over the 1999 profit of A$331.3 million commitment by the North West Shelf (including abnormals). This is the eighth Venture to the Echo-Yodel condensate consecutive year of increasing profits. development. In addition the Legendre Earnings per share in 2000 increased to oil development project will commence 145 cents compared to 49.7 cents in 1999. production in April 2001, some three Ocean Legend production facility arriving months earlier than expected. at the port of Dampier, January 2001. Earnings & Dividends Per Share (cents) Return on Shareholders’ Funds 1996 - 2000 After Abnormal Items 1996 - 2000 150 145 140 130 50 120 45.8 110 100 40 90 82 80 30 70 60 45.0 49.7 Percent 20 19.8 19.6 19.6 50 41.2 15.3 Cents Per Share Cents Per 40 26 28.6 30 23 20 10 20 16 10 0 0 96 97 98 99 00 96 97 98 99 00 EPS (after Abnormal Items) 2 Woodside Petroleum Ltd. DPS 2000 Annual Report The record results reflect significantly The proposal was considered in detail In 2001, the Company will be seeking to higher oil prices and lower Australian with the benefit of extensive expert add further shareholder value. We expect dollar exchange rates during 2000. In advice, and the independent Directors to finalise contract arrangements with our both cases the benefits of favourable oil concluded that the proposal fell well short Japanese LNG customers and commence prices and exchange rates were offset by of any proposal that could be accepted construction of a fourth LNG processing the Company’s oil price and exchange and recommended to shareholders. train and associated infrastructure on the rate hedging position. Woodside subsequently proposed to Shell Burrup Peninsula. We will also be pursuing that the Alliance agreement signed by the development of an LNG facility in Debt at the end of 2000 was US$785 both companies in 1998 provided the Darwin. The Company’s oil-producing million, a decrease of US$415 million preferred way forward for constructive assets will be further expanded in April compared to 1999. Gearing ended the cooperation between the two companies. when the Legendre oilfields commence year at 34% compared with 50% at the production and we expect to continue to end of 1999. In late November, Shell announced a progress development plans for the take-over offer of A$14.80 and one Greater Sunrise gas and condensate fields Woodside will pay a final dividend of 60 conditional call option for each Woodside and the Vincent-Enfield-Laverda oil cents per share (fully franked) on 30 share and a proposal to transfer a large discoveries in Permit WA-271-P. In March 2001. This will consist of an 18 parcel of Shell’s assets to Woodside in parallel,Woodside has planned a major cents per share dividend (fully franked) and return for the placement of 333.3 million exploration program, with wells to be a special dividend of 42 cents per share new Woodside ordinary shares (revised drilled in a number of promising (fully franked). Together with the interim asset transfer proposal). prospects in Australia, Gulf of Mexico dividend of 12 cents per share (fully and West Africa. franked) and a special interim dividend of Woodside responded to the take-over 10 cents per share (fully franked), this offer with a Target’s Statement in late The Company will also address the makes a 2000 total dividend of 82 cents December. The Statement contained the challenge of resolving the outstanding per share (fully franked). This compares independent Directors’ formal response to issues with Shell to preserve the close with the 1999 total dividend of 26 cents the offer in the form of a recommendation strategic relationship that has existed per share (fully franked). that Shell’s offer of A$14.80 and a between the two companies for a conditional call option for each Woodside number of years. Significant external events during 2000 share should be rejected. The key reasons included Shell’s initial asset transfer for recommending rejection were: There were no changes to the proposal and subsequent take-over offer composition of the Board during 2000. and revised asset transfer proposal. • The independent expert concluded that the offer is neither fair nor reasonable; In order to deal with the matters arising out of Shell’s take-over offer and asset In March 2000,Woodside received an • The offer does not contain an adequate transfer proposals, the Board established a unsolicited proposal from the Shell Group premium for control of Woodside; and Shell Relationship Committee which met of Companies. Shell’s proposal was that • The offer does not fully reflect the a number of times during the year. Woodside should: growth initiatives of Woodside. • acquire all Shell’s upstream assets in On behalf of the Directors, I would like Australia and most of its upstream The independent Directors in preparing to thank the Managing Director, John assets in New Zealand, plus a minority the Target’s Statement, chose not to assess Akehurst, his management team and the interest in two projects in Iran, at Shell’s revised asset transfer proposal at that Company’s employees and contractors for Shell’s estimated fair market value of time as information about some of Shell’s their contributions during what was a A$7.9 billion; assets was insufficient to enable a detailed particularly busy 2000. Woodside’s • assume about A$2.1 billion of debt in recommendation to be made to shareholders achievements are a direct result of their the companies holding the assets; and within the timeframe allowed under competence, enthusiasm and dedication. • issue 428.9 million new Woodside shares Corporations Law for preparing this statement. I look forward to reviewing the to Shell, increasing Shell’s shareholding in Woodside from 34.27% to 60%. The revised asset transfer proposal is now Company’s performance and prospects being assessed with the assistance of expert with you in more detail at the Annual The independent Directors (i.e. the advice, so that a considered recommendation General Meeting to be held on non-Shell appointed Directors) decided can be put to shareholders. Wednesday 23 May 2001 at the Sheraton that acceptance would be justified only if Hotel, Perth. At the time of writing this report, Shell analysis of the proposed transaction had extended the expiry date for its take- demonstrated that it would clearly provide over offer to 12 April 2001. The offer also a significant enhancement of the capacity remained conditional upon obtaining the of the Company to deliver value to all approval of the Treasurer under the Foreign shareholders in the future. Charles Goode Acquisitions and Take-overs Act 1975. Chairman 22 March 2001 Woodside Petroleum Ltd. 3 2000 Annual Report 4 Woodside Petroleum Ltd. 2000 Annual Report Woodside people across the Company have delivered unprecedented performances, both in operational and business development areas. M MANAGING DIRECTOR’S REPORT Year 2000: A Big Year For Woodside The importance of the health and safety of all those affected by our activities, and With earnings and net cash flow for of the integrity of the environment in 2000 around three times 1999 levels which we operate is paramount for and with two unsolicited offers from Woodside. While we are striving to Shell designed to create a change of achieve consistent top quartile operating control of the Company, 2000 was and financial performance relative to our certainly a big year for Woodside.
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