Woodside Energy's reserves and financial update

Woodside Energy Group Ltd (ASX: $WDS) has released its reserves statement and financial updates for 2023. The company added 266 MMboe of proved oil and gas reserves, replacing 132% of production, and 318 MMboe of proved plus probable reserves, replacing 158% of production. Woodside's remaining proved (1P) reserves were 2,450.1 MMboe, proved plus probable (2P) reserves remaining were 3,757.1 MMboe, and the best estimate (2C) contingent resources remaining were 5,902.0 MMboe.

Executive commentary on reserves and financial performance

Woodside CEO Meg O'Neill highlighted the company's strong operational performance, record production in 2023, and the successful integration of the strategic merger with BHP Petroleum. O'Neill emphasized the high-quality resource base resulting from the merger, positioning Woodside for growth and returns. The reserves update reflects the quality of the larger portfolio and establishes a continued platform for delivering strong shareholder returns. The company continued to see strong performance from its core assets in 2023.

Summary of Woodside Energy's reserves and financial update

Woodside Energy's reserves statement and financial updates for 2023 demonstrate the company's successful integration of the strategic merger with BHP Petroleum, leading to record production and reserves additions. The reserves update reflects the quality of the larger portfolio, positioning Woodside for growth and strong shareholder returns. The company's remaining proved (1P) reserves were 2,450.1 MMboe, proved plus probable (2P) reserves remaining were 3,757.1 MMboe, and the best estimate (2C) contingent resources remaining were 5,902.0 MMboe. Woodside's CEO, Meg O'Neill, expressed confidence in the company's ability to deliver strong operational performance and returns, emphasizing the success of the strategic merger and the strong performance from core assets in 2023.