NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 December 2018

106 Woodside Petroleum Ltd|Annual Report 2018

Key estimates and judgements

In applying the Group’s accounting policies, management continually

evaluates judgements, estimates and assumptions based on

experience and other factors, including expectations of future events

that may have an impact on the Group. All judgements, estimates and

assumptions made are believed to be reasonable based on the most

current set of circumstances known to management. Actual results

may dier from those judgements, estimates and assumptions.

Signiﬁcant judgements, estimates and assumptions made by

management in the preparation of these ﬁnancial statements are

found in the following notes:

Note A.1 Revenue from contracts with customers Page 108

Note A.5 Taxes Page 111

Note B.2 Exploration and evaluation Page 114

Note B.3 Oil and gas properties Page 115

Note B.4 Impairment of oil and gas properties Page 116

Note D.4 Provisions Page 123

Note E.7 Joint arrangements Page 129