148 Woodside Petroleum Ltd|Annual Report 2018

Glossary, units of measure and conversion factors

Glossary

$, $m US dollars unless otherwise stated, millions

of dollars

1P Proved reserves

2C Best Estimate of Contingent resources

2P Proved plus Probable reserves

Acquisition costs 2018 acquisition expenditure divided by

contingent resources (2C) added through

2018 acquisition activity

AGM Annual General Meeting

APPEA Australian Petroleum Production

& Exploration Association

Appraisal well A well drilled to follow up a discovery and

evaluate its commercial potential

ASX Australian Securities Exchange

AUD Australian dollars

Average unit cash

cost of sales

Average unit cash cost of sales includes production

costs, royalty and excise, shipping and direct

sales costs, carbon costs and insurance; excludes

exploration and evaluation, general administrative

and other costs, depreciation and amortisation,

PRRT and income tax

BJV Browse Joint Venture

Brent Intercontinental Exchange (ICE) Brent Crude

deliverable futures contract (oil price)

Cash margin Gross proﬁt net of other revenue, oil and gas

properties depreciation and amortisation,

inventory movement, trading costs and other

hydocarbon costs, divided by sales revenue

CDP Carbon Disclosure Project

CNG Compressed natural gas

Condensate Hydrocarbons that are gaseous in a reservoir but

that condense to form liquids as they rise to

the surface

cps Cents per share

CWLH Cossack, Wanaea, Lambert and Hermes

DBNGP Dampier to Bunbury Natural Gas Pipeline

DRP Dividend Reinvestment Plan

EBIT EBIT is calculated as a proﬁt before income tax,

PRRT and net ﬁnance costs

EBITDA EBITDA is calculated as a proﬁt before income

tax, PRRT, net ﬁnance costs and depreciation and

amortisation

EBITDAX EBITDA is calculated as a proﬁt before income

tax, PRRT, net ﬁnance costs, depreciation and

amortisation and exploration and evaluation

expense

EEP Employee equity plan

EPS Earnings per share

Equity lifted LNG The proportion of LNG which Woodside is

entitled to lift and sell, in its own right, as a result

of its participating interest in the relevant project

Farm-in Where one company acquires an interest in

an exploration permit or production licence

by paying some of the past or future costs of

another company that is relinquishing its interest

FEED Front-end engineering design. Preliminary design

and cost and schedule conﬁrmation before FID

FEL Frontier Exploration Licence

FID Final investment decision

First half, second

half

Halves of the calendar year (i.e. H1 is 1 January to

30 June, H2 is 1 July to 31 December)

Flaring The controlled burning of gas found in oil and

gas reservoirs

FLNG Floating liqueﬁed natural gas

FPSO Floating production storage and ooading

FPU Floating production unit

Free cash ﬂow Cash ﬂow from operating activities less cash ﬂow

from investing activities

Gearing Net debt divided by net debt and equity

attributable to the equity holders of the parent

Gross margin

Gross proﬁt divided by operating revenue.

Gross proﬁt excludes income tax, PRRT, net ﬁnance

costs, other income and other expenses (refer to

section A.1 of the Financial Statements for data)

GSPA

Gas sale and purchase agreement

GWF Greater Western Flank

H1, H2 Halves of the calendar year (H1 is 1 January to

30 June and H2 is 1 July to 31 December)

HSE Health, safety and environment

HSEQ Health, safety, environment and quality

Inﬁll well Well drilled for the purpose of increasing

production

ISO International Organisation for Standardisation

JCC

The Japan Customs-cleared Crude is the average

price of customs-cleared crude oil imports into

Japan as reported in customs statistics (also known

as ‘Japanese Crude Cocktail’) and is used as a

reference price for long-term supply LNG contracts

JV Joint venture

KGP Karratha Gas Plant

LHS Left hand side

LNG Liqueﬁed natural gas

LOPC Loss of primary containment

LPG Liqueﬁed petroleum gas

LTIF Lost time injury frequency

MOU Memorandum of understanding

Net debt Total debt less cash and cash equivalents

NOJV Non-operating joint venture

NPAT Net proﬁt after tax

NT Northern Territory

NWS North West Shelf

PEP Petroleum exploration permit

PRRT Petroleum Resources Rent Tax

PSC Production sharing contract

PSE Process safety event

Q1, Q2, Q3, Q4 Quarters of the calendar year (Q1 is 1 January to

31 March, Q2 is 1 April to 30 June, Q3 is 1 July to

30 September, Q4 is 1 October to 31 December)

RAP Woodside’s Reconciliation Action Plan

Return on equity Return on shareholder funds is calculated as

NPAT (excluding non-controlling interests)

divided by equity attributable to the equity

holders of the parent

RFSU Ready for start-up

RHS Right hand side

ROACE Return on average capital employed is calculated

as EBIT divided by average non-current liabilities

and average equity attributable to equity holders

of the parent

RSSD Ruﬁsque, Sangomar, Sangomar Deep Oshore

SNE The oil ﬁeld oshore Senegal in the Sangomar

Deep Block

SPA Sale and purchase agreement

Spudded Commenced well-drilling process

Tier 1 PSE A typical Tier 1 PSE is loss of containment of

hydrocarbons greater than 500 kg (in any

one-hour period)

Tier 2 PSE A typical Tier 2 PSE is loss of containment of

hydrocarbons greater than 50 kg but less than

500 kg (in any one-hour period)

TRIR Total recordable injury rate. The number of

recordable injuries (fatalities + lost workday cases

+ restricted workday cases + medical treatment

cases) per 1,000,000 hours worked

TSR Total shareholder return

Unit production

costs

Production costs ($ million) divided by

production volume (MMboe)

USA United States of America

USD US dollars

WA Western Australia