148 Woodside Petroleum Ltd|Annual Report 2018
Glossary, units of measure and conversion factors
$, $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
EBITDAX EBITDA is calculated as a profit before income
tax, PRRT, net finance costs, depreciation and
amortisation and exploration and evaluation
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
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)
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
ISO International Organisation for Standardisation
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
Production costs ($ million) divided by
production volume (MMboe)
USA United States of America
USD US dollars
WA Western Australia