Woodside is committed to delivering superior, sustainable shareholder wealth by maximising value from the existing foundation business, delivering value from our growth options and capturing value from select opportunities. We also deliver broad community benefits by employing high quality people, paying their wages and investing in their skills, paying taxes to governments, purchasing goods and services through our supply chain and producing products that satisfy the needs of our customers.
Our approach to economic management is broad. Our diversified portfolio of operations and products ensures that we are not reliant on any single project. We either directly operate or hold equity stakes in a wide range of operations and our product range is varied.
Woodside’s total expenditure in 2011 was approximately US$4.7 billion. While a large majority of this was attributable to the Pluto LNG Project, there was also significant expenditure on exploration, various North West Shelf Project developments and on the proposed Browse LNG Development.
About 70% of this amount was spent in Australia on materials, goods and services purchased, employee payroll and training, and capital and exploration expenditure. An improved method of calculating local expenditure was developed in 2011. Our 2010 Australian expenditure using the same calculation methodology was 71%.
In 2011, we paid approximately US$1 billion in royalties, excise and taxes to governments, most of which was paid to the Australian Government.
Dividends to the value of about US$866 million were paid to shareholders in 2011.