Ann: Fourth Quarter 2022 Report, page-27

I'll throw in my thoughts on hedging.
The size of the company is irrelevant - what matters is exposure. If Woodside were to commit to a very expensive oil development that will take 5 years to execute and they need equity to execute (ie they borrow), then it is extremely prudent to hedge. The project, offshore some African nation, looks fantastic on paper but if the bottom drops out of the market, I may struggle to service the debt and/or other parts of the business - its pure insurance and warranted.
On the other hand, if all their projects are on-line, operating costs are low and there is little or no debt, then one shouldn't hedge. Hedge companies are very profitable, otherwise they wouldnt do it. So if companies can comfortably ride the dips, they will be rewarded.

Again, its about managing financial (debt) exposure.

mutineer