Ann: Line-item guidance and other items, page-11

There are pluses and minuses here. All up it sends the message of bringing the BHP assets into WDS with a logical new structure which will reflect through regional reporting. Flagging maintenance is good in terms of cards on the table in terms of down time. We are told this will not impact production estimates that have already been announced, good. The impact on sales if any is not stated. I assume this will be covered on the 27th accounts or will expect it as a question on the phone hook-up. Some of these accounting measures and the recognition of higher prices IMO reflect the growing confidence in prices remaining higher in emerging environment. WDS appears to be taking several positions that will 'smooth' income while the prices are high. Asset sales appear to be held to fund new development, not included in calculation for dividends. All good for long term holders but this may take some of the gloss off 2023 for those looking for a break out.

All IMO not advice. DYOR.

I remain confident of a good fully franked dividend and all being equal a few more in coming years.