Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — Investor Day (November 2026)
72 slides from Woodside Energy's investor day presentation, Nov 5, 2026
Slide 1: Capital Markets Day 2026
5 November 2026 Capital Markets Day 2026
Slide 2: Disclaimer, important notes and assumptions
Disclaimer, important notes and assumptions Information This presentation has been prepared by Woodside Energy Group Ltd. References to “Woodside”, “the company”, “the Group”, “we”, “us” and “our” may (as the context requires) be references to Woodside Energy Group Ltd and/or its applicable related
Slide 3: Disclaimer: reserve information and cautionary note to US investors
Disclaimer, important notes and assumptions Disclosure of reserve information and cautionary note to US investors Woodside is an Australian company with securities listed on the Australian Securities Exchange and the New York Stock Exchange. Woodside reports its Proved (1P) Reserves in accordance wi
Slide 4: Notes to petroleum reserves and resources
Notes to petroleum reserves and resources Unless otherwise stated, all petroleum resource estimates are quoted as at the effective date of 31 December 2025, net Woodside share. For details of Woodside’s year end 2025 reserves position, see the Reserves and Resources Statement included in the 2025 An
Slide 5: Agenda
10:00AM Welcome VANESSA MARTIN VP Investor Relations 10:05AM Introduction LIZ WESTCOTT Chief Executive Officer and Managing Director 10:10AM Strong foundation 10:25AM Market fundamentals 10:35AM Sharpen execution and maximise value 10:40AM Disciplined capital strategy GRAHAM TIVER EVP and Chief Fina
Slide 6: Introduction
Introduction LIZ WESTCOTT | Chief Executive Officer and Managing Director
Slide 7: What you will hear today
CAPITAL MARKETS DAY 2026 What you will hear today 1 Strong foundation Business built to generate strong cash flows for decades and provide compelling opportunity given underlying market fundamentals 2 Sharpen execution Raise the bar on efficiency, execution and capital allocation to capture more val
Slide 8: Disciplined delivery of value through action
Disciplined delivery of value through action From strong foundations to sharper execution and stronger returns Target $400 million structurally lower cost base against 2025 baseline from 2028. Cost base excludes contractor spend on major capital projects. 2035 net equity Scope 1 and 2 GHG emissions
Slide 9: Strong foundation
Woodside Energy Strong foundation
Slide 10: Global scale, proven performance
Global scale, proven performance A diverse, LNG-led portfolio, produced at scale LNG capacity at the Karratha Gas Plant (14.3 Mtpa) and Pluto LNG (4.9 Mtpa). Dividends declared since 2022 to 2026 half-year. Marketing office Key assets Corporate office Strong foundation Australia: large-scale LNG and
Slide 11: Our Australian business
Base business Large-scale, long-life LNG portfolio anchored by North West Shelf and Pluto LNG Established customer relationships in key Asian LNG markets with decades of reliable supply Material exposure to Australia’s domestic gas markets through Bass Strait and Western Australia operations Existin
Slide 12: Our International business
Our International business Diversified production with a step-change in growth ahead Includes 32.6 MMboe of fuel. Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Indicative, not guidance. Refer to the glossary for definitions and slides 60-61 for fu
Slide 13: Our competitive advantages
Our competitive advantages A business built to leverage Woodside’s distinct strengths 1 World-class assets Low-cost assets deliver strength and resilience $30/bbl 2027-2028 average breakeven1 2 Operational excellence Track record of safe, reliable execution 98 % Average operated LNG reliability2 3 P
Slide 14: Our priorities for delivery
Our priorities for delivery Disciplined delivery of value Operate safely and reliably Focus on efficiency and productivity Execute responsibly within the environment and with our communities Operational excellence Deliver Scarborough, Trion and Louisiana LNG Optimise revenue through marketing and tr
Slide 15: Operational excellence drives value
What we do What it delivers Why it matters Safe, reliable operations Lower operational GHG emissions intensity and environmental impact Trusted community and stakeholder relationships Safer workplace and a capable, high-performing workforce Higher availability and product Lower unit costs and operat
Slide 16: Relentless focus on operational excellence
Average from 2022 to Q3 2026. Methane emissions from Woodside-operated assets reported under the OGMP 2.0 framework. Level 5 is OGMP 2.0’s highest data quality standard, requiring reconciliation of granular source-level estimates with independent site level measurements. “Gold” relates to our methan
Slide 17: Disciplined execution of major projects
Disciplined execution of major projects Delivers future long-term cash flow and returns on capital Refer to slides 65-66 for further details on Scarborough gas flows. As at 30 September 2026. Indicative, not guidance. Refer to the glossary for definitions and slides 60-61 for further details on the
Slide 18: Committed projects generate strong cash flow
Committed projects generate strong cash flow Base business, Scarborough, Trion and Louisiana LNG generate significant sales and cash flow 2025 to 2032, MMboe 2025 to 2032, $ billion Indicative, not guidance. Refer to the glossary for definitions and slides 60-61 for further details on the underlying
Slide 19: Growth options from existing portfolio
Growth options from existing portfolio Leveraging our existing assets to unlock further value Net 2C contingent resources of 4.4 Tcf Gas, 117.5 MMbbl condensate, 8.3 MMbbl NGL. Gross and net gas include 2.2 Tcf and 0.7 Tcf of fuel, respectively. Completion of the transaction is subject to satisfacti
Slide 20: Key takeaways
Indicative, not guidance. Refer to the glossary for definitions and slides 60-61 for further details on the underlying assumptions. 1 Proven performance has built enduring competitive advantages 2 Sanctioned growth plus our current base business is expected to deliver >$40 billion in adjusted operat
Slide 21: Market fundamentals
Woodside Energy Market fundamentals
Slide 22: Energy supports global development
Energy supports global development Population, prosperity and access to energy are increasing S&P Global Energy Horizons Base Case 2026. Other includes hydro, nuclear and biofuels. Icon refers to population and change between 2015 and 2045 Primary energy demand by fuel and population growth1 EJ/year
Slide 23: Oil and gas remain >40% of energy mix in 2045
Oil and gas remain >40% of energy mix in 2045 in an Emissions Reduction Pathway1 scenario Energy system requires continued investment S&P Global: Multidimensional Global Energy Pathways (2026). Woodside analysis. The Current Realities Pathway (CRP) provides a basis for climate physical risk/resilien
Slide 24: Market volatility reinforces demand for reliable LNG and oil
Current market volatility reinforces the demand for reliable LNG and oil supplies Global reliance on LNG and oil continues Wood Mackenzie LNG Tool Q3 2026 LNG FID Tracker, including Delfin FLNG1, Commonwealth LNG and CP2 LNG Phase 2. Wood Mackenzie Demand Grid Transformation Service. Hard to substit
Slide 25: LNG meets diverse and growing regional needs
LNG meets diverse and growing regional needs From energy security to decarbonisation Woodside’s long-term LNG supply agreement with SK Gas International will provide LNG to South Korea from 2027-2040 At the SK Multi Utility facility in Ulsan, LNG is expected to displace coal and waste wood in combin
Slide 26: LNG demand growth requires continued investment in new supply
LNG demand growth will require continued investment in new supply Market events can create volatility when and where new supply is delivered Woodside’s reliability, and proximity to key APAC markets has value amid uncertainty New supply subject to cost pressure and geopolitical disruptions LNG Suppl
Slide 27: Global oil supply and demand outlook
Global oil supply and demand outlook1 Oil demand remains resilient, sustained by harder-to-displace sectors and supported by development of non-OECD markets Natural decline from existing fields requires continued investment in new supply Woodside’s deepwater expertise positions us to unlock new supp
Slide 28: Key takeaways
1 Oil and gas remain material contributors to energy supply across a range of decarbonisation scenarios 2 Market fundamentals reinforce long-term need for reliable, affordable LNG 3 Market volatility increases the value of disciplined execution, lower costs and resilience Key takeaways
Slide 29: Sharpen execution and maximise value
Sharpen execution and maximise value
Slide 30: Moving from building the portfolio to extracting more value
Moving from building the portfolio to extracting more value A strong business entering its next phase Foundational business generating strong cash today Committed projects and base delivers >$40 billion across 2027-20321 Choices on how to deploy capital through cash generated Market fundamentals rei
Slide 31: Cost out target raised
Cost out target raised Target $400 million (Woodside share) structurally lower cost base against 2025 baseline from 2028. Cost base excludes contractor spend on major capital projects (SCA, Trion, LALNG, BNA). Savings target expected to be realised through portfolio decisions ($100m), with the remai
Slide 32: Ongoing emissions reduction
Ongoing emissions reduction Lower fuel gas, more sales volumes and lower emissions intensity 2030 net equity Scope 1 and 2 GHG emissions reduction target is relative to a starting base of 6.22 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 GHG emissions over 2016–2
Slide 33: Making our assets work harder: ROACE target
Includes: Base business today at $70 Brent Delivery of Scarborough, Trion, Louisiana LNG Strong foundation Sharpen execution Expected ROACE contribution1 ~10% Making our assets work harder Build on our core principles to grow returns on capital Indicative, not guidance. Refer to the glossary for def
Slide 34: Key takeaways
1 Our strong business is entering its next phase and we are focused on extracting more value 2 We are positioning for the long-term through a set of actions that will strengthen resilience and support long-term value creation 3 We will drive ROACE growth through active portfolio management and disci
Slide 35: Disciplined capital strategy
Disciplined capital strategy GRAHAM TIVER | EVP and Chief Financial Officer
Slide 36: Evolving from a position of strength
Evolving from a position of strength Value created Disciplined investment and greater capital efficiency maintain our strong foundation Focusing business to drive ROACE growth over time Investments compete with shareholder distributions Safe and reliable operations driving cash margins Prioritise sh
Slide 37: New capital framework
New capital framework A single framework for all capital decisions to drive ROACE growth Net cash from operating activities, adjusted for changes in assets and liabilities (working capital), repayment of the principal portion of lease liabilities, borrowing costs relating to lease liabilities and di
Slide 38: Cash generation: high-quality assets generate strong cash flow
Cash generation: high-quality assets generate strong cash flow ~$7 billion of AOCF in 2032 at $70 Brent with strong upside in a higher price environment1 Base Trion Scarborough Louisiana LNG Adjusted operating cash flow1,4 $ billion >$40 billion of AOCF from 2027-2032 underpinned by base business an
Slide 39: Priority 1: base dividend, sustaining and committed capital
Priority 1: base dividend, sustaining and committed capital Base dividend and sustaining capital are core priorities and rank equally ahead of growth spend Sustaining capital: capital expenditure required to sustain or optimise existing asset production, integrity and reliability, including low-cost
Slide 40: Priority 2: remaining cash allocated to best returning option
Priority 2: remaining cash allocated to best returning option Capital allocation choices are a key driver of long-term ROACE Indicative, not guidance. Refer to the glossary for definitions and slides 60-61 for further details on the underlying assumptions. Board maintains discretion to determine whe
Slide 41: How we allocate Priority capital
How we allocate Priority 2 capital Capital allocation to drive long term shareholder value and improved ROACE CAPITAL MARKETS DAY 2026 Indicative, not guidance. Refer to the glossary for definitions and slides 60-61 for further details on the underlying assumptions. Board maintains discretion to det
Slide 42: New shareholder distribution policy
New shareholder distribution policy A durable base dividend and upside potential for additional shareholder returns Refer to the glossary for definitions and slide 61 for further details on adjusted operating cash flow. 20 % of AOCF as base dividend Board maintains discretion to determine whether a
Slide 43: Comparative lookback
Comparative lookback Historical capacity demonstrates comparable distributions, with upside potential For illustrative purposes, and reflects high end under the shareholder distribution policy. There is no guarantee that this would have reflected the distributions for that historical period. Refer t
Slide 44: Maintaining balance sheet strength
Maintaining balance sheet strength Significant near-term cash generation and a strong balance sheet creates opportunities Investment-grade credit rating is a key financial guard rail through the cycle Committed liquidity and balanced maturities provide flexibility through the cycle Net cash positive
Slide 45: Key takeaways
1 Single framework for all decisions all aimed at achieving a higher portfolio ROACE 2 Shareholder returns linked to cash generation and better reflects underlying performance of business 3 Strong balance sheet creates choices for capital deployment Key takeaways
Slide 46: Active portfolio management
Active portfolio management MARK ABBOTSFORD | EVP and Chief Commercial Officer
Slide 47: Actively manage the portfolio for value
Actively manage the portfolio for value Driving value from our assets today while positioning for future growth Shape the portfolio Optimise every molecule Grow with discipline LNG-led with deepwater oil for short-cycle cash flow Assets with competitive advantage Divest where others see greater valu
Slide 48: Shape by investing capital where we have an advantage
Shape by investing capital where we have an advantage LNG-led portfolio with right ownership model for every asset Grow where we have cost, scale or customer advantage, with greater volumes unlocking further value CASHFLOW DIVERSIFICATION DEEPWATER OIL Focus where subsurface knowledge, infrastructur
Slide 49: Growing volumes to global customers
Total portfolio sales of 280 MMboe in 2032, with Woodside’s equity LNG portfolio doubling from 2025 to 20321 ~11 Mtpa of LNG SPAs secured in the last two years, with high-quality buyers in Europe, Middle East and Asia Flexibility from LNG portfolio volumes, shipping, destination and pricing diversit
Slide 50: Manage the portfolio for flexibility
Manage the portfolio for flexibility Near-term volumes balance contracting and flexibility Includes volume subject to conditions precedent. Indicative, not guidance. Includes Woodside equity share of Scarborough and Pluto LNG. Assumes the Chevron asset swap for NWS and Wheatstone is finalised. Inclu
Slide 51: Unlocking greater returns from marketing
Unlocking greater returns from marketing Physical-backed trading optimises the whole portfolio in real time Indicative, not guidance. Refer to the glossary for definitions and slides 60-61 for further details on the underlying assumptions. Maximise value from equity production Expand trading backed
Slide 52: Make disciplined choices for growth
Make disciplined choices for growth Capitalise on long-term energy demand with a strong pipeline of growth opportunities ~3 x Asian LNG demand South and East Asia LNG demand, 2026-2040 (~61 Mtpa to ~185 Mtpa)1 Strong opportunities for growth from existing portfolio, exploration, strategic partnershi
Slide 53: Key takeaways
Key takeaways 1 We actively shape our portfolio to maximise returns on invested capital 2 Our growing global portfolio provides additional opportunities to optimise value from our products and our assets 3 We have opportunities and choices for growth which can leverage our competitive advantages and
Slide 54: Closing remarks
Closing remarks LIZ WESTCOTT | Chief Executive Officer and Managing Director
Slide 55: Stronger business, sharper execution and more value for shareholders
Stronger business, sharper execution and more value for shareholders Strong foundation generating long-term cash flows Compelling market fundamentals Sharpen execution, greater potential Maximise value through returns and growth >$40 billion Adjusted operating cash flow, 2027-20321 ~280 MMboe Sales
Slide 56: Why Woodside
CAPITAL MARKETS DAY 2026 1 Differentiated global platform Deep operating and project capabilities, world-class assets and enduring customer relationships create durable competitive advantages 2 Raising an already high bar Building on strong execution and capital discipline to drive greater efficienc
Slide 57: Question and answer
Woodside Energy Question and answer
Slide 58: Annexure
Woodside Energy Annexure
Slide 59: A strategically built business
A strategically built business 1984 Domestic gas from NWS 1989 LNG delivered from NWS 1994 Laminaria oil field discovered 1999 1,000th LNG cargo to Japan 2006 Nganhurra FPSO begins production 2007 Construction commenced on Pluto LNG 2012 LNG delivered from Pluto LNG 2013 Established LNG portfolio ma
Slide 60: Key assumptions
Key assumptions Divestment of Sunrise remains subject to applicable conditions precedent. Escalated at 2% from 2026. Financial modelling assumptions: Low Mid High Brent oil (US$/bbl), real-terms 20262 55 70 85 Henry Hub (US$/MMBtu), real-terms 20262 2.5 3.5 4.5 JKM (US$/MMBtu), real-terms 20262 7 10
Slide 61: Alternative Performance Measures
Alternative Performance Measures Capital Markets Day 2026 methodology Cash flow from operating activities Adjusted for: Interest received1 Borrowing costs relating to operating activities1 Working capital Repayment of principal portion of lease liabilities Borrowing costs related to lease liabilitie
Slide 62: Dividends: indicative look-back reconciliation
Dividends: indicative look-back reconciliation $ million 2H 2024 1H 2025 2H 2025 1H 2026 Total Comments Net cash from/(used in) operating activities 3,454 3,339 3,853 3,013 13, 659 Consolidated statement of cash flows Adjusted for: Interest received (106) (89) (131) (109) (435) From 1 January 2027,
Slide 63: 2026 full-year guidance
2026 full-year guidance Guidance ranges Financial statement reference Comments Total production volumes1 MMboe 174 – 181 N/A Gas hub exposure2 % ~30 N/A Capital expenditure3 $ million 4,000 – 4,500 N/A – Alternate Performance Measure Abandonment expenditure $ million 500 – 800 Consolidated statement
Slide 64: Operating cash flow reconciliation
Operating cash flow reconciliation Indicative, not guidance. Refer to the glossary for definitions and slides 60-61 for further details on the underlying assumptions. Refer to slide 62 for further detail on the indicative 2025 AOCF calculation. Mid ($70 Brent, $10 JKM, $9 TTF) Base Trion Scarborough
Slide 65: Scarborough: integrated gas flows
Scarborough: integrated gas flows Remains subject to approvals. Processing up to 8 Mtpa of Scarborough gas (7 Mtpa until Pluto decline) Up to 225 TJ/d of Scarborough and Pluto domestic gas 2 Mtpa of excess capacity in Pluto Train 1 upon Pluto decline Integrated gas flows1 Period Scarborough gas flow
Slide 66: Scarborough/Pluto structure
Scarborough/Pluto structure Note: above diagram excludes Pluto-KGP interconnector, condensate and domestic gas. Non-controlling interest. Pluto JV Pluto Train 1 Co. Burrup Common Facilities Co. Scarborough JV Pluto Train 2 JV Woodside 90% Woodside 74.9% Woodside 51% Physical flows of gas and LNG, fi
Slide 67: Louisiana LNG structure
Louisiana LNG structure Williams’ total share of LNG production from Louisiana LNG is ~1.6 Mtpa. This LNG production will be supplied to Williams under an LNG SPA for ~1.5 Mtpa and Williams will also receive the proportionate benefit (10%) of the Uniper FOB LNG SPA previously signed with Louisiana L
Slide 68: Louisiana LNG - Marketing
Louisiana LNG - Marketing Williams’ total share of LNG production from Louisiana LNG is ~1.6 Mtpa. This LNG production will be supplied to Williams under an LNG SPA for ~1.5 Mtpa and Williams will also receive the proportionate benefit (10%) of the Uniper FOB LNG SPA previously signed with Louisiana
Slide 69: Glossary
Glossary IFRS Foundation, 2021. “Climate Related Disclosures Prototype”, Appendix A. https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-climate-related-disclosures-prototype.pdf. The IFRS published a further consultation document subsequent to the 2021 prototype. As it did not contain an updated
Slide 70: Glossary
Glossary IFRS Foundation, 2021. "Climate Related Disclosures Prototype", Appendix A https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-climate-related-disclosures-prototype.pdf. The IFRS published a further consultation document subsequent to the 2021 prototype. As it did not contain an updated
Slide 71: Glossary
Glossary Scope 2 greenhouse gas emissions Electricity indirect greenhouse gas emissions. Scope 2 accounts for GHG emissions from the generation of purchased electricity consumed by the company. Purchased electricity is defined as electricity that is purchased or otherwise brought into the organisati
Slide 72: Head Office contact details
Head Office: Woodside Energy Mia Yellagonga 11 Mount Street Perth WA 6000 Australia Postal Address: GPO Box D188 Perth WA 6840 Australia T: +61 8 9348 4000 F: +61 8 9214 2777 E: companyinfo@woodside.com Woodside Energy Group Ltd ABN 55 004 898 962 woodside.com 00009