Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — H1 2025 Earnings Presentation
45 slides from Woodside Energy's earnings presentation, Aug 19, 2025
Slide 1: Half-Year 2025 Results Teleconference and Presentation announcement
Announcement Tuesday, 19 August 2025 Woodside Energy Group Ltd. ACN 004 898 962 Mia Yellagonga 11 Mount Street Perth WA 6000 Australia T +61 8 9348 4000 www.woodside.com ASX: WDS NYSE: WDS HALF-YEAR 2025 RESULTS TELECONFERENCE AND PRESENTATION A teleconference providing an overview of the half-year
Slide 2: Half-Year 2025 Results Briefing
HALF-YEAR 2025 RESULTS BRIEFING 19 August 2025 www.woodside.com investor@woodside.com
Slide 3: Disclaimer, important notes and assumptions
Disclaimer, important notes and assumptions Information ‘outlook’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’ and other similar words or expressions. Similarly, statements that • This presentation has been prepared by Woodside Energy Group Ltd (“Woodside”). describe the objectives, plans, goals
Slide 4: Disclaimer, important notes and assumptions (continued)
Disclaimer, important notes and assumptions (continued) Disclosure of reserve information and cautionary note to US investors measuring or quantifying greenhouse gas emissions, and our methodologies for measuring or quantifying greenhouse • Woodside is an Australian company with securities listed on
Slide 5: Strong global portfolio delivers value and growth
Strong global portfolio delivers value and growth Outstanding performance from world-class assets Increased average first-half 2025 production of 548 Mboe/day, total production of 99.2 MMboe, up 11% Reduced unit production costs by 7% to $7.7/boe1 Providing energy Successfully delivering growth proj
Slide 6: Achieving strong performance and financial outcomes
Achieving strong performance and financial outcomes OPERATIONAL PERFORMANCE1 FINANCIAL OUTCOMES1 PRODUCTION VOLUME UNIT PRODUCTION COST (UPC)3 EBITDA3 NET PROFIT AFTER TAX 548 Mboe/day 11% $ 7.7 per boe 7% $ 4.6 billion 5% $ 1.3 billion 32% Total production of 99.2 MMboe Disciplined cost control and
Slide 7: Delivering safer outcomes
Delivering safer outcomes Focused on safety performance High consequence injuries1 No high consequence injuries (HCI) reported in H1 2025 One Tier 1 and zero Tier 2 process safety events Deploying AI-driven analytics to improve investigations and learning efficiency 4 Not reported 0 1 0 2021 2022 20
Slide 8: Providing Energy
PROVIDING ENERGY
Slide 9: Delivering reliable and low-cost operations
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Delivering reliable and low-cost operations Higher production, lower unit cost Production (MMboe) and unit production cost ($/boe)1,2 8.8 Outstanding half-year production of 99.2 MMboe underpinned by 8.3 Sangomar 7.7 7.2 U
Slide 10: Sangomar: achieving exceptional performance
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Sangomar: achieving exceptional performance Safe and reliable Delivering operations significant revenue ~ 99 % ~ $1 billion Reliability over H1 2025, zero LTIs in Revenue generated from strong the first year of operations
Slide 11: Bass Strait: strengthening our Australian operations
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Bass Strait: strengthening our Australian operations Assuming operatorship of the Bass Strait from 20261 Enhancing operating expertise with highly experienced Bass Strait workforce to further strengthen Woodside’s Australi
Slide 12: APAC energy demand growth to support LNG fundamentals
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY APAC energy demand growth to support LNG fundamentals Primary energy consumption per capita (boe per year) 1 Primary energy consumption per capita has grown 14% in non-OECD 60 APAC countries since 2020, but significant lag
Slide 13: Capturing value through global marketing and trading
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Capturing value through global marketing and trading Competitively advantaged portfolio Marketing and trading business segment contribution to EBIT (%)3 Woodside has reliably delivered LNG to global customers for over 35 y
Slide 14: Scarborough: 86% complete, targeting first LNG H2 2026
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Scarborough: 86% complete, targeting first LNG H2 2026 Achieving key milestones Completed construction and successfully connected the floating production unit (FPU) hull and topsides Three wells completed with a fourth dri
Slide 15: Trion: 35% complete, targeting first oil in 2028
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Trion: 35% complete, targeting first oil in 2028 Construction progressing to plan FPU construction began hull keel lay in June; progressing topsides fabrication as planned Floating storage and offloading (FSO) facility fab
Slide 16: Louisiana LNG: targeting first LNG in 2029
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Louisiana LNG: targeting first LNG in 2029 Strong momentum following FID Final notice to proceed issued to Bechtel for construction under lump sum turnkey EPC contract Signed long-term feedgas supply agreement for up to 64
Slide 17: Louisiana LNG: enhancing an established model
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Louisiana LNG: enhancing an established model Fully permitted site and LNG project cost of ~$960/tonne1 Cost and schedule 95% of Bechtel EPC pricing is lump sum or fixed rate certainty Stonepeak investment enhances value a
Slide 18: Beaumont New Ammonia: 95% complete, readying for start-up
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Beaumont New Ammonia: 95% complete, readying for start-up Preparing for first ammonia Completed storage tank construction and compressor alignment Site ready to transition to permanent power in H2 2025 Commenced pre-commis
Slide 19: Progressing decommissioning, reducing risk
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Progressing decommissioning, reducing risk Completed Enfield decommissioning marking Woodside’s first full-lifecycle asset from exploration to decommissioning Well plugging activities completed at the Griffin, Minerva and
Slide 20: Creating and Returning Value
CREATING AND RETURNING VALUE
Slide 21: Strong financial performance
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Strong financial performance H1 2025 H1 2024 Change Operating revenue of $6.6 billion, up 10% due to Operating revenue $m 6,590 5,988 10% exceptional Sangomar performance EBITDA1 $m 4,600 4,371 5% EBITDA of $4.6 billion an
Slide 22: Capital management framework unchanged
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Capital management framework unchanged 3.3B 4.9B 8.4B 1.0B Operating Investing $ Dividends $ $ Liquidity1 $ cash flow cash flow determined Special dividends Safe, reliable and Dividend policy Investment Strong balance low-
Slide 23: Strong shareholder distributions
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Strong shareholder distributions Interim dividend of $1.0 billion Dividends per share (cps) 53 US cps fully franked Representing a half-year annualised dividend yield of 6.9%1 144 Maintained 80% pay out ratio at top of ran
Slide 24: Disciplined capital management
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Disciplined capital management Strong balance sheet Liquidity ($ billion)1 Liquidity of $8.4 billion supports capital commitments and shareholder returns1 10.2 $1.9 billion received from Stonepeak for Louisiana LNG equity
Slide 25: Conducting Business Sustainably
CONDUCTING BUSINESS SUSTAINABLY 24 Woodside PPT Template
Slide 26: Delivering sustainability outcomes
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Delivering sustainability outcomes Health, safety and First Nations Environment and Climate cultural heritage wellbeing biodiversity and engagement Strengthening systems and On track to achieve net equity No significant en
Slide 27: Supporting the communities where we operate
PROVIDING CREATING AND CONDUCTING BUSINESS ENERGY RETURNING VALUE SUSTAINABLY Supporting the communities where we operate Strong tax Significant contributions economic benefits A$1.3 billion >$7.5 billion Paid to Australian State and Federal Average annual goods and services Governments in H1 2025 s
Slide 28: Closing Remarks
CLOSING REMARKS 27 Woodside PPT Template
Slide 29: Strong global portfolio delivers value and growth
Strong global portfolio delivers value and growth Outstanding performance from world-class assets Providing energy Successfully delivering growth projects and unlocking future value Generating strong financial performance and operating cash flow Creating and returning value Interim dividend of 53 US
Slide 30: Q&A
Q&A Meg O’Neill Chief Executive Officer and Managing Director
Slide 31: Annexure
Vv Woodside Energy ANNEXURE
Slide 32: Net profit after tax reconciliation
Net profit after tax reconciliation COST OF FINAL DIVIDEND, FULLY SALES GENERAL, ADMINISTRATIVE, TAX AND OTHER SALES FRANKED Full period of Sangomar production Fully franked interim dividend primarily offset by One-off transactions and tax impacts of 53 US cps lower NWS production and lower prices 7
Slide 33: Five-year trends: key financial metrics
Five-year trends: key financial metrics Operating revenue EBITDA1 Underlying NPAT1,2 Thousands Thousands Thousands 7.4 6.6 5.8 6.0 $ billion $ billion $ billion 4.9 4.6 4.4 4.0 2.5 1.8 1.9 1.5 1.6 1.2 0.4 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2021 H1 2022
Slide 34: Five-year trends: cash flow
Five-year trends: cash flow Operating cash flow1 Investing cash flow2,3,4 Free cash flow4,5 Thousands Thousands Thousands 1.9 3.3 3.0 2.6 2.5 2.4 $ billion $ billion $ billion 0.9 1.1 1.3 3.0 1.0 0.3 0.7 1.7 1.5 1.0 0.3 0.3 0.3 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2021 H1 2022 H1 2023 H1 2024
Slide 35: Resilient cash margins
Resilient cash margins Cash margin (%)1 Maintained 81% cash margin amid lower commodity prices and inflationary pressures1 80% Sustained cash margin of over 80% for more than 5 years 82% 85% 81% 81% Cash margin Strong cash margin >90% from Sangomar contributing to the H1 2025 margin 11% 13% 14% 13%
Slide 36: Actively managed debt portfolio
Actively managed debt portfolio Net debt1 8.7 7.7 $ billion 4.7 3.8 Gearing of 19.5% within target range (10 – 20%)1 0.6 $1.9 billion cash received from Stonepeak at completion of 2021 2022 2023 2024 H1 2025 Louisiana LNG InfraCo sell-down Debt maturity profile1,2 Continued access to debt markets, r
Slide 37: Strong contributions to global economies
Strong contributions to global economies Australian tax contribution4,5 Over A$1 billion in Australian taxes, royalties and levies 1.3 paid in H1 2025 1.5 Largest payer of PRRT in Australia1 A$ billion More than $300 million of taxes paid internationally in H1 20252 2.1 3.7 1.3 2.7 A$653m | Corp
Slide 38: 2025 full-year guidance
2025 full-year guidance Item Units Prior Current Production MMboe 186 – 196 188 – 195 Gas hub exposure1 % of produced LNG 28 – 35 No change Unit production cost $/boe 8.5 – 9.2 8.0 – 8.5 Property, plant and equipment depreciation and amortisation $ million 4,500 – 5,000 4,700 – 5,000 Exploration exp
Slide 39: Asset tables
Asset tables Depreciation and Capital Operating revenue EBITDA1 EBIT1 Production costs Asset amortisation2 expenditure1,3 $ million $ million $ million $ million $ million $ million Australia North West Shelf 869 724 288 436 96 87 Pluto 1,588 1,293 389 904 142 185 Wheatstone 454 367 180 187 44 33 Ba
Slide 40: Asset tables
Asset tables Depreciation and Capital Operating revenue EBITDA1 EBIT1 Production costs Asset amortisation2 expenditure1,4 $ million $ million $ million $ million $ million $ million International Trinidad & Tobago 145 162 5 157 - 27 Atlantis 372 297 202 95 120 55 Shenzi 305 217 242 (25) 9 67 Mad Dog
Slide 41: Realised price
Realised price Products Units H1 2025 H1 2024 Variance LNG produced1 $/boe 64 63 1 LNG traded2 $/boe 79 59 20 Pipeline gas $/boe 36 36 - Oil and condensate $/boe 71 81 (10) NGLs $/boe 44 46 (2) Liquids traded $/boe 71 61 10 Average realised price $/boe 62 63 (1) Average Dated Brent $/bbl 72 84 (12)
Slide 42: Glossary
Glossary $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars EBITDA margin EBITDA margin % is calculated as EBITDA divided by operating revenue 1P Proved reserves Emissions Emissions refers to emissions of greenhouse gases unless otherwise stated Woodside uses this
Slide 43: Glossary
Glossary LNG Liquefied natural gas Other cash costs include royalties, excise and levies, insurance, inventory movement, shipping and direct Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG sales costs and other hydrocarbon costs. Excludes the
Slide 44: Glossary
Glossary References to sustainability (including sustainable and sustainably) are used with reference to Woodside’s Sustainability Committee and sustainability related Board policies, as well as in the context of Woodside’s aim to ensure its business is sustainable from a long-term perspective, cons
Slide 45: Head Office: Woodside Energy Mia Yellagonga
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
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