Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — FY2025 Earnings Presentation
48 slides from Woodside Energy's earnings presentation, Feb 24, 2026
Slide 1: Woodside releases full-year 2025 results
Announcement Tuesday, 24 February 2026 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 WOODSIDE RELEASES FULL-YEAR 2025 RESULTS Woodside today reported record production of 198.8 million barrels o
Slide 2: CEO commentary on 2025 highlights
“A high point of 2025 was the final investment decision taken in April on the $17.5 billion three-train, 16.5 million tonne per annum foundation Louisiana LNG project, which was 22% complete at year-end and on target for first LNG in 2029. “Louisiana LNG’s value proposition was reinforced during the
Slide 3: Financial headlines
Financial headlines Metric Units FY25 FY24 Change Operating revenue $ million 12,984 13,179 (1%) EBITDA4 $ million 9,277 9,276 - NPAT $ million 2,718 3,573 (24%) Underlying NPAT4 $ million 2,649 2,880 (8%) Operating cashflow $ million 7,192 5,847 23% Free cash flow4,5 $ million 1,889 (293) 745% Sale
Slide 4: Full-year results teleconference
Full-year results teleconference A teleconference providing an overview of the full year 2025 results and a question and answer session will be hosted by Woodside Acting CEO, Liz Westcott, and Chief Financial Officer, Graham Tiver, on Tuesday, 24 February 2026 at 10:00 AEDT / 07:00 AWST / 17:00 CST
Slide 5: Full-Year 2025 Results Briefing
Full-Year 2025 Results Briefing 24 February 2026 www.woodside.com
Slide 6: Disclaimer, important notes and assumptions
Disclaimer, important notes and assumptions Information and emissions abatement targets (in each case on a net equity or gross equity basis as specified) and other and • This presentation has been prepared by Woodside Energy Group Ltd (“Woodside”). sustainability goals. All statements, other than st
Slide 7: Disclaimer, important notes and assumptions (continued)
Disclaimer, important notes and assumptions (continued) Disclosure of reserve information and cautionary note to US investors • For more information on Woodside's strategy and performance, including further details regarding Woodside’s targets, • Woodside is an Australian company with securities lis
Slide 8: Notes to petroleum reserves and resources
Notes to petroleum reserves and resources 1. Unless otherwise stated, all petroleum resource estimates are quoted as at the effective date of 31 December 2025, net regulations and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X. Woodside share. For details of Woodside’s ye
Slide 9: Strong results from disciplined execution
Strong results from disciplined execution 2025 key statistics Achieved record production with zero high-consequence injuries $2.7 billion Net profit after tax (NPAT), Delivered strong shareholder returns; total full-year dividends of $2.6 billion underlying NPAT4 $2.1 billion, 112 US cps fully frank
Slide 10: Generated $2.1 billion of dividends while investing in future growth
Generated $2.1 billion of dividends while investing in future growth Maximise Deliver Create ~98% First production Achieved FID on Louisiana LNG Operated LNG reliability Achieved at Beaumont New Ammonia 22% complete, on budget and targeting first LNG 20291 $7.8/boe 4% 94% Scarborough completion Refi
Slide 11: Improved safety performance
Improved safety performance High-consequence injuries1 Process safety events Tier 1 Tier 2 Zero high-consequence injuries 5 recorded in 2025 4 4 Tier 1 process safety event in May 2025, 3 short term and localised 3 2 4 2 Continued focus on operational 2 discipline and learning culture 1 2 1 1 1 1 1
Slide 12: Driving value from base business
Driving value from base business Record production2 Production (MMboe) and unit production cost ($/boe) Average five-year operated LNG reliability ~98%, supporting reliable deliveries to end-customers 8.1 8.3 8.1 7.8 Unit production cost Reduced unit production cost demonstrates cost discipline and
Slide 13: Sangomar: continued to deliver exceptional performance
Sangomar: continued to deliver exceptional performance Zero lost time injuries or process safety events since the FPSO departed the shipyard in December 2023 World-class production reliability of 98.7% $2.6 billion EBITDA (Woodside share) generated since start-up1 27.9 MMboe added to proved reserves
Slide 14: Beaumont New Ammonia: achieved first ammonia December 2025
Beaumont New Ammonia: achieved first ammonia December 2025 Project and commissioning activities will continue through early 2026 Handover of project expected in H1 2026 and production of lower- carbon ammonia targeted for H2 20261 Secured offtake agreements at prevailing market prices for traditiona
Slide 15: Scarborough: 94% complete, on budget and on track
Scarborough: 94% complete, on budget and on track1 Completed drilling campaign for all eight development wells with reservoir quality in line with pre-drill expectations Floating production unit (FPU) arrived at Scarborough field in January 2026 and connected to the mooring chains Commissioned Integ
Slide 16: Trion: 50% complete, on budget and targeting first oil in 2028
Trion: 50% complete, on budget and targeting first oil in 20281 Advanced FPU and floating storage and offloading facility (FSO) construction with the FPU hull nearing completion and first steel cut for FSO Granted regulatory approval of HSE management system, the final authorisation required to comm
Slide 17: Louisiana LNG: on budget and targeting first LNG in 2029
Louisiana LNG: on budget and targeting first LNG in 2029 Progressed construction to schedule under Bechtel EPC contract (22% complete)1 focusing on tank construction, marine infrastructure and piling Secured foundational transportation capacity for gas supply, providing access to diverse and abundan
Slide 18: Underpinned by our focus and commitment to sustainability
Underpinned by our focus and commitment to sustainability Zero high consequence injuries and reduction in process safety events Supported Indigenous-led nomination of UNESCO World Heritage listing of Murujuga Secured environmental approvals for NWS Project life extension1 and Trion Achieved 2025 net
Slide 19: Oil: continued robust outlook
Oil: continued robust outlook Global liquids supply and demand outlook2 MMbbl/d 120 Oil demand is forecast to remain resilient as the world’s energy mix evolves1 100 Demand Potential supply gap Demand in hard-to-abate areas such as heavy 80 transport and petrochemical sectors remains Reserves strong
Slide 20: LNG: robust outlook and ongoing sales
LNG: robust outlook and ongoing sales Recent contracting with end customers Signed in 2025 Forecast long-term structural 2025 2030 2035 2040+ demand growth for LNG supported KOREA 0.5 Mtpa to KOGAS for 10.5 years by economic expansion in emerging Asian markets1 JAPAN 0.4 Mtpa to JERA over 10 years J
Slide 21: A business building resilience across cycles
A business building resilience across cycles 2030+ ▪ Staged delivery of major sanctioned projects increasing free cash flow NEAR TERM ▪ Growing scale increases ability for value capture ▪ <$34/bbl 2026-2027 average cash ▪ Diverse opportunity mix within portfolio breakeven2 ▪ Long-term structural dem
Slide 22: Capital management
Capital management Maintaining disciplined capital allocation and strong balance sheet Graham Tiver EVP and Chief Financial Officer
Slide 23: Creating future value through disciplined capital management
Creating future value through disciplined capital management Consistent cost focus Disciplined investment Actively managed Disciplined cost management reducing decisions balance sheet unit production cost year-on-year Opportunities must meet capital Investment grade credit rating of Delivered over $
Slide 24: Capital management framework
Capital management framework 7.2B 7.9B 9.3B 2.1B Operating Investing Full-year $ $ $ Liquidity1 $ cash flow cash flow dividends ($5.3B when adjusted for NCI (Final dividend of $1.1B) and lease repayments) Special dividends Safe, reliable Strong Dividend Investment policy Share buy-backs and low-cost
Slide 25: Outstanding EBITDA performance
Outstanding EBITDA performance EBITDA1 $ billion 12.0 70% 71% EBITDA margin $9.3 billion EBITDA and >70% EBITDA margin 67% 67% 70% underpinned by outstanding Sangomar production 10.0 59% 11.2 performance and consistent cost focus1 60% 9.4 9.3 9.3 EBITDA 8.0 50% Strong EBITDA performance driven by in
Slide 26: Strong balance sheet positioned to navigate volatility
Strong balance sheet positioned to navigate volatility Liquidity Resilience at $55 Brent, $7 JKM $ billion Sources and uses, 2026-2032 ($ billion)2 60 Liquidity of $9.3 billion supports capital commitments and shareholder returns1 10.2 50 9.3 Gearing of 18.2% within target range (10 – 20%) and net d
Slide 27: Delivering consistent, reliable returns
Delivering consistent, reliable returns Strong dividends US cents per share 300 Declared final dividend of $1.1 billion, 59 US cps fully franked 250 Paying at the top end of dividend target range since 200 2013 150 Returned ~$11 billion (568 US cps) to shareholders since merger completion in 2022 wh
Slide 28: Close
Close 2026: Continuing to execute strategy Liz Westcott Acting Chief Executive Officer
Slide 29: Disciplined delivery focused on value
Disciplined delivery focused on value Maximise Deliver Create Ramp-up Beaumont New Ammonia Continue disciplined capital Operate base business safely, Deliver first LNG cargo from management reliably and efficiently Scarborough Maintain strong liquidity through Safely execute Pluto Train 1 major Prog
Slide 30: Q&A
v Woodside Energy Q&A
Slide 31: Annexure
v Woodside Energy Annexure
Slide 32: Why invest in Woodside
Why invest in Woodside Woodside supplies energy to meet rising demand, 1 enabling global growth, and assisting with customer decarbonisation goals Woodside has a track record of generating durable, 2 long-term cash flows and returning value to shareholders through the cycle Woodside offers tangible
Slide 33: Delivering our strategy
Delivering our strategy Maximise Deliver Create performance from base business cash-generative assets future opportunities Continued strong track record of Major development projects Disciplined capital allocation safe and reliable operations focused on cost and schedule and balance sheet management
Slide 34: Strong financial performance
Strong financial performance FY 2025 FY 2024 Change Operating revenue $m 12,984 13,179 1% EBITDA1 $m 9,277 9,276 0% Strong production supported performance EBIT1 $m 3,889 4,514 14% despite lower average realised prices NPAT2 $m 2,718 3,573 24% $9.3 billion liquidity enabling investments in near- Und
Slide 35: Net profit after tax reconciliation
Net profit after tax reconciliation REVENUE FROM THE COST OF FINAL DIVIDEND, FULLY SALE OF GENERAL, ADMINISTRATIVE, TAX AND OTHER SALES FRANKED HYDROCARBONS Impact of lower realised prices offset by world-class Sangomar Fully franked final dividend One-off transactions and tax impacts performance of
Slide 36: Five-year trends: key financial metrics
Five-year trends: key financial metrics Operating revenue EBITDA1 Underlying NPAT1,2 16.8 14.0 13.2 13.0 11.2 $ billion $ billion $ billion 9.4 9.3 9.3 7.0 5.2 4.1 3.3 2.9 2.6 1.6 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Revenue driven by outstanding performance at
Slide 37: Five-year trends: cash flow
Five-year trends: cash flow Operating cash flow Investing cash flow1,2 Free cash flow2,3,4 2025 includes 100% of capital additions from Louisiana LNG Adjusted for contributions from NCI and lease with NCI contributions captured in free cash flow repayments presented within financing cash flow 8.8 7.
Slide 38: Resilient cash margin
Resilient cash margin Cash margin1 Cash margin (%) 80% cash margin in 2025 amid lower commodity prices1 80% 82% 80% Cash margin 83% 85% Sustained cash margin of 80% for more than 5 years 13% 13% Production costs 9% 9% 13% 8% 6% 7% 5% 7% Other cash costs 2021 2022 2023 2024 2025 34 Full-Year 2025 Res
Slide 39: Actively managed debt portfolio
Actively managed debt portfolio Net debt1 $ billion 7.7 8.0 4.7 3.8 Continued access to debt markets, receiving strong 0.6 support with $3.5 billion US bond issuance 2021 2022 2023 2024 2025 Executed a new $1.2 billion multi-tranche syndicated Debt maturity profile1,2 undrawn debt facility $ billion
Slide 40: Strong contribution to global economies
Strong contribution to global economies Australian tax contribution4,5 $ billion 5.0 ~A$2 billion in Australian taxes, royalties and levies 4.1 paid in FY 2025 Largest payer of PRRT in Australia1 2.7 ~US$600 million of taxes, royalties and levies paid 2.0 internationally in FY 20252 A$1,036m | Corpo
Slide 41: 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 1,554 1,287 571 716 214 175 Pluto 3,419 2,743 810 1,933 238 385 Wheatstone 748 603 354 249
Slide 42: 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 150 340 5 335 - 27 Atlantis 737 607 431 176 234 89 Shenzi 564 383 460 (77) 21 136 Mad
Slide 43: Realised price
Realised price Products Units FY 2025 FY 2024 Variance LNG produced $/boe 62 66 (4) LNG traded1 $/boe 72 69 3 Pipeline gas $/boe 37 36 1 Oil and condensate $/boe 68 77 (9) NGLs $/boe 42 46 (4) Liquids traded $/boe 58 62 (4) Average realised price2 $/boe 60 63 (3) Average Dated Brent $/bbl 69 81 (12)
Slide 44: 2026 full-year guidance
2026 full-year guidance Item Guidance Comments • Includes production volumes from hydrocarbons of 170 – 183 MMboe and Beaumont Volumes MMboe 172 – 186 New Ammonia volumes of 2 – 3 MMboe. • Pluto LNG train 1 major turnaround in Q2 2026, duration approximately 5 weeks. Gas hub exposure1 % ~ 30 • Consi
Slide 45: Glossary
Glossary $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars CCUS Carbon capture utilisation and storage 1P Proved reserves CO2 Carbon dioxide Australian Accounting Standards Board S2 Climate-related Disclosures sets out disclosure requirements CO₂ equivalent. The u
Slide 46: Glossary
Glossary Gearing Net debt divided by net debt and equity attributable to the equity holders of the parent For Woodside, a lower-carbon portfolio is one from which the net equity Scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into whi
Slide 47: Glossary
Glossary Operating cash flow Cash flow from operating activities The starting base has been adjusted for the merger between Woodside and BHP Group’s Petroleum business (completed on 1 June 2022) which increased the starting base from 3.59 Mt CO₂-e to 6.32 Mt Oil and gas joint venture participants wi
Slide 48: Head Office
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 44 Full-Year 2025 Results Briefing