Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — H1 2025 Earnings Presentation
44 slides from Woodside Energy's earnings presentation, Aug 19, 2025
Slide 1: Half-Year 2025 Results Briefing
HALF-YEAR 2025 RESULTS BRIEFING 19 August 2025 www.woodside.com investor@woodside.com
Slide 2: Disclaimer, important notes and assumptions
Disclaimer, important notes and assumptions Information • This presentation has been prepared by Woodside Energy Group Ltd (“Woodside”). • All information included in this presentation, including any forward-looking statements, reflects Woodside’s views held as at the date of this presentation and,
Slide 3: Disclaimer, important notes and assumptions (continued)
Disclaimer, important notes and assumptions (continued) 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 a
Slide 4: 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 Successfully delivering growth projects and unlockin
Slide 5: 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 $7.7 $4.6 $1.3 Mboe/day 11% per boe 7% billion 5% billion 32% Total production of 99.2 MMboe Disciplined cost control and hi
Slide 6: Delivering safer outcomes
Delivering safer outcomes Focused on safety performance 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 Achieving significant safety milestones NWS Project: 100,000
Slide 7: Providing Energy
PROVIDING ENERGY
Slide 8: Delivering reliable and low-cost operations
Delivering reliable and low-cost operations Higher production, lower unit cost Outstanding half-year production of 99.2 MMboe underpinned by Sangomar Disciplined cost control and high asset reliability drove unit production costs down to $7.7/boe1 Maximising asset value World-class efficiency with L
Slide 9: Sangomar: achieving exceptional performance
Sangomar: achieving exceptional performance Safe and reliable operations ~99 % Reliability over H1 2025, zero LTIs in the first year of operations Outstanding production 27.7MMboe Produced since first oil (Woodside share) Delivering significant revenue ~$1 billion Revenue generated from strong perfo
Slide 10: Bass Strait: strengthening our Australian operations
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 Australian operations Pursue value maximisation strategy to target base production opt
Slide 11: APAC energy demand growth to support LNG fundamentals
APAC energy demand growth to support LNG fundamentals Primary energy consumption per capita has grown 14% in non-OECD APAC countries since 2020, but significant lag to OECD APAC and USA remains and further growth is expected1 >50% of the world’s population lives in non-OECD APAC countries, with aspi
Slide 12: Capturing value through global marketing and trading
Capturing value through global marketing and trading Competitively advantaged portfolio Woodside has reliably delivered LNG to global customers for over 35 years Portfolio marketing approach balances commodity exposure upside with revenue certainty Signed three long-term LNG sales agreements for a t
Slide 13: Scarborough: 86% complete, targeting first LNG H2 2026
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 drilled, reservoir properties in line with pre-drill estimates1 Subsea installati
Slide 14: Trion: 35% complete, targeting first oil in 2028
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 fabrication scheduled to start in H2 2025 Progressed fabrication of disconnectabl
Slide 15: Louisiana LNG: targeting first LNG in 2029
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 640 bcf1 Train 1 22% complete, progressing marine offloading facility, marine dr
Slide 16: Louisiana LNG: enhancing an established model
Louisiana LNG: enhancing an established model Traditional US LNG model Long-term FOB contracts priced 115% Henry Hub plus fixed liquefaction fee Abundant low-cost feedgas supply with ability to optimise sourcing costs Project finance constraints limit optimisation and value opportunities Fully permi
Slide 17: Beaumont New Ammonia: 95% complete, readying for start-up
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-commissioning activities for Train 1 Targeting first ammonia production in late H2 2
Slide 18: Progressing decommissioning, reducing risk
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 Stybarrow fields Removal of equipment from closed sites being progressed Bass
Slide 19: Creating and Returning Value
CREATING AND RETURNING VALUE
Slide 20: Strong financial performance
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 and peer-leading 70% EBITDA EBIT1 $m 1,817 2,362 23% margin1,2 NPAT3 $m 1,316 1,
Slide 21: Capital management framework unchanged
Capital management framework unchanged Operating Investing Dividends $3.3B $4.9B Liquidity1 $8.4B $1.0B cash flow cash flow determined Special dividends Safe, reliable and Dividend policy Investment Strong balance low-cost (minimum 50% Share buy-backs expenditure sheet operations payout ratio) Exces
Slide 22: Strong shareholder distributions
Strong shareholder distributions Interim dividend of $1.0 billion 53 US cps fully franked Representing a half-year annualised dividend yield of 6.9%1 Maintained 80% pay out ratio at top of range Well positioned for shareholder returns Strong underlying performance of our assets Financial discipline
Slide 23: Disciplined capital management
Disciplined capital management Strong balance sheet Liquidity of $8.4 billion supports capital commitments and shareholder returns1 $1.9 billion received from Stonepeak for Louisiana LNG equity Gearing of 19.5% remains in target range of 10-20%1 Oil price hedging program protects against downside pr
Slide 24: Conducting Business Sustainably
CONDUCTING BUSINESS SUSTAINABLY
Slide 25: Delivering sustainability outcomes
Delivering sustainability outcomes Health, safety and wellbeing Strengthening systems and practices Embedding safety habits and learning culture Leveraging innovation and data Climate On track to achieve net equity Scope 1 and 2 GHG emissions reduction targets1 Creating value and progressing on Scop
Slide 26: Supporting the communities where we operate
Supporting the communities where we operate Strong tax Significant contributions economic benefits $ A1.3billion >$7.5 billion Paid to Australian State and Federal Average annual goods and services Governments in H1 2025 spend over the past two years, supporting over 2500 suppliers globally Contribu
Slide 27: Closing Remarks
CLOSING REMARKS
Slide 28: Strong global portfolio delivers value and growth
Strong global portfolio delivers value and growth Outstanding performance from world-class assets Successfullydelivering growth projects and unlocking future value Generating strong financial performance and operating cash flow Interim dividend of 53 US cps fully franked, at top end of payout range
Slide 29: Q&A
Q&A Meg O’Neill Chief Executive Officer and Managing Director
Slide 30: Annexure
ANNEXURE
Slide 31: 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 32: Five-year trends: key financial metrics
Five-year trends: key financial metrics Higher revenue driven by strong production and operational reliability from Sangomar Resilient EBITDA, up 5% reflecting increased operating revenue and lower unit production costs 1. Non-IFRS financial measure. Refer to the glossary section of this presentatio
Slide 33: Five-year trends: cash flow
Five-year trends: cash flow Benefit of GIP’s additional contribution to Pluto Train 2 Proceeds of merger completion Benefit from proceeds of Scarborough sell-downs Benefit of Stonepeak contributions to Louisiana LNG Increased cash generated from operations driven by higher operating revenue and lowe
Slide 34: Resilient cash margins
Resilient cash margins Maintained 81% cash margin amid lower commodity prices and inflationary pressures1 Sustained cash margin of over 80% for more than 5 years Strong cash margin >90% from Sangomar contributing to the H1 2025 margin 1. Non-IFRS financial measure. Refer to the glossary section of t
Slide 35: Actively managed debt portfolio
Actively managed debt portfolio Gearing of 19.5% within target range (10 – 20%)1 $1.9 billion cash received from Stonepeak at completion of Louisiana LNG InfraCo sell-down Continued access to debt markets, receiving strong support with $3.5 billion US bond issuance heavily oversubscribed Minimal deb
Slide 36: Strong contributions to global economies
Strong contributions to global economies Over $ A1 billion in Australian taxes, royalties and levies paid in H1 2025 Largest payer of PRRT in Australia1 More than $300 million of taxes paid internationally in H1 20252 Global normalised all-in effective tax rate of 45%3 1. Based on the Australian Tax
Slide 37: 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 38: Asset tables
Asset tables 1 Depreciation and 1 Capital Operating revenue EBITDA 2 EBIT 1,3 Production costs Asset amortisation expenditure $ 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 3
Slide 39: Asset tables
Asset tables 1 Depreciation and 1 Capital Operating revenue EBITDA 2 EBIT 1,4 Production costs Asset amortisation expenditure $ 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 D
Slide 40: 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) W
Slide 41: Glossary
Glossary $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars 1P Proved reserves Woodside uses this term to describe an aspiration to seek the achievement of an outcome but where Aspiration achievement of the outcome is subject to material uncertainties and contingen
Slide 42: Glossary
Glossary LNG Liquefied natural gas Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to Lower-carbon an otherwise similar resource, process, pro
Slide 43: 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 44: 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
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