Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — H1 2026 Earnings Presentation
41 slides from Woodside Energy's earnings presentation, Aug 25, 2026
Slide 1: Half-Year 2026 Results Briefing
Half-Year 2026 Results Briefing 25 August 2026 www.woodside.com
Slide 2: Disclaimer, important notes and assumptions
Half-Year 2026 Results Briefing 2 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 d
Slide 3: Disclaimer, important notes and assumptions (continued)
Half-Year 2026 Results Briefing 3 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 rep
Slide 4: Global energy leader delivering growth and returns
Half-Year 2026 Results Briefing 4 Global energy leader delivering growth and returns 1 Woodside supplies energy to meet rising demand, enabling global growth, and assisting with customer decarbonisation goals 2 Woodside has a track record of generating durable, long-term cash flows and returning val
Slide 5: 2025 Capital Markets Day: Raising the bar on performance
2025 Capital Markets Day 5 Raising the bar on performance Manage portfolio to maximise returns on capital Adapting to the pace of energy transition Position for resilience through the cycle Single framework for all capital allocation decisions New energy business guided by customer demand and commer
Slide 6: Strong first half delivering value
Strong first half delivering value Reliable operations delivered strong production and cash flow Zero Tier 1 or Tier 2 process safety events, one high-consequence injury Executing major development projects on budget and on schedule Delivered strong shareholder returns; interim dividend determined o
Slide 7: Delivering across the portfolio in 2026
Delivering across the portfolio in 2026 Maximise: base business delivering effectively and reliably Maximise: base business delivering effectively and reliably >98% Executed $8.8/boe Operated LNG reliability Pluto planned turnaround on Unit production cost, schedule and within budget including major
Slide 8: Continued focus on safety
Half-Year 2026 Results Briefing 8 4 1 1 2022 2023 2024 2025 H1 2026 Continued focus on safety High consequence injuries (HCI) is defined as Fatality and Permanent Impairment Injury (FPI) which aligns with International Association of Oil and Gas Producers (IOGP) definition for FPI. From 2022 to 2024
Slide 9: Delivered $3 billion of operating cash flow from strong asset base
Half-Year 2026 Results Briefing 9 Delivered $3 billion of operating cash flow from strong asset base High-quality assets continue to deliver safe, reliable and cost-efficient operations Disciplined cost control in inflationary environment; unit production cost of $8.8/boe driven by planned turnaroun
Slide 10: Scarborough: 98% complete, on budget and on track
Half-Year 2026 Results Briefing 10 Scarborough: 98% complete, on budget and on track1 As at 30 June 2026. Excludes Pluto Train 1 modifications. Arrow indicates position as at 25 August 2026. FPU achieved ‘ready for start-up’ status and first gas achieved subsequent to the period Continued constructi
Slide 11: Trion: 64% complete, on budget and targeting first oil in 2028
Half-Year 2026 Results Briefing 11 Trion: 64% complete, on budget and targeting first oil in 20281 As at 30 June 2026. Commenced 24 well drilling program in March 2026, ahead of schedule, with three production wells drilled during the period and 18 wells required for the initial phase of drilling FS
Slide 12: Louisiana LNG: 28% complete, on budget targeting first LNG in 2029
Half-Year 2026 Results Briefing 12 One of two LNG storage tanks under construction at Louisiana LNG site, 9 July Louisiana LNG: 28% complete, on budget targeting first LNG in 20291 28% completion for total foundation project. Train completions as at 30 June 2026: Train 1 (35%), Train 2 (25%), Train
Slide 13: Conducting our business sustainably
Half-Year 2026 Results Briefing 13 Conducting our business sustainably Net equity Scope 1 and 2 GHG emissions reduction target and aspiration are relative to a starting base of 6.22 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2
Slide 14: Structural shift in global trade flows
Half-Year 2026 Results Briefing 14 010 20 30 40 0 50 100 150 200Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Structural shift in global trade flows, supply-route uncertainty tightened global energy markets Global supply disruptions supported higher realised prices (including premiums) Cyclone-related p
Slide 15: LNG demand outlook remains strong
Half-Year 2026 Results Briefing 15 LNG demand outlook remains strong 2026 2040 Demand1 2026 2040 Supply1 Wood Mackenzie LNG Tool (April 2026). Supply shown includes operating and under construction. JKTC includes Japan, South Korea, Taiwan and China. South Asia includes India, Pakistan and Sri Lanka
Slide 16: Capital management: Delivering value through financial strength
Graham Tiver EVP and Chief Financial Officer Capital management Delivering value through financial strength and capital discipline
Slide 17: Advancing growth while maintaining financial strength
Half-Year 2026 Results Briefing 17 Advancing growth while maintaining financial strength Strong operating cash flows funded returns to shareholders, debt repayments and growth projects Investment-grade credit rating maintained through peak investment activity and major turnarounds Gearing levels exp
Slide 18: Disciplined execution driving earnings growth
Half-Year 2026 Results Briefing 18 Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Refer to slide 28 (NPAT reconciliation) of this presentation for the list of specific items for H1 2026. The calculation has been updated to adjust for contributions
Slide 19: Cash flow and liquidity
Half-Year 2026 Results Briefing 19 Operating cash flow Investing cash flow Dividends paid Liquidity1 $3.0B $4.3B $8.2B $1.1B Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Corporate debt credit ratings. Baa1 by Moody’s, BBB+ by S&P Global. A credit
Slide 20: Strong balance sheet positioned to navigate volatility
Half-Year 2026 Results Briefing 20 Strong balance sheet positioned to navigate volatility Liquidity of $8.2 billion supports capital commitments and shareholder returns1 Repaid $600 million Syndicated Term Loan ahead of maturity Gearing of 20.6% through peak investment, expected to return within tar
Slide 21: Disciplined capital allocation supporting returns and investments
Half-Year 2026 Results Briefing 21 Disciplined capital allocation supporting returns and investments Determined an interim dividend of $1.1 billion, 57 US cps fully franked Paying at the top end of dividend target range since 2013 Returned ~$12 billion to shareholders since merger completion in 2022
Slide 22: Building on our strengths
Liz Westcott Chief Executive Officer Building on our strengths
Slide 23: Building on our strengths
Half-Year 2026 Results Briefing 23 Building on our strengths Operate safely and reliably Focus on efficiency and productivity Execute responsibly within the environment and with our communities Deliver Scarborough, Trion and Louisiana LNG Optimise revenue through marketing and trading Deliver life e
Slide 24: Disciplined delivery of value through action
Half-Year 2026 Results Briefing 24 Disciplined delivery of value through action Net equity Scope 1 and 2 GHG emissions reduction target and aspiration are relative to a starting base of 6.22 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions ov
Slide 25: Key takeaways
Half-Year 2026 Results Briefing 25 Key takeaways1 Our world-class operations and strong financial position continue to return value to shareholders through the cycle 2 Our projects, which are tangible growth catalysts for long-term cash generation are being delivered on time and on budget 3We are bu
Slide 26: Q&A
y Woodside Energy Q&A
Slide 27: Annexure
y Woodside Energy Annexure
Slide 28: Net profit after tax reconciliation
Half-Year 2026 Results Briefing 28 1,316 755 (307) 440 (559) 450 62 (297) (106) (35) (47) 1,672 (338) 1,334 2025 H1 reported NPAT Produced—price Produced—volume Purchased—price and volume Cost of sales Restoration movement Income tax and PRRT Perdaman embedded derivative Hedging Impairment losses Ot
Slide 29: Five-year trends: key financial metrics
Half-Year 2026 Results Briefing 29 $ billion $ billion Five-year trends: key financial metrics Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. H1 2026 NPAT adjustments include the recognition of a Pluto LNG DTA (-$417m), the recognition of a USA DTA
Slide 30: Five-year trends: cash flow
Half-Year 2026 Results Briefing 30 1.3 0.1 0.4 0.1 0.4 1.1 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Thousands $ billion $ billion Five-year trends: cash flow For H1 2022, the investing cash flow includes GIP’s additional contribution to Pluto Train 2, and excludes the cash received on the acquisition
Slide 31: Resilient cash margin from high-quality portfolio
Half-Year 2026 Results Briefing 31 Resilient cash margin from high-quality portfolio Operational excellence and disciplined execution support strong cash margin Average cash margins of ~80% over five years Production cash costs stable when excluding planned turnarounds H1 2026 cash margin impacted b
Slide 32: Disciplined debt portfolio management
Half-Year 2026 Results Briefing 32 Disciplined debt portfolio management Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. As at 30 June 2026. Repaid a $600 million Syndicated Term Loan ahead of maturity Portfolio weighted average term-to-maturity of
Slide 33: Strong contribution to global economies
Half-Year 2026 Results Briefing 33 Strong contribution to global economies Based on the Australian Taxation Office’s 2023-2024 report of entity tax information released in October 2025 (https://data.gov.au/). Includes Senegal production entitlements, which are paid in-kind. Excludes all Australian t
Slide 34: Asset tables
Half-Year 2026 Results Briefing 34 Asset tablesAsset Operating revenue $ million EBITDA1 $ millionDepreciation, amortisation and impairment2 $ millionEBIT1 $ millionCapital expenditure1,3 $ millionProduction costs $ million Australia North West Shelf8126652783879989 Pluto1,583 1,116333783146190 Whea
Slide 35: Asset tables
Half-Year 2026 Results Briefing 35 Asset tables Non-IFRS financial measures. Refer to the glossary section of this presentation for the definitions. Includes exploration permit cost amortisation, impairment losses and impairment reversals. Includes corporate, new energy projects that have not yet re
Slide 36: Realised price
Half-Year 2026 Results Briefing 36 Realised price Excludes any additional benefit attributed to produced LNG through third-party trading activities. Non-IFRS financial measures. Refer to the glossary section of this presentation for the definitions. TTF is converted from EUR/MWh to US$/MMBtu using p
Slide 37: 2026 full-year guidance
Half-Year 2026 Results Briefing 37 2026 full-year guidanceItem Prior CurrentComments Total production volumesMMboe172—186174 – 185 Total production volumes includes 2-3 MMboe from Beaumont New Ammonia (no change). Gas hub exposure1%~ 30No change Capital expenditure2,3$ million4,000 – 4,500No change
Slide 38: Glossary
Half-Year 2026 Results Briefing 38 Glossary$, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars 1P Proved reserves AASB S2Australian Accounting Standards Board S2 Climate-related Disclosures sets out disclosure requirements for an entity to provide useful information
Slide 39: Glossary
Half-Year 2026 Results Briefing 39 Glossary See IFRS Foundation 2021: Climate Related Disclosures Prototype. Appendix A. IOGP Fatality and Permanent Impairment injury definitions | IOGP. Australian Clean Energy Regulator, 2023. “Corporate Emissions Reduction Transparency report 2023” https://cer.gov
Slide 40: Glossary
Half-Year 2026 Results Briefing 40 Glossary See the IOGP Fatality and Permanent Impairment injury definitions. https://www.iogp.org/workstreams/safety/safety/iogp-fatality-and-permanent-impairment/iogp-fatality-and-permanent-impairment-injury-definitions/. See IFRS Foundation 2021: Climate Related D
Slide 41: 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 Half-Year 2026 Results Briefing 41
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