Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — Investor Day (November 2025)
92 slides from Woodside Energy's investor day presentation, Nov 5, 2025
Slide 1: 2025 Capital Markets Day
Capital Markets Day 5 November 2025 1 2025 Capital Markets Day
Slide 2: Disclaimer, important notes and assumptions
Disclaimer, important notes and assumptions Information ‘forecast’, ‘outlook’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’ and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside are forward-looking statements. • This p
Slide 3: Disclaimer, important notes and assumptions (continued)
Disclaimer, important notes and assumptions (continued) Disclosure of reserve information and cautionary note to US investors Climate strategy and emissions data • Woodside is an Australian company with securities listed on the Australian Securities Exchange and the New York Stock • All greenhouse g
Slide 4: 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 2024, net government regulations. Proved reserves are estimated and reported on a net interest basis in accordance with the SEC Woodside share. Fo
Slide 5: Agenda
Agenda 9:30AM 10:35AM International business Welcome Vanessa Martin VP Investor Relations Daniel Kalms EVP and Chief Operating Officer International 9:35AM Company overview and strategic direction 10:55AM Commercial and marketing overview Meg O’Neill CEO and Managing Director Mark Abbotsford EVP and
Slide 6: Company overview and strategic direction
Company overview and strategic direction Maximise, deliver, create Meg O’Neill CEO and Managing Director
Slide 7: Global scale, proven performance, advantaged growth
Global scale, proven performance, advantaged growth ASX: WDS | NYSE: WDS Delivering growth into the 2030s Woodside today 3 2024 2032 ~19 Mtpa ~40 Mtpa Current operated LNG Constructed and operated liquefaction capacity LNG liquefaction capacity 203.5 MMboe >300 MMboe Annual sales Annual sales, >6% C
Slide 8: Robust business built over decades
Robust business built over decades 1984 1999 2007 2013 2021 2023 2025 th Domestic gas 1,000 LNG cargo Construction Established LNG FID for FID for Trion FID for Louisiana LNG from NWS to Japan commenced portfolio marketing Scarborough development development on Pluto LNG Project 1980s 1990s 2000s 20
Slide 9: Our competitive advantages
Our competitive advantages World-class Operational Project Trusted Financial assets excellence delivery supplier discipline Track record of safe, Expertise in delivering, Long-term relationships Low-cost assets Maintained capital reliable execution, with optimising and built over decades of deliveri
Slide 10: Why invest in Woodside
Why invest in Woodside Woodside supplies energy to meet rising demand, enabling global growth, and assisting with customer 1 decarbonisation goals Woodside has a track record of generating durable, long-term cash flows and returning value to 2 shareholders through the cycle Woodside offers tangible
Slide 11: Executing our strategy to deliver long-term returns
Executing our strategy to deliver long-term returns Maximise Deliver Create performance from base business cash-generative assets future opportunities Major development projects Disciplined capital allocation Continued strong track record of focused on cost and schedule and balance sheet management
Slide 12: Delivering sustainability and innovation outcomes
Deliv Delive er riing ng s sus usttainabil ainabiliit ty y o and utco innov mes ation outcomes FPSO Léopold Sédar Senghor North Rankin B Platform Pluto LNG Health, safety and Climate Indigenous cultural Environment and wellbeing heritage and biodiversity On track to achieve our net equity Scope 1 an
Slide 13: Performance built on operational excellence and safety focus
Maximise Deliver Create Performance built on operational excellence and safety focus Operational excellence Safety focus Maximising returns through: World-class reliability averaging >23 million exposure hours in 2024, ~98% at our operated LNG assets with no Tier 1 process safety events or permanent
Slide 14: Delivering disciplined, cash-generative growth
Maximise Deliver Create Delivering disciplined, cash-generative growth Oil LNG and gas New energy High-return production Long-life, low-decline gas Energy transition opportunities aligned to global demand Strengths Strengths Strengths • Deepwater project delivery and • Operational excellence and del
Slide 15: Louisiana LNG: creating a global LNG powerhouse
Maximise Deliver Create Louisiana LNG: creating a global LNG powerhouse One of the most competitive US Gulf Coast projects – de-risked, top-tier contractor, low-cost development and expansion-ready Strengthens Woodside’s global LNG portfolio with flexible, high-margin supply Low-decline asset provid
Slide 16: Transformative sales and cash flow growth
Maximise Deliver Create Transformative sales and cash flow growth 1 1 ~$9 billion net operating cash flow in 2032 >50% sales growth to 2032 Portfolio mix of long-life, low-decline LNG assets coupled with Achieving growth through safe and reliable operations, high high-return oil assets reliability a
Slide 17: High-quality opportunities that compete for capital
Maximise Deliver Create High-quality opportunities that compete for capital Oil LNG and gas New energy Exploration Strategic fit M&A Louisiana LNG Trains 4-5 Capital allocation Beaumont New Tiebacks and framework Strategic Tiebacks and Ammonia Phase 2 optimisation partnering optimisation Hydrogen Al
Slide 18: Delivering consistent, reliable returns
Delivering consistent, reliable returns 1 Strong dividends paid US cents per share (LHS), dividend yield % (RHS) 300 12% 10.6% 250 10% Paying the top end of dividend range since 2013 8.5% 8.0% 200 8% Returned ~$11 billion to shareholders since 2022 6.9% 6.6% 2 while reinvesting in projects for futur
Slide 19: Macroeconomic landscape
Macroeconomic landscape Growing global energy demand supports strong fundamentals across products Meg O’Neill CEO and Managing Director
Slide 20: Key messages
Key messages Oil is anticipated to continue playing a significant role in 1 the global energy mix Gas demand is expected to grow, with LNG playing an increasing role in the global energy mix, supporting 2 energy security while helping customers to achieve lower 1 overall emissions Growing role for a
Slide 21: Global energy demand is expected to rise
Global energy demand is expected to rise Driving increased energy Increasing standards of consumption primarily in 1 Growing population 1 1 living for ~7 billion people developing nations Energy priorities include affordability, Population (billion) GDP (US$ trillion, RT2015) Primary energy (boe/per
Slide 22: Oil: strong fundamentals requires additional investment
Oil: strong fundamentals requires additional investment 1 Global liquids demand and supply for onstream and current plans MMbbl/d 120 Demand 100 Oil demand is forecast to remain resilient as the world’s energy mix evolves 80 Ongoing investment is required due to decline from existing fields 60 Suppl
Slide 23: LNG: robust short and long-term demand
LNG: robust short and long-term demand 1 Global LNG supply and demand and regasification capacity Mtpa 1,600 Continued short/mid-term demand from high-quality counterparties Regasification capacity: operational and under construction Longer-term build out of regasification capacity 1,200 demonstrate
Slide 24: LNG can displace higher-emissions coal
LNG can displace higher-emissions coal 1 1 Asia Pacific energy consumption Global coal consumption EJ EJ 180 160 Coal demand is continuing 140 Coal consumption Europe to grow in the Asia Pacific region, driving global 120 Given the scale of the emissions growth challenge, gas has a 100 significant o
Slide 25: Case studies: growing gas demand in Asia
Case studies: growing gas demand in Asia China gas demand is growing across all sectors Southeast Asia economic growth supports LNG demand LNG can play a key role in meeting increased gas demand, especially in coastal regions valuing diversity of source Growth in GDP of >3.5%, coupled with declining
Slide 26: Evolving trade flows underscore depth of long-term demand
Evolving trade flows underscore depth of long-term demand 1 Number of countries importing and exporting LNG 50 Importing countries The role of LNG in the global energy mix has Increased from 11 importing increased since the early 2000s countries to ~50 importing 40 countries with 60% of LNG demand i
Slide 27: Global ammonia demand expected to double
Global ammonia demand expected to double to >400 Mtpa by 2050 1 Global ammonia demand Mtpa 450 Demand growth underpinned by existing end users switching from conventional to H 2 New sectors, Power H carrier Marine 2 lower-carbon ammonia lower-carbon generation fuels 300 Lower-carbon ammonia demand e
Slide 28: Ammonia demand linked to regulatory environment
Ammonia demand linked to regulatory environment H 2 Traditional: Traditional: Power Marine fuels H carrier 2 chemical agriculture generation 2030+ 2030+ Now Now 2027-2030+ Used as a fuel for bulk shipping Used as a H2 carrier Substitution into feedstock Substitution into fertiliser Direct injection
Slide 29: Key takeaways
Key takeaways Maximise: extracting value from base business through our operational and delivery expertise, 1 extending asset life, and driving efficiency Deliver: executing large-scale, cash-generative growth projects across a diversified, global portfolio, 2 which are critical to global energy sec
Slide 30: Capital management
Capital management Generating robust cash flow and taking disciplined approach to capital allocation Graham Tiver EVP and Chief Financial Officer
Slide 31: Key messages
Key messages Executing our strategy to maximise the value of our base business and deliver disciplined, 1 cash-generative growth Taking a prudent approach to expand into new opportunities that will create durable value over the 2 long term Maintaining a strong balance sheet to support our investment
Slide 32: Strategic and disciplined capital management
Strategic and disciplined capital management Consistent unit cost focus Disciplined investment Actively managed decisions balance sheet Managing inflationary pressure, unit 1 production cost <$8/boe Opportunities must meet capital Investment grade credit rating of 2 allocation targets Baa1/BBB+ Rati
Slide 33: Capital management framework to optimise value and returns
Capital management framework to optimise value and returns Special dividends Dividend Safe, reliable Strong Investment policy Share buy-backs and low-cost balance expenditure (minimum 50% operations sheet payout ratio) Future investment Excess cash Maintain dividend based on NPAT excluding Targeting
Slide 34: Generating strong operating cash flow across multiple scenarios
Maximise Deliver Create 1 Generating strong operating cash flow across multiple scenarios Net operating cash flow $ billion 12 Sustained cash margin of 80%+ over the last 5 years, 10 from consistent unit cost focus and strong asset performance 8 >6% CAGR growth in net operating cash flow from high-q
Slide 35: Delivering growth and resilience
Maximise Deliver Create Delivering growth and resilience Growth at $70 Brent, $10 JKM Resilience at $55 Brent, $7 JKM 1 1 Sources and uses, 2026-2032 ($B) Sources and uses, 2026-2032 ($B) 60 60 Delivering consistent and robust 50 50 Available shareholder returns cash 40 40 Cash available for dividen
Slide 36: Disciplined capital allocation framework
Disciplined capital allocation framework OIL GAS NEW ENERGY OFFSHORE PIPELINE LNG DIVERSIFIED Generate high returns to fund New energy products and lower- Leveraging infrastructure to monetise undeveloped diversified growth, focusing on carbon services to reduce customers’ FOCUS gas, including optio
Slide 37: Enhancing value through focused, high-return investments
Maximise Deliver Create Enhancing value through focused, high-return investments 1 Forecast capital expenditure $ billion 9 Disciplined and measured investment, augmented with strategic partnering for capital 2 Acquisitions 6 optimisation High-quality portfolio of additional future investment opport
Slide 38: Actively managing balance sheet for growth and returns
Maximise Deliver Create Actively managing balance sheet for growth and returns 1 Net debt and gearing $ billion (LHS), % (RHS) 10 30% Targeted gearing range of 10-20% through the cycle 8 Reducing debt levels following projects coming 20% online creating opportunity to enhance returns 6 Continued str
Slide 39: Key takeaways
Key takeaways We are executing our strategy to maximise the value of our base business and deliver disciplined, 1 cash-generative growth We are taking a strategic approach to opportunities 2 that will create significant value over the long term During our disciplined reinvestment, we are maintaining
Slide 40: Australian business and innovation spotlight
Australian business and innovation spotlight Capturing premium value through proven processes and capabilities Liz Westcott EVP and Chief Operating Officer Australia
Slide 41: Key messages
Key messages Leveraging decades of experience operating world-scale assets to enhance value and 1 optionality of existing infrastructure Integrating assets to achieve efficiencies that help meet growing global demand for LNG and drive even 2 greater cash generation Innovating globally, utilising cor
Slide 42: Our Australian business
Our Australian business 1 Sales 2024 to 2032 Western Australia Base business 140 Pluto LNG | North West Shelf | MMboe Scarborough | Wheatstone | Oil Operating base anchored by significant LNG ~100 projects including North West Shelf and MMboe Pluto LNG Decades of reliable supply to Asia Existing inf
Slide 43: Building on track record of world-class execution
Building on track record of world-class execution Maximise Deliver Create performance from base business cash-generative assets future opportunities Scarborough on cost and Integrated Scarborough, Pluto Execute brownfield schedule, bringing new, low-cost and NWS infrastructure available opportunitie
Slide 44: Australia: assets positioned for long-term profitability
Maximise Deliver Create Australia: assets positioned for long-term profitability Significant Exceptional High-margin Lower unit costs Emissions intensity reserve base reliability projects Supports resilience Deep reserves base Maximises revenue, Generates strong cash in lower-price Implementing asse
Slide 45: Extracting the most value from every asset and molecule
Maximise Deliver Create Extracting the most value from every asset and molecule Replace image Replace image Executing brownfield Unlocking asset potential Delivering operational opportunities excellence Portfolio optimisation: Chevron asset swap and Bass Strait operatorship Transitioning NWS to a lo
Slide 46: North West Shelf Project: extension securing future gas supply
Maximise Deliver Create North West Shelf Project: extension securing future gas supply Received State Government environmental approval for the NWS Project Extension in December 2024; Federal Government environmental approval in 1 September 2025 Approvals enable ongoing operations to 2070 and provid
Slide 47: Investing in the North West Shelf
Maximise Deliver Create Investing in the North West Shelf Final investment decision on Greater Western Flank Phase 4, a five-well subsea tieback to the existing North West Shelf Project, expected in Q4 2025 1 Start-up is expected in 2028; Gross resource of 118 MMboe Brownfield expansion with expecte
Slide 48: Scarborough development overview
Maximise Deliver Create Scarborough development overview Scarborough floating OFFSHORE DEVELOPMENT production unit Pluto 1 • 11.5 Tcf dry gas, gross platform Reservoir 2 • 1,506 MMboe (2P, Woodside share) Floating production unit • 950m water depth (FPU) Subsea, umbilicals, risers • 8 wells at RFSU,
Slide 49: Scarborough: 91% complete, on track for first LNG
Maximise Deliver Create 1 Scarborough: 91% complete, on track for first LNG H2 2026 ▪ Trunkline and SURF complete with risers ready for FPU hook-up in H1 2026 ▪ Drilling: seven wells completed, reservoir properties in line with pre-drill estimates ▪ FPU departing China in November 2025, installation
Slide 50: Managing ongoing restoration activities, reducing risk
Maximise Deliver Create Managing ongoing restoration activities, reducing risk Completed Enfield decommissioning marking Woodside’s first full-lifecycle asset from exploration to decommissioning Preparation activities in 2025 and 2026 supports execution of Bass Strait platform removal campaign plann
Slide 51: A culture of innovation
Maximise Deliver Create A culture of innovation Our AI approach We ingest over a billion data points a day from over a quarter of a million active equipment measurements and calculation Real-time analytics and digital twins improve uptime, cut costs, and optimise production across assets 4D modellin
Slide 52: Utilising our innovation for decarbonisation
Maximise Deliver Create Utilising our innovation for decarbonisation Flare assist gas reduction Power generation Helicopter gas mapping optimisation Reduced flaring at Karratha Gas Plant Helicopter-mounted methane sensors through optimisation of flare assist gas to detect fugitive emissions, improvi
Slide 53: Utilising our innovation to enable world-class operations
Maximise Deliver Create Utilising our innovation to enable world-class operations Start-up process 3D printing Laboratory testing AI: start-up advisor 3D printing control parts Mitigating corrosion Challenge: complex start-up phases, Challenge: ageing spares unavailable Challenge: repurposed a water
Slide 54: International business
International business Building on core strengths to diversify portfolio and drive long-term growth Daniel Kalms EVP and Chief Operating Officer International
Slide 55: Key messages
Key messages Diversifying portfolio with international growth projects that build on exceptional execution track 1 record and leverage core capabilities Developing de-risked, advantaged Louisiana LNG with best-in-class technology and proven formula to 2 generate significant cash flow Positioning for
Slide 56: Our International business
Our International business 1 Sales 2024 to 2032 US Shenzi | Atlantis | Mad Dog Louisiana LNG >200 Beaumont New Ammonia Base business MMboe Established world-class oil assets complement Australian base Growth LNG Advancing world class oil, LNG and ammonia developments to generate future shareholder 5
Slide 57: Driving efficiency, uptime and growth in the international business
Driving efficiency, uptime and growth in the international business Maximise Deliver Create performance from base business cash-generative assets future opportunities Continued focus on operational Deliver the next wave of value and Existing infrastructure available for excellence and reliability gr
Slide 58: Gulf of America: long-life oil assets generating significant cash flow
Maximise Deliver Create Gulf of America: long-life oil assets generating significant cash flow Significant Exceptional High-margin Lower unit costs Emissions intensity reserve base reliability projects Maximises revenue, Enhances project returns, Supports business Underpins long life cost Provides a
Slide 59: Sangomar: exceptional start-up now generating significant cash flow
Maximise Deliver Create Sangomar: exceptional start-up now generating significant cash flow ▪ Industry leading start-up and safety performance ▪ Ramp up to 100,000 bbl/d in less than nine weeks ▪ >1 million exposure hours with no recordable injuries since start-up ▪ Strong reservoir performance info
Slide 60: Delivering new cash-generative assets internationally
Maximise Deliver Create Delivering new cash-generative assets internationally Sangomar Beaumont New Ammonia Trion Louisiana LNG 1 (Delivered first oil June 2024) (97% complete) (43% complete) (19% complete) Outstanding performance 1.1 Mtpa ammonia, long-life 100,000 bbl/day production capacity, 16.5
Slide 61: Beaumont New Ammonia: positioned for growing lower-carbon market
Maximise Deliver Create Beaumont New Ammonia: positioned for growing lower-carbon market ▪ 97% complete (Q3 2025), targeting first ammonia in late 2025 and 1,2 lower-carbon ammonia in 2026 ▪ Initial production focused on traditional ammonia market ▪ Positioned for the growing lower-carbon ammonia ma
Slide 62: Trion: attractive returns from a world-class asset
Maximise Deliver Create Trion: attractive returns from a world-class asset ▪ 43% complete (Q3 2025), targeting first oil 2028 ▪ Floating production unit fabrication underway in Korea ▪ Offshore drilling activities and subsea installation campaigns planned for 2026 ▪ Key regulatory approvals secured
Slide 63: Louisiana LNG: proceeding at pace
Maximise Deliver Create Louisiana LNG: proceeding at pace 1 ▪ 19% complete (Q3 2025), first LNG targeted for 2029 ▪ Construction well advanced; piling and civils, LNG tank wall fabrication and site steel erection ▪ >1.5 million exposure hours September 2025 year-to-date with one recordable injury ▪
Slide 64: Louisiana LNG: delivering end-to-end value
Maximise Deliver Create Louisiana LNG: delivering end-to-end value Advantaged US-based location Woodside competitive differentiators LNG value Transportation Liquefaction End customers Gas sourcing Shipping Portfolio sales 1 Abundant low-cost gas supply Established network Three-train, 16.5 Mtpa, ~$
Slide 65: Proven formula to advance major projects
Maximise Deliver Create Proven formula to advance major projects Secure offtake and EPC, sell-down infrastructure prior to FID, further sell downs following FID, continue signing offtake 2016-2018 Opportunity Acquisition 2018-2021 2021 Offtake and SPAs signed with Bechtel contract, Additional portfo
Slide 66: Commercial and marketing overview
Commercial and marketing overview Evolving our approach to provide flexibility and meet customer needs Mark Abbotsford EVP and Chief Commercial Officer
Slide 67: Key messages
Key messages Capturing value through competitively advantaged global marketing and trading platform with clear 1 strategy and risk management Generating incremental earnings through integration across shipping, operations, marketing 2 and trading activities Providing meaningful flexibility through p
Slide 68: Our growing portfolio
Our growing portfolio 1 Sales 2024 to 2032 >300 MMboe Diversified marketing portfolio designed to capture value while maintaining resilience through market volatility 203.5 LNG MMboe Differentiated through asset quality, marketing capability, delivery to end customers and proximity to key demand cen
Slide 69: Growing portfolio unlocks greater value potential
Growing portfolio unlocks greater value potential Maximise Deliver Create performance from base business cash-generative assets future opportunities Contract positions balance upside Evaluating opportunities to build Leverage scale through presence in exposure and revenue stability global scale incl
Slide 70: Strengths that translate into value creation
Strengths that translate into value creation Advantaged global supply Portfolio marketing Portfolio designed for flexibility, optimisation and growth Reliable production, proximity to Enables flexibility and optimisation through layered contracts demand and cost advantage Growing portfolio through n
Slide 71: Portfolio evolution enables greater flexibility and optimisation
Maximise Deliver Create Portfolio evolution enables greater flexibility and optimisation 1 LNG sales by volume 100% Woodside’s LNG sales have evolved from project to Louisiana LNG portfolio Portfolio 75% Increased ability to optimise across the portfolio Wheatstone Pluto Portfolio Expanded APAC focu
Slide 72: Portfolio pricing diversity provides resilience and flexibility
Maximise Deliver Create Portfolio pricing diversity provides resilience and flexibility 1 Current LNG and portfolio indexation 2026-2035 LNG portfolio Total portfolio ~5% ~5% Urea/Ammonia ~10% Proactively manage price index exposure ~20% ~5% Uncommitted volumes based on market signals ~35% Flexibili
Slide 73: New sales to diversified end-users
Maximise Deliver Create New sales to diversified end-users Recent contracts signed 2025 2030 2035 2040+ KOREA 0.5 Mtpa to KOGAS for 10.5 years ~5 Mtpa signed in last 2 years JAPAN 0.4 Mtpa to JERA over 10 years JAPAN 0.2 Mtpa to JERA over Resilience provided by diversity of 1 5 years (winter demand)
Slide 74: Shipping capacity provides flexibility to the portfolio
Maximise Deliver Create Shipping capacity provides flexibility to the portfolio Shifting from regional delivery to global trade Eight ships in fleet, an additional three new long-term charters delivering through ~13 days to end 2026 and multiple vessels on short and mid-term charter as required ~23
Slide 75: Case studies: how value is captured
Maximise Deliver Create Case studies: how value is captured Value driver opportunity examples $/MMBtu 1 2 3 Woodside’s global position means that we Utilise shipping length Optimise supply portfolio Exercise contract options can capture opportunities consistently Divert uncommitted volumes from Maxi
Slide 76: Advancing our strategy for Louisiana LNG
Maximise Deliver Create Advancing our strategy for Louisiana LNG Strategic partners Final split to depend on Woodside will contract ~8 Mtpa into its global outcomes of integrated LNG portfolio HoldCo sell-down (e.g. 1.5 Mtpa sale to Williams) Portfolio sales Woodside’s portfolio marketing: (e.g. rec
Slide 77: Demand driven approach for ammonia
Maximise Deliver Create Demand driven approach for ammonia Near-term (2026-2028) Mix of term and spot sales, targeting US and Europe Develop shipping positions to offer delivered sales to unlock customers Develop European sales positions, with pathways for lower-carbon sales benefiting from CBAM as
Slide 78: Closing remarks
Woodside Energy Closing remarks
Slide 79: Global energy leader delivering growth and returns
Global energy leader delivering growth and returns Delivering growth into the 2030s Woodside supplies energy to meet rising demand, 1 enabling global growth, and assisting with customer 2024 2032 1 decarbonisation goals ~19 Mtpa ~40 Mtpa Current operated LNG Constructed and operated liquefaction cap
Slide 80: Break
Woodside Energy Break
Slide 81: Q&A
Woodside Energy Q&A
Slide 82: Annexure
Woodside Energy Annexure
Slide 83: Distinctive investment differentiation
Distinctive investment differentiation Resilient, high-performing, High dividend yield underscoring Portfolio gas weighting positioned to cash-generative assets commitment to returning value capture increasing demand 1 2 3 2024 EBITDA margin (%) Last 12 months yield % gas in portfolio 80% 15% 90% Di
Slide 84: Scarborough: integrated gas flows
Scarborough: integrated gas flows 1 Integrated gas flows Period Scarborough gas flows Pluto gas flows ▪ 5 Mtpa in Pluto Train 1 H2 2026▪ 5 Mtpa in Pluto Train 2▪ Additional flow through 2 Processing up to 8 Mtpa of Scarborough Pluto-KGP Interconnector gas (7 Mtpa until Pluto decline) H1 2027 ▪ 3 Mtp
Slide 85: Louisiana LNG structure
Louisiana LNG structure LNG offtake Driftwood Pipeline LLC GasSupplyCo Louisiana LNG LLC (Pipeline Co) (Subsidiary of HoldCo) (HoldCo) 8 Mtpa: Woodside portfolio Overall gas procurement strategy 1.5 Mtpa: Williams Pipeline Procures long-term gas % of 1.0 Mtpa: Uniper International % of Tariff Henry
Slide 86: Investing today for transformative growth
Maximise Deliver Create Investing today for transformative growth 1,2 Adjusted free cash flow $ billion 6 Post Louisiana LNG Train 1 start-up in 2029, cash flows are expected to generate long-term value 5 Near-term capital allocation choices increasing long- 4 duration cash flows and long-term value
Slide 87: Key assumptions
Key assumptions Included in Included in Financial modelling Opportunities: Mid High Low Mid-case Low-case assumptions: Bass Strait: four potential development well opportunities of up Brent oil (US$/bbl), Yes 1 70 85 55 to 200 PJ of sales gas (100% share) 2 real-terms 2024 Scarborough: five addition
Slide 88: Accounting and Alternative Performance Measures
Accounting and Alternative Performance Measures Accounting implications: Alternative Performance Measures Louisiana LNG (HoldCo and InfraCo) is expected to be reported at 100% in Woodside’s financial reports which will result in: Cash flow from operating activities ▪ Reporting 100% of the project as
Slide 89: Glossary
Glossary DES Delivery ex ship $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars DTA Deferred tax asset 1P Proved reserves EBIT Calculated as a profit before income tax, PRRT and net finance costs Net cash from operating activities and net cash from investing activ
Slide 90: Glossary
Glossary The Japan customs-cleared crude is the average price of customs-cleared crude oil imports into Japan as JCC reported in customs statistics (also known as ‘Japanese crude cocktail’) and is used as a reference price for Woodside uses this term to describe energy technologies, such as hydrogen
Slide 91: Glossary
Glossary Electricity indirect greenhouse gas emissions. Scope 2 accounts for GHG emissions from the generation TJ/day Terajoules per day of purchased electricity consumed by the company. Purchased electricity is defined as electricity that is TTF Title transfer facility purchased or otherwise brough
Slide 92: 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 92 2025 Capital Markets Day