Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — H1 2026 Earnings Presentation
42 slides from Woodside Energy's earnings presentation, Aug 25, 2026
Slide 1: Half-Year 2026 Results Teleconference and Presentation
Announcement Tuesday, 25 August 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 HALF-YEAR 2026 RESULTS TELECONFERENCE AND PRESENTATION A teleconference providing an overview of the half-year
Slide 2: Half-Year 2026 Results Briefing
Half-Year 2026 Results Briefing 25 August 2026 www.woodside.com
Slide 3: Disclaimer, important notes and assumptions
Disclaimer, important notes and assumptions Information present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such • This presentation has been prepared by Woodside Energy Group Ltd (“Woodside”). as ‘aim’, ‘anticipate’, ‘aspire’, ‘believe’,
Slide 4: 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 climate strategy, including references to ‘lower-carbon’ and ‘lower-carbon services’ • Woodside is an Australian company with securities
Slide 5: Global energy leader delivering growth and returns
Global energy leader delivering growth and returns Woodside supplies energy to meet rising demand, enabling 1 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 cyc
Slide 6: Raising the bar on performance
Raising the bar on performance Manage portfolio to maximise Adapting to the pace of energy Position for resilience through the returns on capital transition cycle Single framework for all capital New energy business guided by Deliver a structural cost reduction allocation decisions customer demand a
Slide 7: Strong first half delivering value
Strong first half delivering value H1 2026 key statistics Reliable operations delivered strong production and cash flow $1.7 billion Net profit after tax (NPAT), $1.3 billion underlying NPAT1 Zero Tier 1 or Tier 2 process safety events, one high-consequence injury 86.5 MMboe Production (478 Mboe/d)2
Slide 8: Delivering across the portfolio in 2026
Delivering across the portfolio in 2026 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 turnarounds1,2 Deliver: growth projects advancing in accord
Slide 9: Continued focus on safety
Continued focus on safety High consequence injuries1 Process safety events Tier 1 Tier 2 Zero Tier 1 or Tier 2 process safety events in H1 2026 One high-consequence injury recorded in H1 20261 4 2 Embedding proactive risk management through field leadership for performance 2 insights 1 1 1 1 1 2022
Slide 10: Delivered $3 billion of operating cash flow from strong asset base
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 Australia International $8.8/boe driven by planned turnarounds Complet
Slide 11: Scarborough: 98% complete, on budget and on track
Scarborough: 98% complete, on budget and on track1 FPU achieved ‘ready for start-up’ status and first gas achieved subsequent to the period Continued construction and commissioning at Pluto Train 2 with mechanical runs for three of six liquefaction compressors completed Executed multiple integration
Slide 12: Trion: 64% complete, on budget and targeting first oil in 2028
Trion: 64% complete, on budget and targeting first oil in 20281 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 FSO construction progressing to plan, with dry mega block
Slide 13: Louisiana LNG: 28% complete, on budget targeting first LNG in 2029
Louisiana LNG: 28% complete, on budget targeting first LNG in 20291 35% complete for Train 1 with construction progressing across LNG tanks, structural steel, piping and marine infrastructure works Key H1 milestones: commencement of berth dredging, first mechanical equipment installation in Train 1
Slide 14: Conducting our business sustainably
Conducting our business sustainably On track to meet 2030 net equity Scope 1 and 2 GHG emissions reduction target1 Submitted second annual OGMP 2.0 implementation plan, including first-time Level 5 methane reporting for Sangomar Léopold Sédar Senghor FPSO and Karratha Gas Plant2 >A$0.5 billion in lo
Slide 15: Navigating a volatile commodity environment
Navigating a volatile commodity environment Half-Year 2026 environment Half-Year 2026 outcomes Structural shift in global trade flows, supply-route uncertainty tightened global energy markets Average realised price achieved through Global supply disruptions supported higher realised prices (includin
Slide 16: LNG demand outlook remains strong
LNG demand outlook remains strong Asian growth and global energy security requirements reinforce long-term LNG demand Europe Strong contracted position provides JKTC2 Qatar stability and resilience through changing market conditions South-East Asia2 US Geographically advantaged supply South Asia2 lo
Slide 17: Capital management
Capital management Delivering value through financial strength and capital discipline Graham Tiver EVP and Chief Financial Officer
Slide 18: Advancing growth while maintaining financial strength
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 expected to return within target range
Slide 19: Disciplined execution driving earnings growth
Disciplined execution driving earnings growth H1 2026 H1 2025 Change Operating revenue $m 7,446 6,590 13% Higher operating revenue up 13% underpinned by strong EBITDA1 $m 4,647 4,600 1% realised prices EBIT1 $m 2,157 1,817 19% Sustained EBITDA of $4.6 billion reflecting Pluto planned NPAT2 $m 1,672
Slide 20: Capital management framework
Capital management framework 3.0B 4.3B 8.2B 1.1B Operating Investing $ $ Liquidity1 $ Dividends $ cash flow cash flow paid ($2.6B when adjusted for NCI (Interim dividend Special dividends and lease repayments) determined of $1.1B) Safe, reliable Strong Dividend Investment policy Share buy-backs and
Slide 21: Strong balance sheet positioned to navigate volatility
Strong balance sheet positioned to navigate volatility Liquidity1 $ billion Liquidity of $8.2 billion supports capital commitments 10.2 and shareholder returns1 9.3 8.2 Repaid $600 million Syndicated Term Loan ahead of 7.8 maturity 6.7 Undrawn facilities Gearing of 20.6% through peak investment, exp
Slide 22: Disciplined capital allocation supporting returns and investments
Disciplined capital allocation supporting returns and investments Dividends US cents per share Determined an interim dividend of $1.1 billion, 57 US 300 cps fully franked 250 Paying at the top end of dividend target range since 2013 200 Returned ~$12 billion to shareholders since merger 150 completi
Slide 23: Building on our strengths
Building on our strengths Liz Westcott Chief Executive Officer
Slide 24: Building on our strengths
Building on our strengths Operational excellence Disciplined execution Sustained value creation Operate safely and reliably Deliver Scarborough, Trion and Invest in opportunities for long- Louisiana LNG term value Focus on efficiency and productivity Optimise revenue through Actively manage the port
Slide 25: Disciplined delivery of value through action
Disciplined delivery of value through action Capital strategy and portfolio Sustainability Business effectiveness Portfolio managed to maximise returns Sustainability activities remain a key Position for resilience through the on capital driver of long-term value cycle Single framework for all cap
Slide 26: Key takeaways
Key takeaways 1 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 3 We are building on our strengths and takin
Slide 27: Q&A
v Woodside Energy Q&A
Slide 28: Annexure
v Woodside Energy Annexure
Slide 29: Net profit after tax reconciliation
Net profit after tax reconciliation COST REVENUE FROM THE SALE OF INTERIM DIVIDEND, FULLY OF OTHER PROFIT MOVEMENTS PRODUCTS FRANKED SALES Fully franked interim dividend Impact of higher realised prices One-off transactions and tax impacts of 57 US cps 440 (559) 62 (297) 755 (307) 450 Recognition of
Slide 30: Five-year trends: key financial metrics
Five-year trends: key financial metrics Operating revenue EBITDA1 Underlying NPAT1,2 7.4 7.4 6.6 5.8 6.0 $ billion $ billion $ billion 4.9 4.6 4.6 4.4 4.0 1.8 1.9 1.6 1.2 1.3 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Reven
Slide 31: Five-year trends: cash flow
Five-year trends: cash flow Operating cash flow Investing cash flow1,2,3 Free cash flow2,3,4 H1 2025 and H1 2026 includes 100% of capital additions from Adjusted for contributions from NCI and lease Louisiana LNG with NCI contributions captured in free cash repayments presented within financing cash
Slide 32: Resilient cash margin from high-quality portfolio
Resilient cash margin from high-quality portfolio Cash margin1 Cash margin (%) Operational excellence and disciplined execution support strong cash margin Average cash margins of ~80% over five years 80% 77% Cash margin 81% 81% Production cash costs stable when excluding planned 85% turnarounds H1 2
Slide 33: Disciplined debt portfolio management
Disciplined debt portfolio management Net debt1 $ billion 9.3 7.7 8.0 Repaid a $600 million Syndicated Term Loan ahead of 4.7 maturity 0.6 Portfolio weighted average term-to-maturity of 5.1 years 2022 2023 2024 2025 H1 2026 Drawn debt average maturity profile of >6 years Debt maturity profile1,2 $ b
Slide 34: Strong contribution to global economies
Strong contribution to global economies Australian tax contribution4,5 $ billion 5.0 Over A$1 billion in Australian taxes, royalties and 4.1 levies paid in H1 2026 Largest payer of PRRT in Australia1 2.7 Over US$450 million of taxes paid internationally in 2.0 H1 20262 1.1 Global normalised all-in e
Slide 35: Asset tables
Asset tables Depreciation, Capital Operating revenue EBITDA1 amortisation and EBIT1 Production costs Asset expenditure1,3 $ million $ million impairment2 $ million $ million $ million $ million Australia North West Shelf 812 665 278 387 99 89 Pluto 1,583 1,116 333 783 146 190 Wheatstone 314 227 153
Slide 36: Asset tables
Asset tables Depreciation, Capital Operating revenue EBITDA1 amortisation and EBIT1 Production costs Asset expenditure1,4 $ million $ million impairment2 $ million $ million $ million $ million International Atlantis 457 398 230 168 142 36 Shenzi 330 252 172 80 4 55 Mad Dog 462 409 158 251 80 34 Tri
Slide 37: Realised price
Realised price Products Units H1 2026 H1 2025 Variance LNG produced $/boe 61 64 (3) LNG traded1 $/boe 83 79 4 Pipeline gas $/boe 47 36 11 Oil and condensate $/boe 92 71 21 NGLs $/boe 47 44 3 Liquids traded $/boe 99 71 28 Average realised price2 $/boe 74 62 12 Average Dated Brent $/bbl 93 72 21 WTI $
Slide 38: 2026 full-year guidance
2026 full-year guidance Item Prior Current Comments • Total production volumes includes 2-3 MMboe from Beaumont Total production volumes MMboe 172 - 186 174 – 185 New Ammonia (no change). Gas hub exposure1 % ~ 30 No change • Consistent with past practice, guidance is at current Woodside equity inter
Slide 39: 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 40: 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 41: Glossary
Glossary Operating cash flow Cash flow from operating activities Other indirect greenhouse gas emissions. Scope 3 is a reporting category that allows for the treatment of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company but Oil and gas joint venture
Slide 42: 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 41 Half-Year 2026 Results Briefing
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