Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — FY2024 Earnings Presentation
45 slides from Woodside Energy's earnings presentation, Feb 25, 2025
Slide 1: Full-Year 2024 Results Briefing
FULL-YEAR 2024 RESULTS BRIEFING 25 February 2025 www.woodside.com investor@woodside.com
Slide 2: Information
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, except as required by applicable law, neither Wo
Slide 3: Forward-looking statements and reserves disclosure
All forward-looking statements contained in this presentation reflect Woodside’s views held as at the date of this presentation and, except as required by applicable law, Woodside does not intend to, undertake to, or assume any obligation to, provide any additional information or update or revise an
Slide 4: Delivering value and driving growth
Delivering value and driving growth Providing energy Creating and returning value Conducting our business sustainably Production excludes fuel consumed in operations. 2024 production includes 1.2 MMboe of feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interc
Slide 5: Record production and strong financial outcomes
Record production and strong financial outcomes Percentage changes for all operational performance and financial outcomes reference FY 2024 versus FY 2023. Operated LNG facilities. Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Source: FactSet (acc
Slide 6: FY 2024 performance
FY 2024 performance No permanent injuries or Tier 1 safety events recorded1 More than 23 million exposure hours worked globally Safe delivery of Sangomar and Pluto Train 2 modules Actions underway Continued focus on strengthening safety culture, simplifying processes and improving systems Field Lead
Slide 7: Investing in Woodside's long-term profitability
Investing in Woodside's long-term profitability Delivering next generation of world-class assets Deploying Woodside’s outstanding project delivery and operational capabilities Committed to continued strong shareholder distributions throughout a period of capital investment Strong free cash flows fro
Slide 8: Strong long-term outlook for LNG demand
Strong long-term outlook for LNG demand Wood Mackenzie Global Gas Investment Horizon Outlook, November 2024. IEA (2025), India Gas Market Report, IEA, Paris https://www.iea.org/reports/india-gas-market-report, Licence: CC BY 4.0. IEA (2024), World Energy Outlook 2024, IEA, Paris https://www.iea.org/
Slide 9: Delays impacting forecast of new LNG supply
Delays impacting forecast of new LNG supply IEA (2025), Gas Market Report, Q1-2025, IEA, Paris https://www.iea.org/reports/gas-market-report-q1-2025, Licence: CC BY 4.0. Source: Wood Mackenzie Global Gas LNG Supply Report, November 2024. Near-term global LNG supply has tightened as project delays an
Slide 10: LNG provides energy security in a volatile world
LNG provides energy security in a volatile world Source: S&P Global Commodity Insights. Quarterly price movement (%)1 TTF Brent Significant commodity price volatility reflects fluctuations in energy demand Increasing requirement for flexible energy to provide firming power as renewables increase in
Slide 11: High-quality portfolio delivering strong results
Production (MMboe) and unit production cost ($/boe)3 High-quality portfolio delivering strong results Excludes production and impact of Scarborough equity sales of 10% to LNG Japan and 15.1% to JERA. Includes a change in 1P fuel consumed in operations of -0.7 MMboe (net Woodside share). Proved (1P)
Slide 12: Sangomar: outstanding early production performance
Sangomar: outstanding early production performance Previous total project cost estimated to be $4.9 - 5.2 billion (Refer: Sangomar Project Update, 18 July 2023). Indicative only, not guidance. Subject to a range of assumptions that may not occur as forecast. Please refer to the “Disclaimer and impor
Slide 13: Scarborough Energy Project 80% complete
Scarborough Energy Project 80% complete Note: percentage completeness for Scarborough Energy Project excludes Train 1 modifications. As of 31 January 2025. On track for first LNG cargo in 2026 Fabrication of the FPU topsides structure complete and pre-commissioning works underway; FPU hull in second
Slide 14: Trion oil development more than 20% complete
Trion oil development more than 20% complete Project delivery continues at pace Progressing on budget and targeting first oil in 2028 Awarded and executed contracts for all major scopes FPU EPC scope conversion to lump sum contract, FPU first steel cut in November FSO bare boat charter contract sign
Slide 15: Beaumont New Ammonia 83% complete
Beaumont New Ammonia 83% complete Production of lower-carbon ammonia is conditional on supply of carbon abated hydrogen and ExxonMobil’s CCS facility becoming operational. Cost of production range is the average cost for Phase 1 over 2027 to 2029 during assumed steady state lower-carbon ammonia prod
Slide 16: Louisiana LNG: positioned to generate value for shareholders
Louisiana LNG: positioned to generate value for shareholders Decades of reliable, long-term cash flows Expands Atlantic basin sales volumes and positions Woodside among world’s largest LNG portfolio players Provides marketing volumes to take advantage of price volatility across Atlantic and Pacific
Slide 17: Simplifying base business
Simplifying base business Streamlining asset base Prioritising high-quality assets with growth potential Australian asset swap improves commercial prospects for organic opportunities1 Reduced 2025 spend across exploration and New Energy by over $150 million Delivery focused Highly skilled workforce
Slide 18: Capital management framework unchanged
Capital management framework unchanged Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Corporate debt credit ratings. BBB+ by S&P Global, Baa1 by Moody’s. A securities rating is not a recommendation to buy, sell or hold securities and may be subject
Slide 19: Disciplined capital management driving long-term value
Disciplined capital management driving long-term value Consistent cost focus Unit production costs down year-on-year Managing inflationary pressures in operations Delivering over $150 million of cost reductions in 2025 Planned maintenance campaigns delivered on schedule and budget Disciplined invest
Slide 20: Peer-leading EBITDA margin; maintaining 80% payout ratio
Peer-leading EBITDA margin; maintaining 80% payout ratio Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Source: FactSet (accessed 18 February 2025). Woodside versus industry peers (peer set includes APA Corporation, Canadian Natural Resources Limit
Slide 21: Strong cash margin and disciplined capital management
Strong cash margin and disciplined capital management Cash margin (%)1 Liquidity ($ billion)1 Cash margin Other cash costs Production costs Undrawn facilities Cash Cash $5.8 billion operating cash flow, continued strong performance Free cash flow of $1.0 billion when excluding acquisitions and dives
Slide 22: Delivering on climate targets
Delivering on climate targets Targets and aspiration are for net equity Scope 1 and 2 greenhouse gas emissions relative to a starting base of 6.32 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and which may be adjusted (up o
Slide 23: Sharing success with our communities
Major economic contributions Significant community investments Sharing success with our communities Refer to announcement titled “Woodside funding to benefit education and culture in Western Australia”. LOCAL CONTENT BENEFITS $7.9 billion Spent on goods and services globally in 2024 A$4.1 Paid in ta
Slide 24: Building the foundations of a global LNG powerhouse
Building the foundations of a global LNG powerhouse Net equity emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base. Operate our base business safely, reliably and efficiently Prepare for Scarborough FPU arrival in Australia; complete constru
Slide 25: Q&A
Q&A Meg O’Neill Chief Executive Officer and Managing Director
Slide 26: w (4 =) x (fr Zz Zz < v Woodside Energy
w (4 =) x (fr Zz Zz < v Woodside Energy
Slide 27: Woodside investment premise
Wooside investment premise Wood Mackenzie Global Gas Investment Horizon Outlook, November 2024. Create and return value Disciplined capital management and clear capital allocation framework High cash generation projected into the 2030s Committed to shareholder returns Strong balance sheet Conduct ou
Slide 28: Strong full-year underlying NPAT despite lower realised prices
Strong full-year underlying NPAT despite lower average realised prices $6.7 billion liquidity enabling investments in near-term growth1 Delivering strong returns to shareholders and maintaining balance sheet flexibility Strong cash generation from diversified global portfolio Non-IFRS financial meas
Slide 29: Disciplined capital allocation
Disciplined capital allocation CCUS refers to carbon capture utilisation and storage. Payback refers to RFSU + X years. Woodside’s net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of n
Slide 30: Net profit after tax reconciliation
Net profit after tax reconciliation Includes impact of Perdaman embedded derivative fair value movement of -$279 million. Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Impact of lower realised prices offset by world-class Sangomar performance Prim
Slide 31: Lower operating revenue driven by lower realised prices
Lower operating revenue primarily driven by lower average realised prices Lower EBITDA reflecting lower average realised prices offset by gain on sale of 25.1% interest in Scarborough Joint Venture and lower cost of production EBITDA1 Operating revenue Underlying NPAT1,2 Disciplined cost management
Slide 32: Investing in value accretive growth
Investing in value accretive growth 2022 investing cash flow includes GIP’s additional contribution to Pluto Train 2 ($0.8 billion) and cash received on the acquisition of BHP Petroleum ($1.1 billion). Without these items, 2022 investing cash flow would be $4.2 billion. 2024 investing cash flow incl
Slide 33: Balance sheet strength supports efficient capital deployment
Balance sheet strength supports efficient capital deployment Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. As of 31 December 2024. Net debt1 Debt maturity profile1,2 Actively managing debt portfolio Gearing of 17.9% within target range (10 – 20%)1
Slide 34: Strong contributions to the economy
Strong contributions to the economy Based on the Australian Taxation Office’s 2022-2023 report of entity tax information (data.gov.au/). Includes Trinidad and Tobago and Senegal production entitlements, which are paid in-kind. Excludes all Australian taxes. For the 2024 year. Determined by total
Slide 35: Volatility emphasises the importance of energy security
Volatility emphasises the importance of energy security Oil price, US$/bbl 2023 2024 2022 WDS average realised price $98.4/boe WDS average realised price $ 68.6/boe WDS average realised price $63.6/boe Gas price, US$/MMBtu Energy markets disrupted by significant geopolitical events Prices normalised
Slide 36: Demand confidence reinforced by contracting appetite
Demand confidence reinforced by contracting appetite Wood Mackenzie LNG Contract Trends, December 2024. Dataset includes global contracts by many producers, including Woodside. Only includes sale and purchase agreements. End user contracts only. Rest of World refers to South America, Middle East & A
Slide 37: Legacy asset decommissioning complete in 2025
Legacy asset decommissioning complete in 2025 Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Indicative only, not guidance. Subject to a range of assumptions that may not occur as forecast. Please refer to the “Disclaimer and important notices” sec
Slide 38: 2025 full-year guidance
2025 full-year guidance Please refer to the “Disclaimer, important notes and assumptions” section (including under the heading “Forward-looking statements”) for important cautionary information relating to forward-looking statements. Total Louisiana LNG expenditure from December 2024 to end of the f
Slide 39: Asset tables
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. Assumes 74.9% working interest for Scarborough offshore following completion of equity sell-dow
Slide 40: Asset tables
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 Mad Dog and Mad Dog Phase 2. Asset Operating revenue $ million EBITDA1 $ million Depre
Slide 41: Products: realised prices
Products Units FY 2024 FY 2023 Variance LNG produced1 $/boe 66 79 (13) LNG traded2 $/boe 69 76 (7) Pipeline gas $/boe 36 35 1 Oil and condensate $/boe 77 79 (2) NGLs $/boe 46 40 6 Liquids traded $/boe 62 79 (17) Average realised price $/boe 64 69 (5) Average Dated Brent $/bbl 81 83 (2) WTI $
Slide 42: Glossary
Glossary $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars A$, AUD Australian dollar Aspiration Woodside uses this term to describe an aspiration to seek the achievement of an outcome but where achievement of the outcome is subject to material uncertainties and co
Slide 43: Glossary
Glossary Lower-carbon 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 an otherwise similar resource, process, production facility, product
Slide 44: Glossary
Glossary Scope 3 emissions Other indirect GHG 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 occur from sources not owned or controlled by the company. Some examples of
Slide 45: 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