Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — Investor Day (November 2025)
94 slides from Woodside Energy's investor day presentation, Nov 5, 2025
Slide 1: Announcement: 2025 Capital Markets Day
Announcement Wednesday, 5 November 2025 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 2025 CAPITAL MARKETS DAY At its 2025 Capital Markets Day today, Woodside outlined its strategy to thrive thr
Slide 2: Webcast and forward-looking statements
Webcast To access the live webcast of the Capital Markets Day, please follow the link at https://meetings.lumiconnect.com/300-031-281-118. The webcast will commence at 09:30 AEDT / 06:30 AWST (16:30PM CT on Tuesday, 4 November 2025). A copy of Woodside’s Capital Markets Day 2025 slide pack is attach
Slide 3: Capital Markets Day 5 November 2025
Capital Markets Day 5 November 2025 1 2025 Capital Markets Day
Slide 4: 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, • This presentation has been prepared by Woodside Energy Group Ltd (“Woodside”). statements that describe the objectives,
Slide 5: 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 6: 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 7: Agenda
Agenda 9:30AM Welcome 10:35AM International business 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 8: Company overview and strategic direction
Company overview and strategic direction Maximise, deliver, create Meg O’Neill CEO and Managing Director
Slide 9: Global scale, proven performance, advantaged growth
Global scale, proven performance, advantaged growth ASX: WDS | NYSE: WDS Woodside today Delivering growth into the 2030s 2024 20323 ~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% CA
Slide 10: Robust business built over decades
Robust business built over decades 1984 1999 2007 2013 2021 2023 2025 Domestic gas 1,000th 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 201
Slide 11: 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 12: Why invest in Woodside
Why invest in Woodside Woodside supplies energy to meet rising demand, 1 enabling 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 cycle Woodside offers tangible
Slide 13: 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 Continued strong track record of Major development projects Disciplined capital allocation safe and reliable operations focused on cost and schedule
Slide 14: Delivering sustainability and innovation outcomes
Delivering sustainability sustainabilityoutcomes and innovation outcomes North Rankin B Platform Pluto LNG FPSO Léopold Sédar Senghor Health, safety and Climate Indigenous cultural Environment and wellbeing On track to achieve our net heritage and biodiversity Continue to strengthen equity Scope 1 a
Slide 15: Performance built on operational excellence and safety focus
Maximise Deliver Create Performance built on operational excellence and safety focus Operational excellence Safety focus World-class reliability averaging >23 million exposure hours in 2024, Maximising returns through: ~98% at our operated LNG assets with no Tier 1 process safety events or permanent
Slide 16: 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 17: 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 18: Transformative sales and cash flow growth
Maximise Deliver Create Transformative sales and cash flow growth >50% sales growth to 20321 ~$9 billion net operating cash flow in 20321 Achieving growth through safe and reliable operations, high Portfolio mix of long-life, low-decline LNG assets coupled with reliability and major projects in exec
Slide 19: 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 Louisiana LNG M&A Capital allocation Trains 4-5 Beaumont New framework Tiebacks and Tiebacks and Ammonia Phase 2 Strategic optimisation partnering optimisation Hydrogen Al
Slide 20: Delivering consistent, reliable returns
Delivering consistent, reliable returns Strong dividends paid1 US cents per share (LHS), dividend yield % (RHS) 300 12% 10.6% Paying the top end of dividend range since 2013 250 10% 8.5% 8.0% Returned ~$11 billion to shareholders since 2022 200 8% 6.9% while reinvesting in projects for future cash g
Slide 21: Macroeconomic landscape
Macroeconomic landscape Growing global energy demand supports strong fundamentals across products Meg O’Neill CEO and Managing Director
Slide 22: Key messages
Key messages 1 Oil is anticipated to continue playing a significant role in the global energy mix Gas demand is expected to grow, with LNG playing an 2 increasing role in the global energy mix, supporting energy security while helping customers to achieve lower overall emissions1 Growing role for am
Slide 23: Global energy demand is expected to rise
Global energy demand is expected to rise Driving increased energy Increasing standards of consumption primarily in Growing population1 living for ~7 billion people1 developing nations1 Energy priorities include affordability, Population (billion) GDP (US$ trillion, RT2015) Primary energy (boe/person
Slide 24: Oil: strong fundamentals requires additional investment
Oil: strong fundamentals requires additional investment Global liquids demand and supply for onstream and current plans1 MMbbl/d 120 Demand Oil demand is forecast to remain resilient 100 as the world’s energy mix evolves 80 Ongoing investment is required due to decline from existing fields 60 Supply
Slide 25: LNG: robust short and long-term demand
LNG: robust short and long-term demand Global LNG supply and demand and regasification capacity1 Mtpa Continued short/mid-term demand from 1,600 high-quality counterparties Regasification capacity: operational and under construction Longer-term build out of regasification capacity 1,200 demonstrates
Slide 26: LNG can displace higher-emissions coal
LNG can displace higher-emissions coal Global coal consumption1 Asia Pacific energy consumption1 EJ EJ 180 160 Coal demand is continuing 140 Coal consumption Europe to grow in the Asia Pacific region, driving global 120 emissions growth Given the scale of the challenge, gas has a 100 significant opp
Slide 27: Case studies: growing gas demand in Asia
Case studies: growing gas demand in Asia Southeast Asia economic growth supports China gas demand is growing across all sectors LNG demand LNG can play a key role in meeting increased gas demand, Growth in GDP of >3.5%, coupled with declining domestic supply are especially in coastal regions valuing
Slide 28: Evolving trade flows underscore depth of long-term demand
Evolving trade flows underscore depth of long-term demand Number of countries importing and exporting LNG1 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 in
Slide 29: Global ammonia demand expected to double by 2050
Global ammonia demand expected to double to >400 Mtpa by 2050 Global ammonia demand1 Mtpa 450 Demand growth underpinned by existing end users switching from conventional to H2 New sectors, Power H2 carrier Marine lower-carbon ammonia lower-carbon generation fuels 300 Lower-carbon ammonia demand expe
Slide 30: Ammonia demand linked to regulatory environment
Ammonia demand linked to regulatory environment H2 Traditional: Traditional: Power Marine fuels H2 carrier 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 in
Slide 31: Key takeaways
Key takeaways Maximise: extracting value from base business 1 through our operational and delivery expertise, extending asset life, and driving efficiency Deliver: executing large-scale, cash-generative 2 growth projects across a diversified, global portfolio, which are critical to global energy sec
Slide 32: Capital management
Capital management Generating robust cash flow and taking disciplined approach to capital allocation Graham Tiver EVP and Chief Financial Officer
Slide 33: Key messages
Key messages Executing our strategy to maximise the value 1 of our base business and deliver disciplined, cash-generative growth Taking a prudent approach to expand into new 2 opportunities that will create durable value over the long term Maintaining a strong balance sheet to support our 3 investme
Slide 34: Strategic and disciplined capital management
Strategic and disciplined capital management Consistent unit cost focus Disciplined investment Actively managed Managing inflationary pressure, unit decisions balance sheet production cost <$8/boe1 Opportunities must meet capital Investment grade credit rating of Rationalised exploration and new all
Slide 35: Capital management framework to optimise value and returns
Capital management framework to optimise value and returns Special dividends Safe, reliable Strong Dividend Investment policy Share buy-backs and low-cost balance expenditure (minimum 50% operations sheet payout ratio) Future investment Excess cash Investment grade Maintain dividend based on NPAT ex
Slide 36: Generating strong operating cash flow across multiple scenarios
Maximise Deliver Create Generating strong operating cash flow across multiple scenarios1 Net operating cash flow $ billion 12 Sustained cash margin of 80%+ over the last 5 years, from consistent unit cost focus and strong asset 10 performance 8 >6% CAGR growth in net operating cash flow from high-qu
Slide 37: Delivering growth and resilience
Maximise Deliver Create Delivering growth and resilience Growth at $70 Brent, $10 JKM Resilience at $55 Brent, $7 JKM Sources and uses, 2026-2032 ($B)1 Sources and uses, 2026-2032 ($B)1 60 60 Delivering consistent and robust shareholder returns 50 Available 50 cash Cash available for dividends, shar
Slide 38: 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 FOCUS diversified growth, focusing on gas, including optionality for hydrogen carbon services t
Slide 39: Enhancing value through focused, high-return investments
Maximise Deliver Create Enhancing value through focused, high-return investments Forecast capital expenditure1 $ billion 9 Disciplined and measured investment, augmented with strategic partnering for capital Acquisitions2 optimisation 6 High-quality portfolio of additional future investment opportun
Slide 40: Actively managing balance sheet for growth and returns
Maximise Deliver Create Actively managing balance sheet for growth and returns Net debt and gearing1 $ billion (LHS), % (RHS) 10 30% Targeted gearing range of 10-20% through the cycle 8 Reducing debt levels following projects coming online creating opportunity to enhance returns 20% 6 Continued stro
Slide 41: Key takeaways
Key takeaways We are executing our strategy to maximise the 1 value of our base business and deliver disciplined, cash-generative growth 2 We are taking a strategic approach to opportunities that will create significant value over the long term During our disciplined reinvestment, we are 3 maintaini
Slide 42: 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 43: Key messages
Key messages Leveraging decades of experience operating 1 world-scale assets to enhance value and optionality of existing infrastructure Integrating assets to achieve efficiencies that help 2 meet growing global demand for LNG and drive even greater cash generation Innovating globally, utilising cor
Slide 44: Our Australian business
Our Australian business Sales 2024 to 20321 Base business Western Australia 140 Pluto LNG | North West Shelf | MMboe Scarborough | Wheatstone | Oil Operating base anchored by significant LNG projects including North West Shelf and ~100 MMboe Pluto LNG Decades of reliable supply to Asia Existing infr
Slide 45: 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 Execute brownfield Scarborough on cost and Integrated Scarborough, Pluto opportunities safely, on time schedule, bringing new, low-cost and NWS infrast
Slide 46: 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 47: 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 Portfolio optimisation: Chevron asset excellence Transitioning NWS to a long-term swap and Bass Strait opera
Slide 48: 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 September 20251 Approvals enable ongoing operations to 2070 and provide
Slide 49: 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 Start-up is expected in 2028; Gross resource of 118 MMboe1 Brownfield expansion with expected
Slide 50: Scarborough development overview
Maximise Deliver Create Scarborough development overview Scarborough floating OFFSHORE DEVELOPMENT production unit Pluto • 11.5 Tcf dry gas, gross1 platform Reservoir • 1,506 MMboe (2P, Woodside share)2 Floating production unit • 950m water depth (FPU) Subsea, umbilicals, risers • 8 wells at RFSU, 1
Slide 51: Scarborough: 91% complete, on track for first LNG H2 2026
Maximise Deliver Create Scarborough: 91% complete, on track for first LNG H2 20261 ▪ 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 52: 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 53: 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 54: Utilising our innovation for decarbonisation
Maximise Deliver Create Utilising our innovation for decarbonisation Flare assist gas reduction Power generation Helicopter gas mapping Reduced flaring at Karratha Gas Plant optimisation Helicopter-mounted methane sensors through optimisation of flare assist gas Woodside engineers monitor to detect
Slide 55: 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 56: 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 57: Key messages
Key messages Diversifying portfolio with international growth 1 projects that build on exceptional execution track record and leverage core capabilities Developing de-risked, advantaged Louisiana LNG 2 with best-in-class technology and proven formula to generate significant cash flow 3 Positioning f
Slide 58: Our International business
Our International business Sales 2024 to 20321 US Shenzi | Atlantis | Mad Dog Louisiana LNG >200 Base business MMboe Beaumont New Ammonia Established world-class oil assets complement Australian base Growth LNG Advancing world class oil, LNG and ammonia developments to generate future shareholder 54
Slide 59: 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 60: 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 61: 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 62: Delivering new cash-generative assets internationally
Maximise Deliver Create Delivering new cash-generative assets internationally Sangomar Beaumont New Ammonia Trion Louisiana LNG (Delivered first oil June 2024) (97% complete) (43% complete) (19% complete)1 Outstanding performance 1.1 Mtpa ammonia, long-life 100,000 bbl/day production capacity, 16.5
Slide 63: 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 lower-carbon ammonia in 20261,2 ▪ Initial production focused on traditional ammonia market ▪ Positioned for the growing lower-carbon ammonia mar
Slide 64: 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 65: Louisiana LNG: proceeding at pace
Maximise Deliver Create Louisiana LNG: proceeding at pace ▪ 19% complete (Q3 2025), first LNG targeted for 20291 ▪ 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 ▪ F
Slide 66: 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 Gas sourcing Transportation Liquefaction Shipping Portfolio sales End customers chain Abundant low-cost gas supply Established network Three-train, 16.5 Mtpa
Slide 67: 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 Offtake and 2018-2021 2021 SPAs signed with Bechtel contract, Additional portfo
Slide 68: 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 69: Key messages
Key messages Capturing value through competitively advantaged 1 global marketing and trading platform with clear strategy and risk management Generating incremental earnings through 2 integration across shipping, operations, marketing and trading activities Providing meaningful flexibility through p
Slide 70: Our growing portfolio
Our growing portfolio Sales 2024 to 20321 >300 MMboe Diversified marketing portfolio designed to capture value while maintaining resilience through market volatility 203.5 MMboe LNG Differentiated through asset quality, marketing capability, delivery to end customers and proximity to key demand cent
Slide 71: Growing portfolio unlocks greater value potential
Growing portfolio unlocks greater value potential Maximise Deliver Create performance from base business cash-generative assets future opportunities Leverage scale through presence in Contract positions balance upside Evaluating opportunities to build Atlantic and Pacific Basins exposure and revenue
Slide 72: 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 demand and cost advantage through layered contracts Growing portfolio through n
Slide 73: Portfolio evolution enables greater flexibility and optimisation
Maximise Deliver Create Portfolio evolution enables greater flexibility and optimisation LNG sales by volume1 Woodside’s LNG sales have evolved from project to 100% Louisiana portfolio Portfolio LNG Increased ability to optimise across the portfolio 75% Wheatstone Pluto Portfolio Expanded APAC focus
Slide 74: Portfolio pricing diversity provides resilience and flexibility
Maximise Deliver Create Portfolio pricing diversity provides resilience and flexibility Current LNG and portfolio indexation 2026-20351 LNG portfolio Total portfolio ~5% ~5% Urea/Ammonia Proactively manage price index exposure ~20% ~10% based on market signals ~5% Uncommitted volumes ~35% Flexibilit
Slide 75: 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 Asia 5 years (winter dema
Slide 76: 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 to end 2026 and multiple vessels on short ~13 days and mid-term charter as required ~23
Slide 77: 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 Exercise contract options Utilise shipping length Optimise supply portfolio can capture opportunities consistently Increase volumes delivered under Div
Slide 78: 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 79: 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 80: Closing remarks
Vv Woodside Energy Closing remarks
Slide 81: 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 decarbonisation goals 2024 20321 ~19 Mtpa ~40 Mtpa Current operated LNG Constructed and operated liquefaction capa
Slide 82: Break
Vv Woodside Energy Break
Slide 83: Q&A
Vv Woodside Energy Q&A
Slide 84: Annexure
Vv Woodside Energy Annexure
Slide 85: 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 2024 EBITDA margin (%)1 Last 12 months yield2 % gas in portfolio3 80% 15% Dividend
Slide 86: Scarborough: integrated gas flows
Scarborough: integrated gas flows Integrated gas flows1 Period Scarborough gas flows Pluto gas flows ▪ 5 Mtpa in Pluto Train 1 H2 2026 ▪ 5 Mtpa in Pluto Train 2 ▪ Additional flow through Processing up to 8 Mtpa of Scarborough Pluto-KGP Interconnector2 gas (7 Mtpa until Pluto decline) H1 2027 ▪ 3 Mtp
Slide 87: Louisiana LNG structure
Louisiana LNG structure Driftwood Pipeline LLC GasSupplyCo Louisiana LNG LLC LNG offtake (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 88: Investing today for transformative growth
Maximise Deliver Create Investing today for transformative growth Adjusted free cash flow1,2 $ billion Post Louisiana LNG Train 1 start-up in 2029, cash flows 6 are expected to generate long-term value 5 Near-term capital allocation choices increasing long- 4 duration cash flows and long-term value
Slide 89: 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 70 85 55 to 200 PJ of sales gas (100% share) 1 real-terms 20242 Scarborough: five additiona
Slide 90: 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 91: Glossary
Glossary $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars DES Delivery ex ship 1P Proved reserves DTA Deferred tax asset Net cash from operating activities and net cash from investing activities, adjusted to remove non- EBIT Calculated as a profit before income t
Slide 92: 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 93: 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 purchased or otherwise brought into the organisational bo
Slide 94: Head Office: Woodside Energy
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