Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — FY2025 Earnings Presentation
44 slides from Woodside Energy's earnings presentation, Feb 24, 2026
Slide 1: Full-Year 2025 Results Briefing
Full-Year 2025 Results Briefing 24 February 2026 www.woodside.com
Slide 2: Disclaimer, important notes and assumptions
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 date of this presentation and, exce
Slide 3: Disclaimer, important notes and assumptions (continued)
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 reports its Proved (1P) Reserves in a
Slide 4: Notes to petroleum reserves and resources
Notes to petroleum reserves and resources Unless otherwise stated, all petroleum resource estimates are quoted as at the effective date of 31 December 2025, net Woodside share. For details of Woodside’s year end 2025 reserves position, see the Reserves and Resources Statement included in the 2025 An
Slide 5: Strong results from disciplined execution
Strong results from disciplined execution $2.7 billion Net profit after tax (NPAT), $2.6 billion underlying NPAT4 $9.3 billion EBITDA4 $1.9 billion Free cash flow4 2025 key statistics Achieved record production with zero high-consequence injuries Delivered strong shareholder returns; total full-year
Slide 6: Generated $2.1 billion of dividends while investing in future growth
Generated $2.1 billion of dividends while investing in future growth Maximise Deliver Create ~98% Operated LNG reliability $7.8/boe Unit production cost First production Achieved at Beaumont New Ammonia 94% Scarborough completion On budget and on track for first LNG cargo Q4 20261,2 50% Trion comple
Slide 7: Improved safety performance
Improved safety performance 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 HCI was defined as an injury where the individual does not return to full health within six m
Slide 8: Driving value from base business
Driving value from base business Average five-year operated LNG reliability ~98%, supporting reliable deliveries to end-customers Reduced unit production cost demonstrates cost discipline and high-quality asset base Maximising value through infill drilling (e.g. Pluto, Bass Strait, Shenzi) and optim
Slide 9: Sangomar: continued to deliver exceptional performance
Sangomar: continued to deliver exceptional performance Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Consists of Sangomar FY2024 EBITDA of $849 million and FY 2025 EBITDA of $1,702 million. Includes -3.1 MMboe change to proved (1P) fuel reserves.
Slide 10: Beaumont New Ammonia: achieved first ammonia December 2025
Beaumont New Ammonia: achieved first ammonia December 2025 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 2028 to 2030 during assumed steady state
Slide 11: Scarborough: 94% complete, on budget and on track
Scarborough: 94% complete, on budget and on track1 As at 31 December 2025. Excludes Pluto Train 1 modifications. Completed drilling campaign for all eight development wells with reservoir quality in line with pre-drill expectations Floating production unit (FPU) arrived at Scarborough field in Janua
Slide 12: Trion: 50% complete, on budget and targeting first oil in 2028
Trion: 50% complete, on budget and targeting first oil in 20281 As at 31 December 2025. Advanced FPU and floating storage and offloading facility (FSO) construction with the FPU hull nearing completion and first steel cut for FSO Granted regulatory approval of HSE management system, the final author
Slide 13: Louisiana LNG: on budget and targeting first LNG in 2029
Woodside Louisiana LNG site Louisiana LNG: on budget and targeting first LNG in 2029 22% completion for total foundation project. Train completions as at 31 December 2025: Train 1 (28%), Train 2 (18%), Train 3 (13%). Woodside’s total capital expenditure for the Louisiana LNG Project is expected to b
Slide 14: Underpinned by our focus and commitment to sustainability
Underpinned by our focus and commitment to sustainability Net equity Scope 1 and 2 emissions, MtCO2-e Achieved 2025 net equity Scope 1 and 2 GHG emissions reduction target of 15% below starting base1 Zero high consequence injuries and reduction in process safety events Supported Indigenous-led nomin
Slide 15: Oil: continued robust outlook
Oil: continued robust outlook Wood Mackenzie Macro Oils Investment Horizon Outlook (October 2025). Wood Mackenzie Macro Oil Investment Horizon Outlook (November 2025) and Wood Mackenzie Oil Supply Tool (Long Term H2 2025). Includes oil and NGLs. Oil demand is forecast to remain resilient as the worl
Slide 16: LNG: robust outlook and ongoing sales
LNG: robust outlook and ongoing sales 2025 2030 2035 2040+ JAPAN 0.4 Mtpa to JERA over 10 years KOREA 0.5 Mtpa to KOGAS for 10.5 years GERMANY/NETHERLANDS 0.8 Mtpa to UNIPER up to 2039 CHINA 0.6 Mtpa to China Resources for 15 years MALAYSIA 1.0 Mtpa to Petronas for 15 years TÜRKIYE ~0.5 Mtpa to BOTA
Slide 17: A business building resilience across cycles
World-class assets | Operational excellence | Project delivery | Trusted supplier | Financial discipline A business building resilience across cycles Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Indicative, not guidance and as outlined on slides
Slide 18: Capital management
Graham Tiver EVP and Chief Financial Officer Capital management Maintaining disciplined capital allocation and strong balance sheet
Slide 19: Creating future value through disciplined capital management
Creating future value through disciplined capital management Consistent cost focus Disciplined cost management reducing unit production cost year-on-year Delivered over $200 million in cost reductions in 2025 Delivering maintenance campaigns on schedule and budget Driving structural cost reductions
Slide 20: Capital management framework
Capital management framework Excess cash Safe, reliable and low-cost operations Investment expenditure Strong balance sheet Dividend policy (minimum 50% payout ratio) Special dividends Share buy-backs Investment grade credit rating2 Maintain dividend based on NPAT excluding non-recurring items, targ
Slide 21: Outstanding EBITDA performance
Outstanding EBITDA performance $9.3 billion EBITDA and >70% EBITDA margin underpinned by outstanding Sangomar production performance and consistent cost focus1 Strong EBITDA performance driven by increased production and high-quality asset base Marketing segment contribution of ~8% to EBIT1 Strong u
Slide 22: Strong balance sheet positioned to navigate volatility
Strong balance sheet positioned to navigate volatility Liquidity of $9.3 billion supports capital commitments and shareholder returns1 Gearing of 18.2% within target range (10 – 20%) and net debt/EBITDA of 0.9x1 $2.3 billion received from Stonepeak and Williams on completion of Louisiana LNG sell-do
Slide 23: Delivering consistent, reliable returns
Delivering consistent, reliable returns Declared final dividend of $1.1 billion, 59 US cps fully franked Paying at the top end of dividend target range since 2013 Returned ~$11 billion (568 US cps) to shareholders since merger completion in 2022 while reinvesting in projects for future cash generati
Slide 24: Close 2026: Continuing to execute strategy
Liz Westcott Acting Chief Executive Officer Close 2026: Continuing to execute strategy
Slide 25: Disciplined delivery focused on value
Disciplined delivery focused on value Operate base business safely, reliably and efficiently Safely execute Pluto Train 1 major turnaround Layer sales and progress offtake Ramp-up Beaumont New Ammonia Deliver first LNG cargo from Scarborough Progress Louisiana LNG (including sell-downs) and Trion Pr
Slide 26: Q&A
v Woodside Energy Q&A
Slide 27: Annexure
v Woodside Energy Annexure
Slide 28: Why invest in Woodside
Why invest in Woodside 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 value to shareholders through the cycle 3 Woodside offers tangibl
Slide 29: Delivering our strategy
Continued strong track record of safe and reliable operations Monetising through portfolio and marketing optimisation Major development projects focused on cost and schedule Strategic partnering and customer relationships Disciplined capital allocation and balance sheet management Actively refining
Slide 30: Strong financial performance
Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Refer to slide 32 (NPAT reconciliation) of this presentation for the list of specific items for FY25. The calculation has been updated to adjust for contributions from/(to) NCI and lease repayments. Th
Slide 31: Net profit after tax reconciliation
Net profit after tax reconciliation 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 Pre-tax net hedge gains Pre-tax embedded derivative impact Pre-tax impairment on H2OK Proj
Slide 32: Five-year trends: key financial metrics
$ billion $ billion Five-year trends: key financial metrics Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. 2025 NPAT adjustments include the recognition of a Louisiana LNG DTA ($182 million) offset by H2OK Project impairment loss ($113 million). Re
Slide 33: Five-year trends: cash flow
$ billion $ billion Five-year trends: cash flow 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 ca
Slide 34: Resilient cash margin
Resilient cash margin 80% cash margin in 2025 amid lower commodity prices1 Sustained cash margin of 80% for more than 5 years Non-IFRS financial measures. Refer to the glossary section of this presentation for the definition. Cash margin1 Cash margin (%) Cash margin Production costs Other cash costs
Slide 35: Actively managed debt portfolio
Actively managed debt portfolio Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. As at 31 December 2025. Continued access to debt markets, receiving strong support with $3.5 billion US bond issuance Executed a new $1.2 billion multi-tranche syndicate
Slide 36: Strong contribution to global economies
Strong contribution to global economies Based on the Australian Taxation Office’s 2023-2024 report of entity tax information released in October 2025 (data.gov.au/). Includes Trinidad and Tobago and Senegal production entitlements, which are paid in-kind. Excludes all Australian taxes. For the FY
Slide 37: Asset tables
Asset tables Asset Operating revenue $ million EBITDA1 $ million Depreciation and amortisation2 $ million EBIT1 $ million Capital expenditure1,3 $ million Production costs $ million Australia North West Shelf 1,554 1,287 571 716 214 175 Pluto 3,419 2,743 810 1,933 238 385 Wheatstone 748 603 354 249
Slide 38: 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 corporate, new energy projects that have not yet reached FID and other. Capital additi
Slide 39: Realised price
Realised price Excludes any additional benefit attributed to produced LNG through third-party trading activities. Realised prices exclude the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. The 2024 comparative has been restated to be presented on the same
Slide 40: 2026 full-year guidance
2026 full-year guidance Item Guidance Comments Volumes MMboe 172 – 186 Includes production volumes from hydrocarbons of 170 – 183 MMboe and Beaumont New Ammonia volumes of 2 – 3 MMboe. Pluto LNG train 1 major turnaround in Q2 2026, duration approximately 5 weeks. Gas hub exposure1 % ~ 30 Capital exp
Slide 41: Glossary
Glossary $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars 1P Proved reserves AASB S2 Australian Accounting Standards Board S2 Climate-related Disclosures sets out disclosure requirements for an entity to provide useful information to primary users of its general
Slide 42: Glossary
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.au/markets/reports-and-data/corpor
Slide 43: Glossary
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 Disclosures Prototype. Appendix A. O
Slide 44: Full-Year 2025 Results Briefing
Full-Year 2025 Results Briefing