Third Quarter 2026 Report

ASX: WDS | NYSE: WDS

Wednesday, 21 October 2026

• Achieved $84/boe realised LNG price during Q3 2026, an increase of 27% compared to Q2 2026 reflecting price lags from Q2 2026, realised values from LNG portfolio optimisation undertaken in Q2 2026 and stronger gas hub market pricing.

• Delivered quarterly operating revenue of $4,281 million, up 2% on Q2 2026 from strong LNG performance offset by lower average realised pricing from the liquids portfolio.

• Delivered quarterly production volumes of 46.2 MMboe (503 Mboe/d), up 12% from Q2 2026 reflecting higher production from Pluto LNG following turnaround and maintenance activities completed in Q2 2026.

• Achieved operational reliability of greater than 99% at Sangomar, NWS Project LNG and Pluto LNG.

• Completed NWS single train planned major turnaround campaign on schedule and budget.

  Project highlights

• The Scarborough Energy Project was 99% complete and remains on budget and on track for first LNG cargo this year.

• The Trion Project was 71% complete at quarter end and remains on budget, with floating production unit (FPU) fabrication advancing to 96% completion, targeting first oil in 2028.

• The Louisiana LNG Project remains on budget, targeting first LNG in 2029. It is 32% complete with Train 1 41% complete.

  Business and portfolio highlights

• Entered into an agreement to sell Woodside's 70% operated interest in the Calypso Project to bp.

• Completed the strategic review of Beaumont New Ammonia (BNA) and will initiate a formal process to reduce Woodside's investment and achieve value for shareholders.

  2026 full-year guidance	Prior	Current	Comment
  Total production volumes1 MMboe	174-185	174-181
  Gas hub exposure2 %	~30	No change
  Capital expenditure3 $ million	4,000-4,500	No change
  Abandonment expenditure $ million	500-800	No change
  Exploration expenditure $ million	~200	No change
  Production costs $ million	1,500-1,800	No change
  Feed gas, services and $ million processing costs	500-600	No change
  Property, plant and equipment $ million depreciation and amortisation	4,200-4,700	No change

  • Beaumont New Ammonia volumes revised to 1.5-2.5 MMboe

  • Narrowing of window for Scarborough first LNG cargo

  • Reduced production at Okha FPSO

  • Completion of start-up and performance testing of Julimar Development Phase 3 in September

  1 Total production volumes includes 1.5-2.5 MMboe from Beaumont New Ammonia (prior guidance included 2-3 MMboe).

  2 Gas hub indices include Japan Korea Marker (JKM), Title Transfer Facility (TTF) and National Balancing Point. It excludes Henry Hub. Presented on a 3-year average for 2026-2028. Includes binding sales and purchases agreements only, Woodside's equity share of Scarborough and Pluto LNG, Corpus Christi offtake volumes and assumes the Chevron asset swap is completed.

  3 Capital expenditure is reported on the basis of Woodside's net ownership interests for each project as at 30 September 2026. Louisiana LNG (90% Louisiana LNG LLC, 60% Louisiana LNG Infrastructure LLC and 20% Driftwood Pipeline LLC) capital expenditure adjusted for the cash contributions from Stonepeak Wallaby I Acquiror LP (Stonepeak) and Williams Louisiana LNG LLC (Williams). Scarborough (74.9% participating interest) and Pluto Train 2 (51% participating interest). Trion (60% participating interest). Excludes the final acquisition completion payment for Beaumont New Ammonia of $470 million. Completion of the asset swap with Chevron assumed to occur in Q4 2026.

  Woodside CEO Liz Westcott said the strong third quarter performance reflected the company's highly reliable operations and disciplined execution of major growth projects.

  "Amid ongoing volatility in global energy markets, we have remained a reliable supplier to our customers. Increased quarterly operating revenue reflected increased production and strong realised prices.

  "We delivered quarterly production of 46.2 million barrels of oil equivalent, up 12% from the previous quarter following the successful completion of the Pluto LNG turnaround in the second quarter and the NWS turnaround in the third quarter.

  "We maintained outstanding reliability across our global portfolio, with reliability of 99.8% at Pluto LNG and 99.3% at the NWS Project in Australia, and 99.2% at Sangomar in Senegal.

  "We recorded three process safety events during the quarter. Safety remains our highest priority and we are focused on applying the lessons learned from these incidents and strengthening our controls in this vitally important area.

  "We continued executing our major growth projects to budget and schedule. The Scarborough Energy Project is now 99% complete, with gas from the Scarborough reservoir introduced into the FPU and exported into the trunkline during the quarter. We remain on track for first LNG cargo this year.

  "The Trion Project is now 71% complete and targeting first oil in 2028. Fabrication of the FPU is well advanced, with integration and pre-commissioning activities underway.

  "Louisiana LNG is targeting first LNG in 2029, with construction progressing across all three trains and the project 32% complete.

  "We continued to optimise our portfolio through the ongoing integration of the Gippsland Basin assets and divestment of our operated interest in the Calypso Project. Following completion of the Beaumont New Ammonia strategic review, we will now initiate a formal process to reduce our investment and achieve value for our shareholders. These actions demonstrate our disciplined approach to portfolio management and capital allocation, with a clear focus on investments that deliver long-term shareholder value.

  "We remain committed to supplying Australia's domestic gas market and are assessing our plans for four proposed development wells in the Bass Strait. Development will depend on technical assessments and the implications of the Federal Government's domestic gas reservation scheme."

  Comparative performance at a glance

  		Q3 2026	Q2 2026	Change %	Q3 2025	Change %	YTD 2026	YTD 2025	Change %
  Operating revenue	$ million	4,281	4,185	2%	3,359	27%	11,727	9,949	18%
  Production volumes4	MMboe	46.2	41.3	12%	50.8	(9%)	132.7	149.9	(11%)
  Gas	MMscf/d	1,697	1,326	28%	1,827	(7%)	1,534	1,831	(16%)
  Liquids	Mbbl/d	202	214	(6%)	231	(13%)	212	228	(7%)
  Ammonia	kT/d	0.8	1.8	(56%)	-	-%	1.3	-	-%
  Total	Mboe/d	503	454	11%	552	(9%)	486	549	(11%)
  Sales volumes5	MMboe	51.1	48.0	6%	55.1	(7%)	150.9	159.9	(6%)
  Gas	MMscf/d	2,043	1,672	22%	2,122	(4%)	1,910	2,049	(7%)
  Liquids	Mbbl/d	193	227	(15%)	226	(15%)	213	226	(6%)
  Ammonia	kT/d	1.0	2.1	(52%)	-	-%	1.3	-	-%
  Total	Mboe/d	555	528	5%	599	(7%)	553	586	(6%)
  Average realised price	$/boe	84	85	(1%)	60	40%	77	61	26%
  Capital expenditure and acquisitions Capital expenditure6 Acquisitions	$ million $ million $ million	722	784	(8%)	1,323	(45%)	2,829	3,881	(27%)
  		722	784	(8%)	1,323	(45%)	2,359	3,881	(39%)
  		-	-	-%	-	-%	470	-	-%

  Operations Pluto LNG

• Achieved quarterly LNG reliability of 99.8%.

• Preparation for the subsea tie-in and commissioning of the XNA-03 infill well continued ahead of targeted start-up in Q4 2026.

  North West Shelf Project

• Achieved quarterly LNG reliability of 99.3%.

• Completed single LNG train planned turnaround campaign in September 2026 on budget and schedule.

• Hearings on three legal proceedings in the Federal Court of Australia associated with the NWS Project Extension Commonwealth environmental approvals were held in July 2026, with the decisions reserved. A separate proceeding concerning the State environmental approval remains before the Supreme Court of Western Australia, with a hearing scheduled for Q4 2026.

• The NWS Project is continuing with infrastructure retirement planning at Karratha Gas Plant (KGP) while maintaining the capacity to provide processing services for third-party gas. Planning is underway to retire a second LNG train in 2027 subject to relevant approvals.

  Wheatstone and Julimar-Brunello

• Progressed towards asset swap transaction completion, including the satisfaction of certain conditions precedent relating to the following:

  • Completion of the Julimar Development Phase 3 project, with start-up and performance testing of the final development wells completed in September 2026.

  • Completion of decommissioning of three Julimar-Brunello exploration wells, and wellhead severance of a further two previously-abandoned exploration wells.

• Subject to the receipt of all regulatory approvals, the asset swap transaction continues to target completion in Q4 2026.7

  4 Percent change in total production may differ from percent change in daily production due to the number of days in each quarter.

  5 Restated additional volumes of 0.09 MMboe in Q3 2025 and 0.28 MMboe in YTD 2025 to reflect a revised MMBtu to boe conversion factor.

  6 Louisiana LNG YTD 2026 project spend includes $185 million of prepayments recognised in investing cash flow that are recoverable through partner cash calls but are not yet recognised as capital expenditure.

  7 Completion of the transaction is subject to the remaining conditions precedent. See "Woodside simplifies portfolio and unlocks long-term value" announced on 19 December 2024.

  Bass Strait

• Achieved quarterly reliability of 91%.

• Achieved completion of the five Turrum Phase 3 Project development wells with first production targeting H1 2027.

• Progressed integration of the Gippsland Basin assets into Woodside's operated portfolio following transfer of operatorship from ExxonMobil on 1 July 2026.

  Other Australia

• Following remediation of a subsea mooring system defect and successful FPSO reconnection, production resumed at Okha, with ongoing well assessment supporting further production restoration.

• Subsequent to the period, the Pyrenees floating production storage and offloading (FPSO) disconnected ahead of scheduled shipyard activity in Q4 2026.

  Sangomar

• Achieved an average daily production rate of 94 Mbbl/d (100% basis, 73 Mbbl/d Woodside share) with reliability of 99.2%.

• Production rate reflects natural field decline and reduced production sharing contract (PSC) net entitlement following recovery of 100% Woodside-funded pre-FID costs.

  Gulf of America

• Achieved quarterly reliability of 94.3% at Shenzi.

• Executed a planned shutdown at Shenzi in July 2026 and a three-well intervention campaign in August 2026.

• Atlantis achieved start-up of the Major Facility Expansion (MFX) project, bringing the first of two water injectors online. The project added subsea infrastructure, wells and upgraded water injection equipment.

  Beaumont New Ammonia

• BNA suspended operations for approximately 30 days following a Tier 1 process safety event. There were no injuries to personnel or damage to equipment and no lasting impact to the environment. The facility was safely restarted following completion of an internal investigation and implementation of appropriate actions.

• Production during the quarter was constrained to 69% of nameplate capacity due to third-party feedstock availability and the 30 day shut down. Third-party cargoes were sourced to satisfy customer commitments on similar financial terms.

• Commencement of lower-carbon ammonia production remains targeted for 2027, subject to commissioning of Linde's low-carbon hydrogen facilities and start-up of ExxonMobil's carbon capture and storage (CCS) infrastructure. During the quarter, the Texas Railroad Commission voted to approve the permit for ExxonMobil's Rose carbon storage project, moving it into the final stages of a multi-year regulatory process.

• Completed the strategic review of BNA. In light of the evolving pace of lower-carbon ammonia market development, Woodside will initiate a formal process to reduce its investment in BNA investment and achieve value for shareholders.

  Marketing Revenue and trading

• Strong marketing performance reflected the realisation of value from LNG portfolio optimisation undertaken in Q2 2026, with revenue recognised as cargoes were delivered in Q3 2026.

• Average realised LNG prices improved quarter-on-quarter, reflecting the realisation of price lags from Q2 2026 and stronger gas hub market pricing in the lead up to northern hemisphere winter months.

• Approximately 33% of LNG sold was linked to gas hub indices during the quarter.

• The impact of crude supply disruptions softened during the quarter as export flows recovered and market balances improved, resulting in lower market prices for crude oil and weaker realised premiums for the liquids portfolio (oil, condensate and liquids traded).

  Pipeline gas

• Executed incremental pipeline gas sales of:

  • 12.9 PJ to be delivered to the Western Australian market from 2027 to 2029

  • 18.4 PJ to be delivered to the East Coast market from 2026 to 2028.

• Progressed expression of interest for 20 PJ of Bass Strait supply and finalised a number of 2027 and 2028 offers during the period.

  Projects Scarborough Energy Project

• The Scarborough and Pluto Train 2 projects remain on budget and were 99% complete at the end of the quarter (excluding Pluto Train 1 modifications).

• The FPU and subsea production system commissioning and start-up activities continued, including well clean-up and export of gas to pressurise the trunkline. Well clean-up results are in line with reservoir and well performance expectations.

• Completed all mechanical runs of Pluto Train 2 compressors and, subsequent to the period, Scarborough gas was introduced to the warm end (gas pre-treatment) of the LNG train. Activities in the cold end continue to progress, which will enable the commencement of gas liquefaction.

• Following the Pluto Train 1 planned major maintenance campaign in Q2, modifications to Pluto Train 1 which will allow processing of Scarborough gas continued. The final module arrived onsite with activities focused on module hook-up and integration.

• First LNG cargo is on track for Q4 2026.

  Trion

• The Trion Project remains on budget and was 71% complete at the end of the quarter.

• Advanced the drilling campaign, with 10 of 24 wells drilled and the first subsea tree installed.

• Delivered subsea equipment and disconnectable turret mooring (DTM) buoy to Mexico and commenced offshore installation.

• The FPU fabrication reached 96% completion, with integration and pre-commissioning activities underway.

• Progressed floating storage and offloading vessel construction, including completion of DTM turret integration into the hull.

• The project is targeting first oil in 2028.

  Louisiana LNG

• The Louisiana LNG Project remains on budget and was 32% complete at the end of the quarter.

• LNG terminal construction advanced across marine, site works and LNG tanks, with LNG Tank 1 wall concrete reaching 50% completion.

• Train 1 was 41% complete at the end of the quarter, with structural steel and above-ground piping installation progressed.

• Trains 2 and 3 were 27% and 22% complete respectively at the end of the quarter, with above-ground piping installation commenced for Train 2 and first concrete foundation poured for Train 3.

• Structural steel supply challenges associated with ongoing disruptions in the Middle East continue to be mitigated through alternative logistics routes and fabrication sources.

• Ongoing engagement with high-quality counterparties for equity participation and LNG offtake continues.

• The project is targeting first LNG in 2029.

  Hydrogen Refueller @H2Perth

• Ready for start-up was achieved and commissioning activities continued onsite with first hydrogen production targeting Q4 2026.8

  Decommissioning

• Completed the plug and abandonment (P&A) of five wells in the Julimar-Brunello and NWS gas fields.

• Commenced offshore wellhead severance across the NWS gas, NWS oil and Julimar-Brunello fields, with nine wellheads removed.

  8 The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government's Renewable Hydrogen Strategy.

• Continued progress across the Gippsland Basin Joint Venture wells P&A campaign, including conductor recovery activities at the Cobia field, completion of preparatory work for the Snapper campaign and commencement of the Barracouta A P&A campaign.

• Progressed execution readiness for the offshore Echo Yodel pipeline removal campaign.

• Submitted and secured NOPSEMA acceptance of Enfield decommissioning project close-out documentation.

  Development and exploration Browse

• The Browse to North West Shelf Project continues to advance technical definition, regulatory approvals and commercial agreements as part of pre-front end engineering design activities.

• Continued engagement with regulators to progress environmental approvals. Following submission of the revised Environmental Protection and Biodiversity Conservation Act 1999 referral, the Commonwealth regulator has determined that the Browse Carbon Capture and Storage (CCS) Project will be assessed by Environmental Impact Statement.

• Progressed market engagement for the design and construction of the FPSO facilities and engineering studies of downstream modifications required for processing Browse gas at Karratha Gas Plant.

  Sunrise

• The Sunrise Joint Venture reached alignment with the Governments of Timor-Leste and Australia on the key principles underpinning a new Greater Sunrise PSC and associated fiscal framework.

• The terms of the existing PSCs (JPDA PSC 03-19 and JPDA PSC 03-20) were extended to 31 March 2027 to facilitate implementation of the new PSC arrangements.

  Calypso

• On 6 August 2026, Woodside entered an agreement to sell its 70% operated interest in the Calypso Project to bp.9

• All key conditions precedent have now been met, with completion of the transaction targeting Q4 2026.

  Exploration

• The Nasim-1X well, operated by ENI, was spud on the Tiba license in Egypt in August 2026 and drilling activities are ongoing. Woodside holds a 40% non-operated interest.

• Woodside was awarded one lease in the US Gulf of America where Woodside was the successful bidder from the Big Beautiful Gulf 3 Lease Sale held in August 2026.

• Entered a non-binding memorandum of understanding with Petrόleos Mexicanos (PEMEX) to evaluate deepwater opportunities in the Gulf of Mexico.

  Corporate activities Cost reduction

• Woodside continued to progress the cost reduction program during the quarter, focused on improving efficiency and productivity.

• Initiatives underway include simplifying organisational structures, improving maintenance and contracting processes, and expanding the use of automation and AI.

• The program is targeting to deliver a US$350 million structurally lower recurring cost base against the 2025 baseline from 2028.

  Climate and sustainability

• Three process safety events were recorded during the quarter.

  • A Tier 1 event at BNA (refer to the BNA section for details).

  • Two Tier 2 events involving:

    • a marine diesel oil release during flushing operations at Okha, which had no environmental impact as the release was contained.

    • a methane release from pipework during turnaround activities at KGP.

      9 Completion of the transaction is subject to the remaining conditions precedent. See "Woodside rationalises global portfolio with Calypso divestment".

• The Sam Houston Jones State Park Project, a voluntary environmental and biodiversity restoration initiative located 15 miles from LALNG, has progressed, with approximately 50% of site preparation completed ahead of seedling planting.

  Hedging

• As at 30 September 2026, approximately 87% of the 30 MMboe of 2026 oil-linked production previously hedged (at an average price of $74.23 per barrel) had been cash settled. No additional oil-linked corporate hedges were entered during the quarter and the 2027 hedge position of 10 MMboe remains unchanged.

• Continued to utilise Henry Hub and TTF commodity swaps in connection with overall management of Corpus Christi LNG volumes.

• For 2026 year to date, hedge settlements resulted in a net cash outflow of approximately $565 million, and a reduction to pre-tax profit of $519 million. Cash settlements on oil-linked hedges occur in advance of the related profit and loss impact, resulting in temporary differences.

  Embedded commodity derivative

• In 2023, Woodside entered a revised long-term gas sale and purchase contract with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model.

• As there is no long-term urea forward curve, TTF continues to be used as a proxy to simulate the value of the derivative over the life of the contract.

• For 2026 year to date, an unrealised pre-tax loss of approximately $179 million is expected to be recognised through other expense.

  Funding and liquidity

• During the quarter Woodside paid a fully franked dividend of $1,084 million and an $800 million bond maturity in September.

• As at 30 September 2026, Woodside had liquidity of approximately $7,800 million and net debt (including lease liabilities) of approximately $8,900 million.

  Capital Markets Day

• Woodside's 2026 Capital Markets Day will be held on Thursday, 5 November 2026, commencing at 10:00 am AEDT/7:00 am AWST/5:00 pm CST (Wednesday, 4 November 2026).

• A live webcast of the Australian event will be available on Woodside's website at https:// meetings.lumiconnect.com/300-191-159-742.

• This will be followed by a US Capital Markets Day on 12 November 2026 in New York.

INVESTORS MEDIA REGISTERED ADDRESS

Woodside Energy Group Ltd

ACN 004 898 962

Vanessa Martin Dan Pagoda

M: +61 477 397 961 M: +61 482 675 731

E: investor@woodside.com E: dan.pagoda@woodside.com

This announcement was approved and authorised for release by Woodside's Disclosure Committee.

Mia Yellagonga 11 Mount Street

Perth WA 6000

Australia T: +61 8 9348 4000

https://www.woodside.com

10 Feed gas volumes purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector are reported under Production (processing). Comparatives have been restated on the same basis.

11 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

12 Overriding royalty interests held in the USA for several producing wells.

13 Feed gas volumes purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector, and represents 10% of Pluto-KGP Interconnector volumes.

14 Beaumont New Ammonia production volume is 72.4 kT in Q3 2026 and 351.3 kT in YTD 2026.

15 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.