WDS

Interested in Woodside Energy Group Ltd? Here are five stocks we like better. Strong first-half performance: Woodside reported $1.3 billion in underlying net profit, $4.6 billion in EBITDA and $3 billion in operating cash flow, while declaring a fully franked interim dividend of $0.57 per share. Major projects remain on track: Scarborough reached 98% completion and is targeted for first LNG in the fourth quarter of 2026, while Trion and Louisiana LNG remain on schedule for 2028 and 2029 milestones, respectively. Woodside is also seeking additional Louisiana LNG partners to reduce its 57% capital exposure. Sharper focus on returns and costs: The company launched a program targeting $350 million in annual structural savings from 2028 and is reviewing Beaumont New Ammonia. It also abandoned its previous $5 billion new-energy investment target and retired its Scope 3 investment and emissions-abatement targets, while retaining its 2030 Scope 1 and 2 reduction goal. Woodside Energy Group (NYSE:WDS) reported first-half 2026 production of 86.5 million barrels of oil equivalent and underlying net profit after tax of $1.3 billion, as the company advanced its Scarborough, Trion and Louisiana LNG projects while outlining a new cost-reduction program and a more selective approach to new-energy investments. Chief Executive Officer Liz Westcott, delivering her first results presentation as CEO, said Woodside generated $4.6 billion in EBITDA, $3 billion in operating cash flow and $352 million in free cash flow during the half. The board declared a fully franked interim dividend of $0.57 per share, at the top end of the company’s targeted payout range. → 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run Westcott said Woodside’s results were supported by reliable operations despite cyclone-related production effects and a planned turnaround at Pluto. The company recorded one high-consequence injury during the period, while reporting no Tier 1 or Tier 2 process-safety events. Woodside said its Scarborough Energy project was 98% complete at the end of the half and remains on schedule and budget for its first LNG cargo in the fourth quarter of 2026. Subsequent to the reporting period, the project’s floating production unit reached ready-for-startup status and achieved first gas. → 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs At Pluto Train 2, Woodside completed mechanical runs on three of six liquefaction compressors. The company is continuing commissioning work, including bringing wells online, pressurizing the trunk line and introducing gas into onshore facilities. The Trion oil project offshore Mexico was 64% complete and remains targeted for first oil in 2028. Engineering for the floating storage and offloading facility is progressing, while subsea installation is scheduled to begin in the third quarter of 2026. → 2 Biotech Stocks Shaping Up for Major Breakouts Louisiana LNG was 28% complete at the end of the half. Train 1 was 35% complete, with the first mechanical equipment installed, while construction also began on Train 2 structural steel. Westcott said the project remains on schedule and budget. She added that Bechtel’s steel fabrication activities in the Middle East had not been disrupted, though the contractor was using alternative supply routes and had other fabrication options. Woodside continues to seek additional Louisiana LNG partners and LNG offtake agreements. Westcott said the company has received strong interest but is taking a patient approach to securing “high-quality partners” for the long-term investment. Stonepeak and Williams have already joined the project, reducing Woodside’s capital exposure to 57% of the total investment, or $9.9 billion, according to the company. Woodside exercised a preemption right during the half that will increase its equity interest in Browse upon completion. Westcott said the company’s ownership in both the Browse resource and North West Shelf onshore infrastructure supports an integrated development concept, though Browse remains in pre-FEED and Woodside did not provide a timeline for a final investment decision or an estimated capital cost. In July, Woodside assumed operatorship of Gippsland Basin assets in Australia. The company is evaluating a potential four-well development that could unlock up to 200 petajoules of Bass Strait gas. Westcott said progress will depend on the final details of Australia’s proposed Domestic Gas Reservation Scheme, including the regulatory and pricing framework. Internationally, Sangomar in Senegal produced 15 million barrels of oil equivalent on a Woodside-share basis, with 99.5% reliability. The asset has generated $3.8 billion of EBITDA for Woodside since startup. The company is discussing a potential second phase with Petrosen and the Senegalese government that could involve six to eight wells to backfill existing facilities. Woodside said it does not expect an expansion of the field’s nameplate production capacity. At Beaumont New Ammonia, Woodside took operational control in March and has begun delivering cargoes to domestic and international markets. Production was constrained by third-party feedstock availability, an issue the company expects to continue through 2027. Westcott announced a structural cost-reduction target of $350 million annually from 2028. The initiative will cover operating costs, corporate overhead and some sustaining capital expenditure, with Woodside seeking to simplify the organization, accelerate decision-making and allocate resources more effectively. The company is also reviewing its capital strategy and intends to introduce a single investment framework under which all investments compete for capital. Chief Financial Officer Graham Tiver said Woodside plans to provide more detail at its Capital Markets Day in November, including information on capital allocation and capital management. As part of its sharpened focus on returns, Woodside launched a strategic review of Beaumont New Ammonia. Westcott said the asset was acquired when there was greater visibility into a developing lower-carbon ammonia market and related regulatory frameworks. The company will consider all options for the asset, with no predetermined outcome. Woodside also retired its Scope 3 investment and emissions-abatement targets, including its previous ambition to spend $5 billion on new-energy projects by 2030. Westcott said markets for hydrogen, ammonia and carbon capture and storage have developed more slowly than anticipated, and the company no longer sees a path to commercially attractive projects sufficient to meet the target. Its 2030 target for a 30% reduction in net equity Scope 1 and 2 emissions remains unchanged. Tiver said Woodside ended the half with $8.2 billion in cash and undrawn facilities. Gearing was 20.6%, slightly above the company’s 10% to 20% target range, reflecting lease liabilities, hedge settlements and trade receivables. He said Woodside expects gearing to return below 20% by year-end, supported by stronger second-half production, pricing, cash flows related to the Wheatstone-North West Shelf asset swap, and the timing of hedge settlements. Woodside realized an average price of $74 per barrel of oil equivalent during the period. The company said around 75% of its LNG volumes are contracted through 2028, while its marketing and trading business expects more than $100 million of value in the second half from trades executed during the first half. Woodside Energy Group (NYSE: WDS) is an Australia-based energy company focused on the exploration, development, production and marketing of oil and natural gas, with a strong emphasis on liquefied natural gas (LNG). The company's activities span the upstream value chain, including exploration and appraisal of hydrocarbon resources, development and operation of production facilities, and the sale and delivery of hydrocarbons to global customers. Woodside's operations center on conventional oil and gas projects and large-scale LNG processing and export, supported by project management, engineering and commercial trading capabilities. 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This article first appeared on GuruFocus. Production: Total production of 86.5 million barrels of oil equivalent for the half. Free Cash Flow: Achieved a year-on-year increase of more than 150%, with free cash flow of $352 million. EBITDA: Maintained strong EBITDA of $4.6 billion. Underlying Net Profit After Tax: Recorded $1.3 billion. Interim Dividend: Fully franked interim dividend of USD0.57 per share, at the top end of the payout range. Operating Cash Flow: Producing assets delivered $3 billion in operating cash flow during the period. Average Realized Price: Achieved $74 per barrel of oil equivalent. Gearing: 20.6% at the end of the half, marginally outside the target 10% to 20% range. Liquidity: $8.2 billion in cash and undrawn facilities. Capital Contributions: Received $1.7 billion from Stonepeak and Williams for Louisiana LNG development. Cost Reduction Target: Announced a structural cost reduction target of USD350 million per year to be delivered from 2028. Sangomar Production: Produced 15 million barrels of oil equivalent Woodside share at 99.5% reliability. Sangomar EBITDA: Generated $3.8 billion of EBITDA for Woodside since startup. Warning! GuruFocus has detected 10 Warning Signs with WOPEF. Is WOPEF fairly valued? Test your thesis with our free DCF calculator. Release Date: August 25, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Woodside Energy Group Ltd (WOPEF) delivered a strong operational and financial performance in H1 2026, with production of 86.5 million barrels of oil equivalent and a year-on-year free cash flow increase of over 150%. The company maintained a resilient EBITDA of $4.6 billion and declared a fully franked interim dividend of USD0.57 per share, at the top end of its payout range, reflecting confidence in its balance sheet. Major growth projects, including Scarborough, Trion, and Louisiana LNG, are progressing on schedule and on budget, with Scarborough on track for first LNG cargo in Q4 2026. Woodside Energy Group Ltd (WOPEF) announced a structural cost reduction target of USD350 million per year from 2028, aiming to improve business efficiency and resilience through the cycle. The company is actively managing its portfolio, including the preemption of additional equity in Browse and the divestment of Calypso, to focus on value-accretive opportunities and strengthen long-term cash flow potential. Woodside Energy Group Ltd (WOPEF) recorded one high-consequence injury during the half, underscoring ongoing safety challenges despite a strong overall safety record. Production was curtailed by cyclone impacts and the planned Pluto turnaround, limiting the company's ability to capitalize on spot market opportunities during a period of high prices. The company's gearing ratio at 20.6% was marginally outside its target range of 10% to 20%, reflecting new lease liabilities and timing of cash flows, though it expects to return below 20% by year-end. Beaumont New Ammonia production was constrained by third-party feedstock availability, with impacts expected to continue through 2027, and the company has initiated a strategic review of the asset due to changing market conditions. Woodside Energy Group Ltd (WOPEF) retired its Scope 3 investment and emissions abatement targets, acknowledging that markets for lower carbon opportunities have developed more slowly than anticipated, which may raise concerns about its long-term sustainability commitments. Q: Woodside announced it abandoned plans to spend $5 billion on new energy projects by 2030 and is reviewing Beaumont New Ammonia. Will this be a full or partial divestment? Also, are there plans to revisit the structure of Louisiana LNG, given the high equity exposure?A: Elizabeth Westcott (CEO): Beaumont New Ammonia is a high-quality asset now in operations, but it was acquired in a different global environment. We are looking at all options to determine the best value for Woodside, with no determined pathway today. Regarding Louisiana LNG, we have successfully brought in HoldCo partners (Stonepeak and Williams), reducing our capital exposure to 57% ($9.9 billion). There is no planned change to the project structure as we continue to look for additional HoldCo participants. Q: Can you comment on the target timeline to progress the Browse project towards FID, and provide color on targeted CapEx, including for the CO2 solution?A: Elizabeth Westcott (CEO): Browse is still in pre-FEED. We are working on three streams: EPC contractors providing cost and schedule outlooks, environmental approvals with submissions made to WAEPA and the federal government, and commercial discussions between Browse JV partners and North West Shelf. The pre-emption with INPEX ensures the opportunity to develop Browse through the North West Shelf project, which is highly value-accretive for Woodside shareholders. Timelines and total CapEx will be informed through the ongoing FEED work, so there is nothing further to add at this stage. Q: You mentioned moving to a single capital allocation framework. What are the new targets from an IRR and payback time perspective?A: Elizabeth Westcott (CEO): We are moving to a single framework to ensure all capital competes equally for investment dollars. The review of capital strategy is holistic, looking at capital management and allocation. We will ensure every dollar is deployed efficiently and will look at how we measure and consider risk, as well as maximizing shareholder returns. Graham Tiver (CFO) added that more information on the capital strategy will be provided at the Capital Markets Day. Q: Can you elaborate on the scope of the $350 million cost out program and why the opportunity exists now?A: Elizabeth Westcott (CEO): The scope is across Woodside's business, targeting a structured cost out of our base operating business to make us more efficient and resilient through the cycle. Work streams are identifying cost out of operating businesses, corporate parts, and our sustaining portfolio. The savings will commence from 2028, as we want to ensure the efforts are sustained through the business going forward. It will be a combination of operating costs, corporate overheads, and some sustaining CapEx. Q: Are you confident we could have a sell-down announcement for Louisiana LNG in place by the Capital Markets Day on November 5?A: Elizabeth Westcott (CEO): We remain positive and are happy with how discussions are going on sell-down and FOB offtake at Louisiana. We have strong interest from counterparties and continue to see a number of parties interested. However, we are being patient and disciplined, ensuring we have high-quality partners for this long-term investment. Bringing in Stonepeak and Williams has made a material difference to our capital exposure, giving us time to ensure we have the right partners going forward. Q: Regarding Sangomar, are you looking at a six to eight well program targeting the S-400 sands, and are you considering backfill or expansion?A: Elizabeth Westcott (CEO): We are looking at a Phase 2 project and continue discussions with Petrosen and the Senegalese government. We see a potential six to eight well program as an opportunity to backfill existing facilities. Graham Tiver (CFO) clarified that the FPSO is 100,000 barrels a day, and this is all about backfill to extend the period of its life, not expanding nameplate capacity. Q: Can you outline the key capital elements that will bring gearing below 20% in the second half? Does it include the Chevron asset swap?A: Graham Tiver (CFO): There are four elements. First, we are set up for strong second-half production, with no turnaround at Pluto. Second, there is a strong pricing environment. Third, we have the benefits of the Wheatstone North West Shelf swap, which should bring in cash, contingent on a few critical path items. Fourth, 62% of our hedges have cash settled in the first half, so we have a good run in the second half of this strong pricing environment. This gives us confidence that gearing will be back under 20% at December 31, 2026. Q: Does the capital allocation review extend to things like the long-standing EPS payout ratios and gearing targets, or is it more just around project returns?A: Graham Tiver (CFO): It's all of the above. We are purposely calling it a capital strategy review. It covers our capital allocation framework and our capital management framework. It is comprehensive. Q: What do you need to see or work through to progress with Sangomar Stage 2? Has anything changed since the Capital Markets Day last year?A: Elizabeth Westcott (CEO): Sangomar continues to be a strong asset, performing exceptionally well with high reliability, though it is in decline. The Phase 2 development is at a stage where we are in discussions with Petrosen and the Senegalese government. These are important discussions as we look to progress further developments. We have technical work to manage alongside discussions with partners and governments before moving forward. Q: Are you seeing interest pick up in the Louisiana LNG sell-down process, or are we seeing delays given the Middle East situation?A: Elizabeth Westcott (CEO): We see strong interest in Louisiana. A number of parties have needed to focus on securing their short-term supply given the volatile first half of 2026. We have been patient with those parties and continue to see a broad range of interest. Getting more vertically integrated in the gas system is an objective of many companies, and Louisiana provides an opportunity to gain that, whether as an upstream producer or a customer. Q: Can you give an update on how you contracted for Scarborough ramp-up? Also, does the decision on Scope 3 mean an immediate free up of $3 billion of capital?A: Elizabeth Westcott (CEO): Scarborough is 98% complete, with first LNG cargo expected in Q4 2026. As with For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Sangomar delivers and Scarborough advances Performance highlights Delivered quarterly operating revenue of $4,185 million, up 28% on Q1 2026 and achieved a strong average realised price of $85/boe, up 35% on the prior quarter. Delivered quarterly production volumes of 41.3 MMboe (454 Mboe/d), down 9% from Q1 2026 due to the planned maintenance at Pluto Train 1 and recovery from cyclone impacts. Achieved exceptional operational reliability of more than 99% at Sangomar and Shenzi and more than 97% at North West Shelf Project LNG and Pluto LNG. Continued impressive performance at Sangomar, producing at near nameplate capacity with average daily production of 99 Mbbl/d (100% basis, 86 Mbbl/d Woodside share).1 Successfully delivered planned maintenance at Pluto Train 1 on schedule and budget, including critical tie-ins for Scarborough. Project highlights The Scarborough Energy Project was 98% complete and remains on budget and on track for first LNG cargo in Q4 2026, with first gas from the Scarborough reservoir achieved subsequent to the period. The Trion Project progressed to 64% complete and remains on budget, targeting first oil in 2028. The Louisiana LNG Project remains on budget, targeting first LNG in 2029; it is 28% complete with Train 1 35% complete. Business and portfolio highlights Exercised pre-emption rights to acquire PetroChina International Investment (Australia) Pty Ltd’s (CNPC) 10.67% participating interest in the Browse Joint Venture (BJV).2 Entered a sale and purchase agreement with Alcoa for the supply of 31.1 PJ of domestic gas over the period 2027 to 2030. Subsequent to the period, completed the transfer of operatorship for the Gippsland Basin assets from ExxonMobil to Woodside. Completion of the asset swap with Chevron targeted for Q4 2026 remains on track. PERTH, Australia, July 29, 2026--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS): Woodside CEO Liz Westcott said the company continued to deliver safe and strong operational performance across its global portfolio while efficiently executing major growth projects. "We delivered production of 41.3 million barrels of oil equivalent in the second quarter, highlighted by outstanding reliability of 99.3% at Sangomar and 99.2% at Shenzi. "Sustained production performance and asset reliability have provided greater certainty around expected full-year outcomes, supporting a narrower production guidance range for 2026. "Strong realised prices supported earnings and cash generation, highlighting the resilience of our diversified portfolio amid ongoing macroeconomic and commodity price volatility. "We continue to deliver our major growth projects to budget and schedule. The Scarborough Energy Project is 98% complete and remains on track for first LNG cargo in the fourth quarter of 2026. The successful completion of the Pluto planned maintenance during the quarter marked a key milestone in preparing for Pluto Train 2 integration and processing of Scarborough gas. "At the end of the quarter Trion was 64% complete, with first oil targeted in 2028. At Louisiana LNG, the foundation phase continues to advance to plan, with the project 28% complete and targeting first LNG in 2029. "During the quarter, we exercised our pre-emption right to acquire PetroChina International Investment’s 10.67% interest in Browse, reinforcing our commitment to progressing the Browse to North West Shelf development concept. We believe Browse has the potential to create enduring shareholder value while delivering significant long-term economic benefits for Australia. "A new gas sales and purchase agreement to supply Alcoa’s Western Australian alumina refining operations demonstrated Woodside’s ongoing contribution to supporting the state's energy security and supplying the domestic market. "Subsequent to the quarter, we assumed operatorship of the important Gippsland Basin assets, reinforcing Woodside’s role as a reliable gas supplier to Australia’s east coast. "We are also continuing to focus on our sustainability performance, announcing a $5 million multi-year biodiversity program in Louisiana that builds on similar initiatives in Western Australia." Pluto LNG Achieved quarterly LNG reliability of 97.6%. Successfully executed the planned maintenance in May 2026 on budget and schedule. This included key integration scopes for the Scarborough Energy Project. Preparing for start-up of the XNA-03 infill well, targeted for H2 2026. North West Shelf (NWS) Project Achieved quarterly LNG reliability of 97.8%. Approved the drilling rig contract for the Greater Western Flank Phase 4 Project with drilling targeted to commence in Q2 2027, and production targeted in 2028. Continued preparation for the scheduled single train LNG planned maintenance targeting commencement in September 2026. Wheatstone and Julimar-Brunello Completed subsea construction for the Julimar Development Phase 3 project, with start-up targeted for H2 2026. LNG production at Wheatstone was impacted following an unplanned outage caused by Severe Tropical Cyclone Narelle. Repairs were completed in April 2026. Commenced decommissioning of three Julimar-Brunello exploration wells, with completion a condition precedent for the asset swap with Chevron. Completion of the asset swap with Chevron is targeted for Q4 2026.12 Completion of the transaction will streamline Woodside’s operations and consolidate focus on our operated LNG assets. Bass Strait Achieved reliability of 92% during the quarter. Completed planned shutdowns of the Marlin A and Marlin B platforms. Completed drilling of the remaining three wells for the Turrum Phase 3 Project, completing the five-well drilling program. The wells will now undergo completion activities with first production targeted for H1 2027. Subsequent to the period, completed the transfer of operatorship of the Gippsland Basin assets from ExxonMobil to Woodside on 1 July 2026, following the satisfaction of the conditions precedent to the transaction. Other Australia The Okha FPSO completed scheduled shipyard activities as planned. Assessment and remediation planning are underway following identification of a subsea mooring system defect during routine inspection, with production yet to resume. Oil production at the Pyrenees FPSO was impacted following damage caused by Severe Tropical Cyclone Narelle. The FPSO safely reconnected and production partially resumed, with assessment ongoing to support a return to full production. Sangomar Achieved an average daily production rate of 99 Mbbl/d (100% basis, 86 Mbbl/d Woodside share) with reliability of 99.3%.13 Reservoir performance continues to exceed expectations, particularly in the lower S500 reservoirs. This has been the result of greater than anticipated aquifer pressure support which, together with rigorous well and network optimisation, enabled an extended initial plateau and some mitigation of decline rates now being experienced. Evaluation continued for a potential Phase 2 development targeting the upper S400 reservoirs. Engagements with Petrosen and the government on a potential Phase 2 development are ongoing. Gulf of America Achieved continued high reliability at Shenzi of 99.2%. Beaumont New Ammonia Achieved reliability of 92.2% during the quarter, following Woodside’s assumption of operational control from OCI at the end of the first quarter. Production was constrained to approximately 69% of nameplate capacity due to third-party feedstock availability. Interim feedstock arrangements are expected to remain in place into 2027, pending progress on long-term third-party feedstock infrastructure. 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 CCS infrastructure, including approval of the relevant CCS permitting process. For the period ended 30 June 2026, sales have been a combination of spot and term cargoes with 24% supplied to the domestic market and 76% to the international market. Revenue and trading LNG realised prices improved quarter-on-quarter as global LNG market prices strengthened due to supply constraints, and price lags from Q1 2026 were realised. Price lags from Q2 are expected to be realised in Q3. Approximately 21% of LNG sold was linked to gas hub indices during the quarter due to fewer volumes available as a result of the Pluto planned maintenance. Global supply interruptions continued in the quarter, supporting increased demand for crude products and strengthening prices. The liquids portfolio (oil, condensate and liquids traded) outperformed market pricing through realised premiums. In this quarter, marketing sales volumes, marketing revenue and trading costs increased due to higher third-party cargo purchases. These transactions were part of ongoing portfolio optimisation across multiple trades resulting in the redirection of Woodside cargoes. The realised value of these trading activities are expected in the future as these cargoes are delivered, causing fluctuations in earnings across reporting periods. Shipping Delivered the Woodside Bilangara during the quarter to support the start-up of the Scarborough Energy Project. Signed five long-term charter parties for LNG carriers commencing in 2029 to support the Louisiana LNG Project. Pipeline gas Executed incremental pipeline gas sales of: Scarborough Energy Project The Scarborough and Pluto Train 2 projects remain on budget and were 98% complete at the end of the quarter (excluding Pluto Train 1 modifications). All upstream infrastructure is now in place. The Floating Production Unit (FPU) and subsea production system commissioning activities continued. Subsequent to the period, the FPU achieved ready for start-up status and first gas was achieved from the Scarborough reservoir. The trunkline also achieved ready for start-up status, enabling the commencement of pressurisation of the trunkline from the FPU through to the onshore plant. Continued construction and commissioning activities at the Pluto Train 2 site, including completion of the gas turbine generator synchronisation with the Pluto site power grid and mechanical runs of three of the six liquefaction compressors. The final module for the Pluto Train 1 modifications was shipped from the yard in Thailand and, subsequent to the quarter, arrived at the Pluto site. Continued civil, structural, piping and electrical works for Pluto Train 1 modifications at the Pluto site. Multiple integration scopes and tie-ins were successfully completed during the Pluto LNG Train 1 planned maintenance in May 2026. First LNG cargo is on track for Q4 2026. Trion The Trion Project remains on budget and was 64% complete at the end of the quarter. Progressed drilling campaign, drilling three wells of the 24‑well program which commenced in March. Commenced subsea equipment deliveries to Mexico, ahead of installation commencing in Q3 2026. Completed lift of FPU topside modules onto the hull and commenced integration and pre-commissioning. Continued Floating Storage and Offloading structural block fabrication in dry dock. Completed fabrication and testing of the disconnectable turret mooring buoy. The Trion Project is targeting first oil in 2028. Louisiana LNG The Louisiana LNG Project remains on budget and was 28% complete at the end of the quarter. Train 1 was 35% complete at the end of the quarter, with above-ground piping installation and structural steel erection progressed during the period. Trains 2 and 3 were 25% and 18% complete respectively at the end of the quarter, with structural steel erection commenced for Train 2 and concrete pilings progressed for Train 3. Awarded a services contract valued at more than $300 million for the construction of four tug boats for Louisiana LNG operations, taking total committed spend with Louisiana suppliers beyond $1 billion. Ongoing disruptions through the Strait of Hormuz continue to challenge structural steel delivery from Bechtel’s fabrication facility in the United Arab Emirates. Mitigation measures are being implemented, including alternative logistics routes and fabrication sources, to support continuity of steel supply and maintain planned construction schedules beyond 2026. Ongoing engagement with high-quality counterparties for equity participation and LNG offtake continues. The project is targeting first LNG in 2029. Hydrogen Refueller @H2Perth Successfully completed leak testing and cold commissioning activities. Commissioning activities continue on site, with ready for start-up now targeted for Q3 2026 and first hydrogen production expected in H2 2026.14 Commenced plug and abandonment (P&A) of eight subsea wells including five North West Shelf Gas wells and three Julimar-Brunello exploration wells. Completed the Enfield field seabed survey and analysis campaign. Continued offshore decommissioning at Stybarrow with recovery of flexible flowlines, and progressed technical and planning studies across the Stybarrow, Griffin and Minerva projects to support development of forward decommissioning work plans. Progressed well P&A activities at the Gippsland Basin Joint Venture with completion of plugging the West Kingfish and Cobia platform wells, and commencement of platform rig operations on Halibut and Tuna platforms. Progressed the Bass Strait Offshore Platform Removal Campaign 1 preparation activities, with the Environmental Plan accepted by the National Offshore Petroleum Safety and Environmental Management Authority and upgrades to the onshore reception centre at Barry Beach Marine Terminal commenced. Browse Continued engagement with regulators to progress environmental approvals. Submitted a revised Browse Carbon Capture and Storage (CCS) environmental referral to the Commonwealth regulator to allow it to be assessed under the amended Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act). Received a determination from the Federal Environment Minister that allows the Browse CCS Project to be assessed wholly under the EPBC Act. The resubmission does not reflect any significant changes to the nature, scope or intent of the Browse CCS project. Subsequent to the period, granted State Significant Project status under the Lead Agency Framework by the Western Australian State Government for the Browse to North West Shelf Project. Sunrise Continued engagement by the Sunrise Joint Venture with the Governments of Timor-Leste and Australia to advance the fiscal and regulatory frameworks supporting the potential development of Sunrise. Progressed technical and commercial activities under the Timor‑Leste Cooperation Agreement to support maturation of a potential Timor‑based LNG concept. Calypso Woodside’s project evaluation continued to progress, including assessment of Calypso’s relative value within Woodside’s portfolio. For the period ended 30 June 2026, impairment losses relating to the Calypso Project are expected. Refer to page 10 for further detail. Exploration Woodside was awarded the two leases in the US Gulf of America where Woodside was the successful bidder from the Big Beautiful Gulf 2 Lease Sale held in March 2026. Entered into a non-binding memorandum of understanding with the Agência Nacional de Petróleo, Gás e Biocombustíveis to evaluate three blocks in the Benguela and Namibe basins offshore Angola. Completed exit activities associated with the Marine XX licence in the Republic of Congo. H2Perth In May 2026, the EPA approved Woodside’s application under section 43A of the Environmental Protection Act 1986 (WA) to amend the proposal for the proposed H2Perth Project from its previous concept to a liquefied hydrogen only facility. Chair succession The Woodside Board has a formal process underway to identify and appoint the Company's next Chair, to replace Richard Goyder AO who has previously indicated his intention to retire at or before the end of his current term in 2027. The selection process will be led by independent Non-executive Director Swee Chen Goh. The Board will consider a range of factors in identifying and selecting the next Chair, including leadership capability and experience, governance expertise, strategic insight, stakeholder engagement expertise and the capacity to oversee the creation and maintenance of shareholder value by a global company. Structured review The structured review announced with the Q1 results is progressing. The review is focused on streamlining decision-making, reducing organisational complexity, and identifying efficiency opportunities whilst maintaining safe operational execution and performance. A further update on progress will be provided with the half-year results. Browse Joint Venture pre-emption In June Woodside exercised its pre-emption right to acquire CNPC's 10.67% interest in the BJV. The terms of the transaction include a payment payable upon completion of $225 million plus reimbursement of CNPC's BJV cash call contributions from 30 June 2025 to the date of completion, and a contingent payment of $175 million payable upon a final investment decision for the development of all of the Brecknock, Calliance and Torosa fields on or before 30 June 2032.15 Climate and sustainability Launched the Sam Houston Jones Restoration Project, supporting restoration of threatened habitats and key wildlife species in Louisiana. Further progressed the Watheroo Biodiversity Project in Western Australia, with a long-term funding agreement with Department of Biodiversity, Conservation and Attractions. Submitted Woodside’s second annual Oil and Gas Methane Partnership 2.0 implementation plan to the United Nations Environment Programme, including results from monitoring and measurement activities in 2025. Subsequent to the period, held a Sustainability Focus Session on 22 July 2026 with investors on Woodside’s approach to process safety. Hedging As at 30 June 2026, approximately 62% 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 into during the quarter and the 2027 hedge position remains unchanged. Continued managing risk associated with the Corpus Christi LNG volumes involving Henry Hub and Title Transfer Facility (TTF) commodity swaps. For the period ended 30 June 2026, hedge settlements resulted in a net cash outflow of approximately $400 million. This does not directly translate to the profit and loss as cash settlements on oil-linked hedges occur in advance of the related profit and loss impact, resulting in a temporary difference between cash flows and reported earnings. Accordingly, an estimated pre-tax loss of $70 million primarily relating to Corpus Christi LNG hedges and foreign exchange hedges were recognised in the period. The losses relating to oil-linked hedges cash settled during the quarter are expected to be recognised in Q3, and this will be offset by higher revenue from the realisation of price lags from Q2. Embedded commodity derivative In 2023, Woodside entered into 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 the period ended 30 June 2026, an unrealised pre-tax loss of approximately $135 million is expected to be recognised through other expense. Funding and liquidity On 29 June 2026, Woodside repaid a $600 million Syndicated Term Loan approximately 6 months prior to maturity, reflecting prudent balance sheet management. As at 30 June 2026, Woodside had liquidity of approximately $8,200 million, after paying a fully franked dividend in March, net debt (including lease liabilities) of approximately $9,300 million and gearing of approximately 21%. Net debt and gearing was impacted by: 2026 half-year results and teleconference Woodside’s Half-Year Report 2026 and associated investor briefing will be released to the market on Tuesday, 25 August 2026. These will also be available on Woodside’s website at http://www.woodside.com/. A teleconference providing an overview of the 2026 half-year results and a question and answer session will be hosted by Woodside CEO and Managing Director, Liz Westcott, and Chief Financial Officer, Graham Tiver, on Tuesday, 25 August 2026 at 10:00 AEST / 08:00 AWST / 18:00 CST (Monday, 24 August 2026). We recommend participants pre-register 5-10 minutes prior to the event with one of the following links: Upcoming events 2026-2027 The presentation of the above statutory line-items aligns to the consolidated income statement and Note A.1 segment revenue and expenses note in Woodside’s 2025 Annual Report. The line-item guidance provided above is preliminary, unaudited and subject to change prior to finalising the 2026 Half-Year Financial Statements. Production (reserves) Production (processing) No exploration or appraisal wells were drilled in the quarter. Key changes to permit and licence holdings during the quarter ended 30 June 2026 are noted below. Average daily production rates (100% project) for the quarter ended 30 June 2026: Forward looking statements This report contains forward-looking statements. These statements may relate to Woodside’s business, goals, targets, aspirations, plans, expectations, market conditions, results of operations and financial condition, including but not limited to, statements regarding the timing, completion and outcomes of transactions, construction costs and capital expenditures, supply and demand for Woodside’s products, development, completion and execution of Woodside’s projects, the expected benefits, cash flows and rates of return or other future results of investments, strategies and transactions, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables production capacity and investments in, and development of, renewables projects, expectations and guidance with respect to production, production costs and other costs, capital expenditure, abandonment expenditure, exploration expenditure and gas hub exposure, trends in commodity prices and currency exchange rates, adoption and implementation of new technologies and expectations regarding the achievement of Woodside’s Scope 1 and 2 greenhouse gas emissions targets and Scope 3 investment and emissions abatement targets (in each case on a net equity or gross equity basis as specified) and other climate and sustainability goals. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as "aim", "anticipate", "aspire", "believe", "enable", "estimate", "expect", "forecast", "foresee", "guidance", "intend", "likely", "may", "objective", "outlook", "pathway", "plan", "position", "potential", "project", "schedule", "seek", "should", "strategy", "strive", "target", "will" and other similar words or expressions. Forward-looking statements in this report are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of future expectations that are based on management’s current expectations and assumptions. Those statements and any assumptions on which they are based are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements and the assumptions on which they are based include, but are not limited to, fluctuations in commodity prices, actual demand for Woodside products, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve and resource estimates, loss of market, industry competition, pace of technology developments, sustainability and environmental risks, climate related transition and physical risks, safety and personnel risks, changes in accounting standards, economic and financial markets conditions in various countries and regions, the actions of third parties, project delay or advancement, regulatory approvals, political risks and the impact of armed conflict and political instability (such as the ongoing conflicts in Ukraine and in the Middle East) on economic activity and oil and gas supply and demand, cost estimates, legislative, fiscal and regulatory developments, including those related to the imposition of tariffs and other trade restrictions, and the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets and risks associated with acquisitions, mergers, divestitures, and joint ventures, including difficulties integrating or separating businesses, uncertainty associated with financial projections, restructuring, increased costs and adverse tax consequences, and uncertainties and liabilities associated with acquired and divested properties and businesses. A more detailed summary of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside’s most recent Annual Report released to the Australian Securities Exchange and in Woodside’s most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this report. If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this report. Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. None of Woodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report. All forward-looking statements contained in this report reflect Woodside’s views held as at the date of this report and, except as required by applicable law, neither Woodside, its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives nor any person named in this report or involved in the preparation of the information in this report intends to, undertakes to, or assumes any obligation to, provide any additional information or update or revise any of these statements after the date of this report, either to make them conform to actual results or as a result of new information, future events or results, changes in Woodside’s expectations or otherwise. Past performance (including historical financial and operational information) is given for illustrative purposes only. It is not necessarily a reliable indicator of future performance, including future security prices. Other important information All figures are Woodside share for the quarter ending 30 June 2026, unless otherwise stated. All references to dollars, cents or $ in this report are to US currency, unless otherwise stated. References to "Woodside" may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires). Refer to the Glossary in the Annual Report 2025 for definitions, including carbon related definitions. The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time. Please refer to the Glossary in the Annual Report 2025 for definitions, including carbon related definitions. 1 Higher net production percentage reflects accelerated recovery of 100% Woodside-funded pre-FID costs under the PSC entitlement, driven by high oil price.2 Completion of the transaction is subject to customary conditions precedent, including regulatory approvals. See "Woodside exercises Browse pre-emption right" announced 12 June 2026 for details. Woodside’s equity interest in the BJV will increase to 41.27% following successful completion of the transaction.3 Total production volumes includes 2-3 MMboe from Beaumont New Ammonia (no change).4 Gas hub indices include Japan Korea Marker (JKM), Title Transfer Facility (TTF) and National Balancing Point (NBP). It excludes Henry Hub. Presented on a three-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.5 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 and Williams.6 Scarborough at 74.9% participating interest, Pluto Train 2 at 51% participating interest.7 Trion at 60% participating interest.8 Completion of the asset swap with Chevron assumed in Q4 2026. Woodside’s equity interests at current participating interests prior to the completion for NWS Project, NWS Oil Project, Wheatstone, Julimar-Brunello and Angel CCS assets.9 Percent change in total production may differ from percent change in daily production due to the number of days in each quarter.10 Restated additional volumes of 0.10 MMboe in Q2 2025 and 0.19 MMboe in YTD 2025 to reflect a revised MMBtu to boe conversion factor.11 Louisiana LNG YTD 2026 project spend includes $344 million of prepayments recognised in investing cash flow that are recoverable through partner cash calls but are not yet recognised as capital expenditure.12 Completion of the transaction is subject to conditions precedent. See "Woodside simplifies portfolio and unlocks long-term value" announced on 19 December 2024.13 Higher net production percentage reflects accelerated recovery of 100% Woodside-funded pre-FID costs under the PSC entitlement, driven by high oil price.14 The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government’s Renewable Hydrogen Strategy.15 Completion of the transaction is subject to customary conditions precedent. See "Woodside Exercises Browse pre-emption right" announced on 12 June 2026. Woodside’s equity interest in the BJV will increase to 41.27% following successful completion of the transaction.16 No change to the forecasted Trion project capital expenditure. Trion construction related vessel leases are for a term of 3 years.17 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.18 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.19 Overriding royalty interests held in the USA for several producing wells.20 Feed gas volumes purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector, and represents 10% of Pluto-KGP Interconnector volumes.21 Beaumont New Ammonia production volume is 165.6 kT in Q2 2026 and 278.9 kT in YTD 2026.22 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.23 Restated additional volumes of 0.10 MMboe in Q2 2025 and 0.19 MMboe in YTD 2025 to reflect a revised MMBtu to boe conversion factor.24 Overriding royalty interests held in the USA for several producing wells.25 Beaumont New Ammonia sales volumes are 190.7 kT in Q2 2026 and 258.3 kT YTD 2026.26 Purchased volumes sourced from third parties.27 Includes the impact of periodic adjustments related to the production sharing contract (PSC).28 Includes revenue from Beaumont New Ammonia and overriding royalty interests held in the USA for several producing wells.29 Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside’s produced LNG and Liquids portfolio. Marketing revenue excludes hedging impacts and cargo swaps where a Woodside produced cargo is sold and repurchased from the same counterparty to optimise the portfolio. The margin for these cargo swaps is recognised net in other income.30 Operating revenue excludes all hedging impacts.31 Excludes any additional benefit attributed to produced volumes through third-party trading activities.32 Sales volumes have been restated to reflect volumes sold in MMBtu at a revised boe conversion factor impacting realised price by -$0.2/Mcf for International pipeline gas in Q2 2025.33 Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to property plant & equipment. This table does not reflect the impact of such transfers.34 Other incorporates Louisiana LNG cash call payments to Williams for Driftwood Pipeline LLC, corporate spend, other investments and other capital expenditure.35 Louisiana LNG YTD 2026 project spend includes $344 million of prepayments recognised in investing cash flow that are recoverable through partner cash calls but are not yet recognised as capital expenditure.36 Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results.37 Includes seismic and general permit activities and other exploration costs.38 Woodside share reflects the net realised interest for the period.39 The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has a 65% participating interest and is the operator.40 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.41 Woodside share reflects the net realised interest for the period.42 Operations governed by production sharing contracts.43 Beaumont New Ammonia production rate is 1.8 kT/d in Q2 2026. This announcement was approved and authorised for release by Woodside’s Disclosure Committee. View source version on businesswire.com: https://www.businesswire.com/news/home/20260728729733/en/ Contacts INVESTORSVanessa Martin M: +61 477 397 961E: [email protected] MEDIAChristine Abbott M: +61 484 112 469E: [email protected] REGISTERED ADDRESS Woodside Energy Group Ltd ACN 004 898 962Mia Yellagonga11 Mount StreetPerth WA 6000AustraliaT: +61 8 9348 4000www.woodside.com

Advancing growth and delivering reliable energy Performance highlights Sangomar, Shenzi, North West Shelf Project and Pluto LNG all delivered outstanding reliability at or above 99%. Achieved an average realised quarterly price of $63/boe, up 11% from Q4 2025 reflecting benefits from market prices. Delivered quarterly production volumes of 45.2 MMboe (502 Mboe/d), down 8% from Q4 2025 due to seasonal weather events. Project highlights The Scarborough Energy Project was 96% complete and remains on budget and on track for first LNG cargo in Q4 2026. The Scarborough Floating Production Unit (FPU) completed hook-up and commenced topside commissioning following its arrival in Australia. Beaumont New Ammonia achieved first ammonia cargo in February, with Woodside assuming operational control in March. The Trion Project progressed to 56% complete and remains on budget and targeting first oil in 2028. The foundation phase of Louisiana LNG Project remains on budget and on schedule. The project was 24% complete with Train 1 31% complete. The project is targeting first LNG in 2029. Business and portfolio highlights Liz Westcott appointed as CEO and Managing Director. Safe restoration of Western Australian operations following Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle. PERTH, Australia, April 29, 2026--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS): Woodside CEO Liz Westcott said the company maintained safe and reliable operations across its global portfolio during the first quarter, while continuing to execute major projects to budget and schedule. "Production for the period was 45.2 million barrels of oil equivalent, underpinned by exceptional reliability of our world-class assets, including 99.9% at Sangomar and 99.0% at Shenzi. In Western Australia, Pluto LNG achieved 100% reliability for the third consecutive quarter, while the North West Shelf Project delivered 99.7%. "Output from our Western Australian assets was impacted late in the quarter by Severe Tropical Cyclone Narelle. The team’s cyclone response ensured we maintained the safety of our people, assets and the environment throughout the shutdown and restoration of operations. "We have seen modest increases to our portfolio average realised pricing in the quarter, driven by elevated spot prices. Further benefits of currently higher spot prices will be realised in subsequent quarters for LNG due to lagged contract pricing. "We continued disciplined delivery of major cash-generative growth projects. Our Scarborough Energy Project is 96% complete and on target for first LNG cargo in the fourth quarter of 2026. "During the period, we also progressed preparations for the Pluto turnaround scheduled for May, supporting long-term asset performance, and advancing readiness for Scarborough start-up. "We reached key milestones during the quarter at Beaumont New Ammonia, achieving first ammonia cargo in February followed by the successful transition to full operational control of the facility in March. "We commenced the drilling campaign at Trion, and completed the lift and installation of two topside modules onto the FPU. The project is 56% complete and targeting first oil in 2028. "Construction at the Louisiana LNG project is progressing well, with structural steel erection, pipe installation, LNG tank construction and marine works underway. Louisiana LNG Train 1 is 31% complete. "The drilling and completion of the Julimar Development Phase 3 wells was delivered, marking another milestone ahead of the asset swap with Chevron in H2 2026. "At the time of my appointment in March, I said my focus would be on operational excellence, disciplined execution and sustainable value creation for Woodside shareholders. Cost discipline is essential to sustainable shareholder value creation and we are commencing a structured review of our business to streamline decision making, reduce complexity and improve accountability. We expect this will deliver benefits through improved organisational effectiveness and capital management without compromising safety, execution or operational reliability. Pluto LNG Achieved third consecutive quarterly LNG reliability of 100%. Safely restarted offshore facilities following Severe Tropical Cyclone Mitchell. Continued preparation for the maintenance turnaround scheduled for May 2026. Completed drilling of the XNA-03 infill well which is targeting start-up in H2 2026. North West Shelf (NWS) Project Achieved quarterly LNG reliability of 99.7%. Safely restarted onshore and offshore facilities following Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle. Processed higher volumes of Waitsia gas, driven by the continued ramp‑up of Waitsia Stage 2. Advanced preparation for the scheduled one-train LNG maintenance campaign planned for September 2026. Wheatstone and Julimar-Brunello Drilling and completion of the Julimar Development Phase 3 wells was achieved. Start-up is targeting H2 2026. LNG production at Wheatstone was impacted following an unplanned outage caused by Severe Tropical Cyclone Narelle. Production is partially restored, with return to normal operation expected by the end of April. Decommissioning of five Julimar Brunello exploration wells is planned for H2 2026, as a condition precedent for the asset swap with Chevron. Completion of the asset swap with Chevron is targeted for H2 2026.9 Bass Strait Completion of the transfer of operatorship of the Bass Strait assets from ExxonMobil Australia to Woodside is targeting H2 2026.10 Delivered reliability of 89.4% during the quarter, and completed planned shutdowns of the Snapper and West Tuna platforms ahead of schedule. Completed drilling two of five wells for the Turrum Phase 3 project, with drilling targeting completion in H2 2026. Other Australia The Okha FPSO disconnected in late March 2026 ahead of scheduled shipyard activity in Q2 2026. The Pyrenees FPSO is scheduled to undertake shipyard activity in Q4 2026. Sangomar Achieved an average daily production rate of 99 Mbbl/d (100% basis, 80 Mbbl/d Woodside share) with reliability of 99.9%. The Sangomar FPSO continues to demonstrate high reliability and the overall Sangomar reservoir continues to perform better than expected. Optimisation of wells online and line-up of flowlines and system hydraulics have enabled maintained strong production through the quarter, however we expect to see oil rates decline over the remainder of 2026. United States of America Shenzi completed field production optimisation initiatives including flowline pressure reduction for sustained production rate increase and achieved reliability of 99.0%. Commenced water injection from a new well at Atlantis. Successfully commenced production from the third and final Argos Southwest Extension well, completing the three‑well subsea tieback that began in August 2025. The project is expected to contribute approximately 20 Mbbl/d of gross (100% basis, ~5 Mbbl/d Woodside share) peak annualised average oil production. Beaumont New Ammonia Assumed operational control of the Beaumont New Ammonia facility in March 2026 following completion of performance testing and handover from OCI Global and final payment of $470 million. Achieved first ammonia cargo in February 2026, with 2026 sales comprising a combination of spot and term cargoes supplied to domestic US barges and international seaborne vessels. Due to delays at third-party industrial gas suppliers, we are targeting production of lower-carbon ammonia in 2027. There have been no disruptions to Woodside’s trading activities as a result of the conflict in the Middle East, with shipping operations continuing as planned. Revenue and trading: Continued strong LNG demand for spot cargoes from the Woodside portfolio at market prices. LNG realised prices broadly flat compared to the prior quarter due to price lags. Approximately 51% of LNG sold was linked to gas hub indices in the quarter. Interruptions have increased the demand for crude products resulting in higher spot market prices. Shipping: Woodside has a strategy of securing term shipping for annual average delivery commitments and therefore has limited exposure to volatile spot LNG carrier rates. Woodside does not currently have any controlled shipping that traverses Iranian waters or the Straits of Hormuz. Woodside trade routes are not subject to increased security risk. Executed incremental pipeline gas sales of: Approximately 1 PJ to be delivered to the Western Australian market in 2026. 8.1 PJ to be delivered to the East Coast market across 2026, 2027 and 2028. Woodside continues to engage with the Western Australian market on additional spot supply in 2026 and requirements for 2027 and onwards. Scarborough Energy Project The Scarborough and Pluto Train 2 projects remain on budget and were 96% complete at the end of the quarter (excluding Pluto Train 1 modifications). The FPU was moored at the Scarborough field and hook-up of the umbilical and all subsea risers was successfully completed. Topsides commissioning activities are in progress. Subsequent to the period, the Scarborough FPU was registered as a security regulated offshore facility by the Department of Home Affairs. Construction and commissioning activities at the Pluto Train 2 site continued, first ignition of the additional gas turbine generator was achieved and preparation is underway for the first run of the liquefaction compressors. The first two of three modules built for the Pluto Train 1 modifications project departed the fabrication yard in Thailand and, subsequent to the quarter, arrived at the Pluto site. Civil, structural, and piping works advanced at the Pluto site, with a focus on preparing for activities to be completed during the Pluto LNG Train 1 major turnaround scheduled for May 2026. First LNG cargo is on track for Q4 2026. Trion The Trion Project remains on budget and was 56% complete at the end of the quarter. Drilling of 24 subsea wells commenced in March 2026. Subsea equipment is on track for Q3 2026 installation. FPU construction reached key milestones, with hull structural fabrication completed and two 6,000‑metric‑ton topside modules successfully lifted and installed. Floating storage and offloading structural block fabrication continued, with the disconnectable turret mooring buoy largely complete and mating tests finished. The Middle East conflict is currently not having any material impact on cost or schedule for Trion. The Trion Project is targeting first oil in 2028. Louisiana LNG The foundation phase of Louisiana LNG, comprising three trains, reached 24% complete at the end of the quarter and remains on budget. Key milestones achieved during the period included progression of the LNG tanks and the commencement of dredging activities. Train 1 was 31% complete at the end of the quarter. During the period, structural steel erection progressed and the first piping was installed in the Train 1 rack. Trains 2 and 3 were 22% and 14% complete respectively at the end of the quarter, with piling installation completed for Train 2 and commenced for Train 3. Transition of Driftwood Pipeline LLC operatorship to Williams completed. Bechtel is sourcing Louisiana LNG structural steel from the United Arab Emirates. Fabrication at Bechtel’s facility has not been impacted and sufficient steel for 2026 work programs has been delivered to site. Mitigation measures are being proactively assessed to ensure ongoing supply of steel. Louisiana LNG continues to attract strong interest from high-quality counterparties, supporting Woodside’s sell-down process. Progressed potential future growth optionality for the project. The project is targeting first LNG cargo 2029. Hydrogen Refueller @H2Perth Commissioning activities continued ahead of targeted ready for start-up in Q2 2026. The project is targeting first hydrogen production in H2 2026.11 Progressed offshore decommissioning execution activities across the portfolio, including removal of more than 18 km of flexible flowlines and umbilicals at Stybarrow and 8 km of flexible flowlines from Griffin fields. Continued technical studies across the Stybarrow, Griffin and Minerva decommissioning projects to support execution planning, consistent with regulatory requirements. At Bass Strait (Gippsland Basin Joint Venture), well plug and abandonment activities were progressed with platform rig operations on West Kingfish and Cobia platforms. Preparation activities for the Bass Strait Offshore Platform Removal Campaign 1 also progressed, including completion of preparation activities on Bream B Platform, and commencement of mobilisation for onshore reception centre upgrades. Browse Continued engagement with regulators to progress environmental approvals. Continued technical work to optimise the upstream concept, with contractors engaged to progress pre-Front-End Engineering and Design (FEED) engineering scopes for the FPSO facilities. Issued invitations to tender for the design and construction of the Browse FPSO facilities that will provide market pricing and schedule assumptions to inform a FEED entry decision. Progressed the gas processing agreement which will establish the commercial framework and terms for processing Browse gas at the North West Shelf Project’s Karratha Gas Plant and support FEED entry. Sunrise Progressed technical and commercial activities under the Timor‑Leste Cooperation Agreement. Ongoing engagement by the Sunrise Joint Venture with the Timor‑Leste and Australian Governments to advance the fiscal and regulatory frameworks supporting the potential development of Sunrise. Calypso The Calypso Joint Venture progressed the scoping of additional engineering studies. Exploration Woodside participated in the non-operated Bandit-1 well in Green Canyon Block 680 in the Gulf of America, which encountered high-quality oil-bearing Miocene sands. The co-owners are currently evaluating results to determine next steps.12 Woodside was awarded eight leases in the Gulf of America following final payment and regulatory approval as the successful bidder from the Big Beautiful Gulf 1 Lease Sale held in 2025. Woodside was the successful bidder on two blocks in Big Beautiful Gulf 2 Lease Sale in the Gulf of America, with the lease issuance pending final payment and regulatory approval. Continued to evaluate opportunities consistent with Woodside’s disciplined exploration strategy. CEO appointment The Board appointed Liz Westcott as Woodside’s CEO and Managing Director, effective 18 March 2026. Annual General Meeting Woodside’s Annual General Meeting (AGM) was held on 23 April 2026. All items put to the AGM were carried, and the AGM voting results were published following the meeting. Climate and sustainability Published AASB S2 climate-related disclosures in the 2025 Annual Report. "Woodside Sustainability Briefing 2026" held on 16 March, highlighting 2025 sustainability performance. Subsequent to the period, the 2025 Social Contribution Report was released, outlining our focus on the generation of better social and economic outcomes for our host communities. Hedging As at 31 March 2026, 30 MMboe of 2026 oil production was hedged at an average price of $74.23 per barrel and 10 MMboe of 2027 production at $76.76 per barrel. Continued hedging program for Corpus Christi LNG volumes involving Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 95% of 2026, 86% of 2027, and 7% of 2028 volumes have been hedged. The realised value of all hedged positions for the period ended 31 March 2026 is an estimated pre-tax profit of $32 million, with a $24 million profit related to Corpus Christi hedges and a $9 million profit related to oil price hedges, offset by a $1 million loss related to other hedge positions. Hedging profits will be included in ‘other income’ except hedging profits related to interest rate swaps which will be included in ‘finance income’ in the 2026 financial statements. Embedded commodity derivative In 2023, Woodside entered into 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 the quarter ended 31 March 2026, an unrealised pre-tax loss of approximately $41 million is expected to be recognised through other expense. Funding and liquidity As at 31 March 2026, Woodside had liquidity of approximately $8,300 million, after paying a fully franked dividend in March, and net debt (including lease liabilities) of approximately $9,300 million. Upcoming events 2026-2027 Production (reserves) Production (processing) Average realised price increased 11% from the prior quarter primarily due to: LNG traded sales from the Woodside portfolio at higher spot market prices; and Oil and condensate and liquids traded sales at higher Dated Brent and West Texas Intermediate (WTI) market prices. The oil and condensate quarterly realised price includes a revenue adjustment of $75 million which will be reported within "other income" in the Financial Statements. This adjustment represents the increase in market prices between the date revenue is recognised, based on provisional pricing and the expected final price paid by the customer. Forward looking statements This report contains forward-looking statements. These statements may relate to Woodside’s business, goals, targets, aspirations, plans, expectations, market conditions, results of operations and financial condition, including but not limited to, statements regarding the timing, completion and outcomes of transactions, construction costs and capital expenditures, supply and demand for Woodside’s products, development, completion and execution of Woodside’s projects, the expected benefits, cash flows and rates of return or other future results of investments, strategies and transactions, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables production capacity and investments in, and development of, renewables projects, expectations and guidance with respect to production, production costs and other costs, capital expenditure, abandonment expenditure, exploration expenditure and gas hub exposure, trends in commodity prices and currency exchange rates, adoption and implementation of new technologies and expectations regarding the achievement of Woodside’s Scope 1 and 2 greenhouse gas emissions targets and Scope 3 investment and emissions abatement targets (in each case on a net equity or gross equity basis as specified) and other climate and sustainability goals. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as "aim", "anticipate", "aspire", "believe", "enable", "estimate", "expect", "forecast", "foresee", "guidance", "intend", "likely", "may", "objective", "outlook", "pathway", "plan", "position", "potential", "project", "schedule", "seek", "should", "strategy", "strive", "target", "will" and other similar words or expressions. Forward-looking statements in this report are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of future expectations that are based on management’s current expectations. Those statements and any assumptions on which they are based are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements and the assumptions on which they are based include, but are not limited to, fluctuations in commodity prices, actual demand for Woodside products, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve and resource estimates, loss of market, industry competition, pace of technology developments, sustainability and environmental risks, climate related transition and physical risks, safety and personnel risks, changes in accounting standards, economic and financial markets conditions in various countries and regions, the actions of third parties, project delay or advancement, regulatory approvals, political risks and the impact of armed conflict and political instability (such as the ongoing conflicts in Ukraine and in the Middle East) on economic activity and oil and gas supply and demand, cost estimates, legislative, fiscal and regulatory developments, including those related to the imposition of tariffs and other trade restrictions, and the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets and risks associated with acquisitions, mergers and joint ventures, including difficulties integrating or separating businesses, uncertainty associated with financial projections, restructuring, increased costs and adverse tax consequences, and uncertainties and liabilities associated with acquired and divested properties and businesses. A more detailed summary of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside’s most recent Annual Report released to the Australian Securities Exchange and in Woodside’s most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this report. If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this report. Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. None of Woodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report. All forward-looking statements contained in this report reflect Woodside’s views held as at the date of this report and, except as required by applicable law, neither Woodside, its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives nor any person named in this report or involved in the preparation of the information in this report intends to, undertakes to, or assumes any obligation to, provide any additional information or update or revise any of these statements after the date of this report, either to make them conform to actual results or as a result of new information, future events or results, changes in Woodside’s expectations or otherwise. Past performance (including historical financial and operational information) is given for illustrative purposes only. It is not necessarily a reliable indicator of future performance, including future security prices. Other important information All figures are Woodside share for the quarter ending 31 March 2026, unless otherwise stated. All references to dollars, cents or $ in this report are to US currency, unless otherwise stated. References to "Woodside" may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires). Please refer to the Glossary in the Annual Report 2025 for definitions, including carbon related definitions. 1 Total production volumes includes 2-3 MMboe from Beaumont New Ammonia. 2 Gas hub indices include Japan Korea Marker (JKM), Title Transfer Facility (TTF) and National Balancing Point (NBP). It excludes Henry Hub. Presented on a three-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 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 and Williams. 4 Scarborough at 74.9% participating interest, Pluto Train 2 at 51% participating interest. 5 Trion at 60% participating interest. 6 Completion of the asset swap with Chevron assumed in H2 2026. Woodside’s equity interests at current participating interests prior to the completion for NWS Project, NWS Oil Project, Wheatstone, Julimar-Brunello and Angel CCS assets. 7 Percent change in total production may differ from percent change in daily production due to the number of days in each quarter. 8 Restated additional volumes of 0.09 MMboe in Q1 2025 to reflect a revised MMBtu to boe conversion factor, impacting realised price by -$1/boe in Q1 2025. 9 Completion of the transaction is subject to conditions precedent. See "Woodside simplifies portfolio and unlocks long-term value" announced on 19 December 2024. 10 Completion of the transaction is subject to conditions precedent. See "Woodside strengthens its Australian Operations" announced on 29 July 2025. 11 The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government’s Renewable Hydrogen Strategy. 12 See "Bandit-1 discovery off Louisiana" announced on 10 April 2026. 13 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. 14 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. 15 Overriding royalty interests held in the USA for several producing wells. 16 Feed gas volumes purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 17 Beaumont New Ammonia production volume is 113.3 kT in Q1 2026 and YTD 2026. 18 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. 19 Restated additional volumes of 0.09 MMboe in Q1 2025 to reflect a revised MMBtu to boe conversion factor. 20 Overriding royalty interests held in the USA for several producing wells. 21 Beaumont New Ammonia sales volumes are 67.6 kT in Q1 2026 and YTD 2026. 22 Purchased volumes sourced from third parties. 23 Includes the impact of periodic adjustments related to the production sharing contract (PSC). 24 Includes revenue from Beaumont New Ammonia and overriding royalty interests held in the USA for several producing wells. 25 Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside’s produced LNG and Liquids portfolio. Marketing revenue excludes hedging impacts and cargo swaps where a Woodside produced cargo is sold and repurchased from the same counterparty to optimise the portfolio. The margin for these cargo swaps is recognised net in other income. 26 Operating revenue excludes all hedging impacts. 27 Excludes any additional benefit attributed to produced volumes through third-party trading activities. 28 Sales volumes have been restated to reflect volumes sold in MMBtu at a revised boe conversion factor impacting realised price by -$0.2/Mcf for International pipeline gas and -$1/boe for Group in Q1 2025. 29 Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to property plant & equipment. This table does not reflect the impact of such transfers. 30 Other primarily incorporates Louisiana LNG net payments to/from Williams for Driftwood Pipeline LLC associated with 2025 capital reimbursement included in sell-down proceeds and ongoing cash call payments. 31 Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results. 32 Includes seismic and general permit activities and other exploration costs. 33 Well depths are referenced to the rig rotary table. 34 Woodside share reflects the net realised interest for the period. 35 The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has a 65% participating interest and is the operator. 36 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. 37 Woodside share reflects the net realised interest for the period. 38 Operations governed by production sharing contracts. 39 Beaumont New Ammonia production rate is 1 kT/d in Mar 2026. This announcement was approved and authorised for release by Woodside’s Disclosure Committee. View source version on businesswire.com: https://www.businesswire.com/news/home/20260428301421/en/ Contacts INVESTORS Vanessa Martin M: +61 477 397 961 E: [email protected] MEDIA Christine Abbott M: +61 484 112 469 E: [email protected] REGISTERED ADDRESS 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

This article first appeared on GuruFocus. Annual Production: Record production of 198.8 million barrels of oil equivalent. Net Profit After Tax: $2.6 billion, offsetting lower realized prices compared to 2024. Dividend: Final dividend of USD 0.59 per share; total full-year dividend of USD 0.0112 per share, representing an 80% payout ratio of underlying NPAT. Free Cash Flow: Generated $1.9 billion. Unit Production Costs: Reduced to $7.80 per barrel of oil equivalent. Scarborough Energy Project: 94% complete at year-end, targeting first LNG cargo in Q4 2026. Louisiana LNG Project: 22% complete at year-end, targeting first LNG in 2029. Gearing: 18.2%, within the target range during increased capital expenditure. Liquidity Position: $9.3 billion. EBITDA Margin: Over 70%. Safety Performance: No high consequence injuries recorded; significant safety milestones achieved. Greenhouse Gas Emissions: Achieved a 15% reduction in net equity Scope 1 and 2 emissions. Warning! GuruFocus has detected 11 Warning Signs with WOPEF. Is WOPEF fairly valued? Test your thesis with our free DCF calculator. Release Date: February 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Woodside Energy Group Ltd (WOPEF) achieved record annual production of 198.8 million barrels of oil equivalent in 2025, exceeding their full-year guidance range. The company reported a strong underlying net profit after tax of $2.6 billion, supported by record production levels. Woodside Energy Group Ltd (WOPEF) declared a final dividend of USD 0.59 per share, bringing the total fully franked full-year dividend to USD 0.0112 per share, representing a payout ratio of 80% of underlying NPAT. The Scarborough Energy project was 94% complete at year-end and remains on track for first LNG cargo in the fourth quarter of 2026. The company demonstrated strong sustainability performance, achieving a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below their starting base for 2025. Despite record production, the company faced lower realized prices compared to the previous year, impacting overall revenue. The Louisiana LNG project, although progressing, still requires further sell-downs to reduce Woodside's capital commitment and secure strategic partners. The company anticipates increased costs in 2026 due to major turnarounds and maintenance activities, including at Pluto LNG. There is uncertainty regarding the uptake of lower carbon ammonia, which could impact the timing and development of Phase II at the Beaumont project. The company faces challenges in maintaining production levels as natural field decline is expected across several assets, including Sangomar, which has commenced decline after plateauing in 2025. Q: How is the sell-down process for Louisiana LNG progressing, and are you confident in completing it soon? A: Liz Westcott, Acting CEO, stated that the sell-down process is progressing well, with Stonepeak and Williams already involved, reducing Woodside's capital commitment to $9.9 billion. The company is targeting an additional 20% sell-down and is focused on finding strategic partners that complement Woodside's skills. CFO Graham Tiver added that the company's strong balance sheet allows them to take a disciplined approach to finding the right partner. Q: Can you provide insights into the expected dividend for 2026, given the current consensus? A: Graham Tiver, CFO, explained that 2026 is a transition year with significant activities like the Pluto turnaround and Scarborough's first cargo. The capital management framework allows flexibility for special dividends or buybacks, but the focus is on navigating through 2026's critical work before making decisions on dividends. Q: What are the plans for decommissioning activities, particularly regarding the Bass Strait platform removal? A: Liz Westcott, Acting CEO, mentioned that decommissioning is an ongoing part of Woodside's operations. The Bass Strait platform removals are targeted for 2027, with a budget of $500 million to $800 million for 2026. The company has completed significant decommissioning work on legacy assets and will continue to focus on this area. Q: How is the Beaumont new ammonia project expected to impact the cost structure and earnings? A: Liz Westcott, Acting CEO, noted that Beaumont will feature in 2026 as it ramps up production. The project distinguishes between production costs and feedstock costs, with transparency provided in financial reporting. Graham Tiver, CFO, added that the domestic ammonia market is currently strong, which could positively impact earnings as the project ramps up. Q: What is the outlook for Scarborough's first LNG cargo, and what are the key activities leading up to it? A: Liz Westcott, Acting CEO, confirmed that Scarborough is on track for its first LNG cargo in Q4 2026. Key activities include installing the floating production unit, completing subsea equipment dewatering, and commissioning onshore facilities. The timeline is subject to weather conditions, but the company is confident in meeting the target. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Woodside delivered a strong FY2025: record production of 198.8 million boe, underlying NPAT of $2.6 billion, $1.9 billion of free cash flow and a full-year dividend of $1.12 per share (an 80% payout ratio), while gearing remained within target at 18.2%. Major projects are progressing: Scarborough is ~94% complete with first LNG targeted in Q4 2026, the three‑train Louisiana LNG project reached FID and is ~22% complete targeting first LNG in 2029 (Woodside’s post-sell‑down share ~57% of project capex), and Trion is ~50% complete targeting first oil in 2028. Interested in Woodside Energy Group Ltd? Here are five stocks we like better. Woodside Energy Group (NYSE:WDS) outlined record production, progress on major growth projects, and an 80% payout ratio dividend as it reported full-year 2025 results, while also emphasizing cost discipline and portfolio management during a capital-intensive period. Management said 2025 annual production reached a record 198.8 million barrels of oil equivalent, exceeding guidance, driven by “exceptional performance” at Sangomar and reliability across the operating portfolio. The company reported unit production costs of $7.80 per boe, citing efficiency gains and cost control. → Gold and Silver Pulled Back—Here’s Why the Bull Case Is Intact Woodside reported underlying net profit after tax of $2.6 billion, with record production offsetting lower realized prices compared with full-year 2024. The board declared a final dividend of $0.59 per share, bringing the full-year fully franked dividend to $1.12 per share, representing an 80% payout ratio of underlying NPAT, which management noted was at the top end of its stated range. Despite higher capital expenditure and “softer prices,” Woodside said it generated $1.9 billion of free cash flow and ended the year with gearing of 18.2%, within its 10% to 20% target range. CFO Graham Tiver also highlighted a liquidity position of AUD 9.3 billion and reiterated the company’s commitment to maintaining an investment-grade credit rating. → Hinge Health’s AI Moat Might Be Its Patient Movement Data Woodside said its Scarborough Energy Project was 94% complete at year-end and remains on track for first LNG cargo in the fourth quarter of 2026. Management described remaining offshore work such as installing the floating production unit, pulling in risers and umbilicals, subsea dewatering, and topsides commissioning, noting these activities can be affected by weather. Onshore, the company still needs to complete construction and commissioning at Pluto Train 2 before starting up and reaching steady-state operations. On Trion, Woodside said it is targeting first oil in 2028 and the project was 50% complete at year-end. Construction advanced on the floating production unit and floating storage and offloading unit, with major field activity expected to begin in 2026 and a deepwater drill ship expected to commence drilling in early 2026. → Opendoor Pops After Earnings, But the Big Question Hasn’t Changed Following a final investment decision in April, management characterized the three-train, 16.5 million ton per annum Louisiana LNG Project as a “game-changing investment,” with the project 22% complete at year-end and targeting first LNG in 2029. The company said it secured foundational transportation capacity and entered a long-term agreement with BP to supply up to 640 billion cubic feet of natural gas beginning in 2029. Woodside also said Louisiana LNG is expected to be the primary supply source for long-term sale and purchase agreements it signed with European customers targeting delivery from 2029. At Beaumont New Ammonia, Woodside said the project commenced production of first ammonia in December 2025 and expects full handover by OCI in the first half of 2026. The company said lower-carbon ammonia production is targeted for the second half of 2026, contingent on carbon-abated hydrogen supply and ExxonMobil’s carbon capture and storage facility becoming operational. Management said it has seen “strong early customer uptake” for conventional ammonia and is advancing additional agreements, including for lower-carbon volumes, though it noted demand for lower-carbon ammonia has been “slower than we had forecast.” Woodside highlighted portfolio refinement, including the divestment of its Greater Angostura assets for $259 million in cash. On Louisiana LNG, management said the addition of partners reduced Woodside’s expected share of total capital expenditure to less than 60%, and that after sell-downs Woodside’s expected total capex is $9.9 billion (about 57% of total project capex cited at FID). The company said Stonepeak is funding 75% of 2025 and 2026 project capital expenditure and said Williams brings U.S. natural gas infrastructure capabilities and a gas sourcing platform. In Q&A, management said it continues to target up to an additional 20% sell-down at the Louisiana LNG holding company level, but emphasized it would prioritize “value over speed.” Woodside also said any potential expansion to trains four and five would compete for capital against other opportunities under its unchanged capital allocation framework, and reiterated that its near-term focus remains on further sell-downs for trains one through three. Looking ahead, management flagged 2026 as a transition year that includes a major Pluto turnaround in the second quarter of 2026, which will affect production and increase costs at the Pluto asset, alongside tie-ins related to Scarborough. Woodside also said it will conduct dry dock maintenance for two Australian oil assets in 2026 as part of its normal maintenance cycle, though it did not provide asset names or downtime details on the call. On decommissioning, Woodside said it completed drilling and abandonment work across closed facilities including Stybarrow, Griffin, and Minerva, and completed the Enfield program. It guided to AUD 500 million to AUD 800 million of decommissioning expenditure in 2026 and said Bass Strait platform removals are targeted for 2027. Woodside also discussed hedging, with Tiver stating the company hedges “defensively” during heavy capital periods to provide cash flow certainty rather than taking a view on oil prices. He said Woodside’s full-year 2025 Brent hedges were positive and that it has progressively hedged 18 million barrels for 2026 at approximately $70. Woodside said it achieved its 2025 target of a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below its starting base, using a combination of facility performance and carbon credits, and that underlying reductions allowed it to reduce its use of carbon credits. Management also pointed to the World Heritage listing of the Murujuga Cultural Landscape, which it said it supported in collaboration with traditional custodians, and said it spent $9.3 billion globally on goods and services. On markets, Woodside said it expects oil demand to remain resilient due to the difficulty of decarbonizing sectors such as heavy transport and petrochemicals, and it expressed confidence in continued demand for LNG, citing energy security and affordability priorities. The company said it contracted 4.7 million tons of new LNG supply over the last year to “Tier One” end customers and stated that approximately 75% of its LNG volumes for 2026 to 2028 are contracted. Additional Q&A topics included taxes and joint venture developments. Tiver said Woodside’s global effective tax rate was 45% and its Australia effective tax rate was 44%, adding that PRRT is one component of Australia taxes and that PRRT could rise as Scarborough comes online, though he declined to provide quantitative guidance due to “many moving parts.” On the North West Shelf, Woodside said the joint venture remains interested in processing third-party gas and that Browse progress depends on refining an investable concept, concluding commercial agreements between the Browse and North West Shelf joint ventures, and securing environmental approvals. Woodside also addressed CEO succession, saying the chair intends to announce a decision in the first quarter of 2026. The company said it will host a Sustainability Investor Briefing in Sydney next month. Woodside Energy Group (NYSE: WDS) is an Australia-based energy company focused on the exploration, development, production and marketing of oil and natural gas, with a strong emphasis on liquefied natural gas (LNG). The company's activities span the upstream value chain, including exploration and appraisal of hydrocarbon resources, development and operation of production facilities, and the sale and delivery of hydrocarbons to global customers. Woodside's operations center on conventional oil and gas projects and large-scale LNG processing and export, supported by project management, engineering and commercial trading capabilities. The article "Woodside Energy Group H2 Earnings Call Highlights" was originally published by MarketBeat.

PERTH, Australia, February 23, 2026--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS): Woodside today reported record production of 198.8 million barrels of oil equivalent (MMboe), or 545 Mboe/day, for the full year 2025. The result was underpinned by outstanding production performance at Sangomar, producing at nameplate capacity for most of the year, and world-class reliability at our operated Pluto LNG and NWS Project assets. Record production offset lower realised prices resulting in net profit after tax (NPAT) of $2,718 million (24% lower from 2024) and underlying NPAT of $2,649 million (8% lower from 2024).1 The Directors have determined a final dividend of US 59 cents per share (cps), which brings the full-year fully franked dividend to US 112 cps and maintains payout ratio at the top of the range at 80%. The value of the full-year dividend is $2.1 billion. Woodside Acting CEO Liz Westcott said the record annual production in 2025 exceeded the guidance range and unit production cost decreased 4% from 2024 to $7.8 per barrel of oil equivalent, demonstrating cost discipline. "The outstanding full-year results reflected the disciplined execution of Woodside’s strategy, while maintaining safe, reliable and sustainable operations. Our strong underlying NPAT of $2.6 billion and free cashflow1 of $1.9 billion is a testament to the performance of the base business during a period of increased capital expenditure and softening prices. "The strength of our base business has delivered returns for shareholders, with Woodside having returned approximately $11 billion in dividends since merger completion in 2022. At the same time, we are re-investing in the business and actively refining the portfolio, while maintaining a strong balance sheet and gearing within the targeted range. "Keeping our people safe is always Woodside’s priority and in a year of increased activity, no high-consequence injuries were recorded. We marked significant safety milestones across our global portfolio, with Sangomar recording no injuries in its first 18 months of operations, and the Scarborough floating production unit marking three years of work without a single lost-time incident. "We are delivering on our commitments by leveraging our proven operational excellence, demonstrated project execution and delivery and continued financial discipline to reward shareholders today, while positioning Woodside for future value and growth. "Sangomar produced at nameplate capacity of 100,000 barrels per day for most of 2025 at almost 99% reliability. This translated into $2.6 billion of EBITDA (Woodside share) generated since start-up, demonstrating the asset’s value.1,2 "A high point of 2025 was the final investment decision taken in April on the $17.5 billion three-train, 16.5 million tonne per annum foundation Louisiana LNG project, which was 22% complete at year-end and on target for first LNG in 2029. "Louisiana LNG’s value proposition was reinforced during the year by the entry of two high-quality partners, with Stonepeak taking a 40% stake in Louisiana LNG Infrastructure LLC and Williams acquiring 10% of Louisiana LNG LLC and 80% of Driftwood Pipeline LLC. These transactions together reduced Woodside’s share of capital expenditure for Louisiana LNG to $9.9 billion, with Stonepeak contributing 75% of capital expenditure in 2025 and 2026. Discussions are ongoing for the potential sale of up to a further 20% of Louisiana LNG LLC. "During the year, Woodside’s other major cash-generative growth projects progressed to budget and schedule, highlighted by the progress at the Scarborough Energy Project. Scarborough was 94% complete at year-end with the floating production unit arriving on location in Australia in January 2026. Scarborough is on track for first LNG cargo in the fourth quarter of 2026. "Once operational, Scarborough gas and output from Louisiana LNG will help meet long-term energy demand, as evidenced by the six sales agreements for portfolio supply that Woodside signed in 2025 with buyers in Asia and Europe. These agreements demonstrate the ongoing role of LNG in balancing our customers’ energy security and decarbonisation needs. "Trion remains on target for first oil in 2028, with the project 50% complete at year end. In 2025 we advanced construction of both the floating production unit and floating storage and offloading unit, with major subsea work set to start this year. "In December 2025 we achieved first production at Beaumont New Ammonia, and we have secured offtake agreements at prevailing market prices for traditional ammonia. We expect full handover of the project by OCI in the first half of 2026, with production of lower-carbon ammonia targeted for the second half of this year.3 "As detailed in the Annual Report released today, we have achieved our 2025 net equity Scope 1 and 2 greenhouse gas emissions reduction target of 15% below the starting base. This was achieved through a combination of underlying emissions performance at our facilities and the use of carbon credits. Importantly, our gross equity Scope 1 and 2 greenhouse gas emissions were fewer than 2024, despite higher oil and gas production. "Woodside’s objectives for 2026 are clear: ramp up Beaumont; deliver first LNG cargo from Scarborough; and continue progressing Louisiana LNG and Trion to schedule and budget. We will remain focused on creating long-term value through disciplined capital allocation, maintaining strong liquidity and actively managing the portfolio." Financial headlines Business highlights Strategic achievements Took a positive FID on Louisiana LNG with a lump-sum turn-key Bechtel EPC contract Added Stonepeak and Williams as strategic partners for Louisiana LNG, with Woodside’s expected total capital expenditure now $9.9 billion (< 60% of total capital expenditure)8 Refined our portfolio through the Greater Angostura divestment and progressing Chevron asset swap9 Commenced first production at Beaumont New Ammonia Continued strong interest from debt capital markets with $3.5 billion US bond issuance oversubscribed Operations and projects Record production of 198.8 MMboe, reflecting a high-quality asset base6 Achieved world-class reliability of 98.4% at KGP, 96.3% at Pluto LNG and 98.7% at Sangomar, supporting consistent revenue delivery and cost efficiency Reduced unit production costs to $7.8/boe reflecting cost discipline Improved safety outcomes with zero high consequence injuries recorded across our global operations Delivered extended plateau production at Sangomar and $1.9 billion of revenue for Woodside in 2025 Completed successful tiebacks to existing NWS, Bass Strait, Pluto and Mad Dog facilities, capturing incremental volumes at lower capital intensity Continued project execution of Scarborough and Trion, which were 94% and 50% complete respectively by the end of 2025, supporting future production and long‑term revenue generation Achieved our 2025 target of a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below the starting base, and are on track to meet our equivalent 2030 target10,11,12 Full-year results teleconference A teleconference providing an overview of the full year 2025 results and a question and answer session will be hosted by Woodside Acting CEO, Liz Westcott, and Chief Financial Officer, Graham Tiver, on Tuesday, 24 February 2026 at 10:00 AEDT / 07:00 AWST / 17:00 CST (Monday, 23 February 2026). We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links: https://webcast.openbriefing.com/wds-fyr-2025/ to view the presentation and listen to a live stream of the Q&A session https://s1.c-conf.com/diamondpass/10052032-hy76t5.html to participate in the Q&A session. Following pre-registration, participants will receive the teleconference details and a unique access passcode. The full-year results presentation follows this announcement and will be referred to during the teleconference. The presentation, Annual Report 2025, 2025 Climate and Sustainability Summary and teleconference transcript will also be available on the Woodside website (www.woodside.com). Filings Woodside is filing its annual report on Form 20-F for the year ended 31 December 2025 (2025 Form 20-F), which included Woodside’s audited financial statements for the year ended 31 December 2025, with the US Securities and Exchange Commission (the SEC) on 24 February 2026. The 2025 Form 20-F can be downloaded through accessing Woodside’s website at www.woodside.com or from the SEC's website at www.sec.gov. Shareholders may also request a hard copy of the 2025 Form 20-F free of charge at www.woodside.com. Annual General Meeting Woodside's Annual General Meeting will be held at 10:00am (AWST) on Thursday, 23 April 2026 in Perth, Western Australia and online. This announcement was approved and authorised for release by Woodside’s Disclosure Committee. View source version on businesswire.com: https://www.businesswire.com/news/home/20260223899485/en/ Contacts INVESTORS Vanessa Martin M: +61 477 397 961 E: [email protected] MEDIA Christine Abbott M: +61 484 112 469 E: [email protected]