Woodside Releases Fourth Quarter Report for Period Ended 31 December 2024

PERTH, Australia--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS): Woodside CEO Meg O’Neill said Woodside is delivering on its growth strategy while taking steps to sharpen its focus on high-value core assets. “Our high-quality assets continued to deliver outstanding performance in the quarter, underpinned by Sangomar producing 75 thousand barrels of oil equivalent per day at 95% reliability, driving record annual production of 194 million barrels of oil equivalent. We also saw a strong contribution from Mad Dog in the Gulf of Mexico, with a full year of Argos production at peak rates. “At the same time, we made important progress with our growth projects, including the arrival of the final Pluto Train 2 modules for our Scarborough Energy Project, which remains on track for first LNG in 2026. We were also pleased to welcome JERA, another strategic partner, into the Scarborough Joint Venture. “The Trion Project has also transitioned into the construction phase, with the first steel cut for the floating production unit, and we remain on track for 2028 first oil. “We continued to move at pace on our recently acquired Louisiana LNG development, signing an engineering, procurement and construction contract with Bechtel to support final investment decision readiness from the first quarter of 2025. We also progressed the sell-down process, which has attracted strong interest from high-quality potential partners. It is encouraging to see the growing level of support for LNG opportunities in the US from capital markets, including the recognition of the potential additional value unlocked by strong marketing capabilities. Woodside's business model is uniquely placed to deliver compelling long-term value in the US LNG market. “Equally exciting was the progress at our re-named Beaumont New Ammonia project, with construction of Train 1 underway as we work towards Phase 1 project completion and operations readiness in the second half of 2025. “With such a strong growth journey ahead of us, we recognise the need to remain focused. In the quarter, we announced an asset swap with Chevron, which streamlines our Australia portfolio by trading our equity in Wheatstone to increase our position in North West Shelf to 50% and support short-term cash generation. "This agreement positions Woodside to continue providing energy for local and global customers from the North West Shelf, further supported by the Western Australian Government’s environmental approval for the North West Shelf Project Extension received during the quarter. “We will continue to pursue targeted and strategic opportunities to simplify our business and sharpen our focus to deliver long-term shareholder value. “Our commitment to the domestic market was further demonstrated by the execution of gas sales of 77 petajoules in eastern Australia. This highlights the ongoing role of gas in supporting Australian households, businesses and manufacturers. We continued work on optimising facilities and maximising gas production from Bass Strait, while marking the end of 55 years of oil production. “Conducting our business sustainably underpins our strategy to thrive through the energy transition. Preliminary data shows a 14% reduction in our net equity Scope 1 and 2 emissions in 2024, from our stated starting base. Whilst we are on track to meet our scope 1 and 2 net reduction targets, with the strong start-up of Sangomar, our absolute emissions did increase in 2024. We remain committed to take actions to decarbonise our assets and this has become part of how we run our business every day. “Over the quarter, we continued to make major contributions to the communities where we operate, awarding our largest-ever Traditional Owner construction contract to locally based company Winyama, which will support the delivery of Scarborough. “As we officially recognised our 70-year anniversary in 2024, we reflected on our proud history and the contributions of the determined people who built this company. Today, Woodside’s determination to provide energy the world needs and deliver value for our shareholders is stronger than ever. We are building on strong foundations to position Woodside for long-term success,” she said. Comparative performance at a glance Q4 2024 Q3 2024 Change % Q4 2023 Change % YTD 2024 YTD 2023 Change % Revenue $ million 3,470 3,679 (6%) 3,355 3% 13,151 14,028 (6%) Production2 MMboe 51.4 53.1 (3%) 48.1 7% 193.9 187.2 4% Gas MMscf/d 1,909 2,001 (5%) 2,010 (5%) 1,931 2,002 (4%) Liquids Mbbl/d 224 226 (1%) 170 32% 191 162 18% Total Mboe/d 559 577 (3%) 522 7% 530 513 3% Sales MMboe 53.8 55.8 (4%) 49.5 9% 203.5 201.5 1% Gas MMscf/d 2,115 2,154 (2%) 2,118 — 2,085 2,248 (7%) Liquids Mbbl/d 214 228 (6%) 166 29% 190 158 20% Total Mboe/d 585 606 (3%) 538 9% 556 552 1% Average realised price $/boe 63 65 (3%) 67 (6%) 64 69 (7%) Capital expenditure3 $ million 2,681 3,033 (12%) 1,566 71% 8,126 5,701 43% Capex excl. acquisitions $ million 1,396 1,133 23% 1,566 (11%) 4,941 5,701 (13%) Acquisitions4 $ million 1,285 1,900 (32%) – 100% 3,185 – 100% 2024 full-year guidance comparison Q3 Guidance Full-year result Production MMboe 189 - 195 193.9 (516 - 533 Mboe/day) (530 Mboe/day) Capital expenditure (excl acquisitions and other equity changes) $ billion 4.8 - 5.2 4.9 Gas hub exposure5 % of produced LNG 33 - 37 34.4 Pluto LNG LNG reliability was 92.2% for the quarter following an unplanned five day shutdown of the Pluto facilities in November. Full-year LNG reliability at Pluto was 96.1%. Achieved highest quarterly production (3.1 MMboe) through the Pluto-KGP Interconnector for the year. North West Shelf (NWS) Project Achieved strong quarterly LNG reliability of 97.2%. Full-year LNG reliability at NWS was 98.3%. Received environmental approvals from the Western Australian Government for the North West Shelf Project Extension. The extension is an important step in enabling the long-term processing of North West Shelf Joint Venture (NWS JV) field resources and third-party resources through the Karratha Gas Plant. The Federal Government approvals process is ongoing. As part of the approval, the NWS JV committed to a range of environmental management measures, including a significant reduction in air emissions, along with greenhouse gas emissions management measures. LNG Train 2 was taken offline as preparations for permanent retirement are underway. The train retirement is expected to reduce emissions by approximately 0.3 million tonnes per annum CO2 equivalent (Woodside share, at 33% working interest). Bass Strait Completed the Gippsland Asset Streamlining project with final crude oil from the Cobia platform processed prior to closure of the Crude Stabilisation Plant at Longford. Production increased from the Kipper field following successful startup of gas compression facilities. Sangomar Achieved outstanding production of 95 Mboe/day (100%, 75 Mboe/day Woodside share) from the Sangomar field, with a total of 17 cargoes exported from start up to the end of December 2024. Successfully completed FPSO commissioning and start-up activities including the gas and water injection systems while also achieving 94% reliability for the quarter. Continued to expand the market for Sangomar crude with the grade being supplied into the US for the first time in Q4. Gulf of Mexico Completed a planned shutdown at Shenzi to proactively address integrity and reliability scopes. Restored a key Shenzi well to production in November 2024 following an unplanned outage. Completed a planned offshore facility shutdown and commenced an infill development well at Mad Dog A-Spar. Maintained peak production of ~130 kbbl/d and commenced an infill injector well with plans to complete the well in Q1 2025 at Mad Dog Argos. Sold 33.6% of produced LNG at prices linked to gas hub indices in the quarter (34.4% full-year 2024), realising a 31% premium compared to oil linked pricing. This represents 12.8% of Woodside’s total equity production in the quarter (15.0% full-year 2024). Achieved record quantity of trucked LNG deliveries of approximately 556 TJ, equivalent to 540 trailers, to customers in northern Western Australia. Executed incremental Western Australian gas sales of 7.3 PJ (full-year of 73.5 PJ) for delivery across 2025 and 2026. Woodside continues to engage with the Western Australian domestic market on additional supply requirements for 2025, 2026 and 2027. Completed eastern Australian Expression of Interest process with executed sales totalling 77.4 PJ across 2025 and 2026. Scarborough Energy Project The Scarborough and Pluto Train 2 project was 78% complete at the end of the quarter (excluding Pluto Train 1 modifications). Fabrication of the floating production unit (FPU) hull and topsides is proceeding ahead of FPU integration activities planned in 2025. Completed installation and pre-commissioning activities of the 433km trunkline. The final of the 51 Pluto Train 2 modules were delivered and installed in place at the Pluto LNG site. Announced Woodside’s largest-ever Traditional Owner construction contract to Winyama Contracting Group for the delivery of civil works for the Pluto Train 1 Modifications project. Mobilisation for the civil works has commenced and module construction is ramping up. Completed the sale of a 15.1% non-operating participating interest in the Scarborough Joint Venture to JERA for approximately $1.4 billion.6 First LNG cargo is targeted for 2026. Trion Trion was 20% complete at the end of the quarter. Awarded contracts for drilling and completion services, gas gathering line installation and the build and lease of the floating storage and offloading vessel (FSO). Construction of the semi-submersible floating production unit (FPU) and the fabrication of the subsea flexible piping commenced. Subsea equipment manufacturing progressed. Louisiana LNG Completed the acquisition of Tellurian Inc. (Tellurian) and its US Gulf Coast Driftwood LNG development which was renamed Louisiana LNG. Signed a lump sum turnkey engineering, procurement and construction (EPC) contract with Bechtel for the three train, 16.5 million tonnes per annum foundation development. Continued site works under a limited notice to proceed with Bechtel. Site works are focused on piling, dry excavation and marine offloading facilities. Progressed sell-down opportunities for Louisiana LNG. Strong interest has been received from potential project partners. Targeting final investment decision (FID) readiness from Q1 2025. Beaumont New Ammonia In October 2024, the tragic death of an employee of one of OCI’s construction contractors occurred at the project site. Woodside continues to work with local authorities, OCI and the contractor company to understand root causes. Construction of Train 1 continues with OCI managing the project under the Construction Management Agreement. The project handover is subject to cost, schedule, and performance guarantees from OCI.7 Woodside continues to work closely with OCI in preparation for operations readiness. Phase 1 of the project is on track to be completed in the second half of 2025. The Beaumont Clean Ammonia project has been renamed to Beaumont New Ammonia to reflect change of ownership and the production of a new, lower-carbon ammonia product following ExxonMobil’s carbon, capture and storage (CCS) facility becoming operational. Safely recovered and transported the Griffin Riser Turret Mooring (RTM) to the Australian Marine Complex at Henderson, Western Australia where the RTM will be disassembled and components recycled or reused. Continued ongoing decommissioning campaigns including the plugging and abandoning of three wells at Stybarrow, and removal of multiple moorings, structures, and wellheads across a number of fields offshore Western Australia. In 2024, Woodside successfully plugged and abandoned seven of ten Stybarrow wells, recovered more than 90 subsea structures including wellheads, Xmas trees and manifolds, and recovered 149 km of pipe. Continued decommissioning activities at Bass Strait, completing the plug and abandonment of wells on the Perch and Dolphin facilities. Exploration and development Browse Continued activities in support of the Browse to North West Shelf Project, including ongoing regulatory engagement in support of key approvals, progressing commercial discussions and work to optimise the upstream development concept. Referred the Browse carbon capture and storage (CCS) system to the Commonwealth regulator in October 2024 for assessment, in accordance with the Environment Protection and Biodiversity Conservation Act 1999. This seeks environmental approval of the Browse CCS system as a separate but related proposal to the Browse to North West Shelf Project. Calypso Progressed pre-FEED engineering studies and subsurface studies to mature the technical definition of the development concept. Fiscal negotiations advanced with the Government of Trinidad and Tobago and commercial discussions continued with key stakeholders to evaluate options to monetise the resource. Sunrise The Sunrise Joint Venture (SJV) participants continued negotiations with the Australian and Timor-Leste Governments to progress a new Production Sharing Contract, Petroleum Mining Code and fiscal regime. The SJV completed a Concept Study Report considering multiple potential Greater Sunrise development scenarios. The SJV participants are reviewing the outcomes of this report. Exploration On the North El Dabaa Offshore (Block 4) Licence in Egypt, the Khendjer-1X well (non-operated) was drilled in the quarter and did not encounter hydrocarbons. Post-well analysis and learnings integration are ongoing. In Namibia, Woodside’s option period to acquire at least a 56% interest in Petroleum Exploration Licence 87 began upon receiving a seismic license in November. Woodside is currently evaluating seismic data in support of the decision on or before 18 May 2025. New energy and carbon solutions H2OK Woodside continues to take a disciplined approach to H2OK and has made a strategic decision to delay FID, prioritising Beaumont New Ammonia. Work will continue to improve project competitiveness and secure binding offtake agreements. Woodside is reviewing the final 45V Clean Hydrogen Production Tax Credit regulations released by the United States Department of Treasury in January 2025. Heliogen Woodside has concluded its collaboration with Heliogen on Project Capella, with both parties deciding to not pursue the construction phase of the project. Woodside and Heliogen continue to evaluate opportunities for further collaboration in deploying concentrated solar power technology. NeoSmelt Woodside will join BHP, Rio Tinto, and BlueScope as part of the NeoSmelt project in Western Australia as energy supplier, subject to finalising commercial arrangements.8 The NeoSmelt project aims to prove Pilbara iron ore can be used to produce molten iron with reduced CO2 emissions using new technologies and lower carbon energy. Carbon capture and storage (CCS) opportunities Completed the appraisal campaign for the proposed Bonaparte CCS project, with successful drilling of two appraisal wells and the acquisition of West Peron marine 3D seismic. Carbon Credits Portfolio Signed an amendment to expand the reforestation of an additional 2,400 hectares of land in the Chaco region in Paraguay to generate 0.8 million carbon credits. This brings Woodside’s total investment to 7,400 hectares of land, and is expected to generate a total of ~ 2.4 million carbon credits over 40 years. Woodside and Chevron asset swap In December 2024 Woodside and Chevron agreed to an asset swap under which Woodside will acquire Chevron’s interest in the North West Shelf (NWS) Project, the NWS Oil Project and the Angel Carbon Capture and Storage (CCS) Project, and transfer all of its interest in both the Wheatstone and Julimar Brunello Projects to Chevron. Chevron will also make a cash payment to Woodside of up to $400 million.9 Hedging During the quarter 11.4 MMboe of 2025 production was hedged, bringing the total 2025 hedging to 30 MMboe at an average price of approximately $78.7 per barrel. Woodside also has a hedging program for Corpus Christi LNG volumes designed to protect against downside pricing risk. These hedges are Henry Hub (HH) and Title Transfer Facility (TTF) commodity swaps. Approximately 94% of 2025 and 67% of 2026 volumes have been hedged. The realised value of all hedged positions for the year ended 31 December 2024 is a pre-tax expense of approximately $46 million, with a $202 million expense related to oil price hedges offset by $96 million profit related to LNG hedges and $60 million profit related to other hedge positions. Hedging expense will be included in “other expenses” in the full-year financial statements. Delisting from the London Stock Exchange Woodside delisted from the London Stock Exchange on 20 November 2024. Woodside’s primary listing on the Australian Securities Exchange and its American Depositary Receipts program on the New York Stock Exchange are not affected by the delisting of Woodside’s shares from the London Stock Exchange. 2024 Full-Year Results and teleconference Woodside’s 2024 Annual Report, 2024 Climate Update and associated investor briefing will be released to the market on Tuesday, 25 February 2025. These will also be available on Woodside’s website at http://www.woodside.com/ A teleconference providing an overview of the full-year 2024 results and a question and answer session will be hosted by Woodside CEO and Managing Director, Meg O’Neill, and Chief Financial Officer, Graham Tiver, on Tuesday, 25 February 2025 at 10:00 AEDT / 07:00 AWST / 17:00 CST (Monday, 24 February 2025). 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-24/ to view the presentation and listen to a live stream of the question and answer session https://s1.c-conf.com/diamondpass/10044744-jh76t5.html to participate in the question and answer session. Following pre-registration, participants will receive the teleconference details and a unique passcode. Annual General Meeting Woodside’s Annual General Meeting will be held at 10:00am (AWST) on Thursday 8 May 2025 in Perth, Western Australia and online. The closing date for receipt of director nominations is 3 March 2025. Production Woodside’s full-year 2025 production guidance is 186 – 196 MMboe (510 – 537 Mboe/day). This excludes volumes from Beaumont New Ammonia. The approximate split by product type is: LNG ~40% Pipeline gas ~20% Crude and condensate ~35% Natural gas liquids ~5% Capital expenditure Woodside’s full-year 2025 capital expenditure guidance is $4.5 - 5.0 billion, this excludes the impact of any subsequent asset sell-downs, future acquisitions or other equity changes. It also excludes Louisiana LNG expenditure.10 The main activities are: Scarborough11 ~35% Trion12 ~20% Australia Other13 ~20% International Other ~10% Beaumont New Ammonia14 ~10% Gas hub exposure Woodside expects approximately 28% - 35% of its 2025 produced LNG to be sold at prices linked to gas hub indices.15 Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 Gas MMscf/d 1,909 2,001 2,010 1,931 2,002 Liquids Mbbl/d 224 226 170 191 162 Total Mboe/d 559 577 522 530 513 Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 AUSTRALIA LNG North West Shelf Mboe 7,117 7,029 7,798 29,426 32,807 Pluto16 Mboe 11,232 12,007 12,407 46,719 45,587 Wheatstone Mboe 2,460 2,565 2,505 9,341 10,159 Total Mboe 20,809 21,601 22,710 85,486 88,553 Pipeline gas Bass Strait Mboe 3,140 4,069 3,206 12,978 15,100 Other17 Mboe 4,136 4,016 3,438 15,278 13,027 Total Mboe 7,276 8,085 6,644 28,256 28,127 Crude oil and condensate North West Shelf Mbbl 1,250 1,265 1,359 5,187 5,867 Pluto16 Mbbl 911 966 994 3,741 3,630 Wheatstone Mbbl 423 474 495 1,739 1,805 Bass Strait Mbbl 482 701 704 2,178 3,367 Macedon & Pyrenees Mbbl 617 633 653 1,466 2,731 Ngujima-Yin Mbbl 1,143 1,231 1,203 4,234 3,212 Okha Mbbl 616 615 616 2,188 2,076 Total Mboe 5,442 5,885 6,024 20,733 22,688 NGL North West Shelf Mbbl 274 288 275 1,131 1,182 Pluto16 Mbbl 58 55 58 226 206 Bass Strait Mbbl 740 1,152 1,026 3,665 4,320 Total Mboe 1,072 1,495 1,359 5,022 5,708 Total Australia 18 Mboe 34,599 37,066 36,737 139,497 145,076 Mboe/d 376 403 399 381 397 Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 INTERNATIONAL Pipeline gas Gulf of Mexico Mboe 305 327 314 1,316 1,343 Trinidad & Tobago Mboe 2,425 2,289 2,779 8,953 10,151 Other19 Mboe - - - - 47 Total Mboe 2,730 2,616 3,093 10,269 11,541 Crude oil and condensate Atlantis Mbbl 2,238 2,351 2,763 9,049 10,965 Mad Dog Mbbl 2,607 2,363 2,054 10,679 6,808 Shenzi Mbbl 1,832 2,047 2,712 8,617 10,065 Trinidad & Tobago Mbbl 140 143 284 503 1,076 Sangomar Mbbl 6,901 5,902 - 13,343 - Other19 Mbbl 81 81 81 324 237 Total Mboe 13,799 12,887 7,894 42,515 29,151 NGL Gulf of Mexico Mbbl 320 515 344 1,583 1,387 Other19 Mbbl - - - - 27 Total Mboe 320 515 344 1,583 1,414 Total International Mboe 16,849 16,018 11,331 54,367 42,106 Mboe/d 183 174 123 149 115 Total Production Mboe 51,448 53,084 48,068 193,864 187,182 Mboe/d 559 577 522 530 513 Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 Gas MMscf/d 2,115 2,154 2,118 2,085 2,248 Liquids Mbbl/d 214 228 166 190 158 Total Mboe/d 585 606 538 556 552 Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 AUSTRALIA LNG North West Shelf Mboe 6,753 7,353 7,367 29,195 34,573 Pluto Mboe 10,490 12,014 12,130 45,766 45,654 Wheatstone20 Mboe 2,280 3,048 2,473 10,181 9,676 Total Mboe 19,523 22,415 21,970 85,142 89,903 Pipeline gas Bass Strait Mboe 3,320 4,163 3,341 13,561 15,042 Other21 Mboe 4,058 3,816 3,684 14,203 12,906 Total Mboe 7,378 7,979 7,025 27,764 27,948 Crude oil and condensate North West Shelf22 Mbbl 1,203 1,253 514 5,574 4,669 Pluto Mbbl 1,093 858 614 3,874 3,070 Wheatstone Mbbl 319 360 349 1,674 1,697 Bass Strait Mbbl 518 662 410 2,048 2,934 Ngujima-Yin Mbbl 1,006 1,082 1,352 4,105 3,201 Okha Mbbl 653 618 1 2,461 1,951 Macedon & Pyrenees Mbbl 472 498 1,054 1,466 2,605 Total Mboe 5,264 5,331 4,294 21,202 20,127 NGL North West Shelf Mbbl 252 249 253 1,022 941 Pluto Mbbl 53 52 49 209 336 Bass Strait Mbbl 303 1,142 1,370 2,591 4,341 Total Mboe 608 1,443 1,672 3,822 5,618 Total Australia Mboe 32,773 37,168 34,961 137,930 143,596 Mboe/d 356 404 380 377 393 Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 INTERNATIONAL Pipeline gas Gulf of Mexico Mboe 231 286 357 1,139 1,362 Trinidad & Tobago Mboe 2,802 2,004 2,611 8,869 10,180 Other23 Mboe 6 2 6 19 26 Total Mboe 3,039 2,292 2,974 10,027 11,568 Crude oil and condensate Atlantis Mbbl 2,108 2,436 2,976 8,983 10,796 Mad Dog Mbbl 2,629 2,489 2,209 10,787 6,819 Shenzi Mbbl 1,730 2,032 2,716 8,544 10,164 Trinidad & Tobago Mbbl 53 221 316 345 1,219 Sangomar Mbbl 6,793 6,070 - 12,863 - Other23 Mbbl 42 45 53 206 242 Total Mboe 13,355 13,293 8,270 41,728 29,240 NGL Gulf of Mexico Mbbl 303 388 435 1,558 1,519 Other23 Mbbl 4 1 2 11 13 Total Mboe 307 389 437 1,569 1,532 Total International Mboe 16,701 15,974 11,681 53,324 42,340 Mboe/d 182 174 127 146 116 MARKETING24 LNG Mboe 4,196 2,077 2,209 10,952 14,553 Liquids25 Mboe 160 555 618 1,323 1,047 Total Mboe 4,356 2,632 2,827 12,275 15,600 Total Marketing Mboe 4,356 2,632 2,827 12,275 15,600 Total sales Mboe 53,830 55,774 49,469 203,529 201,536 Mboe/d 585 606 538 556 552 Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 AUSTRALIA North West Shelf 497 520 509 2,133 3,021 Pluto 853 920 1,011 3,409 3,789 Wheatstone26 199 237 208 861 982 Bass Strait 217 344 225 1,031 1,143 Macedon 49 48 54 196 199 Ngujima-Yin 84 94 128 361 292 Okha 50 51 - 197 159 Pyrenees 40 44 94 128 233 Total Australia 1,989 2,258 2,229 8,316 9,818 INTERNATIONAL Atlantis 156 194 241 714 852 Mad Dog 183 192 178 828 532 Shenzi 124 160 217 679 794 Trinidad & Tobago27 66 63 103 228 368 Sangomar 484 464 - 948 - Other28 2 3 4 15 18 Total International 1,015 1,076 743 3,412 2,564 Marketing revenue29 410 285 332 1,187 1,453 Total sales revenue30 3,414 3,619 3,304 12,915 13,835 Processing revenue 53 54 49 220 184 Shipping and other revenue 3 6 2 16 9 Total revenue 3,470 3,679 3,355 13,151 14,028 Units Q4 2024 Q3 2024 Q4 2023 Units Q4 2024 Q3 2024 Q4 2023 LNG produced31 $/MMBtu 10.8 10.8 11.5 $/boe 69 68 74 LNG traded32 $/MMBtu 12.6 11.2 11.9 $/boe 80 71 76 Pipeline gas $/boe 33 38 37 Oil and condensate $/bbl 71 78 82 $/boe 71 78 82 NGL $/bbl 45 48 24 $/boe 45 48 24 Liquids traded32 $/bbl 67 60 85 $/boe 67 60 85 Average realised price for pipeline gas: Western Australia A$/GJ 6.6 6.5 6.8 East Coast Australia A$/GJ 12.7 14.2 13.4 International $/Mcf 4.2 4.3 4.4 Average realised price $/boe 63 65 67 Dated Brent $/bbl 75 80 84 JCC (lagged three months) $/bbl 86 88 83 WTI $/bbl 70 75 78 JKM $/MMBtu 13.5 12.4 15.0 TTF $/MMBtu 12.8 11.2 13.5 Average realised price decreased 3% from the prior quarter reflecting lower Dated Brent, WTI and JCC. Capital expenditure (US$ million) Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 Exploration and evaluation capitalised34 17 6 43 99 175 Property plant & equipment 1,315 1,076 1,449 4,616 5,270 Other 35 64 51 74 226 256 Sub Total (excluding acquisitions) 1,396 1,133 1,566 4,941 5,701 Acquisitions 1,285 1,900 - 3,185 - Total 2,681 3,033 1,566 8,126 5,701 Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 Scarborough 664 438 826 2,239 2,643 Trion 299 225 154 758 273 Sangomar 112 73 211 601 1,019 Other 321 397 375 1,343 1,766 Sub Total (excluding acquisitions) 1,396 1,133 1,566 4,941 5,701 Beaumont New Ammonia Project36 - 1,900 - 1,900 - Louisiana LNG37 1,067 - - 1,067 - Louisiana LNG post-acquisition expenditure 218 - - 218 - Sub Total (acquisitions) 1,285 1,900 - 3,185 - Total 2,681 3,033 1,566 8,126 5,701 Acquisition expenditure represents the purchase consideration for Beaumont New Ammonia of $1,900 million, Louisiana LNG of $1,067 million and post acquisition expenditure for Louisiana LNG of $218 million. The purchase consideration includes the total amount paid for acquiring the companies encompassing all assets and liabilities as part of the transaction. Other expenditure (US$ million) Q4 2024 Q3 2024 Q4 2023 YTD 2024 YTD 2023 Exploration and evaluation expensed38 140 90 108 330 364 Permit amortisation 2 2 2 10 9 Total 142 92 110 340 373 Trading costs 290 132 181 695 1,068 Exploration or appraisal wells drilled Region Permit Area Well Target Interest (%) Spud Date Water depth (m) Actual Well Depth (m)39 Remarks Egypt North El Dabaa Offshore (Block 4) Khendje r-1X Oil 27% Non-Operator 2 November 2024 2,187 5,458 Plugged and abandoned Key changes to permit and licence holdings during the quarter ended 31 December 2024 are noted below. Region Permits or licence areas Change in interest (%) Current interest (%) Remarks Australia NT/P86 (100 %) — % Permit Surrender Egypt Red Sea Block 3 (30 %) — % Licence Expiry Red Sea Block 4 (25 %) — % Licence Expiry - Subsequent to the period Gulf of Mexico GB 719, GB 720, GB 763, GB 807 (60 %) — % Licence Expiry GB 574, GB 575, GB 619, GB 529, GB 530, GB 531 17 % 57 % Assignment Average daily production rates (100% project) for the quarter ended 31 December 2024: Woodside share40 Production rate (100% project, Mboe/d) Remarks Dec 2024 Sep 2024 AUSTRALIA NWS Project LNG 30.01% 258 259 Stable production from prior quarter. LNG train 2 cessation of production executed 28 October 2024. Crude oil and condensate 30.11% 45 46 NGL 30.10% 10 10 Pluto LNG LNG 90.00% 109 122 Production was lower due to reliability events during the quarter, including process control network fault. Crude oil and condensate 90.00% 10 10 Pluto-KGP Interconnector LNG 100.00% 24 21 Production was higher due to increased demand from NWS during the quarter. Crude oil and condensate 100.00% 1 1 NGL 100.00% 1 1 Wheatstone41 LNG 12.13% 220 232 Production was lower due to reduced reliability during the quarter. Crude oil and condensate 14.68% 32 33 Bass Strait Pipeline gas 40.09% 85 102 Production was lower due to reduced seasonal domestic gas demand. Crude oil and condensate 44.60% 12 16 NGL 45.77% 18 26 Australia Oil Ngujima-Yin 60.00% 21 22 Okha 50.00% 13 13 Pyrenees 64.70% 10 11 Other Pipeline gas42 45 44 Woodside share43 Production rate (100% project, Mboe/d) Remarks Dec 2024 Sep 2024 INTERNATIONAL Atlantis Crude oil and condensate 38.50% 63 66 Production lower due to impacts from planned midstream outage. NGL 38.50% 4 5 Pipeline gas 38.50% 5 7 Mad Dog Crude oil and condensate 20.86% 136 123 Production higher due to no weather or intervention impacts, partially offset by planned A-Spar TAR. NGL 20.86% 4 7 Pipeline gas 20.86% 3 2 Shenzi Crude oil and condensate 64.82% 31 34 Production lower from planned facility shutdown and maintenance as well as unplanned downtime and weather. NGL 64.88% 2 3 Pipeline gas 64.87% 1 1 Trinidad & Tobago Crude oil and condensate 58.39%44 3 3 Production was higher following execution of production optimization projects and improved facility uptime. Pipeline gas 46.63%44 57 49 Sangomar Crude oil 78.66% 95 81 Production was higher due to improved facility reliability with commissioning and ramp-up completing in the third quarter. Disclaimer and important notice Forward looking statements This report contains forward-looking statements with respect to Woodside’s business, operations, market conditions, results of operations and financial condition, including for example, but not limited to, statements regarding potential investment decisions, development, completion and execution of Woodside’s projects, expectations and guidance with respect to production, capital and exploration expenditure and gas hub exposure, expectations regarding future capital commitment, future cash flows, the outcomes of acquisitions and divestment transactions,including timing and potential benefits thereof, future results of projects, operation activities, new energy products, accounting decisions including impairments, commencement dates under supply arrangements, the potential execution of new supply arrangements, construction and delivery dates, expectations and plans for renewables production capacity and investments in, and development of renewables projects. 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 ‘guidance’, ‘foresee’, ‘likely’, ‘potential’, ‘anticipate’, ‘believe’, ‘aim’, ‘estimate’, ‘expect’, intend’, ‘may’, ‘target’, ‘plan’, ‘strategy’, ‘forecast’, ‘outlook’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’, and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside are forward-looking statements. 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, assumptions 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 include, but are not limited to, fluctuations in commodity prices, actual demand, 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, environmental risks, climate related risks, physical risks, legislative, fiscal and regulatory developments, changes in accounting, standards, economic and financial markets conditions in various countries and regions, political risks, the actions of the third parties, project delay or advancement, regulatory approvals, 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, the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, and 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 businesses, uncertainty associated with financial projections, restructuring, increased costs and adverse tax consequences. 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. 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, Woodside does not intend to, undertake to, or assume 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, changes in Woodside’s expectations or otherwise. 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 if 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. Past performance (including historical financial and operational information) is given for illustrative purposes only. It should not be relied on as, and 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 December 2024, 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). Units of measure and conversion factors Product Unit Conversion factor Natural gas 5,700 scf 1 boe Condensate 1 bbl 1 boe Oil 1 bbl 1 boe Natural gas liquids 1 bbl 1 boe Facility Unit LNG Conversion factor Karratha Gas Plant 1 tonne 8.08 boe Pluto Gas Plant 1 tonne 8.34 boe Wheatstone 1 tonne 8.27 boe 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. Term Definition bbl barrel bcf billion cubic feet of gas boe barrel of oil equivalent GJ gigajoule Mbbl thousand barrels Mbbl/d thousand barrels per day Mboe thousand barrels of oil equivalent Mboe/d thousand barrels of oil equivalent per day Mcf thousand cubic feet of gas MMboe million barrels of oil equivalent MMBtu million British thermal units MMscf/d million standard cubic feet of gas per day PJ petajoules scf standard cubic feet of gas TJ terajoule 1 Completion of the transaction is subject to customary conditions precedent. See “Woodside simplifies portfolio and unlocks long-term value” announced 19 December 2024 for details. 2 Q4 2024 includes 0.31 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 3 Includes capital additions on property plant and equipment, exploration and evaluation capitalised, other corporate spend and purchase consideration for Beaumont New Ammonia and Louisiana LNG. 4 Purchase consideration for Beaumont New Ammonia and Louisiana LNG. 5 Gas hub indices include Japan Korea Marker (JKM), TTF and National Balancing Point (NBP). It excludes Henry Hub. 6 The sale and purchase agreement is with JERA Scarborough Pty Ltd, a wholly owned subsidiary of JERA Co., Inc. See “Woodside complete sale to JERA of 15.1% in Scarborough”, announced 31 October 2024. 7 With limited exceptions, such as changes requested by Woodside, OCI will expend the resources necessary to complete the project ensuring that it meets the agreed performance standards prior to hand over. OCI will also be responsible for limited financial payments to Woodside if the project is delayed beyond September 2025. 8 Energy supply may include hydrogen, natural gas and electricity. Agreement is subject to finalising commercial arrangements. 9 Completion of the transaction is subject to customary conditions precedent. See “Woodside simplifies portfolio and unlocks long-term value” announced 19 December 2024. 10 Total Louisiana LNG expenditure from December 2024 to end of the first quarter 2025 is forecast to be up to $1.3 billion, which is included in the overall estimated cost for the foundation development. 11 Scarborough at 74.9% participating interest, Pluto Train 2 at 51% participating interest. 12 Trion at 60% participating interest. 13 Working interest equity prior to the completion of the asset swap with Chevron for NWS Project, NWS Oil Project, Wheatstone, Julimar-Brunello and Angel CCS assets. 14 Remaining Beaumont New Ammonia acquisition expenditure. 15 Gas hub indices include Japan Korea Marker (JKM), TTF and National Balancing Point (NBP). It excludes HH. 16 Q4 2024 includes 2.23 MMboe of LNG, 0.10 MMboe of condensate and 0.06 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector. 17 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. 18 Q4 2024 includes 0.31 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 19 Overriding royalty interests held in the GoM for several producing wells. 20 Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.22 MMboe in Q4 2024, 0.29 MMboe in Q3 2024 and 0.10 MMboe in Q4 2023. 21 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. 22 Includes reclassification of purchased condensate volumes from NWS JV Participants to Marketing liquids of 0.16 MMboe in Q3 2023 and 0.26 MMboe in Q2 2023. 23 Overriding royalty interests held in the GoM for several producing wells. 24 Purchased volumes sourced from third parties. 25 Includes reclassification of purchased condensate volumes from NWS JV Participants of 0.16 MMboe in Q3 2023 and 0.26 MMboe in Q2 2023. 26 Q4 2024 includes -$14 million, Q3 2024 includes -$28 million and Q4 2023 includes $9 million recognised in relation to periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. These amounts will be included within other income/(expenses) in the financial statements rather than operating revenue. 27 Includes the impact of periodic adjustments related to the production sharing contract (PSC). 28 Overriding royalty interests held in the GoM 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 Total sales revenue excludes all hedging impacts. 31 Realised prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. 32 Excludes any additional benefit attributed to produced volumes through third-party trading activities. 33 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. 34 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. 35 Other primarily incorporates corporate spend including SAP build costs, carbon costs, other investments and other capital expenditure. 36 Represents 80% of the consideration paid in 2024 with the remaining 20% to be paid at project completion. 37 Purchase consideration for Louisiana LNG. 38 Includes seismic and general permit activities and other exploration costs. 39 Well depths are referenced to the rig rotary table. 40 Woodside share reflects the net realised interest for the period. 41 The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has 65% participating interest and is the operator. 42 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects. 43 Woodside share reflects the net realised interest for the period. 44 Operations governed by production sharing contracts, Woodside share changes monthly. This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

Woodside Releases Fourth Quarter Report for Period Ended 31 December 2024

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