EX-99.1 2 d352814dex991.htm EX-99.1

Exhibit 99.1

Woodside Energy Group Ltd

ACN 004 898 962

Mia Yellagonga

11 Mount Street

Perth WA 6000

Australia

T +61 8 9348 4000

www.woodside.com

ASX: WDS

NYSE: WDS

LSE: WDS

Announcement

Thursday, 1 December 2022

INVESTOR BRIEFING DAY 2022

Woodside Energy CEO Meg O’Neill today outlined the company’s compelling investment proposition as a safe, reliable, low cost and lower carbon supplier of energy to a world that needs it.

“At this critical moment in time, with the world now feeling the impact of an energy security and affordability crisis, Woodside is producing and developing the products and services needed for both decarbonisation and to support growing populations and economies,” Ms O’Neill said at an investor briefing.

“Woodside is delivering on the strategy that drove the merger in June with BHP Petroleum, based on leveraging our portfolio of high quality assets, our disciplined approach to capital management and our ability to thrive through the energy transition.

“The company is well positioned as a high margin, high yield and gas weighted business that is generating strong returns today and will continue to do so as we realise our pipeline of development opportunities for 2027 onwards.

“Our expanded portfolio of long-life assets in Australia, the US, Senegal and the Caribbean offers the scale, diversification and resilience to deliver enduring value to shareholders.

“We are successfully executing world-class growth projects at Sangomar in Senegal and Scarborough/Pluto Train 2 in Australia, which are on target for first production in 2023 and 2026 respectively. The Mad Dog Phase 2 development in the Gulf of Mexico is also expected online in 2023.

“At Trion in Mexico, which contains around 500 million barrels of oil, the team is working towards being ready for a final investment decision in 2023.

“Our operating cash flow is forecast to remain at around $7 billion to $9 billion over the next five years. This, along with our strong debt profile with undrawn facilities of $4.1 billion, highlights the strength of the balance sheet and provides Woodside with the liquidity capacity for both major capital investment and shareholder returns. Our BBB+ and Baa1 credit ratings were also recently reaffirmed.

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“Woodside will continue to apply our clear capital allocation framework as we assess our opportunities in both conventional and new energy, all of which must support our net equity emissions reduction targets and commitments to shareholders.

“Woodside’s customer-led, scalable approach to investing our targeted $5 billion in new energy and lower carbon services is beginning to yield results. In recent months, we announced plans for a hydrogen refuelling station near Perth and awarded a major contract for the H2OK hydrogen project in the US, where an investment decision is being targeted for 2023 and first production in 2025.

“Our LNG marketing strategy reflects changing global dynamics and we have expanded our presence in the Atlantic Basin and increased volume of shorter-term trading of all products. Woodside is both building on our existing long-term relationships and diversifying our customer base to ensure our position as a partner of choice to buyers seeking reliable supply and energy security.

“We have already implemented initiatives to deliver more than $200 million in post-merger synergies and are on track to achieve net synergies of more than $400 million by 2024,” she said.

To access the live webcast of the Investor Briefing Day, please follow the link at https://webcast.openbriefing.com/9173/. The webcast will commence at 09.30 AEDT / 06.30 AWST (16.30 CST on Wednesday, 30 November 2022).

A copy of Woodside’s Investor Briefing Day 2022 slide pack is attached.

Contacts: |  |
INVESTORS Matthew Turnbull M: +1 (713) 448-0956 M: +61 410 471 079 Sarah Peyman M: +61 457 513 249 E: investor@woodside.com |  | MEDIA Christine Forster M: +61 484 112 469 E: christine.forster@woodside.com

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

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Forward looking statements

This presentation contains forward-looking statements with respect to Woodside’s business and operations, market conditions, results of operations and financial condition, including, for example, but not limited to, statements about expectations regarding long-term demand for Woodside’s products, timing of completion of Woodside’s projects, expected synergies from the BHP Petroleum merger, expectations regarding future capital expenditures, the payment of future dividends and the amount thereof, future results of projects, operating activities, and new energy products, and expectations regarding the achievement of Woodside’s scope 1 and 2 new equity emissions targets. All forward-looking statements contained in this presentation reflect Woodside’s views held as at the date of this presentation. 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’, ‘forecast’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’ and other similar words or expressions.

Forward-looking statements are not guarantees of future performance 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 Beneficiaries.

Details 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 filings with the U.S. Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. Further details of the key risks can also be found in the prospectus issued by Woodside in connection with its admission to trading on the London Stock Exchange, available on the Company’s website at https://www.woodside.com/investors. You should review and have regard to these risks when considering the information contained in this presentation.

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.

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INVESTOR BRIEFING DAY 2022 1 December 2022 www.woodside.com investor@woodside.com

WELCOME Matthew Turnbull Vice President Investor Relations

Disclaimer, important notes and assumptions Information expectations regarding long-term demand for Woodside’s products, timing of completion of Woodside’s projects, expected synergies from the BHP Petroleum merger, expectations regarding future capital expenditures, the payment of • This presentation has been prepared by Woodside Energy Group Ltd (“Woodside”). By accessing/attending this future dividends and the amount thereof, future results of projects, operating activities, and new energy products, and presentation you agree to be bound by the following conditions. expectations regarding the achievement of Woodside’s Scope 1 and 2 equity emissions targets. All forward-looking • All information included in this presentation, including any forward-looking statements, speaks only as of the date of this statements contained in this presentation reflect Woodside’s views held as at the date of this presentation. All statements, presentation. other than statements of historical or present facts, are forward-looking statements and generally may be identified by the • Except as required by law, neither Woodside, its related bodies corporate, nor any of their respective officers, directors, use of forward-looking words such as ‘guidance’, ‘foresee’, ‘likely’, ‘potential’, ‘anticipate’, ‘believe’, ‘aim’, ‘estimate’, employees, advisers or representatives (“Beneficiaries”) intends to, or undertakes to, or assumes any obligation to, ‘expect’, ‘intend’, ‘may’, ‘target’, ‘plan’, ‘forecast’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’ and other similar words or provide any additional information or revise the statements in this presentation, whether as a result of a change in expressions. expectations or assumptions, new information, future events, results or circumstances. • Forward-looking statements are not guarantees of future performance and are subject to inherent known and unknown • This presentation may contain industry, market and competitive position data that is based on industry publications and risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies studies conducted by third parties as well as Woodside’s internal estimates and research. While Woodside believes that corporate and their respective Beneficiaries. each of these publications and third party studies is reliable and has been prepared by a reputable source, Woodside has • Details of the key risks relating to Woodside and its business can be found in the “Risk” section of Woodside’s most recent not independently verified the market and industry data obtained from these third party sources and cannot guarantee Annual Report released to the Australian Securities Exchange and in Woodside’s filings with the U.S. Securities and the accuracy or completeness of such data. Accordingly, undue reliance should not be placed on any of the industry, Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor- market and competitive position data contained in this presentation. briefings. Further details of the key risks can also be found in the prospectus issued by Woodside in connection with its • To the maximum extent permitted by law, neither Woodside, its related bodies corporate, nor any of their respective admission to trading on the London Stock Exchange, available on the Company's website at Beneficiaries, assume any responsibility for, or make any representation or warranty (express or implied) as to, the https://www.woodside.com/investors. You should review and have regard to these risks when considering the information fairness, currency, accuracy, adequacy, reliability or completeness of the information or any opinions expressed in this contained in this presentation. presentation or the reasonableness of any underlying assumptions. • Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or No offer or advice performance may vary materially from those expressed in, or implied by, any forward-looking statements. • This presentation is not intended to and does not constitute, form part of, or contain an offer or invitation to sell to Notes to petroleum resource estimates Woodside shareholders (or any other person), or a solicitation of an offer from Woodside shareholders (or any other 1. Unless otherwise stated, all petroleum resource estimates are quoted as at the effective date (i.e. 1 June 2022) of the person), or a solicitation of any vote or approval from Woodside shareholders (or any other person) in any jurisdiction. Reserves and Resources Update included in Woodside’s Half-Year Report released to the Australian Securities Exchange • This presentation has been prepared without reference to the investment objectives, financial and taxation situation or and the London Stock Exchange on 30 August 2022 and available at https://www.woodside.com/news-and- particular needs of any Woodside shareholder or any other person. The information contained in this presentation does media/announcements, net Woodside share at standard oilfield conditions of 14.696 psi (101.325 kPa) and 60 degrees not constitute, and should not be taken as, financial product or investment advice. Woodside encourages you to seek Fahrenheit (15.56 degrees Celsius). independent legal, financial, taxation and other professional advice before making any investment decision. 2. Woodside is not aware of any new information or data that materially affects the information included in the Reserves and • This presentation shall not be distributed, transmitted, published, reproduced or otherwise made available to any other Resources Update. All the material assumptions and technical parameters underpinning the estimates in the Reserves and person, in whole or in part, directly or indirectly, for any purposes whatsoever. In particular, this presentation and the Resources Update continue to apply and have not materially changed. information contained herein may not be taken or transmitted, in, into or from and may not be copied, forwarded, 3. Proved (1P) Reserves are estimated and reported in accordance with the United States Securities and Exchange distributed or transmitted in or into any jurisdiction in which such release, publication or distribution would be unlawful. Commission (SEC) regulations, which are also compliant with SPE-PRMS guidelines. SEC-compliant Proved (1P) Reserves The release, presentation, publication or distribution of this presentation, in whole or in part, in certain jurisdictions may estimates use a more restrictive, rules-based approach and are generally lower than estimates prepared solely in be restricted by law or regulation, and persons into whose possession this presentation comes should inform themselves accordance with SPE-PRMS guidelines due to, among other things, the requirement to use commodity prices based on the about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the average price during the 12-month period in the reporting company’s fiscal year. Proved plus Probable (2P) Reserves and laws of the relevant jurisdiction. Woodside does not accept liability to any person in relation to the distribution or Best Estimate (2C) Contingent Resources are estimated and reported in accordance with SPE-PRMS guidelines and are not possession of this document in or from any such jurisdiction. compliant with SEC regulations. Forward looking statements • This presentation contains forward-looking statements with respect to Woodside’s business and operations, market conditions, results of operations and financial condition, including, for example, but not limited to, statements about 3

Disclaimer, important notes and assumptions (continued) Notes to petroleum resource estimates (continued) subsidiaries or Woodside Energy Group Ltd and its applicable subsidiaries (as the context requires). 4. Woodside reports its petroleum resource estimates inclusive of all fuel consumed in operations. • This presentation does not include any express or implied prices at which Woodside will buy or sell financial products. 5. For offshore oil projects, the reference point is defined as the outlet of the floating production storage and offloading • A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at facility (FPSO) or platform, while for the onshore gas projects the reference point is defined as the outlet of the any time. downstream (onshore) gas processing facility. Non-IFRS financial information 6. Woodside uses both deterministic and probabilistic methods for the estimation of Reserves and Contingent Resources at • Throughout this presentation a range of financial and non-financial measures are used to assess Woodside’s the field and project levels. All Proved (1P) Reserves estimates have been estimated using deterministic methodology and performance, including a number of financial measures that are not defined or specified under IFRS (International reported on a net interest basis in accordance with the SEC regulations and have been determined in accordance with SEC Financial Reporting Standards), which are termed Non-IFRS Financial Measures. These measures include EBITDA margin, Rule 4-10(a) of Regulation S-X. Unless otherwise stated, all petroleum estimates reported at the company or region level Gearing, Underlying NPAT, Free cash flow and Capital expenditure. Refer to the glossary section of this presentation for are aggregated by arithmetic summation by category. The aggregated Proved (1P) Reserves may be a conservative the definition of these terms. Management uses these measures to monitor Woodside’s financial performance alongside estimate due to the portfolio effects of arithmetic summation. IFRS measures to improve the comparability of information between reporting periods and business units. These Non- 6 7. ‘MMboe’ means millions (10 ) of barrels of oil equivalent. Natural gas volumes are converted to oil equivalent volumes via IFRS Financial Measures should be considered in addition to, and not as a substitute for, or as superior to, measures of a constant conversion factor, which for Woodside is 5.7 Bcf of dry gas per 1 MMboe. Volumes of natural gas liquids, oil financial performance, financial position or cash flows reported in accordance with IFRS. Non-IFRS Financial Measures are and condensate are converted from MMbbl to MMboe on a 1:1 ratio. not uniformly defined by all companies, including those in Woodside’s industry. Accordingly, they may not be comparable with similarly titled measures and disclosures by other companies. Assumptions Disclosure of reserve information and cautionary note to US investors • Unless otherwise indicated, the targets set out in this presentation have been estimated on the basis of a variety of economic assumptions including: (1) US$70/bbl Brent long term oil price (2022 real terms, inflated at 2.0%); (2) currently • Woodside is an Australian company listed on the Australian Securities Exchange, the New York Stock Exchange and the sanctioned projects being delivered in accordance with their current project schedules; and (3) applicable growth London Stock Exchange. Woodside reports its Proved (1P) Reserves in accordance with SEC regulations, which are also opportunities being sanctioned and delivered in accordance with the target schedules provided in this presentation. compliant with SPE-PRMS guidelines, and prepares and reports its Proved plus Probable (2P) Reserves and Best Estimate (2C) Contingent Resources in accordance with SPE-PRMS guidelines. It reports all of its petroleum resource estimates These growth opportunities are subject to relevant joint venture participant approvals, commercial arrangements with third parties and regulatory approvals being obtained in the timeframe contemplated or at all. Woodside expresses no using definitions consistent with the 2018 Society of Petroleum Engineers (SPE)/World Petroleum Council view as to whether its joint venture participants will agree with and support Woodside’s current position in relation to (WPC)/American Association of Petroleum Geologists (AAPG)/Society of Petroleum Evaluation Engineers (SPEE) Petroleum these opportunities, or such commercial arrangements and regulatory approvals will be obtained. Additional assumptions Resources Management System (PRMS). relevant to particular targets or other statements in this presentation may be set out in the relevant slides. Any such • The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources additional assumptions are in addition to the assumptions and qualifications applicable to the presentation as a whole. other than “reserves” (as that term is defined by the SEC). In this presentation, Woodside includes estimates of quantities Climate strategy and emissions data of oil and gas using certain terms, such as “Proved plus Probable (2P) Reserves”, “Best Estimate (2C) Contingent Resources”, “Reserves and Contingent Resources”, “Proved plus Probable”, “Developed and Undeveloped”, “Probable • Further information as to Woodside’s climate strategy, including references to “lower carbon” as part of that strategy, is Developed”, “Probable Undeveloped”, “Contingent Resources” or other descriptions of volumes of reserves, which terms set out in Woodside’s Climate Report 2021 available on the Woodside website at include quantities of oil and gas that may not meet the SEC’s definitions of proved, probable and possible reserves, and https://www.woodside.com/sustainability/climate-change. The glossary and footnotes to this presentation provide further which the SEC’s guidelines strictly prohibit Woodside from including in filings with the SEC. These estimates are by their clarification of “lower carbon” where applicable. nature more speculative than estimates of proved reserves and would require substantial capital spending over a • All greenhouse gas emissions data in this presentation are estimates, due to the inherent uncertainty and limitations in significant number of years to implement recovery, and accordingly are subject to substantially greater risk of being measuring or quantifying greenhouse gas emissions. recovered by Woodside. In addition, actual locations drilled and quantities that may be ultimately recovered from • Woodside “greenhouse gas” or “emissions” information reported are Scope 1 GHG emissions, Scope 2 GHG emissions, Woodside’s properties may differ substantially. Woodside has made no commitment to drill, and likely will not drill, all of and/or Scope 3 GHG emissions. For more information on emissions data refer to Woodside’s Climate Report 2021 the drilling locations that have been attributable to these quantities. US investors are urged to consider closely the available on the Woodside website at https://www.woodside.com/sustainability/climate-change disclosures in Woodside’s filings with the SEC, which are available at www.sec.gov. Other important information • All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated. • References to “Woodside” may be references to Woodside Energy Group Ltd, Woodside Energy Group Ltd and its 4

Evacuation route Follow directions of emergency wardens Do not use lifts Leave by the nearest fire exit stairs Evacuate to an assembly point, north of Crown Sydney at the Barangaroo Reserve, or south of Crown Sydney at the Barangaroo Wharf Promenade 5

Introduction and welcome Overview Meg O’Neill, CEO and Managing Director Graham Tiver, CFO and Executive Vice President Finance Marketing and trading Mark Abbotsford, Executive Vice President Marketing and Trading Matthew Ridolfi, Executive Vice President Projects Projects Breyden Lonnie, Vice President North West Shelf Australian operations Shiva McMahon, Executive Vice President International Operations International operations Exploration and development Andy Drummond, Executive Vice President Exploration and Development Shaun Gregory, Executive Vice President New Energy New energy Meg O’Neill, CEO and Managing Director Summary and Q&A 6

OVERVIEW Meg O’Neill Chief Executive Officer and Managing Director

The investment case – a global energy supplier DISCIPLINED CAPITAL HIGH QUALITY POSITIONED FOR THE MANAGEMENT PORTFOLIO ENERGY TRANSITION Framework established to optimise value Agile, flexible and adaptable as the Scale, diversification and resilience and shareholder returns world’s energy mix evolves to deliver enduring value Resilient cash flow Advantaged locations and markets 1 Delivering net emissions reduction targets History of strong dividends Conventional asset base weighted to LNG Progressing new energy opportunities Clear capital allocation and Major growth projects in execution capital management frameworks Customer-led and scalable Pipeline of opportunities Strong balance sheet Safe | Reliable | Low cost | Lower carbon | High cash generation 1. Woodside’s net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of net zero by 2050. The net emissions reduction targets are relative to a starting base of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020. The baseline will be adjusted for the assets acquired through the merger with 8 BHP Petroleum and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021.

Strongly positioned business 3 1 2 GAS WEIGHTED STRONG MARGIN HIGH DIVIDEND YIELD 2 3 1 Last twelve months yield (%) % gas in portfolio EBITDA margin (%) 10 90 100 75 60 5 50 30 25 0 0 0 Distinctive combination of strong margin, high dividend yield and gas weighting Dataset: Woodside Energy, Apache, Continental Resources, Canadian Natural Resources, ConocoPhillips, Coterra Energy, Devon Energy, ENI, EOG Resources, Equinor, Hess Corporation, Inpex, Marathon Oil, Pioneer Natural Resources, Occidental Petroleum, Santos Source: ThomsonReuters Eikon (using last full-year of reported data). 1. Non-IFRS financial measure. EBITDA margin is calculated as earnings before interest, taxes, depreciation and amortisation divided by operating revenue. Source: ThomsonReuters Eikon (using last full-year of reported data). 2. Dividend yield as of November 16, 2022. Yield is the quantum of returns to shareholders relative to share price, as at November 16, 2022. Source: Bloomberg. 9 3. % gas is natural gas production divided by the total of oil, condensate, NGL, and natural gas production. Third Quarter 2022 production for Woodside. Source: ThomsonReuters Eikon (using last full-year of reported data).

Production growth supported by projects in execution 1 Production profile with sanctioned projects (MMboe) >4% compound annual growth rate (CAGR) from Scarborough Subsea 1 tie-back 250 2023 to 2027 Shenzi projects North Sangomar Future opportunities Mad Dog include Trion, Calypso, BHP Phase 2 Browse, Sunrise Petroleum 200 Key catalysts for production growth are Sangomar merger and Scarborough start-up 150 2023 production guidance of 180 – 190 MMboe 100 Pipeline of opportunities post-2027 50 0 2021 2022 2023 2024 2025 2026 2027 1. Indicative only, Woodside share. The production profile is based on the assumptions that current sanctioned projects are delivered within their target schedules, an 82% participating interest in Sangomar and a 100% interest in Scarborough. It also assumes no sell-down of participating interests in Sangomar or Scarborough. Accordingly, the production profile is provided for illustrative purposes only and should not be relied on as guidance. 10 Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking statements”) for important cautionary information relating to forward looking statements.

Our products enable a stable energy transition ENERGY AFFORDABILITY Affordability is required for energy equity and a stable energy transition ENERGY RELIABILTY Secure, reliable energy is essential for economic growth and developing economies Gas provides electricity grids with reliable baseload and firming power, enabling increased renewables deployment Providing the energy needed in a decarbonising world LOWER CARBON ENERGY MIX Emerging new energy markets will be balanced with lower cost, lower carbon oil and gas 11

Economic growth driving energy demand 2 3 World population (billion) World real GDP ($ trillion) 10 250 8 200 150 6 Global GDP expected to almost double by 2050 and 4 100 global population growth is forecast to continue 2 50 History Forecast History Forecast 0 0 Non-OECD energy demand increase expected to 2000 2010 2020 2030 2040 2050 1990 2000 2010 2020 2030 2040 2050 outstrip efficiencies gained in OECD 4 4 World total energy supply (EJ) World total energy supply (EJ) 800 800 One in four people do not have access to clean STEPS 1 600 cooking fuels 600 APS STEPS NZE Non-OECD 400 400 APS 1 One in ten people do not have access to electricity STEPS 200 200 OECD APS 0 0 2010 2020 2030 2040 2050 2010 2020 2030 2040 2050 4 4 4 History Net Zero Emissions Announced Policies Stated Policies 1. Source: IEA World Energy Outlook (2022). Statistics relate to 2021 as contained in the report. 2. History sourced from United Nations. Forecast: IEA World Energy Outlook (2022). 3. History sourced from OECD long-term real GDP forecast in 2010 USD (Purchasing Power Parity PPP basis). Forecast based on growth rates published in IEA World Energy Outlook (2022) Table 2.1. 4. Source: IEA World Energy Outlook (2022). Total energy supply in exajoules (EJ). Net Zero Emissions (NZE) is an IEA scenario consistent with 1.5ºC warming. Announced Pledges (APS) is an IEA scenario consistent with 1.7ºC 12 warming. Stated Policies (STEPS) is an IEA scenario associated with 2.5ºC warming.

Resilient hydrocarbon demand in a range of scenarios 2 2 Oil demand (EJ) Natural gas demand (EJ) 400 400 300 300 STEPS 200 200 Demand for oil and natural gas expected to remain STEPS APS strong to 2050+ APS 100 100 NZE NZE 0 0 2020 2025 2030 2035 2040 2045 2050 Delivering IEA’s Announced Pledges scenario (APS) 2020 2025 2030 2035 2040 2045 2050 requires global cumulative investment (2022-2050) of: 2 2 Low carbon hydrogen demand (EJ) Renewables demand (EJ) 400 400 NZE 1 • $15.3 trillion in oil and gas APS 300 300 1 • $1.9 trillion in hydrogen STEPS 200 200 100 100 NZE APS 0 0 STEPS 2020 2025 2030 2035 2040 2045 2050 2020 2025 2030 2035 2040 2045 2050 2 2 2 Net Zero Emissions Announced Policies Stated Policies 1. Cumulative investment in H2 and H2-based fuels from 2022-2050 in 2021 US dollars. 2. Source: IEA World Energy Outlook (2022). Total energy supply in exajoules (EJ). Net Zero Emissions (NZE) is an IEA scenario consistent with 1.5ºC warming. Announced Pledges (APS) is an IEA scenario consistent with 1.7ºC 13 warming. Stated Policies (STEPS) is an IEA scenario associated with 2.5ºC warming.

Natural gas is important for economic progress 1 Global oil and gas pricing disrupted post Ukraine (Indexed to September 2020 at 100) 2,500 Ukraine crisis has disrupted global markets, highlighting the importance of energy security and 2,000 affordability 1,500 Global markets also impacted by renewables 1,000 European natural gas (TTF) performance, demand, low inventories and weather Asian LNG spot (JKM) 500 US Henry Hub gas Brent oil price 0 Natural gas is expected to play a critical role in the 1-Sep-20 1-Mar-21 1-Sep-21 1-Mar-22 1-Sep-22 energy transition across a range of sectors and is important as a lower carbon alternative to coal 2 Global gas demand by sector 2021 Woodside is well positioned to meet customer demand for reliable and secure energy supply 3 Residential and Industrial Power (35%) Other (18%) commercial (26%) (21%) 1. Source: ICE and Platts. 2. Source: IEA. 14 3. Other includes energy sector uses, transport, agriculture, distribution losses, and statistical differences.

Strategy to thrive through the energy transition PROFITABLE High cash generation Robust investment decisions RESILIENT LOWER CARBON Strong balance sheet Targeted 30% reduction in net equity 1 Scope 1 and 2 emissions by 2030 Resilient across a range of possible energy-use scenarios New energy projects and lower carbon services OPTIMISE LOW COST DIVERSIFIED VALUE AND Development options Resilient portfolio cash SHAREHOLDER flow breakeven oil price Advantaged locations 2 of ~$30/bbl RETURNS Long-life conventional assets 1. Woodside’s net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of net zero by 2050. The net emissions reduction targets are relative to a starting base of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020. The baseline will be adjusted for the assets acquired through the merger with BHP Petroleum and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. 15 2. Notional breakeven based on 2023 operating and capital expenditure excluding major projects (Scarborough, Sangomar, Mad Dog Phase 2), trading, exploration and the benefit of hedging.

Global, competitively-positioned portfolio Emerging new Conventional Diversified Geographically Long-life assets PORTFOLIO BENEFITS energy business production product mix diverse 1 Senegal Diversified sources of production Sangomar East coast US Gulf of Caribbean Western Australia (67%) East coast Australia Australia Mexico (5%) Houston Bass Strait (18%) (10%) Gulf of Mexico Shenzi | Atlantis | Mad Dog | Trion 1 Diversified product mix Perth Western Australia Caribbean Pipeline gas NGLs Oil and condensate LNG (48%) Pluto | North West Shelf | Pyrenees | Macedon | Wheatstone | Greater Angostura | Ruby (24%) (4%) (24%) Julimar-Brunello | Ngujima-Yin | Okha | Scarborough Map includes producing assets and major projects. 16 1. Existing production. Data from Woodside Third Quarter 2022 Report.

Disciplined capital allocation OIL GAS NEW ENERGY OFFSHORE PIPELINE LNG DIVERSIFIED Generate high returns to fund New energy products and lower Leveraging infrastructure to monetise undeveloped diversified growth, focusing on carbon services to reduce customers’ FOCUS gas, including optionality for hydrogen 1 high quality resources emissions; hydrogen, ammonia, CCUS Stable long-term cash High cash generation Long-term cash flow Developing market flow profile Shorter payback period Strong forecast demand Lower capital requirement CHARACTERISTICS Resilient to commodity Quick to market Upside potential Lower risk profile pricing IRR > 15% IRR > 12% IRR > 10% OPPORTUNITY 2 2 2 TARGETS Payback within 5 years Payback within 7 years Payback within 10 years EMISSIONS 3 30% net emissions reduction by 2030, net zero aspiration by 2050 or sooner REDUCTIONS 1. CCUS refers to carbon capture utilisation and storage. 2. Payback refers to RFSU + X years. 3. Woodside’s net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of net zero by 2050. The net emissions reduction targets are relative to a starting base of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020. The baseline will be adjusted for the assets acquired through the merger with BHP 17 Petroleum and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021.

Opportunities across multiple energy sources NEW OIL GAS ENERGY Hydrogen opportunities include H2OK, H2Perth, H2TAS, Southern Green Sangomar Phase 1 targeting first oil Scarborough development underway Hydrogen (SGH) late 2023 Future growth opportunities include Long-lead items ordered for H2OK, Trion targeting FID ready 2023 Calypso, Browse and Sunrise targeting FID ready 2023 Future tieback opportunities, quick to Flexible and dynamic marketing strategy Investment in Heliogen, String Bio, market and low cost Hydrogen Refueller @H2Perth Ocean BlackRhino drillship Trunkline fabrication H2OK concept image All dates and plans are Woodside targets unless otherwise specified and subject to market conditions, regulatory approvals, government approvals and commercial agreements. Please refer to the “Disclaimer and important 18 notices” section (including under the heading “Forward looking statements”) for important cautionary information relating to forward looking statements.

Merger benefits being realised Cash generation Shareholder Development Energy transition Synergies and Portfolio quality and balance returns and MERGER BENEFITS leadership value creation optionality sheet capital discipline Example synergy opportunities Implemented initiatives to deliver approximately 1 $200 million+ post-merger annual synergies Marketing and Optimise Organisation trading Consolidation exploration restructure and efficiencies in On track to achieve $400 million+ per annum of contractors portfolio consolidation portfolio 1 trading net synergies by early 2024 Reduction of duplicate Integration of Optimising spend – drilling and Strategic review affirmed the portfolio insurance licences, seismic composition; Scarborough selldown process is subscriptions campaigns etc. ongoing 19 1. Pre-tax 100% basis. Excluding transition and separation costs. Net of any expected ongoing cost increases as a result of the merger. ​

Investing in emissions reduction 2 10% net emissions reduction achieved to 2021 Targets extended to merged portfolio Net zero 15% 30% SCOPE 1 AND 2 aspiration by 2050 by 2025 by 2030 Investing ~$500 million in asset decarbonisation or sooner Reducing our net equity greenhouse gas 3 plans 1 Net equity emissions reduction targets emissions Woodside Solar Project LNG supports our customers’ decarbonisation goals SCOPE 3 H2OK; H2Perth; Heliogen; $5 billion Southern Green Hydrogen; H2TAS Investing in the products and services our Target to invest in new energy products 4 and lower carbon services by 2030 customers need as they reduce their emissions Carbon capture and utilisation and carbon to products Development of future oil, gas and new energy opportunities will be aligned with our decarbonisation targets 1. Woodside’s net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of net zero by 2050. The net emissions reduction targets are relative to a starting base of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020. The baseline will be adjusted for the assets acquired through the merger with BHP Petroleum and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. 2. Woodside’s net equity Scope 1 and 2 greenhouse gas emissions totalled 3,235 kt CO -e in 2021, which was 10% below the 2016-2020 gross annual average. 2 3. Approximate expenditure to implement opportunities identified in Australian Operations asset decarbonisation plans assuming all opportunities progress to execution. 20 4. Individual investment decisions are subject to Woodside’s investment hurdles. Not guidance. Potentially includes both organic and inorganic investment.

A focus on sustainability and ESG issues SOCIAL GOVERNANCE ENVIRONMENTAL First Nations cultural heritage and Climate resilience and Health, safety and wellbeing engagement transition Corporate governance TOPICS Human rights Decommissioning Cybersecurity People and culture Environment Major incident preparedness Social contribution A$115 million social investment in Focusing on reducing net emissions and Implementing area-specific safety Western Australian communities over the asset decarbonisation plans improvement plans EXAMPLE next five years ACTIONS Establishing US cyber hub and global Working with leading environmental Established Indigenous Advisory Group research institutions on biodiversity response capability bi-annual roundtable forum Integrity, accountability and transparency drives our ESG performance 21

FINANCE Graham Tiver Chief Financial Officer and Executive Vice President

Capital management optimising shareholder growth and returns 1 2 3 Well positioned for major Capital management supports Resilient through the capital investment through strong dividends and growth price cycle 2023 and 2024 Special dividends Dividend Safe, reliable Investment Strong balance policy and low cost Share buy-backs expenditure sheet (minimum 50% operations payout ratio) Future investment CAPITAL Excess MANAGEMENT cash FRAMEWORK Maintain dividend based on Targeting Investment grade NPAT excluding non- 10-20% gearing credit rating recurring items, targeting through the cycle 50-80% payout ratio 23

Liquidity capacity for major capital investment and shareholder returns Continuing strong liquidity 9.4 7.0 6.7 6.1 Undrawn facilities 3.9 Cash Strong liquidity supported by cash generation Liquidity Undrawn debt facilities of $4.1 billion 2018 2019 2020 2021 31-Oct-22 Balanced maturity profile; 3.6 years portfolio 2 Balanced debt maturity profile weighted average term to maturity 2 1.5 1 Credit ratings of BBB+ and Baa1 reaffirmed Undrawn 1 Drawn 0.5 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 1. Corporate debt credit ratings. BBB+ reaffirmed by S&P Global, Baa1 reaffirmed by Moody’s. 24 2. As at 31 October 2022. $ billion $ billion

Investing in growth 1 Forecast capital expenditure – committed activities ($ billion) 7 Sangomar 6 5 Scarborough 4 2023 capital expenditure guidance of $6.0-6.5 billion GoM & 3 2 2 Caribbean 2 Australia, 1 Investing in Woodside’s future production Corporate & 3 3 Other 0 2022 2023 2024 2025 2026 2027 Potential major 4 capital expenditure Maximising production from existing facilities 2023 forecast capital expenditure Capital expenditure Capacity for future profitable investment Sangomar % ~20% opportunities Scarborough % ~50% 2 GoM & Caribbean % ~15% 3 Australia, Corporate & Other % ~15% Total capital expenditure $ million 6,000 – 6,500 1. Indicative only, not guidance. Woodside share at current equity levels. Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking statements”) for important cautionary information relating to forward looking statements. 2. GoM & Caribbean includes future uncommitted expenditure. 3. Australia, Corporate & Other includes capital expenditure for Australian operations; Corporate; New Energy; Technology; and pre-FID capital expenditure for Browse and Sunrise. 25 4. Potential major capital expenditure is committed activities and indicative execution expenditure for Trion, Calypso and H2OK, assuming current participating interests and positive FIDs in accordance with targeted project schedules.

Resilient cash flows 1 Operating cash flow 10 8 6 4 Resilient cash flow profile supported by portfolio of 2 operational assets 0 2022 2023 2024 2025 2026 2027 Cash flow supports funding of projects under 1,2 construction and shareholder returns Free cash flow 8 6 Approximately $70 million movement in free cash 4 flow per $1 movement in Brent oil price 2 0 2022 2023 2024 2025 2026 2027 1. Indicative only and intended to provide overall future profiles for operating cash flow and free cash flow. The profiles assume a Brent oil forward price curve (as at 16 November 2022) of $89/bbl in 2023, $82/bbl in 2024, $77/bbl in 2025, $75/bbl in 2026 followed by a long term $70/bbl (real terms 2022) from 2027. Includes sanctioned projects at current equity levels and unsanctioned cash flows for Trion in 2023 only. Assumes foreign exchange rate of AUD to USD 0.67. Assumes currently sanctioned projects being delivered in accordance with their current project schedules. Accordingly, the profiles are provided for illustrative purposes only and should not be relied on as guidance. Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking statements”) for important cautionary information relating to forward looking statements. 26 2. Non-IFRS measure. Free cash flow is cash flow from operating activities less cash flow from investing activities. Committed capital only. $ billion $ billion

Returning value to shareholders 1 Dividends paid (US cps) 160 100% 94% 90% 80% 81% 80% 79% 80% 120 70% Balance sheet positioned to deliver growth and returns 91 60% 105 80 50% History of strong shareholder returns 40% 55 109 30% 40 214 US cents per share of fully franked dividends paid in 20% 12 last 12 months 53 36 10% 30 26 0 0% 2018 2019 2020 2021 H1 2022 Final dividend payment Interim dividend payment Full-year dividend payout ratio (% of underlying NPAT) 27 1. 2022 shows interim dividend only, including merger completion payment component. 2022 payout ratio excludes merger completion payment component.

MARKETING AND TRADING Mark Abbotsford Executive Vice President Marketing and Trading

Customer-led and value-led marketing strategy BUILDING SCALE ADAPTABLE, RESILIENT FOCUS ON CUSTOMERS AND FLEXIBILITY IN AND RESPONSIVE TO AND THE ENERGY PORTFOLIO MARKET CHANGES TRANSITION Contract portfolio and price mix that Positioning as partner of choice to high- balances exposure to upside and revenue quality buyers seeking reliable supply and certainty during volatile conditions Expanding global marketing presence, energy security including in the Atlantic where we have Layering timing of sales through market options for low-cost, flexible LNG offtake cycles, to capture opportunities at right Building on core long-term partnerships time Increasing optimisation and shorter-term trading of all products Scaling up shipping to support marketing Diversifying customer base and and create value through delivery of expanding new energy offerings seaborne products 29

Increasing price index diversification and gas hub exposure Near-term (2023-2025) 1 Produced total portfolio • Leverage flexibility in base portfolio of oil-indexed sales to access upside through optimisation ~20% ~70% ~10% • Retain share of uncommitted production to de-risk operations and access spot market 1 Produced LNG portfolio • Low volatility (including fixed price) sales support revenue stability ~10% ~65% ~20-25% Gas hub Low volatility Oil • Produced LNG gas hub exposure guidance of 20-25% in 2023 Longer-term (2027+) 1 Produced total portfolio • Increased portfolio flexibility with new production and expiry of legacy LNG and gas contracts ~20% ~60% ~20% • Diversified LNG portfolio; sales tenor, buyers, pricing, price reviews and flexibility 1 Produced LNG portfolio • Adaptable and responsive to the market and buyers ~10% ~55% ~30-35% Low volatility Oil Gas hub 1. Indicative only. Not guidance. Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking statements”) for important cautionary information relating to forward looking 30 statements.

Increasing gas supply for Australian energy market needs Western Australia ~18% • LNG plants operate within WA’s domestic gas reservation policy Woodside 1 market share East coast Australia • Portfolio of gas supply sources delivered to a diverse customer Bass Strait base at largely fixed pricing, increasing with Scarborough start up • Recent stronger pricing achieved from upwards market trajectory WA supply East coast Australia Perth ~20% • 100% delivered to domestic market Woodside 1,2 market share • Exposure to recent elevated spot gas pricing, reflecting strong market demand for gas in residential and power sectors • Opportunities including LNG imports, gas storage and other Western Australia complementary activities Pluto | North West Shelf | Macedon | Wheatstone East coast supply 1. AEMO 2023 forecast market share based on volume. Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking statements”) for important cautionary information relating to forward looking statements. 31 2. East coast Australia includes New South Wales, Victoria, South Australia, Queensland, Australian Capital Territory and Tasmania.

PROJECTS Matthew Ridolfi Executive Vice President Projects

Outstanding project delivery, benefiting from increased scale Zero lost time injuries or high-consequence work related injuries SAFE Applying technology to reduce safety hazards and optimise day to day operations Increased scale enables improved contracting efficiency LOW COST Delivery ahead of schedule and under budget: Greater Western Flank Phase 3, Pyxis Hub, Julimar-Brunello Phase 2 and Shenzi subsea multiphase pumping Two operated major projects in progress with pipeline of operated development opportunities Currently operating six drilling rigs globally SCALE Capabilities and ways of working that scale across organisation LOWER 1 Engineering decisions during the design phase in support of Scope 1 and 2 targets CARBON 33 1. Refer to slide 20 for further information on Woodside’s net emissions reduction targets.

Pipeline of conventional opportunities GAS OIL Sunrise Browse Shenzi Atlantis UNSANCTIONED opportunities opportunities Calypso Mad Dog DEVELOPMENTS opportunities Western Australian opportunities Bass Strait Trion opportunities Mad Dog Bass Strait Pluto Train 2 Ethane Phase 2 Kipper Blending Compression SANCTIONED Shenzi North PROJECTS Scarborough Atlantis Phase 3 Sangomar and DC802 Pyrenees PLA08, Pluto Phase 4 Water Handling Oil Unsanctioned and Pyxis Hub Gas Sanctioned 34 Size of bubble proportionate to unrisked project capital expenditure (Woodside share). Indicative only, not guidance. New energy opportunity pipeline on slide 58.

Sangomar Phase 1 – 72% complete, targeting first oil late 2023 • Second rig in operation since July 2022 • 6 out of 23 development wells completed Drilling • On schedule with strong batch drilling performance Hull conversion • Conversion, topsides and turret fabrication complete FPSO • Integration and commissioning to commence in Singapore conversion • All equipment manufacture nearing completion • Offshore construction campaign commenced in September 2022 Subsea • Pipelay activities ongoing Pipelay vessel in operation 35 Percentage completions refer to the period ended 31 October 2022.

Scarborough – 23% complete, targeting first LNG cargo 2026 • Site construction works started and progressing safely Pluto LNG • Construction accommodation village in Karratha is operational onshore • Train 1 modifications contractor selection targeted for H1 2023 • Trunkline tracking ahead of schedule Trunkline • Linepipe manufacturing ongoing Gas to gas heat exchanger • Procurement program well advanced; 90% of tagged Floating equipment ordered production • First steel cut and fabrication commenced unit (FPU) Subsea, • Xmas trees delivered and in warehouse umbilical, risers • Fabrication of the subsea flowlines ongoing and flowlines Power turbine testing (SURF) 36 Percentage completions refer to the period ended 31 October 2022 for Scarborough and Pluto Train 2.

Managing risk SANGOMAR SCARBOROUGH Project contracting strategy has helped mitigate inflation Project execution is well advanced; significant cost has INFLATIONARY Strategy of locking in costs early where possible and utilising been de-risked lump sum contracts Early market engagement and orders placement Relocating FPSO to Singapore for integration SUPPLY CHAIN and commissioning Supply chain pinch points identified and actioned early Maximising local content opportunities aligned Progressing secondary regulatory approvals REGULATORY with regulation 1 Utilising technology to reduce greenhouse gas intensity​ Lower emission Pluto Train 2 design CARBON <0.1% CO in reservoir Focus on ‘operate out’ opportunities within existing facility design​ 2 1. Emissions reduction initiatives through the design phase have resulted in a reduction of approximately 1,000 kt CO -e per year of greenhouse gas emissions from Train 1 and a further 560 kt CO -e per year from Train 2, 2 2 37 when compared to a ‘business as usual’ or unchanged design case.

Trion – progressing towards investment decision in 2023 Generates near-term cashflow STRATEGIC ALIGNMENT Value accretive investment Competitive development cost with quick payback 1 Material resource with ~500 million barrels of 2C contingent resource (gross) ROBUST PLAN Well-characterised subsurface and mature development concept Trion is Mexico’s first deepwater development Targeting FID ready in 2023 Demonstrates deepwater capabilities in Mexico UNLOCKS FUTURE GROWTH Trion provides a base for future opportunities Establishes infrastructure in Perdido Basin Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking statements”) for important cautionary information relating to forward looking statements. 38 1. 321.6 MMboe (net contingent resource Woodside share, 2C).

Trion – mature development concept provides execution flexibility 1 Floating facilities • Semi-submersible floating production unit with capacity of 100 kbbl/d oil • Storage and offloading provided by separate vessel • 12.6 kg CO -e/boe emissions, benchmarks 2 below industry average for deepwater 1 facilities 2 Subsea facilities • Subsea well development • Expandable infrastructure supports future infill wells development • Approximately 130 km gas lateral connecting Trion to the existing midstream pipeline for Mexican markets 3 Reservoir and wells • Two lower Eocene stacked reservoirs • Target well depths of approximately 1,550 to 1,700 m below mudline • Field development includes production, water injection and gas injection wells 39 1. Wood Mackenzie report titled ‘Global deepwater: 2022 state of the industry’, October 2022.

Trion – clear path to final investment decision Subsurface characterisation Engineering work to support execution TECHNICAL Emissions reduction through design and operating philosophy High quality and experienced contractors engaged for major scopes Major scope of work competitively tendered CONTRACTING FPU contractor selection and award Engagement plan STAKEHOLDERS Joint venture partner alignment ~500 MMboe 2028 1 Targeted first oil 2C gross resource Declaration of commerciality Minimum work program ~0.3 Mtpa REGULATORY ~$6-8 B Mature industry regulations Capital expenditure estimate CO -e peak gross Scope 1 and 2 Field development plan (post-FID) (100% share) 2 2 emissions unabated Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking statements”) for important cautionary information relating to forward looking statements. 1. 321.6 MMboe (net contingent resource Woodside share, 2C). 40 2. ~0.2 Mtpa CO -e peak Scope 1 and 2 emissions unabated Woodside equity share. 2

AUSTRALIAN OPERATIONS Breyden Lonnie Vice President North West Shelf

Safe, low cost and lower carbon Australian operations Western Australia Pluto | North West Shelf | Pyrenees | Macedon | Wheatstone | Julimar-Brunello | Ngujima-Yin | Okha Implementing area-specific safety improvement plans 2 1 Remaining resources (MMboe) Net production (kboe/d) SAFE Focused process safety management, including ongoing verification of effective process safety risk controls 374 1,438 New operating model implemented to control costs as NWS production declines LOW COST Delivering cost reductions through digital transformation Perth East coast Australia Bass Strait 2 1 Remaining resources (MMboe) Net production (kboe/d) Asset decarbonisation plans being pursued LOWER Progressing a proposed solar facility that could supply up to 100 CARBON 383 100MW of solar power to Pluto and other customers Gas Liquids 2P 2C 1. Woodside Third Quarter Report 2022. 2. 2P + 2C net reserves and resources as at 1 June 2022 from the Woodside Half-Year Report 2022. Excludes Scarborough, Greater Scarborough, Greater Browse, Greater Sunrise and Stybarrow North. Includes fuel volumes 42 of 138.3 MMboe and 17.3 MMboe for Western Australia and east coast Australia respectively.

Maximising value from existing assets Strong operational performance 1 Production (MMboe) • Continuously optimising production and challenging current and future 250 production constraints Woodside total • Maintaining high facility reliability 200 Scarborough Nearfield and infill opportunities First NWS 150 train offline • Delivered NWS Greater Western Flank-3 and Lambert Deep projects ahead of schedule and under budget 100 Australian • Developing economic infill and nearfield opportunities across the portfolio operations 50 Leveraging capacity • Transitioning the NWS business to toll other resource opportunities using 0 available capacity at Karratha Gas Plant (KGP) 2022 2023 2024 2025 2026 2027 • Successfully processing Pluto gas via the Pluto-KGP Interconnector. To date, the Interconnector has accelerated 8 MMboe of Pluto production 1. Indicative only, not guidance. Refer to slide 10 of this presentation for further information on assumptions. Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking 43 statements”) for important cautionary information relating to forward looking statements.

Asset decarbonisation plans 1 Asset decarbonisation plan potential impacts (Heritage Woodside assets only) 5 Design out 4 Operate out Asset decarbonisation plans have identified opportunities for up to 300kt in potential emissions Offset 3 reductions by 2030 for heritage Woodside assets 2 Potential impact of asset Future asset decarbonisation plans will be identified decarbonisation plans for heritage BHP assets 1 0 2016-2020 annual Production growth Emissions to be Emissions to be 2030 net equity 2016-2020 annual Production growth to Climate Report 2021 After asset 2030 net equity Scope Scope 1 and 2 average to 2030 abated, as estimated abated, as estimated average 2030 decarbonisation plan 1 and 2 emissions in Climate Report after asset emissions target 2022 target 2021 decarbonisation plans 44 1. Indicative only, not guidance. Potential impact of opportunities identified in Australian Operations asset decarbonisation plans assuming all opportunities progress to execution. Scope 1 and 2 emissions (Mtpa CO -e) 2

Committed to responsible decommissioning Indicative Australian Operations cumulative decommissioning spend 1 ($ billion) Enfield and Balnaves well plug and abandonment (P&A) 1.5 campaign in progress Bass Strait ongoing well P&A campaign and progressing 1.0 approvals and planning for platform decommissioning Multiple contracts awarded for removal of facility turrets and subsea hardware and equipment in WA waters 0.5 Progressing regulatory approvals for historical wellheads and subsea equipment removal 0.0 2023 - 2025 2026 - 2029 1. Indicative only. Not guidance. Subject to a range of assumptions that may not occur as forecast. Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking statements”) for 45 important cautionary information relating to forward looking statements.

INTERNATIONAL OPERATIONS Shiva McMahon Executive Vice President International Operations

Safe, low cost and lower carbon international operations Gulf of Mexico Shenzi | Mad Dog | Atlantis 2 3 Net production (kboe/d) Remaining resources (MMboe) Mature process and personal safety approach, driven by field leadership and active contractor involvement SAFE 972 55 Demonstrated deep water operations capability Large, low cost producing assets with expansion potential and access to infrastructure and attractive markets LOW COST Established capability in understanding and optimising assets for value Restructured organisation over the last two years for low cost environment Caribbean Greater Angostura | Ruby 2 3 Net production (kboe/d) Remaining resources (MMboe) 1 Lower carbon intensity basin LOWER Ongoing improvement in operating performance through 27 82 CARBON efficiency opportunities Gas Liquids 2P 2C 1. Wood Mackenzie report titled ‘Carbon emissions performance in US GoM: a low emitter in the crossfire’, February 2021. 2. Net production rate for Q3 2022. 3. 2P + 2C net reserves and resources as at 1 June 2022 from the Woodside Half-Year Report 2022. Excludes Trion, Wildling, Deepwater T&T, Liard and Sangomar. Includes Shenzi North and fuel volumes of 47 16.6 MMboe and 2.8 MMboe for GOM and Caribbean respectively.

Gulf of Mexico Shenzi Atlantis Mad Dog First oil: 2007 First oil: 2005 First oil: 2009 Houston Working interest: 44% Working interest: 23.9% Working interest: 72% 1 1 1 Current production: 16 kboe/d Current production: 10 kboe/d Current production: 29 kboe/d Shenzi Mad Dog Atlantis Woodside licences Not to scale High quality oil assets | Operating excellence | Pipeline of future growth 48 1. Equity production from Woodside Third Quarter 2022 Report. Atlantis production reduced in Q3 as a result of planned turnaround. June equity production rate was 38 kboe/d (Woodside Second Quarter 2022 Report).

Maximising value of existing assets Gulf of Mexico 1 Production (MMboe) • Mad Dog Phase 2 expected online 2023 250 Woodside • Track record of executing profitable projects total • Subsea multi phase pump and operational optimisation 200 • Infill drilling and side tracks to maintain on-plateau production • Pipeline of value-adding projects to maximise production 150 • Leveraging experience in effective life extension and corrosion management 100 Caribbean Senegal • Optimisation focus for later life asset phase and maintaining readiness for 50 Caribbean growth GoM 0 Senegal 2022 2023 2024 2025 2026 2027 • Focus on operational readiness for Sangomar through 2023 1. Indicative only, not guidance. Refer to slide 10 of this presentation for further information on assumptions. Please refer to the “Disclaimer and important notices” section (including under the heading “Forward looking 49 statements”) for important cautionary information relating to forward looking statements.

High-return future growth options in the Gulf of Mexico 1 Average IRR for unsanctioned growth options (%) 30% Infill activities informed by ocean bottom node seismic 20% Leveraging existing facilities ~200 MMboe net 2C contingent resources 10% converted to 2P over last five years 0% Shenzi Atlantis Mad Dog 50 1. Average internal rate of return (IRR) weighted by net present value.

EXPLORATION AND DEVELOPMENT Andy Drummond Executive Vice President Exploration and Development

Exploration Risk management Value focus Value-focused portfolio to generate low cost, lower carbon development opportunities Characterise the subsurface and Fast commercialisation commercial elements Efficient execution Leverage co-ownerships High return options near existing infrastructure Rapid, high quality decisions Build diverse portfolio Green field options prioritising “fast to market” and commerciality 1 Disciplined spend: $300 – 400 million annual budget 52 1. Indicative only, not guidance.

Calypso – development Concept and resource 1 • 3.2 Tcf gross 2C contingent resource with additional unpenetrated potential Barbados • ~250 km to southeast coastline in Trinidad • Development concept screening is currently ongoing Barbados explorations licences Strategic fit Calypso Tobago • Trinidad and Tobago’s largest undeveloped discovered resource Greater Angostura | Ruby • Potential partial backfill to Atlantic LNG and domestic petrochemical Block 5 infrastructure Trinidad Focus areas • Low cost, lower carbon development concept • Commercial and marketing alignment Woodside licences 53 1. 2.3 Tcf (net contingent resource Woodside share, 2C).

Browse – development Concept and resource 1 • 14.6 Tcf of gas and 412 MMbbl condensate (gross contingent resource, 2C) • Two FPSO facilities delivering ~11.4 Mtpa of LNG/LPG and domestic gas • ~900 km pipeline to existing NWS project infrastructure Greater Browse Strategic fit • Large resource with potential to back fill NWS, offer domestic gas security and provide long-term supply to Asian markets Focus areas • Carbon solution Karratha • Commercial progress • Environmental approvals Woodside licences 54 1. 4.47 Tcf and 126.2 MMbbl condensate net contingent resource Woodside share, 2C including 0.59 Tcf of fuel. Gross gas 2C estimate includes 1.9 Tcf of fuel.

Sunrise – development Concept and resource 1 • 5.3 Tcf (dry gas) and 226 MMbbl condensate (gross contingent resource, 2C) • Development concept screening in progress Timor - Leste Strategic fit Greater Indonesia Sunrise • Large resource with multiple development options • LNG opportunity supported by expected future gas demand Focus areas • Commercial and marketing alignment Australia • Select appropriate development concept Woodside licences 55 1. 1.8 Tcf and 75.6 MMMbl (net contingent resource Woodside share, 2C) including 0.1 Tcf of fuel. Gross gas 2C estimate includes 0.2 Tcf of fuel.

NEW ENERGY Shaun Gregory Executive Vice President New Energy

Executing our new energy and lower carbon services strategy CUSTOMER INTEGRATED CARBON NEW ENERGY COLLABORATION SOLUTIONS Working with customers to develop Targeting hydrogen and ammonia production Developing solutions to help decarbonise demand for new sources of energy leveraging Woodside’s core capabilities Woodside and our customers Scalable to match the pace of the energy transition PROFITABLE LOWER CARBON RESILIENT Targeting $5 billion investment in new energy products 1 and lower carbon services by 2030 OPTIMISE VALUE AND LOW COST DIVERSIFIED SHAREHOLDER RETURNS 57 1. Individual investment decisions are subject to Woodside’s investment hurdles. Not guidance. Potentially includes both organic and inorganic investment.

Integrated carbon solutions CARBON MANAGEMENT Develop integrated carbon solutions to help our hydrocarbon business, new energy business and our customers STRATEGY CARBON CAPTURE AND OFFSETS CARBON TO PRODUCTS STORAGE (CCS) Originate high integrity offset units and Secure and accelerate CCS in Australia Invest in technology advancement to FOCUS purchase from select third parties and beyond convert carbon into useful products Future conversion of carbon at Available at scale now Potential for large scale CO storage BENEFITS 2 source of generation Executed plan to secure Awarded three permits to Collaborations with String PROGRESS offsets to meet Woodside’s advance studies on carbon Bio, ReCarbon and 2030 net emissions reduction capture and storage in LanzaTech 1,2 3 targets Australia 1. Amount of offsets includes those currently held in offset accounts, forecast yield from forward contracts and offsets related to land purchased for carbon origination projects (but not yet fully implemented). The offsets include Australian Carbon Credit Units and voluntary market offset units. Forecast includes offsets required up to and including 2030 and excludes retired units. 2. Woodside equity emissions abatement demand is based on current and sanctioned projects at current equity share as well as near and medium term net equity Scope 1 and 2 greenhouse gas emissions targets. Refer to slide 20 for further information on Woodside’s net emissions reduction targets. 58 3. The carbon capture and storage permits are subject to commercial agreements, regulatory approvals and being granted appropriate titles.

Hydrogen and ammonia solutions HYDROGEN AND Develop solutions and pursue technologies to assist our customers with their decarbonisation pathways AMMONIA STRATEGY INDUSTRIALS AND HEAVY DUTY SHIPPING AND POWER CHEMICALS TRANSPORT MARINE FUELS Decarbonisation of coal-fired Provide lower carbon Decarbonisation of mobility power generation and longer Decarbonisation of industrial feed stock and CCS FOCUS sector (diesel substitution) term substitution of natural maritime and supply chains in hard-to-abate sectors​ gas Diversifies supply and May enable progressive Line of sight to diesel parity May enable lower carbon provides lower carbon power displacement of existing grey shipping corridors for bulk BENEFITS Operational benefits versus ammonia and hydrogen Potential to expand into carriers 1 battery electric trucks supply combined cycle gas turbines Exploring opportunities Exploring new Joint feasibility study on Long lead items with potential partners and opportunities across hard- PROGRESS ammonia supply chain ordered for H2OK original equipment to-abate sectors from Australia to Japan manufacturers 59 1. Ammonia produced from natural gas without carbon abatement.

A portfolio of new energy opportunities Woodside Solar Proposed solar facility that could supply up to 100 MW to Pluto and other customers located near Karratha in Western Australia, with the potential to expand this facility to up to 500 MW as customer demand arises in the future Southern Green Hydrogen Heliogen Proposal for renewable ammonia Initial 5 MW concentrated solar energy production facility, targeting up to system to prove concept of clean 500,000 tonnes of ammonia per year energy delivery with nearly 24/7 Houston availability. Potential deployment to support our operations Perth H2Perth H2OK Proposal for a world-scale hydrogen and Proposed initial phase targeting up to 60 tonnes H2Tas ammonia production facility. Land secured in per day of liquid hydrogen leveraging existing industrial precinct with access to Asian and Proposal for renewable hydrogen network, a large portion which is wind-powered. Australian markets production for export as ammonia Ideally located for US truck market to Asian markets 60 Conceptual images only, not to scale. Proposed facilities are subject to project approvals, regulatory approvals, commercial agreements and market demand.

H2OK progressing towards FID Completed detailed geotechnical investigations TECHNICAL FEED activities underway Electrolysis equipment supply contract awarded in October 2022​ Execute agreements for power and water supply CONTRACTING Award contract for liquification equipment supply Award engineering, procurement, construction contracts Targeting primary end use of heavy-duty trucks and equipment MARKETING Progressing customer offtake discussions 2023 2026 Targeted FID Targeted first liquid hydrogen Awarded contract for local support on regulatory approvals Assess Inflation Reduction Act incentives REGULATORY Progressing regulatory and environmental approvals 61 Cost and schedule dates are estimates based on current planning and are subject to project approvals, regulatory approvals, commercial agreements and market demand.

New energy value chain Power generation Processing, Liquids marketing Customers electrolysis + liquefaction Segments of the value chain Advantaged locations Large scale Key advantages and growth Strong global liquids Years of strong Power processing and catalysts for Woodside’s H2 marketing capability relationships with experience for safe, Water and presence key energy customers projects reliable operations Infrastructure High barrier to entry Traditional plus new Deep market Potential for higher Optimisation lever Characteristics customers returns Investment focus Enabling capital Enabling capital Strategic focus aligned to Woodside’s core capabilities 62

CLOSE Meg O’Neill Chief Executive Officer and Managing Director

The investment case – a global energy supplier DISCIPLINED CAPITAL HIGH QUALITY POSITIONED FOR THE MANAGEMENT PORTFOLIO ENERGY TRANSITION Framework established to optimise value Agile, flexible and adaptable as the Scale, diversification and resilience and shareholder returns world’s energy mix evolves to deliver enduring value Resilient cash flow Advantaged locations and markets 1 Delivering net emissions reduction targets History of strong dividends Conventional asset base weighted to LNG Progressing new energy opportunities Clear capital allocation and Major growth projects in execution capital management frameworks Customer-led and scalable Pipeline of opportunities Strong balance sheet Safe | Reliable | Low cost | Lower carbon | High cash generation 1. Woodside’s net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of net zero by 2050. The net emissions reduction targets are relative to a starting base of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020. The baseline will be adjusted for the assets acquired through the merger with 64 BHP Petroleum and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021.

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QUESTION AND ANSWER

APPENDIX

Glossary Calculated as a profit before income tax, PRRT, net finance costs, depreciation and $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars EBITDAX amortisation, impairment and exploration and evaluation expense A$, AUD Australian dollar Woodside sets its Scope 1 and 2 greenhouse gas emissions reduction targets on an equity ASX Australian Securities Exchange basis. This ensures that the scope of its emissions reduction targets is aligned with its Equity greenhouse gas economic interest in its investments. Equity emissions reflect the greenhouse gas emissions 2P Proved plus Probable reserves emissions from operations according to Woodside’s share of equity in the operation. Its equity share 2C Best Estimate of Contingent resources of an operation reflects its economic interest in the operation, which is the extent of rights it 2 has to the risks and rewards flowing from the operation Bcf Billion cubic feet FEED Front-end engineering design BHP Petroleum or BHPP means BHP Petroleum International Pty Ltd ACN 006 923 897 and, unless context otherwise requires, its subsidiaries. References to “BHP Petroleum FID Final investment decision BHP Petroleum or BHPP International Pty Ltd” are to “BHP Petroleum International Pty Ltd” excluding its FPSO Floating production storage and offloading subsidiaries FPU Floating production unit Barrel of oil equivalent, thousand barrels of oil equivalent, million barrels of oil boe, kboe, MMboe, Bboe equivalent, billion barrels of oil equivalent Free cash flow Cash flow from operating activities less cash flow from investing activities Capital expenditure Includes capital additions on oil and gas properties and evaluation capitalised Gearing Net debt divided by net debt and equity attributable to the equity holders of the parent CCS Carbon capture and storage The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO ); methane 2 GHG or greenhouse gas (CH ); nitrous oxide (N O); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF ); 4 2 3 CCU Carbon capture and utilisation perfluorocarbons (PFCs); and sulphur hexafluoride (SF ) 6 CCUS Carbon capture, utilisation and storage IRR Internal rate of return CH Methane 4 The Japan customs-cleared crude is the average price of customs-cleared crude oil imports CO Carbon dioxide JCC into Japan as reported in customs statistics (also known as ‘Japanese crude cocktail’) and is 2 used as a reference price for long-term supply LNG contracts CO equivalent. The universal unit of measurement to indicate the global warming 2 potential of each of the seven greenhouse gases, expressed in terms of the global JV Joint venture CO -e 2 warming potential of one unit of carbon dioxide for 100 years. It is used to evaluate KGP Karratha Gas Plant 1 releasing (or avoiding releasing) any greenhouse gas against a common basis LNG Liquefied natural gas Conventional resources exist in porous and permeable rock with pressure equilibrium. Conventional The hydrocarbons are trapped in discrete accumulations related local geological structure Woodside uses this term to describe technologies, such as CCUS or offsets, that may be Lower carbon services feature and/or stratigraphic condition capable of reducing the net greenhouse gas emissions of our customers cps Cents per share MMbbl Million barrels To avoid, reduce or offset greenhouse gas emissions. It can apply to both the production MMBtu Million British thermal units Decarbonise and the use of products and services. Mtpa Million tonnes per annum EBIT Calculated as a profit before income tax, PRRT and net finance costs MW Megawatt Calculated as a profit before income tax, PRRT, net finance costs, depreciation and EBITDA margin MWh Megawatt hour amortisation and impairment divided by operating revenue 1. See IFRS Foundation 2021: Climate Related Disclosures Prototype. Appendix A. 68 2. World Resources Institute and World Business Council for Sustainable Development 2004. “GHG Protocol: a corporate accounting and reporting standard”.

Glossary Woodside has set its Scope 1 and 2 greenhouse gas emissions reduction targets on a net PRRT Petroleum resource rent tax Net greenhouse basis, allowing for both direct emissions reductions from its operations and emissions gas emissions reductions achieved from the use of offsets. Net greenhouse gas emissions are equal to RFSU Ready for start-up an entity's gross greenhouse gas emissions reduced by the number of retired offsets Net equity Direct GHG emissions. These occur from sources that are owned or controlled by the greenhouse gas Woodside's equity share of net greenhouse gas emissions company, for example, emissions from combustion in owned or controlled boilers, furnaces, emissions vehicles, etc.; emissions from chemical production in owned or controlled process Scope 1 GHG emissions 3 equipment. Woodside estimates greenhouse gas emissions, energy values and global Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to warming potentials in accordance with the National Greenhouse and Energy Reporting the atmosphere are balanced by anthropogenic removals over a specified period. Where (NGER) methodology as applicable in FY20-21 multiple greenhouse gases are involved, the quantification of net zero emissions depends Net zero on the climate metric chosen to compare emissions of different gases (such as global Electricity indirect GHG emissions. Scope 2 accounts for GHG emissions from the generation warming potential, global temperature change potential, and others, as well as the of purchased electricity consumed by the company. Purchased electricity is defined as 1 chosen time horizon) electricity that is purchased or otherwise brought into the organisational boundary of the 3 Scope 2 GHG emissions company. Scope 2 emissions physically occur at the facility where electricity is generated. Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, Woodside estimates greenhouse gas emissions, energy values and global warming that are emerging in scale but which are expected to grow during the energy transition New energy potentials in accordance with the National Greenhouse and Energy Reporting (NGER) due to having lower greenhouse gas emissions at the point of use than conventional methodology as applicable in FY20-21 fossil fuels Other indirect GHG emissions. Scope 3 is an optional reporting category that allows for the NGLs Natural gas liquids treatment of all other indirect emissions. Scope 3 emissions are a consequence of the NPAT Net profit after tax Scope 3 GHG emissions activities of the company, but occur from sources not owned or controlled by the company. Some examples of scope 3 activities are extraction and production of purchased materials; NWS North West Shelf 3 transportation of purchased fuels; and use of sold products and services Carbon offsets. Avoided GHG emission, GHG emission reduction or GHG removal and Shareholder or Woodside sequestration made available to another organisation in the form of a carbon credit to A holder of Woodside Shares from time to time Shareholder counterbalance unabated/residual GHG emissions • Avoidance offsets: Offsets which result in the avoidance of GHG emissions that would T&T Trinidad and Tobago otherwise occur without the protective actions implemented to generate the offset, Tcf Trillion cubic feet for example, the avoidance of deforestation Offsets • Reduction offsets: Offsets that result in a reduction of GHG emissions from an activity TRIR Total recordable injury rate that is additional, for example, CO2 capture and geological storage Underlying NPAT Net profit after tax excluding any exceptional items • Removal offsets: Offsets based on the withdrawal of GHG emissions from the atmosphere, for example through the use of GHG sinks or GHG removal technologies. Unit production cost or UPC Production cost divided by production volume Removal offsets are important in achieving net-zero emissions as they help remove 2 and store residual emissions USD United States dollar Woodside Woodside Energy Group Ltd ACN 004 898 962 Oil and gas joint venture participants will typically appoint one company as the operator, which will hold the contractual authority to manage joint venture activities on behalf of Woodside Shares or Shares Fully paid ordinary shares in the capital of Woodside Operated and the joint venture participants. Where Woodside is the operator of a joint venture in which YTD Year to date non-operated it holds an equity share, this report refers to that joint venture as being operated. Where another company is the operator of a joint venture in which Woodside holds an equity share, this report refers to that joint venture as being non-operated 1. IPCC, 2018: Annex I: Glossary [Matthews, J.B.R. (ed.)]. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. In Press. Page 555. 2. IPIECA 2022. “Net zero emissions: glossary of terms”. https://www.ipieca.org/resources/awareness-briefing/net-zero-emissions-glossary-of-terms/, page 5. 69 3. World Resources Institute and World Business Council for Sustainable Development 2004. “GHG Protocol: a corporate accounting and reporting standard”.

Head Office: Woodside Energy Group Ltd Mia Yellagonga 11 Mount Street Perth WA 6000 Postal Address: GPO Box D188 Perth WA 6840 Australia T: +61 8 9348 4000 F: +61 8 9214 2777 E: companyinfo@woodside.com Woodside Energy Group Ltd ABN 55 004 898 962 woodside.com