<SEC-DOCUMENT>0001193125-23-219056.txt : 20230823
<SEC-HEADER>0001193125-23-219056.hdr.sgml : 20230823
<ACCEPTANCE-DATETIME>20230823151850
ACCESSION NUMBER:		0001193125-23-219056
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230823
FILED AS OF DATE:		20230823
DATE AS OF CHANGE:		20230823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WOODSIDE ENERGY GROUP LTD
		CENTRAL INDEX KEY:			0000844551
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41404
		FILM NUMBER:		231197298

	BUSINESS ADDRESS:	
		STREET 1:		11 MOUNT STREET
		STREET 2:		PERTH
		CITY:			WESTERN AUSTRALIA
		STATE:			C3
		ZIP:			6000
		BUSINESS PHONE:		(618) 9348 5036

	MAIL ADDRESS:	
		STREET 1:		11 MOUNT STREET
		STREET 2:		PERTH
		CITY:			WESTERN AUSTRALIA
		STATE:			C3
		ZIP:			6000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOODSIDE PETROLEUM LTD
		DATE OF NAME CHANGE:	19881222
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d544223d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF
FOREIGN PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of August 2023 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">001-41404</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Woodside Energy Group Ltd </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(ABN 55 004 898 962) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Registrant&#146;s name) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Woodside
Energy Group Ltd </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mia Yellagonga, 11 Mount Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Perth, Western Australia 6000 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Australia </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form
<FONT STYLE="white-space:nowrap">20-F</FONT> or <FONT STYLE="white-space:nowrap">Form&nbsp;40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT
STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by
Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1):&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is
submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7):&nbsp;&nbsp;&#9744; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="d544223dex991.htm">Announcement, dated August&nbsp;
23, 2023, entitled &#147;Half-Year 2023 Results Briefing Transcript&#148;. </A></P></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: August&nbsp;23, 2023 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>WOODSIDE ENERGY GROUP LTD</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Warren Baillie</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Warren Baillie</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Corporate
Secretary</P></TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d544223dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g544223g0823183210672.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Woodside Energy Group Ltd </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACN 004 898 962 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mia Yellagonga </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11 Mount Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Perth WA 6000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Australia </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>T </B>+61 8 9348 4000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>www.woodside.com </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ASX: WDS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NYSE: WDS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LSE: WDS </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Announcement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wednesday, 23 August 2023 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HALF-YEAR 2023 RESULTS BRIEFING TRANSCRIPT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Date:
</B>22 August 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Time: </B>08:00 AWST / 10:00 AEST (19:00 CDT on Monday, 21 August 2023) </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Start of Transcript </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you for
standing by and welcome to the Woodside Energy Group Ltd Half-Year 2023 Results. All participants are in a listen only mode. There will be a presentation, followed by a question and answer session. If you wish to ask a question, you will need to
press the star key followed by the number one on your telephone keypad. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would now like to hand the conference over to Ms Meg O&#146;Neill, CEO and
Managing Director, please go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Good morning and thanks everyone for joining our 2023 Half-Year Results investor call. We
are presenting the results today from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal people of the Eora Nation, and pay my respects to their Elders past, present and emerging. I also extend my
respect to all other Aboriginal nations, the future generations and their continued connection to Country. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This morning we released our half-year results
and briefing pack to the market. I am joined on the call with our Chief Financial Officer, Graham Tiver. Together we will provide an overview of our first half 2023 performance before opening up the call to a Q&amp;A session. Please take the time to
read the disclaimers, assumptions and other important information on <B>slides 2 and 3</B>. I&#146;d like to remind you that all dollar figures in today&#146;s presentation are US dollars unless otherwise indicated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Starting with <B>slide 4</B>. In June we celebrated one year since completing the merger with BHP Petroleum. The strong results this half highlight the
benefit the merger has realised. We delivered a record first half net profit after tax of US$1.7&nbsp;billion. Our operating capability was reflected in our continued reliable operations and the safe execution of two major turnarounds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are investing in the business, with our major projects progressing well and additional growth sanctioned with the Trion project in Mexico. Just two weeks
ago we announced the sale of a 10% interest in Scarborough. This has been a strategic priority, reducing our capital commitment and bringing a great partner into the joint venture. Our disciplined approach to capital management has positioned us to
be able to invest in the business and return value to shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 1 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Directors have determined an interim dividend of US$0.80 per share. The dividend will be fully franked
for eligible Australian shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 5 </B>highlights our strong operational and financial performance. We produced 91.3&nbsp;million barrels
of oil equivalent, reflecting the strength of our larger portfolio in a half that included major turnarounds at two of our facilities. We achieved reliability of 97.7% at our operated LNG facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While we saw prices recede from the record highs of 2022, we realised an average portfolio price of US$74 per barrel of oil equivalent, indicative of ongoing
strong demand for our products, and this resulted in US$7.4&nbsp;billion of operating revenue and a record first half EBITDA of US$4.9&nbsp;billion. The balance sheet is well positioned, allowing us to invest in the business and return value to
shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On <B>slide 6</B>, our strong operational and financial performance provides the means to deliver our strategic imperatives. We&#146;ve
said consistently that we were aiming to sell down a portion of Scarborough to the right partner at the right value, and we are really pleased with the outcome. I am delighted to welcome LNG Japan to the Scarborough joint venture. Additionally, the
Trion FID was a major milestone. We have a solid execution plan and we see that this project can deliver enduring value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Underpinning these impressive
results is a strong focus on sustainability. We are on track for our 2025 emissions reduction targets and continue to mature our decarbonisation plans. We paid a record A$3.7&nbsp;billion in Australian tax and royalties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 7 </B>shows our safety performance. The death of a worker at the North Rankin offshore platform was a tragedy. We have implemented changes to our
operational practices based on the preliminary findings, and shared our learnings with the broader industry. I am not satisfied with our current safety performance. Across all our operations we are committed to increasing our focus on safety, and we
are determined to return to leading safety performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 8 </B>highlights the strong operational performance across our larger global portfolio.
We continue to achieve outstanding reliability in our LNG facilities, reflecting our operating capability and experience. The Interconnector continues to add value, enabling an additional 5.4&nbsp;million barrels oil equivalent of Pluto gas to be
processed at the Karratha Gas Plant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are progressing a significant program of work to decommission wells and equipment that are no longer in use. In
the US Gulf of Mexico, Mad Dog Phase 2 achieved a significant milestone by producing first oil in April and is expected to continue ramping up through the year. Our project teams continue to effectively deliver subsea tiebacks, with Shenzi North
first production now expected in 2023, ahead of schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 9 </B>shows Woodside&#146;s dividend performance over the last five years. The interim
dividend of US$0.80 per share represents a payout of 80% of underlying profits and an annualised yield of 6.9%. With this, we will have returned over US$6&nbsp;billion to our shareholders since the completion of the merger in a period where we are
also investing significantly in the business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 10 </B>shows global oil and gas prices. Prices have reduced from the record highs of 2022 as the
energy market has stabilised and adjusted to changing oil and gas trade flows. We continue to see buyers focus on energy security and we are actively engaged in discussions for short and long-term supply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to <B>slide 11</B>. We realised an average price across our portfolio of US$74 per barrel of oil equivalent. This compares favourably with the first
half for the last five years. You will also note that we are increasing our gas hub exposure guidance for the year to 27% to 33%. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 2 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On <B>slide 12</B>, analysts are forecasting continued growth in global demand for LNG, our key product.
Across a number of scenarios, developing markets in Asia make up a significant portion of this demand growth. While new projects are coming online, the market is expected to remain finely balanced. In recent weeks for example, we have seen rapid and
significant movement in European gas prices, based on speculation about Australian LNG supply. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We make an important contribution to delivering the energy
the world needs. Longer-term, we anticipate demand growth to outpace supply, which creates strong conditions when Scarborough will be producing LNG. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to <B>slide 13</B>. We are making significant investments in our traditional business. The Sangomar oil development in Senegal is now 88% complete. We
updated our target first oil dates to <FONT STYLE="white-space:nowrap">mid-2024</FONT> and our focus today is on completing the <FONT STYLE="white-space:nowrap">pre-commissioning</FONT> work on the FPSO in Singapore. In Senegal, 12 of the 23 wells
have been drilled and completed and the subsea work scope is 95% complete. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On <B>slide 14</B>, Scarborough is now 38% complete. Fabrication of the Train
2 liquefaction modules and the floating production units are well underway. Upstream pipeline manufacturing is complete and the site works at Pluto Train 2 are making good progress. We are working with the regulator on outstanding secondary
approvals and we&#146;re pleased to see the approval of the Marine Seismic Survey Environmental Plan by NOPSEMA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to <B>slide 15</B>. In June, we
made our final investment decision on the Trion development. The joint venture approved the field development plan and it was submitted to the regulator. We have started executing key contracts including the floating production unit, or FPU,
engineering procurement and construction contracts, and the drilling rig contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 16 </B>provides a view on the potential growth of hydrogen
demand across different sectors. While the hydrogen market is still maturing, momentum is building for it to play a key role in our customers&#146; decarbonisation efforts. Hydrogen production leverages our core capabilities in LNG, including
developing and operating industrial facilities and collaborating with customers and partners across the value chain. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 17 </B>outlines the
portfolio we have created of new energy opportunities. We are working multiple options across Australia, the United States and New Zealand, and see opportunities both domestically and in export markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On <B>slide 18</B>, H2OK is the most advanced of our new energy opportunities. The technical work is well progressed, we have purchased the land and have been
progressing agreements for water and power. We are currently focused on offtake discussions to help underpin this investment. We continue to target final investment decision readiness for later this year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 19 </B>shows the steps we have taken to develop a carbon capture and storage position. We have secured permits to progress studies in four areas in
Australia and commenced <FONT STYLE="white-space:nowrap">front-end</FONT> engineering design on the opportunity in South East Australia. Our capabilities are well suited to carbon capture and storage. Informed by the IPCC, we believe that CCS will
play a critical role in global decarbonisation and we&#146;re working to address the technological, commercial and legislative challenges to unlock these opportunities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 20 </B>shows the progress we have made on our decarbonisation plans. I&#146;m proud of our operational teams for their continued focus and innovation
in this space. We have now developed asset decarbonisation plans for the former BHP operated assets and are focused on implementation. Since we issued our 2021 climate report, we have identified a further 640 kilotons of CO2 equivalent that can
potentially be abated by design out and operate out. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An example of this is Woodside Solar, which is an opportunity to provide solar power to the Pluto
LNG plant. During the Pluto turnaround this year, we took the opportunity to install electrical tie in points for Woodside Solar. We are targeted being FID ready this year. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 3 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#146;ll now hand over to Graham to cover our financial results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver: </B>Thank you, Meg, and good morning everyone. Starting off with <B>slide 22</B>. We have achieved record operating revenue of
US$7.4&nbsp;billion and a 6% increase in net profit after tax of US$1.7&nbsp;billion, driven by the contribution of the former BHP Petroleum assets and the Pluto KGP Interconnector. This was in a period where we completed two major turnarounds and
global oil and gas prices were lower following the highs of 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have been positioning our balance sheet to be flexible through the cycle whilst
delivering strong shareholder returns, and our liquidity of US$7.5&nbsp;billion supports the major investments we are making in our projects today which will deliver near-term growth. While earnings per share has dropped to US$0.92 per share, the
driver of this reduction is primarily the lower realised price in the half. The impact of the merger itself is EPS accretive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving onto <B>slide 23
</B>and our capital management framework. We are managing the balance sheet with discipline, to provide flexibility through the commodities cycle. This allows us to balance investment with shareholder returns. We are in a period of high capital
expenditure, particularly through 2023 and &#146;24. We are delivering Sangomar and Scarborough and made a final investment decision on Trion in June. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
are committed to maintaining our investment grade credit rating which enables us to access debt competitively. Our dividend policy is to pay a minimum of 50% of underlying NPAT and we target to pay between 50% and 80%. In the first half we delivered
at the top end of this range with an interim dividend of US$0.80 per share, fully franked. This reflects an annualised yield of 6.9%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While this dividend
is lower compared to the half one 2022 dividend of US$1.09 per share, the 2022 dividend included a US$0.33 contribution from the merger completion payments. At 30&nbsp;June our gearing was 8.2%, just below our target range of 10% to 20%. If we were
to incorporate the payment of the interim dividend, our gearing would increase to 12.1%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given the volatility we&#146;ve seen in oil and gas prices and
our capital expenditure commitments over the next few years, we feel it is prudent to remain at the lower end of our targeted gearing range, and this is consistent with what we said in our full year 2022 results in February. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 24 </B>shows a first half comparison of our operating revenue, EBITDA and underlying NPAT over five years. All three have outperformed on this
five-yearly comparison. As I mentioned previously, the key drivers of our strong financial performance for this half are the contributions of the merged assets and the Pluto KGP Interconnector, which have been partially offset by our lower realised
price, the planned turnarounds and operating costs including depreciation, relating to the merged assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 25 </B>shows the first half comparison
of operating, investing and free cashflows over the five years. We&#146;ve had an increase in operating cashflow, despite higher tax payments relating to higher profits in &#146;22 and &#146;23. Our investing cashflow is also up significantly as we
progressed the Sangomar and Scarborough projects. It is important to note we remained free cash flow positive in the half. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 26 </B>compares our
first half production cost performance over five years. Our cost performance was impacted by the Pluto LNG and Ngujima-Yin FPSO turnarounds during the half. Our unit production cost was US$8.80 per barrel of oil equivalent. If we exclude the US$0.90
impact of the planned turnarounds, our UPC would be US$7.90 per barrel of oil equivalent. While UPC is up from the 2022 first half, the underlying costs of the heritage Woodside assets remain in line with H1 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We do have a full <FONT STYLE="white-space:nowrap">six-month</FONT> contribution from the merged assets which has changed the cost mix. The Pluto KGP
Interconnector also adds to the cost base but is highly value accretive, through six additional cargos compared to the first half of 2022. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 4 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, to summarise, there are several moving parts to our unit costs through turnarounds, the addition of the
BHP assets and the Pluto KGP Interconnector, which do not impact the underlying cost performance. We continue to focus on cost performance and are managing inflationary pressures in our operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 27 </B>outlines the resilience of our cash margin. We continue to maintain a strong cash margin of 80%, even in a lower price environment. While unit
production costs have increased due to the turnaround activity, we have kept other cash costs at approximately 7%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 28 </B>shows our net debt and
gearing over five years as well as our <FONT STYLE="white-space:nowrap">10-year</FONT> debt maturity profile. Our gearing of 8.2% is low, we have no significant near-term debt maturities and our cost of debt is competitive. These all reflect the
strong positioning of our balance sheet, enabling us to navigate market volatility while investing in the near-term growth and maintaining shareholder returns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 29 </B>outlines our liquidity profile over the past five years. Our liquidity remains strong at US$7.5&nbsp;billion, providing ample capacity to meet
our expenditure commitments. This is important in the context of the investment program we have in the coming years as we complete Sangomar, progress Scarborough and Trion. Additionally, we have the added flexibility from the Scarborough selldown
proceeds to be received in early 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 30 </B>shows our overall Australian tax contribution. In the first half of 2023, we paid
A$3.7&nbsp;billion in Australian tax and royalties, reflecting the recent strong business performance in 2022 and &#145;23. This is a record contribution for Woodside and demonstrates that the mechanism for paying taxes is working. When Woodside
profits, higher taxes are paid. To put this into further context, over the past 12 months to 30 June we have paid more than A$1&nbsp;billion in PRRT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our
global <FONT STYLE="white-space:nowrap">all-in</FONT> effective tax rate at 30 June was 42% when excluding the <FONT STYLE="white-space:nowrap">one-offs.</FONT> The <FONT STYLE="white-space:nowrap">one-offs</FONT> are the recognition of the Trion
deferred tax asset and the derecognition of the Pluto PRRT deferred tax asset. The contribution we make to the Australian economy and other jurisdictions we operate in is something we are really proud of. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, to summarise, our half 1 2023 financial performance has been strong and our business is in great shape. We&#146;re generating positive free cash flow
while investing in near-term growth and balancing shareholder returns. We are well positioned for the capital expenditure ahead of us and we will continue to be disciplined in our approach to capital management to ensure the business remains
resilient. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With that, I&#146;ll now hand back to Meg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Thank you Graham. It has been a strong half. Moving to <B>slide 32</B>, the results discussed this morning support the case for
investing in Woodside. Our high-quality portfolio and disciplined approach to capital management allow us to invest in producing the energy the world needs and deliver shareholder returns through the price cycle. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Slide 33 </B>is our capital allocation framework, which I am sure you are used to seeing and shows the standards we hold ourselves to as we bring new
projects forward. We are and will remain disciplined in future investment decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To close, <B>slide 34 </B>shows our priorities for the second half.
We have strong core assets and are focused on operating them safely. We are investing in the business and so a key priority is safe project execution on budget and on schedule. Everything we do is done with a focus on sustainability and we&#146;re
preparing for some exciting decisions in this space in the coming months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will now open up for the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">question-and-answer</FONT></FONT> session. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 5 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. If you wish to ask a question, please press star one on your telephone and wait
for your name to be announced. If you wish to cancel your request, please press star two. If you&#146;re on a speakerphone, please pick up the handset to ask your question. We ask that you please limit your questions to two per person. If you wish
to ask a further question, please <FONT STYLE="white-space:nowrap">re-join</FONT> the queue. Your first question comes from James Byrne with Citi. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Byrne: </B>(Citi, Analyst) Good morning team. Question for Graham first up. Look, the EBITDA for the half was, call it US$1&nbsp;billion higher, but
your operating cash flow is only around US$400&nbsp;million higher versus the half-year for 2022. If I kind of dig through the cash result versus what the street was expecting, it does seem like there was a pretty material miss on the cash taxes and
I was hoping we might be able to just pick through whether there were any <FONT STYLE="white-space:nowrap">one-offs</FONT> in cash taxes versus things that might have structurally changed from a cash perspective, so if you can maybe talk through
that? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver: </B>Yes, sure James. So, has anything structurally changed from a business perspective? No. I guess what I would say is that in
the higher price environment, the extremes of 2022, as I mentioned in my presentation, we will pay more taxes in particular around PRRT. So, I think you can see in the cash flow there, we paid more than US$2.2&nbsp;billion in taxes made up of income
tax and PRRT for the first half. But in terms of your question, has anything structurally changed, no, but in the higher price environment we will certainly pay more taxes and that is a combination of PRRT or where PRRT really kicks in. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Byrne: </B>(Citi, Analyst) Great. Okay, my second question is just around Scarborough, so I see we&#146;re still awaiting secondary environmental
approvals. Could you perhaps give a bit of a timeline here to the extent that you can around receiving those and at what point, if it continues to drag out, at what point does it become critical path for drilling and the pipe lay which I understand
should have started now based on the presentation you gave at Scarborough FID back in 2021? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks for the question, James.
So you&#146;ll be aware that following the court decision that overruled NOPSEMA&#146;s approval of some Barossa EPs that happened in December, we&#146;ve been working very closely with NOPSEMA to understand the enhanced consultation requirements
and we have been progressing the enhanced consultation for a number of EPs, for Scarborough EPs as well as EPs associated with the base business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think
the real positive signal is that NOPSEMA a couple of weeks ago approved two EPs, one for the Nganhurra riser turret mooring EP and the second one for the Scarborough Seismic EP. So, I hope &#150; I would suggest that the market should take that at a
sign that the enhanced consultation requirements are now clearly understood and that Woodside has fulfilled those for a number of our EPs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The other
Scarborough secondary environmental plans are associated with things like drilling, trunk line installation and SURF installation. We have been working with NOPSEMA on those, we continue to complete the consultation, but I would look at the recent
EP approvals as a sign that there is now clarity in the marketplace between industry and the regulator as to what complete consultation and what appropriate consultation looks like following the court decision. We&#146;re, I&#146;d say, cautiously
optimistic that the work we&#146;ve done on the other Scarborough secondary EPs will also meet NOPSEMA&#146;s expectations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Byrne: </B>(Citi,
Analyst) Yes, that&#146;s great Meg, but just regarding &#150; how should we think about the contingency you have within schedule for things like drilling and pipe lay? If I look at something like Barossa, Santos talks about maintaining schedule by
drilling fewer wells up front, not drilling the backup wells for production. I&#146;m wondering to what extent you also have flexibility on that schedule if the approvals drag out. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, so the critical path for Scarborough is and always has been through the floating production unit, which is in fabrication right
now. The other elements of the project we do have a bit of schedule flexibility. So there still is a bit of time but I would note, and the presentation flags it, that receiving those approvals is one of our key risks and then the legal challenge
that might be brought is also an area that we continue to work very closely with NOPSEMA and with the government on. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>James Byrne: </B>(Citi, Analyst)
Got it, thank you Meg. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 6 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Thanks James. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. Your next question comes from Tom Allen with UBS. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tom Allen: </B>(UBS, Analyst) Morning Meg, Graham and the broader team. Just following the recent announcement of the LNG SPA with Sojitz and Sumitomo, can
you please provide an update on the current LNG marketing activities for Scarborough, just recognising that there&#146;s still a lot of LNG to sell, particularly given the current legacy Pluto LNG offtakes expire shortly? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks for the question Tom and we&#146;re very excited about the MOU that we signed with LNG Japan, so that includes the parent
companies Sumitomo and Sojitz as you noted on LNG offtake. I think that was, it&#146;s a very positive sign that the Japanese market still is interested in Australian LNG and still sees Australian LNG as essential to meeting their energy security
needs whilst they also tackle the question of climate change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To your other question, we are in a number of discussions with a number of counterparties
on potential LNG offtake and when we have something to say that&#146;s conclusive, we will communicate to market. But I would let you know that there&#146;s discussions with a number of, what I would describe as quality counterparties that are well
advanced, because the market does need LNG. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tom Allen: </B>(UBS, Analyst) Thanks Meg. Can we assume that those counterparties are all Asian-based
buyers? So recognising Woodside sell from a portfolio basis now, also recognising that the LNG out of Scarborough will all be sold into North Asia, it certainly implies that there&#146;s a lot more counterparts that you need particularly in the
North Asian market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, sorry Tom you cut out midway through, but I think your question was around confirming that the buyers
are in Asia and yes, happy to confirm that&#146;s the natural market for our Australian-produced LNG. The market now has enough flexibility between the Atlantic and Pacific basins that trading can often move cargos between and the bulk of our
production does go to those Asian buyers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tom Allen: </B>(UBS, Analyst) Thanks Meg. You&#146;ve called out the CCS options that Woodside is building.
Can you share some colour on the indicative unit costs that you&#146;re estimating across some of your CCS concepts and also can you confirm that the cost of CCS would be included in the project economics that you have to &#150; that must satisfy
your hurdle rates for a gas or LNG development? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes Tom, it&#146;s worth differentiating two kinds of CCS options. So first is
the CCS projects that allow us to progress new developments, so Browse is probably the most prominent of those. So, for Browse we&#146;ve said that we are pursuing CCS from day one and the cost associated with that will need to be included in the
Browse investment decision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The other CCS options that we described in the slide in the North Carnarvon Basin, Angel and the Gippsland, that is where
we&#146;re looking at CCS as a service we can offer to our customers. So, for other industrial emitters, we are working on opportunities to offer them sequestration as an alternative to offsets or an alternative to finding new energy sources. So,
there are two really different types of use cases for CCS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I won&#146;t give you indicative unit costs, it&#146;s still reasonably early days with all of
these. The South East Australia CCS opportunity is the only one that is in the engineering stage. The other three are in the concept development stage, so it would be premature to give unit costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tom Allen: </B>(UBS, Analyst) Okay, thanks Meg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. Your next question comes from Cameron Taylor with Bank of America. Please go ahead. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 7 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cameron Taylor: </B>(Bank of America, Analyst) Good morning Meg and team. Just a couple of questions on
behalf of James Redfern please. Firstly, can you provide some colour on what the key issues are with Offshore Alliance and whether you think an agreement can be reached tomorrow to avoid any production impacts? Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, we continue to have a number of very constructive bargaining discussions with our employee representatives, as well as the
unions that they&#146;re associated with. Look, thematically it&#146;s pay and conditions. I would highlight that over the course of bargaining we have come to agreements on or I think substantive agreements on a number of items that have been
important to our workforce and we will continue to engage constructively in these open discussions with our employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cameron Taylor: </B>(Bank of
America, Analyst) Okay, thank you. Secondly, the guidance for that gas hub exposure in 2023 has increased from 20% to 25%, to 27% to 33%. Can you just explain what the driver for this is, given the larger LNG markets and where they&#146;re at, at
the moment? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Sure, look a lot of the driver goes down to reliability, so as we noted, Pluto reliability for the first five months
of the year was 99.99%, so really outstanding operational performance. Cameron it&#146;s probably worth nuancing a bit, so the way the LNG cargo schedule is put together, we are often a little bit conservative in our estimates around the LNG cargo
delivery schedule. So, whenever we have plant performance that exceeds the planning basis, that results in increased cargos available for shorter term sales. So that&#146;s the key factor to the increase in gas hub exposure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cameron Taylor: </B>(Bank of America, Analyst) Okay, thank you very much. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. Your next question comes from Dale Koenders with Barrenjoey. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dale Koenders: </B>(Barrenjoey, Analyst) Hi, good morning Meg and Graham. The slide mentioned the common gearing target at 10% to 20% through the cycle,
which infers a level of comfort above this range, but then Graham you&#146;ve also said that it&#146;s prudent to be at the low end of this range, which you already are with the first half dividend payment, noticing we&#146;re yet to really hit peak
capex or increased PRRT payments. So, I&#146;m just kind of wondering, Meg you keep saying dividend policy is 50% payout, but Graham keeps paying out 80%, what would you need to see to consider a lower payout ratio or reinstating the DRP? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, look thanks for the question Dale. I think we&#146;ve been pretty consistent through the last couple of periods around our
gearing target ratio is 10% to 20% through the cycle. There may be periods where we&#146;re a little bit above and maybe periods where we&#146;re below. Right now, we&#146;re below, at about 8.2% and we&#146;re comfortable with that, recognising
that we do have continued capital spend for the second half of this year, as well as through 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our dividend policy is clear, that&#146;s 50% payout
ratio, but the range is 50% to 80% and we appreciate that our shareholders, many of our shareholders value the cash yields that Woodside offers. So again, every time we get to a dividend-paying period, we take a look at all of the factors, the cash
flow that we&#146;ve generated in the period, the outlook for expenditure that&#146;s ahead and make the decision based on the forecast on the day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Graham, maybe you want to elaborate? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver: </B>I
think the only thing to add, Meg, is that we weigh up, Dale, in the context of our capital management framework each period the dividend. We look at our capital in front of us, we look at our metrics of our balance sheet, but we also look at
what&#146;s happening macro as well. As you know and see, it&#146;s uncertain at the moment. So I think I used the word &#147;prudent&#148;. I think where we are today is prudent in the context of where we are in our capital projects where the
global markets are and set ourselves up to continue to balance that shareholder return and invest in these near-term growth projects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 8 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dale Koenders: </B>(Barrenjoey, Analyst) Is there anything you can say in terms of the next stage of
growth? A lot of CCS projects, Browse, you&#146;ve also got Calypso and other projects, does that all have to wait for after cash flow has come in from Sangomar? Is it around timing it correctly? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, the timing of course is an important consideration, but one of the things that I&#146;m really pleased about post-merger is the
health of the future investments portfolio. So, we have gas investment opportunities, things like Browse, Calypso and Sunrise. We have new energy investment opportunities, so beyond H2OK, that&#146;s looking at things like H2Perth and the Southern
Green Hydrogen Project in New Zealand. We&#146;ve got CCS opportunities, so we do have a hopper full of opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Look, when we think about the pace
at which we&#146;re maturing, the balance sheet factors in, but a number of other factors are important, regulatory approvals, partner alignment, technical maturity, commercial maturity. So, we&#146;re continuing to work on those fronts on a range
of opportunities and with that, I feel like we&#146;re in really good shape for the investments which we&#146;ve sanctioned thus far, which includes Scarborough, Sangomar and Trion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dale Koenders: </B>(Barrenjoey, Analyst) Okay, thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. Your next question comes from Saul Kavonic with Credit Suisse. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Saul Kavonic: </B>(Credit Suisse, Analyst) Thank you Meg, Graham. A couple of questions, I&#146;ll come back, I just want to come back on the industrial
action risk here because every time there&#146;s a bit of news that comes out of this, we&#146;re seeing multi-billion dollar moves in European gas markets. I guess Woodside&#146;s probably benefiting from some of that. But Meg can you, just for
clarity, do you see any material risk to Woodside&#146;s production guidance from potential industrial action over the next few months? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg
O&#146;Neill: </B>Look thanks for the comment, Saul, I appreciate your observations. I think the way the European markets have reacted is a sign of just how fragile those markets are and how tightly balanced supply and demands are. Look our
employees who are union members have supported protected industrial action. There are a number of different actions that they might take, ranging from things that would have a modest impact on the business to things that would have a more
significant impact on the business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I don&#146;t know what the unions are going to call. What we can control is the engagement that we have with our
employees, the engagement we have in the bargaining process and as I said, we&#146;ve been very constructive. We&#146;ve been listening, trying to really understand the things that our employees are concerned about and coming up with solutions. I
feel good about the way that the bargaining has progressed to this point. We look forward to just continuing to have those good discussions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Saul
Kavonic: </B>(Credit Suisse, Analyst) Thanks, fair enough. My second question is just coming to some of the smaller assets, like noting Pyrenees is being impaired, which sometimes companies do this before they look to sell assets. Do you see assets
- smaller assets like Pyrenees and maybe like Macedon - still being in the Woodside portfolio in a few years? Or are they [unclear]? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:
</B>Look, we are really pleased with the assets that we have acquired in the BHP Petroleum merger. Macedon is a nice little asset that provides domestic gas in Western Australia, where the market is increasingly tight. So, we are pleased to have
these assets in our portfolio at this point in time. The Pyrenees impairment was associated with a drilling program that was not as successful as we had hoped it would be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Saul Kavonic: </B>(Credit Suisse, Analyst) Thank you. I&#146;ll jump back in the queue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Thanks, Saul. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank
you. Your next question comes from Adam Martin with E&amp;P Financial. Please go ahead. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 9 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adam Martin: </B>(E&amp;P Financial, Analyst) Yes, morning, Meg, Graham. Well done on the selldown
process at Scarborough. I mean the 10% was probably lower than the 25% to 50% that you historically talked about, although you were probably closer to 25% over time. I&#146;m just wondering is there more to sell there? Is that a short-term
opportunity? Or is that more a medium-term to long-term opportunity? Just any observations there please. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks, Adam.
Well, we&#146;ve said all along that the Scarborough selldown was a nice to do, not a must do, and that we were going to be patient and look for the right partner who was willing to offer value that was commensurate with the value of the asset. We
are really exceedingly pleased that LNG Japan has, after a very long period of due diligence, has decided to come into the asset at a value that we think is quite attractive for Woodside shareholders. So, we are comfortable with 90%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If others want to continue to come in, well, we have now got a very clear price marker in the marketplace. So, if you happen to have that kind of funds
available, we are happy to talk to prospective buyers. But we are pleased to proceed with 90%. If you look at our track record, we took Pluto forward with 90%. So, it&#146;s a crown jewel for us, and we are going to continue to be really disciplined
about bringing anyone into the venture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adam Martin: </B>(E&amp;P Financial, Analyst) That makes sense. Just a second question. This sort of
US$5&nbsp;billion new energy spend target, obviously 2030 is a long way out, but it&#146;s also coming relatively quickly. I mean what&#146;s your sense here, are you going to be spending this capital in the next few years? Any particular projects
that are - you&#146;re excited about, or that might - because it&#146;s sort of hard to see where you&#146;re going to spend that capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg
O&#146;Neill: </B>Yes, thanks for the question, Adam. So, we still are committed to the target of profitably investing US$5&nbsp;billion in new energy projects between, well, essentially now and 2030. It does require a
<FONT STYLE="white-space:nowrap">ramp-up</FONT> in activity. H2OK will be the first really material step on that journey. Look, at this point I&#146;d say we do still have confidence that the market will grow and will support profitable investment
in that space. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That&#146;s part of why we included the chart on the hydrogen market, and how that is going to be growing over time. Whilst there have
been questions around how fast will that grow, I think the clear signals that we are seeing from places like Europe, places like North Asia, it&#146;s very clear that those industrial economies need something different to be able to meet their
climate change commitments. So, we do see growth in the hydrogen market. That is underpinning our strategy to profitably invest in these sorts of projects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, the short version of the answer is, yes, I think we&#146;ll get there. But we do have a lot of work to do between now and then. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adam Martin: </B>(E&amp;P Financial, Analyst) Okay, thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. Your next question comes from Gordon Ramsay with RBC Capital Markets. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gordon Ramsay: </B>(RBC Capital Markets, Analyst) Oh, thank you very much. My first question relates around the strike action, Meg. I just want you to
confirm that for Woodside it&#146;s the offshore North West Shelf production facilities workers there? I guess what I am asking is the difference between that and perhaps the LNG plant workers going on strike? In other words, these workers have no
ability to affect LNG exports from the North West Shelf plant itself, is that correct? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, just to clarify, Gordon, so the
workers that have started the process for negotiating an enterprise agreement are the workers on the North West Shelf offshore platforms, so that&#146;s North Rankin, Goodwyn and Angel. So, they operate the platforms that feed the Karratha Gas
Plant. So, they again operate the facilities that provide the feed stocks, not the LNG operations themselves. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now it&#146;s worth noting of course that
the Karratha Gas Plant processes both LNG and DomGas. So, if there&#146;s a disruption to inputs to the Karratha Gas Plant it makes it challenging for it to deliver either of its products. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 10 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gordon Ramsay: </B>(RBC Capital Markets, Analyst) Okay. The second question just on the successful
appraisal of Mad Dog South West. The independent expert previously estimated an extension had potential to add around 87&nbsp;million barrels to the project. Is that kind of in line with Woodside&#146;s expectations moving forward with that project?
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, it would be too early to say, Gordon. So as we noted, the appraisal well was successful, and we are very pleased with that
outcome. I think the operator described the economics as - with some fairly glowing terms. I think it was &#147;fabulous&#148; might have been the adjective that the operator provided. Look, we still need to do a bit of work. The opportunity
hasn&#146;t even gone through FEED, so we are working closely with the joint venture on Mad Dog about how we would progress this opportunity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But look,
suffice to say, and this is something that was clear in IER, is that the subsea tiebacks in the Gulf of Mexico do offer quite attractive economics. Because you&#146;ve spent the big dollars already on the physical infrastructure. So, we are excited
about the opportunity, but it&#146;s too early to give you any numbers on volumes or economics. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gordon Ramsay: </B>(RBC Capital Markets, Analyst) Yes,
thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. Your next question comes from Henry Meyer with Goldman Sachs. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Henry Meyer: </B>(Goldman Sachs, Analyst) Oh, hey, morning Meg and Graham, thanks for the update. The first question from me is on the Sangomar delay. I
understand you might be limited on commentary on behalf of the contractors. But can you share any details on, from your perspective at least, what led to the delay? What processes or controls might have failed internally to catch the issues?
What&#146;s changed internally to avoid that going forward? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks for the question, Henry. So, it&#146;s probably worth
reminding you and the rest of the audience that the Sangomar FPSO was constructed in China largely in a period of COVID-related travel restrictions. The issue that we found when the vessel arrived in Singapore was around material quality not meeting
our expectations. So, having to do remedial work on piping, valves. The individual scopes were individually small, but a reasonable number of them. So unfortunately, that remedial work slowed down progress in the shipyard in Singapore. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Absolutely fair question, and it&#146;s one that I&#146;ve challenged the team on because we&#146;re constructing the Scarborough floating production unit
also in China. So, we have taken a number of the learnings from the Sangomar project around quality control, positive material identification. Travel restrictions have changed, so we are able to get our experts in quality and our project leadership
to the Scarborough facility and yard more regularly. So, we have - we do understand the reasons for the remedial work, and we are taking actions for Scarborough to ensure that we don&#146;t encounter the same challenges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Henry Meyer: </B>(Goldman Sachs, Analyst) Okay, great. Thanks, Meg. Second question on Calypso. I guess good to see that the preferred development concept
has been selected as an <FONT STYLE="white-space:nowrap">in-field</FONT> host. Are you able to share any details on the scope of that development? What existing infrastructure can be utilised? What would be required to develop the field? Then maybe
also just touching on preferred marketing opportunities, if you&#146;d want to toll through Atlantic LNG, pick up equity interest, or still supply into T&amp;Ts petchem industry? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks, Henry. So yes, Calypso is quite an interesting asset that came to us through the merger. So, we have gone through the
concept select phase. So, we have selected the <FONT STYLE="white-space:nowrap">in-field</FONT> host. There would be really, I&#146;d say, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">little-to-no</FONT></FONT> use of existing
infrastructure just given the location of the Calypso field relative to the existing shallow water infrastructure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The commercial options actually are
something that are being explored live as we speak. One of the really attractive things about Trinidad and Tobago is the fact that we do have a range of different downstream customers. We can consider all of those options, tolling through the plants
and lifting our own LNG. We can consider selling to the petchem industry. So, we are continuing to look at all the options. The plus for us that commercial attention should improve the economics for us as the Calypso resource holder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 11 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Henry Meyer: </B>(Goldman Sachs, Analyst) Great, thanks, Meg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Thanks, Henry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank
you. Your next question comes from Nik Burns with Jarden Australia. Please go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nik Burns: </B>(Jarden Australia, Analyst) Yes, thanks, Meg and
Graham. Just a question around Scarborough and capex. Appreciate 90% is covered by lump sum contracts. But you must be aware your contractors are exposed to significant cost inflation and escalation at the moment. Do you still have most of your
contingency left for the project? Or is some of that being utilised to manage this inflation risk and the potential delays to drilling and trunkline installation? Thanks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks, Nik. So, at this point in time and we look at the Scarborough cost outlook with great regularity, because as you note
there are pressures in the marketplace. We still do have confidence that we will be able to bring the project in for our FID, the amount that we sanctioned at FID timing. But it&#146;s something that we&#146;re continuing to monitor very closely,
and work with our contractors very closely. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nik Burns: </B>(Jarden Australia, Analyst) Got it. Maybe just a question on H2OK. You continued to flag
FID target second half of this year. We have yet to see a formal cost estimate for the project, or finalised any customer agreements for offtake. Do you remain confident that hydrogen customers will be there and willing to pay the price that will
allow you to tick your investment return hurdles of greater than 10%? Or may you need to accept a lower return here, but leverage the learning from this project to reduce costs for future hydrogen projects? Thanks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks, Nik. So, you highlighted two things that we are keenly focused on for the next few months. One is ensuring that we
really have an attractive investment. That means taking a hard look at the facility layout and the costs associated with construction. So, we have been out to market to understand the cost. We will continue to be refining both the design and the
execution plan to ensure that we guide those costs to as low as practical for the facility that we want to construct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The second key focus for the team
is securing customers. We want to make sure that when we start the facility up that we have an outlet for the product. Now it is worth noting that there already is a vibrant market for hydrogen for ground transportation in the California market. If
we were able to place all the product there it would clearly meet our investment thresholds. But we need to make sure we can get into that market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So
those are the two things that we are focused on is making sure that we have got a good handle on costs, and that we have a good handle on customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nik Burns: </B>(Jarden Australia, Analyst) Got it, thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. Your next question comes from Sarah Kerr with Morgan Stanley. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sarah Kerr: </B>(Morgan Stanley, Analyst) Thank you Meg and Graham. Congratulations on the result. For my first question, just relating to slide 19 showing
Woodside&#146;s emerging CCS portfolio. I was wondering if you could please comment on the regulatory approval process for these and is it broadly similar with standard NOPSEMA offshore approvals? If you can comment on just Woodside&#146;s work on
free and prior informed consent with stakeholders for these CCS projects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks for the question Sarah. A couple of
comments. The regulatory framework or the licencing framework for CCS is reasonably new but we do have CCS licences for three of these opportunities, so the Angel, Browse and Bonaparte opportunities. The South East Australia is going through the
licencing process as we speak. Our understanding is the next step in the regulatory approval process is that it would follow the NOPSEMA process but we have got a bit of work to do to really understand those pathways. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 12 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That would include, again, assuming it is the same NOPSEMA process that is applied to hydrocarbon
extraction, that does include a consultation process and I will remind you that consultation and consents are two different things. The legislation requires us to consult and we do consult quite extensively. If you want to have a read, take a look
at our Scarborough Seismic Environment Plan and that details the extensive consultation that we have undertaken for that particular Environment Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sarah Kerr: </B>(Morgan Stanley, Analyst) Oh great, thank you. Just on my second question, can you talk to the North West Shelf production flexibility and
contingency in the event of work stoppages and can alternative personnel or the interconnector from Pluto be ramped up to mitigate a situation like this? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, so as I said to an earlier questioner, there are many different forms that protected industrial action might take and those
range from things that are slowdowns of work, I&#146;d call it headaches and inefficiencies in the business, way up to complete stoppages. One of the things that we are very focused on and something that the Fair Work Commission and the unions are
also focused on is ensuring safety of people in operations throughout, so if we do have protected industrial action, we all want to be working together to ensure safety of people and operations, but as I note, there&#146;s a wide range of possible
actions that might be taken. As far as production flexibility, very little actually, so without North West Shelf gas the Pluto interconnector gas cannot be processed. One of the challenges with Pluto gas is its high nitrogen content. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sarah Kerr: </B>(Morgan Stanley, Analyst) Yes, thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank
you. Your next question comes from Saul Kavonic with Credit Suisse. Please go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Saul Kavonic: </B>(Credit Suisse, Analyst) I thought I would
squeeze one in if we have just got the time, but just one last question on the increased gas hub exposure by a couple of hundred basis points here. Just what&#146;s been the driver of that and on balance is this likely to realise higher prices or
lower prices than if it had been within the contracted Brent link mix? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Yes, thanks Saul. I know you have got a good
understanding of how the LNG annual delivery plans are put together. Typically, the producer has put a certain amount of conservatism in there because we never want to a miss a committed cargo, so as the year has gone by, we have seen fantastic
reliability at particularly Pluto but also North West Shelf and we have seen better than expected production through the interconnector. So, our gas hub exposure for the first half is 31% and that uplift we are expecting to carry through the back
half of the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As far as pricing goes, look, it will depend on the market opportunity. You see in our pack where JKM has been tracking versus JCC. One
of the things that we signalled is that we like to have a bit of exposure to both markets. If I were to crystal ball, I would say that the gas hub markers would be more likely to increase in the fourth quarter as the Northern Hemisphere gets cold,
but we will let you and your colleagues in the modelling community figure out how to build that into the models for the business. Look, honestly, we are pretty pleased with how we have been able to respond and we are really pleased with the trading
team&#146;s work to ensure that as those additional cargos come available that we are able to place them at attractive pricing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Saul Kavonic:
</B>(Credit Suisse, Analyst) Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>Thank you. That&#146;s all the time we have for our question and answer session. I will now hand
back to Ms O&#146;Neill for closing remarks. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 13 of 14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill: </B>Very good. Well, thank you to the operator. Let me thank everyone for your
questions and for joining the call today. In terms of upcoming events, we will release our third quarter report on the 18th of October and host our Investor Briefing Day on the 8th of November, so look forward to seeing everyone then. Thank you.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator: </B>That does conclude our conference for today. Thank you for participating. You may now disconnect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>End of Transcript </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Contacts:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>INVESTORS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>MEDIA</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Matthew Turnbull (Group)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Christine Forster</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">M: +61 410 471 079</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">M: +61 484 112 469</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">E: christine.forster@woodside.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Sarah Peyman (Australia)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">M: +61 457 513 249</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Rohan Goudge (US)</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">M: +1 (713) 679&#151;1550</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">E: investor@woodside.com</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This announcement was approved and authorised for release by Woodside&#146;s Disclosure Committee. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Page 14 of 14 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g544223g0823183210672.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g544223g0823183210672.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  W )$# 2(  A$! Q$!_\0
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M=)R<&[.]O7^MC#HK>LO!VL7UG%<QQPQI-_JEFE"-)_N@]:KV/AO5+^\N+6.
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(% !1110!_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
