<SEC-DOCUMENT>0001193125-24-069607.txt : 20240318
<SEC-HEADER>0001193125-24-069607.hdr.sgml : 20240318
<ACCEPTANCE-DATETIME>20240318060555
ACCESSION NUMBER:		0001193125-24-069607
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240318
FILED AS OF DATE:		20240318
DATE AS OF CHANGE:		20240318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WOODSIDE ENERGY GROUP LTD
		CENTRAL INDEX KEY:			0000844551
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41404
		FILM NUMBER:		24756832

	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>
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<TYPE>6-K
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<FILENAME>d784422d6k.htm
<DESCRIPTION>FORM 6-K
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<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 March 2024 </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:24pt; 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"><B>(Registrant&#146;s name) </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: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; 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&#8194;&#9745;&#8195;Form</FONT> <FONT
STYLE="white-space:nowrap">40-F&#8194;&#9744;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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):&#8194;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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):&#8194;&#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>
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 <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">


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<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 ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit&nbsp;No.</B></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"><B>Description</B></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="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d784422dex991.htm">A copy of the registrant&#146;s ASX Announcement, dated March&nbsp;18, 2024, entitled &#147;Thriving through the energy transition briefing transcript&#148;. </A></TD></TR>
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 <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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: March&nbsp;18, 2024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<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>
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<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>
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<TYPE>EX-99.1
<SEQUENCE>2
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<DESCRIPTION>EX-99.1
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<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="g784422g0318074306864.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Announcement </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Monday, 18&nbsp;March 2024 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THRIVING THROUGH THE ENERGY TRANSITION BRIEFING TRANSCRIPT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Date:</B> 12&nbsp;March 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Time:</B> 09:30 AEDT / 06:30
AWST / 17:30 CDT (Monday, 26&nbsp;February 2024) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Start of Transcript </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Good morning, everybody, it&#146;s a pleasure to welcome you to Woodside&#146;s Climate Briefing Presentation, Thriving Through the
Energy Transition, here in Melbourne. I would also like to welcome those joining us on the webcast. So, today we&#146;re meeting on the land of the Wurundjeri people, of the Kulin Nation. We acknowledge their continued connection to these lands and
waters, and we pay our respect to Elders past and present, and honour their enduring traditions and culture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our presentation today will cover some of
the key information of our Climate Transition Action Plan, and 2023 progress report. Please take the time to read the disclaimers, risk, and other important information. Let me remind you, that today&#146;s presentation should be taken in
conjunction with our Climate Transition Action Plan, which includes more detailed explanation of the assumptions, uncertainties, and context, relevant to the information presented today. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All dollar figures are in US dollars, unless otherwise indicated. And after the presentation, we will have a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">question-and-answer</FONT></FONT> session. So please submit your questions through the Slido app, or Slido website, and use the code you have been emailed for today&#146;s event. So, let&#146;s start with some opening
remarks from our Chair, Richard Goyder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Richard Goyder:</B> Thank you for joining us at our climate briefing day. As Woodside shareholders, you have
made your expectations clear, as we navigate the energy transition. Our governance of climate change reflects its strategic importance to our Company. We must not only seek to thrive though the energy transition, but show how we will thrive. Our
Climate Transition Action Plan is intended to do exactly that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ve listened, and are acting on your feedback. A key request from investors has
been to explain more about future demand for our products, through the transition, and why we believe that Woodside&#146;s business will be competitive, and how we will achieve our Scope 1 and 2 emission targets. In this session, Meg will talk about
how Woodside is responding on these, and other critical areas of climate performance, and risk management. I want to assure you that Meg and her team are fully aligned with the Board&#146;s expectations on climate strategy. </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">Page 1 of 16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of a continuous review of Board skills, and composition, changes were made to enhance our Board, and
committees, in 2023. The intention is that Woodside&#146;s Board is best placed to support our global operations, as well as our strategic growth opportunities through the energy transition. Accountability for our performance on emissions
reductions, and new energy projects, is critical to our success. Therefore, from 2024, we&#146;re elevating the link between executive remuneration, and progress in achieving these outcomes. Climate metrics will make up 15% of the total scorecard.
Of this, 70% will be weighted to Scope 1 and 2 emissions performance, and 30% will be based on new energy project progress. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Going forward, we&#146;ll
publish regular reports as we advance, with a vote on updated plans proposed three years from now, or sooner, should we believe it&#146;s necessary. And we&#146;ll continue to seek regular feedback from our shareholders. The Board believes that
Woodside has an important role to play in the transition, and to deliver lasting value to our shareholders while doing so. Our Climate Transition Action Plan will be put to an advisory vote of shareholders at our AGM this year. It is a thorough, and
clear, review of our plans, our progress, and our challenges. And I believe it deserves the firm support of our shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today&#146;s an opportunity
to continue our engagement with you, and I thank you again for joining us. Now, I&#146;ll hand over to Meg, who will take you through our plans. </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, everyone, and thank you for joining us, whether you&#146;re here in person, or online. We are presenting today from Melbourne, and I would like to begin by acknowledging the traditional custodians of this land, the
Wurundjeri people of the Kulin Nation, and pay my respects to Elders past, present, and emerging. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I appreciate your interest in our Company, and our
strategy. It is beyond doubt that the world must decarbonise. Responding to climate change is one of the most urgent challenges we face, and the energy sector must respond with solutions. At Woodside, we are finding and progressing these solutions,
and our Climate Transition Action Plan and 2023 Progress Report, is the result of an intensive effort to identify, map, and action more. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You&#146;ll
notice our 2023 report is different to previous disclosures, and that&#146;s thanks to you, our investors. You&#146;ve given us detailed feedback on the climate topics you&#146;d like to hear more about from us, and we&#146;ve listened carefully. My
presentation today will be in this spirit. Transparency is central to building trust through the energy transition, and we are committed to earning, and maintaining, yours. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now a key question we get from investors &#150; and it&#146;s an understandable one &#150; is why we are confident our business will be one that is resilient
to the energy transition? The answer is, Woodside exists as a business, not only to be resilient, but to thrive. Our strategy is underpinned by three priorities, providing energy, creating and returning value, and conducting our business
sustainably. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are providing reliable, competitive supply to our customers now, and we have firm conviction there will be sustained demand for our
products and services into the future. Examples highlighting the strength of this demand, are our recent deals with LNG Japan, and JERA. These two companies are buying equity in the Scarborough Energy Project, as we are also on discussions with them
for the sale of LNG. An indication that Scarborough will be positioned to create, and return value, for decades to come. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will be customer led, as we
continue to create and return value. This is because we can only supply products profitably, when we have customers who buy them. This goes for traditional and new energy. And on conducting our business sustainably, we are on track to meet our 2025,
and 2030 net equity Scope 1 and 2 targets. We have also announced a complementary Scope 3 target. These are all key topics to highlight as we explain why our strategy is designed for the energy transition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The energy transition has clearly begun, and needs to succeed, but there is no single, or certain, pathway through it. It&#146;s why diversification, and
adaptability will be crucial to the success of energy businesses. The diagram, on the right of page 6, explains how we think about this. The arc across the top is a summary of or broad company strategy. It&#146;s focused on optimising value, and
shareholder returns. Below are the key elements of our climate strategy, which are integrated into our company strategy. And they are, reducing our net equity Scope 1 and 2 emissions, and investing in products and services for the transition. </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">Page 2 of 16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We know that the success of our strategy relies on meeting our climate goals. Our targets are critical, and
we are on track to meet them. Our first target is to reduce our net equity Scope 1 and 2 emissions 15%, below our starting base, by 2025. In 2023 we reduced our emissions to 12.5% below this, and are on track to meet our target next year. We
achieved this by designing and operating out emissions, and using carbon credits as offsets. We aspire to achieve net zero equity Scope 1 and 2 emissions by 2050, or sooner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have now completed asset decarbonisation planning, identifying a pathway to achieving this goal, with a clear emphasis on
<FONT STYLE="white-space:nowrap">design-out</FONT> and <FONT STYLE="white-space:nowrap">operate-out</FONT> solutions. Already, work is underway &#150; sorry &#150; work is planned, to implement changes that will aim to avoid and reduce a total of
28&nbsp;million tonnes of CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB> equivalent. Emissions avoidance will be achieved by changes to the way we design our facilities, while emissions reductions are achieved through the way we operate
them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Turning to Scope 3, in 2021 Woodside set a Scope 3 investment target, aiming to invest $5&nbsp;billion in new energy products, and lower carbon
services, by 2030. At the end of 2023, we had cumulatively spent more than $335&nbsp;million towards this target, meaning expenditure was up 135% in 2023, compared to the prior year. In February we announced a new complementary Scope 3 target, to
track the potential impact of our new energy products, and lower carbon services, on helping customers reduce their emissions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The new emissions
abatement target is to take final investment decisions on new energy opportunities by 2030, with total abatement capacity of 5&nbsp;million tonnes, per annum, of CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB> equivalent. Now,
importantly, these targets are not a ceiling. If customer demand accelerates, the opportunities available to us will grow too. Continuously assessing demand for our products, through the energy transition, is key to our strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And central to our strategy is our understanding of pathways consistent with the Paris Agreement. The temperature goals of the Paris Agreement are to limit
the increase in the global average temperature, to well below 2 degrees Celsius, above <FONT STYLE="white-space:nowrap">pre-industrial</FONT> levels, and to pursue efforts to limit the temperature increase to 1.5 degrees Celsius. These goals were
reaffirmed by world leaders at the COP28 Climate Summit in December, with the importance of the <FONT STYLE="white-space:nowrap">1.5-degree</FONT> goal underscored, and resolutions made to pursue it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, for some stakeholders, to be Paris-aligned means no new investment in oil and gas, but let&#146;s have a look at the science. In its recent sixth
assessment report, the United Nations Intergovernmental Panel on Climate Change reviewed and included 97 pathways that could achieve the <FONT STYLE="white-space:nowrap">1.5-degree</FONT> goal, with limited or no overshoot. The levels of gas demand
in those 97 pathways are shown in the grey area on the chart on page 8. You can see there is a very wide range. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many of you have asked me whether there
is a need for new gas investments, in order to meet these potential levels of demand, in a world that limits warming to 1.5 degrees. The answer is, without investment, supply levels will fall, as older gas fields deplete. The blue lines on the chart
show estimates from the international agency. The pale blue line shows estimated decline in supply, if investment stops. And the darker blue line shows the decline in supply, if investment continues, but is limited to gas projects that are
operating, or have been approved for construction already. This decline in supply is consistent with meeting demand in some <FONT STYLE="white-space:nowrap">1.5-degree</FONT> pathways, but well below demand in others. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, let me be clear, Woodside is not picking any one pathway, and asserting it is certain. But equally, no new investment is not the only route to world
meeting its Paris goals. So, coming back to why I believe the approach Woodside is taking is Paris-aligned. First, we have a pathway to meeting our aspiration to achieve net zero equity Scope 1 or 2 emissions by 2050, or sooner. It will be
challenging, but the options are clear. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Secondly, we stress test the financial performance of our current portfolio &#150; including our sanctioned
projects like Scarborough, Sangomar, and Trion &#150; against climate scenarios. And the portfolio continues to generate free cashflow in the decades ahead, even with pricing that reflects the IEA&#146;s net zero roadmap scenario.
</P>
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Third, we test our future investment opportunities for their relationship with the energy transition, including testing the impact of <FONT STYLE="white-space:nowrap">1.5-degree</FONT> pathways
in the science. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, let&#146;s take a look at why gas demand remains resilient in many climate pathways. For many decades, access to reliable energy has
been key to economic growth. And this will remain true through the energy transition. But now, the challenge is to fuel growth, while reducing emissions. Gas can be part of this aim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is because gas has many uses, including as a source of heat for industry, and as a chemical feedstock. And some of these will be hard to abate. In
addition, when used to generate electricity, gas typically produces half the lifecycle emissions of coal. Gas can also provide backup support for electricity grids, powered by renewables and batteries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The chart on the right of page 9, looks at the energy mix of several Australian markets, and shows how a gas renewables mix can generate power at lower
emissions intensity, than a coal dominated mix. Take South Australia, more than <FONT STYLE="white-space:nowrap">two-thirds</FONT> of its power is generated by renewables, with gas almost making up the remaining third. Here in Victoria, it&#146;s a
different story, with the grid mainly relying on brown coal, at this time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, key numbers are at the top of the bars, each state&#146;s emissions
intensity. As you can see, Victoria&#146;s is three times higher than South Australia&#146;s. This example underlines why gas is an attractive proposition for coal dependent economies to decarbonise. Now, if we look at the fuel mix in key Asian
customer markets on page 10, there is significant dependence on coal. This represents an opportunity for a further shift towards gas, to support decarbonisation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To give context to an Australian audience, Japan&#146;s primary energy use is nearly three times more than Australia&#146;s. And China uses more than 25 times
as much energy as Australia. So, the opportunity for Woodside is significant. It also underscores one of Woodside&#146;s competitive advantages, and that is the proximity of our LNG operations to Asia. Other advantages include our worldclass LNG
plant reliability &#150; which was 98% last year, for our operated assets &#150; and our strong customer relationships, based on reliable, competitive supply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, as I touched on earlier, we have developed a transition case methodology, to guide robust assessment of future investment opportunities. Our aim is to
test that our investments are competitive through the transition. The transition case assesses financial attractiveness in a range of climate scenarios. And it also considers the impact of an opportunity on our portfolios emissions intensity. Our
capital allocation framework is a key feature of our transition case methodology. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you can see on page 3 [Clarification: page 13], for oil projects, we
target in internal rate of return &#150; or IRR &#150; of more than 15%, and payback within five years. For gas, the IRR target is greater than 12%, and payback within 3 years. For new energy, we aim for an IRR of 10%, with payback over 10 years.
Now these rates of return, and payback periods, reflect the different risk reward balance of the products. The risk reward balance is affected by more than just climate change, but let&#146;s zoom in on how they each relate differently to the risk
and opportunities of the energy transition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Oil has a typically faster payback period than gas, so it is less exposed to the longer-term uncertainty of
the transition. Take Trion, its expected payback period is within 4 years of startup, and <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the resource is set to be produced within the first 10 years. LNG projects are typically longer-term
investments, with stable cashflows, and we expect sustained demand for LNG over a longer period in the transition, for the reasons I have already spoken about. Now, new energy is an emerging market. It&#146;s lower IRR, and longer payback period,
makes sense for several reasons, including resource certainty. For example, if you compare a hydrogen project to an oil and gas field, you don&#146;t have to drill to know how much hydrogen you have. As long as you have power, and water &#150;
needed for electrolysis &#150; you can create the hydrogen. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, regardless of the commodity we must remain focused on the business case, and shareholder
value. Our transition case methodology supported Woodside&#146;s positive final investment decision on Trion, and as you can see on page 14, we expect Trion&#146;s IRR to be more than 16% and to achieve payback in under four years. Trion also meets
our demand resilience criteria, because we expect continued demand for oil across a range of transition pathways, in the relevant timeframe of its production. And with the addition of Trion, Woodside&#146;s portfolio will remain less carbon
intensive than the current industry average, including for Scope 3 emissions intensity. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trion is also an example of our commitment to avoiding emissions in the way we design projects. The video
we&#146;re now going to show, explains our approach to emissions avoidance, and asset decarbonisation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Video playing] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> At Woodside, we are focused on reducing emissions, and have been for years. Liz has just taken you through a number of examples, but
I know there&#146;s been significant interest in Woodside&#146;s use of offsets, relevant to our overall emissions performance. To put this in context, I&#146;d like to talk about our gross emissions performance, which is before the use of offsets.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We estimate our avoided emissions by comparisons to benchmarks. In our Climate Transition Action Plan, we have provided two credible benchmarks that
estimate the global average emissions intensity of oil and gas operations. These estimates are from Wood Mackenzie and the International Energy Agency. In 2023 our underlying Scope 1 and 2 performance, our gross emissions intensity, was lower and
better than comparable energy portfolios based on these benchmarks. This is because of the intrinsic characteristics of our oil and gas resources, the design of our facilities, our 2016 to 2020 energy efficiency target, and the implementation of
asset decarbonisation plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All these factors have contributed to avoiding emissions, and they are depicted on the chart on the right, in the light
grey. Now, these are hard to measure, because they didn&#146;t happen. But they are the consequence of our hard work, and the quality of our assets and resources. Woodside is also achieving lower methane emissions intensity than the oil and gas
industry average. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We aspire to achieve net zero equity Scope 1 and 2 emissions by 2050 or sooner. To this end, we have completed asset decarbonisation
planning across our operated portfolio. Already we have incorporated design features into our Scarborough, Pluto Train 2 and Trion projects that would avoid an estimated 16&nbsp;million tonnes of
CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB> equivalent between now and 2050. We are at work on around a further 70 opportunities at existing assets that we estimate could avoid roughly 12&nbsp;million tonnes of CO<SUB
STYLE="font-size:75%; vertical-align:bottom">2</SUB> equivalent. These opportunities could have a combined cost of around $200&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are also
considering large scale abatement options to retrofit LNG facilities that we estimate would cost more than our $80 a tonne internal long-term cost of carbon. These projects would use existing technology but be challenging to deploy cost effectively
at existing facilities, so we are fine tuning the concepts with cost reduction in mind. Our strategy gives us the flexibility to invest in projects that deliver the biggest emissions reduction we can for every dollar we spend. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to our work in designing and operating out emissions, we also used carbon credits to offset emissions and help us achieve our 2023 net equity
reduction. Offsets remain an important part of the global toolkit to abate carbon and achieve the world&#146;s net zero goals and for us to achieve our targets. At Woodside we have a high-quality carbon credit portfolio. Carbon credits are assessed
against criteria designed to ensure abatement is demonstrably additional and has a high likelihood of permanence. We source credits issued by established standards bodies and we independently verify them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our approach to portfolio creation is informed by frameworks, including the Oxford Principles for Net Zero Aligned Offsetting. We aim for geographical
diversity in our carbon credit portfolio, generated from projects here in Australia and overseas. And our current portfolio is sourced from the Australian carbon credit scheme, Verra and Gold Standard. We have another video now looking at
opportunities that could help our customers avoid or reduce their Scope 1 and 2 emissions and therefore reduce the overall lifecycle emissions intensity of our portfolio. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Video playing] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> As Shaun mentioned in the video, we will be customer led when it comes to hydrogen production and CCS. World leaders at COP28 called
for an acceleration of both these technologies. Looking at hydrogen on page 20, demand is expected to build in the coming decades. The progress in securing hydrogen offtake has been slower than originally anticipated. We will continue to maintain
discipline in our investment approach and we will make positive final investment decisions on hydrogen opportunities when we are confident they are compatible with our capital allocation framework. So we are working with potential customers to
develop demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have a number of hydrogen opportunities in our portfolio, including H2OK. In 2023, we took a positive final investment decision on the
H2 refueller at H2 Perth, a hydrogen production storage and refuelling station targeting the domestic trucking industry. This project is smaller in scale with initial production expected to be 0.2 tonnes per day of hydrogen and it is really intended
to stimulate demand and demonstrate capability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The demand outlook is similar when we look at CCS on page 21. It builds in future decades. Our most
mature operated carbon capture and storage opportunity is Angel CCS. Angel has the potential to store carbon from our operations as well as helping Australian and international customers decarbonise. As we assess new opportunities, we will be
commercially minded, focusing on progressing projects that are compatible with our capital allocation framework. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scope 3 emissions make up the bulk of
our emissions profile. In 2023 we estimate our equity Scope 3 greenhouse gas emissions totalled more than 70&nbsp;million tonnes per annum of CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB> equivalent. New energy products like hydrogen
and lower carbon services like CCS can help our customers avoid or reduce their Scope 1 and 2 emissions and therefore reduce the overall lifecycle emissions intensity of our portfolio. Our Scope 3 targets will help us track progress towards the
potential abatement impact. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before I close, I would like to highlight page 9 of our Climate Transition Action Plan and 2023 progress reports. This page
directs you to the content that investors asked us to include in our disclosures. We are pleased to have shared this information on topics including progress against our target, our approach to using offsets and our Scope 3 emission sources. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Richard said at the start of the session, accountability is critical to our success. For this reason, the Board has made changes to its composition and
committees to best support our global operations, our climate strategy and growth opportunities through the energy transition. In addition, our executive team&#146;s performance based pay is linked to the delivery of our climate strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In particular, the 2024 executive scorecard will include targets for Woodside&#146;s gross Scope 1 and 2 emissions performance, meaning before the use of
offsets. Similar metrics will apply for employee remuneration, so everybody in the company has common alignment. We have also reviewed our industry association membership to include an assessment of whether an association&#146;s activities support
the goals of the Paris Alignment [Clarification: Paris Agreement]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ve covered a lot of information here today. The key messages I&#146;d like to
leave you with are (1)&nbsp;we strongly believe there will be sustained demand for our products through the transition; (2)&nbsp;we are progressing new energy products and lower carbon services; and (3)&nbsp;we are on track to meet our net equity
Scope 1 and 2 targets. And we will keep listening and responding to you as we provide the energy solutions our customers need and as the world strives to meet its climate goals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will now open up for questions and answers and I have a few members of my executive leadership team with me here today, Graham Tiver, our Chief Financial
Officer; Liz Westcott, Executive Vice President Australian Operations; Shaun Gregory, Executive Vice President New Energy; and Tony Cudmore, Executive Vice President Strategy and Climate. I&#146;ll now hand over to Marcela to run the Q&amp;A
session. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Okay, thank you Meg. For those in the room, please just raise your hand and we can
welcome your questions. Those joining us through the webcast, please submit your questions via the Slido app or the Slido website and use the links and the codes provided by email. We will try to go through as many questions as possible and then the
IR team will follow up on any remaining questions afterwards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So with that, let me check is there any question in the room? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unidentified Participant:</B> Thanks Meg. So my question is the market scepticism about CCS, which I think is global scepticism, it&#146;s not just
Australia, how much research have you done on the Gorgon CCS given that you were very confident about Angel? Do you think there is significant difference between what you&#146;re doing versus what Gorgon&#146;s doing? </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 let me give some high-level comments and then I&#146;ll invite Shaun to give some specific projects on the Gorgon project.
First and foremost, CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB> sequestration has been used for decades. It started being used in the United States for enhanced oil recovery, so the industry has tremendous experience injecting CO<SUB
STYLE="font-size:75%; vertical-align:bottom">2</SUB> in subsurface formations. In Norway, at the Sleipner field, there is a <FONT STYLE="white-space:nowrap">10-year</FONT> [Clarification: over 25 year] operational history of CO<SUB
STYLE="font-size:75%; vertical-align:bottom">2</SUB> sequestration offshore. So the technology is proven. In Australia, Gorgon has had some challenges and let me invite Shaun to speak to what we know about Gorgon and why Angel is different. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shaun Gregory:</B> Yes, thanks Meg. So I think one of the advantages of the Angel joint venture is we have Chevron as a joint venture partner and
they&#146;ve been really open and transparent about their lessons learnt on Gorgon. I think one of the things that differentiates Angel to Gorgon is it&#146;s a much simpler CCS project. It&#146;s injecting into a depleted gas field that we have
known well. Angel produced for 10 years and so we understand that reservoir really well and it&#146;s empty now and it&#146;s a much simpler design. I think that&#146;s one of the key lessons that Chevron has shared on Gorgon. They&#146;ve been very
open with us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think the other thing with Gorgon is to respect that actually it&#146;s operating today and millions of tonnes per year of CO<SUB
STYLE="font-size:75%; vertical-align:bottom">2</SUB> are being sequestered, so it&#146;s not at design capacity, which they&#146;re working on, but it&#146;s certainly successful from sequestering
CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Thanks Shaun. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thanks Shaun, any other questions in the room? Rob? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rob Koh: (Morgan Stanley, Analyst)</B> Good morning, Rob Koh from Morgan Stanley. Thank you very much for the preso this morning. I wonder if you could
just talk to two things, firstly what your company&#146;s efforts are for a just transition, which is part of the action plan. Then also I just want to understand what the company will do when it comes to difficult choices. Say you&#146;ve got your
$5&nbsp;billion investment target, but this gentlemen here isn&#146;t going to let the company invest that money poorly and have you got sufficient pipeline of opportunities such that you are super confident in $5 billion? Just any dynamic on that,
please. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Excellent, thanks for the question, Rob, or the two questions. So for just transition, we recognise the importance of a
just transition for customers, employees, the communities where we operate and who benefit from our operations. And we acknowledge that energy transition will change the way we conduct our business. Now for a transition to be just, it will require
collaboration between all stakeholders, so governments, industries and communities and we are involved in a number of international partnerships to understand where we might improve our approach on this front. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But perhaps at a high level, Rob, if you think about just transition as it impacts the communities where we employ people, our anticipation and our goal is to
continue operating in Karratha for many decades to come, so the transition for us is really to continue to be able to invest in Karratha, invest in those local communities and continue to provide meaningful work, high paying jobs to people that live
in that remote part of Western Australia. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the question of the $5&nbsp;billion, you&#146;ve absolutely highlighted tension within the business, that
we need to make sure that any investment we take meets our capital allocation framework and will deliver value to our shareholders. And it&#146;s fascinating, Rob, so there are shareholders who would say we shouldn&#146;t mess around with this stuff
at all and then there&#146;s shareholders who would say please just take an investment decision so you can demonstrate you&#146;re quote-unquote doing something. We&#146;re taking a path that I think is the best path for Woodside shareholders, which
is to be fiscally disciplined while continuing to progress these opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">H2OK is the most advanced project. We were ready and we&#146;re
technically ready to take an investment decision, but because we were unable to secure sufficient customer offtake, we paused that decision. The reason we were unable to secure offtake was because of some complexities around how the IRA is being
implemented and we&#146;re engaged in consultation with the US Government on levers they can pull to make those tax credits more accessible, which will bring prices down, which will bring customers to the table. So it&#146;s a balance. Again,
we&#146;ve got sufficient opportunity space in our pipeline to spend the $5&nbsp;billion, but we will be disciplined about making sure we can sell those products to customers at a profit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thanks Meg. Next one in the room and then we will do one online. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tom Allen: (UBS, Analyst)</B> Thanks very much, Tom Allen from UBS. Just following on the last question, Meg, recognising there is some commercial
challenges that the H2OK project is facing, just to give more credibility and weight to that $5&nbsp;billion investment target by 2030, are you able to provide some guidance of portioning out that $5&nbsp;billion to specific projects? Just
confirming whether or not the Angel and Bonaparte CCS projects are still in desktop work only or if there&#146;s genuine fieldwork that&#146;s occurring 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, so thanks for the question. In the Climate Transition Action Plan we&#146;ve got detail on each of our hydrogen projects and
each of our CCS projects that talk to the state of maturity. H2OK is the most advanced; we have ordered long-lead items there, we have contracts in hand for water supply, for power, so that is by far the most advanced project. The other projects are
in the technical evaluation stage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let me invite Shaun to talk about where we&#146;re going with the hydrogen and CCS projects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shaun Gregory:</B> So to answer your question, Angel made its concept select gate last year, so it&#146;s in
<FONT STYLE="white-space:nowrap">pre-FEED.</FONT> It won&#146;t enter FEED until there&#146;s better customer certainty around CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB>, so the goals are complete the engineering design to enter
FEED and secure the customers sufficient to provide confidence that you&#146;ll get to that five million tonnes of the planned capacity. Bonaparte is a much earlier stage, there&#146;s technical testing that needs to be done on that reservoir and
when an operator in there, they&#146;re planning to drill in the next 12 months to test that reservoir. That&#146;s not needed on Angel due to our prior knowledge. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The other hydrogen projects, again most of the conversation on the hydrogen projects currently is with customers, so it&#146;s not just customers in end use,
but also the supply chain, so shipping, storage, offloading and then end use. So a good example is recent agreements that we made with both JERA and LNG Japan, both include engagements on new energy for that whole supply chain. Technically
we&#146;re making sure we balance that technical engineering progress with the commercial, with customers and so they both have to go in at the same time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Thanks Shaun. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:
</B>Thanks Shaun. So let&#146;s take the first question from the line from Dale Koenders with Barrenjoey. Can you please provide a breakdown of what was delivered from the $335&nbsp;million spend since 2021 or is this largely purchasing offsets,
staffing and desktop studies? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> So the $335&nbsp;million is capital spend, it does not actually include any of those things that
Dale has called out, so the new energy organisation is part of our G&amp;A costs [Clarification: $335&nbsp;million includes capital long lead items, <FONT STYLE="white-space:nowrap">pre-FEED</FONT> and FEED studies and staffing associated with
specific opportunities and is inclusive of capitalised and expensed spend]. Offsets, because the offsets are largely used in the existing business. Those are charged against the existing business. So the $335&nbsp;million is capital investment
[Clarification: capitalised and expensed spend], it includes investment in some partner companies who we believe have technologies that will be advantageous for the transition and for our CCUS activities and long lead items for H2OK. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you would have seen from the presentation today, we have electrolysers being manufactured, so as I said,
we are well advanced with the technical work for this project. We have made financial commitments for the critical path activities and we are cautiously optimistic that we&#146;ll get clarity from the US Government on the production tax credit and
be able to take an investment decision this year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thanks Meg. Perhaps another one from the line and then we will go back to the
room. A question from Fiona Manning with Australian Council of Superannuation Investors. So Meg, cognisant of uncertainty, what do you envisage the business will look like in, say, 10 years&#146; time in terms of split revenue from oil, LNG,
hydrogen and CCS? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Yes, that&#146;s an excellent question, Fiona and it gets to the uncertainty that we talked about in the
beginning of the presentation. So there are a number of different ways that the world might progress through the transition in a way that is consistent with the Paris Alignment [Clarification: Paris Agreement]. Now when we look at the business
today, one thing that is important to note, we have a very large business and for an investment in a new product such as hydrogen, ammonia or CCS, it&#146;s going to take time for those to generate a significant portion of our revenue stream. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So whilst we&#146;ve set ourselves the target of $5&nbsp;billion investment, which equates to five million tonnes of CO<SUB
STYLE="font-size:75%; vertical-align:bottom">2</SUB> abated or avoided for our customers, by 2030 it will still be a reasonably modest portion of our business, just given the size of the existing portfolio of oil and gas today. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thanks Meg. Perhaps another question in the room. No? Okay, we will go back to question on the webcast then. Next question is from
James Byrne with Citibank. He says, on slide 5 diversification is highlighted as a strategy but in five years&#146; time Scarborough is 75% of 2P. With no new growth projects, what will you do to diversify? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Look I disagree with the premise of the question. We do concur that Scarborough is an incredibly important asset for Woodside. In
many ways it is the Pluto of the 2030s, so again, it will be a significant portion of our business; we&#146;ll have a 75% equity stake once the LNG Japan and JERA selldowns are completed. So it will be an important asset, it will generate a
significant cash flow stream for us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">That said, we do have other opportunities in the hopper. We have talked in other settings about some of the gas
development opportunities we have in our portfolio today that includes fields like Calypso, Browse and Sunrise and we&#146;ve talked extensively today about the hydrogen and CCS projects that we have in our portfolio. So again, part of what
we&#146;re doing with our new energy strategy is to diversify our business and to build what I would describe as a third pillar of revenue for Woodside. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Next question in the room please? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Martin Lawrence: (Ownership Matters, Analyst)</B> G&#146;day, Martin Lawrence from Ownership Matters. I had two questions, one of which is technical in
relation to offsets. The first one is I think the carrying value of the offsets on your balance sheet at the end of FY23 was US$123&nbsp;million, just curious how that relates to the 20&nbsp;million tonne portfolio and the cost numbers you&#146;ve
put around that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The second one is, in your own integrity activities, looking at the offsets that you are thinking of investing, how many times or what
proportion of offsets that have been certified by these third parties have you said, well actually that doesn&#146;t meet our requirement and we&#146;re not going to proceed with that? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Let me invite Shaun up for those questions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shaun Gregory: </B>Yes, on the first one, I&#146;ll have to get back to you on that. It will reflect the
historical purchasing which obviously we got in early in 2018 and so the costs back in those days were lower than they are in the market today, but I don&#146;t have the exact numbers to verify you. On the other one, yes, not a quantitative answer.
We screen out a fair few of those offsets. We kind of now know the type of offset that won&#146;t make it through those quality hurdles. The team, again, being built since 2018, have a lot of experience on what&#146;s going to make it. You see us in
our disclosures now, over time we&#146;re more and more focused in sort of the emissions, bio sequestration emissions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">They&#146;re the ones that are
going to meet all the quality hurdles and it&#146;s just how many of those can you get in the market? How many can we originate and at what cost? And staying cost disciplined still, in building that portfolio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thanks, Shaun. Perhaps another question from the webcast. The next question is from Mark Wiseman with Macquarie. Could you talk in
detail on the 35&nbsp;million tonne CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB> equivalent abatement at LNG facilities, the ones that cost more than $80 per tonne? Can any of these additional costs be passed through to LNG customers?
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Yes, that&#146;s really an excellent question Mark, and the answer right now is, no. LNG buyers are not discriminating based on
carbon intensity at the source. There have been some LNG cargoes sold over the past call it five years that have carried with them sufficient offsets to abate, either in the generation of the LNG or full lifecycle. But the reality is LNG buyers are
very price-sensitive animals and you can imagine they&#146;re in a competitive landscape as well for market share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So right now they are not paying for
additional costs associated with lower carbon intensity LNG. Now what does that mean for us? It means that we&#146;ve got work to do to try to figure out how do we cut the cost of those abatement opportunities. Our technology team is working with a
number of providers to figure out how do we bring down the costs of those decarbonisation opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We outlined some in the presentation today and
the Climate Transition Action Plan provides a bit more detail on the sorts of technologies we&#146;re looking at. That&#146;s absolutely the challenge that we&#146;re facing today. To decarbonise an old facility is not inexpensive. We have a
pathway. We know what technology use we need to be maturing and we&#146;ve got teams that are working on it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada: </B>Thanks, Meg. Any
questions from the room? Yes, next one there and then one in the back. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rob Koh: (Morgan Stanley, Analyst) </B>Thank you. Rob Koh from Morgan Stanley
again. This question I asked online and it&#146;s marked as Anonymous so you can get rid of it from the queue. So can you talk to asset planning? I know you&#146;ve got your Australian Head of Ops in the room. In two dimensions, one is, ability to
repurpose existing equipment for new energy and then secondly is, how you&#146;re thinking about acute physical climate risks? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B>
From the repurposing perspective, Rob, unfortunately, there&#146;s not a tonne of utility in LNG Train and you would have &#150; those of you who have been with us for a while would have been with us through discussion around, why do we have to
build a new train for Scarborough and the answer is the gas quality is quite different from Pluto or North West Shelf. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So LNG facilities are pretty
bespoke designs for the feedgas that is going through them. Now, that said Rob, we do have sites that are advantageous. We have docks, we have jetties, we have some of those facilities and so there certainly is an opportunity and if we look at the
Angel CCS opportunity we would envision using the same offloading facilities that we use today for LNG or hydrocarbon to import CO<SUB STYLE="font-size:75%; vertical-align:bottom">2</SUB> from customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So there is a bit around the physical side, infrastructure, power gen, those sorts of things would be common. LNG Trains are fairly bespoke. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the physical risk question, let me invite Liz Westcott to talk about that. This is something our
operations team deal with day in and day out. In fact, we&#146;re working through cyclone prep today. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Liz Westcott:</B> Yes, thanks Rob for the
question. Physical risks, I guess, with climate, particularly up in the Karratha area are very relevant for that team. So high heat is part of the design criteria and some of the decarbonisation efforts we&#146;ve done is sort of putting misting
sprays. You saw it in the video. So really trying to address the heat impact it does have on our facilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The goal there is to increase the
reliability. Because one of the best ways we can reduce emissions is to stay online. It&#146;s the upsets that often trigger a lot of the emissions and so reliability has been a real focus. Same with the cyclone preparation, it&#146;s a
well-established activity up north around how to manage for cyclones. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">How to <FONT STYLE="white-space:nowrap">de-man</FONT> for cyclones and I guess the
prevalence of cyclones is always quite variable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of climate risk, it&#146;s mainly the heat I guess that most people have been focusing on in
terms of the physical risks. So it&#146;s something we&#146;re well versed in using. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thanks Liz. There was another question from
Ed in the back. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ed John: (Australian Council of Superannuation Investors, Executive Manager)</B> Thank you. Ed John, from ACSI. It was a great
presentation. I&#146;m just interested in a lot more detail around that 2040/2050 trajectory but no doubt you&#146;ve had a lot of questions asking for more detail. Almost a waterfall chart on those abatement projects and so my first question is
when do you expect to be able to provide more detail even if it is sort of a forward-looking question on those again bar charts for the 2030 and 2040 period? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Then also an associated question about what should we read into the $80 per tonne price test that you&#146;ve added into those? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> So let me speak to the second question first, $80 per tonne is what we use internally to challenge our teams to open the aperture on
emissions reduction projects. You&#146;ll be aware in Australia the carbon price is Aussie &#150; what is it Shaun, $30? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shaun Gregory:</B> Yes.
Capped at $75. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> It&#146;s capped at $75. So US$80 is well in excess of the Australian market&#146;s cap and well above where
we&#146;re trading today. Again, that was done deliberately to really encourage our teams to think more aggressively about what can be done to decarbonise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not that&#146;s not &#150; it&#146;s not a ceiling. The Pluto Solar Project for example, that first phase of decarbonisation doesn&#146;t meet that threshold,
but we recognise that if we get the infrastructure up to bring that solar power into Pluto, then we have other opportunities to decarbonise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There&#146;s
another industry on the Burrup between Perdaman, Yarra and the Karratha gas plants to try to share the unit cost of that development. So again, $80 is what we use for the economic assessment to challenge the teams. Above it, it&#146;s a signal that
we need to do a bit more work. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In terms of the granularity around the pathway from 2030 to 2050, it&#146;s worth noting that there is some natural field
decline that happens over that period. And if you recall from our Investor Briefing Day last year, the reason we&#146;re very focused on decarbonisation at Pluto&#146;s site is in the asset portfolio we have today Pluto is going to have the biggest
site emissions come the 2040s. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So, absolutely, our focus is on that asset because that is the one that has the longest lifespan. From a dollars <FONT
STYLE="white-space:nowrap">per-tonne</FONT> perspective, the dollars per tonne will be more effectively invested at Pluto than trying to chase down emissions reductions on the FPSOs, for example. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now we&#146;ve outlined, and this was in more detail in the Investor Briefing Day and in the Climate
Transition Action Plan, some of the technologies we&#146;re looking at. Some of those technologies don&#146;t go together. So for example, post-combustion carbon capture and using hydrogen for fuelling, we would not do both of those. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have technical work that we need to do to progress and figure out which of those options is more cost-effective. So that&#146;s why we&#146;re not able to
give you an exact pathway of what will we do, because we are still working on it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And it&#146;s probably also important to note, Ed, that the costs of
those options are in the $200 to $500 per tonne range right now. One of the things we need to get our arms around is, is that a best use of our shareholders&#146; investment, or can we invest the shareholder dollars in something else that has a more
significant impact on climate change? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So those are the sorts of questions that we&#146;re going to be grappling with as we work our way forward in time.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Another question in the room with Kate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kate Donnelly: (Investor Group on Climate Change, Manager)</B> Thanks so much and thanks for the presentation today. This is Kate from IGCC. I wanted to
welcome the updated Industry Association Review that was published this year and just a question on that. So then noting how important supportive policy settings will be to meeting the Paris Agreement goals. Can you speak a little bit to your split
of advocacy for enabling policy settings for say new energy and the old carbon services versus prolonged gas in the global energy mix? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg
O&#146;Neill:</B> Look the question about the role of gas I think is best addressed on &#150; is it slide 14 [Clarification: slide 10], the one that shows Asia energy mix? The slide that we had that showed Asian energy mix and perhaps we can bring
that up. China&#146;s overall energy use is 25 times Australia&#146;s, 60 plus % of their energy today is coal. If the world is serious about climate change we have got to tackle the emissions from coal in China. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now there are two levers to do that. A lever of technology that&#146;s available today is gas displacing coal. So same power output, half the lifecycle
emissions intensity. An alternative that our new energy team has been working on is using ammonia to <FONT STYLE="white-space:nowrap">co-fire</FONT> in a coal fired power station. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now we&#146;ve been talking to a number of Japanese utilities who are relatively advanced and continuing to do work on this front to understand what kinds of
blends would be feasible and what sorts of modifications would be required at some of their existing coal fired power stations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So you see even Japan and
Korea have almost 30% of their power gen coming from coal. Some of these coal fired power stations are quite new and the operators of those facilities are trying to figure out how to tackle emissions intensity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So there&#146;s two products that we think will be incredibly important through the 2040s, that&#146;s LNG, again to displace coal, and ammonia as a blend in
the coal fired power stations. Now what&#146;s probably not shown or illustrated on this chart is a demand growth potential. And I want to speak to what we&#146;re seeing out of Singapore. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So Singapore has passed a law saying, no new data centre investment without bringing green molecules. Many of the companies that are growing their business by
investing in technologies like AI, which requires the <FONT STYLE="white-space:nowrap">build-out</FONT> of further data centres, also have very ambitious emissions reduction targets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We see that as a key target market for some of our new energy projects and we&#146;ve signed an agreement with Keppel Data Centres in Singapore, as an
example, to supply them with liquid hydrogen starting in 2030, in fairly material quantities [Clarification: agreement is a <FONT STYLE="white-space:nowrap">non-binding</FONT> HOA]. Now we&#146;re working through all of the technologies associated
with that, the production, the transportation, and then on their side the receiving and use. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But I do feel optimistic that there&#146;s a demand centre growth that&#146;s not even represented in these
charts because these are snapshots from 2023 about where markets might move for some of the new energy products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Great. Thanks,
Meg. Perhaps another one from the line. We have a question, again, from Fiona Manning with ACSI. The question is, there are no changes to Woodside&#146;s incumbent set of climate target strategies from the 2022 AGM. What gives you confidence of
greater support this time? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Well, look with all respect Fiona, one of the things that I think is quite different is the work that
has gone on over the last year to really engage with our investors. To understand your areas of concern. It&#146;s described on page 9 of the Climate Transition Action Plan of all of the things that we heard from investors. Including ACSI among
others about what they wanted to understand about Woodside&#146;s business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And I think we have changed quite materially in how we are articulating our
strategy and evolving our strategy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Scope 3 complementary abatement target I think is a fantastic example. A lot of you were saying &#150; or
you&#146;ve said you want to spend $5&nbsp;billion but what does that mean for climate change? Well, we&#146;ve said now, well that would be 5&nbsp;million tonnes per annum of emissions avoided. Great outcome for the planet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You&#146;ve said you want more detail on Scope 1 and 2 and how we&#146;re going to achieve that. Again, we&#146;ve done great work with the Asset
Decarbonisation Plans and have mapped out that pathway. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You&#146;ve asked about a whole host of other things around industry association reviews, Scope 3
maturity, the level of detail of our various hydrogen new energy and CCS projects. We&#146;ve provided that. So I do think there&#146;s actually a tremendous step up in the amount of information that we&#146;ve provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I can tell you the lived experience in the business is &#150; we&#146;re very much focused on how climate change affects all of the decisions that we make.
From the operators that spoke on Liz&#146;s video about the choices they&#146;re making, about the decisions they&#146;re making on how to operate facilities, on steps that they can take to be more emissions efficient, from the decisions that people
are making in the projects organisation on how to avoid emissions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And again, you don&#146;t really see those in the charts because they&#146;re &#150;
it&#146;s like a traffic accident that never happened because they dropped the speed limit. There&#146;s emissions that have not happened because we changed design. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And the great work that the new energy team is doing to advance opportunities and to adjust as market conditions demand. I think the journey we&#146;ve been
on that went from ammonia to liquid hydrogen to including CCS in our portfolio, we&#146;ve got a much broader tool kit of options for our customers today than we did two or three years ago. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Great. Thanks, Meg. Any more questions in the room? No. Then perhaps we go to the next one on the webcast. A question from Dale
Koenders with Barrenjoey. Meg, can one thrive through the energy transition by accepting low returns on capital reinvested in new energy projects with higher uncertainty in emerging tech? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Dale, I think I spoke to that a bit when I was talking about the Capital Allocation Framework. If you think about oil and gas
investments you have commodity price uncertainty. So the price that you&#146;re going to sell your product for is inherently uncertain. The other big dimension of uncertainty is &#150; on the upstream side is the resource risk. </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">Page 13 of 16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When we take FID on a development there is always inherent uncertainty in how much we will actually produce
from that field. Now hydrogen is quite different. It is more of a manufacturing facility. So once we get a hydrogen plant up and running, it is just going to produce at a steady state. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now I&#146;m sure our engineers once they get their hands on it will fine-tune and be able to squeeze more and more throughput year in and year out. As they
have demonstrated for our LNG plants. At the end of the day, it ends up being a risk-reward balance and we think the way we&#146;ve got our Capital Allocation Framework set actually, in some ways, normalises between the three commodities because the
risk profile is quite different. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Great. Thanks, Meg. The next question on the webcast from Sue Lyn Stubbs with Fidelity. So
committed that 50% of the 70 projects will be implemented by 2025 and the remaining by 2030. How will we as investors be able to assess this progress? </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&#146;s a great question Sue Lyn and we are committed to transparently reporting our emissions. So you will see data on our
emissions progress as time passes between now and then. As we noted, the spend is estimated at about $200&nbsp;million. Some of that will be capital, some of that will be operating expenses. So it may not be really obvious in the PNL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the end of the day, it will be visible in our emissions. It gets to this whole point of, we&#146;re trying to do &#150; take steps with those 70 or so
projects to avoid future emissions. So that will be the key test for us, is what the emissions numbers are. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thank you, Meg. Any
questions in the room? No. Perhaps we have time for another couple and then the IR team will follow up on any outstanding questions afterwards. The next question is from Anonymous. So how does the new abatement target compare to expected growth
emissions across all scopes over the period to 2030? It&#146;s heavily caveated, what&#146;s the contingency? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> I think it
probably is worth noting as we&#146;ve shown on the slides that the slides need to be read in conjunction with the footnotes and the footnotes are numerous. Again, this is important for us to be really disciplined and precise in our language. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So for our new energy and CCS investments, those do depend on a market being available and I think you, our shareholders, would not be supportive if we took
forward a major investment and had no customer. If we built a hydrogen plant and there was nobody there to take it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, perhaps, at a small scale, we
might do some piloting but certainly for anything that approaches $1&nbsp;billion we want to make sure we have customers lined up. That&#146;s for hydrogen as well as for CCS. So we do need to make sure that we&#146;ve got that coherence and
that&#146;s why we&#146;ve got some of the footnotes that we have. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now, again, to give our investors confidence we are also doing a lot of work to
stimulate demand and the H2 Refueller, I think, is a fantastic example. So when we first started working on that project it was with a consortium of three trucking companies. As the work has matured with some of those companies, one of them has
fallen away because they&#146;ve said, actually our truck is too hard to convert. We&#146;ve continued to knock on doors and we&#146;ve got a new company in, who said, actually, &#145;we&#146;ve got a commitment&#146; [Clarification: The consortium
remains comprised of the initial three trucking companies]. We will figure out how to get a truck to work on hydrogen. So we are doing work to try to build demand and the new energy team has people &#150; teams out in the US, in Europe, in Asia and
in Australia. Again, doing things to try to stimulate that demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because we recognise it&#146;s not just going to evolve organically. We need to be
working with customers to figure out, how do we help them grow their businesses? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thank you Meg. Any final question in the room?
Yes, we have a couple here and then I think we will wrap up. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unidentified Participant:</B> Hi Meg. It just occurred to me, I mean you&#146;ve been talking hydrogen
and CCS. Is there a plan B, if you can&#146;t get customer support for hydrogen, what is the plan B and is it CCS? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> I think
it&#146;s important that we have multiple tools in the tool kit, but they need to be tools that work for Woodside. For example, and nobody has asked it here today, but occasionally we get the question about, why aren&#146;t we doing plain vanilla
solar or wind? The answer is, first off we think the margins are pretty skinny so we don&#146;t think our shareholders would want that. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If our
shareholders wanted skinny solar returns they would go invest in a solar company. We don&#146;t think it matches our capabilities. So the things that we do really well, we design and operate large-scale hazardous facilities like LNG plants. Hydrogen
and ammonia very much tick that same box. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are very good at extracting oil and gas from the subsurface. We&#146;ve got all sorts of great capabilities
to understand how to map that, how to drill wells safely, how to operate in this challenging subsurface environment. CCS is an immediately transferable skill. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We think we do need to have these types of tools in the tool kit and if you go to the demand charts that we presented today, you know I do have conviction
that demand for both of those products and services will increase over time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I think we&#146;re at a point where people are realising that this is more
complicated than first advertised. Probably three years ago everybody was like, green hydrogen, it&#146;s going to save the world and it&#146;s super easy. People were quoting numbers that were not credible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As work has matured and people have a better understanding of what does it mean to produce these products, what does it mean to consume these products?
There&#146;s a bit of sobriety. But I do absolutely have confidence that we will get there because it&#146;s imperative you know for the world to achieve net zero, for the world to achieve the goals of Paris. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ve got to be able to come up with not just <FONT STYLE="white-space:nowrap">low-carbon</FONT> electrons but also
<FONT STYLE="white-space:nowrap">low-carbon</FONT> molecules and that is the game that we are focused on. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thank you, Meg. Last
question in the room from Kate, in the middle here. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Kate Donnelly: (Investor Group on Climate Change, Manager)</B> Thanks again. I was just thinking
about your conversation earlier around the Board mix of skills and competencies and was wondering if you could talk to, I suppose, the additional skills and experience that you might be looking to bring on over the next five years or so? Noting that
there&#146;s quite a big challenge up to 2030 and beyond to deliver your strategy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Look, in some ways that is a question that
the Chair would be better placed to answer but let me speak to what has gone on over the past call it a year and a half. So following our merger with BHP Petroleum, we became a much bigger company. Global footprints, we have a secondary listing in
the United States. So we are subject to SEC reporting requirements and our ability to fund the energy transition, of course, is higher and our commitment is higher. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So with the merger, we said when the merger completes, that was what triggered the $5&nbsp;billion target. We&#146;ve done Board renewal. We&#146;ve brought
three new directors on in that period, one really with a lot of expertise in US financial markets. Again, to make sure that we&#146;ve got the right mindset around compliance, SEC and SOX reporting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One from Total Energies who many in the market would point to as a company that is leading the way for an oil and gas company that is working to transition.
The third one who just started is coming to us from SLB where he led their technology group and then later their new energy business. And so he is the architect of that company&#146;s thinking on how do they evolve to participate in a lower carbon
future. </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">Page 15 of 16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we&#146;ve been bringing skills and capabilities that better reflect the footprint of Woodside, our
geographic diversity, our global nature, and the imperative for us to thrive through the energy transition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Now if you want questions about where the
Board might continue to evolve, those would probably be best placed to the Chair. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Okay. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Okay. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada:</B> Thank
you, Meg. Thanks&#133; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#146;Neill:</B> Look, let me just thank everyone for attending today. This is a very important conversation for us.
We&#146;ve heard from many investors that they wanted to really be able to understand and explore our climate strategy in greater depth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And perhaps if I
go back to where we started, our business strategy is a climate strategy. Thriving through the energy transition is all about being prepared, being resilient, being able to continue to deliver value to our shareholders as the world tackles this <FONT
STYLE="white-space:nowrap">all-important</FONT> challenge of climate change. So thank you for your interest. I&#146;ll hand back to Marcela. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela
Louzada:</B> Okay. Thank you very much. I guess, thanks everyone for attending. If you have any further questions please email us at, <U>investor@woodside.com</U>. We hope we have managed to cover as many as possible today. We do value the
opportunity to connect with our shareholders and everyone interested in our business. We hope you found the session valuable too. We look forward to seeing you at our Annual General Meeting on 24 April. Thank you. </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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts: </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:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

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<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INVESTORS</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marcela Louzada</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">M: +61 456 994 243</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">E: investor@woodside.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MEDIA</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Christine Forster</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">M: +61 484 112 469</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">E: christine.forster@woodside.com<B> </B></P></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">Page 16 of 16 </P>

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