<SEC-DOCUMENT>0001193125-25-183685.txt : 20250820
<SEC-HEADER>0001193125-25-183685.hdr.sgml : 20250820
<ACCEPTANCE-DATETIME>20250820060500
ACCESSION NUMBER:		0001193125-25-183685
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250820
FILED AS OF DATE:		20250820
DATE AS OF CHANGE:		20250820

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
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41404
		FILM NUMBER:		251233740

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WOODSIDE PETROLEUM LTD
		DATE OF NAME CHANGE:	19881222
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d867167d6k.htm
<DESCRIPTION>FORM 6-K
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<TITLE>Form 6-K</TITLE>
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<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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR <FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of August 2025 </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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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&#8217;s name) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></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;&#8195;&#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><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
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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>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d867167dex991.htm">A copy of the registrant&#8217;s ASX Announcement, dated August&nbsp;20, 2025, entitled &#8220;Half-Year 2025 Results Teleconference Transcript&#8221;. </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: August&nbsp;20, 2025 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>WOODSIDE ENERGY GROUP LTD</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Damien Gare</TD></TR>
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<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">Damien Gare</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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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d867167dex991.htm
<DESCRIPTION>EX-99.1
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<TITLE>EX-99.1</TITLE>
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 <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>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Announcement</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Wednesday, 20&nbsp;August 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt;margin-bottom:0pt; margin-left:0.25em; margin-right:0.17em" ALIGN="right">


<IMG SRC="g867167g0820080806481.jpg" ALT="LOGO" STYLE="width:1.64861in;height:0.540278in;">
</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Woodside Energy Group
Ltd.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right">ACN 004 898 962</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Mia
Yellagonga</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">11 Mount Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Perth
WA 6000</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Australia</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>T</B> +61 8
9348 4000</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>www.woodside.com</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ASX: WDS</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">NYSE: WDS</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>HALF-YEAR 2025 RESULTS TELECONFERENCE TRANSCRIPT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Date:</B> 19&nbsp;August 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Time:</B> 08:00 AWST/10:00
AEST (19:00 CDT on Monday, 18&nbsp;August 2025) </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Start of Transcript </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> Thank you for standing by, and welcome to the Woodside Energy Group Limited Half Year Results 2025 conference call. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All participants are in a listen-only mode. There will be a presentation followed by a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">question-and-answer</FONT></FONT> session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypads. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I would now like to hand the conference over to Ms Meg O&#8217;Neill, CEO and Managing Director. Please, go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Good morning and welcome to Woodside&#8217;s 2025 half-year results presentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are presenting from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal People of the Eora Nation and
pay my respects to their Elders past and present. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today I am joined on the call by our Chief Financial Officer, Graham Tiver. Together, we will provide
an overview of our half-year 2025 performance before opening up to Q&amp;A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please take the time to read the disclaimers, assumptions and other important
information on slides 2 and 3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#8217;d like to remind you that all dollar figures in today&#8217;s presentation are in US dollars unless otherwise
indicated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to slide 4. I am very pleased to present a strong set of half-year results today. They demonstrate outstanding performance across our
portfolio of world-class assets, efficient execution of our major growth projects, and continued strong returns for our shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the first
half, we have remained focused on delivering against all aspects of our strategy and investment case: providing energy, creating and returning value and conducting our business sustainably. </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 18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We combined strong, safe and reliable operations over the half with reduced unit production costs,
maximising value from our core assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continued to demonstrate excellence in project delivery across multiple major projects including Scarborough
and Trion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In April, we approved a final investment decision on Louisiana LNG, positioning Woodside as a global LNG powerhouse. Louisiana LNG builds on
our proven strengths in project execution, operational excellence and LNG marketing to meet growing global demand and create long-term shareholder value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our strong financial performance and disciplined capital management enables us to invest in future profitable growth while rewarding shareholders today, with
a fully franked interim dividend of 53 US cents per share, once again at the top end of our payout range. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we continue to conduct our business
sustainably. We recorded no high consequence injuries or significant environmental impacts during the half and remain on track to achieve our net equity Scope 1 and 2 greenhouse gas emissions reduction targets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our key operational and financial outcomes on slide 5 highlight the strong performance of our base business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exceptional performance at Sangomar contributed to an outstanding half-year production of 548&nbsp;thousand barrels oil equivalent per day and total
production of 99.2&nbsp;million barrels of oil equivalent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Increased production was matched by increased efficiency across our operating business, as we
reduced unit production costs by a further seven percent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are generating value from our marketing and trading business. At half-year, marketing and
trading activities delivered a strong contribution of $144&nbsp;million, representing approximately eight percent of total EBIT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reported a net profit
after tax of more than $1.3&nbsp;billion. Our balance sheet remains well positioned through this period of higher capital investment, and we continue to maintain a strong liquidity position with gearing within our targeted range. As a result, we
remain well positioned to progress our growth projects while continuing to deliver strong shareholder distributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Keeping our people safe remains at
the forefront of everything we do at Woodside. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As the graph on slide 6 outlines, it&#8217;s very pleasing that during a time of heightened activity
levels, we did not record any high consequence injuries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also marked significant safety milestones across our global portfolio. We achieved 100,000
hours worked across two major turnarounds at our North West Shelf Project in Western Australia with no lost-time injuries. Safety was also front and centre of our exceptional performance at Sangomar, with no recordable injuries during the
project&#8217;s first year of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These examples demonstrate our continuous commitment to safety and establish the required standards for
Woodside. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to be proactive and focused on continuous improvement. This has included the deployment of
<FONT STYLE="white-space:nowrap">AI-driven</FONT> analytics to improve our investigations and learning efficiency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To slide 8. The first half of the year
has once again showcased Woodside&#8217;s world-class operational capabilities, with consistent high reliability and disciplined cost control across our global portfolio. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Outstanding half-year production has allowed us to narrow our full-year guidance to the upper end of the
range, even with the impact of the divestment of the Greater Angostura assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As highlighted on the graph, high reliability of our operated assets
combined with an unrelenting focus on cost control has seen unit production costs further reduced to $7.70 per barrel of oil equivalent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our teams
continue to keep a sharp focus on costs across the business, including new ways of using technology including AI to deliver safety, cost and efficiency improvements, such as speeding up root cause analysis during plant trips. We are also finding new
avenues to reduce our corporate costs, such as our planned establishment of a Digital Solutions Centre in India. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since the Minister announced his
proposed approval of the North West Shelf Extension in May, we have been working with the Government to secure a final approval that supports continued and long-term operations and is consistent with the Government&#8217;s Future Gas Strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The WA government&#8217;s approval, which was under rigorous assessment for more than six years, includes conditions that are based on the best available
science and are also technically feasible. We are seeking the same objectives in our consultation with the Federal government. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#8217;s frustrating
that we still don&#8217;t have the final Federal approval. Approval timeframes are certainly something that needs to be considered when we are thinking about how to lift productivity in Australia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We know that the Federal Government understands how important the North West Shelf Extension is for our communities, customers, and our workforce and
therefore the nation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We look forward to a positive final outcome in the very near future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A real highlight during the period was the ongoing exceptional performance of Sangomar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As highlighted on slide 9, in the first half alone, Sangomar has generated revenue of almost $1&nbsp;billion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fourteen months after achieving first oil, the project has maintained gross production at nameplate capacity of 100,000 barrels per day with almost
99&nbsp;percent reliability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Future development decisions will be informed by the first 12 to 24 months of production data, and the performance of
Sangomar&#8217;s subsurface and wells continues to be very encouraging. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A potential Sangomar Phase 2 development could leverage the existing FPSO
infrastructure, ensuring a more efficient, lower-cost brownfield expansion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To slide 10. In Australia, our agreement announced in July with ExxonMobil to
assume operatorship of the Bass Strait assets strengthens our Australian operations and unlocks the potential development of additional gas resources. This transaction is expected to complete next year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This strategic move combines Woodside&#8217;s existing global operational capabilities with Exxon&#8217;s highly experienced Bass Strait workforce, further
strengthening our overall operating expertise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By taking operatorship of a larger group of assets in Australia, we will create economies of scale that
are expected to drive cost efficiencies and synergies across our operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The agreement also creates flexibility for future development opportunities
through existing infrastructure. With four potential development wells that could deliver up to 200 petajoules of sales gas to the domestic market, </P>
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it also demonstrates our long-standing commitment to supplying reliable and affordable energy to Australian customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Let&#8217;s now take a moment to review the global energy landscape, and the pivotal role LNG will play in meeting this future demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As the world&#8217;s population grows and living standards improve, energy use is also increasing. As the graph on slide 11 shows, since 2020, primary energy
consumption per capita has grown 14&nbsp;percent in <FONT STYLE="white-space:nowrap">non-OECD</FONT> Asia Pacific countries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the same time, even with
this growth, a major demand gap exists between these nations and OECD APAC and the USA, indicating significant additional demand growth is likely as nations seek economic growth and improved quality of life. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The challenges for these countries remains to secure reliable and affordable supply, while at the same time reducing emissions and improving air quality. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Natural gas and LNG are flexible energy sources, supporting baseload power, industrial use and grid reliability. LNG contributes towards our customer
countries&#8217; energy security through diversification and as a versatile, tradable energy source. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With Scarborough and Louisiana LNG in the pipeline,
Woodside is well positioned to meet growing LNG demand, which is expected to rise by approximately 60&nbsp;percent by 2040 &#8211; delivering competitive, reliable energy into key markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On to slide 12. Underpinned by this robust, long-term demand for our products, we are positioning Woodside to maximise value through our global marketing and
trading business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are capturing value from our diverse portfolio of high-quality assets, established marketing and trading capabilities, and strong
shipping position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our portfolio provides volume and contractual flexibility, allowing us to adapt to our customers&#8217; requirements and changing
market conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our gas hub exposure on produced LNG was 24.2%, which realised a premium of approximately 3% per MMBtu [Clarification: $3 per MMBtu]
compared to <FONT STYLE="white-space:nowrap">oil-linked</FONT> sales, demonstrating the value of price diversity in volatile markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sale and purchase
agreements signed during the half with Uniper and China Resources will see Woodside&#8217;s LNG delivered to customers in Europe and Asia into the 2040s, demonstrating the robust long-term demand for LNG. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to our major projects, we have made excellent progress with our Scarborough Energy Project, which is 86&nbsp;percent complete and targeting first LNG
cargo in the second half of 2026. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The image on slide 13 showcases a significant milestone reached in May, as we successfully connected the floating
production unit hull and topsides. Integration activities are underway as we prepare for sailaway from China to Australia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In readiness for the arrival
of the FPU and subsequent hook up, subsea installation, testing and <FONT STYLE="white-space:nowrap">pre-commissioning</FONT> works were completed subsequent to the period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our development drilling campaign is also proceeding to schedule, with four of the eight wells now having
drilled the reservoir section, confirming excellent reservoir properties. Three of these wells have already been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to Trion on slide 14,
we are on track for targeted first oil in 2028. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the half we advanced the construction of the floating production unit, completing key activities
including equipment fabrication and the construction of three modules and living quarters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Preparations are progressing for the construction of the
floating storage and offloading vessel scheduled for the second half of 2025, and we are ready for major subsea work scopes to commence next year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As I
mentioned earlier, Louisiana LNG is a game-changer for Woodside, set to transform our company into a global LNG powerhouse and deliver enduring shareholder value for decades to come. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On Slide 15, you will see that since the completion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> Ladies and gentlemen, it seems that we may have a technical issue with the main speaker line. Please stay on the line while we try to
reconnect. Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Everyone, we are reconnecting the speaker line. Please, proceed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> All right. I&#8217;m not sure what happened there, but I&#8217;ll start with Louisiana LNG because it&#8217;s not entirely clear
where we cut out. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As I mentioned earlier, Louisiana LNG is a game-changer for Woodside, set to transform our company into a global LNG powerhouse and
deliver enduring value to shareholders for decades to come. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On slide 15, you will see that since the completion of the acquisition in October last year,
we have secured highly competitive EPC pricing for all three trains, selected a high-quality infrastructure partner to share the capital expenditure, secured long-term offtake agreements with Uniper, and signed a long-term gas supply agreement for
feedgas. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following FID in April, we have maintained strong momentum on the project as we target first LNG in 2029. As outlined on slide 15, construction
of Train 1 is 22&nbsp;percent complete and we are targeting first structural steel on site by the end of this year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In June, we completed a
40&nbsp;percent sell-down in Louisiana LNG Infrastructure to Stonepeak. This will see Stonepeak contribute $5.7&nbsp;billion towards the expected capital expenditure including contributing 75% of capital expenditure over both 2025 and 2026. This
strengthens our balance sheet and our ability to fund our growth projects and provide shareholder returns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to receive strong interest from
high-quality potential partners as we explore further sell-downs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To slide 16. There are several strengths to the traditional US LNG model, including
abundant <FONT STYLE="white-space:nowrap">low-cost</FONT> feedgas and access to Asian and European markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Louisiana LNG builds on these strengths. The
project itself is extremely competitive, with a fully permitted site and an LNG project cost of around $960 per tonne, and the sell-down to Stonepeak reduces our capital exposure. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Woodside&#8217;s strong balance sheet and investment grade credit rating means we don&#8217;t require
project financing. This allows us to take full advantage of the international market prices for LNG and not be reliant on <FONT STYLE="white-space:nowrap">low-margin</FONT> <FONT STYLE="white-space:nowrap">20-year</FONT> offtake agreements. We will
continue to secure LNG sales agreements over the coming years as we advance towards first LNG. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, Louisiana LNG volumes will also be added into
Woodside&#8217;s global LNG marketing portfolio, which further enhances value through shipping, trading and broader portfolio optimisation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we
evaluate the strong market interest in Louisiana LNG HoldCo equity, our priority is to secure long-term strategic alignment and bring in partners who can contribute complementary capabilities to enhance the value of the project. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A good analogy is our sell-down of equity interests in Scarborough to JERA and LNG Japan. This helped to share the investment with partners, secured offtake,
and opened up further opportunities such as exploring lower-carbon solutions. We are not driven by timing or short-term considerations and are undertaking a deliberate and disciplined approach in the selection of partners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to Beaumont New Ammonia on slide 17. At the end of the first half Train 1 was 95&nbsp;percent complete, with first ammonia production targeted for late
2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Over the period, we successfully completed key activities and have commenced <FONT STYLE="white-space:nowrap">pre-commissioning</FONT> activities
in preparation for <FONT STYLE="white-space:nowrap">start-up.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We also focused our marketing efforts to support offtake. We plan to market our
early ammonia production in the US and Europe, with existing spot markets providing us with flexibility to place our initial production volumes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aligned
with market forecasts, we expect opportunities beyond 2026 to place lower-carbon ammonia into Europe as customer demand increases, following the introduction of policies in key energy markets such as the carbon border adjustment mechanism. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To slide 18. During the first half we continued to execute multiple, complex decommissioning campaigns, including successfully completing a multi-year
decommissioning program at Enfield. This is an asset that Woodside has taken from exploration, through development and operations, to decommissioning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Removal of equipment at the legacy Griffin, Minerva and Stybarrow assets has been impacted by unexpected challenges resulting in cost impacts over 2025 and
the next few years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are focused on reducing risk across our decommissioning operations and continue to integrate learnings and improvements while
remaining focused on safety, the environment and efficiency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With the decommissioning works safely ongoing at the Gippsland Basin Joint Venture,
including the permanent plugging and abandonment of more than 200 wells, we do not expect to encounter similar challenges with future decommissioning of the Bass Strait assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#8217;ll now hand over to Graham to provide an overview of our financial strategy and performance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver:</B> Thanks Meg and hello everyone. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#8217;m
pleased to present a strong set of financial results on. [Clarification &#8211; due to technical difficulties the following audio was not heard by teleconference participants: &#8220;slide 20 that demonstrate the resilience of our
</P>
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business, the value of our high-quality portfolio, the health of the balance sheet and the disciplined execution of our strategy. Our base business continues to perform, with operating cash flow
for the half increasing by 40&nbsp;percent <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year.</FONT></FONT> This growth highlights the strength of our world-class core assets and ongoing focus on cost discipline.&#8221;]
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It&#8217;s worth calling out Sangomar&#8217;s cash contribution of approximately $800&nbsp;million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our EBITDA margin of 70&nbsp;percent remains peer-leading, an outstanding result given lower realised prices and ongoing inflationary pressures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This reliable and cost-competitive performance has translated into half-year earnings of 69 US cents per share. Coupled with our consistent approach to
capital management, this provides our balance sheet the resilience and flexibility to continue delivering strong returns for shareholders while funding value accretive growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to slide 21. We continue to deliver our business in line with our capital management framework, which remains unchanged. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We operate with discipline and focus. We continue to exercise strong cost control across our business, once again achieving a measurable reduction in unit
production costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The same discipline is applied when making investment decisions, adhering strictly to our capital allocation framework and ensuring
alignment to our strategic goals. And we are disciplined in how we position the balance sheet to achieve these goals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Levers such as the sell-down of a
40&nbsp;percent interest in Louisiana LNG Infrastructure to Stonepeak assists in strengthening our balance sheet metrics, while also bringing a quality partner into the project. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> Everyone, once again we seem to be having technical difficulty with the main speaker line. One moment while we try to reconnect the line.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for standing by everyone. We have reconnected the speaker line. You may proceed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver:</B> Hi, it&#8217;s Graham Tiver joining again. I do apologise for the technical difficulties. What I&#8217;ll do is I&#8217;ll start from
slide 21, the capital management framework slide. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to deliver our business in line with our capital management framework, which remains
unchanged. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We operate with discipline and focus. We continue to exercise strong cost control across our business, once again achieving a measurable
reduction in unit production costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The same discipline is applied when making investment decisions, adhering strictly to our capital allocation
framework and ensuring alignment to our strategic goals. And we are disciplined in how we position the balance sheet to achieve these goals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Levers such
as the sell-down of a 40&nbsp;percent interest in Louisiana LNG Infrastructure to Stonepeak assists in strengthening our balance sheet metrics, while also bringing a quality partner into the project. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As Meg mentioned, Stonepeak will provide $5.7&nbsp;billion towards the expected capital expenditure of Louisiana LNG, and importantly on an accelerated basis,
will contribute 75% of expected project capital expenditure in both 2025 and 2026. This innovative approach has improved our liquidity and keeps our gearing within the target range. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The capital management framework underpins a healthy balance sheet, allowing us to invest in our future
while providing strong returns to our shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When referring to returns, our dividend policy is to pay a minimum of 50&nbsp;percent of underlying
NPAT. We target paying between 50 and 80&nbsp;percent, and for more than a decade we have consistently paid at the top end of this range. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As highlighted
on slide 22, we have achieved this once again with a healthy interim dividend of 53 US cents per share fully franked, representing a half-year annualised yield of 6.9&nbsp;per cent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have taken important steps to maintain the balance sheet strength and pay a dividend at the top of the range. This starts with strong underlying
performance of our assets, supported by Sangomar coming on line, exceeding our expectations. Secondly, strong financial discipline and investment grade credit rating. And finally, portfolio optimisation from the Stonepeak transaction and Greater
Angostura divestment, as well as a focus on opex and capex including minimising discretionary spend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our balance sheet remains well positioned, with a
portfolio of high-quality producing assets and transformative growth projects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are actively managing our debt portfolio, we have minimal debt
maturities over the next 12 months, and as you can see on slide 23, our liquidity remains strong. The strong cash generating capacity of our assets combined with the issuance of $3.5&nbsp;billion in senior unsecured bonds in the US market, which
attracted significant oversubscription, has led to a liquidity position of $8.4&nbsp;billion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We remain committed to maintaining an investment grade
credit rating. It enables efficient access to global debt markets on competitive terms and represents an independent assessment of the financial strength of our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Strong operating cash flow and disciplined capital allocation results in a strong balance sheet. At the half-year, our gearing remains within our range of 10
to 20&nbsp;percent, and we have $8.4&nbsp;billion in liquidity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#8217;ll now hand back to Meg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Thanks Graham. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Conducting our
business sustainably is one of the goals underpinning our strategy to thrive through the energy transition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As shown on slide 25, our company-wide
sustainability strategy sets clear objectives and focus areas to track our performance across four material areas: health, safety and wellbeing; climate; First Nations cultural heritage and engagement; and environment and biodiversity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beyond our safety performance which I outlined earlier; we have made positive progress across all these areas. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We progressed the implementation of our asset decarbonisation plans and remain on track to achieve our net equity Scope 1 and 2 greenhouse gas emissions
reduction targets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Engagement with Traditional Owner representatives remains central to our Australian activities. This included the completion of a
planned annual cultural heritage audit of the North West Shelf Project leases in collaboration with Traditional Owners. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And we continue to invest in major environmental scientific research partnerships, including a five-year
extension to our long-standing marine research collaboration with the University of Western Australia [Clarification: WA Museum and Foundation for the WA Museum] announced earlier this month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moving to slide 26. Woodside continues to make significant economic and social contributions to the communities where we operate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We remain one of Australia&#8217;s top tax contributors. Our total taxes, royalties and levies paid during the half to Australian governments was
$1.3&nbsp;billion Australian dollars, demonstrating an ongoing and significant contribution to the nation&#8217;s economic prosperity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to
make major investments that drive local content and capability. Our Scarborough Energy Project is estimated to spend more than $5.4&nbsp;billion Australian dollars across Western Australia through its development phase, while our Louisiana LNG
Project is expected to generate approximately 40,000 nationwide jobs during construction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On to slide 28. I&#8217;d like to close by <FONT
STYLE="white-space:nowrap">re-capping</FONT> on our achievements to date for 2025 and the compelling investment case before our shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Above all,
the first half of 2025 for Woodside has been about delivery. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delivering strong and consistent returns to our shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delivering outstanding production from our world-class assets, matched by increased efficiency and cost control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Delivering our major growth projects, including a final investment decision on Louisiana LNG that positions Woodside to meet growing global demand and unlock
long-term shareholder value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We remain on track to deliver our net equity Scope 1 and 2 greenhouse gas emissions reduction targets. And above all we are
committed to safety. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our achievements in the first half demonstrate delivery of our strategic goals and give us great confidence that Woodside will
thrive through the energy transition, as we continue to play a critical role in delivering reliable, affordable and lower-carbon energy the world needs today and into the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I&#8217;ll now open the call to questions. I know
we&#8217;ve had some technical issues, so I&#8217;d like you to please limit your questions to two each to ensure everybody has an opportunity to ask their questions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> Thank you. If you wish to ask a question, please press star and one on your telephone and wait for your name to be announced. If you wish to
cancel your request, please press star and two. If you are on a speakerphone, we do ask that you please pick up the handset to ask your question. Your first question comes from Gordon Ramsay from RBC Capital Markets. Please go ahead with your
question. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gordon Ramsay (RBC, Analyst):</B> Congratulations, Meg and team, on a great result, really encouraged with what we&#8217;re seeing. I just
want to pick up on Sangomar. Obviously, you&#8217;ve delivered exceptional operating performance with that field and reservoirs performed very, very well. The phase 1 production is based largely on the S500 sand development. You made a comment today
that phase 2 could leverage off existing infrastructure. Are you able to provide an update on the performance of the injector-producer pairs in the S400 </P>
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sand units and when Woodside might possibly be in a position to advance what appears to be encouraging initial results from those wells? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Yes, thanks Gordon and we appreciate your ongoing interest in Sangomar. As you would have seen in the announcements, we made a
reserve add based on the S400 performance early in the period. That was about 7.1&nbsp;million barrels to proved and 16&nbsp;million barrels to P plus P [Clarification: 16.1&nbsp;million barrels to proved plus probable (2P) reserves, Woodside
share], so some initial positive signs in the S400s. The second reserve add that we made subsequent to the period that&#8217;s noted in the report of 18.4&nbsp;million barrels is associated with the S500. So that main portion of the development
continues to perform very well. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We continue to gather data. So we believe that we&#8217;ll need, call it 12 to 24 months of production data to inform
decisions around phase 2, but conceptually, as I mentioned in the call, the intention would be to leverage the existing FPSO and to continue to tie back subsea wells to the infrastructure. As you can well appreciate, that&#8217;s a very
capital-efficient way of continuing to develop the asset. So yes, we&#8217;ll keep you posted as we start moving those opportunities through the gate process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gordon Ramsay (RBC, Analyst):</B> Thank you. Just one other question from me, just on unit production costs, you brought that guidance down to $8 to $8.50
a barrel oil equivalent. Again, can you just run through how you&#8217;ve been able to do that? Obviously Sangomar has performed very well, but also are there other aspects to the cost reduction that we should be aware of? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Sure. So Sangomar has been really a star with really strong production and if you look at the unit production cost for Sangomar
itself, it&#8217;s very competitive and has helped bring down our average. We also have been working across the business to bring costs down. In the first half there were some <FONT STYLE="white-space:nowrap">one-off</FONT> cost reductions in the US
and then there&#8217;s an activity set that will take our full year UPC into that guidance range of 8.00 to 8.50 above where we are for the first half, which is the 7.70. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gordon Ramsay (RBC, Analyst):</B> Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> And your next question comes from Tom Allen from UBS. Please go ahead with your question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tom Allen (UBS, Analyst):</B> Good morning, Meg, Graham and the broader team. Maybe just over starting with Louisiana LNG. So just noting that we&#8217;ve
been through a few updates where negotiations on equity sell down have been ongoing. Wondering, Meg, if you could please provide some colour on what or if anything has changed relative to Woodside&#8217;s expectations on sell downs that we discussed
at the Feb result? Is Woodside and prospective partners seeing stronger than anticipated competition from competing projects, or is it the subtle differences in the EPC arrangements across projects? Woodside obviously have a fully wrapped EPC with
Bechtel, or is it the political environment adding complexity and timing risk to the negotiations for project equity? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Well,
thanks for the question, Tom. So with Louisiana LNG, as we said in the call and have said all along, we think this is an advantaged project and you just look at the numbers, you look at our construction costs, the UPC&#8212;sorry, the dollars per
tonne construction cost. Very competitive, and you would have seen numbers released from others in this space that would suggest that there&#8217;s inflationary pressures affecting costs that are getting locked in subsequent to the Louisiana LNG
project. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#8217;re being disciplined. The key focus for us is getting the right partner in and getting a fair value for Woodside shareholders. So
it&#8217;s really similar to what we did with Scarborough and Pluto Train 2, where we brought in an </P>
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infrastructure investor early into the part of the project where the investment and the returns met their expectations and we&#8217;re being now very disciplined in who we want to bring into the
HoldCo. As I think I said&#8212;I probably would have said in a previous call, once we took FID, that really opened the door to companies to come back into the process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So we&#8217;d been running a very fast process and some companies said, we&#8217;re interested but we can&#8217;t meet your timeline. Now that we&#8217;re <FONT
STYLE="white-space:nowrap">post-FID</FONT> and we&#8217;re proceeding into the execute phase, that&#8217;s allowed some players who need a little bit more time to come to the table. So again, we&#8217;re being disciplined and we&#8217;ll bring
quality partners in at value that&#8217;s attractive to our shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tom Allen (UBS, Analyst):</B> Okay, thanks Meg. Second question, just over
at Beaumont Ammonia please. There&#8217;s just a little slip in the schedule for first production out of Beaumont to later in the year. Are you able to share just some colour on what happened there? I think Woodside previously guided plans to sell
down the project and enter into offtake. That&#8217;s obviously still ahead. Can we assume that that&#8217;s well advanced with partners and offtake and that will promptly come through over the quarter ahead of first production? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Yeah, so I don&#8217;t recall us guiding to sell down. We have no process underway to sell down Beaumont. Our focus very much is on
getting &#8211; working with OCI to complete construction and just to remind you and the other callers, the obligation to complete construction and to deliver an operational plant to very clear performance standards is OCIs. So the delay in schedule
is due to some delays in construction, but again, that&#8217;s not a scope that Woodside is managing and there is no cost impact to us other than the delay of the second payment, the completion payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we signalled, I think in the second quarter, that completion payment is going to likely be made in 2026 and not this year. So that was communicated in the
2Q. So we are working on the marketing. That&#8217;s a really critical focus area for us is ensuring that we&#8217;ve got buyers ready to purchase the ammonia when we start up later in the year. The second phase, of course, is starting up the low
carbon ammonia production, which will be in the second half of 2026, and that&#8217;s when we&#8217;ll be able to market the products. We are marketing the product already to try to attract those premium pricing associated with the lower carbon
intensity of the blue ammonia that we&#8217;ll be producing then. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tom Allen (UBS, Analyst):</B> Thank you, Meg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Thanks Tom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> And
your next question comes from Adam Martin from E&amp;P. Please go ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adam Martin (E&amp;P, Analyst):</B> Yeah. Morning, Meg, Graham and team, I
suppose firstly just on the Bass Strait, could you walk through those potential four development opportunities? What needs to happen to get those into FID please? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Yeah, thanks Adam and really appreciate the interest in the Bass Strait operatorship transition. We were very excited to be able to
conclude that negotiation with ExxonMobil, particularly with the ability for us to solely develop some of these opportunities. These are gas discoveries that were made many, many years ago. They&#8217;ve been in the contingent resource for a period.
Our teams have been doing scoping work for, well a number of months to understand what the potential is. So we need to work through our normal technical due diligence, but we do have the ability to take a final investment decision. That would not
happen until the operatorship transition has completed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adam Martin (E&amp;P, Analyst):</B> Okay, thank you. Just a second question. Obviously you&#8217;ve got
the 443&nbsp;million restoration movements. I think that relates to CapEx going up a little bit from previous expectations. Can you just talk through timing of that future spend and I suppose why that&#8217;s not a risk for other programs like the
Bass Strait moving forward, please? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Yep. So one of the challenges we have faced with the decommissioning work this year has
been the condition of some of the closed sites. So these are fields like Stybarrow, Minerva, and Griffin that have not produced oil and gas for many years and the condition of the equipment as we found it when we got into the field was not as it was
documented. So that&#8217;s resulted in a number of challenges in recovery. I am very pleased to say that we have plugged all of the wells. So when you think about environmental risk, that is where it is highest. So I&#8217;m very pleased that we
have completed that scope of work. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#8217;ve had to take a bit of a step back, recognising some of the challenges we&#8217;ve encountered. We&#8217;re
back to doing some more engineering work to understand how do we manage the safety and environmental risks that we&#8217;ve found. The additional spend will happen over the coming years. When we have more information, we can put further information
out there to the market, but we&#8217;re going to take our time. As you would have seen, NOPSEMA&#8217;s revised the general directions associated with these legacy assets, giving us more time to ensure we have good engineering work plans and we are
managing the construction and the safety and environmental risk appropriately. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When it comes to Bass Strait, so one of the advantages we&#8217;ve seen
and we&#8217;ve seen at Enfield is probably another good example, when you do the decommissioning work, shortly after completing production, you&#8217;re able to execute it much more efficiently. Bass Strait, as we noted in the report, have plugged
and abandoned more than 200 wells and the platform removal campaign is deep in the engineering phase. We&#8217;ve been going through all of the normal engineering and project gating processes to ensure that we have our arms around the cost.
That&#8217;s the scope, and I think we&#8217;ve indicated this before, the bulk of the scope will happen in 2027. So we&#8217;re working very closely with ExxonMobil, but as we&#8217;ve been advancing that project, everything is remaining on track
from a cost perspective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adam Martin (E&amp;P, Analyst):</B> Okay. No, that&#8217;s great. That&#8217;s it. Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> And your next question comes from Saul Kavonic from MST. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Saul Kavonic (MST Financial, Analyst):</B> Hi Meg. Possible to just get the latest update on the MOU with Aramco. Are those discussions still proceeding in
line with your expectations and could you elaborate just a bit of elaboration on what it means by collaboration on ammonia and how that might relate to Beaumont? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Sure. So not a lot to update on Saul. We were very pleased to be invited by Aramco to participate in the <FONT
STYLE="white-space:nowrap">US-Saudi</FONT> Investment Forum back in May and very pleased to execute the MOU with them, looking at US investment opportunities in both LNG and low carbon ammonia. Look, we continue to build a very strong and
constructive relationship with Aramco and when we have something announceable, we will announce. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Saul Kavonic (MST Financial, Analyst):</B> Thank you.
That&#8217;s all for me. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Thanks Saul. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> And your next question comes from Nik Burns from Jarden Australia. Please go ahead with your question. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nik Burns (Jarden Australia, Analyst):</B> Thanks Meg and team, just first question, maybe just on the
dividend paying out again at the top end of your payout range. The gearing at 30&nbsp;June is at the top end of the gearing target range as well, and the dividend probably could push you over the top end of that. Maybe, can you talk about the
factors that led you to be comfortable with retaining an 80% payout ratio for the interim result and whether being at the upper end places any risk of having to pay out below the upper end over the next few periods? Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> I&#8217;ll let Graham take that. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver:</B> Thanks Nik. Yeah, as you know through our capital management framework, we&#8217;re not just looking at a point in time. We&#8217;re
looking through into the future as well. We are really comfortable and happy where the business is today. It&#8217;s performing well and the balance sheet is in a strong position. I guess I&#8217;d call out that the strong underlying performance of
the business continues to shine through, generating very strong operational cash flows. The strong financial discipline around our cost and CapEx control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#8217;ve got the investment grade credit rating and I guess we&#8217;ve been able to optimise our portfolio during the period as well. So with Stonepeak
coming in, as I said in my speech, quite an innovative approach with the funding in that 75% upfront in the 2025 and &#8216;26 and then the Angostura sell down as well. So you bring all that together and the business is in good shape and we are
confident with our forward view on being able to continue to generate strong cashflow, invest in our growth projects, our immediate future, and also provide strong returns to our shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nik Burns (Jarden Australia, Analyst):</B> Got it. Thanks for that, Graham. Just a question on marketing. Meg, you called out the strong returns being
driven by the marketing team, circa 8% of Group EBIT in the first half. I was interested in the fact that you retained your gas hub exposure guidance of 28% to 35% for the full year. I think on my numbers, you averaged around 24% in the first half.
Can you talk a bit about the current state of the global spot LNG market, and looking ahead, what&#8217;s going to drive a material increase in your sales into the spot market in the second half of the year? Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Thanks Nik. It&#8217;s a great question and I think the results really validate our strategy to preserve a certain amount of our LNG
to sell at gas hub exposure. So when we look at the difference in pricing between oil indexed LNG sales versus gas hub indexed LNG sales, it&#8217;s a $3 premium. So a very significant uplift associated with the way we have our pricing exposure
managed. As you&#8217;ll note, and as you&#8217;ve caught on, our guidance for the full year is higher than what we&#8217;ve delivered in the first half. So obviously our performance in the second half will be above where we are today. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When you look at what&#8217;s happening in the market with softening in Brents, but continued strength in the LNG pricing, that bodes well and that continues
to reinforce the value of our strategy. Now when we look further down the road, I think we&#8217;ve been pretty clear that our target in the next couple of years is to retain that exposure of, call it circa 30% gas hub indexation and as we start up
Louisiana LNG, we&#8217;ll continue to be refining our intentions around price indexation and the exposures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One of the things that&#8217;s very clear,
the fundamentals for the 2030s are very robust when you look at things like Asian demands, underpinned by economic growth, declining domestic supply in many Asian nations that have historically been strong gas producers. So if you reference Wood Mac
for example, they&#8217;re expecting more than 100&nbsp;million tonnes of new pre&#8211;FID LNG supply will be required by 2040. So we&#8217;re very bullish in the long term, but we&#8217;ll continue to be refining our price index exposure over
time. We&#8217;ve got a fair amount of opportunity </P>
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and flexibility with the Louisiana LNG offtake and we&#8217;ll be looking to balance that in a way that best works for our shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nik Burns (Jarden Australia, Analyst):</B> That&#8217;s great. Thanks Meg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> And your next question comes from Dale Koenders from Barrenjoey. Please go ahead with your question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dale Koenders (Barrenjoey, Analyst):</B> Good morning, Meg and Graham. This question might be more for Graham. In the second quarter report you reported
CapEx and exploration of $2.5&nbsp;billion year to date, including net contributions from Louisiana, which benefit from the 1.8 Stonepeak contribution. Gets us to $4.3&nbsp;billion. On your cashflow statement, you reported $4.9&nbsp;billion spend on
CapEx and exploration. I&#8217;m just wondering what the $600&nbsp;million difference is. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver:</B> Sorry, I&#8217;m just looking at &#8211;
yeah, so what you&#8217;ve got here is the cashflow view and that number will also include borrowing. You capitalise borrowing costs as well. Whereas what we report to the market is just a pure view of CapEx expenditure and that&#8217;s the major
component or the major differentiating factor between what we were reporting to the market and the actual underlying cashflow version or view. [Clarification: Capitalised borrowing costs are not a driver of the variance. Refer to page 18 for a
reconciliation.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dale Koenders (Barrenjoey, Analyst):</B> So the $330&nbsp;million line item that was then called out on your cashflow statement, what
is that? Is that borrowing costs as well, or&#133; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver:</B> The 300 &#8211; sorry. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dale Koenders (Barrenjoey, Analyst):</B> Sorry, go. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver:</B> What I suggest is maybe the team can take it offline and have a conversation with you, but that&#8217;s the major difference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dale Koenders (Barrenjoey, Analyst):</B> Okay. Then just secondly, in terms of cash tax payments, they&#8217;re a little bit higher than expensed.
I&#8217;m just wondering on a go forward basis how you think that delta will play out? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Graham Tiver:</B> Yeah, so as you know, cash tax payments,
there&#8217;s many different factors that play into the cash tax. Obviously this year we have had lower prices across the Australian business. That&#8217;s also flowing in. You&#8217;ve got the PRRT. I guess all we can do is continue to provide as
much guidance as possible on that but it&#8217;s very difficult to sit here and say exactly what that tax number will be because there&#8217;s many factors that play into it, Dale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dale Koenders (Barrenjoey, Analyst):</B> Okay, thanks Graham. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> And your next question comes from Henry Meyer from Goldman Sachs. Please go ahead. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Henry Meyer (Goldman Sachs, Analyst):</B> Morning team. Just on the LNG carrier position, could you give any update on plans to lease or own carriers to
support the Louisiana delivered cargoes? And in light of gearing and the balance sheet, just what lease liabilities do you expect to carry when they&#8217;re delivered, perhaps related to the Scarborough carriers on order? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Sure. So philosophically, Henry, we think there are other companies that are well equipped and well suited to own LNG carriers. When
we started up North West Shelf, there were some project owned vessels, but we&#8217;ve moved away from that and that&#8217;s probably the industry standard to use leased vessels. The </P>
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number of vessels, the balance sheet exposure is something that we&#8217;re working through as we speak, so too early to advise, but as we progress that work and progress those contracts, we will
certainly keep the market updated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Henry Meyer (Goldman Sachs, Analyst):</B> Okay, thanks Meg. Following up on the decommissioning costs for Griffin,
Minerva and Stybarrow, I just wanted to double check one of the comments before. Have some of those challenges encountered been reflected in estimates for other fields, or is there work underway to revise those costs as well? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> So we always, as we update our decommissioning estimates, which is typically an annual process, we incorporate things that
we&#8217;ve learned as we&#8217;ve gone through the process. One of the positives that I would say we&#8217;ve taken from dealing with these closed sites is we&#8217;re feeding that back into our decommissioning planning for sites that are still
operational today. So for example, in our Australia business, some of the FPSOs will be coming offline in the 2030s. We&#8217;re feeding the lessons learned from these closed sites into those so that we can be more proactive and avoid the sorts of
challenges that we&#8217;ve encountered here. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Perhaps the point of success is Enfield. So Enfield is a field that Woodside operated. It stopped
operations in 2018. We&#8217;ve had none of those issues when we decommissioned the Enfield subsea equipment that we&#8217;ve seen with Griffin and Minerva and Stybarrow. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Henry Meyer (Goldman Sachs, Analyst):</B> Okay. Thank you Meg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Thanks Henry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> And
your next question comes from Mark Wiseman from Macquarie. Please go ahead with your question. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mark Wiseman (Macquarie, Analyst):</B> G&#8217;day Meg,
Graham. Thanks for the update today. I wanted to ask, firstly, on the Bass Strait operatorship decision. Could we talk about what the alternative would have been to this? It sounds like ESSO was waiting for policy stability from the government and
perhaps has come to the conclusion that they wouldn&#8217;t invest in those four development opportunities, the 200 PJs, and so the alternative would have been to remain non operator and not see any of that contingent resource come to fruition. Is
that right? I wonder, you made a comment there, Meg, around the workforce. It sounded like you see some benefit in bringing those ESSO experienced staff into your team. Could you perhaps elaborate on that as well, please? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Yes, certainly the alternative, Mark, would have been for ExxonMobil to continue operating. As I said, those four fields
[Clarification: Four potential development wells] that we&#8217;ve identified and have the rights to exclusively develop are discoveries that have been on the books and the joint venture has known about for a very long time period. So, I suspect,
although I can&#8217;t guarantee, that those likely would not have matured had we stayed with the existing operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the people side, yes,
we&#8217;re super excited. There&#8217;s a lot of talent and capability within the ExxonMobil workforce in Australia. Our head of operations in Australia came out of that workforce. We know the people, and I&#8217;ve been really pleased with the
positive response we&#8217;ve seen from the ExxonMobil folks who I think see potentially a little bit longer horizon to be able to live and work in Australia with Woodside as operator, </P>
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recognising we&#8217;ve got a little bit bigger footprint and recognising our desire to continue to be a significant player in the East Coast gas market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mark Wiseman (Macquarie, Analyst):</B> Thank you. Finally from me, just on Santos. Obviously, Woodside and Santos had been in discussions a while back.
Those discussions came to a conclusion. Since then, there&#8217;s obviously been a <FONT STYLE="white-space:nowrap">non-binding</FONT> offer for Santos. Did that offer from XRG Carlyle cause you to review the merits of a merger with Santos? Could
you perhaps just comment on what was the appeal back then and would you still see those sorts of benefits from <FONT STYLE="white-space:nowrap">re-engaging</FONT> with Santos? Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Short answer, Mark, is absolutely not. The thing that we&#8212;the reason that we had been exploring opportunities with Santos was
the LNG portfolio, and we&#8217;ve moved on. We&#8217;ve acquired Tellurian, we&#8217;ve got the Louisiana LNG investment going. When you look at the upside opportunity that&#8217;s created by having a material Atlantic Basin position coupled with
our material Pacific Basin position, that&#8217;s actually a better portfolio than combining the two Pacific-oriented businesses. So, we wish them well, but we&#8217;re focused on delivering our commitments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mark Wiseman (Macquarie, Analyst):</B> That&#8217;s super clear. Thank you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> Your next question comes from Rob Koh from MS. Please go ahead with your question. </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. My first question is on balance sheet management. You&#8217;ve got sell-down possibilities for
Louisiana HoldCo, you&#8217;ve got your Chevron asset swap coming and lots of other things in train, I&#8217;m sure. Could you comment on the possibility to do any further executory contract-type deals, like the Stonepeak deal, on any of the other
assets? Is that something we could contemplate? </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Look, Rob, that kind of model was something that we&#8217;ve looked at a few
times. We looked at it actually before we took FID on Pluto Train 2 and Scarborough, because it is one way to unlock capital. But given the joint venture structures of some of our existing assets, it&#8217;s more complicated, so we&#8217;re very
much focused on the HoldCo sell-down at Louisiana LNG, and again, it&#8217;s about getting the right partner at the right price, and then executing the transactions that we&#8217;ve announced. So, the Chevron asset swap, as well as the operatorship
transition in Bass Strait. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rob Koh (Morgan Stanley, Analyst):</B> Okay, thank you. My second question relates to the restoration rehabilitation
provisions. Part A of the question is, can you give us a steer on any kind of contingency should the pipelines need to be taken out? Because I think the provision is made on a pipeline in situ basis. Then, secondly, I saw that Chevron has a very old
legacy deal for Barrow Island where decommissioning is offset against royalty refunds. I&#8217;m just wondering, does Woodside have anything similar like that on the books and within the provision? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> When it comes to the provisions, we take a risked approach to certain pieces of equipment that we think there&#8217;s a good
environmental reason to arguably leave in situ, so things like jacket structures and pipelines. Within the restoration provision, there&#8217;s a risking that reflects a certain percentage chance that those items may have to be removed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are doing quite a bit of science, both in the Bass Strait with ExxonMobil as well as in our operations, to really understand the marine habitat that has
formed around these assets over the decades they&#8217;ve been in situ. So, we are doing work to really understand what&#8217;s the best environmental outcome, but we have a risked provision in the&#8212;sorry, a risked cost in the provisions. When
it comes to royalty refunds, no, we don&#8217;t have </P>
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that same access or that same structure that Chevron has in Bass Strait [Clarification: Chevron has on Barrow Island]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It probably is worth noting that abandonment expense is creditable on PRRT and income tax, of course. Again, those are expenses for the oil field
developments, so that&#8217;s the structure that we have access to. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rob Koh</B> <B>(Morgan Stanley, Analyst): </B>Okay, great. Thank you so much. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Thanks, Rob. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> Your
next question comes from Nicholas Morgan from JP Morgan. Please go ahead with your question. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nicholas Morgan (JP Morgan, Analyst);</B> Good morning,
Meg and team, and thanks for your time this morning. Two questions from me. Firstly, on Louisiana LNG, could you give some further detail on what the targeted split is for Woodside&#8217;s equity share of LNG, on a contracted vs spot basis? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> We want to take about 8&nbsp;million tonnes into our portfolio. The FID we&#8217;ve taken for the first three trains is
16.5&nbsp;million tonnes. We want to keep about 8&nbsp;million tonnes of that in our portfolio, but we will <FONT STYLE="white-space:nowrap">on-sell</FONT> a good portion of that. How much we <FONT STYLE="white-space:nowrap">on-sell</FONT> and the
contracting structure, actually we have quite a bit of flexibility. As you would have seen from our announcements in the half, we&#8217;ve done LNG offtake agreements with China Resources, with Uniper. One of the Uniper agreements was direct from
Louisiana LNG. I would call that in the 8&nbsp;million tonnes that&#8217;s not for our accounts. So, we do have quite a bit of flexibility in our LNG marketing, really to work closely with customers to understand what do they need and to negotiate
outcomes that work for both players. But 8&nbsp;million tonnes is what we intend to take into our portfolio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nicholas Morgan (JP Morgan, Analyst):</B>
Perfect, thanks. The second one from me is have you seen any inflationary pressures on steel costs for the Louisiana LNG pipeline in the US, and just how those costs are tracking towards expectations taken at FID? </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> The pipeline costs are still tracking within what was announced at FID. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nicholas Morgan (JP Morgan, Analyst):</B> Perfect. Thank you, Meg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Thanks, Nick. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> There
are no further phone questions at this time. I will now turn the call back over to Ms O&#8217;Neill for closing remarks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Meg O&#8217;Neill:</B> Thank
you all for listening in and participating today. I look forward to speaking to many more of you in the coming days but would also like to highlight that we have a capital markets day planned for5&nbsp;November, and we look forward to talking more
about the Woodside business at that occasion. Thank you all. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator:</B> That does conclude our conference for today. We thank you for
participating. You may now disconnect your lines. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[END OF TRANSCRIPT] </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reconciliation: Payments for capital and exploration expenditure to capital expenditure </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The below reconciliation has been prepared in response to the question from Dale Koenders (Barrenjoey) on page 14 of the transcript. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Capital expenditure is $2,558&nbsp;million (see page 3 of the Half-Year 2025 Report). Net cash outflow for capital and exploration expenditure of
$2,775&nbsp;million is set out in the table below. The variance between capital expenditure and net cash outflow for capital and exploration expenditure of $217&nbsp;million is primarily due to timing of payments. </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="91%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Cash outflow for capital and exploration expenditure</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2025&nbsp;(US$m)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payments for capital and exploration
expenditure<SUP STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4,881</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reimbursements received from external parties for capital expenditure<SUP
STYLE="font-size:75%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Contributions from/(distributions to) <FONT STYLE="white-space:nowrap">non-controlling</FONT>
interests<SUP STYLE="font-size:75%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,870</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net cash outflow for capital and exploration expenditure</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>(2,775</B></TD>
<TD NOWRAP VALIGN="bottom"><B>)&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Refer to page 24 of the Half-Year 2025 Report. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Refer to footnote 1 on page 24 of the Half-Year 2025 Report. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <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>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INVESTORS</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Vanessa Martin
</B><B><BR></B>M: +61 477 397 961 <BR>E: <U>investor@woodside.com</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MEDIA</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Christine Abbott
</B><B><BR></B>M: +61 484 112 469 <BR>E: <U>christine.abbott@woodside.com</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This announcement was approved and authorised for release by Woodside&#8217;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 18 of 18 </P>

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