Louisiana LNG FID unlocks future value

Operational highlights

• Quarterly production of 50.1 MMboe (550 Mboe/d), up 2% from Q1 2025.
• Maintained exceptional performance from Sangomar, with 101 Mbbl/d produced (100% basis, 81 Mbbl/d Woodside share), contributing
  $510 million revenue for the quarter.
• Achieved a strong realised quarterly price of $62/boe for produced LNG, benefiting from diversified pricing and optimisation.
• Sold 23.1% of produced LNG at prices linked to gas hub indices in the quarter (9.1% of total equity production).
• Entered into two sale and purchase agreements with Uniper for the long-term supply of LNG.

Project highlights

• The Scarborough Energy Project was 86% complete, and remains on track for first LNG cargo in the second half of 2026.
• The Trion Project was 35% complete, and remains on track for first oil in 2028.
• The Beaumont New Ammonia Project was 95% complete, with Phase 1 of the project targeting first ammonia production from late 2025.

Portfolio highlights

• Outstanding production performance with full-year production guidance updated to 188-195 MMboe, incorporating Greater Angostura divestment.
• Reduced full-year unit production cost range to $8.0-$8.5 per boe following strong production and cost performance in H1 2025.
• Unlocked long-term future value through the final investment decision to develop the Louisiana LNG Project.
• Completed the Greater Angostura assets divestment for $259 million subsequent to the period.¹

Capital discipline

• Completed the sell-down of a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak, receiving approximately $1,900 million, reflecting Stonepeak’s 75% share of capital expenditure since the effective date of 1 January 2025.
• Issued $3,500 million of senior unsecured bonds in the US market, with the book heavily oversubscribed.
• Delivered strong liquidity of approximately $8,400 million at the end of the quarter.

PERTH, Australia--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS):

Woodside CEO Meg O’Neill said the company continued to demonstrate operational excellence and world-class project execution over the second quarter, with a focus on driving future growth and value.

“We delivered strong production of 50 million barrels of oil equivalent for the quarter from our diverse portfolio of high-quality assets. At the same time, ongoing focus on cost control has enabled us to lower our unit production cost guidance for 2025.

“As we marked the anniversary in June of first oil from Sangomar, the project’s exceptional performance continued to make a strong contribution to quarterly results, with gross production reaching 101 thousand barrels per day at close to 100% reliability. Our outstanding safety record at Sangomar continued, with no recordable injuries during the project’s first year of operations.

“Our announcement in April of a final investment decision to develop the Louisiana LNG Project positions Woodside as a global LNG powerhouse, complementing our established Australian LNG business and enabling us to meet growing global demand from a broader range of customers.

“Louisiana LNG’s strategic advantages and value-generating potential were demonstrated by key infrastructure, offtake and gas supply agreements entered into during the quarter.

“In June, we completed the sell-down of a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak for $5.7 billion, with Stonepeak to contribute 75% of the project capital expenditure in both 2025 and 2026.

“We continue to receive strong interest from high-quality potential partners as we explore further sell-downs. With both the final investment decision and capital expenditure risk reduced through our transaction with Stonepeak, we will evaluate the most value-accretive opportunities and remain disciplined in our selection of strategic partners.

“Our collaboration agreement with Aramco signed in May also includes potential acquisition of an equity interest in, and LNG offtake from, Louisiana LNG. The agreement includes exploring potential collaboration opportunities in lower-carbon ammonia from our Beaumont New Ammonia Project.

“We remain focused on delivering our Scarborough and Trion projects on schedule and budget. In May, we connected the floating production unit hull and topsides for our Scarborough Energy Project, which is now 86% complete and on track for first LNG cargo in the second half of 2026.

“Our Trion Project offshore Mexico is now 35% complete and targeting first oil in 2028. Construction of the floating production unit is progressing well, and we are preparing for construction of the floating storage and offloading vessel to commence in the second half of 2025.

“This demonstrates that Woodside continues to deliver on our commitments, executing multiple major projects with strong safety performance and cost control.

“We are maintaining financial discipline during our current phase of capital expenditure and proactively managing our balance sheet. We issued $3.5 billion of unsecured bonds in the US market in an offering that was heavily oversubscribed, reaffirming the debt market’s view of Woodside.

“The $1.9 billion closing payment received from Stonepeak in June, plus proceeds from the divestment of our Greater Angostura assets in Trinidad and Tobago, further de-risks our balance sheet and strengthens our ability to both fund our growth projects and provide shareholder returns. We have made the decision to exit the H2OK Project, demonstrating our disciplined approach to portfolio management.

“We are also executing multiple, complex decommissioning activities offshore Australia. We successfully completed the plugging of the Minerva and Stybarrow wells. Removal of other equipment at the legacy Minerva, Stybarrow and Griffin assets has been impacted by unexpected challenges, with further engineering and alternative solutions required. Whilst this has had some cost impacts, we are applying learnings to improve planning and execution.

“We are pleased to have received the Australian Government’s proposed decision to grant environmental approval for the North West Shelf Project Extension. We are continuing constructive consultation with the Government.

“Conducting our business sustainably remains core to Woodside’s success and we remain firmly on track to meet our target of reducing net equity Scope 1 and 2 greenhouse gas emissions by 15% by 2025.”

Pluto LNG

• Achieved quarterly LNG reliability of 94.9%.
• Commenced production from the PLA-08 subsea well, enhancing deliverability and extending plateau production.
• Secured secondary environmental approval enabling development of the XNA-03 well through existing infrastructure to support sustained production.

North West Shelf (NWS) Project

• Achieved strong quarterly LNG reliability of 97.4%.
• Received the proposed approval from the Australian Government on the North West Shelf Project Extension and continued consultation on proposed conditions.
• Successfully completed planned maintenance offshore at Goodwyn Alpha and onshore at Karratha Gas Plant (KGP), with production recommencing as planned.
• Successfully drilled the Lambert West development well, with installation of the subsea infrastructure and startup expected in Q3 2025. The project will sustain production from the Angel platform.
• Completed the permanent retirement of LNG Train 2, resulting in a reduction of KGP’s capacity from 16.9 Mtpa to 14.3 Mtpa.

Wheatstone and Julimar-Brunello

• Progressed the Julimar Phase 3 Project, a four-well tieback to the existing Julimar field production system. Subsea construction commenced ahead of the drilling campaign scheduled for Q3 2025, with project startup expected in 2026.
• Completion of the asset swap with Chevron remains on track for 2026.⁷

Bass Strait

• Completed preparatory activities and secured regulatory approvals for the Kipper 1B Project, with drilling expected to commence in Q3 2025.
• Progressed the Turrum Phase 3 Project with work commencing on the Marlin-B platform ahead of the drilling campaign, expected to commence in the second half of 2025.
• Through these projects, Woodside is expected to add more than 100 PJs (Woodside share) to the south-eastern Australian domestic gas market.

Sangomar

• Achieved exceptional production of 101 Mbbl/d (100% basis, 81 Mbbl/d Woodside share) at 99.6% reliability.
• Production from the Sangomar field remained on plateau for the quarter, with the field expected to come off plateau in Q3 2025.
• Continuing to assess production performance to inform further development.

United States of America

• Achieved strong quarterly production at Shenzi, supported by 97.7% reliability.
• Approved a final investment decision on the Atlantis Major Facility Expansion Project, which is expected to increase water injection capacity. First water injection is targeted for 2027.

Greater Angostura

• Completed the divestment of the Greater Angostura assets to Perenco for $259 million, subsequent to the period.⁸ The divestment includes Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities, and onshore terminal.
• Delivered safe and reliable operations while undertaking divestment transition activities.

• Supplied 23.1% of produced LNG at prices linked to gas hub indices in the quarter, realising a 14% premium compared to oil-linked pricing. This represents 9.1% of Woodside’s total equity production. Full-year gas hub guidance remains unchanged.
• Signed two LNG sale and purchase agreements with Uniper, for the supply of:
  • 1.0 Mtpa from Louisiana LNG LLC for up to 13 years from its commercial operations date (COD).
  • Up to 1.0 Mtpa from Woodside’s global portfolio, commencing with Louisiana LNG’s COD over a term until 2039.
• Signed non-binding heads of agreements with:
  • JERA Co., Inc. for the sale and purchase of three LNG cargoes (approximately 0.2 Mtpa) on a delivered ex-ship basis during Japan’s winter months from 2027 for a period of five years.
  • PETRONAS, through its subsidiary PETRONAS LNG Ltd, for the supply of 1.0 Mtpa of LNG to Malaysia from 2028 for a period of 15 years.
• Woodside’s sale and purchase agreements with Commonwealth LNG, executed in September 2022, were terminated during the quarter following Commonwealth LNG’s failure to achieve key milestones, including FID, by contractual long stop dates.
• Executed incremental Western Australian pipeline gas sales of 4.2 PJs for delivery in 2025. Woodside continues to engage with the Western Australian domestic market on additional supply requirements for 2025, 2026 and 2027.

Beaumont New Ammonia

• The Beaumont New Ammonia Project was 95% complete at the end of the quarter, with pre-commissioning activities for Train 1 underway. Achievements include the completion of the storage tank construction, completion of compressor alignment and insertion of the ammonia converter basket.
• First ammonia production is targeted for late 2025. Project completion and associated payment of the remaining 20% of the acquisition consideration is expected in 2026.

Scarborough Energy Project

• The Scarborough and Pluto Train 2 projects were 86% complete at the end of the quarter (excluding Pluto Train 1 modifications).
• Connected the floating production unit hull and topsides together in May 2025. Activities are now focused on the remaining integration and pre-commissioning scope.
• Continued installation, testing and pre-commissioning of the subsea infrastructure, which is near completion.
• Subsequent to the quarter, the third development well was drilled and completed. Reservoir properties and anticipated well deliverability were in line with expectations.
• Continued installation of piping and cables and commenced electrical commissioning activities at the Pluto Train 2 site, with the construction workforce having reached peak numbers.
• Progressed construction activity at the Pluto Train 1 modifications module yard, with civil works continuing and structural/piping works underway at the Pluto site.
• Subsequent to the quarter, the Federal Court of Australia heard a legal challenge to the National Offshore Petroleum Safety and Environmental Management Authority’s decision to accept the Scarborough Offshore Facility and Trunkline (Operations) Environment Plan. The decision is pending.
• First LNG cargo is targeted for the second half of 2026.

Trion

• The Trion Project was 35% complete at the end of the quarter.
• Finalised the floating production unit detailed engineering and procured all equipment and bulk materials.
• Progressed the floating storage and offloading vessel detailed engineering, with fabrication scheduled to commence in the second half of 2025.
• Progressed the design, procurement and manufacturing of the subsea equipment.
• First oil is targeted for 2028.

Louisiana LNG

• Approved FID to develop the three-train, 16.5 Mtpa Louisiana LNG Project and issued a full notice to proceed to Bechtel.
• Train 1 was 22% complete at the end of the quarter, with activities focused on progressing the marine offloading facility, marine dry excavation, and civil works.
• Completed the sell-down of a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak. The closing payment of approximately $1,900 million received by Woodside reflects Stonepeak’s 75% share of capex funding incurred since the effective date of 1 January 2025.
• Signed a long-term gas supply agreement with bp for the purchase of up to 640 billion cubic feet of feedgas commencing in 2029.
• Received approval from the Federal Energy Regulatory Commission for the extension of the in-service date for the LNG terminal and Driftwood Mainline Pipeline to the end of 2029.
• Submitted an application to the Department of Energy to extend to 2029 the export commencement deadline for the non-free trade agreement LNG Export Authorisation permit.
• First LNG is targeted for 2029.

Hydrogen Refueller @H2Perth

• Progressed construction activities with major equipment packages including electrolysers and compressors installed on site.
• Ready for startup is targeted for Q4 2025 and first hydrogen production is expected in the first half of 2026.⁹

• Successfully completed the plug and abandonment of the three remaining wells at the Minerva field, offshore Victoria.
• Recovered approximately 45% of the Minerva pipeline across State and Commonwealth waters. Challenges to pipeline recovery and adverse weather impeded progress, leading to the suspension of activities. Recommencement will be informed by vessel availability.
• Continued decommissioning activities in the Bass Strait, including the submission of environmental approvals and plugging of 22 wells.
• Successfully concluded the ten-well Stybarrow plugging campaign.
• Experienced a Tier 1 process safety event when unexpected fluids were released during flushing of a Griffin subsea flowline. Water quality monitoring identified no impact on the environment.
• Woodside is evaluating decommissioning work plans for Minerva, Stybarrow and Griffin. The as-left condition on some closed sites has continued to present challenges for safe and efficient execution of decommissioning.
• These challenges have resulted in an increase in spend and cost estimates, and is expected to lead to an expense of $400 - 500 million pre-tax ($120 - 320 million post-tax) being recognised in the profit and loss in the half-year results.

Browse

• The Western Australian Environmental Protection Authority concluded a four-week public comment period for an amendment to the Browse to North West Shelf Project proposal. The amendment reflects changes to the development footprint and introduces new environmental measures that further reduce the potential environmental impact of the development.
• The Browse CCS Project was referred to the Commonwealth regulator in October 2024 and declared valid in January 2025. The regulator has yet to determine if this is a controlled action under the Environment Protection and Biodiversity Conservation Act, and set a corresponding level of assessment.

Calypso

• The Calypso joint venture continues to review development options. Concept select engineering studies and subsurface studies to mature the technical and commercial definition progressed in the quarter.

Exploration

• There were no substantive exploration activities during the quarter.

New energy

• Woodside formally joined the NeoSmelt Project as an equal equity participant and preferred energy supplier.¹⁰ The proposed project is a pilot plant aiming to prove Pilbara iron ore can be used to produce lower-carbon emissions molten iron using direct reduced iron and electric smelting furnace technology.¹¹
• Woodside made the decision to exit the proposed H2OK Project in Oklahoma due to ongoing challenges facing the lower-carbon hydrogen industry, including cost escalation and lower than anticipated hydrogen demand. The exit is expected to result in an impairment loss of approximately $140 million pre-tax (approximately $110 million post-tax) being recognised in the profit and loss in the half-year results.

Carbon capture and storage (CCS) opportunities

• The Bonaparte CCS Assessment Joint Venture commenced pre-front end engineering design and, subsequent to the quarter, was awarded Major Project Status by the Australian Government.¹²

Business development

• Entered into a non-binding collaboration agreement with Aramco to explore global opportunities, including Aramco’s potential acquisition of an equity interest in and LNG offtake from the Louisiana LNG Project and opportunities for a potential collaboration in lower-carbon ammonia.

Climate and sustainability

• On track to meet Woodside’s target of reducing net equity Scope 1 and 2 greenhouse gas emissions by 15% by 2025.^13,14
• Submitted the Oil and Gas Methane Partnership 2.0 Implementation Plan to the United Nations Environment Program. Quarterly activities include the initiation of a methane leak detection and reporting program at Goodwyn Alpha.
• Subsequent to the period, Woodside welcomed the inscription of the Murujuga Cultural Landscape on the World Heritage List by UNESCO's World Heritage Committee.

Hedging

• Delivered as of 30 June 2025 approximately 58% of the 30 MMboe of 2025 oil production that was previously hedged at an average price of $78.7 per barrel.
• Hedged 10 MMboe of 2026 oil production at an average price of $70.1 per barrel.
• Continued hedging program for Corpus Christi LNG volumes involving Henry Hub (HH) and Title Transfer Facility (TTF) commodity swaps. Approximately 94% of 2025 and 87% of 2026 volumes have been hedged.
• The realised value of all hedged positions for the half-year ended 30 June 2025 is expected to be a pre-tax profit of $42 million, with a $58 million profit related to oil price hedges offset by a $18 million loss related to Corpus Christi hedges, and a $2 million profit related to other hedge positions. Hedging profits will be included in ‘other income’ except hedging profits related to interest rate swaps which will be included in ‘finance income’ in the half-year financial statements.

Funding and liquidity

• Raised $3,500 million in the US market through multi-tranche SEC-registered bonds in May 2025, consisting of $500 million three-year bonds, $1,250 million five-year bonds, $500 million seven-year bonds and $1,250 million ten-year bonds.
• Cancelled two $1,500 million short-term liquidity facilities and repaid $1,900 million of drawn bi-lateral facilities.
• Refinanced $1,200 million of syndicated revolving facilities, with $600 million now maturing in June 2028 and the remaining $600 million in June 2030.
• As at 30 June 2025, Woodside had liquidity of approximately $8,400 million.

Embedded commodity derivative

• In 2023, Woodside entered into a revised long-term gas sale and purchase contract with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model.
• During the quarter, Woodside reassessed the embedded derivative calculation to factor in current market conditions and pricing inputs that reflect the long-term nature of the contract and associated market. Updates to the valuation model include:
  • 30-day average pricing assumptions and longer-term external pricing forecasts to reflect the long-term nature of the contract; and
  • longer-term historical data excluding extreme volatility periods, to reflect typical market conditions.

As there is no long-term urea forward curve, TTF continues to be used as a proxy to simulate the value of the derivative over the life of the contract.

• For the half-year ended 30 June 2025, an unrealised gain of approximately $160 million is expected to be recognised through other income.

2025 half-year results and teleconference

• Woodside’s Half-Year Report 2025 and associated investor briefing will be released to the market on Tuesday, 19 August 2025. These will also be available on Woodside’s website at http://www.woodside.com/
• A teleconference providing an overview of the half-year 2025 results and a question and answer session will be hosted by Woodside CEO and Managing Director, Meg O’Neill, and Chief Financial Officer, Graham Tiver, on Tuesday, 19 August 2025 at 10:00 AEDT / 08:00 AWST / 19:00 CDT (Monday, 18 August 2025).
• We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:
  • https://webcast.openbriefing.com/wds-hyr-2025/ to view the presentation and listen to a live stream of the question and answer session.
  • https://s1.c-conf.com/diamondpass/10048280-l4hu3r.html to participate in the question and answer session. Following pre-registration, participants will receive the teleconference details and a unique passcode.

Upcoming events 2025

INVESTORS
Vanessa Martin
M: +61 477 397 961
E: investor@woodside.com

MEDIA
Christine Forster
M: +61 484 112 469
E: chris.forster@woodside.com

REGISTERED ADDRESS
Woodside Energy Group Ltd
ACN 004 898 962
Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia
T: +61 8 9348 4000
www.woodside.com