Woodside Energy Half-Year Report for Period Ended 30 June 2026

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

Disciplined execution

Operational excellence and project delivery

• Recorded operating revenue of $7,446 million, up 13% from H1 2025.
• Delivered production of 478 Mboe/d (86.5 MMboe) and unit production costs of $8.8/boe.¹
• Progressed major projects with Scarborough 98%, Trion 64%, and Louisiana LNG 28% complete.
• Maintained high asset reliability, with operated LNG facilities achieving 98.7% reliability, Sangomar 99.5%, and Shenzi 99.1%.
• Safely executed the Pluto planned turnaround campaign on schedule and within budget, including key integration activities supporting the Scarborough Energy Project, with more than 400,000 hours worked and zero lost-time injuries.

Delivering value

• Determined a fully franked interim dividend of 57 US cents per share (cps).
• Achieved net profit after tax (NPAT) of $1,672 million (underlying NPAT $1,334 million).¹
• Delivered EBITDA of $4,647 million from underlying base business.¹
• Delivered operating cash flow of $3,013 million and free cash flow of $352 million.
• Disciplined capital management resulted in strong liquidity of $8,189 million.¹
• Gearing of 20.6%, marginally outside the target range of 10 – 20%, impacted by $655 million of new lease liabilities, a $419 million net cash outflow from hedge settlements, and a $101 million increase in trade receivables.¹

This page and the following 66 pages comprise the half-year information given to the ASX under Listing Rule 4.2A and should be read in conjunction with Woodside’s Annual Report 2025.

Woodside delivered strong half-year production of 478 thousand barrels oil equivalent per day (86.5 million barrels of oil equivalent total) and reported a half-year net profit after tax (NPAT) of $1,672 million. Underlying NPAT was $1,334 million, compared to $1,247 million in the corresponding period in 2025. Operating revenue rose 13% year-on-year to $7,446 million.

During the half, the Middle East conflict disrupted the global supply of LNG and oil resulting in strengthening commodity prices and an increase in customer demand for products. Woodside’s Marketing and Trading division continued to optimise the portfolio to manage risk and maximise value while fulfilling customer commitments.

The directors have determined a fully franked interim dividend of 57 US cents per share (cps), representing an 80% payout ratio of underlying NPAT, and an annualised yield of 5.9%.⁹

Woodside CEO Liz Westcott said the company delivered a resilient first half performance, remaining a secure and reliable supplier to customers throughout a period of global volatility.

“We once again delivered strong production, cash flow and shareholder returns, while continuing to execute the next phase of growth.

“Keeping our people safe remains our highest priority. We recorded one high consequence injury during the period while undertaking over 11 million work hours. This reinforces the need for ongoing focus on critical risk management, strong safety leadership and disciplined execution of safe work practices across our operations.

“We maintained operational excellence at our assets. Operated LNG reliability was more than 98% and the planned turnaround at Pluto LNG was completed on budget and schedule, derisking the Scarborough Energy Project schedule in the process. We achieved exceptional performance at Sangomar, which produced at near nameplate capacity with 99.5% reliability.

“The Scarborough Energy Project is now 98% complete and remains on track to deliver first LNG cargo in the fourth quarter of 2026. During the half, we completed all upstream infrastructure, and subsequent to the period, achieved ready for start-up and first gas at the floating production unit. Our focus remains on disciplined commissioning and start-up of all facilities to ensure safe and reliable operations from day one.

“The Trion Project offshore Mexico also made strong progress and is now 64% complete, targeting first oil in 2028. Key construction and drilling milestones achieved in the first half included completion of the topsides lift onto the floating production unit and drilling of the first three of 24 subsea wells.

“At Louisiana LNG, key milestones were achieved relating to the LNG tanks and marine infrastructure. The project’s foundation development was 28% complete at the end of the half, with first LNG targeted for 2029.

“In July, Woodside assumed operatorship of the Gippsland Basin assets, creating greater flexibility for future development opportunities while reinforcing our commitment to supporting energy security in the eastern Australian domestic market.

“We continued to deliver on our sustainability commitments during the half, taking forward biodiversity initiatives in Western Australia and Louisiana, and enhancing methane emissions reporting across the Sangomar and North West Shelf operations.

“As we focus on Woodside’s next phase of disciplined delivery, we have announced a series of actions to lift performance and sharpen our focus on value. We have set an annual cost savings target of $350 million from 2028 to be delivered through the structured review of our business.”

Results for announcement to the market

More information is available on page 48.

The following table summarises the variance between the H1 2025 and H1 2026 results for the contribution of each line item to NPAT.

Woodside’s capital management framework provides us with the flexibility to optimise value and shareholder returns delivered from the portfolio of opportunities.

Interim dividend and dividend reinvestment plan

A 2026 fully franked interim dividend of 57 US cps has been determined, representing an annualised dividend yield of 5.9% .²¹ The total amount of the interim dividend payment is $1,084 million which represents 80% of underlying NPAT for the first half of 2026.²²

The dividend reinvestment plan remains suspended.

Liquidity and balance sheet

In H1 2026, Woodside generated $3,013 million of cash flow from operating activities and delivered positive free cash flow of $352 million, which includes the $1,725 million in capital contributions received from Stonepeak and Williams for the development of Louisiana LNG.^22,23

During this period, Woodside repaid a $600 million Syndicated Term Loan approximately 6 months prior to maturity.

At the end of the period, Woodside had cash and cash equivalents of $4,339 million, liquidity of $8,189 million, and drawn debt of $11,450 million, including $800 million of ten-year bonds due in September 2026.²²

Woodside’s gearing as at 30 June 2026 was 20.6%, marginally outside the target range of 10 to 20%.²² Woodside’s gearing may at times fall outside the target range as the balance sheet is managed through the investment cycle.

Net debt and gearing were impacted by:

• $655 million of lease liabilities recognised in the first half of 2026, for the Woodside Bilangara LNG vessel and Trion construction related vessels.²⁴
• Net cash outflow of $419 million for hedge settlements.
• Higher pricing driving a $101 million increase in trade receivables that were received in July 2026.

Woodside’s commitment to an investment-grade credit rating remains unchanged and supports the aim of providing sustainable returns to shareholders, both now from the strong existing business and in the future from the growth opportunities, in accordance with Woodside’s capital management framework.

Commodity price risk management

As at 30 June 2026, approximately 62% of the 30 MMboe of 2026 oil-linked production previously hedged (at an average price of $74.23 per barrel) had been cash settled and 10 MMboe of 2027 oil-linked production was hedged at an average price of $76.76 per barrel.

Commodity swaps were used to continue managing risk associated with the Corpus Christi LNG volumes.

For the period ended 30 June 2026, pre-tax hedge losses of $64 million primarily relating to Corpus Christi LNG hedges and foreign exchange hedges were recognised, and hedge settlements resulted in a net cash outflow of $419 million. The hedge settlement net cash outflow in H1 2026 is primarily due to timing with oil-linked hedge losses cash settled ahead of the related revenue recognition, and expected to be offset by higher revenue from Q2 price lag realisation in H2 2026.

Embedded commodity derivative

In 2023, Woodside entered a revised long-term gas sale and purchase agreement 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.

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 2026, an unrealised loss of $135 million has been recognised through other expenses.

Pluto LNG

Pluto LNG is a gas processing facility in the Pilbara region of Western Australia, comprising an offshore platform and one onshore LNG processing train.

Woodside’s share of production in H1 2026 was 20.6 MMboe. This was an 18% decrease compared with 25.0 MMboe in H1 2025, primarily due to the impact of a planned turnaround and Severe Tropical Cyclone Mitchell in the reporting period. H1 2026 production included 3.9 MMboe of Pluto gas processed at Karratha Gas Plant through the Interconnector.

Pluto LNG achieved reliability of 98.7% in H1 2026, reflecting the asset’s strong operating performance.

In H1 2026, drilling of the XNA-03 infill well was completed and preparations continue for start-up targeted for H2 2026.

The planned turnaround in May 2026 was successfully delivered safely, on schedule and within budget, including critical integration scopes supporting the Scarborough Energy Project. The turnaround involved over 1,500 personnel on site to deliver a safe lost time injury-free campaign with more than 400,000 hours worked.

Woodside is operator and holds a 90% participating interest.

North West Shelf Project

The North West Shelf Project (NWS) consists of three offshore platforms and the onshore Karratha Gas Plant (KGP) which includes four onshore LNG processing trains and two domestic gas trains.

Woodside’s share of production in H1 2026 was 14.0 MMboe. This was a 7% decrease compared with H1 2025 due to natural reservoir decline and impacts from Severe Tropical Cyclone Narelle.

Despite these impacts, the NWS achieved LNG reliability of 98.7% in H1 2026, highlighting the continued dependability and efficiency of the integrated facilities.

In H1 2026, the NWS Joint Venture approved the drilling rig contract for the Greater Western Flank Phase 4 Project with drilling targeted to commence in 2027, and targeting first production in 2028.

Preparations are continuing for a planned turnaround for a single LNG Train targeted to commence in September 2026.

The NWS is continuing with infrastructure retirement planning at KGP while maintaining the capacity to provide processing services for third-party gas.

During H1 2026, three legal proceedings continued in the Federal Court of Australia, and one in the Western Australian Supreme Court, associated with the NWS Project Extension Commonwealth and State environmental approvals. Subsequent to the period, hearings on the three Federal Court proceedings took place in July 2026, and the Western Australian Supreme Court proceeding is currently scheduled in Q4 2026.

Woodside is operator and holds a 33.33% participating interest.

Following completion of the asset swap agreement with Chevron announced in 2024, Woodside’s participating interest will increase to 50%. The asset swap remains targeted for completion in Q4 2026.²⁵

Wheatstone and Julimar-Brunello

Wheatstone is an LNG processing facility near Onslow, Western Australia, comprising an offshore production platform and two onshore LNG production trains. It processes gas from several offshore gas fields, including Julimar and Brunello.

Woodside’s share of Wheatstone production in H1 2026 was 4.4 MMboe. This was a 30% decrease compared with H1 2025 due to the impacts of Severe Tropical Cyclone Narelle.

The Julimar Phase 3 Project, a subsea tie-back to the existing Julimar field production system, completed its subsea construction and drilling campaign in H1 2026 and remains targeted for start-up in H2 2026.

In parallel, decommissioning of three Julimar–Brunello exploration wells commenced in H1 2026. Completion of both activities are condition precedents to the Chevron asset swap.

Woodside is operator and holds a 65% participating interest in the Julimar-Brunello fields.

Woodside holds a 13% non-operating participating interest in the Wheatstone Project.

Following completion of the asset swap agreement with Chevron announced in 2024, Woodside will no longer have an interest in Wheatstone and Julimar-Brunello. The asset swap remains targeted for completion in Q4 2026.²⁶

Bass Strait

Bass Strait is located in the south east of Australia and produces gas through a network of offshore platforms, pipelines and onshore processing facilities. The Bass Strait assets include the Gippsland Basin Joint Venture (GBJV) and the Kipper Unit Joint Venture (KUJV).

Woodside’s share of production from Bass Strait was 8.4 MMboe in H1 2026, an 8% decrease from H1 2025 predominantly due to reduced available capacity through scheduled maintenance programs and domestic gas demand.

In H1 2026, drilling of the five wells under the Turrum Phase 3 Project was completed. The Turrum Phase 3 Project is targeting delivery of gas to the eastern Australian domestic gas market by H1 2027 from the Turrum and North Turrum fields with topsides modifications to the Marlin B platform.

Subsequent to the period, on 1 July 2026, the transfer of operatorship of the Bass Strait assets from ExxonMobil to Woodside occurred, following the satisfaction of the conditions precedent to the transaction.²⁷

Woodside continues to progress technical maturation of four potential development wells that could deliver up to 200 PJ of sales gas to the market. Technical maturity and the impact of the Federal Government’s new domestic gas reservation scheme will influence whether these opportunities are progressed to a final investment decision. Subject to a final investment decision, these would be developed solely by Woodside through the Bass Strait infrastructure.

Woodside became operator on 1 July 2026 and holds a 50% participating interest in the GBJV and a 32.5% participating interest in the KUJV.

Other Australian oil and gas assets

Woodside operates three floating production storage and offloading (FPSO) facilities off the north west coast of Western Australia. These are the Ngujima-Yin FPSO (Woodside participating interest: 60%), Pyrenees FPSO (Woodside participating interest: 40% in WA-43-L and 71.4% in WA-42-L) and Okha FPSO (Woodside participating interest: 50%).

Following completion of the asset swap agreement with Chevron announced in 2024, Woodside’s participating interest in the Okha FPSO will increase to 66.67%. The asset swap remains targeted for completion in Q4 2026.²⁶

Woodside’s share of production from the FPSO assets was 2.2 MMboe in H1 2026. This was a 39% decrease from H1 2025 primarily due to the planned shipyard maintenance and a subsea mooring system defect for the Okha FPSO and Severe Tropical Cyclone Narelle impacting in-field infrastructure at Pyrenees FPSO.

Woodside also operates Macedon (Woodside participating interest: 71.4%), a gas project located near Onslow, Western Australia which produces pipeline gas for the Western Australian domestic gas market.

Woodside’s share of production from Macedon was 4.0 MMboe, a 5% decrease from H1 2025 primarily reflecting natural field decline. The Macedon facility delivered approximately 16% of the Western Australian domestic gas market supply in H1 2026.

Woodside Solar

Woodside is progressing a potential opportunity to reduce gross Scope 1 greenhouse gas emissions at Pluto LNG by utilising solar energy from the proposed Woodside Solar Project.

Woodside continued activities to progress the proposed Woodside Solar Project, including arrangements to secure access to new and existing common-user transmission infrastructure required to transmit renewable energy to Pluto LNG. Development of this infrastructure is being led by the Western Australian Government and APA Group.

Sangomar

The Sangomar Field Development Phase 1 is a deepwater project with a stand-alone FPSO facility moored approximately 100 km offshore Senegal.

Woodside’s share of production was 15.0 MMboe in H1 2026, a 4% increase from H1 2025 due to continued strong reservoir performance, high reliability and optimisation of wells, flow lines and system hydraulics.

In H1 2026, Sangomar continued to deliver strong operational performance, averaging 99 Mbbl/d (100% basis, 83 Mbbl/d Woodside share) at 99.5% production reliability.²⁸ Reservoir performance continues to exceed expectations, particularly in the S500 reservoirs. Greater-than-anticipated aquifer pressure support, combined with well and network optimisation has enabled an extended initial production plateau and reduced the impact of reservoir decline. Although ongoing optimisation activities continue to moderate decline rates, production is expected to increasingly reflect the underlying reservoir decline profile.

H1 2026 sales of Sangomar crude oil were directed to Europe and South Asia during the Middle East conflict, attracting strong premiums.

Evaluation of future development opportunities is ongoing. A potential Phase 2 development leveraging existing installed capacity would include wells targeting the upper S400 reservoirs. Engagements are ongoing with Petrosen (18% participating interest) and the Senegalese Government for Phase 2.

Woodside is operator and has an 82% participating interest.

Shenzi

Shenzi is a conventional offshore oil and gas field developed through a tension leg platform located offshore in the Gulf of America.

Woodside’s share of production in H1 2026 was 4.1 MMboe at 99.1% reliability. This was a 12.8% decrease compared with H1 2025 due to natural field decline and reduced pressure support from a major water injector.

Woodside is operator and holds a 72% participating interest.

Atlantis

Atlantis is a conventional offshore oil and gas development in the Gulf of America. It includes a semi-submersible facility and is one of the largest producing fields in the United States.

In H1 2026, water injection commenced on a new well, and the Atlantis Major Facility Expansion Project progressed. Subsequent to the period, the Major Facility Expansion project achieved start-up. The project added subsea infrastructure and upgraded water injection equipment.

Woodside’s share of production in H1 2026 was 6.3 MMboe. This was a 5% increase compared with H1 2025 due to high reliability and production from the Drill Center 1 Expansion which started production in H2 2025.

Woodside holds a 44% non-operating participating interest.

Mad Dog

Mad Dog is an offshore conventional oil and gas field located in the Gulf of America and is currently producing from two offshore facilities, A-Spar and Argos. The Argos facility was installed as part of the Mad Dog Phase 2 Project, an ongoing development of the southern flank of the Mad Dog field.

The third and final Mad Dog Southwest Extension well was brought online in Q1 2026, completing the project that began with production from the first production well in August 2025.

Contacts

INVESTORS

Vanessa Martin
M: +61 477 397 961

E: [email protected]

MEDIA

Christine Abbott
M: +61 484 112 469

E: [email protected]

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

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