Woodside Energy Releases Third Quarter Report for Period Ended 30 September 2025

Sangomar extends its run

Quarterly performance highlights

• Quarterly production of 50.8 MMboe (552 Mboe/d), up 1% from Q2 2025. Full-year 2025 production guidance has been revised to 192 – 197 MMboe.
• Continued exceptional performance from Sangomar, with 99 Mbbl/d produced (100% basis, 82 Mbbl/d Woodside share), generating $477 million revenue for the quarter.
• Achieved outstanding Pluto LNG reliability of 100% for the quarter.
• Achieved an average realised quarterly price of $60/boe, benefiting from diversified pricing and optimisation.

Project highlights

• The Scarborough Energy Project was 91% complete, and is on track for first LNG in the second half of 2026.
• The Beaumont New Ammonia Project was 97% complete, with Phase 1 targeting first ammonia production from late 2025.
• The Trion Project was 43% complete, and is targeting first oil in 2028.
• The Louisiana LNG Project, comprising three trains, was 19% complete. Train 1 was 25% complete and is targeting first LNG in 2029.

Business and portfolio highlights

• Received the final environmental approval from the Australian Government on the North West Shelf Project Extension. The approval enables continued operations beyond 2030, allowing increased resource recovery and other resource owners gas processing subject to rigorous conditions.
• Agreed to assume operatorship of the Bass Strait assets, unlocking potential development of additional gas resources, with completion targeted in 2026.
• Completed the divestment of the Greater Angostura assets, receiving cash of $259 million.¹
• Entered into a sale and purchase agreement with PETRONAS and a heads of agreement with BOTAŞ for the long-term supply of LNG.²

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

Woodside CEO Meg O’Neill said the company maintained excellent operational performance over the quarter, while efficiently executing a global portfolio of growth projects to drive long-term shareholder value.

“Woodside delivered increased quarterly production of 51 million barrels of oil equivalent. Sangomar maintained its exceptional performance, producing 99 thousand barrels of oil per day at 98.2% reliability. Our Australian assets also demonstrated outstanding reliability of 100% at Pluto LNG and 99.9% at the North West Shelf Project.

“We received final Australian Government approval during the quarter for the North West Shelf Project Extension, providing certainty for ongoing operations and reliable energy supply from this high-quality asset.

“Our agreement to assume operatorship of the Bass Strait assets further strengthens Woodside’s Australian operations portfolio and unlocks potential development of additional gas resources.

“We continued safe delivery of Woodside’s major growth projects to schedule and budget.

“Strong momentum on delivery of the Scarborough Energy Project continues, which is now 91% complete and on track for first LNG in the second half of 2026. During the quarter, three more development wells were drilled with reservoir quality and well deliverability expectations in line with pre-drill estimates, and pre-commissioning of the subsea infrastructure was completed.

“Our Beaumont New Ammonia Project is 97% complete, with key systems now operational and commissioning activities underway. We continue to target first ammonia production in late 2025.

“Our Louisiana LNG Project, comprising three trains, has ramped up with more than 1,000 personnel now on site and construction is 19% complete. Strong support for the project from state and federal governments and the Louisiana community was in evidence at our groundbreaking ceremony in September.

“Customer demand for Woodside’s LNG remains robust. Our fully termed sales and purchase agreement with PETRONAS will see Woodside supply one million tonnes per annum of LNG to Malaysia from 2028 for a 15-year period. Under our heads of agreement with BOTAŞ, Woodside will supply the Turkish company with approximately 0.5 million tonnes per annum of LNG over nine years from 2030, subject to entering a binding sales and purchase agreement.

“Woodside continues to support our customers’ decarbonisation efforts. During the quarter, we signed a memorandum of understanding with Japan Suiso Energy and The Kansai Electric Power Co. to collaborate on the proposed development of a liquid hydrogen supply chain between Western Australia and Japan, centred on our proposed H2Perth Project. The Premier of Western Australia attended the signing event, highlighting the significance of this opportunity.”

Pluto LNG

• Achieved quarterly LNG reliability of 100%.
• The XNA-03 infill well is progressing toward RFSU, targeted in H1 2026.

North West Shelf (NWS) Project

• Achieved strong quarterly LNG reliability of 99.9%.
• Completed planned maintenance offshore at North Rankin and onshore at Karratha Gas Plant (KGP), with production recommencing as planned.
• Successfully started the Lambert West development well, tied back to the Angel platform.
• Received the final environmental approval from the Australian Government on the NWS Project Extension, enabling processing of remaining infill and near-field opportunities from existing NWS reserves beyond 2030 and gas from other resource owners. Woodside has assessed the work required to meet the federal conditions; there is no material increase expected to forecast capital expenditure to maintain ongoing North West Shelf production. The federal conditions provide clarity on the modifications required at KGP that will support processing of other resource owners’ gas.
• Subsequent to the quarter, two separate legal proceedings were commenced in the Federal Court of Australia challenging the Australian Government’s decision to approve the NWS Project Extension.

Wheatstone and Julimar-Brunello

• Progressed the Julimar Phase 3 Project, a four-well tieback to the existing Julimar field production system. Drilling activities commenced in the quarter, with project startup targeted in 2026.
• Completion of the asset swap with Chevron remains targeted for 2026.¹²

Bass Strait

• Agreed to assume operatorship of the Bass Strait assets from ExxonMobil Australia, with completion targeted for 2026.¹³ Four potential development wells have been identified that could deliver up to 200 PJ of sales gas to the market, subject to further technical maturation and a final investment decision. This potential production has been identified from within the existing contingent resource opportunity set.¹⁴
• Delivered reliability of 90.5% during the peak winter period, the first winter post completion of the Gippsland Asset Streamlining Project.
• Progressed the Kipper 1B Project with drilling activities completed subsequent to the end of the period.

Sangomar

• Achieved average daily production rate of 99 Mbbl/d (100% basis, 82 Mbbl/d Woodside share) at 98.2% reliability.
• Strong field performance in the S500 reservoirs resulted in an additional 18.4 million barrels of proved (1P) reserves being added in July.¹⁵
• Production from the Sangomar field remained on plateau through the quarter, with the field expected to come off plateau during Q4 2025.
• Recognised as International Local Content Champion of the Year by African Energy Week 2025 for commitment to building local capacity and fostering skills transfer.

United States of America

• Achieved strong quarterly production at Shenzi, supported by reliability of 97.1%.
• Commenced drilling activities on the Atlantis Drill Center 1 Expansion Project.
• Achieved first production from the Argos Southwest Extension Project in August, 25 months after finishing the appraisal well.

Greater Angostura

• On 11 July 2025, completed the divestment of the Greater Angostura assets to Perenco which includes Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities, and onshore terminal, receiving cash of $259 million.¹⁶

• Signed a fully termed sales and purchase agreement with PETRONAS LNG Ltd, a subsidiary of Petroliam Nasional Berhad (PETRONAS), for the supply of 1 Mtpa of LNG to Malaysia from 2028 for a period of 15 years.
• Signed a heads of agreement with Boru Hatlarıile Petrol Taşıma A.Ş. (BOTAŞ), for the supply of approximately 0.5 Mtpa of LNG from 2030, for a period of up to nine years. Supply will primarily be from the Louisiana LNG Project. The supply arrangement is subject to the parties entering a binding sales and purchase agreement.
• Woodside held a naming ceremony for two new LNG charter vessels, the Woodside Jirrubakura and the Woodside Barrumbara. The Woodside Jirrubakura was delivered during the quarter and will support the start-up of the Scarborough Energy Project.
• Executed incremental pipeline gas sales of:
  • 4.9 PJ in Western Australia for delivery in 2025. Woodside continues to engage with the Western Australian domestic market on additional spot supply and requirements for 2026 and 2027.
  • 29.2 PJ in Eastern Australia for delivery in 2026 and 2027.
• Supplied 29.8% of produced LNG at prices linked to gas hub indices in the quarter, realising a $2.4/MMBtu premium compared to oil-linked pricing. This represents 10.9% of Woodside’s total equity production.

• Signed a non-binding memorandum of understanding with Hyundai Engineering and Hyundai Glovis, establishing a strategic framework to collaborate on LNG project development, engineering services and shipping logistics.

Scarborough Energy Project

• The Scarborough and Pluto Train 2 Projects were 91% complete at the end of the quarter (excluding Pluto Train 1 modifications).
• Continued integration and commissioning activities for the floating production unit ahead of China departure in November.
• Continued drilling of the development wells with the fourth, fifth and sixth wells drilled and completed. Subsequent to the period, the seventh development well was drilled. Reservoir quality and well deliverability expectations continue to be in line with pre-drill estimates.
• Completed the installation, testing and pre-commissioning of the subsea infrastructure.
• Pluto Train 2 workforce numbers remain at peak levels. Key activities include piping and electrical installation, system testing and commissioning.
• Completed installation of structural decks on the Pluto Train 1 modifications modules. Key activities include piping, electrical and equipment installation.
• The Federal Court of Australia confirmed the validity of the National Offshore Petroleum and Safety and Environmental Management Authority’s acceptance of the Scarborough Offshore Facility and Trunkline (Operations) Environment Plan.
• First LNG cargo is on track for the second half of 2026.

Beaumont New Ammonia

• The Beaumont New Ammonia Project was 97% complete at the end of the quarter.
• Pre-commissioning and commissioning activities for Train 1 remain underway. Key systems are now operational.
• Catalyst loading in the ammonia converter has begun and commissioning of critical equipment is scheduled to begin in October.
• First ammonia production is targeted for late 2025, subject to satisfying the commissioning and startup requirements for the facility.
• Project completion and associated payment of the remaining 20% of the acquisition consideration is expected in 2026.

Trion

• The Trion Project was 43% complete at the end of the quarter.
• Progressed fabrication of the floating production unit hull and topside.
• Commenced fabrication and progressed detailed engineering of the floating storage and offloading unit.
• Progressed manufacturing of subsea equipment, with the first manifold completed.
• Received regulatory approval for the Environmental Impact Assessment.
• First oil is targeted for 2028.

Louisiana LNG

• The Louisiana LNG Project, comprising three trains, was 19% complete and first LNG is targeted for 2029.
• Train 1 was 25% complete at the end of the quarter. First deliveries of structural steel and process piping were received for Train 1 construction.
• Train 2 and 3 were 14% and 12% complete respectively at the end of the quarter. Foundation work for both are underway.
• Commenced LNG tank vertical construction.
• Continued focus on progressing the marine offloading facility, marine dry excavation, and civil works.
• Progressed securing rights of way for new build pipeline (Line 200) to terminal, currently secured 55% by length.
• Received approval of the Quality Jobs incentive application from the Louisiana Board of Commerce and Industry. The incentive is estimated to provide $132 million in rebates for the Project.

Hydrogen Refueller @H2Perth

• The Hydrogen Refueller @H2Perth is a self-contained hydrogen production, storage and refuelling station located in Perth, Western Australia.
• Commissioning activities have commenced on site in preparation, ready for startup in Q4 2025.
• First hydrogen production is targeting the first half of 2026.¹⁷

• Recommenced offshore decommissioning execution activities on Stybarrow and Griffin in accordance with revised General Direction requirements.
• Completed removal of xmas trees from the ten Stybarrow wells and commenced removal of associated wellheads with four wellheads removed in Q3.
• Completed removal of Griffin mid-depth buoy chains.
• Commenced preparations for planned removal of the Echo Yodel umbilical in Q4 2025.
• In Bass Strait, 11 wells were plugged in the quarter. Received funding approval for the offshore platform removal campaign 1 project and progressed environmental approvals.

Browse

• In August, the Western Australian Environmental Protection Authority accepted an amendment to the Browse to North West Shelf Project proposal, which reflects changes to the development footprint and new environmental measures.
• In September, the Department of Climate Change, Energy, the Environment and Water (DCCEEW) accepted the corresponding amendment to the Commonwealth Browse to North West Shelf Project proposal.
• Following the referral of the Browse CCS Project in October 2024, awaiting a decision by DCCEEW on the assessment approach and corresponding level of assessment for the Browse CCS Project environmental proposal under the Environment Protection and Biodiversity Conservation Act.
• Engaged contractors to progress pre-FEED engineering scopes for floating production, storage and offtake facilities.

Sunrise

• Woodside remains engaged with both the Timor-Leste and Australian Governments, as well as the Sunrise Joint Venture participants, to evaluate and address technical and commercial factors that support the intended development of the fields.
• Following Woodside’s visit to Timor-Leste’s south coast as a potential location for processing Sunrise gas, a reciprocal visit was hosted in Karratha and Perth for the Timor-Leste Minister of Petroleum and Mineral Resources and a senior Timorese delegation to demonstrate Woodside’s LNG project execution skills and capabilities.

Calypso

• The Calypso Joint Venture continues to review development options. Concept select engineering studies to mature the technical and commercial definition were completed in Q3.

Exploration

• Acquired 17.5% working interest across five blocks in the Green Canyon (United States) offshore area.
• The Bandit-1 well (non-operated) was spud in September 2025 in permit area GC 680.

H2 Perth

• Woodside Energy, Japan Suiso Energy, Ltd. and The Kansai Electric Power Co., Inc. have signed a memorandum of understanding to collaborate on the development of a liquid hydrogen supply chain between Australia and Japan, centered on Woodside’s proposed H2Perth Project.

Carbon capture and storage (CCS) opportunities

• The Bonaparte CCS Assessment Joint Venture continued with pre-front end engineering design.
• Woodside continues to assess the South East Australia CCS opportunity.

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.^18,19
• Released Woodside’s 2024 Reconciliation Action Plan Report. The report outlines progress against four pillars: Respect for Culture and Heritage, Capability and Capacity, Economic Participation and Stronger Communities.

Hedging

• As at 30 September 2025, delivered approximately 83% of the 30 MMboe of 2025 oil production that was previously hedged at an average price of $78.7 per barrel.
• The realised value of all hedged positions for the period ended 30 September 2025 is an estimated pre-tax profit of $139 million, with a $135 million profit related to oil price hedges offset by a $16 million loss related to Corpus Christi hedges, and a $20 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 financial statements.

Funding and liquidity

• As at 30 September 2025, Woodside had liquidity of approximately $8,300 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.
• As there is no long-term urea forward curve, Title Transfer Facilities (TTF) continues to be used as a proxy to simulate the value of the derivative over the life of the contract.
• For the quarter ended 30 September 2025, an unrealised loss of approximately $15 million is expected to be recognised through other income.

Capital Markets Day

• Woodside’s Capital Markets Day 2025 will be held on Wednesday, 5 November 2025, commencing at 9:30 AEDT / 6:30 AWST / 16:30 CST (Tuesday, 4 November 2025).
• A live webcast of the event will be available at https://meetings.lumiconnect.com/300-031-281-118.

Upcoming events 2025-2026

Contacts

INVESTORS
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M: +61 477 397 961

E: [email protected]

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M: +61 484 112 469

E: [email protected]

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