Woodside Energy Second Quarter Report for Period Ended 30 June 2026

Sangomar delivers and Scarborough advances

Performance highlights

• Delivered quarterly operating revenue of $4,185 million, up 28% on Q1 2026 and achieved a strong average realised price of $85/boe, up 35% on the prior quarter.
• Delivered quarterly production volumes of 41.3 MMboe (454 Mboe/d), down 9% from Q1 2026 due to the planned maintenance at Pluto Train 1 and recovery from cyclone impacts.
• Achieved exceptional operational reliability of more than 99% at Sangomar and Shenzi and more than 97% at North West Shelf Project LNG and Pluto LNG.
• Continued impressive performance at Sangomar, producing at near nameplate capacity with average daily production of 99 Mbbl/d (100% basis, 86 Mbbl/d Woodside share).¹
• Successfully delivered planned maintenance at Pluto Train 1 on schedule and budget, including critical tie-ins for Scarborough.

Project highlights

• The Scarborough Energy Project was 98% complete and remains on budget and on track for first LNG cargo in Q4 2026, with first gas from the Scarborough reservoir achieved subsequent to the period.
• The Trion Project progressed to 64% complete and remains on budget, targeting first oil in 2028.
• The Louisiana LNG Project remains on budget, targeting first LNG in 2029; it is 28% complete with Train 1 35% complete.

Business and portfolio highlights

• Exercised pre-emption rights to acquire PetroChina International Investment (Australia) Pty Ltd’s (CNPC) 10.67% participating interest in the Browse Joint Venture (BJV).²
• Entered a sale and purchase agreement with Alcoa for the supply of 31.1 PJ of domestic gas over the period 2027 to 2030.
• Subsequent to the period, completed the transfer of operatorship for the Gippsland Basin assets from ExxonMobil to Woodside.
• Completion of the asset swap with Chevron targeted for Q4 2026 remains on track.

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

Woodside CEO Liz Westcott said the company continued to deliver safe and strong operational performance across its global portfolio while efficiently executing major growth projects.

“We delivered production of 41.3 million barrels of oil equivalent in the second quarter, highlighted by outstanding reliability of 99.3% at Sangomar and 99.2% at Shenzi.

“Sustained production performance and asset reliability have provided greater certainty around expected full-year outcomes, supporting a narrower production guidance range for 2026.

“Strong realised prices supported earnings and cash generation, highlighting the resilience of our diversified portfolio amid ongoing macroeconomic and commodity price volatility.

“We continue to deliver our major growth projects to budget and schedule. The Scarborough Energy Project is 98% complete and remains on track for first LNG cargo in the fourth quarter of 2026. The successful completion of the Pluto planned maintenance during the quarter marked a key milestone in preparing for Pluto Train 2 integration and processing of Scarborough gas.

“At the end of the quarter Trion was 64% complete, with first oil targeted in 2028. At Louisiana LNG, the foundation phase continues to advance to plan, with the project 28% complete and targeting first LNG in 2029.

“During the quarter, we exercised our pre-emption right to acquire PetroChina International Investment’s 10.67% interest in Browse, reinforcing our commitment to progressing the Browse to North West Shelf development concept. We believe Browse has the potential to create enduring shareholder value while delivering significant long-term economic benefits for Australia.

“A new gas sales and purchase agreement to supply Alcoa’s Western Australian alumina refining operations demonstrated Woodside’s ongoing contribution to supporting the state’s energy security and supplying the domestic market.

“Subsequent to the quarter, we assumed operatorship of the important Gippsland Basin assets, reinforcing Woodside’s role as a reliable gas supplier to Australia’s east coast.

“We are also continuing to focus on our sustainability performance, announcing a $5 million multi-year biodiversity program in Louisiana that builds on similar initiatives in Western Australia.”

Pluto LNG

• Achieved quarterly LNG reliability of 97.6%.
• Successfully executed the planned maintenance in May 2026 on budget and schedule. This included key integration scopes for the Scarborough Energy Project.
• Preparing for start-up of the XNA-03 infill well, targeted for H2 2026.

North West Shelf (NWS) Project

• Achieved quarterly LNG reliability of 97.8%.
• Approved the drilling rig contract for the Greater Western Flank Phase 4 Project with drilling targeted to commence in Q2 2027, and production targeted in 2028.
• Continued preparation for the scheduled single train LNG planned maintenance targeting commencement in September 2026.

Wheatstone and Julimar-Brunello

• Completed subsea construction for the Julimar Development Phase 3 project, with start-up targeted for H2 2026.
• LNG production at Wheatstone was impacted following an unplanned outage caused by Severe Tropical Cyclone Narelle. Repairs were completed in April 2026.
• Commenced decommissioning of three Julimar-Brunello exploration wells, with completion a condition precedent for the asset swap with Chevron.
• Completion of the asset swap with Chevron is targeted for Q4 2026.¹² Completion of the transaction will streamline Woodside’s operations and consolidate focus on our operated LNG assets.

Bass Strait

• Achieved reliability of 92% during the quarter.
• Completed planned shutdowns of the Marlin A and Marlin B platforms.
• Completed drilling of the remaining three wells for the Turrum Phase 3 Project, completing the five-well drilling program. The wells will now undergo completion activities with first production targeted for H1 2027.
• Subsequent to the period, completed the transfer of operatorship of the Gippsland Basin assets from ExxonMobil to Woodside on 1 July 2026, following the satisfaction of the conditions precedent to the transaction.

Other Australia

• The Okha FPSO completed scheduled shipyard activities as planned. Assessment and remediation planning are underway following identification of a subsea mooring system defect during routine inspection, with production yet to resume.
• Oil production at the Pyrenees FPSO was impacted following damage caused by Severe Tropical Cyclone Narelle. The FPSO safely reconnected and production partially resumed, with assessment ongoing to support a return to full production.

Sangomar

• Achieved an average daily production rate of 99 Mbbl/d (100% basis, 86 Mbbl/d Woodside share) with reliability of 99.3%.¹³
• Reservoir performance continues to exceed expectations, particularly in the lower S500 reservoirs. This has been the result of greater than anticipated aquifer pressure support which, together with rigorous well and network optimisation, enabled an extended initial plateau and some mitigation of decline rates now being experienced.
• Evaluation continued for a potential Phase 2 development targeting the upper S400 reservoirs.
• Engagements with Petrosen and the government on a potential Phase 2 development are ongoing.

Gulf of America

• Achieved continued high reliability at Shenzi of 99.2%.

Beaumont New Ammonia

• Achieved reliability of 92.2% during the quarter, following Woodside’s assumption of operational control from OCI at the end of the first quarter.
• Production was constrained to approximately 69% of nameplate capacity due to third-party feedstock availability. Interim feedstock arrangements are expected to remain in place into 2027, pending progress on long-term third-party feedstock infrastructure.
• Commencement of lower-carbon ammonia production remains targeted for 2027, subject to commissioning of Linde’s low-carbon hydrogen facilities and start-up of ExxonMobil’s CCS infrastructure, including approval of the relevant CCS permitting process.
• For the period ended 30 June 2026, sales have been a combination of spot and term cargoes with 24% supplied to the domestic market and 76% to the international market.

Revenue and trading

• LNG realised prices improved quarter-on-quarter as global LNG market prices strengthened due to supply constraints, and price lags from Q1 2026 were realised. Price lags from Q2 are expected to be realised in Q3.
• Approximately 21% of LNG sold was linked to gas hub indices during the quarter due to fewer volumes available as a result of the Pluto planned maintenance.
• Global supply interruptions continued in the quarter, supporting increased demand for crude products and strengthening prices.
• The liquids portfolio (oil, condensate and liquids traded) outperformed market pricing through realised premiums.
• In this quarter, marketing sales volumes, marketing revenue and trading costs increased due to higher third-party cargo purchases. These transactions were part of ongoing portfolio optimisation across multiple trades resulting in the redirection of Woodside cargoes. The realised value of these trading activities are expected in the future as these cargoes are delivered, causing fluctuations in earnings across reporting periods.

Shipping

• Delivered the Woodside Bilangara during the quarter to support the start-up of the Scarborough Energy Project.
• Signed five long-term charter parties for LNG carriers commencing in 2029 to support the Louisiana LNG Project.

Pipeline gas

• Executed incremental pipeline gas sales of:
  • 47.5 PJ to be delivered to the Western Australian market from 2027 to 2030, including a sale and purchase agreement for the supply of 31.1 PJ to Alcoa.
  • 38.9 PJ to be delivered to the East Coast market from 2026 to 2028.

Scarborough Energy Project

• The Scarborough and Pluto Train 2 projects remain on budget and were 98% complete at the end of the quarter (excluding Pluto Train 1 modifications).
• All upstream infrastructure is now in place. The Floating Production Unit (FPU) and subsea production system commissioning activities continued.
• Subsequent to the period, the FPU achieved ready for start-up status and first gas was achieved from the Scarborough reservoir. The trunkline also achieved ready for start-up status, enabling the commencement of pressurisation of the trunkline from the FPU through to the onshore plant.
• Continued construction and commissioning activities at the Pluto Train 2 site, including completion of the gas turbine generator synchronisation with the Pluto site power grid and mechanical runs of three of the six liquefaction compressors.
• The final module for the Pluto Train 1 modifications was shipped from the yard in Thailand and, subsequent to the quarter, arrived at the Pluto site.
• Continued civil, structural, piping and electrical works for Pluto Train 1 modifications at the Pluto site.
• Multiple integration scopes and tie-ins were successfully completed during the Pluto LNG Train 1 planned maintenance in May 2026.
• First LNG cargo is on track for Q4 2026.

Trion

• The Trion Project remains on budget and was 64% complete at the end of the quarter.
• Progressed drilling campaign, drilling three wells of the 24‑well program which commenced in March.
• Commenced subsea equipment deliveries to Mexico, ahead of installation commencing in Q3 2026.
• Completed lift of FPU topside modules onto the hull and commenced integration and pre-commissioning.
• Continued Floating Storage and Offloading structural block fabrication in dry dock.
• Completed fabrication and testing of the disconnectable turret mooring buoy.
• The Trion Project is targeting first oil in 2028.

Louisiana LNG

• The Louisiana LNG Project remains on budget and was 28% complete at the end of the quarter.
• Train 1 was 35% complete at the end of the quarter, with above-ground piping installation and structural steel erection progressed during the period.
• Trains 2 and 3 were 25% and 18% complete respectively at the end of the quarter, with structural steel erection commenced for Train 2 and concrete pilings progressed for Train 3.
• Awarded a services contract valued at more than $300 million for the construction of four tug boats for Louisiana LNG operations, taking total committed spend with Louisiana suppliers beyond $1 billion.
• Ongoing disruptions through the Strait of Hormuz continue to challenge structural steel delivery from Bechtel’s fabrication facility in the United Arab Emirates. Mitigation measures are being implemented, including alternative logistics routes and fabrication sources, to support continuity of steel supply and maintain planned construction schedules beyond 2026.
• Ongoing engagement with high-quality counterparties for equity participation and LNG offtake continues.
• The project is targeting first LNG in 2029.

Hydrogen Refueller @H2Perth

• Successfully completed leak testing and cold commissioning activities.
• Commissioning activities continue on site, with ready for start-up now targeted for Q3 2026 and first hydrogen production expected in H2 2026.¹⁴

• Commenced plug and abandonment (P&A) of eight subsea wells including five North West Shelf Gas wells and three Julimar-Brunello exploration wells.
• Completed the Enfield field seabed survey and analysis campaign.
• Continued offshore decommissioning at Stybarrow with recovery of flexible flowlines, and progressed technical and planning studies across the Stybarrow, Griffin and Minerva projects to support development of forward decommissioning work plans.
• Progressed well P&A activities at the Gippsland Basin Joint Venture with completion of plugging the West Kingfish and Cobia platform wells, and commencement of platform rig operations on Halibut and Tuna platforms.
• Progressed the Bass Strait Offshore Platform Removal Campaign 1 preparation activities, with the Environmental Plan accepted by the National Offshore Petroleum Safety and Environmental Management Authority and upgrades to the onshore reception centre at Barry Beach Marine Terminal commenced.

Browse

• Continued engagement with regulators to progress environmental approvals. Submitted a revised Browse Carbon Capture and Storage (CCS) environmental referral to the Commonwealth regulator to allow it to be assessed under the amended Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act). Received a determination from the Federal Environment Minister that allows the Browse CCS Project to be assessed wholly under the EPBC Act. The resubmission does not reflect any significant changes to the nature, scope or intent of the Browse CCS project.
• Subsequent to the period, granted State Significant Project status under the Lead Agency Framework by the Western Australian State Government for the Browse to North West Shelf Project.

Sunrise

• Continued engagement by the Sunrise Joint Venture with the Governments of Timor-Leste and Australia to advance the fiscal and regulatory frameworks supporting the potential development of Sunrise.
• Progressed technical and commercial activities under the Timor‑Leste Cooperation Agreement to support maturation of a potential Timor‑based LNG concept.

Calypso

• Woodside’s project evaluation continued to progress, including assessment of Calypso’s relative value within Woodside’s portfolio.
• For the period ended 30 June 2026, impairment losses relating to the Calypso Project are expected. Refer to page 10 for further detail.

Exploration

• Woodside was awarded the two leases in the US Gulf of America where Woodside was the successful bidder from the Big Beautiful Gulf 2 Lease Sale held in March 2026.
• Entered into a non-binding memorandum of understanding with the Agência Nacional de Petróleo, Gás e Biocombustíveis to evaluate three blocks in the Benguela and Namibe basins offshore Angola.
• Completed exit activities associated with the Marine XX licence in the Republic of Congo.

H2Perth

• In May 2026, the EPA approved Woodside’s application under section 43A of the Environmental Protection Act 1986 (WA) to amend the proposal for the proposed H2Perth Project from its previous concept to a liquefied hydrogen only facility.

Chair succession

• The Woodside Board has a formal process underway to identify and appoint the Company’s next Chair, to replace Richard Goyder AO who has previously indicated his intention to retire at or before the end of his current term in 2027.
• The selection process will be led by independent Non-executive Director Swee Chen Goh.
• The Board will consider a range of factors in identifying and selecting the next Chair, including leadership capability and experience, governance expertise, strategic insight, stakeholder engagement expertise and the capacity to oversee the creation and maintenance of shareholder value by a global company.

Structured review

• The structured review announced with the Q1 results is progressing. The review is focused on streamlining decision-making, reducing organisational complexity, and identifying efficiency opportunities whilst maintaining safe operational execution and performance.
• A further update on progress will be provided with the half-year results.

Browse Joint Venture pre-emption

• In June Woodside exercised its pre-emption right to acquire CNPC’s 10.67% interest in the BJV. The terms of the transaction include a payment payable upon completion of $225 million plus reimbursement of CNPC’s BJV cash call contributions from 30 June 2025 to the date of completion, and a contingent payment of $175 million payable upon a final investment decision for the development of all of the Brecknock, Calliance and Torosa fields on or before 30 June 2032.¹⁵

Climate and sustainability

• Launched the Sam Houston Jones Restoration Project, supporting restoration of threatened habitats and key wildlife species in Louisiana.
• Further progressed the Watheroo Biodiversity Project in Western Australia, with a long-term funding agreement with Department of Biodiversity, Conservation and Attractions.
• Submitted Woodside’s second annual Oil and Gas Methane Partnership 2.0 implementation plan to the United Nations Environment Programme, including results from monitoring and measurement activities in 2025.
• Subsequent to the period, held a Sustainability Focus Session on 22 July 2026 with investors on Woodside’s approach to process safety.

Hedging

• 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. No additional oil-linked corporate hedges were entered into during the quarter and the 2027 hedge position remains unchanged.
• Continued managing risk associated with the Corpus Christi LNG volumes involving Henry Hub and Title Transfer Facility (TTF) commodity swaps.
• For the period ended 30 June 2026, hedge settlements resulted in a net cash outflow of approximately $400 million. This does not directly translate to the profit and loss as cash settlements on oil-linked hedges occur in advance of the related profit and loss impact, resulting in a temporary difference between cash flows and reported earnings. Accordingly, an estimated pre-tax loss of $70 million primarily relating to Corpus Christi LNG hedges and foreign exchange hedges were recognised in the period. The losses relating to oil-linked hedges cash settled during the quarter are expected to be recognised in Q3, and this will be offset by higher revenue from the realisation of price lags from Q2.

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, TTF continues to be used as a proxy to simulate the value of the derivative over the life of the contract.
• For the period ended 30 June 2026, an unrealised pre-tax loss of approximately $135 million is expected to be recognised through other expense.

Funding and liquidity

• On 29 June 2026, Woodside repaid a $600 million Syndicated Term Loan approximately 6 months prior to maturity, reflecting prudent balance sheet management.
• As at 30 June 2026, Woodside had liquidity of approximately $8,200 million, after paying a fully franked dividend in March, net debt (including lease liabilities) of approximately $9,300 million and gearing of approximately 21%.
• Net debt and gearing was impacted by:
  • Approximately $600 million of lease liabilities recognised in the first half of 2026, for the Woodside Bilangara LNG vessel and Trion construction related vessels.¹⁶
  • Net cash outflow of approximately $400 million for hedge settlements.
  • Higher pricing driving an approximate $100 million increase in trade receivables expected to be received in July.

2026 half-year results and teleconference

• Woodside’s Half-Year Report 2026 and associated investor briefing will be released to the market on Tuesday, 25 August 2026. These will also be available on Woodside’s website at http://www.woodside.com/.
• A teleconference providing an overview of the 2026 half-year results and a question and answer session will be hosted by Woodside CEO and Managing Director, Liz Westcott, and Chief Financial Officer, Graham Tiver, on Tuesday, 25 August 2026 at 10:00 AEST / 08:00 AWST / 18:00 CST (Monday, 24 August 2026).
• We recommend participants pre-register 5-10 minutes prior to the event with one of the following links:
  • https://webcast.openbriefing.com/WDS-hyr-2026/ to view the presentation and listen to a live stream of the question and answer session.
  • https://s1.c-conf.com/diamondpass/10055832-aiwh8k.html to participate in the question and answer session. Following pre-registration, participants will receive the teleconference details and a unique passcode.

Upcoming events 2026-2027

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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