Woodside Energy : Delivering reliable production - Form 6-K

Delivering reliable production

•

Delivered quarterly production of 44.5 MMboe (489 Mboe/day), down 5% from Q1 2023 due to planned turnaround and maintenance activities. Full-year production guidance remains unchanged at 180-190 MMboe.

•

Delivered sales volume of 48.4 MMboe, down 4% from Q1 2023, primarily due to lower production.

•

Delivered revenue of $3,084 million, down 29% from Q1 2023, due to lower realised prices and lower production.

•

Achieved a portfolio average realised price of $63/boe.

•

Sold 31% of produced LNG at prices linked to gas hub indices.

Executing major projects

•

Mad Dog Phase 2 successfully achieved first production at the Argos platform in April 2023, increasing production in the US Gulf of Mexico.

•

The Scarborough development was 38% complete at the end of the period, with manufacturing of the export trunkline complete and Pluto Train 2 module fabrication ramping up.

•

The Sangomar project was 88% complete at the end of the period, with 12 of 23 wells drilled and completed. The floating production storage and offloading (FPSO) topsides integration and pre-commissioning works continued in Singapore.

•

The Sangomar project is now targeting first oil in mid-2024 and the total cost of the project is expected to be US$4.9-5.2 billion, an increase of 7-13% from the previous cost estimate of US$4.6 billion.

Investing in growth

•

Approved a final investment decision to develop the Trion resource in Mexico, with the development remaining subject to regulatory approval of the field development plan (FDP).

•

Made a final investment decision on the Julimar-Brunello Phase 3 project.

•

Progressed contracting activities for the plant construction scope and schedule-critical packages for H2OK.

Page 1 of 16

Woodside CEO Meg O'Neill said:

"It was an extremely difficult period for everyone at Woodside, given the tragic death in early June of a contractor employee at the North Rankin Complex.

"Western Australian Police and the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) are investigating the incident and Woodside is conducting an internal investigation.

"Strong underlying operational performance in the second quarter was impacted by planned turnaround and maintenance activities particularly at the onshore Pluto LNG facility and associated offshore facilities in Western Australia.

"The team delivered a successful turnaround, completing the planned activities at Pluto on schedule.

"Whilst production and sales were lower compared with the first quarter of 2023, they were higher than the corresponding period last year, reflecting Woodside's expanded operations portfolio.

"In the US Gulf of Mexico, we commenced production from the Argos offshore facility. This was a significant milestone for the Mad Dog Phase 2 project and production is expected to ramp up through the year.

"The Scarborough and Pluto Train 2 project continued to make good progress and is now 38% complete. Fabrication of both the topsides and hull of the floating production unit has ramped up. The accommodation village in Karratha, which will service the Pluto Train 2 construction workforce, is now complete. Pluto Train 2 module fabrication and foundation site works is progressing well.

"We conducted a cost and schedule review at Sangomar following the identification of remedial work required on the FPSO. We have taken the prudent decision to conduct the remedial work while the FPSO remains at the shipyard in Singapore.

"This minimises the impact to the project schedule as it is safer, more efficient and more cost effective than undertaking the work offshore Senegal. First oil is now targeted for mid-2024.

"We also achieved an important step towards value-accretive investment in future growth, taking a final investment decision to develop the Trion oil field offshore Mexico, subject to the regulator's approval of the field development plan which is expected in the fourth quarter of this year. Trion is expected to deliver shareholder returns which exceed Woodside's capital allocation framework targets following its forecast start up in 2028.

"A final investment decision was also taken for the Julimar-Brunello Phase 3 project, which will provide a new supply of gas to the non-operated Wheatstone LNG facility in Western Australia.

"We are progressing contracting activities for the plant construction scope and other schedule-critical packages for H2OK and aiming to be ready for a final investment decision in 2023."

Comparative performance at a glance

				Q2 2023		Q1 2023		Change %		Q2 20221		Change %
Production2		MMboe		44.5		46.8		(5%)		33.8		32%
	Mboe/day		489		520		371
Sales		MMboe		48.4		50.4		(4%)		35.8		35%
Revenue		$ million		3,084		4,330		(29%)		3,438		(10%)

1	Q2 2022 reflects the performance of the interests acquired as part of the merger with BHP's Petroleum business from 1 June 2022.

2	Q2 2023 includes 0.23 MMboe, Q1 2023 includes 0.31 MMboe and Q2 2022 includes 0.30 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

Page 2 of 16

Operational overview

Production

•

Production decreased compared to the previous quarter to 44.5 MMboe, primarily due to the planned major turnarounds on Pluto LNG and Ngujima-Yin FPSO. This was partly offset by seasonal demand from Bass Strait and higher production from Mad Dog following first production from the Argos facility in April 2023.

Australian LNG

•

Completed significant planned turnaround and maintenance activities on the onshore and offshore facilities at Pluto LNG on schedule, with production recommencing in June 2023.

Julimar-Brunello

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Made a final investment decision on Julimar-Brunello Phase 3 in April 2023. The project involves the drilling of up to four development wells in the Julimar field and the installation of subsea infrastructure to connect to the existing Julimar field production system.

Bass Strait

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Commenced the commercial tender process for decommissioning a number of facilities within the Gippsland Basin and continued plug and abandonment (P&A) of wells that are no longer producing.

•

Progressed front-end engineering design (FEED) work on Phase 1 of the South East Australia carbon capture and storage (SEA CCS) project. Phase 1 of the SEA CCS project aims to use existing infrastructure to store CO2 in the depleted Bream field off the coast of Gippsland, Victoria.

Gulf of Mexico

•

A successful appraisal well, SWX4, was drilled in the southwest part of the Mad Dog field. An extension of the current development through a multi-well tie-back to Argos is being evaluated.

•

The second of two wells was completed on the Shenzi North project. Subsea work is ongoing with the first of three subsea installation campaigns completed, installing manifolds and high integrity pressure-protection system packages. The project was 82% complete at the end of the period.

Australia Oil

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The Ngujima-Yin FPSO successfully completed a planned five-yearly maintenance turnaround in a Singapore drydock with production expected to recommence in July 2023.

•

The Enfield P&A campaign continued with four wells permanently plugged and three xmas trees removed. The plugging of 13 of 18 Enfield wells and removal of 16 of 18 xmas trees has been completed.

Project and development activities

Mad Dog Phase 2

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First production was successfully achieved at the Argos platform in April 2023. Production is expected to continue to ramp-up through 2023.

Scarborough

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Scarborough upstream pipeline manufacturing is now complete, with pipeline coating ongoing. Ramp up of the floating production unit (FPU) fabrication for both the topsides and hull continued.

•

Pluto Train 2 module fabrication and foundation site works progressed. The construction accommodation village was completed.

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Pluto Train 1 design activities and market engagement for long-lead items continued.

Page 3 of 16

•

The relevant Western Australian regulator accepted the Scarborough Trunkline Installation (State Waters) Environment Plan. Engagement with NOPSEMA continued regarding Commonwealth Environment Plans.

•

The project was 38% complete at the end of the period and first LNG cargo is targeted for 2026.

Sangomar Field Development Phase 1

•

A cost and schedule review was conducted following the identification of remedial work required on the FPSO facility.

•

First oil is now expected in mid-2024 and the total development cost is expected to be US$4.9-5.2 billion, representing a 7-13% increase from the previous cost estimate of US$4.6 billion.

•

FPSO topsides integration and pre-commissioning works continued in Singapore.

•

The development drilling program continued with 12 of 23 wells completed.

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The subsea installation campaign was 76% complete, with the overall subsea work scope 95% complete at the end of the period.

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The project was 88% complete at the end of the period.

Trion

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In June 2023, Woodside made a final investment decision to develop the Trion resource in Mexico. The development is expected to deliver shareholder returns which exceed Woodside's capital allocation framework targets.3

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Following Woodside's approval, the joint venture approved the FDP. The FDP was submitted to the regulator and approval is expected in Q4 2023.

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Long-lead orders were placed for the FPU topsides rotating equipment.

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The FPU engineering, procurement and construction contract was executed with Hyundai Heavy Industries.

New energy

H2OK

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Contracting activities for the plant construction scope and other schedule critical packages progressed.

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Woodside purchased 94 acres of land in the Westport Industrial Park in Ardmore, Oklahoma, for the proposed H2OK facility.

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Woodside is targeting final investment decision readiness for H2OK in 2023.

Hydrogen Refueller @H2Perth

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Awarded the contract for the engineering and fabrication of the hydrogen production equipment and submitted Western Australian environmental approval application documents. The Commonwealth environmental approval application documents were submitted subsequent to the quarter.

Woodside Solar:

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Completed the solar electrical tie-in scope at the Pluto LNG facility during the 2023 Pluto shutdown.

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Woodside Solar is targeting final investment decision readiness in 2023.

3

Forecast IRR and payback period assume Woodside equity of 60% in Trion; includes capital carry of approximately US$460m of capital expenditure for PEMEX (at Woodside's final investment decision). IRR and the payback period are a look forward from June 2023 and assume US$70/bbl (real terms 2022) Brent oil price. Payback period is calculated from undiscounted cash flows, RFSU + approximately 4 years.

Page 4 of 16

Marketing

Australian domestic gas

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The long-term gas sale and purchase agreement (GSPA) with Perdaman Chemicals and Fertiliser Pty Ltd (Perdaman) became unconditional following a final investment decision being made by Perdaman on its 2.3 million tonne per annum urea plant, near Karratha, Western Australia. Supply under the GSPA is for approximately 130 terajoules per day of gas over a term of 20 years, commencing upon commissioning of the plant expected in 2026 or 2027.

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Woodside executed several natural gas sales agreements for the combined supply of approximately 80 petajoules of pipeline gas to Western Australian domestic customers including retailers, commercial and industrial users. Delivery is expected to take place from Q4 2023 to the end of 2025.

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Following an expression of interest (EOI) process, Woodside executed several natural gas sales agreements for the supply of approximately 40 petajoules of gas to domestic customers including retailers, commercial and industrial users in the eastern Australian gas market from 2024 to 2026.

Corporate activities

Hedging

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Woodside has placed oil price hedges for approximately 21.8 Mmboe of 2023 production at an average price of approximately $74.5 per barrel, of which approximately 11.2 MMboe has been delivered. As at the end of the period, Woodside hedged approximately 6.2 MMboe of 2024 production at an average price of approximately $75.2 per barrel.

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Subsequent to the period, Woodside placed oil price hedges on a further 19.8 MMboe of production and has now hedged approximately 26.0 MMboe of 2024 production at an average price of approximately $75.36 per barrel.

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Woodside also has a hedging program for Corpus Christi LNG volumes designed to protect against downside pricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 81% of Corpus Christi volumes for the remainder of 2023 and approximately 29% of 2024 volumes have reduced pricing risk as a result of hedging activities.

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The year-to-datepre-tax expense related to hedged positions is approximately $229 million, with $103 million pre-tax expense related to oil price hedges, $99 million pre-tax expense related to Corpus Christi hedges and $27 million pre-tax expense related to other hedge positions. Hedging losses will be included in "other expenses" in the half-year financial statements.

2023 half year results and teleconference

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Woodside's Half-Year Report 2023 and associated investor briefing will be released to the market on Tuesday, 22 August 2023. It will also be available on Woodside's website at www.woodside.com.

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A teleconference providing an overview of the 2023 half-year results and a question-and-answer (Q&A) session will be hosted by CEO and Managing Director, Meg O'Neill, and Chief Financial Officer, Graham Tiver, on Tuesday, 22 August at 08:00 AWST / 10:00 AEST / 19:00 CDT (Monday 21 August).

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We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:

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https://webcast.openbriefing.com/wds-hyr-2023/ to view the presentation and listen to a live stream of the Q&A session

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https://s1.c-conf.com/diamondpass/10031114-ldyp34.html to participate in the Q&A session. Following pre-registration, participants will receive the teleconference details and a unique access passcode.

Page 5 of 16

2023 full-year guidance

				Prior		Current
Production		MMboe		180 -190		No change
Capital expenditure		$ billion		6.0 - 6.5		No change
Gas hub exposure		% of produced LNG		20 - 25		No change

Half-year 2023 line-item guidance

Financial reporting guidance

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Woodside's net profit after tax for the first half of 2023 is expected to include the recognition of a Pluto petroleum resource rent tax (PRRT) deferred tax asset (DTA) expense of approximately $630 million due to lower realised pricing in the first half of 2023 and lower forecast short-term pricing. The reduction of the DTA is recognised as an expense in the PRRT tax line item in the consolidated income statement in the financial statements and is included in the half-year 2023 line-item guidance below. The post-tax impact of the Pluto PRRT DTA expense is approximately $430 million.

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Woodside also expects to recognise a DTA of approximately $320 million for Trion, following the final investment decision in June 2023. The recognition of the deferred tax asset represents the expected future tax benefit due to the expenditure incurred on the Trion project.

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The Pluto PRRT DTA expense and the Trion DTA recognition are expected to be excluded from the underlying NPAT for the purposes of calculating the 2023 half-year dividend, consistent with prior practice.

											Comments
Taxes
PRRT expense		$ million			750 - 1,000			Includes Pluto PRRT DTA expense of ~$630m.
Income tax expense		$ million			150 - 400			Includes Trion DTA recognition on final investment decision of ~$320m benefit; and the effect of the Pluto PRRT DTA expense of ~$200m.

Contacts:
INVESTORS		MEDIA
Matthew Turnbull (Group)		Christine Forster
M: [phone]		M: [phone]
	E: [e-mail]
Sarah Peyman (Australia)
M: [phone]
Rohan Goudge (US)
M: [phone]
E: [e-mail]

This announcement was approved and authorised for release by Woodside's Disclosure Committee.

Page 6 of 16

Production summary

					Three months ended			Year to date
					June 2023			Mar 2023			June 20224			June 2023			June 20224
AUSTRALIA
LNG
North West Shelf			Mboe				8,746				9,673				5,826				18,419				10,438
Pluto5			Mboe				8,765				12,154				12,328				20,919				21,654
Wheatstone			Mboe				2,588				2,456				1,645				5,044				4,053
Total			Mboe				20,099				24,283				19,799				44,382				36,145
Pipeline gas
Bass Strait			Mboe				4,170				3,133				2,353				7,303				2,353
Other6			Mboe				3,080				3,037				1,692				6,117				2,445
Total			Mboe				7,250				6,170				4,045				13,420				4,798
Crude oil and condensate
North West Shelf			Mbbl				1,546				1,684				1,104				3,230				1,910
Pluto5			Mbbl				699				961				967				1,660				1,712
Wheatstone			Mbbl				425				408				277				833				698
Bass Strait			Mbbl				904				777				441				1,681				441
Macedon & Pyrenees			Mbbl				759				631				223				1,390				223
Ngujima-Yin			Mbbl				-				869				2,275				869				3,673
Okha			Mbbl				421				431				444				852				869
Total			Mboe				4,754				5,761				5,731				10,515				9,526
NGL
North West Shelf			Mbbl				339				292				228				631				409
Pluto5			Mbbl				45				50				60				95				66
Bass Strait			Mbbl				1,191				723				503				1,914				503
Total			Mboe				1,575				1,065				791				2,640				978
Total Australia7			Mboe				33,678				37,279				30,366				70,957				51,447

4	June 2022 reflects the performance of the interests acquired as part of the merger with BHP's Petroleum business from 1 June 2022.

5

Q2 2023 includes 1.96 MMboe of LNG, 0.08 MMboe of condensate and 0.04 MMboe of NGL, Q1 2023 includes 2.70 MMboe of LNG, 0.11 MMboe of condensate and 0.05 MMboe of NGL and Q2 2022 includes 2.51 MMboe of LNG and 0.10 MMboe of condensate and 0.06 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.

6	Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

7	Q2 2023 includes 0.23 MMboe, Q1 2023 includes 0.31 MMboe and Q2 2022 includes 0.30 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

Page 7 of 16

					Three months ended			Year to date
					June 2023			Mar 2023			June 20228			June 2023			June 20228
INTERNATIONAL
Pipeline gas
Gulf of Mexico			Mboe				349				330				122				679				122
Trinidad & Tobago			Mboe				2,723				2,236				829				4,959				829
Other9			Mboe				-				30				-				30				-
Total			Mboe				3,072				2,596				951				5,668				951
Crude oil and condensate
Atlantis			Mbbl				2,792				2,696				987				5,488				987
Mad Dog			Mbbl				1,627				939				411				2,566				411
Shenzi			Mbbl				2,599				2,596				765				5,195				765
Trinidad & Tobago			Mbbl				294				297				150				591				150
Other9			Mbbl				81				39				27				120				27
Total			Mboe				7,393				6,567				2,340				13,960				2,340
NGL
Gulf of Mexico			Mbbl				350				331				119				681				119
Other9			Mbbl				-				17				-				17				-
Total			Mboe				350				348				119				698				119
Total International			Mboe				10,815				9,511				3,410				20,326				3,410
Total production			Mboe				44,493				46,790				33,776				91,283				54,857

8	June 2022 reflects the performance of the interests acquired as part of the merger with BHP's Petroleum business from 1 June 2022.

9	Overriding royalty interests held in the Gulf of Mexico (GoM) for several producing wells.

Page 8 of 16

Product sales

					Three months ended			Year to date
					June 2023			Mar 2023			June 202210			June 2023			June 202210
AUSTRALIA
LNG
North West Shelf			Mboe				9,003				10,564				5,616				19,567				10,628
Pluto			Mboe				9,592				11,310				11,094				20,902				20,527
Wheatstone11			Mboe				2,312				2,350				1,464				4,662				3,985
Total			Mboe				20,907				24,224				18,174				45,131				35,140
Pipeline gas
Bass Strait			Mboe				4,113				3,082				2,194				7,195				2,194
Other			Mboe				3,040				2,939				1,629				5,979				2,377
Total			Mboe				7,153				6,021				3,823				13,174				4,571
Crude oil and condensate
North West Shelf			Mbbl				1,855				1,089				1,018				2,944				1,636
Pluto			Mbbl				614				614				1,828				1,228				2,300
Wheatstone			Mbbl				309				350				354				659				643
Bass Strait			Mbbl				1,035				82				333				1,117				333
Ngujima-Yin			Mbbl				-				1,141				2,436				1,141				3,772
Okha			Mbbl				-				653				619				653				619
Macedon & Pyrenees			Mbbl				1,032				518				-				1,550				-
Total			Mboe				4,845				4,447				6,588				9,292				9,303
NGL
North West Shelf			Mbbl				255				170				-				425				-
Pluto			Mbbl				73				182				-				255				-
Bass Strait			Mbbl				903				1,109				213				2,012				213
Total			Mboe				1,231				1,461				213				2,692				213
Total Australia			Mboe				34,136				36,153				28,798				70,289				49,227

10	June 2022 reflects the performance of the interests acquired as part of the merger with BHP's Petroleum business from 1 June 2022.

11	Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.15 MMboe in Q2 2023, 0.06 MMboe in Q1 2023 and 0.06 MMboe in Q2 2022.

Page 9 of 16

					Three months ended			Year to date
					June 2023			Mar 2023			June 202212			June 2023			June 202212
INTERNATIONAL
Pipeline gas
Gulf of Mexico			Mboe				341				343				127				684				127
Trinidad & Tobago			Mboe				2,700				2,295				836				4,995				836
Other13			Mboe				6				7				3				13				3
Total			Mboe				3,047				2,645				966				5,692				966
Crude oil and condensate
Atlantis			Mbbl				2,710				2,668				883				5,378				883
Mad Dog			Mbbl				1,628				941				379				2,569				379
Shenzi			Mbbl				2,652				2,673				718				5,325				718
Trinidad & Tobago			Mbbl				248				413				204				661				204
Other13			Mbbl				65				63				28				128				28
Total			Mboe				7,303				6,758				2,212				14,061				2,212
NGL
Gulf of Mexico			Mbbl				363				342				124				705				124
Other13			Mbbl				3				4				2				7				2
Total			Mboe				366				346				126				712				126
Total International			Mboe				10,716				9,749				3,304				20,465				3,304
MARKETING
LNG14			Mboe				3,532				4,483				3,741				8,015				7,079
Total			Mboe				3,532				4,483				3,741				8,015				7,079
Total Marketing			Mboe				3,532				4,483				3,741				8,015				7,079
Total sales			Mboe				48,384				50,385				35,843				98,769				59,610

12	June 2022 reflects the performance of the interests acquired as part of the merger with BHP's Petroleum business from 1 June 2022.

13	Overriding royalty interests held in the GoM for several producing wells.

14	Purchased LNG volumes sourced from third parties.

Page 10 of 16

Revenue (US$ million)

		Three months ended			Year to date
		June 2023			Mar 2023			June 202215			June 2023			June 202215
AUSTRALIA
North West Shelf			667				1,270				523				1,937				1,159
Pluto			724				1,131				1,286				1,855				2,115
Wheatstone16			204				324				160				528				427
Bass Strait			328				211				232				539				232
Macedon			53				51				16				104				16
Ngujima-Yin			-				100				288				100				436
Okha			-				56				67				56				67
Pyrenees			89				50				1				139				1
INTERNATIONAL
Atlantis			203				199				109				402				109
Mad Dog			116				68				44				184				44
Shenzi			200				199				83				399				83
Trinidad & Tobago			112				136				66				248				66
Other17			4				5				3				9				3
Marketing revenue18			344				479				511				823				990
Total sales revenue19			3,044				4,279				3,389				7,323				5,748
Processing revenue			38				47				42				85				77
Shipping and other revenue			2				4				7				6				8
Total revenue			3,084				4,330				3,438				7,414				5,833

Realised prices

				Three months ended					Three months ended
		Units		June 2023			Mar 2023			June 202215			Units		June 2023			Mar 2023			June 202215
LNG produced20		$/MMBtu			10.9				16.7				13.8			$/boe			69				105				87
LNG traded21		$/MMBtu			11.0				16.7				21.5			$/boe			70				105				137
Pipeline gas						$/boe			37				38				57
Oil and condensate		$/bbl			75				76				115			$/boe			75				76				115
NGL		$/bbl			41				51				48			$/boe			41				51				48
Average realised price						$/boe			63				85				95
Dated Brent						$/bbl			78				81				114
JCC (lagged three months)						$/bbl			87				100				86
WTI						$/bbl			73.8				76.1				108.4
JKM						$/MMBtu			12.6				26.0				31.3
TTF						$/MMBtu			12.6				24.7				31.6

•

Average realised price was A$6.1/GJ in Western Australia, A$12.6/GJ in east coast Australia and $6.7/Mcf for International in Q2 2023.

15	June 2022 reflects the performance of the interests acquired as part of the merger with BHP's Petroleum business from 1 June 2022.

16

Q2 2023 includes $11 million, Q1 2023 includes $3 million and Q2 2022 includes $5 million recognised in relation to periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. These amounts will be included within other income/(expenses) in the financial statements rather than operating revenue.

17	Overriding royalty interests held in the GoM for several producing wells.

18	Values include revenue generated from purchased LNG volumes, as well as the marketing margin on the sale of Woodside's produced liquids portfolio. Hedging impacts are excluded.

19	Total sales revenue excludes all hedging impacts.

20	Realised prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales.

21	Excludes any additional benefit attributed to produced LNG through third-party trading activities.

Page 11 of 16

Expenditure (US$ million)

		Three months ended			Year to date
		June 2023			Mar 2023			June 202222			June 2023			June 202222
Exploration and evaluation expense
Exploration and evaluation expensed			81				52				27				133				34
Permit amortisation			2				2				2				4				3
Total			83				54				29				137				37
Capital expenditure
Exploration and evaluation capitalised23,24			92				37				5				129				10
Oil and gas properties			1,229				1,279				748				2,508				1,505
Total			1,321				1,316				753				2,637				1,515
Trading costs			237				385				442				622				793

Key project expenditure (US$ million)

		Three months ended			Year to date
		June 2023			Mar 2023			June 2022			June 2023			June 2022
Capital expenditure
Scarborough25			578				626				353				1,204				800
Sangomar			272				279				207				551				449

22	June 2022 reflects the performance of the interests acquired as part of the merger with BHP's Petroleum business from 1 June 2022.

23	Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results.

24	Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to oil and gas properties. This table does not reflect the impact of such transfers.

25

Scarborough key project expenditure includes Scarborough offshore, Pluto Train 2, Pluto Train 1 modification and Train 2 tie-in spend. Prior period comparatives have been restated to include Pluto Train 1 modification and Train 2 tie-in spend of $21 million in Q2 2022 and $34 million in YTD Q2 2022.

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Exploration

•

In the US Gulf of Mexico, Woodside acquired a 44% working interest in two leases in Green Canyon and spudded the Spinel well with co-owner and operator BP in early June 2023.

•

Woodside has acquired five of the leases for which it was the highest bidder in lease sale 259 - four operated and one non-operated.

•

Seismic acquisition was completed over Petroleum Exploration Licence 87, in the Orange Basin offshore Namibia. A decision on exercising the option to enter will follow evaluation of seismic data.

Exploration or appraisal wells drilled

Region

Permit area

Well

Target

Interest (%)

Spud date

Water depth (m)

Planned well depth (m)26

Remarks

Gulf of Mexico

GC 868

Mad Dog SWX4

Oil

23.9% Non-operator

12 March 2023

1,331

7,437

Drilling complete

Gulf of Mexico

GC 436

Spinel

Oil

44% Non-operator

7 June 2023

1,258

7,042

Drilling ongoing

Permits and licences

Key changes to permit and licence holding during the quarter ended 30 June 2023 are noted below.

Region		Permits or licence areas		Change in interest (%)			Current interest (%)			Remarks
Myanmar		A-6			(40	)			0			Operated
Korea		Blocks 8 & 6-1N			(50	)			0			Operated
Trinidad & Tobago		TTDA-5			(65	)			0			Operated
Gulf of Mexico		GC436, GC480			44				44	27		Non-operated
Gulf of Mexico		GC210, GC211,			100				100			Operated
	AC125, AC126
Gulf of Mexico		GC598			40				40			Non-operated

Seismic and geophysical survey activity

Region		Field		Permits or licence areas		Remarks
Namibia		PEL 87 - Orange Basin		Deep Water PEL 87 Licence		Acquisition of 6,593 km2 of 3D seismic completed

26	Well depths are referenced to the rig rotary table.

27	Pending regulatory approval.

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Production rates

Average daily production rates (100% project) for the quarter ended 30 June 2023:

		Woodside share28			Production rate			Remarks
		(100% project, Mboe/d)
		June 2023			Mar 2023
AUSTRALIA
NWS Project
LNG			29.91	%			321				340
Crude oil and condensate			29.98	%			57				59
NGL			33.27	%			11				10
Pluto LNG
LNG			90.00	%			83				117			Production was lower due to planned facilities turnaround.
Crude oil and condensate			90.00	%			8				11
Pluto-KGP Interconnector
LNG			100.00	%			22				30
Crude oil and condensate			100.00	%			1				1			Production was lower due to planned facilities turnaround.
NGL			100.00	%			0				1
Wheatstone29
LNG			11.86	%			240				229
Crude oil and condensate			14.90	%			31				30
Bass Strait
Pipeline gas			43.75	%			105				82			Production was higher due to seasonal
Crude oil and condensate			45.96	%			22				18			demand and reduced onshore and offshore
NGL			45.83	%			29				19			maintenance activities.
Australia Oil
Ngujima-Yin			60.00	%			0				16			Production was lower due to planned maintenance turnaround.
Okha			50.00	%			9				10
Pyrenees			64.97	%			13				11
Other
Pipeline gas30				34				34

28	Woodside share reflects the net realised interest for the period.

29	The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has 65% participating interest and is the operator.

30	Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

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		Woodside share31			Production rate			Remarks
		(100% project, Mboe/d)
		June 2023			Mar 2023
INTERNATIONAL
Atlantis
Crude oil and condensate			38.50	%			80				78
NGL			38.50	%			5				5
Pipeline Gas			38.50	%			7				6
Mad Dog
Crude oil and condensate			20.86	%			86				50
NGL			20.86	%			2				2			Mad Dog Phase 2 started up in April.
Pipeline Gas			20.86	%			2				1
Shenzi
Crude oil and condensate			64.39	%			44				45
NGL			64.39	%			2				2
Pipeline Gas			64.39	%			1				1
Trinidad & Tobago
Crude oil and condensate			61.07	%32			5				6
Pipeline gas			52.58	%32			57				56

31	Woodside share reflects the net realised interest for the period.

32	Operations governed by production sharing contracts, Woodside share changes monthly.

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Forward looking statements and other conversion factors

Disclaimer and important notice

This announcement contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition. All forward-looking statements contained in this announcement reflect Woodside's views held as at the date of this announcement. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside or other statements about Woodside's future plans for projects and the timing thereof, the implementation of Woodside's strategy and Woodside's expectations and guidance with respect to production and certain financial and operating results, are or may be forward-looking statements. The information and statements in this announcement about Woodside's future strategy and other forward-looking statements are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of aspirational targets that Woodside has set for itself and its management of the business. Those statements and any assumptions on which they are based are only opinions and are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, fluctuations in commodity prices; actual demand; currency fluctuations; geotechnical factors; drilling and production results; gas commercialisation; development progress; operating results; engineering estimates; reserve estimates; loss of market; industry competition; environmental risks; climate related risks; physical risks; legislative, fiscal and regulatory developments; changes in accounting standards; economic and financial markets conditions in various countries and regions; political risks; project delay or advancement; regulatory approvals; the impact of armed conflict and political instability (such as the ongoing conflict in Ukraine) on economic activity and oil and gas supply and demand; cost estimates; the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws; as well as general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets. Details of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent Annual Report released to the Australian Securities Exchange and London Stock Exchange, and in Woodside's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this announcement.

If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this announcement.

Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. Except as required by law or regulation, Woodside does not undertake to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events, or otherwise.

All figures are Woodside share for the quarter ending 30 June 2023, unless otherwise stated.

All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated.

References to "Woodside" may be references to Woodside Energy Group Ltd or its applicable subsidiaries.

Product		Unit			Conversion factor
Natural gas			5,700 scf				1boe
Condensate			1bbl				1boe
Oil			1bbl				1boe
Natural gas liquids (NGL)			1bbl				1boe
Facility		Unit			LNG conversion factor
Karratha Gas Plant			1tonne				8.08 boe
Pluto Gas Plant			1tonne				8.34 boe
Wheatstone			1tonne				8.27 boe

bbl		barrel
bcf		billion cubic feet of gas
boe		barrel of oil equivalent
Mbbl		thousand barrels
Mboe		thousand barrels of oil equivalent
Mcf		thousand cubic feet of gas
MMboe		million barrels of oil equivalent
MMBtu		million British thermal units
MMscf		million standard cubic feet of gas
scf		standard cubic feet of gas

The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time.

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