Woodside Energy Group (WDS) investor relations material

Project execution and growth profile

• Scarborough was 99% complete, with gas onshore and first LNG targeted this year; Trion was 71% complete, targeting first oil in 2028; Louisiana LNG was 32% complete, with first LNG targeted from 2029.

• Louisiana LNG’s three trains are scheduled to start in 2029, 2030 and 2031; Trion and Louisiana LNG are each expected to add $1.1B of adjusted operating cash flow annually at full operation.

• Scarborough and Pluto together are expected to generate $2.9B of adjusted operating cash flow per year when online; the committed projects support a 30% sales uplift to 280 MMboe by the early 2030s.

• Sales are expected to rise from 212 MMboe in 2025 to 280 MMboe by the early 2030s; international volumes are projected to grow from 66 MMboe to 155 MMboe and exceed half of sales in the 2030s.

• Louisiana LNG is expected to deliver 16.5 Mtpa by the early 2030s; roughly half enters the traded portfolio, ~4 Mtpa is allocated to lower-volatility deals and ~4 Mtpa to HoldCo participants.

Cash generation and capital framework

• Indicative 2027–2032 adjusted operating cash flow is $40B at a $70 real oil price and $50B at $85; 2027 forward curves imply a further ~$5B of upside versus the reference case.

• The new capital framework is effective immediately and directs every dollar to compete for value, with a target ROACE of 12%–15% by the early 2030s; all outlook figures are indicative, not guidance.

• Priority one allocates 20% of adjusted operating cash flow to dividends, alongside sustaining and committed CapEx; priority two weighs additional distributions, growth and balance-sheet needs.

• Growth investments must deliver at least 12% IRR and positive NPV at the $55/bbl low-price assumption; priority-two capacity is $17B over 2027–2032 in the base case and $26B in the high case.

• At a $70 real oil price, adjusted operating cash flow averages $7B/year over the CMD period; after sustaining CapEx and the base dividend, an average $4.6B/year remains for discretionary distributions, growth or both.

Distributions and shareholder returns

• The policy shifts from 50%–80% of underlying NPAT to a cash-flow-based distribution: a mandatory dividend of 20% of adjusted operating cash flow, with up to 40% through dividends or buybacks and board discretion above 40%.

• A four-half-year look-back compares $4.2B of dividends paid under the prior 80% NPAT payout with a potential $5.4B under the new policy; ~31% of adjusted operating cash flow equated to 80% of NPAT on average, subject to prices.

• $13B has been returned to shareholders since 2022; maintaining an investment-grade rating is a key guardrail, with BBB+ currently, and the reference case projects net cash in the early 2030s at $70/bbl.