Woodside Energy Group (WDS) investor relations material

Executive summary

• Achieved record half-year production of 99.2 million barrels of oil equivalent, up 11% year-over-year, driven by exceptional Sangomar performance and high asset reliability.

• Operating revenue rose 10% to $6.6 billion, with EBITDA at $4.6 billion and a 70% margin, but net profit after tax declined to $1.33 billion due to higher costs and impairments.

• Interim dividend of $0.53 per share (US 53 cents), fully franked, at the top end of the payout range, representing a half-year annualized yield of 6.9%.

• Major transactions included the 40% sell-down of Louisiana LNG to Stonepeak, raising $1.9 billion, and the divestment of Greater Angostura assets.

• Maintained strong safety performance with no high consequence injuries and continued progress on sustainability and community engagement.

Financial highlights

• Net profit after tax was $1.33 billion, down from $1.97 billion year-over-year, with underlying NPAT at $1.2 billion.

• EBITDA margin remained strong at 70%, with EBITDA excluding impairment at $4.6 billion.

• Free cash flow was $272 million, reflecting ongoing capital investment in growth projects.

• Gearing at 19.5% remains within the 10–20% target range, with liquidity of $8.4 billion.

• Interim dividend payout ratio at 80%, at the top end of the 50–80% target range.

Outlook and guidance

• Full-year production guidance narrowed to the upper end of the range due to strong first-half performance, with 2025 guidance set at 188–195 MMboe.

• Unit production cost guidance set at $8–$8.50/boe for the full year, up from $7.70 in the first half.

• Capital expenditure guidance revised to $4.0–$4.5 billion, reflecting disciplined investment in growth and maintenance.

• Major projects on track: Scarborough 86% complete (first LNG H2 2026), Trion 35% complete (first oil 2028), Louisiana LNG targeting first LNG in 2029.

• Continued focus on disciplined capital management, cost control, and progressing growth projects.