Exhibit 99.1 side s Woodside ( Innual Report INCORPORATING APPENDIX 4E il / Woodside Energy Australia's leading energy b company b 1 0 e L 8 ANNUAL REPORT 2024 This Annual Report 2024 is a summary of Woodside's operations and activities for the 12-month period ended 31 December 2024 and financial position as of 31 December 2024, Woodside Energy Group Ltd (ABN 55 004 898 962) is the ultimate holding company of the Woodside group of companies. In this report, unless otherwise stated, references to "Woodside", ...

Production and Reserves - Woodside produced a total of 206.3 MMboe in 2024, including 192.7 MMboe produced for sale and 13.6 MMboe consumed as fuel in operations[111]. - As of 31 December 2024, Woodside's remaining proved (1P) reserves were 1,975.7 MMboe, with 8,049.9 Bcf of natural gas, 18.9 MMbbl of NGLs, and 544.6 MMbbl of oil and condensate[114]. - Woodside's proved undeveloped reserves decreased by 323.0 MMboe due to the sale of non-operating interests in the Scarborough Joint Venture[112]. - In 2024, revisions and extensions resulted in an increase of 54.9 MMboe in proved reserves, driven by successful project start-ups[113]. - The acquisition of assets on 1 June 2022 increased Woodside's proved reserves by 922.8 MMboe to 2,339.6 MMboe[119]. - Woodside's proved reserves in 2023 were 2,450.1 MMboe, with a total production of 201.0 MMboe, including 186.1 MMboe produced for sale[115]. - As of December 31, 2024, Woodside's remaining proved undeveloped reserves were 1,268.9 MMboe, a decrease of 443.6 MMboe from 1,712.5 MMboe as of December 31, 2023[126]. - In 2024, 132.6 MMboe of proved undeveloped reserves were transferred to proved developed reserves due to the start-up of development wells in various projects[127]. - Revisions of previous estimates resulted in an increase of 5.0 MMboe in proved undeveloped reserves, with technical updates at Greater Pluto contributing an increase of 20.7 MMboe[128]. - The final investment decision on a single well development in Greater Pluto (Xena-3) resulted in extensions of proved undeveloped reserves of 7.1 MMboe[129]. - Approximately 88% of Woodside's proved undeveloped reserves are scheduled to be developed within five years of initial disclosure[130]. - Approximately 89% of Woodside's proved undeveloped reserves are scheduled to be developed within five years of initial disclosure as of December 31, 2023[135]. Financial Performance - Oil and gas revenue for 2024 was $11,688 million, a decrease of 4.7% compared to $12,263 million in 2023[155]. - Production costs in 2024 totaled $1,726 million, a slight decrease from $1,798 million in 2023, indicating a 4% reduction[155]. - Exploration expenses for 2024 were $329 million, down from $354 million in 2023, representing a decrease of 7.1%[155]. - The results of oil and gas producing activities in 2024 showed a profit of $3,012 million, compared to $1,823 million in 2023, marking a significant increase of 65.4%[155]. - Development costs in 2024 reached $4,786 million, a decrease from $5,439 million in 2023, reflecting a reduction of 12%[152]. - Total capitalized costs related to oil and gas production activities amounted to $76,474 million in 2024, up from $72,904 million in 2023, reflecting a 5.3% increase[150]. Future Projections and Risks - The company faces significant volatility in energy prices, which may impact future revenue and strategy delivery[101]. - Woodside must accurately forecast global demand for LNG products to secure long-term sales contracts[101]. - Woodside's acquisition activities carry risks that may affect anticipated benefits and shareholder returns due to lower commodity prices[101]. - Future cash inflows for 2024 are projected at $105,376 million, a decrease from $155,475 million in 2023[161]. - Future net cash flows for 2024 are estimated at $37,505 million, down from $60,310 million in 2023, reflecting a significant decline[161]. - The standardised measure of discounted future net cash flows at the end of 2024 is $22,855 million, compared to $32,153 million at the end of 2023, indicating a reduction of 29%[164]. - The company experienced a revision in future cash inflows, net of production costs, resulting in a decrease of $12,139 million in 2024[164]. - Changes in future income taxes resulted in an increase of $6,764 million in 2024, compared to $14,992 million in 2023[164]. Capital Expenditures - Woodside incurred approximately US$4.0 billion in 2024 to progress the transfer of proved undeveloped reserves for projects where development status was achieved[131]. - Woodside incurred approximately $4.7 billion in 2023 to progress the transfer of proved undeveloped reserves for projects where development status was achieved[136]. - The company incurred previously estimated development costs of $5,061 million in 2024, slightly down from $5,276 million in 2023[164]. - Capitalised exploratory well costs increased to $721 million in 2024 from $668 million in 2023, reflecting ongoing investment in exploration[168]. - The number of projects with capitalised exploratory well costs for over one year decreased to 7 in 2024 from 12 in 2023[172]. Cybersecurity and Operational Risks - Woodside's technology systems are at risk from cyber threats, which could lead to disruptions and increased operational costs[100]. - Acquisitions and divestments in 2024 resulted in a reduction of proved undeveloped reserves by 323.0 MMboe[142]. - Scarborough proved undeveloped reserves as of December 31, 2024, are estimated at 964.0 MMboe, with development activities currently underway[144]. - The United States accounted for 13% of Woodside's total proved reserves in 2024, with 249.7 MMboe reported[144].

Financial Data and Key Metrics Changes - Woodside reported a record annual production of 194 million barrels of oil equivalent in 2024, achieving the top end of its guidance range [6][35] - The net profit after tax for 2024 was $3.6 billion, a significant increase from 2023, with earnings per share at $1.89 [9][37] - The company reduced its unit production cost to $8.10 per barrel of oil equivalent, demonstrating efficiency in an inflationary environment [8][36] Business Line Data and Key Metrics Changes - The Sangomar project significantly contributed to production, achieving nameplate capacity of 100,000 barrels per day within nine weeks of startup [21][49] - The Scarborough Energy project is 80% complete and on track for its first LNG cargo in 2026 [50][51] - The Beaumont New Ammonia project is 83% complete, targeting first ammonia production in the second half of 2025 [53][54] Market Data and Key Metrics Changes - Emerging Asia is expected to drive LNG demand as countries seek to reduce coal reliance, with a potential requirement of 310 billion cubic meters of gas per year [15][43] - New long-term supply agreements with major Asian energy customers reflect robust LNG demand in the region [16][44] - Project delays are expected to cause a supply growth slip of almost 30 million tons per annum beyond the end of the decade, indicating a strong price environment for LNG [45][46] Company Strategy and Development Direction - Woodside aims for a 4% to 5% compound annual growth rate for portfolio sales from 2024 to 2030, positioning itself to capitalize on growing global energy demand [12][40] - The company is focused on executing its growth strategy and progressing new opportunities for long-term success, including the Louisiana LNG project [27][28] - Woodside's strategy includes streamlining its asset base to prioritize high-value projects and reducing exploration activity to enhance shareholder value [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in LNG's role in the energy transition, citing strong fundamentals driving global energy demand [14][42] - The company anticipates generating significant free cash flow as new projects come online, providing options for shareholder returns [41][65] - Management highlighted the importance of maintaining a disciplined approach to capital management and shareholder distributions [58][62] Other Important Information - Woodside's net equity Scope 1 and 2 emissions were reduced by 14% below the starting base, aligning with its climate commitments [7][69] - The company injected over $7.9 billion into local economies through the purchase of local goods and services in 2024 [70][71] - Woodside is the fifth largest taxpayer in Australia and the largest payer of petroleum resource rent tax [81][82] Q&A Session Summary Question: Comments on decommissioning costs - Management noted that approval delays have pushed some decommissioning work into 2024, focusing on cleaning up legacy assets [88][90] Question: Update on Beaumont New Ammonia project - The project is on track to meet a return on investment greater than 10%, with ongoing unit cash production costs expected to be between $260 to $300 per ton [96][98] Question: Update on Louisiana LNG sell-down process - Management confirmed that the sell-down process is well advanced, with expectations of attracting quality partners and achieving a premium price [113][115] Question: Progress on Sangomar Phase 2 - Management indicated that more data is needed over the next 12 to 24 months to inform decisions on reserves for Phase 2, with ongoing production performance being monitored [119][121]

Financial Performance - Net profit after tax for H1 2024 was $1,937 million, with underlying net profit after tax at $1,632 million, down 14% compared to H1 2023[11][15] - Operating revenue decreased by 19% to $5,988 million in H1 2024 compared to H1 2023[19] - Net profit after tax (NPAT) increased by 11% to $1,937 million in H1 2024[19] - Free cash flow surged by 136% to $740 million in H1 2024[19] - The company achieved a fully franked interim dividend of 69 US cents per share, representing a half-year annualised dividend yield of 7.3%[11] - Woodside declared a fully franked interim dividend of 69 US cps, totaling $1,310 million[24] - Cash flow from operating activities was $2,393 million in H1 2024[25] - Woodside's gearing increased to 13.3% in H1 2024, within the target range of 10-20%[26] - Woodside hedged 29.3 MMboe of 2024 production at an average price of $75.6 per barrel[28] - Profit after tax for the half-year ended 30 June 2024 was $1,972 million, up from $1,766 million in the same period in 2023[82] - Basic earnings per share for the half-year ended 30 June 2024 were 102.2 US cents, compared to 91.7 US cents in the same period in 2023[82] - Total comprehensive income for the half-year ended 30 June 2024 was $1,838 million, compared to $2,322 million in the same period in 2023[83] - The Group's gross profit for the half-year ended 30 June 2024 was $2,716 million, down from $3,528 million in the same period in 2023[82] - The Group's finance costs for the half-year ended 30 June 2024 were $147 million, compared to $137 million in the same period in 2023[82] - Cash and cash equivalents increased to $1,979 million in June 2024 from $1,740 million in December 2023, reflecting a 13.7% growth[85] - Total current assets rose to $6,052 million in June 2024, up from $5,118 million in December 2023, marking an 18.2% increase[85] - Net cash from operating activities for the half-year ended June 2024 was $2,393 million, compared to $2,951 million in the same period in 2023, a decrease of 18.9%[86] - Capital and exploration expenditure for the half-year ended June 2024 was $2,418 million, slightly lower than the $2,457 million spent in the same period in 2023[86] - Dividends paid in the half-year ended June 2024 amounted to $1,139 million, a significant reduction from $2,738 million in the same period in 2023, reflecting a 58.4% decrease[86] - Total liabilities decreased to $19,813 million in June 2024 from $20,191 million in December 2023, a 1.9% reduction[85] - Retained earnings surged to $1,408 million in June 2024 from $186 million in December 2023, indicating a substantial 657% increase[85] - Net assets grew to $35,829 million in June 2024, up from $35,170 million in December 2023, a 1.9% increase[85] - Income tax and PRRT paid in the half-year ended June 2024 was $1,700 million, down from $2,233 million in the same period in 2023, a 23.9% decrease[86] - Proceeds from disposal of non-current assets in the half-year ended June 2024 were $920 million, compared to $3 million in the same period in 2023[86] - Total equity increased to $35.829 billion as of 30 June 2024, up from $35.170 billion at the start of the year[88] - Profit for the period was $1.972 billion, with $1.937 billion attributable to equity holders of the parent[88] - Dividends paid during the period amounted to $1.186 billion, including $1.139 billion to equity holders and $47 million to non-controlling interests[88] - Retained earnings grew to $1.408 billion as of 30 June 2024, compared to $186 million at the start of the year[88] - Other comprehensive loss for the period was $134 million, primarily driven by a $108 million loss in the hedging reserve[88] - Employee share plan purchases and redemptions resulted in a net decrease of $16 million in reserved shares[88] - Share-based payments (net of tax) contributed $32 million to the employee benefits reserve[88] - Consolidated revenue for the half-year ended 30 June 2024 was $5,988 million, a decrease from $7,400 million in the same period in 2023[99] - Liquified natural gas (LNG) revenue decreased to $3,007 million in 2024 from $4,679 million in 2023[99] - Crude oil and condensate revenue increased to $2,091 million in 2024 from $1,758 million in 2023[99] - Gross profit for the half-year ended 30 June 2024 was $2,716 million, down from $3,528 million in 2023[99] - Profit before tax and net finance costs was $2,362 million in 2024, compared to $2,791 million in 2023[99] - Finance costs for the half-year ended 30 June 2024 were $147 million, up from $137 million in 2023[100] - Dividends paid during the financial period were $1,139 million in 2024, down from $2,734 million in 2023[101] - A dividend of $1,310 million was declared subsequent to the reporting period for 2024, compared to $1,519 million in 2023[101] - Basic earnings per share increased to 102.2 US cents in 2024 from 91.7 US cents in 2023[102] - Diluted earnings per share increased to 101.4 US cents in 2024 from 91.1 US cents in 2023[102] - Profit before tax for the half-year ended 30 June 2024 was $2,310 million, compared to $2,828 million in 2023[103] - The global effective income tax rate decreased from 25.6% to 6.9% due to the recognition of a net deferred tax asset of $305 million and a net tax benefit of $91 million from the Scarborough Joint Venture sale[103] - The Group recognised a $124 million current tax payable due to the new PRRT deductions cap legislation impacting the Pluto and Wheatstone projects[104] - Exploration and evaluation assets increased by $77 million to $714 million as of 30 June 2024, with additions of $52 million in the Americas and $14 million in Africa[104] - Oil and gas properties carrying amount decreased by $666 million to $40,125 million as of 30 June 2024, with $2,447 million added to projects in development[105] - Capital expenditure commitments contracted but not provided for in the financial statements decreased to $3,017 million as of 30 June 2024 from $4,245 million at 31 December 2023[105] - Goodwill decreased by $298 million to $3,697 million as of 30 June 2024 due to the transfer of assets held for sale related to the Scarborough Joint Venture[106] - The Group reclassified $1,378 million of assets and $119 million of liabilities to held for sale related to the 15.1% interest in the Scarborough Joint Venture[107] - The sale of the 15.1% interest in the Scarborough Joint Venture to JERA is expected to generate proceeds exceeding the net carrying value, with a purchase price of $740 million[107] - After the Scarborough Joint Venture sale, the Group's participating interest will reduce from 90% to 74.9%[107] - The Group sold a 10% non-operating participating interest in the Scarborough Joint Venture to LNG Japan for $910 million, reducing its interest from 100% to 90%[110] - The Group recognized a pre-tax gain of $121 million from the sale of the Scarborough Joint Venture interest for the half-year ended 30 June 2024[110] - The Group reclassified $823 million of assets and $94 million of liabilities related to the Scarborough Joint Venture as held for sale as of 31 December 2023[110] - The Group completed a $500 million drawdown from bilateral loan facilities and entered into a $1,000 million loan facility with JBIC and a $450 million syndicated term loan facility during the period[113] - The Group had $6,500 million of available undrawn facilities as of 30 June 2024, with $1,550 million of undrawn facilities cancelled subsequent to the period[113] - The Group hedged 29.3 MMboe of 2024 oil production at an average price of $75.6 per barrel, with 49% delivered as of 30 June 2024[118] - The Group hedged 15 MMboe of 2025 oil production at an average price of $81.2 per barrel[118] - The Group's embedded commodity derivative related to the Perdaman GSPA contract had a net liability of $188 million as of 30 June 2024, with an unrealised loss of $153 million recognised for the six-month period[120] - The Group's total segment assets were $55,642 million as of 30 June 2024, with Australia accounting for $30,895 million and International for $18,083 million[115] - The Group's total segment liabilities were $19,813 million as of 30 June 2024, with Australia accounting for $7,312 million and Corporate/Other for $9,177 million[115] - The embedded derivative is most sensitive to changes in discount rates and pricing, with a 10% increase in Urea sales price resulting in a $137 million gain, while a 10% decrease results in a $137 million loss. A 1.5% increase in discount rate leads to a $186 million loss, and a 1.5% decrease results in a $230 million gain[124] - Contingent liabilities as of 30 June 2024 are $229 million, down from $262 million as of 31 December 2023[125] - The Group has contingent assets of $56 million as of 30 June 2024, up from $47 million as of 31 December 2023[126] - The Group paid $1,700 million in income tax and PRRT for the half-year ended 30 June 2024[130] - The Group entered into a definitive agreement to acquire Tellurian Inc for approximately $900 million, with a loan facility of up to $230 million provided to Tellurian[131] - Woodside agreed to acquire 100% of OCI Clean Ammonia Holding B.V. for approximately $2.35 billion, with the transaction expected to complete in the second half of 2024[133] - The interim dividend for the current period is 69 US cents per share, down from 80 US cents per share in the previous corresponding period[133] - The Group's ownership interest in Blue Ocean Seismic Services Limited decreased to 16.17% from 28.50% in the previous corresponding period[136] - Net profit after tax for H1 2024 was $1,972 million, up from $1,766 million in H1 2023[157] - Capital expenditure for H1 2024 was $2,365 million, down from $2,769 million in H1 2023[157] - Free cash flow for H1 2024 was $740 million, up from $314 million in H1 2023[157] - Liquidity as of June 2024 was $8,479 million, including $1,979 million in cash and cash equivalents and $6,500 million in available undrawn facilities[157] - Net tangible assets per ordinary security increased to $16.42 from $16.40 year-over-year[158] - Net debt rose to $5,388 million from $3,220 million, reflecting a significant increase in interest-bearing liabilities[158] - Return on equity improved to 5.5% from 4.8% year-over-year[159] - Revenue from the sale of hydrocarbons (excluding marketing segment) decreased to $5,376 million from $6,486 million[160] - Cash margin (excluding marketing segment) declined to $4,341 million from $5,210 million, with cash margin percentage slightly increasing to 81% from 80%[160] - Production costs (excluding marketing segment) decreased to $745 million from $807 million, with production cost margin improving to 14% from 13%[160] - Total other cash costs (excluding marketing segment) decreased to $290 million from $469 million[160] - Net profit after tax (NPAT) attributable to equity holders of the parent is a key financial metric, excluding non-controlling interests from the Group's operations[162] - Gross margin is calculated as gross profit divided by operating revenue, excluding income tax, PRRT, net finance costs, and other expenses[162] - Unit production cost (UPC) is calculated as production costs ($ million) divided by production volume (MMboe)[164] - Production cost margin is calculated as production costs divided by revenue from the sale of hydrocarbons, excluding the marketing segment[163] Production and Operations - H1 2024 production was 89.3 MMboe (491 Mboe/d), with unit production cost reduced to $8.3/boe from $8.8/boe in H1 2023[12] - The Scarborough Energy Project was 67% complete at the end of H1 2024, with first LNG cargo expected in 2026[13] - Sangomar Project achieved first oil in June 2024, with peak gross production rate of 100,000 barrels per day achieved post-period[12][16] - Woodside signed agreements to acquire Tellurian for approximately $900 million and OCI's Clean Ammonia Project for approximately $2,350 million[14] - Woodside completed the sale of a 10% non-operated interest in the Scarborough Joint Venture to LNG Japan for $910 million and signed an agreement to sell a 15.1% interest to JERA for $1,400 million[13][14] - Woodside signed long-term LNG supply agreements with Korea Gas Corporation and CPC Corporation, Taiwan[14][17] - Gas production volumes decreased by 4% to 60.9 MMboe in H1 2024[19] - Liquids production volumes increased by 2% to 28.4 MMboe in H1 2024[19] - Pluto LNG production increased by 15% to 26.9 MMboe in H1 2024[30] - Woodside's share of Wheatstone production in H1 2024 was 5.8 MMboe, a 12% decrease compared to H1 2023 due to unplanned outages[35] - Woodside's share of Bass Strait production in H1 2024 was 8.5 MMboe, a 22% decrease from H1 2023 due to lower domestic gas demand and field decline[36] - Woodside's share of production from FPSO assets in H1 2024 was 3.0 MMboe, a 3% decrease from H1 2023 due to planned maintenance and a subsea leak[38] - Woodside's share of production from Macedon in H1 2024 was 3.9 MMboe, down from 4.1 MMboe in H1 2023, supplying 11% of Western Australia's domestic gas market[39] - Woodside's share of production from Sangomar in H1 2024 was 0.5 MMboe, with peak gross rate of 100,000 barrels per day achieved post-period[39] - Woodside's share of production from Shenzi in H1 2024 was 5.2 MMboe, a 7% decrease compared to H1 2023 due to natural field decline and maintenance[41] - Woodside's share of production from Mad Dog in H1 2024 was 6.0 MMboe, a 122% increase compared to H1 2023 due to full production from Mad Dog Phase 2[43] - Woodside's marketing segment profit before tax and net finance costs in H1 2024 was $218 million, driven by optimization and third-party trading activities[45] - Woodside signed SPAs with KOGAS and CPC for long-term LNG supply, totaling 6.5 million tonnes over 10 years, with potential for an additional 8.4 million tonnes[45] - The Scarborough Energy Project was 67% complete at the end of H1 2024, with 29 modules delivered to site and 25 set in position[49] - Woodside spent approximately $325 million on decommissioning activities in H1 2024, with over 95% of the Nganhurra riser turret mooring (RTM) recycled or reused[55] - The Calypso project, located 220 km off Trinidad, is in pre-FEED engineering studies, with Woodside holding a 70% participating interest[56] - The Browse development incorporates a carbon capture and storage solution designed to sequester the majority of reservoir CO2, with Woodside holding a 30.6% interest[57] - Woodside acquired 18 leases in the US Gulf of Mexico during Lease Sale 261 and participated in the Corvus well, which did not encounter commercial hydrocarbons[60] - Woodside entered into a binding agreement to acquire 100% of OCI Clean Ammonia Holding B.V., targeting first ammonia production from 2025 and lower carbon ammonia from 2026[61] - The H2OK project in Ardmore, Oklahoma, is expected to produce up to 60 tonnes per day of liquid hydrogen[61] - Woodside began planting activities on 4,900 hectares of land as part of its Native Reforestation Project, with over 3.2 million seedlings forecasted for the full year[68] - Woodside's Climate Transition Action Plan received a 58.36% vote against

Core Viewpoint - Woodside Energy Group reported a mixed set of H1 2024 earnings, with total gas and liquids production down only 2% year-on-year, despite a 15% decrease in earnings before tax and interest due to lower commodity prices [8][10]. Segment Performance - Woodside operates in three segments: Australia, International, and Marketing, with significant production from Pluto LNG, North West Shelf Project, and Bass Strait [2][3][4]. - Pluto LNG production increased by 15% to 26.9 million barrels of oil equivalent (MMboe) in H1 2024 compared to H1 2023 [2]. - North West Shelf Project production decreased by 14% to 19.6 MMboe due to planned maintenance and natural field decline [3]. - Bass Strait production fell by 22% to 8.5 MMboe, attributed to lower domestic gas demand and maintenance [4]. - Internationally, production from Mad Dog increased by 122% to 6.0 MMboe, while Atlantis production decreased by 19% to 5.1 MMboe [5][6]. Financial Performance - Total revenue from sales was $4.055 billion in H1 2024, down from $7.309 billion in H1 2023 [7]. - Unit production costs were reduced to $8.3 per barrel of oil equivalent, down from $8.8 in H1 2023 [9]. - The marketing segment generated a profit before tax of $218 million, reflecting strong LNG sales and optimization activities [9]. Capacity Growth and Investments - Woodside is investing heavily in LNG projects, with Scarborough and Trion projects expected to drive future growth [10][11]. - The Scarborough project is 67% complete and on track for first LNG cargo in 2026, with development costs rising to $12.5 billion [10]. - The Beaumont Clean Ammonia Project aims to capitalize on the lower-carbon ammonia market, with a capacity to abate 3.2 million tonnes of CO2 per annum [12]. Strategic Outlook - The company is focusing on geographical diversification and energy transition opportunities, including hydrogen and ammonia [10][14]. - Woodside's strategy includes building a high-quality LNG portfolio while navigating high capital expenditures and maintaining an investment-grade credit rating [14].

Financial Data and Key Metrics Changes - The company reported a net profit after tax of $1.9 billion, translating into strong earnings per share and a healthy interim dividend of $0.69 per share, at the top end of the payout ratio range [4][3] - Unit production costs were reduced by 6% to $8.30 per barrel, despite inflationary pressures [4][39] - Cash flow generation for the first half of 2024 was strong, delivering a cash margin above 80%, with positive free cash flow of $740 million [20][52] Business Line Data and Key Metrics Changes - The Sangomar project achieved a nameplate capacity of 100,000 barrels per day, with all 24 wells drilled and completed [11] - The Scarborough Energy project was reported to be 67% complete, on track for first LNG cargo in 2026 [11] - The company is progressing with the Trion project, expecting first oil in 2028 [12] Market Data and Key Metrics Changes - The global demand for reliable, affordable, and lower carbon energy is expected to continue growing, with significant opportunities for coal to gas switching in key markets [6][8] - The Asia Pacific region accounts for more than 80% of global coal use, indicating a sustained opportunity for LNG [9] Company Strategy and Development Direction - The company aims to thrive through the energy transition by focusing on providing energy, creating shareholder value, and conducting business sustainably [3] - Recent acquisitions, including Tellurian and OCI's Clean Ammonia Project, position the company as a leading independent LNG player with significant future cash generation potential [13][15] - The company is committed to achieving its Scope 1 and 2 emissions reduction targets and has set a new abatement target for 2030 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver reliable, affordable, and lower carbon energy, emphasizing the importance of LNG in the energy transition [4][6] - The company acknowledged the challenges in the operating environment but remains focused on maintaining strong operational performance and cash flow generation [20][52] Other Important Information - The company paid AUD2.7 billion in taxes and royalties to Australian governments during the half, demonstrating significant contributions to the economy [23] - The company is actively involved in decommissioning campaigns and has a significant decommissioning campaign underway this year [64] Q&A Session Summary Question: Breakdown of $1.7 billion tax payments - The CFO clarified that $1.5 billion was related to income tax and the remainder to PRRT, highlighting the company's status as one of the largest taxpayers in Australia [26] Question: Hedging strategy for 2025 and 2026 - Management confirmed the intention to continue hedging in 2025 and will assess the need for hedging in 2026 based on capital spend visibility [28][29] Question: Gearing and dividend payout sustainability - Management indicated that while gearing may exceed the target range temporarily, they remain committed to maintaining the dividend payout ratio [32][34] Question: Confidence in Scarborough project cost estimates - Management expressed high confidence in delivering the Scarborough project within the updated budget of $12.5 billion, while monitoring ongoing risks closely [46][47] Question: Outlook for cash flows and production guidance - Management reassured that the business is performing strongly and is on track to meet cash flow guidance, despite some concerns raised about production levels [52][54]

INVESTORS Marcela Louzada M: +61 456 994 243 E: investor@woodside.com MEDIA Dan Pagoda M: +61 482 675 731 E: dan.pagoda@woodside.com 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 ASX: WDS NYSE: WDS LSE: WDS Announcement Tuesday, 27 August 2024 HALF-YEAR 2024 RESULTS TELECONFERENCE AND PRESENTATION A teleconference providing an overview of the half-year 2024 results and a question-and-answer session will be hosted by Woodsi ...

Financial Performance - In 2023, Woodside achieved record production of 187.2 MMboe, despite lower realized oil and gas prices impacting EBITDA, which was US$9.363 million, below the target of US$1.860 million[633][635]. - EBITDA excluding impairment for 2023 was US$9,363 million, down 16.7% from US$11,234 million in 2022[657]. - Net profit after tax (NPAT) for 2023 was US$1,660 million, a decrease of 74.5% compared to US$6,498 million in 2022[657]. - Underlying NPAT for 2023 was US$3,320 million, down 36.5% from US$5,230 million in 2022[657]. - Basic earnings per share for 2023 were 87.5 cents, a decline of 79.6% from 430 cents in 2022[657]. - The Group reported operating revenue of $13,994 million, a decrease of 16.8% from $16,817 million in 2022[786]. - The Group recognized a gross profit of $6,475 million, down 37.1% from $10,277 million in the previous year[786]. - The Group's profit after tax for the period was $1,722 million, a decline of 73.8% compared to $6,575 million in 2022[788]. - The Group's total assets decreased to $55,361 million in 2023 from $59,321 million in 2022, reflecting a reduction of 6.6%[790]. - The Group's cash and cash equivalents decreased to $1,740 million at the end of 2023, down from $6,201 million at the end of 2022[792]. - The Group's total comprehensive income for the period was $2,377 million, a decrease from $6,428 million in 2022[788]. - The total comprehensive income for the year ended 31 December 2023 was $2,377 million, which includes a profit for the period of $1,660 million[794]. - The equity holders of the company reported retained earnings of $4,118 million as of 31 December 2023, reflecting a decrease from the previous year[794]. - The company paid dividends totaling $4,335 million during the year, with a dividend reinvestment plan contributing $476 million[794]. Production and Projects - Production in 2023 reached 187.2 MMboe, an increase of 18.7% from 157.7 MMboe in 2022[657]. - The Scarborough Energy Project is on track for first LNG cargo in 2026, while first oil from the Sangomar project is targeted for mid-2024[636]. - Woodside achieved a production of 187.2 MMboe in 2023, within the guidance of 180 - 190 MMboe, driven by higher Pluto-KGP Interconnector production[716]. - The Scarborough and Pluto Train 2 projects are 55% complete, targeting first LNG cargo in 2026[716]. - The progress of the Sangomar project is reported at 93% completion, with significant advancements in various growth initiatives[731]. - The Group achieved first production from the Mad Dog Phase 2 project, producing 3.1 MMboe of hydrocarbons during the year[785]. Environmental and Safety Initiatives - Woodside secured environmental approvals for the proposed Woodside Solar Project near Karratha, advancing its new energy initiatives[636]. - The company continues to advance several carbon capture and storage (CCS) opportunities alongside its hydrogen project in Oklahoma[636]. - The health and safety performance measure recorded a total recordable injury rate (TRIR) of 1.86, above the target of 1, reflecting safety performance below expectations[716]. - Woodside's gross equity Scope 1 and 2 emissions performance was 6,190 kT CO2-e, 5% better than the target[716]. - The 2024 Corporate Scorecard includes distinct measures for safety and climate, each accounting for 15% of the total scorecard[637]. - The 2024 Corporate Scorecard includes five measures, with safety and climate metrics each accounting for 15% of the total scorecard[711][713]. Executive Remuneration and Incentives - The CEO's Fixed Annual Reward (FAR) will increase by 3% effective January 1, 2024, while the Variable Annual Reward (VAR) component remains unchanged[644]. - Senior Executive FAR increased by 5% for specific executives effective April 1, 2023, with the VAR structure remaining unchanged[645]. - The Executive Incentive Scheme (EIS) aligns executive remuneration with shareholder returns, with a target variable reward opportunity for the CEO set at 280% of Fixed Annual Reward[679]. - The Board reduced the CEO's EIS award to 99% of the target opportunity in light of the fatality, reflecting a commitment to safety[642]. - The CEO's EIS award was reduced to 99% of the target opportunity due to a fatality at the North Rankin Complex, resulting in 66% of the maximum opportunity[723]. - The CEO received a one-off cash bonus of A$200,000 in June 2023 for significant contributions to the merger of Woodside and BHP's petroleum business[724]. - The average actual and variable remuneration for Senior Executives in 2023 was 26.5% fixed reward and 73.5% variable reward[729]. - Graham Tiver, CFO, earned an EIS of 105.5% of the target opportunity, maintaining a strong balance sheet with 80% of underlying NPAT returned to shareholders[733]. - Liz Westcott, EVP Australian Operations, achieved an EIS earned percentage of 105.5% of the target opportunity, focusing on safety and operational efficiency[737]. - The total fixed annual rewards for 2023 included cash incentives of A$5,200,000 for M O'Neill, which included a one-off cash bonus for significant contributions towards the merger[742]. - The total remuneration for Key Management Personnel (KMP) in 2023 was $9,368,253, down from $9,156,300 in 2022, representing a 2.3% decline[772]. Corporate Governance and Compliance - The Board adopted a Mandatory Clawback Policy in 2023 to recoup erroneously awarded incentive-based compensation in case of accounting restatements[703]. - KPMG was engaged for A$15,000 to provide remuneration recommendations for Senior Executives, ensuring compliance with the Corporations Act 2001[767]. - The remuneration recommendations provided by KPMG were made free from undue influence from Executive KMP, ensuring the integrity of the review process[766]. - Woodside's financial statements comply with International Financial Reporting Standards (IFRS) and Australian Accounting Standards[798]. - The company’s functional currency is the US dollar, and all financial transactions are recorded in this currency[801]. Market and Strategic Outlook - The company aims to optimize value while balancing strong shareholder returns and investing in quality opportunities[661]. - Woodside's strategy includes advancing new energy products and lower carbon services to meet future demand[660]. - The company plans to continue expanding its market presence and enhancing its product offerings through ongoing research and development efforts[773]. - The company has considered climate-related risks in its financial planning, which may impact future asset valuations and pricing assumptions[810]. - Woodside's long-term price assumptions are based on scenarios that include decarbonization goals and energy security, reflecting current legislation in its operating locations[811]. - The company anticipates volatility in commodity prices due to the energy transition, with significant uncertainty regarding future pricing scenarios[817]. - The sale of a 10% non-operating interest in the Scarborough Joint Venture to LNG Japan in August 2023 supported the carrying value of the asset, indicating strong market valuation[815].

Financial Performance - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 20% year-over-year growth[18]. - Woodside reported a net profit after tax (NPAT) of $1.66 billion for 2023, with an underlying NPAT of $3.3 billion, reflecting strong operational performance despite lower pricing environments[28][40]. - Operating revenue for 2023 was $14 billion, driven by robust product demand[55]. - The underlying net profit after tax (NPAT) for 2023 was $3,320 million, down 37% from $5,230 million in 2022[90]. - Woodside's total full-year dividend was 140 US cents per share, representing approximately 80% of underlying NPAT[28][40]. - The final dividend for 2023 is set at 60 US cents per share, totaling approximately $1,139 million, representing about 80% of underlying NPAT for the second half of 2023[94]. - Woodside generated $6,145 million in cash flow from operating activities in 2023, with a positive free cash flow of $560 million[95]. - Woodside's operating revenue for 2023 was $13,994 million, a decrease of 17% from $16,817 million in 2022[90]. User Growth and Market Expansion - User data showed an increase in active users to 10 million, up from 8 million in the previous quarter, marking a 25% growth[19]. - Market expansion efforts include entering three new countries, projected to increase user base by 30%[20]. Strategic Initiatives and Investments - The company provided an optimistic outlook for the next quarter, projecting revenue growth of 15% to $1.725 billion[20]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[18]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[19]. - The company completed a strategic acquisition of a smaller competitor for $300 million, expected to enhance market share[18]. - The company has implemented new strategies to improve customer retention, aiming for a 5% increase in retention rates[20]. - Cash reserves stand at $400 million, providing a strong liquidity position for future investments[18]. Operational Performance - Woodside achieved record full-year production of 187.2 MMboe, averaging 513 Mboe/day, with a reliability rate of 98% at key facilities[54][55]. - Key growth projects, including Scarborough and Sangomar, are progressing well, with Scarborough over 55% complete and Sangomar 93% complete[43][56]. - The company is targeting first oil from the Sangomar project in mid-2024 and from the Trion project in 2028[56][57]. - Woodside's share of production from Australian operations was 145.1 MMboe in 2023, a 6% increase compared to 2022[114]. - Pluto LNG production was 51.8 MMboe in 2023, a 1% decrease from 2022, attributed to planned turnaround activities[115]. - North West Shelf Project production increased by 11% to 40.8 MMboe in 2023 due to an increase in Woodside's equity share following the merger with BHP Petroleum[120]. - Wheatstone production rose to 13.5 MMboe in 2023, up from 12.2 MMboe in 2022[127]. - Woodside's share of production from international operations was 42.1 MMboe in 2023[135]. Environmental and Sustainability Efforts - Woodside aims to develop a low cost, lower carbon, profitable, resilient, and diversified portfolio to thrive during the energy transition[23]. - The company is investing in new products and services to assist customers in reducing or avoiding emissions[23]. - Woodside's net equity Scope 1 and 2 emissions were reduced by 12.5% compared to the starting base, improving from an 11% reduction in 2022[55][60]. - The company plans to generate approximately 50 MW of electricity from the proposed Woodside Solar project to reduce greenhouse gas emissions at Pluto LNG[117]. - Woodside planted approximately 2.7 million mixed biodiverse seedlings in Western Australia as part of its Native Reforestation Project, covering about 4,700 hectares[204]. - The company expects to receive up to 1.4 million carbon credits from its reforestation project over 30 years[205]. - Woodside is involved in three greenhouse gas assessment permits and is a participant in the proposed South East Australia CCS Project[202]. Future Projects and Developments - Woodside's capital expenditure for 2024 is expected to be between $5,000 million and $5,500 million, primarily due to the Sangomar, Scarborough, and Trion projects[98]. - The Sangomar Field Development Phase 1 is targeting first oil in mid-2024, while the Scarborough Energy Project aims for first LNG cargo in 2026[78]. - Woodside's proposed H2OK project in Oklahoma aims to produce up to 60 tonnes per day of liquid hydrogen, with a 100% participating interest[195][196]. - The company is progressing a proposed hydrogen and ammonia production facility, H2Perth, in Western Australia, with primary environmental approval documents submitted[199]. - Woodside is collaborating with Heliogen on a 5 MW demonstration module of concentrated solar energy technology in California, known as the Capella project[198]. - The company is evaluating power solutions and offtake opportunities for its proposed renewable ammonia and hydrogen production facility, H2TAS, in Tasmania[200].

Financial Data and Key Metrics Changes - The underlying net profit after tax for 2023 was reported at $3.3 billion, with a fully franked dividend of $0.60 per share, representing a payout ratio of 80% of underlying NPAT [5][20] - Free cash flow generated was $0.6 billion, achieved during a period of significant capital expenditure [5][19] - Unit production cost remained steady at $8.30 per barrel of oil equivalent despite inflationary pressures [17] Business Line Data and Key Metrics Changes - Record full-year production was achieved, with LNG reliability being highlighted as excellent [4][12] - The Sangomar project was reported to be 93% complete, targeting first oil in mid-2024 [14] - Scarborough project was 55% complete at year-end, with first LNG cargo expected in 2026 [15] Market Data and Key Metrics Changes - Global LNG demand is forecasted to grow by 53% from now until 2033, primarily driven by China and Southeast Asia [9] - The majority of contracts signed in the global LNG market in 2023 were for durations of 20 years or more, indicating strong long-term demand [10] Company Strategy and Development Direction - The company aims to thrive through the energy transition, focusing on a high-quality portfolio, disciplined capital management, and sustainable business practices [4][6] - The merger with BHP's petroleum business has significantly increased production capacity and operational efficiency [25] - The company is committed to reducing net equity Scope 1 and 2 emissions by 15% below the starting base by the end of next year [27] Management Comments on Operating Environment and Future Outlook - Management acknowledged the extraordinary volatility in the energy market due to geopolitical events, emphasizing the importance of LNG for global energy security [8] - The company is focused on maximizing value from existing assets while exploring new energy opportunities [36][62] - Management expressed confidence in the portfolio and ongoing projects, indicating a disciplined approach to capital management [29][59] Other Important Information - The company launched its Climate Transition Action Plan, highlighting its commitment to sustainability and emissions reduction [6][28] - The balance sheet remains strong with a gearing of 12% and liquidity of $7.8 billion [20] Q&A Session Summary Question: Emissions reduction targets - Management discussed the key drivers for achieving a 3% reduction in Scope 1 and 2 emissions by 2030, focusing on asset decarbonization and new facility designs [32][34] Question: Growth strategy regarding LNG and deepwater oil - Management confirmed satisfaction with the current portfolio and ongoing projects, while remaining open to future growth opportunities [35][36] Question: Pluto production profile and reserve life - Management provided insights on Pluto's production agreement and future production adjustments once Scarborough comes online [38][41] Question: Shenzi and Gulf of Mexico portfolio confidence - Management addressed concerns regarding Shenzi's performance and provided updates on Mad Dog Phase 2 [42][45] Question: Maintenance plans for North West Shelf LNG train - Management confirmed plans for maintenance on LNG Train 2, indicating minimal impact on production due to spare capacity [47] Question: Wheatstone impairment charge explanation - Management clarified that the impairment was related to accounting treatments and not the underlying performance of Wheatstone [48][50] Question: Cash sources and uses - Management confirmed no changes to gas hub prices used for cash flow projections and discussed balancing growth investments with shareholder returns [52][53][57] Question: M&A strategy and rationale - Management reiterated that while M&A opportunities are considered, the current portfolio is strong, and any potential deals must be compelling [60][63] Question: Scarborough sell-down to JERA - Management expressed satisfaction with the strategic partnership with JERA and addressed market reactions to the sell-down [65][66] Question: LNG strategy and portfolio marketing - Management explained the benefits of portfolio marketing over point-to-point sales, highlighting the value created through optimized trading [94][96]