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]

Financial Data and Key Metrics Changes - The company reported a record first half net profit after tax of $1.7 billion, reflecting a 6% increase compared to the previous year [4][25]. - Operating revenue reached $7.4 billion, with a record first half EBITDA of $4.9 billion [6][25]. - Earnings per share decreased to $0.92, primarily due to lower realized prices [26]. - The balance sheet remains strong with liquidity of $7.5 billion, allowing for significant investments [25][35]. Business Line Data and Key Metrics Changes - The company produced 91.3 million barrels of oil equivalent, achieving a reliability rate of 97.7% at operated LNG facilities [6][10]. - The average portfolio price realized was $74 per barrel of oil equivalent, indicating strong demand despite lower prices compared to 2022 [6][14]. - The company is progressing major projects, including Sangomar and Scarborough, with Scarborough now 38% complete [16][17]. Market Data and Key Metrics Changes - Global oil and gas prices have stabilized after record highs in 2022, impacting revenue but reflecting ongoing strong demand for LNG [13][15]. - Analysts forecast continued growth in global LNG demand, particularly from developing markets in Asia [15]. Company Strategy and Development Direction - The company aims to maintain a disciplined approach to capital management while investing in growth projects [5][27]. - The strategic focus includes sustainability and decarbonization efforts, with targets set for emissions reduction by 2025 [8][19]. - The company is exploring new energy opportunities, including hydrogen production and carbon capture and storage [19][22]. Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the regulatory environment and ongoing discussions with NOPSEMA for project approvals [46]. - The company is focused on maintaining operational safety and reliability amid ongoing industrial negotiations [57][68]. - Future growth is anticipated in the hydrogen market, with confidence in profitable investments in new energy projects [74][88]. Other Important Information - The company paid a record AUD 3.7 billion in Australian tax and royalties, reflecting strong business performance [8][36]. - The interim dividend of USD 0.80 per share represents a payout of 80% of underlying profits, with a yield of 6.9% [5][12]. Q&A Session Summary Question: Cash flow and tax payments - The CFO clarified that higher cash taxes were due to increased profits in a higher price environment, with no structural changes in the business [43]. Question: Scarborough project timeline - Management provided updates on environmental approvals and expressed cautious optimism regarding the timeline for drilling and installation [45][46]. Question: LNG marketing activities - The company is engaged in discussions with multiple Asian counterparties for LNG offtake, emphasizing the importance of Australian LNG for energy security [50][52]. Question: CCS project costs - Management differentiated between CCS projects for new developments and those offered as a service, indicating that costs are still being assessed [54]. Question: Industrial action risks - Management acknowledged the potential impact of industrial action on production but emphasized constructive engagement with employees [66][68]. Question: Future growth and investment opportunities - Management highlighted a robust portfolio of future investments, including gas and new energy projects, while emphasizing the importance of timing and regulatory approvals [63][64].

[Chief Financial Officer's Introduction](index=4&type=section&id=Chief%20Financial%20Officer's%20introduction) CFO Graham Tiver highlights Woodside's strong 2022 financial performance, including **US$6.5 billion** net profit and **US$2.2 billion** in government payments, emphasizing global expansion and transparency 2022 Key Financial and Contribution Metrics | Metric | Value (USD) | | :--- | :--- | | Net Profit After Tax | $6.5 billion | | Total Payments to Governments | $2.2 billion | | Payments to Australian Governments | $1.8 billion | - The merger with BHP's petroleum business on June 1, 2022, expanded Woodside's international presence, leading to payments to governments across multiple countries[8](index=8&type=chunk) - Woodside affirms its commitment to transparency through EITI membership and voluntary reporting under Australia's Tax Transparency Code[9](index=9&type=chunk) [About This Report](index=5&type=section&id=About%20this%20report) This section outlines the report's methodology, definitions, and scope, prepared in accordance with UK DTR 4.3A, covering extractive activity payments on a consolidated cash basis [Basis of Preparation](index=5&type=section&id=Basis%20of%20preparation) This section details the report's preparation, a consolidated cash-basis statement of 2022 government payments, adhering to UK DTR 4.3A with a **£86,000** materiality threshold - The report adheres to the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules (DTR) set out in **DTR 4.3A**[12](index=12&type=chunk)[14](index=14&type=chunk) - Payments are reported on a **cash basis**, included in the period of actual payment[15](index=15&type=chunk) - A materiality threshold excludes payments below **£86,000** from the report[19](index=19&type=chunk) - All payments are reported in **US dollars**, with other currencies translated at the payment date's exchange rate[20](index=20&type=chunk) [Payment Types](index=6&type=section&id=Payment%20types) This section defines disclosed payment categories, including production entitlements, taxes, royalties, bonuses, and fees, noting no reportable dividend or infrastructure payments in 2022 - Reported payment types include **Production Entitlements, Taxes, Royalties, Bonuses, and Fees**[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - Reported taxes are levied on income, production, or profit, such as **PRRT**, and are net of refunds[24](index=24&type=chunk) - For 2022, no reportable dividend or infrastructure improvement payments were made to governments[26](index=26&type=chunk)[29](index=29&type=chunk) [Payments by Government](index=7&type=section&id=Payments%20by%20government) This chapter details **US$2,224.9 million** in 2022 government payments by country and agency, with Australia as the largest recipient and Taxes and Royalties as primary payment types Total Payments by Country (2022, US$ Million) | Country | Production Entitlements | Taxes | Royalties | Bonuses | Fees | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Australia | - | 1,425.4 | 363.6 | - | 10.0 | 1,799.0 | | Trinidad and Tobago | 215.0 | 0.4 | - | - | 2.2 | 217.6 | | United States of America | - | 22.4 | 175.1 | 4.1 | 3.4 | 205.0 | | Mexico | - | 0.9 | - | - | 1.7 | 2.6 | | Canada | - | - | - | - | 0.4 | 0.4 | | Timor-Leste | - | - | - | - | 0.3 | 0.3 | | **Total** | **215.0** | **1,449.1** | **538.7** | **4.1** | **18.0** | **2,224.9** | [Payments by Project](index=8&type=section&id=Payments%20by%20project) This section details the **US$2,224.9 million** in 2022 government payments allocated by specific operational projects, with significant contributions from Australian projects and others globally Top Payments by Project (2022, US$ Million) | Project | Country | Total Payments | | :--- | :--- | :--- | | North West Shelf | Australia | 636.8 | | Bass Strait | Australia | 386.4 | | Woodside Energy Group Ltd (Non-project specific) | Australia | 352.9 | | Pluto | Australia | 325.5 | | Greater Angostura | Trinidad and Tobago | 217.6 | | Gulf of Mexico | United States of America | 193.5 | - Payments not attributable to a specific project are disclosed at the entity level, such as **US$352.9 million** from Woodside Energy Group Ltd in Australia[34](index=34&type=chunk)

Woodside Energy Group Ltd (NYSE:WDS) Q4 2022 Results Conference Call February 26, 2023 6:00 PM ET Company Participants Meg O’Neill - Chief Executive Officer and Managing Director Graham Tiver - Executive VP & CFO Conference Call Participants Tom Allen - UBS Mark Samter - MST Marquee James Byrne - Citi James Redfern - Bank of America Dale Koenders - Barrenjoey Saul Kavonic - Credit Suisse Mark Wiseman - Macquarie Group Nik Burns - Jarden Australia Meg O’Neill Good morning everyone, and thank you for joining ...

[Overview](index=4&type=section&id=1.%20Overview) [About Woodside](index=4&type=section&id=1.1%20About%20Woodside) Woodside is a global energy company, strengthened by its 2022 merger with BHP's petroleum business, which expanded its portfolio across Australia, the Gulf of Mexico, the Caribbean, and Senegal, focusing on low-cost, lower-carbon energy production with major projects like Scarborough and Sangomar in execution, and targeting a $5 billion investment in new energy products and lower carbon services by 2030, aiming to reduce net equity Scope 1 and 2 emissions by 30% by 2030 towards a net-zero aspiration by 2050 - The merger with BHP's petroleum business significantly increased Woodside's global portfolio scale and diversification, including assets in Australia, the Gulf of Mexico, the Caribbean, Senegal, and Timor-Leste[14](index=14&type=chunk) - Key projects in execution include Scarborough and Pluto Train 2 in Australia (targeting first LNG in 2026), Sangomar in Senegal (targeting first oil in late 2023), and Shenzi North and Mad Dog Phase 2 in the US Gulf of Mexico[15](index=15&type=chunk) - Woodside aims to reduce net equity Scope 1 and 2 greenhouse gas emissions by **15% by 2025** and **30% by 2030**, aspiring to net zero by 2050, and targets a **$5 billion investment** in new energy products and lower carbon services by 2030[17](index=17&type=chunk) [2022 Achievements](index=5&type=section&id=1.2%202022%20achievements) In 2022, Woodside achieved record financial and operational results, highlighted by a 228% increase in Net Profit After Tax to $6.5 billion and a 142% rise in operating revenue to $16.8 billion, with production volume seeing a significant 73% increase to 157.7 MMboe, and the full-year dividend growing by 87% to 253 US cents per share, alongside key strategic milestones including the successful merger with BHP's petroleum business and continued execution of major projects like Scarborough and Sangomar 2022 Key Performance Indicators | Metric | 2022 Value | Change vs. 2021 | | :--- | :--- | :--- | | **Net Profit After Tax** | $6.5 billion | ↑ 228% | | **Operating Revenue** | $16.8 billion | ↑ 142% | | **Underlying Net Profit After Tax** | $5.2 billion | ↑ 223% | | **Full-Year Dividend** | 253 US cps | ↑ 87% | | **Production Volume** | 157.7 MMboe | ↑ 73% | | **Free Cash Flow** | $6.5 billion | ↑ 669% | - Significant corporate and project milestones in 2022 included the merger with BHP's petroleum business, continued execution of Scarborough and Sangomar Field Development Phase 1, completion of Pluto Train 2 sell-down, and awarding contracts for H2OK alkaline electrolyser equipment and liquefaction units[23](index=23&type=chunk) [2022 Summary](index=6&type=section&id=1.3%202022%20summary) The company completed its transformational merger with BHP's petroleum business in 2022, achieving record profit and production, with reported Net Profit After Tax reaching **$6.5 billion** and the full-year dividend increasing by **87% to 253 US cents per share**, while significantly strengthening its balance sheet with net debt at **$583 million** and gearing at **1.6%** Key Financial and Operational Metrics (2022 vs 2021) | Metric | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | **Reported NPAT** | $6,498 million | $1,983 million | ↑ 228% | | **Earnings Per Share (EPS)** | 430 US cps | 206 US cps | ↑ 109% | | **Full-Year Dividend** | 253 US cps | 135 US cps | ↑ 87% | | **Operating Revenue** | $16,817 million | $6,962 million | ↑ 142% | | **Production** | 157.7 MMboe | 91.1 MMboe | ↑ 73% | | **Net Debt** | $583 million | $3,772 million | ↓ 85% | | **Gearing** | 1.6% | 21.9% | ↓ 20.3 p.p. | - The company's balance sheet was significantly strengthened, with net debt reduced to **$583 million** and gearing at **1.6%**, well below the target range of 10-20%, and liquidity stood at over **$10 billion** at year-end[29](index=29&type=chunk)[34](index=34&type=chunk) - Operational performance remained strong with high LNG reliability, however, the Total Recordable Injury Rate (TRIR) increased to **1.80 per million work hours**[30](index=30&type=chunk)[33](index=33&type=chunk) [Chair's Report](index=8&type=section&id=1.4%20Chair's%20report) The Chair highlighted 2022 as a historic year for Woodside, marked by the successful merger with BHP's petroleum business, which created the largest energy company on the ASX and, combined with high energy prices and strong operations, resulted in a record net profit of **$6.5 billion**, leading to a total full-year dividend of **253 US cents per share**, while emphasizing the company's strategy to provide reliable, affordable, and lower-carbon energy amidst global market turmoil and the energy transition, though personal safety outcomes require improvement - The merger with BHP's petroleum business was a momentous event, creating the largest energy company listed on the ASX and leading to secondary listings on the London and New York Stock Exchanges[40](index=40&type=chunk)[52](index=52&type=chunk) 2022 Financial Highlights from Chair's Report | Metric | Value | | :--- | :--- | | **Reported NPAT** | $6,498 million | | **Final Dividend** | 144 US cents per share (fully-franked) | | **Total Full-Year Dividend** | 253 US cents per share | - Key growth projects are progressing well, with Scarborough on track for the first LNG cargo in 2026 and Sangomar expected to deliver first oil in late 2023, and the company is also advancing new energy opportunities, targeting its first final investment decision at the H2OK hydrogen project in 2023[46](index=46&type=chunk)[50](index=50&type=chunk) - Personal safety outcomes in 2022 did not improve and are a key area for improvement in 2023[45](index=45&type=chunk) [Chief Executive Officer's Report](index=10&type=section&id=1.5%20Chief%20Executive%20Officer's%20report) The CEO described 2022 as a transformative year, delivering a record net profit of **$6.5 billion** and operating cash flow of **$8.8 billion**, driven by the BHP petroleum merger and strong market conditions, which enhanced Woodside's scale, diversity, and resilience, with initiatives on track to deliver over US$400 million in annual synergies, while also highlighting strong operational performance, significant progress on major growth projects, and an 11% reduction in net equity Scope 1 and 2 emissions 2022 Financial Performance from CEO's Report | Metric | Value | | :--- | :--- | | **Net Profit After Tax (NPAT)** | $6,498 million | | **Operating Cash Flow** | $8,811 million (↑ 132%) | - The merger with BHP's petroleum business is on track to deliver greater than **US$400 million** in annual synergies ahead of target[56](index=56&type=chunk) - Major projects are advancing as planned: Scarborough and Pluto Train 2 were **25% complete** at year-end, targeting first LNG in 2026, and the Sangomar development is targeting first oil towards the end of 2023[61](index=61&type=chunk)[62](index=62&type=chunk) - Woodside achieved an **11% reduction** in net equity Scope 1 and 2 emissions against its 2016-2020 baseline and is maturing new energy opportunities, aiming for a final investment decision on the H2OK hydrogen project in 2023[68](index=68&type=chunk) [Focus Areas](index=12&type=section&id=1.6%20Focus%20areas) Woodside's global portfolio is geographically diverse, with key producing assets, projects, and development opportunities spanning Australia, the Americas, and Africa, and in 2022, its production was primarily driven by LNG, accounting for **54%** of the annual total 2022 Annual Production by Product | Product | Share of Production | | :--- | :--- | | LNG | 54% | | Pipeline Gas | 18% | | Oil | 29% | | NGL | 4% | - The company's operations and growth pipeline are spread across key global energy hubs, including established production in Australia and the Gulf of Mexico, major projects in Senegal, and new energy opportunities in the US and Australia[73](index=73&type=chunk)[75](index=75&type=chunk) [Merger with BHP Petroleum](index=14&type=section&id=1.7%20Merger%20with%20BHP%20Petroleum) The merger between Woodside and BHP's petroleum business, completed on June 1, 2022, created the largest energy company listed on the ASX, leading to new secondary listings on the NYSE and LSE, with Woodside issuing **914.8 million** new shares to BHP and receiving approximately **$1.1 billion** in net cash, and is expected to deliver over **US$400 million** in annual synergies - The merger was completed on **June 1, 2022**, after receiving **98.7% approval** from voting Woodside shareholders on May 19, 2022[38](index=38&type=chunk)[79](index=79&type=chunk) - Woodside issued **914,768,948 new shares** to BHP and received net cash of approximately **$1.1 billion**, and the company commenced trading on the NYSE and LSE under the ticker WDS in June 2022[79](index=79&type=chunk)[80](index=80&type=chunk) - The company has implemented initiatives to deliver over **US$400 million** in annual pre-tax synergies ahead of the original target[80](index=80&type=chunk)[82](index=82&type=chunk) - The strategic rationale for the merger focused on enhancing shareholder returns, portfolio quality, cash generation, development optionality, energy transition leadership, and achieving synergies[81](index=81&type=chunk) [Financial Performance and Strategy](index=15&type=section&id=2.%20Financial%20performance%20and%20strategy) [Financial Overview](index=15&type=section&id=2.1%20Financial%20overview) In 2022, Woodside achieved a record reported net profit after tax (NPAT) of **$6.5 billion** and an underlying NPAT of **$5.2 billion**, primarily driven by the BHP petroleum merger, higher commodity prices, and strong operational performance, generating **$8.8 billion** in operating cash flow and **$6.5 billion** in free cash flow, enabling a fully franked final dividend of 144 US cents per share, while maintaining a strong balance sheet with over **$10.2 billion** in liquidity and gearing at a low **1.6%** Key Financial Metrics (2020-2022) | Metric | Unit | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | | **Operating revenue** | $ million | 16,817 | 6,962 | 3,600 | | **EBITDA excluding impairment** | $ million | 11,234 | 4,135 | 1,922 | | **Net profit after tax (NPAT)** | $ million | 6,498 | 1,983 | (4,028) | | **Underlying NPAT** | $ million | 5,230 | 1,620 | 447 | | **Net cash from operating activities** | $ million | 8,811 | 3,792 | 1,849 | | **Free cash flow** | $ million | 6,546 | 851 | (263) | | **Total Production** | MMboe | 157.7 | 91.1 | 100.3 | - The 2022 reported NPAT of **$6.5 billion** was a significant increase from **$2.0 billion** in 2021, primarily driven by higher prices (**$4.83 billion** impact) and higher sales volumes (**$5.01 billion** impact) from the BHP merger and Pluto-KGP Interconnector, partially offset by higher cost of sales (-**$2.70 billion** impact) and increased taxes (-**$1.35 billion** impact)[89](index=89&type=chunk) - A 2022 fully franked final dividend of **144 US cents per share** was determined, valued at **$2.73 billion**, representing approximately **80%** of underlying NPAT for the second half of 2022, and the dividend reinvestment plan (DRP) has been suspended[90](index=90&type=chunk) - Woodside ended 2022 with **$10.24 billion** in liquidity and gearing of **1.6%**, below its target range of 10-20%, and has placed oil price hedges for approximately **22 MMboe** of 2023 production at an average price of **$75 per barrel**[91](index=91&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [Strategy and Capital Management](index=18&type=section&id=2.2%20Strategy%20and%20capital%20management) Woodside's strategy is to thrive through the energy transition by building a low-cost, lower-carbon, profitable, resilient, and diversified portfolio, supported by a disciplined capital allocation framework that sets specific investment criteria for oil, gas, and new energy projects to optimize value and shareholder returns, while targeting a dividend payout ratio of **50-80%** of underlying NPAT and maintaining a target gearing range of **10-20%** to support its investment grade credit rating - The company's core strategy is to build a low cost, lower carbon, profitable, resilient, and diversified portfolio to succeed through the energy transition[105](index=105&type=chunk) Capital Allocation Framework Opportunity Targets | Opportunity | Focus | IRR Target | Payback Target | | :--- | :--- | :--- | :--- | | **Oil** | Generate high returns to fund diversified growth | > 15% | Within 5 years | | **Gas (LNG)** | Long-term cash flow, leveraging infrastructure | > 12% | Within 7 years | | **New Energy** | Hydrogen, ammonia, CCUS to reduce customer emissions | > 10% | Within 10 years | - The capital management framework aims to optimize value and shareholder returns through several levers, including a dividend policy targeting a **50-80% payout ratio** of underlying NPAT, a target gearing range of **10-20%** to maintain an investment-grade credit rating, hedging to protect the balance sheet against commodity cycles, and active management of participating interests, such as the 2022 sell-down of a **49% interest** in Pluto Train 2[121](index=121&type=chunk)[123](index=123&type=chunk) [Energy Markets](index=21&type=section&id=2.3%20Energy%20markets) Global energy markets in 2022 were characterized by surging prices and volatility, with Dated Brent oil averaging **$101/bbl** and North Asian LNG prices more than doubling to **$34/MMBtu**, driven by geopolitical tensions and an uncertain energy transition, while global LNG demand is expected to grow over **60% by 2040**, necessitating new projects, and Australian supply challenges led to a 12-month price cap on the east coast - The Dated Brent oil price averaged **$101/bbl** in 2022, a **43% increase** from 2021, influenced by post-COVID-19 demand rebound and sanctioned Russian supply[126](index=126&type=chunk) - Global gas markets remained tight, with North Asian LNG prices averaging **$34/MMBtu** in 2022, more than double the 2021 average, due to reduced Russian supplies to Europe[127](index=127&type=chunk) - Global LNG demand is projected to grow by over **60%** between 2021 and 2040, necessitating new liquefaction capacity to meet supply needs from the late-2020s[128](index=128&type=chunk) - The Australian east coast gas market experienced a price spike in mid-2022, leading the government to impose a 12-month price cap of **A$12 per gigajoule** on new wholesale gas contracts for 2023[132](index=132&type=chunk) [Business Model and Value Chain](index=22&type=section&id=2.4%20Business%20model%20and%20value%20chain) Woodside's business model spans the full energy value chain, from acquisition and exploration to decommissioning, with 2022 key activities including completing the BHP petroleum merger, advancing major projects, enhancing operational output, securing new long-term LNG sales agreements, and progressing decommissioning work - **Acquire, explore and develop:** Completed the merger with BHP's petroleum business and is targeting Final Investment Decision (FID) readiness for the Trion and H2OK projects in 2023[137](index=137&type=chunk) - **Project execution:** Continued execution of the Scarborough and Sangomar Field Development Phase 1 projects[137](index=137&type=chunk) - **Operate:** Increased production by accelerating Pluto gas through the Pluto-KGP Interconnector and achieved over **98% reliability** at both Pluto LNG and Karratha Gas Plant (KGP)[137](index=137&type=chunk) - **Market:** Entered into a long-term sale and purchase agreement to supply LNG to Europe and an offtake agreement to access flexible LNG supply in the Atlantic basin[137](index=137&type=chunk) - **Decommission:** Completed permanent plug and abandonment (P&A) of four wells in the Balnaves field and continued the Enfield P&A campaign[137](index=137&type=chunk) [Our Business](index=23&type=section&id=3.%20Our%20business) [Australian Operations](index=23&type=section&id=3.1%20Australian%20operations) Woodside's Australian operations, including major assets like Pluto LNG, NWS Project, Wheatstone, and Bass Strait, saw production increase by **50% to 136.6 MMboe** in 2022, driven by the BHP merger doubling Woodside's NWS interest and key operational achievements such as the Pluto-KGP Interconnector start-up, which enabled processing of Pluto gas at Karratha Gas Plant and produced **13 additional LNG cargoes** - Woodside's share of production from Australian operations was **136.6 MMboe** in 2022, a **50% increase** from 2021, largely due to the merger with BHP's petroleum business[138](index=138&type=chunk) - Pluto LNG production increased by **18% to 52.4 MMboe**, driven by high reliability (**98.3%**) and the start-up of the Pluto-KGP Interconnector, which processed Pluto gas at KGP, resulting in **13 additional LNG cargoes** in 2022[139](index=139&type=chunk) - The North West Shelf (NWS) Project production for Woodside increased by **49% to 36.7 MMboe**, following the doubling of its equity share to **33.33%** post-merger, and the project also commenced tolling third-party gas from Pluto[143](index=143&type=chunk)[145](index=145&type=chunk) - The Bass Strait assets, acquired in the merger, contributed **19.6 MMboe** of production in 2022 and remain a key source of gas for Australia's east coast market[152](index=152&type=chunk) [International Operations](index=25&type=section&id=3.2%20International%20operations) Woodside's international portfolio, primarily in the US Gulf of Mexico and the Caribbean, focuses on safe, low-cost, and reliable operations, with key assets like Shenzi, Atlantis, Mad Dog, and Greater Angostura contributing significantly to post-merger production, and ongoing growth projects such as Shenzi North targeting first oil in 2024 and Mad Dog Phase 2 expected to start up in 2023 International Asset Production (from June 1, 2022) | Asset | Woodside's Share of Production (MMboe) | | :--- | :--- | | Shenzi | 6.2 | | Atlantis | 6.3 | | Mad Dog | 2.6 | | Greater Angostura | 5.8 | - The Shenzi North project, a two-well subsea tieback to the Shenzi platform, is targeting first oil in 2024[164](index=164&type=chunk) - The Mad Dog Phase 2 development, which includes the new 'Argos' floating production facility, is expected to start up in 2023[167](index=167&type=chunk) [Marketing and Trading](index=26&type=section&id=3.3%20Marketing%20and%20trading) Following the BHP merger, Woodside expanded its global marketing and trading portfolio, with **23%** of produced LNG exposed to gas hub indices in 2022, securing long-term LNG supply agreements with Uniper for Europe and Commonwealth LNG for its Atlantic position, and supplying approximately **15%** of gas to the Australian east coast market from June to December 2022 - In 2022, Woodside's exposure of produced LNG to gas hub indices was **23%**[173](index=173&type=chunk) - From June to December 2022, Woodside supplied approximately **15%** of all gas to the Australian east coast market from its Bass Strait asset[175](index=175&type=chunk) - Key commercial agreements in 2022 include a long-term sale and purchase agreement (SPA) with Uniper to supply LNG to Europe and an offtake agreement with Commonwealth LNG to bolster its Atlantic position[176](index=176&type=chunk) - Woodside chartered an additional **five new-build LNG ships** in 2022 to support Scarborough LNG delivery and growth in trading activities, with deliveries expected between 2024 and 2027[176](index=176&type=chunk) [Projects](index=27&type=section&id=3.4%20Projects) Woodside is advancing several major international projects, including Scarborough in Australia targeting first LNG in 2026 with FPU and pipeline fabrication underway, Sangomar Field Development in Senegal targeting first oil in late 2023 with FPSO construction complete and subsea installation underway, and the Trion oil project in Mexico which completed FEED and targets final investment decision (FID) readiness in 2023 - **Scarborough:** The project is targeting first LNG cargo in 2026, with key 2022 milestones including the start of FPU topsides and hull fabrication, delivery of subsea trees, and commencement of pipeline manufacturing[181](index=181&type=chunk)[185](index=185&type=chunk) - **Sangomar:** Phase 1 is targeting first oil in late 2023, with the FPSO construction phase complete, the subsea installation campaign commenced in September 2022, and seven of the 23 development wells complete by year-end[187](index=187&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk) - **Trion:** This deepwater oil development in Mexico is targeting FID readiness in 2023, with FEED activities completed in 2022 and key tender packages issued for competitive bids[194](index=194&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) [Exploration and Development](index=29&type=section&id=3.5%20Exploration%20and%20development) Woodside is maturing a portfolio of development opportunities, including Calypso, Browse (now with CCS), and Sunrise, while its 2022 exploration program included activities in the US Gulf of Mexico, Senegal, and the Caribbean, establishing new acreage in Egypt and Congo, and exiting positions in offshore Canada and the Republic of Korea as part of post-merger portfolio optimization - The Browse development concept has been updated to include a carbon capture and storage (CCS) solution to abate reservoir CO2[202](index=202&type=chunk) - The Sunrise Joint Venture is undertaking concept select studies while awaiting a new production sharing contract between the governments of Timor-Leste and Australia[204](index=204&type=chunk) - Woodside expanded its exploration portfolio by establishing new acreage positions in Egypt and Congo[210](index=210&type=chunk) - Following the merger, Woodside exited its exploration positions in offshore Canada and the Republic of Korea[211](index=211&type=chunk) [New Energy and Carbon Solutions](index=30&type=section&id=3.6%20New%20energy%20and%20carbon%20solutions) Woodside is pursuing its new energy strategy with a target to invest **$5 billion by 2030**, with a portfolio including proposed hydrogen and ammonia projects like the advanced H2OK in Oklahoma, and is also developing carbon solutions by securing greenhouse gas assessment permits for future CCS in Australia and forming collaborations for carbon-to-products technologies - Woodside has a target to invest **$5 billion** in new energy products and lower carbon services by 2030[214](index=214&type=chunk) - The H2OK liquid hydrogen project in Oklahoma completed FEED activities in 2022 and contracts were awarded for electrolyser and liquefaction units[215](index=215&type=chunk) - In 2022, Woodside was awarded three greenhouse gas assessment permits for potential carbon capture and storage (CCS) projects in the Browse, Northern Carnarvon, and Bonaparte Basins in Australia[227](index=227&type=chunk) - The company launched carbon capture and utilisation (CCU) collaborations with ReCarbon and LanzaTech to assess converting greenhouse gases into ethanol, and invested in String Bio for recycling greenhouse gases into products like livestock feed[229](index=229&type=chunk)[231](index=231&type=chunk) [Climate and Sustainability](index=32&type=section&id=3.7%20Climate%20and%20sustainability) Woodside's climate strategy focuses on reducing its net equity Scope 1 and 2 emissions by **15% by 2025** and **30% by 2030** towards a net-zero aspiration by 2050, achieving an **11% reduction** in 2022 by retiring **754 kt CO2-e** of carbon credits, and targets a **$5 billion investment** in new energy products and lower carbon services by 2030 as part of its Scope 3 emissions plan - Woodside has set targets to reduce net equity Scope 1 and 2 greenhouse gas emissions by **15% by 2025** and **30% by 2030**, aspiring to achieve net zero by 2050 or sooner[237](index=237&type=chunk) - In 2022, the company's net equity Scope 1 and 2 emissions were **11% below** the 2016-2020 starting base, achieved by retiring **754 kt CO2-e** of carbon credits[237](index=237&type=chunk) - As part of its Scope 3 emissions plan, Woodside targets a **$5 billion investment** in new energy products and lower carbon services by 2030, with over **$100 million** spent by the end of 2022 towards this target[240](index=240&type=chunk) - In 2022, Woodside became the first Australasian company to sign the 'Aiming for Zero Methane Emissions Initiative'[239](index=239&type=chunk)[240](index=240&type=chunk) [Risk Factors](index=33&type=section&id=3.8%20Risk%20factors) Woodside identifies and manages a range of strategic, entity, and emerging risks inherent to its business, with key categories including climate change, social license to operate, growth, operations, finance and market volatility, people and culture, and digital and cybersecurity threats - The company categorizes risks into three types: Strategic, Entity, and Emerging risks, managed through a comprehensive framework overseen by the Board's Audit & Risk Committee[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - **Climate Change Risk:** Includes transition risks (demand/pricing for oil & gas, policy changes) and physical risks (damage to assets from severe weather)[253](index=253&type=chunk)[254](index=254&type=chunk) - **Growth Risk:** Pertains to the delivery of complex, multi-year projects, competition for resources, and uncertainties in commercializing new energy technologies like hydrogen[265](index=265&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk) - **Finance and Market Risk:** Encompasses volatility in commodity prices, interest rates, and foreign exchange, as well as risks associated with the ongoing integration of BHP's petroleum business[289](index=289&type=chunk)[290](index=290&type=chunk) [Reserves and Resources Statement](index=41&type=section&id=3.9%20Reserves%20and%20Resources%20Statement) As of December 31, 2022, Woodside's remaining Proved (1P) Reserves stood at **2,385.2 MMboe** and Proved plus Probable (2P) Reserves at **3,640.3 MMboe**, with the acquisition of BHP's petroleum assets significantly boosting reserves by adding a net **922.8 MMboe** of 1P and **1,472.3 MMboe** of 2P Reserves, and the company now reports its Proved (1P) Reserves in accordance with SEC regulations Woodside's Reserves and Contingent Resources Overview (as at 31 Dec 2022) | Category | Natural gas (Bcf) | NGLs (MMbbl) | Oil & condensate (MMbbl) | Total (MMboe) | | :--- | :--- | :--- | :--- | :--- | | **Proved (1P)** | 10,783.6 | 26.3 | 467.0 | 2,385.2 | | **Proved plus Probable (2P)** | 16,425.9 | 48.0 | 710.6 | 3,640.3 | | **Contingent Resources (2C)** | 41,589.1 | 88.8 | 1,276.7 | 8,661.9 | - Total production for 2022 was **171.7 MMboe**, which includes **156.8 MMboe** for sale and **14.9 MMboe** consumed as fuel in operations[311](index=311&type=chunk) - The acquisition of BHP's petroleum assets resulted in net increases of **922.8 MMboe** for 1P Reserves, **1,472.3 MMboe** for 2P Reserves, and **1,816.3 MMboe** for 2C Contingent Resources[312](index=312&type=chunk) - Proved Undeveloped (PUD) Reserves were **1,615.2 MMboe**, approximately **68%** of total Proved Reserves, and during FY2022, **54.0 MMboe** of PUD Reserves were converted to Proved Developed Reserves through development activities[331](index=331&type=chunk)[332](index=332&type=chunk) [Governance](index=50&type=section&id=4.%20Governance) [Corporate Governance Statement](index=50&type=section&id=4.1%20Corporate%20Governance%20Statement) Woodside is committed to high standards of corporate governance, overseen by its Board comprising ten independent non-executive directors and the CEO, supported by four standing committees, with key 2022 activities including completing the BHP merger, monitoring major projects, and setting emissions reduction targets, while confirming compliance with ASX, LSE, and NYSE requirements - The Board is composed of ten independent non-executive directors and the CEO, Meg O'Neill[368](index=368&type=chunk) - Key Board activities during 2022 included completing the merger with BHP's petroleum business, monitoring the Scarborough, Pluto Expansion, and Sangomar projects, appointing a new CFO, and setting near and medium-term emissions reduction targets[369](index=369&type=chunk)[370](index=370&type=chunk) - The Board has four standing committees: Audit & Risk, Human Resources & Compensation, Sustainability, and Nominations & Governance[437](index=437&type=chunk) - As of December 31, 2022, the Board had **36% female representation**, and the company has a public commitment to improve Board diversity, targeting **40% male, 40% female, and 20% any gender**[499](index=499&type=chunk) [Directors' Report](index=71&type=section&id=4.2%20Directors'%20report) This report covers the financial year ending December 31, 2022, confirming Woodside's principal activity as hydrocarbon exploration, development, production, and marketing, with consolidated operating profit attributable to shareholders reaching **$6.5 billion**, a significant increase from 2021, and directors resolving to pay a final, fully franked dividend of 144 US cents per share, while noting compliance with environmental legislation despite three minor incidents - The consolidated operating profit after tax attributable to shareholders for 2022 was **$6,498 million**, compared to **$1,983 million** in 2021[519](index=519&type=chunk) Dividend Summary | Dividend | Cents per share | Franking | Payment Date | | :--- | :--- | :--- | :--- | | **2022 Final** | 144 | Fully | 5 April 2023 | | **2022 Interim** | 109 | Fully | 6 October 2022 | - In 2022, there were three environmental incidents involving spills greater than 1 barrel, none of which resulted in significant negative environmental impacts[525](index=525&type=chunk) [Remuneration Report](index=75&type=section&id=4.3%20Remuneration%20Report) The 2022 Remuneration Report details compensation for Key Management Personnel (KMP) during a transformative year marked by the BHP merger, with the remuneration framework reviewed for global competitiveness, the 2022 Corporate Scorecard outcome adjusted to **8 out of 10** to recognize significant achievements, and post-merger, the CEO's FAR increased to **A$2.4 million** and the cash component of the Executive Incentive Scheme (EIS) award for KMP increased to **20%** Five-Year Performance Summary | Metric (US$ million, unless stated) | 2022 | 2021 | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | **EBITDA excluding impairment** | 11,234 | 4,135 | 1,922 | 3,531 | 3,814 | | **Net profit after tax (NPAT)** | 6,498 | 1,983 | (4,028) | 343 | 1,364 | | **Dividends per share (US cents)** | 253 | 135 | 38 | 91 | 144 | | **Share closing price (A$)** | 35.44 | 21.93 | 22.74 | 34.38 | 31.32 | | **Production (MMboe)** | 157.7 | 91.1 | 100.3 | 89.6 | 91.4 | - The 2022 Corporate Scorecard outcome was **7 out of 10**, which the Board exercised its discretion to raise to **8** for the purposes of the Executive Incentive Scheme (EIS) to recognize the successful merger and strong operational results[557](index=557&type=chunk)[614](index=614&type=chunk) - Effective June 1, 2022, CEO Meg O'Neill's Fixed Annual Remuneration (FAR) increased to **A$2,400,000**, and her target Variable Annual Reward (VAR) was set at **A$6,720,000**[563](index=563&type=chunk) - The cash component of the EIS award for Executive KMP will increase from **12.5% to 20%** to better align with market peers, while **80%** remains as deferred equity[564](index=564&type=chunk)[588](index=588&type=chunk) [Financial Statements](index=99&type=section&id=5.%20Financial%20Statements) [Financial Statements](index=99&type=section&id=5.1%20Financial%20Statements) For the year ended December 31, 2022, Woodside reported a significant increase in financial performance, with operating revenue reaching **$16.82 billion** and profit after tax attributable to equity holders of **$6.50 billion**, driven by the BHP petroleum merger and higher commodity prices, which strengthened the balance sheet with total assets growing to **$59.32 billion** and net assets increasing to **$37.13 billion**, while generating **$8.81 billion** in net cash from operating activities Consolidated Income Statement Summary (Year ended Dec 31) | Metric (US$ million) | 2022 | 2021 | | :--- | :--- | :--- | | **Operating revenue** | 16,817 | 6,962 | | **Gross profit** | 10,277 | 3,117 | | **Profit before tax** | 9,174 | 3,290 | | **Profit after tax** | 6,575 | 2,036 | | **Profit attributable to equity holders** | 6,498 | 1,983 | Consolidated Statement of Financial Position Summary (As at Dec 31) | Metric (US$ million) | 2022 | 2021 | | :--- | :--- | :--- | | **Total current assets** | 9,290 | 4,278 | | **Total non-current assets** | 50,031 | 22,196 | | **Total assets** | 59,321 | 26,474 | | **Total liabilities** | 22,194 | 12,245 | | **Net assets** | 37,127 | 14,229 | Consolidated Statement of Cash Flows Summary (Year ended Dec 31) | Metric (US$ million) | 2022 | 2021 | | :--- | :--- | :--- | | **Net cash from operating activities** | 8,811 | 3,792 | | **Net cash used in investing activities** | (2,265) | (2,941) | | **Net cash used in financing activities** | (3,364) | (1,424) | | **Net increase/(decrease) in cash held** | 3,182 | (573) | [Additional Information](index=165&type=section&id=6.%20Additional%20Information) [Supplementary Information on Oil and Gas (Unaudited)](index=165&type=section&id=6.1%20Supplementary%20information%20on%20oil%20and%20gas%20-%20unaudited) This section provides unaudited supplementary information on oil and gas activities as required by FASB and SEC regulations, including details on capitalised costs totaling **$67.7 billion** before depreciation in 2022, and a standardised measure of discounted future net cash flows from proved reserves estimated at **$54.1 billion** at year-end 2022, a significant increase primarily due to acquisitions and higher prices Net Capitalised Costs Relating to Oil and Gas Production Activities (US$m) | Year | Australia | International | Total | | :--- | :--- | :--- | :--- | | **2022** | 25,991 | 14,889 | 40,880 | | **2021** | 16,786 | 2,262 | 19,048 | | **2020** | 16,296 | 1,016 | 17,312 | Standardised Measure of Discounted Future Net Cash Flows (US$m) | Year | Australia | International | Total | | :--- | :--- | :--- | :--- | | **2022** | 42,672 | 11,471 | 54,143 | | **2021** | 14,654 | 1,083 | 15,737 | | **2020** | 5,084 | - | 5,084 | [Three-Year Financial Analysis](index=171&type=section&id=6.2%20Three-year%20financial%20analysis) Woodside's financial performance over the past three years reflects significant market volatility and the transformative impact of the 2022 BHP merger, with operating revenue surging to **$16.8 billion** in 2022 from **$3.6 billion** in 2020, and attributable NPAT recovering from a **$4.0 billion loss** in 2020 to a **$6.5 billion profit** in 2022, driven by higher commodity prices and increased production volumes, with analysis broken down by product and new operating segments Three-Year Financial Results Summary (US$m) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Operating revenue** | 16,817 | 6,962 | 3,600 | | **Gross profit** | 10,277 | 3,117 | 615 | | **Profit/(loss) after tax** | 6,575 | 2,036 | (3,975) | Three-Year Production and Sales Volumes (MMboe) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Total production** | 157.7 | 91.1 | 100.3 | | **Total sales volumes** | 168.9 | 111.6 | 106.8 | - The Australia segment's profit before tax and net finance costs increased by **154% to $9.4 billion** in 2022, driven by higher volumes from the merger and the Pluto-KGP interconnector, higher prices, and the gain on the Pluto Train 2 sell-down[1205](index=1205&type=chunk)[1206](index=1206&type=chunk) - The International segment, newly significant after the merger, reported operating revenue of **$1.6 billion** and a profit before tax and net finance costs of **$125 million** in 2022[1211](index=1211&type=chunk)[1212](index=1212&type=chunk)[1213](index=1213&type=chunk) [Additional Disclosures](index=176&type=section&id=6.3%20Additional%20disclosures) This section provides supplementary details on employees, market risks, and government regulations, noting Woodside had approximately **4,427 employees** as of December 31, 2022, primarily in Australia and the USA due to the BHP merger, and manages exposure to commodity price, foreign exchange, and interest rate risks through derivatives, while operating under extensive government regulations covering environmental protection, decommissioning, and domestic gas supply obligations - As of December 31, 2022, Woodside had approximately **4,427 employees**, with the majority in Australia (**3,338**) and the USA/Canada (**849**)[1241](index=1241&type=chunk)[1243](index=1243&type=chunk) - Woodside's revenue is highly exposed to commodity price volatility, and for 2022, approximately **75%** of production was natural gas (LNG, NGLs, pipeline gas) and **25%** was oil and condensate[1246](index=1246&type=chunk) - In Australia, Woodside is subject to the WA Domestic Gas Policy, requiring it to reserve gas equivalent to **15%** of LNG production from export projects for domestic use[1273](index=1273&type=chunk) - The company is involved in several legal proceedings, including challenges from environmental groups regarding the Scarborough gas project and approvals for the Pluto and North West Shelf gas plants[1292](index=1292&type=chunk) [Shareholder Statistics](index=183&type=section&id=6.4%20Shareholder%20statistics) As of February 16, 2023, Woodside had **649,871 shareholders** holding **1,898,749,771 shares**, with the top 20 holding **71.58%** of issued capital, and the majority of shareholders and shares registered in Australia, with details also provided on its American Depositary Receipts (ADR) program Shareholder Distribution (as of 16 Feb 2023) | Size of Shareholding | Number of Holders | % of Issued Capital | | :--- | :--- | :--- | | 1 - 1,000 | 536,529 | 6.42% | | 1,001 - 5,000 | 97,883 | 10.73% | | 5,001 - 10,000 | 10,362 | 3.76% | | 10,001 - 100,000 | 4,953 | 5.18% | | > 100,000 | 144 | 73.91% | | **Total** | **649,871** | **100%** | - The top three shareholders are HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED (**28.45%**), J P MORGAN NOMINEES AUSTRALIA PTY LIMITED (**20.03%**), and CITICORP NOMINEES PTY LIMITED (**8.41%**)[1300](index=1300&type=chunk) - Substantial shareholders who have given notice include BlackRock, Inc. (**5.28%**), State Street Corporation (**5.04%**), and Vanguard Group (**5.04%**)[1301](index=1301&type=chunk) [Business Directory](index=193&type=section&id=6.5%20Business%20directory) This section provides a directory of Woodside's global office locations, including its head office in Perth, Australia, and key offices in the Americas (Houston, Calgary, Mexico City), Africa (Dakar), Asia-Pacific (Beijing, Singapore, Tokyo), and Europe (London) [Asset Facts](index=194&type=section&id=6.6%20Asset%20facts) This section details Woodside's asset portfolio, categorized into producing facilities, projects, developments, new energy opportunities, and exploration permits, providing key facts for each asset including Woodside's role, equity interest, infrastructure, and production capacity, with major producing assets including Pluto LNG, North West Shelf, and international assets like Greater Shenzi - Key Australian producing assets include Pluto LNG (**90% equity, 4.9 Mtpa capacity**), North West Shelf (**33.33% equity, 16.9 Mtpa capacity**), and Wheatstone (**13% non-operated interest**)[1368](index=1368&type=chunk) - Major international producing assets include Greater Angostura (operated, **45-68.5% equity**), Greater Shenzi (operated, **72% equity**), Atlantis (non-operated, **44% equity**), and Mad Dog (non-operated, **23.9% equity**)[1369](index=1369&type=chunk) - Projects in the execution (Post-FID) phase are Scarborough (**100% equity in field, 51% in Train 2**) and Sangomar (**82% equity**), and the Trion project (**60% equity**) is in the Pre-FID stage[1370](index=1370&type=chunk)[1371](index=1371&type=chunk) [Alternative Performance Measures](index=198&type=section&id=6.7%20Alternative%20performance%20measures) This section defines and reconciles non-IFRS financial measures like EBIT, EBITDA excluding impairment, Underlying NPAT, and Free Cash Flow, used to provide insight into Woodside's underlying performance, by reconciling them to corresponding IFRS figures from the financial statements, such as the 2022 Underlying NPAT reconciliation from reported NPAT by adjusting for exceptional items - The report uses non-IFRS measures like EBIT, EBITDA excluding impairment, Underlying NPAT, Net debt, and Free cash flow to provide insight into underlying business performance[1379](index=1379&type=chunk) Reconciliation of NPAT to Underlying NPAT (2022, US$m) | Description | Amount | | :--- | :--- | | **Net profit after tax attributable to equity holders** | **6,498** | | Add: Merger transaction costs | 419 | | Add: Orphan Basin exit fee | 142 | | Less: Derecognition of Corpus Christi onerous contract provision | (245) | | Less: Impairment reversal (post-tax) | (630) | | Less: Pluto PRRT DTA recognition | (954) | | **Underlying NPAT** | **5,230** | Calculation of Free Cash Flow (2022, US$m) | Description | Amount | | :--- | :--- | | Cash flow from operating activities | 8,811 | | Cash flow used in investing activities | (2,265) | | **Free cash flow** | **6,546** | [Glossary, Units of Measure and Conversion Factors](index=201&type=section&id=6.8%20Glossary,%20units%20of%20measure%20and%20conversion%20factors) This section provides definitions for key terms, abbreviations, units of measure, and conversion factors used throughout the annual report, clarifying financial, operational, climate-related terms, and units [Information About This Report](index=204&type=section&id=6.9%20Information%20about%20this%20report) This section contains important cautionary information, including a disclaimer regarding forward-looking statements subject to risks and uncertainties, clarification that all greenhouse gas emissions data are estimates, and confirmation that financial statements are prepared in accordance with IFRS with all monetary figures in US dollars unless otherwise stated - The report contains forward-looking statements that are subject to inherent risks and uncertainties and are not guarantees of future performance[1394](index=1394&type=chunk) - All greenhouse gas emissions data presented are estimates, and the methodologies for quantification may evolve over time[1401](index=1401&type=chunk) - The financial statements are prepared in accordance with IFRS, and all dollar figures are in US currency unless specified otherwise[1404](index=1404&type=chunk)[1405](index=1405&type=chunk) [Ten-Year Comparative Data Summary](index=206&type=section&id=6.10%20Ten-year%20comparative%20data%20summary) This section presents a comprehensive ten-year summary of Woodside's key financial and operational data from 2013 to 2022, including metrics from the profit and loss statement, balance sheet, cash flow, production and sales volumes by product, and other key data points like reserves, share price, and market capitalization

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F (Mark one) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECT ...

Financial Performance - Net profit after tax for H1 2022 was US$1,640 million, with underlying net profit increasing by 414% to US$1,819 million compared to H1 2021[4]. - Operating revenue rose 132% year-on-year to US$5,810 million, driven by higher realized prices which more than doubled to US$96.4 per barrel of oil equivalent[4][5]. - Free cash flow for the half-year was US$2,568 million, reflecting a significant increase of 688% compared to the previous year[10][15]. - Profit after tax was $1,679 million, compared to $342 million in the previous year, marking a rise of 390%[190]. - Basic earnings per share attributable to equity holders of the parent increased to 145.5 US cents, up from 33.3 US cents, representing a growth of 337%[190]. - Total comprehensive income for the period was $628 million, compared to $401 million in the previous year, showing an increase of 56%[192]. - Woodside Energy Group Ltd reported a profit of $1,640 million for the half-year ended 30 June 2022, compared to $317 million in the same period of 2021, representing a significant increase[198]. Dividends and Shareholder Returns - An interim dividend of 109 US cents per share was declared, representing a 263% increase from the previous year[10][20]. - The company paid dividends totaling $0.717 billion, a decrease from $0.888 billion, which is a reduction of about 19.2%[1]. - The company paid dividends totaling $1,018 million during the half-year, with an additional $589 million distributed to shareholders[198]. Production and Operations - Production for H1 2022 was 54.9 million barrels of oil equivalent, a 19% increase, benefiting from contributions from former BHP assets[5][15]. - Woodside achieved approximately 17.5 MMboe of production in 2022 at an average price of $74.6 per barrel, with 5.8 MMboe already delivered[30]. - Production from Pluto LNG was 24.3 MMboe in the first half of 2022, an 11% increase compared to the first half of 2021[35]. - Woodside's share of production from the North West Shelf Project was 13.1 MMboe, a 1% decrease due to natural field decline and planned maintenance[39]. - Woodside's share of production from the Ngujima-Yin FPSO was 3.7 MMboe, a 12% increase compared to the first half of 2021[49]. - The Sangomar Field Development Phase 1 was 63% complete as of June 30, 2022, with Woodside holding an 82% participating interest[73]. - Woodside targets first oil from Sangomar in the second half of 2023[77]. Mergers and Acquisitions - The merger with BHP Petroleum was completed on June 1, 2022, with Woodside acquiring BHP Petroleum International Pty Ltd and issuing 914,768,948 new shares[31][32]. - The merger with BHP's petroleum business delivered post-merger synergies of approximately US$100 million towards a target of over US$400 million per year[3][10]. - Woodside delivered $100 million in synergies from the merger, with over $300 million in further synergy opportunities identified[34][42]. - Following the merger with BHP's petroleum business on June 1, 2022, Woodside's Proved (1P) Reserves increased to 2,339.6 MMboe and Proved plus Probable (2P) Reserves increased to 3,786.4 MMboe[124]. Financial Position and Liquidity - Liquidity at the end of the period was US$7,915 million, with drawn debt of US$5,404 million, resulting in a gearing ratio of 6.8%[24][25]. - Total assets as of 30 June 2022 amounted to $54,952 million, compared to $26,474 million at the end of 2021, indicating a growth of 74%[194]. - Total liabilities increased to $21,528 million from $12,245 million, reflecting a rise of 76%[194]. - Net assets grew to $33,424 million, up from $14,229 million, which is an increase of 135%[194]. - Cash and cash equivalents as of 30 June 2022 were $4,615 million, up from $3,025 million at the end of 2021, representing a growth of 53%[194]. Capital Expenditure and Investments - Capital expenditure for the Scarborough, Pluto Train 2, and Sangomar projects is estimated at approximately US$9 billion from July 2022 to December 2024[27]. - Woodside plans to invest $5 billion in new energy products and lower-carbon services by 2030[94]. - H2OK project aims to produce up to 90 tonnes per day of liquid hydrogen, with a targeted final investment decision in 2023[95][96]. - H2Perth development concept updated to increase ammonia production from 0.6 Mtpa to 0.84 Mtpa, with FID targeted in 2024[97]. Environmental, Social, and Governance (ESG) - Woodside was recognized as an ESG Industry Top Rated Company by Sustainalytics in the first half of 2022[116]. - Woodside's year-to-date total recordable injury rate was 1.81 per million work hours, compared to 1.74 for full-year 2021[114]. Resource Estimates - Woodside's Proved (1P) Reserves were adjusted to comply with SEC regulations, resulting in some reductions due to a more restrictive rules-based approach[126]. - The total Proved plus Probable (2P) Developed and Undeveloped Reserves are reported as 3,786.4 MMboe, with 1,177.0 MMboe classified as Developed[127]. - The Best Estimate (2C) Contingent Resources total 8,682.4 MMboe, with significant contributions from the Greater Browse and Greater Scarborough assets[135]. - The company reported 41,427.5 Bcf of Natural Gas and 1,324.3 MMbbl of Oil/Condensate in its Contingent Resources[129].

| --- | --- | |------------------------------------------------|-------| | | | | | | | | | | 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, 30 August 2022 HALF-YEAR 2022 RESULTS TELECONFERENCE AND PRESENTATION A teleconference providing an overview of the half-year 2022 results and a question-and-answer session will be hosted by ...