Financial Data and Key Metrics Changes - The first half profit of Woodside Energy reached US$1.6 billion, a fourfold increase from the first half of 2021, with an underlying profit of US$1.8 billion after excluding one-off merger costs [7][24] - Operating cash flow was US$2.5 billion, indicating positive cash flow despite capital expenditure commitments [7][27] - Revenue generated was US$5.8 billion, with free cash flow of US$2.6 billion, up 688% from the first half of 2021 [8][20] Business Line Data and Key Metrics Changes - The average portfolio realized price was US$96.40 per barrel of oil equivalent, reflecting strong demand and effective marketing strategies [9] - Production volumes reached 54.9 million barrels of oil equivalent, benefiting from the merger and operational efficiencies [9][25] - Unit production costs increased to US$7.20 per barrel of oil equivalent, primarily due to structural changes in the portfolio rather than inflationary pressures [28][29] Market Data and Key Metrics Changes - The average realized price for LNG was US$13.80 per MMbtu in the June quarter, slightly lower than the previous quarter despite rising JCC oil and JKM prices [50] - Woodside's exposure to gas hub pricing was approximately 18% of produced LNG, with expectations to reach 20% to 25% for the full year [14][72] Company Strategy and Development Direction - The merger with BHP's Petroleum business has transformed Woodside into a significant player in the global energy sector, enhancing scale and resilience [4][6] - The company is focused on capitalizing on opportunities in lower carbon products and services, aligning with the energy transition strategy [6][22] - Woodside aims to maintain an investment-grade credit rating while balancing capital returns and growth, with a target gearing range adjusted to 10% to 20% [32][34] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of energy security in global markets, particularly in light of geopolitical events affecting commodity prices [14] - The company anticipates increasing demand for LNG, particularly from Europe, as it seeks to reduce reliance on Russian gas [19] - Management expressed confidence in the merger's benefits, citing strong financial results and the ability to invest in new energy opportunities [95] Other Important Information - The interim dividend declared was 109 U.S. cents per share, reflecting a commitment to shareholder returns and the highest interim dividend since 2014 [36][38] - Woodside has paid approximately AUD12 billion in taxes, royalties, and excise since 2011, demonstrating its significant contribution to the economy [20] Q&A Session Summary Question: How will Woodside balance capital returns with growth given the upcoming CapEx? - Management emphasized the importance of maintaining a strong balance sheet while returning value to shareholders, with a commitment to an 80% payout ratio under current market conditions [48] Question: What is the status of Scarborough gas contracting? - Management confirmed ongoing discussions with potential buyers and will communicate updates when available [52] Question: Can you provide an update on the Scarborough sell-down process? - Management reiterated the importance of finding the right partner at the right price and is not driven by a schedule [58] Question: Is there a possibility of updating the dividend policy? - Management stated that the current dividend policy based on NPAT is appropriate and has been modeled extensively [79] Question: What is the target start-up date for Sangomar? - Management confirmed the target for first oil from Sangomar is in the second half of 2023 [81]

ASX Announcement MEDIA Damien Gare W: +61 8 9348 4421 M: +61 417 111 697 E: investor@woodside.com.au Christine Forster M: +61 484 112 469 E: christine.forster@woodside.com.au Tuesday, 19 November 2019 ASX: WPL OTC: WOPEY Woodside Petroleum Ltd. ACN 004 898 962 Mia Yellagonga 11 Mount Street Perth WA 6000 Australia T +61 8 9348 4000 www.woodside.com.au INVESTOR BRIEFING DAY 2019 The timing is right for Woodside to implement plans to triple its reserves and work is underway to deliver this, CEO Peter Coleman ...

Financial Data and Key Metrics Changes - The net profit for the first half of 2019 was $419 million, with an interim dividend of $0.36 per share [7][8] - Operating cash flow reached almost $1.5 billion, and free cash flow was $869 million, more than double the free cash flow from the first half of 2018 [8][22] - The company achieved production of 39 million barrels of oil equivalent despite planned turnarounds and disruptions from Tropical Cyclone Veronica [8][21] - The financial position remains robust, with a gearing increase to 18% primarily due to a new leasing standard [29][30] Business Line Data and Key Metrics Changes - Production from the North West Shelf and Wheatstone projects was strong, while Pluto production was down due to a planned turnaround [20][21] - The company expects 2019 production to be at the lower end of the 88 million to 94 million barrel range [21] - The unit production cost for North West Shelf remained competitive at under $4 per barrel of oil equivalent, while Wheatstone's production cost was reduced to $4.40 per barrel [26][27] Market Data and Key Metrics Changes - The demand forecast for LNG continues to grow, with projected demand by 2030 rising by 88 million tons per annum [17] - The company expects around 20% of LNG sales volumes to be exposed to spot pricing in the second half of the year [24][62] - The LNG realized price was higher than in the corresponding period, although partially offset by increased exposure to a soft spot market [24] Company Strategy and Development Direction - The growth strategy is aligned with the expected supply gap in the 2020s, with a strong appetite for LNG from China and Southeast Asia [17][18] - The company is focused on advancing approvals and technical work for key projects, including Scarborough and Pluto Train 2 [19][37] - The company aims to contract more than 50% of LNG volumes from Scarborough before FID, with a focus on maintaining price reopens in contracts [81][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth projects and the ability to deliver on schedule and budget [36][40] - The company is prepared for the next steps in project development, with a focus on securing commercial agreements [39][40] - Management acknowledged the challenges in financing projects, particularly in Senegal, but remains optimistic about project execution [88][90] Other Important Information - The company raised $1.5 billion from a senior unsecured bond, the largest in its history, to strengthen its balance sheet [28] - The anticipated investment expenditure for 2019 is in the range of $1.45 billion to $1.55 billion, with a greater capital intensity expected in the second half [32] Q&A Session Summary Question: Regarding the Burrup Hub and project sanctioning - Management clarified that projects are sanctioned based on a $65 flat real pricing deck, ensuring robustness without assuming rising prices [45][46] Question: On balance sheet preparation ahead of CapEx - The decision to activate the dividend reinvestment plan was to prepare the balance sheet for growth projects, with liquidity in good shape [49][51] Question: On the Pluto and North West Shelf interconnect startup - The startup has been slightly delayed to early 2022, driven by the approvals process [57][58] Question: On uncontracted LNG sales portfolio - Management aims to keep uncontracted LNG sales below 15% to 20%, adjusting strategies based on market conditions [62] Question: On Scarborough asset sales - The process has slowed due to unresolved tolling agreements, with a target to finalize negotiations by year-end [72][74] Question: On financing issues for the SNE project - The main issue is project financing, with ongoing arbitration causing uncertainty [90]