Outstanding performance from high quality assets

Operations

• Maintained exceptional production from Sangomar of 78 Mbbl/day (Woodside equity interest) produced in the quarter.
• Quarterly production of 49.1 MMboe (546 Mboe/day), down 4% from Q4 2024 due to weather impacts at NWS and unplanned outages at Pluto, partially offset by higher production at Shenzi and Atlantis. Quarterly production increased 9% from Q1 2024 due to the addition of Sangomar production.
• Quarterly revenue of $3,315 million, down 5% from Q4 2024 primarily due to lower production and lower oil-linked prices. Quarterly revenue increased 13% from Q1 2024 due to Sangomar start-up in July 2024 and high gas hub-linked prices.
• Sold 25.4% of produced LNG at prices linked to gas hub indices in the quarter (9.4% of total equity production).

Projects

• Strong project execution for the quarter, with all projects on schedule and budget.
• The Beaumont New Ammonia Project was 90% complete, with Phase 1 of the project on track for startup in the second half of 2025.
• The Scarborough Energy Project was 82% complete, and remains on track for first LNG cargo in the second half of 2026.
• The Trion Project was 26% complete, and remains on track for first oil in 2028.

Portfolio developments

• Further streamlining Woodside’s portfolio and generating near-term cash flow by divesting the Greater Angostura assets.¹
• Subsequent to the quarter, entered an agreement for the sale of a 40% interest in Louisiana LNG Infrastructure LLC.²
• Subsequent to the quarter, signed LNG sale and purchase agreements with Uniper for the supply of up to two million tonnes per annum.³

PERTH, Australia--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS):

Woodside CEO Meg O’Neill said the company continued its focus on operational excellence and project delivery over the first quarter of 2025, while laying the foundation for Woodside’s next phase of value creation.

“We maintained world-class operational performance across our portfolio of high-quality assets, with Sangomar further boosting quarterly revenue through exceptional production of 78 thousand barrels per day at almost 98% reliability.

“Significant progress was made on our major growth projects, all of which are proceeding to schedule and within budget.

“At our Beaumont New Ammonia Project, pre-commissioning activities are expected to commence in the second quarter, with startup targeted for the second half of the year. This value-creating opportunity is set to deliver returns above our capital allocation framework and will position Woodside very competitively in the growing market for lower-carbon ammonia.

“Our Scarborough Energy Project is progressing as scheduled towards first LNG cargo in the second half of 2026, with the hull and topsides of the floating production unit being prepared for integration activities.

“The Trion Project is also gaining momentum. The construction of the subsea equipment and floating facilities is progressing well, and the project remains on schedule for first oil in 2028.

“We are progressing at pace towards a final investment decision on Louisiana LNG, positioning Woodside as a global LNG powerhouse. We passed a major milestone on 7 April, announcing the sale of a 40% interest in the infrastructure entity to Stonepeak, a leading global investment firm. The accelerated capital contribution from Stonepeak enhances Louisiana LNG returns, reduces Woodside’s capital commitments and strengthens Woodside’s near-term capacity for shareholder distributions.

“The exceptional value proposition offered by Louisiana LNG was further demonstrated by our 17 April agreement for long-term supply of LNG to Uniper, whose leadership in European energy markets make it an ideal foundation customer for the project.

“We are pleased with the strong level of interest from potential strategic partners and are advancing discussions targeting further equity sell-down in Louisiana LNG.

“Louisiana LNG has a Foreign-Trade Zone, enabling the project to defer payment of tariffs until completion of each LNG train. We are assessing the potential impacts of recent tariff announcements and potential further trade measures on Louisiana LNG. Around 25% of Louisiana LNG’s estimated capital expenditure is equipment and materials, approximately half of which is currently expected to be sourced from the US.

“As Australia approaches a federal election, it is encouraging to see both major parties recognising the essential role of gas in supporting national prosperity and a stable energy transition. We look forward to certainty for ongoing operations at the North West Shelf beyond 2030, to enable it to support thousands of direct and indirect jobs, billions of dollars in taxes and royalties, and secure future gas supply to Western Australia.

“Customer demand for Woodside’s LNG remains robust. The 15-year sale and purchase agreement with China Resources announced during the quarter was Woodside’s fourth new long-term contract with a regional customer in just over a year.

“With significant growth in the pipeline, we continue to streamline our business to focus on core and high-value assets. Our agreement to divest the Greater Angostura assets in Trinidad and Tobago for $206 million underscores our disciplined approach to portfolio management and optimisation. We applied the same discipline in declining to progress Namibian Petroleum Exploration Licence 87, exiting H2TAS and reassessing the H2OK project.”

Pluto LNG

• LNG reliability was 89.9% for the quarter due to the impact of three unplanned train outages, which were rectified within days of each event. Facility performance continues to be proactively monitored to minimise the risk of future unplanned outages.
• Completed maintenance activities during facility downtime to minimise future planned outages.
• Successfully processed additional volumes through the Pluto-KGP Interconnector, using capacity at the North West Shelf.

North West Shelf (NWS) Project

• Achieved strong quarterly LNG reliability of 96.5%.
• Received approvals from the North West Shelf Joint Venture for long lead items on the Greater Western Flank Phase 4 Project, a five-well subsea tie-back to existing NWS offshore facilities. The project will support the delivery of domestic gas into the WA market during a forecasted shortfall in supply post-2028, with a final investment decision (FID) planned for the second half of 2025.
• Successfully completed remote operations of offshore assets during a significant cyclone event, which limited the impact on production.
• Continued LNG Train 2 permanent retirement activities following cessation of production in Q4 2024, with retirement work scopes being undertaken in a phased manner.

Bass Strait

• Woodside approved investment in the Kipper 1B Project and the Turrum Phase 3 Project. Through the development of these projects, Woodside is expected to add more than 100 petajoules (Woodside equity interest) to the south-eastern Australian domestic gas market, supplying local manufacturers, power generators, and homes.
• The Kipper 1B Project is expected to expand capacity from the Kipper field and deliver gas supplies ahead of winter 2026 through the drilling of a subsea well and upgrades to the West Tuna platform.
• The Turrum Phase 3 Project is expected to deliver much-needed gas to south-eastern Australia by 2027 from a five-well infill development of the Turrum and North Turrum fields and topsides modifications to the Marlin B platform. Once the project comes online, it will produce four times more gas than Queensland supplied to the southern states in 2024.

Sangomar

• Achieved exceptional production of 99 thousand barrels per day (Mbbl/d) (100% basis, 78 Mbbl/d Woodside share) at 97.6% reliability, with production from the Sangomar field remaining at plateau for the quarter.
• During the quarter, based on a positive response observed in S400 oil producers from water injection, contingent resources were migrated to developed reserves. The reserve addition was 7.1 million barrels to proved (1P) reserves and 16.1 million barrels to proved plus probable (2P) reserves, Woodside share.⁹ As a result, Woodside expects Sangomar’s depreciation, depletion and amortisation (DD&A) rate for 2025 to decrease by 5 to 10% from its 2024 DD&A rate of approximately $56/boe.
• Cargoes were delivered to China, Europe, US and Senegal’s domestic refinery.

United States of America

• Achieved outstanding reliability of 99.8% at Shenzi.
• Strong quarterly production at Shenzi was supported by a well returning to production in late 2024 and ongoing optimisation efforts.
• Completed planned well intervention campaigns at Atlantis and commenced execution of an infill sidetrack producer.
• Strong quarterly production from the Mad Dog field, Argos facility, with uplift seen from riser gas lift.

• Subsequent to the quarter, Woodside signed LNG sale and purchase agreements with Uniper for the supply of 1.0 million tonnes per annum (Mtpa) from Louisiana LNG LLC for up to 13 years from the commercial operations date (COD) of Louisiana LNG and up to 1.0 Mtpa from its global portfolio commencing with Louisiana LNG’s COD over a term until 2039.¹⁰
• Signed a long-term sale and purchase agreement with China Resources Gas International Limited for supply of approximately 0.6 million tonnes of LNG per year over 15 years on a delivered basis, commencing in 2027.
• Supplied 25.4% of produced LNG at prices linked to gas hub indices, realising a 23% premium compared to oil-linked pricing. This represents 9.4% of Woodside’s total equity production. Full-year guidance remains unchanged at 28-35% of produced LNG.
• Executed incremental Western Australian gas sales of 3.6 PJ for delivery in 2025 and 2026. Woodside continues to engage with the Western Australian domestic market on additional supply requirements for 2025, 2026 and 2027.
• Delivered 526 TJ of trucked LNG, equivalent to 513 trailers, to customers in northern Western Australia.
• Progressed preparations to release an expression of interest before 30 April 2025 for Australia east coast natural gas supply to ensure compliance with the terms of Woodside’s Conditional Ministerial Exemption under the Gas Market Code.

Beaumont New Ammonia

• Progress continued with Train 1 construction 90% complete at the end of the quarter and onsite workforce reaching peak numbers. Train 1 of the project remains on track to achieve first production in the second half of 2025, with pre-commissioning activities anticipated to begin in Q2 2025.¹¹
• Commenced electrical subsystem completion, with the site expected to switch from temporary to permanent power in Q2 2025.

Scarborough Energy Project

• The Scarborough and Pluto Train 2 Project was 82% complete at the end of the quarter (excluding Pluto Train 1 modifications).
• The floating production unit (FPU) hull exited its second dry dock, and the topsides were loaded onto a transport barge in readiness for integration activities.
• Installation of the subsea production risers commenced. Pre-installation of the FPU mooring chains was completed. Batch drilling of the intermediate sections of the development wells concluded.
• Activities at the Pluto Train 2 site are focused on piping and cable installation and preparing for pre-commissioning activities.
• Site works for Pluto Train 1 modifications continue and construction activity at the module yard ramped up.
• In February 2025, the Scarborough Offshore Facility and Trunkline (Operations) Environment Plan was accepted by the regulator.
• First LNG cargo is targeted for the second half of 2026.

Trion

• The Trion Project was 26% complete at the end of the quarter.
• Completed the first steel cut for the three FPU topside modules in Korea and the floating storage and offloading facility (FSO) disconnectable turret mooring system in China. Fabrication progressed on schedule, including the manufacturing of subsea equipment.
• Awarded the Operations and Maintenance contract for the FSO lease vessel.
• An Environmental Permit application has been submitted to the regulator, and progress is being made on the submission of the HSE management system permit application.

Louisiana LNG

• Continued project scope under a limited notice to proceed with Bechtel. Site works include dry excavation, clearing, area drainage improvements, mud mat installation, sheet piling and concrete work.
• All high value orders and major purchase orders (equipment and bulk materials) for train 1 and 2 have been released. Purchase orders for train 3 have also been placed.
• Subsequent to the quarter, Woodside entered into an agreement with Stonepeak for the sale of a 40% equity interest in Louisiana LNG Infrastructure LLC. Under this transaction, Stonepeak has agreed to provide $5.7 billion towards the foundation development of Louisiana LNG on an accelerated basis, contributing 75% of the project capital expenditure in both 2025 and 2026.¹²
• Woodside continues to work towards FID readiness on the three train foundation development.

Hydrogen Refueller @H2Perth¹³

• Commenced construction work on the project with ready for startup targeted for Q4 2025.

• Safely and successfully completed the removal of all facilities from Enfield, offshore Western Australia, with the recovery of final infrastructure in February. With only survey activities remaining, this concludes the multi-year decommissioning program at Enfield.
• Subsequent to the quarter, Woodside concluded the ten-well Stybarrow plug and abandonment campaign.
• Subsequent to the quarter, a mobile offshore drilling unit arrived at the Minerva field, offshore Victoria, and commenced preparations to plug and abandon the first of three Minerva wells.
• Commenced deconstruction of the Griffin Riser Turret Mooring at the Australian Marine Complex in preparation for recycling and reuse.
• Continued decommissioning activities at Bass Strait, completing the plug and abandonment activities for 27 wells, including on the Bream B platform. Plug and abandonment activities commenced on the Kingfish A and Cobia platforms.

Browse

• Work continued on the Browse to North West Shelf Project to optimise the development concept, advance key regulatory approvals and progress commercial discussions to process Browse volumes through the Karratha Gas Plant.

Calypso

• Progressed pre-front-end engineering design (FEED) engineering studies and subsurface studies to mature the technical and commercial definition of the development concept.

Exploration

• Woodside declined to exercise the option to acquire at least a 56% interest in the Namibian Petroleum Exploration Licence 87.

New energy

• With the acquisition of Beaumont New Ammonia, plans for Woodside’s H2OK project are being reassessed. Subsequent to the quarter, exit from the H2TAS project was formalised.
• Commitment to existing climate targets remain firm with these decisions following a review of global new energy opportunities to ensure there is alignment between Woodside’s corporate strategy, capital allocation framework, business priorities and external market conditions.¹⁴

Carbon capture and storage (CCS) opportunities

• Angel CCS completed engineering studies as part of pre-FEED and commenced engagement with potential customers for CCS services.

Greater Angostura assets divestment

• Woodside entered into an agreement in March 2025 with Perenco to divest its Greater Angostura assets in Trinidad and Tobago for $206 million. The divestment is inclusive of Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities and onshore terminal. The transaction provides near-term cash flow to support ongoing investments and shareholder distributions and builds on the Australian asset swap announced in December 2024, further streamlining Woodside’s portfolio.¹⁵ The transaction is expected to close in Q3 2025, with an effective date of 1 January 2025. Completion of the transaction is subject to conditions precedent.

Climate and sustainability

• Woodside held a Sustainability Briefing on 3 April 2025, part of a structured program of engagement with investors on the company’s approach to climate and other sustainability topics. The briefing was held following the release of Woodside’s Sustainability disclosures in February 2025.
• Woodside awarded a A$35 million contract to Cherratta Lodge, a Traditional Owner operated business in Karratha, Western Australia, for provision of accommodation to the workforce for Pluto Train 1 modifications. This is the first time Woodside has awarded a village accommodation contract to a Traditional Owner business and is part of the significant local economic benefits arising from the project.

Hedging

• Of the 30 MMboe of 2025 oil production previously hedged at an average price of approximately $78.7 per barrel, approximately 25% was delivered by the end of the quarter.
• Woodside also has a hedging program for Corpus Christi LNG volumes designed to protect against downside pricing risk. These hedges are Henry Hub (HH) and Title Transfer Facility (TTF) commodity swaps. Approximately 95% of 2025 and 87% of 2026 volumes have been hedged.
• The realised value of all hedged positions for the quarter ended 31 March 2025 is a pre-tax profit of approximately $14 million, with a $32 million profit related to oil price hedges offset by a $23 million loss related to Corpus Christi hedges, and a $5 million profit related to other hedge positions. Hedging profit will be included in “other income” in the full-year financial statements.

Funding and liquidity

• In the quarter, Woodside:
  • Entered into two $1,500 million short term liquidity facilities.
  • Repaid a $1,000 million bond that matured during the quarter.
  • Drew $800 million from available liquidity debt facilities.
• Following the payment of the 2024 final dividend on 2 April 2025, Woodside had liquidity of $7,300 million.

Embedded commodity derivative

• In 2023, Woodside entered into a revised long-term gas sale and purchase contract with Perdaman. The contract was assessed to contain an embedded commodity derivative, where a component of the selling price is linked to the price of urea. For the quarter ended 31 March 2025, an unrealised gain of $17 million has been recognised through other income. The fair value of the Perdaman embedded derivative has been estimated using a Monte Carlo simulation model. The valuation approach is currently under review for improvement opportunities.

Annual General Meeting

• Woodside’s hybrid meeting will be held on Thursday, 8 May 2025 at 10.00am (AWST) online and at the Crown Ballroom at Crown Towers, Burswood, Western Australia. Shareholders and their proxyholders are welcome to participate online at meetings.lumiconnect.com/300-261-170-058 or in person. Further details of Woodside’s meeting arrangements (including security measures) are available at woodside.com/investors.

Upcoming events 2025

INVESTORS
Sarah Peyman
M: +61 457 513 249
E: [email protected]

MEDIA
Christine Forster
M: +61 484 112 469
E: [email protected]

REGISTERED ADDRESS
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