Woodside Energy Group Ltd · ASX:WDS
Woodside Energy — Investor Day (November 2026)
75 slides from Woodside Energy's investor day presentation, Nov 5, 2026
Slide 1: Announcement: Capital Markets Day 2026
Announcement Thursday, 5 November 2026 Woodside Energy Group Ltd ACN 004 898 962 For personal use only Mia Yellagonga 11 Mount Street Perth WA 6000 Australia T +61 8 9348 4000 www.woodside.com ASX: WDS NYSE: WDS CAPITAL MARKETS DAY 2026 Woodside today outlined a clear plan to build on its strong fou
Slide 2: Announcement continued: webcast and Climate Transition Plan
“We are targeting portfolio return on average capital employed of 12–15% by the mid-2030s. Delivery of our committed projects, the structural cost program, active portfolio management and increased value capture through marketing and trading will support this improvement.2 “We have set a new 2035 ne
Slide 3: Forward-looking statements
capital expenditures and cash flow, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for new energy products and lower-carbon services and investments in, and development of, new energy products a
Slide 4: Capital Markets Day 2026
rsonal use only Capital Markets Day 2026 5 November 2026
Slide 5: Disclaimer, important notes and assumptions
Disclaimer, important notes and assumptions Information materially, many of which are beyond Woodside’s control. To the maximum extent permitted considered the relevance and appropriateness of such information, except where otherwise ▪ This presentation has been prepared by Woodside Energy Group Ltd
Slide 6: Disclaimer, important notes and assumptions
Disclaimer, important notes and assumptions Disclosure of reserve information and cautionary note to US investors approvals being obtained in the timeframe contemplated or at all. Woodside expresses no view alongside IFRS measures to improve the comparability of information between reporting periods
Slide 7: Notes to petroleum reserves and resources
Notes to petroleum reserves and resources 1. Unless otherwise stated, all petroleum resource estimates are quoted as at the effective date of 31 December 2025, net Woodsi de share. For details 13. The estimates of petroleum reserves and contingent resources are based on and fairly represent informat
Slide 8: Agenda
Agenda VANESSA MARTIN 10:00AM Welcome rsonal use only VP Investor Relations 10:05AM Introduction 10:10AM Strong foundation LIZ WESTCOTT Chief Executive Officer and 10:25AM Market fundamentals Managing Director 10:35AM Sharpen execution and maximise value GRAHAM TIVER 10:40AM Disciplined capital stra
Slide 9: Introduction
rsonal use only Introduction LIZ WESTCOTT | Chief Executive Officer and Managing Director
Slide 10: What you will hear today
What you will hear today rsonal use only 1 Strong foundation Business built to generate strong cash flows for decades and provide compelling opportunity given underlying market fundamentals 2 Sharpen execution Raise the bar on efficiency, execution and capital allocation to capture more value from t
Slide 11: Disciplined delivery of value through action
Disciplined delivery of value through action From strong foundations to sharper execution and stronger returns rsonal use only DELIVER Deliver Scarborough, Trion and Louisiana LNG ~ 280 MMboe COST -OUT $400m/yr cost reduction target from 20281 Annual sales in 2032 3 CAPITAL Single framework where ev
Slide 12: Strong foundation
rsonal use only Strong foundation
Slide 13: Global scale, proven performance
Global scale, proven performance A diverse, LNG -led portfolio, produced at scale rsonal use only Strong foundation Our global footprint Australia : large-scale LNG and domestic gas anchored by long -life infrastructure North America: Gulf of America deepwater oil in high-quality fields Africa: Sang
Slide 14: Our Australian business
Our Australian business Cash -generative foundation with embedded growth Base business Operations footprint Sales 2025 to 2032 3 rsonal use only ▪ Large -scale, long -life LNG portfolio anchored by North West Shelf and Pluto LNG Western Australia ▪ Pluto LNG ▪ Established customer relationships in k
Slide 15: Our International business
Our International business Diversified production with a step -change in growth ahead Base business Operations footprint Sales 2025 to 2032 3 rsonal use only ▪ High-quality US oil portfolio anchored by Shenzi , Atlantis, Mad Dog ~155 ▪ Delivery of Sangomar in 2024 demonstrates MMboe project delivery
Slide 16: Our competitive advantages
Our competitive advantages A business built to leverage Woodside’s distinct strengths rsonal use only World-class assets 2027-2028 average 1 Low-cost assets deliver strength and resilience $ 30 /bbl breakeven 1 Operational excellence Average operated 2 Track record of safe, reliable execution 98 % L
Slide 17: Our priorities for delivery
Our priorities for delivery Disciplined delivery of value rsonal use only OUR Operational Disciplined Sustained PRIORITIES excellence execution value creation Operate safely and Deliver Scarborough, Trion Invest in opportunities reliably and Louisiana LNG for long-term value Focus on efficiency and
Slide 18: Operational excellence drives value
Operational excellence drives value Reduces risk, protects cashflows and supports responsible growth rsonal use only What we do What it delivers Why it matters → S afe, reliable operations → Safer workplace and a capable, → Stronger and more resilient high-performing workforce cash flows → Lower ope
Slide 19: Relentless focus on operational excellence
Relentless focus on operational excellence Safe and reliable operations are a foundation of delivery rsonal use only 98% average reliability Process safety events Reduced methane at our operated LNG drive learnings and emissions by 36% from assets 1 strengthen our controls 2024 to 20252 % Tier 1 99%
Slide 20: Disciplined execution of major projects
Disciplined execution of major projects Delivers future long -term cash flow and returns on capital rsonal use only AUSTRALIA MEXICO NORTH AMERICA SCARBOROUGH TRION LOUISIANA LNG 8 Mtpa of LNG and 225 TJ/d domestic 100,000 bbl/day oil development Three train, 16.5 Mtpa capacity gas capacity 1 Long -
Slide 21: Committed projects generate strong cash flow
Committed projects generate strong cash flow Base business, Scarborough, Trion and Louisiana LNG generate significant sales and cash flow rsonal use only >30% sales growth from operating Strong cash generation through Cash flow provides flexibility business and projects in execution 1 the cycle (AOC
Slide 22: Growth options from existing portfolio
Growth options from existing portfolio Leveraging our existing assets to unlock further value rsonal use only TIEBACKS BACKFILL ▪ Evaluate the upper reservoirs (S400s) to ▪ Leverage existing infrastructure to deliver AUSTRALIA additional volumes such as Atlantis Drill SANGOMAR backfill production de
Slide 23: Key takeaways
Key takeaways rsonal use only 1 Proven performance has built enduring competitive advantages Sanctioned growth plus our current base business 2 is expected to deliver >$40 billion in adjusted operating cash flow from 2027 -2032 1 3 Our global footprint creates multiple options to sustain growth beyo
Slide 24: Market fundamentals
rsonal use only Market fundamentals
Slide 25: Energy supports global development
Energy supports global development Population, prosperity and access to energy are increasing Primary energy demand by fuel and population growth 1 rsonal use only EJ/year 1 OECD 1 Non-OECD 1.3B 1.4B 6.1B 8.0B 600 600 The global energy system is expanding and is increasingly diverse 500 500 Develope
Slide 26: Energy system requires continued investment
Energy system requires continued investment Oil and gas remain >40% of energy mix in 2045 in an Emissions Reduction Pathway 1 scenario rsonal use only Change in global energy mix by fuel 1 2045 Current 2045 Emissions 2025 EJ/y Realities Pathway 3 Reduction Pathway 3 2.8°C by 2100 2°C by 2100 Emissio
Slide 27: Global reliance on LNG and oil continues
Global reliance on LNG and oil continues Current market volatility reinforces the demand for reliable LNG and oil supplies rsonal use only Reinforces demand for Recent developments Market response key products Russia -Ukraine Significant supply disruption Sourced alternative LNG, built regasificatio
Slide 28: LNG meets diverse and growing regional needs
LNG meets diverse and growing regional needs From energy security to decarbonisation Emerging Asia gas production LNG to displace higher -emitting fuels in Korea rsonal use only vs. demand outlook 1 Case study Mtpa 350 LNG helps meet demand in growing Gas demand Asian markets as domestic gas 300 pro
Slide 29: LNG demand requires new supply
LNG demand requires new supply Need for disciplined investment, reliable execution and a flexible portfolio reinforced rsonal use only Investment in new supply required to meet future demand1 Mtpa 800 LNG demand growth will require continued investment in new supply Supply outlook impacted by Demand
Slide 30: Oil demand remains resilient
Oil demand remains resilient Continued investment required to support projected demand Non-OECD demand growth offsets rsonal use only Global oil supply and demand outlook1 declining OECD demand 2 MMbbl/d Oil demand change by market, MMbbl/d 120 20 Oil demand remains resilient , sustained by Total li
Slide 31: Key takeaways
Key takeaways rsonal use only 1 Oil and gas remain material contributors to energy supply across a range of decarbonisation scenarios 2 Market fundamentals reinforce long-term need for reliable, affordable LNG 3 Market volatility increases the value of disciplined execution, lower costs and resilien
Slide 32: Sharpen execution and maximise value
rsonal use only Sharpen execution and maximise value
Slide 33: A strong business entering its next phase
A strong business entering its next phase Moving from building the portfolio to extracting more value rsonal use only Strong business Why sharpening execution matters Foundational business generating strong cash today Flexibility retains customers and opens new markets Committed projects and base de
Slide 34: Cost out target raised
Cost out target raised Structural costs targeted to be removed from 2028 1 rsonal use only Delivery pathways $ 400 million/yr 1 → Portfolio optimisation Our target – Including Calypso, Sunrise, Bonaparte CCS → AI-enabled maintenance planning → $100m portfolio optimisation2 → Supply chain optimisatio
Slide 35: Ongoing emissions reduction
Ongoing emissions reduction Lower fuel gas, more sales volumes and lower emissions intensity Our pathway to the 2035 net equity Scope 1 and 2 GHG rsonal use only 2030 emissions intensity target 2 Absolute GHG emissions reduction target NEAR TERM kg CO 2-e/boe Reduce our net equity Scope 1 and 2 GHG
Slide 36: Making our assets work harder
Making our assets work harder Build on our core principles to grow returns on capital rsonal use only Strong foundation Sharpen execution Expected ROACE contribution 1 PORTFOLIO FOCUS COST-OUT ~ 10 % ~0.5% → $400m/yr cost reduction target from 20282 ~12 -15 % MARKETING → Leveraging global portfolio
Slide 37: Key takeaways
Key takeaways rsonal use only 1 Our strong business is entering its next phase and we are focused on extracting more value We are positioning for the long -term through a set of 2 actions that will strengthen resilience and support long-term value creation 3 We will drive ROACE growth through active
Slide 38: Disciplined capital strategy
rsonal use only Disciplined capital strategy GRAHAM TIVER | EVP and Chief Financial Officer
Slide 39: Evolving from a position of strength
Evolving from a position of strength Building on our core disciplined principles while maximising returns on capital rsonal use only What remains the same What’s changing Value created Safe and reliable operations Single capital framework Disciplined investment and driving cash margins greater capit
Slide 40: New capital framework
New capital framework A single framework for all capital decisions to drive ROACE growth rsonal use only LONG-TERM TARGET OUTCOME Portfolio ROACE of 12-15% by mid-2030s Cash generation Safe, reliable operations Priority 1 Base dividend Sustaining capital Committed capital 20% of AOCF1,2,3 Discretion
Slide 41: Cash generation: high-quality assets generate strong cash flow
Cash generation: high -quality assets generate strong cash flow ~$7 billion of AOCF in 2032 at $70 Brent with strong upside in a higher price environment 1 Adjusted operating cash flow 1,4 rsonal use only $ billion 10 >$40 billion of AOCF from 2027 -2032 underpinned by base business and sanctioned p
Slide 42: Priority 1: base dividend, sustaining and committed capital
Priority 1: base dividend, sustaining and committed capital Base dividend and sustaining capital are core priorities and rank equally ahead of growth spend rsonal use only Forecast sustaining and committed Forecast AOCF, sustaining and capital 1,2 committed capital1,2,3 $ billion $ billion 8 8 Prior
Slide 43: Priority 2: remaining cash allocated to best returning option
Priority 2: remaining cash allocated to best returning option Capital allocation choices are a key driver of long -term ROACE Sources and uses from 2027 -2032 1 rsonal use only $ billion 50 Priority 2 options Future opportunities compete directly Discretionary distributions 40 against returning capi
Slide 44: How we allocate Priority capital
How we allocate Priority 2 capital Capital allocation to drive long term shareholder value and improved ROACE rsonal use only Indicative allocation of AOCF 1 Opportunity assessment criteria ~$7 billion Balance sheet management core to Discretionary distributions Growth our capital strategy Growth →
Slide 45: New shareholder distribution policy
New shareholder distribution policy A durable base dividend and upside potential for additional shareholder returns rsonal use only Shareholder distribution policy 1 Distribution policy changes Woodside target of: Reflects underlying cash generation Operating performance drives distributions and sha
Slide 46: Comparative lookback
Comparative lookback Historical capacity demonstrates comparable distributions, with upside potential rsonal use only Indicative look back from 2H24 Historically the upper scenario would to 1H26 1 have outperformed under AOCF3,4 Look forward $ billion 1.6 Base dividend $4.2 billion Ranks ahead of gr
Slide 47: Maintaining balance sheet strength
Maintaining balance sheet strength Significant near -term cash generation and a strong balance sheet creates opportunities Debt maturity profile 1,2 Net debt and gearing before Priority 2 3 rsonal use only $ billion $ billion (LHS), % (RHS) 3 10 25% Investment -grade credit rating is a key financial
Slide 48: Key takeaways
Key takeaways rsonal use only 1 Single framework for all decisions all aimed at achieving a higher portfolio ROACE 2 Shareholder returns linked to cash generation and better reflects underlying performance of business 3 Strong balance sheet creates choices for capital deployment 45 CAPITAL MARKETS D
Slide 49: Active portfolio management
rsonal use only Active portfolio management MARK ABBOTSFORD | EVP and Chief Commercial Officer
Slide 50: Actively manage the portfolio for value
Actively manage the portfolio for value Driving value from our assets today while positioning for future growth rsonal use only Shape the portfolio Optimise every molecule Grow with discipline → LNG-led with deepwater oil for → Multiple LNG supply nodes → Brownfield, backfill and expansion short-cyc
Slide 51: Shape by investing capital where we have an advantage
Shape by investing capital where we have an advantage LNG-led portfolio with right ownership model for every asset GLOBAL PLATFORM CASHFLOW DIVERSIFICATION MARKET -LED rsonal use only MULTI-BASIN LNG DEEPWATER OIL NEW ENERGY Grow where we have cost, scale or Focus where subsurface knowledge, Match i
Slide 52: Growing volumes to global customers
Growing volumes to global customers Pacific and Atlantic basin volumes connecting supply to high -quality customers globally Sales 2025 to 2032 1 Recent LNG SPAs rsonal use only KOGAS | Korea 0.5 Mtpa 10.5 years from 2026 ~280 JERA | Japan 0.4 Mtpa 10 years from 2026 Total portfolio sales of 280 MMb
Slide 53: Manage the portfolio for flexibility
Manage the portfolio for flexibility Near-term volumes balance contracting and flexibility LNG portfolio exposure 2 Total portfolio exposure2 rsonal use only Uncommitted volumes ~15% ~20% Flexibility to respond to ~75% of LNG volumes committed for ~25% market signals ~30% 2027 –2028 , protecting pri
Slide 54: Unlocking greater returns from marketing
Unlocking greater returns from marketing Physical -backed trading optimises the whole portfolio in real time rsonal use only Equity marketing Integrated portfolio Physical -backed trading Prior model Current model Future model Maximise value from Optimise supply contracts Expand trading backed by ph
Slide 55: Make disciplined choices for growth
Make disciplined choices for growth Capitalise on long-term energy demand with a strong pipeline of growth opportunities rsonal use only ~3 x > 30 % $ 8.1 trillion DISCIPLINED Asian LNG demand European LNG demand Upstream investment GROWTH South and East Asia LNG demand, European LNG demand increasi
Slide 56: Key takeaways
Key takeaways rsonal use only We actively shape our portfolio to maximise returns 1 on invested capital Our growing global portfolio provides additional 2 opportunities to optimise value from our products and our assets We have opportunities and choices for growth which 3 can leverage our competitiv
Slide 57: Closing remarks
rsonal use only Closing remarks LIZ WESTCOTT | Chief Executive Officer and Managing Director
Slide 58: Key messages
Key messages Stronger business, sharper execution and more value for shareholders rsonal use only Strong foundation Compelling market Sharpen execution, Maximise value generating long - fundamentals greater potential through returns term cash flows and growth > $40 billion > 40 % $400 million/ yr 12
Slide 59: Why Woodside
Why Woodside 1 Differentiated global platform Deep operating and project capabilities, rsonal use only world-class assets and enduring customer relationships create durable competitive advantages Distinctive strengths 2 Raising an already high bar Building on strong execution and capital Relentless
Slide 60: Question and answer
rsonal use only Question and answer
Slide 61: Annexure
v Woodside Energy Annexure
Slide 62: A strategically built business
A strategically built business rsonal use only 1984 1994 2006 2012 2020 2022 2024 2026 2029 Domestic Laminaria Nganhurra LNG FID for Completed Sangomar On track for Targeting gas from oil field FPSO begins delivered Sangomar merger with BHP begins first LNG cargo first LNG at NWS discovered producti
Slide 63: Key assumptions
Key assumptions Included in Financial modelling Opportunities: Low Mid High reference case assumptions: rsonal use only Bass Strait: four potential development well opportunities of up to 200 PJ Brent oil (US$/bbl), Yes 55 70 85 of sales gas (100% share) real-terms 2026 2 Scarborough : five addition
Slide 64: Accounting and Alternative Performance Measures
Accounting and Alternative Performance Measures Accounting implications: Alternative Performance Measures Louisiana LNG (HoldCo and InfraCo) is expected to be reported at 100% in rsonal use only Cash flow from operating activities Woodside’s financial reports which will result in: Adjusted for: ▪ Re
Slide 65: Dividends: indicative look-back reconciliation
Dividends: indicative look -back reconciliation $ million 2H 2024 1H 2025 2H 2025 1H 2026 Total Comments Net cash from/(used in) operating rsonal use only 3,454 3,339 3,853 3,013 13,659 Consolidated statement of cash flows activities Adjusted for: ▪ Interest received (106) (89) (131) (109) (435) Fro
Slide 66: 2026 full-year guidance
2026 full -year guidance Guidance ranges Financial statement reference Comments Total production volumes 1 MMboe 174 – 181 N/A rsonal use only Gas hub exposure 2 % ~30 N/A Capital expenditure 3 $ million 4,000 – 4,500 N/A – Alternate Performance Measure Consolidated statement of cash flows Abandonme
Slide 67: Operating cash flow reconciliation
Operating cash flow reconciliation Adjusted operating cash flow 1,2 rsonal use only $ billion CMD 2025 8 (adjusted for pricing, BNA and Louisiana LNG expansion) Variances between CMD 2025 and CMD 2026 are immaterial, after adjusting for: 6 Louisiana LNG Trion ▪ CMD 2026 pricing (real -terms 2024 to
Slide 68: Scarborough: integrated gas flows
Scarborough: integrated gas flows Integrated gas flows 1 rsonal use only Period Scarborough gas flows Pluto gas flows ▪ 5 Mtpa in Pluto Train 1 Q4 2026 ▪ 5 Mtpa in Pluto Train 2 ▪ Additional flow through Pluto -KGP Interconnector Processing up to 8 Mtpa of Scarborough gas (7 Mtpa until Pluto decline
Slide 69: Scarborough/Pluto structure
Scarborough/Pluto structure 1 Scarborough JV Pluto JV Physical flows of gas and LNG, rsonal use only financial flows of toll revenue Financial flows of toll invoices Woodside LNG Japan JERA Woodside Kansai Electric Mid Ocean 74.9% 10% 15.1% 90% 5% 5% Scarborough offshore resource Pluto offshore reso
Slide 70: Louisiana LNG structure
Louisiana LNG structure rsonal use only Driftwood Pipeline LLC GasSupplyCo Louisiana LNG LLC LNG offtake (Pipeline Co) (Subsidiary of HoldCo) (HoldCo) 8 Mtpa: Woodside portfolio 1.5 Mtpa: Williams 1 Overall gas procurement strategy 1.0 Mtpa: Uniper 1 Pipeline Procures long -term gas % of Henry 3.0 M
Slide 71: Louisiana LNG - Marketing
Louisiana LNG - Marketing rsonal use only 1.5 Mtpa sale to Williams 1 Woodside will contract ~8 Mtpa into its global LNG Strategic partners portfolio Final split to depend on Portfolio sales outcomes of integrated Woodside’s portfolio marketing: (e.g. recent sales to HoldCo sell -down BOTAŞ (0.5 Mtp
Slide 72: Glossary
Glossary $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars Intercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil EBITDA margin EBITDA margin % is calculated as EBITDA divided by operating revenue Brent price) 1P Proved reserves Emissions Em
Slide 73: Glossary
Glossary The seven greenhouse gases listed in the Kyoto Protocol, which are: carbon Lower-carbon Woodside uses this term to describe technologies, such as CCUS or offsets Net zero emissions are achieved when anthropogenic emissions of greenhouse GHG or greenhouse dioxide (CO 2); methane (CH 4); nitr
Slide 74: Glossary
Glossary Other cash costs include feed gas, services and processing costs; royalties, Electricity indirect greenhouse gas emissions. Scope 2 accounts for GHG References to sustainability (including sustainable and sustainably) are used with excise and levies; insurance; inventory movement; shipping
Slide 75: Head Office contact details
rsonal use only Head Office: Woodside Energy Mia Yellagonga 11 Mount Street Perth WA 6000 Australia Postal Address: GPO Box D188 Perth WA 6840 Australia T: +61 8 9348 4000 F: +61 8 9214 2777 E: [email protected] Woodside Energy Group Ltd ABN 55 004 898 962 woodside.com