Woodside Energy : Delivering reliable production - Form 6-K

Delivering reliable production

•

Delivered record quarterly production of 51.6 MMboe (561 Mboe/day), up 0.7% from Q3 2022.

•

Delivered sales volume of 52.2 MMboe, down 8.5% from Q3 2022, primarily due to reduced third-party trades.

•

Delivered revenue of $5,160 million, down 12.0% from Q3 2022, impacted by reduced trading activity and lower realised prices.

•

Achieved a portfolio average realised price of $98 per barrel of oil equivalent.

•

Sold 29% of produced LNG at prices linked to gas hub indices (23% full year 2022).

•

Achieved record full-year 2022 production of 157.7 MMboe, outperforming the production guidance of 153 - 157 MMboe due to strong operational performance in the fourth quarter.

Executing major projects

•

The Scarborough and Pluto Train 2 projects in Western Australia are now 25% complete, with manufacturing of the export trunkline 59% complete and the commencement of module construction for Pluto Train 2.

•

Development drilling program progressed on Sangomar with seven of 23 wells complete. The Sangomar FPSO was successfully relocated to Singapore to complete topsides integration, pre-commissioning and commissioning activities.

Investing in growth

•

Issued multiple competitive tenders for Trion to support 2023 FID readiness.

•

FEED was completed at H2OK and long-lead items were ordered to support 2023 FID readiness.

•

Selected as the preferred partner to progress to the next stage of the proposed Southern Green Hydrogen project in New Zealand.

Woodside CEO Meg O'Neill said production in the fourth quarter was a record 51.6 million barrels of oil equivalent (boe).

"The result lifted output for calendar 2022 to 157.7 million boe, surpassing guidance and marking the highest annual production in Woodside's history.

Page 1 of 15

"Consistent strong operational performance and favourable operating conditions across the combined portfolio was a key driver in achieving record quarterly and full-year production.

"Reliability at our Australian operated assets was exceptional with Pluto LNG and the North West Shelf (NWS) Project both achieving 98.3% reliability for the quarter. During the quarter, Woodside celebrated a milestone at Pluto LNG, passing 50 million tonnes of LNG production since the facility started up in 2012. Internationally, asset performance was boosted by completion of planned turnaround work.

"Woodside contributed 29.4 PJ to the east coast Australian gas market in the quarter. Every molecule produced by Woodside's east coast gas business went into the domestic market to support Australian households, businesses and manufacturers.

"Revenue for the period was $5,160 million, down 12% from the third quarter on the back of lower international crude oil and LNG prices and reduced trading activity. Woodside's average realised price was $98/boe, down from $102/boe in the preceding period.

"Ongoing production of Pluto gas through the Pluto-KGP Interconnector continues to deliver additional LNG volumes to a market with strong demand.

"Strong progress was made across our portfolio of growth projects, both in Australia and globally.

"The teams working on Scarborough and Pluto Train 2 have done an outstanding job over the latter part of the year. The combined projects are now one quarter of the way to completion and are on track for targeted first LNG cargo in 2026, bringing essential volumes into a market demanding more LNG.

"Most of the major equipment for the Scarborough floating production unit has been ordered and module construction of Pluto Train 2 has commenced.

"At Sangomar Field Development Phase 1 in Senegal, subsea installation and development drilling has progressed well, with seven of the planned 23 wells now completed. The floating production storage and offloading facility (FPSO) is currently undergoing topsides integration, pre-commissioning and commissioning activities in Singapore. Overall, the project is 77% complete and is on target to start producing oil in late 2023.

"Progress was also made at the proposed Trion project in Mexico, where we are aiming to be ready for a final investment decision (FID) in 2023. During the quarter competitive tenders were issued for the drilling rig, subsea equipment, and installation scopes for subsea, the floating production unit, and the floating storage and offloading vessel.

"In our new energy portfolio, front-end engineering design (FEED) has now been completed at H2OK and contracts were awarded for key equipment, putting us on target to be ready for FID in 2023.

"In Australia, Woodside entered into an Indigenous land use and modern benefits sharing agreement for the Woodside Solar project and is targeting FID readiness in 2023.

"Elsewhere in new energy, Woodside was selected as the preferred partner to progress to the next stage of the proposed Southern Green Hydrogen project in New Zealand, which would produce ammonia from electrolysis using renewable power.

"Woodside's production guidance for full-year 2023 remains 180 million to 190 million barrels of oil equivalent," she said.

Comparative performance at a glance

				Q4 2022		Q3 2022			Change %			Q4 2021			Change %
Production		MMboe Mboe/day		51.6 561			51.2 557				0.7				22.6 246				128.3
Sales		MMboe		52.2			57.1				(8.5	)			31.8				64.5
Revenue		$ million		5,160			5,858				(11.9	)			2,906				77.6

Page 2 of 15

Operational overview

Production

•

Production increased compared to the previous quarter to a record 51.6 MMboe in Q4 2022, due to:

•

ongoing strong operational performance

•

continued high reliability at Australian operated oil and LNG assets, with Pluto LNG and NWS Project achieving 98.3% reliability for the quarter

•

completion of an approximately seven-week planned turnaround at Atlantis.

This was partly offset by lower production from Bass Strait due to planned offshore maintenance activities and a reduction in demand following the seasonal winter peak.

•

Full-year 2022 production was a record 157.7 MMboe, above upgraded production guidance of 153 - 157 MMboe.

Australian LNG

•

The second phase of Pyxis Hub was successfully completed with ready for start up (RFSU) of Xena-2 achieved on schedule and under budget in November 2022.

•

Woodside and NWS Project participants signed non-binding agreements with Western Gas for processing 2-3 Mtpa of Equus gas from 2027, initially through the Karratha Gas Plant and then later through Pluto LNG. Discussions continue with other resource owners for processing of additional third-party gas.

Gulf of Mexico

•

Drilling of the second development well completed on the Shenzi North project in the Gulf of Mexico and well completion operations commenced. The project was 42% complete at the end of the period.

Australia Oil

•

The Pyrenees Phase 4 infill campaign commenced during the period, with final completion of the campaign expected in Q1 2023. The infill campaign is targeting one workover well and one infill well and is expected to increase recovery from the Crosby and Stickle fields.

•

The Enfield plugging and abandonment (P&A) campaign continued with four wells permanently plugged and one xmas tree removed in the quarter. In 2022, a total of five wells were permanently plugged and 13 xmas trees were removed.

•

The Balnaves P&A campaign consisting of four wells was completed.

Project and development activities

Scarborough

•

The Pluto Train 2 site in Western Australia was handed over to Bechtel and LNG train module construction commenced in Indonesia.

•

Pipeline manufacturing is 59% complete and 92% of tagged equipment has been ordered for the floating production unit (FPU).

•

Engagement with regulators on secondary environmental approvals continued for offshore execution activities, with no impact to critical path.

•

FEED activities for Pluto Train 1 modifications were completed and the project was 25% complete at the end of the period, targeting first LNG cargo in 2026.

Sangomar Field Development Phase 1

•

The subsea installation campaign progressed with rigid pipeline installation now 69% complete.

•

The development drilling program continued with seven of 23 wells completed.

Page 3 of 15

•

The construction phase for the FPSO facility was completed in China. The FPSO facility was successfully relocated to Singapore to complete topsides integration and pre-commissioning.

•

The project was 77% complete at the end of the period and first oil is targeted in late 2023.

Mad Dog Phase 2

•

The operator is working through project commissioning issues and is planning start up in 2023.

Trion

•

Competitive tenders were issued for the drilling rig, subsea equipment, long-lead rotating equipment and installation scopes for subsea, the FPU and the floating storage and offloading vessel.

•

Woodside received confirmation from the National Hydrocarbons Commission (CNH) in December that the "minimum work program" obligation associated with the Trion licence was completed.

Wheatstone

•

Concept selection has been completed for Julimar-Brunello Phase 3. The third phase of the Julimar-Brunello project will involve the tieback of additional production wells to the Wheatstone platform. Woodside is targeting to be FID ready in 2023.

Sunrise

•

The Sunrise Joint Venture and Australian and Timor-Leste Governments held two further Greater Sunrise trilateral meetings for 2022 to progress a new production sharing contract.

•

Subsequent to the quarter, retention lease renewals were granted for Australian titles NT/RL2 and NT/RL4.

New energy

H2OK

•

Completed FEED activities, which have matured the facility design, cost and schedule.

•

Awarded contracts for the engineering and fabrication of electrolysers and liquefaction equipment in support of targeted FID readiness in 2023.

Southern Green Hydrogen (SGH)

•

Woodside was selected as the preferred partner to progress to the next stage of the proposed SGH project in New Zealand. The proposed project will target production of 500,000 tonnes per year of ammonia using electrolysis from renewable power. Subject to finalising commercial arrangements, next steps will involve project participants working towards commencing FEED for the project.

Woodside Solar

•

Woodside entered into a bilateral Indigenous Land Use Agreement and a modern benefits-sharing and relationship agreement with the Ngarluma Aboriginal Corporation (NAC). NAC holds the native title rights on behalf of the Ngarluma people, in respect to the land on which the proposed Woodside Solar project is planned to be developed. Woodside also executed an option to lease this land and has been progressing North West Interconnected System (NWIS) connection and transmission access arrangements.

Marketing

Vessel management

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Woodside signed binding agreements with Maran Gas Maritime Inc. for the long-term charter of two new-build LNG carriers to be delivered to support the delivery of Scarborough LNG cargoes and growth in trading activities.

Page 4 of 15

PT Pertamina (Persero)

•

Woodside did not exercise its option to supply additional volumes into its long-term sale and purchase agreement with PT Pertamina (Persero), executed in June 2017.

Corporate activities

Hedging

•

As at 31 December 2022, Woodside has placed oil price hedges for approximately 21.8 MMboe of 2023 production at an average price of $74.5 per barrel.

•

Woodside also has a hedging program for Corpus Christi LNG volumes to protect against downside pricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. As at 31 December 2022, approximately 49% of Corpus Christi volumes included in stock in transit for 2022, approximately 82% of 2023 volumes and approximately 29% of 2024 volumes have reduced pricing risk as a result of hedging activities.

•

The realised value of hedged positions for the year ended 31 December 2022 is a pre-tax expense of approximately $872 million, with $475 million pre-tax expense related to oil price hedges, $384 million pre-tax expense related to Corpus Christi hedges and $13 million pre-tax expense related to other hedge positions. Hedging losses will be included in "other expenses" in the full-year financial statements.

2022 full-year results and teleconference

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Woodside's Annual Report 2022, Sustainable Development Report 2022, Climate Report 2022 and associated investor briefing will be released to the market on Monday, 27 February 2023, and will be available on Woodside's website at www.woodside.com.

•

A teleconference providing an overview of the full-year 2022 results and a question and answer session will be hosted by Woodside CEO and Managing Director, Meg O'Neill, and Chief Financial Officer, Graham Tiver, on Monday, 27 February at 10:00 AEDT / 07:00 AWST / 15:00 CST (Sunday, 26 February).

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We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:

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https://webcast.openbriefing.com/wds-fyr-2023/ to view the presentation and listen to a live stream of the question-and-answer session

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https://s1.c-conf.com/diamondpass/10028290-3mrhp6.html to participate in the question-and-answer session. Following pre-registration, participants will receive the teleconference details and a unique access passcode.

2022 full-year guidance

•

Woodside will provide 2022 full-year line-item guidance in early February ahead of the 2022 full-year results.

Contacts:
INVESTORS		MEDIA
Matthew Turnbull (Group)		Christine Forster
M: [phone]		M: [phone]
	E: [e-mail]
Sarah Peyman (Australia)
M: [phone]
Rohan Goudge (US)
M: [phone]
E: [e-mail]

This announcement was approved and authorised for release by Woodside's Disclosure Committee.

Page 5 of 15

Production summary

					Three months ended			Year to date
					Dec 2022			Sep 2022			Dec 2021			Dec 2022			Dec 2021
AUSTRALIA
LNG
North West Shelf			Mboe				9,564				9,694				4,850				29,696				20,449
Pluto1			Mboe				12,124				12,458				10,241				46,236				40,119
Wheatstone			Mboe				2,596				2,556				2,343				9,205				10,210
Total			Mboe				24,284				24,708				17,434				85,137				70,778
Pipeline gas
Bass Strait			Mboe				4,883				6,481				-				13,717				-
Other2			Mboe				3,470				3,389				601				9,304				2,505
Total			Mboe				8,353				9,870				601				23,021				2,505
Crude oil and condensate
North West Shelf			Mbbl				1,711				1,750				794				5,371				3,364
Pluto1			Mbbl				982				990				770				3,684				3,037
Wheatstone			Mbbl				506				494				533				1,698				2,329
Bass Strait			Mbbl				935				1,229				-				2,605				-
Macedon & Pyrenees			Mbbl				692				602				-				1,517				-
Ngujima-Yin			Mbbl				1,890				1,464				1,914				7,027				7,113
Okha			Mbbl				598				653				452				2,120				1,516
Total			Mboe				7,314				7,182				4,463				24,022				17,359
NGL3
North West Shelf			Mbbl				307				324				128				1,040				498
Pluto1			Mbbl				52				52				-				170				-
Bass Strait			Mbbl				1,187				1,554				-				3,244				-
Total			Mboe				1,546				1,930				128				4,454				498
Total Australia			Mboe				41,497				43,690				22,626				136,634				91,140

1

Q4 2022 includes 2.39 MMboe of LNG, 0.10 MMboe of condensate and 0.05 MMboe of NGL, Q3 2022 includes 2.35 MMboe of LNG, 0.09 MMboe of condensate and 0.05 MMboe of NGL and Q4 YTD 2022 includes 7.56 MMboe of LNG, 0.31 MMboe of condensate and 0.17 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.

2	Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

3	Natural gas liquids (NGL) include LPG, ethane, propane and butane.

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					Three months ended			Year to date
					Dec 2022			Sep 2022			Dec 2021			Dec 2022			Dec 2021
INTERNATIONAL
Pipeline gas
Gulf of Mexico			Mboe				409				219				-				750				-
Trinidad & Tobago			Mboe				1,952				2,102				-				4,883				-
Total			Mboe				2,361				2,321				-				5,633				-
Crude oil and condensate
Atlantis			Mbbl				3,229				1,257				-				5,473				-
Mad Dog			Mbbl				1,165				838				-				2,414				-
Shenzi			Mbbl				2,517				2,452				-				5,734				-
Trinidad & Tobago			Mbbl				361				365				-				876				-
Other4			Mbbl				81				81				-				189				-
Total			Mboe				7,353				4,993				-				14,686				-
NGL5
Gulf of Mexico			Mbbl				390				244				-				753				-
Total			Mboe				390				244				-				753				-
Total International			Mboe				10,104				7,558				-				21,072				-
Total production			Mboe				51,601				51,248				22,626				157,706				91,140

4	Overriding royalty interests held in the Gulf of Mexico (GoM) for several producing wells.

5	Natural gas liquids (NGL) include LPG, ethane, propane and butane.

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Product sales

					Three months ended			Year to date
					Dec 2022			Sep 2022			Dec 2021			Dec 2022			Dec 2021
AUSTRALIA
LNG
North West Shelf			Mboe				9,000				8,441				5,771				28,069				20,362
Pluto6			Mboe				12,189				11,862				9,868				44,578				39,375
Wheatstone7			Mboe				2,360				2,898				2,497				9,243				9,686
Total			Mboe				23,549				23,201				18,136				81,890				69,423
Pipeline gas
Bass Strait			Mboe				4,725				6,564				-				13,483				-
Other			Mboe				3,524				3,436				609				9,337				2,512
Total			Mboe				8,249				10,000				609				22,820				2,512
Crude oil and condensate
North West Shelf			Mbbl				1,989				2,140				1,342				5,765				3,356
Pluto6			Mbbl				856				838				742				3,994				2,902
Wheatstone			Mbbl				684				325				661				1,652				2,458
Bass Strait			Mbbl				1,115				1,435				-				2,883				-
Ngujima-Yin			Mbbl				1,753				1,502				1,941				7,027				7,039
Okha			Mbbl				-				1,298				653				1,917				1,463
Pyrenees			Mbbl				1,142				502				-				1,644				-
Total			Mboe				7,539				8,040				5,339				24,882				17,218
NGL8
North West Shelf			Mbbl				228				701				375				929				733
Pluto6			Mbbl				-				-				-				-				-
Bass Strait			Mbbl				672				1,999				-				2,884				-
Total			Mboe				900				2,700				375				3,813				733
Total Australia			Mboe				40,237				43,941				24,459				133,405				89,886

6	Processing of volumes commenced at the Karratha Gas Plant via the Pluto-KGP Interconnector in 2022.

7	Includes periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.03 MMboe in Q4 2022, 0.09 MMboe in Q3 2022, -0.26 MMboe in Q4 2021, 0.00 MMboe in Q4 YTD 2022 and -0.86 MMboe in Q4 YTD 2021.

8	Natural gas liquids (NGL) include LPG, ethane, propane and butane.

Page 8 of 15

					Three months ended			Year to date
					Dec 2022			Sep 2022			Dec 2021			Dec 2022			Dec 2021
INTERNATIONAL
Pipeline gas
Gulf of Mexico			Mboe				343				214				-				684				-
Trinidad & Tobago			Mboe				1,969				2,118				-				4,923				-
Other9			Mboe				4				9				-				16				-
Total			Mboe				2,316				2,341				-				5,623				-
Crude oil and condensate
Atlantis			Mbbl				3,091				1,466				-				5,440				-
Mad Dog			Mbbl				1,098				891				-				2,368				-
Shenzi			Mbbl				2,245				2,636				-				5,599				-
Trinidad & Tobago			Mbbl				130				443				-				777				-
Other9			Mbbl				59				77				-				164				-
Total			Mboe				6,623				5,513				-				14,348				-
NGL10
Gulf of Mexico			Mbbl				422				276				-				822				-
Trinidad & Tobago			Mbbl				-				-				-				-				-
Other9			Mbbl				2				4				-				8
Total			Mboe				424				280				-				830				-
Total International			Mboe				9,363				8,134				-				20,801				-
MARKETING
LNG11			Mboe				2,625				5,023				7,297				14,727				21,750
Total			Mboe				2,625				5,023				7,297				14,727				21,750
Total Marketing			Mboe				2,625				5,023				7,297				14,727				21,750
Total sales			Mboe				52,225				57,098				31,756				168,933				111,636

9	Overriding royalty interests held in the GoM for several producing wells.

10	Natural gas liquids (NGL) include LPG, ethane, propane and butane.

11	Purchased LNG volumes sourced from third parties.

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Revenue (US$ million)

		Three months ended			Year to date
		Dec 2022			Sep 2022			Dec 2021			Dec 2022			Dec 2021
AUSTRALIA
North West Shelf			1,260				1,081				712				3,500				1,463
Pluto12			1,666				1,716				936				5,497				2,508
Wheatstone13			383				300				203				1,110				696
Bass Strait			363				656				-				1,251				-
Macedon			54				41				-				111				-
Ngujima-Yin			164				162				169				762				562
Okha			-				124				57				191				111
Pyrenees			118				69				-				188				-
INTERNATIONAL
Atlantis			263				134				-				506				-
Mad Dog			87				81				-				212				-
Shenzi			188				249				-				520				-
Trinidad & Tobago			112				143				-				321				-
Other14			6				7				-				16				-
Marketing revenue15			431				1,043				775				2,464				1,449
Total sales revenue16			5,095				5,806				2,852				16,649				6,789
Processing revenue			48				50				37				175				143
Shipping and other revenue			17				2				17				27				41
Total revenue			5,160				5,858				2,906				16,851				6,973

Realised prices

				Three months ended					Three months ended
		Units		Dec 2022			Sep 2022			Dec 2021			Units		Dec 2022			Sep 2022			Dec 2021
LNG produced17		$/MMBtu			20.3				19.1				15.1			$/boe			128				117				87
LNG traded18		$/MMBtu			24.2				32.7				18.2			$/boe			153				207				106
Pipeline gas						$/boe			43				49				17
Oil and condensate		$/bbl			82				95				84			$/boe			82				95				84
NGL		$/bbl			36				48				104			$/boe			36				48				104
Average realised price						$/boe			98				102				90
Dated Brent						$/bbl			89				101				80
JCC (lagged three months)						$/bbl			113				111				73
WTI						$/bbl			82.8				91.6				77.3
JKM						$/MMBtu			38.6				36.0				28.0
TTF						$/MMBtu			45.0				50.9				26.9

•

Average realised price was A$5.3/GJ in Western Australia, A$14.2/GJ in east coast Australia and $7.88/Mcf for International in Q4 2022.

12	Q4 YTD 2022 includes $38 million and Q4 YTD 2021 includes $67 million relating to Pluto volumes delivered into a Wheatstone sales commitment. These amounts will be included within other income in the financial statements rather than operating revenue.

13

Q4 2022 includes $2 million, Q3 2022 includes $10 million, Q4 2021 includes -$20 million, Q4 YTD 2022 includes -$3 million and Q4 YTD 2021 includes -$56 million, recognised in relation to periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. These amounts will be included within other income/(expenses) in the financial statements rather than operating revenue.

14	Overriding royalty interests held in GoM for several producing wells.

15	Values include revenue generated from purchased LNG volumes, as well as the marketing margin on the sale of Woodside's produced liquids portfolio. Hedging impacts are excluded.

16	Total sales revenue excludes all hedging impacts.

17	Realised prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales.

18	Excludes any additional benefit attributed to produced LNG through third-party trading activities.

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Expenditure (US$ million)

		Three months ended			Year to date
		Dec 2022			Sep 2022			Dec 2021			Dec 2022			Dec 2021
Exploration and evaluation expense
Exploration and evaluation expensed19			239				181				220				454				319
Permit amortisation			3				5				1				11				3
Total			242				186				221				465				322
Capital expenditure
Exploration and evaluation capitalised20,21			8				101				237				119				460
Oil and gas properties			1,342				1,056				960				3,903				2,178
Total			1,350				1,157				1,197				4,022				2,638
Trading costs			260				727					1,777

Key project expenditure (US$ million)

		Three months ended			Year to date
		Dec 2022			Sep 2022			Dec 2021			Dec 2022			Dec 2021
Capital expenditure
Scarborough and Pluto Train 2			579				424				794				1,769				1,003
Sangomar			290				278				276				1,017				1,051

19

Exploration expense includes the reclassification of well results during the period. Q4 2022 includes $39m relating to the write-off of capitalised exploration costs due to the relinquishment of exploration permit acreage at Sangomar. Q3 2022 includes $140 million related to the decision to exit the Orphan Basin exploration licences in Canada.

20	Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results.

21	Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to oil and gas properties. This table does not reflect the impact of such transfers.

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Exploration

•

The Hoodoo-1 well was drilled and did not encounter hydrocarbons. Drilling data will inform future activity.

•

Woodside participated in the Chevron-operated Starman-1 well. The well reached total depth in October. Analysis of well results is ongoing.

Exploration or appraisal wells drilled

Region

Permit area

Well

Target

Interest (%)

Spud date

Water depth (m)

Planned well depth (m)22

Remarks

Gulf of Mexico

MC 412

Starman-1

Oil

25% Non-operator

9 June 2022

457

8,327

Drilling complete

Gulf of Mexico

EB 699

Hoodoo-1

Oil

70% Operator

16 October 2022

941

9,693

Drilling complete

Permits and licences

Key changes to permit and licence holding during the quarter ended 31 December 2022 are noted below.

Region		Permits or licence areas		Change in interest (%)			Current interest (%)			Remarks
Gulf of Mexico		GB 574, GB 575, GB 619			(60	)			40			Cross assignment with
Gulf of Mexico		GB 429, GB 530, GB 531			40				40			Shell and Equinor
Gulf of Mexico		DC 667			(100	)			0			Expired
Gulf of Mexico		AC 35, AC 79, AC 83, AC 125, AC 126			(70	)			0			Expired
Barbados		Carlisle Bay, Bimshire			(40	)			60			Farm down to Shell

Seismic and geophysical survey activity

Region		Field		Permits or licence areas		Remarks
Caribbean		Calypso		Block 23 (a) MDP and Block 14 MDP		Completed acquisition of a controlled source electromagnetic survey to improve reservoir characterisation

22	Well depths are referenced to the rig rotary table.

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Production rates

Average daily production rates (100% project) for the quarter ended 31 December 2022:

		Woodside share23			Production rate (100% project, Mboe/d)			Remarks
		Dec 2022			Sep 2022
AUSTRALIA
NWS Project
LNG			30.47	%			340				346
Crude oil and condensate			30.48	%			61				62			Production was lower due to offshore turnaround activities.
NGL			30.49	%			11				12
Pluto LNG
LNG			90.00	%			118				122
Crude oil and condensate			90.00	%			11				11
Pluto-KGP Interconnector
LNG			100.00	%			26				25
Crude oil and condensate			100.00	%			1				1
NGL			100.00	%			1				1
Wheatstone24
LNG			11.84	%			238				241
Crude oil and condensate			16.63	%			33				34
Bass Strait
Pipeline gas			46.26	%			115				157			Production was lower due to planned
Crude oil and condensate			48.47	%			21				28			offshore maintenance activities and a
NGL			49.23	%			26				35			reduction in demand following winter.
Australia Oil
Ngujima-Yin			60.00	%			34				27			Production was higher due to increased facility reliability.
Okha			50.00	%			13				14
Pyrenees			65.91	%			11				10
Other
Pipeline gas25				38				37

23	Woodside share reflects the net realised interest for the period.

24	The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has 65% participating interest and is the operator.

25	Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

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		Woodside share26			Production rate (100% project, Mboe/d)			Remarks
		Dec 2022			Sep 2022
INTERNATIONAL
Atlantis
Crude oil and condensate			38.50	%			91				35			Production was higher following completion
NGL			38.50	%			6				2			of a planned turnaround in Q3.
Pipeline Gas			38.50	%			9				3
Mad Dog
Crude oil and condensate			20.86	%			62				44			Production was higher due to increased
NGL			20.86	%			2				2			facility availability and reliability.
Pipeline Gas			20.86	%			1				1
Shenzi
Crude oil and condensate			64.39	%			42				41
NGL			64.39	%			2				2
Pipeline Gas			64.39	%			1				1
Trinidad & Tobago
Crude oil and condensate			N/A				7				7
Pipeline gas			N/A				54				57

26	Woodside share reflects the net realised interest for the period.

Page 14 of 15

Forward looking statements and other conversion factors

Disclaimer and important notice

This announcement contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition which reflect Woodside's views held as at the date of this announcement. Forward-looking statements generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions. These forward-looking statements include, but are not limited to, statements about Woodside's future plans for projects and the timing thereof, the implementation of Woodside's new energy strategy and Woodside's expectations and guidance with respect to production and certain financial results for 2023. Forward-looking statements are not guarantees of future performance and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, drilling and production results; gas commercialisation; development progress; operating results; engineering estimates; environmental risks; physical risks; project delay or advancement; regulatory approvals; fluctuations in commodity prices; the impact of armed conflict and political instability (such as the ongoing conflict in Ukraine) on economic activity and oil and gas supply and demand; the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws; inflation and government efforts to reduce inflation; increases in interest rates; and fluctuations in currency exchange rates. Details of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent Annual Report which was released to the Australian Securities Exchange on 17 February 2022 and in Woodside's filings with the U.S. Securities and Exchange Commission. You should review and have regard to these risks when considering the information contained in this announcement.

Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. All information included in this announcement, including any forward-looking statements, speak only as of the date of this announcement and, except as required by law or regulation, Woodside does not undertake to update or revise any information or forward-looking statements contained in this announcement, whether as a result of new information, future events, or otherwise.

All figures are Woodside share for the quarter ending 31 December 2022, unless otherwise stated.

All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated.

References to "Woodside" may be references to Woodside Energy Group Ltd or its applicable subsidiaries.

Product		Unit			Conversion factor
Natural gas			5,700 scf				1 boe
Condensate			1 bbl				1 boe
Oil			1 bbl				1 boe
Natural gas liquids (NGL)			1 bbl				1 boe
Facility		Unit			LNG conversion factor
Karratha Gas Plant			1 tonne				8.08 boe
Pluto Gas Plant			1 tonne				8.34 boe
Wheatstone			1 tonne				8.27 boe

The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time.

bbl		barrel
boe		barrel of oil equivalent
Mbbl		thousand barrels
Mboe		thousand barrels of oil equivalent
MMboe		million barrels of oil equivalent
Bcf		billion cubic feet of gas
MMBtu		million British thermal units
MMscf		million standard cubic feet of gas
scf		standard cubic feet of gas

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