Woodside Petroleum : Climate Report 2021 Overview Presentation

For personal use only

ASX Announcement	Woodside Petroleum Ltd.
ACN 004 898 962
	Mia Yellagonga
Wednesday, 2 March 2022	11 Mount Street
	Perth WA 6000
ASX: WPL	Australia
OTC: WOPEY	T [phone]
	www.woodside.com.au

CLIMATE REPORT 2021 OVERVIEW PRESENTATION

Attached is an overview presentation of Woodside's Climate Report 2021, which should be read in conjunction with Woodside's Climate Report 2021 released to the ASX on 17 February 2022.

This presentation will be used for investor and stakeholder engagement in advance of Woodside's 2022 Annual General Meeting to be held at 10.00am (AWST) on 19 May 2022.

Contacts:
INVESTORS	MEDIA
Damien Gare	Christine Forster
W: [phone]	M: [phone]
M: [phone]	E: [e-mail]
E: [e-mail]

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

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REPORT ersonalOVERVIEW

March 2022

Disclaimer, risks and assumptions

This presentation should be read in conjunction with Woodside's Climate Report 2021. For more information, please refer to the announcement "Climate Report 2021" by Woodside dated 17 February 2022, available at https://www.woodside.com.au/media-centre/announcements. The full Climate Report 2021 is available at https://www.woodside.com.au/docs/default-source/investor-documents/major-reports-(static-pdfs)/2021-climate-report/climate-report-2021.pdf.

Disclaimer and risks

1.	This presentation has been prepared to provide our investors and potential investors with information on our plan to help us achieve
	our strategic aim to thrive through the energy transition and how we are progressing against that strategic aim. The Climate Report
	2021 will be put to a nonbinding, advisory vote of our shareholders at our 2022 Annual General Meeting. Our disclosures structured to
	align with the TCFD recommendations framework are included in the Climate Report 2021 (rather than our most recent Annual
	Report) to make it simpler for our shareholders to vote on our climate reporting at our 2022 Annual General Meeting. Woodside has
	sought to achieve in the Climate Report 2021 an appropriate balance of disclosures that reasonably meet the recommendations of
	the TCFD while avoiding overwhelming users with information.
2.	This presentation has not been prepared as financial or investment advice or to provide any guidance in relation to our future
	performance. It should be read in conjunction with our periodic reporting and other announcements made to the Australian Securities
	Exchange.
3.	Given the focus of this presentation, it is necessarily oriented towards future events. Neither our plan to help us achieve our strategic
	aim, nor this presentation more generally, is a statement that future events will or are likely to occur.
only4. The information in this presentation provides some level of insight into how we currently intend to direct the management of our
	assets and to deploy our capital, to help us achieve our strategic aim. The matters disclosed in this presentation are a 'point in time'
	disclosure. We operate in a dynamic and uncertain market and external environment. Plans and strategies can and must adapt in
	r	sponse to dynamic market conditions, joint venture decisions, new opportunities that might arise or other changing circumstances.
	Investors should not assume that our plan to achieve our strategic aim is locked in and will not evolve and be updated as time passes.
	Additionally, a number of aspects of our plan involve developments or strategies that are complex and may be delayed, more costly
	than anticipated or unsuccessful for many reasons.
5.	This presentation contains forward looking statements that are subject to risk factors, including those associated with oil and gas
	businesses and the global transition to a lower-carbon economy.
6.	Those forward looking statements are not guidance, forecasts, guarantees or predictions of future events or performance, but are in
	the nature of aspirational targets that Woodside has set for itself and its management of the business. Actual performance against
	these targets (including all items that are described as a target) may be affected by various risks associated with the Woodside
useb siness, the uncertainty as to how the global energy transition to a lower carbon economy will evolve, and physical risks associated
	with climate change, many of which are beyond Woodside's control. Further detail on certain of these risks can be found in the Risk
	Management section of the Climate Report 2021. These risks include, but are not limited to:
ersonal	the risk that climate change will impact the transition to a lower-carbon economy and may impact demand (and pricing) for oil
	•
			and liquids, LNG and its substitutes in our portfolio, the policy and legal environment for its production, our reputation and our
			operating environment. Further, the availability and cost of emission allowances or carbon offsets could adversely impact costs of
			operations;
	• the potential for higher than expected costs of transition to new technologies, and poor efficacy of new technologies that could
			adversely impact the costs of operations and reduce demand for hydrocarbon products, new energy or lower carbon services; and
	• the decarbonisation plans of other countries.
7.	Investors and prospective investors should review and have regard to these risks when considering the information contained in this
	presentation. Investors should also note that the high degree of uncertainty around the nature, timing and magnitude of climate-
	related risks, and the uncertainty as to how the energy transition will evolve, makes it difficult to determine and disclose the risks and
	their potential impacts with precision. Investors are cautioned not to place undue reliance on any forward looking statements
	contained in this presentation.
8.	It is believed that the expectations reflected in the forward looking statements in this presentation are reasonable as at the date of
	this presentation but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual
		esults to differ materially, including but not limited to the risks referenced above and price fluctuations, actual demand, currency
1.	The Task Force on Climate-related Financial Disclosures (2020). "Guidance on Scenario Analysis for Non-Financial Companies".

fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, transition risks, physical risks, legislative, policy, fiscal and regulatory developments, changes in accounting standards, economic and financial market conditions in various countries and regions, political risks, abatement able to be delivered through engineering or operational changes, project delay or advancement, approvals and cost estimates. Some matters are subject to approval of joint venture participants. The targets and opportunities described in this presentation might also change materially if Woodside changes its strategic aim set out in this presentation.

1. Woodside makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statement. The forward looking statements in this presentation reflect expectations held at the date of this presentation and scenario analysis undertaken by Woodside. There are inherent limitations with scenario analysis, including the limitations set out on page 23 of the Climate Report 2021, and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis relies on assumption that may or may not be, or prove to be, correct and that may or may not eventuate and scenarios may also be impacted by additional factors to the assumptions disclosed. As part of its scenario analysis, Woodside has used climate scenarios published in the IEA's 2021 World Energy Outlook. The TCFD Guidance on Scenario Analysis for Non-Financial Companies (on page 66) describes limitations and uncertainties associated with the use of the IEA scenarios, while also noting the benefits, including that the IEA scenarios are widely used and accepted.1
2. Woodside does not undertake to provide ongoing market updates on the plan to achieve its objective or targets, or performance against the plan, except to the extent it has a legal obligation to do so.
3. Subject to any terms implied by law which cannot be excluded, Woodside accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this presentation.
4. This presentation does not include any express or implied prices at which Woodside will buy or sell financial products.

Emissions data

1. All greenhouse gas emissions data in this presentation are estimates, due to the inherent uncertainty and limitations in measuring or quantifying greenhouse gas emissions, including those uncertainties set out in the GHD Assurance Statement.
2. Woodside "greenhouse gas" or "emissions" information reported are Scope 1 GHG emissions, Scope 2 GHG emissions, and Scope 3 GHG emissions. Further information regarding the calculation of these emissions is contained in the supporting table of climate related data provided on page 40 of the Climate Report 2021.
3. There may be differences in the way third parties calculate or report greenhouse gas emissions compared to Woodside, which means third party data may not be comparable to Woodside's data.

Other important information

1. This presentation also contains references to the proposed combination of Woodside and BHP Group Limited's oil and gas business (Proposed Transaction). The Proposed Transaction remains subject to satisfaction of certain conditions precedent including shareholder and regulatory approvals. Completion is targeted in early June, with an effective date of 1 July 2021. There is no certainty or assurance that the Proposed Transaction will complete on the intended schedule or at all. Information in this presentation regarding the Proposed Transaction must be read subject to that uncertainty. For more information, refer to the announcement "Woodside and BHP to create a global energy company" by Woodside dated 22 November 2021, available athttps://www.woodside.com.au/media-centre/announcements. Further detail on the risks associated with the Proposed Transaction can be found in Woodside's "2022 Notice of Meeting" which is expected to be released in April 2022.
2. All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated.
3. References to "Woodside" may be references to Woodside Petroleum Ltd or its applicable subsidiaries.

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Key messages

Progress made

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Published a

Climate Report

framework setting

Woodside's

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2021 released2

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climate-related

plan in 2021

criteria announced

emissions targets1

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Thrive through the energy transition

1.

Target is for net equity Scope 1 and 2 emissions. Relative to a starting base of the gross annual average equity Scope 1 and 2 emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in

producing or sanctioned assets with an FID prior to 2021. Post-completion of the Woodside and BHP petroleum merger (which remains subject to conditions including regulatory approvals), the starting base will be

adjusted for the then combined Woodside and BHP petroleum portfolio.

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2.

Disclosures structured to align with The Task Force on Climate-related Financial Disclosures recommendations framework.

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Thrive through the energy transition

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Climate Report 2021

page 10

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