Woodside Petroleum : Second Quarter 2021 Report

ASX Announcement	Woodside Petroleum Ltd.
	ACN 004 898 962
	Mia Yellagonga
Thursday, 15 July 2021	11 Mount Street
	Perth WA 6000
ASX: WPL	Australia
OTC: WOPEY	T [phone]
	www.woodside.com.au

SECOND QUARTER REPORT FOR PERIOD ENDED 30 JUNE 2021

Performance highlights

• Achieved sales revenue of $1,285 million, up 15% from Q1 2021.
• Delivered production of 22.7 MMboe, down 4% from Q1 2021.
• Delivered sales volume of 28.1 MMboe, up 9% from Q1 2021.

Executing a clear plan

• Launched sell-down processes for Scarborough and Pluto Train 2, timed to align with the targeted final investment decision (FID) in H2 2021.
• Commenced the drilling campaign for Sangomar Field Development Phase 1 in July 2021.
• Completed acquisition of FAR's interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture in July 2021 and launched a sell-down process.
• Executed three sale and purchase agreements (SPA) for the supply of domestic LNG from the Pluto LNG truck loading facility.
• Signed a heads of agreement (HOA) with IHI Corporation and Marubeni Corporation to investigate the production and export of green ammonia from renewable hydroelectric power in Tasmania.

Woodside Acting CEO Meg O'Neill said higher realised prices in the second quarter of 2021 helped underpin a 15% rise in sales revenue compared with the first three months of the year.

"Revenue from oil sales during the period was higher than the first quarter supported by an above-market average realised price of $75/barrel, while revenue from LNG sales climbed 14%.

"Lower oil production due to scheduled maintenance activities and adverse weather impacts was partly offset by a strong quarterly performance at Pluto, which achieved 97% reliability.

"Work on our Sangomar Field Development Phase 1 offshore Senegal continued on schedule during the quarter and the project is now nearly one-third complete. In July, the first of two drilling vessels arrived in Senegal and the drilling campaign commenced for the project's 23 wells.

"Following completion last week of our acquisition of FAR's interest in the RSSD joint venture, we have commenced a formal process to sell down our equity in the project.

"Solid progress has been made towards our targeted final investment decision on Scarborough and Pluto Train 2 in the second half of this year.

"We have launched the formal sell-down process for up to 49% of our equity in Pluto Train 2. In parallel we have commenced a process to test the market for value-accretive opportunities to reduce our equity in the Scarborough resource.

"We are reviewing project cost estimates following extensive engagement with our contractors over recent months in the lead up to the investment decision.

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"Further progress has been made in the implementation of our new energy strategy. We are investigating the supply of approximately 50 MW of solar energy to Pluto LNG from the proposed Woodside Power concept which has the potential to supply another 50 MW to Perdaman's planned urea plant on the Burrup Peninsula.

"We also signed a heads of agreement with Japan's IHI Corporation and Marubeni Corporation to investigate the production and export of green ammonia from renewable hydroelectric power at our proposed H2TAS facility. Initially, green ammonia would be produced at a small-scale hydrogen electrolysis plant which could then be scaled up to produce export volumes," she said.

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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SECOND QUARTER 2021 REPORT

15 July 2021

Production

Impacted by turnaround activities and weather

Previous period

(Q1 2021 to Q2 2021)

	30		23.7	(0.4)
	25		(0.5)	(0.1)	22.7
MMboe	20
15
	10
	5
	0
			Q1 2021		LNG		Liquids¹		Other²		Q2 2021

Corresponding period (Q2 2020 to Q2 2021)

	30
	25.9	(1.2)	(1.1)
	25			(0.9)	22.7
MMboe	20
15
	10

5

0

Q2 2020

LNG

Liquids¹

Other²

Q2 2021

1.	Liquids includes oil and condensate.
2.	Other includes domestic gas and LPG.	Second Quarter 2021 Report	2

Sales volume and revenue

15% increase in quarterly sales revenue

MMboe

			Sales volume
32			27.1						28.1
28					25.7
		1.3			5.2
24					3.4
20
16			19.7			17.6	18.0
12
8			1.5			1.1	0.6
4
		4.6
0					3.6	4.3
			Q2 2020	Q1 2021		Q2 2021
			Oil, condensate			LPG, domestic gas2
			Produced LNG			Purchased LNG

						Sales revenue1
	1,400									1,285
	1,200					1,121
	1,000		768
	800							959
million$					838
600		608
	400					33	10
	200
		22		316
			250
	0		138
					Q2 2020			Q1 2021		Q2 2021
			Oil, condensate				LPG, domestic gas		LNG

Realised price3,4

	Units	Q2 20	Q1 21	Q2 21
LNG	$/boe	29	40	41
Domestic gas	$/boe	14	17	17
Condensate	$/boe	29	67	69
Oil	$/boe	31	72	75
LPG	$/boe	-	60	-
Average realised	$/boe	28	44	46
price
Dated Brent	$/bbl	29	61	69
JCC (lagged	$/bbl	68	44	56
three months)
JKM	$/MMBtu	2.7	11.4	7.4

1. Revenue from the sale of produced and purchased hydrocarbons. Excludes processing and services revenue.
2. Domestic gas includes Woodside equity sales volumes and Woodside share of NWS contracts.
3. Represents average realised price including exchange rate impact.
4. Average of daily published Platts JKM prices for delivery during the quarter.

Second Quarter 2021 Report		3