Woodside Energy First Quarter Report for Period Ended 31 March 2026

Advancing growth and delivering reliable energy

Performance highlights

• Sangomar, Shenzi, North West Shelf Project and Pluto LNG all delivered outstanding reliability at or above 99%.
• Achieved an average realised quarterly price of $63/boe, up 11% from Q4 2025 reflecting benefits from market prices.
• Delivered quarterly production volumes of 45.2 MMboe (502 Mboe/d), down 8% from Q4 2025 due to seasonal weather events.

Project highlights

• The Scarborough Energy Project was 96% complete and remains on budget and on track for first LNG cargo in Q4 2026.
• The Scarborough Floating Production Unit (FPU) completed hook-up and commenced topside commissioning following its arrival in Australia.
• Beaumont New Ammonia achieved first ammonia cargo in February, with Woodside assuming operational control in March.
• The Trion Project progressed to 56% complete and remains on budget and targeting first oil in 2028.
• The foundation phase of Louisiana LNG Project remains on budget and on schedule. The project was 24% complete with Train 1 31% complete. The project is targeting first LNG in 2029.

Business and portfolio highlights

• Liz Westcott appointed as CEO and Managing Director.
• Safe restoration of Western Australian operations following Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle.

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

Woodside CEO Liz Westcott said the company maintained safe and reliable operations across its global portfolio during the first quarter, while continuing to execute major projects to budget and schedule.

“Production for the period was 45.2 million barrels of oil equivalent, underpinned by exceptional reliability of our world-class assets, including 99.9% at Sangomar and 99.0% at Shenzi. In Western Australia, Pluto LNG achieved 100% reliability for the third consecutive quarter, while the North West Shelf Project delivered 99.7%.

“Output from our Western Australian assets was impacted late in the quarter by Severe Tropical Cyclone Narelle. The team’s cyclone response ensured we maintained the safety of our people, assets and the environment throughout the shutdown and restoration of operations.

“We have seen modest increases to our portfolio average realised pricing in the quarter, driven by elevated spot prices. Further benefits of currently higher spot prices will be realised in subsequent quarters for LNG due to lagged contract pricing.

“We continued disciplined delivery of major cash-generative growth projects. Our Scarborough Energy Project is 96% complete and on target for first LNG cargo in the fourth quarter of 2026.

“During the period, we also progressed preparations for the Pluto turnaround scheduled for May, supporting long-term asset performance, and advancing readiness for Scarborough start-up.

“We reached key milestones during the quarter at Beaumont New Ammonia, achieving first ammonia cargo in February followed by the successful transition to full operational control of the facility in March.

“We commenced the drilling campaign at Trion, and completed the lift and installation of two topside modules onto the FPU. The project is 56% complete and targeting first oil in 2028.

“Construction at the Louisiana LNG project is progressing well, with structural steel erection, pipe installation, LNG tank construction and marine works underway. Louisiana LNG Train 1 is 31% complete.

“The drilling and completion of the Julimar Development Phase 3 wells was delivered, marking another milestone ahead of the asset swap with Chevron in H2 2026.

“At the time of my appointment in March, I said my focus would be on operational excellence, disciplined execution and sustainable value creation for Woodside shareholders. Cost discipline is essential to sustainable shareholder value creation and we are commencing a structured review of our business to streamline decision making, reduce complexity and improve accountability. We expect this will deliver benefits through improved organisational effectiveness and capital management without compromising safety, execution or operational reliability.

Pluto LNG

• Achieved third consecutive quarterly LNG reliability of 100%.
• Safely restarted offshore facilities following Severe Tropical Cyclone Mitchell.
• Continued preparation for the maintenance turnaround scheduled for May 2026.
• Completed drilling of the XNA-03 infill well which is targeting start-up in H2 2026.

North West Shelf (NWS) Project

• Achieved quarterly LNG reliability of 99.7%.
• Safely restarted onshore and offshore facilities following Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle.
• Processed higher volumes of Waitsia gas, driven by the continued ramp‑up of Waitsia Stage 2.
• Advanced preparation for the scheduled one-train LNG maintenance campaign planned for September 2026.

Wheatstone and Julimar-Brunello

• Drilling and completion of the Julimar Development Phase 3 wells was achieved. Start-up is targeting H2 2026.
• LNG production at Wheatstone was impacted following an unplanned outage caused by Severe Tropical Cyclone Narelle. Production is partially restored, with return to normal operation expected by the end of April.
• Decommissioning of five Julimar Brunello exploration wells is planned for H2 2026, as a condition precedent for the asset swap with Chevron.
• Completion of the asset swap with Chevron is targeted for H2 2026.⁹

Bass Strait

• Completion of the transfer of operatorship of the Bass Strait assets from ExxonMobil Australia to Woodside is targeting H2 2026.¹⁰
• Delivered reliability of 89.4% during the quarter, and completed planned shutdowns of the Snapper and West Tuna platforms ahead of schedule.
• Completed drilling two of five wells for the Turrum Phase 3 project, with drilling targeting completion in H2 2026.

Other Australia

• The Okha FPSO disconnected in late March 2026 ahead of scheduled shipyard activity in Q2 2026.
• The Pyrenees FPSO is scheduled to undertake shipyard activity in Q4 2026.

Sangomar

• Achieved an average daily production rate of 99 Mbbl/d (100% basis, 80 Mbbl/d Woodside share) with reliability of 99.9%.
• The Sangomar FPSO continues to demonstrate high reliability and the overall Sangomar reservoir continues to perform better than expected.
• Optimisation of wells online and line-up of flowlines and system hydraulics have enabled maintained strong production through the quarter, however we expect to see oil rates decline over the remainder of 2026.

United States of America

• Shenzi completed field production optimisation initiatives including flowline pressure reduction for sustained production rate increase and achieved reliability of 99.0%.
• Commenced water injection from a new well at Atlantis.
• Successfully commenced production from the third and final Argos Southwest Extension well, completing the three‑well subsea tieback that began in August 2025. The project is expected to contribute approximately 20 Mbbl/d of gross (100% basis, ~5 Mbbl/d Woodside share) peak annualised average oil production.

Beaumont New Ammonia

• Assumed operational control of the Beaumont New Ammonia facility in March 2026 following completion of performance testing and handover from OCI Global and final payment of $470 million.
• Achieved first ammonia cargo in February 2026, with 2026 sales comprising a combination of spot and term cargoes supplied to domestic US barges and international seaborne vessels.
• Due to delays at third-party industrial gas suppliers, we are targeting production of lower-carbon ammonia in 2027.

• There have been no disruptions to Woodside’s trading activities as a result of the conflict in the Middle East, with shipping operations continuing as planned.
• Revenue and trading:
  • Continued strong LNG demand for spot cargoes from the Woodside portfolio at market prices.
  • LNG realised prices broadly flat compared to the prior quarter due to price lags.
  • Approximately 51% of LNG sold was linked to gas hub indices in the quarter.
  • Interruptions have increased the demand for crude products resulting in higher spot market prices.
• Shipping:
  • Woodside has a strategy of securing term shipping for annual average delivery commitments and therefore has limited exposure to volatile spot LNG carrier rates.
  • Woodside does not currently have any controlled shipping that traverses Iranian waters or the Straits of Hormuz. Woodside trade routes are not subject to increased security risk.
• Executed incremental pipeline gas sales of:
  • Approximately 1 PJ to be delivered to the Western Australian market in 2026.
  • 8.1 PJ to be delivered to the East Coast market across 2026, 2027 and 2028.
• Woodside continues to engage with the Western Australian market on additional spot supply in 2026 and requirements for 2027 and onwards.

Scarborough Energy Project

• The Scarborough and Pluto Train 2 projects remain on budget and were 96% complete at the end of the quarter (excluding Pluto Train 1 modifications).
• The FPU was moored at the Scarborough field and hook-up of the umbilical and all subsea risers was successfully completed. Topsides commissioning activities are in progress.
• Subsequent to the period, the Scarborough FPU was registered as a security regulated offshore facility by the Department of Home Affairs.
• Construction and commissioning activities at the Pluto Train 2 site continued, first ignition of the additional gas turbine generator was achieved and preparation is underway for the first run of the liquefaction compressors.
• The first two of three modules built for the Pluto Train 1 modifications project departed the fabrication yard in Thailand and, subsequent to the quarter, arrived at the Pluto site.
• Civil, structural, and piping works advanced at the Pluto site, with a focus on preparing for activities to be completed during the Pluto LNG Train 1 major turnaround scheduled for May 2026.
• First LNG cargo is on track for Q4 2026.

Trion

• The Trion Project remains on budget and was 56% complete at the end of the quarter.
• Drilling of 24 subsea wells commenced in March 2026.
• Subsea equipment is on track for Q3 2026 installation.
• FPU construction reached key milestones, with hull structural fabrication completed and two 6,000‑metric‑ton topside modules successfully lifted and installed.
• Floating storage and offloading structural block fabrication continued, with the disconnectable turret mooring buoy largely complete and mating tests finished.
• The Middle East conflict is currently not having any material impact on cost or schedule for Trion.
• The Trion Project is targeting first oil in 2028.

Louisiana LNG

• The foundation phase of Louisiana LNG, comprising three trains, reached 24% complete at the end of the quarter and remains on budget.
• Key milestones achieved during the period included progression of the LNG tanks and the commencement of dredging activities.
• Train 1 was 31% complete at the end of the quarter. During the period, structural steel erection progressed and the first piping was installed in the Train 1 rack.
• Trains 2 and 3 were 22% and 14% complete respectively at the end of the quarter, with piling installation completed for Train 2 and commenced for Train 3.
• Transition of Driftwood Pipeline LLC operatorship to Williams completed.
• Bechtel is sourcing Louisiana LNG structural steel from the United Arab Emirates. Fabrication at Bechtel’s facility has not been impacted and sufficient steel for 2026 work programs has been delivered to site. Mitigation measures are being proactively assessed to ensure ongoing supply of steel.
• Louisiana LNG continues to attract strong interest from high-quality counterparties, supporting Woodside’s sell-down process.
• Progressed potential future growth optionality for the project.
• The project is targeting first LNG cargo 2029.

Hydrogen Refueller @H2Perth

• Commissioning activities continued ahead of targeted ready for start-up in Q2 2026.
• The project is targeting first hydrogen production in H2 2026.¹¹

• Progressed offshore decommissioning execution activities across the portfolio, including removal of more than 18 km of flexible flowlines and umbilicals at Stybarrow and 8 km of flexible flowlines from Griffin fields.
• Continued technical studies across the Stybarrow, Griffin and Minerva decommissioning projects to support execution planning, consistent with regulatory requirements.
• At Bass Strait (Gippsland Basin Joint Venture), well plug and abandonment activities were progressed with platform rig operations on West Kingfish and Cobia platforms.
• Preparation activities for the Bass Strait Offshore Platform Removal Campaign 1 also progressed, including completion of preparation activities on Bream B Platform, and commencement of mobilisation for onshore reception centre upgrades.

Browse

• Continued engagement with regulators to progress environmental approvals.
• Continued technical work to optimise the upstream concept, with contractors engaged to progress pre-Front-End Engineering and Design (FEED) engineering scopes for the FPSO facilities.
• Issued invitations to tender for the design and construction of the Browse FPSO facilities that will provide market pricing and schedule assumptions to inform a FEED entry decision.
• Progressed the gas processing agreement which will establish the commercial framework and terms for processing Browse gas at the North West Shelf Project’s Karratha Gas Plant and support FEED entry.

Sunrise

• Progressed technical and commercial activities under the Timor‑Leste Cooperation Agreement.
• Ongoing engagement by the Sunrise Joint Venture with the Timor‑Leste and Australian Governments to advance the fiscal and regulatory frameworks supporting the potential development of Sunrise.

Calypso

• The Calypso Joint Venture progressed the scoping of additional engineering studies.

Exploration

• Woodside participated in the non-operated Bandit-1 well in Green Canyon Block 680 in the Gulf of America, which encountered high-quality oil-bearing Miocene sands. The co-owners are currently evaluating results to determine next steps.¹²
• Woodside was awarded eight leases in the Gulf of America following final payment and regulatory approval as the successful bidder from the Big Beautiful Gulf 1 Lease Sale held in 2025.
• Woodside was the successful bidder on two blocks in Big Beautiful Gulf 2 Lease Sale in the Gulf of America, with the lease issuance pending final payment and regulatory approval.
• Continued to evaluate opportunities consistent with Woodside’s disciplined exploration strategy.

CEO appointment

• The Board appointed Liz Westcott as Woodside’s CEO and Managing Director, effective 18 March 2026.

Annual General Meeting

• Woodside’s Annual General Meeting (AGM) was held on 23 April 2026.
• All items put to the AGM were carried, and the AGM voting results were published following the meeting.

Climate and sustainability

• Published AASB S2 climate-related disclosures in the 2025 Annual Report.
• “Woodside Sustainability Briefing 2026” held on 16 March, highlighting 2025 sustainability performance.
• Subsequent to the period, the 2025 Social Contribution Report was released, outlining our focus on the generation of better social and economic outcomes for our host communities.

Hedging

• As at 31 March 2026, 30 MMboe of 2026 oil production was hedged at an average price of $74.23 per barrel and 10 MMboe of 2027 production at $76.76 per barrel.
• Continued hedging program for Corpus Christi LNG volumes involving Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 95% of 2026, 86% of 2027, and 7% of 2028 volumes have been hedged.
• The realised value of all hedged positions for the period ended 31 March 2026 is an estimated pre-tax profit of $32 million, with a $24 million profit related to Corpus Christi hedges and a $9 million profit related to oil price hedges, offset by a $1 million loss related to other hedge positions. Hedging profits will be included in ‘other income’ except hedging profits related to interest rate swaps which will be included in ‘finance income’ in the 2026 financial statements.

Embedded commodity derivative

• In 2023, Woodside entered into a revised long-term gas sale and purchase contract with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model.
• As there is no long-term urea forward curve, TTF continues to be used as a proxy to simulate the value of the derivative over the life of the contract.
• For the quarter ended 31 March 2026, an unrealised pre-tax loss of approximately $41 million is expected to be recognised through other expense.

Funding and liquidity

• As at 31 March 2026, Woodside had liquidity of approximately $8,300 million, after paying a fully franked dividend in March, and net debt (including lease liabilities) of approximately $9,300 million.

Upcoming events 2026-2027

Production (reserves)

Production (processing)

Contacts

INVESTORS

Vanessa Martin
M: +61 477 397 961

E: investor@woodside.com

MEDIA

Christine Abbott
M: +61 484 112 469

E: christine.abbott@woodside.com

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

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