• Record annual production of 193.9 million barrels of oil equivalent (MMboe)
• Net profit after tax (NPAT) up 115% year-on-year to $3,573 million
• Maintained world-class reliability of 98% at operated LNG facilities
• Sangomar project ramped up to nameplate capacity within 9 weeks of startup

Woodside Energy Group Ltd today reported record production of 193.9 million barrels of oil equivalent (MMboe), or 530 Mboe/day, for the full year 2024. The result was underpinned by outstanding early production performance at Sangomar and world-class reliability at operated LNG assets. Net profit after tax (NPAT) for 2024 was 115% higher year-on-year at $3,573 million. Underlying NPAT decreased 13% from the previous year to $2,880 million, primarily due to lower realised oil and gas prices. The Directors have determined a final dividend of US 53 cents per share (cps), which brings the full-year fully franked dividend to US 122 cps and maintains payout ratio at the top of the target range at 80%. The value of the full-year dividend is $2,316 million. Woodside CEO Meg O'Neill said Woodside is set to become a highly cash generative business. Sangomar ramped up to nameplate capacity within nine weeks of its June 2024 startup, achieving 94% reliability in the fourth quarter. Sangomar's contribution of 12.9 million boe of sales generated around $950 million in revenue, demonstrating the project's value. Excellent progress was made on Woodside's major growth projects, with the Scarborough Energy Project now 80% complete and on track for first LNG cargo in 2026. During the year Woodside signed three agreements for the long-term sale of LNG to customers in Japan, Korea and Taiwan. Woodside simplified its Australian portfolio and consolidated its focus on operated LNG assets by entering into an asset swap agreement with Chevron. In Mexico, the Trion Project is more than 20% complete and targeted for first oil in 2028. In 2024 Woodside made two acquisitions that will deliver long-term profitability and cash flow, with investments in Louisiana LNG and Beaumont New Ammonia.

Woodside begins 2025 with a strong balance sheet, a resilient and high-performing base business and an attractive portfolio of projects which position us to deliver value-accretive growth and shareholder returns.