• Woodside enters binding agreement with Stonepeak for 40% stake in Louisiana LNG
• Stonepeak to provide $5.7 billion towards project capital expenditure
• Transaction reduces Woodside's capital expenditure and enhances project economics

Woodside has entered into a binding agreement with Stonepeak, a leading global investment firm specialising in infrastructure and real assets, for the sale of a 40% interest in Louisiana LNG Infrastructure LLC. This transaction provides validation of the project quality and increases the attractiveness of the project to other potential equity partners. Under the agreement, Stonepeak will provide $5.7 billion towards the expected capital expenditure for the foundation development of Louisiana LNG on an accelerated basis, contributing 75% of project capital expenditure in both 2025 and 2026. This enhances the project economics and Woodside's cash flow profile ahead of revenues from Woodside's Scarborough Energy Project in Australia, strengthening the capacity for shareholder returns. The transaction significantly reduces Woodside's capital expenditure profile and is a material step towards readiness for a final investment decision. Woodside CEO Meg O'Neill welcomed Stonepeak to the Louisiana LNG Project, stating that the partnership, along with the lump sum turnkey EPC agreement with Bechtel and existing regulatory permits, gives Woodside confidence to progress at pace towards a final investment decision. Woodside will continue advancing discussions with additional potential partners targeting an equity sell-down of around 50% in the integrated project.

The estimated forward cost for the foundation development of Louisiana LNG from December 2024 remains $900-960/tonne. This includes EPC costs, contractor completion incentive payments, owner's costs, allowances, and contingency. It excludes pipeline cost and HoldCo costs and contingency.