• Streamlines Australian portfolio and consolidates focus on operated LNG assets
• Simplifies NWS joint venture ownership, unlocking economic recovery of existing production and future development opportunities
• Strengthens near-term cash flow to support shareholder distributions and ongoing investments

Woodside and Chevron have agreed to an asset swap under which Woodside will acquire Chevron's interest in the North West Shelf (NWS) Project, the NWS Oil Project and the Angel Carbon Capture and Storage (CCS) Project, and transfer all of its interest in both the Wheatstone and Julimar-Brunello Projects to Chevron. Chevron will also make a cash payment to Woodside of up to $400 million. The transaction highlights include streamlining Woodside's Australian portfolio and consolidating its focus on operated LNG assets, simplifying the NWS joint venture ownership to unlock economic recovery of existing production and future development opportunities, and strengthening near-term cash flow to support shareholder distributions and ongoing investments. The effective date of the transaction is 1 January 2024, and completion is subject to customary conditions precedent, including regulatory approvals. The transaction is expected to close in 2026.

Subject to completion of the transaction, the net impact to Woodside's Reserves and Resources as at the effective date 1 January 2024 will be a net increase of 9.6 MMboe to Proved plus Probable (2P) Reserves.