• Outstanding production from Sangomar field, driving record full-year production
• Significant progress on Scarborough, Trion and Louisiana LNG projects
• Simplified Australian portfolio through asset swap with Chevron

Woodside Energy Group Ltd delivered outstanding operational performance in the fourth quarter of 2024, with the Sangomar field producing 75 thousand barrels of oil equivalent per day at 95% reliability, driving record annual production of 194 million barrels of oil equivalent. The company also saw a strong contribution from the Mad Dog project in the Gulf of Mexico, with a full year of Argos production at peak rates. Woodside made important progress on its growth projects, including the arrival of the final Pluto Train 2 modules for the Scarborough Energy Project, which remains on track for first LNG in 2026. The Trion Project also transitioned into the construction phase, with the first steel cut for the floating production unit, and the company is targeting first oil in 2028. Woodside continued to move forward on its recently acquired Louisiana LNG development, signing an engineering, procurement and construction contract with Bechtel to support final investment decision readiness from the first quarter of 2025. The company also progressed the sell-down process for the Louisiana LNG project, which has attracted strong interest from high-quality potential partners. Woodside further demonstrated its commitment to the domestic market by executing gas sales of 77 petajoules in eastern Australia. The company also announced an asset swap with Chevron, which streamlines its Australia portfolio by trading its equity in Wheatstone to increase its position in North West Shelf to 50% and support short-term cash generation. Woodside's preliminary data shows a 14% reduction in its net equity Scope 1 and 2 emissions in 2024, and the company remains committed to taking actions to decarbonize its assets.

Woodside's full-year 2024 production was 193.9 MMboe (530 Mboe/day), at the top end of the 2024 full-year production guidance range. The company's capital expenditure (excluding acquisitions and other equity changes) was $4.9 billion, within the guidance range of $4.8 - $5.2 billion. Woodside also achieved 34.4% of produced LNG sales at prices linked to gas hub indices in 2024, realizing a 31% premium compared to oil-linked pricing.

Woodside is focused on delivering its growth strategy while simplifying its portfolio and sharpening its focus on high-value core assets. The company is making significant progress on its major projects, including Scarborough, Trion and Louisiana LNG, and is well-positioned to continue providing energy for local and global customers from its North West Shelf assets. Woodside remains committed to taking actions to decarbonize its assets and conduct its business sustainably to thrive through the energy transition.