Record output but profit falls at Woodside Energy Group (WDS)

Q: How did Woodside Energy Group (WDS) perform financially in 2025?

Woodside generated $12,984 million of operating revenue in 2025 and net profit after tax of $2,718 million . EBITDA excluding impairment was $9,277 million , supported by record production of 198.8 MMboe and free cash flow of $1,889 million despite softer pricing.

Q: What dividends did Woodside Energy (WDS) pay for 2025?

Woodside determined a fully franked final dividend of 59 US cents per share , taking total 2025 dividends to 112 US cents per share . The final dividend represents about 80% of second-half underlying NPAT, consistent with the 50–80% payout target range.

Q: How strong is Woodside Energy’s (WDS) balance sheet at year-end 2025?

At 31 December 2025, Woodside reported gearing of 18.2% , within its 10–20% target range, net debt of $8,010 million , and liquidity of $9,262 million . These metrics indicate continued access to funding while supporting major growth projects and ongoing dividends.

Q: What were Woodside Energy’s (WDS) production and sales volumes in 2025?

Total production reached a record 198.8 MMboe , comprising 115.3 MMboe of gas and 83.5 MMboe of liquids. Total sales volumes were 212.2 MMboe , with 129.2 MMboe of gas and 83.0 MMboe of liquids, reflecting strong operational reliability across the portfolio.

Q: How did Woodside Energy’s (WDS) 2025 profit compare with 2024?

Net profit after tax attributable to members fell 24% to $2,718 million in 2025, from $3,573 million in 2024. Revenue decreased 1%, while underlying NPAT was $2,649 million , indicating lower profitability despite record production and solid operating performance.

Q: What major growth projects is Woodside Energy (WDS) advancing?

Woodside highlighted progress on the Scarborough Energy Project , Trion and Louisiana LNG, along with the Beaumont New Ammonia project. These developments are intended to deliver the next wave of cash‑generative growth, with Scarborough targeting first LNG cargo in late 2026 and Louisiana LNG in 2029.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Woodside Energy Group Ltd reported full-year 2025 results showing revenue of $12,984 million, down slightly from 2024, and net profit after tax of $2,718 million, a 24% decline. Record annual production of 198.8 MMboe and EBITDA of $9,277 million underpinned strong cash generation and free cash flow of $1,889 million.

The Board determined a fully franked final dividend of 59 US cents per share, taking total 2025 dividends to 112 US cents, around 80% of second-half underlying profit. Gearing remained within target at 18.2%, liquidity was $9,262 million, and net equity Scope 1 and 2 emissions were 15% below the stated starting base.

Insights

Strong operations and cash flow offset a profit decline driven by softer pricing.

Woodside delivered record production of 198.8 MMboe in 2025, supporting EBITDA of $9,277 million and free cash flow of $1,889 million. However, net profit after tax fell 24% to $2,718 million as revenue edged down 1% to $12,984 million, reflecting a less favorable price environment.

The company maintained a solid balance sheet, with gearing at 18.2%, liquidity of $9,262 million, and net debt of $8,010 million. A final dividend of 59 US cents per share brought the full-year payout to 112 US cents, toward the top of the stated 50–80% target range.

Strategic projects such as Scarborough, Trion and Louisiana LNG advanced, while 2025 capital expenditure of $4,703 million and exploration spend of $202 million show continued growth investment. The company also reports net equity Scope 1 and 2 emissions 15% below its 6.27 Mt CO₂‑e starting base, indicating progress against its 2025 reduction target.

02/24/2026 - 06:03 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number: 001-41404

Woodside Energy Group Ltd

(ABN 55 004 898 962)

(Registrant’s name)

Woodside Energy Group Ltd

Mia Yellagonga, 11 Mount Street

Perth, Western Australia 6000

Australia

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXHIBIT INDEX


Exhibit No.		Description

99.1		A copy of the registrant’s Announcement, dated February 24, 2026, entitled “Annual Report 2025”.

99.2		A copy of the registrant’s Announcement, dated February 24, 2026, entitled “Woodside Releases Full-Year 2025 Results”.

99.3		A copy of the registrant’s Announcement, dated February 24, 2026, entitled “Full-Year 2025 Results Briefing Transcript”.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: February 24, 2026


WOODSIDE ENERGY GROUP LTD

By:		/s/ Damien Gare
		Damien Gare Corporate Secretary

Exhibit 99.1 Annual Report 2025 Incorporating Appendix 4E

Scenarios do not constitute definitive outcomes and are based on assumptions Annual Report 2025 which may prove to be incorrect and which may not reflect Woodside’s This Annual Report 2025 is a summary of Woodside’s operations and activities own expectations. for the 12-month period ended 31 December 2025 and financial position as of 31 December 2025. Woodside Energy Group Ltd (ABN 55 004 898 962) Important Cautionary Information – is the ultimate holding company of the Woodside group of companies. Industry and market data In this report, unless otherwise stated, references to “Woodside”, This report contains industry, market and competitive position data the “Group”, the “company”, “we”, “us” and “our” refer to Woodside based on industry publications, third party studies, and Woodside’s internal Energy Group Ltd and/or its controlled entities as a whole. estimates. While Woodside believes that the publications and third-party Important Cautionary Information – studies are reliable and have been prepared by a reputable source, Woodside has not independently verified the underlying information and cannot Forward-Looking Statements guarantee its accuracy or completeness. This report contains forward-looking statements. These statements may relate to Woodside’s business, goals, targets, aspirations, plans, expectations, market Non-International Financial Reporting Standards Measures conditions, results of operations and financial condition. Forward-looking Certain parts of this report contain financial measures that have not statements in this report are not guidance, forecasts, predictions, or been prepared in accordance with IFRS and are also “non-GAAP financial guarantees or predictions of future events or performance, and are based on measures” (as defined in Item 10(e) of Regulation S-K under the US Securities management’s current expectations. Actual performance against Woodside’s Act of 1933, as amended). See Section 6.6 – Alternative performance measures targets and aspirations (including Woodside’s net equity Scope 1 and 2 for further details and a reconciliation of these measures to corresponding greenhouse gas (“GHG”) emissions target and Scope 3 abatement and IFRS measures. investment targets) may be affected by risks associated with Woodside’s business and the evolution of the global energy transition, many of which are Additional Information beyond Woodside’s control. Investors should carefully read Section 6.7 – Glossary, units of measure Investors are strongly cautioned not to rely on forward-looking statements. and conversion factors and 6.8 – Information about this report, which contain Important factors that could cause actual results to differ from those in further information relevant to the matters noted above, as well as the forward‑looking statements (and assumptions that underpin those information on the basis of preparation for this report. statements) are set out in Section 6.8 – Information about this report. Acknowledging Country Important Cautionary Information – Woodside acknowledges Indigenous Peoples as the Traditional Custodians of Climate strategy and emissions data the lands and waters across the world. We recognise their enduring cultures, knowledge, and connection to Country. We pay our respects to Elders past All GHG emissions data in this report are estimates, due to the inherent and present. uncertainty in measuring or quantifying GHG emissions. Methodologies for measuring or quantifying GHG emissions may evolve as market practices continue to develop. Woodside “greenhouse gas” or “emissions” information reported are Scope 1 GHG emissions, Scope 2 GHG emissions and/or Scope 3 GHG emissions, each on a net equity or gross equity basis as specified. This report also includes scenario analysis which has inherent limitations.

Purpose Providing the energy to help people lead better lives Strategy To thrive through the energy transition by developing a low‑cost, lower-carbon, profitable, resilient, and diversified portfolio. Priorities Provide reliable and affordable energy Create and return value to shareholders Conduct business sustainably Cover In 2025 Woodside achieved record annual production, underpinned by outstanding performance at Sangomar. This page Considerable progress at the Louisiana LNG construction site, following Woodside's final investment decision in April 2025.

2 Woodside Energy Annual Report 2025 Significant progress on Pluto Train 2 as the Scarborough Energy Project prepares for first LNG cargo in late 2026. Appendix 4E 2025 2024 Results for announcement to the market Revenue from ordinary activities decreased 1% to US$12,984 million US$13,179 million Profit from ordinary activities after tax attributable to members decreased 24% to US$2,718 million US$3,573 million Net profit for the period attributable to members decreased 24% to US$2,718 million US$3,573 million Dividends Amount Franked amount per security Final dividend (US cents per share) Ordinary 59c Ordinary 59c Interim dividend (US cents per share) Ordinary 53c Ordinary 53c None of the dividends are foreign sourced Previous corresponding period: Final dividend (US cents per share) Ordinary 53c Ordinary 53c Interim dividend (US cents per share) Ordinary 69c Ordinary 69c Ex-dividend date 5 March 2026 Record date for determining entitlements to the final dividend 6 March 2026 Payment date for the final dividend 27 March 2026 31 December 2025 31 December 2024 1,2 Net tangible asset per ordinary security $16.34 $16.10 1. Includes lease assets of $1,428 million and lease liabilities of $1,759 million (2024: $1,291 million and $1,623 million) as a result of AASB 16 Leases. 2. Net tangible assets per ordinary security is a non-IFRS measure. Refer to Section 6.6 – Alternative performance measures for a reconciliation of these measures to Woodside’s financial statements

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 3 FINANCIAL PERFORMANCE Contents 1. Overview 4 4. Governance 116 1.1 About Woodside 4 4.1 Corporate Governance Statement 117 1.2 2025 summary 5 Corporate governance at Woodside 118 1.3 Chair’s report 8 Board of Directors 119 1.4 Acting Chief Executive Officer’s report 9 Board Committees 128 1.5 Global portfolio 10 Executive Leadership Team 130 Promoting responsible and ethical 132 2. Strategy and Financial Performance 12 behaviour 2.1 Woodside’s strategy 13 Risk management and internal control 134 2.2 Capital management 14 Culture and inclusion 136 2.3 Financial overview 17 Other governance disclosures 139 2.4 Energy markets 19 Shareholders 141 2.5 Business model and value chain 22 4.2 Directors’ report 142 4.3 Remuneration Report 146 3. Our Business 24 3.1 Australia 25 5. Financial Statements 176 3.2 International 30 5.1 Financial Statements 176 3.3 Marketing and business development 34 6. Additional Information 246 3.4 Decommissioning 36 6.1 Supplementary information on oil and 246 3.5 Developments and exploration 37 gas properties – unaudited 3.6 Sustainability Report 40 6.2 Three-year financial analysis 252 3.7 Risk factors 98 6.3 Additional disclosures 257 3.8 Reserves and Resources Statement 110 6.4 Shareholder statistics 272 6.5 Asset facts 281 6.6 Alternative performance measures 284 6.7 Glossary, units of measure and 290 conversion factors 6.8 Information about this report 297 6.9 Ten-year comparative data summary 299

4 Woodside Energy Annual Report 2025 1.1 About Woodside We are a global energy company headquartered in Australia and operating across three continents, providing the energy to help people lead better lives. The Karratha Gas Plant in Western Australia has been supplying energy to Western Australia and international markets for decades. Our strategy is to thrive through the energy transition by Our growth ambitions are underpinned by a strong balance sheet developing a low‑cost, lower-carbon, profitable, resilient and and financial discipline, with a portfolio of long-life LNG assets diversified portfolio. This is underpinned by three priorities: and high-return oil projects, that allows us to capitalise on providing energy; creating and returning value to shareholders; growing global energy demand and deliver sustained and conducting our business sustainably. shareholder value. To realise this strategy we are maximising performance from We are playing a constructive role in the global energy transition, our base business, delivering cash-generative assets, and providing secure and reliable energy as economies decarbonise. creating future opportunities. We are positioning Woodside to become a global LNG powerhouse as demand grows for LNG as a flexible and reliable alternative Our portfolio of world-class assets and decades of experience to higher greenhouse gas emitting coal, and a back-up for in operating oil and gas facilities continue to deliver strong 1,2 intermittent renewables. performance and reliability. We are delivering on our net equity Scope 1 and 2 greenhouse We have delivered natural gas to Australian households and gas emissions reduction targets, and investing in new energy businesses for more than 40 years, supporting vital sectors products such as lower-carbon ammonia to help our customers like mining, manufacturing and electricity generation. As the 3 avoid or reduce their emissions. pioneer of Australia’s liquefied natural gas (LNG) industry in the 1980s, we continue to be a leading global supplier Our values guide everything we do and underpin our continued to major regional partners. focus on safety and environmental and social performance. At Woodside, we regard strong sustainability performance as Leveraging our track record of operational excellence, world‑class a key driver of our success and ability to generate enduring project execution, and strong customer relationships, we are now shareholder returns. applying these proven advantages to our next phase of growth. 1. Wood Mackenzie LNG Tool (September 2025). 2. Wood Mackenzie LNG contract trends report (December 2025). 3. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 2 greenhouse gas emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 5 I FINANCIAL PERFORMANCE N 1.2 2025 summary 1,2 1 Net Profit After Tax EBITDA Free Cash Flow $2.7 $9.3 $1.9 billion billion billion 1 Underlying NPAT $2.6 billion Production Volume Dividends Determined Net Equity Scope 1 and 2 3,4 GHG Emissions 198.8 15% $2.1 below starting base MMboe billion Delivering our Commitments Maximise Deliver Create performance from base business cash-generative assets future opportunities First production achieved at ~98% Operated LNG reliability Achieved FID Beaumont New Ammonia on Louisiana LNG $7.8/boe Unit production cost 5,6 1 94% Scarborough completion 18.2% gearing $1.9 billion Sangomar revenue 5 50% Trion completion $9.3 billion liquidity (Woodside share) New strategic partners Refined portfolio – >4.5 Mtpa LNG sale and purchase Stonepeak and Williams for Louisiana Greater Angostura divestment agreements signed in 2025 8 LNG, Woodside’s expected exposure and Bass Strait operator transition 7 <60% of total capital expenditure 1. This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information. However, it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non-IFRS measures, including reconciliations to Woodside’s financial statements, refer to Section 6.6 – Alternative performance measures. 2. EBITDA means “Earnings before income tax, depreciation and amortisation, excluding impairment”. 3. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 2 greenhouse gas emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations. 4. This means net equity for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base. 5. As at 31 December 2025 6. Percentage completion for Scarborough Energy Project excludes Pluto Train 1 modifications. 7. Woodside’s total capital expenditure for the Louisiana LNG Project is expected to be $9.9 billion against total project cost announced at FID of $17.5 billion. 8. Completion is subject to customary conditions precedent and remains targeted for completion in H2 2026.

6 Woodside Energy Annual Report 2025 1.2 2025 summary Process safety events Operated LNG reliability Outstanding base (Tier 1 and 2 process safety) (%) business performance 98.5% 97.7% 98.0% 97.8% 97.9% We delivered outstanding base Tier 1 Tier 2 business performance in 2025 by prioritising safety, operational 2 reliability and disciplined execution across our core assets. Our continued focus on emissions 2 reduction and operational consistency strengthened portfolio resilience. 1 1 1 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Production Operating revenue Strong value (MMboe) ($ million) delivery 198.8 16,817 We delivered cash‑generative 193.9 187.2 performance in 2025, underpinned by 13,994 157.7 record production and robust 13,179 12,984 operating revenue, resulting in EBITDA of $9,277 million for the year. 91.1 This strong operating performance 6,962 supported sustained returns to shareholders, and we declared a final dividend of 59 US cents per share, at the top end of our payout range of 80%. 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1 1 Gearing Liquidity Balance sheet (%) ($ million) resilience 21.9% 10,239 We maintained a strong financial 9,262 position in 2025, with gearing of 18.2% 18.2% 17.9% within our target range and supported 7,790 by robust liquidity. 6723 6,125 12.1% Our continued focus on net debt management strengthened financial resilience, underpinned by strong credit ratings. 1.6% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 1. This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information. However, it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non-IFRS measures, including reconciliations to Woodside’s financial statements, refer to Section 6.6 – Alternative performance measures.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 7 I FINANCIAL PERFORMANCE N Production cost Net equity Scope 1 and 2 Shareholder 1 ($ million) GHG emissions (Mt CO -e) 2 outcomes Allowance for BHP asset emissions (pre-merger) 8.3 8.1 8.1 7.8 5.64 5.53 5.44 5.33 5.33 Full year dividend 4.43 5.3 1,579 1,5621,553 1,281 112 481 US cps 2021 2022 2023 2024 2025 2022 2023 2024 2025 2030 target Earnings per share Dividends determined Earning before income tax, ($ million) depreciation, and amortisation (EBITDA) excluding impairment BHP merger completion payment ($ million) Dividends per share (US cps) • 143.4 253 11,234 US cps 9,363 9,276 9,277 4,179 140 135 122 112 4,135 2,658 2,316 2,128 2 Return on equity 1,307 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2 7.6% Net debt Credit ratings ($ million) 8,010 7,697 Return on average BBB+ 4,749 2 capital employed 3,772 S&P GLOBAL 583 Baa1 6.7% MOODY’S 2021 2022 2023 2024 2025 1. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 2 greenhouse gas emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations. 2. This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information. However, it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non-IFRS measures, including reconciliations to Woodside’s financial statements, refer to Section 6.6 – Alternative performance measures. All footnotes related to this page are displayed on the previous page.

8 Woodside Energy Annual Report 2025 1.3 Chair’s report For Australia to fully capitalise on its energy advantages and help Woodside continues to deliver meet growing global demand, fiscal and regulatory settings that encourage development are essential. Woodside will continue to for our shareholders as we invest engage with policy makers on these important priorities. strategically to capitalise on Creating and returning value growing global energy demand. Woodside’s strong operational performance and disciplined capital management are delivering consistent value for our shareholders. In 2025 we delivered annual net profit after tax (NPAT) of $2.7 billion and underlying NPAT of $2.6 billion. Based on this, the Board has determined a fully franked final dividend of 59 US cents per share, resulting in a total full‑year dividend of 112 US cents per share. This continues Woodside’s impressive track record of rewarding those who invest in our company. We have returned approximately $11 billion of dividends to shareholders since our merger with BHP’s petroleum business, while maintaining a strong balance sheet to enable future growth and value creation. We also continue to create value for many other stakeholders, spending $9.3 billion globally on goods and services in 2025. Conducting our business sustainably The Board clearly recognises both the challenges and opportunities presented by the energy transition. We are determined for a larger, In 2025 we achieved outstanding production and financial more resilient Woodside to play a constructive role in the global performance, returning value to shareholders and positioning response to climate change. Woodside’s LNG is well positioned to Woodside for long-term success. provide a reliable and lower-carbon alternative to higher greenhouse gas emitting coal, and a firming resource to intermittent Strategic leadership renewables. In December 2025 we farewelled CEO and Managing Director Woodside also continues to invest strategically in new energy Meg O’Neill, who accepted the role of CEO at bp. On behalf of the products and lower-carbon solutions, headlined by our Beaumont Board, I thank Meg for her valued leadership and contribution. New Ammonia Project which is targeting production of Supported by Acting CEO Liz Westcott and Woodside’s strong lower‑carbon ammonia in the second half of 2026. Executive Leadership Team, the Board is focused on a smooth Importantly, Woodside’s climate approach balances ambition CEO transition and continued delivery of our strategic goals. with discipline and achievability. We have delivered our 2025 net We also remain focused on Board succession planning, equity Scope 1 and Scope 2 greenhouse gas emissions reduction having appointed six new directors since 2020 with significant target and are making good progress towards the future targets experience in relevant fields. Combined with the continuity we have set. We will continue listening to the diverse views of and expertise of our longer-serving directors, this ensures our shareholders as we evolve our approach in line with we maintain the high standards of strategic oversight and customer needs. governance our shareholders rightly expect. Closing thanks Providing energy Finally, I would like to thank our shareholders for continuing As countries around the world prioritise energy security and to put your trust in Woodside. I am very confident this trust affordability as well as pursuing decarbonisation, achieving a true will translate into long-term benefits as we build a resilient, transition of energy systems is likely to be long and complex. cash‑generative business that is well positioned to deliver We expect oil and natural gas to remain essential energy sources enduring value through the energy transition. for decades to come, and are positioning Woodside to meet this 1 ongoing need. This includes investing in long-life liquefied natural gas (LNG) projects to meet growing global demand, which we also expect to drive a step-change in Woodside’s cash flow. We also continue to invest in domestic gas supply to support Richard Goyder, AO energy security and prosperity in Australia. Chair of the Board 24 February 2026 1. S&P Global CI Base Case Scenario.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 9 I FINANCIAL PERFORMANCE N 1.4 Acting Chief Executive Officer’s report Atlantic basins. Targeting first LNG in 2029, the project’s compelling In 2025 we safely delivered record value was reinforced with key infrastructure, offtake and gas supply agreements signed with high-quality partners. annual production and executed Our Scarborough Energy Project reached 94% completion to major projects to budget and remain on track for first LNG cargo in the fourth quarter of 2026. Major milestones included assembly of the floating production schedule, positioning Woodside unit, which arrived on location in January 2026, and completion of the development drilling campaign. for future growth and value. In December 2025, production at our Beaumont New Ammonia Project commenced, with production of lower-carbon ammonia targeted for the second half of 2026. By the end of the year our Trion Project was 50% complete, with first oil targeted for 2028. Creating future opportunities During 2025 we secured six new long-term LNG supply agreements with customers in Asia and Europe, demonstrating the ongoing demand for Woodside’s products. To capitalise on this growing demand and capture long-term value, we continued to actively manage our balance sheet and refine our portfolio across the year. Our agreement to assume operatorship of the Bass Strait assets unlocks potential development of new gas resources and is expected to create economies of scale across a focused Australian portfolio. Our divestment of the Greater Angostura As Acting CEO I am focused on safe, reliable and sustainable assets in Trinidad and Tobago and the Chevron asset swap also operations, delivering our near-term business priorities and highlights Woodside’s disciplined investment approach. maintaining strong cost control across our business. Woodside’s ability to attract strategic partners remains a competitive advantage, allowing us to progress major growth Maximising base business performance projects while managing risk and delivering shareholder returns. This was highlighted by our partnership agreements with During a year of heightened activity it was pleasing to achieve Stonepeak and Williams on Louisiana LNG. improved safety outcomes with zero high consequence injuries recorded across our global operations. Our Sangomar Project Strong sustainability performance experienced no recordable injuries in its first 18 months of operations, while construction of our Scarborough floating Strong sustainability performance underpins Woodside’s ability production unit marked three years of work without a single to deliver long-term returns. We achieved our 2025 target of lost‑time incident. a 15% reduction in net equity Scope 1 and 2 greenhouse gas By maximising performance of our high-quality assets, emissions, and are on track to meet our equivalent 2030 target. we delivered record full-year production of 198.8 million Our major project investments in 2025 continued to deliver barrels of oil equivalent in 2025. This was driven by outstanding significant economic and social contributions, with more than performance at Sangomar, producing at nameplate capacity for A$5.4 billion expected to be spent in Western Australia during most of the year with reliability of 98.7%. Our Pluto LNG Project Scarborough’s development phase. Louisiana LNG is expected achieved 100% reliability across the second half of 2025. to generate approximately 40,000 nationwide jobs during construction. This operational excellence ensured we remained a reliable supplier to local and global customers. We also matched Under the strategic direction of our Board, 2025 has been an increased production with greater efficiency, reducing overall unit impressive year of delivery. I am very proud of the Woodside production costs to $7.8 per boe. team and have great confidence in our ability to deliver strong results in 2026. Delivering cash-generative assets In 2025 excellent progress was made on major projects set to deliver Woodside’s next chapter of long-term, cash‑generative growth. Liz Westcott Our final investment decision to develop the Louisiana LNG Project Acting Chief Executive Officer positions Woodside as a global LNG powerhouse, with greater capacity to meet growing customer demand in the Pacific and 24 February 2026

10 Woodside Energy Annual Report 2025 1.5 Global portfolio

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 11 I FINANCIAL PERFORMANCE N

12 Woodside Energy Annual Report 2025 2 Strategy and Financial Performance The disciplined execution of our strategy drove strong shareholder returns while strengthening our position as a trusted partner in the evolving energy landscape.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 13 I FINANCIAL PERFORMANCE N 2.1 Woodside’s strategy Woodside’s strategy is to thrive through the energy transition by developing a low-cost, lower-carbon, profitable, resilient and diversified portfolio. This is underpinned by three priorities: providing energy; A disciplined approach to cost and schedule management together creating and returning value to shareholders; and conducting with strategic partnering to maximise project opportunities and our business sustainably. mitigate project risks are a key part of our overall execution philosophy. Our focus on customer relationships over more than We act to deliver on this strategy by maximising performance 40 years of energy delivery enables us to better meet needs from our base business, delivering cash generative assets and and respond to changes in energy demand in the future. creating future opportunities in line with our priorities. We create future opportunities through disciplined capital We maximise performance from our base business by building allocation and management. We actively look for opportunities on our strong operational track record. Our focus on safe, to refine the portfolio and utilise capital structures to balance reliable operations, cost discipline and innovation positions risk and opportunities for long term value creation. us to extract value from every asset. Our actions are underpinned by a focus on sustainability and We deliver assets that underpin long-term shareholder value. innovation. Safety, reliability and environmental stewardship We invest in and execute high-quality projects that expand our are integral to how we operate, supporting the resilience and scale, grow cash flow and support durable returns through longevity of our portfolio. We continue to build capabilities, the cycle. partnerships and optionality that position Woodside for sustained performance and growth over time. Executing our strategy to deliver long-term returns Maximise Deliver Create performance from base business cash-generative assets future opportunities Continued strong track record Major development projects Disciplined capital allocation of safe and reliable operations focused on cost and schedule and balance sheet management Monetising through portfolio Strategic partnering Actively refining the portfolio and marketing optimisation and customer relationships for long-term value Underpinned by a focus on Sustainability and Innovation

14 Woodside Energy Annual Report 2025 2.2 Capital management Woodside’s capital management framework prioritises capital discipline while retaining flexibility to optimise value and shareholder returns. • Shareholder returns, to reward our shareholders appropriately. Capital management Our dividend policy aims to pay a minimum of 50% of net profit Our disciplined and responsible approach to investment supports after tax (NPAT) excluding non-recurring items (underlying 1 our ability to manage financial risks and maintain a strong NPAT) , with a target payout ratio between 50% and 80%. financial position, with a view to maximising the value we Our dividend reinvestment plan (DRP) remains suspended. deliver to our shareholders. • Hedging, to protect the balance sheet against downturn in the With a robust capital management framework in place, we are commodity cycle, particularly during periods of increased striving to ensure that Woodside remains a resilient and capital expenditure. diversified company in the future. • Focused expenditure management, enabling prudent and efficient deployment of capital to support delivery of our Our capital investment requirements are primarily funded by operating asset and growth opportunities. our operating cash flows, which we augment or distribute with a number of capital management levers, including: • Management of participating interests within our portfolio, enabling us to balance capital investment requirements, • Debt management, enabling continued access to premium debt project execution risk and long-term value. In 2025 we markets at a competitive cost to support our growth activities completed the sales of an equity interest in Louisiana LNG and managing the debt maturity profile of our debt portfolio. Infrastructure LLC to Stonepeak (40%) and equity interests In 2025, we were well supported in issuing $3,500 million in Louisiana LNG LLC (10%) and Driftwood Pipeline LLC (80%) of senior unsecured bonds in the US bond market. to Williams, demonstrating our strategic relationships and • Commitment to maintain an investment-grade credit rating. shared view of the Louisiana LNG project value. We also Our targeted gearing ratio is 10–20% through the investment completed the divestment of Woodside’s share in the cycle, but gearing may temporarily sit outside this range Greater Angostura assets to Perenco. to support growth. Surplus cash allocation will be guided by our capital management framework, which seeks to balance investing for growth, manage our balance sheet and facilitate strong returns to our shareholders. Capital management framework Special dividends Safe, reliable Dividend policy Investment Strong Share and low-cost (minimum 50% expenditure balance sheet buy-backs operations payout ratio) Excess Future cash investment Maintain dividend based on NPAT Investment grade Targeted 10–20% gearing excluding non-recurring items, credit rating through the cycle targeting 50–80% payout ratio 1. This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information. However, it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non-IFRS measures, including reconciliations to Woodside’s financial statements, refer to Section 6.6 – Alternative performance measures.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 15 I FINANCIAL PERFORMANCE N We have major projects in execution phase that are expected Capital allocation to deliver Woodside’s next wave of growth. We hold a portfolio of quality assets built for scale and The Scarborough Energy Project in Australia is on track for durability to deliver enduring value. Woodside’s disciplined the first LNG cargo in Q4 2026. In Mexico, the Trion Project is capital allocation approach includes robust assessment of targeting first oil in 2028. The Louisiana LNG Project is targeting opportunities, portfolio outcomes and shareholder returns, first LNG in 2029. while maintaining focus on safe, reliable and efficient operations. We seek to manage our portfolio where we identify opportunities Our portfolio includes LNG, oil, gas, and new energy assets that we believe are consistent with our strategy and will add across Australia, the United States, Senegal, Mexico, Timor-Leste long-term shareholder value, including through acquisitions, and Canada. divestments and management of participating interests in assets. We are weighted towards LNG, which we expect to play In July 2025, Woodside completed the divestment of the Greater a sustained role through the energy transition as our customers Angostura assets to Perenco and we announced that Woodside seek to reduce their emissions and meet their energy security would assume operatorship of the Bass Strait assets from 1 needs. We demonstrate discipline in capital allocation by ExxonMobil in 2026. Both of these decisions align with our investing in LNG assets we consider to be geographically disciplined approach to portfolio management by actively advantaged and strategically located, to support long-term reshaping our asset base – divesting non-core positions and value creation. assuming operatorship where we can leverage our capabilities to unlock additional gas resources. Our domestic gas business has delivered steady cash flows, resilience to commodity price fluctuations and provided Our investment decisions for both organic and inorganic reliable returns. opportunities are informed by energy market analysis, including supply, demand and price outlooks. We test the robustness of In our oil assets, we seek high cash generation and shorter potential investments against a wide range of scenarios to payback periods, which boost our funding capabilities in the short support our investment decisions, with the goal of remaining term, while remaining resilient in the long term as the demand profitable and resilient through various commodity cycles and for oil slows with economies working towards reducing their climate outcomes. Our approval of FID for Louisiana LNG in 2025 emissions. Strong field performance at Sangomar resulted in reflected our confidence in the long-term role of LNG in the extended maximum production capacity, contributing energy transition, along with our ability to maintain disciplined $1.9 billion revenue (Woodside share). growth and generate enduring shareholder returns amid Our operations are driven by a relentless focus on safety, shifting economic and energy landscapes. reliability and efficiency, supporting our efforts to deliver the best value for our customers. Sangomar generated $1.9 billion in revenue, demonstrating its strong value to our business. 1. Subject to the satisfaction of customary conditions precedent, including obtaining regulatory approvals for the transaction.

16 Woodside Energy Annual Report 2025 2.2 Capital management Our capital allocation framework sets target investment criteria for oil, gas and new energy opportunities. Through disciplined application of this framework, we create a resilient and adaptable portfolio that supports long-term value generation across diverse product markets and economic cycles. Oil Gas New Energy Offshore Pipeline LNG Diversified Focus New energy products and lower Generate high returns to fund Leveraging infrastructure to monetise carbon services to reduce diversified growth, focusing on undeveloped gas, including optionality customers’ emissions; hydrogen, high‑quality resources for hydrogen ammonia, CCUS Characteristics Long-term cash flow Stable long-term High cash generation Developing market cash flow profile Strong forecast Shorter payback period Lower capital requirement demand Resilient to Quick to market Lower risk profile commodity pricing Upside potential Opportunity IRR > 15% IRR > 12% IRR > 10% targets 1 1 1 Payback within 5 years Payback within 7 years Payback within 10 years Emissions Net equity Scope 1 and 2 GHG emissions: reduction 2 target 30% reduction by 2030; aspiration for net zero by 2050 or sooner We consider a broad range of portfolio evaluation and opportunity evaluation factors when assessing each opportunity, along with understanding the risks relevant to the opportunity. These assessments can apply to acquisitions or divestments, and when evaluating the impact of a new project or investment on an existing project in the portfolio. Opportunity evaluation considerations Portfolio evaluation considerations Strategic Earnings Free cash Funding Emissions Payback IRR/NPV Risk Breakeven per share flow capacity profile period fit Growth opportunities are screened against portfolio metrics using price, scenario and climate analysis 1. Payback refers to RFSU + X years. 2. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 2 greenhouse gas emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 17 I FINANCIAL PERFORMANCE N 2.3 Financial overview Key metrics The financial summary below includes both IFRS and non-IFRS measures. Woodside uses various alternative performance measures (APM) which are non-IFRS measures to reflect our underlying performance. These measures are identified below and are reconciled to Woodside’s financial statements in Section 6.6 – Alternative performance measures. 2025 2024 2023 Operating revenue $ million 12,984 13,179 13,994 1 EBITDA excluding impairment $ million 9,277 9,276 9,363 1 Earnings before interest and tax (EBIT) $ million 3,889 4,514 3,307 2,3 Net profit after tax (NPAT) $ million 2,718 3,573 1,660 1 Underlying NPAT $ million 2,649 2,880 3,320 Net cash from operating activities $ million 7,192 5,847 6,145 1,4 Capital expenditure $ million 4,703 5,306 5,736 1,5 Exploration expenditure $ million 202 327 337 1,6 Free cash flow $ million 1,889 (293) 101 Dividends distributed $ million 2,012 2,449 4,253 Final dividend determined US cps 59 53 60 Earnings US cps 143.4 188.5 87.5 1 Gearing % 18.2 17.9 12.1 7 Production volumes Gas MMboe 115.3 124.1 128.3 Liquids MMboe 83.5 69.8 58.9 Total MMboe 198.8 193.9 187.2 8 Sales volumes Gas MMboe 129.2 134.4 143.7 Liquids MMboe 83.0 69.6 57.4 Total MMboe 212.2 204.0 201.1 1. These are an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information. However, it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non-IFRS measures, including reconciliations to Woodside’s financial statements, refer to Section 6.6 – Alternative performance measures. 2. Net profit after tax attributable to equity holders of the parent. 3. The global operations effective income tax rate (EITR) is ~21.8% . The EITR is calculated as Woodside’s income tax expense or benefit divided by profit or loss before income tax. EITR was ~18.3% for 2024 and ~27.5% for 2023. 4. Capital additions on property, plant and equipment, evaluation capitalised and other corporate spend. Excludes exploration capitalised and is presented net of capital contributions from non-controlling interests for the development of Louisiana LNG. 5. Exploration and evaluation expenditure and exploration capitalised less evaluation expenditure, amortisation of licence acquisition costs and prior year exploration expense written off. The 2024 and 2023 comparatives have been restated to be presented on the same basis. 6. Cash flow from operating activities less cash flow from investing activities, adjusted for contributions from/(to) non-controlling interests and lease repayments. The 2024 and 2023 comparatives have been restated to be presented on the same basis. 7. Includes production of 197.6 MMboe (2024: 192.7 MMboe) from Woodside reserves and 1.2 MMboe (2024: 1.2 MMboe) primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 8. Sales volumes exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. The 2024 and 2023 comparatives have been restated to exclude the periodic adjustments.

18 Woodside Energy Annual Report 2025 2.3 Financial overview Woodside’s capital expenditure estimates reflect Woodside's Capital discipline and financial strength equity interests as at 31 December 2025 and exclude the impact Final dividend of any subsequent asset selldowns, future acquisitions or other changes in equity. First LNG cargo is on track for Q4 2026 for A 2025 final dividend of 59 US cents per share (cps) has been 1 Scarborough, and we are targeting first oil in 2028 for Trion and determined, representing a full-year dividend yield of 7.1%. first LNG cargo in 2029 for Louisiana LNG. Total project estimated The total amount of the final dividend payment comes to $1,122 cost for Scarborough is $12.5 billion ($8.2 billion Woodside share), million which represents approximately 80% of underlying NPAT for $7.2 billion for Trion ($4.8 billion Woodside share including the second half of 2025, and will be fully franked for Australian 2 capital carry of PEMEX of approximately US$460 million) and tax purposes. The dividend reinvestment plan $17.5 billion for Louisiana LNG ($9.9 billion Woodside share). remains suspended. Woodside has no off-balance sheet arrangements that have, or Liquidity and debt service are reasonably likely to have, a current or future material effect Woodside’s primary sources of liquidity are cash and cash on Woodside’s financial condition, revenues or expenses, results equivalents, net cash from operating activities, unused borrowing of operations, liquidity, capital expenditures or capital resources. capacity under its bilateral facilities and syndicated facilities, issuances of debt or equity securities and other potential sources Balance sheet of liquidity, such as sales of assets or equity interests in assets. Woodside remains committed to maintaining an During the year, Woodside generated $7,192 million net cash investment‑grade credit rating, which supports our aims of from operating activities and used $7,911 million of net cash providing sustainable returns to shareholders and investing on investing activities. After adjusting for the receipt of in future growth opportunities, in accordance with our capital $2,841 million from non-controlling interests and outflow of allocation framework. Any downgrade in credit ratings could $233 million in lease repayments Woodside delivered positive affect Woodside’s ability to access capital markets and increase 2 free cash flow of $1,889 million in 2025. the cost of capital of the existing debt portfolio. In 2025, Woodside also, through a wholly owned subsidiary, Woodside’s credit ratings of Baa1 and BBB+ by Moody’s and 5 issued $3,500 million of senior unsecured bonds in the S&P Global respectively were both maintained. S&P amended United States, comprising: Woodside’s outlook from Stable to Negative at Louisiana LNG FID, citing increased capital expenditure and portfolio risk and noting • $500 million three-year bonds due 2028, that it may lower Woodside's rating if, among other factors, • $1,250 million five-year bonds due 2030, Woodside is unable to undertake a material sell-down of its • $500 million seven-year bonds due 2032, and interest in Louisiana LNG LLC, in the near term. • $1,250 million ten-year bonds due 2035. Woodside’s gearing at the end of 2025 was 18.2%, within our target range of 10–20%. Woodside’s gearing may at times fall Woodside entered into a new $1,200 million multi-tranche outside the target range of 10–20% as the balance sheet is (three‑ and five-years) syndicated undrawn debt facility from Asian, managed through the investment cycle, including increasing Middle Eastern, Australian and European commercial banks 6 above the range to support growth. in 2025. Woodside received strong support from commercial banks Commodity price risk management and investors on these transactions. Woodside hedges to protect the balance sheet against downside At the end of the period, Woodside had cash and cash equivalents commodity price risk, particularly during periods of high of $5,712 million, drawn debt of $12,050 million including capital expenditure. 3 $800 million in debt payable in 2026, and liquidity of $9,262 million. Woodside hedged approximately 30 MMboe of 2025 volumes. Additional details of Woodside’s credit facilities, including total The realised value of these oil price hedges was a pre-tax gain commitments, maturity and interest and amount outstanding as of of $221 million. 31 December 2025, can be found in Note C.2 to the audited Woodside has placed oil price hedges for approximately Financial Statements. 18 MMboe of 2026 production at an average price of 7 Woodside’s principal ongoing uses of cash are to provide returns approximately $70.1 per barrel. to shareholders, meet working capital requirements, fund debt Woodside has also placed hedges for Corpus Christi LNG volumes obligations and finance Woodside’s capital expenditure and to protect against downside pricing risk. These hedges are Henry acquisitions. Working capital is sufficient for present requirements. Hub and Title Transfer Facility commodity swaps. As at Woodside’s capital expenditure for 2026 is expected to be between 31 December 2025, an average of 89% of 2026 volumes have $4,000 million and $4,500 million primarily due to Scarborough, reduced pricing risk as a result of hedging activities. Trion, Louisiana LNG. This excludes the final acquisition completion 4 payment for Beaumont New Ammonia. 1. Calculated based on Woodside’s closing share price on 31 December 2025 of A$23.59 ($15.59) and a US$:A$ exchange rate of 0.6693. 2. Free cash flow and underlying NPAT are a non-IFRS measures. Refer to Section 6.6 – Alternative performance measures for a reconciliation of these measures to Woodside’s financial statements. 3. Liquidity is a non-IFRS measure. Refer to Section 6.6 – Alternative performance measures for a reconciliation of these measures to Woodside’s financial statements. 4. Louisiana LNG (90% Louisiana LNG LLC, 60% Louisiana LNG Infrastructure LLC and 20% Driftwood Pipeline LLC) capital expenditure adjusted for the cash contributions from Stonepeak and Williams. 5. Credit ratings are forward-looking opinions on credit risk. S&P Global’s and Moody’s credit ratings express the opinion of each agency on the ability and willingness of Woodside to meet its financial obligations in full and on time. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by an assigning rating agency. Any rating should be evaluated independently of any other information. 6. Gearing are non-IFRS measures. Refer to Section 6.6 – Alternative performance measures for a reconciliation of these measures to Woodside’s financial statements. 7. Includes hedges for 10 MMboe placed during 2025 and 8 MMboe placed subsequent to the period.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 19 I FINANCIAL PERFORMANCE N 2.4 Energy markets Global energy markets stabilised in 2025 amid moderate economic growth. Overall, energy supply and demand remained broadly balanced, Australian domestic gas markets resulting in lower volatility compared with recent years. A generally mild winter in Victoria resulted in stable east coast Demand for both oil and gas specifically remained resilient gas prices during 2025, with gas demand largely consistent and ongoing investment in reliable supply to support our year‑on‑year. Gas demand in Western Australia was also largely customers in achieving energy security is required. unchanged, with reductions in gas demand for power generation offset by demand from mining and minerals sectors. Investment Macroeconomic factors in supply on both the west and east coasts is required to avoid 4 Inflation largely returned to target ranges for advanced shortfalls by 2030. economies in 2025, prompting central banks to continue monetary easing. The December 2025 Economic Outlook from Ammonia the Organisation for Economic Co-operation and Development The European Union’s Carbon Border Adjustment Mechanism (OECD) projects global GDP growth of 2.9% in 2026, down from 1 (CBAM) moved into its definitive regime on 1 January 2026, with 3.2% in 2025. 5,6 the purchase and surrender of certificates deferred until 2027. Global economic development ambitions and population growth Implications of the CBAM on lower-carbon ammonia trade are forecast to continue to drive energy demand, despite 7 remain uncertain. The International Maritime Organisation’s expected improvements in energy efficiency. Electricity demand one‑year deferral of its Net-Zero Framework is likely to delay is expected to increase, including from use by data centres. marine demand signals for alternative fuels such as 8 low‑carbon ammonia. Oil New energy markets Volatility in the oil price eased over 2025, with increased supply from Organisation of the Petroleum Exporting Countries Plus Demand-side development for lower carbon products and (OPEC+) partially offset by Chinese stockpiling throughout the services continues to evolve, but at a slower pace. Customer year and global geopolitical risks. adoption at scale has progressed slower than anticipated, Dated Brent averaged US$69.1 per barrel in 2025, 14.4% below reflecting the current cost of supply, the need for enabling 2 average 2024 prices and 14.6% below the five-year average. infrastructure, and the absence of enduring and bankable regulatory frameworks in key jurisdictions. Liquefied natural gas Prospective customers are prioritising affordability and reliability, while assessing the durability of low-carbon end use pathways. Global gas markets remained balanced in 2025. LNG imports into Consistent with Woodside's disciplined approach to capital Asia were lower due to Chinese demand. Although global LNG allocation, these demand-side dynamics influence the timing, supply increased, Europe absorbed an even larger volume scale and sequencing of new energy investments, reinforcing through higher imports, and is expected to keep relying on LNG a focus on lower-carbon products and services where near-term to meet gas demand. Wood Mackenzie forecasts in its base case market demand and commercial viability are more scenario that global LNG demand will increase by 60% (250 Mtpa) 3 readily established. to 2035. Operational and under construction (post-FID) supply is expected to increase by 216 Mtpa over the same period. Demand is likely to be incentivised in Asia, where domestic supplies are limited and economic growth is expected to be robust. North East Asian LNG prices averaged US$12.2 per million British Thermal Units (MMBtu), 2.1% above average 2024 prices and 2 33% below the five-year average. 1. OECD Economic Outlook, 2 December 2025. 2. S&P Global Platts. 3. Wood Mackenzie, Global gas 10-year investment horizon outlook. 4. East coast: AEMO – Gas Statement of Opportunities March 2025. West Coast: AEMO – WA Gas Statement of Opportunities (December 2025). 5. Carbon Border Adjustment Mechanism – Taxation and Customs Union. 6. Carbon Border Adjustment Mechanism – European Commission Taxation and Customs Union 7. S&P Global (Fertecon) – Ammonia Outlook November 2025. 8. S&P Global (Fertecon) – Low-carbon ammonia monthly December 2025.

20 Woodside Energy Annual Report 2025 2.4 Energy markets Energy transition Natural gas in the energy transition Energy demand is increasing with population growth and rising We believe demand for natural gas will continue to be a part living standards. Countries and customers are seeking to meet of the energy transition, because of its ability to be used by this additional energy demand while also seeking to reduce the countries and customers as they work towards energy security, emissions from its production and use. These changes are affordability and emissions reductions goals. For example, China, sometimes referred to as an energy transition, and they build on Japan, South Korea and countries in the ASEAN (South East Asia) the long-term evolution of the energy system over time. region are signatories to the Paris Agreement and have established Nationally Determined Contribution plans to reduce Sustained natural gas demand emissions, with many of them confirming updates during 2025. Collectively, these countries represent some of the world’s Woodside expects sustained LNG demand through this energy largest economies and more than 25% of the world’s population, transition, as countries and customers pursue energy security as with significant energy demand today and potential for further well as emissions goals. growth. Natural gas is expected to play a significant role in In 2025 alone, Woodside signed long term LNG sales agreements energy plans. For example, Japan’s Seventh Strategic Energy with Asian and European customers committing 4.7 million Plan was issued in early 2025 and states that “in order to utilize tonnes per annum. Importantly, these contracts include durations LNG-fired power as a practical means of transition, it is necessary that stretch beyond the targeted payback periods for our new that public and private sectors work together to secure long-term LNG investments such as Scarborough and Louisiana LNG. In 2,3,4,5 contracts for the necessary LNG.” addition, the sale of equity in both the Scarborough and Louisiana LNG projects is further evidence of the confidence in the demand for our products. This supports our assessment of the value of our current portfolio of producing assets and our sanctioned projects. This is consistent with industry trends, which has seen over 100 Mtpa of long-term sale and purchase agreements and heads of agreements signed in 2025, up from approximately 1 81 Mtpa in 2024. 1. Wood MacKenzie LNG contract trends report (December 2025). 2. Ministry of Economy Trade and Industry of Japan, 2024. “Japan 7th Draft Basic Energy Plan”, https://www.enecho.meti.go.jp/committee/council/basic_policy_subcommittee/2024/067/067_005.pdf. 3. People’s Republic of China, 2024. “China Energy Outlook 2060 (2024 version)” by Sinopec. 4. ASEAN, 2024. “ASEAN 8th Energy Outlook” https://aseanenergy.org/publications/the-8th-asean-energy-outlook. 5. The Republic of Korea, 2024. “Working draft of the Korean 11th Basic Plan for Supply and Demand of Power” https://www.shinkim.com/eng/media/newsletter/2480.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 21 I FINANCIAL PERFORMANCE N 1 Global coal consumption 1990–2024 (Exajoules) “Global LNG supply today is equivalent to just eight weeks of coal use in China and India alone.” IEA World Energy Outlook 2025 The task of maintaining energy security whilst reducing emissions Therefore, we expect that natural gas demand will continue to be is significant. In 2023, according to the IEA, coal demand in supported by policies that promote energy security with fewer emerging markets and developing economies was the biggest emissions, for several reasons. 2 driver in global emissions growth. It has fallen in Europe, • Firming renewables: Natural gas can support more but in Asia coal use continues to grow. To put this into perspective, renewables to replace coal, by “firming” up their intermittent global LNG supply today is equivalent to just eight weeks of supply along with batteries. coal usage in China and India alone and whilst renewables are • Direct switching: Natural gas is an established substitute for growing quickly they have not yet done so fast enough to stop the 4 coal in power generation where infrastructure exists. In 2023, growth of, or begin to reverse, global coal use, a priority to curb coal-to-gas switching was the largest source of emissions 3 global emissions. 2 reduction in the US power sector, according to the IEA. • Abatement merit order: As the supply of renewable and lower‑carbon power grows, Woodside expects policy to, where possible, prioritise its use for the highest emissions reduction outcomes. These will typically be the substitution of coal in power generation, or the reduction of petrol and diesel 5 in light vehicle fleets, before the substitution of natural gas. • Hard-to-abate sectors: Some uses of natural gas are “hard‑to‑abate” and will be sustained for longer – such as very high temperature industrial heat (in glass, ceramic and steel 6 production) or as chemical feedstock (in fertiliser production). 1. Energy Institute: Statistical Review of World Energy (2025). In 2025, the Energy Institute updated its Total Energy Supply (TES) reporting to align with international standards (IRES), changing how some fuels, particularly non-combustible forms of renewable energy, are measured. 2. International Energy Agency (2024): CO Emissions in 2023. 2 3. International Energy Agency (2025): World Energy Outlook. 4. https://angeassociation.com/power-emissions-reduction-study. 5. BCG (2023): The role of infrastructure in Australia’s energy transition, pp. 13–14. 6. International Gas Union, 2023. “Global Gas Report 2023”, pp. 76–77. https://www.igu.org/resources/global-gas-report-2023-edition.

22 Woodside Energy Annual Report 2025 2.5 Business model and value chain Woodside seeks to maximise returns across the value chain by prioritising competitive growth opportunities; utilising our operational, development and technological capabilities; and investing in customer relationships. Acquire, divest, explore and develop Project execution We manage our portfolio through acquisitions, divestments and exploration, We are building on decades of project execution expertise, investing in based on a disciplined approach to optimising shareholder value and opportunities across the globe. Woodside benefits from the increased scope appropriately managing risk. We look for material positions in world-class and scale of its projects portfolio through knowledge sharing across projects assets and locations aligned with our capabilities and portfolio. We are and our relationships with suppliers and contractors. We design and execute focused on creating value and look to generate development opportunities projects with a focus on safety, cost and sustainability. consistent with our strategy and capital allocation framework. During the development phases, we aim to optimise value by selecting the best concept 2025 examples for extracting, processing and delivering energy to our customers. • Continued project execution of Scarborough and Trion, which were 94% and 50% complete respectively by the end of 2025, supporting 2 2025 examples future LNG supply growth and long‑term revenue generation. • Divested the Greater Angostura assets to Perenco, releasing capital • Took a positive FID and commenced execution of the Louisiana LNG project, the foundation phase of which was 22% complete at the end for redeployment into higher‑return opportunities. of 2025,establishing a scalable platform for Atlantic Basin growth and • Completed the sale of equity interest in the LALNG InfraCo to portfolio diversification. Stonepeak (40%), reducing capital intensity while retaining exposure to value uplift. • Preparing for handover of the Beaumont New Ammonia facility from OCI, which was 97% complete at the end of 2025, positioning • Completed the sale of 10% equity interest in HoldCo and 80% equity Woodside to capture emerging demand for lower‑carbon products. interest and operatorship in Driftwood Pipeline LLC (80%) to Williams. • Took a positive FID on GWF-4 Project, a subsea tieback with phase 1 • Exited the H2OK Project following assessment of market conditions, RFSU expected in 2028. demonstrating capital discipline in response to market conditions. • Agreed to assume operatorship of the Bass Strait assets 1 from ExxonMobil. Exploration, production, new energy Construction and opportunities, carbon capture, commissioning storage and utilisation 1. Completion of the transaction is subject to customary conditions precedent, refer to Section 3.1 – Australian operations for details. 2. Scarborough completion percentage excluding Pluto Train 1 modifications.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 23 I FINANCIAL PERFORMANCE N Operate Marketing, trading Decommissioning and shipping Our operations prioritise safety while focusing Decommissioning is integrated into project on strong reliability and environmental planning, from the earliest stages of Our relationships with customers have been compliance in remote and challenging locations. development through to the end-of-field life. maintained through a track record of reliable In Australia, our operated assets include the We work with global contractors to safely delivery since the NWS Project’s first LNG cargo NWS Project and Pluto LNG. We also operate remove facilities and to plug and abandon wells was delivered to Japan in 1989. We are building the Macedon gas plant and three FPSO facilities that are no longer required for our operations. scale and flexibility in our portfolio by expanding and have non-operated interests in Bass Strait We work with regulators to deliver our our global supply presence, through our own and Wheatstone. Internationally, we operate decommissioning commitments. production and through offtake agreements Sangomar in Senegal, Shenzi in the Gulf of with third parties, and by maintaining our America, and have non-operated interests in own shipping fleet. This helps ensure reliable Atlantis and Mad Dog in the Gulf of America. 2025 examples delivery to our customers and creates We adopt technology and a continuous • Completed the removal of all opportunities to capture value by portfolio improvement mindset to support operational infrastructure from Enfield. and shipping optimisation with Pacific and performance and optimise the value of • Completed the plug and abandonment Atlantic basin positions. We continue to look our assets. of Minerva and Stybarrow fields. for opportunities to collaborate with our • Plugged and abandoned 69 wells at customers on lower-carbon energy solutions. Bass Strait, contributing to a cumulative 2025 examples total of more than 220 wells. • Achieved reliability of 98.4% at KGP, 2025 examples • Completed the onshore deconstruction 96.3% at Pluto LNG and 98.7% at • Signed sale and purchase agreements of the Griffin riser turret mooring, Sangomar, supporting consistent with China Resources Gas International achieving a recycling/re-use outcome revenue delivery and cost efficiency. Limited, Uniper, PETRONAS, SK Gas of approximately 93%, reducing • Delivered record production of International, JERA and BOTAŞ, for the disposal costs. 198.8 MMboe, maximising value long-term supply of LNG to China, from existing assets and enhancing Europe, Malaysia, South Korea, near‑term cash generation. Japan and Türkiye respectively. • Delivered extended plateau production • Received two new long-term charter LNG until October at Sangomar. vessels, the Woodside Jirrubakura and • Completed successful tiebacks to the Woodside Barrumbara, enhancing existing facilities: NWS (Lambert West), delivery reliability and trading optionality. Bass Strait (Kipper 1B), Pluto (PLA-08), Mad Dog (Argos Southwest Extension), capturing incremental volumes at lower capital intensity. Operations, processing Decommissioning and storage Customers

24 Woodside Energy Annual Report 2025 3 Our Business We deliver strong operational performance across our oil, gas and LNG portfolio while advancing strategic investments in emerging energy technologies for long-term growth.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 25 I FINANCIAL PERFORMANCE N 3.1 Australia Building on a track record of world-class execution Maximise Deliver Create performance from base business cash-generative assets future opportunities Delivering operational excellence Scarborough on cost and schedule, Integrated Scarborough, Pluto bringing new, low-cost LNG and NWS infrastructure available for supply online future gas opportunities (e.g. Browse) Unlocking asset potential Deliver innovation through the Explore hydrogen value chain Execute brownfield opportunities business, e.g. Integrated Remote and CCS safely, on time and on budget Operations Centre The extended Interconnector arrangements provide for the Pluto LNG processing of approximately 2.8 million tonnes (22.6 MMboe) Pluto LNG is a gas processing facility in the Pilbara region of additional LNG in aggregate and approximately 22.9 PJ of Western Australia, comprising an offshore platform and of additional gas for the WA domestic gas market. one onshore LNG processing train. Woodside is operator and holds a 90% participating interest. Woodside’s share of Pluto production was 53.8 MMboe in 2025, a decrease from 54.1 MMboe in 2024. Pluto achieved 100% Woodside Solar reliability in the second half of 2025 resulting in annualised Woodside continues to progress the Woodside Solar Project, reliability of 96.3%. a proposed solar photovoltaic farm supported by a battery In the second half of 2025, the PLA-08 well was completed and energy storage system. The project aims to reduce gross Scope 1 production commenced, enhancing deliverability and extending greenhouse gas emissions at Pluto LNG by importing renewable plateau production. Woodside also began development of the electricity from an initial 50 MW solar farm. XNA-03 well to support sustained production through A final investment decision for the project is dependent on factors existing infrastructure, with RFSU targeted for H2 2026. including access to new and existing sections of common user Production volumes through the Pluto-Karratha Gas Plant transmission infrastructure and the finalisation of associated Interconnector were slightly reduced from 2024, with 11.5 MMboe commercial agreements. The development of this infrastructure of Pluto gas processed at the Karratha Gas Plant. is being led by the Western Australian Government and the Woodside finalised commercial and government agreements APA Group. to extend gas flows through the Pluto-KGP Interconnector until 2029, enabling continued acceleration of LNG and domestic gas production from Pluto feed gas. Woodside is building a second LNG processing train at Pluto LNG to process gas from the Scarborough Energy Project.

26 Woodside Energy Annual Report 2025 3.1 Australia Final approval for the North West Shelf Project Extension will ensure it continues to provide reliable energy supplies as it has for more than 40 years. Planned maintenance activities at the Goodwyn Alpha facility, North West Shelf Project North Rankin Complex and KGP were successfully completed The NWS Project consists of three offshore platforms and the to plan in 2025. onshore Karratha Gas Plant (KGP). KGP includes four onshore Australian Federal Government environmental approval was LNG processing trains and two domestic gas trains. received in September 2025 for the NWS Project Extension, Woodside’s share of NWS Project production was 31.2 MMboe supporting long-term operations and processing of future in 2025, a decrease from 38.1 MMboe in 2024, due to gradual third‑party gas resources at KGP through to 2070. The approval reservoir decline. World-class reliability continued at KGP is subject to rigorous conditions to manage the protection of achieving an annual reliability rate of 98.4%. cultural heritage and that require additional monitoring and management of air emissions. The conditions also set out In 2025, 11.5 MMboe of Pluto gas was processed at KGP through modifications required at KGP to support processing of other the Pluto-KGP Interconnector. This was a 2.5% decrease resource owners' gas. In October 2025, three separate legal compared to 2024. proceedings were commenced in the Federal Court of Australia Discussions continued between the NWS Joint Venture challenging the Australian Government’s decision to approve participants and other resource owners for the processing of the NWS Project Extension. These are in addition to one legal additional third-party gas to utilise available processing capacity proceeding commenced in June 2025 in the Western Australian at KGP. Delivery of sales gas from the Waitsia gas plant into the Supreme Court, challenging the State Government’s pipeline network has commenced. The NWS Joint Venture and environmental approval for the NWS Project Extension. Woodside Burrup agreed an extension to the processing of Pluto These proceedings were ongoing at the end of the period. gas to 2029. Completion of the asset swap with Chevron remains targeted for The NWS Joint Venture participants took FID on the Greater H2 2026. Refer to the Woodside-Chevron asset swap section Western Flank 4 Project, a subsea tieback of five wells into below for further details. existing NWS offshore infrastructure, to be produced via KGP. Woodside is operator and holds a 33.33% participating interest. Additionally, the Lambert West development was successfully Following completion of the asset swap agreement with Chevron, tied back to the Angel platform and production commenced. 1 Woodside’s participating interest will increase. The NWS Project is continuing to manage costs through a period of production decline. In Q2 2025, the permanent retirement of LNG Train 2 was completed, resulting in a reduction of KGP’s capacity to 14.3 Mtpa. 1. The NWS Project consists of a number of active joint ventures. Prior to completion of the transaction, Woodside has a participating interest of 33.33% and Chevron has a 16.67% participating interest in all of these joint ventures, apart from the NWS joint ventures with CNOOC. For China LNG Joint Venture with CNOOC, Woodside’s participating interest is 25% and Chevron’s is 12.5%. For the Extended Interest JVs with CNOOC, Woodside’s participating interest is 31.567% and Chevron’s participating interest is 15.78%.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 27 I FINANCIAL PERFORMANCE N Bass Strait Other Australian oil and gas assets Bass Strait is located in the South East of Australia, and produces Woodside operates three FPSO facilities off the North West gas and associated liquids through a network of offshore coast of Western Australia. These are the Ngujima-Yin FPSO platforms, pipelines and onshore processing facilities located (Woodside interest: 60%), Okha FPSO (Woodside interest: 50%) in Victoria. The Bass Strait assets include the Gippsland Basin and Pyrenees FPSO (Woodside interest: 40% in WA-43-L and Joint Venture (GBJV) and the Kipper Unit Joint Venture. 71.4% in WA-42-L). Woodside’s share of production from the Bass Strait was Woodside’s share of production from the FPSO assets was 18.8 MMboe in 2025, no change from 18.8 MMboe in 2024. 7.4 MMboe in 2025, a decrease from 7.9 MMboe in 2024 primarily Stronger domestic gas sales largely offset the decline in oil and due to natural field decline. Planned maintenance for 2026 NGL production following retirement of the Crude Stabilisation includes the Okha dry dock and Pyrenees shipyard activities. Plant and Gas Plant 1 in 2024. All of Woodside’s share of gas Macedon (Woodside interest: 71.4%), also operated by Woodside, produced by the GBJV is supplied into the eastern Australian is a gas project located near Onslow, Western Australia, which domestic gas market. produces pipeline gas for the Western Australian domestic The Turrum Phase 3 Project remains on track to bring additional gas market. gas to the east coast market by the winter of 2027. Woodside’s share of production from Macedon in 2025 was The Kipper Unit Joint Venture successfully commenced 8.0 MMboe, no change from the 8.0 MMboe in 2024. Macedon production from the third subsea well in the Kipper field. safely completed its planned maintenance turnaround in The well brings increased capacity and redundancy to east September 2025. coast domestic gas supply. Woodside currently holds a 50.0% non-operating interest in the GBJV and a 32.5% non-operating interest in the Kipper Unit Joint Venture. Operator Transition In July, Woodside and ExxonMobil announced an agreement for Woodside to assume operatorship of the Bass Strait assets during 2026, subject to the satisfaction of customary conditions precedent, including obtaining regulatory approvals for the transaction. Preparation for the transition is underway and completion is expected to occur in H2 2026. Every molecule of gas Woodside supplies from the Bass Strait fields is sold to the Australian domestic market for local manufacturing, power generators and homes. Image courtesy of Esso Australia/ExxonMobil.

28 Woodside Energy Annual Report 2025 3.1 Australia The asset swap provides Woodside with the opportunity to Wheatstone and Julimar-Brunello realign its Australian infrastructure interests to provide greater Wheatstone is an LNG processing facility near Onslow, commercial certainty and enhance development prospects. Western Australia, comprising an offshore production platform The transaction is subject to the completion of Julimar Phase 3 and two onshore LNG processing trains. It processes gas from Project execution and handover which is expected in 2026, several offshore gas fields, including Julimar and Brunello. and the completion of certain ongoing abandonment activities. Woodside’s share of production from Wheatstone was The effective date of the transaction is 1 January 2024 and 12.3 MMboe in 2025, a decrease from 12.6 MMboe in 2024, remains targeted for completion in H2 2026. Completion of the primarily due to lower reliability and reduced domestic transaction is also subject to customary conditions precedent. gas demand. Hydrogen Refueller@H2Perth During the year, subsea construction and drilling commenced for the Julimar Phase 3 Project, a four-well tie-back of the The Hydrogen Refueller@H2Perth is a self-contained hydrogen Julimar fields to the Wheatstone offshore platform. Three wells production, storage and refuelling station located in Perth, were drilled during 2025. Two wells were successfully completed 2 Western Australia. and the third, an exploration target, was assessed as In 2025, the project commenced construction activities, non‑commercial. Project start-up is targeted in 2026. with major equipment packages including electrolysers and Woodside is operator and holds a 65% participating interest in compressors installed onsite. Major civil and electrical scopes the Julimar-Brunello fields. Woodside holds a 13% non-operated were delivered. Commissioning activities commenced on site interest in the Wheatstone Project operated by Chevron. in preparation for startup. First hydrogen production is targeted for the first half of 2026. Woodside-Chevron asset swap Woodside is operator and holds a 100% participating interest. In December 2024, Woodside simplified its Australian portfolio and consolidated its focus on operated LNG assets by entering into an agreement with Chevron. Subject to completion, Woodside will acquire Chevron’s 16.67% interest in the North West Shelf (NWS) Project and the NWS Oil Project and a 20% interest in the Angel Carbon Capture and Storage (CCS) Project, and transfer its 13% non-operated interest in the Wheatstone Project and 65% operated interest in the Julimar-Brunello 1 Project to Chevron. Chevron will also make a cash payment to Woodside of up to $400 million. 1. Completion of the transaction is subject to customary conditions precedent. 2. The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government’s Renewable Hydrogen Strategy.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 29 I FINANCIAL PERFORMANCE N Scarborough Energy Project The Scarborough gas field is located in the Carnarvon Basin, approximately 375 km off the coast of Western Australia. The field is being developed through new offshore facilities connected by an approximately 433 km pipeline to a second LNG train at the existing Pluto LNG onshore facility. The development of the Scarborough field includes the installation of a floating production unit (FPU) with eight wells drilled in the initial phase and 13 wells drilled throughout the life of the field. The expansion of Pluto LNG includes the construction of a second LNG train (Pluto Train 2), installation of additional domestic gas processing facilities and supporting infrastructure and modifications to the existing Pluto Train 1 to allow it to process Scarborough gas. The Scarborough Energy Project also includes the establishment of an integrated remote operations centre (IROC) at Woodside’s headquarters in Perth. Scarborough gas is expected to produce approximately 5 Mtpa of LNG from Pluto Train 2 and up to 3 Mtpa of LNG from the existing Pluto Train 1. The Scarborough reservoir contains less than 0.1% CO and combined with processing design efficiencies at the 2 offshore FPU and onshore Pluto Train 2, the Scarborough Energy Project is expected to be one of the lowest carbon intensity 1 sources of LNG delivered into north Asian markets. The Scarborough Energy Project marked a major At the end of 2025, the Scarborough Energy Project was 94% milestone in January 2026, with the arrival of the complete, excluding Pluto Train 1 modifications, and remains FPU at the Scarborough field. on track for first LNG cargo in Q4 2026. The FPU achieved several important milestones during 2025 including the completion of construction activities for the hull and topsides. The structures were successfully connected during Construction activity at the Pluto Train 1 modifications module floatover execution and integration activities were subsequently yard reached peak activity. Subsequent to the period, two out of performed. The FPU departed China for transit to Australia in three modules achieved mechanical completion with the final November 2025, safely arriving at the Scarborough field and was module nearing completion. At the Pluto site, civil, structural connected to the mooring chains subsequent to the period. and piping works progressed with the gas metering skid installed and commencing operations. In August 2025, the installation, testing and pre-commissioning of the subsea infrastructure was completed. The IROC was successfully commissioned and is now managing the remote operations of Pluto Train 1 and the Pluto Alpha The drilling campaign for all eight development wells was platform. Upon the completion of the Scarborough Energy completed in November 2025. Reservoir quality and well Project, the centre will also facilitate the remote operation deliverability expectations were in line with pre-drill estimates. of the Scarborough FPU and Pluto Train 2. Throughout 2025, construction activities at the Pluto Train 2 In August 2025, the Federal Court of Australia heard a legal site continued with piping, cable installation and electrical challenge to the National Offshore Petroleum Safety and commissioning works progressing. Environmental Management Authority’s (NOPSEMA) decision In December the tie-in to the Pluto domestic gas export to accept the Scarborough Offshore Facility and Trunkline line was completed. Subsequent to the period, the Scarborough (Operations) Environment Plan. The Federal Court’s decision trunkline connection to the Pluto Train 2 trunkline was achieved. confirmed the validity of NOPSEMA’s acceptance of the Scarborough Offshore Facility and Trunkline (Operations) Environment Plan. Woodside is operator and holds a 74.9% participating interest in Scarborough, 51% participating interest in Pluto Train 2 and 90% participating interest in Pluto Train 1. 1. Wood Mackenzie, Emissions Benchmarking, June 2023.

30 Woodside Energy Annual Report 2025 3.2 International Driving efficiency, uptime and growth in the international business Maximise Deliver Create performance from base business cash-generative assets future opportunities Continued focus on operational Deliver the next wave of value and Existing infrastructure available for excellence and reliability growth through Beaumont New future opportunities (LALNG T4-5, Ammonia, Trion and Louisiana LNG Sangomar Phase 2, BNA T2) Complete intervention campaigns and Leverage Woodside’s proven Position international assets to unlock brownfield projects safely, on time execution capability to deliver projects future value, providing growth and on budget (e.g. Argos Southwest safely, on time and on budget platforms for diversification Extension in Q3 2025) Woodside added 27.9 MMboe to proved reserves (1P, Woodside Sangomar share) based on reservoir and field performance. Positive water The Sangomar oil and gas field is situated offshore Senegal, injection in the S400 reservoir enabled additions to proved (1P) approximately 100 km south of Dakar. It is a deepwater project reserves, and sustained reservoir performance in the S400 and that includes a stand-alone FPSO facility with a nameplate S500 reservoirs supported positive revisions to proved (1P) capacity of 100,000 barrels per day and subsea infrastructure reserves and proved plus probable (2P) reserves. designed to facilitate future development phases. Evaluation for Sangomar Phase 2 is ongoing, incorporating Woodside commenced oil production in June 2024, marking performance insights form the initial S400 producer-injector the safe completion of Senegal’s first offshore oil project. well pairs. Any potential future phases would leverage existing Its exceptional safety record was maintained into the subsea infrastructure and FPSO capacity and are subject to operational phase, with no lost time injuries reported in 2025. Joint Venture endorsement and all necessary government and regulatory approvals. Sangomar continued to produce at 100,000 barrels per day until late October 2025, with world-class production reliability of Woodside is operator and holds an 82% participating interest 98.7%. Woodside’s share of production from Sangomar was in the Sangomar exploitation area. 29.7 MMboe in 2025, an increase from 13.3 MMboe in 2024. This increase is attributable to a full-year of Sangomar production and generated revenue of $1.9 billion (Woodside share). Production and pressure data from the S400 reservoirs continued to exceed expectations, confirming higher than forecast reservoir quality and connectivity. Outstanding performance at Sangomar included an impressive safety record with no recordable injuries in its first 18 months of operations.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 31 I FINANCIAL PERFORMANCE N Mad Dog Shenzi Mad Dog is a conventional oil and gas development located in Shenzi is a conventional oil and gas field developed through a the Gulf of America. tension leg platform located in the Gulf of America. The facility is supported by subsea production and water injection wells. In The Mad Dog Phase 1 development includes a spar facility addition, two subsea wells are tied back to the non-operated (A‑Spar) with drilling capability and dry-tree producer wells. Marco Polo facility. A planned intervention campaign at A-Spar was completed in the first quarter of 2025 and a new-drill production well was brought Shenzi demonstrated ongoing strong reliability of 97.0% in 2025. online in November 2025. Woodside’s share of production from Shenzi was 9.1 MMboe in 2025, a decrease from 9.4 MMboe in 2024. The decline was due Mad Dog Phase 2 is a development of the southern flank of to natural depletion and was partially offset by production the Mad Dog field through the Argos floating production facility. optimisation and reliability improvement initiatives. The development includes subsea producing wells and subsea water injector wells. Two Mad Dog Phase 2 wells (one producing Woodside is operator and holds a 72% participating interest. and one water injector) were brought online in 2025. Greater Angostura Execution of the Argos Southwest Extension Project is ongoing, following sanction in late 2023. First production was achieved in Greater Angostura includes the Angostura and Ruby conventional August 2025, with two of three planned production wells online at oil and gas fields, located offshore Trinidad and Tobago. the end of 2025. The development includes an offshore central processing facility, five wellhead platforms and an onshore oil terminal. Woodside’s share of production from the Mad Dog field was 10.7 MMboe in 2025, a decrease from 11.3 MMboe in 2024. Woodside was operator and held a 45.0% participating interest The decrease was primarily driven by natural decline at Argos, in the Angostura field and a 68.5% participating interest in the partially offset by high facility reliability and new wells brought Ruby field. online at Argos and A-Spar. Woodside’s share of production from Greater Angostura was Woodside holds a 23.9% non-operating participating interest. 5.1 MMboe from 1 January to 11 July 2025. Atlantis Greater Angostura divestment On 11 July 2025, Woodside completed the divestment of its Atlantis is a conventional oil and gas development in the Gulf of entities holding the Greater Angostura assets to Perenco. America. The Atlantis development includes a semi-submersible This transaction included Woodside’s interest in the Angostura facility with subsea production wells and subsea water and Ruby offshore oil and gas fields, along with related injector wells. production facilities and onshore terminal. As a result, Execution of the Atlantis Drill Center 1 Expansion Project is Woodside received a cash payment of $259 million. progressing with first production achieved in December 2025, ahead of the original 2026 target. Woodside took FID on the Atlantis Major Facility Expansion (MFX) Project in June 2025. MFX includes two new water injection wells and upgrades to the topsides water injection system to increase water injection capacity. First water injection is targeted for 2027. Woodside’s share of production from Atlantis was 12.6 MMboe in 2025, an increase from 10.5 MMboe in 2024. The increase was driven primarily by an intervention campaign, new production wells, high facility reliability, and optimisation of topsides processes. Woodside holds a 44% non-operating participating interest. Shenzi continued to deliver world-class reliability in 2025.

32 Woodside Energy Annual Report 2025 3.2 International Construction of the Beaumont New Ammonia Project. September 2025. Lifting of first Trion module onto hull. February 2026 Beaumont New Ammonia Trion Beaumont New Ammonia is a 1.1 Mtpa ammonia synthesis plant Trion is a world-class oil development located in Mexico, (Phase 1) located in Beaumont Texas. The first production of approximately 180 km off the coastline and 30 km south of the ammonia commenced in December 2025, representing a major US–Mexico maritime border. It is Mexico’s only deepwater milestone in Woodside’s energy transition journey. development and represents a major milestone in the nation’s offshore energy industry. The project comprises 24 subsea wells, OCI Global continues to manage care, custody and control of a semi-submersible FPU with capacity to produce and transfer operations and close out activities, including ancillary scopes and 100,000 barrels per day, and a floating storage and offloading performance testing. The full handover of the project, including (FSO) facility. the transfer of the asset and operations team and associated payment of the remaining acquisition consideration, is expected At the end of 2025, Trion was 50% complete, achieving key in the first half of 2026. milestones across delivery lines, regulatory permitting, and operational readiness. The production of lower-carbon ammonia is targeted for the second half of 2026, subject to the anticipated commissioning First production is targeted for 2028 and is expected to deliver of Linde’s Nederland nitrogen and low-carbon hydrogen facility significant long-term economic benefits for Mexico. Preparations and start of operations of ExxonMobil’s CCS facility. for the drilling and completion campaign have progressed with drilling is expected to commence in early 2026. The Beaumont New Ammonia facility was designed to accommodate an additional 1.1 Mtpa production train (Phase 2). The manufacturing of subsea equipment continues to progress, Consideration of Phase 2 development remains subject to with deliveries scheduled for the first half of 2026 to support the policy support and further growth in customer demand for installation campaign commencing in the second half of the year. lower‑carbon ammonia. In 2025, FPU and FSO construction advanced with engineering Woodside holds a 100% interest in the project and, upon project complete, key equipment ordered, FPU hull nearing completion, completion, will become the operator. and first steel cut for the FSO. The disconnectable turret mooring fabrication and anchor pile production remain on track for 2026 installation. In Tamaulipas, social programs continued to promote education, economic diversification, and community wellbeing. In recognition of its strategic importance, Trion was designated a priority project in Mexico’s national energy plan. Woodside is operator and holds a 60% participating interest.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 33 I FINANCIAL PERFORMANCE N Louisiana LNG progressed on budget and schedule in 2025. New partnerships strengthen project competitiveness Louisiana LNG In June 2025, Woodside closed the sale of a 40% interest Louisiana LNG is an under-construction LNG production in Louisiana LNG Infrastructure LLC (InfraCo) to Stonepeak. and export terminal located near Lake Charles, Louisiana. Under the transaction, Stonepeak agreed to provide $5.7 billion This high-quality, scalable development includes a total in capital towards the foundation development on an accelerated permitted capacity of 27.6 Mtpa. basis, contributing 75% of the project capital expenditure in both 2025 and 2026, with the remainder of Stonepeak’s committed Final investment decision reached on foundation phase capital to be funded in subsequent years. In April 2025, Woodside took FID to develop the foundation phase In October 2025, Woodside simultaneously signed and closed of the Louisiana LNG Project, comprising three trains with a a transaction with Williams for an integrated investment in combined capacity of 16.5 Mtpa. The project represents the Louisiana LNG. This strategic partnership included divesting largest single foreign direct investment in Louisiana’s history and a 10% interest in Louisiana LNG LLC (HoldCo), and an 80% the first greenfield US LNG project to achieve FID since 2023. interest in and operatorship of Driftwood Pipeline LLC Construction progress (PipelineCo) to Williams. This transaction brings in a strong strategic partner with complementary capabilities in US natural At the end of 2025, the foundation phase of the Louisiana LNG gas infrastructure and an existing gas sourcing platform, Project was 22% complete with Train 1 28% complete, Train 2 Sequent Energy Management. Williams will also contribute 18% complete and Train 3 13% complete. Current LNG train its share of the capital expenditure for the LNG facility and construction activities at the Lake Charles site include concrete pipeline of approximately $1.9 billion. foundation work, underground pipe installation and structural steel erection. Key ongoing activities for the common facilities As of year-end Woodside owns 20% of PipelineCo, 60% of include the construction of LNG tanks, soil excavation and pile InfraCo and 90% of HoldCo and continues to progress further installation for the main marine berth, and the establishment of sell-down opportunities. material offloading facilities. First LNG is targeted for 2029. Louisiana LNG Project offtake agreements Securing access to feed gas supply Woodside plans to market approximately 8 Mtpa from its global The project has also secured foundational transportation portfolio, with the remaining volumes to be marketed by equity capacity, providing access to diverse and abundant gas supply partners or directly from the project. sources. Louisiana LNG entered a long-term agreement with bp HoldCo signed an LNG sales and purchase agreement with for the supply of up to 640 billion cubic feet of natural gas to the Uniper for 1.0 Mtpa offtake directly from the Louisiana project, starting in 2029. bp’s experience with MiQ certificates will LNG Project. help Louisiana LNG access verifiably low methane intensity As part of its investment, Williams assumed LNG offtake molecules for the project. obligations for 10% of produced volumes, and will also receive its proportionate benefit of the Louisiana LNG 1.0 Mtpa SPA previously signed with Uniper.

34 Woodside Energy Annual Report 2025 3.3 Marketing and business development Growing portfolio unlocks greater value potential Maximise Deliver Create performance from base business cash-generative assets future opportunities Leverage scale through presence Contract positions balance upside Evaluating opportunities to in Pacific and Atlantic Basins exposure and revenue stability build global scale including cost-competitive LNG offtake Monetise portfolio through contractual Continue to layer timing of sales Positioned to complement growth flexibility, shipping position, through market cycles and provide diversified products optimisation and trading activities The marketing segment’s profit before tax in 2025 was The PETRONAS agreement is for the supply of 1.0 Mtpa of LNG $308 million. This reflected optimisation activities and incremental to Malaysia from 2028 for a period of 15 years on a delivered value generated through the marketing, trading and shipping of ex‑ship basis. Woodside’s oil and gas, and through third-party purchases. The SK Gas International agreement is for the supply of approximately 0.6 Mtpa from 2027 through to 2040 on a delivered LNG ex-ship basis. Supply will be from Woodside’s global portfolio. Woodside’s LNG portfolio is managed through a mix of short-, The BOTAŞ agreement is for the supply of 0.5 Mtpa of LNG from mid‑ and long-term contracts, supplied with cargoes sourced 2030 on a delivered ex-ship basis, for a period of up to nine years. from producing assets or purchased from third parties. Third-party purchases are managed through our LNG trading activities, The JERA agreement is for the supply of three LNG cargoes per which seek to maximise value across the portfolio. This includes year, for a period of five years, starting in 2027. The LNG will be securing volumes from Corpus Christi LNG under a long-term supplied on a delivered ex-ship basis during Japan’s winter offtake agreement and purchases through our relationships months when energy consumption peaks. with other producers and traders. Liquids In 2025, Woodside supplied 30% of produced LNG at prices linked The marketing of crude, condensate and NGLs is predominantly to gas hub indices, realising a $2.30/MMBtu premium compared based on short-term sales and supplemented by term to oil‑linked pricing. This represents 11.4% of Woodside’s total arrangements. The majority of Woodside’s crude oil produced equity production. in Senegal is currently sold to international markets. Woodside remains one of the largest suppliers of LNG to major Following the successful start-up of Sangomar production in regional trading partners and in 2025, Woodside signed LNG supply 2024, 2025 marked the first full year of production. Sangomar agreements into Europe and Asia, underscoring our growing global cargoes have been sold to customers in European and Asian portfolio. In 2025, Woodside signed sale and purchase agreements markets, in addition to the domestic Senegalese market. with China Resources, Uniper, PETRONAS, SK Gas International, BOTAŞ and JERA. These agreements with major global LNG buyers In 2025, Woodside’s share of production was approximately demonstrate sustained demand for Woodside's products and 89 Mboe/d from a combination of operated and non-operated support Woodside's confidence that LNG has an important role assets in the US Gulf of America, with production predominantly in meeting energy security needs and supporting comprising crude oil. Sales from the region were made to regional decarbonisation. refiners and traders on the US Gulf Coast. Woodside has also The China Resources agreement is for the supply of approximately maintained its marketing flexibility in the US Gulf of America 0.6 Mtpa of LNG from 2027, for a period of 15 years on a delivered through access to infrastructure that enables the export of ex-ship basis. crude oil to international markets. The agreements with Uniper involve supply of 1.0 Mtpa of LNG from Louisiana LNG LLC, starting from its commercial operations date (COD) and continuing for up to 13 years on a free-on-board basis. Additionally, up to 1.0 Mtpa of LNG will be supplied from Woodside’s global portfolio, commencing with the COD of Louisiana LNG and extending until 2039, on a delivered ex-ship basis.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 35 I FINANCIAL PERFORMANCE N While the market experienced shifts such as delays in the Natural gas International Maritime Organization Net Zero Framework and Woodside produces natural gas for domestic markets in Western Korea’s Clean Hydrogen Portfolio Standard cancellation, Woodside Australia, the east coast of Australia, and the United States. remained focused and adaptable, responding to evolving carbon In 2025, Woodside’s share of Western Australian natural gas intensity requirements and regulatory changes. With the EU Low production was 90.3 PJ, representing approximately 21% of Carbon Fuels Delegated Act and FuelEU Maritime, Woodside is Western Australia’s domestic gas supply. Woodside executed well-positioned to capture new opportunities and respond 13.9 PJ of incremental termed WA gas sales for delivery across to growth in the lower-carbon ammonia market. 2026, bringing the total contracted volume to 62.1PJ, and will continue to support the domestic market by offering additional Shipping supply for 2026 and beyond. Trucked LNG (approximately Woodside’s marketing and trading portfolio is supported by our 2,778 TJ) was also delivered in 2025 to customers in northern managed shipping capacity which includes nine LNG vessels Western Australia. Since the commencement of operations at the under long-term charter and multiple vessels on short-term Pluto LNG Truck Loading Facility in 2019, Woodside has delivered charter. Two new long-term charter LNG vessels, Woodside more than 5,800 trailers of LNG (approximately 6,000 TJ), offering Jirrubakura and Woodside Barrumbara, were delivered in industry in remote locations a lower-carbon alternative to diesel September and November 2025 respectively. and fuel-oil. Business development In the east coast of Australia, Woodside’s share of Bass Strait Woodside pursues new market opportunities to diversify its production was 92.9 PJ, representing approximately 19% of all customer base, capture emerging demand, and strengthen gas supplied to the east coast market. All of Woodside’s long‑term resilience. This is being achieved through a production from Bass Strait is sold into the east coast domestic well‑structured, phased approach that integrates market market. Woodside has executed 116.5 PJ of Eastern Australian 1 intelligence, stakeholder engagement, and disciplined execution. pipeline gas volumes for delivery in 2026 and 2027. In 2025, Woodside entered into a non-binding collaboration Ammonia agreement with Aramco to explore global opportunities. Woodside continues to advance its position in the ammonia Woodside also signed a non-binding memorandum of market by progressing ammonia offtake agreements. In 2025, understanding (MOU) with Hyundai Engineering and Hyundai Woodside executed agreements with leading global customers Glovis, establishing a strategic framework to collaborate for supply from the Beaumont New Ammonia facility, with on potential LNG project development, engineering services, deliveries to commence in 2026. Woodside has secured offtake and shipping logistics. If converted into binding arrangements, agreements at prevailing market prices for traditional ammonia the MOU would leverage Woodside’s LNG development market. Further sales agreements are being advanced in line capabilities, Hyundai Engineering’s Engineering, Procurement and with anticipated Beaumont New Ammonia production output, Construction expertise, and Hyundai Glovis’ global shipping including for lower‑carbon ammonia. portfolio to meet growing LNG demand across Asia Pacific markets and selected new regions. 1. This includes a correction to the volumes disclosed in the “Fourth quarter report for period ended 31 December 2025” revising 29.2 PJ to 13.6 PJ. 1. For the purposes of Woodside’s 2025 sustainability disclosures we determine which topics are material. For these purposes, ‘material topic’ means a 2025 sustainability topic described in this report, determined as part of the 2024 materiality assessment process undertaken by Woodside. .Classification of any topic as material through our materiality assessment process should not be read as a determination of whether that topic rises to the level of materiality of disclosure required by law, including the laws of Australia, and the United States. However, where applicable laws require the disclosure of risks that meet certain thresholds, Woodside has disclosed those risks.

36 Woodside Energy Annual Report 2025 3.4 Decommissioning Safe, reliable late-life operations Maximise Deliver Create performance from base business cash-generative assets future opportunities Optimise execution to reduce Hazard free removal and disposal Develop partnerships to impact of schedule, cost and risk operations expand capability and capacity Demonstrate safety leadership during Leverage Australian experience, Create pathways for decommissioning of ageing facilities deploy globally repurposing infrastructure In 2025, Woodside continued to advance its decommissioning At Minerva, offshore Victoria, steady progress was made program across multiple offshore assets, demonstrating our with the removal of over 1,500 tonnes of equipment. During focus on safe, cost-efficient, asset lifecycle management. decommissioning, an unplanned event occurred when plastic clamp materials were dislodged to the marine environment. Woodside spent $823 million in decommissioning efforts, State and Commonwealth regulators were notified, and pipeline achieving substantial progress across our portfolio, particularly recovery activities were suspended pending revision of accepted in the Bass Strait, and at the Minerva, Stybarrow, Enfield and environment plans. Preparations are continuing for the future Griffin assets. retrieval of the remaining 5.5 km of pipeline. The year was highlighted by key achievements, including the Preparations for the plug and abandonment of eight redundant or successful completion of all plug and abandonment activities historical wells across the NWS and Julimar-Brunello assets in for Stybarrow and Minerva, with a total of six wells plugged. 2026 were progressed. With the recovery of the Nganhurra FPSO’s anchors, chains and The GBJV continued planned decommissioning activities in moorings in February 2025, Woodside completed the Bass Strait. In 2025, 69 wells were plugged and abandoned, decommissioning of the Enfield Project, located approximately contributing to a cumulative total of more than 220 wells 38 km north of the North West Cape, Western Australia. This permanently plugged since the campaign commenced. milestone marks Woodside’s first complete lifecycle project, from exploration through development, operations, and final The GBJV is actively preparing for the offshore removal decommissioning. campaign scheduled for 2027. This campaign will entail the heavy lift removal and disposal of several offshore facilities. Key activities progressed at the Stybarrow, Minerva, Echo Yodel Our preparations encompass both the offshore installations and Griffin assets were removing more than 30 km of umbilicals and the onshore receiving facilities, ensuring a comprehensive and flowlines, 17 subsea structures, ten xmas trees, 15 wellheads approach to this significant undertaking. and mooring lines. The as-left condition on some closed sites continued to present challenges for safe and efficient execution of Outside Australia, decommissioning is ongoing with work in decommissioning. These challenges were the primary driver of a Canada, at both the upstream Liard and Horn river basins and $340 million restoration expense being recognised in the profit downstream Kitimat locations in British Columbia, and in the and loss in the financial statements. United States where one deepwater well has been plugged and abandoned and legacy site decommissioning is ongoing. The Griffin Riser Turret Mooring (RTM) was deconstructed at the Australian Marine Complex in Western Australia. On completion, Woodside and its joint venture participants continue to this nearly 2,500 tonne project achieved a re-use and recycling responsibly progress decommissioning obligations in line with rate of approximately 93%. relevant local regulatory environments. Woodside will continue In May 2025, during the planned flushing of a Griffin subsea conducting long-term studies to further understand flowline in preparation for removal, an unexpected fluid release environmental, economic and social opportunities and risks occurred. The incident was managed under Woodside’s Crisis associated with our decommissioning activities, with the aim Incident Management framework, with regulatory-approved of optimising outcomes. response and monitoring plans activated. The event was short term and localised, with no lasting impact to the environment.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 37 I FINANCIAL PERFORMANCE N 3.5 Developments and exploration Executing our strategy to deliver long-term returns Maximise Deliver Create performance from base business cash-generative assets future opportunities Apply the Investment Management Milestone-driven execution with Disciplined screening of Framework to support planning transparent performance tracking opportunities using the capital and delivery management framework Leverage global experience Strategic partnering and Development concepts that unlock on major capital projects customer relationships future tiebacks and expansions Browse Louisiana LNG Trains 4 and 5 As Australia’s largest undeveloped conventional gas resource, Louisiana LNG is structured as a scalable multi-phase facility. the Browse Project represents a significant opportunity for the Louisiana LNG Trains 4 and 5 are a brownfield development continued utilisation of the NWS Project infrastructure to deliver opportunity to add 11.1 Mtpa of fully permitted incremental energy for Western Australia and regional trading partners for capacity via the addition of two processing trains, a third storage decades to come. tank and berth to the Louisiana LNG site. Replicating the technology in the Louisiana LNG foundation project phase and The proposed Browse to NWS Project upstream concept would leveraging shared infrastructure significantly reduces project deliver natural gas from the Calliance, Torosa and Brecknock gas cost compared to a greenfield project, resulting in highly fields to the existing Karratha Gas Plant via an approximately cost‑competitive LNG supply. 900 km pipeline, connected to two FPSO facilities. In 2025, leveraging Woodside’s deep LNG experience, During the concept definition phase, work continued to advance Woodside commenced engineering studies to assess potential key regulatory approvals, optimise the development concept, capacity enhancements to optimise production and reliability and progress commercial discussions for processing Browse beyond the original design envisaged at the time of acquisition. volumes through the Karratha Gas Plant. Progression of this option is a pathway to incremental Environmental approvals remain on critical path, with Woodside cost‑advantaged LNG supply as commercial conditions continuing to work with regulators to progress primary warrant and is subject to our capital allocation framework. environmental approvals for Browse, initially referred in 2018. Woodside is operator and currently holds 100% of Louisiana In the third quarter of 2025, State and Commonwealth Expansion LLC, with existing project partners, Stonepeak and environmental regulators accepted amendments to the Williams holding participation rights. Browse to NWS Project proposals. The Browse CCS Project was referred to the Commonwealth Greater Sunrise regulator for assessment in October 2024, and a decision on the The Sunrise and Troubadour gas and condensate fields assessment approach and corresponding level of assessment (Greater Sunrise) are located about 450 km northwest of Darwin remains pending. and 150 km south of Timor-Leste. In 2025, the Sunrise Joint The Browse CCS Project is expected to reduce the Scope 1 Venture (SJV) continued negotiations with the Governments greenhouse gas emissions from the proposed Browse Project of Timor‑Leste and Australia on the fiscal, regulatory and by approximately 53 Mt (47%), while also enabling a further legal frameworks for upstream development. reduction of 9 Mt of Scope 3 emissions from reservoir CO 2 In parallel, Woodside signed a Cooperation Agreement with that would otherwise be exported to the NWS onshore Timor-Leste’s Ministry of Petroleum and Mineral Resources processing facilities. to advance studies for a potential Timor-based LNG (TLNG) In 2025, technical work continued to optimise the upstream development, including an approximately 5 Mtpa greenfield LNG concept, with contractors engaged to progress pre-FEED facility, domestic gas and helium extraction. This work is engineering scopes for the FPSO facilities. progressing alongside SJV activities and is required to support a Woodside is operator and holds a 30.6% participating interest. potential concept selection decision by Woodside. Woodside is operator and holds a 33.44% participating interest.

38 Woodside Energy Annual Report 2025 3.5 Developments and exploration Calypso Australia Calypso is a proposed deepwater gas development in Trinidad H2Perth and Tobago, situated approximately 220 km northeast of Trinidad H2Perth is a proposed commercial scale facility to produce in waters around 2,100 metres deep. The project is targeting liquid hydrogen from gas reforming with CCS; initially for export. multiple gas discoveries within Block 23(a) and Block TTDAA 14, H2Perth is to be located in Perth, Western Australia. In 2025, strategically positioned to leverage existing offshore and onshore Woodside commenced pre-front end engineering and design infrastructure in the region while meeting a favourable (pre-FEED) activities for an initial phase of the project. demand outlook. Woodside, Japan Suiso Energy, Ltd. and The Kansai Electric In 2025, technical studies helped refine the development concept, Power Co., Inc. signed a memorandum of understanding to improved fiscal terms were secured with the Government of collaborate on the development of a proposed liquid hydrogen Trinidad and Tobago, and commercial discussions with key supply chain between Australia and Japan, centred on hydrogen stakeholders continued to advance the project. supply from Woodside’s proposed H2Perth Project. Woodside is operator and holds a 70% participating interest. Woodside is operator and holds a 100% participating interest in the H2Perth Project. Liard NeoSmelt Liard is an unconventional gas field located in British Columbia, The NeoSmelt Project is a proposed direct reduced iron electric Canada. Woodside is working with the operator to develop a smelting furnace pilot plant to be located in Perth, Western comprehensive strategy for full field development. Woodside 1 Australia. In 2025, Woodside joined BHP, Rio Tinto, BlueScope is also working with its partners in Rockies LNG to explore the and Mitsui Iron Ore Developments as part of the NeoSmelt potential for exporting LNG via the proposed Ksi Lisims Project 2 Project and as preferred energy supplier. on the west coast of Canada. The project has commenced front-end engineering design Woodside holds a 50% non-operating participating interest. (FEED) studies. United States Woodside holds a 20% non-operating participating interest in the NeoSmelt Project. H2OK Woodside took a decision to exit the H2OK Project during 2025 due to ongoing challenges facing the lower-carbon hydrogen industry, including cost escalation and lower than anticipated hydrogen demand. Woodside recognised an impairment loss of $143 million pre-tax ($113 post-tax) in the profit and loss statement relating to the H2OK Project. 1. This project received funding from the Australian Renewable Energy Agency (ARENA) as part of ARENA’s Industrial Transformation Stream Program. 2. Energy supply may include hydrogen and natural gas.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 39 I FINANCIAL PERFORMANCE N Carbon to products Carbon solutions Woodside continues to collaborate with CCU technology Woodside is evaluating lower-carbon services including carbon developers and is assessing opportunities to deploy their capture and storage (CCS), carbon capture and utilisation (CCU), technologies to create value added products and also to and investing in carbon credits to enable our base business, evaluate their potential in reducing our Scope 1 or 3 emissions. help our customers decarbonise, and deliver future value to shareholders. In 2025, Woodside continued to screen several approaches for CCU technologies. Carbon capture and storage Exploration Woodside, as a participant in various joint ventures, is involved in five greenhouse gas assessment permits (see Section 6.5 – Woodside’s exploration strategy is focused on building a robust Asset facts). inventory of potential opportunities to deliver value-accretive In 2023, Woodside entered into three non-binding memoranda growth options through the 2030s and beyond. of understanding to enable studies of a potential CCS value chain This strategy balances exploring current producing basins, between Japan and Australia. These studies have progressed with a disciplined approach to exploring new regions. In the to form an understanding of the technical, economics, timing, United States Gulf of America, Woodside participated in the and regulatory requirements to enable CCS value chains across drilling of the Bandit well (non-operated) and emerged as the borders. In 2025, Woodside signed a storage study agreement successful bidder on eight blocks in Lease Sale BBG1, with the with Petros to evaluate the technical and commercial aspects lease issuance pending final payment and regulatory approval. of offshore carbon storage in Sarawak, Malaysia. Three of the eight blocks were joint bids with Repsol OCS LLC The following proposed large-scale multi-user CCS hubs aimed on a Woodside 80%/Repsol 20% basis. at capturing carbon emitted by multiple industries are Woodside continued to optimise its exploration portfolio summarised below: by exiting blocks that are no longer considered prospective. This included exiting from Red Sea Blocks 1, 3, and 4 in Egypt, Location Location Interest 2025 activities relinquishing multiple licences across the United States Gulf Angel Offshore, 20% Progressed concept definition 1 North West level of engineering studies and Operator of America, and the expiry of WA-536-P in Australia. Australia progressing regulatory approvals, and customer development activities. Bonaparte Offshore, 21% Joint Venture entered Northern Non-operator pre‑FEED in April 2025. Australia The Project received Major Project Status from the Australian Government in July. South East Offshore, 50% Continue to assess options Australia CCS South East Non-operator associated with Greenhouse Australia Gas Assessment Permit G‑19‑AP, located in the Gippsland Basin. Greenhouse Gas Offshore, 30% Progressed seismic Assessment North West Non-operator reprocessing, continue to Permit G-18-AP Australia de‑risk injectivity, containment and capacity and select and mature appraisal drill target. 1. In December 2024, Woodside announced it will acquire Chevron’s 20% interest in the Angel CCS Project. After completion of the transaction, Woodside will hold a 40% interest and remain as operator.

40 Woodside Energy Annual Report 2025 3.6 Sustainability Report Conducting our business sustainably underpins our strategy to thrive through the energy transition. Karratha Gas Plant, Western Australia.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 41 I FINANCIAL PERFORMANCE N Committee Chair’s letter In 2025, this commitment was exemplified by significant Sustainability is integral achievements: record production from our existing assets; a final investment decision for Louisiana LNG; and first production from to our success. Beaumont New Ammonia. Sustainability performance included improved safety outcomes with zero high consequence injuries 1 (HCI) recorded across our global operations. We also delivered our 2025 net equity Scope 1 and 2 GHG emissions reduction target, welcomed the inscription of Murujuga on the World Heritage List, and received confirmation from the UN Environment Programme that our methane emissions plan meets the requirements of an Oil and Gas Methane Partnership 2,3 2.0 (OGMP 2.0) “Gold standard pathway”. These achievements are the outcome of years of planning and preparation. One of the most important functions of the Sustainability Committee is to ensure Woodside focuses on the right sustainability topics, appropriately manages key risks, opportunities and impacts, sets plans and targets that add value to our business, and that we deliver what we say we will do. In this Sustainability Report we provide updates on our performance and plans for the four material sustainability topics: Health, safety and wellbeing; Indigenous Peoples cultural heritage and engagement; Environment and biodiversity; and Climate. We also provide information on our governance and risk management processes, which enabled us to identify these priorities and oversee our progress in addressing them. In a rapidly changing world, Woodside’s approach to This year, the Sustainability Report addresses the requirements sustainability provides a strong foundation for our success of Australia’s new mandatory climate disclosure requirements. and guides our path to responsible and profitable growth. These requirements are based on the recommendations of the As Chair of Woodside’s Sustainability Committee, I oversee former Taskforce on Climate related Financial Disclosures an approach to sustainability that is an integral part of our (TCFD), so the structure of the report will be familiar to readers company strategy. of previous versions. At its core is a fundamental intent: to supply products that the I expect that sustainability reporting practices amongst world needs; and to produce them responsibly. companies will continue to evolve for some years in response to the emergence of mandatory requirements. The Sustainability Energy is critical for the world’s social and economic progress. Committee will continue to monitor developments, and I expect During 2025, the Sustainability Committee continued to observe that Woodside will continue to contribute constructively to the increased focus in public debate on the complexity of the energy evolution of mandatory requirements and industry practice. transition. It has become more widely recognised that making progress on global climate goals must be in partnership with, As ever, I and my colleagues have benefitted from the input of and not at the expense of, access to secure and affordable our investors, received through many different engagements energy supplies. throughout the year. These will continue, and I welcome your feedback on our sustainability plans, performance This recognition is translating into policy settings in many and disclosures. jurisdictions that recognise the role of energy in underpinning economic growth, and the critical role that energy sources such as natural gas play in meeting energy and decarbonisation policy goals. For Woodside, this does not signal a change of direction. Instead, it reinforces our commitment to investing in the existing Ann Pickard and emerging energy products – like LNG and ammonia – Chair of the Sustainability Committee that we expect to be in demand for decades to come, in which 24 February 2026 we hold competitive advantages, and which we can produce responsibly and profitably. 1. A HCI injury is a work-related injury that results in a fatality or permanent impairment injury. Please see Glossary for further information. 2. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 2 GHG emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations. 3. Where we refer to natural or cultural sites on the UNESCO World Heritage list, this refers to properties inscribed on the UNESCO World Heritage List as classified by UNESCO. For UNESCO definition of natural and cultural sites as well as a list of all sites, see: https://whc.unesco.org/en/faq/319 and https://whc.unesco.org/en/list/. Please see the Glossary for more information.

42 Woodside Energy Annual Report 2025 3.6.1 Woodside's Sustainability Plan Our company strategy is to thrive through the energy transition by developing a low-cost, lower-carbon, 1 profitable, resilient and diversified portfolio. This strategy is underpinned by three priorities: providing energy; It includes the following: creating and returning value to shareholders; and conducting • A systematic process to identify sustainability topics and our business sustainably. Conducting our business sustainably prioritise the most material ones. This is called our materiality means identifying, managing and reporting upon the potential assessment process. impact of our business upon society and the environment, as well • A company-wide plan to address our most material as the potential risks and opportunities to our operational and sustainability topics, which are described in the table below. financial performance. • Transparent reporting on our progress, structured to Our Sustainability Plan is overseen and regularly reviewed by the meet regulatory requirements and relevant voluntary Board, its Sustainability Committee and responsible executives. guidelines to support consistent and comparable reporting. This report provides information about the governance of the Sustainability Plan, our sustainability risk management process and our performance against our material topics in 2025. Woodside’s Sustainability Plan: 2025 objectives and focus areas Indigenous Peoples Material Health, safety Environment and cultural heritage and Climate topics and wellbeing biodiversity 2 engagement Objectives Operating safely and Create positive economic, Embed environmental and Our aspiration is to thrive protecting the health social and cultural outcomes biodiversity management through the energy transition of our workforce that leave a lasting legacy and opportunities in our with a low-cost, lower-carbon, with Indigenous Peoples approach and decision profitable, resilient and 1 communities making diversified portfolio Focus • Improve personal safety • Review our • Develop waste and • Reduce our net equity and wellbeing outcomes Reconciliation Strategy water frameworks Scope 1 and 2 GHG Areas emissions • Improve process • Indigenous Peoples and • Develop Biodiversity safety outcomes. cultural heritage Management Plans • Invest in products requirements where and services for the • Pursue positive we are active. energy transition. biodiversity outcomes where we undertake our activities. See more on page 48 See more on page 54 See more on page 60 See more on page 66 Additional information is available on our website at woodside.com. 1. For Woodside, a lower-carbon portfolio is one from which the net equity Scope 1 and 2 GHG emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower-carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us to achieve this aim. Woodside uses the term ‘lower-carbon’ to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production, facility, product or service, or activity. Woodside’s Board approved policies are available on our website at woodside.com. 2. Following internal and external stakeholder feedback, Woodside updated its reference from First Nations to Indigenous Peoples because First Nations is not a globally accepted or widely used term beyond Australia. Indigenous Peoples aligns with the United Nations Declaration of the Rights of Indigenous Peoples (UNDRIP) language and is the recognised collective term in international law.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 43 I FINANCIAL PERFORMANCE N 3.6.2 Governance This section of the Sustainability Report provides information about Woodside’s governance of sustainability-related risks and opportunities. This includes the Board’s oversight of them and management’s role in assessing and managing them. Board committees Board oversight The Board has four standing committees to assist The Board oversees and considers recommendations from the in the discharge of its responsibilities, including on Sustainability Committee on the company’s policies, performance 1 sustainability‑related matters. and reporting in relation to sustainability-related matters The Sustainability Committee’s responsibilities include including health and safety, process safety, the environment, reviewing, and making recommendations to the Board on the climate change, human rights, Indigenous Peoples cultural company’s policies, performance and reporting in relation to heritage and engagement, security and emergency management sustainability‑related matters. The role of the Sustainability and community relations. Committee also includes: overseeing (in conjunction with the The Board approves relevant sustainability-related targets, Audit and Risk Committee, as appropriate) the administration of monitoring performance against them, and approving the processes for identifying, assessing, prioritising, monitoring recommendations from the Human Resources & Compensation and managing the company’s material sustainability-related risks Committee about the inclusion of sustainability-related metrics and opportunities; reviewing and monitoring compliance with in executive remuneration. applicable sustainability-related laws and regulations; and reviewing and recommending to the Board for approval material Board composition, skills and knowledge public sustainability-related targets and monitoring progress The Non-Executive Directors bring diverse operational and against those targets. The Sustainability Committee meets international experience, industry understanding, knowledge at least four times a year. of financial markets and decarbonisation technologies and The Audit & Risk Committee assists the Board to meet its strategies, and insight into health, safety, environmental, oversight responsibilities in relation to the company’s corporate community and other sustainability-related matters that are reporting, compliance with legal and regulatory requirements, important to Woodside. The Board supplements its sustainability accounting and sustainability standards, tax matters, internal knowledge by seeking the input of executives, external advisers control structure, risk management procedures, cybersecurity and specialists to further inform its decisions. matters and the internal and external audit functions. Given the The competencies and skills of the Directors are set out in the importance of material sustainability-related risks and competencies matrix included in Section 4.1 - Corporate opportunities to Woodside, and potential implications relating Governance Statement. The Director competencies matrix to financial reporting, the Audit & Risk Committee reviews the includes energy transition and climate-related components to Company’s risk management framework, with input from reflect the importance of these issues to Woodside’s operations. management, other committees and external experts as The Board uses this competencies matrix to assess the skills and appropriate, to ensure that it adequately deals with contemporary experience of each Director and the combined capabilities of the and emerging risks, including material sustainability-related Board, to identify potential areas of focus for Director recruitment risks (including climate-related risks and opportunities). and to identify any professional development opportunities that The Audit & Risk Committee also considers the inclusion may benefit Directors. of sustainability-related risks within Woodside’s internal Changes to the membership of Woodside’s Board of Directors are audit program and the appropriateness of disclosures on part of the continuous review of Board skills and composition. climate-related risk within the consolidated financial statements. Changes are intended to enhance Woodside’s Board and More details on the management of material climate-related risks Committees so that they are best placed to support Woodside’s and opportunities under Woodside risk management framework, global operations and strategic growth opportunities through the are provided in Section 3.7 – Risk Factors. energy transition. The Nominations & Governance Committee assists the Board with reviewing Board composition, performance and succession planning. This includes identifying, evaluating and recommending candidates for the Board, taking into account the factors set out in the Director competencies matrix set out in Section 4.1 - Corporate Governance Statement. 1. Woodside’s Committee Charters are available on Woodside’s website at https://www.woodside.com/who-we-are/corporate-governance-and-policies

44 Woodside Energy Annual Report 2025 3.6.2 Governance Perth office, Woodside Energy The Human Resources & Compensation Committee assists the • update on the 30th Conference of the Parties to the United Board with establishing and implementing human resources and Nations Framework Convention on Climate Change and compensation strategies, policies and practices. Performance International Maritime Organization’s Net Zero Framework based remuneration for the CEO, senior leadership team and all Investor engagement other permanent employees include metrics related to climate and health and safety. Further details are provided in Section 4.3 Listening to our investors helps Woodside to understand their - Remuneration Report. priorities and perspectives on our strategy, sustainability direction, performance and disclosures. Sustainability-related Board discussions In 2025 our Board and Management held over 200 meetings with A structured calendar provides the Board and its relevant investors in which climate and sustainability-related matters Committees with regular scheduled updates on the four material were discussed. topics outlined in Section 3.6.1 – Woodside’s Sustainability Plan These supplemented direct correspondence, and the opportunity and other sustainability topics as appropriate. Outcomes from to exchange views with shareholders at our Annual General committee meetings are communicated to the Board. Information Meeting. In addition, Woodside has introduced new ways to is presented by management as well as external advisers and enhance the breadth and quality of our engagement, including a specialists. Climate change and safety are both separately CEO briefing and Q&A, a site tour, and a dedicated sustainability discussed at every meeting of the Sustainability Committee, focus session led by subject matter experts on a specific topic. or at a Board Meeting during meetings at which the Sustainability Committee does not convene. The Board and Executive Leadership Team regularly discuss the feedback that they receive during this structured calendar Examples of topics considered by the Board and its relevant of engagement. Committees in 2025 include: The feedback and perspectives that we receive from investors • energy markets and the energy transition, including during our sustainability engagement is diverse, especially on developments in international policy, particularly in the US, key aspects of our approach to managing climate change and European Union and Australia the energy transition. There is no uniform view on Woodside’s • investor feedback on climate and sustainability topics climate initiatives or the pace of progress, with financial • the identification of material sustainability topics for 2026 institutions and individual investors often holding • health and safety matters, including process safety, field opposing views. leadership and psychosocial factors It is the role of the Board to listen, consider and balance • performance against net equity Scope 1 and 2 GHG emissions divergent stakeholder perspectives along with its relevant targets and the progress of emissions reduction initiatives industry experience, technical knowledge, and access to expertise, ultimately adopting a direction that is in the long-term • performance against the targets in Woodside’s Reconciliation interests of its shareholders. We transparently disclose how we Action Plan (RAP) have addressed the main perspectives raised, further information • the company’s obligations under the Australian Sustainability is available on our website. Reporting Standard Climate-related Disclosures Standard S2 (AASB S2), including amongst other matters, the material CEO and Executive remuneration climate-related risks and opportunities. Executive remuneration is an important tool to reward • updates from the Murujuga Rock Art Monitoring Program and management performance in line with company priorities, other regulatory and international heritage matters including sustainability. In 2025, safety and climate metrics were • biodiversity outcomes associated with 2025 plantings at each a distinct component of the Company Scorecard impacting Woodside’s Western Australian carbon farms Variable Annual Reward. • sustainability ratings agencies assessments of Woodside’s Safety metrics make up 15% of the total scorecard to ensure sustainability performance a focus on our aim to prevent all injuries and the critical • human rights matters, including evolving regulatory regimes importance of effective process safety management and and due diligence expectations leadership to avoid major accident and environmental events. • information on the cost and feasibility of potential emissions Climate metrics make up 15% of the total scorecard, and are abatement options based on gross Scope 1 and 2 GHG emissions performance and 1,2 • developments in the European Carbon Border Adjustment on new energy project progress. Mechanism and the methane regulation Outcomes of these elements of the 2025 scorecard are included • Woodside’s Oil and Gas Methane Partnership 2.0 (OGMP 2.0) in Section 4.3 - Remuneration Report. Implementation Plan Individual key performance indicators (KPIs) may also be added • Woodside’s performance against the World Bank’s Zero Routine to Executive performance agreements in accordance with their Flaring by 2030 initiative roles and responsibilities. 1. Gross equity emissions are calculated prior to retirement of carbon credits as offsets, focusing the organisational priorities on avoiding and reducing emissions. 2. New energy project progress (which includes new energy products and lower-carbon services) is subject to commercial arrangements, commercial feasibility, regulatory and joint venture approvals, and third party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 45 I FINANCIAL PERFORMANCE N Houston office, Woodside Energy Accessing global knowledge Management accountabilities Woodside management supplements its knowledge and expertise The CEO is responsible for the management of Woodside's business by joining and engaging with external organisations. This helps activities, including implementation of the Sustainability Plan, and to ensure that management is aware of emerging trends and reports directly to the Board and Chair. The CEO is supported by the developments, including in jurisdictions where we do not have Executive Leadership Team. The position of Executive Vice a direct operational footprint, and can learn from the experience President Sustainability, Policy and External Affairs reports directly of others. to the CEO and is a member of the Executive Leadership Team. In 2025, Woodside engaged with organisations including Ipieca, The Executive Leadership Team is informed about and monitors the global oil and gas association dedicated to advancing progress on sustainability-related matters by senior leaders environmental and social performance across the energy transition. through channels such as presentations and papers to the Woodside’s Vice President Climate, Sustainability and Energy Policy Executive Leadership Team, and by distribution of Board is a member of Ipieca’s global executive committee and is papers and other periodic updates. responsible for championing the organisation’s work on climate The strategic nature of sustainability-related topics means change. Other Woodside employees attend committees and that many different groups (including amongst others Climate working groups, including its Climate Change, Social, and and Sustainability, Finance, Governance and Risk and Compliance Environment committees. Woodside is also a member of the and Operations) have a role to play in the delivery of International Association of Oil & Gas Producers (IOGP). Staff sustainability-related performance. Activities include: members participate in IOGP’s standing committees and expert working groups meetings. Woodside utilises IOGP’s industry • incorporating sustainability-related considerations, accepted metrics and standards where possible, particularly in particular climate and the energy transition, into in the areas of health and safety, which enables sharing of best development of company strategy practice and benchmarking. • setting budgets, a capital allocation framework and We are also members of a number of other industry associations investment decision-making processes that include the and organisations. Further information about these is available consideration of sustainability-related factors on our website. • preparing a sustainability plan and recommending actions, targets and metrics Mandatory sustainability reporting requirements • consideration of identified material climate-related risks Woodside complies with regulatory requirements in jurisdictions and opportunities (and integration within the risk that apply to our activities. We also monitor the development management process) of global sustainability reporting standards, relevant to our • monitoring and updating the Board and Executive Leadership activities around the world. Team on the Sustainability Plan and related internal and As a calendar year reporter, Woodside is required under the external developments Corporations Act 2001 (Cth) and AASB S2 to include specific • designing company-wide processes to assist business climate-related disclosures in this Sustainability Report. delivery, such as integrated emissions accounting and forecasting, technical company minimum standards, and asset decarbonisation plans • building a portfolio of carbon credits which is subject to integrity due diligence • liaising with debt and equity investors, including on sustainability‑related matters.

46 Woodside Energy Annual Report 2025 3.6.2 Governance Woodside also participates and engages with selected Voluntary sustainability reporting frameworks sustainability rating indices and benchmarking organisations, and benchmarks including MSCI, S&P Global, Sustainalytics, Climate Action 100+ Our 2025 sustainability disclosures are also guided by a number and the Transition Pathways Initiative. Participation provides of voluntary frameworks including amongst others: comparative insights into stakeholders’ areas of interest, • The recommendations of the former TCFD, which have now emerging trends and good business practice with regards been migrated to IFRS for monitoring of the progress of to sustainability performance. More information is available companies’ climate-related disclosures on our website. • The Global Reporting Initiative (GRI), which is a network-based organisation that promotes sustainability reporting worldwide. The GRI reporting framework sets out principles and indicators that organisations can use to measure and report their environmental, social and governance performance • Ipieca reporting guidance, which is specific to the oil and gas sector. Perth office, Woodside Energy.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 47 I FINANCIAL PERFORMANCE N 3.6.3 Risk management In undertaking the materiality assessment, management draws Risk management process upon internal and external inputs, including from our risk Woodside’s risk management process is described in management process, and the monitoring of developments, Section 3.7 – Risk Factors. Sustainability risks are incorporated trends and stakeholder views throughout the year, as well as into this process. Information about the process for identifying the experience and expertise of Board Directors and senior material climate-related risks and opportunities is included management. In addition, some specific engagements with in Section 3.6.8.1 – Basis of Preparation. stakeholders (such as investors, customers, communities, and governments) can help us to verify our analysis. As a business, Woodside categorises its risks in three ways: When topics have been identified, they are prioritised. • strategic (those within our sphere of influence that could 1 The highest priority topics are determined to be material. significantly affect our ability to achieve our medium- to Following endorsement by the Executive Leadership Team long‑term strategic objectives) and the Sustainability Committee, actions to address the material • emerging (those capturing external threats or factors that topics are included in Woodside’s Sustainability Plan which have a high degree of uncertainty and are not readily is monitored by the Executive Leadership Team and the controlled by Woodside) Sustainability Committee. Updates on the material topics • current (those that could affect our ability to deliver are included in this report. our objectives). The materiality assessment process undertaken in 2025 identified an additional material topic which will be included in the 2026 Woodside’s strategic risks align with several of its material Sustainability Plan and reported on within the 2026 Sustainability sustainability topics. Risks categorised as “strategic” are Report. This new material topic is “Social and economic impact”. reviewed by the Board, its Audit & Risk Committee and the Executive Leadership Team at least twice a year, and the Board Board oversight of climate-related risks confirms its risk appetite in relation to each strategic risk. Management actions that need to be taken in order to address and opportunities the risks are incorporated into Woodside’s internal risk Woodside assesses and discloses the current and anticipated management system. material climate-related risks and opportunities that could impact its business and value chain. These include physical risks, Materiality assessment process transition risks, and transition opportunities. The Board and for sustainability topics its Sustainability and Audit and Risk Committees contributed to the design of this process and reviewed its outcomes. Risks and Woodside undertakes a materiality assessment process which opportunities were assessed against factors including the builds upon our risk management process with a specific focus potential effects on cash flows, access to finance and the cost of on the further identification of sustainability topics. It is intended capital over the short, medium and long term. Where sufficient to inform our understanding of which sustainability-related topics information is available, an assessment of the potential financial are most relevant to our business performance, activities and impact of these risks and opportunities has been undertaken. stakeholders. It considers potential risks, opportunities and The results of the assessment undertaken in 2025 are presented impacts of sustainability topics on our business, the economy, in Section 3.6.8 - Climate with additional relevant information in the environment and upon people, including impacts on Section 3.6.8.1 – Basis of Preparation. Further information on risk human rights. management is included Section 3.7 – Risk factors. 1. For the purposes of Woodside’s 2025 sustainability disclosures we determine which topics are material. For these purposes, “material topic” means a 2025 sustainability topic described in this report, determined as part of the 2024 materiality assessment process undertaken by Woodside. Classification of any topic as material through our materiality assessment process should not be read as a determination of whether that topic rises to the level of materiality of disclosure required by law, including the laws of Australia, and the US. However where applicable laws require the disclosure of risks that meet certain thresholds, Woodside has disclosed those risks.

48 Woodside Energy Annual Report 2025 3.6.4 Material Topic – Health, safety and wellbeing North Rankin Complex, Western Australia.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 49 I FINANCIAL PERFORMANCE N Health, safety and wellbeing Governance Everyone deserves a safe and supportive workplace that seeks Our processes for governing health, safety and to protect both physical safety and mental wellbeing. Good health wellbeing as a material sustainability topic are explained in and safety performance goes hand in hand with productivity Section 3.6.2 – Governance. and our business performance. Strategy 2025 performance overview Woodside’s activities present process safety, personal safety • There was one Tier 1 process safety event (PSE) and zero and health and wellbeing risks that must be managed. Tier 2 loss of primary containments (LOPCs) PSEs in 2025. Our strategy provides focus areas for our efforts to achieve The Tier 1 PSE occurred in May 2025 during planned flushing our vision for Health, Safety and Environment (HSE), so that of a Griffin subsea flowline in preparation for removal, when we protect what matters most – our people, environment and an unexpected fluid release occurred. The incident was communities. Our current approach groups these into four managed under Woodside’s Crisis Incident Management key areas: Framework, with regulatory-approved response and monitoring plans activated. The event was short term and localised, with no lasting impact to the environment. Habits Systems • In 2025, we had zero high-consequence injuries (HCIs). Leadership Simple systems and tools There were 38 recordable injuries, the main types being Learning Lead and lag indicators 1 Aspiration lacerations, fractures and soft tissue injuries. Risk management • Our Total Recordable Occupational Illness Frequency (TROIF) in 2025 was 0.99. There were a total of 23 recordable occupational illnesses, primarily musculoskeletal disorders. • In 2025, we conducted a psychosocial hazard assessment that included a survey across the business. • In 2025, we achieved 98% senior Process Safety Critical Roles Innovation Practices (PSCR) conformance (above target of 95%). Good practice and collaboration Capability and capacity Data and AI HSE focus across asset lifecycles Technology Verification Woodside employees on the Léopold Sédar Senghor FPSO, Senegal. 1. An HCI injury is a work-related injury that results in a fatality or permanent impairment injury. Please see Glossary for further information.

50 Woodside Energy Annual Report 2025 3.6.4 Material Topic – Health, safety and wellbeing Systems The expectations that apply to Woodside assets and employees across all of our business locations are defined in Our Code of Conduct, our Health and Safety Policy and our Working Respectfully Policy. All employees, contractors and joint venture participants engaged in activities under Woodside’s operational control are responsible for the application of this approach. The new Woodside Management System (WMS) establishes the minimum expectations and requirements for working safely across our business. It outlines the processes and systems used to identify, assess, and control risks, applying the hierarchy of controls to manage hazards effectively. Implementation of the new WMS began in March 2025 and included comprehensive stakeholder engagement. Working with contractors Woodside engages a wide range of contractors across both Woodside-operated sites and contractor-operated locations. Clear definition of HSE responsibilities is essential to ensure both parties understand the interfaces and know which organisation is accountable for each element of the HSE management system. Woodside applies three contract modes to communicate this approach. Mode 1 Mode 2 Mode 3 Woodside led Contractor led with Woodside oversight Contractor controlled – Woodside guided • Woodside leads and directs the work. • The contractor provides the equipment or facilities • Mode 3 typically applies at contractor or third‑party used to perform the work on Woodside, contractor sites, such as fabrication yards or locations • Woodside’s HSE management system or third party sites – for example, work in a fenced- controlled by another operator until handover applies. This typically covers minor off area of a shared site or on a contractor- (e.g. Beaumont New Ammonia). modification, maintenance, and provided drilling rig. turnaround activities on Woodside sites. • The contractor is responsible for HSE management. • The contractor’s management system generally Woodside may continue to influence through • HSE data is included in Woodside’s applies, with defined interfaces to Woodside’s inspections or by providing standards and reporting. system. Woodside assures the overall quality specifications. effectiveness of contractor controls, • The contractor is not required to report events including subcontractor management. to Woodside. HSE data is not included in • HSE data is included in Woodside’s reporting. Woodside’s reporting. These contracting modes align with IOGP Report 423 – HSE Management Guidelines for Working Together in a Contract Environment, and are based on the risks associated with the work and the party best positioned to manage those risks. The Woodside Field Leadership Framework creates a structured Habits approach to developing leadership skills at all levels of the Human and Organisational Performance (HOP) is an approach business, equipping leaders with four types of conversation that to improving work and safety that focuses on understanding are designed to engage with workers in the location where they the context and conditions of work, recognising the complex perform their role. In 2025, the Framework was extended to interactions between people and systems. The HOP approach non‑operational business groups and office-based teams. aims to identify and amplify the good work that is already being undertaken in our business. It focuses on understanding and Woodside applies a risk‑based assurance approach to proactively engaging those employees most familiar with tasks to optimise assess the effectiveness of health and safety controls. Insights system conditions and, where possible, reduce constraints. gained from the assurance and review of high‑potential incidents Ultimately, the focus is on creating the conditions for success, provide valuable insights. We report and investigate health and not just avoiding failure or unwanted safety events. safety events to understand risks and causes, and to implement actions to mitigate impacts and to improve the efficiency of our Woodside requires its leaders to create a culture in which controls. This supports improvement of our systems to help everyone is encouraged to speak up and intervene on safety prevent recurrence. issues, including an obligation to stop unsafe work. We engage with our workforce regularly to communicate safety information and to understand current and emerging safety issues. Regular communications channels include site-based pre-start meetings, safety event bulletins, and safety learning discussions. Across the business, each October we embrace Stand Together for Safety, encouraging regional teams to have vital 1 conversations about why safety matters to us. 1. Stand Together for Safety is Woodside’s annual, company‑wide safety initiative designed to refocus attention on what safety means in day‑to‑day work. The program brings employees and contractors together across assets, offices and regions to reflect on key safety themes, share learnings, and strengthen a culture of care.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 51 I FINANCIAL PERFORMANCE N Process Safety Management (PSM) is of critical importance to Innovation avoid loss of control of hazardous substances which could result Woodside has participated for many years in industry in a major accident or environmental event. Woodside aligns organisations such as IOGP and Safer Together, benchmarking and assesses compliance of the management system and performance and sharing best practice in achieving positive practices with the Energy Institute PSM Framework, which safety outcomes. Technical experts actively monitor external includes 20 elements across four focus areas: technological advancements to identify opportunities that can enhance health and safety outcomes, for example separating • Process Safety Leadership individuals from hazards. • Risk Identification and Assessment Examples of this approach include the High Energy Remote • Risk Management Operator (HERO) and subsea inspection case studies. • Review and Improvement. The HERO solution was designed by our operations, technology These elements remind us that safety focused processes are and engineering teams in collaboration with NASA and essential in engineering design, projects, maintenance, and transforms a hazardous manual task into a remote operation operations where individuals, leaders and systems all play a role. which reduces operator exposure to arc-flash risks. In 2025, we trained and assessed 29 employees to an “advanced” Woodside and Wood PLC delivered remote subsea inspections 1 level of competency in PSCRs. at Shenzi, streaming live data to onshore engineers instead of sending teams offshore. This solution aims to reduce risk and Wellbeing accelerate decision making. During the year, our Global Wellbeing Framework was refined. In 2025, we began developing an AI-powered Field Leadership The framework provides a foundation for individuals and leaders tool to serve as a virtual Field Leadership Coach and support to cultivate a work environment where everyone can thrive. data analysis. This tool is now being used to generate insights Importantly, the “protect from harm” element includes the for reports, enhancing our ability to track progress and identify treatment of psychosocial hazards within the same framework as opportunities for improvement. physical hazards. To promote employee wellbeing we facilitated access to non-occupational medical and healthcare services Practices through benefits such as gym membership subsidies, wellness Our competency frameworks define the requirements for reimbursements and health plans. Our fully subsidised Employee certain roles in our organisation, and are backed by training Assistance Program (EAP) provides voluntary access to systems. Competencies include risk management, process safety, professional, confidential coaching and support for employees emergency response, human factors, and occupational health and eligible family members. management, including support for mental health and wellbeing. During 2025, all Woodside employees were asked to participate in a psychosocial risk assessment. More than 3,000 employees and contractors responded to the risk assessment. Woodside employee at end of trip facilities, Mia Yellagonga, Perth. 1. The “advanced” level of competencies in PSCR was previously referred to as “skilled”.

52 Woodside Energy Annual Report 2025 3.6.4 Material Topic – Health, safety and wellbeing Risk Management Woodside’s risk management process is described in Section 3.6.3 – Risk Management and Section 3.7 – Risk factors of this report. Potential risks and opportunities For Woodside the potential key risks and opportunities regarding health, safety and wellbeing are as follows: Risks • Significant loss of primary containment resulting from a PSE, such as a flammable substance leak which subsequently results in a fire Woodside employees learning about process safety risks • Failure to effectively plan and execute high-risk activities, at a Perth training centre. such as working at height, resulting in a fall to ground and serious injury • Failure to identify or mitigate health and safety risks, such as work plans changes and not being able to access appropriate CASE STUDY tools for the job, leading to a serious injury. Process safety management Opportunities • Continue to mature learnings from events across the globe In 2015, Woodside implemented a PSM framework. This approach focuses on leadership accountabilities • Build our relationships with contractors to support our and behaviours, building upon Woodside's strong common safety performance goals technical approach to PSM. • Improve tracking and visibility of leading indicators of health PSM is about protecting people and the environment and safety (including Field Leadership records) to target areas from the major hazards in oil, gas and chemical industries. for improvement prior to the occurrence of incidents. Woodside's adoption of a PSM framework demanded an investment of time and capability building to enhance the way Woodside managed process safety. To accomplish this, Woodside formed a project team that included representatives from Woodside, joint venture participants, and specialist consultants, with support from Woodside’s Executive Leadership Team. Competency of personnel in PSCRs remains a cornerstone of the approach. The outcome is a PSM framework that has a focus on early detection of weaknesses in process safety controls using the WMS and internal expertise to support ongoing effectiveness of these controls. At the end of 2025, more than 270 current senior leadership and advanced technical PSCR personnel have completed an independent competency assessment, a process that may take several weeks or months. During the 10 years from 2015 to 2025 more than 3,200 employees have participated across various levels of the Woodside PSM competency program. After a decade, the commitment to the program remains strong. Woodside continues to integrate PSM into daily routines, track progress and remain vigilant to process safety risks.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 53 I FINANCIAL PERFORMANCE N Metrics and targets This section explains a number of safety-related metrics that are relevant to Woodside’s assessment, management and performance against potential key risks and opportunities. For some of these metrics, targets have been adopted. The following metrics have been selected as they focus on the highest impact to people and the business. The metrics are also informed by recommended disclosures within current voluntary sustainability frameworks and guidance, with consideration of industry practice. Process Safety Events – Tier 1 and 2 Process Safety Events Target 2025 Performance This is a measure of an unplanned or uncontrolled release of energy or Less than or equal to 2 1 LOPC of any material including non-toxic and non-flammable materials from a process with the potential to cause harm. Senior Process Safety Critical Role Conformance Target 2025 Performance This is a measure of assessed competency for PSCR. This is a leading Equal to or greater than 95% 98% indicator and measures the leadership and competency of the individuals in roles that can affect process safety outcomes. High-Consequence Injuries (HCIs) Target 2025 Performance This measure was selected as a scorecard metric to focus attention on Less than or equal to 2 0 the highest risks to people. The definition for HCI is a work-related injury 1 that results in a fatality or permanent impairment injury. Total Recordable Occupational Illness Frequency Target 2025 Performance This is a measure of the occurrence of occupational illnesses within our N/A 0.99 frequency rate business and applies to both physical and psychological illnesses. In addition to the key metrics outlined above, please also see the Health and Safety data table available on our website at woodside.com for other metrics. 1. A permanent impairment is defined as the outcome of a work-related injury from which the worker cannot or is not expected to return to their previous (pre-incident) whole person function as a result of an acute, single incident, resulting in any of the following: • permanent loss of body parts • permanent reduction of organ’s physiological function • permanent reduction in skin and musculoskeletal function • permanent reduction in psychological, social, or cognitive function

54 Woodside Energy Annual Report 2025 3.6.5 Material Topic – Indigenous Peoples cultural heritage and engagement Murujuga Rangers undertaking maintenance work at Nganjarli in Murujuga National Park, Western Australia

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 55 I FINANCIAL PERFORMANCE N • In 2025, two Indigenous Advisory Group Roundtable Indigenous Peoples cultural heritage discussions were held. These roundtables are an opportunity and engagement for senior Woodside executives to gain insights through Indigenous perspectives. The roundtables share knowledge, We acknowledge the unique connection that Indigenous context and concerns with Woodside, identify positive features communities have to land, waters and the environment. of our work, recommend areas for improvement, help inform We believe Indigenous Peoples, cultural heritage and industry decision-making processes and strengthen relationships can successfully coexist and that Traditional Owners and with communities. Custodians can help us to understand, manage and protect 1,2 cultural values. • In 2025, Woodside continued to engage with Indigenous Peoples in areas where it is active. These engagements 2025 performance overview strengthened our relationships and increased our employee cultural awareness, understanding, and respect. • In 2025, the Murujuga Cultural Landscape was successfully These included: inscribed on the UNESCO World Heritage List. Woodside – In British Columbia, we participated in the Fort Nelson First proudly supported the Indigenous-led World Heritage Nation cultural celebration, which marked 115 years since nomination and assessment process with the Western 3,4 the signing of Treaty No. 8 and honoured the traditions, Australian and Australian Governments. Support included: community spirit and cultural strength of the Dene and – funding for resources to Murujuga Aboriginal Corporation Cree peoples. (MAC) to assist with drafting of the World Heritage – In Ngumpan, outside of Fitzroy Crossing, we attended the nomination documents Kimberley Aboriginal Land and Culture Centre (KALACC) – provision of technical and operational information to Festival’s 40th anniversary, which drew people from support the nomination across the Kimberley to celebrate culture and community – funding support to MAC to attend and participate at the through dance, song and story. A defining moment was the International Council of Monuments and Sites (ICOMOS) announcement of the Kimberley Aboriginal Regional Body, General Assembly comprising elected representatives to advocate on key – hosting an ICOMOS inspector’s visit to Pluto LNG Park issues affecting the region and its people. – support for heritage management initiatives, including the • In 2025, grants were awarded to two Indigenous organisations Murujuga Rock Art Monitoring Program, to inform and to purchase equipment and undertake training to enable these demonstrate the coexistence of industry and heritage. groups to participate in carbon farming activities such as tree planting and land maintenance. These grants form part of • Woodside will continue to collaborate with MAC and Woodside’s Indigenous Capacity Fund that supports Traditional Custodians to support coexistence of Woodside’s Indigenous enterprises to build foundational capacities operations with the World Heritage Property’s Outstanding 5 and skills to enable participation in the carbon industry. Universal Values. • In Australia, Woodside consulted with more than 45 Indigenous Governance stakeholder groups as well as individuals to support the preparation of Environment Plans, with resources Our processes for governing Indigenous Peoples cultural heritage provided where necessary to enable participation. and engagement as a material sustainability topic are explained in Section 3.6.2 – Governance. 1. There is diversity within the Indigenous communities in the areas where we are active. When communicating with a wide audience, Woodside uses the term “Indigenous Peoples” to refer to Traditional Owners and Custodians. At a local level, Woodside will be guided by the community about the appropriate terms to use. Following internal and external stakeholder feedback, Woodside has updated our reference from First Nations to Indigenous because First Nations is not a globally accepted or widely used term beyond Australia. Indigenous Peoples aligns with the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) language and is the recognised collective term in international law. 2. Cultural Heritage – Tangible and intangible aspects of Indigenous culture, including sites, stories, objects, knowledge and traditions that hold ongoing significance. 3. Where we refer to natural or cultural sites on the UNESCO World Heritage list, this refers to properties inscribed on the UNESCO World Heritage List as classified by UNESCO. For UNESCO definition of natural and cultural sites as well as a list of all sites, see: https://whc.unesco.org/en/faq/319 and https://whc.unesco.org/en/list/. Please see the Glossary for more information. 4. Further information can be found in the case study: Support for the Murujuga Cultural Landscape World Heritage inscription. 5. The Outstanding Universal Values of the Murujuga Cultural Landscape are set out in the UNESCO World Heritage Committee’s Decision 47 COM 8B.13 which inscribed the Murujuga Cultural Landscape on the World Heritage List.

56 Woodside Energy Annual Report 2025 3.6.5 Material Topic – Indigenous Peoples cultural heritage and engagement Although this obligation is expressly assigned to States, Strategy Woodside is guided by these principles through: In 2025, Woodside commenced the development of a • Engaging through representative institutions with cultural Global Indigenous Peoples Strategy, with approval and authority to represent Indigenous communities. implementation planned for 2026. • Being guided by Indigenous communities on their preferred Subsequent to the reporting period, in 2026, Woodside plans methods of consultation, including the format, attendees, to release its Indigenous Peoples Strategy 2026–2030. cultural protocols, location and timing. Four key pillars underpin the strategy: • Providing relevant information through accessible communications including fact sheets and face-to-face 1. Culture and cultural heritage: protecting heritage with engagements. Indigenous-led processes • Supporting representative institutions so that they are 2. Thriving and resilient communities: supporting community resourced to access credible, independent expert advice priorities that strengthen wellbeing beyond our presence where required. 3. Economic participation: creating pathways for Indigenous • Listening to the voices, views and aspirations of Indigenous employment, training and business development communities and leaders so that they are heard and 4. Self-determination: ensuring Indigenous voices shape considered within Woodside, and incorporated into decisions and outcomes. decision‑making processes. The Strategy is global in principle and local in practice. Regions will • Adhering to our Anti-Bribery and Corruption Policy, which tailor their plans and commitments according to local contexts. recognises that Indigenous Elders or representatives authorised to act on behalf of an Indigenous group or Our Indigenous Communities Policy defines our approach to community may be considered government officials. engaging with Indigenous communities and is regularly reviewed and updated. Woodside employees, contractors and joint venture Cultural Heritage Management participants engaged in activities under Woodside’s operational Woodside’s Cultural Heritage Standard sets out how we give control are responsible for the application of the Policy, and are effect to the intent of our Indigenous Communities Policy in provided with appropriate training. This Policy also notes that respect of cultural heritage. The Standard supports our approach Woodside is guided by the United Nations Declaration on the 1 to thorough, transparent and collaborative management of Rights of Indigenous Peoples (UNDRIP). tangible and intangible cultural heritage, with the intent to avoid Consultation and engagement impacts, or, where avoidance is not possible, to minimise and manage those impacts. This is not only the right thing to do, We understand the importance of identifying and working with it also reduces operational uncertainty and risk to Woodside. those who have longstanding cultural and spiritual connections to the land and waters where we have a presence. By consulting In 2025, there were two significant developments within the effectively, we can be guided by Indigenous Peoples in our efforts Murujuga Cultural Landscape in WA. The first was UNESCO’s to avoid or minimise the potential impact of our operations – inscription of the Murujuga Cultural Landscape on the World this improves cultural heritage management, and can reduce Heritage List in July 2025. The second was the Australian Federal the risk of unanticipated disruption to business activities. Environment Minister’s declaration in September 2025 for the protection of specified areas of Murujuga under the Aboriginal As a global company, we engage with a range of community and Torres Strait Islander Heritage Protection Act 1984 (Cth). stakeholders around the world. In Australia, we maintain Woodside continues to monitor and adapt our approach to relationships with Indigenous communities in a number of areas cultural heritage management as societal expectations and of Australia, including the Pilbara, Kimberley, South West of external policy landscapes evolve. Woodside was a supporter Western Australia (WA) including Perth, and in coastal Victoria. of the successful inscription of the Murujuga Cultural Landscape Internationally, we maintain relationships with Indigenous on the World Heritage List. communities in New Zealand and the US. We aim to keep Traditional Owners and Custodians central Woodside is guided by UNDRIP and we also seek to engage with to heritage management so that their cultural values are affected communities of Indigenous Peoples in ways that are understood and remain protected. For example, we prepare consistent with the principles of seeking Free, Prior and Informed 1 Cultural Heritage Management Plans for our projects, and Consent (FPIC). FPIC establishes an obligation on States to conduct heritage audits and surveys, with input from Traditional “consult and cooperate in good faith with the indigenous peoples Owners and Custodians as well as from independent heritage concerned through their own representative institutions in order experts. Woodside is also committed to the ongoing management to obtain their free and informed consent prior to the approval of of any identified cultural heritage and that this process is any project affecting their lands or territories and transparent, thorough and continues to benefit from the input other resources”. and engagement of Indigenous communities. 1. United Nations General Assembly, 2007. “United Nations Declaration on the Rights of Indigenous Peoples”, Article 32 https://www.un.org/development/desa/indigenouspeoples/wp-content/uploads/ sites/19/2018/11/UNDRIP_E_web.pdf.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 57 I FINANCIAL PERFORMANCE N This approach is illustrated in our consultations for Environment Risk Management Plans for offshore and nearshore oil and gas activities, and Woodside’s risk management process is described in heritage monitoring for onshore ground-disturbing activities. Section 3.6.3 – Risk Management and Section 3.7 – Risk factors Building on previous innovative research in the waters off of this report. Murujuga, we have sought to understand the existing and potential tangible and intangible cultural heritage values of Potential risks and opportunities the submerged cultural landscape relevant to our activities. For Woodside the potential key risks and opportunities regarding This includes seabed mapping and specialist desktop Indigenous Peoples cultural heritage and engagement are underwater cultural heritage assessments. These efforts as follows: inform project implementation so that underwater cultural heritage is identified, protected and managed. Risks: Reconciliation • Woodside contributes to negative impacts to Indigenous We believe we can partner with Indigenous communities to Peoples cultural heritage create positive outcomes that leave a lasting legacy, improving • Woodside does not meet agreed local content outcomes both our business and the communities in which we operate. for Indigenous communities Indigenous Peoples make up a significant proportion of the • Woodside does not meet expectations of Indigenous population in the areas where we operate, with the potential communities in the areas where we are active. to contribute to our business as employees, contractors and suppliers. Opportunities: Woodside has participated in Reconciliation Australia's RAP • Pursue initiatives in addition to existing RAP targets program since 2009, when we became the first energy company • Further develop relationships with Indigenous communities to join the program. RAPs require participants to publicly in the areas where we are active nominate and report on practical actions they are taking to • Encourage and formalise partnerships with Indigenous advance reconciliation. organisations in the areas where we are active We are recognised as a leader in reconciliation with our fourth • Contribute to broader discussion on relevant Indigenous plan, the 2021–2025 RAP, and in 2025 achieved the fourth Peoples issues in jurisdictions where Woodside has reporting milestone by releasing the 2024 RAP Report. a presence. We monitor long-term impact outcomes and report annually on progress against commitments aligned with the four pillars of Woodside’s current RAP: • Respect for culture and heritage • Capability and capacity • Economic participation • Stronger communities. Australian Indigenous employment is a key focus for Woodside and its workforce and is identified as an indicator under Pillar 3 “Economic participation” of Woodside’s RAP in Australia with a target of 6.6% Indigenous workforce in 2025. Workforce Cultural Competency is also recognised as an important measure and an indicator under Pillar 1 “Respect for culture and heritage” of Woodside’s RAP in Australia. Employees are encouraged to complete cultural learning annually, with a target of 90% completion in 2025. In 2026, Woodside will implement its Indigenous Peoples Strategy, which is Woodside’s global equivalent of a RAP. The Strategy’s intent is to build meaningful partnerships with Indigenous Peoples everywhere we operate. By working together, we safeguard cultural heritage, strengthen communities, and create economic opportunities guided by self‑determination that ensures a positive legacy for future generations.

58 Woodside Energy Annual Report 2025 3.6.5 Material Topic – Indigenous Peoples cultural heritage and engagement Murujuga, Pilbara, Western Australia Woodside proudly supported the Indigenous led CASE STUDY World Heritage nomination and assessment process. Murujuga World Heritage Inscription On 11 July 2025, the Murujuga Cultural Landscape was successfully inscribed on the World Heritage List. Woodside Woodside has operated on Murujuga in the Pilbara region will continue to collaborate with MAC and Traditional of WA for more than 40 years. Murujuga is a landscape that Custodians to enable coexistence of operations with the is culturally and spiritually significant to the Ngarda-Ngarli 1 area’s Outstanding Universal Values. Traditional Custodians, and is famous for its rock art that attests to tens of thousands of years of continuous law and The listing provides a greater level of certainty about the culture. This rock art underpinned Murujuga’s inclusion on heritage values at Murujuga and will inform our approach Australia’s National Heritage List in 2007. We have adapted to sustainability practices, community consultations, and our approach to heritage management considerably over existing and new regulatory approvals. We acknowledge this our time operating within this landscape and are proud of was the first Western Australian Indigenous-led nomination the relationships we have built with Traditional Custodians accepted and inscribed on UNESCO’s World Heritage List. on and around Murujuga. Woodside is pleased to have contributed to this achievement. In August 2018, MAC and the Western Australian Government agreed to seek World Heritage listing for the Murujuga Cultural Landscape, and in August 2020 the area was added to Australia's World Heritage Tentative List, a necessary precursor to World Heritage listing. 1. Outstanding Universal Values: The Outstanding Universal Values of the Murujuga Cultural Landscape are set out in the UNESCO World Heritage Committee’s Decision 47 COM 8B.13 which inscribed the Murujuga Cultural Landscape on the World Heritage List.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 59 I FINANCIAL PERFORMANCE N Metrics and targets This section explains a number of metrics that are relevant to Woodside’s assessment, management and performance against potential key risks and opportunities. For some of these metrics, targets have been adopted. The following metrics have been selected as they focus on the highest impact to Indigenous Peoples and cultural heritage. Indigenous employment Target 2025 Performance 1 This metric applies to our Australian Indigenous workforce. This measure is 6.6% 6% important to Woodside and its employees and is an indicator under Pillar 3 of Woodside’s RAP in Australia, namely “Economic Participation”. Woodside increased its Indigenous workforce by 0.2% in 2025. The Pilbara- based Indigenous representation increased by 0.4%. Cultural heritage Target 2025 Performance This measure is important to Woodside, because effective cultural heritage Support two cultural heritage In 2025, Woodside supported management allows cultural values to be understood and remain protected. management initiatives 10 cultural heritage Impacts to cultural heritage carry possible significant reputational and proposed by Australian management initiatives financial impacts to the business, highlighting the importance of the effective Indigenous Traditional proposed by Australian management of this measure. Custodians through Indigenous Traditional engagement and consultation. Custodians. In addition, independent cultural heritage audits of Pluto and the North West Shelf facilities were completed, in collaboration with Australian Indigenous Traditional Custodians. Conduct two Indigenous In 2025, two Indigenous Advisory Group Roundtables. Advisory Group Roundtables were held. Workforce cultural competency Target 2025 Performance This measure is important to Woodside as it is an indicator under Pillar 1 of 90% of employees complete 92% training completion rate Woodside’s RAP in Australia, namely “Respect for Culture and Heritage”. cultural learning annually for 2025 Additional Indigenous Peoples cultural heritage and engagement content is available on the Indigenous Peoples cultural heritage and engagement page of the Sustainability section of the Woodside website at woodside.com. 1. Indigenous Australian employment continues to be part of our RAP commitments and our Inclusion and Diversity Strategy 2021–2025.

60 Woodside Energy Annual Report 2025 3.6.6 Material Topic – Environment and biodiversity Ningaloo from the air – Credit: Nick Thake, Nick Thake Photo Video.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 61 I FINANCIAL PERFORMANCE N Environment and biodiversity Governance Through credible science, strong relationships and responsible Our processes for governing Environment and biodiversity operations, we work to systematically manage risks and as a material sustainability topic are explained in environmental impacts, continuously improve our performance Section 3.6.2 – Governance. and deliver positive biodiversity outcomes in regions and areas 1,2 in which we undertake our activities. Strategy At Woodside we take a risk-based approach underpinned by 2025 performance overview credible science for managing potential environmental risks and • In September, the Australian Federal Government granted impacts. Guided by our Environment and Biodiversity Policy and final environmental approval for the North West Shelf Project Environment Management Standard, we apply the mitigation 3 Extension enabling the project to continue to deliver energy. hierarchy to avoid, minimise, remediate, or offset environmental risks and impacts across all our operations. • In October, the Trion project successfully obtained environmental approvals enabling the project to Our operations and our growth strategy depend on obtaining proceed to field execution as Mexico’s first and maintaining our regulatory licence to operate, a significant deepwater development. component of which arises from our environmental performance and approvals requirements. Given this, and the growing global • We recorded zero hydrocarbon or hazardous non‑hydrocarbon pressure on our natural environment, our strategy for addressing spills that resulted in a “Moderate” environmental impact, 4 environment and biodiversity related impacts, risks and meeting our target of zero for the year. opportunities has five key focus areas: • In 2025, there were two environmental events related to the release of hydrocarbon substances greater than 1 barrel (bbl) • Operational performance and compliance to the environment. The first was an unexpected fluid release, • Regulatory approvals during planned flushing of a Griffin subsea flowline in • Hydrocarbon spill preparedness preparation for removal. The incident was managed under • Strategic investment in scientific research Woodside’s Crisis Incident Management framework, with regulatory-approved response and monitoring plans activated. • Planning for positive biodiversity outcomes. The second was a release of hydraulic oil to ocean from the platform wellhead hydraulic system from Goodwyn Alpha. The potential impact from both events were short term, localised, with no lasting impact to the environment. • In addition, in 2025, during decommissioning activities at the Minerva field, an unplanned event occurred when plastic clamp materials were dislodged to the marine environment. State and Commonwealth regulators were notified, and pipeline recovery activities were suspended pending revision of accepted environment plans. This was a non-hydrocarbon related release. • Throughout the year our biodiversity efforts focused upon the recovery of species, habitats and ecological processes. In the Western Australian Wheatbelt region this included the commencement of Woodside’s Watheroo Biodiversity Project. In the USA we determined the scope and location for Woodside’s US based biodiversity project which will be located in Louisiana. 1. Woodside uses the term “credible science'' as evidence-based knowledge that is reproducible, peer-reviewed and supported by broader scientific evidence. 2. Woodside uses the term “positive biodiversity outcomes” as measurable biodiversity outcomes to support at least one of the following: 1) threatened or keystone species; or 2) restoration or regeneration of natural habitat; or 3) removal of threatening processes or enhancement of ecological function. 3. Approvals subject to conditions. Three separate legal proceedings have commenced in the Federal Court of Australia challenging the Federal Government's environmental approval, and one in the Western Australian Supreme Court challenging the State Government's environmental approval. 4. This metric is determined utilising Woodside’s risk matrix. For Woodside’s definition of “Moderate” please see the Glossary.

62 Woodside Energy Annual Report 2025 3.6.6 Material Topic – Environment and biodiversity Operational performance and compliance We also managed compliance with environmental regulations, with no fines, sanctions or cases relating to environmental Environmental and biodiversity considerations are integrated non‑compliance. This reflects our focus on disciplined operations across our value chain, from acquire, divest, explore and develop and meeting regulatory requirements across all regions where to project execution through to operations, marketing, trading we operate. and shipping and decommissioning. We adapt our approach to reflect local environmental sensitivities and focus the greatest Collectively, these results support Woodside’s ongoing effort where risks are highest. commitment to responsible environmental management and strong regulatory compliance cross our global operations. We comply with environmental laws and apply responsible standards wherever we operate. This includes avoiding new Regulatory approvals 1,2 activities in natural sites on the UNESCO World Heritage List. Woodside operates a global portfolio of projects and operating This also includes no new activities within International Union for assets, each requiring rigorous environmental approvals to Conservation of Nature (IUCN) Protected Areas unless they are 1,3 proceed and continue operating. This requires significant compatible with IUCN management objectives. We are also capability and capacity in the Woodside team in order to committed to net zero deforestation for new activities and to 1,4 understand the approvals requirements and processes in prepare Biodiversity Management Plans for our major projects. different jurisdictions, undertake environmental research, In 2025, Woodside delivered strong environmental performance impact assessment and public consultation activities, and across our operated activities, meeting all key targets guided by ultimately propose environmental management plans that are our Environment and Biodiversity Policy. capable of being accepted by regulators and can be monitored We recorded zero hydrocarbon or hazardous non-hydrocarbon and complied with. spills that resulted in a “Moderate” (or higher) environmental In 2025, we secured significant environmental approvals that 5 impact, meeting our target of zero for the year. Strong support long-term operational certainty and enable future operational controls, ongoing spill-prevention work and improved development across key regions. monitoring continued to support this performance. However, • In September 2025, the North West Shelf Project Extension there were two environmental events related to the release of received final Federal Government environmental approval. hydrocarbon substances greater than 1 barrel (bbl) to the Combined with the State Government approval granted in environment. One event was during planned flushing of a Griffin December 2024, this provides confidence for the continued subsea flowline in preparation for removal. The second was a operation of the North West Shelf Project and the KGP release of hydraulic oil to ocean from the platform wellhead 7 beyond 2030. hydraulic system from Goodwyn Alpha. The potential impact from both events were short term, localised, with no lasting impact to • In October 2025, the Trion project received its environmental 6 the environment. approvals, allowing the project to move into field execution as Mexico’s first approved deepwater development. In 2025, we strengthened our approach to water stewardship by This approval meets a major regulatory requirement set by assessing catchment water risks across our onshore assets in Agencia de Seguridad Energia y Ambiente (ASEA), Mexico’s construction and operations, our largest freshwater users. While regulator for Safety, Energy and the Environment, and none of Woodside’s onshore operating assets are located in areas remains valid for 26 years. classified as water-stressed under the World Resources Institute • Throughout 2025, Louisiana LNG submitted numerous Aqueduct Water Risk Atlas, we recognise that climate change, required filings and several key permit renewals to relevant increasing demand of a shared resource and evolving regulatory government agencies to support continued progress and expectations are creating greater uncertainty around freshwater ongoing compliance with applicable regulations. availability and quality. Our assessments identified no immediate high freshwater risks across our onshore portfolio; however, Through the required regulatory approvals process, we work we continue to actively monitor emerging risks to support constructively with governments, regulators, communities and long‑term water resilience and responsible resource use. other stakeholders to address environmental considerations, demonstrate compliance, and align project plans with applicable regulatory conditions and management requirements. 1. When used in relation to environment and biodiversity, new activity means any Woodside activity that is not authorised under an existing regulatory approval. 2. Where we refer to natural or cultural sites on the UNESCO World Heritage List, this refers to sites as classified by UNESCO. New natural sites on the UNESCO World Heritage List that overlap existing activities will be assessed at the time of listing. See glossary for UNESCO definitions of natural and cultural sites. 3. New IUCN Protected Areas that overlap existing activities will be assessed at the time of listing. 4. Woodside uses this term ‘net zero deforestation’ to mean no net loss of forest area attributable to new activities. Definition of Forest: “native trees higher than 5 metres and a canopy cover of more than 10% on the land to be cleared”. 5. This metric is determined utilising Woodside’s risk matrix. For Woodside’s definition of “Moderate” please see the Glossary. 6. Further information regarding these environmental events is available in our Environment data table available on our website. Regarding the release from Goodwyn Alpha, the product was a synthetic base oil with additives and considered a low hazardous chemical in the local regulatory context. 7. Three separate legal proceedings have commenced in the Federal Court of Australia challenging the Federal Government's environmental approval, and one in the Western Australian Supreme Court challenging the State Government's environmental approval.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 63 I FINANCIAL PERFORMANCE N Hydrocarbon spill preparedness In 2025 we focused our biodiversity efforts in Australia, within an area of WA's Wheatbelt region. WA is a key region where In 2025, we continued to focus on company preparedness Woodside undertakes its resource-related activities and is a in the event of a hydrocarbon spill which is a material significant area for land acquisition for the purpose of generating environmental risk. Australian Carbon Credit Units (ACCUs) through native We updated our integrated spill preparedness and response reforestation. Woodside has collaborated with external framework across our global operations, enabling us to assess stakeholders to establish the Watheroo Biodiversity Project. and manage potential spill risks to the marine environment Further information is outlined in the case study on the in line with our environmental principles. During the year, next page. we conducted 68 hydrocarbon spill exercises globally to test In 2025, no action was required for our projects and activities our response systems, build capability and drive continuous 1 to comply with our net zero deforestation commitment. improvement in our readiness. Risk management Strategic investment in scientific research Our approach is supported by credible science, research, Woodside’s risk management process is described in and monitoring, which we promote through relationships with Section 3.6.3 – Risk Management and Section 3.7 – Risk factors communities, governments, industry, and research organisations. of this report. These collaborations help us improve our environmental understanding, strengthen our management practices, Potential risks and opportunities and seek to deliver continuous improvement in For Woodside the potential key risks and opportunities regarding environmental performance. environment and biodiversity are as follows: Our science programs in 2025 included long-term monitoring Risks of remote reef systems and submerged reefs off WA, extending datasets to 30 years and over 10 years respectively. In addition, • Failure of controls that results in environmental event such we conducted research in collaboration with multiple organisations as major hydrocarbon spill or biosecurity impact to improve understanding of underwater noise and artificial light • Extended timeframes and complexity of environmental at night and their effects on marine life. Through this, we provided approvals for major projects support for innovative technology and training programs to • Limited waste management infrastructure to meet enhance marine fauna detection. In 2025, there were 12 scientific decommissioning regulatory requirements and time frames. articles in international journals highlighting findings of research supported by Woodside. Opportunities We continue to contribute to joint industry collaborations, • Recognition of our biodiversity projects through a globally such as Australia’s National Decommissioning Research Initiative, accepted certification standard which studies the environmental impacts, risks, and benefits of • Develop and implement biodiversity management plans for offshore decommissioning options and two IOGP Joint Industry our major developments Programmes, Sound and Marine Life and Environmental • Develop Waste and Water frameworks to identify, manage, Genomics, which advance global understanding of these issues. monitor and mitigate related risk exposure. Planning for positive biodiversity outcomes Woodside is committed, through our Environment and Biodiversity Policy, to supporting positive biodiversity outcomes in regions and areas in which Woodside undertakes activities. This commitment is a voluntary corporate contribution to help support the halting and reversing of biodiversity loss. Biodiversity projects are intended to result in a measurable outcome to a local species, habitat or ecological process. 1. Woodside uses this term to mean no net loss of forest area attributable to new activities. Definition of Forest: “native trees higher than 5 metres and a canopy cover of more than 10% on the land to be cleared”.

64 Woodside Energy Annual Report 2025 3.6.6 Material Topic – Environment and biodiversity Aerial view of a Woodside property with rainbow on the horizon – Credit: Nick Thake Photo Video. One highlight of the Watheroo Biodiversity Project is CASE STUDY the support for threatened Carnaby’s black cockatoos. These large birds are under threat primarily from habitat Watheroo Biodiversity Project loss due to historic land clearing. Together with Woodside’s Watheroo Biodiversity Project is a collaborative not‑for‑profit conservation charity group Carnaby’s effort to restore landscapes and support biodiversity in WA’s Crusaders, numerous artificial hollows were installed in 1 northern Wheatbelt. The project focuses on having positive 2024 and 2025 to address a shortage of natural nesting biodiversity outcomes for habitats, threatened species and sites, because hollows large enough for the species to ecological function, through working with government nest within typically only form in trees well over agencies, NGOs, and local Indigenous and community groups. 100 years of age. As of December 2025, Woodside has planted approximately Additional programs within the project include a 5.5 million seedlings across 8,500 hectares in the Watheroo large‑scale Light Detection and Ranging (LiDAR) survey area. The land under reforestation in Watheroo is adjacent to a to provide insight into the current status of the vulnerable large area of conservation estate, the Watheroo National Park malleefowl population in the region, motion detection and connected reserves, as well as a significant area of camera fauna monitoring, annual bird surveys to track remnant vegetation currently designated as unallocated Crown change within the land under reforestation, vegetation land. Together the combined area is over 130,000 hectares. surveys to understand current condition of and stressors In addition to generating ACCUs (for more information see on remnant vegetation, and management of Section 3.6.7 Carbon credits), the plantings will provide invasive species. additional habitat for fauna and create connectivity between 2 these areas of remnant vegetation and conservation estate. Given the significant area of conservation estate in the area, a key relationship for the Watheroo Biodiversity Project is with the Department of Biodiversity, Conservation and Attractions (DBCA) which manage this land. In 2025, Woodside collaborated with DBCA’s Turquoise Coast District on a program to better understand biodiversity within the Watheroo National Park, which covers over 44,000 hectares of land. The program included targeted and passive monitoring of key native species including malleefowl (a threatened, ground- dwelling bird), as well as invasive species such as cats, foxes and goats. Outcomes of the program can be used to inform regional conservation priorities and programs to protect threatened species or for invasive species management. 1. The name is Indigenous Australian in origin and was the name of a nearby spring. https://www.australiaforeveryone.com.au/files/wa/moora.html accessed 24 November 2025. 2. All planting has been completed under the Carbon Credits (Carbon Farming Initiative) (Reforestation by Environmental or Mallee Plantings – FullCAM) Methodology Determination 2024, which is authorised by the Carbon Credits (Carbon Farming Initiative) Act 2011.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 65 I FINANCIAL PERFORMANCE N Metrics and targets This section explains a number of environment and biodiversity metrics that are relevant to Woodside’s assessment, management and performance against potential key risks and opportunities. For some of these metrics, targets have been adopted. These metrics have been selected as they aligned with our objectives and focus areas outlined in our Environment and Biodiversity Policy and guided by our sustainability reporting frameworks. No hydrocarbon and hazardous non-hydrocarbon spills that Target 2025 Performance 1 cause a “Moderate” impact to the environment This metric measures any moderate impact to the environment 0 0 from Woodside’s operations from a hydrocarbon or hazardous non‑hydrocarbon spill. Environmental penalties Target 2025 Performance This metric measures whether there were fines and non-monetary sanctions 0 0 for non-compliance with environmental laws and/or regulations in terms of: • total number of fines with monetary value greater than US$10,000; • total number of non-monetary sanctions; and or • cases brought through dispute resolution mechanisms in relation to environmental impact. Compliance with Environment and Biodiversity Policy Target 2025 Performance 2,3 principles – net zero deforestation for new activities Deforestation can lead to significant biodiversity loss. Woodside has Compliance Compliance achieved – committed to have net zero deforestation loss from operated global activities no activity and operations for new activities. 4 Compliance with IUCN Protected Areas management plans Target 2025 Performance To support the protection of the key environmental values of IUCN Protected Compliance Compliance achieved Areas, Woodside complies with all relevant IUCN management plans. No new activities within natural sites on the UNESCO Target 2025 Performance 2,5 World Heritage List This metric is to avoid any new activities within the boundaries of natural Compliance Compliance achieved sites on the UNESCO World Heritage List to protect its outstanding universal values. Further Environment and biodiversity information is available on the Environment and Biodiversity page of the Sustainability section of the Woodside website at woodside.com. 1. This metric is determined utilising Woodside’s risk matrix. For Woodside’s definition of “Moderate” please see the Glossary. 2. When used in relation to environment and biodiversity, new activity means any Woodside activity that is not authorised under an existing regulatory approval. 3. Woodside uses this term ‘net zero deforestation’ to mean no net loss of forest area attributable to new activities. Definition of Forest: “native trees higher than 5 metres and a canopy cover of more than 10% on the land to be cleared”. 4. New IUCN Protected Areas that overlap existing activities will be assessed at the time of listing. 5. Where we refer to natural or cultural sites on the UNESCO World Heritage List, this refers to sites as classified by UNESCO. New natural sites on the UNESCO World Heritage List that overlap existing activities will be assessed at the time of listing. See glossary for UNESCO definitions of natural and cultural sites.

66 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Shibuya, Tokyo at night, Japan

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 67 I FINANCIAL PERFORMANCE N • As a result of this strong underlying GHG emissions Climate performance, our use of carbon credits to offset GHG Climate change and the energy transition are a strategic risk emissions was 5% lower in 2025 than in 2024 – a 65 kt CO ‑e 2 and opportunity for Woodside. Energy markets and regulations carbon credit reduction. This reduction comes after an will continue to evolve. We expect sustained demand for our increase in 2024 which had been necessary to offset one-off core product, natural gas, as customers seek to maintain GHG emissions increases associated with the start up of the energy security and affordability alongside GHG emissions goals. Sangomar facility. This shows why the use of carbon credits is an important tool to manage GHG emissions performance 2025 performance overview through year on year operational variations. • Highlights of our Scope 1 and 2 GHG emissions management • Woodside delivered its 2025 net equity Scope 1 and 2 GHG work in 2025 included the award of “Gold Standard Pathway” emissions reduction target. Achievement of the target status by the United Nations Environment Programme (UNEP) reflected a combination of underlying emissions performance for our OGMP2.0 plan. This plan includes a target of at our facilities and the use of carbon credits. These net equity maintaining methane emissions intensity below 0.2% at GHG emissions were 15% below the starting base for the 1,2 operated assets, which is consistent with our existing “near 12‑month period ending 31 December 2025. zero” methane commitments. • Gross equity Scope 1 and 2 GHG emissions were 6,616 kt • Cumulative expenditure against our Scope 3 investment CO ‑e, 2.5% fewer than in 2024 despite higher production. 2 target reached $2.6 billion at the end of 2025, up from Gross equity Scope 1 and 2 emissions do not include the 4,5 $2.46 billion at the end of 2024. This is due to expenditure use of carbon credits as offsets. on Neosmelt, Beaumont New Ammonia Phase 2 assessment, • Woodside’s gross equity Scope 1 and 2 GHG emissions and select CCS opportunities in Asia Pacific. The completion intensity, which measures our GHG emissions performance payment for Beaumont New Ammonia of approximately 20% per unit of production and without the use of carbon credits as of total value has not yet been included, as it was not made offsets improved year on year following start up of Sangomar within the calendar year, but when made will increase 3 in 2024, and remains better than a comparable benchmark. Woodside’s progress against the target to over $3 billion. This reflects the quality of our resources and assets and our focus on GHG emissions management, as well as the achievement of stable operations at Sangomar. A note on evolution of historical Woodside equity Scope 1 and 2 GHG emissions Scope 1 and 2 gross Scope 1 and 2 gross equity equity GHG emissions GHG emissions intensity Year (kt CO ‑e) (kg CO ‑e/boe) Notes 2 2 2021 3,547 38.9 2022 5,370 34.1 The increase in gross equity GHG emissions and the decrease in GHG emissions intensity from 2021–2022 and 2022–2023 was primarily driven by the merger with BHP’s petroleum business on 1 June 2022. The combined portfolio contributed seven months 2023 6,190 33.1 of production in 2022 and a full year in 2023, increasing reported gross equity Scope 1 and 2 GHG emissions as the two portfolios were brought together. 2024 6,784 35.1 The increase in gross equity GHG emissions and GHG emissions intensity from 2023 reflects the commencement of production at Sangomar, including expected one‑off startup GHG emissions. 2025 6,616 33.3 The decrease in gross equity Scope 1 and Scope 2 GHG emissions and GHG emissions intensity from 2024–2025 includes the transition of Sangomar from startup to stable operations. 1. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 GHG 2 emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations. 2. In relation to our 2025 equity Scope 1 and 2 GHG emissions, 1283 kt CO2‑e carbon credits were retired in order to meet our target of 5334 kt CO2‑e net equity Scope 1 and 2 GHG emissions. This includes retirement of carbon credits subsequent to the period, after full year 2025 gross equity Scope 1 and 2 GHG emissions were calculated and externally assured. 3. Woodside analysis, based on Woodside Scope 1 and 2 GHG emissions data for 2025 relative to a comparable portfolio of upstream oil, upstream natural gas and LNG liquefaction assets, based on the average emissions intensity of these project categories reported in Table 3.1 of IEA’s “The Oil and Gas Industry in Net Zero Transitions” (November 2023). 4. Scope 3 investment target is to invest $5 billion in new energy products and lower-carbon services by 2030. Scope 3 targets are subject to commercial arrangements, commercial feasibility, regulatory and Joint Venture approvals, and third party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment. 5. Scope 3 investment target includes pre-RFSU spend on new energy products and lower-carbon services that can help our customers decarbonise by using these products and services. It is not used to fund reductions of Woodside’s net equity Scope 1 and 2 GHG emissions which are managed separately through asset decarbonisation plans.

68 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Woodside published a Climate Transition Action Plan and 2023 Governance progress report in February 2024. Progress against this plan Our processes for governing climate as a material sustainability relevant to 1 January to 31 December 2025 is outlined in this report. topic including material climate-related risks and opportunities Woodside is a signatory to global decarbonisation initiatives, are explained in Section 3.6.2 – Governance. including the World Bank’s Zero Routine Flaring Initiative, UNEP’s OGMP 2.0, and the Oil and Gas Decarbonisation Charter Strategy (OGDC). In 2025 the IEA said that “joining the OGDC is one of the Woodside’s climate strategy is integrated throughout our simplest ways for companies to align with industry-standard 2 company strategy: our aspiration to thrive through the energy targets and to accelerate peer-to-peer learning”. transition by developing a low-cost, lower-carbon, profitable, 1 Reducing net equity Scope 1 and 2 GHG emissions resilient and diversified portfolio. GHG emissions reduction at facilities can be achieved through the Our climate strategy contains two key elements: way they are designed (‘design out emissions’) or by changes • reducing our net equity Scope 1 and 2 GHG emissions; and to the way they are operated after construction (‘operate • investing in products and services for the energy transition. out emissions’). Reducing our net equity Scope 1 and 2 GHG emissions is Efficient operations supported by three levers: avoiding emissions in design; The emissions efficiency of Woodside’s current operations, reducing emissions in operations; and offsetting the remainder measured as Scope 1 and 2 GHG emissions per unit of production with carbon credits. (kg CO ‑e/boe) compares well to the global average efficiency 2 3 Investing in products and services for the energy transition is data provided by the IEA. Woodside utilises the IEA data for oil also supported by three levers: assessing investments for their production, natural gas production and natural gas liquefaction, resilience to the energy transition; diversifying our products and weighted to match Woodside’s production of oil, gas and LNG, services; and supporting our customers and suppliers to reduce to provide a benchmark comparator. Woodside's 2025 actual their emissions. performance was 27% better (or, 12.4 kg CO ‑e/boe) than the 2 benchmark comparator. These levers are further supported by our work to promote global measurement and reporting – including our own publication of The efficiency of Woodside’s operations arises from the intrinsic transparent disclosures. characteristics of our oil and gas resources, the design of our facilities and our operational approach. Woodside is pursuing further improvement in this performance, including through its approach to asset decarbonisation planning. Okha FPSO, offshore, Western Australia 1. For Woodside, a lower-carbon portfolio is one from which the net equity Scope 1 and 2 GHG emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower-carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim. 2. IEA Pledges to Progress 2025. An assessment of transparency of the oil and gas industry’s emissions reduction efforts, p.4. https://iea.blob.core.windows.net/assets/ceedd563-3157-4cfb- ad2d-578aecc800ef/PledgestoProgress2025.pdf. 3. Woodside analysis, based on Woodside Scope 1 and 2 GHG data for 2025 relative to a comparable portfolio of upstream oil, upstream natural gas and LNG liquefaction assets, based on the average emissions intensity of these project categories reported in Table 3.1 of IEA’s “The Oil and Gas Industry in Net Zero Transitions” (November 2023).

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 69 I FINANCIAL PERFORMANCE N Asset decarbonisation plans Focus on methane Our operated production assets identify opportunities to Methane has a higher global warming potential than carbon dioxide, reduce GHG emissions via asset decarbonisation plans. The main so it is important in efforts to limit global warming, especially in the opportunities include energy efficiency and process optimisation near term. Management of methane emissions receives particular measures, flaring and fugitive methane reduction, and focus within our asset decarbonisation plans. For example, when electrification such as the use of renewables and batteries. we assess methane emissions reduction opportunities, we multiply our internal cost of carbon of US$80/t CO -e (real terms 2024) 2 As these opportunities are studied and matured, and if they by 84 representing the higher global warming potential of methane are safe, technically viable and have an abatement cost of in the near-term. This results in an effective price for methane of <US$80/t CO -e they are considered for inclusion into business 2 US$6,720/t emitted. Our focus on methane has also been long plans, so that they can be scheduled for implementation standing because leaks, if they occur at sufficient volume, would alongside other initiatives to enhance safe, reliable and cost be a loss to our production and a potential safety hazard. 1 competitive operations. At the end of 2025, projects which are expected to deliver approximately 50% of the GHG emissions In 2024, Woodside joined the OGMP 2.0 which is the reduction benefits of currently identified opportunities over flagship oil and gas reporting and mitigation programme of 2 the remaining facility life have commenced. the UNEP. The UNEP states that it is the only comprehensive, measurement-based international reporting framework for the A case study demonstrating our approach to flaring reduction sector. During 2025, Woodside submitted its implementation plan at the KGP is provided below. to UNEP which has confirmed it meets the requirements as a 3 “Gold Standard Pathway”. This methane emissions management plan includes improving our ability to measure methane emissions, taking action to reduce them where identified, transparent reporting of data, and supporting the adoption of best practice across industry and regulation. As part of the plan, we have also set a five year (to 2029) intensity target to maintain methane emissions intensity below 0.2% of production by volume at operated assets, based on a measurement-based reporting framework. Woodside’s reported methane emissions are currently around 0.1%. Our improving ability to directly monitor and measure methane at our facilities Drone being used for flare destruction is substantiating our confidence in this calculated outcome. efficiency measurements at Karratha Examples of our monitoring and measurement activities in 2025 include a drone-conveyed methane detection survey at the Léopold Sédar Senghor FPSO in Senegal, and a helicopter borne laser detection survey over the KGP. Surveys of this nature allow oil and CASE STUDY gas operators to observe methane emissions, compare them with anticipated emissions, and act on unexpected emissions sources. Reducing flaring at KGP For example the KGP survey identified some unexpected sources In 2025, Woodside achieved record low flaring which were addressed within 24 hours, and confirmed our performance at KGP with flared quantities less than confidence in the safe deployment of the technology to 10% of their peak in 2013. This performance reduced measure and validate LNG facility emissions. GHG emissions by 62 kt CO ‑e compared to the 2 Woodside is also a supporter of initiatives aiming to promote originally budgeted plan. The outcome was achieved by knowledge sharing and technical collaboration across the natural engineering changes that more than halved our use of gas value chain. These include the Methane Guiding Principles, assist gas, which is the gas added to the flaring system whose members decided in 2025 would now be retired as a in order to support complete combustion, together with standalone initiative, having achieved its objectives. Key activities a package of operational practice changes to reduce have been transferred to other organisations such as the IOGP small leaks from the Main Cryogenic Heat Exchanger of which Woodside is a member. Woodside also supported the tubing and achieve more efficient restarts of LNG plants Oil and Gas Climate Initiative (OGCI) Aiming for Zero Methane after operational interruptions, both of which reduced Emissions Initiative, the Association of Southeast Asian Nations flaring rates from the facility. (ASEAN) Methane Leadership Programme, as well as an Australian Climate Leaders Coalition project which published a “starter playbook” to provide advice to Australian businesses on how to get started on methane abatement. 1. Woodside’s assumption on carbon cost pricing include a long-term carbon price of US$80/t CO -e of emissions (real terms 2024). Woodside continues to monitor the uncertainty around climate change 2 risks and will revise carbon pricing assumptions accordingly. 2. Indicative only, not guidance. Potential impact of opportunities identified in asset decarbonisation plans assuming all opportunities identified progress to execution, which is not certain and remains subject to further maturity of cost and engineering definition. GHG quantities are estimated using engineering judgement by Woodside engineers. Please refer to Section 6.8 – Information about this report for important cautionary information relating to forward-looking statements. 3. 2025 OGMP 2.0 Company Factsheets. https://wedocs.unep.org/bitstream/handle/20.500.11822/48662/2025-Oil-&Gas-Methane-Partnership.pdf?sequence=3.

70 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate In addition to using carbon credits registered under these Large scale abatement established carbon crediting schemes, Woodside undertakes Electrification, hydrogen fuelling and CCUS are all methods for further due diligence based on available project, scheme and reducing GHG emissions from our electrical and mechanical method information to inform its purchases, investments and turbines, which for a typical LNG facility account for a range of retirements. This due diligence generally considers GHG 75–85% of facility GHG emissions. These opportunities are integrity factors such as additionality and permanence; and expensive to retrofit onto existing plant and equipment, with environmental, social and governance factors such as human estimates in the range of US$200‑US$500/t CO ‑e. This requires 2 rights, social and local environmental impact and vintage continuing engineering assessment in order to reduce costs. (with vintage being only one of the factors in Woodside’s integrity During 2025, engineering work on the leading opportunity at the assessment of carbon credits acceptable for retirement). Pluto facility was completed. Hydrogen fuelling of turbines had Woodside currently uses a mix of avoidance (e.g. landfill gas emerged as the leading opportunity, with hydrogen generated capture or renewable energy) and removal type carbon credits from natural gas auto thermal reforming with CCS. Engineering (e.g. biosequestration such as reforestation), with the current studies confirmed that unit abatement costs remain several approach seeking to increase the proportion of land-based, times higher than Woodside’s US$80/t CO -e carbon price (real 2 removal carbon credits over time. terms 2024). While there is no further technical work to progress at this time, Woodside is continuing to pursue policy advocacy, In Australia, during 2025, Woodside entered into ACCU purchase technology development and market engagement to identify agreements with third parties and continued to implement its whether the economic gap can feasibly be bridged in the near to multi-phase Native Reforestation Project which first started mid‑term future. in 2020. Under the Native Reforestation Project, Woodside is developing ACCU Scheme projects on properties it owns in WA Carbon credits and New South Wales. In 2025, Woodside undertook its first year of planting in New South Wales of approximately 1,021 hectares Woodside uses carbon credits to offset gross equity Scope 1 of land and planted a further approximately 3,300 hectares of and 2 GHG emissions that are above our net GHG emissions land in WA. As at 31 December 2025, the total area planted under reduction target trajectory and to meet regulatory requirements the Native Reforestation Project in WA is around in a given year. 4 16,500 hectares. We prioritise abatement at facilities before we use carbon credits Woodside has also entered into further transactions in the as offsets. For example our US$80/t CO -e (real terms 2024) 2 voluntary carbon market. In Mexico, Woodside contracted to carbon price is above the last quarterly reported daily volume purchase up to two million carbon credits over a ten-year period weighted average spot price for generic ACCUs of A$36.60 1 commencing 2025 from a community-led tropical restoration and (approximately US$23.60). In addition, climate related emissions improved forest-management project. In Indonesia, Woodside is targets within the company scorecard do not include the use funding a community-based, phased mangrove restoration of offsets, which helps to focus Woodside’s Executive Leadership initiative project. Woodside is expected to receive up to 4.6 million Team on continued reduction of gross emissions at credits over a 40 year period from this arrangement our operations. commencing in 2027. After these actions to prioritise abatement at facilities, In relation to our 2025 equity Scope 1 and 2 GHG emissions, carbon credits offer flexibility to achieve net emissions goals 1,283 kt CO ‑e carbon credits were retired in order to meet our and overcome technical and operational challenges or short-term 2 5 target of 5,334 kt CO ‑e net equity Scope 1 and 2 GHG emissions. fluctuations in gross GHG emissions, such as those originating 2 We have published the project details in relation to the carbon from the start-up of the Sangomar facility in 2024. credits retired for the 2025 emissions year on our website. As at 31 December 2025, Woodside continues to manage a portfolio of more than 20 million carbon credits sourced from projects registered under established carbon crediting schemes, including the ACCU Scheme, Verra, Gold Standard and the 2,3 Climate Action Reserve. 1. Quarterly Carbon Market Report – December quarter 2025 (data release) published 21 January 2026. 2. Portfolio volume excludes (1) carbon credits (held and expected to be received) from Woodside Pluto Carbon Offset Project Stages 1–4 held by Woodside Burrup Pty Ltd (2) retired credits and (3) carbon credits identified for sale or under review. 3. The carbon portfolio is dynamic. Portfolio volume includes ACCUs and voluntary carbon market credits held, and expected to be delivered or generated up to 2060 under or in relation to: (i) third‑party contracts entered into prior to 31 December 2025; or (ii) Woodside originated projects for which land has been purchased prior to 31 December 2025. Volumes reported on an unrisked basis. Unrisked volumes do not include an adjustment to such volumes to reflect any risk of non-delivery. Woodside does not make any claims in relation to the mitigation impact of carbon credits within the portfolio unless, and until, a credit is retired or surrendered (taken out of circulation and can no longer be sold). 4. Hectares and carbon credit volume figures used in this section are approximate. 5. The number of retired carbon credits includes those required to meet regulatory obligations. This includes retirement of carbon credits subsequent to the period, after full year 2025 gross equity Scope 1 and 2 GHG emissions were calculated and externally assured.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 71 I FINANCIAL PERFORMANCE N Louisiana LNG site, Louisiana, United States The engagement led by these offices includes discussions with Investing in products and services for the our climate and sustainability counterparts, and monitoring energy transition government policies. In 2025, the themes we heard from our Woodside expects sustained demand for natural gas through the customers included the following: energy transition in the decades ahead, as countries invest in • Decarbonisation remains an important priority and has to meeting increased energy demand while pursuing GHG be delivered alongside energy security and affordability. emissions reduction goals. • LNG and natural gas are a key linkage between energy We also expect growing demand for new energy products security and decarbonisation goals. (such as hydrogen and hydrogen derivatives like ammonia) and lower-carbon services (like CCS). The pace at which this • Markets for new energy products and lower-carbon services demand will emerge is influenced by the impact and intent of are taking longer to develop than originally anticipated. policy frameworks. In some jurisdictions and for some products • Each region has its own set of unique opportunities and this policy intent appeared to moderate in 2025, but this has not challenges through the energy transition. been uniform. • Energy policy and market settings need to contribute to the We take a thoughtful and analytical approach, taking into account reliability and long term security of LNG supply. demand, climate and other factors. Each new investment is tested against the hurdle rates in our Capital Allocation Framework. Our analysis of this expected demand is a driver for our recent Analysis includes explicit consideration of the resilience of an LNG investments including the Scarborough Energy Project and investment to the energy transition – including scenario analysis, Louisiana LNG, as well as our Beaumont New Ammonia project, risks and opportunities, and Scope 1, 2 and 3 GHG emissions. which started production in 2025 and is planning to commence 1 the use of CCS in 2026. Beaumont New Ammonia is expected to We further inform this analysis through direct engagements account for $2.35 billion (inclusive of final completion payment) with customers. We have representative offices in Japan, of our $5 billion Scope 3 investment target, and 1.6 Mtpa of our China, Korea, Singapore and the United Kingdom. 2 5 Mtpa Scope 3 emissions abatement target. These targets measure our work to bring new lower carbon energy products and services to the market, and their potential impact upon our 3,4 Scope 3 emissions intensity. 1. Subject to Exxon's CCS facility becoming operational. 2. The Scope 3 investment target is to invest US$5 billion in new energy products and lower-carbon services by 2030. The Scope 3 emissions abatement target is to take FID in new energy products and lower-carbon services by year end 2030 with total abatement capacity of 5 Mtpa CO e. 2 3. Scope 3 targets are subject to commercial arrangements, commercial feasibility, regulatory and Joint Venture approvals, and third party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment. 4. Scope 3 investment target includes pre-RFSU spend on new energy products and lower carbon services that can help our customers decarbonise by using these products and services. It is not used to fund reductions of Woodside’s net equity Scope 1 and 2 emissions which are managed separately through asset decarbonisation plans.

72 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Risk Management Woodside’s risk management process is described in Section 3.6.3 – Risk Management and Section 3.7 – Risk factors of this report. Climate-related material risks and opportunities (CRROs) The material CRROs outlined in the table below should be read in conjunction with Section 2.5 – Business model and value chain and Section 3.7 – Risk factors. The table below provides information on the types of material CRROs that Woodside expects both currently and anticipated in the reasonable and foreseeable future based on its 2025 assessment. Information on the boundaries applied to this assessment include the following: • Materiality for the purposes of disclosing CRROs in this Report have been • Quantification is defined as Low = US$0–US$195 million; Moderate = identified by reference to financial materiality, consistent with the financial US$195 million-US$1 billion; High = More than US$1 billion. Woodside statements. In addition, the Report includes information relating to CRROs identified and subsequently quantified several CRROs within the High that, while not meeting the financial materiality threshold, could reasonably category, at or over US$1 billion. An upper limit on the High range is not be expected to influence decisions that primary users of general purpose provided because the level of measurement uncertainty involved in financial reports make on the basis of those reports. estimating such a limit is so high that the information would not be useful, especially those relevant to the Medium and Long term timeframes. • Time horizons are defined as: Short = Third quarter 2025 to the end of 2026 (current); Medium = 2027–2036 (anticipated); Long = 2037 and later • These material CRROs are relevant to our current value chain. (anticipated). The short-term may impact current producing assets and • The CRROs identified may impact various elements of the financial sanctioned projects (projects that have already been subject to a final statements. The quantification has been undertaken by assessing the investment decision); the medium-term may impact current producing impact upon the most relevant element of the financial statement assets and sanctioned projects as well as opportunities under active (financial position, performance or cash flows). The selected component evaluation but not yet subject to a final investment decision. The long-term for each CRRO is outlined in the table below. could impact on both of the above short and medium term categories as • The quantification is presented on a mitigated basis. well as opportunities beyond current consideration. These time horizons • Quantification is an aggregate amount with the potential to occur across broadly align with those used for strategic decision making. the time horizon identified, i.e. not an annually reoccurring amount. • Further information is in Section 3.6.8.1 – Basis of Preparation. Physical risk Timeframe Quantification Short Medium Long Low Moderate High Extreme weather intensification Q3 2025 to 2027–2036 2037 & US$0– US$195m– More than end of 2026 later US$195m US$1b US$1b Description Mitigation approach Quantification basis Design of facilities The risk was considered across the Climate change is expected to lead to an increase in the frequency global portfolio and value chain. and severity of extreme weather events. Metocean and cyclonic event resilience is incorporated in facility This could include metocean events such cyclones, hurricanes, The mitigations from design of design to withstand extreme weather or storm surges. facilities and operational response to events in the range of 1 in 1,000 years location-specific weather events was It could also include land-based changes such as increases in to 1 in 10,000 years, which is assessed as adequately reducing risk. extreme heat days. consistent with temperature 1 Therefore the quantification of this increases well in excess of 2°C. Current and anticipated impact areas risk has been assessed by reference Operational response to impact on financial performance of In the long term, more frequent or severe metocean events could Woodside actively monitors and an increase in extreme heat days lead to higher operating or maintenance costs, increased downtime, prepares for location-specific weather upon Australian operations in the and/or additional costs of insurance. events, with well understood Pilbara region of WA. These extreme An increase in extreme heat days could affect labour force productivity processes to withstand extreme heat days could affect labour force and cause supply chain disruptions, both with potential to increase weather events, including extreme productivity and potentially cause operating costs. Complete shutdown of plant is not anticipated. heat days. supply chain disruptions. An increase This risk has the potential to primarily impact the Project execution, in warming of 1.5°C to 3°C is expected Insurance Operate and Marketing, trading and shipping components of our to increase extreme heat days by 2 to value chain. Woodside holds policies including 14 days respectively, according to coverage by third-party providers Australia’s National Climate Risk Financial statement areas impacted as well as its in-house captive 2 Assessment Report 2025. insurance entity which may be Financial Performance • Property, plant The potential financial impact utilised in the longer term. and equipment • Operating revenue attributed to an increase in extreme • Other liabilities heat days was determined to be in • Cost of sales the “Moderate” category, over the • Impairment losses Cash Flows long‑term. • Cash from Financial Position operating activities • Cash • Exploration and evaluation assets 1. Woodside designs its assets to withstand extreme weather events that occur in the range of 1 in 1,000 years to 1 in 10,000 years. This is also specified in each BOD. Acquired assets are not designed by Woodside and the historic asset owner may have specified different extreme weather events in the BOD. 2. Australia’s National Climate Risk Assessment, Australian Climate Service, 2025

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 73 I FINANCIAL PERFORMANCE N Transition risk Timeframe Quantification Short Medium Long Reputation Q3 2025 to 2027–2036 2037 & N/A end of 2026 later Description Mitigation approach Quantification basis Some of Woodside’s stakeholders hold differing opinions Financial discipline The level of measurement uncertainty about how to address climate change and the energy transition. involved in estimating effects of this Woodside targets maintenance of This can impact Woodside’s reputation, for example with investors, risk was sufficiently high such that an investment grade credit rating, governments or communities. the resulting quantitative information and this financial discipline mitigates would not be useful. Therefore no the risk of higher financing costs. Current and anticipated impact areas quantification has been able to Woodside continues to monitor the be calculated. capital market for indicators relevant Relationships with important stakeholders could be impacted to our industry. making it more difficult to secure regulatory consents, financing, or human resources. Operating expenses could be higher than Climate strategy expected if unplanned actions are required to maintain Woodside’s Climate Strategy includes necessary support. the reduction of our net equity GHG emissions including pursuit of This risk has the potential to impact the Acquire, Divest, Explore abatement at facilities up to a cost of and Develop, Operate and Project execution components of US$80/t CO -e. Woodside also tests our value chain. 2 its new investments for their resilience to the energy transition. Financial statement areas impacted These approaches are expected to Financial Performance Cash Flows mitigate reputation risk by meeting or • Cost of sales • Cash from or used in exceeding reasonable expectations operating activities for industry practice. • Other expenses • Cash from or used in • Finance costs Stakeholder engagement financing activities Woodside’s management and Board Financial Position engages and considers feedback from • Cash stakeholders including investors, • Inventory (ACCUs) governments and communities. Transparent reporting Woodside monitors and transparently reports on the performance and progress of its Climate Strategy in its annual corporate reporting, other climate disclosures and website.

74 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Transition risk Timeframe Quantification Short Medium Long Low Moderate High Climate litigation Q3 2025 to 2027–2036 2037 & US$0– US$195m– More than end of 2026 later US$195m US$1b US$1b Description Mitigation approach Quantification basis There are groups and individuals who are opposed to Woodside’s Regulatory compliance The various types of legal challenge activities. These groups or individuals may initiate proceedings could affect the business in Woodside monitors evolving or file challenges against Woodside. To date these have not different ways: regulatory requirements, and succeeded in preventing Woodside from executing its business engages with regulators to • The possibility of misleading or plan and Woodside intends to continue to defend its position. understand compliance expectations. deceptive conduct claims in the The types of climate litigation observed in the oil and gas sector short and medium term were Transparent reporting potentially include: quantified in the “low” range. Woodside monitors and transparently Woodside selected a method to • misleading or deceptive conduct claims; reports on the performance and quantify the risk based on an progress of its climate strategy in its • challenges to regulatory approvals which may result in project estimate of external legal costs of annual corporate reporting, other delays; and defending one to two proceedings climate disclosures and website. • claims seeking compensation for harm caused by extreme in any given year during the short weather events or natural disasters, seeking to establish a Stakeholder engagement and medium term. The long term sufficient connection between the damage, climate change, range could not usefully be Woodside’s management and Board and the company’s contribution to climate change. quantified given the level engages and considers feedback from of uncertainty. stakeholders including investors, Current and anticipated impact areas governments and communities. • For challenges to regulatory approvals which may result in Misleading or deceptive conduct claims can arise in relation to any Reasonable basis for disclosures project delays, Woodside selected Woodside disclosures and has the potential to impact various Woodside undertakes a robust a method to quantify the risk components of Woodside’s value chain. Challenges to regulatory verification process on its climate- based on a hypothetical project approvals which may result in project delays could impact related disclosures to confirm that 1 delay of up to 12 months. Woodside’s projects impacting the Project execution and its disclosures are accurate and that This contemplated an impact Operate components of Woodside’s value chain including operating there is a reasonable basis for the on financial position (net asset expenses. It could also impact the timing of revenue, for example by disclosure of forward carrying values) from a delay of a delaying the start up of revenue generating assets. Based on the looking statements. single major project. The potential limited precedent available, climate attribution cases ordinarily financial impact of such delay arise with respect to oil and gas projects, and has the potential is assessed as being in the “high” to impact various components of our value chain. category in the medium and long‑term. Financial statement areas impacted • Due to the lack of precedent and Financial Performance Cash Flows uncertainty relating to climate • Operating revenue • Cash from or used in attribution cases in the long-term, operating activities • Other expenses no quantification has • Cash from or used in been provided. • Finance costs financing activities Further to this basis of quantification, Financial Position we note that at any given time that • Cash there may be multiple forms of • Property, plant and litigation underway. equipment • Exploration and evaluation assets • Provisions 1. Meaning a delay to RFSU of a development project that occurs after FID.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 75 I FINANCIAL PERFORMANCE N Transition risk Timeframe Quantification Short Medium Long Low Moderate High Higher than expected cost to reduce emissions at operations Q3 2025 to 2027–2036 2037 & US$0– US$195m– More than end of 2026 later US$195m US$1b US$1b Description Mitigation approach Quantification basis Woodside’s producing facilities are subject to environmental Efficient operations This risk has been quantified by regulatory limits including for Scope 1 and 2 GHG emissions. applying a 50% premium to Woodside monitors and discloses These vary across regions and have the potential to become more Woodside’s current carbon cost its Scope 1 and 2 GHG per unit of stringent beyond the trajectory contemplated under Woodside’s net assumptions for emissions currently production, and assesses that its equity Scope 1 and Scope 2 GHG emissions reduction targets and covered by the Australian SGM, with performance compares favourably 1 its net zero by 2050 aspiration. impact to the financial position in the with oil and gas sector comparators. “high” category in the long-term. This performance positions Woodside Current and anticipated impact areas to be able to meet regulatory requirements with lower cost or This risk has the potential to increase operating or capital costs by unanticipated disruption compared to requiring emissions to be reduced faster or by different methods. having less efficient operations. This could impact cashflows and balance sheet valuations, particularly if it leads to faster than expected closure of late Carbon credits life facilities. Woodside holds an inventory of carbon credits that may be used This risk has the potential to primarily impact the Project execution to offset GHG emissions to meet and Operate components of our value chain. regulatory requirements and corporate targets. Further information Financial statement areas impacted on the use of carbon credits as offsets Financial Performance Cash Flows is provided on page 70 of this report • Operating revenue • Cash from or used in and in Section D.3 of the Financial operating activities Statements. • Cost of sales • Cash from or used in • Other expenses Investment discipline investing activities • Impairment losses Woodside incorporates a cost of carbon (US$80/t CO -e real terms Financial Position 2 2024) into its investment decisions • Cash which is reviewed annually. This builds • Inventory (ACCUs) resilience to future change as it • Property, plant significantly exceeds the current and equipment implied regulatory price of carbon, such as the Australian Safeguard Mechanism “cost containment measure”. 1. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO2‑e which is representative of the gross annual average equity Scope 1 and 2 GHG emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.

76 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Transition risk Timeframe Quantification Short Medium Long Low Moderate High Lower than expected product demand Q3 2025 to 2027–2036 2037 & US$0– US$195m– More than end of 2026 later US$195m US$1b US$1b Description Mitigation approach Quantification basis While Woodside's strategy is to build a portfolio which has the Diverse portfolio This risk has been quantified by flexibility to adapt to changes in product demand as the energy assessing the impact to financial Woodside’s portfolio is diversified transition unfolds, there are a wide range of possible scenarios position (net asset carrying values) across regions and product types and accordingly, there remains a risk that countries may pursue using Woodside’s lowest long-term with the potential to be adjusted by policies that lead to lower levels of product demand over time price assumption on a management actions in response to compared to the external scenarios that inform Woodside’s risk‑weighted basis. change in expectations of demand. analysis. For example, a decreased focus on GHG emissions The potential financial impact in the Competitiveness reduction relative to energy pricing may lead to a shift towards long term was assessed to be in the Woodside’s Australian projects enjoy increased coal use at the expense of gas and renewables; or “high” category. competitive advantages relative to conversely the pursuit of GHG emissions reduction without a competitor projects outside of neutral technology focus could advantage other technologies Australia, such as relatively shorter relative to Woodside’s products. shipping distance from Australia to North Asia, such that production Current and anticipated impact areas volumes are less exposed to the The impact of lower levels of demand than expected could lead risk than these competitors. to reduced revenues due to either volume or price decreases Investment discipline (or both), and if, at a high level this could lead to earlier than expected closure of assets. Woodside tests its investments against a range of future price These could impact both cashflows and balance sheet valuations. assumptions that cover the This risk has the potential to have impacts across the Operate, anticipated range of outcomes over Marketing, trading and shipping components of Woodside’s the relevant life of the investment. value chain. Customer engagement and marketing Financial statement areas impacted Woodside currently sells the majority Financial Performance Cash Flows of its production under multi-year • Operating revenue • Cash from or used in contracts into established markets. operating activities • Impairment losses Woodside’s investments and assumptions about future energy Financial Position needs are further de-risked by equity • Cash participation in our projects by some • Property, plant customers through joint venture and equipment arrangements. Woodside also • Exploration and conducts engagements with evaluation assets customers on their approach to climate change. Market and policy monitoring Woodside actively monitors and assesses potential changes to policy frameworks governing existing and proposed operations. Woodside also advocates for a balanced approach to energy security, affordability and GHG emissions reduction, and for policy and regulatory settings that encourage investment in new energy supply.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 77 I FINANCIAL PERFORMANCE N Transition opportunity Timeframe Quantification Short Medium Long Low Moderate High Increased demand for LNG Q3 2025 to 2027–2036 2037 & US$0– US$195m– More than end of 2026 later US$195m US$1b US$1b Description Opportunity capture approach Quantification basis While there are scenarios in which countries pursuing the energy Diverse portfolio There are a range of factors which transition in an uneven way could present risks for Woodside, there could contribute to increased demand Woodside’s portfolio is diversified are also scenarios in which countries may pursue policies that lead for LNG, not all of which are across regions and product types to higher levels of gas demand over time than Woodside expects. climate‑related. In quantifying this with the potential to be adjusted by For example an increased focus on GHG emissions reduction in opportunity, Woodside has not management actions in response to addition to energy security could lead to a faster transition away differentiated between these factors. change in expectations of demand, from coal at rates exceeding renewable deployment creating a This opportunity was quantified by including increases in demand. supply gap that may be met by LNG. assessing the potential increase to Investment discipline financial performance (revenue), Woodside tests its investments Current and anticipated impact areas should Woodside maintain its current against a range of future price market share of a larger total This opportunity has the potential to impact cash flows and asset assumptions that cover the addressable market for LNG valuations, including the potential to increase cash flows via higher anticipated range of outcomes in the emerging in the period from 2035 pricing and/or sales volumes from additional investment in relevant life of the investment, and to 2050. production. However additional capital expenditure and/or this includes upside opportunities. This opportunity was assessed operational expenditure may be required for project expansion or Customer engagement as being in the “moderate” to “high” acquisition of new projects in order for Woodside to meet increased and marketing category in the medium to long-term. demand for LNG. Woodside informs its analysis of This opportunity has the potential to impact the Acquire, Divest, potential demand including through Explore and Develop, Project execution, Operate and Marketing, engagements with customers on their trading and shipping components of Woodside’s value chain. approach to climate change. Financial statement areas impacted Market and policy monitoring Woodside actively monitors and Financial Performance Cash Flows assesses potential changes to policy • Operating revenue • Cash from or used in frameworks on existing and proposed operating activities • Cost of sales operations. Woodside also advocates • Cash from or used in for a balanced approach to energy Financial Position investing activities security, technology, affordability and • Cash GHG emissions reduction, and for • Property, plant policy and regulatory settings that and equipment encourage investment in new energy supply.

78 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Transition opportunity Timeframe Quantification Short Medium Long Low Moderate High Increased demand for new energy products and lower- Q3 2025 to 2027–2036 2037 & US$0– US$195m– More than carbon services end of 2026 later US$195m US$1b US$1b Description Opportunity capture approach Quantification basis Woodside is developing a number of opportunities that could Disciplined investment This opportunity has been quantified lead to the profitable delivery of new energy products (such as through the potential impact to Woodside applies a capital allocation ammonia) and lower-carbon services (such as CCS) to customers. financial position (net present value of framework to its investments These opportunities utilise existing technologies but require further our current equity in Australian CCS including targeted internal rate of development of customer demand. There is an opportunity for this projects), and also the potential for return and payback periods for new demand to accelerate; for example, in response to government additional projects to be added to the energy projects. policy support or as customers seek Woodside’s products and portfolio in response to policy Opportunity development lower-carbon services to support their decarbonisation goals. conditions driving increased scale of Woodside continues to progress the CCS market. The opportunity is new energy products and CCS Current and anticipated impact areas quantified as being in the “moderate” opportunities and develop industry category in the long-term. Potential for increased revenues leading to higher cash flows relationships to help international and balance sheet valuation due to additional sales. decarbonisation efforts. This opportunity has the potential to impact the Acquire, Divest, Market and policy monitoring Explore and Develop, Project execution, Operate and Marketing, Woodside actively monitors and trading and shipping components (new energy and lower-carbon assesses potential changes to policy services) of Woodside’s value chain. frameworks on existing and proposed operations. Woodside also advocates Financial statement areas impacted for a balanced approach to energy Financial Performance Cash Flows security, technology, affordability and • Operating revenue • Cash from or used in GHG emissions reduction, and for operating activities policy and regulatory settings that • Cost of sales encourage investment in new • Cash from or used in Financial Position energy supply. investing activities • Cash • Property, plant and equipment Transition opportunity Timeframe Quantification Short Medium Long Low Moderate High Lower than expected decarbonisation costs Q3 2025 to 2027–2036 2037 & US$0– US$195m– More than end of 2026 later US$195m US$1b US$1b Description Opportunity capture approach Quantification basis Policy settings may evolve leading to a lower cost of asset Market and policy monitoring This opportunity has been quantified decarbonisation than Woodside expects. For example, this may arise by applying a 50% discount to Woodside actively monitors and by the application of increased levels of public policy support for Woodside’s current carbon cost assesses potential changes to policy decarbonisation initiatives, particularly due to increased commitment assumptions for emissions currently frameworks on existing and proposed to maintaining supply security whilst reducing emissions. covered by the Australian SGM, operations. Woodside also advocates with impact to the financial position for a balanced approach to energy Current and anticipated impact areas potentially rising into the “high” security, technology, affordability and category in the long-term. GHG emissions reduction, and for This opportunity could lead to lower capital and operating policy and regulatory settings that expenses, with corresponding increases to cash flows and asset encourage least cost abatement. valuations and has the potential to impact the Project execution and Operate components of Woodside’s value chain. Financial statement areas impacted Financial Performance Cash Flows • Operating revenue • Cash from or used in operating activities • Cost of sales • Cash from or used in • Other expenses investing activities • Impairment reversals Financial Position • Cash • Inventory • Property, plant and equipment

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 79 I FINANCIAL PERFORMANCE N Unlike the approach necessarily used for the resilience testing Resilience testing in this report, Woodside does not use a single scenario when Woodside uses climate-related scenario analysis to inform its considering investment decisions or other aspects of its business assumptions about future energy demand and pricing as well as planning. Rather, we assess a number of scenarios from external its engineering design parameters. Scenario analyses are not providers such as the IEA, S&P Global, Wood Mackenzie and forecasts, but they can provide a view of different potential Rystad. We also consider factors beyond climate change, such as futures – if used in the right application with an awareness of macroeconomics, demographics and geopolitics. their underlying approach, assumptions, limitations and inputs. Scenario analysis has limitations and is based on a wide range As required by the AASB S2, Woodside has assessed the of assumptions. Further, scenario analysis is informative but it is resilience of its strategy and business model to two different not a substitute for direct market engagement and contracted sets of climate scenarios: sales when considering an investment decision. • Energy market scenarios that are associated with different Woodside selected the scenarios used in this analysis because global temperature outcomes, including 1.5° C outcome they are available upon subscription, recently updated, and scenarios which test resilience to rapid decarbonisation contain the necessary data points to undertake the scenario in the near term. analysis. However, this does not mean that Woodside ascribes a • Physical impact scenarios, including those which consider likelihood to energy markets developing in the manner modelled temperature outcomes of more than 2.5° C of warming, in these scenarios. to test resilience to the impacts of climate change in the In particular, Woodside does not see evidence of policy, medium term. market or technology developments progressing in ways that Woodside routinely reviews scenarios and other market data. are consistent with the two 1.5° C aligned scenarios used in this For the specific purposes of the resilience testing section of this analysis. Neither the IEA Net Zero Emissions (NZE) nor S&P report, the analysis was concluded in January 2026. Global’s 1.5° C scenario are expected by Woodside to arise in the foreseeable future. This is because of their current and Rapid decarbonisation in the near term foreseeable lack of adoption by policy makers, misalignment with Cautionary note national energy security and decarbonisation pathways, and their The attention of users of this report is drawn to the following requirements for deep declines in demand, which are counter important information. The approach to resilience testing in this to the strong demand Woodside has experienced for its LNG report has been developed to meet the requirements of AASB S2. from Asian and European customers over the past two years. It is one part of informing Woodside about CRROS. It is not a This does not mean that other pathways to limit warming to complete method for doing so and the results of the resilience 1.5° C, including by stabilising temperatures by the end of the testing do not represent Woodside’s best estimate of how energy century after a period of some overshoot, have been analysed by markets may develop. Woodside or determined to be infeasible. Woodside continues to monitor scenarios as well as market, technology and policy developments. Goodwyn A in Western Australia

80 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Woodside anticipates that any changes in the likelihood of • NZE by 2050 Scenario – this takes a different approach, particular scenarios eventuating would be signposted over time, describing a pathway to reduce global energy-related CO 2 for example by changes in customer behaviour or regulatory and emissions to net zero by 2050, while recognising that each policy frameworks. Were this to occur, Woodside expects that it country will have its own route. In the NZE scenario, peak would take management actions to mitigate the impacts implied warming exceeds 1.5 °C for several decades, returning below by the scenario analysis from arising, which may include 1.5 ° C by 2100 thanks to a very rapid transformation of the acquisitions, divestments, production curtailment or cost energy sector and to widespread deployment of CO removal 2 reduction. These management actions have not been included technologies that are currently unproven at large scale. in this scenario analysis and cannot reasonably be included • S&P Global’s Net Zero 2050 Scenario (S&P 1.5) – this illustrates without rendering the analysis so uncertain as to not be useful. a speculative and challenging path to global net‑zero GHG emissions by 2050. In this scenario, global warming is limited This analysis must not be interpreted as Woodside investment to 1.5° C by 2100. guidance. These are scenarios not forecasts and no likelihood is assigned to any of these scenarios eventuating. The pricing data from these scenarios has been used to calculate a hypothetical Woodside average annual adjusted free cashflow Methodology (FCF) for its portfolio of producing assets and sanctioned projects Woodside utilised pricing assumptions derived from three 2,3,4 in five-year increments from 2026 to 2040. scenarios in the IEA’s World Energy Outlook 2025, and one 1 scenario from S&P Global. Results The results reflected in the table below are a consequence of The selected scenarios are: both changes in price assumptions over the analysed period, • Current Policies Scenario (CPS) – this considers a snapshot and changes in Woodside production including due to production of policies and regulations that are already in place and offers decline at existing assets. They indicate that Woodside’s FCF is a cautious perspective on the speed at which new energy modelled as positive when using CPS and STEPS data through technologies are deployed and integrated into the energy to 2040, particularly once the Scarborough, Trion and Louisiana system. The trajectory in CPS points towards a temperature projects commence production in 2026, 2028 and 2029 increase of almost 3° C in 2100. respectively. • Stated Policies Scenario (STEPS) – this considers the If the 1.5° C scenarios used in this analysis were to eventuate, application of a broader range of policies, including those that management action would be required to maintain positive have been formally put forward but not yet adopted, as well cashflow. This is the case from the 2031–2035 period (for NZE) as other official strategy documents that indicate the direction and from the 2036–2040 period for S&P 1.5. These management of travel. The trajectory in STEPS points towards actions may include acquisitions, divestments, production a temperature increase of 2.5° C in 2100. curtailment or cost reduction. It is not possible to model such actions in sufficient detail to present reliable quantitative data. 2026–2030 2031–2035 2036–2040 Positive Management action Management action IEA NZE S&P 1.5 Positive Positive Management action IEA STEPS Positive Positive Positive IEA CPS Positive Positive Positive 1. IEA World Energy Outlook 2024 and World Energy Outlook 2025 and S&P Global, 2025: Energy and Climate Scenarios Signpost Report. Each scenario makes assumptions about a number of factors including macro economic trends, policies population growth, energy usage and developments in technology. 2. Woodside used latest available published data and used data interpolation for the years where data was not published by the IEA. For gas pricing assumptions all non-contracted LNG volumes were assessed at IEA’s Japan import price, as a proxy for North Asian LNG spot price. Woodside used a starting point of US$80/t CO -e consistent with internal carbon pricing, given the IEA’s published carbon 2 prices start from 2035 onwards. Additionally, if the individual scenarios assumed a carbon price lower than Woodside’s internal carbon price, Woodside has applied it’s internal carbon price. 3. Adjusted FCF is defined as Net cash from operating activities and net cash from investing activities, adjusted to remove non-controlling interest to present net cash attributable to Woodside (i.e not on a consolidated basis) and the impact of lease repayments. 4. Modelled impact of climate scenarios on potential average annual adjusted FCF from current producing and sanctioned assets (not guidance). The FCF analysis includes cashflow assumptions for Louisiana LNG but excludes future potential cashflows from Louisiana LNG Expansion because a final investment decision has not been taken. The FCF analysis assumes cashflow implications from the Woodside and Chevron asset swap which is yet to be completed (explained in announcement titled “Woodside Simplifies Portfolio and Unlocks Long-Term Value”. The FCF analysis includes cashflows from sanctioned projects including Scarborough (74.9%), Pluto Train 2 (51%), Trion (60%), Beaumont New Ammonia Phase 1 (100%) and equity interests across Louisiana LNG: 90% Louisiana LNG LLC, 60% Louisiana LNG Infrastructure LLC, and 20% Driftwood Pipeline LLC.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 81 I FINANCIAL PERFORMANCE N Physical impacts of climate change The analysis was conducted using Shared Socio-economic Pathways (SSP) from the IPCC’s Sixth Assessment Report which Cautionary note cover a range of temperature outcomes appropriate for resilience The attention of users of this report is drawn to the limitations 1 testing. The IPCC is the United Nations body for assessing the of scenario analysis described in connection with the testing science related to climate change. It provides regular of rapid decarbonisation in the near term, which also apply to assessments of the scientific basis of climate change, its impacts analysis of the potential physical impacts of climate change. and future risks, and options for adaptation and mitigation. Methodology Through its assessments, the IPCC identifies the strength of In 2025, Woodside conducted a physical climate risk scenario scientific agreement in different areas and indicates where analysis. This incorporated assessment of 99 locations along further research is needed. The IPCC does not conduct its Woodside's value chain in 16 countries, including both operated own research. and non-operated assets, both existing or planned, and both offshore and onshore. The analysis also included the assessment of 14 downstream locations, such as loading and discharge ports, and five locations of upstream suppliers. The following table outlines the key inputs and parameters used in the physical climate risk scenario analysis. Scenarios o o Global warming is limited to an increase of 1.8 C, with a P5-95 range of 1.3 to 2.4 C above pre-industrial levels, RCP 2.6/SSP1-2.6 requiring aggressive mitigation strategies and a transition to sustainable energy sources. o RCP 4.5/SSP2-4.5 Stabilisation scenario where emissions peak around 2040 and then decline, leading to a temperature increase of 2.7 C, o with a P5-95 range of 2.1 to 3.5 C. It reflects moderate mitigation efforts and a mix of energy sources. o RCP 8.5/SSP5-8.5 GHG emissions continue to rise throughout the 21st century, leading to a temperature increase of 4.4 C with a P5-95 o range of 3.3 to 5.7 C. It assumes a reliance on fossil fuels and limited climate policies. Scope of analysis Time horizons Climate indicators (Woodside equity share) • Assets – Current operations • Short (2026) Heat stress, temperature extremes, severe weather, flooding, drought, • Developments – Planned or in • Medium (2027–2036) and metocean conditions project execution • Long (2037 and later) • Carbon origination projects • Upstream locations • Downstream Discharge Ports Temperature change estimates are global averages for the 2081–2100 period drawn from Section 3.1.1 of the Synthesis Report of the IPCC's Sixth Assessment. Woodside has also considered SSP1‑1.9 as a 1.5°C pathway. However, the limited availability of downscaled data for SSP1‑1.9 constrains assessment. Accordingly, Woodside has adopted SSP1‑2.6 as our lower‑warming scenario for assessing physical risk noting that SSP1‑1.9 reflects a more favourable emissions trajectory and would not be expected to produce greater physical climate risk impacts than those modelled under SSP1‑2.6. 1. IPCC, 2023. “Climate Change 2023: Synthesis Report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change”, [Core Writing Team, H. Lee and J. Romero (eds.)]. IPCC, Geneva, Switzerland.

82 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Results The analysis also identified existing high exposure to severe metocean conditions including cyclones, hurricanes and other The analysis identified regions and assets with the highest storms. This exposure is relevant for Woodside’s workers, assets, potential exposure, informing risk management as well as and downstream ports and shipping routes. However, while sites mitigation and adaptation strategies over time. across Australia, US and Mexico are currently highly exposed, It identified a high exposure of Woodside’s workers to heat exposure to this hazard is not increasing materially over the stress, with exposure increasing over the time horizons short-, medium- or long-term time horizons for any of the (under all scenarios), given key operations occur in remote, scenarios assessed. high‑temperature regions where prolonged outdoor work is required. The Léopold Sédar Senghor FPSO in Senegal was Existing mitigation controls include extreme heat management particularly identified as already exposed to high temperatures. guidelines, production planning, and design standards intended By contrast, office-based workers are inherently less exposed. to withstand extreme weather events that occur in the range of one in 1,000 years to one in 10,000, with design sensitivities 1 performed for selected assets against SSP5-8.5, a 4° C scenario. These measures reduce current vulnerability, but their effectiveness under future scenarios will require ongoing review. Fremantle Port Western Australia Heavy rainfall and flooding risks are also projected to CASE STUDY intensify at discharge ports in Indonesia, China, and Japan, Physical risks in the midstream potentially affecting productivity and asset integrity. and downstream supply chain Woodside’s resilience in delivering cargoes is underpinned by diversity and flexibility across our operations. Our broad Delivering reliable energy requires managing evolving customer base and their varied delivery locations mean physical climate risks across loading operations, shipping cargoes may be redirected upon customer request if a routes, and third-party discharge ports. These risks can delivery location becomes impaired. We also maintain result in operational interruptions, and potential loss of diversity of supply across our portfolio providing continuity market access due to transportation network failures even under changing conditions. Our shipping capabilities and prolonged recovery periods. creates flexibility to adapt routes and schedules, supporting The physical risk scenario analysis identified that more reliable delivery despite potential climate or than one third of loading and third-party discharge ports operational disruptions. currently have higher exposure to the risk of cyclones, While Woodside cannot control third-party port resilience, hurricanes and revolving storms, with a concentration in global initiatives such as the International Coalition for Japan, and exposure identified in US and Taiwan. By 2050, Sustainable Infrastructure – Port Decision Makers’ Guide to sites in these locations could face more frequent and severe Climate Risk Assessment (CRA) are observed by Woodside storm events, leading to potential disruptions to discharge to be an essential first step in helping ports understand, operations and damage to infrastructure. 2 anticipate, and respond to the impacts of climate change. 1. Woodside designs its assets to withstand extreme weather events that occur in the range of one in 1,000 years to one in 10,000 years. This is also specified in each BOD. Acquired assets are not designed by Woodside and the historic asset owner may have specified different extreme weather events in the BOD. 2. https://sustainability-coalition.org/wp-content/uploads/2025/11/R4P-Port-Decision-Makers-Guide_FINAL.pdf.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 83 I FINANCIAL PERFORMANCE N Assessment of resilience Woodside's business and corporate strategy has been assessed by Woodside as resilient in the short-, medium- and long-term to the identified material climate-related risks and opportunities. For the year ended 31 December 2025, there were no material quantifiable financial impacts to the financial performance, position and cash flow arising from these climate-related risks and opportunities. In addition, Woodside did not identify any material adjustments and there were no requirements to adjust resourcing. The cost of responding to these material climate-related risks and opportunities are inherently built into our current business processes and systems, resourcing and work plans and budgets. Further information is included in the Notes to the Financial Statements of the 2025 Annual Report. Macedon, Onslow, Western Australia

84 Woodside Energy Annual Report 2025 3.6.7 Material Topic – Climate Potential future targets Metrics and targets Woodside routinely discusses its approach and performance Metrics in relation to targets with stakeholders, including investors. Climate-related metrics help Woodside’s board, management and There is no single view of whether or how Woodside should stakeholders understand how we are performing relative to the update its approach, and on some topics different investors potential impacts of climate-related risks and opportunities over hold opposing views. It is the role of the Board to consider these time. For Woodside, relevant metrics and the reason they are perspectives along with its own experience, knowledge and relevant are provided in the following table, along with 2025 access to expertise, and to adopt a direction that is in the performance data. Not all metrics have a target attached to interests of the company and its shareholders as a whole. them, although external benchmarks provide an indication of Some investors have asked Woodside if and when it will relative performance. consider introducing a further target for Scope 1 and 2 GHG Additional data including prior year information is also provided emissions, for example in the period to 2035. During late 2025 in a sustainability data book section of our website at many national governments including Australia updated their woodside.com. Nationally Determined Contributions (NDCs) to the Paris Agreement, to include targets for 2035 or later. These updated Targets NDCs and associated policy implementation measures such as Woodside has set the following targets: the Australian SGM are being reviewed by Woodside for their potential impact on our own climate plans, including whether • To reduce our net equity Scope 1 and 2 GHG emissions by 15% any additional targets in excess of regulatory requirements are (in 2025) and 30% (in 2030) below the starting base, which is suitable, and if so what form they might take. This review is representative of our gross annual average Scope 1 and 2 expected to continue into 2026. emissions over the 2016–2020 period The 2025 target has 1,2 now been successfully met. Some investors have asked Woodside to consider whether its “aspiration” to net zero Scope 1 and 2 equity GHG emissions by • We have set two Scope 3 targets. The first is to invest 2050 or sooner could be expressed more strongly as a “target”, US$5 billion in new energy products and lower-carbon “aim” or “goal”. Woodside’s use of the phrase “aspiration” should services by year end 2030 (investment target). The second not be taken as an equivocation as to the desirability of achieving is to take FID on new energy products and lower-carbon net zero GHG emissions. Rather, it is intended to communicate services by year end 2030, with total abatement capacity that the company recognises that both it, and the world as a of 5 Mtpa CO -e (GHG emissions abatement target). 2 whole, face significant challenges in achieving net zero by 2050. The investment target tracks our work to develop these Woodside’s view is that this should be reflected, particularly in projects and bring them to market. The GHG emissions forward looking statements, to avoid misleading investors and abatement target will track their potential to have an 3,4,5 other stakeholders as to the nature of the challenge and the impact on customer GHG emissions. current definition of plans to address it over the period to 2050. The Board and Sustainability Committee regularly review our Some investors have asked Woodside to adopt a target to progress towards these targets. We also consider the need to address Scope 3 GHG emissions. Woodside has a strategic intent adjust these targets in response to our progress, our prospects to develop new energy products and lower carbon services, in of successfully meeting them, or in response to addition to LNG, that can allow customers to use energy with external developments. fewer GHG emissions (Woodside Scope 3). The pace at which Woodside’s Australian facilities have obligations under the demand for these products and lower-carbon services will SGM which requires us to manage GHG emissions in excess emerge remains uncertain. Investors also provide feedback about of production‑linked baselines. This can include the of use of the need to balance the pursuit of these investments with the ACCUs, SGM Credit Units (SMCs) or other compliance options achievement of financial returns. Therefore Woodside has set available under the scheme. There were 609 thousand ACCUs targets that reflect its current contribution to developing them surrendered against Woodside’s 2025 equity Scope 1 GHG within its capital allocation framework, in respect of the level of emissions to meet SGM obligations. When offsets are capital investment it is targeting and the potential impact of such surrendered against Woodside’s equity Scope 1 GHG emissions investments upon enabling customers to avoid or reduce their to comply with regulatory obligations, those offsets also GHG emissions. contribute to progress toward our net equity Scope 1 and 2 emissions reduction targets. 1. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 2 greenhouse gas emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations. 2. This includes retirement of carbon credits subsequent to the period against Woodside's 2025 equity Scope 1 GHG emissions. 3. Scope 3 targets are subject to commercial arrangements, commercial feasibility, regulatory and Joint Venture approvals, and third party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment. 4. Scope 3 investment target includes pre-RFSU spend on new energy products and lower-carbon services that can help our customers decarbonise by using these products and services. It is not used to fund reductions of Woodside’s net equity Scope 1 and 2 GHG emissions which are managed separately through asset decarbonisation plans. 5. For information on the Scope 3 methodology utilised to prepare our Scope 3 targets, please see our 2023 Climate Transition Action Plan available on our website.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 85 I FINANCIAL PERFORMANCE N 2025 Performance against metrics and targets This section explains a number of climate-related metrics that are relevant to Woodside’s assessment, management and performance against potential key risks and opportunities. For some of these metrics, targets have been adopted; for others a comparison to relevant industry performance benchmarks can provide a guide to Woodside’s performance. Net equity Scope 1 and 2 GHG emissions Target 2025 Performance This is a measure of our total net equity Scope 1 and 2 GHG emissions, Reduce by 15% (year to 15% below 2016–2020 1 i.e. those that arise as a consequence of operating our facilities, adjusted 31 Dec 2025) and 30% (year to gross annual average for the use of carbon credits as offsets. It is our primary measure of the GHG 31 Dec 2030) below 2016–2020 1 emissions impact of our operations. This measure is an absolute volume gross annual average and does not adjust for production volumes. Gross equity Scope 1 and 2 GHG emissions (AASB S2 metric) Target 2025 Performance Gross equity Scope 1 GHG emissions N/A 6,602 kt CO -e 2 Gross equity Scope 2 GHG emissions N/A 14 kt CO -e 2 Gross equity Scope 1 and 2 GHG emissions intensity 2025 comparator 2025 Performance 2 This is a measure of the efficiency of our production. It does not include the 45.6 kg CO -e/boe 33.3 kg CO -e/boe 2 2 use of carbon credits, but it does adjust for production. It enables comparison with other oil and gas producers, and also enables calculation of an implied GHG emissions avoided by comparison with global averages. This is an important measure because it can demonstrate that Woodside is managing GHG emissions appropriately at facilities, rather than exclusively relying on the use of carbon credits as offsets. Methane emissions intensity Target 2025 Performance 3 3 3 Methane emissions from our operations receive particular attention because 0.2% 0.11% Sm /Sm marketed gas methane is a potent GHG over the near term. Methane emissions can also represent a loss of our saleable volumes of natural gas, and at high concentrations could present a safety hazard at our facilities. Scope 1, 2 and 3 GHG emissions (life cycle) intensity 2025 comparator 2025 Performance 4 This is a measure of the life cycle impact of our business, including the use of 71.7 g CO -e/MJ 66.5 g CO -e/MJ 2 2 our products. It is a proxy for our whole of business exposure to the energy transition and enables comparison with other oil and gas producers. 5,6 Portfolio diversification Targets 2025 Performance 7 This is a measure of the efforts Woodside is making to diversify its US$5 billion investment in new $2.6 billion cumulative portfolio in order to be able to respond to anticipated changes in demand energy products and lower- due to the energy transition, i.e. growth in demand for new energy products carbon services by 2030 and lower-carbon services. We measure this in two ways – the amount of investment we are making, and the potential impact on our customers’ GHG Take FID on new energy products Potential for 1.6 Mtpa CO -e 2 emissions (Woodside Scope 3). and lower-carbon services abatement capacity from by 2030, with total abatement Beaumont New Ammonia 8 capacity of 5 Mtpa CO -e Project Phase 1 2 1. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 2 greenhouse gas emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations. 2. Woodside analysis, based on Woodside Scope 1 and 2 GHG emissions data for 2025 relative to a comparable portfolio of upstream oil, upstream natural gas and LNG liquefaction assets, based on the average emissions intensity of these project categories reported in Table 3.1 of IEA’s “The Oil and Gas Industry in Net Zero Transitions” (November 2023). 3. Woodside has set a target across our operated assets to maintain methane emissions intensity below 0.2% of production by volume by 2029, estimated in line with the measurement, verification and reporting framework established under OGMP2.0 4. Woodside analysis, based on Woodside Scope 1, 2 and 3 emissions data for 2024 relative to the Transition Pathway Initiative oil and gas sector mean reported in their assessment of Woodside on 23 June 2025. https://www.transitionpathwayinitiative.org/companies/woodside-petroleum. 5. Scope 3 targets are subject to commercial arrangements, commercial feasibility, regulatory and Joint Venture approvals, and third party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets. Not guidance. Potentially includes both organic and inorganic investment. 6. Scope 3 investment target includes pre-RFSU spend on new energy products and lower carbon services that can help our customers decarbonise by using these products and services. It is not used to fund reductions of Woodside’s net equity Scope 1 and 2 emissions which are managed separately through asset decarbonisation plans. 7. Cumulative spend against the investment target at the end of 2025 includes 80% of the total US$2,350 million for the Beaumont New Ammonia project acquisition. The remaining 20% will be paid at Project completion. 8. Further information about the underpinning assumptions, uncertainties and context for Beaumont New Ammonia is included in the announcement “Woodside to acquire OCI’s Clean Ammonia Project”, released 5 August 2024. Refer to the announcement for the full explanation of the underpinning assumptions, uncertainties, and context relevant to Beaumont New Ammonia. https://www.woodside.com/docs/default-source/asx-announcements/2024/woodside-to-acquire-oci%27s-clean-ammonia-project.pdf?sfvrsn=cf35e9ed_1.

86 Woodside Energy Annual Report 2025 3.6.8 Notes to the Sustainability Report including the Climate Statements Connectivity with financial statements 3.6.8.1 Basis of Preparation The Sustainability Report has been prepared to document The Sustainability Report provides information about Woodside’s Woodside’s climate disclosures and should be read in conjunction governance, performance and plans in relation to material with Woodside’s consolidated financial statements prepared sustainability topics. in accordance with AASB Accounting Standards. It covers Compliance with Australian Sustainability Reporting a 12‑month period for the year ended 31 December 2025 which Standard AASB S2 and the Corporations Act 2001 is aligned with the reporting period of the related consolidated financial statements. The Sustainability Report of the Group and its subsidiaries has been prepared in accordance with Australian Sustainability Reporting The presentation currency of climate-related financial disclosures Standard S2 Climate-related Disclosures as issued by the is Woodside’s functional currency US$, which aligns to the Australian Accounting Standards Board (AASB) and the presentation currency used in the consolidated financial Corporations Act 2001 (Cth). A table which cross-references statements. Amounts disclosed are rounded to the nearest the information required by AASB S2 is provided in Section 3.6.8.2 – thousand dollars unless otherwise stated. AASB S2 Index. Process for identifying and assessing material This information identified as relating to the requirements of AASB climate-related risks and opportunities (CRRO) S2 is intended to provide useful information to primary users of Woodside routinely reviews its risks as described in Section 3.7 – Woodside’s 2025 Annual Report (general purpose Financial Report) Risk factors of this report. Material CRROs are identified, assessed about the climate‑related risks and opportunities that could and monitored through established governance processes. reasonably be expected to affect Woodside’s cash flows, access to Accountabilities for managing current and emerging risks are finance or cost of capital over the short, medium or long term, clearly defined, supported by regular oversight and at least including information about Woodside’s governance, strategy, risk annual review. management, and metrics and targets. This also includes scenario analysis and Scope 1 and Scope 2 GHG information. In 2025, subject matter experts from across Woodside’s business attended a series of workshops which considered physical risks First-time adoption of AASB Climate Reporting Standard transition risks and transition opportunities across Woodside’s and transition relief value chain, utilising a methodology aligned to AASB Woodside is reporting under AASB S2, for the first time in the S2 requirements. annual reporting period ended 31 December 2025 and has CRROs were identified in relation to their potential effects on factors exercised the relief available with respect to the provision of such as Woodside's operations, cash flows, access to finance and comparative information and the disclosure of Scope 3 GHG cost of capital. In determining the financial impact of each individual emissions. Woodside voluntarily discloses its 2025 Scope 3 CROO, financial information that is not publicly available and is emissions under its existing Greenhouse Gas Protocol considered by Woodside to be commercially sensitive, such that (GHG Protocol) aligned methodology in the data table on disclosure of the information would prejudice the economic benefits our website. from the CRRO, was excluded from the quantification. Woodside has early adopted the Amendments to AASB S2 Climate- related Disclosures, issued by the Australian Accounting Standards Additional mapping of the CRROs identified whether the causes Board in December 2025, for the reporting period ended 31 were under Woodside's control or arose from market, legal, December 2025. The amendments are effective for annual reporting regulatory or other external sources. Where possible an periods beginning on or after 1 January 2027, with early assessment to quantify financial impacts was undertaken. Risks adoption permitted. and opportunities were also categorised for where in the Woodside value chain, and over which time horizon they applied. Material judgements The quantification of these CRROs was based on the expected Given the inherent uncertainty about material climate-related risks financial impact arising from assumptions that differ from those and opportunities that may eventuate in the future, Woodside has underpinning Woodside’s best estimate. To determine materiality made the following material judgements in preparing its climate- for the purpose of this analysis, Woodside considered our financial related disclosures: materiality thresholds, our internal risk materiality and other • To determine materiality for the purpose of this analysis, information helpful for users of general purpose financial Woodside considered our financial materiality thresholds, statements. Whilst some disclosed climate-related risks and our internal risk materiality and other information helpful opportunities may not be financially material they have been for users of general purpose financial statements. included as they potentially have the ability to inform investment decisions. • Whether the impacts are expected to eventuate in the short, medium or long term The CRROs assessment utilised external scenarios and internal • Which climate scenarios were selected analysis that Woodside considered could reasonably be anticipated to occur in the stated timeframes. This differs from the approach • How climate impacts could be translated into financial impacts used for the resilience testing in Section – 3.6.7 Climate which in • Financial impact ranges, with the conclusion that the upper limit order to meet the relevant requirements of AASB S2 also includes on the financial impact is subject to such measurement scenarios that Woodside does not currently or foreseeably observe uncertainty that a definition would not be useful. evidence of eventuating.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 87 I FINANCIAL PERFORMANCE N The assessment produced an initial list of possible CRROs across Value chain Woodside’s value chain over the short, medium and long term. Woodside’s global portfolio includes oil, gas and new energy These risks and opportunities were then further analysed and assets across Australia, the US, Trinidad and Tobago, Senegal, refined by internal subject matter experts, senior management Mexico, Timor-Leste and Canada. Woodside has also considered and external advisers. the impact of climate and the energy transition and assessed the financial impact of its material climate-related risks and CRROs including those identified in 2025 are considered by opportunities across Woodside’s value chain (upstream and Woodside in our business decision making. For example, risk downstream). More information is included in Section 2.5 – mitigations such as Woodside’s capital allocation framework and Business model and value chain of this report. transition case methodology are applied to new investment decisions. Woodside performs ongoing assessment of Measurement of greenhouse gas emissions investments to ensure potential trade-offs can be navigated Woodside measures and discloses its GHG emissions in relevant to available resources. An example of this is provided in accordance with the GHG Protocol and AASB S2. the Notes to Financial Statements B.4, which describes how Woodside uses the equity share approach to define its Woodside made a decision to exit the H2OK Project. organisational boundary. Under this method, GHG emissions Price assumptions and scenarios are accounted for in line with Woodside’s economic interest. Woodside’s long-term price assumptions reflect Woodside’s Woodside believes this approach also allows closer alignment current view about a range of factors, including global of GHG with production, reserves and financial metrics. government policy in relation to decarbonisation, energy security Woodside’s equity GHG emissions include GHG emissions from and economic development. These price assumptions consider non-operated ventures where Woodside has an economic current legislation in the locations where Woodside operates interest. Where GHG emissions information has been provided and place some weight on scenarios in which the transition to by the operators of these facilities it has been used directly. a lower-carbon energy system is sufficiently rapid to meet global Where data is not available estimates have been used based climate goals as well as scenarios in which the transition is not, on extrapolation of historic data or from the performance of or may not be, sufficiently rapid. Woodside’s long-term price analogue facilities where historical data is also not available. assumptions are also underpinned by a range of other important Consistent with AASB S2 (29(a)(iv)) Woodside has considered macroeconomic assumptions which can drive prices (e.g. GDP disclosing relevant information on its Scope 1 and 2 GHG or inflation) which are not related to global climate goals. emissions disaggregated between the consolidated accounting The identification of material climate-related risks and group and other investees. Entities within the consolidated opportunities was not tied to any one particular climate scenario, accounting group include those with ownership of all of regard was given to a range of scenarios. Woodside producing assets, projects and developments, In assessing the resilience of its strategy and business model, such that they represent all of Woodside’s Scope 1 and Scope 2 Woodside has presented scenario data from two credible GHG emissions. There are no material Scope 1 or Scope 2 GHG third‑party sources: S&P Global and International Energy Agency. emissions associated with other investees excluded from the Each scenario utilised is based on assumptions made by the consolidated accounting group. relevant provider. These assumptions have not been reproduced in this report. The descriptions of the scenarios in Section 3.6.7 Material Topic - Climate are publicly available. The underpinning assumptions for the S&P Global's scenario are the proprietary information of S&P Global, therefore, they are not disclosed in this report. Some further information about the underpinning assumptions for the IEA scenarios are in the IEA's World Energy Outlook 2025, which is available on the IEA website. Time horizons Woodside defines the time horizons in which material climate‑related risks and opportunities could reasonably be expected to occur. In the context of the material climate‑related risks and opportunities, the time horizons are: • short-term (Q3 2025 to the end of 2026); • medium-term (2027–2036); and • long-term (2037 and later).

88 Woodside Energy Annual Report 2025 3.6.8 Notes to the Sustainability Report including the Climate Statements Methodology, input and assumptions for Scope 1 GHG emissions Methodology, input and assumptions for Scope 2 GHG emissions Woodside estimates Scope 1 GHG emissions using the emissions Woodside estimates Scope 2 GHG emissions using the factors and methodologies that best represent our activities in location‑based approach and utilising data on electrical accordance with the relevant reporting regulations in the consumption documented in utility bills and representative grid jurisdiction where the GHG emissions occur. This includes use of emissions factors including those specified within the NGER the NGER Measurement Determination in Australia and the EPA Measurement Determination for Australian electricity use. Greenhouse Gas Reporting Program (GHGRP) in the US. NGER If electricity consumption information is not available from Measurement Determination emissions factors and methodologies third party sources or vendors, estimates have been used have been used to measure GHG emissions for operations in based on extrapolation of historic data. jurisdictions where regulations do not yet exist. Woodside reports Scope 2 GHG emissions on an equity share GHG emissions from fuel combustion are calculated based on the basis from our facilities and office locations including Australian quantity of fuel consumed, determined using field metering, offices and our Houston corporate office. No material changes production allocation calculations, and invoice information, and were made to Woodside’s Scope 2 GHG emissions measurement applying the relevant GHG emissions factor from the applicable approach, inputs and assumptions during the reporting period. jurisdictional reporting framework for the source and fuel type. Use of carbon credits Emissions factors may be the default Method 1 factors, or where Woodside utilises certified carbon credits to offset equity Scope 1 higher‑order methods apply, emissions factors derived from fuel and 2 GHG emissions that are above our targets in a given year, sampling and analysis results are used. after design out and operate out measures have been taken. GHG emissions associated with flaring and venting are calculated Woodside’s portfolio of carbon credits enables our base business based on the quantity of flared or vented gas, determined from field to manage the price risk associated with regulations and our metering, production allocation calculations and engineering 1 corporate net equity Scope 1 and 2 GHG emissions targets. calculations. The relevant GHG emissions factors are then applied This includes retirement of carbon credits subsequent to the in accordance with jurisdictional reporting requirements. period against Woodside's 2025 equity Scope 1 GHG emissions. Fugitive GHG emissions, excluding GHG emissions that are flared or Woodside has available carbon credits that can be used in the vented, are calculated based on activity data such as hydrocarbon short and medium term for GHG emissions which are otherwise throughput, produced formation water or equipment-based activity not technically or economically viable to avoid or reduce. metrics. The relevant GHG emissions factors are then applied in One carbon credit is intended to represent a tonne of GHG accordance with jurisdictional reporting requirements. emissions avoided, reduced or removed outside of our facilities. Woodside aggregates GHG emissions into CO equivalent values The Group manages a portfolio of more than 20 million carbon 2 using global warming potentials (GWP) based on a 100-year time credits from the ACCU scheme, Gold Standard, Climate Action horizon for the IPCC Assessment Report 5 as used within the NGER Reserve and Verra as at 31 December 2025. and GHGRP schemes. No material changes were made to Woodside’s Scope 1 GHG emissions measurement approach, inputs and assumptions during the reporting period. 1. Net equity Scope 1 and 2 GHG emissions targets and aspiration are relative to a starting base of 6.27 Mt CO2 e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 89 I FINANCIAL PERFORMANCE N Climate-related targets Woodside has stated targets to reduce Scope 1 and Scope 2 net equity GHG emissions by 15% by 2025 and by 30% by 2030 relative to a starting base of 6.27 Mt CO ‑e which is 2 representative of the portfolio gross annual average equity Scope 1 and 2 GHG emissions over 2016–2020. The starting base has been adjusted for the merger between Woodside and BHP Group’s Petroleum business (completed on 1 June 2022) which increased the starting base from 3.59 Mt CO₂‑e to 6.32 Mt CO₂‑e and for the divestment of the Greater Angostura assets (completed on 11 July 2025) which subsequently reduced it from 6.32 Mt CO₂‑e to 6.27 Mt CO₂‑e. Woodside prioritises reducing GHG emissions through design and operations and subsequently utilises its portfolio of certified carbon credits to meet these regulatory obligations and voluntary targets having regard to its internal carbon price of US$80/t CO ‑e. 2 The SGM is the Australian Government’s policy for reducing GHG emissions at Australia’s largest industrial facilities, aiming to help achieve Australia’s GHG emission reduction targets of 43% below 2005 levels by 2030 and 62–70% by 2035 as set out in Australia’s latest NDC submitted under the Paris Agreement. Woodside’s Australian facilities have obligations under the SGM which requires us to manage GHG emissions in excess of their production‑linked baselines. This can include the of use of ACCUs, SMCs or other compliance options available. ACCUs were surrendered against Woodside’s 2025 equity Scope 1 GHG emissions to meet SGM obligations. Some onshore facilities in Western Australia, such as Pluto and Wheatstone, also have additional conditions requiring the management of GHG in 2025. When offsets are surrendered against Woodside’s equity Scope 1 GHG emissions to comply with these obligations, those offsets also contribute to progress toward our net equity GHG emissions targets. Woodside’s net equity Scope 1 and Scope 2 GHG emissions targets are not accompanied by an associated gross equity GHG emissions target however Woodside routinely establishes an annual gross equity Scope 1 and Scope 2 GHG emissions target for internal management purposes, including to inform executive and employee remuneration. Targets were not derived using the sector-specific absolute reduction method (also known as sectoral decarbonisation approach ). Targets have not been validated by a third party.

90 Woodside Energy Annual Report 2025 3.6.8 Notes to the Sustainability Report including the Climate Statements 3.6.8.2 AASB S2 Index NOTE: Primary users of Woodside’s Annual Report (general purpose financial report) should read this index in conjunction with the complete Sustainability Report including the Climate Statements contained within this report. ** Standards description refers to the following: introductory text; objectives of the standard; guidance on preparation of disclosures; options for disclosures; or information that may be omitted if not applicable. 1 1 Paragraph* Annual Report location of information Paragraph* Annual Report location of information 1 Standards description** 10 2 Standards description** 10(a)* 3.6.7 Material Topic – Climate: Risk Management 3 Standards description** 10(b)* 3.6.7 Material Topic – Climate: Risk Management 3(a) Standards description** 10(c) 3.6.7 Material Topic – Climate: Risk Management 3(a)(i) Standards description** 10(d) 3.6.7 Material Topic – Climate: Risk Management 3(a)(ii) Standards description** 11 Standards description** 3(b) Standards description** 12 [Deleted by the AASB] 4 Standards description** 13 5 Standards description** 13(a) 3.6.3 Risk Management: Board oversight of climate-related risks and opportunities; 6 3.6.7 Material Topic – Climate: Risk Management 6(a)* 3.6.2 Governance 13(b) 3.6.7 Material Topic – Climate: Risk Management 6(a)(i)* 3.6.2 Governance 14 6(a)(ii)* 3.6.2 Governance: Board composition, skills and knowledge 14(a) 3.6.2 Governance: Management accountabilities; 6(a)(iii)* 3.6.2 Governance: Board Committees; Sustainability-related 3.6.2 Governance: Board committees; Board discussions; 3.6.7 Material Topic – Climate: Metrics and targets; 3.6.3 Risk Management 3.6.8.1 Basis of Preparation 6(a)(iv)* 3.6.2 Governance: Management accountabilities; 3.6.3 Risk Management: Risk management process; 14(a)(i) 2.6 Business model and value chain Board oversight of climate-related risks and opportunities 3.6.8.1 Basis of Preparation 6(a)(v)* 3.6.2 Governance: Board oversight; CEO and 3.6.7 Material Topic – Climate: Risk Management Executive remuneration; 14(a)(ii) 3.6.7 Material Topic – Climate: Reducing net equity Scope 1 and 2 3.6.7 Material Topic – Climate: Metrics and targets GHG emissions; Risk Management; Physical impacts of climate 6(b)* change; Case study 6(b)(i)* 3.6.2 Governance: Management accountabilities 3.6.8.1 Basis of Preparation 14(a)(iii) 3.6.7 Material Topic – Climate: Focus on methane; 6(b)(ii)* 3.6.2 Governance: Management accountabilities; Metrics and targets Board committees; 3.6.8.1 Basis of Preparation 14(a)(iv) 3.6.7 Material Topic – Climate: Reducing net equity Scope 1 and 2 GHG emissions; Resilience Testing; Metrics and targets 7 Standards description** 14(a)(v) 3.6.7 Material Topic – Climate: Reducing net equity Scope 1 and 2 Aus7.1 Standards description** GHG emissions; Metrics and targets 8 Standards description** 14(b) 3.6.2 Governance: Management accountabilities 9 3.6.8.1 Basis of Preparation 9(a)* 3.6.7 Material Topic – Climate: Risk Management 14(c) 3.6.7 Material Topic – Climate: Reducing net equity Scope 1 and 2 9(b) 3.6.3 Risk Management: Board oversight of climate-related risks GHG emissions; Metrics and targets; and opportunities 3.6.8.1 Basis of Preparation 3.6.7 Material Topic – Climate: Risk Management 15 9(c) 2.4 Energy Markets: Energy Transition; 15(a) 3.6.8.1 Basis of Preparation; 3.6.2 Governance: Management accountabilities; Notes to the financial statements: Climate Change and Energy 3.6.7 Material Topic – Climate: Strategy; Resilience Testing; Transition 9(d) Notes to the financial statements: Climate Change and Energy 15(b) 3.6.7 Material Topic – Climate: Risk Management; Transition; Resilience Testing; 3.6.7 Material Topic – Climate: Risk Management; Notes to the financial statements: Climate Change and Energy Resilience Testing; Transition 3.6.8.1 Basis of Preparation 9(e) 3.6.7 Material Topic – Climate: Risk Management; 3.6.8.1 Basis of Preparation 1. * Denotes disclosures subject to Year 1 assurance.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 91 I FINANCIAL PERFORMANCE N 1 1 Paragraph* Annual Report location of information Paragraph* Annual Report location of information 16 22(b) 3.6.7 Material Topic – Climate: Resilience Testing 16(a) 3.6.8.1 Basis of Preparation; 22(b)(i) 3.6.7 Material Topic – Climate: Resilience Testing; Physical impacts of climate change Notes to the financial statements: Climate Change and Energy Transition 22(b)(i)(1) 3.6.7 Material Topic – Climate: Resilience Testing 16(b) 3.6.8.1 Basis of Preparation; 22(b)(i)(2) 3.6.7 Material Topic – Climate: Resilience Testing Notes to the financial statements: Climate Change and Energy 22(b)(i)(3) 3.6.7 Material Topic – Climate: Resilience Testing Transition – Impairment of exploration and evaluation, property, 22(b)(i)(4) 3.6.7 Material Topic – Climate: Resilience Testing plant and equipment and goodwill 22(b)(i)(5) 3.6.7 Material Topic – Climate: Resilience Testing; Physical 16(c) 3.6.8.1 Basis of Preparation; impacts of climate change Notes to the financial statements: Climate Change and Energy 22(b)(i)(6) 3.6.7 Material Topic – Climate: Resilience Testing; Physical Transition impacts of climate change 16(c)(i) Notes to the financial statements: B.7 Significant Production and 22(b)(i)(7) 3.6.7 Material Topic – Climate: Resilience Testing; Physical Growth Asset Acquisitions; B.8 Disposal and Sell-down of Assets; impacts of climate change B.9 Transactions with equity holders of the Group 16(c)(ii) 2.2 Capital management 22(b)(ii) 3.6.7 Material Topic – Climate: Resilience Testing; Physical impacts of climate change 16(d) 3.6.7 Material Topic – Climate: Investing in products and services for the energy transition 22(b)(ii)(1) 3.6.7 Material Topic – Climate: Resilience Testing; 3.6.8.1 Basis of Preparation 3.6.8.1 Basis of Preparation 17 Standards description** 22(b)(ii)(2) 3.6.7 Material Topic – Climate: Resilience Testing; 18 Standards description** 3.6.8.1 Basis of Preparation 18(a) Standards description** 22(b)(ii)(3) 3.6.7 Material Topic – Climate: Resilience Testing; 18(b) Standards description** 3.6.8.1 Basis of Preparation 19 Standards description** 22(b)(ii)(4) 3.6.7 Material Topic – Climate: Resilience Testing; 19(a) Standards description** 3.6.8.1 Basis of Preparation 19(b) Standards description** 22(b)(ii)(5) 3.6.7 Material Topic – Climate: Resilience Testing; 20 Standards description** 3.6.8.1 Basis of Preparation 21 Standards description** 22(b)(iii) 3.6.7 Material Topic – Climate: Resilience Testing; Physical 21(a) Standards description** impacts of climate change 21(b) Standards description** 23 [Deleted by AASB] 21(c) Standards description** Aus23.1 Standards description** 22 24 Standards description** 22(a) 25 22(a)(i) 3.6.7 Material Topic – Climate: Resilience Testing 25(a) 3.6.8.1 Basis of Preparation 22(a)(ii) 3.6.7 Material Topic – Climate: Resilience Testing; 25(a)(i) 3.6.8.1 Basis of Preparation 3.6.8.1 Basis of Preparation 25(a)(ii) 3.6.8.1 Basis of Preparation 22(a)(iii) 2.2 Capital management; 25(a)(iii) 3.6.7 Material Topic – Climate: Risk Management 3.6.7 Material Topic – Climate: Resilience Testing; 25(a)(iv) 3.6.2 Governance: Board committees; Notes to the financial statements: Climate Change and Energy 3.7 Risk Factors Transition – Financial Planning and Assumptions; C. Debt 25(a)(v) 3.6.2 Governance: Board committees; and capital 3.6.3 Risk Management: Risk management process 22(a)(iii)(1) 2.2 Capital management; 25(a)(vi) 3.6.8.1 Basis of Preparation 3.6.2 Governance: Management accountabilities 25(b) 3.6.8.1 Basis of Preparation 3.6.7 Material Topic – Climate: Resilience Testing; Notes to the financial statements: C Debt and capital 25(c) 3.6.3 Risk Management 26 Standards description** 22(a)(iii)(2) 3.4 Decommissioning; Notes to the financial statements: Other Assets and Liabilities – Aus26.1 Standards description** D.5 Provisions – Key Estimates and Judgements – Restoration 27 Standards description** Obligations 28 Standards description** 22(a)(iii)(3) 3.6.7 Material Topic – Climate: Performance overview; Case Study 28(a) Standards description** – Reducing flaring at the KGP 28(b) [Deleted by AASB] 28(c) 3.6.7 Material Topic – Climate: Metrics and targets 1. * denotes disclosures subject to Year 1 assurance.

92 Woodside Energy Annual Report 2025 3.6.8 Notes to the Sustainability Report including the Climate Statements 1 1 Paragraph* Annual Report location of information Paragraph* Annual Report location of information 29 33 29(a) 33(a) 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(i) 3.6.7 Material Topic – Climate: Metrics and targets 33(b) 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(i)(1)* 3.6.7 Material Topic – Climate: Metrics and targets 33(c) 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(i)(2)* 3.6.7 Material Topic – Climate: Metrics and targets 33(d) 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(i)(3) 3.6.8.1 Basis of Preparation 33(e) 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(ii)* 3.6.8.1 Basis of Preparation 33(f) 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(iii) 33(g) 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(iii)(1)* 3.6.8.1 Basis of Preparation 33(h) 3.6.2 Governance: Board committees; 29(a)(iii)(2)* 3.6.8.1 Basis of Preparation 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(iii)(3)* 3.6.8.1 Basis of Preparation 34 29(a)(iv) 34(a) 3.6.8.1 Basis of Preparation 29(a)(iv)(1)* 3.6.8.1 Basis of Preparation 34(b) 3.6.2 Governance: Board committees; 29(a)(iv)(2)* 3.6.8.1 Basis of Preparation 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(v)* 3.6.8.1 Basis of Preparation 34(c) 3.6.7 Material Topic – Climate: Metrics and targets 29(a)(vi) 34(d) 3.6.8.1 Basis of Preparation 29(a)(vi)(1) 3.6.8.1 Basis of Preparation 35 3.6.7 Material Topic – Climate: 2025 Performance overview; Metrics and targets 29(a)(vi)(2) 3.6.8.1 Basis of Preparation 36 29(b) 3.6.7 Material Topic – Climate: Risk Management 36(a) 3.6.8.1 Basis of Preparation 29(c) 3.6.7 Material Topic – Climate: Risk Management 36(b) 3.6.7 Material Topic – Climate: Metrics and targets 29(d) 3.6.7 Material Topic – Climate: Risk Management 29(e) 3.6.7 Material Topic – Climate: Metrics and targets; 36(c) 3.6.7 Material Topic – Climate: Metrics and targets; Notes to the financial statements: Climate Change and Energy 3.6.8.1 Basis of Preparation Transition and C. Debt and capital; 36(d) 3.6.8.1 Basis of Preparation 2.2 Capital Management 36(e) 29(f) 36(e)(i) 3.6.7 Material Topic – Climate: 2025 Performance overview; 29(f)(i) 3.6.7 Material Topic – Climate: Reducing net equity Scope 1 and 2 Reducing net equity Scope 1 and 2 GHG emissions; GHG emissions; Risk Management 3.6.8.1 Basis of Preparation 29(f)(ii) 3.6.7 Material Topic – Climate: Reducing net equity Scope 1 and 2 36(e)(ii) 3.6.7 Material Topic – Climate: Reducing net equity Scope 1 and 2 GHG emissions GHG emissions 29(g) 36(e)(iii) 3.6.8.1 Basis of Preparation 29(g)(i) 3.6.2 Governance: CEO and Executive remuneration 36(e)(iv) 3.6.8.1 Basis of Preparation 29(g)(ii) 3.6.2 Governance: CEO and Executive remuneration 37 [Deleted by AASB] 30 Standards description** Aus37.1 Standards description** 31 Standards description** Aus37.2 Standards description** 32 [Deleted by AASB] 1. * denotes disclosures subject to Year 1 assurance.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 93 I FINANCIAL PERFORMANCE N 3.6.8.3 Directors’ declaration Directors’ Declaration on the Sustainability Report In accordance with a resolution of directors of Woodside Energy Group Ltd, we state that in the opinion of the directors the Group has taken reasonable steps to ensure that the substantive provisions of the Group’s Sustainability Report for the financial year ended 31 December 2025 are in accordance with the Corporations Act 2001 including: (a) the requirements contained in Section 296C (compliance with sustainability standards etc.) and Section 296D (climate statement disclosures); and (b) complying with Australian Accounting Standard AASB S2 Climate-related Disclosures. For and on behalf of the Board R J Goyder, AO Chair of the Board Melbourne, Victoria 24 February 2026

94 Woodside Energy Annual Report 2025 3.6.8 Notes to the Sustainability Report including the Climate Statements 3.6.8.4 Independent Auditors’ Report

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 95 I FINANCIAL PERFORMANCE N

96 Woodside Energy Annual Report 2025 3.6.8 Notes to the Sustainability Report including the Climate Statements

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 97 I FINANCIAL PERFORMANCE N

98 Woodside Energy Annual Report 2025 3.7 Risk factors Woodside recognises that taking risk is necessary for our business and that effective risk management is vital to meeting our objectives. We are committed to managing risks in an informed and effective manner that is appropriate to Woodside’s business.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 99 I FINANCIAL PERFORMANCE N Our approach is intended to support risk-informed decision 3. Current risks making and enable us to pursue the right opportunities while These quantifiable risks could affect Woodside’s ability to deliver taking into account potential adverse impacts. The objective of our objectives and require appropriate control and management. our risk management framework is to foster a positive, If these risks were to materialise, they could have potential risk‑aware culture by integrating risk management and impacts across health and safety, environment, community and governance activities into our ways of working. Our risk process culture, reputation and brand, legal and compliance, and financial delivers a consolidated view of risks across the company to performance. These impacts may lead to a decline in shareholder understand our full risk exposure and prioritise risk management value, loss of market share and reductions in asset values. and governance. They could also lead to operational delays or stoppages, loss of revenue, increased costs, constraints on our ability to execute Woodside’s Risk Appetite Statement is a key element of our risk and complete transactions or reduced capacity to fund capital framework. It sets out the Board’s appetite to take risk in pursuit projects. Furthermore, impacts may cause delayed or suspended of our strategic objectives. It provides guidance to the executive regulatory approvals, expose the company to legal liabilities and and senior management on the type and amount of risk that is adversely affect Woodside’s reputation, social licence to operate acceptable when making decisions, consistent with other and delivery of our strategy. company policies. Examples of current risks include operational integrity risks such Woodside’s risk management process is designed to identify, as loss of process containment, structural integrity failure or loss assess and control risks across the organisation. Company-wide of license to operate. risk management activities occur throughout the year and are reported to the Audit & Risk Committee and Executive Leadership Woodside maintains a comprehensive risk register, designed Team twice annually, in addition to deep dives on particular risk to enable management of risks and prioritisation of mitigation areas that occur throughout the year. actions. Regular reporting to the executive leadership and the We categorise risks in three different ways: Audit & Risk Committee supports effective governance. 1. Strategic risks Woodside’s risk management process These are risks that could materially affect our ability to Our risk management process, informed by the International achieve our mid- and long-term strategic objectives. Woodside’s Standard ISO31000, is designed to provide a consistent and disciplined approach to risk management is designed to support integrated approach to identifying, assessing, managing, and the delivery of our strategy. Management and the Board consider reporting risks that have the potential to affect the achievement a range of risks and opportunities that have the potential to of Woodside’s objectives. deliver or erode value for our organisation over medium- and The Audit & Risk Committee plays a crucial role in enabling longer-term horizons. Our governance process is designed to the Board to meet its oversight responsibility in relation to factor these risks into our strategic decision-making. We regularly Woodside’s risk management. The Sustainability Committee also review our portfolio and adapt to changing conditions and focuses on sustainability-related risk management. Refer to emerging risks to seek to maintain our resilience Section 4.1.3 – Board committees for more information on the and competitiveness. Audit & Risk Committee, Financial Risk Management Committee Examples of strategic risks include acquisitions and divestments, and the Sustainability Committee. and the competitiveness of our portfolio mix under a range For more information on Woodside’s risk management process, of scenarios. refer to our Risk Management Policy, available on our website 2. Emerging risks at woodside.com. These risks capture external threats or factors that have a high degree of uncertainty, are not readily controlled by Woodside and may be unpredictable or rapidly changing. They have the potential to materially affect the achievement of our strategic objectives. We monitor the external environment to seek to identify emerging risks. Our risk management framework has been designed to allow us to respond to new evolving threats. Examples of emerging risks include a shifting geopolitical landscape or rapid technological change.

100 Woodside Energy Annual Report 2025 3.7 Risk factors Overview of our Risk factors Health and safety Our business is subject to risks related to safety or major hazard events associated with our activities or facilities. These may include unanticipated or unforeseeable adverse events that affect our ability to respond, manage and recover from such events. How is this factor relevant to Woodside? At Woodside, we believe that our ability to operate safely is critical Failure to continue to do so could result in potential impacts on our to our competitiveness. people and operations, as well as reputational damage with customers, employees, commercial partners and other stakeholders, and sustained production interruptions leading to an inability to meet production forecasts. Examples of how this factor may impact Woodside • A loss of containment event or other operational incident on or • Woodside’s operations are subject to numerous laws and related to our property or operations could occur, which could have regulations relating to public and occupational health and safety. significant impacts including to human health and safety, from The requirements of these laws and regulations are becoming personal health, safety and wellbeing through to fatalities. increasingly complex, stringent and expensive to implement and This could result in financial, legal and reputational impacts. comply with. • Natural disasters and severe weather events, such as cyclones, Other risks and opportunities are outlined in Section 3.6 – Sustainability floods, freezes and heatwaves, droughts, earthquakes or other acts Report; Health, safety and wellbeing material sustainability topic. of nature, social unrest, pandemic diseases, and criminal actions by external parties could result in injuries, loss of life, disruption of our operations or the loss or suspension of permits or other approvals. Coastal operations may be particularly susceptible to severe weather event impacts. How is Woodside managing these risks? The safety of our people and operations is paramount. We implement Refer to Section 3.6 – Sustainability Report; Health, safety and wellbeing a systematic approach to health and well being, personal safety, and material sustainability topic and the Sustainability section of our process safety risk management that is designed to minimise adverse website at woodside.com for further information. health and safety risk related impacts. We continue to strengthen systems and practices, embedding safety habits and a learning culture. Our Code of Conduct, our Health and Safety Policy and our Working Respectfully Policy set the expectations that apply to all employees, contractors and joint venture participants engaged in activities under Woodside’s operational control. Leaders aim to create a culture in which everyone is encouraged to speak up and intervene on safety issues. Our competency framework includes risk management, process safety, emergency response procedures, human factors, and management of occupational health. We identify, assess and control risk by applying a consistent hierarchy of controls.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 101 I FINANCIAL PERFORMANCE N Environment Risks associated with major environmental incidents in connection with our activities or facilities including potential incidents that could result in significant loss of hydrocarbon. We are also subject to risks associated with biodiversity and failure to deliver emission reductions in a timely manner, consistent with regulatory and stakeholder expectations. How is this factor relevant to Woodside? Woodside’s operations are subject to environmental impacts or risks These risks can result in environmental impacts and may lead to that can arise as a result of the nature of our activities. regulatory, financial, operational and reputational consequences if not effectively managed. Examples of how this factor may impact Woodside • An incident may result in a significant loss of hydrocarbon to the • Woodside’s operations are subject to numerous laws and environment including when caused by factors that are beyond regulations relating to environmental protection. The requirements Woodside’s direct control. These factors include natural disasters, of these laws and regulations are becoming increasingly complex, severe weather events, such as cyclones, floods, freezes and stringent and expensive to implement. Costs of compliance with heatwaves, droughts, earthquakes or other acts of nature, these laws and regulations are significant and can be unpredictable. pandemics, loss of well control, fires, explosions, pipeline ruptures, • Applicable laws and regulations may obligate Woodside to adjust chemical releases, hydrocarbon releases including maritime our various operational practices, plans or strategies, which in turn releases, releases into navigable waters and groundwater could cause uncertainty and delay, materially adversely affect our contamination, material or mechanical failure, power outages, business, financial condition or results of operations. We may also industrial accidents, physical or cyber attacks, abnormally be required to maintain financial assurance through bonds pressured or structured formations and other events that cause or insurance. operations to cease or be curtailed. This may negatively affect • Third-party insurance may not provide adequate coverage or Woodside’s businesses and the communities in which we operate. Woodside may be self-insured with respect to the related losses. Other risks and opportunities are outlined in Section 3.6 – Sustainability Report; Environment and biodiversity material sustainability topic. How is Woodside managing these risks? We implement a robust and systematic approach to environmental Our Environment and Biodiversity Policy sets the expectation to management that is designed to minimise adverse impacts in the areas implement a systematic approach to the management of environmental we operate. We do this by integrating environmental management into impacts and risks. Our hydrocarbon spill preparedness and response our activities, including the design, construction, operation and framework is underpinned by a comprehensive process informed by decommissioning of our facilities. international best practice conventions. Our risk-based approach is supported through strong external partnerships with government and non-government organisations to collect and analyse environmental scientific knowledge. Refer to Section 3.8 – Sustainability Report; Environment and biodiversity material sustainability topic and the Sustainability section of our website for further information. Woodside continues to build strong relationships in the communities where we live and work, including the careful management of cultural heritage.

102 Woodside Energy Annual Report 2025 3.7 Risk factors Climate and energy transition The global response to climate change is changing the way the world produces and consumes energy. Responses to climate change may create a systemic risk to the global economy and present multiple risks to Woodside, including, a decline in the demand or pricing of our products, or commercial risk from our lower carbon products and services. Legislative and regulatory programs to reduce emissions have been introduced, or are pending, in response to political, social and industry attention on climate change. Climate change may also create physical risks, such as increased frequency and severity of storms, wildfires, floods and other climatic events, as well as chronic shifts in temperature and precipitation patterns. How is this factor relevant to Woodside? Woodside’s risks associated with climate change and the transition Legislative and regulatory programs to reduce emissions present to a lower-carbon economy include possible impacts to demand strategic and financial threats to Woodside including increased (and pricing) for oil, gas and their substitutes, as well as to reputation. compliance costs within our operations, potential approval delays, Differing global responses to climate change, driven by divergent asset impairment of high-emission assets, and reputational risk regulatory and political positions create uncertainty and make long- through investor and shareholder activism. term planning and investment decisions increasingly challenging for An increase in nature, frequency and magnitude of physical risks the energy industry. may result in production interruptions leading to an inability to meet production forecasts. Examples of how this factor may impact Woodside • Climate change is expected to lead to an increase in the frequency • Countries may pursue policies that lead to lower levels of gas and severity of extreme weather events with the potential to impact demand over time compared to the external scenarios that inform assets, suppliers, customers or communities. Woodside’s analysis. • Some of Woodside’s stakeholders hold differing opinions about how • Woodside’s producing facilities are subject to environmental to address climate change and the energy transition. This may regulatory limits including for Scope 1 & 2 greenhouse gas impact Woodside’s reputation. emissions, which vary across regions and have the potential to become more stringent. • Groups and individuals who are opposed to Woodside’s activities may initiate proceedings or file challenges against Woodside. How is Woodside managing these risks? Woodside’s climate strategy is integrated into our business model. An index of our various 2025 climate-related disclosures is provided We have delivered our 2025 net equity Scope 1 and 2 GHG emissions in the Sustainability section of our website at woodside.com. reduction target, and we invest in products and services for the energy Refer to Section 3.6 – Sustainability Report; Climate material 1 transition in accordance with our capital allocation framework. sustainability topic and the Sustainability Section of our website We engage and advocate with key industry and governance for further information. stakeholders to understand and consult on key policies and legislation and to inform our strategic decision-making. 1. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO ‑e which is representative of the gross annual average equity Scope 1 and 2 2 greenhouse gas emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 103 I FINANCIAL PERFORMANCE N Production and operations We manage a range of risks within our operations, including commercial risks relating to third-party relationships such as joint venture participants, contract counterparties and our supply chain. Woodside is subject to extensive governmental oversight and regulation in the jurisdictions in which we operate, and such regulations may change in ways that adversely affect our business, results of operations and financial condition. In addition, we are required to comply with securities regulations in Australia and the United States. We manage the estimation of proved oil and gas reserves by using judgement and the application of complex rules. How is this factor relevant to Woodside? Our operating assets are subject to a range of risks associated with More stringent standards for greenhouse gas emissions could lead process safety incidents, breaches of cybersecurity, extreme weather to operational restrictions, increased compliance costs and changes events and supply chain disruptions, potentially impacting our in product pricing and demand. Woodside faces closure and production, operations, financial performance and reputation. Joint decommissioning risks that require proactive management to ventures may limit our control over, and our ability to effectively safeguard financial stability and reputation. Key challenges include manage risks associated with our major projects. For projects where escalating abandonment costs, regulatory compliance obligations, we are not the operator, we may be unable to directly control the health, safety and environmental hazards, and potential reputational behaviour, performance and cost of operations. impacts if closure activities are poorly executed. These risks are compounded by operational complexities and supply chain constraints, Our operations are subject to operating and capital expenditures to which have the potential to result in schedule delays and cost overruns. comply with various national and local laws, regulations and approvals. Examples of how this factor may impact Woodside • A loss of containment event or other operational incident on or • A failure to comply with applicable laws, regulations and approvals related to our property or operations could occur, which could have may result in action, including fines and sanctions being taken significant impacts including to human health and safety, from against Woodside that could result in cost increases, schedule personal health, safety and wellbeing through to fatalities. delays or stoppages or production and operation impacts. This could result in financial, legal and reputational impacts. Actual or alleged violations of the securities laws that we are subject to could result in private or governmental litigation, • Our JVP may have the ability to exercise veto rights to block certain civil penalties, regulatory action and shareholder class actions. key decisions or actions that we believe are in our or the joint venture’s best interests or approve those matters without • The geographical locations for our operations may present our support. challenges and risks. For example, certain activities undertaken in deep waters are more difficult and costly than in shallower • Our JVP and contractual counterparties may not be able to meet waters and require significant time between the discovery and their financial or other obligations and their actions could result the time that Woodside can market its production. in legal liability and financial loss for Woodside. • JVP or contractual counterparties may be primarily responsible • Government policy objectives in the countries in which we do business, for the adequacy of the human or technical competencies and now or in the future, could take the form of increased governmental capabilities that they bring to bear on the joint project, which may regulations relating to environment, biodiversity, climate, taxation, not be adequate. lease retention, contracts and other commercial matters. • Actual or alleged violations of the securities laws that we are • Supply chain disruptions such as extended lead times for critical subject to could result in private or governmental litigation, civil spares or imposition of trade sanctions or export controls on key penalties, regulatory action and shareholder class actions. suppliers, may cause outages at our operations, increased costs or delays on our projects. • The suspension, revocation, failure to renew or alteration of, or challenges to, the terms of the licences, permits, government contracts or approvals required for our operations. How is Woodside managing these risks? Safe and sustainable operations are embedded in our business through Actual production, revenues, expenditures, prices of hydrocarbons and a framework of controls that are designed to deliver strong operational taxes with respect to Woodside’s reserves may vary from estimates and performance across our base activities. the variance may be material. Woodside may record impairments resulting from declines in oil and gas prices or other factors. Downward The framework includes production, drilling and completions and adjustments of our reported reserves estimates could indicate lower well‑integrity management processes, inspection and maintenance future production volumes or the impairment of assets. procedures and performance standards. The framework is validated and inspected on an ongoing basis by our regulators. Decommissioning is integrated into project planning from the earliest stages of development through to the end-of-life phase. Robust controls We focus on unit production costs as a key driver of competitiveness are in place that are designed to support safe, compliant, and and value creation. Through cost management and operational cost‑effective decommissioning and maintain stakeholder confidence. efficiencies, we actively seek to mitigate inflationary pressures across We seek to work with our industry partners and technical experts to our supply chain and project delivery, to preserve margins and sustain identify sustainable post‑closure options that aim to mitigate financial, profitability in a variable cost environment. We invest in real-time social and environmental impacts, and work with global contractors to operational technologies and analytics that are intended to maintain safely remove facilities and to plug and abandon wells that are no world-class operating performance. We are deliberate in our approach longer required for our operations. We work with regulators to deliver to AI, which seeks to ensure a coordinated integration in a manner our decommissioning commitments. designed to optimise our business. Our adaptable execution and contractor management strategies are Estimating oil and natural gas reserves is a complex process that designed to mitigate the impacts of supply chain risks and support requires professional judgment and relies on assumptions based continuous improvement in our operating performance. This includes on available well, reservoir, and other data. targeting reliability, cost discipline, emissions reductions and maintaining strong safety and environmental performance across our existing business and future growth opportunities.

104 Woodside Energy Annual Report 2025 3.7 Risk factors Growth Growth risks associated with delivery of both major and complex multi-year execution project activities and transactions (including acquisitions and divestments) across multiple locations around the world, including a reliance on third parties for materials, products and services. How is this factor relevant to Woodside? Oil and gas The project's performance is subject to market uncertainties, particularly regarding the ability to supply LNG competitively from Woodside’s strategy is to continue to identify growth opportunities, North America to overseas markets, especially Europe and Asia. organic and inorganic, and commercialise them. Woodside competes Fluctuations in supply, demand, and pricing could affect the financial with a wide range of companies as we seek to continue to expand outcomes for Louisiana LNG and our business. Woodside’s current operations and deliver shareholder value. Our future oil and gas production depends on continued access to new Woodside manages relationships with industry partners, including reserves through exploration, negotiations with governments and other when we enter joint ventures with organisations that may also be owners of proven reserves, acquisitions, and the development and competing oil and gas suppliers. application of new technologies. The development of our current and planned capital projects involves New energy numerous challenges and uncertainties that have the potential to impact profitability or, in extreme cases, result in a total loss of investment. Key We have set targets for our new energy products and lower-carbon 1,2,3 risks include uncertain geology, drilling at significant depths, the existence services. There is uncertainty around the pace of required and availability of necessary technology and engineering resources. technological innovation and the reliability of technologies that will be Additional challenges encompass supply chain constraints; availability of needed to transition to a lower-carbon economy. New energy products skilled labour, transport infrastructure limitations; licence expirations, project and lower carbon services, such as hydrogen or ammonia, face delays – including delays in securing permits – potential cost overruns, uncertain demand forecasts, may be more difficult to commercialise and exposure to technical, fiscal, regulatory, political and other conditions. than expected or may not be able to be commercialised safely or as efficiently as expected at scale. Woodside may also face unforeseen The development of Louisiana LNG depends on several key factors, obstacles in the commercialisation of a future carbon capture business including market conditions for natural gas and LNG, transportation and in the implementation of other lower-carbon services and emission logistics, availability of equipment and skilled personnel, project costs, reduction efforts. environmental and legal considerations, and regulatory requirements. While our Foreign-Trade Zone status provides benefits that mitigate tariff impacts, changes in trade policies continue to evolve and may impact costs. Examples of how this factor may impact Woodside • An unbalanced portfolio of oil and gas and new energy, that may not • Woodside relies on third-party suppliers and partners for materials, meet the market’s needs. products, and services. This dependency introduces risks beyond Woodside’s direct control. For example, the successful production • Limited or reduced market share resulting in a loss of shareholder of lower-carbon ammonia at Beaumont New Ammonia is contingent value and a failure to deliver expected returns. on ExxonMobil’s CCS facility becoming operational. Similarly, the • Project schedule delays or cost increases due to labour or material supply for the Louisiana LNG project will be sourced from external shortages, geopolitical conflicts, regulatory approvals or other providers. Any failure by these third parties to deliver on time, at unanticipated events. required quality standards, or at competitive prices – or any inability • Failure to identify, execute or implement strategic transactions, to secure alternative sources – could materially impact project including acquisitions and divestments, or to achieve the full timelines, costs, and overall success. benefits of those transactions. • Credit rating agencies could downgrade our credit ratings below • The scale and complexity of projects such as Louisiana LNG will currently expected levels, particularly if Woodside is unable to require substantial capital and operating investment. Higher capital undertake a material sell-down of its interest in LALNG HoldCo demands, prolonged weakness in oil and gas prices, or reduced in the near term. cash flow could negatively impact our financial position and growth • Woodside may be unable to compete with other larger companies prospects. In such cases, we may need additional debt financing, in the industry with greater resources at their disposal. which could be costly or unavailable, face potential credit rating • Louisiana LNG has not yet secured purchase agreements for most of downgrades, divest assets, or miss strategic opportunities. its expected production volumes. Failure to finalise contracts or sell an • The development of acquired assets may lead to significant capital adequate portion of the ultimate expected volumes, could significantly and operating expenses being incurred. This may result in impact the project’s prospects and financial performance. a requirement to incur additional debt, and we may not be able to obtain financing in the future on acceptable terms. How is Woodside managing these risks? We are committed to pursuing a portfolio of commercially attractive Investment decisions are made in accordance with the capital allocation and sustainable opportunities that complement our existing assets, framework. We actively manage risk through contracting strategies and enhance diversity, and strengthen our market position. Our approach strategic partnerships, balancing risk and reward through opportunity is disciplined and prudent, with the aims of investing in growth management. Our investment management framework is designed to opportunities designed to create long-term value, while maintaining enable us to identify, assess, and advance opportunities that deliver a strong balance sheet to support our investment-grade credit portfolio diversity and long-term value creation, while aiming to mitigate rating and deliver consistent returns to shareholders. the risk of suboptimal outcomes for our organisation, shareholders and communities. 1. Woodside’s Scope 3 investment target is to invest US$5 billion in new energy products and lower-carbon services by 2030. Woodside’s Scope 3 emissions abatement target is to take FID on new energy products and lower-carbon services by 2030, with a total abatement of capacity of 5 Mtpa CO -e. The acquisition of the Beaumont New Ammonia Project has delivered material progress towards our 2 Scope 3 investment and abatement targets. 2. Scope 3 targets are subject to commercial arrangements, commercial feasibility, regulatory and joint venture approvals, and third-party activities (which may or may not proceed). Individual investment decisions are subject to Woodside’s investment targets; not guidance. This potentially includes both organic and inorganic investment. 3. Scope 3 investment target includes pre-RFSU spend on new energy products and lower carbon services that can help our customers decarbonise by using these products and services. It is not used to fund reductions of Woodside’s net equity Scope 1 and 2 emissions which are managed separately through asset decarbonisation plans.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 105 I FINANCIAL PERFORMANCE N Social licence Social licence risks are associated with actual or perceived deviation from social or business expectations of ethical behaviour (including breaches of laws or regulations) and social responsibility (including community contribution and impacts on the environment, climate, biodiversity, human rights or cultural heritage), particularly as these expectations evolve and as Woodside expands its operations around the world. How is this factor relevant to Woodside? Communities, Indigenous Peoples including Traditional Owners and Woodside operates across multiple jurisdictions with varying levels of Custodians, government authorities, investors and other groups form political, legal, and fiscal stability. Certain regions present heightened significant relationships with our organisation on the basis that operational and business risks that could materially impact our Woodside will meet our stakeholders’ expectations. reputation, activities and financial performance. Examples of how this factor may impact Woodside • Lost or limited stakeholder support for our current business and • We process personal data throughout our operations, and any future opportunities, resulting in refusal or delay in approvals, failure to protect it or use it lawfully and ethically could result permits or authorisations and potential cost overruns. in significant harm to individuals and expose the company to reputational and regulatory risk. • New or amended laws and regulations, or new or different applications or interpretations of existing laws and regulations. • Third-party risks that are outside of our control could negatively affect our reputation and licence to operate, including reputational • Risks from the violation or perceived violation of certain laws and damage to the oil and gas industry at large. regulations, which may result in class action lawsuits, litigation and activism, allegations of legal compliance failures and greenwashing. Other risks and opportunities are outlined in Section 3.6 – Sustainability • Reductions in the availability of, or less favourable terms for, Report; Indigenous Peoples cultural heritage and engagement material financing and other forms of capital. sustainability topic. How is Woodside managing these risks? Woodside proactively maintains and builds our social licence to operate We implement a privacy program in line with applicable privacy through the application of our values, stakeholder engagement regulations to support lawful, fair and transparent data handling and strategies, our regulatory compliance framework and our anti-fraud management, safeguarding personal information across all systems and corruption program. and processes. Our business conduct is informed by the UN Guiding Principles on Refer to Section 3.6 – Sustainability Report; Indigenous Peoples cultural Business and Human Rights, which sets a global standard of conduct heritage and engagement material sustainability topic and the for all businesses wherever they operate. These principles apply in Sustainability Section of our website for further information. addition to compliance with national laws and regulations protecting human rights. We manage compliance risks – including antitrust, competition, anti‑bribery, tax evasion, anti-money laundering, and trade compliance – through risk-based programs supported by clear governance, reporting lines, and mandatory due diligence. Our framework includes counterparty screening, regular risk assessments, and comprehensive policies reinforced by mandatory employee training. We maintain internal guidance to address evolving regulatory trends and promote ethical engagement with external parties.

106 Woodside Energy Annual Report 2025 3.7 Risk factors People and culture These risks are associated with the ability to attract, retain, develop and motivate employees to succeed and safeguard both current and future performance and growth. How is this factor relevant to Woodside? People are key to the success of Woodside. We must build and maintain The conduct of Woodside, our employees and our third-party partners a capable workforce if we are to achieve our objectives. An effective could result in actual or alleged breaches of laws, regulations and operating model with a balanced organisational structure is important approvals, including fraud, corruption, anti-competitive behaviour, to allow us to conduct our operations and pursue new opportunities. money laundering, breaching trade or financial sanctions, market For Woodside to remain an employer of choice, our culture must manipulation, privacy breaches, ethical misconduct and wider support our current employees and attract the best new candidates. organisational cultural failings. Examples of how this factor may impact Woodside • During periods of high demand for skilled resources, Woodside may • An inability to pursue innovation opportunities due to a skills be unable to fill critical roles at acceptable costs or at all, leading to shortage. operational impacts. • Loss of key personnel or expert knowledge. • A limited ability to operate due to our people leaving critical roles. • Actual or alleged misconduct, including fraud and corruption. • An inability to reach timely agreements with employees including where representation by third parties may result in industrial action. How is Woodside managing these risks? To sustain strong performance and execute our strategy, we must We set the expectation for ethical behaviour through the application continue to evolve our culture, develop new skills, adapt processes and of Our Values, Code of Conduct and other relevant policies. This is technology, and build resilience to anticipate and respond to significant supported by a framework of monitoring, governance and training. changes in the external environment. We employ a direct engagement model to seek to maintain effective Our Woodside Management System is designed to safeguard our employee and industrial relations. We engage with employees and their organisation by clearly defining what we must do to operate our representatives where required and strive to maintain positive business responsibly and deliver value. This is further supported by relationships. We proactively engage our major contractors and our Board endorsed Risk Appetite Statement and Manual of Authority, suppliers to strengthen alignment with expectations, securing capability providing a clarity on decision making across our organisation. and pricing to meet future business needs. Woodside has a set of resourcing frameworks designed to attract, retain Further information on this topic can be found in the People and culture and develop our workforce to support both existing business and section of our website. growth opportunities. We recognise and value the benefits of creating an inclusive and diverse working environment.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 107 I FINANCIAL PERFORMANCE N Financial management Woodside is exposed to treasury risks, including liquidity, interest rate, foreign exchange, and credit risk. Our financial position is influenced by global macroeconomic conditions and market and commodity volatility, which also affect the valuation of assets and liabilities. How is this factor relevant to Woodside? Woodside must be financially well positioned in order to pursue our Foreign exchange risk strategic objectives and remain resilient during times of economic Woodside is exposed to foreign currency risk from future commitments, challenge. Several factors can affect our position. financial assets and financial liabilities that are not denominated in US Capital management dollars. Section A in the Notes to the Financial Statements also provides further information. For Woodside to operate sustainably we must make risk informed decisions related to allocation of capital. We seek to apply a Interest rate risk disciplined and balanced approach to capital management through This is the risk that Woodside’s financial position will fluctuate due to the commodity price cycle. Section 2.2 – Capital management changes in market interest rates. Woodside’s risk relates primarily to contains further information. financial instruments with floating interest rates including long-term From time to time, Woodside has relied on access to capital debt obligations, cash and short-term deposits. Section C in the Notes markets for funding. Our ability to obtain additional financing or to the Financial Statements contain further information. refinancing will be subject to a number of factors, including general Credit risk economic and market conditions such as rising interest rates, Woodside is exposed to credit risk, where counterparties may fail inflation or unstable or illiquid market conditions. to meet payment or performance obligations under contractual Commodity price risk arrangements. Such defaults, while infrequent, could result in financial Commodity price fluctuations can materially influence Woodside’s losses and impact our operations. revenue, cash flow, and asset valuations, requiring disciplined If any of these risks materialise, they could significantly impact capital allocation and proactive risk management to maintain Woodside’s earnings, cash flows, and overall financial position. financial resilience through the price cycle. Examples of how this factor may impact Woodside • Reduced ability to fund our strategy, including our projects, • We are exposed to foreign exchange risk from currency fluctuations may limit growth and execution. and exchange controls associated with our international operations. While we apply hedging strategies, these measures do not fully • Operating across multiple jurisdictions exposes us to varying eliminate the risk or perform as expected. economic and political conditions, creating global market volatility risks. • Counterparty defaults on payment or performance obligations could result in financial losses. • Restriction of debt market access or reliance on bonds and commercial paper for funding could impact our liquidity and • Impairments of assets, goodwill or other intangible assets, or operations. a significant increase in capital and operational expenditure as a result of acquisitions or investing in projects, could have • Interest rate fluctuations or any deterioration in credit rating a significant negative effect on our reported net income and our could increase borrowing costs. ability to pay dividends in one or more accounting periods if the • Some financial institutions are limiting exposure to fossil fuel level of impairment were to exceed profits available for distribution. projects, potentially affecting funding availability. • Sustained price declines or heightened volatility could constrain funding capacity and covenant headroom, reinforcing the need for robust liquidity management, stress testing and prudent decision making. How is Woodside managing these risks? We aim to maintain a strong balance sheet to support our We maintain adequate insurance in line with industry practice to cover investment grade credit rating and continuing strong distributions normal operational risks. Woodside is not insured against all potential to shareholders. We also maintain portfolio flexibility and diversity risks because not all risks can be insured and there are constraints on of price indexation as levers to mitigate adverse impacts from the availability of commercial insurance in global markets. Insurance particular risks. coverage is determined by the availability of commercial options and cost-benefit analysis, taking into account Woodside’s risk management A flexible approach to capital management is designed to enable program. Losses that are not insured could affect Woodside’s financial the overall level of investment in the different areas of our performance. For example, Woodside does not purchase insurance for business to be adjusted with consideration of the external the loss of revenue arising from an operational interruption across all environment. Our capital management strategy focuses on capital of its operations. allocation, capital discipline and efficiency, and active balance sheet management including commodity and foreign exchange hedging. Our framework of financial controls, including monitoring of counterparties, enables the management of these risks. Woodside hedges to protect the balance sheet against downside commodity price risk, particularly during periods of high capital expenditure. The US dollar reflects the majority of Woodside’s underlying cash flows and is used in our financial reporting, reducing our exposure to currency fluctuations.

108 Woodside Energy Annual Report 2025 3.7 Risk factors Commercial and market Woodside is exposed to commercial and market risks primarily driven by the global energy transition, fluid market dynamics, commodity price volatility, geopolitical tensions and trade tariffs and restrictions increasing supply chain costs and complexity. Commercial and market risks are associated with the ability to capture value whether markets are stable or volatile. Generally, Woodside does not have control over the factors that affect market development and prices. How is this factor relevant to Woodside? Woodside’s revenues are primarily derived from the sale of oil and gas. We seek to forecast changes in the economic factors to enable us to The prices Woodside receives for these products are variable and are maintain a strong market position during challenging economic times. affected by global economic factors beyond Woodside’s control. Refer to Section 6.3 – Additional disclosures and section A in the Notes to the Financial Statements provides further information. Uncertainty in macroeconomic conditions, tariffs, the energy transition, and geopolitical tensions can create strategic and financial challenges for Woodside. Volatile commodity prices and inflationary pressures can erode margins and disrupt capital planning, while tariffs and trade restrictions increase supply chain costs and complexity. The pace and direction of the energy transition introduces regulatory and market uncertainty, potentially impacting demand for hydrocarbons and accelerating the need for portfolio diversification. Collectively, these factors can materially affect Woodside’s earnings, cash flows, and investment decisions, requiring robust scenario planning, disciplined capital allocation, and proactive risk management designed to safeguard long-term shareholder value. Examples of how this factor may impact Woodside • Sustained decline or significant volatility in energy prices, such as • Woodside’s acquisition activities carry the risk that anticipated the volatility experienced in recent years, may decrease the viability benefits may not be fully realised due to factors such as less-than- or attractiveness of projects or may increase the challenges expected reserves, reduced production or changed circumstances, associated with future revenue and delivery of our strategy. such as price decline or an inability to capture market optimisation opportunities; bear unexpected integration costs or experience other • An imbalance in supply and demand, a slowdown in global GDP integration difficulties; experience share price declines based on the growth or economic activity in the markets in which we or our market’s evaluation of the activity; or be subject to liabilities that are customers operate can affect commodity price cycles. Our ability to greater than anticipated. Similar risks may apply to Woodside’s forecast market conditions determines whether we are affected development activities and potential divestments. positively or negatively. For instance, a significant increase in supply to the LNG market in the near to medium term could result in • If we inaccurately forecast the global demand for our LNG products, prolonged depressed prices. we may face difficulties obtaining longer-term sales contracts with desirable commercial terms. • Geopolitical tensions, including conflicts and sanctions, may disrupt trade flows resulting in the introduction or increase in trade tariffs. • If counterparties to our derivative instruments are unable to fulfil This has the potential to complicate supply chains for critical their obligations, a larger percentage of our future oil and gas equipment, escalate operational and project costs and reduce production could be subject to price changes. competitiveness. • Woodside may become a less attractive JVP, reducing our ability to execute projects with partners or increasing the cost to do so. • Shareholder returns are reduced due to lower commodity prices. How is Woodside managing these risks? We adopt a flexible approach to capital management to allow the We seek to capture value and maintain resilience to market volatility overall level of investment in the different areas of our business. through a competitively advantaged global marketing and trading platform. We provide flexibility by adopting a portfolio approach and Uncertainty associated with product demand is mitigated by selling our leveraging shipping capabilities designed to optimise outcomes, serve products in a portfolio manner and under long-term take or pay sale growing global energy demand and meet customer needs. We continue agreements, in addition to the spot market. Our contract positions seek to look for opportunities and collaborate with our customers on to balance upside exposure and revenue stability as we continue to lower‑carbon energy solutions. layer timing of sales through market cycles. Our low cost of production and prudent approach to balance sheet risk management further Refer to Section 6.3 – Additional disclosures and section A in the Notes mitigates this exposure. to the Financial Statements for further information.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 109 I FINANCIAL PERFORMANCE N Digital, innovation and cybersecurity These risks are associated with adopting and implementing new technologies, while safeguarding our digital information and landscape (including from cyber threats) across our value chain. How is this factor relevant to Woodside? Woodside relies significantly on information and operational Woodside’s technology systems, including artificial intelligence and technology systems for its core operations. As a result, we are machine learning, may be targeted by an internal or external malicious heavily reliant on secure, affordable and resilient IT services act or our systems may be disrupted unintentionally. Additionally, the provided both in-house and by third parties. Woodside must protect cost of implementing and maintaining effective technology systems may the confidentiality, integrity and availability of digital information be higher than anticipated. While our technology controls are designed and operational technologies. to protect against all causes of disruption, we cannot be certain that they will protect our systems in all cases. Examples of how this factor may impact Woodside • Cybersecurity risks are increasing due to more sophisticated • Misuse of AI (e.g., biased algorithms misreporting) could damage attacks, rapid technology changes, geopolitical tensions, and Woodside’s credibility with investors, regulators, communities and evolving regulations across the markets in which we operate. other stakeholders. Woodside has faced, and expects to continue facing, • As AI adoption grows, Woodside faces compliance with evolving cybersecurity threats such as ransomware, denial-of-service, rules around data governance, reporting, and safety standards. hacktivism, and nation-state attacks targeting critical energy Misalignment could delay projects or attract non- infrastructure. In addition, non-malicious IT incidents have compliance penalties. occurred and may happen again, potentially impacting • Litigation and governmental investigations may arise from the operations and data security. In the event of a cyber attack, occurrence of a cyber attack. Woodside’s confidential or sensitive information may be made • There may be potential adverse impacts on our reputation, the public or held for ransom. safety and privacy of our employees and the communities in which • Our operations may be disrupted if unauthorised access to our we operate. process control systems, or the systems of vendors on which we rely, occurs. • Rapid advancements in digital technologies, including AI and quantum computing, are ongoing. If we do not effectively harness these technologies, our business operations may become less efficient, and our product offerings could lose their competitive edge, ultimately hindering our ability to execute our strategy. How is Woodside managing these risks? We are committed to the protection of our people, assets, Our exposure to cyber risk is managed by a control framework to reputation and brand through securely enabled identify, contain and recover from cyber events in a timely manner, digital technologies. and embeds a cyber-safe culture across the company, with our joint venture partners and in our supply chain. But, due to the rapid evolution Digital risks are identified, assessed and managed based on the of cyber threats, there can be no certainty that such controls will be business criticality of our people, data and systems, and may be sufficient to prevent all security breaches. required to be segregated and isolated. This process also applies to digital risks relating to third parties, including suppliers and We are seeking to embed responsible AI across our operations, service providers, within our supply chain. strengthening governance, assuring model performance, building trusted data foundations, safeguarding automation with human Our operating model aims to continuously assess and determine oversight, and advancing AI literacy – so that innovation drives access permissions to critical information or data, while sustainable growth, resilience, and enduring shareholder value. consolidating, simplifying and automating security controls. Refer to Section 4.1.6 – Risk management and internal control and Section 6.3 – Additional disclosures and the Cybersecurity section of our website for further information on cybersecurity.

110 Woodside Energy Annual Report 2025 3.8 Reserves and Resources Statement Woodside produced a total of 211.4 MMboe in 2025, including • field performance and technical updates at Sangomar in 197.7 MMboe produced for sale and 13.7 MMboe of production Senegal contributed to proved and proved plus probable 1 consumed as fuel in operations. At 31 December 2025, reserves increases of 27.9 MMboe and 21.6 MMboe, Woodside’s remaining proved (1P) reserves were 1,882.1 MMboe, respectively. Of these changes, reservoir performance remaining proved plus probable (2P) reserves were supported the booking of water injection volumes in the S400 2,999.5 MMboe, and remaining 2C contingent resources reservoirs at Sangomar, resulting in proved reserves were 5,795.7 MMboe (Table 1). increases of 7.7 MMboe and proved plus probable reserves increases of 17.1 MMboe (included as improved recovery in As a result of the divestment of the Greater Angostura assets in Table 2) 2 Trinidad and Tobago, Woodside’s proved developed reserves • final investment decision on a water injection expansion decreased by 16.3 MMboe, proved plus probable developed project at Atlantis in the United States resulted in proved and reserves decreased by 22.3 MMboe, and 2C contingent resources proved plus probable reserves increases of 7.6 MMboe and decreased by 19.6 MMboe (shown as acquisitions and 12.1 MMboe, respectively (included as improved recovery in divestments in Tables 2, 3 and 7). Table 2). In addition, field performance and technical updates In 2025, excluding divestments and production, Woodside’s across several Gulf of America fields in the United States proved reserves increased by 134.1 MMboe, proved plus contributed to additional proved and proved plus probable reserves increased by 141.0 MMboe, and 2C contingent probable reserves increases of 9.1 MMboe and resources decreased by 54.4 MMboe (shown as revisions of 14.6 MMboe, respectively previous estimates, improved recovery, transfer to/from • 69.5 MMboe of 2C contingent resources were transferred to reserves, and extensions and discoveries in Tables 2 and 3). proved plus probable reserves primarily due to the final Key drivers for these changes included: investment decision on development opportunities in the • production driven technical updates at Greater Pluto in United States and Australia, and booking of Sangomar S400 Australia contributed to proved and proved plus probable water injection volumes. In addition, technical updates and reserves increases of 25.6 MMboe and 31.7 MMboe, development plan changes in the United States, Australia and respectively (included as revisions of previous estimates Senegal resulted in a 2C contingent resources increase of in Table 2) 15.1 MMboe. • field performance, technical updates and the final investment Unless stated otherwise, the following apply to this Reserves and decision on Greater Western Flank 4 (GWF4) at North West 4 Resources Statement: The effective date for reserves and Shelf in Australia contributed to proved and proved plus resources estimates is 31 December 2025. Proved reserves are probable reserves increases of 34.6 MMboe and 32.1 MMboe, 3 calculated using SEC-compliant economic assumptions and respectively. Of these changes, the final investment decision pricing. Production is reported for the period from 1 January on GWF4 resulted in proved and proved plus probable 2025 to 31 December 2025. Reserves, resources and production reserves increases of 16.4 MMboe and 31.1 MMboe, stated are Woodside’s net share and inclusive of fuel consumed respectively (included as extensions and discoveries, in operations. On 19 December 2024 Woodside issued an and transfer to/from reserves in Table 2) announcement entitled “Woodside Simplifies Portfolio and • field performance, technical updates and the final investment Unlocks Long-Term Value”, describing an asset swap with decision on Turrum Phase 3 at Bass Strait in Australia Chevron. This Reserves and Resources Statement has not been resulted in proved and proved plus probable reserves adjusted to account for the impact of the asset swap with increases of 17.4 MMboe and 16.7 MMboe, respectively Chevron, as the transaction has not yet closed and remains (included as revisions of previous estimates, extensions 3 subject to conditions precedent. The transaction would, if and discoveries, and transfer to/from reserves in Table 2) completed, result in changes to Woodside’s interests in the North • field performance and technical updates at several Exmouth West Shelf Project Area and Julimar-Brunello disclosed in this fields in Australia contributed to proved and proved plus statement. All numbers are internal estimates produced by probable reserves increases of 12.2 MMboe and Woodside. Estimates of reserves and contingent resources 13.0 MMboe, respectively should be regarded only as estimates that may change over time as additional information and production history becomes available.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 111 I FINANCIAL PERFORMANCE N 5,6,7,8 9 Table 1: Woodside’s reserves and contingent resources overview (net Woodside share, as at 31 December 2025) Oil & Fuel included 10 11 12 Natural gas NGLs condensate Total in total 13 14 15 Bcf MMbbl MMbbl MMboe MMboe 161718 Proved developed and undeveloped 7,637.1 18.0 524.3 1,882.1 170.3 Proved developed 1,740.7 15.3 322.9 643.6 52.3 Proved undeveloped 5,896.4 2.7 201.4 1,238.5 118.0 19 Proved plus probable developed and undeveloped 12,147.7 34.4 833.9 2,999.5 267.9 Proved plus probable developed 2,864.2 27.8 506.8 1,037.1 83.0 Proved plus probable undeveloped 9,283.5 6.6 327.1 1,962.4 184.9 20 Contingent resources 27,539.5 73.4 890.8 5,795.7 359.8 Small differences are due to rounding Methodology Governance and assurance Reserves and contingent resources estimates have not been Woodside has several processes designed to provide assurance adjusted for risk. Proved reserves are estimated and reported for reserves and contingent resources reporting, including its on a net interest basis, excluding royalties owned by others, in Reserves and Resources Policy and Standards, reserves and accordance with the United States Securities and Exchange resources estimation guidance, annual staff training, and Commission (SEC) regulations, and have been determined in minimum experience levels. The Woodside Reserves and accordance with SEC Rule 4-10(a) of Regulation S-X. As defined Resources Policy requires external assessments of all projects by the SEC, proved reserves are those quantities of crude oil, or fields with material reserves at least once every four years. condensate, natural gas, and natural gas liquids that, by analysis In addition, Woodside has a dedicated and independent Corporate of geoscience and engineering data, can be estimated with Reserves Team (CRT) that provides oversight and assurance of reasonable certainty to be economically producible from a given the reserves and resources assessments and reporting date forward from known reservoirs and under existing economic processes. Reserves and resources are estimated by staff in conditions, operating methods, operating contracts, and teams directly responsible for development and production government regulations. Unless evidence indicates that renewal activities. These individuals are trained in the fundamentals of of existing operating contracts is reasonably certain, estimates of reserves reporting and are approved by the CRT on an annual economically producible reserves reflect only the period before basis. Reserves estimates are reviewed annually by the CRT to the contracts expire. The project to extract the hydrocarbons ensure technical quality, adherence to Woodside’s Reserves and must have commenced or the operator must be reasonably Resources Policy and Standards and compliance with SEC and certain that it will commence within a reasonable time. SPE-PRMS reporting requirements (as applicable). All reserves and resources are reviewed and approved by Woodside’s Proved reserves are estimated by reference to available well Qualified Petroleum Reserves and Resources Evaluator and and reservoir information, including but not limited to well logs, approved by senior management and Woodside’s Board prior well test data, core data, production and pressure data, geologic to public reporting. data, seismic data and, in some cases, similar data from analogous, producing reservoirs. A wide range of engineering Qualified petroleum reserves and resources and geoscience methods, including performance analysis, evaluator statement numerical simulation, well analogues and geologic studies, have been used to develop high confidence in estimated quantities. The estimates of petroleum reserves and contingent resources Proved plus probable reserves and 2C contingent resources are based on and fairly represent information and supporting are estimated in accordance with the 2018 Society of Petroleum documentation prepared by, or under the supervision of Engineers Petroleum Resources Management System Mr Benjamin Ziker, Woodside’s Vice President Reserves and (SPE‑PRMS) guidelines. SPE-PRMS guidelines allow Subsurface, who is a full-time employee of the company and a (amongst other things) escalations to prices and costs and, member of the Society of Petroleum Engineers. The Reserves as such, volume estimates in accordance with those guidelines and Resources Statement as a whole has been approved by would be on a different basis than volumes estimated as Mr Ziker. Mr Ziker’s qualifications include a Bachelor of Science prescribed by the SEC. Proved plus probable reserves and 2C (Chemical Engineering) from Rice University (Houston, Texas, contingent resources estimates are inherently more uncertain USA), and 27 years of relevant experience. than proved reserves estimates.

112 Woodside Energy Annual Report 2025 3.8 Reserves and Resources Statement Table 2: Proved and proved plus probable developed and undeveloped reserves reconciliation (net Woodside share, as at 31 December 2025) Natural gas NGLs Oil & condensate Total Bcf MMbbl MMbbl MMboe Reserves as at 31 December 2024 8,049.9 12,589.4 18.9 33.9 544.6 849.7 1,975.7 3,092.2 21 Acquisitions and divestments -91.9 -122.3 0.0 0.0 -0.2 -0.9 -16.3 -22.3 22 Revisions of previous estimates 315.1 243.9 2.6 1.9 39.5 26.8 97.3 71.5 23 Improved recovery 3.7 5.9 0.5 0.8 14.3 27.4 15.4 29.2 24 Transfer to/from reserves 13.4 31.0 0.7 1.1 0.7 2.7 3.8 9.2 25 Extensions and discoveries 75.6 128.4 1.1 2.5 3.4 6.1 17.7 31.1 1 Production -728.6 -728.6 -5.7 -5.7 -77.8 -77.8 -211.4 -211.4 26 Reserves as at 31 December 2025 7,637.1 12,147.7 18.0 34.4 524.3 833.9 1,882.1 2,999.5 Fuel included in reserves as at 31 December 2025 966.0 1,521.2 0.8 1.1 0.0 0.0 170.3 267.9 Small differences are due to rounding Table 3: 2C contingent resources reconciliation (net Woodside share, as at 31 December 2025) Natural gas NGLs Oil & condensate Total Bcf MMbbl MMbbl MMboe Contingent resources as at 31 December 2024 27,688.8 80.6 931.4 5,869.7 Acquisitions and divestments -91.5 0.0 -3.6 -19.6 Revisions of previous estimates 107.4 -2.8 -0.9 15.1 Transfer to/from reserves -165.3 -4.4 -36.1 -69.5 Extensions and discoveries 0.0 0.0 0.0 0.0 20 Contingent resources as at 31 December 2025 27,539.5 73.4 890.8 5,795.7 Small differences are due to rounding Proved Proved plus probable Proved Proved plus probable Proved Proved plus probable Proved Proved plus probable

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 113 I FINANCIAL PERFORMANCE N Table 4: Proved developed and undeveloped reserves (net Woodside share, as at 31 December 2025) Country Assets Natural gas NGLs Oil & condensate Total Bcf MMbbl MMbbl MMboe Australia 27 Greater Pluto 411.2 65.8 477.0 0.0 0.0 0.0 4.8 0.7 5.6 77.0 12.3 89.3 Bass Strait 274.0 22.1 296.2 8.5 0.7 9.3 5.9 0.7 6.6 62.5 5.3 67.8 28 North West Shelf 567.5 80.4 647.9 2.7 0.9 3.5 21.0 3.9 24.9 123.2 18.9 142.1 29 Exmouth 388.9 45.5 434.4 0.0 0.0 0.0 19.2 0.9 20.1 87.5 8.8 96.3 30 Scarborough 0.0 5,494.7 5,494.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 964.0 964.0 Shenzi, Mad Dog USA 72.7 11.3 84.0 4.1 1.1 5.1 181.6 31.4 213.0 198.4 34.4 232.9 and Atlantis fields 31 Other International 26.4 176.5 202.9 0.0 0.0 0.0 90.4 163.8 254.2 95.0 194.8 289.8 Total Reserves 1,740.7 5,896.4 7,637.1 15.3 2.7 18.0 322.9 201.4 524.3 643.6 1,238.5 1,882.1 Fuel included in reserves as at 31 293.8 672.1 966.0 0.8 0.0 0.8 0.0 0.0 0.0 52.3 118.0 170.3 December 2025 Small differences are due to rounding Table 5: Proved plus probable developed and undeveloped reserves (net Woodside share, as at 31 December 2025) Country Assets Natural gas NGLs Oil & condensate Total Bcf MMbbl MMbbl MMboe Australia Greater Pluto 965.3 168.6 1,133.9 0.4 0.2 0.6 11.1 1.9 12.9 180.8 31.7 212.4 Bass Strait 377.4 46.4 423.9 15.9 2.1 18.0 8.0 1.5 9.5 90.1 11.8 101.8 North West Shelf 811.4 138.8 950.1 4.0 2.0 6.0 26.8 8.7 35.5 173.1 35.0 208.1 Exmouth 533.0 208.5 741.5 0.0 0.0 0.0 25.9 3.6 29.5 119.4 40.2 159.6 Scarborough 0.0 8,584.6 8,584.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,506.1 1,506.1 Shenzi, Mad Dog USA 120.3 17.5 137.7 7.6 2.2 9.8 287.1 45.1 332.3 315.8 50.4 366.2 and Atlantis fields Other International 56.9 119.1 176.0 0.0 0.0 0.0 148.0 266.3 414.3 157.9 287.2 445.2 Total Reserves 2,864.2 9,283.5 12,147.7 27.8 6.6 34.4 506.8 327.1 833.9 1,037.1 1,962.4 2,999.5 Fuel included in reserves as at 467.8 1,053.4 1,521.2 1.0 0.1 1.1 0.0 0.0 0.0 83.0 184.9 267.9 31 December 2025 Small differences are due to rounding Developed Developed Undeveloped Undeveloped Total Total Developed Developed Undeveloped Undeveloped Total Total Developed Developed Undeveloped Undeveloped Total Total Developed Developed Undeveloped Undeveloped Total Total

114 Woodside Energy Annual Report 2025 3.8 Reserves and Resources Statement Table 6: 2C contingent resources summary by region (net Woodside share, as at 31 December 2025) Country Assets Natural gas NGLs Oil & condensate Total Bcf MMbbl MMbbl MMboe Australia Greater Pluto 1,284.0 0.0 22.8 248.0 Bass Strait 510.2 28.2 49.7 167.3 North West Shelf 455.9 4.5 29.6 114.1 Exmouth 668.7 0.0 37.0 154.3 Scarborough 1,600.1 0.0 0.0 280.7 32 Browse 4,403.3 8.3 117.5 898.3 33 Greater Sunrise Special Regime Area Sunrise 1,778.0 0.0 75.6 387.5 Shenzi, Mad Dog USA 220.8 32.4 276.8 348.0 and Atlantis fields 20 Canada Liard 14,225.7 0.0 0.0 2,495.7 Other International 2,392.9 0.0 282.0 701.8 Total Resources 27,539.5 73.4 890.8 5,795.7 Small differences are due to rounding As of 31 December 2025, approximately 88 percent of Woodside’s Undeveloped reserves proved undeveloped reserves are scheduled to be developed At 31 December 2025, Woodside’s remaining proved undeveloped within five years of initial disclosure. The remaining proved reserves were 1,238.5 MMboe, representing a decrease of undeveloped reserves (approximately 12 percent) are associated 30.4 MMboe from the 1,268.9 MMboe as at 31 December 2024 with large and complex capital investment projects, which are (Table 7). Remaining proved plus probable undeveloped reserves scheduled to be developed beyond five years from initial were 1,962.4 MMboe, a decrease of 2.3 MMboe from disclosure primarily due to facility ullage constraints and 1,964.7 MMboe as at 31 December 2024. scheduled offshore drilling campaigns. Woodside is committed to these projects and continues to actively progress the In 2025, 67.2 MMboe of proved undeveloped reserves were development of these volumes. transferred to proved developed reserves with the start-up of development wells at Greater Pluto (47.3 MMboe), Bass Strait Table 7: Proved undeveloped reserves reconciliation (4.1 MMboe), North West Shelf (1.2 MMboe), and Mad Dog and (net Woodside share, as at 31 December 2025) Atlantis (14.6 MMboe). Likewise, 53.1 MMboe of proved plus probable undeveloped reserves were transferred to proved plus Total probable developed reserves with start-up of development wells MMboe at Greater Pluto (30.2 MMboe), Bass Strait (1.1 MMboe), North Proved undeveloped reserves as at 31 December 2024 1,268.9 West Shelf (3.0 MMboe), and Mad Dog and Atlantis (18.8 MMboe). Acquisitions and divestments 0.0 Technical updates, performance based revisions and development plan changes across the portfolio resulted in Transfers to proved developed reserves -67.2 revisions of previous estimates, contributing to a 6.7 MMboe Revisions of previous estimates 6.7 increase in proved undeveloped reserves and a 4.2 MMboe Performance, technical studies, and other 6.7 decrease in proved plus probable undeveloped reserves. Price 0.0 The final investment decision on Greater Western Flank 4 Improved recovery 7.6 (North West Shelf) and Turrum Phase 3 (Bass Strait) in Australia resulted in proved and proved plus probable undeveloped Transfer to/from reserves 4.8 reserves increases of 22.5 MMboe and 42.9 MMboe, respectively Extensions and discoveries 17.7 (included as transfer to/from reserves, and extensions and Proved undeveloped reserves as at 31 December 2025 1,238.5 discoveries in Tables 2 and 7). In addition, the final investment Small differences are due to rounding decision on a water injection expansion project in the Atlantis field resulted in improved recovery additions to proved and proved plus probable undeveloped reserves of 7.6 MMboe In 2025, Woodside incurred approximately US$3.2 billion and 12.1 MMboe, respectively. progressing the transfer of undeveloped reserves to developed reserves. These expenditures were primarily associated with Only undeveloped reserves in Julimar-Brunello and Greater field development activities at Scarborough and Trion, with Pluto have remained undeveloped for longer than five years from additional capital associated with field developments that the dates they were initially reported and are expected to be achieved, or are expected to achieve, development status developed in a phased manner to meet long-term contractual upon completion. commitments. Both projects are being progressed, 3 demonstrating an intent to proceed with development .

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 115 I FINANCIAL PERFORMANCE N 7. Assessment of the economic value in support of an SPE-PRMS reserves and resources Additional information for US investors classification, uses Woodside Portfolio Economic Assumptions (Woodside PEAs). The Woodside PEAs are reviewed on an annual basis, or more often if required. The review is based on historical data and forecast estimates for economic variables such as product prices and The SEC prohibits oil and gas companies, in their filings with the exchange rates. The Woodside PEAs are approved by the Woodside Board. Specific contractual SEC, from disclosing estimates of oil or gas resources other than arrangements for individual projects are also taken into account. 8. Woodside uses both deterministic and probabilistic methods for the estimation of reserves and ‘reserves’ (as that term is defined by the SEC). In this report, contingent resources at the field and project levels. All proved reserves estimates have been estimated using deterministic methods and reported on a net interest basis in accordance with Woodside includes estimates of quantities of oil and gas using the SEC regulations and have been determined in accordance with SEC Rule 4-10(a) of certain terms, such as ‘proved plus probable (2P) reserves,’ ‘best Regulation S-X. Unless otherwise stated, all petroleum estimates reported at the company or region level are aggregated by arithmetic summation by category. The aggregated proved estimate (2C) contingent resources,’ ‘reserves and contingent reserves may be a conservative estimate due to the portfolio effects of arithmetic summation. 9. ‘Contingent resources’ are those quantities of petroleum estimated, as of a given date, to be resources,’ ‘proved plus probable,’ ‘developed and undeveloped,’ potentially recoverable from known accumulations, but the applied project(s) are not yet ‘probable developed,’ ‘probable undeveloped,’ ‘contingent considered mature enough for commercial development due to one or more contingencies. Contingent resources are estimated and reported in accordance with SPE-PRMS guidelines resources’ or other descriptions of volumes of reserves, which and may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where include quantities of oil and gas that may not meet the SEC’s evaluation of the accumulation is insufficient to clearly assess commerciality. Woodside definitions of proved, probable and possible reserves, and which reports contingent resources inclusive of all fuel consumed in operations. Contingent resources are different from, and should not be construed as, reserves. Contingent resources the SEC’s guidelines strictly prohibit Woodside from including in estimates may not always mature to reserves and do not necessarily represent future reserves bookings. Contingent resources volumes are reported at the ‘Best Estimate’ (P50) filings with the SEC. These estimates are by their nature more confidence level. 2C contingent resources are not compliant with SEC regulations. The SEC speculative than estimates of proved reserves and would require prohibits disclosure of oil and gas resources, including contingent resources, in SEC filings. However, Australian securities regulatory authorities allow disclosure of oil and gas resources, substantial capital spending over a significant number of years to including contingent resources. 10. ‘Natural gas’ is defined as the gas product associated with liquefied natural gas (LNG) and implement recovery, and accordingly are subject to substantially pipeline gas. Liquid volumes of crude oil, condensate and natural gas liquids (NGLs) are greater risk of being recovered by Woodside. In addition, actual reported separately. 11. ‘Natural gas liquids’ or ‘NGLs’ is defined as the product associated with liquefied petroleum gas locations drilled and quantities that may be ultimately recovered (LPG) and consists of propane, butane, and ethane – individually or as a mixture. from Woodside’s properties may differ substantially. Woodside 12. ‘Total’ includes fuel consumed in operations. 9 13. ‘Bcf’ means billions (10 ) of cubic feet of gas at standard oilfield conditions of 14.696 psi has made no commitment to drill, and likely will not drill, all (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees Celsius). drilling locations that have been attributable to these quantities. 6 14. ‘MMbbl’ means millions (10 ) of barrels of NGLs, oil and condensate at standard oilfield conditions of 14.696 psi (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees Celsius). U.S. investors are urged to consider closely the disclosures 6 15. ‘MMboe’ means millions (10 ) of barrels of oil equivalent. Natural Gas volumes are converted in Woodside’s filings with the SEC, which are available to oil equivalent volumes via a constant conversion factor, which for Woodside is 5.7 Bcf of dry gas per 1 MMboe. Volumes of NGLs, oil and condensate are converted from MMbbl to MMboe at www.sec.gov. on a 1:1 ratio. 16. ‘Proved reserves’ are those quantities of crude oil, condensate, natural gas and NGLs that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be Notes to the reserves and resources statement economically producible from a given date forward from known reservoirs and under existing economic conditions, operating methods, operating contracts, and government regulations. Proved reserves are estimated and reported on a net interest basis in accordance with the SEC 1. ‘Production’ is the volume of natural gas, natural gas liquids (NGLs), condensate and oil regulations and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X. produced during the period from 1 January 2025 to 31 December 2025 and converted to ‘MMboe’ for the specific purpose of reserves reconciliation. The production volume figures in 17. ‘Developed reserves’ are those reserves that are producible through currently existing this Reserves and Resources Statement differ from the production volume figures reported completions and installed facilities for treatment, compression, transportation and delivery, elsewhere in this report and in Woodside’s quarterly reports because the production volumes using existing operating methods and standards. reported in this Reserves and Resources Statement include all fuel consumed in operations 18. ‘Undeveloped reserves’ are those reserves for which wells and facilities have not been but exclude 1.2 MMboe of volumes from feed gas purchased from Pluto non-operating installed or executed but are expected to be recovered through future significant investments. participants and processed via the Pluto-KGP Interconnector. Other small differences are due 19. ‘Probable reserves’ are those reserves which analysis of geological and engineering data to rounding. suggests are more likely than not to be recoverable. Proved plus probable reserves represent 2. Refer to the announcement on 28 March 2025 entitled “Woodside to Divest Greater Angostura the best estimate of recoverable quantities. Where probabilistic methods are used, there is at Assets to Perenco”. least a 50% probability that the actual quantities recovered will equal or exceed the sum of 3. In this Reserves and Resources Statement, Woodside’s interests, including those in the North estimated proved plus probable reserves. Proved plus probable reserves are estimated and West Shelf Project Area and Julimar-Brunello, represent interests at the end of this reporting reported in accordance with SPE-PRMS guidelines and are not compliant with SEC regulations. period. On 19 December 2024 Woodside issued an announcement entitled “Woodside Simplifies 20. ‘Liard’ comprises of all unconventional contingent resources in the Liard Basin. Portfolio and Unlocks Long-Term Value”, describing an asset swap with Chevron. The 21. ‘Acquisitions and divestments’ are revisions that represent changes (either upward or transaction would, if completed, result in changes to Woodside’s interests in the North West downward) in previous estimates of reserves or contingent resources, which result from Shelf Project Area and Julimar-Brunello. Completion of the transaction is subject to customary either purchase or sale of interests and/or execution of contracts conveying entitlement. conditions precedent, including Australian Competition and Consumer Commission and 22. ‘Revisions of previous estimates’ are changes (either upward or downward) in previous Foreign Investment Review Board clearances and other applicable State and Federal and estimates of reserves or contingent resources, resulting from new information normally regulatory approvals, relevant third-party consents and pre-emption rights of the continuing obtained from development drilling and production history, or resulting from a change in joint venture participants. The transaction is also subject to the completion of Julimar Phase 3 economic factors. Project execution and handover which is expected in 2026, and the completion of certain ongoing abandonment activities. 23. ‘Improved recovery’ refers to the incremental petroleum volumes obtained beyond primary recovery mechanisms, typically through methods such as water flooding, secondary, or tertiary 4. Woodside is an Australian company listed on the Australian Securities Exchange and the recovery processes. New York Stock Exchange. Woodside reports its proved reserves in accordance with SEC regulations, which are also compliant with SPE-PRMS guidelines, and prepares and reports its 24. ‘Transfer to/from reserves’ are revisions that represent changes (either upward or downward) proved plus probable reserves and 2C contingent resources in accordance with SPE-PRMS in previous estimates of reserves or contingent resources, which are a result of re- guidelines. Woodside reports all petroleum resources estimates using definitions consistent classification of petroleum resources estimates (i.e. from reserves to contingent resources or with SPE-PRMS. vice versa) associated with one or more project(s). 5. For offshore oil projects, the reference point is defined as the outlet of the floating production 25. ‘Extensions and discoveries’ represent additions to reserves or contingent resources that storage and offloading facility (FPSO) or platform, while for the onshore gas projects the result from increased areal extensions of previously discovered fields demonstrated to exist reference point is defined as the outlet of the downstream (onshore) gas processing facility. subsequent to the original discovery and/or discovery of reserves or contingent resources in new fields or new reservoirs in old fields. 6. ‘Reserves’ are estimated quantities of petroleum that have been demonstrated to be producible from known accumulations in which the company has a material interest from a 26. Proved reserves at 31 December 2025 are estimated and reported in accordance with SEC regulations. Proved plus probable reserves and contingent resources at 31 December 2025 are given date forward, at commercial rates, under presently anticipated production methods, operating conditions, prices, and costs. Woodside reports reserves inclusive of all fuel estimated and reported in accordance with SPE-PRMS guidelines. consumed in operations. Proved reserves are estimated and reported in accordance with 27. ‘Greater Pluto’ consists of the Pluto, Xena, Pyxis, Larsen, Martell, Martin, Noblige, and Remy SEC regulations which are also compliant with SPE-PRMS guidelines. SEC-compliant proved fields. reserves estimates use a more restrictive, rules-based approach and are generally lower than 28. ‘North West Shelf’ consists of all oil and gas fields within the North West Shelf Project Area. estimates prepared solely in accordance with SPE-PRMS guidelines due to, among other In this Reserves and Resources Statement, North West Shelf estimates include the things, the requirement to use commodity prices based on the average of first of month prices incremental reserves as a result of the Greater Western Flank 4 project approval. during the 12-month period in the reporting company’s fiscal year. Proved plus probable 29. ‘Exmouth’ consists of the Pyrenees, Macedon, Julimar-Brunello, and Ngujima-Yin fields. reserves are estimated and reported in accordance with SPE-PRMS guidelines and are not 30. ‘Scarborough’ consists of Scarborough, Thebe, and Jupiter fields. Development activities are compliant with SEC regulations. underway. In this Reserves and Resources Statement, Scarborough estimates are based on a 74.9% interest in the Scarborough Joint Venture, and 100% interest in Thebe and Jupiter. 31. ‘International’ consists of the Calypso, Trion, and Sangomar fields. 32. ‘Browse’ consists of the Brecknock, Calliance, and Torosa fields. 33. ‘Sunrise’ consists of the Sunrise and Troubadour fields.

116 Woodside Energy Annual Report 2025 4 Governance Woodside’s commitment to high standards of corporate governance underpins our ability to create sustainable long-term value.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 117 I FINANCIAL PERFORMANCE N 4.1 Corporate Governance Statement The Nominations and Governance Committee (Committee) assists We believe that adopting and the Board by overseeing matters relating to Board composition, performance and succession planning. The Committee is operating in accordance with high responsible for ensuring that the Board has the right balance standards of corporate governance of skills, competencies, experience, expertise and perspectives to lead Woodside in a complex, global and multi-jurisdictional is essential for sustainable long-term operating environment. Succession planning and Board renewal remain key areas of performance and value creation. focus. The Board seeks to balance continuity, corporate memory and deep sector experience with the benefits of renewal, new perspectives and evolving skill sets. This balance is particularly important given Woodside’s long-term investment horizons and its role in providing the energy to help people lead better lives. The Committee also supports the Board by reviewing and recommending Woodside’s corporate governance policies. This work is informed by governance and regulatory developments in the markets where Woodside’s securities are listed – the Australian Securities Exchange (ASX) and the New York Stock Exchange (NYSE) – as well as engagement with shareholders and other stakeholders. In doing so, the Board is able to maintain and enhance Woodside’s corporate governance framework. This helps ensure the framework remains aligned with evolving governance standards and leading market practice, while continuing to The Board has primary responsibility for the overall corporate support effective oversight. governance of Woodside. This Corporate Governance Statement We remain committed to corporate governance practices that outlines the key governance processes, activities and practices support sustainable long-term performance and value creation. that underpin the Board’s oversight and support alignment with I encourage shareholders to read this Corporate Governance evolving legal, regulatory and stakeholder expectations. Statement and welcome your feedback. Our approach to corporate governance is defined not only by what we do, but how we do it. Woodside’s governance practices are deeply embedded in our culture and designed to reinforce accountability, integrity and transparency across the organisation. Our Values, purpose and governance framework shape behaviour and decision making Richard Goyder, AO in support of the long-term interests of shareholders and Chair of the Nominations and Governance Committee other stakeholders. 24 February 2026 The Board recognises that strong leadership is fundamental to effective corporate governance. Our focus is on operating as a high-performing, collegiate and independent body. We engage constructively with management and provide robust challenge on the strategic, operational and emerging issues and risks facing the business. Through this engagement, the Board works closely with Woodside’s Executive Leadership Team to oversee the execution of Woodside’s strategy to create sustainable shareholder value.

118 Woodside Energy Annual Report 2025 4.1.1 Corporate governance at Woodside Woodside’s corporate governance model is illustrated in the diagram below. The Woodside Management System (WMS) describes the Woodside way of working and establishes a framework to support Woodside in understanding and managing its business to achieve its objectives. It defines the boundaries within which Woodside employees and contractors are expected to work. The WMS establishes a common approach to how we operate, wherever the location. Stakeholders Board Audit & Risk Human Resources & Nominations & Sustainability Chief Executive Officer Governance Committee Committee Compensation Committee Committee Independent Assurance Management Governance and Assurance Strategy Authorities External Audit Woodside Management System Internal Audit Risk Management Operating Structure Including Woodside Values and Policies Woodside must comply with applicable provisions of the The ASXCGC Recommendations are not incorporated by reference Corporations Act 2001 (Cth), ASX Listing Rules, and other to this Statement. As shown in this Statement, throughout the year, relevant Australian and international laws, including the NYSE Woodside complied with all ASXCGC Recommendations. Woodside Listed Company Manual and US securities laws applicable to is also subject to certain governance requirements of the NYSE Woodside as a foreign private issuer. and the SEC. The section “Differences from NYSE corporate governance requirements” provides further information. This Corporate Governance Statement (Statement) reports on Woodside’s key governance principles and practices. The Statement is current as at 24 February 2026 (unless otherwise specified) and has been approved by the Board. The ASX Listing Rules require Woodside to report on the extent to which it has followed the Corporate Governance All Board and Committee Charters and copies of the policies and Recommendations contained in the fourth edition of the ASX documents referred to in this Statement are available on the Corporate Governance Council’s Principles and Corporate Governance and Policies section of our website at Recommendations (ASXCGC Recommendations). The NYSE woodside.com. Listing Rules and US securities laws also require Woodside to report on its governance arrangements and governance code. The ASXCGC Recommendations are publicly available at https://www.asx.com.au/content/dam/asx/about/corporate- governance-council/cgc-principles-and-recommendations-fourth- edn.pdf.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 119 I FINANCIAL PERFORMANCE N 4.1.2 Board of Directors Board role and responsibilities Board composition The Woodside Energy Group Ltd Constitution provides that the The Woodside Energy Group Ltd Constitution provides that business and affairs of Woodside are to be managed by or under Woodside Energy Group Ltd is not to have more than 12, nor less the direction of the Board. The central role of the Board is to than three Directors. At the date of this report, the Board is set Woodside’s strategic direction, to select and appoint a comprised of 10 independent Non-Executive Directors. Chief Executive Officer (CEO) and to oversee Woodside’s The following page shows each of the current Directors management and business activities. and those Directors who served during the year and the date of their appointment as a Director. The Board’s role, powers, duties and functions are formalised in a Board Charter. The Charter sets out the matters and functions that are specifically reserved to the Board and the powers that are delegated to the CEO and management. The Board Charter and the delegation of Board authority to the CEO and management are reviewed regularly. Some of the key activities of the Board undertaken during the year include overseeing: • The review of Woodside’s strategy and providing input and guidance including on management’s execution of strategy • Monitoring the potential impacts of certain macroeconomic and geopolitical events on the global energy market • Woodside’s plans to support its emissions targets and goals • Management’s response to policy and regulatory developments, including legal challenges to regulatory decision making in Australia • The implementation of CEO and Chair succession activities • The final investment decision to develop the Louisiana LNG development and subsequent sale of a 40% non-operating interest in Louisiana LNG to Stonepeak and a 10% non- operating interest in Louisiana LNG to The Williams Companies, Inc (NYSE: WMB) (Williams) • The sale of a 80% interest and operatorship of Driftwood Pipeline LLC to Williams • The receipt of Federal Government environmental approval 1 for the North West Shelf Project extension • The divestment of Woodside’s Greater Angostura assets in Trinidad and Tobago to Perenco • The signing of long-term sales and purchase agreements with PETRONAS LNG Ltd, China Resources and Uniper for the supply of LNG • The signing of a sale and purchase agreement with Türkiye’s Boru Hatları ile Petrol Taşıma A.Ş. (BOTAŞ) for the supply of natural gas equivalent of LNG for up to nine years from 2030 • The commencement of production of first ammonia at the Beaumont New Ammonia Project • The progression of the Scarborough Energy Project towards first LNG cargo scheduled for Q4 2026 • The securing of key regulatory approvals for the Trion Project and commencement of the fabrication of a floating production unit in Korea • The delivery of outstanding production performance at the Sangomar Project and considering opportunities for Phase 2 development. 1. The approval is subject to conditions. Three separate legal proceedings have commenced in the Federal Court of Australia challenging the Federal Government’s environmental approval. These are in addition to one legal proceeding commenced in the Supreme Court of Western Australia, challenging the State Government’s environmental approval.

120 Woodside Energy Annual Report 2025 4.1.2 Board of Directors Richard Goyder, AO Larry Archibald Ashok Belani BCom, FAICD BSc (Geosciences), BA (Geology), MBA MS Engineering Term of office Term of office Chair Chair since April 2018. Director since February 2017, re-election Director since January 2024, re- election Term of office required at AGM in 2026. required at AGM in 2027. Director since August 2017, re-election required at AGM in 2027. Independent Independent Yes Yes Independent Yes Country of residence Country of residence USA USA Country of residence Australia Experience Experience Mr Archibald previously worked at Mr Belani joined SLB (formerly Schlumberger) Experience ConocoPhillips, where he spent eight years in in 1980 and served as a senior executive of Mr Goyder spent 24 years with Wesfarmers senior executive positions including Senior Vice SLB from 2011 until his retirement in 2022. Limited, where he served as Managing Director President, Business Development and Mr Belani held several senior executive roles and Chief Executive Officer from 2005 to late Exploration and Senior Vice President, at SLB including President Reservoir 2017. Mr Goyder also served as Chair of the Exploration. Prior to joining ConocoPhillips, Characterisation, and Executive Vice President Australian B20 (the key business advisory body Mr Archibald spent 29 years at Amoco from Technology. Most recently, he served as SLB’s to the international economic forum which 1980 to 1998 and BP from 1998 to 2008 in Executive Vice President New Energy where he includes business leaders from all G20 various positions including leading exploration was responsible for deploying differentiated economies) from February 2013 to programs covering many world regions. technologies and practices to decarbonise December 2014. exploration and production operations, and the Committee membership development of new avenues of growth in Committee membership Audit & Risk, Sustainability and Nominations & emerging markets with carbon-neutral Chair of the Nominations & Governance Governance Committees. technologies. Mr Belani continues to work Committee. Attends other Board as a senior advisor to SLB. Current directorships/other interests Committee meetings. Chair Committee membership Current directorships/other interests University of Arizona Geosciences Advisory Member of the Sustainability, Audit & Risk and Chair Board (since 2019). Nominations & Governance Committees. Perron Group (from March 2025), Channel 7 Other directorships of listed entities Current directorships/other interests Telethon Trust (since 2018), West Australian within the past three years Symphony Orchestra (WASO) (since 2018) Director and Australian Football League Commission Nil. Gentari Sdn. Bhd. (since 2023), Enervenue, Inc. (since 2017). (since 2021) and AMGreen Group (since 2024). Member Member J.P. Morgan Asia Pacific Advisory Council Board of AStar, the agency for science and technology for the Government of Singapore. Other directorships of listed entities within the past three years Other directorships of listed entities Qantas Airways Limited (2018 until within the past three years September 2024). Nil.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 121 I FINANCIAL PERFORMANCE N Arnaud Breuillac Swee Chen Goh Ian Macfarlane MSc Engineering BSc (Information Science), MBA Former Australian Federal Minister (Resources; Energy; Industry and Innovation), Term of office Term of office FAICD Director since January 2020, re- election required Director since March 2023, re-election required at AGM in 2026. Term of office at AGM in 2026. Director since November 2016. Independent Independent Yes Independent Yes Country of residence Yes Country of residence Singapore Country of residence France Experience Australia Experience Ms Goh joined Shell in 2003 and was the Chair Experience Mr Breuillac had a 40-year career with of Shell Companies in Singapore from 2014 TotalEnergies SE, including as President until her retirement in 2019. Mr Macfarlane was Australia’s longest serving Middle East, Senior Vice President E&P, Federal Resources and Energy Minister, and During her tenure at Shell, Ms Goh served on Continental Europe and Central Asia, and the Coalition’s longest serving Federal Industry the boards of a number of Shell joint ventures seven years as President Exploration & and Innovation Minister, with over 14 years of in China, Korea and Saudi Arabia. Prior to Production before his retirement at the end experience in both Cabinet and shadow joining Shell, Ms Goh worked at Procter & of 2021. From 2021 to 2022, Mr Breuillac ministerial positions. Prior to entering politics, Gamble and IBM. continued as senior advisor to the Chair and Mr Macfarlane was the President of the Chief Executive Officer of TotalEnergies. Queensland Graingrowers Association from Committee membership 1991 to 1998 and the President of the Grains Member of the Human Resources & Committee membership Council of Australia from 1994 to 1996. Compensation, Sustainability and Nominations Chair of the Human Resources & & Governance Committees. Committee membership Compensation Committee. Member of the Human Resources & Current directorships/other interests Member of the Sustainability and Nominations Compensation, Sustainability and Chair & Governance Committees. Nominations & Governance Committees. Co-Chair of the Council for Board Diversity (from Current directorships/other interests January 2025), Nanyang Technological University Current directorships/other interests: Director (since 2021) and National Arts Council (since 2019). Director Trident Energy Ltd (since 2022), Societe du Australian Composites Manufacturing Director Pipeline Mediterranee-Rhone (since 2024) Cooperative Research Centre (previously Monetary Authority of Singapore (from June and Géosel Manosque SAS (since 2022). Sovereign Manufacturing Automation for 2025), Carbon Solutions Holdings Pte Ltd (since Composites Cooperative Research Centre) Member 2022), Carbon Solutions Platform Pte Ltd (since (since 2023). Board of Association des diplomes de l’Ecole 2022), Carbon Solutions Investments Pte Ltd Centrale de Lyon. (since 2022), Carbon Solutions Services Pte Ltd Member (since 2022), JTC Corporation (since 2022), Fellow of the Australian Institute of Company Other Singapore Airlines Ltd (since 2019), Singapore Directors and Toowoomba Community Chair of Centrale Lyon Endowment Fund. Power Ltd (since 2019), Mindfull Community Advisory Committee of the University of Limited (from March 2025) and Singapore Other directorships of listed entities Queensland Rural Clinical School. (Honour) Limited (since 2021). within the past three years Other directorships of listed entities Nil. Member within the past three years Singapore Legal Services Commission, Centre Nil. for Liveable Cities Advisory Panel and Singapore Research, Innovation and Enterprise Council. Other directorships of listed entities within the past three years CapitaLand Investment Limited (2017 to 2022).

122 Woodside Energy Annual Report 2025 4.1.2 Board of Directors Angela Minas Tony O’Neill Ann Pickard MBA Finance and Accounting, BAS (Mining Technology), MBA BA,MA BA Managerial Studies Term of office Term of office Term of office Director since June 2024, election required at Director since February 2016, re- election Director since April 2023, re- election required AGM in 2028. required at AGM in 2028. at AGM in 2026. Independent Independent Independent Yes Yes Yes Countries of residence Country of residence Countries of residence Australia and United Kingdom USA Greece and USA Experience Experience Experience Mr O’Neill joined Anglo American in 2013 and Ms Pickard joined Shell in 2000 and served in a Ms Minas is an experienced financial executive retired in 2022 as Group Technical Director. number of senior executive positions including with strong capital markets experience, Mr O’Neill served on the boards of a number of as the Director, Global Business and Strategy including six years as a public company Chief Anglo American subsidiaries including Anglo and as a member of the Shell Gas & Power Financial Officer (CFO) and Chief Accounting American Plc, Anglo American Platinum and Executive Committee. Ms Pickard retired from Officer at Constellation Energy Partners LLC De Beers. During the course of his career, Shell in 2016. Prior to joining Shell, Ms Pickard and CFO at DCP Midstream LLC. Ms Minas Mr O’Neill has been involved in many spent 11 years with Mobil before its merger spent the first 20 years of her career in technology ventures and mining industry with Exxon in 1999. financial advisory and management consulting, sustainability initiatives. Committee membership including as Arthur Andersen’s Partner leading Committee membership Chair of the Sustainability Committee. Member the North American oil and gas consulting Member of the Audit & Risk, Sustainability and of the Human Resources & Compensation and practice and at Leidos (formerly known as Nominations & Governance Committees. Nominations & Governance Committees. SAIC) as Senior VP, global consulting leader. Current directorships/other interests: Current directorships/other interests: Committee membership Director Director Member of the Audit & Risk, Sustainability and Nominations & Governance Committees. Nil. KBR Inc (since 2015). Current directorships/other interests: Member Member Fellow of the Royal Academy of Engineering University of Wyoming Foundation Board. Director (UK) and the Institute of Materials, Minerals Vallourec S.A. (since 2021). Other directorships of listed entities and Mining (UK). within the past three years Member Other directorships of listed entities Noble Corporation Plc. (2021 to May 2025). Rice University Business School Board of within the past three years Advisors, National Association of Corporate Nil. Directors and Women Corporate Directors. Other directorships of listed entities within the past three years Westlake Chemical Partners (2016 to 2023) and Crestwood Equity Partners L.P. (2022 to 2023).

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 123 I FINANCIAL PERFORMANCE N Ben Wyatt Meg O’Neill LLB, MSc BSc (Ocean Engineering), BSc (Chemical Engineering), MSc (Ocean Systems Term of office Management) Director since June 2021, re-election required Ms O’Neill resigned effective 18 December at AGM in 2028. 2025, after having served as Woodside’s CEO and Managing Director since 2021. Ms O’Neill Independent has accepted the role of Chief Executive Officer Yes at bp p.l.c. Country of residence The Board has appointed Liz Westcott as Acting Australia CEO, effective 18 December 2025. Experience Mr Wyatt served in the Western Australian Legislative Assembly for 15 years, including as the Western Australian Treasurer and Minister for Finance, Energy, Aboriginal Affairs and Lands. Additionally, Mr Wyatt held various shadow cabinet portfolios including Shadow Treasurer (2008 to 2017) and responsibility for Native Title and the Pilbara. Prior to entering Parliament, Mr Wyatt practised as a lawyer in both private practice and with the Western Australian Office of the Director of Public Prosecutions. Committee membership Chair of the Audit & Risk Committee. Member of the Human Resources & Compensation and Nominations & Governance Committees. Current directorships/other interests: Chair Crown Perth (from May 2025). Director Rio Tinto Ltd (since 2021), West Coast Eagles (since 2021), Perth International Arts Festival (since 2021) and Crown Perth (from May 2025). Member UWA Business School Advisory Board, Australian Institute of Company Directors and Australian Capital Equity Pty Ltd Advisory Committee Board. Other directorships of listed entities within the past three years APM Group (2022 to 2024).

124 Woodside Energy Annual Report 2025 4.1.2 Board of Directors The Board considers at least annually the need for new and Director and senior executive appointment, existing Directors to undertake professional development to induction training and continuing education develop and maintain the skills and knowledge needed to perform their role as Directors effectively, and provides Directors All new Non-Executive Directors are required to sign a letter of the opportunity to develop and maintain the required skills and appointment which sets out the key terms and conditions of their knowledge. Directors attend continuing professional education appointment, including duties, rights and responsibilities, the sessions, including industry seminars and approved education time commitment envisaged, and the Board’s expectations courses, which are paid for by Woodside, where appropriate. regarding their involvement with committee work. Executive Directors and other senior executives enter into Director remuneration employment agreements which govern the terms of their employment. Woodside undertakes extensive background and Details of remuneration paid to Directors (Executive and screening checks prior to appointing senior executives. Details of Non‑Executive) are set out in the 2025 Remuneration Report in Woodside’s senior executives are set out in Section 4.1.4 – Section 4.3 – Remuneration Report. The Remuneration Report Executive Leadership Team. also contains information on Woodside’s policy and practice for determining the nature and amount of remuneration for Woodside also undertakes extensive background and Non‑Executive Directors, Executive Directors and senior screening checks prior to nominating a Director for election executives and the relationship between the policy and by shareholders, including checks as to character, experience, company performance. education, criminal record and bankruptcy history. Woodside provides to shareholders all material information in Board access to information and its possession concerning the Director standing for election or re‑election in the explanatory notes accompanying the notice independent advice of meeting. Subject to the Directors’ Conflict of Interest Policy, Directors have Induction training is provided to all new Directors. It includes a direct access to members of company management and to comprehensive induction manual, discussions with the CEO and company information in the possession of management. Directors senior executives, and the option to visit Woodside’s principal are entitled to obtain independent legal, accounting or other operations either upon appointment or with the Board during professional advice at Woodside’s expense where a request for future site tours. such advice is approved by the Chair. In the case of a request made by the Chair, approval is required by a majority of the Directors complete questionnaires annually to facilitate the Non‑Executive Directors. Board’s assessment of each Director’s skills and knowledge required to discharge their obligations to Woodside. Director attendance at meetings Directors in office, Committee membership and Directors' attendance at meetings during 2025 Human Resources & Nominations & Director Board Audit & Risk Compensation Sustainability Governance 1 2 1 2 1 2 1 2 1 2 Held Attended Held Attended Held Attended Held Attended Held Attended Non-Executive Directors Richard Goyder 15 15 8 5 4 6 6 Larry Archibald 15 14 8 8 5 4 4 6 6 Ashok Belani 15 13 8 7 5 4 4 6 5 Arnaud Breuillac 15 15 7 5 5 4 4 6 6 Swee Chen Goh 15 15 8 5 5 4 4 6 6 Ian Macfarlane 15 15 8 5 5 4 4 6 6 Angela Minas 15 15 8 8 5 4 4 6 6 Tony O'Neill 15 14 8 8 5 4 4 6 6 Ann Pickard 15 15 8 5 5 4 4 6 6 Ben Wyatt 15 15 8 8 5 5 4 6 6 Executive Director 3 Meg O'Neill 14 14 8 5 4 6 Current Chair Current Member Resigned 1. “Held” indicates the number of meetings held during the period of each Director’s tenure. Where a Director is not a member but attended meetings during the period, then only the number of meetings attended rather than held is shown. 2. “Attended” indicates the number of meetings attended by each Director, during the period of each Director’s tenure. All Directors are entitled to and generally attend meetings of the standing Committees. 3. Ms O’Neill resigned effective 18 December 2025.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 125 I FINANCIAL PERFORMANCE N Board performance evaluation Director independence The Nominations & Governance Committee is responsible for In accordance with the Policy on Independence of Directors, determining the process for evaluating Board performance. the Board assesses independence with reference to whether a Board performance evaluations are conducted annually. In 2025, Director is non-executive, not a member of management and is an external consultant was engaged to conduct a Board free of any business or other relationship that could materially performance evaluation. interfere with, or could reasonably be perceived to materially interfere with, the independent exercise of their judgement. The annual evaluation process requires each Director and the members of the Executive Leadership Team to complete a In making this assessment, the Board considers all relevant facts number of questionnaires. The report on Board and Committee and circumstances. In particular, the Board focuses on the performance is provided to all Directors and discussed by the factors relevant to assessing the independence of a Director Board. The report on the Chair’s performance is provided to the set out in Box 2.3 of the ASXCGC Recommendations. Chair and two Committee Chairs for discussion. The Board has reviewed the independence of each of the A report on each individual Director is also provided to the Non‑Executive Directors in office at the date of this Statement individual and to the Chair. The Chair meets individually with and determined that they are all independent. each Director to discuss the findings of their report. The Board, through the Nominations & Governance Committee, considers Conflicts of interest and discusses the final report in detail. The Board has approved a Directors’ Conflict of Interest Policy The performance of each Director retiring at the next AGM is which applies if there is, or may be, a conflict between the taken into account by the Board in determining whether or not personal interests of a Director, or the duties a Director owes to the Board should support the re-election of the Director. another company, and the duties the Director owes to Woodside. The Directors seeking re-election will be asked to reconfirm Directors are required to disclose circumstances that may affect, that they have sufficient time to meet their responsibilities. or be perceived to affect, their ability to exercise independent judgement so that the Board can assess independence on a The Human Resources & Compensation Committee reviews and regular basis. makes recommendations to the Board on the criteria for the evaluation of the performance of the CEO. The Board conducts Under the Woodside Energy Group Ltd Constitution, Directors the evaluation of the performance of the CEO and considers must comply with the Corporations Act 2001 (Cth) in relation to senior executive succession planning. disclosure and voting on matters involving material personal interests. Subject to the Corporations Act 2001 (Cth): In 2025, performance evaluations for the Board, its Committees, Directors and senior executives took place in accordance • a Director may be counted in a quorum at a Board meeting with the process disclosed above, and in the section on that considers, and may vote on, any matter in which that “Performance evaluation of Executive Leadership Team” Director has an interest. on page 131 and in the Remuneration Report. • Woodside may proceed with any transaction that relates to the interest and the Director may participate in the execution Directors’ retirement and re-election of any relevant document by or on behalf of Woodside. The Woodside Energy Group Ltd Constitution sets out the • the Director may retain benefits under the transaction even requirements for the retirement and re-election of Directors. though the Director has an interest. With the exception of the CEO/Managing Director, Directors must • Woodside cannot avoid the transaction merely because of the retire at the third AGM following their election or most recent existence of the interest. re‑election. At least one Director must stand for election at each AGM. Board support for a Director’s re-election is not automatic and is subject to satisfactory Director performance and assessment of overall Board composition and capabilities.

126 Woodside Energy Annual Report 2025 4.1.2 Board of Directors Areas of competence and skills of the Chair Board of Directors The Chair of the Board, Richard Goyder, is an independent, Non‑Executive Director and an Australian resident and citizen. Each year, the Board, on the recommendation of the Nomination & Governance Committee, reviews and determines The Chair is responsible for leadership and effective performance the composition and size of the Board, including succession of the Board and for the maintenance of relations between plans, such that the Non-Executive Directors collectively bring the Directors and management which are open, cordial and the skills, knowledge and experience necessary to direct conducive to productive cooperation, and which facilitate robust Woodside going forward. dialogue, debate and constructive challenge in response to key issues and emerging risks. The Board has arrangements in place To assist with this review, each year the Nomination & Governance to ensure ongoing leadership if unforeseen circumstances mean Committee evaluates and adopts a Director competencies matrix Mr Goyder is not available. Mr Goyder’s office is located that the Committee determines is appropriate for Woodside’s in Woodside’s headquarters in Perth, Western Australia. operations, strategy and risks. In 2025, Directors were asked to The Non‑Executive Directors are satisfied that Mr Goyder commits confirm their competencies against the competencies matrix, the time necessary to discharge his role effectively. The Chair’s through a process coordinated by an external consultant. As part of responsibilities are set out in more detail in the Board Charter. this process, three classifications were established for each competency, being “Expert/Advanced” “General” and “Limited”, Company Secretaries along with criteria for each of these classifications. Details of the Company Secretaries are set out in Section 4.2 – Based on the outcome of the 2025 review, the Board considers Directors’ report – Company Secretaries. All Directors have direct that they collectively have a combination of skills and experience access to the Company Secretaries who are accountable directly which are necessary to direct Woodside in accordance with high to the Board, through the Chair, on all matters to do with the standards of corporate governance and oversee Woodside’s proper functioning of the Board and its Committees. The Company management and business activities. Secretaries’ responsibilities are set out in more detail in the The Director competencies matrix and the outcome of the 2025 Board Charter. review are set out below. The Board also uses this competencies matrix to identify potential areas of focus for Director recruitment Board succession planning and to identify any professional development opportunities that may benefit Directors. The Board manages its succession planning with the assistance of the Nominations & Governance Committee which annually The Board supplements its expertise with internal and external reviews the size and composition of the Board. In conducting the subject matter experts as appropriate (for example, regular review, the appropriate mix of skills, competencies, experience, attendance at Board meetings by relevant executives and other expertise and diversity is considered, having regard to the independent advisers). The Sustainability Committee received Director competencies matrix. regular briefings and education on climate change from Woodside’s senior executive responsible for climate change, The Nominations & Governance Committee is also responsible to inform its oversight of related matters with input from for evaluating Board candidates and recommending individuals climate change science and expert advice. for appointment to the Board. The Committee evaluates prospective candidates against a range of criteria including the skills, experience and expertise that will best complement Board effectiveness at the time. The Board may engage an independent recruitment firm to undertake a search for suitable candidates.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 127 I FINANCIAL PERFORMANCE N Director competencies matrix 2025 1 Area of Competence and Skill Results Business Leadership Senior leadership in a large and complex organisation, including a public listed company, and alignment with Woodside Values and behaviours. and Culture Energy Industry Experience in exploration, development, or operations in the oil and gas industry, including successfully delivering large projects; experience in new and emerging energy products, lower carbon services and renewables industries and businesses. International Experience in identifying, acquiring, developing and exploring reserves in international jurisdictions, and management of operations in regions and countries Experience related to Woodside’s strategy and activities. Financial Acumen Qualifications in finance disciplines and has senior executive or equivalent experience in financial accounting and reporting and internal financial controls; experience in material insurance activities and strategy in a public listed company or large and complex organisation; understanding material taxation implications in the oil and gas industry, or similarly complex industries. Senior executive or equivalent experience or background in corporate financing Business Strategy and/or treasury management; record of development and oversight of business strategy and competitive business analysis; experience or background in capital intensive and long-term projects and investments. Risk Management Experience in recognising and managing risks which have the potential to materially impact the achievement of Woodside’s business objectives, including workplace health and safety, cybersecurity, digital disruption, climate change risks, environment and community risks. Climate Change Experience in managing climate change risks and opportunities including changes in product markets, capital markets and supply chains. and Sustainability Commercial Experience in marketing of oil and gas products including an understanding of Woodside’s value chain; experience in merger and acquisition transactions raising and Business complex financial, regulatory and operational issues; experience in customer and Development supplier relationships and in new business opportunities; experience in compliance with laws and regulations applicable to Woodside’s business activities. Social Licence, Experience in engagement with a range of key stakeholders at national, regional and local levels, including Indigenous peoples, government, community and Community and nongovernment organisations; experience in the implementation and management Stakeholder of the highest standards of corporate governance, and government affairs and Management public and regulatory policy. Experience in socially responsible operations; human rights and modern slavery oversight; and community and social responsibility. Technology Track record of successfully delivering technology strategy to maintain competitive advantage, including experience in using digital as a value enabler and Innovation and implementing and reviewing business transforming technology and innovation strategies including artificial intelligence; experience in overseeing technological improvements or innovations that support the transition to a lower-carbon economy. Experience in people management and succession planning, performance and People and Capability organisational culture, industrial relations and oversight of remuneration policy and application including linking remuneration to strategy. Expert/Advanced General Limited 1. The Director competencies matrix 2025 covers the skills and experience of the 10 independent Non‑Executive Directors on the Board as at 31 December 2025.

128 Woodside Energy Annual Report 2025 4.1.3 Board Committees The Board has four standing committees to assist in the discharge • a Chair appointed by the Board who is one of the of its responsibilities. The Committees operate principally in a independent Non-Executive Directors. review or advisory capacity, except in cases where powers are The Audit & Risk Committee, the Human Resources & specifically conferred on a Committee by the Board. Compensation Committee and the Sustainability Committee Each Committee has a Charter, detailing its role, duties and have additional membership requirements as set out in their membership requirements. The Committee Charters are reviewed respective Charters. regularly and updated as required. Each Committee is entitled to seek information from any Membership of the Committees is based on Directors’ qualifications, employee of Woodside and to obtain any professional advice it skills and experience. Each Standing Committee is comprised of: requires in order to perform its duties. All Directors are entitled • only Non-Executive Directors to and generally attend meetings of the Standing Committees. Directors’ attendance at Board and Committee meetings can be • at least three members, the majority of whom are independent found on page 124. Audit & Risk Committee Description Some of the 2025 key activities undertaken by the Committee include: Assists with overseeing Woodside’s • Overseeing developments in accounting, financial • Reviewing Woodside’s future dividend approach financial reporting, compliance with legal reporting and taxation relevant to Woodside and operation of the distributable profits reserve and regulatory requirements, risk • Reviewing significant accounting policies • Reviewing the Group’s key financial and management and the internal and external and practices non‑financial risks and management of audit functions in accordance with the contemporary and emerging risks such as • Reviewing and making recommendations to Committee Charter. cybersecurity, conduct risk, technology and the Board for the adoption of the Group’s innovation, privacy and data breaches, half‑year and annual Financial Statements Members sustainability and climate change • Approving the fees and reviewing the external • Overseeing matters and informing the Board of auditor’s scope and plan for the 2025 external • Ben Wyatt (Committee Chair) any material concerns raised under the Code of audit, considering and approving non-audit • Larry Archibald Conduct, the Anti-Bribery and Corruption Policy services provided by the external auditor and • Ashok Belani and the Whistleblower Policy which call into reviewing the independence and performance • Angela Minas question the culture of the organisation of the external auditor • Tony O’Neill • Reviewing and endorsing amendments to the • Reviewing Internal Audit reports and material Audit & Risk Committee Charter, Anti-Bribery post-investment reviews and approval of the Audit committee financial expert and Corruption Policy, Code of Conduct, 2026/2027 Internal Audit program Whistleblower Policy and Risk • Overseeing Sarbanes-Oxley compliance and Woodside’s Board has determined that Management Policy monitoring Woodside’s S/4HANA environment Angela Minas, who currently serves as a • Undertaking ongoing shareholder and other member of the Audit & Risk Committee, • Overseeing the climate-related risk and external and internal stakeholder engagement meets the audit committee financial expert opportunity methodology and approach to • Informing the Board of Woodside’s compliance requirements under SEC Rules. The Board climate-related scenario analysis requirements with material legal and regulatory requirements has also determined that she is independent under the Australian Accounting Standards and any conduct that is materially inconsistent under applicable NYSE Listing Rules. Board Standard S2 (AASB S2) with Woodside’s Values or Code of Conduct. Nominations & Governance Committee Description Some of the 2025 key activities undertaken by the Committee include: Assists the Board with reviewing Board • Reviewing the size and composition of the • Endorsing Woodside’s Corporate Governance composition, performance and succession Board to enable an appropriate mix of skills, Statement for Board approval planning, including identifying, evaluating competencies, experience, expertise and • Approving the process for the annual Board and recommending candidates for the Board diversity to be maintained performance evaluation, including the in accordance with the Committee Charter. • Reviewing the Director skills and assessment of climate-related risks and competencies matrix opportunities under AASB S2 Members • Reviewing the Directors’ material interests • Considering the outcomes of the annual Board performance evaluation • Overseeing Woodside’s Director onboarding • Richard Goyder (Committee Chair) and induction program • Monitoring significant developments in • Larry Archibald applicable corporate governance laws, • Reviewing and endorsing amendments to the • Ashok Belani regulations and practices. Nominations & Governance • Arnuad Breuillac Committee Charter • Swee Chen Goh • Overseeing Board succession planning • Ian Macfarlane • Recommending to the Board Directors for • Angela Minas re‑election • Tony O’Neill • Ann Pickard • Ben Wyatt

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 129 I FINANCIAL PERFORMANCE N Human Resources & Compensation Committee Description Some of the 2025 key activities undertaken by the Committee include: Assists the Board with establishing and • Considering industrial relations issues • Approval of remuneration for the Executive implementing people and remuneration relevant to Woodside’s onshore and Leadership Team strategies, policies and practices in offshore assets • Reviewing Woodside’s recruitment and accordance with the Committee Charter. • Considering Woodside’s organisational retention strategies design and policy changes required to • Oversight of programs to assess and monitor Members meet changing regulatory requirements culture (such as survey findings), including • Overseeing amendments to Woodside’s across all areas of our Integrated Culture • Arnuad Breullac (Committee Chair) employee and executive equity plans Framework (values, safety, risk and • Swee Chen Goh compliance) • Overseeing Woodside’s response to • Ian Macfarlane Australian and US legislative and corporate • Endorsing the 2026–2030 Culture and • Ann Pickard governance developments, including Inclusion Strategy and the revised Culture • Ben Wyatt Workplace Gender Equality Agency legislation and Inclusion Policy for Board approval reforms, and stakeholder feedback, in relation • Reviewing and making recommendations to employment and remuneration matters to the Board on: relevant to Woodside – remuneration of Non-Executive Directors • Reviewing and endorsing amendments – remuneration of the CEO to the Human Resources & Compensation – criteria for the evaluation of the CEO’s Committee Charter, Culture and Inclusion performance Policy, Remuneration Policy and Working – incentives payable to the CEO Respectfully Policy – employee equity-based plans • Reviewing Woodside’s remuneration policies – the annual Remuneration Report. globally and practices and considering advice on the remuneration of Woodside’s key management personnel Sustainability Committee Description Some of the 2025 key activities undertaken by the Committee include: Assists the Board in meeting its oversight • Overseeing Woodside’s response to key • Overseeing and reviewing the performance of responsibilities in relation to Woodside’s safety events Woodside’s Climate Transition Action Plan sustainability-related policies, strategies, • Overseeing Woodside’s in-year Scope 1 and 2 • Overseeing the preparation of the 2025 risk management, reporting and practices greenhouse gas (GHG) emissions Climate and Sustainability Update and in accordance with the Committee Charter. performance, and its plans for meeting certain other public disclosures related to emissions reduction targets sustainability, and approach to climate-related Members disclosures in line with the Sustainability • Reviewing Woodside’s environmental Committee Charter performance, including major • Ann Pickard (Committee Chair) incident prevention • Keeping up to date with Woodside’s • Larry Archibald implementation plan in relation to its • Overseeing the Group’s health and personal • Ashok Belani involvement in the Oil & Gas Methane safety performance • Arnuad Breuillac Partnership 2.0 (OGMP 2.0) and the UN • Considering for Board approval Woodside’s • Swee Che Goh Environment Program approach to climate reporting • Ian Macfarlane • Considering Indigenous affairs, including • Overseeing Woodside’s process safety • Angela Minas cultural heritage and land access matters performance including major • Reviewing Woodside’s activities supporting • Tony O’Neill incident prevention local content in our supply chain • Reviewing Woodside’s quality management • Overseeing Woodside’s social performance • Considering security and emergency and social contribution in our host management performance, including major communities incident prevention and response and • Reviewing Woodside’s reputational business continuity performance and issues of significance to our • Reviewing delivery against Woodside’s 2021– communities and stakeholders 2025 Reconciliation Action Plan • Endorsing Woodside’s 2024 Modern Slavery • Overseeing Woodside’s compliance with the Statement for Board approval and reviewing requirements of AASB S2 related human rights issues. • Considering Woodside’s management of climate change risk and opportunities

130 Woodside Energy Annual Report 2025 4.1.4 Executive Leadership Team Liz Westcott Acting CEO BCom, BEng (Hons), GAICD Liz has over 30 years of industry experience and prior to joining Woodside, held senior leadership roles at Joined Woodside: 2023 Energy Australia and ExxonMobil spanning strategic Liz was appointed as Acting CEO effective 18 December 2025. planning, operations, project management, and safety, Prior to her appointment, Liz led Woodside’s Australian projects technical and commercial leadership. and business operations as Executive Vice President and Chief External directorships: Operating Officer Australia, focusing on optimising value across the portfolio and throughout an asset’s lifecycle. Liz joined Australian Energy Producers. Woodside in 2023 as Executive Vice President Australian Operations, with responsibility for the safe, efficient and reliable operation of Woodside’s portfolio of assets across Australia. 1 Mark Abbotsford Executive Vice President and Chief Commercial Officer BEc (Hons), MPhil, MBA, AMP Mark has also held roles at Treasury (Western Australia) and BHP Iron Ore. Joined Woodside: 2002 External directorships: Mark leads Woodside’s commercial, marketing and trading teams and is responsible for developing Woodside’s growth opportunities Board member of the Chamber of Commerce and through his leadership of mergers and acquisitions, new energy Industry (WA), GLX Digital and Asia Natural Gas and business development, exploration and new venture teams. Energy Association (ANGEA). Mark has over 20 years of industry experience and has held a number of senior leadership positions across commercial, finance and marketing in various global locations. Tony Cudmore Executive Vice President Sustainability, Policy and External Affairs BA, GCIR External directorships: Nil. Joined Woodside: 2022 Tony leads Sustainability, Policy & External Affairs. He joined Woodside in 2022 as Executive Vice President Strategy and Climate. Tony has over 20 years of industry experience. Prior to joining Woodside, Tony held senior leadership positions at ExxonMobil and BHP including Chief Public Affairs Officer, and Group Sustainability and Public Policy Officer. Andy Drummond Executive Vice President Strategy BEng (Hons) (ChemEng) External directorships: Nil. Joined Woodside: 2022 Andy is responsible for developing and implementing Woodside’s corporate strategy. Andy has over 25 years of industry experience. Prior to joining Woodside, Andy held senior leadership positions at BHP and Marathon Oil Corporation, including Vice President of Sustainability and Innovation for BHP’s petroleum business. Julie Fallon Executive Vice President Technical and Energy Development BEng (Hons), (ChemEng), GAICD External directorships: Director and President of the Australian Resources Joined Woodside: 1998 and Energy Employer Association. Advisory Board Julie is responsible for a range of areas including project member of the Chamber of Minerals and Energy of development, reserves and subsurface, well and seismic Western Australia. engineering and technology, digital, IT and cybersecurity, and health, safety and environment. Julie has over 30 years of industry experience and has held a number of senior leadership roles at Woodside, including Executive Vice President Corporate Services, Senior Vice President Pluto and Senior Vice President Engineering. 1. Identified as key management personnel (KMP)

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 131 I FINANCIAL PERFORMANCE N 1 Daniel Kalms Executive Vice President and Chief Operating Officer, International BEng (Hons) (ChemEng), MBA, GAICD Most recently he was Executive Vice President Technical Services and oversaw Woodside’s technical Joined Woodside: 2001 services including engineering, subsurface, technology Daniel is responsible for Woodside’s projects and business and digital. operations in the United States, Senegal, Mexico and Canada. External directorships: Daniel has over 25 years of industry experience and has held roles across the breadth of Woodside’s business. Board member of United Way of Greater Houston and Greater Houston Partnership. Breyden Lonnie Acting Executive Vice President and Chief Operating Officer Australia BCom, BEng His experience also includes leadership roles in corporate development activity and asset transactions. Joined Woodside: 2005 Breyden has also held engineering and project Breyden is responsible for Woodside’s Australian operations and management roles in Australia, London, Singapore projects portfolio and leads the Greater Sunrise opportunity, and Indonesia. progressing development of the Sunrise and Troubadour gas fields External directorships: in the Timor Sea. Since joining Woodside in 2005, he has held leadership roles across Developments, Projects and Production, Nil. most recently as Vice President North West Shelf Project. Ruth Lyall Senior Vice President Human Resources BA (Hons), MHRM, GAICD Ruth is a human resources professional with more than 20 years of experience and since joining Joined Woodside: 2010 Woodside in 2010, has led several different parts of Ruth is responsible for human resources and security and global the Human Resources function including business workplace. Prior to her current appointment, Ruth served as partnering and organisational development. Woodside’s Vice President Human Resources, and was the regional External directorships: head of Human Resources for Woodside’s Australian region. Nil. Rebecca McNicol Senior Vice President Legal and Group General Counsel BCom, LLB Prior to joining Woodside, Rebecca practised law at Mallesons Stephen Jaques (now King & Wood Joined Woodside: 2011 Mallesons) with a focus on mergers and acquisitions, Rebecca is responsible for legal, ethics and compliance, company energy, corporate law and governance. secretariat and internal audit. Rebecca is a solicitor with more than External directorships: 25 years of legal, mergers and acquisitions and commercial experience and has held a number of senior roles within Woodside Nil. including Vice President Legal, Vice President Mergers and Acquisitions and Vice President Commercial. 1 Graham Tiver Executive Vice President and Chief Financial Officer BBus, FCPA Graham has extensive international experience, having worked in North and South America as well Joined Woodside: 2022 as in a variety of roles around Australia. Graham is responsible for finance; financial control; planning and External directorships: performance; treasury; tax; investor relations; governance, risk and compliance and contracting and procurement. Prior to joining Advisory Board member of UWA Business School Woodside, Graham spent 28 years with BHP and WMC Resources (from March 2025). where he held significant financial, commercial and leadership roles across multiple business sectors. Performance evaluation of Executive Leadership Team Senior executive performance is reviewed annually, which All senior executives had a performance evaluation in FY2025 and considers and assesses the executive’s performance against further details are set out in Section 4.3 – Remuneration Report. a list of key performance indicators. Details of the CEO’s performance evaluation (process and outcomes) are set out in Section 4.3 – Remuneration Report and “Board Performance Evaluation” on page 125. 1. Identified as key management personnel (KMP)

132 Woodside Energy Annual Report 2025 4.1.5 Promoting responsible and ethical behaviour Our Values Everything we do is guided by Our Values and inspired by our purpose. We are one team, we care, we innovate every day, our results matter and we build and maintain trust. Our purpose is to provide the energy to help people lead better lives. Whistleblower submissions are assessed and investigated in Code of Conduct and Anti-Bribery accordance with internal investigation guidance and applicable and Corruption Policy whistleblower protection laws. Woodside’s Code of Conduct and Anti-Bribery and Corruption The Whistleblower Policy also links the EthicsPoint Policy (ABC Policy) cover matters such as compliance with whistleblower service which is available for submitting laws and regulations, responsibilities to shareholders and the anonymous reports of alleged improper conduct. community, sound employment practices, confidentiality, privacy, Material incidents reported under Woodside’s Whistleblower conflicts of interest, giving and accepting business courtesies Policy are reported to the Audit & Risk Committee and are and the protection and proper use of Woodside’s assets. Both the treated in line with applicable whistleblower protection laws. Code of Conduct and ABC Policy were reviewed and updated in August 2025 to ensure alignment with current regulatory, Securities Dealing Policy industry and stakeholder expectations. The Woodside Board has adopted the Securities Dealing Policy, All Directors, officers and employees are required to comply which governs the purchase, sale and other dealings of with the Code of Conduct and the ABC Policy and managers are Woodside’s securities by Directors, senior management and expected to take reasonable steps to ensure that employees, employees, and seeks to promote compliance with applicable contractors, consultants, agents and partners under their insider trading laws, rules and regulations. supervision are aware of both policies. Woodside’s Securities Dealing Policy applies to all Directors, Material breaches of the Code of Conduct and ABC Policy are employees, contractors, consultants and advisers. It prohibits reported to the Audit & Risk Committee. Directors and employees from dealing in Woodside’s securities when they are in possession of price-sensitive information that is not Whistleblower Policy generally available to the market. It also prohibits dealings by Woodside’s Whistleblower Policy documents our commitment to Directors and certain restricted employees during ‘black-out’ periods, maintaining an open working environment in which Woodside such as during the period between the end of the financial half and personnel and other stakeholders can report instances of full-year and the day following the announcement of the results. unethical, unlawful or undesirable conduct without fear of The Securities Dealing Policy also sets out our approach to intimidation or reprisal. transactions which limit the economic risk of participating in equity- based remuneration schemes.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 133 I FINANCIAL PERFORMANCE N Woodside’s approach to political contributions is consistent with Working Respectfully Policy Australian laws and applicable US law. Woodside is committed to a safe, inclusive and respectful Woodside publishes political contributions through relevant working environment. Our culture is underpinned by Our Values statutory reporting. Australian political financial disclosures are and Code of Conduct. Sexual and other unlawful discrimination, available through the Australian Electoral Commission (AEC) and bullying and harassment are serious violations of those the Western Australian Electoral Commission in compliance with principles and will not be tolerated. Woodside’s Working our reporting requirements. Respectfully Policy sets out our expectation for everyone working As reported to the AEC, our payments for the financial year for and with our employees, contractors and customers to treat 2024/2025 totalled A$102,715. others with respect, in line with Our Values, Code of Conduct, and the Working Respectfully Policy. Our contributions for the year ending 30 June 2025 (being the relevant reporting period) are as follows: Human Rights Policy Value (A$) Woodside’s objective is to conduct business in a way that respects the human rights of all people, including our employees, Australian Labor Party 26,000 the communities where we are active and those working Australian Labor Party (Western Australia Branch) 27,775 throughout our supply chains. Liberal Party of Australia 10,000 Woodside’s approach to human rights is set out in our Human Rights Policy and is overseen by the Board. The Board’s Liberal Party (WA Division) Inc 14,290 Sustainability Committee is responsible for reviewing and making National Party of Australia 12,100 recommendations and endorsements to the Board on Woodside’s Human Rights Policy and performance. National Party of Australia (WA) Inc 12,550 Total 102,715 Payments to political entities for business engagement Woodside engages with political parties and participates in public policy discussions in jurisdictions in which it operates. Where appropriate and approved through Woodside’s established governance arrangements, we pay to attend Western Australian and Australian political party business engagement events as part of our participation in public policy debate. Woodside does not endorse or donate to campaign funds for any political party, politician or candidate for public office in any country.

134 Woodside Energy Annual Report 2025 4.1.6 Risk management and internal control Internal audit function Risk management Internal Audit provides assurance that the design and operation Approach to risk management of the Group’s risk management and internal control system is Woodside recognises that taking risk is necessary for our effective. A risk-based audit approach is used to ensure that business and that effective risk management is vital in meeting higher risk activities are prioritised in the audit program. our objectives. We are committed to managing risks in an Internal Audit is independent of both business management and informed and effective manner that is appropriate to of the activities it reviews and has all necessary access to Woodside’s business. management and information to fulfil its role. Internal Audit is Our approach aims to support risk-informed decision-making staffed by industry professionals including qualified accountants and enable us to pursue the right opportunities while taking and engineers. The head of Internal Audit is jointly accountable to potential adverse impacts into account. the Audit & Risk Committee and the Senior Vice President Legal and Group General Counsel. The objective of our risk management framework is to foster a positive, risk-aware culture by integrating risk management and Governance, risk and compliance function governance activities into our ways of working. Our risk process The Governance, Risk and Compliance business group is delivers a consolidated view of risks across the company to responsible for Woodside’s risk management framework, and the support the understanding of our full risk exposure and prioritise development of risk management capability. It also provides risk risk management and governance. management oversight to senior levels of management and the Woodside’s Risk Management Policy describes the manner in Audit & Risk Committee on the strategic, emerging and which Woodside: current risks, as well as the Group’s overall risk management performance. • provides a consolidated view of risks across Woodside to understand risk exposure and prioritise risk management Material risks and governance Our material exposure to risks (including environmental and • confers responsibility on Woodside staff at all levels to social risks) and how they are managed are disclosed in pro‑actively identify, assess and treat risks relating to Section 3.7 – Risk factors. the objectives they are accountable for delivering. External audit and reporting The role of the Board and Audit & Risk Committee in risk management External auditor The Board is responsible for reviewing and approving Woodside’s In accordance with Woodside’s External Auditor Policy, the Audit risk management framework, policy and performance. The Board & Risk Committee oversees the engagement of Woodside’s is also responsible for satisfying itself that management has external auditor, governed by the External Auditor Guidance developed and implemented an effective system of risk Policy. PricewaterhouseCoopers (PwC) is the external auditor management and internal control. of the Group. Internal audit and external audit are separate and The Board has delegated oversight of the Risk Management independent of each other. Policy, including review (at least annually) of the effectiveness of The Audit & Risk Committee evaluates the objectivity and Woodside’s internal control system and risk management independence of the external auditor and the quality and framework, to the Audit & Risk Committee. The Audit & Risk effectiveness of the external audit arrangements, Committee also regularly reviews Woodside’s Risk Appetite including through: Statement, oversees Internal Audit’s activities and reviews • review of all non-audit services for actual and perceived Internal Audit’s performance. independence threats Management is responsible for promoting and applying the • confirmation that non-audit service fee commitment does not Risk Management Policy. exceed 70% of audit fees for the year In 2025, the Audit & Risk Committee reviewed and confirmed • confirmation that Woodside fees do not exceed 10% of PwC Woodside’s risk management framework was effective, and that Perth aggregate revenues for the prior period Woodside was operating with due regard to the risk appetite • annual review of auditor performance. endorsed by the Board.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 135 I FINANCIAL PERFORMANCE N External auditor independence Verification of periodic corporate reports Woodside’s External Auditor Guidance Policy includes provisions The Board has adopted a Continuous Disclosure and Market directed at maintaining the independence of the external auditor Communications Policy (Disclosure Policy) that applies to all and assessing whether the proposed provision of any non-audit disclosures to the market, including periodic corporate reports services by the external auditor is appropriate. It classifies a that are not reviewed or audited by an external auditor. range of non-audit services which could potentially be provided Management has developed practices and guidance material that by the external auditor as acceptable within limits, requiring are intended to verify the integrity of and ensure that periodic Audit & Risk Committee pre-approval or are not acceptable. corporate reports provide clear, concise and effective disclosure, The Audit & Risk Committee reviews the auditor in accordance with the Disclosure Policy. Authority has been independence annually. delegated to the Disclosure Committee to ensure the implementation of the reporting and communications processes The Audit & Risk Committee did not waive the pre-approval and controls set out in the Disclosure Policy and associated requirement under paragraph (c)(7)(i) of Rule 2-01 of SEC guidance material. Regulation S-X in 2025. Reports are prepared by, or under the supervision of, subject PwC has been the external auditor of the Group since 2022. matter experts and material statements in the reports are The remuneration of the auditors of $9.0 million (2024: reviewed for accuracy. Reports are also reviewed for compliance $8.9 million) comprises audit fees of $7.8 million (2024: $7.4 with applicable legal and regulatory requirements. This process million) representing 87% of total fees (2024: 83%), audit-related is intended to ensure that all applicable laws, regulations and fees of $0.8 million (2024: $0.7 million) representing 9% of total company policies have been complied with, and that appropriate fees (2024: 8%), and tax fees of $0.4 million (2024: $0.8 million) approvals are obtained before a report is released to the market. representing 4% of total fees (2024: 9%). The nature of the services comprising each category of fees is CEO and CFO assurance described below: Before approving the Financial Statements for a financial period, the Board receives from the CEO and CFO a declaration • Audit – work that constitutes the agreed fees for the audit stating that: of Woodside’s consolidated financial statements, report on Woodside’s internal controls over financial reporting, • in their opinion Woodside’s financial records have been and statutory audits of Woodside’s controlled entities properly maintained, comply with the appropriate accounting (including interim reviews). standards and give a true and fair view of Woodside’s financial position and performance; and • Audit-related – includes assurance services and agreed upon procedures. This is work that is outside the scope of the • the above opinion has been formed on the basis of a sound statutory audits of Woodside and its controlled entities but system of risk management and internal control which is is consistent with the role of the external statutory auditor. operating effectively; and The work is reasonably related to the performance of an • the consolidated entity disclosure statement required by audit or review, is of a compliance or procedural nature, and is Section 295(3A) of the Corporations Act 2001 (Cth) is true work that the external auditors must or are best placed to and correct as at 31 December 2025. undertake and is permissible within the framework of the Sarbanes-Oxley Act and other relevant independence standards. • Tax services – tax related work, including tax compliance services, that is outside the scope of the statutory audits of Woodside and its controlled entities but is permissible within the framework of the Sarbanes-Oxley Act and other relevant independence standards. • Other services – other work that is permissible within the framework of the Sarbanes-Oxley Act and other relevant independence standards.

136 Woodside Energy Annual Report 2025 4.1.7 Culture and Inclusion 1 Culture and Inclusion Policy Woodside workforce gender profile Our Culture and Inclusion Policy outlines our commitment to an Administration Technical inclusive workplace throughout Woodside, including the Board and its Committees. The Human Resources & Compensation Committee is responsible for monitoring Woodside’s Culture and Inclusion Policy, and for delivering its other objectives as set out in the Human Resources & Compensation Committee Charter which is available on our website at woodside.com. Woodside recognises that a talented and diverse workforce is a key competitive advantage. We strive to create a workplace culture where people feel included, respected and valued for their unique perspective and attributes. An inclusive culture drives Female Female 52.1% 34.4% organisational performance, enabling innovation, engagement, Male Male 47.9% 65.6% collaboration, and high-quality decision making. Inclusion centres on all employees creating a climate of trust and belonging, where people feel comfortable to bring their Trade/technician Supervisory/professional whole self to work. Our diversity encompasses differences in age, nationality, race, ethnicity, national origin, religious beliefs, sex, sexual orientation, intersex status, gender identity or expression, relationship status, disability, neurodiversity, cultural background, thinking styles, experience, family background, including caregiving commitments, and education. Initiatives to promote inclusion Woodside aims to drive an inclusive culture and implement the objectives set out in the Culture and Inclusion Policy by, among Female Female 12.7% 37.2% other things: Male Male 87.3% 62.8% • providing a clear and compelling vision for inclusion that is well understood by all employees • building leaders’ capability, empowering them to take ownership, and recognising those who promote an inclusive Middle management Senior management one team culture • supporting employee impact groups and corporate initiatives to drive culture and inclusion • Providing avenues for feedback and consultation with employees on culture, inclusion and diversity matters • actively monitoring recruitment, remuneration, promotions, training, and turnover statistics for fair representation, including monitoring for gender globally and cultural/racial Female Female 27.1% 30.0% diversity where locally appropriate Male Male • the Board annually reviewing progress towards the 72.9% 70.0% established measurable objectives for improved culture and inclusion, to the extent they pertain to the various jurisdictions in which Woodside operates. This includes: Total Directors – reporting gender equality indicators in accordance with the Workplace Gender Equality Act 2012 (Cth). Further information is contained in our 2025 submission available on our website at woodside.com – focusing on recruiting, developing and retaining Indigenous Australian talent to better represent the communities in which we operate. Female Female 34.9% 30.0% Male Male 65.1% 70.0% 1. Gender profile data reflects all employees engaged on 46022, excluding temporary personnel such as vacation students, cadets and scholarship students. Secondees In are excluded from these metrics; Secondees Out are included.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 137 I FINANCIAL PERFORMANCE N 2025 measurable objectives Our 2025 measurable objectives include objectives set out in our Culture and Inclusion Policy. Further information about Board and executive management diversity, including Board commitments to and progress on reaching Board gender equality of 40% male/40% female/20% either gender, is on page 138. 2025 measurable objective Progress Continue to track the perceived • The annual Our Voice employee survey was completed in 2025, resulting in an increased participation rate level of inclusion and use inclusion and increased scores in the majority of questions. We continue to focus on overall job satisfaction, culture survey insights to inform initiatives and employee experience. Inclusion scores increased in 2025 and will continue to be a focus in the Culture to continually improve and Inclusion strategy. Embed Respectful Behaviours • In 2025, 343 employees completed the 3.5 hour Working Better Together – Respectful Behaviours program across at Woodside via increasing a Perth, Houston and Karratha, with expansion to Mexico and Australian offshore assets scheduled for early 2026. “speak up” culture and proactive • During 2025, 1042 employees completed leadership program immersions through the Navigator Leadership employee engagement on Program and 90 leaders completed the Inclusive Leadership Six Signature Traits course (comprising two this topic half-day sessions). • We continue to proactively seek feedback on employees’ perception of safety in speaking up. In 2025, we ran multiple feedback surveys across a variety of topics: the Our Voice employee engagement survey; the Safe Space psychosocial hazards risk assessment; the Indigenous Cultural Safety Review; and the Respect at Woodside respectful behaviours survey. These results will help to inform our 2026 priorities. Ensure diversity of the Board • As of 31 December 2025, Board diversity included: with consideration for gender, – 30% female representation racial and cultural diversity – country based cultural diversity: Indigenous and non-Indigenous Australian, American, Singaporean Chinese, Indian, Greek and French – racial diversity: 20% Asian, 10% Indigenous Australian, 70% white/Caucasian. Increase the percentage of • The establishment of a specialised role dedicated to sourcing Indigenous talent saw mid-career Indigenous Australian people representation rise from 1.3% in 2024 to 1.7% in 2025 (representing a 26.7% increase). employed in leadership roles, • Overall participation (including pathway program participants) increased to 5.9% (from 5.8%). mid-career and senior roles and overall Make progress towards our • The percentage of females employed by Woodside: aspirations to increase the – in trade and technician roles increased to 12.7% (from 11.7%) percentage of females employed – in leadership roles increased to 28.0% (from 27.8%) in leadership roles, trade and – increased overall to 34.9% (from 33.8%) technician roles and overall • A culture and inclusion strategy was developed and implemented for the Trion project. Maintain gender balance and meet • The percentage of female recruits in 2025 was: 2 recruitment goals for Indigenous – non-tertiary pathways: 63.2% Australian peoples through all – summer vacation students: 53.1% forms of entry to Woodside – graduates: 58.1% including pathway programs – experienced hires: 37.6%. and experienced hires • The percentage of recruits identifying as Indigenous Australian in 2025 was: – non-tertiary pathways: 52.6% – summer vacation students: 2.0% – graduates: 9.3% – experienced hires: 4.4%. Make progress towards building • Progress has been made with the implementation of the three-year digital accessibility plan, including ways to greater inclusion of people who embed improvements in procurement of software and hardware to meet Web Content Accessibility Guidelines. are differently abled and/or • The Workplace Adjustments Guide provides accessibility options for any employee needing them, and events neurodiverse have been held by the employee impact group ADAPT (Advocates for Different Abilities and Personal Traits) to raise awareness. Support LGBTIQA+ individuals • 433 employees completed LGBTIQA+ awareness training and a further 136 People Leaders completed to feel safe to be out at work targeted leader LGBTIQA+ training in 2025. • Woodside achieved gold status in the Australian Workplace Equality Index for LGBTQ workplace inclusion. Make progress towards • Since its launch in 2024, 61.1% of Houston-based People Leaders have completed leader-specific training in achieving racial equity Racial Equity. Similarly, since launching in 2022, 72.2% of Australian-based People Leaders have completed immersive Indigenous Australian leader-level training. in 2025, 93.8% of employees completed an Indigenous Australian cultural learning activity. • Woodside has launched its Roadmap Towards Australian Indigenous Cultural Safety to better understand employees’ perspectives and foster a workplace where Indigenous Australian employees feel safe, respected and valued. The Cape York Indigenous Leadership Development Program was successfully launched with 18 employees from Karratha and Perth completing the program. 1. Gender balance in the US is deﬁned as representative and reflective of the available talent pool. 2. Non-tertiary pathway data is based on third-party program recruitment information.

138 Woodside Energy Annual Report 2025 4.1.7 Culture and Inclusion The tables below set out the relevant demographic information Board and Executive diversity of the Board and Executive as at 31 December 2025. The data The Culture and Inclusion Policy includes a Board commitment to presented in those tables was collected by requesting all continue to improve diversity on the Board, with a key focus on: members of the Board and Executive Leadership Team to self‑report in questionnaires about their cultural background, • gender equality reaching 40% male/40% female/20% either languages spoken, racial identity, LGBTIQA+ identity and gender. gender and having at least one female in a key role (including Chair or CEO or Chair of a Committee); and Woodside notes that it was previously required to disclose • having a minimum of one Board member who identifies as certain diversity-related information in compliance with previous being from a minority background. UK listing requirements. While Woodside no longer has UK disclosure requirements, for ease of comparability with prior As part of Board succession planning, the Nominations & year reporting, it has retained the ethnic/racial background Governance Committee evaluates prospective candidates against groupings below. a range of criteria including the skills, experience and expertise that will best complement Board effectiveness at the time. Number of Board Percentage of the Number of senior Percentage of senior 1 members Board executives executives Gender Men 7 7 0% 6 6 0% Women 3 3 0% 4 4 0% Ethnic/racial background White 7 70% 9 90% Mixed/multiple ethnic groups 1 10% 2 Asian 2 20% Black/African/Caribbean Other ethnic group, including Arab 1 1 0% 1. Woodside’s senior executives are set out in Section 4.1.4 – Executive Leadership Team. 2. Including Southern Asian.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 139 I FINANCIAL PERFORMANCE N 4.1.8 Other governance disclosures Changes in internal control over financial reporting Evaluation of disclosure controls There were no changes in our internal control over financial and procedures reporting during FY2025 that materially affected or were Woodside’s management, with the participation of its CEO and reasonably likely to materially affect our internal control over CFO, have evaluated, as required by Rule 13a-15(b) under the US financial reporting. Securities Exchange Act of 1934 (Exchange Act), the effectiveness of Woodside’s disclosure controls and procedures (as defined in Attestation report of the registered public accounting firm Exchange Act Rule 13a-15(e)) as at 31 December 2025. The effectiveness of internal control over financial reporting as of Based on that evaluation, the CEO and CFO concluded that 31 December 2025 has been audited by PricewaterhouseCoopers, Woodside’s disclosure controls and procedures were effective, an independent registered accounting firm that also audits as at 31 December 2025. These controls and procedures are Woodside’s Financial Statements. Their audit report on the designed to ensure that information required to be disclosed internal control over financial reporting is included in the by Woodside in the reports that it files or submits under the Form 20-F. Exchange Act is recorded, processed, summarised and reported Differences from NYSE corporate within the time periods specified in the SEC’s rules and forms, including that such information is accumulated and governance requirements communicated to Woodside’s management, including the CEO Woodside’s American Depositary Shares are listed on the and CFO, to allow timely decisions regarding required disclosure. New York Stock Exchange (NYSE) and, accordingly, Woodside is Management’s annual report on internal control over subject to the listing standards of the NYSE (NYSE Listing Rules). The NYSE Listing Rules include certain accommodations in the financial reporting corporate governance requirements that allow foreign private The management of Woodside is responsible for establishing issuers, such as Woodside, to follow ‘home country’ corporate and maintaining adequate internal control over financial governance practices in lieu of the otherwise applicable reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) corporate governance standards of the NYSE. Woodside has under the Exchange Act). elected to comply with certain home country rules instead of the Under the supervision and with the participation of management, applicable NYSE requirements, as more fully described below. including our CEO and CFO, the effectiveness of Woodside’s Woodside may in the future decide to use other foreign private internal controls over financial reporting was evaluated based issuer exemptions with respect to other NYSE Listing Rules. on the framework and criteria established in Internal Controls – Following Woodside’s home country governance practices, Integrated Framework (2013), issued by the Committee of the as opposed to the requirements that would otherwise apply to Sponsoring Organizations of the Treadway Commission. Based a company listed on the NYSE, may provide less protection than on this evaluation, management concluded that internal control is accorded to investors under the NYSE Listing Rules applicable over financial reporting was effective as at 31 December 2025. to US domestic issuers. If, at any time, Woodside ceases to be a Due to its inherent limitations, internal control over financial foreign private issuer, it would be subject to the SEC and NYSE reporting may not prevent or detect misstatements and, even Listing Rules applicable to US domestic companies. when determined to be effective, can only provide reasonable assurance with respect to financial statement preparation and Quorum presentation. Projections of any evaluation of effectiveness to The NYSE Listing Rules generally require that a listed company’s future periods are subject to the risk that controls may become by-laws provide for a quorum for any meeting of the holders of inadequate because of changes in conditions, or the degree of such company’s voting shares that is sufficiently high to ensure compliance with the policies or procedures may deteriorate. a representative vote. Pursuant to the NYSE Listing Rules, Woodside, as a foreign private issuer, has elected to comply with practices that are permitted under Australian securities laws in lieu of the provisions of the NYSE Listing Rules. The Woodside Energy Group Ltd Constitution provides that a quorum for a meeting of Woodside shareholders is three eligible Woodside shareholders entitled to vote.

140 Woodside Energy Annual Report 2025 4.1.8 Other governance disclosures Under Woodside’s Human Resources & Compensation Audit committee requirements Committee (HRCC) Charter, the HRCC reviews and makes Under Section 303A.06 of the NYSE Listing Rules and the recommendations to the Board on the CEO’s remuneration requirements of Rule 10A-3 under the Exchange Act (Rule 10A‑3), arrangements and the criteria for evaluating the CEO’s a US listed company is required to have an audit committee performance. The Board then considers and approves the of such company’s board of directors consisting entirely of CEO’s remuneration and associated performance goals. independent members that comply with the requirements of Rule 10A-3. In addition, the audit committee must have a written Further information on the HRCC’s role is contained in charter which is compliant with the requirements of Section Section 4.1.3 – Board committees – Human Resources & 303A.07(b) of the NYSE Listing Rules, the listed company must Compensation Committee and in the HRCC Charter. have an internal audit function and the listed company must fulfil Shareholder approval requirements for issues under all other requirements of the NYSE Listing Rules and Rule 10A-3. Foreign private issuers must comply with the audit committee equity plans standard set forth in Rule 10A-3, subject to limited exemptions, Under Section 303A.08 of the NYSE Listing Rules, shareholders but may elect to follow ‘home country’ practices in lieu of the must be given the opportunity to vote on all equity compensation additional audit committee requirements in the NYSE Listing plans and any material revisions to such plans, subject to Rules. Rule 10A-3 requires NYSE-listed companies to ensure certain exemptions. their audit committees are directly responsible for the appointment, compensation, retention and oversight of the work Under Australian law, Woodside is not required to seek of the external auditor unless Woodside’s governing law or shareholder approval for all equity compensation plans or documents or other home country legal requirements require or revisions to such plans. Shareholder approval is required for permit shareholders to ultimately vote on or approve these issues of shares to Directors. matters. While Woodside’s Audit & Risk Committee is directly The Remuneration Report, which is voted on by shareholders responsible for remuneration and oversight of the external at the Annual General Meeting, describes the remuneration auditor, ultimate responsibility for the appointment of the arrangements for the Board and senior executives. All incentive external auditor rests with Woodside shareholders, in rewards offered to Directors and/or executives are designed to accordance with Australian law and the Woodside Energy operate within Woodside’s remuneration framework. Further Group Ltd Constitution. However, in accordance with the limited information is set out in in Section 4.3 – Remuneration Report. exemptions set forth in Rule 10A-3, the Audit & Risk Committee is responsible for the annual auditor engagement and if there is Code of Conduct any proposal to change auditors, the Committee does make recommendations to the Woodside Board on any change of The Woodside Board has adopted the Code of Conduct, which auditor, which are then considered by Woodside shareholders at applies to the Woodside Board and Woodside’s CEO and CFO, the Annual General Meeting. along with all other Woodside employees. Further information on Audit and Risk Committee requirements Further information on the Code of Conduct is contained in under the ASX Recommendations is contained in Section 4.1.3 – Section 4.1.5 – Promoting responsible and ethical behaviour. Board committees – Audit & Risk Committee. Compensation committee Under Section 303A.05 of the NYSE Listing Rules, a US listed company is required to have a compensation committee consisting entirely of independent directors and adopt a written charter that, at a minimum, confers responsibility to that committee to review and approve corporate goals and objectives relevant to CEO compensation, evaluate the CEO’s performance in light of those goals and objectives and, either as a committee or together with the other independent directors (as directed by the board), determine and approve the CEO’s compensation level based on this evaluation.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 141 I FINANCIAL PERFORMANCE N 4.1.9 Shareholders Our website provides up-to-date information about Woodside, our corporate governance and policies, Shareholder communications the Board and management, ASX announcements, SEC reports, the share price, dividend distributions and other relevant information. Shareholders are encouraged to receive electronic communications from Woodside and can elect to receive email notification when key materials are posted to our website. Shareholders can also receive an email notification of Woodside’s announcements and media releases. Shareholders can communicate directly with Woodside by submitting questions or comments on the ‘Contact’ section of our website. The ‘Investors’ section of our website also sets out the contact details for Woodside’s share registry, Computershare. Investor relations program Woodside has an investor relations program to facilitate effective two-way communication with investors. Our Continuous Disclosure and Market Communications Policy facilitates this by requiring: • the full and timely disclosure of information about Woodside’s material activities to the ASX and NYSE, and our website (where they are retained for at least three years) • that all disclosures, including notices of meetings and other shareholder communications, are drafted clearly and concisely • the conduct of briefings for investors from time to time (such as the annual and half-year results, and investor briefing days). Major investor briefings are webcast and presentation material for briefings or speeches containing new and substantive information is first disclosed to the market and other relevant exchanges and posted to our website. Woodside recognises the importance of shareholder participation in general meetings and facilitates Shareholder meetings and encourages that participation. Woodside has direct voting arrangements in place, allowing shareholders unable to attend the AGM to vote on resolutions without having to appoint someone else as a proxy. Voting on any substantial resolution at an AGM is conducted by poll. Woodside’s Continuous Disclosure and Market Communications Policy and associated guidelines Continuous disclosure and market reinforce Woodside’s commitment to continuous disclosure and outline management’s accountabilities communications and the processes to be followed for ensuring compliance. A Disclosure Committee manages compliance with market disclosure obligations and is responsible for implementing and overseeing reporting processes and controls and setting guidelines for the release of information. The Disclosure Committee is comprised of senior leaders. Employees considered to hold higher risk roles are required to participate in annual continuous disclosure training. The Board and senior executives are provided with copies of all information disclosed pursuant to all applicable stock exchange rules promptly after their disclosure.

142 Woodside Energy Annual Report 2025 4.2 Directors’ report The Directors of Woodside Energy Group Ltd present their report (including the Remuneration Report) together with the Financial Statements of the consolidated entity, being Woodside Energy Group Ltd and its controlled entities, for the year ended 31 December 2025. Significant changes in the state of affairs Directors The review of operations on pages 4-115 sets out a number of The Directors of Woodside Energy Group Ltd in office at any time matters that have had a significant effect on the state of affairs during or since the end of the 2025 financial year and information of the consolidated entity. on the Directors (including qualifications, experience, special Other than those matters, there were no significant changes in responsibilities and Directorships of listed companies held by the the state of affairs of the consolidated entity during the Directors at any time in the last three years) are set out on financial year. pages 120-123 in Section 4.1.2 – Board of Directors. The number of Directors’ meetings held (including meetings of Events subsequent to end of financial year Committees of the Board) and the number of meetings attended Since the reporting date, the Directors have resolved to pay a by each of the Directors of Woodside during the financial year fully franked dividend. More information is available in the are shown on page 124 in Section 4.1.2 – Board of Directors – Dividend section below. No provision has been made for this Director attendance at meetings. dividend in the financial report as the dividend was not Details of Director and senior executive remuneration are set determined by the Directors on or before the end of the out on pages 146-175 in Section 4.3 – Remuneration Report. financial year. The particulars of Directors’ interests in shares of Woodside as at Other than those disclosed in Note E.5 of Section 5 – the date of this report are set out at the end of this section. Financial Statements on page 229, there are no other material subsequent events. Principal activities The principal activities and operations of Woodside during Dividend the financial year were hydrocarbon exploration, evaluation, The Directors have resolved to pay a final dividend in respect of development, production and marketing. Other than the the year ended 31 December 2025 of 59 US cents per ordinary divestment of the Company’s Greater Angostura assets in share (fully franked) payable on 27 March 2026. Trinidad and Tobago, there were no other significant changes in the nature of the activities of the consolidated entity during Type 2025 final 2025 interim 2024 final the year. Payment date 27 March 2026 24 September 2 April 2025 2025 Consolidated results Period ends 31 December 30 June 2025 31 December The consolidated profit attributable to equity holders after 2025 2024 provision for income tax was $2,718 million ($3,573 million Cents per share 59 53 53 in 2024). Value $ million 1,122 1,006 1,139 Operating and financial review Fully franked✓✓✓ A review of the operations of Woodside during the financial year and the results of those operations are set out on pages 4-10 in Likely developments, business strategies, future Section 1 – Overview, pages 12-22 in Section 2 – Strategy and prospects and expected results Financial Performance, pages 24-110 in Section 3 – Our Business and pages 281-283 in Section 6.5 – Asset facts. In general terms, the review of operations of Woodside as set out on pages 4-115 gives an indication of likely developments, business strategies, prospects for future financial years, and the expected results of the operations. In the opinion of the Directors, disclosure of any further information would be likely to result in unreasonable prejudice to Woodside. Page 297 of Section 6.8 – Information about this report includes further details regarding Woodside’s reliance on the unreasonable prejudice exemption.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 143 I FINANCIAL PERFORMANCE N Environmental compliance Change of Joint Company Secretary Woodside is subject to a range of environmental legislation Ms Lucy Bowman ceased to be Joint Company Secretary on in Australia and other countries in which it operates, further 24 February 2026 as she is undertaking another role within details of which are set out in “Government Regulation” Woodside. The Board appointed Ms Mairéad Reidy as Joint in Section 6.3 – Additional disclosures on pages 263-271. At Company Secretary, effective 24 February 2026. Woodside, we are committed to conducting our operations in an Branches environmentally responsible manner and maintaining compliance with all applicable environmental laws and regulations. Our goal Woodside, through various subsidiaries, has established is to reduce our impact on the environment, with the aim of branches in a number of countries. continually improving our environmental performance. Indemnification and insurance of Directors and officers Through its Environment and Biodiversity Policy, Woodside Woodside Energy Group Ltd’s Constitution requires Woodside commits to compliance with relevant environmental laws and Energy Group Ltd to indemnify each Director, secretary, executive regulations and applying responsible standards where laws do officer or employee of Woodside Energy Group Ltd or its wholly not exist. Woodside has established management systems to owned subsidiaries against liabilities (to the extent Woodside identify and mitigate environmental risks, implement pollution Energy Group Ltd is not precluded by law from doing so) incurred prevention measures and manage environmental compliance in or arising out of the conduct of the business of Woodside requirements for all activities. Energy Group Ltd or the discharge of the duties of any For the financial year ending 31 December 2025, we recorded such person. no fines or prosecutions relating to our environmental Woodside Energy Group Ltd enters into deeds of indemnity with performance. Further information about Woodside’s Directors, secretaries, certain senior executives and employees environmental performance can be found in Section 3.6.6 – serving as officers on wholly owned or partly owned companies Environment and biodiversity on page 65. of Woodside Energy Group Ltd on terms consistent with Research and development the indemnity provided under Woodside Energy Group Ltd’s Constitution. Woodside is leveraging technology to drive cost efficiencies and exploring a range of technology options to support step change From time to time, Woodside engages its external auditor, PwC, greenhouse gas emissions abatement. Woodside has a number to conduct non-statutory audit work and provide other services of technology collaborations and pursues opportunities through in accordance with Woodside’s External Auditor Guidance Policy. technology across operations including for emissions reduction. The terms of engagement include an indemnity in favour of PwC: For further information on examples of the Group’s activities • against all losses, claims, costs, expenses, actions, demands, in the field of research and development see Section 3 – damages, liabilities or any proceedings (liabilities) incurred by Our Business on page 24. PwC in respect of third-party claims arising from a breach by Woodside under the engagement terms Company Secretaries • for all liabilities PwC has to Woodside or any third party as a The following individuals acted as Company Secretary result of reliance on information provided by Woodside that is during 2025: false, misleading or incomplete. Damien Gare LLB, LLM, MBA, GAICD Woodside Energy Group Ltd has paid a premium under a contract Group Company Secretary insuring each Director, officer, secretary and employee who is concerned with the management of Woodside Energy Group Ltd Mr Gare joined Woodside in 2007 and was appointed Group or its subsidiaries against liability incurred in that capacity. Company Secretary effective 27 August 2024. Prior to this he served as Vice President & Chief of Staff from 2022. Mr Gare has held a Disclosure of the nature of the liability covered by and the number of senior positions at Woodside, including as Vice President amount of the premium payable for such insurance is subject Investor Relations and Vice President Risk & Compliance. Prior to to a confidentiality clause under the contract of insurance. joining Woodside, Mr Gare was a Partner at Minter Ellison. He is a Woodside Energy Group Ltd has not provided any insurance for fellow of the Governance Institute of Australia and a graduate the external auditor of Woodside Energy Group Ltd or a body member of the Australian Institute of Company Directors. corporate related to the external auditor. During the financial year ended 31 December 2025 and as at the Lucy Bowman MA (Oxon), Jurisprudence date of this Directors’ report, no indemnity in favour of a current Deputy Company Secretary or former Director, officer or external auditor of the Group has Ms Bowman joined Woodside in 2021 as Senior Legal Counsel and been called on. was appointed Joint Company Secretary effective 20 October 2022. Prior to joining Woodside, Ms Bowman worked as a banking and finance lawyer in private practice and held legal roles with companies in the financial and mining industries. Ms Bowman is a fellow of the Governance Institute of Australia and a graduate member of the Australian Institute of Company Directors.

144 Woodside Energy Annual Report 2025 4.2 Directors’ report Non-audit services and auditor independence declaration Directors’ relevant interests in Woodside Energy Group Ltd shares as at the date of this report Details of the amounts paid or payable to the external auditor of Woodside, PwC for audit and non-audit services provided during Director Relevant interest in shares the year are disclosed in Note E.4 of Section 5 – Larry Archibald 17,320 Financial Statements. Ashok Belani 2,665 Based on advice provided by the Audit & Risk Committee, the Directors are satisfied that the provision of non-audit services by Arnaud Breuillac 3,808 the external auditor during the financial year is compatible with Swee Chen Goh 17,787 the general standard of independence for auditors imposed by the Corporations Act 2001 (Cth) for the following reasons. Richard Goyder 36,163 • all non-audit services were provided in accordance with Ian Macfarlane 15,276 Woodside’s External Auditor Policy and External Auditor Angela Minas 3,077 Guidance Policy Tony O'Neill 10,834 • all non-audit services were subject to the corporate governance processes adopted by Woodside and have been Ann Pickard 15,870 reviewed by the Audit & Risk Committee to ensure that they Ben Wyatt 9,267 do not affect the integrity or objectivity of the auditor. The auditor’s independence declaration, as required under Signed in accordance with a resolution of the Directors. Section 307C of the Corporations Act 2001 (Cth), is set out on page 145 and forms part of this report. Financial instruments Further information on Woodside’s financial risk management R J Goyder, AO objectives and policies, hedging and exposure to price risk, credit Chair of the Board risk, liquidity risk and cash flow risk, is in Sections A, C and D on pages 187, 211 and 216 in Section 5 – Financial Statements and Melbourne, Victoria Quantitative and qualitative disclosures about market risk on 24 February 2026 pages 260-262 in Section 6.3 – Additional disclosures. Proceedings on behalf of Woodside No proceedings have been brought on behalf of Woodside Energy Group Ltd, nor has any application been made in respect of Woodside Energy Group Ltd, under Section 237 of the Corporations Act 2001 (Cth). Rounding of amounts Woodside Energy Group Ltd is an entity to which the Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 (ASIC Instrument 2016/191) applies. Amounts in this report have been rounded in accordance with ASIC Instrument 2016/191. This means that amounts contained in this report have been rounded to the nearest million dollars unless otherwise stated. Information in other parts of the Annual Report Where this Directors’ report refers to other parts of the Annual Report, those pages form part of this report.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 145 I FINANCIAL PERFORMANCE N Auditor independence declaration to the Directors of Woodside Energy Group Ltd

146 Woodside Energy Annual Report 2025 4.3 Remuneration Report Contents 4.3.1 Committee Chair’s Letter 147 4.3.2 Remuneration Report (audited) 149 Remuneration Policy and Executive Incentive Scheme overview 149 Key Management Personnel (KMP) 150 2025 Executive KMP remuneration structure 151 2025 Remuneration outcomes 156 2025 Corporate Scorecard 157 Individual Executive KMP performance 158 2026 Executive KMP remuneration 160 Non-Executive Directors (NEDs) 166 Summary of Woodside’s five-year performance 167 Remuneration tables 168 Statutory tables 170 4.3.3 Glossary 175

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 147 FINANCIAL PERFORMANCE 4.3.1 Committee Chair’s letter On base business, Woodside’s diverse global portfolio delivered The Board remains committed to a record production of 198.8 MMboe in 2025, driven by outstanding performance from Sangomar and continued strong LNG transparent, performance-based reliability across its operated assets. remuneration framework that aligns Significant progress was achieved across the growth projects. A final investment decision (FID) was taken to develop Louisiana with long-term shareholder value. LNG, positioning the company for long-term value creation. During the year, sales of equity interests in the project were completed, bringing strong strategic partners into the project and significantly reducing Woodside’s capital expenditure profile. By the end of the year, the foundational phase of the project was 22% complete, as it targets first LNG in 2029. The Scarborough Energy Project advanced to 94% complete excluding Pluto Train 1 modifications, with first LNG cargo on track for Q4 2026, while the Trion Project reached 50% completion and continues to target first oil in 2028. Overall, Woodside’s performance across the six Corporate Scorecard measures resulted in a performance outcome of 7.0 (out of a maximum of 10). No discretionary adjustment has been applied to this outcome. CEO and Executive KMP changes Ms Meg O'Neill resigned as CEO and Managing Director effective 18 December 2025. Since her appointment as CEO in 2021, Ms O'Neill has laid the foundations for the company’s long-term success. Ms O'Neill is not eligible for any Executive Dear Shareholders Incentive Scheme (EIS) award related to the 2025 performance year. All unvested Performance Rights and Restricted Shares at On behalf of the Board, I am pleased to present the Remuneration the time of her resignation have lapsed. Report for the year ended 31 December 2025. Ms Liz Westcott was appointed Acting CEO, effective Business performance 18 December 2025. Upon her appointment, Ms Westcott’s Fixed Annual Reward (FAR) was set at A$1,803,000, In 2025, Woodside delivered strong performance against which includes a higher duties allowance. the key measures used to assess Executive performance and drive long-term value. The Corporate Scorecard comprised six The Board intends to announce the permanent CEO appointment individually weighted metrics covering safety, climate, earnings in the first quarter of 2026. before interest, taxes, depreciation and amortisation (EBITDA), operating expenditure, base business performance and growth. 2025 Remuneration outcomes Safety remains Woodside’s highest priority. During a year of 2025 Executive Incentive Scheme outcomes increased global activity, safety performance improved with zero The award for each Executive under the EIS was determined by high consequence injuries and a conformance rate of 98% for a combination of individual performance and the company’s critical process safety roles. On process safety, a Tier 1 event performance as measured by the Corporate Scorecard. occurred when unexpected fluids were released during the flushing activities of a Griffin subsea flowline. The event was At the end of the year, the Board reviewed each Executive short-term and localised, with no lasting impact to KMP’s performance. This review, combined with the Corporate the environment. Scorecard outcome, resulted in an EIS award for 2025 of 130.3% of the target opportunity (81.4% of the maximum opportunity) In 2025, Woodside continued to deliver on emissions reduction for each Executive KMP. targets, achieving the 2025 net equity target for Scope 1 and 2 emissions. Gross equity Scope 1 and 2 emissions were The Board has approved the 2025 EIS outcomes and considers 6.6 Mt CO -e. A key milestone was achieved with first ammonia them to be appropriately aligned with the company’s overall 2 production at the Beaumont New Ammonia (BNA) facility performance and shareholder experience, as reflected in in December. Woodside’s 2025 full-year fully franked dividend of 112 US cps. Woodside achieved a net profit after tax (NPAT) of $2.7 billion 2019 Performance Rights outcome and underlying NPAT of $2.6 billion, resulting in a full-year The five-year performance period for the Performance dividend of 112 US cents per share (US cps) at the top end Rights awarded under the 2019 EIS ended on 18 February 2025. of the payout range. Operating expenditure of $2,417 million These Performance Rights represented 30% of the 2019 award was better than target, while EBITDA excluding impairment of and were subject to a relative total shareholder return (RTSR) $143 million was $9,277 million. hurdle assessed over the five-year period.

148 Woodside Energy Annual Report 2025 4.3.1 Committee Chair’s Letter continued One-third of the Performance Rights were tested against The CEO’s target and maximum opportunity under the STI is the entities within the ASX50 index as of 1 December 2019, subject to the appointment of a permanent CEO, while the target while the remaining two-thirds were assessed against an opportunity for Executive KMP is 150% of FAR, with a maximum international oil and gas peer group. opportunity of 225%. The performance conditions were not met and all Long-term incentive structure Performance Rights awarded to the Former CEO and Woodside’s LTI structure will be delivered through Performance eligible Executive KMP lapsed. This outcome is consistent Rights tested over a three-year period against two LTI hurdles, with the nil vesting of the 2018 Performance Rights in 2024. and will be subject to an additional two-year service condition after the end of the performance period. Of the Performance Rights 2026 Executive KMP remuneration awarded, 60% will be assessed against RTSR, with one-third Following a review incorporating external benchmarking, evaluated against entities in the ASX50 index, and two-thirds the Board has approved increases to FAR for Mr Daniel Kalms against entities in the MSCI World Energy Index. and Mr Mark Abbotsford of 3%, for Ms Westcott of 6% and In response to investor feedback, the Board has introduced a second for Mr Graham Tiver of 8%, effective from 1 January 2026. hurdle, with 40% of the Performance Rights assessed against return The increases ensure remuneration remains competitive on average capital employed (ROACE). ROACE provides a robust in both domestic and international markets. and complementary measure to RTSR, reinforcing disciplined The Board considers retention of Executive KMP to be a priority, capital allocation and supporting long-term value creation. particularly following the resignation of Ms O’Neill. To maintain The CEO’s LTI opportunity is subject to the appointment of a focus on the effective delivery of the company's strategy and permanent CEO. The LTI opportunity for Executive KMP is 200% provide leadership stability during the CEO transition and of FAR. onboarding process, a retention award will be made to Mr Tiver, Mr Kalms and Mr Abbotsford in March 2026. The award Chair and Non-Executive Directors fees will comprise Equity Rights to the value of A$750,000 for each Executive, awarded under the Supplementary Woodside Equity Fees for the Chair and Non-Executive Directors are reviewed annually 1 Plan, with vesting in December 2027. The offer will also with the support of external benchmarking. As a result of this review, extend to Ms Westcott, upon completion of her Acting CEO role, the Board approved an increase of approximately 3% to annual Board in the event she is not appointed into the role permanently. and Committee fees, effective 1 January 2026. The Human Resources & Compensation Committee (HR&CC) and Sustainability Committee New incentive scheme for 2026 Chair fees increased by approximately 6% to align more closely with the median of the ASX20. The increases ensure fees remain In 2026, the Board will introduce a new Variable Annual Reward market competitive and reflect the broad scope of responsibilities (VAR) scheme to reflect investor feedback and provide additional and workload as Woodside continues to deliver growth and opportunities to enhance alignment with Woodside’s strategy value creation. over the longer term. This new structure will include separate short-term incentive (STI) and long-term incentive (LTI) Conclusion components for Executives, moving away from the current combined approach. The Board believes that the 2025 remuneration outcomes appropriately reflect Woodside’s performance and shareholder Short-term incentive structure experience. The revised incentive structure for 2026 has taken Executive performance under Woodside’s STI structure will be into account investor feedback and is designed to drive strong assessed annually, with 70% based on the Corporate Scorecard near-term performance while strengthening alignment with and 30% based on individual performance. At target, the STI will long‑term value creation through a higher proportion of variable be delivered in two equal components: cash and Restricted reward delivered as Performance Rights. It further enhances Shares, with the Restricted Shares subject to a two-year deferral alignment between Executive outcomes and Woodside’s strategic period. Any portion of the STI award above target will be objectives, while supporting the company’s ability to attract, delivered entirely as Restricted Shares. retain and motivate Executive talent in an increasingly competitive global market. Refer to pages 160-165 for For 2026, the Safety and Climate measures on the Corporate further information on these changes. Scorecard remain unchanged at 15% each, while Base Business and Growth have each reduced from 20% to 15% to accommodate an Thank you for your ongoing support. I look forward to our continued increase in the weighting of the financial measures from 30% to 40%. engagement and sharing in Woodside’s future successes. The EBITDA measure has been enhanced to include an underlying performance component, and Operating Expenditure has been replaced with Unit Production Cost to reflect Woodside’s focus on operational efficiency. Arnaud Breuillac Chair of Human Resources & Compensation Committee 24 February 2026 1. Equivalent to 31,281 Equity Rights.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 149 FINANCIAL PERFORMANCE 4.3.2 Remuneration Report (audited) 2025 Performance and remuneration outcomes Key performance outcomes Remuneration outcomes NPAT Former CEO 1 $2.7 billion Actual 100% Target 26%22%37% 15% Full-year dividend to shareholders Executive KMP 112 US cps Actual 32% 19% 36% 13% Target 38% 17% 32% 13% 2 Corporate Scorecard VAR – Performance Rights FAR VAR – Restricted Shares VAR – Cash 7.0/10 Remuneration Policy and Executive Incentive Scheme overview Woodside’s remuneration framework is set out in the Woodside Remuneration Policy and is structured to support the effective delivery of Woodside’s strategic objectives. It is comprised of Fixed Annual Reward (FAR) and Variable Annual Reward (VAR). Executive remuneration is reviewed annually, and considers the accountabilities, experience and performance of each individual. FAR is determined by considering the scope of each Executive’s role and their level of knowledge, skills and experience. FAR is benchmarked for competitiveness to enable the company to attract and retain top-tier global Executive capability. VAR is calculated annually based on performance measures set by the Board, and is aimed at aligning executive remuneration with short-term and long-term shareholder returns. VAR is delivered under the Woodside Executive Incentive Scheme (EIS). The EIS is underpinned by the following principles: Alignment with the Executive engagement Strategic fit shareholder experience Attract and retain Executive Promote significant share Drive Executives to deliver our capability in a globally competitive ownership through equity awards strategic objectives with discipline environment by providing a clear and collaboration, thereby creating remuneration structure shareholder value 1. Following her resignation, Ms O'Neill is not eligible for any EIS award related to the 2025 performance year. 2. The EIS award is determined by 70% corporate and 30% individual performance.

150 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Key Management Personnel (KMP) This report outlines the remuneration arrangements and outcomes achieved for Woodside’s key management personnel (KMP) during 2025. Woodside’s KMP are the people who have the authority to shape, influence and control the Group’s strategic direction and performance through their actions, either collectively (in the case of the Board) or as individuals acting under delegated authorities (in the case of the CEO and Executive KMP). The names and positions of the individuals who were KMP during 2025 are set out below. Unless otherwise indicated, all individuals were KMP for the full year in 2025. Executive KMP and Non-Executive Directors Executives Position 1 Liz Westcott Acting Chief Executive Officer (Acting CEO) Graham Tiver Executive Vice President and Chief Financial Officer Daniel Kalms Executive Vice President and Chief Operating Officer International Mark Abbotsford Executive Vice President and Chief Commercial Officer Former Executive Director 2 Meg O'Neill Former Chief Executive Officer and Managing Director (Former CEO) Non-Executive Directors Richard Goyder, AO (Chair) Chair of the Board Larry Archibald Non-Executive Director Swee Chen Goh Non-Executive Director Ian Macfarlane Non-Executive Director Ann Pickard Non-Executive Director Ben Wyatt Non-Executive Director Arnaud Breuillac Non-Executive Director Angela Minas Non-Executive Director Ashok Belani Non-Executive Director Tony O'Neill Non-Executive Director 1. Ms Westcott’s title changed from Executive Vice President and Chief Operating Officer Australia to Acting Chief Executive Officer on 18 December 2025. 2. Ms O'Neill ceased to be Chief Executive Officer, Managing Director and Executive KMP on 18 December 2025. Human Resources & Compensation Committee Reporting in United States dollars The Human Resources & Compensation Committee (HR&CC) In this report, the remuneration and benefits reported assists the Board to determine appropriate remuneration policies have been presented in US dollars, unless otherwise stated. and structures for Executives and Non-Executive Directors This is consistent with the functional and presentation currency (NEDs). Further information on the role of the HR&CC is of the company. described in the Corporate Governance Statement of the Compensation for Australian-based employees and Annual Report. Australian‑based Executives is paid in Australian dollars and, for reporting purposes, converted to US dollars based on the Use of remuneration consultants exchange rate reflective of the service period. Compensation for US-based employees and US-based Executives is paid in From time-to-time, the HR&CC directly engages independent US dollars. Valuation of equity awards is converted at the external advisers to provide input to the process of reviewing the spot rate applying when the equity award is granted. remuneration for Executives and NEDs. The HR&CC may receive executive remuneration advice directly from external independent Glossary remuneration consultants. The HR&CC has full oversight of the review process and therefore A glossary of terms used in this remuneration report is provided it, and the Board, can be satisfied that the work undertaken by on page 175. external independent remuneration consultants is free from undue influence by Executives. In 2025, Woodside’s remuneration consultants provided remuneration benchmarking and information to the HR&CC and Board to support the design of the 2026 VAR structure. No remuneration recommendations were received.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 151 FINANCIAL PERFORMANCE 2025 Executive KMP remuneration structure Woodside’s remuneration structure for the Former CEO and Executive KMP is comprised of two components: FAR and VAR. For 2025, Woodside’s VAR is a combined incentive scheme delivered through the EIS. 1 Remuneration structure - Former CEO Fixed Annual Reward 2 Performance Rights Subject to 5-year RTSR performance 30% 2 Restricted Shares Subject to a 5-year deferral period 30% Executive Incentive Subject to a 4-year deferral period Scheme 10% Subject to a 3-year deferral period 10% Cash 20% 3 Performance Year Year 1 Year 2 Year 3 Year 4 Year 5 4 Remuneration structure - Executive KMP Fixed Annual Reward 2 Performance Rights Subject to 5-year RTSR performance 27.5% 2 Restricted Shares Subject to a 5-year deferral period 27.5% Executive Incentive Scheme Subject to a 3-year deferral period 25% Cash 20% 3 Performance Year Year 1 Year 2 Year 3 Year 4 Year 5 1. This reflects the remuneration structure in place for Ms O'Neill during the 2025 performance year. Ms O'Neill resigned on 18 December 2025 and will not be entitled to any EIS award for the 2025 performance year. 2. Allocated using a face-value allocation methodology. 3. The cash component is payable following the end of the 12-month performance year. Restricted Shares and Performance Rights are allocated following the end of the 12-month performance year. 4. This remuneration structure applied to Ms Westcott for the 2025 performance year.

152 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Key features of Woodside’s 2025 EIS Key features Description EIS award • The EIS award is subject to performance in each 12-month period and is determined at the conclusion of each performance year. • The EIS award is determined by 70% corporate and 30% individual performance. • Corporate performance is assessed against the Corporate Scorecard and rated on a scale between 0 and 10, with a score of 5 for an outcome at target and a maximum of 10 on each measure. • Individual performance is rated on a scale between 0 and 5 and is assessed by the Board in the case of the CEO, and by the CEO and the HR&CC in the case of Executive KMP. • Exceeding targets results in an increased award with a linear calculation up to the maximum. • The minimum award that an Executive can receive is zero if the performance conditions are not achieved on either company or individual performance. • The decision to pay or allocate an EIS award is subject to the overriding discretion of the Board, which may adjust outcomes, both upwards and downwards, to better reflect shareholder outcomes and company or management performance. • Each year, the Board conducts a holistic assessment of Woodside’s performance on all significant factors, before considering whether it is appropriate to adjust EIS outcomes, either upwards or downwards. • The Board has not exercised any discretion in relation to the 2025 EIS award. Opportunity (% of FAR) CEO Executive KMP • • • • Remuneration at target CEO Executive KMP • • • • Performance and vesting period Performance Rights: • Each Performance Right is a right to receive a fully paid ordinary share in Woodside on vesting (or, at the Board’s discretion, as a cash equivalent payment). • Vesting is subject to a RTSR performance hurdle tested over a five-year period. • The Board’s view is that RTSR is a good measure of long-term value creation across the commodity price cycle of our industry, aligning with the shareholder experience. • For the 2025 EIS award, the performance period is from March 2026 to March 2031, with vesting occurring shortly after if the performance hurdles are met. • No amount is payable by the Executive on the grant or vesting of a Performance Right.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 153 FINANCIAL PERFORMANCE Key features Description Performance and vesting period Restricted Shares: continued • Are divided into three tranches: – Five-year deferral period 1 – Four-year deferral period (CEO only) – Three-year deferral period • This creates a strong retention proposition for Executives as vesting is subject to employment not being terminated with cause or by resignation during the deferral period. • The deferral mechanism means that the value of awards reflect fluctuations in share price across the deferral periods, which is intended to reflect the sustainability of performance over the medium and long-term and support alignment between Executives and shareholders. Cash: • This is payable following the end of the 12-month performance year, in the March 2026 pay cycle. Performance conditions and Performance Rights: assessment • One-third is tested against the entities within the ASX50 Index at 1 December 2025, and the remaining two-thirds is tested against a bespoke group of 11 international peers. • RTSR outcomes are calculated by an external adviser after the conclusion of the performance period. • The vesting schedule is: Woodside RTSR percentile position within Vesting of Performance Rights in the relevant peer group RTSR component Less than 50th percentile No vesting Equal to 50th percentile 50% vest Between the 50th and 75th percentile Vesting on a pro-rata basis Equal to or greater than 75th percentile 100% vest If the performance conditions are not met, there is no retesting and awards will lapse. 2 • The bespoke group of 11 international peers are: Peer group of international oil and gas companies APA Corporation Devon Energy Inpex Corporation Canadian Natural Resources ENI S.p.A Occidental Petroleum ConocoPhillips EOG Resources Santos Ltd Coterra Energy Equinor ASA Restricted Shares: • There are no further performance conditions attached to these awards. Dividends and voting • Executives are entitled to receive dividends on Restricted Shares. • No dividends are paid on Performance Rights prior to vesting. • For Performance Rights that vest, a dividend equivalent payment will be paid by Woodside for dividends paid during the period between allocation and vesting. The dividend equivalent payment will be paid in cash unless the Board determines otherwise. Once shares are allocated following vesting of Performance Rights, Executives are entitled to receive dividends on those shares. • Restricted Shares carry the same voting rights as all other Woodside shares. Performance Rights do not have voting rights until shares are allocated following vesting. 1. The Former CEO resigned on the 18 December 2025 and will not be entitled to any EIS award for the 2025 performance year. 2. HESS Corporation was acquired by Chevron Corporation in July 2025 and has been removed.

154 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Key features Description Allocation methodology • Restricted Shares and Performance Rights are allocated using a face-value allocation methodology. The number of Restricted Shares and Performance Rights is calculated by dividing the value by the volume weighted average price (VWAP) of the company’s shares traded on each trading day across December of the performance year. Clawback provisions • The Board has broad discretion to reduce vested and unvested entitlements, including (among other circumstances) where an Executive has acted fraudulently or dishonestly or is found to be in material breach of their obligations; they have engaged in an act which has brought a Group company into disrepute or may negatively impact any Group company’s reputation in a material way; vesting is not justified or supportable; there is a material misstatement or omission in the financial statements; or a significant unexpected or unintended consequence or outcome has occurred. • Woodside has adopted a Mandatory Clawback Policy consistent with the requirements of section 303.A14 of the New York Stock Exchange Listed Company Manual. Where the company is required to prepare an accounting restatement due to material non-compliance with any financial reporting requirements under the securities laws, the company will recoup the amount of erroneously awarded incentive-based compensation in accordance with such Mandatory Clawback Policy. Control event • The Board has the discretion to determine the treatment of any EIS award on a change of control event. If an actual change of control occurs during the performance year, an Executive will generally receive at least a pro-rata cash payment in respect of the unallocated cash and Restricted Share components of the EIS award for that performance year, assessed at target. • If an actual change of control occurs during the vesting period for equity awards, unless the Board determines otherwise, Restricted Shares will vest in full, whilst Performance Rights will vest on a pro-rata basis, having regard to the portion of the vesting period elapsed. Cessation of employment • The Board has the discretion to determine the treatment of any EIS award on cessation of employment. During a performance year, if an Executive resigns or their employment is terminated for cause, no EIS award will be provided (unless the Board determines otherwise). In any other case of cessation of employment, Woodside will have regard to performance against target and the portion of the performance year elapsed in determining any EIS award. • During a vesting period, if an Executive resigns (or gives notice of their resignation) or their employment is terminated for cause, all Restricted Shares and Performance Rights will be forfeited or lapse (unless the Board determines otherwise). If an Executive ceases employment for any other reason, all Restricted Shares will vest in full at a date determined by the Board and any Performance Rights will remain on foot and will remain subject to the original terms. • In all cases, the Board retains discretion to determine alternative treatments in relation to unvested Restricted Shares and Performance Rights, including to lapse or forfeit some or all of them. Adjustments to Performance Rights • The Board has discretion to vary the peer group including to consider events that occur prior to vesting (for example, takeovers, mergers or de-mergers). • The Board may also adjust vesting outcomes or include or exclude items that the Board considers appropriate, including to better reflect shareholder expectations or management performance. • The Board may grant additional Performance Rights or make adjustments it considers appropriate to the terms of a Performance Right if there is a corporate action by, or capital reconstruction in relation to, the company, including any return of capital. Dealing restrictions • Executives must not deal in their unvested Restricted Shares or Performance Rights prior to vesting, except in limited circumstances.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 155 FINANCIAL PERFORMANCE Supplementary Woodside Equity Plan (SWEP) Other equity plans In October 2011, the Board approved the establishment of the Woodside has a history of providing employees with the SWEP to enable the offering of targeted retention awards of opportunity to participate in ownership of shares in the company Equity Rights for key capability. and using equity to support a competitive base remuneration The SWEP was updated in 2022 to broaden eligibility to all position. Refer to Section E.2 in the Notes to the financial employees of a subsidiary of Woodside Energy Group Ltd statements for further information. and ensure compliance in all jurisdictions in which Details of prior year allocations are provided in Table 8. Woodside operates. The terms applying to prior year grants are described in The SWEP awards have service conditions and no performance past Woodside Annual Reports. conditions. Each Equity Right entitles the participant to receive Woodside Equity Plan (WEP) a Woodside share on vesting. The purpose of the WEP is to enable eligible employees to build Subject to overarching Board discretion, Equity Rights under up a holding of equity in Woodside as they progress through their SWEP may vest prior to the vesting date on a change of control career. The WEP is offered to permanent employees who do not or on a pro-rata basis if a participating employee ceases participate in the EIS. employment in the following circumstances: redundancy, death, medical illness or incapacity or total and permanent The number of Equity Rights (ERs) offered to each eligible disablement. Any unvested Equity Rights held by an employee employee is determined by the Board, and based on individual whose employment is terminated by resignation or for cause performance as assessed under the performance review process. prior to the vesting date will lapse unless the Board There are no further ongoing performance conditions. determines otherwise. The linking of performance to an allocation allows Woodside to There is no entitlement to dividends on Equity Rights, and they do recognise and reward eligible employees for high performance. not carry voting rights. Each ER entitles the participant to receive a Woodside share on the vesting date. For offers prior to 2022, the terms of the Plan Minimum Shareholding Requirements allowed for 75% vesting of the ERs three years after the effective (MSR) Policy grant date and the remaining 25% of ERs five years after the effective grant date. For subsequent awards, the Board amended The Executive KMP MSR Policy reflects the long-term focus the terms of the Plan to entitle the participant to receive a of management and aims to further strengthen alignment Woodside share on the vesting date three years after the with shareholders. effective grant date. The MSR Policy requires Executive KMP to have acquired and Subject to overarching Board discretion, ERs under the WEP maintained Woodside shares for a minimum total purchase price may vest prior to the vesting date on a change of control or on a of at least 100% of their FAR after a period of five years, and in pro‑rata basis if a participating employee ceases employment the case of the CEO a minimum of 200% of FAR after a period of due to redundancy, genuine retirement, total and permanent five years. disablement, medical illness, incapacity, death or any other 1 All the Executive KMP meet the MSR requirements. See Table 10 reason the Board determines. Any unvested ERs held by an for details. employee whose employment is terminated by resignation or for cause prior to the vesting date will lapse unless the Board determines otherwise. The other key terms of WEP ERs are similar to the terms of the Performance Rights granted under the EIS. 1. Ms Westcott met the MSR based on her FAR of A$1,203,000, being her FAR prior to her appointment as Acting CEO.

156 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Executive KMP FAR 2025 Remuneration outcomes Following the Board’s review of Executive KMP remuneration Remuneration changes and benchmarking in 2025, Mr Tiver’s FAR was increased to A$1,238,000, Mr Kalms Each year, the Board conducts a comprehensive review of the FAR to US$701,000 and A$998,000 for Mr Abbotsford, effective remuneration for the CEO and Executives, taking into account 1 January 2025. These adjustments reflect external benchmarking their respective accountabilities, experience and outcomes and ensure Executive KMP remuneration remains individual performance. competitively positioned for the scale and responsibilities of each role. To support the 2025 review, the Board engaged independent remuneration consultants KPMG (Australia) and Meridian (US) In 2025, Mr Kalms remained based in Houston, Texas and to provide external benchmarking. The benchmarking conducted transitioned to employment with Woodside Energy USA by KPMG included the ASX20 companies and a bespoke group Services Inc., receiving his remuneration in US dollars. of international oil and gas companies. Meridian benchmarked 17 international oil and gas companies. No remuneration Acting CEO and other Executive KMP VAR recommendations were received in 2025. For 2025, the individual performance of the Acting CEO and other Executive KMPs was assessed against the same five individual Acting CEO criteria. These metrics, outlined on page 158, were chosen as the Effective 18 December 2025, Ms Westcott was appointed Board considers successful performance in each area to be a key Acting CEO following Ms O'Neill’s resignation. driver of superior shareholder returns. Individual KPIs were During the annual review of Executive remuneration in 2025, tailored to each Executive KMP’s area of responsibility. Ms Westcott’s FAR was increased to A$1,203,000. Following Ms Westcott’s appointment to Acting CEO, Ms Westcott’s FAR Individual performance outcomes for the Executive KMP as at increased to A$1,803,000. This amount includes a higher duties 31 December 2025 are shown on pages 158-159 and the EIS allowance of A$600,000 per annum. awards are outlined in Table 5. There were no changes to Ms Westcott’s incentive opportunity 2019 Performance Rights RTSR outcome for 2025 under the EIS. The five-year performance period for the Performance Rights Ms Westcott’s incentive opportunity for 2026 will be increased awarded under the 2019 EIS ended on 18 February 2025. pro-rata to reflect her higher salary as Acting CEO. These Performance Rights were subject to a RTSR hurdle over the same duration and were tested against two comparator Former CEO and Managing Director groups set out on page 70 of the 2019 Annual Report. Ms O'Neill ceased to be CEO and Managing Director on RTSR outcomes, calculated by an external adviser, determined 18 December 2025. Ms O'Neill will continue to receive her that Woodside’s RTSR performance within each comparator FAR in accordance with her contract until the end of her group was below the 50th percentile. Consequently, all of the gardening leave period on 30 March 2026. 28,700 Performance Rights granted to the Former CEO and Ms O'Neill will not be eligible for any EIS award related to the Executive KMPs’, with a corresponding value of A$710,012 2025 performance year and all unvested Performance Rights and in respect of the 2019 EIS, lapsed. Restricted Shares for prior years have lapsed or were forfeited upon her resignation. 2025 Remuneration composition 1 2 Former CEO actual remuneration Executive KMP actual remuneration 100% 32% 68% 2 Former CEO target remuneration Executive KMP target remuneration 26% 74% 38% 62% Actual - Variable reward Target - Fixed reward Target - Variable reward Actual - Fixed reward 1. The Former CEO resigned on the 18 December 2025 and is not be entitled to any EIS award for the 2025 performance year. 2. This represents the average fixed and variable remuneration for Executive KMP, including the Acting CEO as at 31 December 2025. Ms Westcott’s EIS award is calculated using her FAR of A$1,203,000 prior to her appointment as Acting CEO.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 157 FINANCIAL PERFORMANCE 2025 Corporate Scorecard The 2025 Corporate Scorecard reflects Woodside’s balanced approach to performance by linking reward outcomes to safe, reliable operations and delivery of our strategic and sustainability priorities. The Corporate Scorecard has six individually weighted measures, with each measure rated on a scale between 0 and 10. A score of 5 represents target performance and a score of 10 represents the maximum possible outcome for each measure. Corporate Scorecard measures and outcomes for 2025 Measure and commentary 2025 performance Outcome Safety (15%) 7.6 Protecting the health and safety of our people, Safety remained a top priority throughout 2025, with all measures meeting or exceeding our contractors and our host communities is a top targets. There were no high consequence personal safety injuries (HCI) recorded priority. Safety targets are calibrated to reflect the (against a maximum of two HCI). complexity of planned work programs and the Process safety performance included one Tier 1 and no Tier 2 events (against a maximum of workforce hours required to deliver them. two events). The Tier 1 event occurred during flushing activities on a Griffin subsea flowline. The event was short-term and localised, with no lasting impact to the environment. Process safety critical role (PSCR) performance was strong, with 98% advanced PSCR 1 conformance achieved across the year, exceeding the target of 95%. Climate (15%) 5.4 The 2025 gross equity Scope 1 and 2 greenhouse gas Full-year gross equity Scope 1 and 2 emissions were 6.616 Mt CO₂-e compared to a target of 1 emissions target is prior to retirement of carbon 6.590 Mt CO₂-e. credits as offsets, focusing the organisational Beaumont New Ammonia Phase 2 progressed, with engineering activities completed in Q4 2025 priorities on avoiding and reducing emissions. and commercial evaluations finalised to support preliminary valuation. Climate targets also measure progress against plans for new energy projects. EBITDA (15%) 5.1 EBITDA is a key contributor to annual profitability and EBITDA excluding impairment was $9,277 million, above the target of $9,225 million due to a driver of short-term shareholder value. Consistent higher production, lower production cost and profit from the divestment of the Greater with prior years, the EBITDA target was based on the Angostura assets, primarily offset by lower realised prices. Board approved Budget, which incorporates a forward-looking view of commodity prices. OPEX (15%) 6.8 Controlling operating expenditure brings a focus OPEX was $2,417 million, better than target of $2,662 million primarily due to Gulf of America on efficient operations; cost competitiveness; and well intervention savings and maintenance optimisations, reduction in planned spend related shareholder returns. Consistent with prior years, to new energy and timing of Beaumont New Ammonia (BNA) first ammonia. the OPEX target was based on the Board approved Budget. 2 Base Business (20%) 9.2 Revenue is maximised and value generated from Achieved record production of 198.8 MMboe, 11.8 MMboe above target due to Sangomar our assets when they are fully utilised in production. remaining on plateau until late October 2025, strong subsurface performance and reliability at Consistent with prior years, the Base Business target Shenzi, an accelerated Atlantis well side track and strong reliability and demand at Bass Strait. was based on the Board approved Budget. Growth (20%) 7.1 Growth focuses on achievement of capital project Scarborough Energy Project was 94% complete, excluding Pluto Train 1 modifications, and milestones and business developments aligned to remains on track for first LNG cargo in Q4 2026. Drilling of development wells was completed our strategic plan. and the floating production unit (FPU) departed China, and arrived in Australia in January 2026. Woodside's Growth milestones reflect Woodside’s BNA commenced first production of ammonia in December 2025, representing a major commitments to the market. milestone in Woodside’s energy transition journey. FID on Louisiana LNG was achieved in April 2025. The project was 22% complete at the end of 2025 and is targeting first LNG in 2029. The sales of equity in Louisiana LNG Infrastructure LLC to Stonepeak (40%), and Louisiana LNG LLC (10%) and Driftwood Pipeline LLC (80%) to Williams were completed during the year. Trion was 50% complete at the end of the year and remains on track for first oil in 2028. Key milestones across delivery lines, regulatory permitting and operational readiness were also achieved. Year-end gearing was 18.2%, despite a softer price environment. This outcome reflects strong underlying business performance and portfolio simplification initiatives. Overall corporate performance outcome 7.0 1. Further information and glossary definitions relating to sustainability and climate concepts can be found in the Sustainability Report. 2. Base Business relates to production volumes.

158 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Individual Executive KMP performance Individual Executive KMP performance for 2025 EIS was measured against five criteria. Growth Effective Enterprise Culture and Shareholder agenda execution capability reputation focus Assesses the Assesses the Assesses leadership Assesses Assesses whether alignment of growth maintenance, development; performance culture decisions are made opportunities to operation and workforce planning; and emphasis on with a long-term shareholder return; profitability of existing executive succession; values; engagement shareholder return portfolio balance; assets; project delivery Indigenous and enablement; focus; efficient and the achievement of to achieve budget, participation and improved employee timely communication challenging business schedule and stated diversity; effective climate; Woodside’s to shareholders, objectives. performance; cost risk identification and brand as a partner market analysts and reduction; achievement management. of choice. fund managers; the of health, safety focus on shareholder and community return throughout expectations. the organisation. Individual performance for 2025 EIS award: Acting CEO Liz Westcott Acting Chief Executive Officer (CEO) Performance highlights • Scarborough Energy Project was 94% complete, • Drove development of new leaders and enabled cross- excluding Pluto Train 1 modifications. FPU sail-away asset and project personnel moves to ensure depth of achieved and all eight wells drilled. capability for 2026 delivery across projects, operations, and decommissioning. • Achieved safe and successful start-up of infill well projects, Lambert West and PLA-08. Led GWF-4 to final • Increased overall female participation, female investment decision (FID). leadership, and Indigenous participation. • Executed the Gas Processing Agreement to extend • Maintained an upward trajectory in employee EIS earned as processing of Pluto gas through the Interconnector engagement scores and a strong participation rate. a percentage of target until 2029, enabling the accelerated processing of • Secured the final approval for the NWS Project opportunity: 130.3% approximately 2.8 million tonnes of additional LNG in Extension and delivered the Bass Strait operator aggregate and approximately 22.9 PJ of additional gas transition agreement enabling increased value from the EIS earned as for the Western Australian domestic gas market. East Coast business. a percentage of maximum • Improved safety performance, with no high consequence • Progressed asset swap activities with Chevron including opportunity: 81.4% injuries and 98% process safety critical role drilling three of the four Julimar Phase 3 Project wells. conformance. • Completed multiple speaking engagements and key • Production outcomes above budget due to strong stakeholder interactions across various industry and operated LNG reliability of 97.9%, maximised investor forums, increasing Woodside’s profile. Interconnector production and strong Bass Strait • 2025 performance outcome: Above target market demand.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 159 FINANCIAL PERFORMANCE Individual performance for 2025 EIS award: Executive KMP Graham Tiver Executive Vice President and Chief Financial Officer Performance highlights • Provided significant Finance divisional support to • Proactively managed key external relationships at strategic initiatives including Louisiana LNG FID the State and Federal level contributing to productivity and sell‑downs to Stonepeak and Williams. and Petroleum Resource Rent Tax (PRRT) submissions and engagements. • Supported BNA, Scarborough Energy Project, Trion and Louisiana LNG projects including on operations • Increased female participation in senior finance readiness and preparing for Bass Strait integration. leadership roles. • Led strong financial management, including successfully • Maintained strong employee engagement and EIS earned as issuing US$3.5 billion of bonds in the US market in supported the onboarding of key leaders, contributing a percentage of target Woodside’s second SEC raising, which attracted to a collaborative and values-aligned culture. opportunity: 130.3% strong levels of high-quality debt investors at • Strengthened Woodside’s investor and stakeholder competitive pricing. engagement through successful delivery of global EIS earned as • Provided end-to-end execution support for Greater investor events and roadshows including the Capital a percentage of maximum Angostura asset divestment covering accounting Markets Day event in November 2025 that reinforced opportunity: 81.4% treatment, transition activities, closing statements, Woodside’s value proposition. and audit preparation. • Expanded Woodside’s global banking arrangements • Led strong organisational cost control with unit with new banks participating from Asia and the production costs significantly below budget and Middle East. at the lower end of guidance. • 2025 performance outcome: Above target Daniel Kalms Executive Vice President and Chief Operating Officer International Performance highlights • Led Louisiana LNG to FID in April, with the project 22% • Strengthened the International Business organisation complete at the end of the year. by expanding the Louisiana LNG team and completing the design of the Mexico Business Unit. • Achieved first ammonia production in December 2025. • Continued to build, develop and attract a broad • Trion was 50% complete at the end of the year with and inclusive talent pool representing a range all key milestones across delivery lines, regulatory of backgrounds, skills and experience. permitting, and operational readiness achieved. Floating storage and offloading (FSO) construction • Maintained strong employee engagement scores commenced in Q3. and a high participation rate. • Delivered strong safety and environmental performance • Completed divestment of the Greater Angostura with zero high consequence injuries, zero environmental assets to Perenco. non-compliance events and gross equity Scope 1 and 2 • Completed the sell-downs of 40% interest in Louisiana emissions 5% better than target. Achieved 100% process LNG infrastructure project to Stonepeak, as well as the EIS earned as safety critical role conformance. 10% interest in Louisiana LNG holding company and 80% a percentage of target • Production outcomes 17% above target due to strong stake in the Driftwood Pipeline to Williams. opportunity: 130.3% reliability and availability, and the addition of seven wells in • 2025 performance outcome: Above target the Gulf of America. Added 30 MMbbl to Sangomar proved EIS earned as a percentage of maximum reserves based on strong production performance. opportunity: 81.4% Mark Abbotsford Executive Vice President and Chief Commercial Officer Performance highlights • Led the Louisiana LNG sell-downs to Stonepeak and • Added two long-term charter LNG vessels to Woodside’s Williams, securing premium partners that unlocked shipping fleet to meet portfolio delivery commitments, value, lowered capital risk and positioned the project in line with Woodside’s strategy. for global scale. • Continued to build on the strong pipeline of females in • Identified and led the evaluation of multiple new supply senior leadership positions. and partnership opportunities, including strategic • Strengthened the marketing and trading capabilities in collaborations with Aramco and Hyundai Glovis. London and Singapore through targeted strategic hires. EIS earned as • Applied strong cost discipline across Exploration and • Delivered an uplift in employee satisfaction scores, a percentage of target New Energy by prioritising a smaller set of high-value reflecting stronger team sentiment. opportunity: 130.3% activities with the greatest potential to deliver • Active representation of Woodside and the Australian future value. energy sector including Board memberships and regular EIS earned as • Executed long-term LNG sales agreements with Uniper, engagement with investors and stakeholders through a percentage of maximum China Resources, PETRONAS, BOTAS, and JERA. market presentations and direct interactions. opportunity: 81.4% • Provided significant commercial divisional support to • 2025 performance outcome: Above target transactions, including the Greater Angostura asset divestment and the Bass Strait operatorship agreement.

160 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued 2026 Executive KMP remuneration Following a comprehensive annual review of Executive KMP remuneration, the Board has approved adjustments to the FAR for each Executive KMP. The review incorporated external benchmarking information from independent remuneration consultants, KPMG (Australia) and Meridian (US), aiming to position FAR between the median and upper quartile of the ASX20. The Board believes this positioning is crucial for Woodside to continue to attract and retain top-tier global talent. The Board approved increases to FAR for Mr Kalms and Mr Abbotsford of 3%, for Ms Westcott of 6% and for Mr Tiver of 8%, effective from 1 January 2026. The increases consider continued strong individual performance, responsibilities of their roles and recent market adjustments, ensuring Woodside maintains a competitive position. These decisions reflect our commitment to aligning Executive remuneration with shareholder interests and long-term value creation. Following Ms O'Neill’s resignation as CEO, and to maintain focus on the effective delivery of the company's strategy and provide leadership stability during the CEO transition and onboarding process, a retention award will be made to Mr Tiver, Mr Kalms and Mr Abbotsford in March 2026. The award will comprise Equity Rights with an approximate value of A$750,000 for each Executive, 1 awarded under the Supplementary Woodside Equity Plan, with vesting in December 2027. The vesting period of the award supports leadership stability and the retention of critical capabilities to ensure seamless execution of the Corporate Plan for 2026 and 2027, including maintaining momentum against our key major projects. While vesting is subject to continued service, the Board retains the discretion to determine the final vesting outcome. In the event a recipient of the retention award is appointed to the position of CEO during the vesting period, their Equity Rights under the retention award will lapse. The offer will also extend to Ms Westcott, following the completion of her Acting CEO role, in the event that she is not appointed into the role permanently. New incentive scheme for 2026 Woodside has transitioned its VAR for the Executives from a combined Executive Incentive Scheme to a distinct STI and LTI structure. This change reflects our commitment to strengthening alignment between Executive remuneration and shareholder outcomes, while ensuring our framework remains competitive and strategically focused. Woodside’s remuneration consultant provided benchmarking information to the HR&CC and Board to support the design of the new incentive scheme for 2026. There are no changes to the FAR structure. The design of the STI and LTI structure aims to respond to investor feedback by: • Strengthening our long-term focus by increasing our weighting to long-term performance tested equity. • Aligning with market practice across the ASX and against our global peers, who generally operate with separate STI and LTI plans. • Supporting greater alignment with Woodside’s strategy through refined annual scorecard measures and the introduction of a second performance measure in the LTI structure. In reviewing our VAR framework, Woodside also took the opportunity to review and refresh the key objectives underpinning the framework: • Attract and retain global talent to support strategic delivery • Market competitive across regions • External alignment with stakeholders, the shareholder experience and to drive superior shareholder returns • Simple and transparent for external stakeholders and Executives 1. Equivalent to 31,281 Equity Rights.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 161 FINANCIAL PERFORMANCE Overview of the new 2026 incentive scheme Fixed Annual Reward Cash 50% Annual STI Performance Period 1 Restricted Shares 50% Performance Rights RTSR against ASX50 (1/3) and MSCI World Energy Index (2/3) 60% LTI 2-year service condition ROACE 40% Year 1 Year 2 Year 3 Year 4 Year 5 1. Any portion of the STI award above target will be delivered entirely as Restricted Shares. Executive KMP incentive mix comparison The incentive mix for Executive KMP under the new STI and LTI structure, relative to the existing EIS structure is set out below. The proportion of equity-based remuneration at risk, significantly increases under Woodside’s new 2026 VAR structure, with Performance Rights comprising 58% of the award at target STI compared to 27.5% under the existing structure. This change strengthens alignment between Executive KMP remuneration and the shareholder experience. 2026 Variable Annual Reward structure 1 Target award 21% 21% 58% 2 Maximum award 18% 35% 47% 2025 EIS structure 3 Target and maximum award 20% 52.5% 27.5% Cash Restricted Shares Performance Rights 1. Reflects STI at target of 150% of FAR and LTI opportunity at 200% of FAR. 2. Reflects STI at maximum of 225% of FAR and LTI opportunity at 200% of FAR. 3. The 2025 EIS structure is consistent at target and maximum award.

162 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued 2026 Variable Annual Reward structure Short-term incentive The details of the new 2026 STI are outlined below: Previous EIS New STI structure Rationale Instrument Woodside’s combined scheme • 50% paid in cash with the • Reflects prevailing practice across ASX and global peer organisations. included: remaining 50% delivered • Aligns with shareholder experience by linking remuneration outcomes to safe, in Restricted Shares, subject reliable operations and delivery of our strategic and sustainability priorities. • Cash to a two-year deferral period. • The split between cash and Restricted Shares ensures variable reward continues • Restricted Shares • Any portion of the award to be primarily delivered in equity. This approach is further strengthened with any • Performance Rights above target will be delivered portion of the award above target delivered entirely in equity, thereby reinforcing entirely as Restricted Shares. alignment with shareholders following the 12-month performance year. Performance year 12 months 12 months • No change to Woodside’s performance year. Quantum CEO: CEO: • The quantum is balanced with refined annual scorecard measures to support greater alignment with Woodside’s strategy. • Target: 280% • The quantum is subject to the appointment of a • The STI quantum reflects Woodside’s desired Total Target Reward (TTR) • Maximum: 420% permanent CEO positioning, ensuring our Executives are competitively remunerated to attract and retain global talent. Executive KMP: Executive KMP: • Target: 160% of FAR • Target: 150% of FAR • Maximum: 256% of FAR • Maximum: 225% of FAR Corporate Scorecard and individual performance 70% Corporate, 30% Individual 70% Corporate, 30% Individual • No change to weighting. The current weighting balances corporate and individual performance, driving accountability and value creation. Corporate Scorecard measures 15% Safety 15% Safety • Reflecting Woodside’s continued commitment to safety and climate, the weighting and descriptions of these measures remain unchanged. 15% Climate 15% Climate 15% EBITDA 20% EBITDA, of which: • EBITDA remains a key measure on the Corporate Scorecard and will be split into two equal components: 10% will be adjusted to remove the impact of commodity • 10% adjusted EBITDA price and foreign exchange movements to reflect underlying performance, • 10% unadjusted EBITDA while the remaining 10% will incorporate the impact of these movements. • This refinement of adjusting for commodity prices and foreign exchange movements is common amongst mining and resource peers, ensures fairness and transparency in Executive outcomes, and provides clearer line of sight of performance for Executives by reducing volatility from factors outside their control. • 15% Operating Expenditure 20% Unit Production Cost • Performance against the unit production cost measure directly demonstrates operating efficiency which creates a stronger link to shareholder value. • It also improves market competitiveness and external alignment, while simplifying investor engagement through the use of globally recognised metrics. • Unit production cost represents a fundamental component of the company’s operational process within the control of management, that directly influences the profitability of the company. • • 20% Base Business 15% Base Business • To accommodate the increase in weighting of the financial metrics and also in response to investor feedback, both the Base Business and Growth measures 20% Growth 15% Growth have been reduced from 20% to 15% each. • Financial weighting on Corporate Scorecard • 30% financial • 40% financial • Increasing the weighting of financial metrics strengthens the alignment between Executive remuneration outcomes and shareholder experience. • 70% non-financial • 60% non-financial

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 163 FINANCIAL PERFORMANCE Long-term incentive The details of the new 2026 LTI are outlined below: Previous EIS New LTI structure Rationale Instrument Woodside’s combined scheme • 100% Performance Rights • Reflects prevailing market practice across ASX listed and global peer organisations. included: • Woodside’s new LTI structure is forward-looking, with award quantum set upfront and vesting determined solely by performance against LTI hurdles. This • Cash represents a shift from the EIS, where the award of Performance Rights was • Restricted Shares based on the performance year, and strengthens the alignment with long-term • Performance Rights value creation by focusing on future performance. • Delivering the LTI entirely as Performance Rights ensures that more than 50% of variable reward is long-term thereby incentivising long-term value creation and further aligning Executive outcomes with the shareholder experience. Performance period Five years (Performance Rights) Three-year performance period • In particular for our capital-intensive business, a three-year performance period followed by a further two-year enables more accurate and achievable target setting compared to longer periods service condition and aligns with practice observed across peers. • The two-year additional service condition results in a total five-year LTI period and ensures long-term shareholder alignment and Executive retention over the five‑year period. Quantum Performance Rights were CEO: • The LTI quantum reflects Woodside’s desired TTR positioning, ensuring our included in the combined EIS Executives are competitively remunerated to attract and retain top global talent. • The quantum is subject quantum. to the appointment of a permanent CEO Executive KMP: • 200% Fixed Reward Measures 100% RTSR 60% RTSR • Given the increased weighting of the LTI component under the new structure, and in response to investor feedback, the RTSR measure has been re-weighted • One-third tested against the • One-third tested against the to represent 60% of the LTI, enabling the introduction of a second LTI entities within the ASX50 Index entities within the ASX50 Index performance measure. (no change) • Two-thirds tested against • To enhance transparency, comparability, and consistency with market practice a bespoke group of 11 • Two-thirds tested against the among ASX-listed and global peers, the bespoke peer group of 11 international international peers entities within the MSCI World companies will be replaced with the entities in the MSCI World Energy Index, Energy Index which consists of approximately 50 large and mid-sized energy companies. • • • • • 40% Return on average capital • The Board considers ROACE to be a robust and complementary measure to employed (ROACE) adjusted for RTSR as it reinforces disciplined capital allocation and supports long-term capital employed for major value creation. projects • Given Woodside’s capital-intensive nature and focus on portfolio optimisation (evidenced by large-scale projects such as Scarborough Energy Project, Trion and Louisiana LNG), the decision to include ROACE in our LTI will further support disciplined capital allocation and continue alignment with investor expectations. • Target setting: – Performance targets for ROACE will be set at the award date based on the latest Corporate Plan. • ROACE calculation: – ROACE will be calculated as earnings before interest and tax (EBIT) excluding any exceptional items divided by average total equity and non-current liabilities. – Recognising the capital-intensive nature of the energy sector, the Board will adjust the ROACE measure to exclude capital employed for major projects prior to the commencement of production, such as Scarborough Energy Project, Trion and Louisiana LNG. This approach ensures Executives are not disincentivised from pursuing long-term investments that may temporarily dilute ROACE prior to production commencing but are expected to deliver long‑term benefit to shareholders.

164 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Previous EIS New LTI structure Rationale Vesting schedule RTSR vesting schedule is based No change to RTSR RTSR vesting schedule: on Woodside’s RTSR percentile vesting schedule Woodside RTSR percentile Vesting of Performance position within the peer group position within peer group Rights in the relevant RTSR component Less than 50th percentile No vesting Equal to 50th percentile 50% vest Between the 50th and 75th Vesting on a pro-rata basis percentile Equal to or greater than 75th 100% vest percentile For the Performance Rights allocated in 2026, the vesting threshold is a ROACE of 7%, measured over the 2026 to 2028 performance period, with maximum vesting 1 achieved at 8.4%. ROACE vesting schedule is ROACE vesting schedule: ROACE is not a measure in the based on performance at 2025 EIS Structure threshold and maximum ROACE performance outcome Vesting outcome outcomes Threshold 50% vest Maximum 100% vest Pro-rata vesting will apply between performance outcomes. 1. The ROACE at vesting threshold and maximum excludes capital employed on the Scarborough Energy Project, Trion and Louisiana LNG prior to the commencement of production.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 165 FINANCIAL PERFORMANCE Key features of the STI and LTI awards Testing will be performed by an independent third-party against each hurdle at the completion of the performance period. If the Performance conditions performance conditions are not met, there is no retesting and awards will lapse. If the performance conditions are met, the (LTI only) Performance Rights will vest at the end of the five-year period (subject to service conditions being met). Dividends • Executives are entitled to receive dividends on Restricted Shares. • No dividends are paid on Performance Rights prior to vesting. For Performance Rights that do vest, a dividend equivalent payment will be paid by Woodside for dividends paid during the period between allocation and vesting. The Board has the discretion to determine the treatment of any STI or LTI award on cessation of employment. Cessation of employment During a performance year, if an Executive resigns or their employment is terminated for cause, no STI award will be provided (unless the Board determines otherwise). In any other case of cessation of employment, the Board will have regard to performance against target and the portion of the performance year lapsed in determining any STI award. During a Vesting Period, if an Executive resigns (or gives notice of their resignation) or their employment is terminated for cause, all Restricted Shares and Performance Rights will be forfeited or lapse (unless the Board determines otherwise). If an Executive ceases employment for any other reason, unless the Board determines otherwise: • Restricted Shares will vest in full from a date determined by the Board; and • a pro-rata portion of the Performance Rights, equal to the elapsed portion of the combined five-year performance and service period, will remain on foot and subject to the original terms. Note, some Performance Rights may have already lapsed following the performance test at the end of the three-year performance period. Any Performance Rights that do not remain on foot will lapse. In all cases (including if notice of resignation or cessation of employment is after the end of the Vesting Period but before the Vesting Date), the Board retains discretion to determine alternative treatments in relation to unvested awards, including to lapse some or all of them. The Board has broad discretion to reduce vested and unvested entitlements, including (among other circumstances) where an Malus and clawback Executive has acted fraudulently or dishonestly or is found to be in material breach of their obligations; they have engaged in an act which has brought a Group company into disrepute or may negatively impact any Group company’s reputation in a material way; vesting is not justified or supportable; there is a material misstatement or omission in the financial statements; or a significant unexpected or unintended consequence or outcome has occurred. Restricted Shares and Performance Rights are allocated using a face value allocation methodology. The number of Restricted Allocation methodology Shares and Performance Rights is calculated by dividing the value by the volume weighted average price (VWAP) of the company’s shares traded on each trading day across December of the year prior to the award date. The Board has the discretion to determine the treatment of any award on a change of control event. If an actual change of Control event control occurs during the performance year, an Executive will generally receive at least a pro-rata cash payment in respect of the unallocated cash and Restricted Share components of the award for that performance year assessed at target. If an actual change of control occurs during the vesting period for equity awards, unless the Board determines otherwise, Restricted Shares will vest in full, whilst Performance Rights will vest on a pro-rata basis, having regard to the portion of the vesting period elapsed. Executives must not deal in their unvested Restricted Shares or Performance Rights prior to vesting, except in Dealing restrictions limited circumstances.

166 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Non-Executive Directors (NEDs) Remuneration Policy NEDs fees Woodside’s Remuneration Policy for NEDs provides for fair NED remuneration comprises base Board and Committee fees, and responsible remuneration to attract and retain high-quality plus statutory superannuation contributions or payments in lieu directors, reflecting market practice, the size and complexity (currently 12%). Additional payments may be made for services of Woodside’s operations, and the responsibilities of Board outside the scope of Board and Committee duties. To preserve members. NED fees are recommended by the HR&CC, informed independence, NEDs do not receive performance-linked by external benchmarking, and approved by the Board. remuneration or retirement benefits other than superannuation. Table 1 shows the 2025 and 2026 annual base Board and Fees paid to NEDs are subject to an aggregate limit of Committee fees for NEDs. A$4.675 million per financial year, which was approved by shareholders at the 2023 AGM. Following a review in December 2025, the Board approved an increase of approximately 3% to annual Board and Committee MSR Policy fees, effective 1 January 2026. HR&CC and Sustainability Committee Chair fees were increased by approximately 6% to NEDs are required to have acquired shares for a total purchase align more closely with the median of the ASX20. The increases price of at least 100% of their pre-tax base annual fee after five ensure NED fees remain market competitive and reflect the years on the Board. The NEDs may utilise the Non-Executive broad scope of responsibilities and workload as Woodside Directors’ Share Plan (NEDSP) to acquire the shares on market continues to deliver growth and value creation. at market value. As the shares are acquired after tax, the shares in the NEDSP are not subject to any forfeiture conditions. NEDs are entitled to reimbursement of reasonable travel, As at 31 December 2025, all NEDs met the MSR, except for accommodation and other expenses incurred in the performance Mr Wyatt, Mr Breuillac, Ms Minas and Mr Belani who have of their duties and are not entitled to termination payments. joined Woodside in the past five years. Each of these NEDs Board fees are not paid to the CEO, as Board responsibilities is participating in the NEDSP to assist with acquiring shares are considered in the CEO’s remuneration package. to meet the MSR. See Table 10 for details. Total remuneration paid to each NED in 2025 is disclosed in Table 9.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 167 FINANCIAL PERFORMANCE 1 Table 1 – 2026 and 2025 annual base Board and Committee fees for NEDs 2026 2025 Position A$ A$ 2,3 Chair of the Board 802,400 779,000 2,4 Non-Executive Directors 243,100 236,000 Committee Chair: Audit & Risk Committee 66,000 64,000 Human Resources & Compensation Committee 59,400 56,000 Sustainability Committee 59,400 56,000 Nominations & Governance Committee Nil Nil Committee member Audit & Risk Committee 35,600 34,500 Human Resources & Compensation Committee 29,400 28,500 Sustainability Committee 29,400 28,500 Nominations & Governance Committee Nil Nil Travel fee Travel fee 6 to 10 hours 7,500 7,500 Travel fee >10 hours 15,000 15,000 1. Fees in this table reflect 2025 and 2026 annual base Board and Committee fees for NEDs. 2. NEDs receive Board and Committee fees plus statutory superannuation or payments in lieu where statutory superannuation is not required to be paid. 3. Inclusive of Committee work. 4. Board fees paid to NEDs other than the Chair. Summary of Woodside’s five-year performance Table 2 – Five-year performance The table below summarises Woodside’s performance on financial and non-financial measures over the last five years. 2025 2024 2023 2022 2021 1 EBITDA excluding impairment (US$ million) 9,277 9,276 9,363 11,234 4,135 2 3 3 Operating Expenditure (US$ million) 2,417 2,183 2,255 2,063 1,030 Dividends per share (US cents) 112 122 140 253 135 4 Share closing price (last trading day of the year) (A$) 23.59 24.60 31.06 35.44 21.93 5,6 Production (MMboe) 198.8 193.9 187.2 157.7 91.1 6 Average annual Dated Brent ($/boe) 69 81 83 101 71 6 Volume-weighted average realised price ($/boe) 60.2 63.6 68.6 98.4 60.7 1. This is a non-IFRS measure that is unaudited but derived from audited Financial Statements. This measure is presented to provide further insight into Woodside’s performance and has been calculated as defined in the Alternative performance measures section of the Annual Report. 2. Operating Expenditure is a non-IFRS measure that is unaudited. This measure includes only those expenses within production costs and general, administrative and other expenses directly attributable to generating revenue from the sale of hydrocarbons from Woodside’s operating assets. 3. Operating Expenditure for the Corporate Scorecard is calculated and reported in USD reflecting the global nature of the organisation post-merger. Prior to 2023, Operating Expenditure was calculated and reported in AUD. 4. Share closing price (last trading day) for 2020 was $22.74. 5. From 2022 onwards, production volumes have been calculated using updated conversion factors as defined in the Glossary, units of measure and conversion factors section of the Annual Report. 6. These measures are non-IFRS financial performance measures and therefore are unaudited.

168 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Remuneration tables 1 Table 3 – Former CEO and Executive KMP total remuneration received (non-IFRS information) The following table includes FAR, EIS cash awards earned in respect of performance for the year and the value of shares and rights which vested during the year calculated using the five-day VWAP leading up to but not including the vesting, forfeiture or lapsing date. Termination benefits are not included in the table below; these amounts are disclosed in Table 7. Amounts are shown in the currency in which the remuneration is paid, either AUD or USD. Previous Salary, EIS cash and Restricted Total years' awards allowances and other cash Shares Performance Equity Rights remuneration forfeited or 2 3 4 4 4 4 superannuation incentives vested Rights vested vested received lapsed Name Year A$ A$ A$ A$ A$ A$ A$ 2025 1,282,066 501,600 — — — 1,783,666 — 5 L Westcott 2024 1,178,105 454,000 — — — 1,632,105 — 2025 1,244,832 578,144 — — 731,348 2,554,324 — G Tiver 2024 1,185,859 520,705 — — 878,125 2,584,689 — 2025 1,003,896 466,144 329,212 — — 1,799,252 139,900 6 M Abbotsford 2024 399,735 180,132 — — — 579,867 — US$ US$ US$ US$ US$ US$ US$ 2025 1,158,504 292,200 301,417 — — 1,752,121 103,691 7,8 D Kalms 2024 287,424 171,973 — — — 459,397 — Former CEO A$ A$ A$ A$ A$ A$ A$ 2025 2,509,140 — 1,427,593 — — 3,936,733 19,221,949 9 M O'Neill 2024 2,472,000 1,698,800 1,012,781 — — 5,183,581 476,289 1. This is non-IFRS information that is unaudited. Total remuneration received differs from statutory remuneration reported in Table 7 where share-based payments are reported as remuneration at the time of grant, even though the actual value may ultimately not be realised from these share-based payments. 2. Represents the total FAR earned in 2025 and 2024 including salaries, fees, allowances and company contributions to superannuation. This reflects pro-rated amounts for the period that Executives were in KMP roles. 3. Includes the EIS cash incentive earned in the respective year, which is actually paid in the following year. This reflects pro-rated amounts for the period that Executives were in KMP roles. 4. The value of Restricted Shares, Performance Rights and Equity Rights is calculated using the five-day VWAP leading up to but not including the vesting or forfeiture or lapsing date. For Mr Kalms the amount was translated to USD based on the exchange rate reflective of the five-day period leading up to but not including the vesting date. 5. Ms Westcott was appointed Acting CEO on 18 December 2025. 6. Mr Abbotsford was appointed as an Executive KMP on 1 August 2024. 7. Mr Kalms was appointed as an Executive KMP on 1 August 2024. For the period Mr Kalms was a KMP in 2024 until 1 March 2025, he received his remuneration, including assignment allowances, in AUD. These allowances, A$182,969 in 2024 and A$70,110 in 2025, were paid on a net basis in addition to the allowances disclosed in this table. Woodside covered the tax liabilities on these allowances. Commencing 1 March 2025, Mr Kalms received his remuneration and assignment allowances in USD on a gross basis. The allowances for the period from 1 March 2025 (US$393,333) are included in the Salary, allowances and superannuation column disclosed in this table. 8. All amounts received in AUD have been converted to USD for comparative purposes. 9. Ms O'Neill resigned on 18 December 2025 and is not eligible for any EIS award related to the 2025 performance year. The 2025 Restricted Shares vested amount relates to the 2019 and 2021 EIS Restricted Shares which vested prior to her resignation. Table 4 – 2025 vesting outcomes Vesting value 1 Executive Shares US$ 2019 EIS 5-year Restricted Shares vested on 18 February 2025 M O'Neill 16,391 255,424 2 2019 EIS 5-year Performance Rights vested on 18 February 2025 M O'Neill — — 2021 EIS 3-year Restricted Shares vested on 19 May 2025 M O'Neill 46,861 656,185 3 2022 Equity Rights vested on 31 August 2025 G Tiver 27,460 475,522 2019 EIS 5-year Restricted Shares vested on 18 February 2025 D Kalms 6,654 103,691 2 2019 EIS 5-year Performance Rights vested on 18 February 2025 D Kalms — — 2021 EIS 3-year Restricted Shares vested on 23 February 2025 D Kalms 13,214 197,726 2019 EIS 5-year Restricted Shares vested on 18 February 2025 M Abbotsford 5,655 88,123 2 2019 EIS 5-year Performance Rights vested on 18 February 2025 M Abbotsford — — 2021 EIS 3-year Restricted Shares vested on 23 February 2025 M Abbotsford 8,049 120,440 1. The value of Restricted Shares and Equity Rights is calculated using the five-day VWAP leading up to but not including the vesting date. Amounts were translated to USD based on the exchange rate reflective of the five-day period leading up to but not including the vesting date. 2. All of the Performance Rights allocated in respect of the 2019 EIS lapsed as RTSR performance within each peer group was below the hurdle for vesting. 3. Equity Rights were awarded to Mr Tiver as a sign-on benefit under the SWEP to compensate for benefits forgone on leaving the BHP Group. This represents the final tranche of that award.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 169 FINANCIAL PERFORMANCE Table 5 - Valuation summary of Executive KMP and Former CEO EIS for 2025 and 2024 Restricted Restricted Restricted Performance Shares 3-year Shares 4-year Shares 5-year Rights 5-year Total EIS 1 Cash vesting period vesting period vesting period vesting period Name Year US$ US$ US$ US$ US$ US$ 2 2025 336,114 412,065 — 453,271 272,698 1,474,148 4 L Westcott 3 2024 282,233 361,935 — 398,133 261,381 1,303,682 2 2025 345,897 424,058 — 466,464 280,635 1,517,054 G Tiver 3 2024 290,315 372,303 — 409,526 268,861 1,341,005 2 2025 292,200 361,782 — 397,960 239,421 1,291,363 5 D Kalms 3 2024 106,132 136,105 — 149,715 98,291 490,243 2 2025 278,889 341,908 — 376,099 226,269 1,223,165 5 M Abbotsford 3 2024 100,431 128,791 — 141,673 93,011 463,906 Former CEO 2 2025 — — — — — — 6 M O'Neill 3 2024 1,056,074 541,717 541,717 1,625,181 1,066,961 4,831,650 1. Represents the cash incentive earned in the respective year, which is actually paid in the following year. Amounts were translated to USD using the closing spot rate on 31 December of the respective year. 2. The number of Restricted Shares and Performance Rights allocated for 2025 was calculated by dividing the amount of the Executive’s entitlement allocated to Restricted Shares by the face value of Woodside shares. The USD fair value of Restricted Shares and Performance Rights at their date of grant has been estimated by reference to the closing share price at 31 December 2025 and preliminary modelling respectively. Grant date for Executive awards has been determined to be the date of the Board of Directors’ approval, being 24 February 2026. Any differences between the estimated fair value at 31 December 2025 and the final fair value will be trued-up in the 2026 financial year. The fair value is not indicative of the benefit (if any) that an individual Executive may ultimately realise should these equity instruments vest. 3. The number of Restricted Shares and Performance Rights allocated for 2024 were calculated by dividing the amount of the Executive’s entitlement allocated to Restricted Shares by the face value of Woodside shares. The USD fair value of Restricted Shares and Performance Rights at their date of grant was estimated by reference to the closing share price at 31 December 2024 and preliminary modelling respectively. Grant date for Executive KMP awards has been determined to be the date of the Board of Directors’ approval, being 25 February 2025. The final fair value was calculated at these dates and was trued-up in the 2025 financial year. The fair value is not indicative of the benefit (if any) that an individual Executive may ultimately realise should these equity instruments vest. 4. Ms Westcott was appointed Acting CEO on 18 December 2025. 5. Mr Kalms and Mr Abbotsford were appointed as Executive KMP on 1 August 2024. 6. Ms O'Neill resigned on 18 December 2025 and is not eligible for any EIS award related to the 2025 performance year. Contracts for Executive KMP Each Executive KMP has a contract of employment. Table 6 below contains a summary of the key contractual provisions of the contracts of employment for the continuing Executive KMP. Table 6 – Summary of contractual provisions for Executive KMP Termination notice period Termination notice period 1,2 Name Employing company Contract duration where given by company where given by Executive L Westcott Woodside Energy Ltd Unlimited 6 months 3 months G Tiver Woodside Energy Ltd Unlimited 6 months 6 months Woodside Energy USA D Kalms Unlimited 6 months 3 months Services Inc. M Abbotsford Woodside Energy Ltd Unlimited 6 months 3 months 1. Woodside may choose to terminate the contract immediately by making a payment in lieu of notice equal to the FAR the Executive KMP would have received during the company notice period. In the event of termination for serious misconduct or other nominated circumstances, Executive KMP are not entitled to this payment. 2. On termination of employment, Executive KMP will be entitled to the payment of any FAR calculated up to the termination date, any leave entitlement accrued at the termination date and any payment or award permitted under the EIS and Equity Award Rules. Executive KMP are restrained from certain activities for specified periods after termination of their employment in order to protect Woodside’s interests.

170 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Statutory tables Table 7 – Compensation of Former CEO and Executive KMP for the year ended 31 December 2025 and 2024 Amounts are expressed in USD which is Woodside’s functional and presentational currency. Total remuneration will differ to Table 3 as it is prepared in accordance with the Corporations Act 2001 (Cth) and Accounting Standards which require share-based payments to be reported as remuneration from the time of grant, even though actual value may ultimately not be realised from these share-based payments. No loans or other transactions were provided by Woodside or its subsidiaries during the year to any Executive KMP or their related parties. FAR VAR and other incentives Post- Short-term employment Short-term Long-term Salaries, Non- Superannuation Long fees and monetary / Pension Equity Restricted Performance service Termination Performance 1 2 3 3,4 3 5 6 allowances benefits contributions Cash Rights Shares Rights leave benefits Total remuneration related Year US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ A$ % 7 L Westcott 2025 758,922 50,723 115,411 336,114 — 402,916 106,524 26,668 — 1,797,278 2,768,637 47 Acting Chief Executive 2024 780,848 42,669 105,451 282,233 — 228,356 64,094 20,852 — 1,524,503 2,337,379 38 Officer (Acting CEO) G Tiver 2025 797,576 16,692 27,134 387,405 85,807 636,947 174,364 14,825 — 2,140,750 3,298,508 60 Executive Vice President and Chief 2024 842,026 11,872 25,444 323,701 276,366 451,794 129,109 28,594 — 2,088,906 3,196,894 57 Financial Officer 8 D Kalms 2025 995,049 18,963 169,371 292,200 — 530,907 190,151 2,689 — 2,199,330 3,391,454 46 Executive Vice President and Chief 2024 282,840 15,183 58,679 162,082 — 189,175 70,346 189,048 — 967,352 1,481,938 44 Operating Officer International 9 M Abbotsford 2025 644,098 9,680 20,099 312,356 — 509,010 160,982 26,144 — 1,682,369 2,591,758 58 Executive Vice President and Chief 2024 282,629 3,183 12,253 111,981 — 174,379 58,044 96,700 — 739,169 1,131,279 47 Commercial Officer Former Executive KMP 10 12 M O'Neill 2025 1,755,358 35,170 — — — (3,483,525) (1,584,408) 77,429 488,133 (2,711,843) (4,242,651) N/A Former Chief Executive Officer and Managing 2024 1,795,548 19,500 — 1,056,074 — 1,807,949 641,069 148,258 — 5,468,398 8,388,230 64 Director (CEO) 11 S McMahon 2025 — — — — — — — — — — — — Executive Vice President International 2024 353,964 5,529 60,963 438,353 146,531 615,466 413,058 — 724,287 2,758,151 4,242,450 58 Operations 2025 4,951,003 131,228 332,015 1,328,075 85,807 (1,403,745) (952,387) 147,755 488,133 5,107,884 7,807,706 (18) Executive KMP Total 2024 4,337,855 97,936 262,790 2,374,424 422,897 3,467,119 1,375,720 483,452 724,287 13,546,479 20,778,170 56 1. 1. Reflects the value of allowances and non-monetary benefits (including relocation, travel, health insurance, car parking and any associated fringe benefit tax). This reflects pro-rated amounts for the period that Executives were in KMP roles. 2. The amount includes the EIS cash incentive earned in the respective year, which is actually paid in the following year. Amounts were translated to USD using the closing spot rate on 31 December of the respective year. This reflects pro-rated amounts for the period that Executives were in KMP roles. 3. In accordance with the requirements of AASB 2 Share-based Payment, the fair value of equity instruments as at their date of grant has been determined with reference to the closing share price at grant date, or by applying the Black-Scholes option pricing technique or applying the binomial valuation method combined with a Monte Carlo simulation. The fair value of equity instruments is amortised over the vesting period from the commencement of the service period, such that “total remuneration” includes a portion of the fair value of unvested equity compensation during the year. The portion of the expense relating to the 2025 EIS has been measured using estimated fair values as disclosed in footnote 2 in Table 5. The amount included as remuneration is not indicative of the benefit (if any) that individual Executives may ultimately realise should these equity instruments vest. 4. Mr Kalms’ Restricted Share expense includes $77,035 of cash-settled awards relating to Notional Shares granted under the EIS in 2023 in respect of the 2022 performance year, prior to his appointment as KMP. The terms of the Notional Shares are broadly the same as the Restricted Shares granted under the 2023 EIS, except that Notional Shares are delivered in cash rather than equity. The terms of Mr Kalms' unvested Notional Shares were amended on 10 December 2025, such that Mr Kalms is intended to receive Woodside shares upon vesting (no cash amount is payable on vesting). 5. The total remuneration in AUD is converted from USD using the exchange rate reflective of the service period. This non-IFRS unaudited information is included for the purposes of showing the total annual cost of benefits to the company in Australian dollars for the service period. 6. Performance-related outcome percentage is calculated as total variable annual reward divided by the USD total remuneration figure. 7. Ms Westcott was appointed Acting CEO on 18 December 2025. 8. Mr Kalms was appointed as an Executive KMP on 1 August 2024. For the period Mr Kalms was a KMP in 2024 until 1 March 2025, he received his remuneration, including assignment allowances, in AUD. These allowances, A$182,969 in 2024 and A$70,110 in 2025, were paid on a net basis in addition to the allowances disclosed in this table. Woodside covered the tax liabilities on these allowances. Commencing 1 March 2025, Mr Kalms received his remuneration and assignment allowances in USD on a gross basis. The allowances for the period from 1 March 2025 (US$393,333) are included in the Salaries, fees and allowances disclosed in this table. 9. Mr Abbotsford was appointed as an Executive KMP on 1 August 2024. 10. Ms O'Neill elected to receive a cash payment in lieu of all superannuation contributions in accordance with the Superannuation Guarantee (Administration) Act 1992, on the basis of being a Senior Foreign Executive. The cash payment is subject to (PAYG) income tax and paid as part of Ms O'Neill’s normal monthly salary. The amount is included in Salaries, fees and allowances. Ms O'Neill resigned on 18 December 2025. The amounts relating to share-based payments includes the reversal of accounting expenditure as a result of the forfeiture of unvested Restricted Shares and Performance Rights. 11. Ms McMahon ceased being an Executive KMP on 31 July 2024 and ceased employment on 12 December 2024. Ms McMahon is included for 2024 comparison purposes only. 12. Ms O'Neill’s termination benefits include Salaries, fees and allowances for the period 19 December 2025 to 30 March 2026 and payment of accrued leave entitlements on termination.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 171 FINANCIAL PERFORMANCE Table 8 – Summary of Former CEO and Executive KMP allocated, vested or lapsed equity Awarded % of but not Vested total Lapsed in Fair value Unamortised 1 2,3 4 5,6,7 8 Name Type of equity Grant date Vesting date vested in 2025 vested 2025 of equity value $ 9 M O'Neill Restricted Shares 12 February 2020 18 February 2025 — 16,391 100 — 22.76 — Restricted Shares 17 February 2021 24 February 2026 — — — 17,697 20.18 — Restricted Shares 19 May 2022 19 May 2025 — 46,861 1 00 — 20.91 — Restricted Shares 19 May 2022 19 May 2027 — — — 51,122 20.91 — Restricted Shares 28 April 2023 28 April 2026 — — — 33,143 22.28 — Restricted Shares 28 April 2023 28 April 2027 — — — 14,591 22.28 — Restricted Shares 28 April 2023 28 April 2028 — — — 64,013 22.28 — Restricted Shares 24 April 2024 6 March 2027 — — — 21,923 18.51 — Restricted Shares 24 April 2024 6 March 2028 — — — 21,923 18.51 — Restricted Shares 24 April 2024 6 March 2029 — — — 65,771 18.51 — Restricted Shares 8 May 2025 5 March 2028 — — — 35,423 12.99 — Restricted Shares 8 May 2025 5 March 2029 — — — 35,423 12.99 — Restricted Shares 8 May 2025 5 March 2030 — — — 106,271 12.99 — Performance Rights 12 February 2020 18 February 2025 — — — 16,391 15.81 — Performance Rights 17 February 2021 24 February 2026 — — — 23,596 14.44 — Performance Rights 19 May 2022 19 May 2027 — — — 51,122 13.40 — Performance Rights 28 April 2023 28 April 2028 — — — 64,013 14.92 — Performance Rights 24 April 2024 6 March 2029 — — — 65,771 12.08 — Performance Rights 8 May 2025 5 March 2030 — — — 106,271 7.81 — 10 G Tiver Equity Rights 18 February 2022 31 August 2025 — 27,460 1 00 — 16.82 — Restricted Shares 27 February 2023 7 March 2026 17,249 — — — 23.63 17,982 Restricted Shares 27 February 2023 7 March 2028 18,818 — — — 23.63 159,139 Restricted Shares 27 February 2024 6 March 2027 16,064 — — — 19.80 89,626 Restricted Shares 27 February 2024 6 March 2029 17,671 — — — 19.80 179,981 Restricted Shares 25 February 2025 5 March 2028 24,345 — — — 15.27 193,670 Restricted Shares 25 February 2025 5 March 2030 26,779 — — — 15.27 276,417 Restricted Shares 24 February 2026 March 2029 26,827 — — — 15.81 322,621 Restricted Shares 24 February 2026 March 2031 29,509 — — — 15.81 391,022 Performance Rights 27 February 2023 7 March 2028 18,818 — — — 16.18 108,966 Performance Rights 27 February 2024 6 March 2029 17,671 — — — 13.34 121,260 Performance Rights 25 February 2025 5 March 2030 26,779 — — — 9.74 176,313 Performance Rights 24 February 2026 March 2031 29,509 — — — 9.51 235,207 L Westcott Restricted Shares 27 February 2024 6 March 2027 8,889 — — — 19.80 55,041 Restricted Shares 27 February 2024 6 March 2029 9,778 — — — 19.80 106,731 Restricted Shares 25 February 2025 5 March 2028 23,667 — — — 15.27 188,276 Restricted Shares 25 February 2025 5 March 2030 26,034 — — — 15.27 268,727 Restricted Shares 24 February 2026 March 2029 26,068 — — — 15.81 313,493 Restricted Shares 24 February 2026 March 2031 28,675 — — — 15.81 379,971 Performance Rights 27 February 2024 6 March 2029 9,778 — — — 13.34 71,908 Performance Rights 25 February 2025 5 March 2030 26,034 — — — 9.74 171,408 Performance Rights 24 February 2026 March 2031 28,675 — — — 9.51 228,559 D Kalms Restricted Shares 12 February 2020 18 February 2025 — 6,654 1 00 — 22.76 — Restricted Shares 17 February 2021 24 February 2026 7,670 — — — 20.18 3,789 Restricted Shares 16 February 2022 23 February 2025 — 13,214 100 — 19.01 — Restricted Shares 16 February 2022 23 February 2027 14,415 — — — 19.01 51,153 11 Notional Shares 27 February 2023 7 March 2026 11,183 — — — 16.40 7,929

172 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Awarded % of but not Vested total Lapsed in Fair value Unamortised 1 2,3 4 5,6,7 8 Name Type of equity Grant date Vesting date vested in 2025 vested 2025 of equity value $ 11 D Kalms Notional Shares 27 February 2023 7 March 2028 12,200 — — — 16.40 70,640 continued Restricted Shares 27 February 2024 6 March 2027 10,330 — — — 19.80 57,634 Restricted Shares 27 February 2024 6 March 2029 11,363 — — — 19.80 115,733 Restricted Shares 25 February 2025 5 March 2028 21,290 — — — 15.27 169,366 Restricted Shares 25 February 2025 5 March 2030 23,419 — — — 15.27 241,734 Restricted Shares 24 February 2026 March 2029 22,887 — — — 15.81 275,238 Restricted Shares 24 February 2026 March 2031 25,176 — — — 15.81 333,606 Performance Rights 12 February 2020 18 February 2025 — — — 6,654 15.81 — Performance Rights 17 February 2021 24 February 2026 10,227 — — — 14.44 3,615 Performance Rights 16 February 2022 23 February 2027 14,415 — — — 13.76 37,020 Performance Rights 27 February 2023 7 March 2028 12,200 — — — 16.18 69,674 Performance Rights 27 February 2024 6 March 2029 11,363 — — — 13.34 77,974 Performance Rights 25 February 2025 5 March 2030 23,419 — — — 9.74 154,191 Performance Rights 24 February 2026 March 2031 25,176 — — — 9.51 200,670 M Abbotsford Restricted Shares 12 February 2020 18 February 2025 — 5,655 1 00 — 22.76 — Restricted Shares 17 February 2021 24 February 2026 4,445 — — — 20.18 2,196 Restricted Shares 16 February 2022 23 February 2025 — 8,049 100 — 19.01 — Restricted Shares 16 February 2022 23 February 2027 8,781 — — — 19.01 31,160 Restricted Shares 27 February 2023 7 March 2026 10,775 — — — 23.63 11,005 Restricted Shares 27 February 2023 7 March 2028 11,754 — — — 23.63 98,036 Restricted Shares 27 February 2024 6 March 2027 9,960 — — — 19.80 55,570 Restricted Shares 27 February 2024 6 March 2029 10,956 — — — 19.80 111,588 Restricted Shares 25 February 2025 5 March 2028 20,146 — — — 15.27 160,266 Restricted Shares 25 February 2025 5 March 2030 22,161 — — — 15.27 228,749 Restricted Shares 24 February 2026 March 2029 21,630 — — — 15.81 260,122 Restricted Shares 24 February 2026 March 2031 23,793 — — — 15.81 315,280 Performance Rights 12 February 2020 18 February 2025 — — — 5,655 15.81 — Performance Rights 17 February 2021 24 February 2026 5,927 — — — 14.44 2,095 Performance Rights 16 February 2022 23 February 2027 8,781 — — — 13.76 22,551 Performance Rights 27 February 2023 7 March 2028 11,754 — — — 16.18 67,127 Performance Rights 27 February 2024 6 March 2029 10,956 — — — 13.34 75,181 Performance Rights 25 February 2025 5 March 2030 22,161 — — — 9.74 145,908 Performance Rights 24 February 2026 March 2031 23,793 — — — 9.51 189,647 1. Each Performance Right and Equity Right is a right to receive a fully paid ordinary share in Woodside (or, at the Board’s discretion, as cash equivalent). No amount is payable by the Executive on the grant or vesting of a Performance Right or Equity Right. 2. Vesting date and exercise date are the same. Vesting is subject to satisfaction of vesting conditions. Full details of the vesting conditions for all prior year equity grants to Executive KMP are included in the remuneration report for the relevant year. 3. For Restricted Shares and Performance Rights granted in 2026, where the vesting date is not yet known the estimated vesting month is shown. 4. All of the Performance Rights allocated to Ms O'Neill, Mr Kalms and Mr Abbotsford in respect to the 2019 EIS lapsed as the RTSR performance within each peer group was below the hurdle for vesting. All of the Restricted Shares and Performance Rights allocated to Ms O'Neill lapsed upon her resignation. 5. In accordance with the requirements of AASB 2 Share-based Payment, the fair value of Performance Rights and Equity Rights as at their date of grant has been determined by applying the Black‑Scholes option pricing technique or binomial valuation method combined with a Monte Carlo simulation. The amount included as remuneration is not indicative of the benefit (if any) that Executives may ultimately realise should these equity instruments vest. 6. The fair value of Restricted Shares as at their date of grant has been determined by reference to the share price at grant date. The fair value is not indicative of the benefit (if any) that individual Executive KMP may ultimately realise should these equity instruments vest. 7. Fair values for the 2025 EIS with grant date being 24 February 2026 have been estimated as disclosed in footnote 2 of Table 5. Fair values for the 2024 EIS with grant dates of 25 February 2025 have been trued-up as disclosed in footnote 3 of Table 5. 8. The maximum value of the equity instruments awarded for future financial years has been determined as the fair value amount at grant date multiplied by the number of equity instruments awarded, less what has been amortised to date. The minimum total value of the equity instruments awarded for future financial years is nil if relevant vesting conditions are not satisfied. 9. In respect of the 2024 EIS award, Ms O'Neill was granted Performance Rights and Restricted Shares on 8 May 2025 as approved by shareholders at the 2025 Woodside Annual General Meeting under Listing Rule 10.14. 10. Mr Tiver’s Equity Rights did not vest until the 27 October 2025 due to trading restrictions. 11. Mr Kalms was previously granted 23,383 Notional Shares, which provided him with an entitlement to receive a cash amount upon vesting equivalent to the price of Woodside securities on the vesting date. The Notional Shares were granted in lieu of Restricted Shares, considering relevant securities and taxation requirements in the United States, where Mr Kalms is based. The terms of Mr Kalms Notional Shares were amended on 10 December 2025, such that Mr Kalms is intended to receive Woodside shares upon vesting (no cash amount is payable on vesting). As a result, Mr Kalms Notional Shares now constitute equity securities under the ASX Listing Rules. The fair value of the Notional Shares has been remeasured at the date of modification. The terms of the Notional Shares have not otherwise changed.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 173 FINANCIAL PERFORMANCE Table 9 – Total remuneration paid to NEDs in 2025 and 2024 The following table provides a detailed breakdown of the components of remuneration for each of the company’s NEDs. Short-term Post-employment Cash salary and Pension/ allowances Superannuation Company Board and Other fees and contributions to Committee fees allowances superannuation Total Total 7 Non-Executive Director $ $ $ $ A$ 2025 502,085 59,017 19,314 580,416 900,533 R Goyder 2024 500,940 50,640 18,908 570,488 864,905 2025 192,713 56,481 — 249,194 386,633 1 L Archibald 2024 190,349 47,798 — 238,147 361,050 2025 188,846 56,027 — 244,873 379,928 1 S C Goh 2024 186,565 34,180 — 220,745 334,667 2025 188,846 33,838 22,189 244,873 379,928 2 I Macfarlane 2024 186,565 23,453 10,727 220,745 334,667 2025 206,570 58,110 — 264,680 410,659 1 A Pickard 2024 202,979 49,219 — 252,198 382,352 2025 211,726 19,336 24,878 255,940 397,099 B Wyatt 2024 205,254 13,192 23,106 241,552 366,211 2025 206,570 74,223 — 280,793 435,659 1 A Breuillac 2024 204,226 55,955 — 260,181 394,454 2025 192,713 61,315 — 254,028 394,133 1 A Minas 2024 190,349 47,798 — 238,147 361,050 2025 192,713 51,648 — 244,361 379,133 1,3 A Belani 2024 175,917 39,444 — 215,361 326,753 2025 192,713 58,093 — 250,806 389,133 1,4 T O'Neill 2024 110,050 32,491 — 142,541 215,568 Former Non-Executive Director 2025 — — — — — 5 F Cooper 2024 66,353 — 7,705 74,058 112,878 2025 — — — — — 6 G Tilbrook 2024 30,758 — 3,390 34,148 51,800 2025 2,275,495 528,088 66,381 2,869,964 4,452,838 NEDs total 2024 2,250,305 394,170 63,836 2,708,311 4,106,355 1. All NEDs who are non-residents for Australian tax purposes have elected to receive a cash payment in lieu of all superannuation contributions, in accordance with the Superannuation Guarantee (Administration) Act 1992. The cash payment is subject to (PAYG) income tax and paid as part of their normal monthly fees. The amount is included in Other fees and allowances. 2. Mr Macfarlane elected to receive a cash payment in lieu of superannuation contributions in accordance with the Superannuation Guarantee (Administration) Act 1992, on the basis that he worked with multiple employers, until June 2024. The cash payment was subject to (PAYG) income tax and paid as part of his normal monthly fees. The amount is included in Other fees and allowances. From July 2024, Mr Macfarlane elected to receive company contributions to superannuation. 3. Mr Belani was appointed as a Non-Executive Director on 29 January 2024. 4. Mr O'Neill was appointed as a Non-Executive Director on 3 June 2024. 5. Mr Cooper ceased being a Non-Executive Director on 24 April 2024 and is included for 2024 comparison purposes only. 6. Mr Tilbrook ceased being a Non-Executive Director on 28 February 2024 and is included for 2024 comparison purposes only. 7. This non-IFRS information is included for the purposes of showing the total annual cost of benefits to the company in Australian dollars for the service period.

174 Woodside Energy Annual Report 2025 4.3.2 Remuneration Report (audited) continued Table 10 – KMP share and equity holdings 1 Details of shares held by KMP including their personally related entities for the 2025 financial year are as follows : Restricted Restricted Net Opening holding at Rights Rights shares shares changes- Closing holding at 2 3 4,5 Name Type of equity 1 January 2025 NEDSP granted vested granted vested other 31 December 2025 Non-Executive Directors R Goyder Shares 36,163 — — — — — — 36,163 L Archibald Shares 13,524 3,796 — — — — — 17,320 S C Goh Shares 16,260 1,527 — — — — — 17,787 I Macfarlane Shares 14,511 765 — — — — — 15,276 A Pickard Shares 15,870 — — — — — — 15,870 B Wyatt Shares 5,771 2,496 — — — — 1,000 9,267 A Breuillac Shares 1,745 2,063 — — — — — 3,808 A Minas Shares 1,293 1,784 — — — — — 3,077 A Belani Shares 733 1,932 — — — — — 2,665 T O'Neill Shares 10,834 — — — — — — 10,834 Former CEO and Executive KMP Equity Rights — — — — — — — — Performance Rights 220,893 — 106,271 — — — (327,164) — M O'Neill Restricted Shares 353,435 — — — 177,117 (63,252) (467,300) — Shares 173,920 — — — — 63,252 (237,172) — Equity Rights 27,460 — — (27,460) — — — — Performance Rights 36,489 — 26,779 — — — — 63,268 G Tiver Restricted Shares 69,802 — — — 51,124 — — 120,926 Shares 62,614 — — 27,460 — — (12,357) 77,717 Equity Rights — — 422 — — — — 422 Performance Rights 9,778 — 26,034 — — — — 35,812 L Westcott Restricted Shares 18,667 — — — 49,701 — — 68,368 Shares — — — — — — — — Equity Rights — — — — — — — — Performance Rights 80,728 — 23,419 — — — (11,243) 92,904 6 D Kalms Restricted Shares 63,646 — — — 44,709 (19,868) — 88,487 7 Notional Shares 23,383 — — — — — — 23,383 Shares 59,608 — — — — — — 59,608 Equity Rights — — — — — — — — Performance Rights 43,073 — 22,161 — — — (5,655) 59,579 M Abbotsford Restricted Shares 70,375 — — — 42,307 (13,704) — 98,978 Shares 10,543 — — — — 13,704 — 24,247 1. Includes personally related entities such as a KMP’s spouse, dependants or entities over which they have direct control or significant influence. 2. Opening holding represents amounts carried forward in respect of KMP. 3. Related to participation in the NEDSP. 4. Closing shares and Restricted Shares holdings represents shares and Restricted Shares held by the NEDs and Executive KMP at 31 December 2025 for continuing KMP that were in office as at that date. The total shares and Restricted Shares held by the NEDs and Executive KMP is 670,398 which constitutes less than 1% of all outstanding shares. None of these shares have different voting rights. 5. Closing Rights represents unvested Rights held at the end of the reporting period. There are no Rights vested but unexercised as at 31 December 2025. 6. Mr Kalms opening balance for Performance Rights has been restated to include holdings of 25,869 Performance Rights by a related party. 7. Mr Kalms was previously granted 23,383 Notional Shares, which provided him with an entitlement to receive a cash amount upon vesting equivalent to the price of WDS securities on the vesting date. The terms of Mr Kalms' Notional Shares were amended on 10 December 2025, such that Mr Kalms is intended to receive Woodside shares upon vesting (no cash amount is payable on vesting). As a result, Mr Kalms' Notional Shares now constitute equity securities under the ASX Listing Rules. The terms of the Notional Shares have not otherwise changed.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 175 FINANCIAL PERFORMANCE 4.3.3 Glossary Key terms used in the Remuneration Report Term Meaning Acting CEO Liz Westcott Board The Board of Directors of Woodside Energy Group Ltd Includes the Audit & Risk Committee, Human Resources & Compensation Committee, Sustainability Committee and Committee Nominations & Governance Committee Corporate Scorecard A corporate scorecard of key measures that aligns with Woodside’s overall business performance EIS Executive Incentive Scheme Equity Award Rules The rules which govern offers of incentive securities to eligible employees Equity Rights. ERs are awarded under the WEP and SWEP and each one entitles participants to receive a fully paid ER or Equity Right share in Woodside on the vesting date (or a cash equivalent in the case of international assignees). No amount is payable by the participants on the grant or vesting of an Equity Right A member of the Executive Leadership Team whom the Board has determined to be eligible to participate in the EIS Executive or VAR. Executive KMP The Executives excluding Former CEO listed on page 150 FAR Fixed Annual Reward Former CEO or Former Meg O'Neill Executive Director KMP Key management personnel KPI Key performance indicator LTI Long-term incentive MSR Minimum shareholding requirements NED Non-Executive Director NEDSP The Non-Executive Directors’ Share Plan A contractual entitlement to receive a cash payment equivalent to the value of Restricted Shares at the relevant vesting date. The Notional Shares are subject to either a three-year or five-year deferral period which ends on the relevant Notional Shares vesting date. The Notional Shares are awarded on the same terms as the EIS Restricted Shares (including performance and service criteria), except that the awards are delivered in cash following the vesting date. Notional Shares are typically awarded to employees below KMP level, where the employee has been on international assignment Operating and general, administrative and other expenses incurred in generating revenue from the sale of Operating Expenditure hydrocarbons from Woodside’s operating assets Each Performance Right is a right to receive a fully paid ordinary share in Woodside (or, at the Board’s discretion, Performance Rights as cash equivalent). No amount is payable by the Executive on the grant or vesting of a Performance Right Woodside ordinary shares that are awarded to Executives as the deferred component of their STI or as a part of their Restricted Shares VAR under the EIS. No amount is payable by the Executive on the grant or vesting of a Restricted Share Rights Equity Rights and Performance Rights ROACE Return on average capital employed RTSR Relative total shareholder return STI Short-term incentive SWEP The Supplementary Woodside Equity Plan TTR Total Target Reward VAR Variable Annual Reward WEP Woodside Equity Plan

176 Woodside Energy Annual Report 2025 5 Financial Statements 5.1 Financial Statements Contents Financial statements 176 C. Debt and capital 211 Consolidated income statement 177 C.1 Cash and cash equivalents 212 Consolidated statement of comprehensive income 178 C.2 Interest-bearing liabilities and financing facilities 212 Consolidated statement of financial position 179 C.3 Contributed equity 215 Consolidated statement of cash flows 180 C.4 Other reserves 215 Consolidated statement of changes in equity 181 D. Other assets and liabilities 216 Notes to the financial statements 182 D.1 Segment assets and liabilities 217 About these statements 182 D.2 Receivables 217 Climate change and energy transition 182 D.3 Inventories 218 D.4 Payables 218 A. Earnings for the period 186 D.5 Provisions 218 A.1 Segment revenue and expenses 187 D.6 Other financial assets and liabilities 220 A.2 Finance costs 191 D.7 Leases 222 A.3 Dividends paid and proposed 191 E. Other items 225 A.4 Earnings per share 191 A.5 Taxes 192 E.1 Contingent liabilities and assets 226 E.2 Employee benefits 226 B. Production and growth assets 195 E.3 Related party transactions 229 B.1 Segment production and growth assets 196 E.4 Auditor remuneration 229 B.2 Exploration and evaluation 198 E.5 Events after the end of the reporting period 229 B.3 Property, plant and equipment 199 E.6 Joint arrangements 229 B.4 Impairment of exploration and evaluation, property, plant 201 E.7 Parent entity information 231 and equipment and goodwill E.8 Subsidiaries 231 B.5 Business combination 205 E.9 Other accounting policies 235 B.6 Intangible assets 207 B.7 Significant production and growth asset acquisitions 208 Consolidated entity disclosure statement 236 B.8 Disposal and sell-down of assets 210 Directors’ declaration 239 B.9 Transactions with equity holders of the Group 210 Independent auditor’s report 240 SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD The financial performance and position of the Group were affected by the following events and transactions during the reporting period: • On 28 March 2025, the Group and Perenco Energies International Limited (Perenco) entered into an agreement for Perenco to acquire the Greater Angostura assets in Trinidad and Tobago. The divestment includes Woodside’s 45% interest in the Angostura field and 68.46% interest in the Ruby field. The transaction completed on 11 July 2025, with an effective date of 1 January 2025. As a result, the Group recognised a pre-tax gain on sale of $161 million (refer to Note B.8). • On 7 April 2025, the Group and Stonepeak Wallaby I Acquiror LP (Stonepeak) entered into an agreement for Stonepeak to acquire a 40% interest in Louisiana LNG Infrastructure LLC, a subsidiary within the Group. The transaction completed on 25 June 2025 with the Group continuing to retain control of Louisiana LNG Infrastructure LLC. Total proceeds of $1,876 million was received from Stonepeak on transaction completion date (refer to Note B.9). • On 29 April 2025, the Group approved a final investment decision (FID) to develop the Louisiana LNG Project. Upon FID, the Group recognised a deferred tax asset of $182 million (refer to Note A.5). • In March and April 2025, the Group repaid, renewed and drew down on various debt facilities. In May 2025, the Group issued unsecured SEC-registered bonds amounting to $3,500 million (refer to Note C.2). • As at 30 June 2025, an impairment indicator was identified on the H2OK Project following the Group’s decision to exit the Project. As a result, the Group recognised an impairment loss before tax of $143 million (refer to Note B.4). • On 23 October 2025, the Group and Williams Partners Operating LLC (Williams) completed an agreement for Williams to acquire an 80% interest in Driftwood Pipeline LLC and a 10% interest in Louisiana LNG LLC for total proceeds of $370 million (refer to Note B.9). • During the year, the Group recognised a pre-tax restoration expense of $340 million primarily due to updated closure cost estimates and economic assumptions for Minerva, Stybarrow and Griffin (refer to Note A.1).

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 177 I FINANCIAL PERFORMANCE N Consolidated income statement for the year ended 31 December 2025 2025 2024 2023 Notes US$m US$m US$m Operating revenue A.1 12,984 13,179 13,994 Cost of sales A.1 (8,448) (7,501) (7,519) Gross profit 4,536 5,678 6,475 Other income A.1 948 624 322 Other expenses A.1 (1,452) (1,788) (1,573) Impairment losses A.1 (143) — (1,917) Profit before tax and net finance costs 3,889 4,514 3,307 Finance income 259 220 273 Finance costs A.2 (299) (365) (307) Profit before tax 3,849 4,369 3,273 Petroleum resource rent tax (PRRT) (expense)/benefit A.5 (349) 91 (898) Income tax expense A.5 (763) (814) (653) Profit after tax 2,737 3,646 1,722 Profit attributable to: Equity holders of the parent 2,718 3,573 1,660 Non-controlling interest E.8 19 73 62 Profit for the period 2,737 3,646 1,722 Basic earnings per share attributable to equity holders of the parent (US cents) A.4 143.4 188.5 87.5 Diluted earnings per share attributable to equity holders of the parent (US cents) A.4 142.0 186.9 86.9 The accompanying notes form part of the Financial Statements.

178 Woodside Energy Annual Report 2025 Consolidated statement of comprehensive income for the year ended 31 December 2025 2025 2024 2023 US$m US$m US$m Profit for the period 2,737 3,646 1,722 Other comprehensive income/(loss) Items that may be reclassified to the income statement in subsequent periods: Gains/(losses) on cash flow hedges 385 (139) 459 (Gains)/losses on cash flow hedges reclassified to the income statement (169) 86 299 Tax recognised within other comprehensive income (29) (34) (84) Exchange fluctuations on translation of foreign operations taken to equity — — (1) Items that will not be reclassified to the income statement in subsequent periods: Remeasurement gain/(loss) on defined benefit plan 12 (11) 14 Net loss on financial instruments at fair value through other comprehensive income (34) (8) (32) Other comprehensive income/(loss) for the period, net of tax 165 (106) 655 Total comprehensive income for the period 2,902 3,540 2,377 Total comprehensive income attributable to: Equity holders of the parent 2,883 3,467 2,315 Non-controlling interest 19 73 62 Total comprehensive income for the period 2,902 3,540 2,377 The accompanying notes form part of the Financial Statements.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 179 I FINANCIAL PERFORMANCE N Consolidated statement of financial position for the year ended 31 December 2025 2025 2024 Notes US$m US$m Current assets Cash and cash equivalents C.1 5,712 3,923 Receivables D.2 1,751 2,390 Inventories D.3 693 684 Other financial assets D.6 229 185 Tax receivable 114 288 Other assets 123 93 Total current assets 8,622 7,563 Non-current assets Receivables D.2 823 876 Inventories D.3 288 213 Other financial assets D.6 64 118 Exploration and evaluation assets B.2 790 721 Property, plant and equipment B.3 46,555 42,636 Deferred tax assets A.5 2,658 2,393 Lease assets D.7 1,428 1,291 Investments accounted for using the equity method 260 249 Intangible assets B.6 4,853 4,826 Other assets 160 378 Total non-current assets 57,879 53,701 Total assets 66,501 61,264 Current liabilities Payables D.4 1,841 2,185 Interest-bearing liabilities C.2 782 990 Other financial liabilities D.6 8 139 Provisions D.5 1,212 1,322 Tax payable 539 308 Lease liabilities D.7 159 189 Other liabilities 876 724 Total current liabilities 5,417 5,857 Non-current liabilities Interest-bearing liabilities C.2 11,181 9,007 Deferred tax liabilities A.5 1,182 1,497 Other financial liabilities D.6 212 379 Provisions D.5 6,655 6,225 Tax payable 10 28 Lease liabilities D.7 1,600 1,434 Other liabilities 401 684 Total non-current liabilities 21,241 19,254 Total liabilities 26,658 25,111 Net assets 39,843 36,153 Equity Issued and fully paid shares C.3 29,036 29,001 Shares reserved for employee share plans C.3 (82) (58) Other reserves C.4 6,382 4,108 Retained earnings 578 2,348 Equity attributable to equity holders of the parent 35,914 35,399 Non-controlling interest E.8 3,929 754 Total equity 39,843 36,153 The accompanying notes form part of the Financial Statements.

180 Woodside Energy Annual Report 2025 Consolidated statement of cash flows for the year ended 31 December 2025 2025 2024 2023 Notes US$m US$m US$m Cash flows from/(used in) operating activities Profit after tax for the period 2,737 3,646 1,722 Adjustments for: Non-cash items Depreciation and amortisation 5,070 4,552 3,960 Depreciation of lease assets 175 210 179 Change in fair value of derivative financial instruments (345) 352 349 Net finance costs 40 145 34 Tax expense 1,112 723 1,551 Exploration and evaluation written off 4 9 77 Impairment loss B.4 143 — 1,917 Restoration movement 340 199 147 Gain on disposal of property, plant and equipment (187) (238) — Other (119) (135) (226) Changes in assets and liabilities Decrease/(increase) in trade and other receivables 113 (301) 107 Increase in inventories (102) (161) (31) (Decrease)/increase in provisions (46) 3 (114) Increase/(decrease) in other assets and liabilities 166 (45) (736) (Decrease)/increase in trade and other payables (141) 175 (135) Cash generated from operations 8,960 9,134 8,801 Interest received 220 183 264 Other dividends received 14 12 20 Borrowing costs relating to operating activities (9) (41) (26) Income tax and PRRT paid (1,137) (2,555) (2,916) Payments for restoration (856) (805) (447) Receipts for hedge collateral — — 506 Other — (81) (57) Net cash from operating activities 7,192 5,847 6,145 Cash flows from/(used in) investing activities Payments for capital and exploration expenditure (7,974) (4,902) (5,291) Cash paid on business combination, net of cash acquired B.5 — (1,896) — Payments for asset acquisition, net of cash acquired B.7 — (1,042) — Reimbursements received from external parties for capital expenditure 464 155 — Borrowing costs relating to investing activities (712) (369) (311) Deposits/proceeds received from disposal of non-current assets 303 2,307 19 Dividends from/(contributions to) associates 8 — (2) Net cash used in investing activities (7,911) (5,747) (5,585) Cash flows from/(used in) financing activities Proceeds from borrowings C.2 4,848 5,114 — Repayment of borrowings C.2 (2,900) (169) (284) Purchases of shares relating to employee share plans (53) — — Borrowing costs relating to financing activities — (2) (4) Repayment of the principal portion of lease liabilities (233) (278) (340) Borrowing costs relating to lease liabilities — (15) (21) 1 Contributions from/(distributions to) non-controlling interests 2,841 (100) (98) Dividends paid (2,012) (2,449) (4,253) Net cash from/(used in) financing activities 2,491 2,101 (5,000) Net increase/(decrease) in cash held 1,772 2,201 (4,440) Cash and cash equivalents at the beginning of the period 3,923 1,740 6,201 Effects of exchange rate changes 17 (18) (21) Cash and cash equivalents at the end of the period C.1 5,712 3,923 1,740 1. Includes capital contribution of $2,594 million from Stonepeak and $98 million from Williams for the development of Louisiana LNG. Refer to Note B.9 for details. The accompanying notes form part of the Financial Statements.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 181 I FINANCIAL PERFORMANCE N Consolidated statement of changes in equity for the year ended 31 December 2025 Notes C.3 C.3 C.4 C.4 C.4 C.4 C.4 C.4 E.8 US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m At 1 January 2025 29,001 (58) 281 — 795 1 3,069 (38) 2,348 35,399 754 36,153 Profit for the period — — — — — — — — 2,718 2,718 19 2,737 Other comprehensive income/(loss) — — — — — 187 — (34) 12 165 — 165 Total comprehensive income/(loss) for the period — — — — — 187 — (34) 2,730 2,883 19 2,902 Transfers — — — — — — 4,500 — (4,500) — — — 1 Transactions with non-controlling interests — — — (373) — — — — — (373) 3,216 2,843 Shares issued 35 — — — — — — — — 35 — 35 Employee share plan purchases — (88) — — — — — — — (88) — (88) Employee share plan redemptions — 64 (64) — — — — — — — — — Share-based payments (net of tax) — — 70 — — — — — — 70 — 70 Dividends paid — — — — — — (2,012) — — (2,012) (60) (2,072) At 31 December 2025 29,036 (82) 287 (373) 795 188 5,557 (72) 578 35,914 3,929 39,843 At 1 January 2024 29,001 (49) 290 — 795 88 4,118 (30) 186 34,399 771 35,170 Profit for the period — — — — — — — — 3,573 3,573 73 3,646 Other comprehensive loss — — — — — (87) — (8) (11) (106) — (106) Total comprehensive (loss)/income for the period — — — — — (87) — (8) 3,562 3,467 73 3,540 Transfers — — — — — — 1,400 — (1,400) — — — Employee share plan purchases — (81) — — — — — — — (81) — (81) Employee share plan redemptions — 72 (72) — — — — — — — — — Share-based payments (net of tax) — — 63 — — — — — — 63 — 63 Dividends paid — — — — — — (2,449) — — (2,449) (90) (2,539) At 31 December 2024 29,001 (58) 281 — 795 1 3,069 (38) 2,348 35,399 754 36,153 At 1 January 2023 29,001 (38) 278 — 796 (586) 3,541 2 3,342 36,336 791 37,127 Profit for the period — — — — — — — — 1,660 1,660 62 1,722 Other comprehensive (loss)/income — — — — (1) 674 — (32) 14 655 — 655 Total comprehensive (loss)/income for the period — — — — (1) 674 — (32) 1,674 2,315 62 2,377 Transfers — — — — — — 4,830 — (4,830) — — — Employee share plan purchases — (57) — — — — — — — (57) — (57) Employee share plan redemptions — 46 (46) — — — — — — — — — Share-based payments (net of tax) — — 58 — — — — — — 58 — 58 Dividends paid — — — — — — (4,253) — — (4,253) (82) (4,335) At 31 December 2023 29,001 (49) 290 — 795 88 4,118 (30) 186 34,399 771 35,170 1. Represents the difference between the amount of the adjustment to non-controlling interest and any consideration received. Refer to Note B.9 for the sell-down of Louisiana LNG Infrastructure LLC to Stonepeak and the sell-down of Louisiana LNG LLC to Williams. The accompanying notes form part of the Financial Statements. Issued and fully paid shares Reserved shares Employee benefits reserve Non-controlling interest reserve Foreign currency translation reserve Hedging reserve Distributable profits reserve Other reserve Retained earnings Equity holders of the parent Non-controlling interest Total equity

182 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 Basis of preparation ABOUT THESE STATEMENTS The financial statements have been prepared on a historical cost Woodside Energy Group Ltd and its controlled entities basis, except for derivative financial instruments and certain (Woodside or the Group) is a for-profit entity limited by shares, other financial assets and financial liabilities, which have been incorporated and domiciled in Australia. Its shares are publicly measured at fair value or amortised cost adjusted for changes traded on the Australian Securities Exchange (ASX) and on the in fair value attributable to the risks that are being hedged in New York Stock Exchange (NYSE) (in the form of Woodside effective hedge relationships. Where not carried at fair value, American Depositary Shares). The nature of the operations if the carrying value of financial assets and financial liabilities and the principal activities of the Group are described in the does not approximate their fair value, the fair value has been Directors’ Report and in the segment information in Note A.1. included in the notes to the financial statements. The financial statements were authorised for issue in accordance Subsidiaries are fully consolidated from the date on which with a resolution of the Directors on 24 February 2026. control is obtained by the Group and cease to be consolidated from the date at which the Group ceases to have control. Statement of compliance The financial statements comprise the financial position The financial statements are general purpose financial and results of the Group as at and for the year ended statements, which have been prepared in accordance with the 31 December 2025 (refer to Note E.8). requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the The material subsidiaries of the Group apply the same reporting Australian Accounting Standards Board (AASB). The financial period and accounting policies as the parent company in their statements comply with International Financial Reporting financial statements. All intercompany balances and transactions, Standards (IFRS) as issued by the International Accounting including unrealised profits and losses arising from intra-group Standards Board. They also include additional disclosures transactions, have been eliminated in full. required for foreign registrants by the United States Securities Non-controlling interests are allocated their share of the net and Exchange Commission (US SEC). profit after tax in the consolidated income statement and their The Group’s accounting policies are materially consistent share of other comprehensive income net of tax in the with those disclosed in the Group’s 2024 Financial Statements. consolidated statement of comprehensive income, and are Adoption of new or amended standards and interpretations presented within equity in the consolidated statement of financial effective 1 January 2025 did not result in any significant changes position, separately from parent shareholders’ equity. to the Group’s accounting policies. Refer to Note E.9 for The consolidated financial statements provide comparative more details. information in respect of the previous periods. Where required, Estimates have been revised, where required, to reflect current a reclassification of items in the financial statements of the market conditions including the impact of climate change. previous periods has been made in accordance with the Updated assumptions used for impairment assessments, classification of items in the financial statements of the restoration provisions and embedded commodity derivatives current period. are disclosed in Notes B.4, D.5 and D.6 respectively; these assumptions could change in the future. New estimates and CLIMATE CHANGE AND ENERGY TRANSITION judgements relating to transactions with equity holders of the Climate considerations Group are disclosed in Note B.9. The Group has prepared a separate sustainability report in Currency accordance with AASB S2. The accounting functional and presentation currency of Woodside has considered the impact of climate and the energy Woodside and all its material subsidiaries is the US dollar. transition across its global portfolio in assessing the carrying Transactions in foreign currencies are initially recorded in the values of its assets and liabilities. This note describes the functional currency of the transacting entity at the exchange assumptions underpinning key areas of the financial statements rates ruling at the date of transaction. Monetary assets and and the potential short-term and long-term impacts of differing liabilities denominated in foreign currencies at the reporting climate-related scenarios on the financial performance, position date are translated at the rates of exchange ruling at that date. and cash flow of Woodside for the year ended 31 December 2025. Exchange differences in the consolidated financial statements are taken to the consolidated income statement. Rounding of amounts The amounts contained in these financial statements have been rounded to the nearest million dollars under the option available to the Group under Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191, unless otherwise stated.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 183 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 CLIMATE CHANGE AND ENERGY TRANSITION (CONT.) Financial planning and assumptions Impairment of exploration and evaluation, property, plant and equipment and goodwill Woodside considers a range of climate and macroeconomic scenarios to help benchmark our long-term price assumptions In accordance with the Group's accounting policies and and inform our decision making to maintain a resilient financial applicable accounting standards, elements of Woodside’s position. These scenarios are informed by a wide range of financial statements are based on reasonable and supportable externally published data and are part of a broad consideration assumptions that represent management’s current best estimate of risks, opportunities, competitiveness and resilience. of the range of economic conditions that may exist in the The assumptions applied in assessing amounts within the foreseeable future. financial statements require significant judgement and are in The estimation of recoverable amounts for impairment testing each case calculated in accordance with the requirements of includes estimating what an independent market participant the applicable accounting standards. would pay to acquire the asset as at the reporting date. Market Our long-term price assumptions reflect management’s current participants will be guided by their own views on future economic “best estimate” scenario in which global governments pursue and technical conditions and therefore Woodside considers a decarbonisation goals as well as other goals such as energy range of data sources in determining a future price forecast, security and economic development. Price assumptions consider including industry and market benchmarks along with asset current legislation in the locations where Woodside operates and sales transaction data to support the recoverable amount. place some weight on scenarios in which the transition to a lower The completion of the sale of the 10% and 15.1% non-operating carbon energy system is sufficiently rapid to meet global climate participating interest in the Scarborough Joint Venture to LNG goals, as well as scenarios in which the transition is not, or may Japan and JERA respectively in 2024, is a clear example of an not be, sufficiently rapid. They also place some weight on a range independent market valuation fully supporting the carrying of other assumptions which can drive prices (e.g. inflation) value of the multi-decade asset. and which are not related to the global climate goals. Price forecasts are adjusted for premiums and discounts based Woodside’s oil and gas facilities are subject to physical risks on the nature and quality of the product. Commodity oil price such as metocean conditions and are located in regions that estimates consider macroeconomic factors such as population experience tropical cyclones, hurricanes and high ambient growth and have regard to potential climate pathways along temperatures. Woodside has significant experience designing with other factors such as industry investment and cost trends. and operating facilities located in harsh environments. There remains significant uncertainty around how society will The high degree of uncertainty around the nature, timing and respond to the climate challenge. magnitude of climate-related risks, and the uncertainty as to how The energy transition is expected to bring volatility and there the energy transition will evolve, makes it difficult to determine is uncertainty as to how commodity prices will develop. the potential impacts of the risks with precision. Woodside’s assumptions for Brent and JKM sit within the range Woodside continues to monitor the uncertainty around climate of scenarios considered by management. Refer to Note B.4 for change risks and expects to take into account ongoing further details. developments into its assumptions, including assumptions concerning commodity and carbon pricing, as considered appropriate. Investment cases include a carbon price assumption which takes into consideration uncertainty around the impact of climate change. Commodity pricing assumptions are key value drivers with greater significance to assets and liabilities than carbon pricing.

184 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 CLIMATE CHANGE AND ENERGY TRANSITION (CONT.) Impact on remaining life of assets Long-term contracts Oil and gas properties, included within property, plant and Climate risks may impact underlying assumptions used equipment, are depreciated using the unit of production basis to assess the forecast cash flows of long-term contracts. over either proved or proved plus probable reserves. The energy These judgemental assumptions include pricing forecast and transition may result in changes to the expected useful life of oil discount rate adjustments based on the nature of the product. and gas properties and economically recoverable reserves and Contractual arrangements, including the Corpus Christi contract, resources thereby accelerating depreciation charges or resulting could be impacted by adverse market conditions arising from in an impairment. New energy assets under development still climate-related factors. Given the uncertainty in climate events, require significant capital spend. The Group will review Woodside continues to review the forecast cash flows of depreciation methodology and useful life of new energy long‑term contracts. assets as they are brought into use. Deferred tax assets Carbon credits The Group has determined that it is probable that sufficient Woodside utilises certified carbon credits to offset equity Scope 1 future taxable income will be available to utilise the deferred tax and 2 emissions that are above our targets in a given year and to assets relating to carry forward unused tax losses and credits meet our regulatory requirements, after design out and operate recognised as at 31 December 2025. The recoverability of out measures have been taken. The Group’s portfolio of carbon deferred tax assets is dependent on the Group’s future taxable credits enables our base business to manage the price risk income which can be impacted by the uncertainty of commodity associated with regulations and our corporate net equity Scope 1 and carbon pricing. and 2 emissions targets. . As at 31 December 2025, the Group recognised $274 million (2024: $202 million) of carbon credits within inventory. Restoration and other provisions The energy transition may result in restoration activities occurring earlier than expected. 56% (2024: 53%) of the Group’s non-current restoration liabilities are expected to be settled more than 10 years in the future. Restoration cost estimates require judgemental assumptions regarding removal date, environmental legislation and regulations and the extent of restoration activities required. These cost estimates may change in the future, as a result of increased regulatory scrutiny and the energy transition. This includes the demand and related costs for offshore services which can be influenced by renewable energy construction. Woodside continues to monitor the uncertainty around climate change risks to assess if additional changes to restoration provisions should be recognised. Refer to Note D.5 for further details.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 185 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 Financial and capital risk management Significant estimates and judgements The Board of Directors has overall responsibility for the In applying the Group’s accounting policies, management regularly establishment and oversight of the Group’s risk management evaluates judgements, estimates and assumptions based on framework, including review and approval of the Group’s risk experience and other factors, including expectations of future management strategy, policy and key risk parameters. The Board events that may have an impact on the Group. of Directors and the Audit and Risk Committee have oversight of All judgements, estimates and assumptions made are believed to the Group’s internal control system and risk management process, be reasonable based on the most current set of circumstances including oversight of the internal audit function. known to management, and actual results may differ. Significant The Group’s management of financial and capital risks is aimed judgements, estimates and assumptions made by management in at ensuring that available capital, funding and cash flows are the preparation of these financial statements are found in the sufficient to: following notes: • meet the Group’s financial commitments as and when they Note A.1 Segment revenue and expenses Page 187 fall due; Note A.5 Taxes Page 192 • maintain the capacity to fund its committed project developments; Note B.2 Exploration and evaluation Page 198 • pay a reasonable dividend; and Note B.3 Property, plant and equipment Page 199 • maintain a long-term credit rating of not less than Note B.4 Impairment of exploration and evaluation, Page 201 investment grade. property, plant and equipment and The Group monitors and tests its forecast financial position against goodwill these criteria and, in general, will undertake hedging activity when Note B.5 Business combination Page 205 necessary to ensure that these objectives are achieved. Note B.6 Intangible assets Page 207 Other circumstances that may lead to hedging include the management of exposures relating to trading activities. Note B.7 Significant production and growth asset Page 208 Group Treasury policy does not permit speculative trading in acquisitions financial derivatives. Refer to Section 3.7 – Risk factors for more Note B.9 Transactions with equity holders of the Page 210 information on the Group’s objectives, policies and processes for Group managing financial risk. Note D.5 Provisions Page 218 The below risks arise in the normal course of the Group’s business. Note D.6 Other financial assets and liabilities Page 220 Risk information can be found in the following sections: Note D.7 Leases Page 222 Section A Commodity price risk management Page 186 Note E.6 Joint arrangements Page 229 Section A Foreign exchange risk management Page 186 Section C Capital risk management Page 211 Section C Liquidity risk management Page 211 Section C Interest rate risk management Page 211 Section D Credit risk management Page 216

186 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period IN THIS SECTION This section addresses financial performance of the Group for the reporting period including, where applicable, the accounting policies applied and the significant estimates and judgements made. This section also includes the tax position of the Group for and at the end of the reporting period. A. Earnings for the period A.1 Segment revenue and expenses Page 187 A.2 Finance costs Page 191 A.3 Dividends paid and proposed Page 191 A.4 Earnings per share Page 191 A.5 Taxes Page 192 KEY FINANCIAL AND CAPITAL RISKS IN THIS SECTION Commodity price risk management The Group’s revenue is exposed to commodity price fluctuations through the sale of hydrocarbons. Commodity price risks are measured by monitoring and stress testing the Group’s forecast financial position to sustained periods of low commodity prices. This analysis is regularly performed on the Group’s portfolio and as required for discrete projects and transactions. The Group’s management of commodity price risk includes the use of commodity derivatives to hedge its exposure (refer to Note D.6). The hedged exposure includes oil-linked revenue related to produced volumes and revenues derived from trading operations. Commodity derivatives are used to manage the Group’s price risk within its corporate and trading portfolios. As at the reporting date, the Group held commodity hedging financial instruments with a net asset carrying value of $176 million (2024: $27 million) exposed to commodity price risk. An increase in relevant commodity prices of 10% would decrease the instruments’ carrying value by $77 million, the effect of which would be recognised within reserves and/or the income statement in accordance with hedge accounting application. A 10% decrease would have the same but opposite effect. This analysis assumes that all other variables remain constant (including the price on underlying physical exposures). Foreign exchange risk management Foreign exchange risk arises from future commitments, financial assets and financial liabilities that are not denominated in US dollars. The majority of the Group’s revenue is denominated in US dollars. The Group is exposed to foreign currency risk arising from operating and capital expenditure incurred in currencies other than US dollars, particularly Australian dollars. The Group’s management of foreign exchange risk relating to capital expenditure includes the use of forward exchange contract derivatives to hedge its exposure (refer to Note D.6). The Group entered into foreign exchange forward contracts to fix the Australian dollar to US dollar exchange rate in relation to a portion of the Australian dollar denominated capital expenditure incurred or expected to be incurred under the Scarborough development (refer to Note D.6). Through the use of foreign exchange forward contracts, the Group managed its Australian dollar to US dollar exchange rate exposure in relation to the Australian dollar denominated dividend payments. As at the reporting date, the Group held hedging foreign currency financial instruments with a net asset carrying value of $19 million (2024: net liability carrying value of $45 million) exposed to foreign exchange risk. Measuring the exposure to foreign exchange risk is achieved by regularly monitoring and performing sensitivity analysis on the Group’s financial position. A reasonably possible change in the exchange rate of the US dollar to the Australian dollar (+7.0%/-7.0% (2024: +10.0%/-10.0%)), with all other variables held constant, would not have a material impact on the Group’s equity or the income statement. Refer to Notes C.1, C.2, D.2, D.4 and D.7 for details of the denominations of cash and cash equivalents, interest-bearing liabilities, receivables, payables and lease liabilities held at 31 December 2025.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 187 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period A.1 SEGMENT REVENUE AND EXPENSES Operating segment information Geographical information 1 The Group’s operating segments have been determined based on Geographical information Revenue from external customers the internal reports reviewed by the Chief Executive Officer, who 2025 2024 2023 is the Chief Operating Decision Maker. These reports are used to US$m US$m US$m assess performance and allocate resources within the business. Asia Pacific 7,335 8,445 9,823 As the Group continues to invest in new energy and integrate Americas 2,241 2,462 2,564 these activities across its operations, changes have been made to Europe 3,122 2,272 1,607 the way financial information is presented. New energy projects Other 286 — — that have reached a final investment decision (FID) are now Consolidated 12,984 13,179 13,994 reported within either the Australia or International segments, 1. Revenue is attributable to geographic location based on the location of the customers. depending on their geographical location. Recognition and measurement The Group’s disclosed operating segments have been updated to reflect this change, and the comparative information for 2024 and Revenue from contracts with customers 2023 has been restated to ensure consistency of presentation. Revenue is recognised when or as the Group transfers control The Group’s reportable operating segments are as follows: of products or provides services to a customer at the amount to which the Group expects to be entitled. If the consideration Australia: includes a variable component, the Group estimates the amount of the expected consideration receivable. Variable consideration Exploration, evaluation, development, production and is estimated throughout the contract and is recognised to the sale of liquefied natural gas (LNG), pipeline gas, crude oil, extent that it is highly probable a significant reversal will condensate and natural gas liquids, as well as the not occur. development, production and sale of new energy products from Australian assets that have achieved FID. • Revenue from sale of hydrocarbons – Revenue from the sale of hydrocarbons is recognised at a point in time when control of the product is transferred to the customer. Revenue from International: take or pay contracts is recorded as unearned revenue until Exploration, evaluation, development, production and sale the product has been drawn by the customer (transfer of of LNG, pipeline gas, crude oil, condensate and natural gas control), at which time it is recognised in earnings. liquids, and the development, production and sale of new • Other operating revenue – Revenue earned from LNG energy products from assets located outside Australia that processing and other services is recognised over time have achieved FID. as the services are rendered. Marketing: Expenses Marketing, shipping and trading of the Group’s oil and gas • Royalties, excise and levies – Royalties, excise and levies are portfolio (including purchased volumes) and optimisation considered to be production-based taxes and are therefore activities that generate incremental value. accrued on the basis of the Group’s entitlement to physical production. Corporate: • Depreciation and amortisation – Refer to Note B.3. Comprises new energy projects that have not yet reached • Impairment and impairment reversals – Refer to Note B.4. FID and corporate items that are not allocated to operating • Leases – Refer to Note D.7. segments. Corporate items include revenues, expenses, • Employee benefits – Refer to Note E.2. assets and liabilities that are not considered part of the core operations of any segment. Significant estimates and judgements Customer concentration (a) Revenue from contracts with customers The Group has two major customers which each respectively The transaction price at the date control passes for sales made account for 8% and 7% of the Group’s external revenue. subject to provisional pricing periods in oil and condensate contracts The sales are generated by the Australia and Marketing is determined with reference to quoted commodity prices. operating segments (2024: two major customers; 7% and 6% Judgement is also used to determine if it is highly probable that a generated by the Australia and Marketing operating segments significant reversal will not occur in relation to revenue recognised and 2023: two major customers; 8% and 7% generated by the during open pricing periods in LNG contracts. The Group estimates Australia and Marketing operating segments). variable consideration based on available information from contract negotiations and market indicators.

188 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period A.1 SEGMENT REVENUE AND EXPENSES (CONT.) For the year ended 31 December 2025 Australia International Marketing Corporate Consolidated 2025 2025 2025 2025 2025 US$m US$m US$m US$m US$m Liquified natural gas 4,800 — 1,160 — 5,960 Pipeline gas 1,160 164 — — 1,324 Crude oil and condensate 1,313 3,872 72 — 5,257 Natural gas liquids 171 33 37 — 241 Revenue from sale of hydrocarbons 7,444 4,069 1,269 — 12,782 1 Intersegment revenue (120) — 120 — — Processing and services revenue 177 — — — 177 Shipping and other revenue — — 25 — 25 Other revenue 57 — 145 — 202 2 Operating revenue 7,501 4,069 1,414 — 12,984 Production costs (1,030) (523) — — (1,553) Royalties, excise and levies (251) (50) — — (301) Insurance (37) (19) — (23) (79) Inventory movement 44 (11) — — 33 Costs of production (1,274) (603) — (23) (1,900) Property, plant and equipment depreciation (2,405) (2,570) — (68) (5,043) Shipping and direct sales costs (75) (87) (103) — (265) 3 Trading costs (217) — (928) — (1,145) Other hydrocarbon costs (29) — — — (29) Other (22) (44) — — (66) Other cost of sales (343) (131) (1,031) — (1,505) Cost of sales (4,022) (3,304) (1,031) (91) (8,448) Gross profit/(loss) 3,479 765 383 (91) 4,536 4 Other income 207 364 18 359 948 5 Exploration and evaluation expenditure (34) (145) — — (179) Amortisation of permit acquisitions — (5) — — (5) Write-offs — (4) — — (4) Exploration and evaluation (34) (154) — — (188) General, administration and other costs (62) (67) (3) (350) (482) Amortisation of intangible assets — — — (22) (22) Depreciation of lease assets (33) (16) (78) (48) (175) 6 Restoration movement (379) 34 — 5 (340) 7 Other (60) (90) (12) (83) (245) Other costs (534) (139) (93) (498) (1,264) Other expenses (568) (293) (93) (498) (1,452) Impairment losses — — — (143) (143) Profit/(loss) before tax and net finance costs 3,118 836 308 (373) 3,889 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $12,959 million and sub-lease income of $25 million disclosed within shipping and other revenue. 3. In 2025 traded LNG and condensate purchased from Australia operations Joint Venture Partners have been presented in the Australia segment with the corresponding trading revenue presented in the Australia segment, whereas in 2024 this was presented in the Marketing segment. 4. Includes a $137 million unrealised fair value gain on embedded derivatives, $204 million of net gains on hedging activities, fees and recoveries and other income not associated with the ongoing operations of the business. The International segment includes $161 million from the gain on the sale of the Greater Angostura assets to Perenco. 5. Includes seismic and general permit activities and other exploration costs. Exploration and evaluation expenditure includes $17 million of evaluation expenditure. 6. Includes updated closure cost estimates and economic assumptions at closed sites. 7. Includes items not associated with the ongoing operations of the business including foreign exchange losses.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 189 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period A.1 SEGMENT REVENUE AND EXPENSES (CONT.) For the year ended 31 December 2024 Australia International Marketing Corporate Consolidated 2024 2024 2024 2024 2024 US$m US$m US$m US$m US$m Liquified natural gas 5,361 — 1,040 — 6,401 Pipeline gas 1,119 230 — — 1,349 Crude oil and condensate 1,668 3,143 76 — 4,887 Natural gas liquids 196 39 71 — 306 Revenue from sale of hydrocarbons 8,344 3,412 1,187 — 12,943 1 Intersegment revenue (23) (7) 30 — — Processing and services revenue 220 — — — 220 Shipping and other revenue — — 16 — 16 Other revenue 197 (7) 46 — 236 2 Operating revenue 8,541 3,405 1,233 — 13,179 Production costs (1,051) (528) — — (1,579) Royalties, excise and levies (349) (23) — — (372) Insurance (27) (9) — 11 (25) Inventory movement 55 29 — — 84 Costs of production (1,372) (531) — 11 (1,892) Property, plant and equipment depreciation (2,621) (1,848) — (54) (4,523) Shipping and direct sales costs (89) (86) (130) — (305) Trading costs (4) — (691) — (695) Other hydrocarbon costs (51) — — — (51) Other (22) (7) — (6) (35) Other cost of sales (166) (93) (821) (6) (1,086) Cost of sales (4,159) (2,472) (821) (49) (7,501) Gross profit/(loss) 4,382 933 412 (49) 5,678 3 Other income 568 50 23 (17) 624 4 Exploration and evaluation expenditure (44) (276) — — (320) Amortisation of permit acquisitions — (8) — — (8) Write-offs (3) (6) — — (9) Exploration and evaluation (47) (290) — — (337) General, administration and other costs — — — (445) (445) Amortisation of intangible assets — — — (21) (21) Depreciation of lease assets (58) (1) (101) (50) (210) Restoration movement (176) 6 — (29) (199) 5 Other (55) (97) 93 (517) (576) Other costs (289) (92) (8) (1,062) (1,451) Other expenses (336) (382) (8) (1,062) (1,788) Impairment losses — — — — — Profit/(loss) before tax and net finance costs 4,614 601 427 (1,128) 4,514 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $13,163 million and sub-lease income of $16 million disclosed within shipping and other revenue. 3. Includes fees and recoveries and other income not associated with the ongoing operations of the business. The Australia segment includes $209 million from the gain on the sell-down of Scarborough to LNG Japan and JERA. 4. Includes seismic and general permit activities and other exploration costs. Exploration and evaluation expenditure includes $15 million of evaluation expenditure. 5. Includes gains and losses on hedging activities, a $314 million fair value loss on embedded derivatives and other expenses not associated with the ongoing operations of the business.

190 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period A.1 SEGMENT REVENUE AND EXPENSES (CONT.) For the year ended 31 December 2023 Australia International Marketing Corporate Consolidated 2023 2023 2023 2023 2023 US$m US$m US$m US$m US$m Liquified natural gas 6,867 — 1,298 — 8,165 Pipeline gas 1,088 286 — — 1,374 Crude oil and condensate 1,611 2,246 124 — 3,981 Natural gas liquids 218 32 31 — 281 Revenue from sale of hydrocarbons 9,784 2,564 1,453 — 13,801 1 Intersegment revenue (166) (15) 181 — — Processing and services revenue 184 — — — 184 Shipping and other revenue — — 9 — 9 Other revenue 18 (15) 190 — 193 2 Operating revenue 9,802 2,549 1,643 — 13,994 Production costs (1,173) (389) — — (1,562) Royalties, excise and levies (462) (41) — — (503) Insurance (41) (11) — (8) (60) Inventory movement (40) 3 — — (37) Costs of production (1,716) (438) — (8) (2,162) Property, plant and equipment depreciation (2,754) (1,168) — (34) (3,956) Shipping and direct sales costs (164) (83) (54) (18) (319) Trading costs (12) — (1,056) — (1,068) Other hydrocarbon costs (7) — — — (7) Other (7) — — — (7) Other cost of sales (190) (83) (1,110) (18) (1,401) Cost of sales (4,660) (1,689) (1,110) (60) (7,519) Gross profit/(loss) 5,142 860 533 (60) 6,475 3 Other income 160 54 26 82 322 4 Exploration and evaluation expenditure (24) (253) — (2) (279) Amortisation of permit acquisitions — (4) — — (4) Write-offs (31) (46) — — (77) Exploration and evaluation (55) (303) — (2) (360) General, administration and other costs — — — (453) (453) Amortisation of intangible assets — — — (2) (2) Depreciation of lease assets (50) (14) (75) (40) (179) Restoration movement (125) (22) — — (147) 5 Other (51) — (109) (272) (432) Other costs (226) (36) (184) (767) (1,213) Other expenses (281) (339) (184) (769) (1,573) Impairment losses (534) (1,383) — — (1,917) Profit/(loss) before tax and net finance costs 4,487 (808) 375 (747) 3,307 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment’s optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $13,985 million and sub-lease income of $9 million disclosed within shipping and other revenue. 3. Includes fees and recoveries, foreign exchange gains and other income not associated with the ongoing operations of the business. 4. Includes seismic and general permit activities and other exploration costs. Exploration and evaluation expenditure includes $30 million of evaluation expenditure. 5. Includes losses on hedging activities, a $35 million fair value loss on embedded derivatives and other expenses not associated with the ongoing operations of the business.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 191 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period A.2 FINANCE COSTS A.4 EARNINGS PER SHARE 2025 2024 2023 2025 2024 2023 US$m US$m US$m Profit attributable to equity holders of the Interest on interest-bearing liabilities 599 350 229 parent (US$m) 2,718 3,573 1,660 Interest on lease liabilities 106 102 102 Weighted average Accretion charge 288 293 238 number of shares on Other finance costs 39 30 49 issue for basic earnings per share 1 ,895,437,383 1,895,703,924 1,896,498,169 Less: Finance costs capitalised against qualifying assets (733) (410) (311) Effect of dilution from contingently issuable Total finance costs 299 365 307 shares 17,983,754 16,221,362 14,444,802 Weighted average A.3 DIVIDENDS PAID AND PROPOSED number of shares on issue adjusted for the Woodside Energy Group Ltd, the parent entity, paid and proposed effect of dilution 1,913,421,137 1,911,925,286 1,910,942,971 dividends set out below: Basic earnings per share (US cents) 143.4 188.5 87.5 2025 2024 2023 Diluted earnings per US$m US$m US$m share (US cents) 142.0 186.9 86.9 (a) Dividends paid during the financial year Earnings per share is calculated by dividing the profit for the 1 Prior year fully franked final dividend 1,006 1,139 2,734 year attributable to ordinary equity holders of the parent by the Current year fully franked interim weighted average number of ordinary shares on issue during the 2 dividend 1,006 1,310 1,519 year. The weighted average number of shares makes allowance 2,012 2,449 4,253 for shares reserved for employee share plans. Diluted earnings (b) Dividend declared subsequent to per share is calculated by adjusting basic earnings per share by the reporting period (not recorded as the number of ordinary shares that would be issued on a liability) conversion of all the dilutive potential ordinary shares into 3 Final dividend 1,122 1,006 1,139 ordinary shares. There have been no significant transactions involving ordinary (c) Other information shares between the reporting date and the date of completion of Franking credits available for these financial statements. subsequent periods 1,656 1,589 1,813 Current year dividends per share (US cents) 112 122 140 1. 2025: US$0.53, paid on 2 April 2025. 2024: US$0.60, paid on 4 April 2024. 2023: US$1.44, paid on 5 April 2023. 2. 2025: US$0.53, paid on 24 September 2025. 2024: US$0.69, paid on 3 October 2024. 2023: US$0.80, paid on 28 September 2023. 3. 2025: US$0.59 to be paid on 27 March 2026 2024: US$0.53 paid on 2 April 2025. 2023: US$0.60 paid on 4 April 2024. The Dividend Reinvestment Plan (DRP) was approved by the shareholders at the Annual General Meeting in 2003 for activation as required to fund future growth. The DRP was reactivated in 2019 and suspended by the Board of Directors on 27 February 2023.

192 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period A.5 TAXES 2025 2024 2023 2025 2024 2023 (a) (a) US$m US$m US$m US$m US$m US$m (a) Tax expense comprises Income tax deferred tax benefit (579) (429) (1,233) Petroleum resource rent tax (PRRT) Deferred tax benefit (588) (916) (702) Current tax expense 358 396 367 (e) Deferred tax other comprehensive income reconciliation Deferred tax (benefit)/expense (9) (487) 531 PRRT expense/(benefit) 349 (91) 898 Income tax Derivatives 31 34 77 Income tax Other 8 (8) 7 Current year Deferred income tax expense via other 39 26 84 Current tax expense 1,361 1,420 1,872 comprehensive income Deferred tax benefit (570) (484) (1,255) Adjustment to prior years 1. The global operations effective income tax rate (EITR) of 21.8% (2024: 18.3%, 2023: 27.5%) is calculated as the Group’s income tax expense divided by profit before income tax. Current tax (benefit)/expense (19) (177) 14 The underlying EITR is 26.8% when excluding the recognition of a $182 million deferred tax Deferred tax (benefit)/expense (9) 55 22 asset as a result of the Louisiana LNG FID and the $113 million post-tax H2OK impairment loss. The Australian operations EITR of 29.5% (2024: 26.9%, 2023:30.2%) is calculated with reference Income tax expense 763 814 653 to all Australian companies and excluded foreign exchange on settlement and revaluation of Tax expense 1,112 723 1,551 income tax liabilities. (b) Reconciliation of income tax expense 2. In 2025, no additional Pluto PRRT deferred tax asset was recognised. In 2024, the $502 million increase of the Pluto PRRT deferred tax asset is due to the recognition of previously Profit before tax 3,849 4,369 3,273 unrecognised deductible expenditure that is now considered to be recoverable on the PRRT (expense)/benefit (349) 91 (898) basis of future taxable profits being available to utilise the expenditure. Profit before income tax 3,500 4,460 2,375 2025 2024 Income tax expense calculated at 30% 1,050 1,338 712 US$m US$m Effect of tax rate differentials 10 (75) 91 (f) Deferred tax balance sheet reconciliation Effect of deferred tax assets not recognised 19 76 155 Deferred tax assets Effect of tax benefits previously unrecognised (194) (442) (332) PRRT Effect of goodwill impairment — — 109 Production and growth assets 586 784 Reduction in deferred tax liability due to held — (94) (78) for sale basis Augmentation for current year 269 264 Foreign exchange impact on tax (benefit)/ Provisions 546 470 (47) 87 (58) expense Other 7 (70) Adjustment to prior years (29) (122) 36 PRRT deferred tax assets 1,408 1,448 Integration and transaction costs non- — — 4 Income tax deductible Property, plant and equipment (1,010) (1,291) Other (46) 46 14 Exploration and evaluation assets 55 51 1 Income tax expense 763 814 653 Lease assets and liabilities 82 58 (c) Reconciliation of PRRT expense Unused tax losses and tax credits 1,823 1,684 Profit before tax 3,849 4,369 3,273 Derivatives (149) 11 Non-PRRT assessable profit (2,180) (2,631) (1,780) Provisions 422 412 PPRT projects profit before tax 1,669 1,738 1,493 Investments (33) — PRRT expense calculated at 40% 668 695 598 Other 60 20 (Recognition)/derecognition of Pluto Income tax deferred tax assets 1,250 945 — (502) 611 2 exploration expenditure Deferred tax assets 2,658 2,393 Recognition of transferred exploration spend — — (18) Deferred tax liabilities Augmentation (269) (266) (292) PRRT Other (50) (18) (1) Production and growth assets 903 990 PRRT expense/(benefit) 349 (91) 898 Augmentation for current year — (2) (d) Deferred tax income statement Provisions (968) (935) reconciliation Other 193 121 PRRT PRRT deferred tax liabilities 128 174 Production and growth assets 376 (304) 1,206 Income tax Augmentation for current year (269) (266) (292) Property, plant and equipment 2,433 2,386 Provisions (109) 35 (372) Exploration and evaluation assets 169 153 Other (7) 48 (11) Lease assets and liabilities (24) (24) PRRT (benefit)/expense (9) (487) 531 Provisions (1,803) (1,615) Income tax PRRT assets and liabilities 351 369 Property, plant and equipment (177) (660) (529) Assets held for sale — — Exploration and evaluation assets 17 35 38 Intangible assets 4 160 Lease assets and liabilities (25) 6 (20) Derivatives (13) (67) Provisions (193) 62 (232) Other (63) (39) PRRT assets and liabilities (18) 251 (175) Income tax deferred tax liabilities 1,054 1,323 Unused tax losses and tax credits (190) 2 (221) Deferred tax liabilities 1,182 1,497 Assets held for sale — (36) (86) Intangible assets 8 6 — Derivatives 35 (109) (21) Investments 33 — — Other (69) 14 13

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 193 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period A.5 TAXES (CONT.) Tax transparency code Offsetting deferred tax balances Woodside participates in the Australian Board of Taxation’s Deferred tax assets and liabilities are offset only if there is a voluntary Tax Transparency Code (TTC). To increase public legally enforceable right to offset current tax assets and liabilities confidence in the contributions and compliance of corporate and when they relate to income taxes levied by the same taxation taxpayers, the TTC recommends public disclosure of tax authority on either the same taxable entity or different taxable information. Part A of the recommended disclosures is addressed entities that the Group intends to settle its current tax assets and within this Taxes note and Part B disclosed within the liabilities on a net basis. Refer to Notes E.8 and E.9 for detail on Sustainability section on our website. the tax consolidated groups. Recognition and measurement Pillar Two legislation Current tax assets and liabilities are measured at the amount In December 2021, the Organisation for Economic Co-operation expected to be recovered from or paid to the taxation authorities. and Development (OECD) published its Pillar Two legislation Deferred tax assets and liabilities are measured at the tax rates rules. The Pillar Two legislation rules aim to ensure that large that are expected to apply in the period in which the liability is multinational groups pay a minimum of 15% tax for each jurisdiction settled or the asset is realised. The tax rates and laws used to in which they operate. Pillar Two legislation has been enacted or determine the amount are based on those that have been substantively enacted in a number of jurisdictions in which the enacted or substantively enacted by the end of the reporting Group operates with effect from 1 January 2024. The Group applies period. Income taxes relating to items recognised directly in the exception to recognising and disclosing information about equity are recognised in equity. deferred tax assets and liabilities related to Pillar Two income taxes. Current taxes The Group has undertaken a Pillar Two analysis for the year Current tax expense is the expected tax payable on the taxable ended 31 December 2025 and is expected to have met relevant income for the current year and any adjustment to tax paid in safe harbours for all jurisdictions in which it operates except for respect of previous years. Singapore. The amount of Singapore Pillar Two tax expense is not material. Deferred taxes Deferred tax expense represents movements in the temporary differences between the carrying amount of an asset or liability in the consolidated statement of financial position and its tax base. With the exception of those noted below, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for deductible temporary differences, unused tax losses and tax credits only if it is probable that sufficient future taxable income will be available to utilise those temporary differences and losses. Deferred tax is not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither accounting profit nor the taxable profit. In relation to PRRT, the impact of future augmentation on expenditure is included in the determination of future taxable profits when assessing the extent to which a deferred tax asset can be recognised in the consolidated statement of financial position.

194 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 A. Earnings for the period A.5 TAXES (CONT.) Significant estimates and judgements (a) Income tax classification In determining the amount of DTA that is considered probable and eligible for recognition, forecast future taxable profits are Judgement is required when determining whether a particular risk‑adjusted where appropriate by a market premium risk rate tax is an income tax or another type of tax. PRRT is considered, to reflect uncertainty inherent in long-term forecasts. A long-term for accounting purposes, to be an income tax. Accounting for bond rate of 4.3% (31 December 2024: 3.2%) was used for the deferred tax is applied to income taxes as described above, but is purposes of augmentation. not applied to other types of taxes, e.g. North West Shelf royalties, excise and levies which are recognised in cost of sales in the Certain deferred tax assets on deductible temporary differences income statement. have not been recognised on the basis that deductions from future augmentation of the recognised deductible temporary difference (b) Deferred tax asset recognition will be sufficient to offset future taxable profits. $7,728 million Income tax losses and credits: Deferred tax assets (DTAs) (2024: $7,490 million) relates to the North West Shelf Project, relating to carry forward unused tax losses and credits arising $779 million (2024: $601 million) relates to remaining Pluto from USA TCG 1 of $1,227 million (2024: $1,274 million), USA TCG 2 deductible balances and $776 million (2024: $795 million) relates of $200 million (2024: nil) and $396 million (2024: $410 million) to Wheatstone. A long-term bond rate of 4.3% (31 December 2024: arising from countries other than Australia and the USA have 3.2%) was used for the purposes of augmentation. been recognised. The Group has determined that it is probable Had an alternative approach been used to assess recovery that sufficient future taxable income will be available to utilise of the deferred tax assets, whereby future augmentation was those losses and credits within those countries. Refer to Note E.9(a) not included in the assessment, additional deferred tax assets for details of tax consolidated groups. would be recognised, with a corresponding benefit to tax expense. Unrecognised DTAs relating to carry forward unused tax losses and It was determined that the approach adopted provides the most credits of $320 million (2024: $366 million) from the USA TCG 1, $150 meaningful information on the implications of the PRRT regime, million (2024: $343 million) from USA TCG 2 and $663 million (2024: whilst ensuring compliance with AASB 112/IAS 12 Income Taxes. $715 million) from countries other than Australia and the USA. These DTAs have not been recognised as it is not currently probable (c) Uncertain tax positions that the losses and credits will be utilised based on current planned The Group has tax matters, litigation and other claims, for which the activities in those countries. timing of resolution and potential economic outflows are uncertain. Where the Group assesses an outcome for any tax matter, litigation On 29 April 2025, the Group approved an FID to develop the or other claim as more likely than not to be accepted by the relevant Louisiana LNG Project. Upon FID, the Group recognised a DTA of tax authority, the position is adopted in the reported tax balances. $182 million. In the prior year, subsequent to achieving first oil on the Sangomar project in June 2024, the Group recognised a net DTA Because of the complexity of some of these positions, the ultimate of $342 million. outcome may differ from the current estimate of the position. These differences will be reflected as increases or decreases to tax PRRT: The recoverability of PRRT deferred tax assets is expense in the period in which new information is available. Tax primarily assessed with regard to future oil price assumptions matters without a probable economic outflow and/or presently impacting forecast future taxable profits. During the year ended cannot be measured reliably are contingent liabilities and disclosed 31 December 2025, the Group did not recognise any additional Pluto in Note E.1 Contingent liabilities and assets. PRRT DTA as a result of recoverability assessments performed.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 195 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets IN THIS SECTION This section addresses the strategic growth (exploration and evaluation), core producing, development and new energy (property, plant and equipment) assets position of the Group at the end of the reporting period including, where applicable, the accounting policies and significant estimates and judgements applied. This section also includes the impairment position of the Group at the end of the reporting period. B. Production and growth assets B.1 Segment production and growth assets Page 196 B.2 Exploration and evaluation Page 198 B.3 Property, plant and equipment Page 199 B.4 Impairment of exploration and evaluation, property, plant and equipment and goodwill Page 201 B.5 Business combination Page 205 B.6 Intangible assets Page 207 B.7 Significant production and growth asset acquisitions Page 208 B.8 Disposal and sell-down of assets Page 210 B.9 Transactions with equity holders of the Group Page 210

196 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.1 SEGMENT PRODUCTION AND GROWTH ASSETS As at 31 December 2025 Australia International Marketing Corporate Consolidated 2025 2025 2025 2025 2025 US$m US$m US$m US$m US$m Balance as at 31 December Asia Pacific 582 — — — 582 Americas — 207 — — 207 Africa — 1 — — 1 Total exploration and evaluation 582 208 — — 790 Balance as at 31 December Land and buildings 557 70 — 117 744 Oil and gas properties 13,398 9,693 — — 23,091 Projects in development 11,432 10,840 — 165 22,437 Other plant and equipment — — — 283 283 Total property, plant and equipment 25,387 20,603 — 565 46,555 Balance as at 31 December Goodwill 2,887 1,065 — — 3,952 Contract assets — 708 — 6 714 Software — — — 187 187 Total intangible assets 2,887 1,773 — 193 4,853 Balance as at 31 December Land and buildings 104 244 2 227 577 Oil and gas properties — 3 — — 3 Other plant and equipment 90 — 734 24 848 Total lease assets 194 247 736 251 1,428 Additions to exploration and evaluation: Exploration — 40 — — 40 Evaluation 17 27 — — 44 17 67 — — 84 Additions to property, plant and equipment: Property, plant and equipment 2,174 5,593 — 112 7,879 1 Capitalised borrowings costs 390 343 — — 733 2 Restoration 734 (21) — — 713 3,298 5,915 — 112 9,325 Additions to intangible assets: 3 Adjustment to purchase price allocation — 116 — — 116 Software — — — 2 2 — 116 — 2 118 Additions to lease assets Land and buildings 1 6 — 14 21 Other plant and equipment — — 265 24 289 1 6 265 38 310 1. Borrowing costs capitalised were at a weighted average interest rate of 5.0%. 2. Relates to changes in restoration provision assumptions. 3. Refer to Note B.5 for details on business combination. Refer to Note A.1 for descriptions of the Group’s segments and geographical regions.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 197 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.1 SEGMENT PRODUCTION AND GROWTH ASSETS (CONT.) As at 31 December 2024 Australia International Marketing Corporate Consolidated 1 1 2024 2024 2024 2024 2024 US$m US$m US$m US$m US$m Balance as at 31 December Asia Pacific 571 — — — 571 Americas — 149 — — 149 Africa — 1 — — 1 Total exploration and evaluation 571 150 — — 721 Balance as at 31 December Land and buildings 615 92 — 27 734 Oil and gas properties 14,320 11,467 — — 25,787 Projects in development 9,556 5,918 — 452 15,926 Other plant and equipment — — — 189 189 Total property, plant and equipment 24,491 17,477 — 668 42,636 Balance as at 31 December Goodwill 2,887 979 — — 3,866 Contract assets — 747 — 10 757 Software — — — 203 203 Total intangible assets 2,887 1,726 — 213 4,826 Balance as at 31 December Land and buildings 102 254 — 247 603 Oil and gas properties 16 1 — — 17 Other plant and equipment 123 — 547 1 671 Total lease assets 241 255 547 248 1,291 Additions to exploration and evaluation: Exploration — 22 — — 22 Evaluation 17 60 — — 77 17 82 — — 99 Additions to property, plant and equipment: 2 Acquisitions through business combinations and asset acquisitions — 2,303 — — 2,303 Property, plant and equipment 2,794 1,996 — 213 5,003 3 Capitalised borrowings costs 278 132 — — 410 4 Restoration (137) (55) — — (192) 2,935 4,376 — 213 7,524 Additions to intangible assets: 2 Acquisitions through business combination and asset acquisitions — 941 — — 941 Contract assets — — — 1 1 Software — — — 39 39 — 941 — 40 981 Additions to lease assets 2 Acquisitions through business combinations and asset acquisitions — 172 — — 172 Land and buildings 15 — — 22 37 Other plant and equipment — — 111 — 111 15 172 111 22 320 1. The 2024 amounts have been restated to reflect the changes in operating segments. $1,115 million of the total property, plant and equipment and $916 million of the total intangible assets have been reclassified from the corporate to international segment. $1,115 million of the additions to property, plant and equipment and $941 million of the additions to intangible assets have been reclassified from the corporate to international segment. Refer to ‘Operating segment information’ in Note A.1 for details. 2. Refer to Note B.5 for details on business combination and Note B.7 for details on asset acquisitions. 3. Borrowing costs capitalised were at a weighted average interest rate of 4.4%. 4. Relates to changes in restoration provision assumptions.

198 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.2 EXPLORATION AND EVALUATION Asia Pacific Americas Africa Total US$m US$m US$m US$m Year ended 31 December 2025 Carrying amount at 1 January 2025 571 149 1 721 Additions 17 67 — 84 Amortisation of licence acquisition costs — (5) — (5) Expensed — (4) — (4) Transferred exploration and evaluation (6) — — (6) Carrying amount at 31 December 2025 582 207 1 790 Year ended 31 December 2024 Carrying amount at 1 January 2024 568 76 24 668 Additions 17 81 1 99 Amortisation of licence acquisition costs — (8) — (8) Expensed (3) — (6) (9) Transferred exploration and evaluation (11) — (18) (29) Carrying amount at 31 December 2024 571 149 1 721 Exploration commitments Year ended 31 December 2025 3 15 9 27 Year ended 31 December 2024 4 — 10 14 In the consolidated statement of cash flows, those cash Recognition and measurement flows associated with capitalised exploration and evaluation Expenditure on exploration and evaluation is accounted for in expenditure, including unsuccessful wells, are classified accordance with the area of interest method. as cash flows used in investing activities. Areas of interest (AOI) are based on a geographical area for which the rights of tenure are current. All exploration and Exploration commitments evaluation expenditure, including general permit activity, The Group has exploration expenditure obligations which are geological and geophysical costs and new venture activity contracted for, but not provided for in the financial statements. costs, is expensed as incurred except for the following: These obligations may be varied from time to time and are • where the expenditure relates to an exploration discovery expected to be fulfilled in the normal course of the for which the assessment of the existence or otherwise of Group’s operations. economically recoverable hydrocarbons is not yet complete; or Impairment • where the expenditure is expected to be recouped through Refer to Note B.4 for details on impairment, including any successful exploitation of the area of interest, or alternatively, write‑offs. by its sale. The costs of acquiring interests in new exploration and evaluation licences are capitalised. The costs of drilling Significant estimates and judgements exploration wells are initially capitalised pending the results (a) Area of interest of the well. Typically, an AOI is defined by the Group as an individual Costs are expensed where the well does not result in the geographical area whereby the presence of hydrocarbons is successful discovery of economically recoverable hydrocarbons considered favourable or proved to exist. The Group has established criteria to recognise and maintain an AOI. and the recognition of an area of interest. Subsequent to the recognition of an area of interest, all further (b) Transfer to projects in development evaluation costs relating to that area of interest are capitalised. Development activities commence after project sanctioning by Upon approval for the commercial development of an area of the appropriate level of management. Judgement is applied by interest, accumulated expenditure for the area of interest is management in determining when the project is technically feasible transferred to projects in development within property, plant and economically viable to transfer to projects in development. and equipment.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 199 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.3 PROPERTY, PLANT AND EQUIPMENT Land and Oil and gas Projects in Other plant and 1 buildings properties development equipment Total US$m US$m US$m US$m US$m Year ended 31 December 2025 Carrying amount at 1 January 2025 734 25,787 15,926 189 42,636 2 Adjustment to purchase price allocation (21) — (9) — (30) 3 Additions — 657 8,658 10 9,325 4 Disposals at written down value (6) (44) (143) (3) (196) 5 Impairment loss — — (143) — (143) Completions and transfers 98 1,609 (1,852) 151 6 Depreciation (61) (4,918) — (64) (5,043) Carrying amount at 31 December 2025 744 23,091 22,437 283 46,555 At 31 December 2025 Historical cost 1,899 58,820 22,919 720 84,358 Accumulated depreciation and impairment (1,155) (35,729) (482) (437) (37,803) Net carrying amount 744 23,091 22,437 283 46,555 Year ended 31 December 2024 Carrying amount at 1 January 2024 701 24,168 15,724 198 40,791 Acquisitions through business combinations and asset 92 — 2,211 — 2,303 2 acquisitions Additions — (293) 5,514 — 5,221 Disposals at written down value (3) (4) (1,178) — (1,185) 6 Completions and transfers — 6,335 (6,345) 39 29 Depreciation (56) (4,419) — (48) (4,523) Carrying amount at 31 December 2024 734 25,787 15,926 189 42,636 At 31 December 2024 Historical cost 1,830 58,303 16,300 533 76,966 Accumulated depreciation and impairment (1,096) (32,516) (374) (344) (34,330) Net carrying amount 734 25,787 15,926 189 42,636 1. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations. 2. Refer to Note B.5 for details of business combination and Note B.7 for details of asset acquisitions. 3. Includes $7,345 million of capital additions, $733 million of capitalised borrowing costs, $534 million relating to reimbursed capital expenditure from OCI N.V. and $713 million relating to changes in restoration provision assumptions. Included within capital additions is $3,658 million relating to the Louisiana LNG project. 4. Refer to Note B.8 for details on disposal of assets and Note B.9 for details on transactions with equity holders of the Group. 5. Refer to Note B.4 for details on impairment. 6. Upon first oil in June 2024, the carrying value of the Sangomar project has been transferred from projects in development to oil and gas properties.

200 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.3 PROPERTY, PLANT AND EQUIPMENT (CONT.) Recognition and measurement Impairment Property, plant and equipment are stated at cost less Refer to Note B.4 for details on impairment. accumulated depreciation and impairment charges. Capital commitments Projects in development include the construction of oil and gas The Group has capital commitments contracted for, but not assets and new energy assets: provided for in the financial statements, of $11,957 million as at • Projects in development for oil and gas assets include the 31 December 2025 (2024: $3,841 million). Capital commitments costs to acquire, construct, install or complete production relate predominantly to the Louisiana LNG, Trion and and infrastructure facilities such as pipelines and platforms, Scarborough projects (2024: Trion, Scarborough and Louisiana capitalised borrowing costs, transferred exploration and LNG projects). Capital commitments, totalling $9,986 million evaluation assets, development wells and the estimated are shared between the Group, Stonepeak and Williams based on cost of dismantling and restoration. their respective interests in Louisiana LNG. Stonepeak will pay • Projects in development for new energy assets include the for its share of Louisiana LNG’s capital expenditure up to a costs to acquire, construct, install or complete infrastructure cap of $5,700 million some of which has already been utilised. facilities, capitalised borrowing costs and the estimated cost Refer to Note B.9 for details of the sell-down of Louisiana LNG of dismantling and restoration. Infrastructure LLC to Stonepeak. In addition to the above, the Group also has capital commitments Borrowing costs that are directly attributable to the acquisition, of $165 million (2024: $6 million) relating to its associates and construction or production of a qualifying asset are capitalised as joint ventures. part of the cost of that project when it is probable that they will result in future economic benefits and the costs can be measured reliably. The interest rate used to determine the amount of borrowing costs to be capitalised is the weighted average Significant estimates and judgements interest rate applicable to the Group’s outstanding borrowings (a) Reserves during the period. The estimation of reserves requires significant management judgement and interpretation of complex geological and geophysical When commercial operation commences, the accumulated costs models in order to make an assessment of the size, shape, depth in projects in development will be transferred to oil and gas and quality of reservoirs, and their anticipated recoveries. Estimates properties or new energy assets. of oil and natural gas reserves are used to calculate depreciation and amortisation charges for the Group’s oil and gas properties. Subsequent capital costs, including major maintenance, are Judgement is used in determining the economic reserve base included in the asset’s carrying amount only when it is probable applied to each asset. Estimates are reviewed at least annually or that future economic benefits associated with the item will flow to when there are changes in the economic circumstances impacting the Group and the cost of the item can be reliably measured. specific assets or asset groups. These changes may impact depreciation, asset carrying values, restoration provisions and Depreciation and amortisation deferred tax balances. If reserves estimates are revised downwards, Property, plant and equipment are depreciated to their estimated earnings could be affected by higher depreciation expense or an residual values at rates based on their expected useful lives. immediate write-down of the asset’s carrying value. Upstream oil and conventional gas assets are depreciated using (b) Depreciation the unit of production basis over proved reserves. Upstream LNG Judgement is required to determine when assets are available for assets are depreciated over proved plus probable reserves. use to commence depreciation. Depreciation generally commences Multi-product assets are assessed on a case-by-case basis and on first production. aligned to the most appropriate representation of useful life. The depreciable amount for the unit of production basis excludes future development costs necessary to bring probable reserves into production. Downstream assets (primarily onshore plant and equipment) are depreciated using a straight-line basis over the lesser of useful life and the life of proved plus probable reserves. On a straight-line basis the assets have an estimated useful life of 5-50 years. All other items of property, plant and equipment are depreciated using the straight-line method over their useful life. They are depreciated as follows: • Buildings – 24–40 years; • Other plant and equipment – 5–40 years; and • Land is not depreciated.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 201 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.4 IMPAIRMENT OF EXPLORATION AND EVALUATION, PROPERTY, PLANT AND EQUIPMENT AND GOODWILL Exploration and evaluation Goodwill Impairment testing For the purpose of impairment testing, goodwill acquired in a The recoverability of the carrying amount of exploration and business combination is, from the acquisition date, allocated to evaluation assets is dependent on successful development each of the Group’s cash-generating units (CGUs) that are and commercial exploitation, or alternatively sale of the expected to benefit from the combination, irrespective of whether respective AOI. other assets or liabilities of the acquiree are assigned to those units. Goodwill is tested for impairment at least annually and Each AOI is reviewed half-yearly to determine whether economic more frequently if events or changes in circumstances indicate quantities of hydrocarbons have been found, or whether further that it might be impaired. Impairment of goodwill is determined exploration and evaluation work is underway or planned to by assessing the recoverable amount of each CGU to which the support continued carry forward of capitalised costs. Where a goodwill relates and comparing it with its carrying value, which potential impairment is indicated for an AOI, an assessment is includes deferred taxes (refer to impairment calculations below performed using a fair value less costs to dispose (FVLCD) and Note B.5). method to determine its recoverable amount. Upon approval When part of an operation is disposed of, any goodwill associated for commercial development, exploration and evaluation assets with the disposed operation is included in the carrying amount of are assessed for impairment before they are transferred to the operation in determining the gain or loss on disposal. property, plant and equipment. Goodwill and property, plant and equipment Impairment calculations impairment calculations If the carrying amount of an AOI exceeds its recoverable amount, The recoverable amount of an asset or CGU is determined as the AOI is written down to its recoverable amount and an the higher of its value in use (VIU) and FVLCD. impairment loss is recognised in the consolidated income statement. VIU is determined by estimating future cash flows after taking into account the risks specific to the asset and discounting to Property, plant and equipment present value using an appropriate discount rate. Impairment testing FVLCD is the price that would be received to sell the asset in an The carrying amounts of property, plant and equipment are orderly transaction between market participants and does not assessed half-yearly to determine whether there is an indicator reflect the effects of factors that may be specific to the Group. of impairment or impairment reversal for those assets which In determining FVLCD, recent market transactions are considered. have previously been impaired. Indicators of impairment and If no such transactions can be identified, an appropriate valuation impairment reversals include changes in reserves for oil model, such as discounted cash flow techniques, is applied on a and gas assets, expected future sales prices, or costs. post-tax basis using an appropriate discount rate and estimates Property, plant and equipment are assessed for impairment are made about the assumptions market participants would use indicators and impairments on a cash-generating unit (CGU) when pricing the asset or CGU. basis. CGUs are determined as offshore and onshore facilities, If the carrying amount of an asset or CGU, including any infrastructure and associated oil and/or gas fields and new allocated goodwill, exceeds its recoverable amount, the asset energy assets. or CGU is written down to its recoverable amount and an If there is an indicator of impairment or impairment reversal for a impairment loss is recognised in the consolidated income CGU, its recoverable amount is calculated and compared with the statement. Any impairment losses are first allocated to reduce CGU’s carrying value (refer to impairment calculations below). the carrying amount of any goodwill allocated, with the remaining impairment losses allocated to the relevant assets. If the recoverable amount of an asset or CGU exceeds its carrying amount, and that asset or CGU has previously been impaired, the impairment is reversed. The carrying amount of the asset or CGU is increased to its recoverable amount, but only to the extent that the carrying amount does not exceed the value that would have been determined, net of depreciation, if no impairment had been recognised. Impairments of goodwill are not reversed.

202 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.4 IMPAIRMENT OF EXPLORATION AND EVALUATION, PROPERTY, PLANT AND EQUIPMENT AND GOODWILL (CONT.) For the year ended 31 December 2025 Goodwill allocation The Group performed its annual goodwill impairment test as at 31 December 2025. The carrying amount of goodwill allocated to each CGU, or groups of CGUs, and excess recoverable amounts are as follows: Excess of recoverable amount 1 Segment CGU Goodwill carrying amount over CGU carrying amount US$m US$m Australia Pluto-Scarborough 2,445 4,014 Australia NWS Gas 442 791 International Atlantis 522 158 International Beaumont New Ammonia 255 396 International Mad Dog 242 — International Mad Dog Phase 2 46 548 Total 3,952 1. Amounts are with reference to the total CGU value including goodwill. Impairment and impairment reversals As at 30 June 2025, an impairment indicator was identified on the H2OK Project following the Group’s decision to exit the project. Based on management’s judgement, the estimated recoverable value of the project’s inventory and property, plant and equipment are expected to be less than the carrying value. The estimated recoverable amount was based on third party valuation reports. As a result, an impairment loss before tax of $143 million was recognised in the Corporate segment of Note A.1 for the half-year ended 30 June 2025. No other impairment or impairment reversal was recognised in the current year. Recoverable amounts have been determined using the FVLCD method using discounted cash flow projections, classified as Level 3 on the fair value hierarchy. The carrying amount of each CGU includes all assets allocated to the respective CGU. Refer to significant estimates and judgements for further details. Sensitivity analysis for CGUs with goodwill Recoverable amount valuations are sensitive to changes in certain significant accounting estimates and judgements (refer to significant estimates and judgements for further details). Reasonably possible changes to these key assumptions are set out below: • Post-tax discount rate – plus or minus 1% (representing a change of 100 basis points) • Commodity pricing – plus or minus 10% The valuations of CGUs with goodwill are most sensitive to changes in forecast commodity prices and discount rates. Reasonably possible changes in these estimates which could result in the estimated recoverable amount being equal to the carrying amount, assuming all other variables are held constant, are as follows: 1 Decrease in commodity price Increase in post-tax discount rate CGU % change (absolute terms) Atlantis ( 2.8%) 0.9% 2 Beaumont New Ammonia (4.4%) N/A Mad Dog <0.0% >0.0% 1. WTI price, which applies to Atlantis and Mad Dog, has a $5 to $6/bbl differential from Brent. Ammonia prices apply to Beaumont New Ammonia. 2. Management considers there to be no reasonably possible change in the respective estimate which, in isolation, would result in the estimated recoverable amount being equal to the carrying amount. A change in any of the above assumptions would have an impact on other assumptions which when considered together may offset. This does not incorporate decisions management may take in order to mitigate the change in assumptions. Management considers there to be no reasonably possible changes in production volumes that would, in isolation, result in the estimated recoverable amount being equal to the carrying amount. Analysis of key assumptions which could result in the carrying value to equal the recoverable value provides a basis to assess the magnitude of a reasonably possible change to the carrying amounts of respective CGUs.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 203 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.4 IMPAIRMENT OF EXPLORATION AND EVALUATION, PROPERTY, PLANT AND EQUIPMENT AND GOODWILL (CONT.) For the year ended 31 December 2024 Goodwill allocation The acquisition of OCI Ammonia Holding B.V. and its Beaumont New Ammonia Project was completed on 30 September 2024 and accounted for as a business combination (refer to Note B.5). The purchase consideration represents the fair value of assets and liabilities acquired and goodwill arose from the business combination totalling $169 million. The Group performed its annual goodwill impairment test as at 31 December 2024. The carrying amount of goodwill allocated to each CGU, or groups of CGUs, and excess recoverable amounts were as follows: Excess of recoverable amount 1 Segment CGU Goodwill carrying amount over CGU carrying amount US$m US$m 2 Australia Pluto-Scarborough 2,445 4,514 Australia NWS Gas 442 1,612 International Atlantis 522 98 3 International Beaumont New Ammonia 169 — International Other goodwill 288 879 Total 3,866 1. Amounts are with reference to the total CGU value including goodwill. 2. A portion of the goodwill allocated to Pluto-Scarborough was disposed of due to the sell-down to LNG Japan and JERA. 3. Represents goodwill acquired through business combination. Refer to Note B.5 for further details. Other goodwill of $288 million (2023: $283 million) has been allocated across a number of CGUs within the International segment. This represents less than 1% of net assets as at 31 December 2024. Impairment and impairment reversals No impairment or impairment reversal was recognised for the year ended 31 December 2024. Recoverable amounts have been determined using the FVLCD method using discounted cash flow projections, classified as Level 3 on the fair value hierarchy. The carrying amount of each CGU includes all assets allocated to the respective CGU. Refer to significant estimates and judgements for further details. Sensitivity analysis for CGUs with goodwill Recoverable amount valuations are sensitive to changes in certain significant accounting estimates and judgements (refer to significant estimates and judgements for further details). Reasonably possible changes to these key assumptions are set out below: • Post-tax discount rate – plus or minus 1% (representing a change of 100 basis points) • Commodity pricing – plus or minus 10% • Production volumes – plus or minus 4% The valuations of CGUs with goodwill are most sensitive to changes in forecast commodity prices and discount rates. Reasonably possible changes in these estimates which could result in the estimated recoverable amount being equal to the carrying amount, assuming all other variables are held constant, are as follows: 1 Decrease in commodity price Increase in post-tax discount rate CGU % change (absolute terms) Atlantis ( 1.5%) 0 .5% 1. Brent price applies to Pluto-Scarborough and NWS Gas. WTI price (Brent – $4/bbl) applies to Atlantis. A change in any of the above assumptions would have an impact on other assumptions which when considered together may offset. This does not incorporate decisions management may take in order to mitigate the change in assumptions. Management considers there to be no reasonably possible changes in production volumes or foreign exchange rates that would, in isolation, result in the estimated recoverable amount being equal to the carrying amount. Analysis of key assumptions which could result in the carrying value to equal the recoverable value provides a basis to assess the magnitude of a reasonably possible change to the carrying amounts of respective CGUs.

204 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.4 IMPAIRMENT OF EXPLORATION AND EVALUATION, PROPERTY, PLANT AND EQUIPMENT AND GOODWILL (CONT.) Significant estimates and judgements • Brent oil prices – derived from long-term views of global supply (a) CGU determination and demand, building upon past experience of the industry and Identification of a CGU requires management judgement. consistent with external sources. Prices are adjusted for Management has determined CGUs based on the smallest group of premiums and discounts based on the nature and quality of the assets that generate significant cash inflows that are independent product. Brent oil price estimates have considered the risk of from other assets or groups of assets. climate policies along with other factors such as industry investment and cost trends. Woodside’s pricing assumptions (b) Allocation of goodwill reflect a ‘best estimate’ scenario in which global governments Judgement is required in the allocation of goodwill arising from pursue decarbonisation goals as well as other goals such as business combinations to the Group’s CGUs that are expected to energy security and economic development. Further information benefit from the synergies of the business combination. on climate change risk is provided in the Climate change and energy transition section within the basis of preparation. (c) Recoverable amount calculation key assumptions The nominal Brent oil prices (US$/bbl) used for the year In determining the recoverable amount of CGUs, estimates are ended 31 December 2025 were: made regarding the present value of future cash flows when determining the FVLCD. FVLCD methodology uses assumptions 2026 2027 2028 2029 2030 2031 reflecting market participant's current expectations of such future 1 cash flows (to determine a value that a willing seller and a willing 31 December 2025 70 71 78 84 85 87 2 buyer would accept in a market transaction). These estimates 31 December 2024 82 83 84 86 88 90 require significant management judgement and are subject to risk 1. Long-term oil prices are based on US$75/bbl (2024 real terms) from 2028 and and uncertainty, and hence changes in economic conditions can also prices are escalated at 2.0% onwards. affect the assumptions used and the rates used to discount future 2. Long-term oil prices are based on US$78/bbl (2024 real terms) from 2027 and prices are escalated at 2.0% onwards. cash flow estimates. The basis for each estimate used to determine recoverable amounts The nominal Brent oil prices (US$/bbl) used for the year ended as at 31 December 2025 and 31 December 2024 is set out below: 31 December 2024 were: • Resource estimates – 2P reserves and a portion of 2C resources 2025 2026 2027 2028 2029 2030 (where applicable) for oil and gas properties. The reserves are 3 31 December 2024 80 82 83 84 86 88 as disclosed in the Reserves and Resources Statement in the 4 31 December 2023 80 76 77 79 80 82 31 December 2025 and 31 December 2024 Annual Reports. • Inflation rate – long-term inflation rate of 2.0% (2024: 2.0%) 3. Long-term oil prices are based on US$78/bbl (2024 real terms) from 2027 and prices are escalated at 2.0% onwards. has been applied for US based assets and 2.5% (2024: 2.3%) 4. Long-term oil prices are based on US$70/bbl (2022 real terms) from 2026 and for Australian based assets. prices are escalated at 2.0% onwards. • Foreign exchange rates – a rate of $0.70 (2024: $0.75) US$:AU$ • Ammonia prices – derived from the long-term views of global is based on management’s view of long-term exchange rates. supply and demand referenced to Woodside’s underlying global • Discount rates – a post-tax discount rate of between 8.5% gas price assumption and expectation of lower-carbon price and 10.5% (2024: 8.5% and 9.5%) for CGUs has been applied. adjustment, building upon past experience of the industry and The discount rate reflects an assessment of the risks specific consistent with external sources. The long-term Ammonia prices to the asset. applied range from $492/tonne escalating to a $567/tonne long‑term price from 2034. Prices are real terms 2024 and • Carbon pricing – a long-term price of US$80/tonne (2024 real escalated at 2.0%. terms) of emissions (2024: US$80/tonne (2024 real terms)) is based on management’s assumptions on carbon cost pricing and incorporates an evaluation of climate risk. This is applicable to Australian emissions that exceed facility-specific baselines in accordance with Australian regulations, as well as global emissions that exceed voluntary corporate net emissions targets. Woodside continues to monitor the uncertainty around climate change risks and will revise carbon pricing assumptions accordingly. Refer to the Climate change and energy transition section within the basis of preparation for further information. • LNG price – the majority of LNG sales contracts are linked to an oil price marker and therefore dependent on oil price assumptions. LNG sold into spot markets is typically based on a gas-hub linked price (for example the Title Transfer Facility (TTF) or JKM) and therefore these pricing assumptions are also of relevance in forecasting future revenues.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 205 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.5 BUSINESS COMBINATION Acquisition of OCI Clean Ammonia Holding B.V (OCI) Purchase consideration US$m Cash payment 1,900 On 5 August 2024, Woodside entered into a binding agreement to 2 acquire 100% of OCI and its Beaumont New Ammonia Project for Contingent consideration 470 an all-cash consideration of $2,350 million. The project is under Total purchase consideration 2,370 construction and is subject to cost, schedule and performance 2. Contingent consideration relating to the remaining 20% of the consideration to be paid to OCI guarantees from OCI N.V. N.V. at project completion. The transaction completed on 30 September 2024 and was Analysis of cash flows on acquisition US$m accounted for as a business combination. The Group’s net profit Cash payment (1,900) after tax for the year ended 31 December 2024 incorporated OCI’s Cash and cash equivalents acquired 4 results from acquisition date. The all-cash consideration of Net cash flow on acquisition (1,896) $2,350 million is inclusive of capital expenditure through completion of phase 1 of the project, with 80% paid and the Acquisition-related costs of $2 million were included as an remaining 20% to be paid at project completion subject to cost, expense in general, administration and other costs in the schedule and performance guarantees. The acquisition has consolidated income statement for the year ended positioned the Group to be an early mover in the growing lower 31 December 2024. carbon ammonia market. The initial accounting for the acquisition of OCI was provisionally Revenue and contribution to the Group disclosed at 31 December 2024. The Group had a maximum of The acquired business contributed a loss before tax of $8 million 12 months from the date of acquisition to finalise the purchase to the Group from the acquisition date to 31 December 2024. price accounting and allocation of fair value to goodwill and other If the acquisition had occurred on 1 January 2024, consolidated indefinite life intangible assets. Management completed this profit before tax would have been lower by $21 million. exercise within the first half of the year and the table below now The acquired business did not recognise any operating reflects the final fair value of the acquired assets and liabilities revenue prior to or after the acquisition date. and the resulting value of goodwill arising from the business combination. Receivables The finalised purchase price allocation based on updated The fair value of receivables included $715 million of expected information has resulted in goodwill of $255 million, a net reimbursements from OCI N.V. for forecast capital expenditure. increase of $86 million from the amount reported at The full reimbursement was received by 31 December 2025. 31 December 2024. Details of the purchase consideration Intangible assets and the fair value of goodwill, identifiable assets and liabilities of OCI acquired are as follows: $796 million of intangible assets were recognised on acquisition as a result of identified contract assets. Refer to Note B.6 Fair value of net identifiable assets and goodwill Intangible assets for details. acquired, on acquisition date US$m Cash and cash equivalents 4 Goodwill Receivables 720 The goodwill of $255 million arises from the net deferred tax Property, plant and equipment 906 liability recognised on acquisition as a consequence of asset tax Intangible assets 796 bases received being lower than the fair value of the assets Other assets 2 acquired. The goodwill is not deductible for tax purposes. Payables (43) Deferred tax liabilities (154) Provisions (116) Fair value of net identifiable assets acquired 2,115 Goodwill arising on acquisition 255 1 Total purchase consideration 2,370 1. Total purchase consideration includes $20 million of working capital adjustment.

206 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.5 BUSINESS COMBINATION (CONT.) Business combination accounting Significant estimates and judgements The Group accounts for business combinations using the (a) Nature of acquisition acquisition method when the acquired set of activities and assets Judgement is required to determine if the acquisition is a business meets the definition of a business and control is transferred to combination due to the stage of completion of the project and the the Group. timing of transfer of employees. In determining whether a particular set of activities and assets The project is under construction, with agreements in place to is a business, the Group assesses whether the set of assets complete construction and transfer a fully operational asset and activities acquired includes, at a minimum, an input and together with a workforce to the Group. The agreements were in substantive process and whether the acquired set has the place at acquisition date and provide Woodside with control over ability to produce outputs. the future economic benefits of the project, and the necessary inputs and processes to create outputs, meeting the definition The consideration transferred in the acquisition is generally of a business combination. measured at fair value, as are the identifiable net assets acquired. (b) Fair value determination for net assets acquired Transaction costs are expensed as incurred, except if related to Judgement is required to determine the fair value of assets the issue of debt or equity securities. acquired and liabilities assumed in a business combination, which Contingent consideration is measured at fair value at the date can have a material impact on resultant goodwill. This includes the of acquisition and subsequent changes in the fair value of the use of a cash flow model to estimate the expected future cash flows contingent consideration are recognised in profit or loss. and the discount rate used. On acquisition date, the reproduction cost method was used to fair value the property, plant and equipment in its construction phase. The reproduction cost method calculates the cost to construct an equivalent asset with the same specifications. (c) Contingent consideration Judgement is required to determine the fair value of the contingent consideration which includes consideration on the construction progress, estimates to complete compared to the schedule and performance guarantees.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 207 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.6 INTANGIBLE ASSETS Goodwill Contract Assets Software Total US$m US$m US$m US$m Year ended 31 December 2025 Carrying amount at 1 January 2025 3,866 757 203 4,826 1 Adjustment to purchase price allocation 86 30 — 116 Additions — — 2 2 Amortisation — (73) (18) (91) Carrying amount at 31 December 2025 3,952 714 187 4,853 At 31 December 2025 Cost 4,429 814 220 5,463 Accumulated amortisation and impairment (477) (100) (33) (610) Net carrying amount 3,952 714 187 4,853 Year ended 31 December 2024 Carrying amount at 1 January 2024 3,995 15 173 4,183 1 Acquisitions through business combinations and asset acquisitions 169 766 6 941 Additions — 1 39 40 Amortisation — (25) (15) (40) Goodwill disposed (298) — — (298) Carrying amount at 31 December 2024 3,866 757 203 4,826 At 31 December 2024 Cost 4,343 784 218 5,345 Accumulated amortisation and impairment (477) (27) (15) (519) Net carrying amount 3,866 757 203 4,826 1. Refer to Note B.5 for details on business combination and Note B.7 for details on asset acquisitions. Recognition and measurement Goodwill is initially measured at cost and is subsequently measured at cost less any accumulated impairment losses. For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGUs or groups of CGUs no larger than an operating segment that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill is not amortised but will be assessed at least annually for impairment and more frequently if events or changes in circumstances indicate that it might be impaired. The contract assets were acquired as part of a business combination and represent the difference in contract pricing and market prices, adjusted for time value of money. The contracts are recognised at fair value at the acquisition date and are subsequently amortised over 30 years (2024: 6 months to 17 years). Software is recognised at historical cost less accumulated amortisation and impairment. All software costs are amortised over the useful life of 5–15 years on a straight-line basis. Significant estimates and judgements (a) Goodwill allocation Judgement is required in the allocation of goodwill to the Group’s CGUs that are expected to benefit from the synergies of the business combination. Refer to Note B.4 for the details of the goodwill allocation. (b) Contract assets In determining the fair value of the contract assets as part of a business combination, estimates are made regarding the pricing assumptions and discount rate. These estimates require management judgement and changes in economic conditions can impact the fair value assessment of the contracts.

208 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.7 SIGNIFICANT PRODUCTION AND GROWTH ASSET ACQUISITIONS (a) Operatorship of Bass Strait assets (b) Sale and purchase agreements with Chevron On 29 July 2025, the Group agreed with ExxonMobil Australia On 19 December 2024, the Group entered into sale and purchase (ExxonMobil) to assume operatorship of the Bass Strait production agreements with Chevron Australia Pty Ltd (Chevron) to acquire assets, the Longford Gas Plant, the Long Island Point gas liquids Chevron’s 16.7% interest in the North West Shelf (NWS) Project processing facility and associated pipeline infrastructure. and the NWS Oil Project and 20.0% interest in the Angel Carbon The parties’ equity interests in the joint venture assets and existing Capture and Storage (CCS) Project, and to transfer the Group’s decommissioning plans and provisions remain unchanged. The 13.0% non-operated interest in the Wheatstone Project and 65.0% transaction is subject to customary conditions precedent, including operated interest in the Julimar-Brunello Project. obtaining regulatory approvals, and is expected to complete in 2026. Completion of the transaction is subject to the completion of There has been no financial impact to the 31 December 2025 results. Julimar Phase 3 Project execution and handover and other As part of the transaction, Woodside will acquire ExxonMobil’s customary conditions precedent. employing entity for the Bass Strait employees, which includes As part of the transaction, Chevron will make a cash payment to the related employee assets and liabilities for consideration of $1. Woodside of up to $400 million which comprises a cash payment The employee expenses will continue to be funded by Bass Strait of $300 million at completion, and additional contingent payments joint venture partners based on their equity interests. of up to $100 million in aggregate. The acquisition of the employing entity is expected to be treated As at 31 December 2025, the Group has received $100 million as a business combination, with the financial impact to be of advance payment from Chevron. The advance payment is determined at completion. refundable to Chevron if the transaction fails to complete. The transaction is expected to complete in 2026, with an effective date of 1 January 2024. There has been no financial impact to the 31 December 2025 results. At completion, there will be customary adjustments for net working capital and interim period cash flows.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 209 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets B.7 SIGNIFICANT PRODUCTION AND GROWTH ASSET ACQUISITIONS (CONT.) Asset acquisition accounting (c) Acquisition of Tellurian Inc. Purchase consideration, including capitalised transaction cost, On 22 July 2024, the Group entered into a definitive agreement to has been allocated against identifiable assets and liabilities acquire all the issued and outstanding common stock of Tellurian acquired on the following basis: Inc. (subsequently renamed Woodside Energy (LA) Holdings Inc.), including its owned and operated Louisiana LNG development • Assets and liabilities initially measured at an amount other opportunity for a cash payment for shares of $876 million. As part than cost, are measured by the Group at the amounts of the agreement, the Group provided a loan facility of $230 specified in the applicable accounting standards. Assets and million to Tellurian Inc. to ensure site activity maintained liabilities in this category include financial assets and financial momentum prior to the completion of the transaction. liabilities recognised initially at fair value, lease assets and At acquisition date, $146 million had been drawn down. liabilities measured in accordance with the accounting standard for leases, and employee benefit liabilities measured The transaction was completed on 8 October 2024 and accounted in accordance with the accounting standard for for as an asset acquisition. employee benefits. Assets acquired and liabilities assumed • The residual transaction price is allocated to the remaining The assets and liabilities acquired as at the date of acquisition identifiable assets and liabilities based on their relative fair inclusive of transaction costs are: values at the date of the acquisition. US$m Cash and cash equivalents 24 Significant estimates and judgements Receivables 32 (a) Nature of acquisition Other financial assets 6 Judgement is required to determine if the transaction is the Property, plant and equipment 1,367 acquisition of an asset or a business combination. Intangible assets 6 The Louisiana LNG Project is in its preliminary phase with significant Lease assets 172 construction milestones and costs to be incurred prior to the facility Other assets 62 being operational and the acquired assets and liabilities did not Payables (46) meet the criteria for a business combination due to the absence of a Other financial liabilities (56) substantive process and organised workforce required to convert inputs to outputs. Provisions (152) Tax payable (2) (b) Employee compensation program Lease liabilities (178) As part of the acquisition, the Group has assumed the obligation of Interest-bearing liabilities (169) Tellurian’s compensation programs to its employees. Judgement is Net assets acquired 1,066 required to determine the measurement of the employee provision on acquisition as certain conditions in the compensation programs are linked to future milestones of the Louisiana LNG Project. Acquisition cost US$m This includes determining the likelihood and timing of Cash paid for shares 876 the milestones. Loan facility 146 Payments for employee awards 32 Transaction costs 12 Total purchase consideration 1,066 Analysis of cash flows on acquisition US$m Cash payment (1,066) Cash and cash equivalents acquired 24 Net cash flow on acquisition (1,042)

210 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 B. Production and growth assets (b) Sell-down of Louisiana LNG Infrastructure LLC to B.8 DISPOSAL AND SELL-DOWN OF ASSETS Stonepeak Wallaby I Acquiror LP (a) Disposal of Greater Angostura assets to Perenco On 7 April 2025, the Group and Stonepeak Wallaby I Acquiror LP Energies International Limited (Stonepeak) entered into an agreement for Stonepeak to acquire On 28 March 2025, the Group entered into an agreement with a 40% interest in Louisiana LNG Infrastructure LLC, a subsidiary Perenco Energies International Limited (Perenco) for the sale within the Group. The transaction completed on 25 June 2025, of the Greater Angostura assets in Trinidad and Tobago for with an effective date of 1 January 2025. Stonepeak will provide $259 million, which is made up of a base purchase price of up to $5,700 million towards the expected capital spend for the $206 million plus completion adjustments for working capital foundation development of Louisiana LNG on an accelerated and interest. The divestment includes Woodside’s 45% interest basis, contributing 75% of the expected project capital in the Angostura field and 68% in the Ruby field along with expenditure in both 2025 and 2026. As at 31 December 2025, the associated production facilities and onshore terminal. total payment of $2,594 million was received. The transaction completed on 11 July 2025. For the year ended Under the agreement, the Group still controls Louisiana LNG 31 December 2025, the Group recognised a pre-tax gain on sale Infrastructure LLC, while Stonepeak now holds a non-controlling of $161 million in other income. The Group no longer holds any interest. Stonepeak’s non-controlling interest percentage is interest in the Angostura and Ruby fields. based on the proportion of total contributions to date and will fluctuate during the construction phase. The non-controlling B.9 TRANSACTIONS WITH EQUITY HOLDERS OF interest percentage is expected to revert to 40% when the project starts generating revenue. THE GROUP The proceeds of $1,876 million received from Stonepeak on (a) Disposal and sell-down of assets to Williams transaction completion are included in contributions from On 23 October 2025, the Group entered into an agreement with non‑controlling interests in the consolidated statement of cash Williams Louisiana LNG LLC (Williams) for the sale of an 80% flows as at 31 December 2025. On transaction completion date, interest in Driftwood Pipeline LLC and a 10% interest in Louisiana $2,146 million has been recognised as non-controlling interest, LNG LLC for total proceeds of $370 million, comprising a base and $278 million has been recognised in other reserves for purchase price of $250 million and reimbursement of capital the difference in proceeds received and the non-controlling expenditure incurred by the Group since the effective date of interest recognised. 1 January 2025. Prior to the transaction, both entities were wholly owned subsidiaries of the Group. Driftwood Pipeline LLC develops, constructs and operates Significant estimates and judgements natural gas pipelines associated with the Louisiana LNG Project. (a) Control Following completion, control of Driftwood Pipeline LLC Under AASB/IFRS 10 Consolidated Financial Statements, transferred to Williams. The Group recognised a gain on sale consolidation is required when an investor controls an investee. of $16 million in other income and derecognised the entity’s If a parent loses control of a subsidiary, the parent is required assets and liabilities from the consolidated statement of financial to derecognise the assets and liabilities of the former subsidiary position. The retained 20% interest in Driftwood Pipeline LLC at their carrying amounts at the date when control is lost. Judgement is required to determine if the Group continues to is now accounted for as an equity-accounted investment. control Louisiana LNG Infrastructure LLC after the sell-down. Louisiana LNG LLC will manage the sale of future LNG offtake. It has been determined that the Group continues to control and Following the sell-down, the Group retains control, and Williams consolidate Louisiana LNG Infrastructure LLC as it has the power holds a 10% non-controlling interest. On completion, $36 million to direct the relevant activities and decisions requiring majority was recognised in other reserves representing the surplus of approval through its roles as operator, construction manager, proceeds received over the non-controlling interest recognised. and majority interest holder. The proceeds of $370 million received from Williams are (b) Classification of non-controlling interest as equity or liability allocated between deposits/proceeds received from disposal Judgement is required to determine if the classification of the of non-current assets and contributions from non-controlling non‑controlling interest is either equity or liability based on the interests in the consolidated statement of cash flows as at Group’s contractual obligation to deliver cash or another financial 31 December 2025. asset. Louisiana LNG Infrastructure LLC and Louisiana LNG LLC are not required to distribute dividends unless Woodside Energy Group Ltd declares dividends. As the Group can indefinitely defer payment of the Louisiana LNG Infrastructure LLC dividend and Louisiana LNG LLC dividend based on the terms in the agreement, the non‑controlling interest in Louisiana LNG Infrastructure LLC and Louisiana LNG LLC is classified as equity in the Group’s consolidated financial statements. While the terms grant the Group discretion to avoid distributing dividends from Louisiana LNG Infrastructure LLC and Louisiana LNG LLC, the exercise of this discretion may increase the non-controlling interest’s entitlement to future discretionary distributions.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 211 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 C. Debt and capital IN THIS SECTION This section addresses cash, debt and the capital position of the Group at the end of the reporting period including, where applicable, the accounting policies applied and the significant estimates and judgements made. C. Debt and capital C.1 Cash and cash equivalents Page 212 C.2 Interest-bearing liabilities and financing facilities Page 212 C.3 Contributed equity Page 215 C.4 Other reserves Page 215 KEY FINANCIAL AND CAPITAL RISKS IN THIS SECTION Capital risk management Group Treasury is responsible for the Group's capital management including cash, debt and equity. Capital management is undertaken to ensure that a secure, cost-effective and flexible supply of funds is available to meet the Group’s operating and capital expenditure requirements. A stable capital base is maintained from which the Group can pursue its growth aspirations, whilst maintaining a flexible capital structure that allows access to a range of debt and equity markets to both draw upon and repay capital. The Dividend Reinvestment Plan (DRP) was approved by shareholders at the Annual General Meeting in 2003 for activation as required to fund future growth. The DRP was reactivated in 2019 and suspended by the Board of Directors on 27 February 2023. A range of financial metrics are monitored, including gearing and cash flow leverage, and Treasury policy breaches and exceptions. Liquidity risk management Liquidity risk arises from the financial liabilities of the Group and the Group’s subsequent ability to meet its obligations to repay financial liabilities as and when they fall due. The liquidity position of the Group is managed to ensure sufficient liquid funds are available to meet its financial commitments in a timely and cost-effective manner. The Group’s liquidity is continually reviewed, including cash flow forecasts to determine the forecast liquidity position and maintain appropriate liquidity levels. The Group’s primary sources of liquidity are cash and cash equivalents, net cash from operating activities, unused borrowing capacity under its bilateral facilities and syndicated facilities, issuances of debt or equity securities and other potential sources of liquidity, such as sales of assets or equity interests in assets. At 31 December 2025, the Group had a total of $9,262 million (2024: $6,723 million) of available undrawn facilities and cash at its disposal. The maturity profile of interest-bearing liabilities is disclosed in Note C.2, trade and other payables are disclosed in Note D.4 and lease liabilities are disclosed in Note D.7. Financing facilities available to the Group are disclosed in Note C.2. Capital commitments contracted for, but not provided for in the financial statements, are disclosed in Note B.3. Interest rate risk management Interest rate risk is the risk that the Group’s financial position will fluctuate due to changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to financial instruments with floating interest rates including long-term debt obligations, cash and short-term deposits. The Group manages its interest rate risk by maintaining an appropriate mix of fixed and floating rate debt. To manage the ratio of fixed rate debt to floating rate debt, the Group may enter into interest rate swaps. The Group holds interest rate swaps to hedge the interest rate risk associated with the $600 million syndicated facility. Refer to Notes C.2 and D.6 for further details. At the reporting date, the Group was exposed to various benchmark interest rates that were not designated in cash flow hedges, primarily through $5,712 million (2024: $3,923 million) on cash and cash equivalents and $2,650 million (2024: $3,150 million) on interest-bearing liabilities (excluding transaction costs). A reasonably possible change in the Secured Overnight Financing Rate (SOFR) (+2.0%/-2.0% (2024: +2.0%/-2.0%)), with all variables held constant, would not have a material impact (2024: no material impact) on the Group’s equity or the income statement in the current period.

212 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 C. Debt and capital C.1 CASH AND CASH EQUIVALENTS Foreign exchange risk 2025 2024 The following table summarises the Group’s cash and cash US$m US$m equivalents by currency. Cash and cash equivalents Cash at bank 1,414 1,603 2025 2024 Term deposits 4,298 2,320 US$m US$m Total cash and cash equivalents 5,712 3,923 US dollar 5,447 3,617 Australian dollar 137 173 Recognition and measurement Other 128 133 Cash and cash equivalents in the consolidated statement of Total cash and cash equivalents 5,712 3,923 financial position comprise cash at bank and short-term deposits with an original maturity of three months or less. Cash and cash equivalents are stated at face value in the consolidated statement of financial position. There are no cash and cash equivalents (2024: nil) restricted by legal or contractual arrangements. C.2 INTEREST-BEARING LIABILITIES AND FINANCING FACILITIES Liquidity Bilateral Syndicated Medium term facilities facilities facilities JBIC facility US bonds notes Other Total US$m US$m US$m US$m US$m US$m US$m US$m Year ended 31 December 2025 At 1 January 2025 — 495 2,233 1,000 6,069 200 — 9,997 1 Drawdowns — 1,400 — — 3,500 — — 4,900 1 Repayments — (1,900) — — (1,000) — — (2,900) Transaction costs capitalised and amortised — 1 (1) — (34) — — (34) Carrying amount at 31 December 2025 — (4) 2,232 1,000 8,535 200 — 11,963 Current — (2) (5) — 789 — — 782 Non-current — (2) 2,237 1,000 7,746 200 — 11,181 Carrying amount at 31 December 2025 — (4) 2,232 1,000 8,535 200 — 11,963 Undrawn balance at 31 December 2025 — 2,350 1,200 — — — — 3,550 Year ended 31 December 2024 At 1 January 2024 (1) (6) 594 — 4,087 200 — 4,874 2 Debt acquired through asset acquisitions — — — — — — 169 169 1 Drawdowns — 500 1,650 1,000 2,000 — — 5,150 1,2 Repayments — — — — — — (169) (169) Transaction costs capitalised and amortised 1 1 (11) — (18) — — (27) Carrying amount at 31 December 2024 — 495 2,233 1,000 6,069 200 — 9,997 Current — (2) (4) — 996 — — 990 Non-current — 497 2,237 1,000 5,073 200 — 9,007 Carrying amount at 31 December 2024 — 495 2,233 1,000 6,069 200 — 9,997 Undrawn balance at 31 December 2024 — 1,600 1,200 — — — — 2,800 1. Included in cash flows classified within financing activities in the consolidated statement of cash flows. 2. Refer to Note B.7 for details on asset acquisitions. The debt acquired through asset acquisitions was repaid during the year.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 213 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 C. Debt and capital C.2 INTEREST-BEARING LIABILITIES AND FINANCING FACILITIES (CONT.) Recognition and measurement Maturity profile of interest-bearing liabilities All borrowings are initially recognised at fair value less transaction The table below presents the contractual undiscounted cash costs. Borrowings are subsequently carried at amortised cost. flows associated with the Group’s interest-bearing liabilities, Any difference between the proceeds received and the redemption representing principal and interest. The figures will not amount is recognised in the income statement over the period necessarily reconcile with the amounts disclosed in the of the borrowings using the effective interest method. consolidated statement of financial position. Borrowings designated as a hedged item are measured at 2025 2024 amortised cost adjusted to record changes in the fair value US$m US$m of risks that are being hedged in fair value hedges. Due for payment in: All bonds, notes and facilities are subject to various covenants 1 year or less 1,406 1,480 and negative pledges restricting future secured borrowings, 1-2 years 1,434 1,747 subject to a number of permitted lien exceptions. Neither the 2-3 years 1,993 1,262 covenants nor the negative pledges have been breached at any 3-4 years 2,126 1,325 time during the reporting period. 1-2 1 4-5 years 1,804 1,965 Fair value More than 5 years 7,511 5,815 The carrying amount of interest-bearing liabilities approximates 16,274 13,594 their fair value, with the exception of the Group’s unsecured Amounts exclude transaction costs. bonds and the medium term notes. The unsecured bonds have a carrying amount of $8,535 million (2024: $6,069 million) and a fair Liquidity facilities value of $8,665 million (2024: $5,879 million). The medium term In March 2025, the Group entered into two 12-month liquidity notes have a carrying amount of $200 million (2024: $200 million) facilities of $1,500 million each. Interest rates are based on daily and a fair value of $197 million (2024: $191 million). Fair value is SOFR plus margin, fixed at the commencement of the drawdown calculated based on the present value of future principal and period. These facilities were cancelled upon receiving the cash interest cash flows, discounted at the market rate of interest at from the unsecured bonds in May 2025. the reporting date and classified as Level 1 on the fair value hierarchy. Where these cash flows are in a foreign currency, Bilateral facilities the present value is converted to US dollars at the foreign The Group has 15 undrawn bilateral loan facilities totalling exchange spot rate prevailing at the reporting date. The Group’s $2,350 million (2024: 13 bilateral loan facilities totalling repayment obligations remain unchanged. $2,100 million). Details of bilateral loan facilities at the reporting Foreign exchange risk date are as follows: All interest-bearing liabilities are denominated in US dollars. Number of Extension facilities Term (years) Currency option 1 5-6 US$ Evergreen 5 4-5 US$ Evergreen 5 3-4 US$ Evergreen 4 3 years or less US$ Evergreen Interest rates are based on SOFR plus margins are fixed at the commencement of the drawdown period. Interest is paid at the end of the drawdown period. Evergreen facilities may be extended continually by a year subject to the bank’s agreement. In March 2025, the Group executed two bilateral facilities amounting to $250 million. In March and April 2025, the Group drew down on eight bilateral facilities amounting to $1,400 million. In June 2025, the Group repaid $1,900 million of bilateral facilities, inclusive of $500 million which was drawn in January 2024.

214 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 C. Debt and capital C.2 INTEREST-BEARING LIABILITIES AND FINANCING FACILITIES (CONT.) Syndicated facility Medium term notes On 17 January 2020, the Group completed a $600 million On 28 August 2015, the Group established a $3,000 million Global syndicated facility with a term of seven years. Interest is based Medium Term Notes Programme listed on the Singapore Stock on SOFR plus CAS plus 1.2%. Interest is paid on a quarterly basis. Exchange. One note is currently issued under this programme as The facility was fully drawn in 2020. set out below: On 20 June 2024, the Group entered into a $450 million Carrying amount Nominal interest syndicated term loan facility with a tenor of 10 years. Interest is Maturity date Currency (million) rate based on daily SOFR plus CAS and margin. The facility was fully 29 January 2027 US$ 200 3 .07% drawn in June 2024. The unutilised program is not considered to be an unused facility. On 19 September 2024, the Group entered into a $1,200 million US bonds syndicated term loan facility with a tenor of 7 years. Interest is based on daily SOFR and margin. The facility was fully drawn in The Group has three series of unsecured bonds issued in reliance September 2024. on Rule 144A of the US Securities Act of 1933 and six series of unsecured bonds issued in accordance with the registration On 27 June 2025, Woodside refinanced existing undrawn requirements of the US Securities Act of 1933 (SEC-registered $1,200 million syndicated facilities, $600 million expiring on bonds) as set out below: 27 June 2028 and $600 million expiring on 27 June 2030. Interest rates are based on SOFR plus CAS and margins Carrying Nominal Maturity date amount US$m interest rate Bond type are fixed at the commencement of the drawdown period. 15 September 2026 800 3.70% 144A Japan Bank for International Cooperation (JBIC) facility 15 March 2028 800 3.70% 144A On 30 May 2024, the Group entered into a $1,000 million loan SEC- 19 May 2028 500 4 .90% registered facility with JBIC with a term of 10 years, to support the funding of the Scarborough Energy Project. Interest is based on daily 4 March 2029 1,500 4.50% 144A SOFR plus margin. The facility was fully drawn in July 2024. SEC- 19 May 2030 1,250 5.40% registered SEC- 19 May 2032 500 5.70% registered SEC- 12 September 2034 1,250 5 .10% registered SEC- 19 May 2035 1,250 6.00% registered SEC- 12 September 2054 750 5.70% registered $1,000 million of unsecured bonds matured in March 2025. Interest on the bonds is payable semi-annually in arrears.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 215 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 C. Debt and capital C.3 CONTRIBUTED EQUITY C.4 OTHER RESERVES Recognition and measurement 2025 2024 2023 US$m US$m US$m Issued capital Other reserves Ordinary shares are classified as equity and recorded at the value of consideration received. The cost of issuing shares is Employee benefits reserve 287 281 290 shown in share capital as a deduction, net of tax, from Foreign currency translation reserve 795 795 795 the proceeds. Hedging reserve 188 1 88 1 Distributable profits reserve 5,557 3,069 4,118 Reserved shares Other reserves (72) (38) (30) Reserved shares are the Group’s own equity instruments, which Non-controlling interest reserve (373) — — are used in employee share-based payment arrangements or the 6,382 4,108 5,261 Dividend Reinvestment Plan (DRP). The DRP was suspended on 27 February 2023. These shares are deducted from equity. 1. For the year ended 31 December 2025, the Group transferred $4,500 million of retained earnings to the distributable profits reserve. The increase was offset by the 2024 final and No gain or loss is recognised in the consolidated income 2025 interim dividend payments of $2,012 million. statement on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Nature and purpose (a) Issued and fully paid shares Employee benefits reserve Number of shares US$m Used to record share-based payments associated with the Year ended 31 December 2025 employee share plans. Opening balance 1,898,749,771 29,001 Foreign currency translation reserve Shares Issued 2,350,372 35 Used to record foreign exchange differences arising from the Amounts as at 31 December 2025 1,901,100,143 29,036 translation of the financial statements of foreign entities from Year ended 31 December 2024 their functional currency to the Group’s presentation currency. Opening balance 1,898,749,771 29,001 Amounts as at 31 December 2024 1,898,749,771 29,001 Hedging reserve Year ended 31 December 2023 Used to record gains and losses on effective portion of hedges Opening balance 1,898,749,771 29,001 designated as cash flow hedges, and foreign currency basis Amounts as at 31 December 2023 1,898,749,771 29,001 spread arising from the designation of a financial instrument as a hedging instrument. Gains and losses accumulated in the All shares are a single class with equal rights to dividends, cash flow hedge reserve for qualifying assets are capitalised capital, distributions and voting. Woodside does not have against the carrying amount of that asset and recognised in the authorised capital nor par value in relation to its issued shares. income statement as the asset is depreciated. (b) Reserved shares Distributable profits reserve Employee share plans Used to record distributable profits generated by the parent entity, Woodside Energy Group Ltd. Number of shares US$m Year ended 31 December 2025 Other reserves Opening balance 3,080,842 (58) Used to record gains and losses on financial instruments at fair Purchases during the year 5,700,372 (88) value through other comprehensive income. Vested/allocated during the year (3,497,764) 64 Amounts as at 31 December 2025 5,283,450 (82) Non-controlling interest contribution reserve Year ended 31 December 2024 Transactions that do not result in a loss of control are Opening balance 2,140,927 (49) accounted for as equity transactions. When ownership interests Purchases during the year 4,293,699 (81) change, the carrying amounts of both controlling and Vested/allocated during the year (3,353,784) 72 non‑controlling interests are adjusted to reflect the revised Amounts as at 31 December 2024 3,080,842 (58) ownership proportions, with any difference between the Year ended 31 December 2023 adjustment and the consideration received recognised in Opening balance 1,873,777 (38) the non-controlling interest contribution reserve within other reserves. Purchases during the year 2,332,121 (57) Vested/allocated during the year (2,064,971) 46 Amounts as at 31 December 2023 2,140,927 (49)

216 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities IN THIS SECTION This section addresses the other assets and liabilities position at the end of the reporting period including, where applicable, the accounting policies applied and the significant estimates and judgements made. D. Other assets and liabilities D.1 Segment assets and liabilities Page 217 D.2 Receivables Page 217 D.3 Inventories Page 218 D.4 Payables Page 218 D.5 Provisions Page 218 D.6 Other financial assets and liabilities Page 220 D.7 Leases Page 222 KEY FINANCIAL AND CAPITAL RISKS IN THIS SECTION Credit risk management Credit risk is the risk that a counterparty will not meet its payment obligation under a financial instrument or customer contract, leading to a financial loss to the Group. Credit risk arises from the financial instruments of the Group, which include trade and other receivables, loans receivables and deposits with banks and financial institutions. The Group manages its credit risk on trade receivables and financial instruments by predominantly dealing with counterparties with an investment grade credit rating. Sufficient financial security is obtained to mitigate the risk of financial loss when transacting with counterparties with below investment grade credit ratings. Customers who wish to trade on unsecured credit terms are subject to credit assessment procedures. Receivable balances are monitored on an ongoing basis. As a result, the Group’s exposure to credit loss is not significant. The Group’s maximum credit exposure is limited to the carrying amount of its financial assets. Customer credit risk is managed by the Treasury function subject to the Group’s established policy, procedures and controls relating to customer credit risk management. The credit quality of a customer is assessed based on various credit metrics, including its credit rating, and individual credit limits and requirements are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. At 31 December 2025, the Group had 20 customers (2024: 23 customers) that owed the Group more than $10 million each and accounted for approximately 90% (2024: 88%) of product-related trade receivables. Depending on the product, standard settlement terms are 7 to 30 days from the date of invoice or bill of lading. The Group considers the probability of default upon initial recognition of the asset and whether there has been a significant depreciation in credit quality on an ongoing basis. A significant decrease in credit quality is defined as a debtor being greater than 30 days past due in making a contractual payment. Credit losses for trade receivables (including lease receivables) and contract assets are determined by applying the simplified approach and are measured at an amount equal to lifetime expected loss. Under the simplified approach, determination of the loss allowance provision and expected loss rate incorporates past experience and forward-looking information, including the outlook for market demand and forward-looking interest rates. A default on other financial assets is considered to be when the counterparty fails to make contractual payments within 60 days of when they fall due. At 31 December 2025, the Group had a provision for credit losses of nil(2024: nil). Subsequent to 31 December 2025, 99%(2024: 96%) of product-related trade receivables balance of $948 million (2024: $972 million) has been received. Credit risk from balances with banks is managed by the Treasury function in accordance with the Group’s policy. The Group places funds from time to time as short-term deposits with reputable financial institutions with investment grade credit ratings. At 31 December 2025 and 31 December 2024, there were no significant concentrations of credit risk within the Group and financial instruments are spread amongst a number of financial institutions to minimise the risk of counterparty default. The maximum exposure to financial institution credit risk is represented by the sum of all cash deposits plus accrued interest, bank account balances and fair value of derivative assets. The Group’s counterparty credit policy limits this exposure to commercial and investment banks, according to approved credit limits based on the counterparty’s credit rating.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 217 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities Recognition and measurement D.1 SEGMENT ASSETS AND LIABILITIES 31 December Trade receivables are initially recognised at the transaction price 1 2025 2024 determined under AASB 15/IFRS 15 Revenue from Contracts US$m US$m with Customers. Other receivables are initially recognised at fair (a) Segment assets value. Receivables that satisfy the contractual cash flow and Australia 30,541 29,678 business model tests are subsequently measured at amortised International 24,773 22,170 cost less an allowance for uncollectable amounts. Uncollectable Marketing 965 754 amounts are determined using the expected loss impairment Corporate 10,222 8,662 model. Collectability and impairment are assessed on a 66,501 61,264 regular basis. 31 December Subsequent recoveries of amounts previously written off are 1 2025 2024 credited against other expenses in the consolidated income US$m US$m statement. Certain receivables that do not satisfy the contractual (b) Segment liabilities cash flow and business model tests are subsequently measured Australia 7,252 6,953 at fair value (refer to Note D.6). International 2,531 2,688 The Group’s customers are required to pay in accordance with Marketing 1,054 1,115 agreed payment terms. Depending on the product, settlement Corporate 15,821 14,355 terms are 7 to 30 days from the date of invoice or bill of lading 26,658 25,111 and customers regularly pay on time. There are no significant 1. The 2024 amounts have been restated to reflect the changes in operating segments. $2,614 million of segment assets and $72 million of segment liabilities have been overdue product-related trade receivables as at the end of the reclassified from the corporate to international segment. Refer to ‘Operating segment reporting period (2024: nil). information’ in Note A.1 for details. Refer to Note A.1 for descriptions of the Group’s segments. Fair value Corporate assets mainly comprise cash and cash equivalents, The carrying amount of trade and other receivables deferred tax assets, new energy assets in development and lease approximates their fair value. assets. Corporate liabilities mainly comprise interest-bearing liabilities, deferred tax liabilities and lease liabilities. Foreign exchange risk 1 Segment assets include non-current assets of $30,203 million The Group held $493 million of receivables at 31 December 2025 (2024: $29,466 million) in Australia, $17,347 million (2024: (2024: $479 million) in currencies other than US dollars $13,847 million) in USA, $3,854 million (2024: $5,268 million) (predominantly Australian dollars). in Senegal, $2,364 million (2024: $1,357 million) in Mexico, and $1,453 million (2024: $1,370 million) in other locations. Loans receivable 1. Excluding deferred tax assets of $2,658 million (2024: $2,393 million). On 9 January 2020, the Group entered into a secured loan agreement with Petrosen (the Senegal National Oil Company) D.2 RECEIVABLES to provide up to $450 million for the purpose of funding Sangomar project costs. The facility has a maximum term of 2025 2024 12 years and semi-annual repayments. The carrying amount of US$m US$m the loan receivable is $451 million at 31 December 2025 (2024: (a) Receivables (current) $464 million), which approximates its fair value. Loan repayments 1 Trade receivables 948 972 commenced from July 2025 and the Group continues to receive 1,2 Other receivables 630 1,270 repayments in instalments. The remaining balance of loans Loans receivable 153 133 receivable is due from non-controlling interests. Lease receivables 11 9 Interest receivable 9 6 Dividends receivable — — 1,751 2,390 (b) Receivables (non-current) Other receivables 95 51 Loans receivable 663 776 Lease receivables 65 49 823 876 1. Interest-free and settlement terms are usually between 14 and 30 days. 2. $715 million of the carrying amount as at 31 December 2024 related to expected reimbursements from OCI N.V. for forecast capital spend. The full reimbursement was received by 31 December 2025. Refer to Note B.5 for details.

218 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities D.3 INVENTORIES D.4 PAYABLES 2025 2024 2025 2024 US$m US$m US$m US$m 1 (a) Inventories (current) Trade and other payables 1,727 2,075 2 Products Interest payable 114 110 Goods in transit 69 85 1,841 2,185 Finished stocks 186 135 1. Interest-free and normally settled on 30 day terms. 2. Details regarding interest-bearing liabilities are contained in Note C.2. Warehouse stores and materials 419 457 Carbon credits 19 7 Recognition and measurement 693 684 Trade and other payables are carried at amortised cost and are (b) Inventories (non-current) recognised when goods and services are received, whether or Warehouse stores and materials 33 18 not billed to the Group, prior to the end of the reporting period. Carbon credits 255 195 Fair value 288 213 The carrying amount of payables approximates their fair value. Recognition and measurement Inventories include hydrocarbon stocks, consumable supplies, Foreign exchange risk maintenance spares and carbon credits expected to be utilised The Group held $208 million of payables at 31 December 2025 to offset future emissions. Inventories are valued at the lower of (2024: $140 million) in currencies other than US dollars cost and net realisable value. Cost is determined on a weighted (predominantly Australian dollars). average basis and includes direct costs and an appropriate portion of fixed and variable production overheads where Maturity profile of payables applicable. Inventories determined to be obsolete or damaged The Group’s payables balances at 31 December 2025 and are written down to net realisable value, being the estimated 31 December 2024 are due for payment within 12 months. selling price less selling costs. D.5 PROVISIONS 1 Restoration Employee Other Total benefits US$m US$m US$m US$m Year ended 31 December 2025 At 1 January 2025 6,526 654 367 7,547 2 Adjustment to purchase price allocation — — 100 100 Change in provision 254 11 (138) 127 Unwinding of present value discount 283 5 — 288 3 Disposals (177) (1) (17) (195) Carrying amount at 31 December 2025 6,886 669 312 7,867 Current 637 449 126 1,212 Non-current 6,249 220 186 6,655 Net carrying amount 6,886 669 312 7,867 Year ended 31 December 2024 At 1 January 2024 7,154 522 281 7,957 2 Acquisitions through business combinations and asset acquisitions 16 104 48 168 Change in provision (936) 28 37 (871) Unwinding of present value discount 292 — 1 293 Carrying amount at 31 December 2024 6,526 654 367 7,547 Current 753 402 167 1,322 Non-current 5,773 252 200 6,225 Net carrying amount 6,526 654 367 7,547 1. 2025 change in provision is due to changes in estimates of $898 million and changes in foreign exchange rates of $233 million offset by provisions used of $823 million and a revision of discount rates of $54 million. Changes in estimates are due to new activities, revisions to cost and removal scope assumptions and rate changes supported by most recent estimates and benchmarks. 2. Refer to Note B.5 for details of business combination. 3. Refer to Note B.8 for details of the disposal of the Greater Angostura asset.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 219 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities D.5 PROVISIONS (CONT.) Recognition and measurement Employee benefits Provisions are recognised when the Group has a present Provision is made for employee benefits accumulated as a result obligation (legal or constructive) as a result of a past event, of employees rendering services up to the end of the reporting it is probable that an outflow of resources embodying economic period. These benefits include wages, salaries, annual leave and benefits will be required to settle the obligation and a reliable long service leave. estimate can be made of the amount of the obligation. Liabilities in respect of employees’ services rendered that are not expected to be wholly settled within one year after the end of the Restoration period in which the employees render the related services are The restoration provision is first recognised in the period in which recognised as long-term employee benefits. the obligation arises. The nature of restoration activities includes These liabilities are measured at the present value of the the removal of facilities, abandonment of wells and restoration of estimated future cash outflow to the employees using the affected areas. Restoration provisions are updated annually, projected unit credit method. Liabilities expected to be wholly with the corresponding movement recognised against the related settled within one year after the end of the period in which the exploration and evaluation assets or property, plant and equipment employees render the related services are classified as short- or expensed for late life projects with no corresponding asset. term benefits and are measured at the amount due to be paid. Over time, the liability is increased for the change in the present value based on a pre-tax discount rate appropriate to the risks Onerous contract provision inherent in the liability. The unwinding of the discount is recorded Provision is made for loss-making contracts at the present value as an accretion charge within finance costs. The carrying amount of the lower of the net cost of fulfilling and the cost arising from capitalised in property, plant and equipment is depreciated over failure to fulfil each contract. The Group had no onerous contract the useful life of the related asset (refer to Note B.3). provision as at 31 December 2025. Costs incurred that relate to an existing condition caused by past operations, and which do not have a future economic benefit, are expensed. Significant estimates and judgements outcomes, including full removal of certain assets or project-specific (a) Restoration obligations risks (where applicable). Individual site provisions are an estimate of The Group estimates the future decommissioning and remediation the expected value of future cash flows required to rehabilitate the costs of offshore oil and gas platforms, offshore and onshore relevant site using current restoration standards and techniques production facilities, wells and pipelines at different stages of the and taking into account risks and uncertainties. Individual site development and construction of assets or facilities including for provisions are discounted to their present value using risk-free new energy assets. In many instances, decommissioning of assets country-specific discount rates aligned to the estimated timing of occurs many years into the future. cash outflows. This approach also takes into consideration the The Group’s restoration obligations are based on compliance with possibility that full removal of all assets may be required. the requirements of relevant regulations which vary for different Inherent uncertainties jurisdictions. For example Australian regulations require full removal for offshore assets unless regulator approval is received to The basis of the restoration obligation provision for assets with decommission in-situ. It is currently the Group’s assumption that in approved decommissioning plans or general directions issued by the some regulatory jurisdictions and environments, certain regulator can differ from the assumptions disclosed above. Whilst the infrastructures are decommissioned in-situ where it can be provisions reflect the Group’s best estimate based on current demonstrated that this will deliver equal or better environmental knowledge and information, further studies and detailed analysis outcomes than full removal and that regulatory approval is obtained of the restoration activities for individual assets will be ongoing to where arrangements are satisfactory to the regulator. The Group ensure that the most accurate information is available when detailed maintains technical expertise to ensure that industry learnings, decommissioning plans are required to be submitted to the relevant scientific research and local and international guidelines are regulatory authorities. Actual costs and cash outflows can materially reviewed in assessing its restoration obligations. differ from the current estimate as a result of changes in regulations and their application, prices, analysis of site conditions, further studies, The restoration obligation requires judgemental assumptions timing of restoration and changes in removal technology. These regarding removal timing, applicable environmental legislation uncertainties may result in actual expenditure differing from amounts and regulations, the extent of restoration activities required, the included in the provision recognised as at 31 December 2025. engineering methodology and the technologies used for estimating costs. These assumptions inform the estimated future cash flows, A range of pre-tax discount rates between 3.5% and 5.2% (2024: 4.0% which are then discounted using the risk-free discount rates aligned and 4.9%) has been applied. If the discount rates were decreased by to the expected timing of the cash outflows. 0.5% then the provision would be $355 million higher. If the cost estimates were increased by 10% then the provision would be Expected value approach $689 million higher. The proportion of the non-current balance For both onshore and offshore assets, provision has been made not expected to be settled within 10 years is 56% (2024: 53%). taking into consideration a risked range of possible removal

220 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities D.6 OTHER FINANCIAL ASSETS AND LIABILITIES Hedge effectiveness is determined at the inception of the hedge 2025 2024 relationship, and through periodic prospective effectiveness US$m US$m assessments to ensure that an economic relationship exists Other financial assets between the hedged exposure and the hedging instrument. Financial instruments at fair value The Group assesses whether the derivative designated in each through profit and loss hedging relationship has been, and is expected to be, effective in Derivative financial instruments offsetting changes in cash flows of the hedged exposure using designated as hedges 217 186 the hypothetical derivative method. Other financial assets 14 28 Financial instruments at fair value Ineffectiveness is recognised where the cumulative change in the through other comprehensive income designated component value of the hedging instrument on an Other financial assets 62 89 absolute basis exceeds the change in value of the hedged Total other financial assets 293 303 exposure attributable to the hedged risk. Current 229 185 Ineffectiveness may arise where the timing of the transaction Non-current 64 118 changes from what was originally estimated such as delayed Net carrying amount 293 303 shipments or changes in timing of forecast sales. This may also Other financial liabilities arise where the commodity swap pricing terms do not perfectly match the pricing terms of the revenue contracts. Financial instruments at fair value through profit and loss Fair value Derivative financial instruments designated as hedges 7 169 Except for the other financial assets and other financial liabilities set out in this note, there are no material financial assets or Embedded derivative 212 349 financial liabilities carried at fair value. Other financial liabilities 1 — Total other financial liabilities 220 518 The fair value of commodity derivative financial instruments is Current 8 139 determined based on observable quoted forward pricing and swap models and is classified as Level 2 on the fair value hierarchy. Non-current 212 379 The most frequently applied valuation techniques include forward Net carrying amount 220 518 pricing and swap models that use present value calculations. The models incorporate various inputs including the credit quality of Recognition and measurement counterparties and forward rate curves of the underlying commodity. Derivative financial instruments The fair value of interest rate swaps is calculated by discounting Derivative financial instruments that are designated within estimated future cash flows based on the terms of maturity qualifying hedge relationships are initially recognised at fair of each contract, using market interest rates for a similar value on the date the contract is entered into. For relationships instrument at the reporting date, and is classified as Level 2 designated as fair value hedges, subsequent fair value on the fair value hierarchy. movements of the derivative are recognised in the consolidated income statement. The fair value of foreign exchange forward contracts is determined using quoted forward exchange rates at the reporting For relationships designated as cash flow hedges, subsequent date and present value calculations based on high credit quality fair value movements of the derivative for the effective portion yield curves in the respective currencies and is classified as of the hedge are recognised in other comprehensive income Level 2 on the fair value hierarchy. and accumulated in reserves in equity; fair value movements for the ineffective portion are recognised immediately in the The fair values of other financial assets and other financial consolidated income statement. Costs of hedging have been liabilities are predominantly determined based on observable separated from the hedging arrangements and deferred to other quoted forward pricing and are predominantly classified as comprehensive income and accumulated in reserves in equity. Level 2 on the fair value hierarchy. Amounts accumulated in equity are reclassified to the Embedded commodity derivatives are classified as Level 3 consolidated income statement in the periods when the on the fair value hierarchy with no market observable inputs. hedged item affects profit or loss. Except for the revised valuation inputs for the embedded commodity derivative, there were no changes to the Group’s valuation processes, valuation techniques and types of inputs used in the fair value measurements during the period. Foreign exchange The derivative financial instruments include foreign exchange forward contracts that are denominated in Australian dollars. The Group had no material other financial assets and liabilities denominated in currencies other than US dollars.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 221 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities D.6 OTHER FINANCIAL ASSETS AND LIABILITIES (CONT.) Hedging activities Embedded derivative During the period, the following hedging activities were undertaken: In 2024, the Group entered into a revised long-term gas sale and purchase contract (GSPA) with Perdaman, where a component of the • As at 31 December 2025, the Group hedged approximately selling price is linked to the price of urea. The contract was assessed 10 MMboe of 2026 oil priced exposure at an average price to contain an embedded commodity derivative that is required to be of approximately 70.1 per barrel. separated and recognised at fair value through profit and loss. • The Group also has a hedging program for Corpus Christi The carrying value of the embedded derivative at 31 December 2025 LNG volumes designed to protect against downside pricing risk. amounted to a net liability of $212 million (2024: net liability of These hedges are HH and TTF commodity swaps. Approximately $349 million). The derivative is remeasured to fair value at each 89% of 2026 volumes have been hedged. reporting date. For the year ended 31 December 2025, an unrealised • Through foreign exchange forward contracts, the Group hedged gain of $137 million has been recognised through other income the Australian dollar to US dollar exchange rate for a portion of (2024: unrealised loss of $314 million through other expenses). the Australian dollar denominated capital expenditure expected to be incurred for the Scarborough development. Significant estimates and judgements 2025 2024 (a) Change in embedded derivative valuation inputs Brent commodity swaps (cash flow hedges) The Group has reassessed the valuation inputs of the Perdaman Carrying amount (US$m) 114 137 embedded derivative factoring current market conditions and as a 1 Notional amount (MMbbl) 15 31 result revised pricing inputs that reflect the long-term nature of the Maturity date 2026 2025 contract and external market data. The change has been applied from 1 January 2025, resulting in an increase in fair value gains of Hedge ratio 1:1 1:1 $151 million for the year ended 31 December 2025. The effect of future Weighted average hedged rate (US$/MMbbl) 72 79 periods is not disclosed because estimating it is impracticable. HH LNG commodity swaps (cash flow hedges) (b) Embedded derivative Carrying amount (US$m) (4) 8 1 The fair value of the Perdaman embedded derivative has been Notional amount (TBtu) 43 79 estimated using a Monte Carlo simulation model. The assessment Maturity date 2026 2025-2026 requires management to make certain assumptions about the model Hedge ratio 1:1 1:1 inputs, including forecast cash flows, discount rate, credit risk and Weighted average hedged rate (US$/MMBtu) 3.8 3.6 volatility. These assumptions require significant judgement and are subject to risk and uncertainty. The present value of the embedded TTF LNG commodity swaps (cash flow hedges) derivative was estimated using the assumptions set out below. Carrying amount (US$m) 66 (118) 1 • Inflation rate – 2.5% (2024: 2.5%) has been applied. Notional amount (TBtu) 37 69 Maturity date 2026 2025-2026 • Discount rate – a pre-tax interest rate curve with a range of 4.69% to 7.53% (2024: range of 5.80% to 6.95%). Hedge ratio 1:1 1:1 • Domestic gas pricing – forecast sales are subject to urea pricing. Weighted average hedged rate (US$/MMBtu) 11.3 11.9 Price assumptions are based on the best market information Interest rate swap (cash flow hedges) available at measurement date and derived from short- and long- Carrying amount (US$m) 15 35 term views of global supply and demand, building upon past Notional amount (US$m) 600 600 experience of the industry and consistent with external sources. Maturity date 2027 2027 The long-term urea price is determined with reference to the prevailing gas hub (TTF) prices available in the market. Hedge ratio 1:1 1:1 Weighted average hedged rate 1.7% 1.7% The embedded derivative is most sensitive to changes in discount FX forwards (cash flow hedges) rates and pricing, which may result in unrealised gains or losses Carrying amount (US$m) 19 (45) recognised in other income/expenses. 2 Notional amount (AUD$m) 2,838 2,484 The nominal impacts of the effects of changes to discount rate and Maturity date 2026 2025 long term price assumptions are estimated as follows. The valuation is over a contract period of 20 years and the below change in assumptions Hedge ratio 1:1 1:1 applies a linear increase or decrease in inputs over the life of the Weighted average hedged rate (AUD:USD) 0.63 0.67 contract. A spot increase is not represented by the sensitivity below. 1 1. The notional amounts relate to unrealised volumes of the hedge item included in the cash flow Change in assumption US$m hedge reserve. TTF sales price: increase of 10% 191 2. This notional amount represents total since inception of which AUD$513 million is unrealised volumes of the hedge item included in the cash flow hedge reserve. TTF sales price: decrease of 10% (190) 2 Discount rate: increase of 1.5% (206) 2 Hedge ineffectiveness gain of $21 million (2024: $5 million loss) Discount rate: decrease of 1.5% 254 has been recognised in the profit and loss. 1. Amounts shown represent the change of the present value of the contract keeping all other variables constant. 2. A change of 1.5% represents 150 basis points.

222 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities D.7 LEASES Other plant and Land and buildings Oil and gas properties Total equipment US$m US$m US$m US$m Lease assets Year ended 31 December 2025 Carrying amount at 1 January 2025 603 17 671 1,291 Additions 21 — 289 310 Disposals at written down value (1) — — (1) Lease remeasurements 11 13 9 33 Depreciation (57) (27) (121) (205) Carrying amount at 31 December 2025 577 3 848 1,428 At 31 December 2025 Historical cost 852 534 1,533 2,919 Accumulated depreciation and impairment (275) (531) (685) (1,491) Net carrying amount 577 3 848 1,428 Lease liabilities Year ended 31 December 2025 At 1 January 2025 734 33 856 1,623 Additions 20 — 289 309 Disposals (2) — — (2) Repayments (principal and interest) (94) (39) (202) (335) Accretion of interest 33 1 72 106 Lease remeasurements 37 7 14 58 Carrying amount at 31 December 2025 728 2 1,029 1,759 Current 55 2 102 159 Non-current 673 — 927 1,600 Carrying amount at 31 December 2025 728 2 1,029 1,759 Lease assets Year ended 31 December 2024 Carrying amount at 1 January 2024 430 107 693 1,230 1 Acquisitions through asset acquisitions 172 — — 172 Additions 37 — 111 148 Disposals at written down value — (1) (1) (2) Lease remeasurements 16 17 10 43 Depreciation (52) (106) (142) (300) Carrying amount at 31 December 2024 603 17 671 1,291 At 31 December 2024 Historical cost 825 518 1,235 2,578 Accumulated depreciation and impairment (222) (501) (564) (1,287) Net carrying amount 603 17 671 1,291 Lease liabilities Year ended 31 December 2024 At 1 January 2024 607 130 878 1,615 1 Acquisitions through asset acquisitions 178 — — 178 Additions 37 — 111 148 Disposals — (7) (1) (8) Repayments (principal and interest) (83) (118) (210) (411) Accretion of interest 26 4 72 102 Lease remeasurements (31) 24 6 (1) Carrying amount at 31 December 2024 734 33 856 1,623 Current 55 32 102 189 Non-current 679 1 754 1,434 Carrying amount at 31 December 2024 734 33 856 1,623 1. Refer to Note B.7 for details of asset acquisitions.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 223 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities D.7 LEASES (CONT.) The lease liability is remeasured when there are changes in Recognition and measurement future lease payments arising from a change in rates, index or When a contract is entered into, the Group assesses whether lease terms from exercising an extension or termination option. the contract contains a lease. A lease arises when the Group has A corresponding adjustment is made to the carrying amount of the right to direct the use of an identified asset which is not the lease assets, with any excess recognised in the consolidated substitutable and to obtain substantially all economic benefits income statement. from the use of the asset throughout the period of use. The leases recognised by the Group predominantly relate There are no restrictions placed upon the lessee by entering into to LNG vessels, property and drilling rigs. these leases. The Group separates the lease and non-lease components of the Short-term leases and leases of low value assets contract and accounts for these separately. The Group allocates Short-term leases (lease term of 12 months or less) and leases of the consideration in the contract to each component on the basis low value assets are recognised as incurred as an expense in the of their relative stand-alone prices. consolidated income statement. Low value assets comprise plant and equipment. Leases as a lessee Lease assets and lease liabilities are recognised at the lease Foreign exchange risk commencement date, which is when the assets are available The Group held $437 million of lease liabilities at 31 December 2025 for use. The assets are initially measured at cost, which is the (2024: $408 million) in currencies other than the US dollar present value of future lease payments adjusted for any lease (predominantly Australian dollars). payments made at or before the commencement date, plus any make-good obligations and initial direct costs incurred. Maturity profile of lease liabilities Lease assets are depreciated using the straight-line method over The table below presents the contractual undiscounted cash the shorter of their useful life and the lease term. Refer to Note flows associated with the Group’s lease liabilities, representing B.3 for the useful lives of assets. Periodic adjustments are made principal and interest. The figures will not necessarily reconcile for any re-measurements of the lease assets and for impairment with the amounts disclosed in the consolidated statement of losses, assessed in accordance with the Group’s financial position. impairment policies. 2025 2024 Lease liabilities are initially measured at the present value of US$m US$m future minimum lease payments, discounted using the Group’s Due for payment in: incremental borrowing rate if the rate implicit in the lease cannot be readily determined, and are subsequently measured at 1 year or less 295 286 amortised cost using the effective interest rate. Minimum lease 1-2 years 264 218 payments are fixed payments or index-based variable payments 2-3 years 254 198 incorporating the Group’s expectations of extension options and 3-4 years 254 195 do not include non-lease components of a contract. A portfolio 4-5 years 255 195 approach was taken when determining the implicit discount rate More than 5 years 1,280 899 for LNG vessels with similar terms and conditions on transition. 2,602 1,991

224 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 D. Other assets and liabilities D.7 LEASES (CONT.) Lease commitments Significant estimates and judgements The table below presents the contractual undiscounted cash (a) Control flows associated with the Group’s future lease commitments Judgement is required to assess whether a contract is or contains a for non-cancellable leases not yet commenced, representing lease at inception by assessing whether the Group has the right to principal and interest. direct the use of the identified asset and obtain substantially all the 2025 2024 economic benefits from the use of that asset. US$m US$m (b) Lease term Due for payment: Judgement is required when assessing the term of the lease Within one year 212 32 and whether to include optional extension and termination periods. After one year but not more than five years 898 775 Option periods are only included in determining the lease term at Later than five years 2,375 2,360 inception when they are reasonably certain to be exercised. Lease terms are reassessed when a significant change in circumstances 3,485 3,167 occurs. On this basis, possible additional lease payments amounting to $2,342 million (2024: $2,113 million) were not included in the Payments of $296 million (2024: $292 million) for short-term measurement of lease liabilities. leases (lease term of 12 months or less) and payments of $10 million (2024: $17 million) for leases of low value assets were (c) Interest in joint arrangements expensed in the consolidated income statement. Total payments Judgement is required to determine the Group’s rights and for leases in the consolidated statement of cash flows are obligations for lease contracts within joint operations, to assess $645 million (2024: $689 million), with $233 million (2024: whether lease liabilities are recognised gross (100%) or in proportion to the Group’s participating interest in the joint operation. $293 million) included in financing activities. This includes an evaluation of whether the lease arrangement The Group has short-term and/or low value lease commitments contains a sublease with the joint operation. for marine vessels and carriers, property, drill rigs and plant and equipment contracted for, but not provided for in the financial (d) Discount rates statements, of $249 million (2024: $276 million). Judgement is required to determine the discount rate, where the discount rate is the Group’s incremental borrowing rate if the rate implicit in the lease cannot be readily determined. The incremental borrowing rate is determined with reference to the Group’s borrowing portfolio at the inception of the arrangement or the time of the modification.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 225 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 E. Other items IN THIS SECTION This section addresses information on items which require disclosure to comply with Australian Accounting Standards and the Corporations Act 2001, however are not considered critical in understanding the financial performance or position of the Group. This section includes Group structure information and other disclosures. E. Other items E.1 Contingent liabilities and assets Page 226 E.2 Employee benefits Page 226 E.3 Related party transactions Page 229 E.4 Auditor remuneration Page 229 E.5 Events after the end of the reporting period Page 229 E.6 Joint arrangements Page 229 E.7 Parent entity information Page 231 E.8 Subsidiaries Page 231 E.9 Other accounting policies Page 235

226 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 E. Other items (b) Compensation of key management personnel E.1 CONTINGENT LIABILITIES AND ASSETS Key management personnel (KMP) compensation for the 2025 2024 financial year was as follows: US$m US$m 2025 2024 2023 Contingent liabilities at reporting date US$ US$ US$ Contingent liabilities 322 281 Short-term employee Guarantees — 1 benefits 6,410,306 6,810,215 5,245,763 322 282 Post-employment benefits 332,015 262,790 215,856 1 Share-based payments (2,270,325) 5,265,736 3,693,072 Contingent liabilities relate predominantly to possible obligations Long-term employee whose existence will only be confirmed by the occurrence or benefits 147,755 483,452 213,562 non‑occurrence of uncertain future events, and therefore the Termination benefits 488,133 724,287 — Group has not provided for such amounts in these financial statements. The Group operates in complex tax and legislative 5,107,884 13,546,480 9,368,253 regimes. The amounts disclosed above include estimates made 1. The amounts relating to share-based payments includes the reversal of accounting in relation to ongoing disputes with various tax and government expenditure as a result of the forfeiture of unvested Restricted Shares and Performance Rights for Ms O’Neill. authorities. Assessing a value of contingent liabilities requires a high degree of judgement. The contingent liabilities relating to tax (c) Share plans matters are estimated based on notices received from authorities The Group provides benefits to its employees (including KMP) in before interest and penalties. The possibility of further claims the form of share-based payments (equity-settled transactions). related to the same matters cannot be ruled out and the judicial processes may take extended periods to conclude. Additionally, Woodside equity plan (WEP) and supplementary there are a number of other claims and possible claims that have Woodside equity plan (SWEP) arisen in the course of business against entities in the Group, the The WEP is available to all permanent employees, but since outcome of which cannot be estimated at present and for which 1 January 2018 has excluded Executive Incentive Scheme (EIS) no amounts have been included in the table above. participants. The number of Equity Rights (ERs) offered to each The Group has contingent assets of $30 million as at eligible employee is determined by the Board, and based on 31 December 2025 (2024: $30 million). individual performance as assessed under the performance review process. The linking of performance to an allocation E.2 EMPLOYEE BENEFITS allows the Group to recognise and reward eligible employees for high performance. The ERs have no further ongoing performance 2025 2024 2023 conditions after allocation, and do not require participants to US$m US$m US$m make any payment in respect of the ERs at grant or at vesting. Employee benefits 580 521 494 Each ER entitles the participant to receive a Woodside share on Share-based payments 20 23 39 the vesting date three years after the grant date. Defined contribution plan For awards made in and subsequent to 2022, participants are costs 57 51 53 entitled to receive a Woodside share on the vesting date, three Defined benefit plan expense 17 7 17 years after the grant date. Awards made in 2021 and 2020 will 674 602 603 vest under the terms of the plan at that time, which provided for 75% vesting of the ERs three years after the grant date and the (a) Employee benefits remaining 25% of the ERs five years after the grant date. Employee benefits for the reporting period: In October 2011, the Board approved the establishment of the Recognition and measurement SWEP to enable the offering of targeted retention awards of ERs for key capability. The SWEP was updated in 2022 to broaden The Group’s accounting policy for employee benefits other than eligibility to all employees of a subsidiary of Woodside Energy superannuation is set out in Note D.5. The policy relating to Group Ltd and ensure compliance in all jurisdictions in which share-based payments is set out in Note E.2(c). Woodside operates. All employees of the Group are entitled to benefits on retirement, Each ER entitles the participant to receive a Woodside share on disability or death. The Group operates a number of pension vesting date. Participants do not make any payment in respect of schemes throughout the world. Employees entitled to defined the ERs at grant or at vesting. contribution schemes receive fixed contributions from Group companies and the Group’s legal or constructive obligation is limited to these contributions. Contributions to defined contribution funds are recognised as an expense as they become payable. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payment is available.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 227 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 E. Other items E.2 EMPLOYEE BENEFITS (CONT.) Executive Incentive Scheme (EIS) Recognition and measurement The EIS was introduced for the 2018 performance year for all All compensation under WEP, SWEP, PBP Plus and EIS Executives including Executive KMP. The EIS is delivered in the Restricted Shares and Performance Rights is accounted for as form of a cash incentive, Restricted Shares and Performance share-based payments to employees for services provided. Rights. The grant date of the Restricted Shares and Performance The cost of equity-settled transactions with employees is Rights has been determined to be subsequent to the measured by reference to the fair values of the equity performance year, being the date of the Board of Directors’ instruments at the date at which they are granted. The fair value approval. Accordingly, the 2024 Restricted Shares and of share-based payments is recognised, together with the Performance Rights were granted on 25 February 2025 for corresponding increase in equity, over the period in which the Executives and 8 May 2025 for the CEO and have been included in vesting conditions are fulfilled, ending on the date on which the the table below. The expense estimated as at 31 December 2024 relevant employee becomes fully entitled to the shares. At each in relation to the 2024 performance year was updated to the fair balance sheet date, the Group reassesses the number of awards value on grant date during the period. that are expected to vest based on service conditions. The expense recognised each year takes into account The 2025 Restricted Shares and Performance Rights have not the most recent estimate. been included in the table below as they have not been approved as at 31 December 2025. An expense related to the 2025 The fair value of the benefit provided for the WEP and SWEP performance year has been estimated for the Restricted Shares is estimated using the Black-Scholes option pricing technique. and Performance Rights, using fair value estimates based on The fair value of the Restricted Shares is estimated as the closing inputs at 31 December 2025. share price at grant date. The fair value of the benefit provided for the relative total shareholder return Performance Rights is Performance Based Pay Plus (PBP Plus) calculated using the Binomial or Black-Scholes option pricing PBP Plus is available to senior, permanent employees who are technique combined with a Monte Carlo simulation methodology, not Executives. Participants receive an annual award of cash where relevant, using historical volatility to estimate the volatility and Restricted Shares based on corporate and individual of the share price in the future. performance, recognising and rewarding eligible employees for high performance. The grant date of the Restricted Shares has been determined to be subsequent to the performance year, being the date of the Board of Directors’ approval. Accordingly, the 2024 Restricted Shares were granted on 25 February 2025 and have been included in the table below. The expense estimated as at 31 December 2024 in relation to the 2024 performance year was updated to the fair value on grant date during the period. The 2025 Restricted Shares have not been included in the table below as they have not been approved as at 31 December 2025. An expense related to the 2025 performance year has been estimated for the Restricted Shares, using fair value estimates based on inputs at 31 December 2025.

228 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 E. Other items E.2 EMPLOYEE BENEFITS (CONT.) The number of awards and movements for all share plans are summarised as follows: Number of performance awards Employee plans Executive plans 4 4 WEP SWEP Short-term awards Long-term awards Year ended 31 December 2025 Opening balance 11,763,078 457,570 1,551,668 2,449,046 1,2,3 Granted during the year 5,492,943 66,486 1,405,321 661,432 Vested during the year (2,941,963) (360,416) (570,338) (337,761) Forfeited during the year (482,636) (11,526) (224,927) (934,223) Awards at 31 December 2025 13,831,422 152,114 2,161,724 1,838,494 US$m US$m US$m US$m Fair value of awards granted during the year 65 1 21 8 Number of performance awards Employee plans Executive plans 4 4 WEP SWEP Short-term awards Long-term awards Year ended 31 December 2024 Opening balance 9,125,440 1,556,573 1,066,237 2,696,552 1,2,3 Granted during the year 5,188,220 48,179 918,543 364,378 Vested during the year (1,833,896) (1,038,583) (231,156) (250,149) Forfeited during the year (716,686) (108,599) (201,956) (361,735) Awards at 31 December 2024 11,763,078 457,570 1,551,668 2,449,046 US$m US$m US$m US$m Fair value of awards granted during the year 70 1 18 8 1. For the purpose of valuation, the share price on grant date for the 2025 WEP allocations was $11.85 (2024: $13.54). 2. For the purpose of valuation, the share price on grant date for the 2025 SWEP allocations was $12.89 (2024: $16.04). 3. For the purpose of valuation, the share price on grant date for Restricted Shares was $15.21 and $14.37 (2024: $19.74 and $19.33) and Performance Rights was $9.14 (2024: $12.89). 4. Includes awards issued under Executive Incentive Plan (EIP), EIS and PBP Plus. Short-term awards relate to awards with a vesting period of less than five years. Long-term awards relate to awards with a vesting period of five years. For more detail on these share plans and Performance Rights issued to KMPs, refer to the Remuneration Report.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 229 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 E. Other items E.3 RELATED PARTY TRANSACTIONS E.5 EVENTS AFTER THE END OF THE REPORTING PERIOD The Group’s related party transactions are predominantly with associates of the Group. During the period, the transactions Except for the matters disclosed in Note A.3, no events have with related parties include purchases of goods/services of occurred after the reporting date that would materially affect the $26,949 thousand (2024: $42,162 thousand), sale of goods/ amounts or disclosures in these financial statements. services of $6,309 thousand (2024: $5,720 thousand) and dividend income of $25,572 thousand (2024: $14,776 thousand). As at E.6 JOINT ARRANGEMENTS 31 December 2025, the total amounts owing to related parties is nil (2024: $2,015 thousand) and amounts owing from related (a) Interest percentage in joint ventures parties is $1,946 thousand (2024: $92 thousand). Group interest % The Group is party to contractual arrangements with Driftwood Entity Principal activity 2025 2024 Pipeline LLC that outline future obligations associated with the North West Shelf Gas Contract 33.33 3 3.33 development and use of transportation services. Refer to Note Pty Ltd administration B.9(a). These arrangements include commitments that become services for venturers for LNG sales to Japan. binding once specified milestones and conditions are met. Marketing and All transactions to/from related parties are made at arm’s administration services for venturers length (normal market rates and on normal commercial terms). for gas processing. There were no transactions with directors during the year, North West Shelf Liaison for venturers — 33.33 other than directors' fees. Key management personnel Liaison Company Pty in the sale of LNG to 1 compensation is disclosed in Note E.2(b). Ltd the Japanese market. China Administration Contract 3 3.33 33.33 E.4 AUDITOR REMUNERATION Company Pty Ltd administration services for venturers The auditor of Woodside Energy Group Ltd is for LNG sales to China. PricewaterhouseCoopers Australia (PwC). North West Shelf LNG vessel fleet — 33.33 Shipping Service advisor. 2025 2024 2023 2 Company Pty Ltd US$000 US$000 US$000 North West Shelf Lifting Allocating, scheduling 33.33 33.33 Auditors of the Group Coordinator Pty Ltd and administering the lifting of LNG and Amounts received or due and pipeline gas. receivable to: 1. Entity was deregistered on 29 August 2025. PricewaterhouseCoopers 2. Entity was deregistered on 20 September 2025. (Australia) Audit and review of financial reports 5,591 5,472 6,510 Assurance services 132 140 138 Assurance services required by legislation to be provided by the auditor 444 399 — Other assurance and agreed upon procedures services 184 204 332 Tax services — 10 — Other overseas member firms of PricewaterhouseCoopers (Australia) Audit of the financial reports of controlled entities 2,217 1,961 1,557 Tax services 391 760 1,081 8,959 8,946 9,618

230 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 E. Other items The principal activities of the joint operations are exploration, E.6 JOINT ARRANGEMENTS (CONT.) development and production of hydrocarbons. (b) Interest percentage in joint operations 1 Group Interest % Significant estimates and judgements 2025 2024 Producing and developing assets (a) Accounting for interests in other entities Judgement is required in assessing the level of control obtained in a Australia transaction to acquire an interest in another entity. Depending upon Scarborough 7 4.9 74.9 the facts and circumstances in each case, Woodside may obtain North West Shelf 25.0 - 66.7 25.0 - 66.7 control, joint control or significant influence over the entity or Greater Enfield and Vincent 60.0 60.0 arrangement. Judgement is applied when determining the relevant Pluto 9 0.0 90.0 activities of a project and if joint control is held over it. Pluto Train 2 5 1.0 51.0 Relevant activities include, but are not limited to, work program and Wheatstone 13.0 - 65.0 13.0 - 65.0 budget approval, investment decision approval, voting rights in joint operating committees, amendments to permits and changes to joint Bass Strait 25.0 - 50.0 25.0 - 50.0 arrangement participant holdings. Transactions which give Woodside Macedon 7 1.4 71.4 control of a business are business combinations. If Woodside obtains Pyrenees 40.0 - 71.4 40.0 - 71.4 joint control of an arrangement, judgement is also required to assess International whether the arrangement is a joint operation or a joint venture. Sangomar 8 2.0 82.0 If Woodside has neither control nor joint control, it may be in a position to exercise significant influence over the entity, which is then Atlantis 44.0 4 4.0 accounted for as an associate. Mad Dog 2 3.9 2 3.9 Shenzi 72.0 7 2.0 Trion 60.0 60.0 2 Recognition and measurement Greater Angostura — 45.0 - 68.5 Joint arrangements are arrangements in which two or more Exploration and evaluation assets parties have joint control. Joint control is the contractual agreed Oceania sharing of control of the arrangement which exists only when Browse Basin 30.6 30.6 decisions about the relevant activities require unanimous consent Carnarvon Basin 31.6 - 70.0 31.6 - 70.0 of the parties sharing control. Joint arrangements are classified Bonaparte Basin 26.7 - 35.0 26.7 - 35.0 as either a joint operation or joint venture, based on the rights and obligations arising from the contractual obligations between Africa the parties to the arrangement. Congo 22.5 2 2.5 Senegal 90.0 90.0 To the extent the joint arrangement provides the Group with 3 Egypt 27.0 - 40.0 25.0 - 45.0 rights to the individual assets and obligations arising from the joint arrangement, the arrangement is classified as a joint Americas 4 operation, and as such the Group recognises its: US Gulf of America 17.5 - 75.0 23.9 - 75.0 Liard 50.0 50.0 • assets, including its share of any assets held jointly; Kitimat 50.0 5 0.0 • liabilities, including its share of any liabilities incurred jointly; Asia • revenue from the sale of its share of the output arising from Myanmar 45.0 45.0 the joint operation; Sunrise 33.4 3 3.4 • share of revenue from the sale of the output by the joint Caribbean operation; and Barbados 60.0 60.0 • expenses, including its share of any expenses incurred jointly. Calypso 7 0.0 70.0 To the extent the joint arrangement provides the Group with rights Other Joint Operations to the net assets of the arrangement, the investment is classified as Angel CCS 2 0.0 20.0 a joint venture and accounted for using the equity method. Bonaparte Basin CCS 2 1.0 21.0 Joint arrangements acquired which are deemed to be carrying on a Pluto LNG Trucking 50.0 5 0.0 business are accounted for applying the principles of AASB 3/IFRS 3 5 NeoSmelt 20.0 — Business Combinations. Joint arrangements which are not deemed 1. Certain arrangements included in the table are unincorporated contractual arrangements to be carrying on a business are treated as asset acquisitions. under which the Group has direct rights to specific assets and obligations for specific liabilities. Accordingly, the Group recognises its proportionate share of interest in those assets, liabilities, revenues, and expenses in accordance with the contractual arrangements. 2. The Group divested its interests in the Angostura and Ruby fields in 2025. 3. The Red Sea Block 1 licence in Egypt expired in 2025. 4. Various licences were assigned or relinquished/expired in 2025. 5. The Group joined the NeoSmelt project in 2025.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 231 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 E. Other items E.7 PARENT ENTITY INFORMATION Country of Name of entity incorporation Notes 2025 2024 Woodside Energy (Canada LNG) Limited Canada (4) Woodside Energy (Canada PTP) Limited Canada (4) US$m US$m KM LNG Operating General Partnership Canada (11) Woodside Energy Group Ltd: KM LNG Operating Ltd Canada (4) Current assets — 162 Australia (2,3,4) Woodside Energy Holdings Pty Ltd Non-current assets 37,206 34,062 Woodside Energy Holdings (USA) Inc United States (4) Current liabilities (115) — Woodside Energy (USA) Inc United States (4) Non-current liabilities (1,162) (1,027) Gryphon Exploration Company United States (4) Net assets 35,929 33,197 United States (4) Woodside Energy Holdings (NA) LLC Issued and fully paid shares 29,036 29,001 Woodside Energy (LA) Holdings Inc. United States (4) Woodside Energy (LA) Investments LLC United States (4,17) Reserved shares (82) (58) Woodside Energy (LA) Production Holdings United States (4) Employee benefits reserve 141 136 United States (4) Woodside Energy (LA) Production LLC Foreign currency translation reserve 296 296 Woodside Energy (LA) Production United States (4) Distributable profits reserve 5,557 3,069 Investments LLC Retained earnings 981 753 Woodside Energy (LA) OpCo LLC United States (4) Woodside Energy (LA) Capital Holdings LLC United States (4) Total shareholders equity 35,929 33,197 Woodside Energy (LA) Operating LLC United States (4) Profit of parent entity 4,728 1,558 United States (4) Louisiana LNG Expansion LLC Total comprehensive income of parent entity 4,728 1,558 Louisiana LNG Expansion II LLC United States (4) Louisiana LNG LLC United States (6) Guarantees Louisiana LNG Gas Management LLC United States (4) Woodside Energy Group Ltd, Woodside Energy Ltd, Woodside Energy United States (7) Louisiana LNG Infrastructure LLC Global Holdings Pty Ltd, Woodside Burrup Pty Ltd, Woodside Energy Louisiana LNG Common Facilities LLC United States (4) Woodside Energy (LA) Corporate Services United States (4) Julimar Pty Ltd, Woodside Energy Scarborough Pty Ltd, Woodside Woodside Energy (LA) Asset Services LLC United States (4) Energy Holdings Pty Ltd, Woodside Energy Global Pty Ltd, Woodside United States (4) Woodside Energy (LA) Services LLC Energy (Australia) Pty Ltd, Woodside Energy (Bass Strait) Pty Ltd and Woodside Energy (LA) Management LLC United States (4) Woodside Energy (North West Shelf) Pty Ltd are parties to a Deed of Delhi Connector LLC United States (4) Cross Guarantee as disclosed in Note E.8(c). Woodside Energy (LA) Trading LLC United States (4) United Kingdom (4) Woodside Energy (LA) Marketing Ltd The effect of the Deed is that each company has guaranteed to Woodside Energy (LA) Trading UK Ltd. United Kingdom (4) pay any deficiency in the event of winding up of any of the other Woodside Energy (LA) Singapore Pte Ltd Singapore (4) companies that are party to the Deed under certain provisions Woodside Energy (LA) UK Ltd United Kingdom (4) of the Corporations Act 2001. United States (4) Woodside Energy (LA) Supply LLC PT Woodside Energy Indonesia Indonesia (8) Woodside Energy Group Ltd has guaranteed the discharge Woodside Energy (Cameroon) SARL Cameroon (4) by a subsidiary company of its financial obligations under debt Woodside Energy (Gabon) Pty Ltd Australia (2,4) facilities disclosed in Note C.2. Woodside Energy Group Ltd has Australia (2,4) Woodside Energy (Malaysia) Pty Ltd guaranteed certain obligations of subsidiaries to unrelated Woodside Energy (Ireland) Pty Ltd Australia (2,4) parties on behalf of their performance in contracts. No liabilities Woodside Energy (Korea) Pte Ltd Singapore (4) are expected to arise from these guarantees. Woodside Energy (Korea II) Pte Ltd Singapore (4) Singapore (4) Woodside Energy (Myanmar) Pte Ltd E.8 SUBSIDIARIES Woodside Energy (Morocco) Pty Ltd Australia (2,4) Woodside Energy (New Zealand) Limited New Zealand (4) (a) Subsidiaries Woodside Energy Holdings (New Zealand) Limited New Zealand (4) Australia (2,4) Woodside Energy (Peru) Pty Ltd Country of Woodside Energy (Tanzania) Limited Tanzania (9) Name of entity incorporation Notes Woodside Energy (Norge) Pty Ltd Australia (2,4) Ultimate Parent Entity Woodside Energy Holdings II Pty Ltd Australia (2,4) Australia (1,2,3) Woodside Energy Group Ltd Australia (2,4) Woodside Power Pty Ltd Subsidiaries Woodside Power (Generation) Pty Ltd Australia (2,4) Company name Woodside Energy Holdings (South America) Pty Ltd Australia (2,4) Woodside Energy Ltd Australia (2,3,4) Woodside Energia (Brasil) Apoio Administrativo Brazil (10) Australia (2,4) Woodside Browse Pty Ltd Australia (2,4) Woodside Energy Holdings (UK) Pty Ltd Woodside Burrup Pty Ltd Australia (2,3,4) Woodside Energy (UK) Limited United Kingdom (4) Burrup Facilities Company Pty Ltd Australia (5) Woodside Energy Finance (UK) Limited United Kingdom (4) Burrup Train 1 Pty Ltd Australia (5) Woodside Energy (Congo) Limited United Kingdom (4) Australia (5) Pluto LNG Pty Ltd United Kingdom (4) Woodside Energy (Bulgaria) Limited Woodside Burrup Train 2 A Pty Ltd Australia (2,4) Woodside Energy Holdings (Senegal) Limited United Kingdom (4) Woodside Energy (Karratha Services) Pty Ltd Australia (2,4) Woodside Energy (Senegal) B.V. Netherlands (4) Woodside Energy (LNG Fuels and Power) Pty Ltd Australia (2,4) Woodside Energy (France) SAS France (4) Australia (2,4) Woodside Energy (Domestic Gas) Pty Ltd Spain (4) Woodside Energy Iberia S.A. Woodside Energy (Algeria) Pty Ltd Australia (2,4) Woodside Energy (N.A.) Limited United Kingdom (4) Woodside Energy Australia Asia Holdings Pte Ltd Singapore (4) Woodside Energy (Namibia) Limited United Kingdom (4) Woodside Energy Holdings International Pty Ltd Australia (2,4) Woodside Energy Services (Qingdao) Co Ltd China (4) Canada (4) Woodside Energy International (Canada) Limited

232 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 E. Other items E.8 SUBSIDIARIES (CONT.) Country of Country of Name of entity incorporation Notes Name of entity incorporation Notes Australia (2,3,4) Mexico (16) Woodside Energy Julimar Pty Ltd Woodside Petróleo Operaciones de México, S. de R.L. de C.V. Woodside Energy Technologies Pty Ltd Australia (2,4,18) Australia (2,3,4) Woodside Energy (Australia) Pty Ltd Woodside Technology Solutions Pty Ltd Australia (2,4) Woodside Energy (International Exploration) Pty Ltd Australia (2,4) Woodside Energy Scarborough Pty Ltd Australia (2,3,4) Woodside Energy (Bass Strait) Pty Ltd Australia (2,3,4) Australia (2,4) Woodside Energy Carbon Holdings Pty Ltd Woodside Energy (Victoria) Pty Ltd Australia (2,4) Woodside Energy Carbon (Assets) Pty Ltd Australia (2,4) United States (2,4) Woodside Energy Holdings LLC Woodside Energy Carbon (Services) Pty Ltd Australia (2,4) Woodside Energy (Canada) Corporation Canada (4) Woodside Energy (Financial Advisory Services) Pty Ltd Australia (2,4) Koolbardi Pte Ltd Singapore (2,4) Singapore (4) Woodside Energy Trading Singapore Pte Ltd WelCap Insurance Pte Ltd Singapore (4) 1. Woodside Energy Group Ltd is the ultimate holding company and the head entity within the tax consolidated group. Woodside Energy Shipping Singapore Pte Ltd Singapore (4) 2. These companies were members of the Australian tax consolidated group at 31 December 2025. Metasource Pty Ltd Australia (2,4) 3. These companies were parties to the Deed of Cross Guarantee at 31 December 2025. India (12) LakesEntrance Private Limited 4. All subsidiaries are wholly owned except those referred to in Notes 5 to 16. Mermaid Sound Port and Marine Services Pty Ltd Australia (2,4) 5. Kansai Electric Power Australia Pty Ltd and MidOcean Pluto Pty Ltd each hold a 5% interest in the shares of these subsidiaries. These subsidiaries are controlled. Woodside Finance Limited Australia (2,4) 6. Williams Louisiana LNG LLC holds a 10% interest in the shares of Louisiana LNG LLC, a subsidiary Woodside Petroleum (Timor Sea 19) Pty Ltd Australia (2,4) controlled by the Group. Australia (2,4) 7. Stonepeak Wallaby I Acquiror LP holds a 57% interest in the shares of Louisiana LNG Infrastructure Woodside Petroleum (Timor Sea 20) Pty Ltd LLC, a subsidiary controlled by the Group. Stonepeak’s non-controlling interest (NCI) percentage is Woodside Petroleum Holdings Pty Ltd Australia (2,4,19) based on the proportion of total contributions to date and will fluctuate during the construction phase. The NCI percentage is expected to revert to 40% when the project starts generating revenue. Woodside Energy Global Holdings Pty Ltd Australia (2,3,4) 8. As at 31 December 2025, Woodside Energy Holdings Pty Ltd held a 99% interest in the shares of Woodside Energy Global Pty Ltd Australia (2,3,4) PT Woodside Energy Indonesia. Woodside Energy Ltd held the remaining 1% interest. Mexico (13) Perdido Mexico Pipeline Holdings, S.A. de C.V. 9. As at 31 December 2025, Woodside Energy Holdings Pty Ltd held >99.99% interest in the shares of Woodside Energy (Tanzania) Limited and Woodside Energy Ltd held the remaining interest. Perdido Mexico Pipeline, S. de R.L. de C.V. Mexico (13) 10. As at 31 December 2025, Woodside Energy Holdings (South America) Pty Ltd held 87.64% interest Woodside Energy Investments Pty Ltd Australia (2,4) in the shares of Woodside Energia (Brasil) Apoio Administrativo Ltda and Woodside Energy Ltd Woodside Energia Brasil Investimentos Ltda. Brazil (14) held the remaining interest. 11. As at 31 December 2025, Woodside Energy International (Canada) Limited and Woodside Energy Brazil (14) Woodside Energia Brasil Exploração e (Canada LNG) Limited were the general partners of the KM LNG Operating General Partnership Produção Ltda. holding a 99.99% and 0.01% partnership interest, respectively. Country of incorporation reflects United Kingdom (4) the place of formation. Woodside Energy (Great Britain) Limited 12. As at 31 December 2025, Woodside Energy Ltd held 99%interest in the shares of LakesEntrance Woodside Energy (North West Shelf) Pty Ltd Australia (2,3,4,19) Private Limited. Woodside Energy Holdings Pty Ltd held the remaining 1% interest. Woodside Energy USA Operations Inc United States (15) 13. As at 31 December 2025, Woodside Energy Global Holdings Pty Ltd held a 99.99% interest in shares of Perdido Mexico Pipeline Holdings, S.A. de C.V. Woodside Energy Investments Pty Ltd Hamilton Brothers Petroleum Corporation United States (4) held the remaining 0.01% interest. As at 31 December 2025, Perdido Mexico Pipeline Holdings S.A. United States (4) Hamilton Oil Company LLC de C.V. held a 99.99% interest in shares of Perdido Mexico Pipeline S. de R.L. de C.V. Woodside Woodside Energy (North America) LLC United States (4) Energy Investments Pty Ltd held the remaining 0.01% interest. 14. As at 31 December 2025, Woodside Energy Investments Pty Ltd held a 99.97% interest in shares Woodside Energy (Americas) Inc. United States (4) of Woodside Energia Brasil Investimentos Ltda. Woodside Energy Global Holdings Pty Ltd held the Woodside Energy (GOM) Inc. United States (4) remaining 0.03% interest. As at 31 December 2025, Woodside Energia Brasil Investimentos Ltda. held >99.99% interest in shares of Woodside Energia Brasil Exploração e Produção Ltda. Woodside United States (4,20) Woodside Energy Hawaii Inc. Energy Global Holdings Pty Ltd held the remaining interest. Woodside Energy Resources Inc. United States (4) 15. As at 31 December 2025, Woodside Energy Global Holdings Pty Ltd held 90% voting interest and 37.67% interest in shares of Woodside Energy USA Operations Inc. Woodside Energy Holdings LLC Woodside Energy Holdings (Resources) Inc. United States (4) held the remaining 10% voting interest and 62.33% interest in shares. Woodside Energy USA Services Inc. United States (4) 16. As at 31 December 2025, Woodside Energy (Mexico) Limited held a 99% interest in shares of United States (4) Woodside Energy Marketing Inc. Woodside Energía Servicios Administrativos, S. de R.L. de C.V., Woodside Energía Servicios de México, S. de R.L. de C.V. and Operaciones Conjuntas, S. de R.L. de C.V. and 99.99% interest in shares Woodside Energy (Deepwater) Inc. United States (4,21) of Woodside Energía Holdings de México, S. de R.L. de C.V. Woodside Energy (Mexico Holdings) LLC Woodside Energy (USA New Energy Holdings) United States (4) held the remaining 1% and 0.01% interests. As at 31 December 2025, Woodside Energía Holdings de México, S. de R.L. de C.V. held a 99% interest in shares of Woodside Petróleo Operaciones de México, Beaumont New Ammonia LLC United States (4) S. de R.L. de C.V. Woodside Energy (Mexico Holdings) LLC held the remaining 1% interest. United States (4) Woodside Energy (H2 Oklahoma) LLC 17. As at 31 December 2025, Woodside Energy (LA) Investments LLC held 20.00% of the shares in Driftwood Pipeline LLC. This investment has been accounted for as an investment in associate. Woodside Energy (Foreign Exploration Holdings) United States (4) 18. As at 31 December 2025, Woodside Energy Technologies Pty Ltd held 16.17% of the shares in Blue Woodside Energy (Trinidad Block 3) Limited United Kingdom (4) Ocean Seismic Services Limited and 25.32% of the shares in Oakbio Inc which are accounted for as Woodside Energy (Trinidad Block 5) Limited United Kingdom (4) investments in associate. 19. As at 31 December 2025, Woodside Energy (North West Shelf) Pty Ltd and Woodside Petroleum United Kingdom (4) Woodside Energy (Trinidad Block 6) Limited Holdings Pty Ltd each held 16.67% of the shares in International Gas Transportation Company Woodside Energy (Trinidad Block 7) Limited United Kingdom (4) Limited. This investment has been accounted for as an investment in associate. Woodside Energy (Trinidad Block 14) Limited United Kingdom (4) 20. As at 31 December 2025, Woodside Energy Hawaii Inc held 14.96% of the shares in Iwilei District Participating Parties LLC which is accounted for as an investment in associate. Woodside Energy (Trinidad Block 23A) Limited United Kingdom (4) 21. As at 31 December 2025, Woodside Energy (Deepwater) Inc held 25.00% of the shares in United Kingdom (4) Woodside Energy (Trinidad Block 23B) Limited Caesar Oil Pipeline Company LLC, 22.00% of the shares in Cleopatra Gas Gathering Company LLC and 13.08% of the shares in Marine Well Containment Company LLC. These are accounted Woodside Energy (Trinidad Block 28) Limited United Kingdom (4) for as investments in associates. Woodside Energy (Trinidad Block 29) Limited United Kingdom (4) Woodside Energy (Bimshire) Limited United Kingdom (4) Classification United Kingdom (4) Woodside Energy (Egypt) Limited Subsidiaries are all the entities over which the Group has the Woodside Energy (Carlisle Bay) Limited United Kingdom (4) power over the investee such that the Group is able to direct the Woodside Energy (Mexico) Limited United Kingdom (4) Woodside Energía Servicios Administrativos, Mexico (16) relevant activities; has exposure, or rights, to variable returns S. de R.L. de C.V. from its involvement with the investee; and has the ability to Woodside Energía Servicios de México, S. de Mexico (16) use its power over the investee to affect the amount of the R.L. de C.V. investor’s returns. Woodside Energy (Mexico Holdings) LLC United States (4) Operaciones Conjuntas, S. de R.L. de C.V. Mexico (16) Woodside Energía Holdings de México, S. de Mexico (16) R.L. de C.V.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 233 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 E. Other items E.8 SUBSIDIARIES (CONT.) (b) Subsidiaries with material non-controlling interests 2025 2024 2023 US$m US$m US$m The Group has two Australian subsidiaries and two International Louisiana LNG Infrastructure LLC subsidiaries with material non-controlling interests (NCI). Current assets 260 — — Non-current assets 5,402 — — Principal place % held Current liabilities (318) — — Name of entity of business by NCI NCI parties Non-current liabilities (86) — — Burrup Facilities Company Australia 10.00% Kansai Electric Net assets 5,258 — — Pty Ltd Power Australia Pty Ltd and MidOcean Accumulated balance of NCI 2,989 — — Pluto Pty Ltd Revenue — — — Burrup Train 1 Pty Ltd Australia 10.00% Kansai Electric Profit — — — Power Australia Pty Profit allocated to NCI — — — Ltd and MidOcean Dividends paid to NCI — — — Pluto Pty Ltd Operating 9 — — Louisiana LNG United States 56.84% Stonepeak Investing (3,631) — — 1 Infrastructure LLC Financing 3,774 — — Louisiana LNG LLC United States 1 0.00% Williams Net increase/(decrease) in cash and 152 — — cash equivalents 1. The non-controlling interest in Louisiana LNG Infrastructure LLC is measured at its Louisiana LNG LLC proportionate share of the subsidiary’s net assets. The proportion of net assets each member is entitled to upon liquidation varies prior to operations commencement. Prior to this Current assets 118 — — milestone, entitlements are determined in proportion to the cumulative capital contributions Non-current assets 2,331 — — made by each member. The NCI percentage is expected to revert to 40% when the project commences operations. Current liabilities (143) — — Non-current liabilities (37) — — The summarised financial information (including consolidation Net assets 2,269 — — adjustments but before intercompany eliminations) of Accumulated balance of NCI 227 — — subsidiaries with material NCI is as follows: Revenue — — — Profit (2) — — 2025 2024 2023 Profit allocated to NCI — — — US$m US$m US$m Dividends paid to NCI — — — Burrup Facilities Company Pty Ltd Operating 1 — — Current assets 288 332 513 Investing (1,714) — — Non-current assets 4,810 5,069 5,020 Financing 1,780 — — Current liabilities (38) (51) (58) Net increase/(decrease) in cash and Non-current liabilities (544) (553) (568) cash equivalents 67 — — Net assets 4,516 4,797 4,907 Accumulated balance of NCI 452 480 491 (c) Deed of Cross Guarantee and Closed Group Revenue 386 873 839 The following entities are parties to a Deed of Cross Guarantee Profit 76 450 400 under which each company guarantees the debts of the other: Profit allocated to NCI 8 45 40 Dividends paid to NCI (36) (56) (51) • Woodside Energy Group Ltd Operating 241 549 570 • Woodside Energy Ltd Investing (69) (47) (58) Financing (172) (502) (512) • Woodside Energy Global Holdings Pty Ltd Net increase/(decrease) in cash and • Woodside Burrup Pty Ltd — — — cash equivalents Burrup Train 1 Pty Ltd • Woodside Energy Julimar Pty Ltd Current assets 225 291 453 • Woodside Energy Scarborough Pty Ltd Non-current assets 2,729 3,009 2,806 Current liabilities (39) (239) (121) • Woodside Energy Holdings Pty Ltd Non-current liabilities (306) (322) (341) • Woodside Energy Global Pty Ltd Net assets 2,609 2,739 2,797 • Woodside Energy (Australia) Pty Ltd Accumulated balance of NCI 261 274 280 Revenue 764 1,448 1,393 • Woodside Energy (Bass Strait) Pty Ltd Profit 117 284 222 • Woodside Energy (North West Shelf) Pty Ltd Profit allocated to NCI 11 28 22 Dividends paid to NCI (25) (34) (31) These entities represent a Closed Group for the purposes of Operating 48 497 321 the ASIC Corporations (Wholly-owned Companies) Instrument Investing (336) (242) (80) 2016/785 and the Deed of Cross Guarantee. Financing 288 (255) (241) Net increase/(decrease) in cash and For the year ended 31 December 2025, Woodside Energy Ltd, — — — cash equivalents Woodside Burrup Pty Ltd, Woodside Energy Julimar Pty Ltd, Woodside Energy (Australia) Pty Ltd, Woodside Energy (Bass Strait) Pty Ltd and Woodside Energy (North West Shelf) Pty Ltd have relied on relief from the Corporations Act 2001 requirements for the preparation, audit and publication of accounts.

234 Woodside Energy Annual Report 2025 Notes to the financial statements for the year ended 31 December 2025 E. Other items E.8 SUBSIDIARIES (CONT.) (c) Deed of Cross Guarantee and Closed Group (cont.) The consolidated income statement and consolidated statement of financial position of the members of the Closed Group are set out below: 2025 2024 US$m US$m Closed Group Consolidated Income Statement and Statement of Retained Earnings Profit before tax 1,256 3,984 Tax expense (812) (96) Profit after tax 444 3,888 Retained earnings/(losses) at the beginning of the financial year 2,360 (128) Other comprehensive income 2 — Transfer of retained earnings to distributable profits reserve (4,500) (1,400) Retained (losses)/earnings at the end of the financial year (1,694) 2,360 Closed Group Consolidated Statement of Financial Position Current assets Cash and cash equivalents 329 926 Receivables 1,732 2,086 Inventories 376 358 Other financial assets 216 167 Tax receivable 21 256 Other assets 27 25 Total current assets 2,701 3,818 Non-current assets Receivables 802 691 Inventories 15 17 Other financial assets 37,495 38,633 Exploration and evaluation assets 47 52 Property, plant and equipment 16,845 16,715 Deferred tax assets 1,564 1,402 Lease assets 383 439 Intangible assets 3,056 3,067 Other assets 31 67 Total non-current assets 60,238 61,083 Total assets 62,939 64,901 Current liabilities Payables 1,563 2,211 Other financial liabilities 34 156 Provisions 1,002 911 Tax payable 256 189 Lease liabilities 67 95 Other liabilities 855 689 Total current liabilities 3,777 4,251 Non-current liabilities Payables 18,469 18,829 Deferred tax liabilities 183 214 Other financial liabilities 212 379 Provisions 4,924 4,211 Lease liabilities 473 484 Other liabilities 401 524 Total non-current liabilities 24,662 24,641 Total liabilities 28,439 28,892 Net assets 34,500 36,009 Equity Issued and fully paid shares 29,036 29,001 Reserved shares (82) (58) Other reserves 7,240 4,706 Retained (losses)/earnings (1,694) 2,360 Total equity 34,500 36,009

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 235 I FINANCIAL PERFORMANCE N Notes to the financial statements for the year ended 31 December 2025 E. Other items (b) New standards and interpretations E.9 OTHER ACCOUNTING POLICIES New and amended accounting standards adopted (a) Summary of other material accounting policies A number of amended standards became applicable for the Australia tax consolidation current reporting period. The Group did not make any significant The parent and its wholly owned Australian controlled entities changes to its accounting policies and did not make retrospective have elected to enter a tax consolidation, with Woodside Energy adjustments as a result of adopting these amended standards. Group Ltd as the head entity of the tax consolidated group. These amendments did not materially impact the accounting The members of the Australian tax consolidated group are policies or amounts disclosed in the year end financial identified in Note E.8(a). statements of the Group. The tax expense/benefit, deferred tax liabilities and deferred tax New standards and interpretations not yet adopted assets arising from temporary differences of the members of the Certain new accounting standards, amendments to accounting tax consolidated group are recognised in the separate financial standards and interpretations have been published that are not statements of the members of the tax consolidated group, using mandatory for the 31 December 2025 reporting period and have the stand-alone approach. not been early adopted by the Group: Entities within the tax consolidated group have entered into a tax • AASB 18/IFRS 18 Presentation and Disclosure in Financial funding arrangement and a tax sharing agreement with the head Statements will replace AASB/IAS 101 Presentation of entity. Under the tax funding agreement, Woodside Energy Group financial statements, introducing new requirements that will Ltd and each of the entities in the tax consolidated group have help to achieve comparability of the financial performance of agreed to pay or receive a tax equivalent payment to or from the similar entities and provide more relevant information and head entity, based on the current tax liability or current tax asset transparency to users. Even though AASB 18/IFRS 18 will not of the entity. impact the recognition or measurement of items in the The tax sharing agreement entered into between members of the financial statements, its impacts on presentation and tax consolidated group provides for the determination of the disclosure are expected to be pervasive, particularly those allocation of income tax liabilities between the entities, should the related to the consolidated income statement and providing head entity default on its tax payment obligations. No amounts management-defined performance measures within the have been recognised in the financial statements in respect of financial statements. Management is currently assessing the this agreement as payment of any amounts under the tax sharing detailed implications of applying the new standard on the agreement is considered remote. Group’s financial statements. The Group will apply the new standard from its mandatory effective date of 1 January 2027. US tax consolidation Retrospective application is required. The Group has two separate USA Tax Consolidation Groups as at • Amendments to AASB/IFRS 7 & AASB/IFRS 9 Classification 31 December 2025: and Measurement of Financial Instruments introducing an • Woodside Energy USA Operations Inc. and its wholly owned option to derecognise financial liabilities that are settled via USA controlled entities have elected to file a consolidated tax electronic transfer before the settlement date. The return, with Woodside Energy USA Operations Inc. as the amendments also provide additional guidance on the parent of the tax consolidated group (USA TCG 1). assessment of whether contractual cash flows of certain • Woodside Energy Holdings (USA) Inc. and its wholly owned financial assets meet the “solely payments of principal and USA controlled entities have elected to file a consolidated tax interest” (SPPI) criterion, including assets with terms that return, with Woodside Energy Holdings (USA) Inc. as the may alter the timing or amount of cash flows, assets with parent of the tax consolidated group. The consolidated tax non‑recourse features, and contractually linked instruments. return will include the subsidiaries acquired as part of the In addition, the amendments introduce new disclosure Tellurian acquisition from acquisition date. Deferred tax requirements for financial instruments with contractual terms assets and liabilities arising from temporary differences that allow cash flows to change in response to events not within this consolidated group have been recognised to the directly related to basic lending risks. Management is extent that they do not meet the initial recognition exemption currently assessing the detailed implications of applying the in relation to the Tellurian acquisition (USA TCG 2). new standard on the Group’s financial statements. The Group will apply the new standard from its mandatory effective date The tax expense/benefit, deferred tax liabilities and deferred tax of 1 January 2026. assets arising from temporary differences of the members of the tax consolidated group are computed on a separate company basis. Entities within the tax consolidated group have entered into a tax sharing agreement. Under the tax sharing agreement, the tax liability for the consolidated group or the utilisation of tax attributes are settled periodically between the members of the group. The tax sharing agreement between members of the tax consolidated group has no overall impact on the financial statements.

236 Woodside Energy Annual Report 2025 Consolidated entity disclosure statement As at 31 December 2025 In accordance with the requirements of subsection 295(3A) of the Corporations Act 2001, the table below sets out the consolidated entity disclosure statement of Woodside Energy Group Ltd and its controlled entities as at 31 December 2025. Body corporates Tax residency Country of Percentage of Australian or Foreign 1 Name of entity Type of entity incorporation share capital held foreign jurisdiction Ultimate Parent Entity Woodside Energy Group Ltd Body corporate Australia 1 00% Australian N/A Subsidiaries 2 Woodside Energy Ltd Body corporate Australia 1 00% Australian N/A 2 Woodside Browse Pty Ltd Body corporate Australia 1 00% Australian N/A 2 Woodside Burrup Pty Ltd Body corporate Australia 1 00% Australian N/A Burrup Facilities Company Pty Ltd Body corporate Australia 90% Australian N/A Burrup Train 1 Pty Ltd Body corporate Australia 90% Australian N/A Pluto LNG Pty Ltd Body corporate Australia 90% Australian N/A 2 Woodside Burrup Train 2 A Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy (Karratha Services) Pty Ltd Body corporate Australia 1 00% Australian N/A 2 Woodside Energy (LNG Fuels and Power) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy (Domestic Gas) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy (Algeria) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy Australia Asia Holdings Pte Ltd Body corporate Singapore 1 00% Foreign Singapore Woodside Energy Holdings International Pty Ltd Body corporate Australia 100% Australian N/A 2,3 Woodside Energy International (Canada) Limited Body corporate Canada 1 00% Foreign Canada 3 Woodside Energy (Canada LNG) Limited Body corporate Canada 1 00% Foreign Canada Woodside Energy (Canada PTP) Limited Body corporate Canada 1 00% Foreign Canada 4 KM LNG Operating General Partnership Partnership N/A N/A Foreign Canada 2 KM LNG Operating Ltd Body corporate Canada 100% Foreign Canada Woodside Energy Holdings Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy Holdings (USA) Inc Body corporate United States 1 00% Foreign United States Woodside Energy (USA) Inc Body corporate United States 1 00% Foreign United States Gryphon Exploration Company Body corporate United States 1 00% Foreign United States Woodside Energy Holdings (NA) LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Holdings Inc. Body corporate United States 100% Foreign United States Woodside Energy (LA) Investments LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Production Holdings LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Production LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Production Investments LLC Body corporate United States 100% Foreign United States Woodside Energy (LA) OpCo LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Capital Holdings LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Operating LLC Body corporate United States 100% Foreign United States Louisiana LNG Expansion LLC Body corporate United States 1 00% Foreign United States Louisiana LNG Expansion II LLC Body corporate United States 1 00% Foreign United States Louisiana LNG LLC Body corporate United States 90% Foreign United States Louisiana LNG Gas Management LLC Body corporate United States 1 00% Foreign United States Louisiana LNG Infrastructure LLC Body corporate United States 43% Foreign United States Louisiana LNG Common Facilities LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Corporate Services LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Asset Services LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Services LLC Body corporate United States 100% Foreign United States Woodside Energy (LA) Management LLC Body corporate United States 1 00% Foreign United States Delhi Connector LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Trading LLC Body corporate United States 1 00% Foreign United States Woodside Energy (LA) Marketing Ltd Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energy (LA) Trading UK Ltd. Body corporate United Kingdom 1 00% Foreign United Kingdom Woodside Energy (LA) Singapore Pte Ltd Body corporate Singapore 1 00% Foreign Singapore Woodside Energy (LA) UK Ltd Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energy (LA) Supply LLC Body corporate United States 1 00% Foreign United States PT Woodside Energy Indonesia Body corporate Indonesia 1 00% Foreign Indonesia Woodside Energy (Cameroon) SARL Body corporate Cameroon 100% Foreign Cameroon Woodside Energy (Gabon) Pty Ltd Body corporate Australia 100% Australian N/A Woodside Energy (Malaysia) Pty Ltd Body corporate Australia 100% Australian N/A Woodside Energy (Ireland) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy (Korea) Pte Ltd Body corporate Singapore 1 00% Foreign Singapore Woodside Energy (Korea II) Pte Ltd Body corporate Singapore 1 00% Foreign Singapore 2 Woodside Energy (Myanmar) Pte Ltd Body corporate Singapore 1 00% Foreign Singapore

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 237 I FINANCIAL PERFORMANCE N Consolidated entity disclosure statement As at 31 December 2025 Body corporates Tax residency Country of Percentage of Australian or Foreign 1 Name of entity Type of entity incorporation share capital held foreign jurisdiction Woodside Energy (Morocco) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy (New Zealand) Limited Body corporate New Zealand 1 00% Foreign New Zealand Woodside Energy Holdings (New Zealand) Limited Body corporate New Zealand 100% Foreign New Zealand 2 Woodside Energy (Peru) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy (Tanzania) Limited Body corporate Tanzania 1 00% Foreign Tanzania Woodside Energy (Norge) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy Holdings II Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Power Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Power (Generation) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy Holdings (South America) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energia (Brasil) Apoio Administrativo Ltda Body corporate Brazil 100% Foreign Brazil Woodside Energy Holdings (UK) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy (UK) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom Woodside Energy Finance (UK) Limited Body corporate United Kingdom 100% Foreign United Kingdom 2 Woodside Energy (Congo) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom Woodside Energy (Bulgaria) Limited Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energy Holdings (Senegal) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom 2 Woodside Energy (Senegal) B.V. Body corporate Netherlands 1 00% Foreign Netherlands Woodside Energy (France) SAS Body corporate France 1 00% Foreign France Woodside Energy Iberia S.A. Body corporate Spain 100% Foreign Spain Woodside Energy (N.A.) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom Woodside Energy (Namibia) Limited Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energy Services (Qingdao) Co Ltd Body corporate China 1 00% Foreign China 2 Woodside Energy Julimar Pty Ltd Body corporate Australia 100% Australian N/A Woodside Energy Technologies Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Technology Solutions Pty Ltd Body corporate Australia 100% Australian N/A 2 Woodside Energy Scarborough Pty Ltd Body corporate Australia 100% Australian N/A Woodside Energy Carbon Holdings Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy Carbon (Assets) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy Carbon (Services) Pty Ltd Body corporate Australia 100% Australian N/A Woodside Energy (Financial Advisory Services) Pty Ltd Body corporate Australia 100% Australian N/A Woodside Energy Trading Singapore Pte Ltd Body corporate Singapore 100% Foreign Singapore WelCap Insurance Pte Ltd Body corporate Singapore 1 00% Foreign Singapore Woodside Energy Shipping Singapore Pte Ltd Body corporate Singapore 100% Foreign Singapore Metasource Pty Ltd Body corporate Australia 100% Australian N/A LakesEntrance Private Limited Body corporate India 100% Foreign India Mermaid Sound Port and Marine Services Pty Ltd Body corporate Australia 100% Australian N/A Woodside Finance Limited Body corporate Australia 1 00% Australian N/A 2 Woodside Petroleum (Timor Sea 19) Pty Ltd Body corporate Australia 1 00% Australian N/A 2 Woodside Petroleum (Timor Sea 20) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Petroleum Holdings Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy Global Holdings Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy Global Pty Ltd Body corporate Australia 1 00% Australian N/A Perdido Mexico Pipeline Holdings, S.A. de C.V. Body corporate Mexico 1 00% Foreign Mexico Perdido Mexico Pipeline, S. de R.L. de C.V. Body corporate Mexico 100% Foreign Mexico Woodside Energy Investments Pty Ltd Body corporate Australia 100% Australian N/A Woodside Energia Brasil Investimentos Ltda. Body corporate Brazil 100% Foreign Brazil Woodside Energia Brasil Exploração e Produção Ltda. Body corporate Brazil 1 00% Foreign Brazil Woodside Energy (Great Britain) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom 2 Woodside Energy (North West Shelf) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy USA Operations Inc Body corporate United States 1 00% Foreign United States Hamilton Brothers Petroleum Corporation Body corporate United States 1 00% Foreign United States Hamilton Oil Company LLC Body corporate United States 100% Foreign United States Woodside Energy (North America) LLC Body corporate United States 1 00% Foreign United States Woodside Energy (Americas) Inc. Body corporate United States 1 00% Foreign United States Woodside Energy (GOM) Inc. Body corporate United States 100% Foreign United States Woodside Energy Hawaii Inc. Body corporate United States 100% Foreign United States Woodside Energy Resources Inc. Body corporate United States 100% Foreign United States Woodside Energy Holdings (Resources) Inc. Body corporate United States 1 00% Foreign United States Woodside Energy USA Services Inc. Body corporate United States 1 00% Foreign United States Woodside Energy Marketing Inc. Body corporate United States 100% Foreign United States 2 Woodside Energy (Deepwater) Inc. Body corporate United States 1 00% Foreign United States Woodside Energy (USA New Energy Holdings) LLC Body corporate United States 1 00% Foreign United States

238 Woodside Energy Annual Report 2025 Consolidated entity disclosure statement As at 31 December 2025 Body corporates Tax residency Country of Percentage of Australian or Foreign 1 Name of entity Type of entity incorporation share capital held foreign jurisdiction Beaumont New Ammonia LLC Body corporate United States 1 00% Foreign United States Woodside Energy (H2 Oklahoma) LLC Body corporate United States 1 00% Foreign United States Woodside Energy (Foreign Exploration Holdings) LLC Body corporate United States 1 00% Foreign United States Woodside Energy (Trinidad Block 3) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom Woodside Energy (Trinidad Block 5) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom 2 Woodside Energy (Trinidad Block 6) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom Woodside Energy (Trinidad Block 7) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom 2 Woodside Energy (Trinidad Block 14) Limited Body corporate United Kingdom 100% Foreign United Kingdom 2 Woodside Energy (Trinidad Block 23A) Limited Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energy (Trinidad Block 23B) Limited Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energy (Trinidad Block 28) Limited Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energy (Trinidad Block 29) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom 2 Woodside Energy (Bimshire) Limited Body corporate United Kingdom 100% Foreign United Kingdom 2 Woodside Energy (Egypt) Limited Body corporate United Kingdom 1 00% Foreign United Kingdom 2 Woodside Energy (Carlisle Bay) Limited Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energy (Mexico) Limited Body corporate United Kingdom 100% Foreign United Kingdom Woodside Energía Servicios Administrativos, S. de R.L. de C.V. Body corporate Mexico 1 00% Foreign Mexico Woodside Energía Servicios de México, S. de R.L. de C.V. Body corporate Mexico 100% Foreign Mexico Woodside Energy (Mexico Holdings) LLC Body corporate United States 100% Foreign United States Operaciones Conjuntas, S. de R.L. de C.V. Body corporate Mexico 100% Foreign Mexico Woodside Energía Holdings de México, S. de R.L. de C.V. Body corporate Mexico 1 00% Foreign Mexico 2 Woodside Petróleo Operaciones de México, S. de R.L. de C. V. Body corporate Mexico 100% Foreign Mexico 2 Woodside Energy (Australia) Pty Ltd Body corporate Australia 1 00% Australian N/A Woodside Energy (International Exploration) Pty Ltd Body corporate Australia 1 00% Australian N/A 2 Woodside Energy (Bass Strait) Pty Ltd Body corporate Australia 1 00% Australian N/A 2 Woodside Energy (Victoria) Pty Ltd Body corporate Australia 1 00% Australian N/A 5 Woodside Energy Holdings LLC Body corporate United States 1 00% Australian United States Woodside Energy (Canada) Corporation Body corporate Canada 1 00% Foreign Canada Koolbardi Pte Ltd Body corporate Singapore 1 00% Australian N/A Trusts 2013 Woodside Equity Plans Trust Trust N/A 1 00% Australian N/A 1. Residency for Australian tax purposes has been determined in accordance with the Commissioner of Taxation’s existing public guidance, including Taxation Ruling TR 2018/5 and Practical Compliance Guideline PCG 2018/9. 2. Entities or its branches are participants of joint ventures or joint operations. 3. Entity is a partner in the KM LNG Operating General Partnership. 4. The partners of this partnership are incorporated in Canada. 5. Treated as a partnership for Australian tax purposes.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 239 I FINANCIAL PERFORMANCE N Directors’ declaration In accordance with a resolution of Directors of Woodside Energy Group Ltd, we state that: 1. In the opinion of the Directors: (a) the financial statements and notes thereto, comply with Australian Accounting Standards and the Corporations Act 2001; (b) the financial statements and notes thereto give a true and fair view of the financial position of the Group as at 31 December 2025 and of the performance of the Group for the financial year ended 31 December 2025; (c) the financial statements and notes thereto also comply with International Financial Reporting Standards as disclosed in the “About these statements” section within the notes to the 2025 Financial Statements; (d) the consolidated entity disclosure statement required by subsection 295(3A) of the Corporations Act 2001 disclosed on pages 236-238 is true and correct; (e) there are reasonable grounds to believe that Woodside Energy Group Ltd will be able to pay its debts as and when they become due and payable; and (f) there are reasonable grounds to believe that the members of the Closed Group identified in Note E.8 will be able to meet any obligations or liabilities which they are or may become subject to, by virtue of the Deed of Cross Guarantee. 2. This declaration has been made after receiving the declarations required to be made to the Directors in accordance with Section 295A of the Corporations Act 2001 for the year ended 31 December 2025. For and on behalf of the Board R J Goyder, AO Chair of the Board Melbourne, Victoria 24 February 2026

240 Woodside Energy Annual Report 2025 Independent auditor’s report

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 241 I FINANCIAL PERFORMANCE N

242 Woodside Energy Annual Report 2025

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 243 I FINANCIAL PERFORMANCE N

244 Woodside Energy Annual Report 2025

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 245 I FINANCIAL PERFORMANCE N

246 Woodside Energy Annual Report 2025 6.1 Supplementary information on oil and gas – unaudited In accordance with the requirements of the Financial Accounting Standards Board (FASB) Accounting Standard Codification “Extractive Activities – Oil and Gas” (Topic 932) and US SEC set out in Subpart 1200 of Regulation S-K, the Group is presenting certain disclosures about its oil and gas activities. These disclosures are presented below as supplementary oil and gas information, in addition to information relating to the reserves and production disclosed in Section 3.8 of this report. The information set out in this section is referred to as unaudited as it is not included in the scope of the audit opinion of the independent auditor on Woodside’s financial statements. Reserves Proved oil and gas reserves information is included in Section 3.8 – Reserves and Resources Statement. Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs related to oil and gas exploration and production activities, and the related accumulated depreciation, depletion, amortisation and valuation provisions. Australia International Total US$m US$m US$m 2025 Unproved properties 1,370 1,009 2,379 1 Proved properties 56,226 21,108 77,334 Total costs 57,596 22,117 79,713 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (31,432) (8,153) (39,585) Net capitalised costs 26,164 13,964 40,128 2024 Unproved properties 1,358 895 2,253 1 Proved properties 54,189 20,032 74,221 Total costs 55,547 20,927 76,474 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (30,244) (5,936) (36,180) Net capitalised costs 25,303 14,991 40,294 2023 Unproved properties 1,193 1,109 2,302 1 Proved properties 52,563 18,039 70,602 Total costs 53,756 19,148 72,904 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (27,548) (3,994) (31,542) Net capitalised costs 26,208 15,154 41,362 1. Proved properties include the fair value ascribed to future phases of certain projects acquired through business combinations.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 247 I FINANCIAL PERFORMANCE N Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows the costs incurred related to oil and gas property acquisition, exploration and development activities (expensed and capitalised). Amounts shown include interest capitalised. Australia International Total US$m US$m US$m 2025 1 Exploration 51 212 263 2 Development 2,562 1,475 4,037 3 Total costs 2,613 1,687 4,300 2024 1 Exploration 61 358 419 Development 3,072 1,714 4,786 3 Total costs 3,133 2,072 5,205 2023 1 Exploration 103 420 523 Development 3,315 2,124 5,439 3 Total costs 3,418 2,544 5,962 1. Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. 2. Total development costs includes $3,552 million of expenditure and $485 million of capitalised interest in 2025. 3. Total costs include $4,121 million (2024: $4,885 million, 2023: $5,683 million) capitalised during the year.

248 Woodside Energy Annual Report 2025 6.1 Supplementary information on oil and gas – unaudited Results of operations from oil and gas production activities Australia International Total US$m US$m US$m 2025 Oil and gas revenue 7,188 4,069 11,257 Production costs (1,115) (637) (1,752) Exploration expenses (34) (149) (183) 1 Depreciation, depletion, amortisation and valuation provision (2,438) (2,591) (5,029) 2 Production taxes (200) (24) (224) 3 Accretion expense (214) (66) (280) Income taxes (1,043) (278) (1,321) 4 Royalty-related taxes (358) — (358) 5 Results of oil and gas producing activities 1,786 324 2,110 2024 Oil and gas revenue 8,276 3,412 11,688 Production costs (1,147) (579) (1,726) Exploration expenses (47) (282) (329) 1 Depreciation, depletion, amortisation and valuation provision (2,679) (1,857) (4,536) 2 Production taxes (287) (29) (316) 3 Accretion expense (223) (66) (289) Income taxes (1,140) (249) (1,389) 4 Royalty-related taxes (91) — (91) 5 Results of oil and gas producing activities 2,662 350 3,012 2023 Oil and gas revenue 9,699 2,564 12,263 Production costs (1,396) (402) (1,798) Exploration expenses (55) (299) (354) 1 Depreciation, depletion, amortisation and valuation provision (3,288) (2,555) (5,843) 2 Production taxes (363) (29) (392) 3 Accretion expense (179) (58) (237) Income taxes (1,449) — (1,449) 4 Royalty-related taxes (367) — (367) 5 Results of oil and gas producing activities 2,602 (779) 1,823 1. Includes valuation provision recognition of nil (2024: a valuation provision recognition of nil; 2023: a valuation provision recognition of $1,917 million). 2. Includes royalties and excise duty. 3. Represents the unwinding of the discount on the closure and rehabilitation provision. 4. Includes petroleum resource rent tax and petroleum revenue tax where applicable. Excludes deferred tax (benefit)/expense of $(9) million (2024: $(487) million; 2023: $531 million). 5. This table reflects the results of our oil and gas activities as reported in note A.1 ‘Segment revenue and expenses’ in Section 5.1 – Financial Statements. Other income, other expenses, general and administrative costs and amounts relating to the marketing and corporate segments within the note are excluded.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 249 I FINANCIAL PERFORMANCE N Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (standardised measure) The following tables set out the standardised measure of discounted future net cash flows, and changes therein, related to the Group’s estimated proved reserves as presented in the Reserves and Resources Statement, and should be read in conjunction with that disclosure. The analysis is prepared in compliance with FASB Oil and Gas Disclosure requirements, applying certain prescribed assumptions under Topic 932 including the use of unweighted average first-day-of-the-month prices for the previous 12-months, year-end cost factors, currently enacted tax rates and an annual discount factor of 10% to year-end quantities of net proved reserves. Certain key assumptions prescribed under Topic 932 are arbitrary in nature and may not prove to be accurate. The reserve estimates on which the standardised measure is based are subject to revision as further technical information becomes available or economic conditions change. Discounted future net cash flows like those shown below are not intended to represent estimates of fair value. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated future changes in commodity prices, exchange rates, development and production costs as well as alternative discount factors representing the time value of money and adjustments for risk inherent in producing oil and gas. Woodside standardised measure year ended 31 December Australia International Total US$m US$m US$m 2025 Future cash inflows 61,468 31,289 92,757 Future production costs (23,922) (10,048) (33,970) 1 Future development costs (8,956) (5,753) (14,709) Future income taxes (9,080) (2,781) (11,861) Future net cash flows 19,510 12,707 32,217 Discount at 10% per annum (6,927) (5,026) (11,953) Standardised measure 12,583 7,681 20,264 2024 Future cash inflows 67,576 37,800 105,376 Future production costs (24,198) (11,150) (35,348) 1 Future development costs (9,350) (6,766) (16,116) Future income taxes (11,631) (4,776) (16,407) Future net cash flows 22,397 15,108 37,505 Discount at 10% per annum (8,157) (6,493) (14,650) Standardised measure 14,240 8,615 22,855 2023 Future cash inflows 114,168 41,307 155,475 Future production costs (31,945) (11,344) (43,289) 1 Future development costs (10,758) (8,216) (18,974) Future income taxes (27,527) (5,375) (32,902) Future net cash flows 43,938 16,372 60,310 Discount at 10% per annum (20,024) (8,133) (28,157) Standardised measure 23,914 8,239 32,153 1. Future development costs include decommissioning.

250 Woodside Energy Annual Report 2025 6.1 Supplementary information on oil and gas – unaudited Changes in standardised measure are presented in the following table: 2025 2024 2023 US$m US$m US$m Changes in the standardised measure Standardised measure at the beginning of the year 22,855 32,153 54,143 Revisions: Prices, net of production costs (4,995) (12,139) (41,132) Changes in future development costs (2,208) (2,695) (2,288) Revisions of reserves quantity estimates 3,502 1,848 3,156 Accretion of discount 2,876 4,496 8,039 Changes in production timing and other 347 662 (707) Sales of oil and gas, net of production costs (9,362) (9,963) (10,500) Sales of reserves-in-place (107) (3,492) — Previously estimated development costs incurred 4,368 5,061 5,276 Extensions, discoveries, and improved recoveries, net of future costs 495 160 1,174 Changes in future income taxes 2,493 6,764 14,992 Standardised measure at the end of the year 20,264 22,855 32,153 Changes in reserves quantities are shown in Section 3.8 – Reserves and Resources Statement. Accounting for suspended exploratory well costs Expenditure on exploration and evaluation is accounted for in accordance with the area of interest method. Areas of interest are based on a geographical area for which the rights of tenure are current. All exploration and evaluation expenditure, including general permit activity, geological and geophysical costs, and new venture activity costs is expensed as incurred except for the following: • where the expenditure relates to an exploration discovery for which the assessment of the existence or otherwise of economically recoverable hydrocarbons is not yet complete; or • where the expenditure is expected to be recouped through successful exploitation of the area of interest, or alternatively, by its sale. The costs of acquiring interests in new exploration and evaluation licences are capitalised. The costs of drilling exploration wells are initially capitalised pending the results of the well. Costs are expensed where the well does not result in the successful discovery of economically recoverable hydrocarbons and the recognition of an area of interest. Subsequent to the recognition of an area of interest, all further evaluation costs relating to that area of interest are capitalised. Upon approval for the commercial development of an area of interest, accumulated expenditure for the area of interest is transferred to property, plant and equipment. In the consolidated statement of cash flows, those cash flows associated with capitalised exploration and evaluation expenditure, including unsuccessful wells, are classified as cash flows used in investing activities.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 251 I FINANCIAL PERFORMANCE N The following table provides the changes to the capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 31 December 2025, 31 December 2024 and 31 December 2023. 2025 2024 2023 US$m US$m US$m 1 Movement in capitalised exploratory well costs At the beginning of the year 721 668 807 Additions to the capitalised exploratory well costs pending the determination of 80 90 169 proved reserves 2 Capitalised exploratory well costs expensed (5) (8) (4) Capitalised exploratory well costs reclassiﬁed to wells, equipment and facilities based on the (6) (29) (304) determination of proved reserves At the end of the year 790 721 668 1. Suspended exploratory well costs represent capitalised exploration, evaluation and permit acquisition costs. 2. Includes amortisation of licence acquisition costs. The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling. Exploration activity typically involves drilling multiple wells, over a number of years, to fully evaluate and appraise a project. The term “project” as used in this disclosure refers primarily to individual wells and associated exploratory activities. 2025 2024 2023 US$m US$m US$m Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 35 97 71 Exploratory well costs capitalised for a period greater than one year 755 624 597 At the end of the year 790 721 668 2025 2024 2023 Number of projects that have been capitalised for a period greater than one year 7 7 12

252 Woodside Energy Annual Report 2025 6.2 Three-year financial analysis Operating revenue decreased by $195 million, or 1%, to Three-year pricing overview $12,984 million from 2024 to 2025. The decrease was primarily Woodside’s results from operations are significantly influenced due to lower average Brent, WTI and JCC price markers, natural by global energy market conditions. In 2023, gas prices were field decline at NWS and divestment of Greater Angostura assets above historic averages, reflecting the lingering effects of years offset by a full year of Sangomar operations and more third-party of underinvestment and the supply shock caused by Russia’s trades. Operating revenue decreased by $815 million, or 6%, from invasion of Ukraine, though they began to decline following 2023 to 2024. The decrease was primarily due to lower average milder weather and elevated stock levels across Europe. In 2024, Brent, WTI, TTF, and JKM price markers, natural field decline at despite ongoing geopolitical tensions, energy prices were Bass Strait and NWS, Trinidad planned turnaround and reduced range‑bound. Supported by OPEC+ market management, dated third-party trades offset by the start of production at Sangomar. Brent averaged $80/bbl, while LNG prices eased from earlier Cost of sales increased by $947 million, or 13%, to $8,448 million peaks as countries prioritised energy security and maintained from 2024 to 2025, primarily due to a full year of Sangomar storage levels. In 2025, global energy markets stabilised amid operations and more third-party trades offset by lower NWS moderate economic growth. Volatility in the oil price eased over depreciation due to natural field decline and lower royalties, 2025, with increased supply from OPEC+ partially offset by excise and levies driven by lower prices. Cost of sales decreased Chinese stockpiling throughout the year and global geopolitical by $18 million, or nil per cent movement, from 2023 to 2024, risks. Global gas markets remained balanced in 2025, with higher primarily due to fewer external LNG trades and lower royalties, imports into Europe to meet peak energy demand, especially excise and levies driven by lower prices offset by cost of sales during winter, offset by lower imports into Asia due to associated with Sangomar’s first production. Chinese demand. Net other expenses decreased by $660 million, or 57%, to Seasonality $504 million from 2024 to 2025, primarily due to a fair value gain on remeasurement of the Perdaman embedded derivative, gain Woodside’s revenue is exposed to commodity price fluctuations on hedging activities and profit on sale of Greater Angostura through the sale of hydrocarbons. Commodity pricing can assets offset by increased restoration provision estimates at be affected by seasonal energy demand movements in closed sites. Net other expenses decreased by $87 million, or 7%, different markets. from 2023 to 2024, primarily due to a fair value reduction on remeasurement of the Perdaman embedded derivative and Financial results 2025 2024 2023 increased restoration provision estimates at closed sites offset by US$m US$m US$m lower losses on hedging activities and profit on the sell-down of Operating revenue 12,984 13,179 13,994 non-operating interests in Scarborough to LNG Japan and JERA. Cost of sales (8,448) (7,501) (7,519) In 2025, an impairment loss totalling $143 million was recognised Gross profit 4,536 5,678 6,475 on the H2OK Project, compared to no impairment losses in 2024. Other income 948 624 322 An impairment loss totalling $1,917 million was recognised on Other expenses (1,452) (1,788) (1,573) the Shenzi, Wheatstone and Pyrenees assets in 2023. For more Net other expenses (504) (1,164) (1,251) information on impairment refer to Note B.4 Impairment of Impairment losses (143) — (1,917) exploration and evaluation, property, plant and equipment and goodwill in Section 5 – Financial Statements. Impairment reversals — — — Profit before tax and net finance costs 3,889 4,514 3,307 Net finance costs decreased by $105 million, or 72%, to $40 million from 2024 to 2025, primarily due to interest capitalised on the Net finance costs (40) (145) (34) Louisiana LNG and Scarborough projects. Net finance costs increased Total tax expense (1,112) (723) (1,551) by $111 million, or 326%, from 2023 to 2024, primarily due to reduced Profit after tax 2,737 3,646 1,722 average cash in term deposits and higher debt drawdown. Attributable to equity holders of the 2,718 3,573 1,660 parent Total tax expense comprises income tax and petroleum resource rent tax (PRRT). Income tax expense decreased by $51 million, Attributable to non-controlling 19 73 62 interests or 6%, to $763 million from 2024 to 2025, primarily due to lower taxable profit and recognition of a deferred tax asset (DTA) on Profit for the period 2,737 3,646 1,722 Louisiana LNG final investment decision (FID) offset by the recognition of a DTA on Sangomar first production and the tax Woodside’s profit after tax attributable to equity holders of the base associated with the Scarborough sell-down to JERA in 2024. parent decreased to $2,718 million in 2025 from $3,573 million in PRRT expense increased by $440 million, or 484%, to $349 million 2024 and increased compared to $1,660 million in 2023. from 2024 to 2025, primarily due to the PRRT DTA recognised at Pluto in 2024. Income tax expense increased by $161 million, or 25%, from 2023 to 2024, driven by higher taxable profit. PRRT expense decreased by $989 million, or 110%, from 2023 to 2024, primarily due to the movement in a Pluto PRRT DTA which was derecognised in 2023 and reinstated in 2024 due to an increase in forecast assessable income due to higher prices.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 253 I FINANCIAL PERFORMANCE N LNG Volumes, realised prices and operating Revenue from the sale of LNG decreased by $441 million, or 7%, revenues by product to $5,960 million from 2024 to 2025, primarily due to decreases in The following describes movements in Woodside’s operating Brent and JCC price markers and lower volumes due to NWS revenues including a discussion of production volumes, sales natural field decline offset by more third-party trades. volumes and realised prices for the years ended 31 December Revenue from the sale of LNG decreased by $1,764 million, 2025, 2024 and 2023. or 22%, from 2023 to 2024, primarily due to decreases in Brent, JCC JKM and TTF price markers and lower volumes due to NWS Units 2025 2024 2023 natural field decline. 1 Production volumes Pipeline gas LNG Bcf 450.9 487.3 505.0 Pipeline gas Bcf 206.1 219.6 226.3 Revenue from the sale of pipeline gas decreased by $25 million, or 2%, to $1,324 million from 2024 to 2025, primarily due to Crude oil and condensate MMbbl 77.9 63.2 51.8 divestment of Greater Angostura assets offset by higher NGLs MMbbl 5.7 6.6 7.1 Australian demand. Revenue from the sale of pipeline gas 2 Total production MMboe 198.8 193.9 187.2 decreased by $25 million, or 2%, from 2023 to 2024, primarily 3,4 due to Bass Strait natural field decline, planned turnaround Sales volumes and lower prices at Trinidad. 5 LNG Bcf 533.1 550.2 592.7 Pipeline gas Bcf 203.3 215.5 225.7 Crude oil and condensate Crude oil and condensate MMbbl 77.3 63.2 50.3 Revenue from the sale of crude oil and condensate increased by NGLs MMbbl 5.7 6.4 7.1 $370 million, or 8%, to $5,257 million from 2024 to 2025, primarily 2,5 Total sales volumes MMboe 212.2 204.0 201.1 due to a full year of Sangomar operations offset by a decrease in Brent and WTI price markers. 4 Average realised prices Revenue from the sale of crude oil and condensate increased by 5 LNG $/Mcf 11.2 11.6 13.8 $906 million, or 23%, from 2023 to 2024, primarily due to Pipeline gas $/Mcf 6.5 6.3 6.1 Sangomar first production. Crude oil and condensate $/bbl 68.0 77.2 79.0 NGLs NGLs $/bbl 42.2 48.0 39.5 Revenue from the sale of NGLs decreased by $65 million, or 21%, Volume – weighted $/boe 60.2 63.4 68.6 5 average to $241 million from 2024 to 2025, due to lower prices and traded volumes via third party purchases. 3,4 Operating revenue Revenue from the sale of NGLs increased by $25 million, or 9%, LNG $m 5,960 6,401 8,165 from 2023 to 2024, due to higher traded volumes via third Pipeline gas $m 1,324 1,349 1,374 party purchases. Crude oil and condensate $m 5,257 4,887 3,981 Other revenue NGLs $m 241 306 281 Other revenue $m 202 236 193 Other revenue comprises of processing and services tariff revenue received from non-controlling interests and plant processing fees. Operating revenue $m 12,984 13,179 13,994 1. Production volumes for 2025, 2024 and 2023 include 1.2 MMboe, 1.2 MMboe and 1.1 MMboe, respectively, of production from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 2. LNG and Pipeline gas volumes are converted to oil equivalent volumes via a constant conversion factor, which for Woodside is 5.7 billion cubic feet (bcf) of gas per 1 million barrel of oil equivalent (MMboe). Volumes of NGLs, oil and condensate are converted from MMbbl to MMboe on a 1:1 ratio. 3. Sales volumes for 2025, 2024 and 2023 include 18.3 MMboe, 12.3 MMboe and 15.6 MMboe, respectively, of purchased volumes sourced from third parties. These third-party volumes are primarily LNG cargoes purchased from Corpus Christi LNG through a long-term offtake agreement and from the spot market. Sales volumes also include feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 4. Sales volumes differ from production volumes primarily due to the timing of liftings and the exclusion of third-party purchased volumes. Average realised prices and operating revenue include third-party purchased volumes. 5. Sales volumes exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. The 2024 and 2023 comparatives for sales volume and average realised price have been restated to be presented on the same basis.

254 Woodside Energy Annual Report 2025 6.2 Three-year financial analysis Profit before tax and net finance costs increased by $127 million, Performance by segment or 3%, from 2023 to 2024, primarily due to pre-tax impairments Woodside has identified its operating segments based on the incurred in 2023 and profit from the sale of non-operating internal reports that are reviewed and used by the Chief Executive interest in the Scarborough Project, partially offset by Officer to assess performance and allocate resources within the lower prices. business. For more information on our reportable segments, please Production refer to Note A.1 Segment revenue and expenses in Section 5 – Financial Statements. Production volumes for the Australia segment decreased by 8.0 MMboe, or 6%, to 131.5 MMboe from 2024 to 2025, primarily As the Group continues to invest in new energy and integrate due to natural field decline and impact of tropical weather these activities across its operations, changes have been made to at NWS. the way financial information is presented. New energy projects that have reached a final investment decision (FID) are now Production volumes for the Australia segment decreased by reported within either the Australia or International segments, 5.6 MMboe, or 4%, from 2023 to 2024, primarily due to natural depending on their geographical location. field decline at Bass Strait and NWS partially offset by absence of Pluto planned turnaround activities. The Group’s disclosed operating segments have been updated to reflect this change, and the comparative information for 2024 and International 2023 has been restated to ensure consistency of presentation. Financial and operating information for our international The performance of operating segments is evaluated based on operations comparing 2025, 2024 and 2023 is detailed below. profit before tax and net finance costs, and is measured in accordance with Woodside’s accounting policies. Financing Key metric Units 2025 2024 2023 requirements, including cash and debt balances, finance income, Operating revenue $m 4,069 3,405 2,549 finance costs and taxes for Woodside and its subsidiaries are Profit/(loss) before tax and $m 836 601 (808) managed at a Group level. net finance costs Total production MMboe 67.3 54.4 42.1 Australia Average realised prices Detailed below is the financial and operating information for our Pipeline gas $/Mcf 4.5 4.0 4.3 Australian operations comparing 2025, 2024 and 2023. Crude oil and condensate $/bbl 66.9 75.3 76.8 Key metric Units 2025 2024 2023 Natural gas liquids $/bbl 21.4 24.8 21.1 Operating revenue $m 7,501 8,541 9,802 Financial results Profit before tax and net $m 3,118 4,614 4,487 Operating revenue increased by $664 million, or 20%, to finance costs $4,069 million from 2024 to 2025, primarily due to a full year Total production MMboe 131.5 139.5 145.1 of Sangomar operations offset by lower WTI prices. Average realised prices 1 Profit before tax and net finance costs increased by $235 million, LNG $/Mcf 10.6 11.0 13.5 or 39%, to $836 million from 2024 to 2025, primarily due to a full Pipeline gas $/Mcf 6.9 7.1 6.8 year of Sangomar operations, gain on sale of Greater Angostura Crude oil and condensate $/bbl 69.4 78.7 80.0 assets and exploration write offs in 2024. Natural gas liquids $/bbl 47.3 51.2 39.1 Operating revenue increased by $856 million, or 34%, from 2023 1. Sales volumes exclude periodic adjustments reflecting the arrangements governing to 2024, primarily due to the start of production at Sangomar Wheatstone LNG sales. The 2024 and 2023 comparatives for sales volume and average partially offset by planned turnaround and timing of crude lifts realised price have been restated to be presented on the same basis. at Trinidad. Financial results Profit before tax and net finance costs increased by Operating revenue decreased by $1,040 million, or 12%, to $1,409 million, or 174%, from 2023 to 2024, primarily due to $7,501 million from 2024 to 2025, primarily due to lower Brent and the absence of pre-tax impairment of the Shenzi asset of JCC price markers and NWS natural field decline. The section $1,383 million. entitled “Three-year pricing overview” has more information. Profit before tax and net finance costs decreased by $1,496 Production million, or 32%, to $3,118 million from 2024 to 2025, primarily Production volumes for the International segment increased by due to lower operating revenue, profit from the sale of non- 12.9 MMboe, or 24%, to 67.3 MMboe from 2024 to 2025, primarily operating interests in the Scarborough Project in 2024 due to a full year of Sangomar operations offset by divestment of and restoration provision updates. Greater Angostura assets. Operating revenue decreased by $1,261 million, or 13%, from 2023 Production volumes for the International segment increased by to 2024, primarily due to lower LNG realised prices and natural 12.3 MMboe, or 29%, from 2023 to 2024, primarily due to the start field decline of Bass Strait and NWS, partially offset by higher of production at Sangomar. realised prices for pipeline gas and NGL, planned turnaround activities in 2023 and higher Wheatstone mitigation cargoes.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 255 I FINANCIAL PERFORMANCE N Marketing Capital and exploration expenditure Financial and operating information for our marketing operations Woodside’s capital expenditures vary from year to year comparing 2025, 2024 and 2023 is detailed below. depending on the projects that it is undertaking, their stage of development and Woodside’s participating share in Key metric Units 2025 2024 2023 these projects and contractual arrangements with project participants. Operating revenue $m 1,414 1,233 1,643 Profit before tax and net $m 308 427 375 Woodside’s exploration expenditures vary from year to year finance costs depending on its strategic priorities and the exploration projects Average realised prices which it undertakes. LNG $/Mcf 12.9 12.1 13.4 For more information, refer to notes B.1 Segment production and Liquids $/boe 57.9 61.5 78.9 growth assets, B.2 Exploration and evaluation and B.3 Property, plant and equipment in Section 5 – Financial Statements. Financial results Capital and exploration expenditure is an alternative performance Operating revenue increased by $181 million, or 15%, to measure (APM) which is a non-IFRS measure that is unaudited. $1,414 million from 2024 to 2025, primarily due to more Woodside believes this non-IFRS measure provides useful third‑party trades. performance information, however it should not be considered as an indication of, or as a substitute for, statutory measures as an Profit before tax and net finance costs decreased by $119 million, indicator of actual operating performance (such as net profit after or 28%, to $308 million from 2024 to 2025, primarily due to hedge tax or net cash from operating activities) or any other measure of losses and lower average realised price offset by more third- financial performance or position presented in accordance with party trades. IFRS. For more information on non-IFRS measures, including Operating revenue decreased by $410 million, or 25%, from 2023 reconciliations to Woodside’s financial statements, refer to to 2024, primarily due to lower average realised price and fewer Section 6.6 – Alternative performance measures. third-party trades. 1,2 Profit before tax and net finance costs increased by $52 million, Capital and exploration expenditure geographical split or 14%, from 2023 to 2024, primarily due to higher volumes Units 2025 2024 2023 marketed and hedge gains partially offset by lower average Australia $m 2,328 3,284 3,503 realised price. 3,4 International $m 2,577 2,349 2,570 Corporate items Total $m 4,905 5,633 6,073 Financial information for our Corporate items comparing 2025, 1. Includes capital additions on other corporate spend. 2024 and 2023 is detailed below. 2. Capital and exploration expenditure definition has been updated to adjust for evaluation expenditure. The 2024 and 2023 comparatives have been restated to be presented on the same basis. Key metric Units 2025 2024 2023 3. Net of capital contributions from non-controlling interests for the development of Louisiana LNG. Loss before tax and net 4. Capital and exploration expenditure incurred in all other locations excluding Australia. finance costs $m (373) (1,128) (747) Australian capital and exploration expenditure decreased by Loss before tax and net finance costs decreased by $755 million, $956 million, or 29%, to $2,328 million from 2024 to 2025, or 67%, to $373 million from 2024 to 2025, primarily due to a fair primarily due to the lower upstream equity share in 2025 and value gain on remeasurement of the Perdaman embedded milestones achieved in 2024 for the Scarborough project, offset derivative and a gain on hedging activities. by drilling activity at Wheatstone JDP3. Loss before tax and net finance costs increased by $381 million, Australian capital and exploration expenditure decreased by or 51%, from 2023 to 2024, primarily due to a fair value reduction $219 million, or 6%, from 2023 to 2024, primarily due to the sell on remeasurement of the Perdaman embedded derivative. down of non-operating interests in Scarborough partially offset by continued investment in Pluto Train 2 asset. International capital and exploration expenditure increased by $228 million, or 10%, to $2,577 million from 2024 to 2025, primarily due to investment in Louisiana LNG, net of capital contributions from non-controlling interests, as well as the continued investment in Atlantis, Trion and Argos offset by completion of the Sangomar project in 2024. International capital and exploration expenditure decreased by $221 million, or 9%, from 2023 to 2024, primarily due to completion of the Sangomar project in 2024 and Argos Phase 2 in 2023, completion of Shenzi North in 2023 and less drilling activity at Atlantis partially offset by continued investment into the Trion asset.

256 Woodside Energy Annual Report 2025 6.2 Three-year financial analysis Net cash from/(used in) financing activities Cash flow analysis Net cash from financing activities increased $390 million, or 19%, The following section describes movements in Woodside’s cash to $2,491 million from 2024 to 2025, primarily due to cash flows for the years ending 31 December 2025, 2024 and 2023. contributions from Stonepeak and Williams for the Louisiana LNG sell-downs ($2,862 million), lower dividend paid to shareholders Key metric 2025 2024 2023 ($437 million) offset by repayment bilaterial facilities ($1,900 US$m US$m US$m million) and bonds ($1,000 million). Net cash from operating activities 7,192 5,847 6,145 Net cash from financing activities increased by $7,101 million, or Net cash used in investing activities (7,911) (5,747) (5,585) 142%, from 2023 to 2024, primarily due to lower final prior year Net cash from/(used in) financing 2,491 2,101 (5,000) dividend paid to shareholders ($1,804 million) due to the record activities 2022 net profit after tax, issue of two series of unsecured bonds Net increase/(decrease) in cash held 1,772 2,201 (4,440) ($2,000 million), drawdown of syndicated term loan facilities ($1,650 million), drawdown of JBIC Facility ($1,000 million) and Net cash from operating activities drawdown of bilateral facilities ($500 million). Net cash from operating activities increased by $1,345 million, or 23%, to $7,192 million from 2024 to 2025, primarily due to lower income tax and PRRT paid driven by lower realised prices and Australian production volumes, and timing of payments. Net cash from operating activities decreased by $298 million, or 5%, from 2023 to 2024, primarily due to higher payments for restoration ($358 million) and return of collateral on Brent hedges in 2023 ($506 million), offset by lower settled hedge payments ($311 million) and lower income tax paid largely due to a balancing income tax payment in 2023 for record 2022 profits ($361 million). Net cash used in investing activities Net cash used in investing activities increased by $2,164 million, or 38%, to $7,911 million from 2024 to 2025, primarily due to capital spend on the Louisiana LNG project ($3,658 million), Scarborough sell-downs in 2024 and additional debt draw down offset by the acquisitions of Beaumont New Ammonia and Louisiana LNG in 2024. Net cash used in investing activities increased by $162 million, or 3%, from 2023 to 2024, primarily due to the acquisition of Beaumont New Ammonia ($1,896 million) and Louisiana LNG ($1,042 million) offset in part by the Scarborough sell-downs to LNG Japan and JERA Scarborough Pty Ltd ($2,285 million).

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 257 I FINANCIAL PERFORMANCE N 6.3 Additional disclosures Drilling and other exploratory and development activities The number of crude oil and natural gas wells drilled and completed for each of the last three years was as follows: Net exploratory wells Net development wells Productive Dry Total Productive Dry Total Total Year ended 31 December 2025 Australia 0.7 0.7 1.4 2.2 — 2.2 3.6 1 International — 0.3 0.3 1.8 — 1.8 2.1 Total 0.7 1.0 1.7 4.0 — 4.0 5.7 Year ended 31 December 2024 Australia — — — — — — — 2 International — 0.5 0.5 11.0 — 11.0 11.5 Total — 0.5 0.5 11.0 — 11.0 11.5 Year ended 31 December 2023 Australia — 0.7 0.7 0.7 — 0.7 1.4 3 International 0.2 0.4 0.7 6.3 0.4 6.7 7.4 Total 0.2 1.1 1.3 7.0 0.4 7.4 8.8 Small differences are due to rounding 1. International includes United States and Egypt. 2. International includes United States, Senegal, Egypt and Republic of the Congo. 3. International is primarily United States and Trinidad and Tobago. As set out in this section, the number of wells drilled refers to the number of wells completed at any time during the respective year, regardless of when drilling was initiated. Completion refers to the installation of permanent equipment for production of oil or gas, or, in the case of a dry well, to reporting to the appropriate authority that the well has been abandoned. An exploratory well is a well drilled to find oil or gas in a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. A development well is a well drilled within the limits of a known oil or gas reservoir to the depth of a stratigraphic horizon known to be productive. A productive well is an exploratory, development or extension well that is not a dry well. Productive wells include wells in which hydrocarbons were encountered and the drilling or completion of which, in the case of exploratory wells, has been suspended pending further drilling or evaluation. A dry well (hole) is an exploratory, development or extension well that proves to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well. During 2025, productive development wells in Australia included the Lambert West well at the North West Shelf, a development well in the Julimar Phase 3 Project, a Pluto infill well and one well at Bass Strait. Productive development wells in International included two Mad Dog Southwest Extension wells and two Atlantis development wells Exploratory wells in Australia included two near field opportunities drilled as part of the Julimar Phase 3 Project. Exploratory wells in international included a dry exploration well offshore Egypt. Present development activities continuing as of 31 December 2025 The number of wells in the process of drilling and/or completion as of 31 December 2025 was as follows: Exploratory wells Development wells Total Gross Net Gross Net Gross Net Australia — —10.07.110.07.1 1 International 1.0 0.2 2.00.53.00.7 12.07.613.07.8 Total 1.0 0.2 Small differences are due to rounding 1. International is primarily the United States. Development wells in progress in Australia include wells associated with the Scarborough Project, Julimar Phase 3 and Turrum Phase 3. International wells in progress include two Gulf of America development wells and the Bandit exploration well.

258 Woodside Energy Annual Report 2025 6.3 Additional disclosures Oil and gas properties, wells, operations and acreage The following tables show the number of gross and net productive crude oil and natural gas wells as well as total gross and net developed and undeveloped oil and natural gas acreage as at 31 December 2025. A gross well or acre is one in which a working interest is owned, while a net well or acre exists when the sum of fractional working interests owned in gross wells or acres equals one. Productive wells are producing wells and wells mechanically capable of production. Developed acreage comprises leased acres that are within an area by or assignable to a productive well. Undeveloped acreage comprises leased acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil and gas, regardless of whether such acres contain proved reserves. The number of productive crude oil and natural gas wells in which Woodside held an interest at 31 December 2025 was as follows: Crude oil wells Natural gas wells Total Gross Net Gross Net Gross Net Australia 44.0 26.7 146.0 66.7 190.0 93.4 1 International 89.0 44.5 0.0 0.0 89.0 44.5 Total 133.0 71.2 146.0 66.7 279.0 137.9 Small differences are due to rounding 1. International is primarily the United States and Senegal. Of the productive crude oil and natural gas wells, 89 (net: 40) wells had multiple completions. The number of wells with multiple completions refers to wells that have downhole equipment installed that allows zonal insolation or controlled commingling of production as permitted and approved by the applicable regulator. Developed and undeveloped acreage (including both leases and concessions) held at 31 December 2025 is shown in this table. Developed acreage Undeveloped acreage Thousands of acres Gross Net Gross Net Australia 2,441 1,217 1,740 1,135 United States 98 45 276 190 1,2 Other International 176 144 9,290 4,162 2,715 1,406 11,306 5,487 1. Developed acreage in Other International primarily consists of Senegal. 2. Undeveloped acreage in Other International primarily consists of Myanmar (~60%), Egypt (~20%) and Barbados, Republic of the Congo, Ireland, Timor-Leste, Canada and Trinidad and Tobago. Woodside has initiated exits from our Myanmar, Ireland and Barbados positions, totalling approximately 5,820 thousand acres gross (2,874 thousand acres net). Approximately 329 thousand acres gross (121 thousand acres net), 284 thousand acres gross (186 thousand acres net) and 201 thousand acres gross, (192 thousand acres net) of undeveloped acreage will expire in the years ending 31 December 2026, 2027 and 2028 respectively if Woodside does not establish production or take any other action to extend the terms of the licenses and concessions. There are no proved undeveloped reserves associated with the near-term expiring acreage. Delivery commitments Woodside has contracts that require delivery of fixed volumes of crude oil, condensate, natural gas and NGL. Woodside intends to fulfil its short-term and long-term obligations with its production or from purchases of third-party volumes. As of 31 December 2025, delivery commitments were as follows: Natural gas (MMboe) Crude oil (MMbbl) Condensate (MMbbl) NGLs (MMbbl) Year ended 31 December 2026 to 2030 441.6 9.1 1.9 2.6 Thereafter 574.8 — — — Total oil and gas delivery commitments 1,016.4 9.1 1.9 2.6

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 259 I FINANCIAL PERFORMANCE N Production The following table details production by product and geographic location for each of the three years ended 31 December 2025, 2024 and 2023. The volumes are marketable production after deduction of applicable royalties, fuel and flare. Average production costs per unit of production and average sales prices per unit of production has also been included for each of these periods. 1 1 1 Units 2025 2024 2023 Production volumes 2 LNG Australia bcf 446.6 482.2 499.3 International bcf — — — Total LNG bcf 446.6 482.2 499.3 2 Pipeline gas Australia bcf 166.7 159.7 159.6 International bcf 37.5 58.5 65.6 Total pipeline gas bcf 204.2 218.2 225.2 Crude oil and condensate Australia MMbbl 18.7 20.7 22.7 International MMbbl 59.1 42.5 29.1 Total crude oil and condensate MMbbl 77.8 63.2 51.8 Natural gas liquids (NGLs) Australia MMbbl 4.0 5.0 5.7 International MMbbl 1.6 1.6 1.4 Total NGLs MMbbl 5.6 6.6 7.1 Total petroleum products Australia MMboe 130.3 138.3 144.0 International MMboe 67.3 54.4 42.1 Total production MMboe 197.6 192.7 186.1 Average sales price per produced unit LNG Australia US$/Mcf 10.2 11.6 13.4 International US$/Mcf — — — Total LNG US$/Mcf 10.2 11.6 13.4 Pipeline gas Australia US$/Mcf 6.9 7.0 6.8 International US$/Mcf 4.4 3.9 4.4 Total pipeline gas US$/Mcf 6.4 6.2 6.1 Crude oil and condensate Australia US$/bbl 69.6 82.8 70.8 International US$/bbl 65.5 73.9 77.0 Total crude oil and condensate US$/bbl 66.5 77.2 74.3 Natural gas liquids (NGLs) Australia US$/bbl 42.1 57.5 38.3 International US$/bbl 20.5 24.6 22.9 Total NGLs US$/bbl 35.9 38.0 35.2 Total average production cost per produced boe (US$/boe) Australia (US$/boe) $ 8.0 8.2 11.2 International (US$/boe) $ 8.2 10.6 8.5 3 Total average production cost per produced boe (US$/boe) $ 8.1 8.9 10.6 1. Production volumes exclude production from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector (2025: 1.2 MMboe, 2024: 1.2 MMboe, 2023: 1.1 MMboe) 2. LNG and Pipeline gas volumes are converted to oil equivalent volumes via a constant conversion factor, which for Woodside is 5.7 billion cubic feet (Bcf) of gas per 1 million barrel of oil equivalent (MMboe). Volumes of NGLs, oil and condensate are converted from MMbbl to MMboe on a 1:1 ratio. 3. Average production costs per produced boe includes direct and indirect costs relating to production of total hydrocarbons and the foreign exchange effect of translating local currency denominated costs into US dollars but excludes cost to transport produced hydrocarbons to the point of sale, ad valorem and severance taxes.

260 Woodside Energy Annual Report 2025 6.3 Additional disclosures NPAT reconciliation The following table summarises the variance between the 2024 and 2025 results for the contribution of each line item to NPAT. US$m Primary reasons for variance 2024 FY reported NPAT 3,573 Revenue from sale of hydrocarbons Price (1,064) Lower average realised prices. Volume 903 Full period of Sangomar production offset by NWS production and divestment of the Greater Angostura assets. Cost of sales (947) Full period of Sangomar production costs and depreciation. Perdaman embedded derivative 451 Remeasurement of the Perdaman embedded derivative at fair value and accretion on contract liability. Hedging 267 Gains on commodity hedges Restoration movement (141) Restoration provision updates primarily due to Stybarrow, Griffin and Minerva. Impairment losses (143) Pre-tax impairment on the H2OK Project, following the decision to exit the Project. Income tax and PRRT expense (389) Recognition of the Pluto PRRT deferred tax asset (DTA) and Sangomar DTA in 2024 offset by lower taxable profit and recognition of the Louisiana LNG DTA in 2025. Other 208 Lower exploration and gain on sale of the Greater Angostura assets offset by profit on Scarborough sell-downs in 2024 2025 FY reported NPAT 2,718 2025 FY NPAT adjustments (69) Adjusted for the recognition of the Louisiana LNG DTA and the post-tax impairment on the H2OK Project. 2025 FY underlying NPAT 2,649 Employees Quantitative and qualitative disclosures about market risk As of 31 December 2025, Woodside had approximately 4,693 employees, the majority of whom are located in Australia and the In the normal course of business, Woodside is exposed to United States. The decrease in the number of employees from commodity price, foreign currency exchange rate and interest rate 2024 was due to divestment of the Greater Angostura assets, risks that could impact Woodside’s financial position and results of offset partially by the general workforce growth to support operations. Woodside’s risk management strategy with respect to Woodside’s operations and projects. Woodside regularly engages these market risks may include the use of derivative financial with our workforce and supports freedom of association. instruments. Woodside uses derivative contracts to manage Our employees are free to join or not to join a labour union. commodity price volatility, foreign exchange rate volatility on capital Woodside strives to maintain a positive relationship with expenditure plans and interest rate exposure on financing activities. employees and labour unions. Woodside believes that the Actual gains and losses in the future may differ materially from relationship between its management and labour unions is the sensitivity analyses based on changes in the timing and generally positive. amount of commodity price, foreign currency exchange rate and 1,2 interest rate movements and Woodside’s actual exposures and Employment region (number of staff by region) derivatives in place at the time of the change, as well as the 2025 2024 2023 effectiveness of the derivative to hedge the related exposure. Australia 3,717 3,576 3,563 Commodity price risk management Africa and Middle East 25 49 57 Asia 41 87 77 Woodside’s revenues are primarily derived from sales of LNG, crude oil, condensate, pipeline gas and NGLs. Consequently, Caribbean 2 112 105 Woodside’s results of operations are strongly influenced by the Europe 11 19 24 prices it receives for these products, which in the case of oil and Americas 897 875 841 condensate are primarily determined by prevailing crude oil Total 4,693 4,718 4,667 prices and in the case of pipeline gas, NGLs and LNG are primarily Total number of contractors (TPCs) 409 424 474 determined by prevailing crude oil prices as well as some fixed pricing and other price indexes (such as Henry Hub and the Japan 1. Vacation students, cadets and scholarship students are included in relevant metrics where appropriate. Korea Marker). For the year ended 31 December 2025, the majority 2. ‘Secondees in’ are excluded from these metrics; ‘secondees out’ are included. (approximately 67%) of Woodside’s production was attributed to 3. 2025 data aligned to Section 3.8 Sustainability Report natural gas, comprising LNG, NGLs and pipeline gas and the remaining portion (approximately 33%) of Woodside’s production was attributed to oil and condensate.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 261 I FINANCIAL PERFORMANCE N LNG market conditions including, but not limited to, supply and Oil prices can be very volatile, and periods of sustained low demand, are unpredictable and are beyond Woodside’s control. prices could result in changes to Woodside’s carrying value In particular, supply and demand for and pricing of LNG remain assumptions and may also reduce the reported net profit for the sensitive to energy prices, external economic and political factors, relevant period. The price of crude oil may be affected by factors weather, climate conditions, natural disasters (including beyond Woodside’s control. These include worldwide oil supply pandemics), timing of FIDs for new operations, construction and and demand, the level of economic activity in the markets startup and operating costs for new LNG supply, buyer Woodside serves, regional political developments and military preferences for LNG, coal or crude oil and evolving buyer conflicts (including the ongoing Russia–Ukraine conflict), preferences for different LNG price regimes, and the energy weather conditions and natural disasters, conservation and transition. Buyers and sellers of LNG are increasingly more environmental protection efforts, the level of crude oil flexible with the way they transact, and contracts may involve inventories, the ability of OPEC and other major oil-producing or hybrid pricing that is linked to other indices such as the oil-consuming nation to influence global production levels and Intercontinental Exchange Brent Crude deliverable futures prices, sanctions on the production or export of oil, governmental contract (oil price) or the Japanese Crude Cocktail, which is the regulations and actions (including the imposition of taxes), trade average price of customs-cleared crude oil imports into Japan as restrictions, market uncertainty and speculative activities by reported in customs statistics. Typically, only LNG supplied from those who buy and sell oil and gas on the world markets, the United States was based on a component linked to commodity futures trading, availability and capacity of movements in the US Henry Hub plus certain fixed and variable infrastructure, supply chain disruptions, processing facilities and components. This type of pricing structure may become a necessary transportation, the price and availability of new component of the weighted average price into Asia and other technology, the availability and cost of alternative sources of markets. This is since LNG supply and trade has globalised and energy, and the impact of climate change considerations and increasingly the lowest cost supply is setting the floor for long- actions towards energy transition on the demand for key term average global natural gas prices with transportation costs commodities Woodside produces. accounting for regional differences. This marginal supply is While we believe demand for natural gas is part of the energy predominantly from the United States, indirectly pegging global transition, transition to lower-carbon sources of energy in many gas prices and Asian spot LNG prices to the Henry Hub marker parts of the world (driven by environmental, social, governance which could adversely affect the pricing of new LNG contracts and climate change concerns) may affect demand for Woodside’s and potential future price reviews of existing LNG contracts. products including crude oil, natural gas and LNG. In turn, this Tenders may also be used by suppliers and buyers, typically for may affect the price received (or expected to be received) for shorter-term contracts. In addition, long-term LNG contracts these products. Material adverse price impacts (including as typically contain price review mechanisms that sometimes need a result of the energy transition) may affect the economic to be resolved by expert determination or arbitration. The use of performance (including as to margins and cash flows) of, and these independent resolution mechanisms is likely to be more longevity of production from, Woodside’s existing and future prevalent in volatile commodity markets. Alternatives to fossil production assets, and ultimately the financial performance fuel-based products for the generation of electricity (for example, of Woodside. nuclear power and renewable energy sources) are continually It is impossible to predict future crude oil, LNG and natural under development and, if these alternatives continue to gain gas price movements with certainty. A low crude oil price market share, they could also have a material impact on demand environment or declines in the price of crude oil, LNG and natural for LNG, which in turn may negatively impact Woodside’s gas prices, could adversely affect Woodside’s business, results of business, results of operations and financial condition in the operations, and financial condition and liquidity. They could also longer term. negatively impact its ability to access sources of capital, including equity and debt markets. Those circumstances may also adversely impact Woodside’s ability to finance planned capital expenditures, including development projects, and may change the economics of operating certain wells, which could result in a reduction in the volume of Woodside’s reserves. Declines in crude oil, LNG and natural gas prices, especially sustained declines, may also reduce the amount of oil and gas that we can produce economically, reduce the economic viability of planned projects or assets that we plan to acquire or have acquired, and may reduce the expected value and the potential commerciality of exploration and appraisal assets. Those reductions may result in substantial downward adjustments to Woodside’s estimated proved reserves and require additional write-downs of the value of its property, plant and equipment.

262 Woodside Energy Annual Report 2025 6.3 Additional disclosures Sales contracts with the National Gas Company of Trinidad and In addition to the Cyber Resilience Process, the Data, Information Tobago relating to production from Woodside’s Trinidad and and Systems Management process documented within the WMS, Tobago operations were partially linked to ammonia pricing. includes the Woodside Information Technology Systems – In addition, there is a Western Australian domestic gas sales Conditions of Use Procedure. This procedure sets out Woodside’s contract linked to urea pricing. Similar to crude oil, LNG and mandatory conditions applicable to the use of Woodside’s IT, natural gas, it is impossible to predict future ammonia and OT and digital systems. urea prices with certainty. Woodside manages cybersecurity risks utilising the same There can be no assurance that Woodside will successfully Woodside risk management process as described in Section 3.9 – manage its exposure to commodity prices. There is also Risk factors. counterparty risk associated with derivative contracts. If any Our Cyber Resilience Process assurance counterparty to Woodside’s derivative instruments were to default or seek bankruptcy protection, it could subject a larger Woodside’s cybersecurity team engages third-party vendors as percentage of Woodside’s future oil and gas production to price part of our Cyber Resilience Process to perform a variety of changes and could have a negative effect on Woodside’s financial technical assessments such as penetration testing. As part of performance, including its ability to fund future projects. these assessments, the third parties test our internal and Whether Woodside engages in hedging and other oil and gas external defences, and help us with identifying weaknesses and derivative contracts on a limited basis or otherwise, Woodside vulnerabilities within our environment. These assessment will remain exposed to fluctuations in crude oil prices. findings are risk ranked and prioritised for remediation. Woodside’s internal audit team conducts audits on cybersecurity Foreign exchange and interest rate risk management on a biennial basis. The internal audit function engages external Notes A and C in the Notes to the financial statements contain expertise to conduct the audits. The most recent cybersecurity further information on foreign exchange and interest rate risks. audit concluded in 2025. Third-party cybersecurity risk management Cybersecurity Woodside identifies and manages risks from cybersecurity Our Cyber Resilience Process and risk management threats associated with third parties accessing, storing and Woodside’s approach to managing material risks from processing Woodside data. This is done through upfront cybersecurity threats is integrated into our overall risk cybersecurity assessment processes that leverage independently management processes as disclosed in Section 4.1.6 – Risk verified security programs including ISO 27001 certification and management and internal control. SOC 2 Type II compliance, and through contractual terms and conditions. Woodside’s cybersecurity resilience and risk management strategy and process are based on the National Institute of Woodside manages risk of third-party access to Woodside Standards and Technology Cybersecurity Framework. systems through onboarding and induction processes for personnel including mandatory training. Third-party personnel Woodside’s Cyber Resilience Process consists of various accessing Woodside systems are subject to the same cyber Group‑wide policies, procedures and guidelines concerning security controls as Woodside staff. This includes the cybersecurity matters. These documents, published within the requirement to complete annual cybersecurity training and Woodside Management System (WMS), have these aims: additional role-based training if applicable. Higher risk scenarios 1. to design, build and maintain Woodside’s Information such as direct network connectivity from third-party networks Technology (IT), Operational Technology (OT) and Industrial are not permitted. Internet of Things systems with the right cybersecurity Material impact from cybersecurity risks, threats or controls to support confidentiality, integrity and availability. previous cybersecurity incidents 2. to monitor and strengthen Woodside’s cybersecurity posture Cybersecurity threats have the potential to materially affect while preventing, detecting, analysing and responding to Woodside’s business strategy, results of operations and financial cybersecurity incidents. conditions. This risk is described in Section 3.7 – Risk factors. 3. to embed a cybersafe culture across Woodside and foster Woodside continuously monitors its digital information industry collaboration. landscape and has various threat detection measures in place. 4. to enable compliance with all applicable legislation. Woodside is not aware of any cybersecurity incidents or threats The Cyber Resilience Process involves five key activities: that have materially affected or are reasonably likely to materially identify, protect, detect, respond and recover. affect our business strategy, results of operations or financial conditions.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 263 I FINANCIAL PERFORMANCE N Many of the laws and regulations to which we are subject require Cybersecurity governance and internal control us to obtain permits or other authorisations from state or federal As part of its oversight of the Risk Management Policy, the Audit agencies (or both) before initiating exploration, certain drilling, & Risk Committee oversees risks from cybersecurity threats. construction, production, operation, or other activities, and to The Audit & Risk Committee aims to hold at least five regular maintain these permits and compliance with their requirements meetings a year at which cybersecurity risks and the Group’s for ongoing operations. These permits are generally subject to management of such risks are reviewed as part of protest, appeal, or litigation, which can in certain cases delay or those meetings. halt projects and cease production or operation of wells, The identification and direct management of cybersecurity risks pipelines, and other operations. and threats are performed by Woodside’s cybersecurity function, In certain jurisdictions where we have assets, such as Trinidad with subject matter expertise provided as part of our Cyber and Tobago and Senegal, a production sharing contract governs Resilience Process. the relationship between the government and companies The cybersecurity function is led by Woodside’s VP Digital and a (typically referred to as “contractor”) concerning, among other group of competent and experienced cybersecurity professionals. things, how much of the oil and gas extracted from the country Our VP Digital has over a decade of industry experience and as each party will receive. Under production sharing contracts, held multiple technology and business facing roles. the government awards exclusive rights for the execution of exploration, development and production activities to the The Cyber Resilience Process as described previously includes contractor in accordance with the contract’s terms. Generally the monitoring, prevention, detection, mitigation and remediation speaking, the contractor bears the financial risk of the initiative of cybersecurity risks and incidents. to explore, develop and ultimately produce the resource. The Woodside Board and the Audit & Risk Committee are kept When successful, the contractor is permitted to use a specified informed of any material cybersecurity risks and incidents percentage of produced oil and gas to recover its capital and through formal risk registers, briefing papers, internal audit operational expenditures, often called “cost oil”. The remaining reports, periodic reporting in person at Audit & Risk Committee production is split between the government and the contractor at meetings or as required through Woodside’s crisis and a rate determined by the government and set out in the contract. emergency management process. The production sharing contract may also include additional Woodside’s cybersecurity resilience and risk management fiscal terms such as royalties, production bonuses and tax strategy and process are based on the National Institute of treatment, and other contractual terms addressing domestic Standards and Technology Cybersecurity Framework. supply obligations, local content, measurement and valuation. This process is documented within the WMS. Production sharing contracts are bilateral contracts negotiated between the contractor and the government, and so each is Government regulations necessarily on different terms. Woodside’s assets and exploration, development, extraction and Applicable laws and regulations, and any permits that Woodside production and decommissioning operations are subject to a wide is required to obtain under these laws, may obligate Woodside range of laws and regulations imposed by governments and to identify, avoid, mitigate and disclose environmental risks in regulatory bodies. These regulations touch all aspects of our various operational practices, including (among others), through businesses, including how we extract, process and explore for pursuing and obtaining permits before commencing activities; oil and natural gas, and how we conduct our business, including restricting air and water emissions and waste discharges; regulations governing matters related to environmental limiting the type, quantity and concentration of various protection, land rehabilitation, facility decommissioning, substances that can be utilised or released into the environment; occupational health and safety, human rights, the rights and addressing potential or actual impacts to protected flora and interests of Indigenous peoples, competition, foreign investment, fauna species or cultural resources; monitoring or remediating export, marketing of our products, royalties and taxes. contamination under certain circumstances; establishing and following certain inspection, testing, maintenance and The ability to extract and process oil and natural gas is decommissioning protocols; and disclosing certain operational fundamental to our business. In most jurisdictions, where we practices. Moreover, environmental permits required for our operate or have assets, the rights to explore for and to extract operations may be subject to legal challenges by third parties, petroleum deposits are owned by the government. We obtain the and such challenges can materially and adversely affect our right to access the land and extract the product by entering into operations to the extent they delay or prevent obtaining licences or leases with the government that owns the oil or approvals or permits required for our operations, or otherwise natural gas deposit. Usually, the right to explore for oil and require incurring increased costs in order to obtain such natural gas carries with it the obligation to spend a defined approvals or permits. Applicable environmental laws and amount of money on petroleum exploration or to undertake regulations may also dictate amenity considerations relating particular exploration activities. to noise, odour and dust, worker health and community We also rely on governments to grant the rights necessary to notification procedures. transport and treat the extracted petroleum to prepare it for sale. The terms of the right, including the time period of the right, vary depending on the laws of the relevant government or terms negotiated with the relevant government.

264 Woodside Energy Annual Report 2025 6.3 Additional disclosures In addition, from time to time, certain trade sanctions are The National Greenhouse and Energy Reporting (Safeguard adopted by the United Nations (UN) Security Council or various Mechanism) Rule 2015 establishes the Safeguard Mechanism governments, including in the United Kingdom, the United States, that aims to keep certain GHG emissions at or below legislated the European Union (EU), China and Australia against certain limits, known as baselines, for Australia’s largest industrial countries, entities or individuals, that may restrict our ability to facilities. In March 2023, the Safeguard Mechanism (Crediting) sell oil or natural gas to or to purchase goods or services from Amendment Bill 2023 was passed, which applied reforms to the these countries, entities or individuals. Safeguard Mechanism from 1 July 2023 intended to reduce Scope 1 GHG emissions from Australia’s largest industrial This summary focuses on the Australian and United States facilities on a trajectory consistent with achieving Australia’s regulatory regimes, as well as certain regulations in Mexico and GHG emission reduction targets of 43% below 2005 levels by Senegal. It is not a full summary of the regulatory regimes in 2030 and net zero by 2050. those jurisdictions nor is it a complete list of the legislation and regulation that applies to Woodside. Woodside is also subject to There remains uncertainty regarding future changes to climate environmental and other regulations to varying degrees in each change and emissions regulation in Australia and the effect it of the jurisdictions in which it has assets and operations. may have on Woodside’s business. In addition, Australian environmental laws and regulations also Australia include restrictions on air emissions and water discharges In Australia, petroleum exploration and production takes place resulting from the operation of drilling equipment, processing within a legal framework characterised by a division of facilities, pipelines and transport vessels. These laws also responsibilities between the federal and the state or territory regulate the use, management and disposal of hazardous governments. Exploration and production activities conducted materials and general waste; prohibit the clearing of native onshore and within three nautical miles of the territorial sea vegetation without approval; manage biodiversity and manage baseline of the relevant state or territory are the responsibility and authorise impacts to Aboriginal and Torres Strait Islander of the individual state or territory governments. The Australian heritage; and require Woodside to prepare and implement Government has legislative responsibility for Australian offshore safety and environmental management plans. petroleum exploration and production beyond the three nautical Woodside is required to provide bonds or maintain other forms mile territorial sea, which encompasses the area of most of financial assurance for rehabilitation, cleaning-up or pollution relevance to Woodside’s offshore activities. In addition, Woodside prevention work that may be necessary as a result of the has certain onshore operations in Victoria and Western Australia construction, operation, decommissioning or removal of a that are subject to various pieces of state and federal legislation. pipeline or other infrastructure and to report, monitor or remediate contamination under certain circumstances. Woodside Environmental regulation is subject to “strict liability” for oil spills, rendering it liable Woodside’s Australian operations are subject to federal, without regard to potential negligence or fault and may be state and local environmental laws and regulations. For offshore subject to fines and other penalties for breaches of laws, petroleum activities, these laws and regulations generally require regulations, licences or other approvals. an approval before an activity commences, and require that for an activity, environmental risks are identified and controls put in The requirements imposed by environmental laws and place to reduce or eliminate the risks. For exploration drilling and regulations are subject to change and have tended to become seismic activities in the federal jurisdiction, this is outlined in an increasingly rigorous over time. Australia’s key piece of environment plan accepted by NOPSEMA, an independent Commonwealth environmental legislation, the Environment statutory authority. As an operation goes into construction, Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC commissioning and production, an offshore project proposal and Act) was subject to significant reform in 2025, which will largely new or revised environment plan may be required. Subsequent take effect throughout 2026. The EPBC Act reforms are environment plans for each activity are required to be submitted significant, and include changes to decision-making criteria and after an offshore project proposal has been approved. These laws assessment pathways, bilateral agreements with states, and regulations also restrict the type, quantity and concentration territories and other Commonwealth regulators, bioregional of various substances that can be utilised or released into the planning, establishment of an independent Environmental environment in connection with marine and land-based activities; Protection Agency, new enforcement tools and materially limit or prohibit drilling and seismic or production activities in increased maximum penalties. The reforms will have implications and near certain environmentally sensitive or protected areas; for existing EPBC Act decisions, applications and future and impose criminal and civil liabilities for pollution or other assessment processes. Standards, regulations, rulings and unauthorised impacts to the environment resulting from oil, broader guidance material is continuing to be developed by natural gas and petrochemical operations. government and will also have a bearing on the practical implications of the reforms. The National Greenhouse and Energy Reporting Act 2007 (Cth) requires corporations that meet certain reporting thresholds to The modification of existing foreign or domestic laws or report company information about GHG emissions and energy regulations or the adoption of new laws or regulations curtailing production and consumption as part of a single, national exploratory or development drilling for oil and gas for economic, reporting scheme. political, social, environmental or other reasons could have a material adverse effect on Woodside’s business, financial condition or results of operations.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 265 I FINANCIAL PERFORMANCE N Fair Work Act and other related amendments To secure the passage of the Closing Loopholes Act, the Government split the legislation into two tranches, the first Following several years of significant, staged reforms to the passing both Houses on 7 December 2023 and the second on Fair Work Act 2009 (Cth) and other related laws, this year has 1 12 February 2024. seen the practical implementation of the reforms by industry and interpretation by courts and judicial bodies. The changes under the Closing Loopholes Act took effect at In December 2022, the Australian Government passed the Fair different times between December 2023 and August 2025, with Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 both tranches of reforms having now fully commenced operation. (Cth) (SJBP Act) which introduced a raft of amendments into the In 2025, this included the commencement of the criminalising Fair Work Act with phased commencement dates over the course of wage theft provisions on 1 January 2025, which has made the 2023. All key provisions of the SJBP Act have now become effective. intentional underpayment of wages or entitlements a criminal offence. Further, a change relating to model enterprise Key material employment changes to the Fair Work Act arising agreement flexibility, consultation and dispute terms has also from the SJBP Act included expanded rights for employees to now commenced on 26 February 2025, as well as the enforce flexible working arrangements, new restrictions on establishment of a Road Transport Advisory Group. the use of fixed term (including “maximum term”) employment contracts, prohibitions against pay secrecy, expanding the list of Earlier reform matters contained in the first tranche of the protected attributes in the anti-discrimination provisions Closing Loopholes Act included: regulated labour hire (namely, by introducing gender identity, intersex status and arrangement orders (or “same job, same pay” orders) for labour breastfeeding), broadening the ability of employees to extend hire workers; workplace delegate rights (except those relating and request access to unpaid parental leave, and providing to regulated workers); enhanced discrimination protections; additional avenues for workers to seek recourse against sexual amendments regarding conciliation conferences related to harassment. The sexual harassment-related amendments in industrial action; a new federal criminal offence of industrial particular complement the commencement in December 2022 manslaughter; and right of entry changes for union officials of a new positive duty to prevent sexual harassment in the assisting health and safety representatives. Earlier reform Sex Discrimination Act 1984 (Cth), which the Australian Human matters under the second tranche included: changes to Rights Commission has the power to enforce from 12 December intractable bargaining powers, provisions relating to 2023. Additionally, the Australian Human Rights Commission multi‑enterprise agreements, casual employment, the Amendment (Costs Protection) Bill 2024 (Cth) has commenced, definition of employee, workplace delegate rights for regulated a key purpose of which is to reduce the financial barriers for workers and the introduction of a right to disconnect. sexual harassment complainants to bring claims. The “same job, same pay” provisions give the Fair Work Commission the ability to make orders upon application requiring The SJBP Act also introduced a series of significant industrial certain employers that supply their employees to perform labour relations changes to enterprise bargaining, including expanding the (but not a service) for a “regulated host” to pay their employees ability of employees and unions to seek multi-employer enterprise the same rate of pay in an enterprise agreement as employees of agreements, broadening the power of the Fair Work Commission the host who perform work of the same kind covered by the to resolve (through mediation or conciliation) bargaining disputes enterprise agreement. A number of applications for regulated before industrial action is taken and to intervene and make labour hire orders were made in the oil and gas sector this year. workplace determinations where bargaining becomes “intractable”. The new rights for workplace delegates to paid time off to attend Other changes to bargaining introduced by the SJBP Act included training as well as reasonable time and access to employer amendments making it easier for employee bargaining facilities to communicate with eligible union members is also representatives to commence bargaining to renew existing significant as is the new criminal wage theft offence in respect single‑enterprise agreements, changes to the Fair Work of intentional underpayments. Commission’s requirements for approving enterprise agreements (including consideration of whether a proposed More recently, the Fair Work Amendment (Baby Priya’s) Act 2025 agreement has been genuinely agreed to and passes the (Cth) received Royal Assent on 6 November 2025, that added “better‑off-overall” test) and substantially restricting the ability of protections in the Fair Work Act which prohibit an employer from employers to terminate nominally-expired enterprise agreements. refusing or cancelling an employee’s entitlement to employer funded paid parental leave because their child is stillborn or In June 2023, the Fair Work Legislation Amendment dies after birth. (Protecting Worker Entitlements) Act 2023 (Cth) was introduced, bringing further changes to the Fair Work Act. Key changes While this year saw comparatively less reforms to the Fair arising from this Act include the expansion of unpaid parental Work Act, there have been notable court decisions that leave rights (from 1 July 2023) and enshrining superannuation provide guidance on the interpretation of the Fair Work Act. payments as an enforceable National Employment Standard On 6 August 2025, the High Court of Australia handed down its under the Fair Work Act (from 1 January 2024). decision in Helensburgh Coal Pty Ltd v Bartley [2025] HCA 29 A further package of significant reforms is contained in the where it upheld the Fair Work Commission’s findings that the Australian Government’s Fair Work Legislation Amendment employer’s decision to terminate its employees was not a case (Closing Loopholes) Act 2023 (Cth) (Closing Loopholes Act). of genuine redundancy (in the context of an unfair dismissal) because it would have been reasonable to redeploy the employees into the role of contractors engaged by the employer. 1. Fair Work Legislation Amendment (Closing Loopholes No. 2) Act 2024 (Cth).

266 Woodside Energy Annual Report 2025 6.3 Additional disclosures On 20 August 2025, the Full Federal Court handed down its In 2006, in connection with the FID taken in respect of the Pluto decision in Australian Workers’ Union v UGL [2025] FCAFC 107 LNG Project, Woodside entered into an arrangement with the where it ruled that s 323 of the Fair Work Act creates a separate Western Australian State Government to market and make statutory obligation to make payment in full to an employee available for supply a quantity of domestic gas from Pluto, under contract, modern award, or enterprise agreement, provided that Woodside was not required to supply domestic gas resolving some pre-existing uncertainty caused by competing if it is not commercially viable to do so. In January 2021, single judge decisions. On 5 September 2025, Justice Perram Woodside signed a further agreement with the Western delivered the decision in Fair Work Ombudsman v Woolworths Australian State Government in which Woodside agreed to Group Limited & Coles Supermarkets Australia Pty Ltd [2025] market and make available 45.6 PJ of additional domestic gas FCA 1092 where the Federal Court made findings in relation to from its share of NWS Project gas, separate and in addition to the s 323 and set-off and record keeping obligations. 2015 commitment from the NWS Joint Venture. In November 2021, Woodside signed a further domestic gas commitment Woodside continues to review and respond to these numerous agreement with the Western Australian State Government with new employment and industrial relations developments. respect to the Scarborough Project pursuant to which, consistent Moving forward, as these reforms have now taken effect, with the WA Domestic Gas Policy, the Scarborough Joint Venture compliance costs are anticipated to increase in 2026. will make gas equivalent to 15% of its LNG exports available to the domestic market. In January 2021, Woodside signed a further Santos Barossa decision and environment plans domestic gas commitment agreement with the Western In the course of preparing an environment plan, a titleholder is Australian State Government with respect to the Pluto required under the Offshore Petroleum and Greenhouse Gas acceleration project pursuant to which, consistent with the WA Storage (Environment) Regulations 2023 (OPGGS(E)R) to Domestic Gas Policy, Woodside will make gas equivalent to 15% consult with relevant persons. of its LNG exports processed at the NWS Project as part of the In December 2022, the Full Court of the Federal Court of Australia Pluto acceleration project available to the domestic market. handed down its decision in Santos NA Barossa Pty Ltd v Tipakalippa Woodside also has domestic gas commitments in respect to its [2002] FCAFC 193 (Appeal Decision). The Appeal Decision decided interest in the Wheatstone LNG Project under a 2011 agreement certain aspects of the requirements for consultation associated with the Western Australian State Government. with the acceptance of environment plans for offshore petroleum activities by NOPSEMA, as required under the OPGGS(E)R. Additional major legislation and regulations Subsequently, the management authority published a guideline Woodside’s Australian offshore operations beyond coastal waters for industry entitled “Consultation in the course of preparing an are primarily governed by the OPGGSA and related legislation, environment plan”. As a consequence of these events, Woodside which establishes a joint authority whereby relevant Australian has experienced delays in obtaining environment plans for state, territory and federal governments cooperate in the petroleum activities in Commonwealth waters. administration and supervision of petroleum activities in offshore areas beyond coastal waters. The OPGGSA provides for the grant Refer to Section 3.7 – Risk factors for further information on risks of exploration permits, retention leases, production licences, related to government regulations and other legal developments. pipeline licences and facilities licences within the areas of the Domestic gas reservation policy OPGGSA’s jurisdictional operation. Petroleum decommissioning Under a Western Australian State Government policy (WA activities are also subject to the OPGGSA. This includes the Domestic Gas Policy), introduced in 2006, gas equivalent to 15% trailing liability regime, whereby NOPSEMA and the responsible of LNG production from LNG export projects is required to be Commonwealth Minister have the ability to recall any reserved for domestic use as a condition of State approvals titleholders, former titleholders and their respective related required for LNG projects. The policy is typically implemented bodies corporate and “related persons” to undertake through domestic gas commitment agreements entered into decommissioning activities on a title or former title area. Trailing between project proponents and the State, allowing negotiations liability applies to titles that are currently in force as well as to to occur on a case-by-case basis regarding the method by titles that ceased to be in force on or after 1 January 2021. which the LNG project proponents fulfil their domestic gas The Commonwealth government is currently considering commitments, including from alternative sources. further reform to the regulatory framework under the OPGGSA to improve decommissioning and financial Woodside and (where applicable) its joint venture participants have 1 assurance arrangements. domestic gas contractual commitments in place with the Western Australian State Government in respect to the North West Shelf Within the coastal waters, petroleum operations are covered by (NWS), Pluto LNG, Scarborough and Wheatstone projects. In 2015, the relevant state or Northern Territory legislation that is the NWS State Agreement (North West Gas Development substantively similar to the OPGGSA, including the Offshore (Woodside) Agreement 1979) was amended to include a new Petroleum and Greenhouse Gas Storage Act 2010 (Vic) in Victoria domestic gas commitment of 15% (or lesser approved amount) of and the Petroleum and Geothermal Energy Resources Act 1967 total LNG quantity approved for use, supply or sale overseas to (WA) in Western Australia. bring the NWS Project in line with the WA Domestic Gas Policy. 1. Australian Government, Department of Industry, Science and Resources, Offshore Decommissioning Directorate, Offshore decommissioning and financial assurance reforms – Consultation Paper, November 2025.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 267 I FINANCIAL PERFORMANCE N Many of Woodside’s operations rely on pipeline licences to • The Australian Domestic Gas Security Mechanism (ADGSM), transport oil and gas from the point of production to processing established pursuant to the Customs (Prohibited Exports) facilities and relevant markets. As mentioned above, the OPGGSA Regulations 1958 (Cth) and the Customs (Prohibited Exports) also provides for the grant of pipeline licences within the areas of (Operation of the Australian Domestic Gas Security the OPGGSA’s jurisdictional operation. Pipelines within the Mechanism) Guidelines 2023 (Cth), by which the Australian coastal waters of Western Australia are licensed under the Government can require LNG projects to prohibit exports or Petroleum (Submerged Lands) Act 1982 (WA) and pipelines find offsetting sources of gas, to ensure that there are within the coastal waters of Victoria are licensed under the sufficient supplies of natural gas for domestic use. Offshore Petroleum and Greenhouse Gas Storage Act 2010 (Vic). The mechanism is intended to be a measure of last resort Onshore pipelines in Western Australia are licensed under the where market-based solutions and other regulatory Petroleum Pipelines Act 1969 (WA) and onshore pipelines in interventions have failed. The Commonwealth government Victoria are licensed under the Pipelines Act 2005 (Vic). conducted a review of the effectiveness of the ADGSM as part of the 2025 Gas Market Review and will commence work to Woodside is also subject to the following laws, among others: finalise and implement reforms arising from the 2025 Gas 1 • Various petroleum taxes are included, as well as royalties, Market Review. excise taxes, temporary levies, and the PRRT. In relation to • Laws protecting the rights and interests of Aboriginal and PRRT, a PRRT deductions cap applies effective from 1 July 2023. Torres Strait Islanders and their cultural heritage. Since 1992, Relevant LNG projects, which includes Wheatstone and Pluto, Australian common law has recognised that, in certain will be subject to the deductions cap seven years after the circumstances, Aboriginal and Torres Strait Islanders may year of first production or from 1 July 2023, whichever is later. have rights and interests over land and waters in accordance Once the deductions cap applies, the cap limits the use of with their traditional laws and customs. The Native Title Act deductions to offset assessable PRRT income. 1993 (Cth) and complementary state legislation recognise and • Australia’s competition laws contained in the Competition and protect the native title rights and interests of native title Consumer Act 2010 (Cth), which prohibit, among other things, holders and registered native title claimants. Multiple pieces engaging in conduct with the purpose or effect of substantially of Australian state and federal government legislation protect lessening competition, price fixing, cartel conduct, market Aboriginal cultural heritage, rights and access to land in sharing, concerted practices or bid rigging. A new merger Australia and many of these laws are subject to review and control regime commenced on 1 January 2026 following the change to promote greater involvement of Aboriginal and passing of the Treasury Laws Amendment (Mergers and Torres Strait Islanders in decisions that may affect cultural Acquisitions Reform) Act 2024 (Cth). The regime requires heritage and other rights and interests. mandatory notification of transactions which meet defined • The Greater Sunrise Special Regime (GSSR) established thresholds for approval by the Australian Competition and pursuant to the Maritime Boundaries Treaty which came into Consumer Commission. force on 30 August 2019. Woodside holds production sharing • The Competition and Consumer Act is supplemented by the contracts and retention leases covering its petroleum Competition and Consumer (Gas Market Code) Regulations interests within the special regime under joint 2023 (Cth) (Gas Code), which allow for the imposition of gas Australian/Timor-Leste administrative control. price controls in the eastern Australian gas market. The price • The Foreign Acquisitions and Takeovers Act 1975 (Cth), cap may be updated by the Australian Competition and associated regulations and Australia’s Foreign Investment Consumer Commission every two years. The Gas Code also Policy, all of which are intended to encourage foreign introduces a mandatory code of conduct that establishes investment in Australia that is not contrary to the Australian minimum conduct and process standards for commercial national interest. As Woodside is a reporting entity of a critical negotiations for wholesale gas contracts, including good gas asset within the meaning of the Security of Critical faith obligations and a “reasonable pricing” provision. Infrastructure Act 2018 (Cth), it is considered a “national On 15 January 2024, Woodside was granted a conditional security business” under the Foreign Acquisitions and Ministerial exemption pursuant to the Gas Code. The exemption Takeovers Act, meaning that certain investments by foreign relates to the price rules in Division 2 of Part 4 of the Gas investors (including foreign government investors) must be Code. The Commonwealth government conducted a review notified to the Australian Government and require prior of the effectiveness of the Gas Code as part of its 2025 Gas approval from the Australian Treasurer in accordance Market Review and will commence work to finalise and with the Act. 1 implement reforms arising from the 2025 Gas Market Review. 1. Australian Government, Department of Climate Change, Energy the Environment and Water, Department of Industry, Science and Resources, Gas Market Review Report 2025.

268 Woodside Energy Annual Report 2025 6.3 Additional disclosures • There is legislation covering work health and safety in both • State legislation regulates matters such as long service leave state and federal jurisdictions, with separate onshore and and workers’ compensation, as well as anti-discrimination and offshore regulations. These laws aim to protect workers’ equal opportunity matters. health and safety by imposing obligations on parties who are • The OPGGSA also provides the legislative framework for in a position to contribute to the management of workplace CCS and carbon capture utilisation and storage (CCUS) risks, including manufacturers and suppliers of equipment projects in offshore areas beyond coastal waters and the and substances, as well as employers and workers (including grant of assessment permits, holding leases and injection employees and contractors). Among other things, Woodside, licences. The Western Australian petroleum legislation as operator of both onshore and offshore facilities, is required provides for a substantively similar CCS regulatory regime to develop and comply with a comprehensive “safety case” onshore and in the coastal waters of Western Australia. for each facility that describes the facility and provides details On 14 May 2024, the Petroleum Legislation Amendment Act on the hazards and risks associated with the facility, the risk 2024 (WA) was enacted to enable the transportation and controls and the safety management system that will be geological storage of greenhouse gases in Western Australia. used to minimise relevant risks. United States • The Offshore Petroleum and Greenhouse Gas Storage Legislation Amendment (Safety and Other Measures) Act 2024 In the United States, numerous federal agencies regulate (Cth) commenced in June 2025 with measures aimed at specific portions of the industry and Woodside’s US operations. further supporting NOPSEMA’s role in regulating the health The US Federal Government directly regulates the development and safety of offshore workers. of hydrocarbon interests on federal lands, including those in the US Gulf of America and elsewhere in the Outer Continental Shelf. • On 12 June 2025, the Offshore Petroleum and Greenhouse Gas Woodside is also subject to the following laws, regulations and Storage Legislation (Repeal and Consequential Amendments) regulatory agencies, among others. Regulations 2024 (Cth) (2024 Regulations) commenced, repealing the Offshore Petroleum and Greenhouse Gas In addition to the following law and regulations, President Trump Storage (Safety) Regulations 2009 (Cth) and amending the has executed several executive orders, some of which impact the Offshore Petroleum and Greenhouse Gas Storage Act 2006 oil and gas industry. The implementation of tariffs on foreign (Cth). As outlined in its Explanatory Statement, the updated goods and services , or responses to these measures, may also framework introduces enhanced protections for offshore impact the macroeconomic conditions facing the oil and gas workers, including: industry. The Administration has indicated the potential for – express obligations on operators to manage psychosocial further changes to regulations; at this time it is uncertain to risks such as sexual harassment, bullying and harassment; what extent such changes in regulations and tariffs will impact our business. – increased alignment with the Work Health and Safety Act 2011 (Cth); Outer Continental Shelf regulation – streamlined administrative processes; The Outer Continental Shelf Lands Act governs Woodside’s – enhanced reporting requirements for sexual harassment, hydrocarbon activities on federal offshore oil and natural gas bullying and harassment; leases in the Gulf of America. The Act empowers the Department of the Interior, through its agencies the Bureau of Safety and – improved and expanded diving operation coverage; Environmental Enforcement (BSEE), the Bureau of Ocean Energy – a design notification scheme for new production facilities Management (BOEM) and the Office of Natural Resources and new greenhouse gas facilities; Revenue, to administer and create regulations concerning the – disconnection notices to improve transparency when exploration and development of minerals in the outer vessels move to or away from a facility; and continental shelf. – stronger compliance mechanisms. Leases, which contain relatively standardised terms, on the outer continental shelf are awarded under authority of the Act through • Transitional provisions under new regulation 6.7 will scheduled lease sales by BOEM based on competitive bidding and deem safety cases previously accepted by NOPSEMA to be require compliance with detailed BSEE and BOEM regulations compliant with the new 2024 Regulations until required by the and orders issued pursuant to various federal laws, including the new 2024 Regulations to lodge a new safety case for approval. National Environmental Policy Act (NEPA) and the Coastal Zone Safety case acceptance decisions on or after 12 June 2025 Management Act. In 2025, the One Big Beautiful Bill Act set new must consider the requirements of the new 2024 Regulations. requirements for lease sales to be conducted, subject to certain NOPSEMA has been holding information sessions on the conditions, twice per year for fifteen years beginning in 2025; changes (most recently on 17 June 2025), and has published the first such sale was held on 10 December 2025. For certain an FAQ Guide, to support the industry through the changes. exploration and development activities, lessees are also required NOPSEMA has also updated some of its critical guidance to obtain environmental permits from agencies such as the US materials and forms to reflect these recent changes. It is Environmental Protection Agency (EPA). anticipated these amendments will assist the regulator in supporting the ongoing health and safety of workers and contribute to broader benefits across the sector.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 269 I FINANCIAL PERFORMANCE N NEPA establishes a national environmental policy and goals for the Further, on 15 April 2024, BOEM announced a final rule protection, maintenance and enhancement of the environment and increasing the amount of supplemental financial assurance provides a process for implementing these goals within federal required from lessees and grant holders conducting operations agencies. A major federal agency action with the potential to on the OCS. As a result of the final rule, BOEM will no longer significantly impact the environment requires review under NEPA. consider or rely upon the financial strength of predecessors On 30 June 2025, the US Department of Energy (DOE) revised its in determining whether, or how much, supplemental financial procedures for complying with NEPA. Through a related interim assurance will be required by current lessees and grant holders. final rule published in July 2025 and a new set of agency On 2 May 2025, however, the Department of the Interior procedures, the DOE rescinded its NEPA regulations and announced its intent to revise the final rule and proceed with introduced changes designed to streamline federal environmental development of a new rule that is consistent with the Trump review. In response to several recent developments, including administration’s 2020 proposed regulatory framework. The new President Trump's executive order on Unleashing American rule remains yet to be published. Energy and a recent Supreme Court decision that narrows the On 20 November 2025, the Department of the Interior announced scope of environmental review under NEPA, the Council on a Secretary’s Order titled “Unleashing American Offshore Environmental Quality (CEQ) adopted a final rule withdrawing Energy,” directing the BOEM to take the necessary steps, in its regulations implementing NEPA, effective 8 January 2026. accordance with federal law, to terminate the 2024–2029 National While the final rule reflects CEQ’s determination that, absent Outer Continental Shelf Oil and Gas Leasing Program and replace an executive order, CEQ may lack authority to issue NEPA it with a new program by October 2026. The new proposal for the implementing regulations binding on other federal agencies, 2026–2031 National Outer Continental Shelf Oil and Gas Leasing federal agencies remain responsible for implementing NEPA Program, implements and supplements President Trump’s pursuant to their own internal guidance and procedures. In executive order entitled “Unleashing American Energy,” which addition to regulatory reform, legislation has been introduced to instructed all bureaus and offices of the Department of the amend NEPA, including bills that would modify the environmental Interior to accelerate responsible energy development consistent review of major federal actions under NEPA and establish with federal law. This announcement was stated to be the first of requirements to digitise environmental reviews conducted under three proposals that will be developed before final approval of NEPA. These amendments have not been enacted and we cannot the 2026–2031 program. predict with certainty whether such amendments will be codified Environmental regulation into law or what revisions may be made to the initial bills The Clean Air Act and comparable state laws and regulations proposed. As these procedures continue to evolve and statutory govern emissions of various air pollutants through the issuance reform of NEPA continues to develop, the potential impact on of permits and other authorisation requirements. Since 2009, the timing and scope of required approvals remains uncertain, the EPA has been monitoring and regulating greenhouse gas and any disruption in our ability to obtain permits could emissions, including carbon dioxide and methane, from certain adversely impact our business. sources in the oil and gas sector due to their association with Certain activities on the outer continental shelf are also subject climate change. On 12 February 2026, the EPA finalised its to regulation under US Maritime Law by the US Coast Guard. rescission of the 2009 Endangerment Finding, which had In addition, offshore pipelines, including those located in the Gulf previously served as a basis for regulating emissions under of America, are subject to federal regulation including under the the Clean Air Act. The repeal is expected to be subject to legal jurisdiction of the Federal Energy Regulatory Commission (FERC) challenges. If upheld, the final rule will affect existing policies by and the Pipeline and Hazardous Materials Safety Administration, eliminating certain requirements to measure, report and comply under the US Department of Transportation. BSEE has also with specified GHG emissions standards. adopted regulations for offshore pipelines under its jurisdiction At the international level, the 2015 Paris Agreement requires covering similar matters. Moreover, US operations in the Gulf member states to individually determine and submit non-binding of America are subject to extensive requirements related to the emissions reduction targets every five years beginning in 2020. plugging and abandonment of wells and decommissioning of However, the United States has withdrawn from the Paris offshore structures and equipment. We may be required to post Agreement, effective on 27 January 2026. Nevertheless, state and substantial financial assurance, such as surety bonds, or to local officials may continue efforts to uphold the commitments otherwise demonstrate financial capability to support these set forth in the international accord. decommissioning obligations.

270 Woodside Energy Annual Report 2025 6.3 Additional disclosures The exploration, production, and transportation of crude oil and Various federal agencies, including the US Department of natural gas involves risk that hazardous liquids or flammable Treasury, the US Army Corps of Engineers, the US Department gases may be released into the environment and may cause of Commerce, the National Marine Fisheries Service, the US substantial harm to the environment, natural resources, or Department of Interior, the US Fish and Wildlife Service, and the human health and safety. Such incidents, as well as failure to US Department of Homeland Security, may require additional comply with applicable environmental laws and regulations, may permits, orders, approvals and consultations. Further, we would result in material expenditures for response actions, significant be subject to state-specific permitting regimes and constitutional government civil or criminal fines and penalties, liability to environmental requirements that are often subject to legal government agencies for natural resources damages, and challenge, and such challenges could result in delays or the significant business interruption. In addition, a spill on or related suspension of project activities. In connection with Woodside’s to our properties and operations could expose us to joint and Louisiana LNG project, Woodside is also subject to applicable several and strict liability, without regard to fault. Existing and Louisiana state laws and regulations by state agencies, including new laws and regulations could require us to evaluate and the Louisiana Department of Environmental Quality and the upgrade existing infrastructure and operational practices on an Louisiana Department of Natural Resources. accelerated basis or pursue additional capital projects, any or all Ammonia in the United States of which could result in increased operating costs, which in turn Woodside’s Beaumont New Ammonia (BNA) Project in Beaumont, could have a material adverse effect on our business, financial Texas is subject to a number of onshore and offshore regulations condition or results of operations. from both federal and state US agencies. Both the Federal Clean On his first day in office, President Trump signed several Air Act and Texas Clean Air Act, and associated federal and state executive orders rescinding many of the previous regulations, govern emissions of various air pollutants through administration’s climate-related executive orders and associated the issuance of permits and other authorisation requirements. initiatives. President Trump’s directives included, among others, BNA is subject to the Texas Commission on Environmental directing the EPA to reconsider its 2009 endangerment findings Quality (TCEQ) air quality management for the state of Texas. relating to greenhouse gas emissions and directing the EPA to TCEQ issues regulations under authority in the Texas Clean Air reconsider its use of Social Cost of Greenhouse Gas estimates in Act and BNA will require a permit issued under this framework. federal permitting decisions. The EPA has proposed a rule Further, the Clean Water Act prohibits discharges of pollutants change to the 2009 endangerment finding and announced its from a point source into the waters of the United States without a intent to revisit guidance on the Social Cost of Greenhouse Gas permit. TCEQ manages the pollutant discharge process under estimates. We cannot predict with certainty the impact of, and authority assumed from the EPA, BNA will require a wastewater changes in, government policies, laws and regulations, including discharge permit under this framework and a construction any changes or other actions resulting from executive orders. general permit for certain stormwater discharges. In addition, the Department of the Army, acting through the US Army Corps Export of LNG of Engineers, has authority to permit work and the placement of The design, construction, operation, maintenance and expansion structures in navigable waters of the US under the Rivers and of our liquefaction facilities are highly regulated activities subject Harbors Appropriation Act of 1899. BNA is subject to pipeline to the jurisdiction of the FERC pursuant to the Natural Gas Act compliance requirements administered by the Texas Railroad of 1938. On 20 January 2025, President Trump issued the Commission and the US Department of Transportation Pipeline Unleashing American Energy executive order directing the and Hazardous Materials Safety Administration as the operator of Secretary of the US Department of Energy (DOE) to restart hazardous materials pipelines. BNA requires two pipeline permits reviews of applications for approvals of LNG export projects under this framework, one for the transportation of liquid as expeditiously as possible, consistent with applicable law. ammonia, and one for the transportation of hydrogen gas and On 21 January 2025, the DOE announced that it was ending natural gas. Further, as a hazardous materials pipeline operator, the moratorium imposed by the Biden administration on the BNA is subject to pipeline compliance requirements administered approvals of LNG export authorisations by the DOE following by the Railroad Commission of Texas and the US Department of direction given by President Trump in the Unleashing American Transportation Pipeline and Hazardous Materials Safety Energy executive order. Existing regulations and potential Administration as a hazardous materials pipeline operator. As at changes in LNG export authorisation requirements could affect the date of this report, BNA requires two pipeline permits under Woodside’s US LNG projects. this framework, one for the transportation of liquid ammonia and In connection with any future LNG pipeline and export activities in one for the transportation of hydrogen gas and natural gas. Louisiana, Woodside would also be subject to a variety of other federal regulations, including safety requirements administered by the Pipeline and Hazardous Materials Safety Administration for onshore LNG facilities and associated pipelines, EPA environmental permitting, and, to the extent we engage in wholesale natural gas or LNG trading, oversight by the Commodity Futures Trading Commission.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 271 I FINANCIAL PERFORMANCE N The Jones Act governs the transportation of goods between US Senegal ports by requiring that vessels involved in such trade be US-built, In Senegal, Woodside’s production sharing contract and the US-owned, and US-crewed. The US Coast Guard and the US prospecting, exploration, exploitation and transportation of Maritime Administration ensure compliance with these hydrocarbons, as well as the tax rules for such activities, are regulations to safeguard the US maritime industry and national primarily governed by Law no. 98-05, dated 8 January 1998 security. Accordingly, domestic shipments by water from BNA (Petroleum Code) and its implementing decree no. 98-810, generally must be undertaken in accordance with these dated 6 October 1998. The Petroleum Code determines that the requirements. The Federal Occupational Safety and Health Senegalese Ministry of Petroleum and Energy is the competent Administration (OSHA), established pursuant to the Occupational authority for its implementation and is responsible for Safety and Health Act of 1970, establishes and enforces authorising activities for oil and gas prospecting, exploration, workplace safety standards for manufacturing facilities in Texas. exploitation and transportation. While a revised Petroleum Code was introduced in 2019, the terms of that legislation state that OSHA regulations address areas such as hazardous materials any production sharing contract PSC issued before the handling, machine guarding, personal protective equipment, introduction of the 2019 Petroleum Code retains its legal regime, and emergency preparedness. As Texas does not have its own and, as such, the 1998 Petroleum Code continues to apply to state-run OSHA plan, workplace safety enforcement is under the Woodside’s contract. There is also other legislation and jurisdiction of Federal OSHA. For BNA, OSHA’s responsibilities regulation that applies to Woodside’s activities in Senegal include setting safety standards, conducting inspections, including, without limitation, in respect of the environment issuing citations for violations, and offering training and and local content requirements. outreach programs. Mexico Material limitations The license contract entered into by Woodside Energy with the Woodside has certain obligations as part of its operations in Mexican State and Petróleos Mexicanos (PEMEX) for Woodside’s Western Australia to provide natural gas into the Western Trion project in Mexico, as well as upstream, midstream and Australian domestic market. Please refer to “Government downstream oil & gas activities in Mexico, are governed by the regulations – domestic gas reservation policy” in this Hydrocarbons Sector Act. Fiscal terms of upstream activities are section for further information. governed by the Hydrocarbons Revenue Act. The Trion license Woodside is subject to ordinary course production sharing contract is subject to the 2014 Hydrocarbons Act, the legal contract limitations in Senegal. Refer to “Government regime in effect at the time the contract was became effective. regulations – Senegal” in this section for further information. The Ministry of Energy regulates Mexico’s energy sector directly or indirectly through the National Energy Commission. Summary of material legal proceedings Woodside is also subject to and may be impacted by regulation by other agencies, such as the Ministry of Finance, Agency for Woodside is involved from time to time in legal proceedings and Safety, Energy and Environment (ASEA) and Ministry of Economy, governmental investigations of a character normally incidental including, without limitation, in respect of the fiscal/financial to its business, including claims and pending actions against it terms, environmental and local content obligations under the seeking damages, or clarification or prosecution of legal rights Trion license, and construction and maintenance of Woodside’s and regulatory inquiries regarding business practices. Insurance facilities and infrastructure. or other indemnification protection may offset the financial impact on Woodside of a successful claim. There are no governmental, legal or arbitral proceedings (including any such proceedings that are pending or threatened and of which Woodside is aware) that may have, or have had during the 12 months prior to the date of this report, a significant effect on Woodside’s financial position or profitability.

272 Woodside Energy Annual Report 2025 6.4 Shareholder statistics Information in this section is current as of 11 February 2026, unless otherwise stated. References to “the company” or “Woodside” on pages 272–284 are to Woodside Energy Group Ltd and references to shareholdings and other equity on those pages are to equity in Woodside Energy Group Ltd. Number of shareholdings There were 578,895 shareholders. Distribution of shareholdings The following table shows the distribution of Woodside Energy Group Ltd shareholders by size of shareholding and number of shareholders and shares as of 11 February 2026. 1 Size of shareholding Number of holders Number of shares % of issued capital 1—1,000 448,979 109,668,095 5.77 1,001—5,000 107,887 235,664,851 12.40 5,001—10,000 14,136 100,006,223 5 .26 10,001—100,000 7,710 163,029,809 8.58 Greater than 100,000 183 1,292,731,165 68.00 Total 578,895 1,901,100,143 1 00.00 1. All issued shares carry voting rights on a one-for-one basis. Unmarketable parcels There were 65,296 members holding less than a marketable parcel of shares in the company (based on the closing market price of $24.50 per share on 11 February 2026). Geographical distribution of shareholders and shareholding Registered addressed Number of holders Number of shares % of issued capital Australia 559,862 1,889,780,403 9 9.40 New Zealand 6,489 5,223,632 0.27 United Kingdom 4,753 2,245,345 0 .12 United States of America 1,757 1,056,446 0.06 Other 6,034 2,794,317 0 .15 Total 578,895 1,901,100,143 100.00 US shareholdings Type of holding Number of holders Number of shares % of issued capital Registered holders of voting securities 1,757 1,056,446 0 .06 ADR holder 2,075 39,215,113 2.06 Distribution of rights holdings The following table shows the distribution of rights holders in Woodside Energy Group Ltd by size of rights holding and number of rights holders and rights as of 11 February 2026. 1 Size of shareholding Number of rights holders Number of rights % of rights on issue 1—1,000 450 294,002 2 1,001—5,000 3,411 8,861,658 5 8 5,001—10,000 522 3,489,676 23 10,001—100,000 150 2,593,127 1 7 Greater than 100,000 0 0 — Total 4,533 15,238,463 1 00 1. Unvested rights do not carry any voting rights.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 273 I FINANCIAL PERFORMANCE N Twenty largest shareholders The following table sets out the 20 largest shareholders of ordinary shares listed on the Woodside Energy Group Ltd share register and the details of their shareholding as of 11 February 2026. Shareholder name Number of fully paid shares held % of issued capital HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 465,992,736 2 4.51 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 375,529,386 1 9.75 CITICORP NOMINEES PTY LIMITED 188,685,333 9 .93 BNP PARIBAS NOMS PTY LTD 55,973,028 2 .94 CITICORP NOMINEES PTY LIMITED <CITIBANK NY ADR DEP A/C> 39,215,113 2.06 BNP PARIBAS NOMINEES PTY LTD <AGENCY LENDING A/C> 20,270,821 1 .07 BNP PARIBAS NOMINEES PTY LTD <CLEARSTREAM> 15,925,580 0.84 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED <NT-COMNWLTH SUPER CORP A/C> 13,503,756 0 .71 BNP PARIBAS NOMINEES PTY LTD <HUB24 CUSTODIAL SERV LTD> 12,946,346 0 .68 NETWEALTH INVESTMENTS LIMITED <WRAP SERVICES A/C> 9,185,774 0.48 AUSTRALIAN FOUNDATION 8,165,000 0 .43 MCCUSKER HOLDINGS PTY LTD 5,030,000 0.26 BUTTONWOOD NOMINEES PTY LTD 4,579,457 0 .24 ARGO INVESTMENTS LIMITED 4,371,455 0 .23 NETWEALTH INVESTMENTS LIMITED <SUPER SERVICES A/C> 3,868,111 0.20 IOOF INVESTMENT SERVICES LIMITED <IPS SUPERFUND A/C> 3,593,442 0 .19 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 3,540,439 0.19 MUTUAL TRUST PTY LTD 3,225,277 0 .17 BKI INVESTMENT COMPANY LIMITED 2,950,000 0.16 CITICORP NOMINEES PTY LIMITED <143212 NMMT LTD A/C> 2,947,971 0.16 Total 1,239,499,025 65.20 Substantial shareholders The following table shows the substantial shareholders who, together with their associates, hold five per cent or more of the voting rights in Woodside Energy Group Ltd, as notified to Woodside. 1 Shareholders Title of class Date received Date of change Shares held % of total voting rights State Street Corporation and subsidiaries Ordinary shares 6 March 2025 4 March 2025 154,630,111 8.13 % AustralianSuper Pty Ltd Ordinary shares 17 March 2025 11 March 2025 135,693,207 7 .14 % BlackRock Group (BlackRock Inc. and Ordinary shares 8 February 2024 5 February 2024 133,581,277 7 .03 % 2 subsidiaries) Vanguard Group (The Vanguard Group, Inc. and Ordinary shares 1 October 2024 26 September 2024 114,652,665 6.031 % 3 its controlled entities) 1. These figures quoted are based on the number owned and voting rights provided in the latest applicable substantial shareholder notice. 2. As stated in its latest substantial shareholder notice, BlackRock Group (BlackRock Inc. and subsidiaries) also holds 1,992,368 shares of Woodside Energy Group Ltd ADR 1:1. 3. As stated in its latest substantial shareholder notice, Vanguard Group also holds 80,545 shares of Woodside Energy Group Ltd ADR 1:1.

274 Woodside Energy Annual Report 2025 6.4 Shareholder statistics Buy backs There are currently no on-market buy backs. Dividend reinvestment plan Our dividend reinvestment plan remains suspended. Escrowed and restricted securities Woodside Energy Group Ltd does not have any restricted securities or securities subject to voluntary escrow on issue. 1,2 On-market purchases for Woodside employee incentive plans Total number of ordinary Average price paid per share Average price paid per share Number of shares purchases Period shares purchased (A$) (US$) for employee plans March 2025 1,650,000 24.92 15.50 1,650,000 December 2025 1,700,000 23.81 15.82 1,700,000 Total 3,350,000 24.36 15.66 3,350,000 1. These shares were purchased to satisfy employee incentive plan requirements. 2. Total on-market purchases for Woodside employees incentive plans total 0.17% of total share capital. Annual General Meeting Dividend payments The 2026 Annual General Meeting (AGM) of Woodside Energy Woodside determines its dividends in US dollars as this is Group Ltd will be held on 23 April 2026. Details of the business of our functional and presentation currency. Woodside pays its the meeting will be provided in the AGM notice. The AGM will be dividends in Australian dollars, unless a shareholder’s registered webcast live on the internet. An archived version of the webcast address is in the United Kingdom (UK), where they are paid in UK will be placed on the Woodside website to enable the pounds sterling, or in the USA, where they are paid in US dollars, proceedings to be viewed at a later time. or in New Zealand (NZ), where they are paid in NZ dollars. Shareholders may have their dividends paid directly into any Documents on display bank or building society account in Australia, the USA, the UK or NZ. Payments are electronically credited on the dividend Documents filed by Woodside on the ASX are available at payment date and confirmed by payment advice. To request asx.com.au. Woodside files Annual Reports and other reports and direct crediting of dividend payments, please contact the information with the US Securities and Exchange Commission share registry or visit the share registry website (SEC). These filings are available on the SEC’s website at sec.gov. (investorcentre.com/wds). Documents filed on the ASX or with the SEC are not incorporated Shareholders must make an election to alter their dividend by reference into this report. The documents referred to in this currency by the business day after the record date for the report as being available on our website, woodside.com, are not dividend. Shareholders who reside outside the USA, the UK, incorporated by reference and do not form part of this report. Australia and NZ may elect to receive their dividend electronically in their local currency using the share registry’s Global Wire Woodside Energy Group Ltd Payment Service. For a list of currencies offered and how to Woodside was registered under Australian corporate law in 1971 subscribe to the service, please contact the share registry. and listed on the ASX on 18 November 1971. Woodside’s shares are currently listed on the ASX under the ticker symbol “WDS” For more information on this topic, refer to Woodside’s website and its American Depositary Shares (ADS) are listed on the for the history of dividends paid by the company at NYSE under the symbol “WDS”. woodside.com. Woodside’s registered office is Mia Yellagonga, 11 Mount Street, Perth, Western Australia 6000, Australia, telephone Change of address or banking details +61 8 9348 4000. Shareholders should immediately notify the share registry of any change to their address or banking arrangements for dividends Additional information about Woodside can be found on its electronically credited to a bank account. website at woodside.com. For more information on this topic, refer to the share registry website to change details at investorcentre.com/wds.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 275 I FINANCIAL PERFORMANCE N Fees payable by the Depositary to the issuer Australian Securities Exchange Citibank reimburses Woodside for certain expenses Woodside Investors who hold or have interests in Woodside shares listed incurs in connection with its ADR program, subject to certain on the ASX seeking information about their shareholdings should ceilings. These reimbursable expenses currently include, but are contact Woodside’s Australian share registry: not limited to, legal, accounting and reserve engineer fees, listing fees, expenses related to investor relations in the United States, Computershare Investor Services Pty Limited fees payable to service providers for the distribution of material Address: Level 11, 172 St Georges Terrace to ADR holders and expenses to remain in compliance with Perth WA 6000 applicable US laws and NYSE listing standards. Citibank has further agreed to waive certain fees in connection with Postal address: GPO Box D182 Perth WA 6840 Woodside’s ADR program. These waived expenses currently Telephone: 1300 558 507 (within Australia) include, but are not limited to, standard costs associated with the +61 3 9415 4632 (outside Australia) administration of the ADR program and certain fees in connection Email: web.queries@computershare.com.au with issuance of ADRs under Woodside’s equity compensatory plans. For the year ended 31 December 2025, direct Website: investorcentre.com/wds reimbursements and waived fees totalled approximately $1.5 million. Under certain circumstances, including termination The share registry can assist with queries on share transfers, of our ADS program or removal of our Depositary, we may be dividend payments, the dividend reinvestment plan, notification of tax required to repay to the Depositary a portion of the amounts file numbers and changes of name, address or bank account details. reimbursed in prior periods. For security reasons, you will need your Security Reference The ADSs issued under our ADR programs trade on the NYSE Number (SRN) or Holder Identification Number (HIN) when under the stock ticker WDS. As of 10 February 2026, there were communicating with the share registry. The share registry 392,151,113 ADSs on issue and outstanding in the Woodside website allows shareholders to make changes to address ADS program. and banking details online. ADR holders should deal directly with Citibank on all matters related to their ADRs, using the details below. For more information on this topic, refer to the share registry website to change details at investorcentre.com/wds. Enquiries should be directed to: Citibank Shareholder Services American depositary receipts Address: PO Box 43077 We have an American Depositary Receipts (ADR) program. Providence Rhode Island The ADR program has a 1:1 ordinary share to American Depositary Share (ADS) ratio. 02940-3077 USA Toll Free: 1-866-253-8350 Depositary fees International: +17815754555 Citibank serves as the depositary bank (Depositary) for our ADR program. ADR holders agree to the terms in the deposit Email: citibank@shareholders-online.com agreement filed with the SEC for depositing ADSs or surrendering the ADSs for cancellation and for certain services Investor Relations enquiries as provided by Citibank. Holders are required to pay all fees for Address: Woodside Energy Group Ltd general depositary services provided by Citibank in each of our Mia Yellagonga ADR programs, as set forth in the table below. 11 Mount Street Perth WA 6000 Service Fees Issuance of ADSs upon deposit of Up to $0.05 per ADS issued Postal address: GPO Box D188 Perth WA 6840 shares Telephone: +61 8 9348 4000 Cancellation of ADSs Up to $0.05 per ADS cancelled Email: investor@woodside.com Distribution of cash dividends or Up to $0.05 per ADS held other cash distributions Website: woodside.com Distribution of securities other Up to $0.05 per ADS held than ADSs or rights to purchase additional ADSs ADS Services Up to $0.05 per ADS held on the applicable record date(s) established by the Depositary Registration of ADS transfers Up to $0.05 per ADS transferred Conversion of ADSs of one series Up to $0.05 per ADS converted for ADSs of another series

276 Woodside Energy Annual Report 2025 6.4 Shareholder statistics Exchange controls Taxation Under Australian foreign exchange controls currently in effect, This section describes the material United States and Australian transfers of capital to and from Australia are not subject to prior Federal income tax consequences to a US holder (as defined government approval and, except as described below, Australia below) of owning shares or ADSs. It applies to you only if you does not restrict the flow of currency into or out of the country. acquire your shares or ADSs and you hold your shares or ADSs Regulations may be made under the Anti-Money Laundering as capital assets for tax purposes. This discussion addresses only and Counter-Terrorism Financing Act 2006 (Cth) of Australia United States and Australian Federal income taxation and does (AML/CTF Act) prohibiting the entering into of transactions not discuss all of the tax consequences that may be relevant to involving prescribed foreign countries. As of the date of this you in light of your individual circumstances, including foreign, report, no such regulations are in place. To control tax evasion state or local tax consequences, estate and gift tax consequences, and money laundering, the AML/CTF Act also requires certain and tax consequences arising under the Medicare contribution transactions to be reported to the Australian Transaction Reports tax on net investment income or the alternative minimum tax. and Analysis Centre (AUSTRAC) and prohibits reporting entities This section does not apply to you if you are a member of a from providing certain “designated services” to customers special class of holders subject to special rules, including: without having complied with certain obligations under the • a dealer in securities, AML/CTF Act (for example “know your customer” checks). In addition, the AML/CTF Act imposes certain obligations on • a trader in securities that elects to use a mark-to-market “designated service” providers to report “threshold transactions”. method of accounting for securities holdings, The Autonomous Sanctions Regulations 2011 (Cth) promulgated • a tax-exempt organisation, under the Autonomous Sanctions Act 2011 (Cth) of Australia, • a life insurance company, the Charter of the United Nations Act 1945 (Cth) of Australia • a person that actually or constructively owns 10% or more of and other acts and regulations in Australia restrict or prohibit the combined voting power of our voting stock or of the total payments, transactions or other dealings with assets having value of our stock, a proscribed connection with certain countries or named individuals or entities subject to financial sanctions or identified • a person that holds shares or ADSs as part of a straddle or a with terrorism. The Australian Department of Foreign Affairs and hedging or conversion transaction, Trade (DFAT) maintains a list of all persons and entities subject • a person that purchases or sells shares or ADSs as part of a to financial sanctions or having a proscribed connection with wash sale for tax purposes, or terrorism which is available to the public at DFAT’s website. • a person whose functional currency is not the US dollar. There are no specific restrictions regarding the remittance of profits, dividends or capital. This section is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations, published rulings and court decisions, all as currently in effect, as well as on the Convention Between the United States of America and Australia (the “Treaty”). These authorities are subject to change, possibly on a retroactive basis. In addition, this section is based in part upon the representations of the Depositary and the assumption that each obligation in the deposit agreement will be performed in accordance with its terms. You are a US holder if you are a beneficial owner of shares or ADSs and you are, for United States Federal income tax purposes: • a citizen or resident of the United States, • a domestic corporation, • an estate whose income is subject to United States Federal income tax regardless of its source, or • a trust if a United States court can exercise primary supervision over the trust’s administration and one or more United States persons are authorised to control all substantial decisions of the trust.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 277 I FINANCIAL PERFORMANCE N If an entity or arrangement that is treated as a partnership for other United States corporations. The amount of the dividend United States Federal income tax purposes holds the shares or distribution that you must include in your income will be the US ADSs, the United States Federal income tax treatment of a dollar value of the Australian dollar payments made, determined partner will generally depend on the status of the partner and at the spot Australian dollar/US dollar rate on the date the the tax treatment of the partnership. A partner in a partnership dividend is distributed, regardless of whether the payment is in holding the shares or ADSs should consult its tax advisor with fact converted into US dollars. Generally, any gain or loss regard to the United States Federal income tax treatment of an resulting from currency exchange fluctuations during the period investment in the shares or ADSs. from the date the dividend is distributed to the date you convert the payment into US dollars will be treated as ordinary income or You should consult your own tax advisor regarding the United loss and will not be eligible for the special tax rate applicable to States Federal, state and local and Australian Federal tax qualified dividend income. The gain or loss generally will be consequences of owning and disposing of shares and ADSs in income or loss from sources within the United States for foreign your particular circumstances. In particular, you should confirm tax credit limitation purposes. Distributions in excess of current whether you qualify for the benefits of the Treaty and the and accumulated earnings and profits, as determined for United consequences of failing to do so. States Federal income tax purposes, will be treated as a In general, and taking into account the earlier assumptions, for non‑taxable return of capital to the extent of your basis in the United States Federal income tax purposes, if you hold ADRs shares or ADSs and thereafter as capital gain. However, we do evidencing ADSs, you will be treated as the owner of the shares not expect to calculate earnings and profits in accordance with represented by those ADRs. United States Federal income tax principles. Accordingly, you should expect to generally treat distributions we make Exchanges of shares for ADRs, and ADRs for shares, generally as dividends. will not be subject to United States Federal income tax. Subject to certain limitations, the Australian tax withheld in Material United States Federal income tax consequences accordance with the Treaty and paid over to Australia will The tax treatment of your shares or ADSs will depend in part on generally be creditable against your United States Federal whether or not we are classified as a passive foreign investment income tax liability. To the extent a reduction or refund of the tax company, or PFIC, for United States Federal income tax withheld is available to you under Australian law or under the purposes. Except as discussed below under “PFIC Classification”, Treaty, the amount of tax withheld that could have been reduced this discussion assumes that we are not classified as a PFIC for or that is refundable will not be eligible for credit against your United States Federal income tax purposes. United States Federal income tax liability. Dividends will generally be income from sources outside the Taxation of distributions United States and will generally be “passive” income for Under the United States Federal income tax laws, the gross purposes of computing the foreign tax credit allowable to you. amount of any distribution we pay out of our current or accumulated earnings and profits (as determined for United Taxation of capital gains States Federal income tax purposes), other than certain pro-rata If you are a US holder and you sell or otherwise dispose of your distributions of our shares, will be treated as a dividend that is shares or ADSs, you will recognise capital gain or loss for United subject to United States Federal income taxation. If you are a States Federal income tax purposes equal to the difference non-corporate US holder, dividends that constitute qualified between the US dollar value of the amount that you realise and dividend income will be taxable to you at the preferential rates your tax basis, determined in US dollars, in your shares or ADSs. applicable to long-term capital gains provided that you hold the Your tax basis would generally equal the cost of your shares or shares or ADSs for more than 60 days during the 121-day period ADSs, or if you received the shares or ADSs pursuant to a taxable beginning 60 days before the ex-dividend date and meet other distribution, the fair market value of the shares or ADSs at the holding period requirements. time of such distribution, reduced by any distributions on the Dividends we pay with respect to the shares or ADSs generally shares or ADSs that were treated as a return of capital for will be qualified dividend income provided that, in the year that United States Federal income tax purposes. Capital gain of a you receive the dividend, we are eligible for the benefits of the non‑corporate US holder is generally taxed at preferential rates Treaty. We believe that we are currently eligible for the benefits where the property is held for more than one year. The gain or of the Treaty, and we therefore expect that dividends on the loss will generally be income or loss from sources within the shares and ADS will be qualified dividend income, but there can United States for foreign tax credit limitation purposes. Your be no assurance that we will continue to be eligible for the ability to deduct capital losses is subject to limitations. benefits of the Treaty. You must include any Australian tax withheld from the dividend payment in this gross amount even though you do not in fact receive it. The dividend is taxable to you when you, in the case of shares, or the Depositary, in the case of ADSs, receive the dividend, actually or constructively. The dividend will not be eligible for the dividends-received deduction generally allowed to United States corporations in respect of dividends received from

278 Woodside Energy Annual Report 2025 6.4 Shareholder statistics Dividends paid to such US holders, which are not fully franked, PFIC classification will generally be subject to Australian withholding tax not We believe that we should not be currently classified as a PFIC exceeding 15% only to the extent (if any) that the dividend for United States Federal income tax purposes and we do not is neither: expect to become a PFIC in the foreseeable future. However, this conclusion is a factual determination that is made annually and • franked; nor thus may be subject to change. It is therefore possible that we • declared by Woodside to be conduit foreign income. could become a PFIC in a future taxable year. (Broadly, this means that the relevant part of the dividend is declared to have been paid out of foreign source amounts In general, we will be a PFIC in a taxable year if: received by Woodside that are not subject to tax in Australia, • at least 75% of our gross income for the taxable year is such as dividends remitted to Australia by foreign subsidiaries). passive income; or The Australian withholding tax outcome described above • at least 50% of the value, determined on the basis of a applies to US holders who are eligible for benefits under the quarterly average, of our assets in such taxable year is Tax Convention between Australia and the US as to the attributable to assets that produce or are held for the Avoidance of Double Taxation (the Australian Tax Treaty). production of passive income. Otherwise, the rate of Australian withholding tax may be 30%. If we were to be treated as a PFIC and you are a US holder, In contrast, dividends (including other distributions treated as gain realised on the sale or other disposition of your shares or dividends for Australian tax purposes) paid by Woodside to a US ADSs would in general not be treated as capital gain. Instead, you holder may instead be taxed by assessment in Australia if the would generally be treated as if you had realised such gain and US holder: certain “excess distributions” ratably over your holding period for • is an Australian resident for Australian tax purposes the shares or ADSs and would be taxed at the highest tax rate in (although tax will generally not exceed 15% where the US effect for each previous year to which the gain was allocated in holder is eligible for benefits under the Australian Tax Treaty which we were a PFIC with respect to you, together with an as a treaty resident of the US and any franking credits may be interest charge in respect of the tax attributable to each such creditable against their Australian income tax liability); or year. With certain exceptions, your shares or ADSs will be treated • carries on business in Australia through a permanent as stock in a PFIC if we were a PFIC at any time during your establishment as defined in the Australian Tax Treaty, or holding period in your shares or ADSs. Dividends that you receive performs personal services from a fixed base in Australia, from us will not be eligible for the special tax rates applicable to and the shareholding in respect of which the dividend is paid qualified dividend income if we are a PFIC or are treated as a is effectively connected with that permanent establishment PFIC with respect to you either in the taxable year of the or fixed base, (however, in such a case any franking credits distribution or the preceding taxable year, but instead will be may be creditable against the Australian income tax liability). taxable at rates applicable to ordinary income. If you own shares or ADSs during any year that we are a PFIC with respect to you, The treatment of dividends outlined above may be modified you may be required to file Internal Revenue Service (‘IRS’) where the shareholding in Woodside is held through a trust, Form 8621. limited partnership, limited liability company, pension fund, sovereign wealth fund or other investment vehicle. Material Australian tax considerations Affected US holders should seek their own advice in This section is based on the Income Tax Assessment Act 1936 relation to such arrangements. (Cth) and the Income Tax Assessment Act 1997 (Cth), as amended, its legislative history, existing and proposed regulations, published rulings and court decisions, all as currently in effect, as well as on the Convention Between the United States of America and Australia (the “Treaty”). These authorities are subject to change, possibly on a retroactive basis. Dividends (including other distributions treated as dividends for Australian tax purposes) paid by Woodside to a US holder that is not an Australian resident for Australian tax purposes will generally not be subject to Australian withholding tax if they are fully franked (broadly, where a dividend is franked, tax paid by Woodside is imputed to the shareholders).

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 279 I FINANCIAL PERFORMANCE N • the shares or ADSs constitute an “indirect Australian real Material Australian tax considerations – properly interest” for Australian CGT purposes – this will disposals of Shares or ADSs generally be the case if the US holder (either alone or Gains made by US holders on the sale of shares or ADSs will together with associates) directly or indirectly owns or owned generally not be taxed in Australia. 10% or more of the issued share capital of Woodside at the However, the precise Australian tax treatment of gains made time of disposal or throughout a 12-month period during the by US holders on the sale of shares or ADSs generally depends two years prior to the time of disposal and, at the time of the on whether or not the gain is an Australian sourced gain of an disposal, the sum of market values of Woodside’s assets income nature for Australian income tax purposes. Where the (held directly or through interposed entities) that are not gain is of an income nature, a US holder will generally only be taxable Australian real property at that time (which, for these liable to Australian income tax on an assessment basis purposes includes mining, quarrying or prospecting rights in (whether or not they are also an Australian resident for respect of minerals, petroleum or quarry materials situated in Australian tax purposes) if: Australia); or • they are not eligible for benefits under the Australian Tax • the US holder is an individual who is not eligible for benefits Treaty and the gain is sourced in Australia for Australian tax under the Australian Tax Treaty as a treaty resident of the US purposes; or and elected on becoming a non-resident of Australia to continue to have the shares or ADSs subject to Australian • they are eligible for benefits under the Australian Tax Treaty, capital gains tax. but the gain constitutes any of the following (in which case the gain will be deemed to have an Australian source): In certain circumstances, if the shares or ADSs constitute an “indirect Australian real property interest” for Australian CGT – business profits of an enterprise attributable to a purposes, the purchaser may be required to withhold under the permanent establishment situated in Australia through non-resident CGT withholding regime an amount equal to 15% of which the enterprise carries on business in Australia; or the purchase price in situations including where the acquisition is – income or gains from the alienation of property that undertaken by way of an off-market transfer. form part of the business property of a permanent The comments above on the sale of shares or ADSs do not apply: establishment of an enterprise that the US holder has in Australia or pertain to a fixed base available to the US • to temporary residents of Australia who should seek advice holder in Australia for the purpose of performing that is specific to their circumstances; or independent personal services; or • if the Investment Management Regime (IMR) applies to the US – income derived from the disposition of shares in a holder, which exempts from the Australian income tax and company, the assets of which consist wholly or principally capital gains tax gains made on disposal by certain categories of real property (which includes rights to exploit or to of non-resident funds – called IMR entities – of (relevantly) explore for nature resources) situated in Australia, whether portfolio interests in Australian public companies (subject to a such assets are held directly or indirectly through one or number of conditions). The IMR exemptions broadly apply to more interposed entities. widely held IMR entities in relation to their direct investments and indirect investments made through an independent Where the gain is not taxed as Australian sourced income, the US Australian fund manager. The exemptions apply to gains made holder will generally only be liable to Australian capital gains tax by IMR entities that are treated as companies for Australian on an assessment basis if they acquired (or are deemed to have tax purposes as well as gains made by non-resident investors acquired) their shares or ADSs after 19 September 1985 and one in IMR entities that are treated as trusts and partnerships for or more of the following applies: Australian tax purposes. • the US holder is an Australian resident for Australian tax purposes; or THE FOREGOING DISCUSSION IS NOT TAX ADVICE OR A COMPREHENSIVE DISCUSSION OF ALL US AND AUSTRALIAN • the shares or ADSs have been used by the US holder in FEDERAL INCOME TAX CONSEQUENCES TO US HOLDERS OF carrying on a business through permanent establishment in SHARES OR AMERICAN DEPOSITORY SHARES. SUCH HOLDERS Australia; or SHOULD CONSULT WITH, AND RELY SOLELY UPON, THEIR OWN TAX ADVISERS TO DETERMINE THE SPECIFIC TAX CONSEQUENCES TO THEM OF THE OWNERSHIP AND DISPOSITION OF SHARES OR AMERICAN DEPOSITORY SHARES, INCLUDING THE EFFECT OF ANY US FEDERAL, STATE, LOCAL, NON-US, OR OTHER TAX LAWS.

280 Woodside Energy Annual Report 2025 6.4 Shareholder statistics Key announcements 2025 Events calendar 2026 Key calendar dates for Woodside shareholders in 2026. January Fourth Quarter 2024 Report Please note dates are subject to review. February Woodside releases Reserves Statement and Sangomar update February 24 Full-year 2025 results and briefing Annual Report 2024 24 Annual Report 2025 Woodside releases Full-Year 2024 Results 24 US Annual Report 2025 (Form 20-F) March Woodside to divest Greater Angostura assets to March 5 Ex-dividend date for final dividend (ASX) Perenco 6 Ex-dividend date for final dividend (NYSE) April Notice of Annual General Meeting 2025 6 Record date for dividend entitlements Sustainability Briefing 2025 10 Online Shareholder Q&A Woodside announces Louisiana LNG partnership with 16 Sustainability Briefing Stonepeak 27 Payment of dividend Woodside signs LNG supply agreements with Uniper First Quarter 2025 Report April 23 Annual General Meeting Woodside approves Louisiana LNG development 29 First quarter 2026 results Woodside signs gas supply agreement for Louisiana LNG June 30 Half-year end 2026 June Woodside completes Louisiana LNG sell-down to July 29 Second quarter 2026 results Stonepeak August 25 Half-year 2026 results July Second Quarter 2025 Report October 21 Third quarter 2026 results Woodside strengthens its Australian operations December 31 Year-end 2026 August Half-Year 2025 Report October Third Quarter 2025 Report Woodside announces Louisiana LNG partnership with Williams November 2025 Capital Markets Day December Sustainability Focus Session 2025 CEO Succession January 2026 Fourth Quarter 2025 Report February 2026 Woodside releases Reserves Statement

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 281 I FINANCIAL PERFORMANCE N 6.5 Asset facts Producing facilities Australia Asset Role Equity Infrastructure Capacity (100% project) Product Pluto LNG Operator 90% Pluto LNG Plant (onshore as LNG: 4.9 Mtpa Domestic gas: 25 LNG, pipeline gas and plant) TJ/d condensate Condensate: 1,140 tonnes/d Pluto Platform (steel jacket fixed Dry gas: 1,320 MMscf/d Gas and condensate platform) 1,2 North West Shelf Operator 33% Karratha Gas Plant (onshore gas LNG: 14.3 Mtpa LNG, pipeline gas, condensate plant) and NGLs Domestic gas: 630 TJ/d Condensate: 14,385 tonnes/d North Rankin Complex (steel Dry gas: 60,000 tonnes/d Gas and condensate jacket fixed platform) Condensate: 6,200 tonnes/d Goodwyn A Platform (steel jacket Dry gas: 38,000 tonnes/d Gas and condensate fixed platform) Condensate: 18,000 tonnes/d Angel Platform (steel jacket fixed Dry gas: 21,500 tonnes/d Gas and condensate platform) Condensate: 8,600 tonnes/d 2,3 Wheatstone Non-operator 13% Wheatstone LNG Plant (onshore LNG: 8.9 Mtpa LNG, pipeline gas and gas plant) condensate Domestic gas: 230 TJ/d Condensate: 8,661 sm3/d Wheatstone Platform Dry gas: 1,970 MMscf/d Gas and condensate (steel gravity structure Condensate: 8,600 sm3/d platform) Okha FPSO Operator 50% FPSO Oil: 60 kbbl/d Crude oil Gas: 82 MMscf/d Ngujima-Yin FPSO Operator 60% FPSO Oil: 120 kbbl/d Crude oil 4 Bass Strait Non-operator 32.5—50% Longford (onshore gas plant) Gas: 700 TJ/day Pipeline gas, condensate and NGLs Long Island Point (onshore Condensate: 2,250 tonnes/d processing and storage plant) Liquefied petroleum gas: 1,775 Barracouta (steel jacket platform tonnes/d and West Barracouta subsea Ethane: 225 tonnes/d tieback) Snapper (steel jacket platform) Marlin/Turrum (steel jacket platform) Tuna/West Tuna (steel jacket platform and concrete gravity structure) 32.5% Kipper (subsea tieback to West Tuna) Pyrenees FPSO Operator 40—71.4% FPSO Oil: 96,000 bbl/d Crude oil Macedon Operator 71% Onshore single-train gas plant Gas: 220 MMscf/d Pipeline gas Condensate: 110 bbl/d 1. The North West Shelf consists of a number of active joint ventures. Woodside’s participating interest is 33.33% in all of these apart from the NWS joint ventures with CNOOC. Woodside’s participating interest in the CLNG JV is 25% and in the Extended Interest JVs is 31.567%. 2. In December 2024 Woodside entered into an asset swap with Chevron. Refer to Section 3.1 Australia for details. Completion of the transaction is subject to conditions precedent, and expected to complete in H2 2026. 3. The Wheatstone assets processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has 65% participating interest and is the operator. 4. In July 2025, Woodside agreed to assume operatorship of the Bass Strait assets from ExxonMobil Australia. Refer to Section 3.1 Australia for details. The transaction is subject to customary conditions precedent (including obtaining regulatory approvals) and completion is targeted for 2026.

282 Woodside Energy Annual Report 2025 6.5 Asset facts International Asset Role Equity Infrastructure Capactiy (100% project) Product Sangomar Operator 82% Léopold Sédar Senghor FPSO Oil:100,000 bbl/d Crude oil 1 Greater Angostura Operator 45% Angostura – Block 2(c) steel Oil:100,000 bbl/d Crude oil and pipeline gas jacket fixed platforms) Gas: 340 MMscf/d 68.5% Ruby – Block 3(a) (steel jacket Oil: 100,000 bbl/d fixed platform) Gas: 50 MMscf/d Greater Shenzi Operator 72% Tension leg platform Oil: 200,000 bbl/d Crude oil, pipeline gas, condensate and NGLs Gas: 180 MMscf/d Atlantis Non-operator 44% Phase 1 (A-Spar) (Truss spar) Oil:100,000 bbl/d Crude oil, pipeline gas, condensate and NGLs Gas: 60 MMscf/d Mad Dog Non-operator 23.9% Phase 2 (Argos) (Semi- Oil: 140,000 bbl/d Crude oil, pipeline gas, submersible FPU) condensate and NGLs Gas: 75 MMscf/d Projects Post FID Asset Role Equity Infrastructure Capactiy (100% project) Product Scarborough Operator 75% Semi-submersible FPU Dry gas: 1,750 MMscf/d LNG and pipeline gas 51% Pluto Train 2 (onshore gas plant) LNG: 5.0 Mtpa Domestic gas: 225 TJ/d Pluto Train 2 Operator 51% LNG Trion Operator 60% Semi-submersible FPU Oil: 100,000 bbl/day Crude oil Beaumont New Operator 100% Ammonia synthesis facility, Phase 1 (under construction): Ammonia Ammonia supporting infrastructure, 1.1 Mtpa utilities and storage tanks Phase 2 (pre-FID): 1.1 Mtpa Louisiana LNG LLC Operator 90% Louisiana LNG Infrastructure LNG LLC Louisiana LNG Operator 60% Louisiana LNG Plant (onshore LNG: 16.5 Mtpa LNG Infrastructure LLC gas plant) Developments Asset Role Equity Product Calypso Operator 70% Gas Browse Operator 31% LNG, pipeline gas and condensate 2 Greater Scarborough Operator 100% Gas Liard Non-operator 50% Gas Sunrise Operator 33% LNG, pipeline gas and condensate 3 New energy opportunities Asset Role Equity Product H2Perth Operator 100% Hydrogen Hydrogen Refueller@H2Perth Operator 100% Hydrogen NeoSmelt Non-operator 20% Iron 3 Woodside Solar Proponent 100% Solar energy 1. The divestment of the Greater Angostura assets to Perenco was completed on 11 July 2025. 2. Greater Scarborough includes the Jupiter and Thebe fields. 3. Solar generation, battery services and transmission access and services will be supplied to Woodside under contracts with third parties.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 283 I FINANCIAL PERFORMANCE N Greenhouse gas assessment permits Country Permit Role Joint venture Comment Australia G-7-AP Non-operator Bonaparte CCS Assessment Joint Venture Located in the Bonaparte basin off the north western coast of the Northern Territory G-8-AP Operator Browse Joint Venture For carbon capture and storage evaluation for Browse G-10-AP Operator Angel CCS Joint Venture Located in the Northern Carnarvon basin off the north west coast of Western Australia G-18-AP Non-operator Greenhouse Gas Assessment Permit G-18-AP Located in the Northern Carnarvon Basin off the Joint Venture north west coast of Western Australia G-19-AP Non-operator Gippsland Basin Joint Venture Located in the Gippsland Basin off the coast of Victoria Exploration Country Permit Role Equity Product Asia-Pacific WA-554-P Operator 100% Gas prone basin Australia WA-550-P Operator 100% Gas prone basin WA-404-P Operator 100% Gas prone basin WA-28-P Operator 15.78% Gas prone basin Non-Operator 15.78% Gas prone basin Europe Ireland FEL 5/13 Operator Exit initiated Oil or gas prone basin Africa Congo Marine XX Non-Operator 23% Oil or gas prone basin Egypt Tiba Block Non-Operator 40% Gas prone basin North EI Dabaa Offshore (Block 4) Non-Operator 27% Oil or gas prone basin Caribbean Barbados Bimshire 60% - Exit initiated Oil or gas prone basin North America US Gulf of EB 550, EB 594, EB 636, EB 637, EB 638, GB 529, GB Operator 100% Oil prone basin America 530, GB 531, GB 721, GB 750, GB 821, GB 824, GB 825, GB 866, GC 210, GC 211, KC 859, KC 903, KC 904, KC 905, KC 948, KC 949, WR 795, WR 796 GC 124 Operator 75% Oil prone basin AC 36, AC 80, EB 699 Operator 70% Oil prone basin GC 282, GC 237 Non-Operator 50% Oil prone basin AC 81, AC 125, AC 126 Operator 45% Oil prone basin GC 598 Non-Operator 40% Oil prone basin AT 228, AT 273, AT 274, AT 424, AT 425, AT 453, AT 469, Non-Operator 30% Oil prone basin AT 470 GC 870 Non-Operator 24% Oil prone basin GC 679, GC 680, GC 723, GC 724, GC 768 Non-Operator 18% Oil prone basin

284 Woodside Energy Annual Report 2025 6.6 Alternative performance measures Certain parts of this report contain financial measures that are However, these measures should not be considered to be an not defined in, and have not been prepared in accordance with, indication of, or alternative to, corresponding measures of gross IFRS and are not recognised measures of financial performance profit, net profit, cash flows from operating activities, or other or liquidity under IFRS. In addition to the financial information figures determined in accordance with IFRS. In addition, such contained in this report presented in accordance with IFRS, measures may not be comparable to similar measures presented certain “non-GAAP financial measures” (as defined in Item 10(e) by other companies. Undue reliance should not be placed on the of Regulation S-K under the US Securities Act of 1933, as non-IFRS financial measures contained in this report, and the amended) have been included in this report. These measures non-IFRS financial measures should be considered in addition to, include EBIT, EBITDA excluding impairment, Gearing, Underlying and not as a substitute for, or as superior to, measures of NPAT, Net debt, Free cash flow, Cash margin, Capital financial performance, financial position or cash flows reported expenditure, Capital expenditure excluding Louisiana LNG, in accordance with IFRS. Exploration expenditure, Liquidity, Net tangible assets, Net Non-IFRS financial measures are not uniformly defined by all tangible assets per ordinary security, Other cash cost margin, companies, including those in Woodside’s industry. Accordingly, Production cost margin, Average realised price, Unit production they may not be comparable with similarly titled measures and cost, Return on equity, and Return on average capital employed. disclosures by other companies. Although certain of these data These non‑IFRS financial measures are defined in Section 6.7 – have been extracted or derived from Woodside’s financial Glossary, units of measure and conversion factors. This section statements, these data have not been audited or reviewed by provides a reconciliation of these measures to the most directly Woodside’s independent auditors. You are urged to read carefully comparable financial measure calculated and presented in the audited full-year financial statements and related accordance with IFRS in Woodside’s financial statements. notes thereto. Woodside’s management uses these measures to monitor Woodside’s financial performance alongside IFRS measures to improve the comparability of information between reporting periods and business units; Woodside believes that the non-IFRS financial measures it presents provide a useful means through which to examine the underlying performance of its business. Definition and calculation of non-IFRS financial information Non-IFRS financial information Why is the non-IFRS financial information useful Calculation methodology Average realised price Used to assess the Group’s realised price per unit to Calculated as revenue from sale of hydrocarbons divided monitor operational performance. by sales volumes. Cash margin Used to assess the Group’s cash, production and other Calculated as gross profit adjusted for other cost of sales, cash costs margin. property, plant and equipment depreciation and other revenue, divided by revenue from sale of hydrocarbons. The calculation excludes the marketing segment. EBIT Used to assess the Group’s operational profitability Calculated as profit before income tax, PRRT and net excluding net finance costs and taxation expense. finance costs. This assists management in tracking the performance of the Group from its operations only. EBITDA excluding Used to assess the Group’s operational profitability Calculated as profit before income tax, PRRT, net finance impairment excluding net finance costs, taxation expense, depreciation costs, depreciation and amortisation, impairment losses, and amortisation and impairment losses/reversals. This impairment reversals. measure assesses the performance of the Group’s segments and aids decision making of resource allocation. Underlying NPAT Used to assess the Group’s financial performance by Net profit after tax from the Group’s operations excluding excluding the impacts of exceptional items. This measure any exceptional items (refer to the reconciliation in this indicates the performance from the Group’s core section for the list of specific items for each financial year). operations only and is used by management to aid decision making of resource allocation. Capital expenditure Used to assess efficient deployment of capital for property, Capital additions on property, plant and equipment, plant and equipment and evaluation capitalised. evaluation capitalised and other corporate spend. Excludes Management uses this measure as support for decision exploration capitalised and adjusted for the capital making to maintain and improve productive capacity. contribution from its non‑controlling interests for the development of Louisiana LNG. Capital expenditure Used to assess efficient deployment of capital for property, Capital additions on property, plant and equipment, excluding Louisiana LNG plant and equipment and evaluation capitalised. evaluation capitalised and other corporate spend. Excludes Management uses this measure as support for decision exploration capitalised and net capital additions on making to maintain and improve productive capacity. Louisiana LNG.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 285 I FINANCIAL PERFORMANCE N Non-IFRS financial information Why is the non-IFRS financial information useful Calculation methodology Exploration expenditure Used to assess efficient deployment of capital for Includes exploration and evaluation expenditure and exploration expenditure. Management uses this measure exploration capitalised less evaluation expenditure, as support for decision making to maintain and improve amortisation of licence acquisition costs and prior year productive capacity. exploration expense written off. Free cash flow Used to evaluate the cash available for financing activities, Net cash flow from/(used in) operating activities and net including shareholder distributions and debt servicing, cash flow from/(used in) investing activities, adjusted for after investment in maintaining and growing the Group’s capital contributions from/(to) non-controlling interests operations This measure is used as a key indicator of the and lease repayments. level of cash the Group has at its disposal. Gearing Used to monitor the Group’s net debt relative to the Net debt divided by the total of net debt and equity Group’s total net debt and equity. This measure assists attributable to equity holders of the parent. management in monitoring the Group’s leverage. Liquidity Used to assess the Group’s ability to access cash and cash Total cash and cash equivalents and available undrawn equivalents at short notice. debt facilities less restricted cash. Net debt Net debt measures how the Group manages our balance Interest-bearing liabilities and lease liabilities less cash sheet and capital structure. Management uses this and cash equivalents. measure to track the level of debt of the Group. Net tangible assets Used to assess the Group’s net assets (excluding The Group’s net assets less goodwill, non-controlling intangible) to assess how much risk the Group carries in interest and other intangible assets. liquidity, solvency and assets for financing purposes. Net tangible assets per Used by management to assess the Group’s investment Net tangible assets divided by the number of issued and ordinary security strategy in comparison to the Group’s share price. fully paid shares. Other cash cost margin Used to assess the Group’s cash, production and other Calculated as royalties, excise and levies, insurance, cash costs margin. inventory movement, shipping and direct sales costs, trading costs and other hydrocarbon costs divided by revenue from sale of hydrocarbons. The calculation excludes the marketing segment. Production cost margin Used to assess the Group’s cash, production and other Calculated as production costs divided by revenue from cash costs margin. sale of hydrocarbons. The calculation excludes the marketing segment. Return on equity Used to measure the Group’s earnings as a percentage of Net profit after tax attributable to equity holder of the shareholders’ investments. parent divided by equity attributable to equity holders of the parent. Return on average capital Used to assess the efficiency of the Group’s utilisation of Net profit before tax and net finance costs divided by total employed the capital employed. average non-current liabilities and total average equity. Unit production cost Used to assess the Group’s production cost per unit to Calculated as production costs divided by production monitor efficiency and cost. volumes.

286 Woodside Energy Annual Report 2025 6.6 Alternative performance measures APMs derived from consolidated income statement 2025 2024 2023 US$m US$m US$m EBIT/EBITDA excluding impairment Net profit after tax 2,737 3,646 1,722 Adjusted for: Finance income (259) (220) (273) Finance costs 299 365 307 PRRT expense/(benefit) 349 (91) 898 Income tax expense 763 814 653 EBIT 3,889 4,514 3,307 Adjusted for: Property, plant and equipment depreciation 5,043 4,523 3,956 Amortisation of licence acquisition costs 5 8 4 Amortisation of intangible assets 22 21 — Depreciation of lease assets 175 210 179 Impairment losses 143 — 1,917 Impairment reversals — — — EBITDA excluding impairment 9,277 9,276 9,363 Underlying NPAT Net profit after tax attributable to equity holders of the parent 2,718 3,573 1,660 Adjusted for the following exceptional items: Add: Impairment loss (post-tax) 113 — 1,533 Less: Louisiana DTA recognition (182) — — Less: Sangomar DTA recognition — (342) — Less: Pluto DTA recognition — (351) — Add: Reduction in Pluto PRRT (post-tax) — — 446 Less: Trion DTA recognition — — (319) Underlying NPAT 2,649 2,880 3,320 Average realised price Revenue from sale of hydrocarbons 12,782 12,943 13,801 Sales volumes (MMboe) 212.2 204.0 201.1 Average realised price (US$ per boe) 60.2 63.4 68.6 Unit production cost Production costs 1,553 1,579 1,562 Production volumes (MMboe) 199 194 187 Unit production cost (US$ per boe) 7.8 8.1 8.3 APMs derived from consolidated cash flow statement and other notes 2025 2024 2023 US$m US$m US$m Free cash flow Net cash from operating activities 7,192 5,847 6,145 Net cash used in investing activities (7,911) (5,747) (5,585) Adjusted for: Contributions from/(to) NCI 2,841 (100) (98) Lease repayments (233) (293) (361) 1 Free cash flow 1,889 (293) 101 Liquidity Cash and cash equivalents 5,712 3,923 1,740 Add: Available undrawn facilities 3,550 2,800 6,050 Liquidity 9,262 6,723 7,790 1. The calculation has been updated to adjust for contributions from/(to) NCI and lease repayments. The 2024 and 2023 comparatives have been restated to be presented on the same basis.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 287 I FINANCIAL PERFORMANCE N APMs derived from Consolidated Balance Sheet 2025 2024 2023 US$m US$m US$m Capital expenditure Capital additions on evaluation 44 77 163 Capital additions on property, plant and equipment 7,345 5,003 5,317 Less: Cash contributions from participants (2,692) — — Capital additions on other 6 226 256 Capital expenditure 4,703 5,306 5,736 Less capital additions on Louisiana LNG (3,658) (219) — Adjusted for cash contribution from participants 2,692 — — Adjusted for net payments from Williams for Driftwood Pipeline LLC for 2025 capital contributions 37 — — Less: Net capital expenditure on Louisiana LNG (929) (219) — Capital expenditure excluding Louisiana LNG 3,774 5,087 5,736 Exploration expenditure Exploration and evaluation expenditure 188 337 360 Adjusted for: Evaluation expenditure (17) (15) (30) Amortisation expense (5) (8) (4) Prior year expense written off (4) (9) (77) Exploration capitalised 40 22 88 1 Exploration expenditure 202 327 337 1 Capital and exploration expenditure 4,905 5,633 6,073 Net tangible assets per ordinary security Net assets 39,843 36,153 35,170 Adjusted for: Goodwill (3,952) (3,866) (3,995) Non-controlling interest (3,929) (754) (771) Other intangible assets (901) (960) (187) Net tangible assets 31,061 30,573 30,217 Number of issued and fully paid shares 1,901,100,143 1,898,749,771 1,898,749,771 Net tangible assets per ordinary security 16.34 16.10 15.91 Gearing 2 Interest-bearing liabilities (Current and non-current) 11,963 9,997 4,874 Lease liabilities (Current and non-current) 1,759 1,623 1,615 Adjusted for: Cash and cash equivalents (5,712) (3,923) (1,740) Add: restricted cash — — — Net debt 8,010 7,697 4,749 Equity attributable to equity holders of the parent 35,914 35,399 34,399 Total net debt and equity attributable to equity holders of the parent 43,924 43,096 39,148 Gearing (%) 18.2 17.9 12.1 1. The calculation has been updated to adjust for evaluation expenditure. The 2024 and 2023 comparatives have been restated to be presented on the same basis. 2. The 2023 balance agrees to Note C.2 which includes capitalised costs to be amortised within the next 12 months

288 Woodside Energy Annual Report 2025 6.6 Alternative performance measures APMs derived from consolidated income statement and consolidated balance sheet 2025 2024 2023 US$m US$m US$m Return on equity Net profit after tax attributable to equity holders of the parent 2,718 3,573 1,660 Equity attributable to equity holders of the parent 35,914 35,399 34,399 Return on equity (%) 7.6 10.1 4.8 Return on average capital employed Profit before tax and net finance costs 3,889 4,514 3,307 Opening non-current liabilities 19,254 15,209 15,586 Closing non-current liabilities 21,241 19,254 15,209 Average non-current liabilities 20,248 17,232 15,398 Opening equity 36,153 35,170 37,127 Closing equity 39,843 36,153 35,170 1 Average equity 37,998 35,662 36,149 1 Total average non-current liabilities and equity 58,246 52,894 51,547 1 Return on average capital employed (%) 6.7 8 .5 6 .4 1. The calculation has been updated to use total equity rather than equity attributable to equity holders of the parent. The 2024 and 2023 comparatives have been restated to be presented on the same basis.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 289 I FINANCIAL PERFORMANCE N APMs derived from other notes 2025 2024 2023 US$m US$m US$m Revenue from sale of hydrocarbons (excluding marketing segment) 11,513 11,756 12,348 Cash margin (excluding marketing segment) Gross profit 4,153 5,266 5,942 Adjusted for: Other 66 35 7 Property, plant and equipment depreciation 5,043 4,523 3,956 Other revenue (57) (190) (3) Cash margin (excluding marketing segment) 9,205 9,634 9,902 Cash margin % 80.0 82.0 80.2 Production costs (excluding marketing segment) 1,553 1,579 1,562 Production cost margin % 13.4 13.4 12.6 Other cash costs (excluding marketing segment): Royalties, excise and levies 301 372 503 Insurance 79 25 60 Inventory movement (33) (84) 37 Shipping and direct sales costs 162 175 265 Trading costs 217 4 12 Other hydrocarbon costs 29 51 7 Total other cash costs (excluding marketing segment) 755 543 884 Other cash cost margin % 6 .6 4.6 7.2

290 Woodside Energy Annual Report 2025 6.7 Glossary, units of measure and conversion factors Term Definition Term Definition $, $m US dollars unless otherwise stated, millions Capital Capital additions on property, plant and equipment, of dollars expenditure evaluation capitalised and other corporate spend. Excludes exploration capitalised and adjusted for the 1P Proved reserves capital contribution from its non‑controlling interests 2C Best estimate of contingent resources for the development of Louisiana LNG. 2P Proved plus probable reserves Capital and Includes capital expenditure and exploration exploration expenditure AASB S2 Australian Accounting Standards Board S2 Climate- expenditure related Disclosures sets out disclosure requirements for an entity to provide useful information to primary Carbon credit A tradable financial instrument that is issued by a users of its general purpose financial report about carbon-crediting program. A carbon credit represents climate-related risks and opportunities that could a greenhouse gas emission reduction to, or removal reasonably be expected to affect the entity’s cash from, the atmosphere equivalent to 1 tCO -e, 2 flows, access to finance or cost of capital over the calculated as the difference in emissions from a short, medium or long term baseline scenario to a project scenario. Carbon credits are uniquely serialised, issued, tracked and Abate/ Avoidance, reduction or removal of an amount retired or administratively cancelled by means of an abatement of carbon dioxide or equivalent electronic registry operated by an administrative ACCU Australian Carbon Credit Unit body, such as a carbon-crediting program ADR American Depositary Receipts Carbon Carbon sequestration refers to the storage of carbon sequestration dioxide (CO ) after it is captured from industrial Aim Woodside uses this term to describe a result that 2 facilities and power plants or removed directly from plans or actions are intended to achieve 3 the atmosphere Artificial The ability of a computer or other device or Cash margin Gross profit/loss adjusted for other cost of sales, Intelligence or application to function as if processing 1 trading costs, property, plant and equipment AI human intelligence depreciation and amortisation and other revenue. ASEA Agencia de Seguridad Energia y Ambiente, Mexico’s Excludes the marketing segment. Cash margin % is regulator for Safety, Energy and the Environment calculated as cash margin divided by revenue from Aspiration Woodside uses this term to describe an aspiration sale of hydrocarbons (excluding marketing segment) to seek the achievement of an outcome but where CCS Carbon capture and storage achievement of the outcome is subject to material CCU Carbon capture and utilisation, also referred to uncertainties and contingencies such that Woodside as carbon-to-products considers there is not yet a suitable defined plan or pathway to achieve that outcome CCUS Carbon capture utilisation and storage ASRS Australian Sustainability Reporting Standards CO Carbon dioxide 2 ASX Australian Securities Exchange CO -e CO equivalent. The universal unit of measurement 2 2 A$ Australian dollars to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the Basis of Design A foundational document that outlines the technical global warming potential of one unit of carbon dioxide. or BOD approach, assumptions, criteria, and design It is used to evaluate releasing (or avoiding releasing) philosophy for a project or system. It serves as the 4 any greenhouse gas against a common basis blueprint that guides engineers, designers, COP-16 The 16th meeting of the Conference of the Parties contractors, and stakeholders throughout the design, (COP) to the Convention on Biological Diversity (CBD) construction, and commissioning phases of a project was held from October 21 to November 1, 2024, Biodiversity Biological diversity means the variability among 5 in Cali, Colombia living organisms from all sources including, inter alia, COP-29 The 29th Conference of the Parties (COP) to the terrestrial, marine and other aquatic ecosystems and United Nations Framework Convention on Climate the ecological complexes of which they are a part; Change, that was held from 11 to 22 November 2024, this includes diversity within species, between 2 in Baku, Azerbaijan species and of ecosystems Condensate Hydrocarbons that are gaseous in a reservoir but Biodiversity Documents that utilise credible-science to set how a that condense to form liquids as they rise to Management project will avoid, minimise, and, when necessariy the surface Plan remediate or offset biodiversity impacts and risks Biosequestration Biosequestration refers to the capture and storage of Contractors Individual or organisation performing work for carbon in living organisms, including plants and Woodside following verbal or written agreement. trees, to mitigate greenhouse gas emissions “Subcontractor” is synonymous with “Contractor” cps Cents per share Board The Board of Directors of Woodside Energy Group Ltd Credible science Evidence-based knowledge that is reproducible, Brent Intercontinental Exchange (ICE) Brent Crude peer‑reviewed and supported by broader deliverable futures contract (oil price) scientific evidence Cultural Tangible and intangible aspects of Indigenous heritage culture, including sites, stories, objects, knowledge and traditions that hold ongoing significance 1. Macquarie Concise Dictionary, Australia's National Dictionary, Fifth edition, 2010. 2. UNEP, 1992. “Convention on Biological Diversity”. https://www.cbd.int/doc/legal/cbd-en.pdf. 3. DOE Explains...Carbon Sequestration | Department of Energy, https://www.energy.gov/science/doe-explainscarbon-sequestration. 4. IFRS Foundation, 2021. “Climate Related Disclosures Prototype”, Appendix A. https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-climate-related-disclosures-prototype.pdf The IFRS published a further consultation document subsequent to the 2021 prototype. As it did not contain an updated definition of Paris-aligned scenarios Woodside has retained use of the previous edition. 5. UN CBD COP16 | United Nations Development Programme, https://www.undp.org/events/UN-CBD-COP16.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 291 I FINANCIAL PERFORMANCE N Term Definition Term Definition Cultural sites on The United Nations Educational, Scientific and Equity Woodside sets its Scope 1 and 2 greenhouse gas the UNESCO Cultural Organisation (UNESCO) defines cultural greenhouse gas emissions reduction targets on an equity basis. World Heritage heritage in Article 1 of the UNESCO Convention emissions This ensures that the scope of its emissions List concerning the protection of the World Cultural and reduction targets is aligned with its economic Natural Heritage (also known as the World interest in its investments. Equity emissions reflect Heritage Convention). the greenhouse gas emissions from operations according to Woodside’s share of equity in the 'For the purposes of this Convention, the following operation. Its equity share of an operation reflects shall be considered as cultural heritage ; its economic interest in the operation, which is the monuments: architectural works, works of extent of rights it has to the risks and rewards monumental sculpture and painting, elements or 3 flowing from the operation structures of an archaeological nature, inscriptions, cave dwellings and combinations of features, which Executive A senior employee whom the Board has determined are of Outstanding Universal Value from the point of to be eligible to participate in the EIS view of history, art or science; groups of buildings: Executive The most senior leadership group in the company, groups of separate or connected buildings which, Leadership previously known as the Executive Committee because of their architecture, their homogeneity or Team (ELT) their place in the landscape, are of Outstanding Exploration Includes exploration and evaluation expenditure less Universal Value from the point of view of history, art expenditure amortisation of licence acquisition costs and prior or science; sites: works of man or the combined year exploration expense written off works of nature and of man, and areas including archaeological sites which are of Outstanding Forest Native trees higher than 5 metres and a canopy cover Universal Value from the historical, aesthetic, of more than 10 percent on the land to be cleared ethnological or anthropological points of view.' FEED Front-end engineering design Please see https://whc.unesco.org/en/ FID Final investment decision conventiontext for more information. Flaring The controlled burning of gas found in oil and Where we refer to natural or cultural sites on the gas reservoirs UNESCO World Heritage list, this refers to properties FPIC Free, Prior and Informed Consent. For further inscribed on the UNESCO World Heritage List as information, please see Woodside’s Indigenous classified by UNESCO. For UNESCO definition of Communities Policy natural and cultural sites as well as a list of all sites, see: https://whc.unesco.org/en/faq/319 FPSO Floating production storage and offloading and https://whc.unesco.org/en/list/ FPU Floating production unit Decarbonisation Woodside uses this term to describe activities or Free cash flow Net cash from/(used in) operating activities and net pathways that have the effect of moving towards a cash from/(used in) investing activities, adjusted for state that is lower-carbon, as defined in this glossary contributions from/(to) non-controlling interests and DRP Dividend reinvestment plan lease repayments EBIT Calculated as profit before income tax, PRRT and Frequency rates Frequency rates are calculated per million net finance costs work hours EBITDA Calculated as profit before income tax, PRRT, Gearing Net debt divided by the total of net debt and equity excluding net finance costs, depreciation and amortisation, attributable to equity holders of the parent impairment impairment losses, impairment reversals GHG or The seven greenhouse gases listed in the Kyoto EIS Executive incentive scheme greenhouse gas Protocol, which are: carbon dioxide (CO ); methane 2 (CH ); nitrous oxide (N O); hydrofluorocarbons Electrification the charge with, or subject to electricity; to apply 4 2 1 (HFCs); nitrogen trifluoride (NF ); perfluorocarbons electricity to 3 4 (PFCs); and sulphur hexafluoride (SF ) 6 Emissions Refers to emissions of greenhouse gases unless Greenhouse Gas A Corporate Accounting and Reporting Standard otherwise stated Protocol (GHG Protocol) Energy security Refers to uninterrupted availability of energy sources 2 at an affordable price Environmental Environmental incidents involving hydrocarbon and incident hazardous non hydrocarbon spills of greater than 1 bbl released to the environment EPS Earnings per share 1. Macquarie Concise Dictionary, Australia's National Dictionary, Fifth edition, 2010. 2. IEA, 2022. “Energy security in energy transitions – World Energy Outlook 2022 – Analysis”. https://www.iea.org/reports/world-energy-outlook-2022/energy-security-in-energy-transitions. 3. World Resources Institute and World Business Council for Sustainable Development, 2004. “GHG Protocol: a corporate accounting and reporting standard” https://www.wbcsd.org/Programs/Climate-and- Energy/Climate/Resources/A-corporate-reporting-and-accounting-standard-revised-edition. 4. IFRS Foundation, 2021. “Climate Related Disclosures Prototype”, Appendix A. https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-climate-related-disclosures-prototype.pdf. The IFRS published a further consultation document subsequent to the 2021 prototype. As it did not contain a updated definition of Paris-Aligned scenarios Woodside has retained use of the previous edition. Definition as per the Australian Clean Energy Regulator. https://cer.gov.au/markets/reports-and-data/corporate-emissions-reduction-transparency-report/corporate-emissions-reduction-transparency-report-2023/cert-report-2023-glossary.

292 Woodside Energy Annual Report 2025 6.7 Glossary, units of measure and conversion factors Term Definition Term Definition Goal Woodside uses this term to broadly encompass its Indigenous There is diversity within the Indigenous communities in targets and aspirations Peoples the areas where we are active. When communicating with a wide audience, Woodside uses the term Gross margin Gross profit divided by operating revenue. Gross “Indigenous Peoples” to refer to Traditional Owners profit excludes income tax, PRRT, net finance costs, and Custodians. At a local level, Woodside will be other income and other expenses guided by the community about the appropriate terms GRI The Global Reporting Initiative is a network-based of reference. Following internal and external organisation that promotes sustainability reporting stakeholder feedback, Woodside has updated our worldwide. The GRI reporting framework sets out reference from First Nations to Indigenous because principles and indicators that organisations can use First Nations is not a globally accepted or widely used to measure and report their environmental, social term beyond Australia. Indigenous Peoples aligns with and governance performance the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) language and is the GWF Greater Western Flank recognised collective term in international law H1, H2 Halves of the calendar year (H1 is 1 January to Ipieca International Petroleum Industry Environmental 30 June and H2 is 1 July to 31 December) Conservation Association: the global oil and gas Hierarchy of The hierarchy of controls is a method of identifying industry association for environmental and controls and ranking safeguards to protect workers from social issues hazards. They are arranged from the most to least IRR Internal rate of return effective and include elimination (physically removing the hazard), substitution (replacing the JCC The Japan Customs-cleared Crude is the average hazard), engineering controls (isolating people from price of customs-cleared crude oil imports into Japan the hazard), administrative controls (changing the as reported in customs statistics (also known as way people work) and personal protective equipment “Japanese Crude Cocktail”) and is used as a (to protect workers directly) reference price for long-term supply LNG contracts High A high-consequence injury is a work-related injury JV Joint venture consequence that results in a fatality or permanent Keystone A keystone species is a species that has a 1 injury impairment injury. species disproportionately large effect on its natural Woodside’s definition for HCI has changed in 2025 environment relative to its abundance to align with the IOGP Fatality and Permanent KGP Karratha Gas Plant Impairment definition. This definition was adopted Liquidity Total cash and cash equivalents and available to focus attention on the highest risks to people. undrawn debt facilities In the previous reporting period, the HCI definition included long-term disabling injuries (i.e where the LNG Liquefied natural gas person will make a full recovery, but recovery Loss of primary An unplanned or uncontrolled release of any material exceeds 180 days) in HCI statistics which focused containment from primary containment, including non-toxic and disproportionate effort towards injury management, (LOPC) non-flammable materials (e.g. steam, hot condensate, access to treatment and privacy issues nitrogen, compressed CO or compressed air) HSE Health, safety and environment Lower-carbon Woodside uses this term to describe the HSE Incident An event where there has been a release of energy, characteristic of having lower levels of associated or hazardous material that has had, or had the potential GHG emissions when compared to historical potential to have, an undesirable impact on the safety and/or current conventions or analogues, for and health of people, on property, or on the example relating to an otherwise similar resource, environment. Is one, or more, of the following: an process, production facility, product or service, or unplanned release of energy that actually resulted in activity. When applied to Woodside’s strategy, please injury, occupational illness, environmental harm or see the definition of lower-carbon portfolio damage to assets, a near miss, damage or potential Lower-carbon Lower-carbon ammonia is characterised here by the damage to company reputation, breach of regulatory ammonia use of hydrogen with emissions abated by carbon compliance and/or legislation, security breach capture and storage (CCS), with an expected (including cybersecurity breach) ammonia lifecycle (Scope 1, 2 and 3) carbon Human factors Using what is known about people, organisations emissions intensity of 0.8 tCO /tNH (based on 2 3 and work design to influence performance. contracted intensity threshold with Linde) relative to unabated ammonia with a lifecycle (Scope 1, 2 and 3) ICOMOS International Council of Monuments and Sites carbon emissions intensity of 2.3 tCO /tNH 2 3 IFRS International Financial Reporting Standards (Hydrogen Europe, 2023) Lower-carbon A lower-carbon economy is an economy that economy produces lower levels of greenhouse gas emissions relative to today’s economy 1. IOGP Fatality and Permanent Impairment injury definitions | IOGP

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 293 I FINANCIAL PERFORMANCE N Term Definition Term Definition Lower-carbon For Woodside, a lower-carbon portfolio is one from NDC A Nationally Determined Contribution (NDC) is a portfolio which the net equity Scope 1 and 2 greenhouse gas voluntary climate action plan submitted by a country emissions, which includes the use of offsets, are to the United Nations Framework Convention on being reduced towards targets, and into which new Climate Change (UNFCCC), outlining their proposed energy products and lower carbon services are actions and targets to reduce greenhouse gas planned to be introduced as a complement to existing emissions and support adaptation to climate change. and new investments in oil and gas. Our Climate It is a key element of the Paris Agreement, and each Policy sets out the principles that we believe will country is expected to regularly update and enhance assist us achieve this aim their NDCs over time Lower-carbon Woodside uses this term to describe technologies, Net debt Interest-bearing liabilities and lease liabilities less services such as CCUS or offsets that could be used by cash and cash equivalents customers to reduce their net greenhouse Net equity Woodside’s equity share of net greenhouse gas gas emissions greenhouse gas emissions which includes the utilisation of carbon Major Unplanned or undesired event resulting in a emissions credits as offsets environmental moderate, medium-term impact on ecosystems, Net greenhouse Woodside has set its Scope 1 and 2 greenhouse gas incidents species, habitat or physical or biological attributes gas emissions emissions reduction targets on a net basis, allowing Material topic For the purposes of Woodside’s 2025 sustainability for both direct emissions reductions from its disclosures we determine which topics are material. operations and emissions reduction achieved from For these purposes, ‘material topic’ means a 2025 the utilisation of carbon credits as offsets (including sustainability topic described in this report, credits relating to avoidance, reduction and/or determined as part of the 2024 materiality removal activities). Net greenhouse gas emissions assessment process undertaken by Woodside. are equal to an entity’s gross greenhouse gas Classification of any topic as material through our emissions reduced by the number of retired 1 materiality assessment process should not be read carbon credits as a determination of whether that topic rises to the Net profit Net profit after tax excluding non-controlling level of materiality of disclosure required by law, attributable to interests from the Group’s operations including the laws of Australia, and the United States. equity holders However where applicable laws require the of the parent disclosure of risks that meet certain thresholds, Net tangible The Group’s net assets less goodwill, non-controlling Woodside has disclosed those risks assets interest and intangible assets Moderate When used to define impact to the environment, Net tangible Net tangible assets divided by the number of issued Moderate impact is an impact on environmental assets per and fully paid shares features or areas of heightened sensitivity with a ordinary limited ability to recover security MOU Memorandum Of Understanding. It is a non-binding Net zero Net zero emissions are achieved when anthropogenic agreement that outlines the intentions of two or emissions of greenhouse gases to the atmosphere more parties to work together towards a common are balanced by anthropogenic removals over a goal or objective specified period. Where multiple greenhouse gases Natural sites on Natural heritage is defined in Article 2 of the World are involved, the quantification of net zero emissions the UNESCO Heritage Convention. For the purposes of this depends on the climate metric chosen to compare World Heritage Convention, the following shall be considered as emissions of different gases (such as global warming List natural heritage : potential, global temperature change potential, 2 and others, as well as the chosen time horizon) • natural features consisting of physical and biological formations or groups of such formations, Net zero Woodside uses this term to mean no net loss of which are of Outstanding Universal Value from the deforestation forest area attributable to new activities aesthetic or scientific point of view; New activity When used in relation to environment and • geological and physiographical formations and biodiversity, new activity means any Woodside precisely delineated areas which constitute the activity that is not authorised under an existing habitat of threatened species of animals and regulatory approval plants of Outstanding Universal Value from the point of view of science or conservation; New energy Woodside uses this term to describe energy technologies, such as hydrogen and ammonia, • natural sites or precisely delineated natural areas that are emerging in scale but which are expected of Outstanding Universal Value from the point of to grow during the energy transition due to having view of science, conservation or natural beauty. lower greenhouse gas emissions at the point of Please see https://whc.unesco.org/en/ use than conventional fossil fuels conventiontext for more information 1. Australian Clean Energy Regulator, 2023. “Corporate Emissions Reduction Transparency report 2023” https://cer.gov.au/markets/reports-and-data/corporate-emissions-reduction-transparency-report/corporate- emissions-reduction-transparency-report-2023/cert-report-2023-glossary 2. IPCC, 2018: Annex I: Glossary [Matthews, J.B.R. (ed.)]. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 541–562. https://doi.org/10.1017/9781009157940.008.

294 Woodside Energy Annual Report 2025 6.7 Glossary, units of measure and conversion factors Term Definition Term Definition NGLs Natural gas liquids Positive Measurable biodiversity outcomes to support at least biodiversity one of the following, 1) threatened or keystone NPAT Net profit after tax outcome species; or 2) restoration or regeneration of natural NWS North West Shelf habitat; or 3) removal of threatening processes or enhancement of ecological function NYSE New York Stock Exchange Potential risks When used in the Sustainability Report, this is an Offsets The compensation for an entity’s greenhouse gas environmental, social or governance related risk, that emissions within its scope by achieving an equivalent if it occurs over the next 12 months, could cause an amount of emission reductions or removals outside actual or a perceived negative impact on the the boundary or value chain of that entity business or on our activities Offtake Offtake refers to the agreement between a seller and Production cost Production cost margin % is calculated as production a buyer for the purchase and delivery of a product, margin costs divided by revenue from sale of hydrocarbons. typically a commodity or energy resource Excludes the marketing segment Operator, Oil and gas joint venture participants will typically PRRT Petroleum resources rent tax Operated and appoint one company as the operator, which will hold Non-Operated the contractual authority to manage joint venture PSC Production sharing contract activities on behalf of the joint venture participants. PSCR Process safety critical role Where Woodside is the operator of a joint venture in which it holds an equity share, this report refers to PSE Process safety event that joint venture as being operated. Where another Psychosocial A psychosocial hazard is defined as anything in the company is the operator of a joint venture in which Hazard working environment that could cause a worker to Woodside holds an equity share, this report refers to have a negative psychological response, potentially that joint venture as being non-operated 3 leading to psychological or physical harm Origination Origination refers to carbon offset projects developed Renewables Include modern bioenergy, geothermal, hydropower, by Woodside or third-party project developers, solar photovoltaics, concentrating solar power, wind, characterised by (i) the provision by Woodside of up- 4 marine (tide and wave) energy, and renewable waste front investment or funding; (ii) Woodside either Residual levels Residual levels of emissions denote the goal of being a majority participant in the project or a of emissions reducing emissions as much as possible, taking into recipient of carbon credits from the project (or both); account both technological capabilities and and (iii) the acceptance of risk by Woodside in commercial feasibility, towards a level that relation to carbon credit delivery approaches but does not reach zero Other cash cost Other cash costs include royalties, excise and levies, Retired, When used in the Sustainability Report or new margin insurance, inventory movement, shipping and direct Retirement energy opportunities section, the transfer of a carbon sales costs and other hydrocarbon costs. Excludes credit to a registry account that permanently the marketing segment. Other cash cost margin % removes the carbon credit from circulation. The term is calculated as other cash costs divided by revenue retirement applies to the use of the carbon credit by from sale of hydrocarbons (excluding an entity to meet voluntary commitments or marketing segment) compliance obligations Paris-aligned Consistent with limiting global warming to below 2°C Revenue from Revenue from the sale of hydrocarbons, processing scenarios above pre-industrial levels and pursuing efforts to 1 ordinary and services revenue and shipping and limit warming to 1.5°C activites other revenue Permanent A permanent impairment is defined as the outcome 2 RFSU Ready for startup Impairment of a work-related injury from which the worker Injury cannot or is not expected to return to their previous RSSD Rufisque Offshore, Sangomar Offshore and (pre-incident) whole person function as a result Sangomar Deep Offshore of an acute, single incident, resulting in any of the following : • permanent loss of body parts • permanent reduction of organ's physiological function • permanent reduction in skin and musculoskeletal function 1. IFRS Foundation, 2021. “Climate Related Disclosures Prototype”, Appendix A, https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-climate-related-disclosures-prototype.pdf. The IFRS published a further consultation document subsequent to the 2021 prototype. As it did not contain an updated definition of Paris-aligned scenarios Woodside has retained use of the previous edition. 2. See the IOGP Fatality and Permanent Impairment injury definitions. https://www.iogp.org/workstreams/safety/safety/iogp-fatality-and-permanent-impairment/iogp-fatality-and-permanent- impairment-injury-definitions/. 3. Safe Work Australia. https://www.safeworkaustralia.gov.au/safety-topic/managing-health-and-safety/mental-health/psychosocial-hazards. 4. World Energy Outlook, 2024. https://iea.blob.core.windows.net/assets/140a0470-5b90-4922-a0e9-838b3ac6918c/WorldEnergyOutlook2024.pdf.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 295 I FINANCIAL PERFORMANCE N Term Definition Term Definition Scope 1 GHG Direct GHG emissions. These occur from sources that Sustainability References to sustainability (including sustainable and emissions are owned or controlled by the company, for (including sustainably) are used with reference to Woodside’s example, emissions from combustion in owned or sustainable and Sustainability Committee and sustainability-related controlled boilers, furnaces, vehicles, etc., emissions sustainably) Board policies, as well as in the context of Woodside’s from chemical production in owned or controlled aim to ensure its business is sustainable from a process equipment. Woodside measures and long‑term perspective, considering a range of factors discloses greenhouse gas emissions, energy values including economic (including being able to sustain and global warming potentials in accordance with the our business in the long-term by being low-cost and relevant reporting regulations in the jurisdiction profitable), environmental (including considering our where the emissions occur. This includes use of the environmental impact and striving for a lower-carbon NGER Measurement Determination in Australia and portfolio), social (including supporting our licence to the EPA Greenhouse Gas Reporting Program operate), and regulatory (including ongoing compliance (GHGRP) in the US. NGER Measurement with relevant legal obligations). Use of the terms Determination emissions factors and methodologies sustainability”, ”sustainable” and ”sustainably” is not have been used to measure emissions for operations intended to imply that Woodside will have no adverse 1 in jurisdictions where regulations do not yet exist impact on the economy, environment, or society, or that Woodside will achieve any particular economic, Scope 2 GHG Electricity indirect GHG emissions. Scope 2 accounts environmental, or social outcomes emissions for GHG emissions from the generation of purchased electricity consumed by the company. Purchased Sustainability Woodside uses this term to describe a document that electricity is defined as electricity that is purchased Plan sets objectives and focus areas to track performance or otherwise brought into the organisational across our material sustainability topics boundary of the company. Scope 2 emissions Target Woodside uses this term to describe an intention to physically occur at the facility where electricity is seek the achievement of an outcome, where generated. Woodside measures and discloses Woodside considers that it has developed a suitably greenhouse gas emissions, energy values and global defined plan or pathway to achieve that outcome warming potentials in accordance with the relevant TCFD Taskforce on Climate-related Financial Disclosures. reporting regulations in the jurisdiction where the For more information see www.fsb-tcfd.org/about emissions occur.This includes use of the NGER Measurement Determination in Australia and the EPA Tier 1 PSE A typical Tier 1 process safety event is loss of Greenhouse Gas Reporting Program (GHGRP) in the containment of hydrocarbons greater than 500 kg US. NGER Measurement Determination emissions (in any one-hour period) factors and methodologies have been used to Tier 2 PSE A typical Tier 2 process safety event is loss of measure emissions for operations in jurisdictions 1 containment of hydrocarbons greater than 50 kg where regulations do not yet exist but less than 500 kg (in any one-hour period) Scope 3 GHG Other indirect GHG emissions. Scope 3 is a reporting Total recordable The number of recordable injuries (fatalities + lost emissions category that allows for the treatment of all other injury rate work day cases + restricted workday cases + medical indirect emissions. Scope 3 emissions are a (TRIR) treatment cases + permanent partial disability) consequence of the activities of the company but occur per million work hours from sources not owned or controlled by the company. Some examples of Scope 3 activities are extraction and Traditional Members of the local Indigenous group with production of purchased materials; transportation of Owners and traditional rights and responsibilities in relation purchased fuels; and use of sold products and services. Custodians to the land and water in which we are active Please refer to the Climate data table on our website Transition case Woodside uses this term to refer to the methodology for further information on the Scope 3 emissions Woodside applies to helps us manage risk by 1 categories reported by Woodside screening investment opportunities across a SGM The Australian Government’s Safeguard Mechanism range of climate-related factors SMCs Safeguard Mechanism credit units Underlying Net profit after tax from the Group’s operations NPAT excluding any exceptional items Stand together Woodside’s annual, company wide safety initiative for safety designed to refocus attention on what safety means UNESCO World Where we refer to natural or cultural sites on the (ST4S) in day to day work. The program brings employees Heritage List UNESCO World Heritage list, this refers to properties and contractors together across assets, offices and inscribed on the UNESCO World Heritage List as regions to reflect on key safety themes, share classified by UNESCO learnings, and strengthen a culture of care Unit production Production costs ($ million) divided by production Starting base The starting base has been adjusted for the merger costs volume (MMboe) between Woodside and BHP Group’s Petroleum US, USA United States of America business (completed on 1 June 2022) which increased the starting base from 3.59 Mt CO₂‑e to 6.32 Mt CO₂‑e USD US dollars and for the divestment of the Greater Angostura assets WA Western Australia (completed on 11 July 2025) which subsequently WMS Woodside Management System reduced it from 6.32 Mt CO₂‑e to 6.27 Mt CO₂‑e 1. World Resources Institute and World Business Council for Sustainable Development, 2004. “GHG Protocol: A Corporate Accounting and Reporting Standard” https://www.wbcsd.org/Programs/ Climate-and-Energy/Climate/Resources/A-corporate-reporting-and-accounting-standard-revised-edition.

296 Woodside Energy Annual Report 2025 6.7 Glossary, units of measure and conversion factors Conversion factors Units of measure Product Unit Conversion factor Term Definition bbl barrels Natural gas 5,700 scf 1 boe Condensate 1 bbl 1 boe bbl/d barrels per day Oil 1 bbl 1 boe bcf billion cubic feet of gas Natural gas liquids 1 bbl 1 boe boe barrel of oil equivalent CO -e carbon dioxide equivalent Ammonia 1 tonne 3.68 boe 2 GJ gigajoules Facility Unit Conversion factor ha hectare Karratha Gas Plant 1 tonne 8.08 boe kt kilo tonnes Pluto Gas Plant 1 tonne 8.34 boe Mbbl thousand barrels Wheatstone 1 tonne 8.27 boe Mbbl/d thousand barrels per day Mboe thousand barrels of oil equivalent The LNG conversion factor from tonne to boe is specific Mboe/d thousand barrels of oil equivalent per day to volumes produced at each facility and is based on gas Mcf thousand cubic feet of gas composition that may change over time. MJ megajoule MMbbl million barrels MMboe million barrels of oil equivalent MMBtu million British thermal units MMscf million standard cubic feet of gas MMscf/d million standard cubic feet of gas per day Mt million tonnes Mtpa million tonnes per annum MW megawatt PJ petajoules scf standard cubic feet of gas 3 Sm standard cubic metre t tonnes TJ terajoules tpd tonnes per day

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 297 I FINANCIAL PERFORMANCE N 6.8 Information about this report Important factors that could cause actual results to differ materially Unreasonable prejudice from those in the forward-looking statements and the assumptions As permitted by Sections 299(3) and 299A(3) of the Corporations on which they are based include, but are not limited to, fluctuations in Act 2001, we have omitted certain information from our operating commodity prices, actual demand for Woodside products, currency and financial review and Directors’ report in relation to our fluctuations, geotechnical factors, drilling and production results, business strategy, future prospects and likely developments in gas commercialisation, development progress, operating results, our operations and the expected results of those operations in engineering estimates, reserve and resource estimates, loss of future financial years. We have done this on the basis that such market, industry competition, pace of technology developments, information, if disclosed, would be likely to result in unreasonable sustainability and environmental risks, climate related transition and prejudice to Woodside (for example, because the information is physical risks, safety and personnel risks, changes in accounting premature, commercially sensitive, confidential or could give a standards, economic and financial markets conditions in various third party a commercial advantage). The omitted information countries and regions the actions of third parties, project delay or relates to our internal budgets, forecasts and estimates, details advancement, regulatory approvals, political risks and the impact of of our business strategy, and LNG contractual pricing. armed conflict and political instability (such as the ongoing conflicts in Ukraine and in the Middle East) on economic activity and oil and gas Forward looking statements supply and demand, cost estimates, legislative, fiscal and regulatory developments, including those related to the imposition of tariffs This report contains forward-looking statements. These and other trade restrictions, and the effect of future regulatory or statements may relate to Woodside’s business, goals, targets, legislative actions on Woodside or the industries in which it operates, aspirations, plans, expectations, market conditions, results of including potential changes to tax laws, the impact of general operations and financial condition, including, but not limited to, economic conditions, inflationary conditions, prevailing exchange statements regarding the timing, completion and outcomes of rates and interest rates and conditions in financial markets, and risks transactions, construction costs and capital expenditures, supply associated with acquisitions, mergers and joint ventures, including and demand for Woodside’s products, development, completion difficulties integrating or separating businesses, uncertainty and execution of Woodside’s projects, the expected benefits, cash associated with financial projections, restructuring, increased costs flows and rates of return or other future results of investments, and adverse tax consequences, and uncertainties and liabilities strategies and transactions, the payment of future dividends and associated with acquired and divested properties and businesses. the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables A more detailed summary of the key risks relating to Woodside production capacity and investments in, and development of, and its business can be found in Section 3.7 – Risk factors. renewables projects, expectations and guidance with respect to You should review and have regard to these risks when considering production, production costs and other costs, capital expenditure, the information contained in this report. If any of the assumptions abandonment expenditure, exploration expenditure and gas hub on which a forward-looking statement is based were to change or exposure, trends in commodity prices and currency exchange be found to be incorrect, this would likely cause outcomes to rates, adoption and implementation of new technologies and differ from the statements made in this report. expectations regarding the achievement of Woodside’s Scope 1 Investors are strongly cautioned not to place undue reliance on any and 2 greenhouse gas emissions targets and Scope 3 investment forward-looking statements. Actual results or performance may vary and emissions abatement targets (in each case on a net equity or materially from those expressed in, or implied by, any forward-looking gross equity basis as specified) and other climate and statements. None of Woodside nor any of its related bodies corporate, sustainability goals. nor any of their respective officers, directors, employees, advisers or All statements, other than statements of historical or present representatives, nor any person named in this report or involved in the facts, are forward-looking statements and generally may be preparation of the information in this report, makes any representation, identified by the use of forward-looking words such as “aim”, assurance, guarantee or warranty (either express or implied) as to the “anticipate”, “aspire”, “believe”, “enable”, “estimate”, “expect”, accuracy or likelihood of fulfilment of any forward-looking statement, “forecast”, “foresee”, “guidance”, “intend”, “likely”, “may”, or any outcomes, events or results expressed or implied in any “objective”, “outlook”, “pathway”, “plan”, “position”, “potential”, forward‑looking statement in this report. All forward-looking statements “project”, , “schedule”, “seek” “should”, “strategy”, “strive”, contained in this report reflect Woodside’s views held as at the date of “target”, “will” and other similar words or expressions. this report and, except as required by applicable law, neither Woodside, its related bodies corporate, nor any of their respective officers, Forward-looking statements in this report are not guidance, directors, employees, advisers or representatives nor any person forecasts, guarantees or predictions of future events or named in this report or involved in the preparation of the information performance, but are in the nature of future expectations in this report intends to, undertakes to, or assumes any obligation to, that are based on management’s current expectations. provide any additional information or update or revise any of these Those statements and any assumptions on which they are based statements after the date of this report, either to make them conform are subject to change without notice and are subject to inherent to actual results or as a result of new information, future events or known and unknown risks, uncertainties, contingencies and other results, changes in Woodside’s expectations or otherwise. factors, many of which are beyond the control of Woodside, its Past performance (including historical financial and operational related bodies corporate and their respective officers, directors, information) is given for illustrative purposes only. It is not employees, advisers or representatives. necessarily, a reliable indicator of future performance, including future security prices.

298 Woodside Energy Annual Report 2025 6.8 Information about this report These industry publications and third-party studies generally Climate strategy and emissions data state that the information they contain has been obtained from All greenhouse gas emissions data in this report are estimates, sources believed to be reliable, although they do not guarantee due to the inherent uncertainty and limitations in measuring or the accuracy or completeness of such information. quantifying greenhouse gas emissions. Methodologies for While Woodside believes that each of these publications and measuring or quantifying greenhouse gas emissions may evolve third-party studies is credible and has been prepared by a as market practices continue to develop and data quality and reputable source, Woodside has not independently verified quantity continue to improve. the market and industry data obtained from these third-party Woodside “greenhouse gas” or “emissions” information reported sources and cannot guarantee the accuracy or completeness are Scope 1 GHG emissions, Scope 2 GHG emissions, and/or of such data. There may be differences in the way third parties Scope 3 GHG emissions, each on a net equity or gross equity calculate or report greenhouse gas emissions compared to basis as specified. Woodside, which means third party data may not be comparable to Woodside’s data. Accordingly, undue reliance should not be Actual performance against Woodside’s targets (including items placed on any of the industry, market and competitive position that are described as a target) and aspirations or goals may be data contained in this report. Woodside accepts no responsibility affected by various risks associated with Woodside’s business, for any loss, damage, cost or expense (whether direct or indirect) the uncertainty as to how the global energy transition to a lower incurred by you as a result of any error, omission or carbon economy will evolve, and physical risks associated with misrepresentation in information in this report. climate change, many of which are beyond Woodside’s control. Forecasts and other forward-looking information obtained The glossary and footnotes to this report provide further from these sources are subject to the same qualifications and clarification of “lower-carbon” where applicable. Woodside uncertainties as the other forward-looking statements contained uses the term “lower-carbon services” to describe technologies, in this report and may differ among third-party sources. such as CCUS or offsets, that may be capable of reducing the These forecasts and forward-looking information are subject to net greenhouse gas emissions of our customers. uncertainty and risk due to a variety of factors, including those Additionally, the developments of environmental and climate described in Section 3.7 – Risk factors and in this section. change-related issues discussed in this report are based on These and other factors could cause results to differ materially various frameworks and the interests of various stakeholders from those expressed in Woodside’s forecasts or estimates that are subject to evolve independently of our will. Moreover, or those of independent third parties. While Woodside believes our disclosures on such issues, including climate-related its internal research is credible and its selection of industry disclosures, may include information that is not necessarily publications and third-party studies and the description of its “material” under US securities laws for SEC reporting purposes market and industry are appropriate, neither such research nor or under applicable securities law. these descriptions have been verified by any independent source. Scope 3 targets are subject to commercial arrangements, commercial feasibility, regulatory and joint venture approvals, Basis of presentation and third party activities (which may or may not proceed). Woodside’s financial statements are prepared in accordance with Individual investment decisions are subject to Woodside’s the Australian Accounting Standards and other authoritative investment targets. Such targets are not guidance. Scope 3 pronouncements of the Australian Accounting Standards Board targets potentially include both organic and inorganic investment. (AASB) and comply with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Limitations of scenario analysis Standards Board (IASB). This report also includes Woodside’s This report also includes scenario analysis. Climate scenarios mandatory climate-related disclosures under AASB S2, are potential future climate states based on sets of assumptions which are contained in Section 3. – Sustainability Report. around changes in global behaviours. They are not forecasts and may not be reflective of Woodside’s own expectations. It is Other important information difficult to predict which, if any, of the scenarios discussed in In this report, references to a year are to the calendar and this report might eventuate. The assumptions underpinning financial year ended 31 December 2025 unless otherwise stated. a scenario may or may not be, or prove to be, correct. All references to dollars, cents of $ in this report are references Actual outcomes may be impacted by factors beyond the to US currency and are stated in Woodside share, unless assumptions disclosed. otherwise stated. Unless otherwise stated, all Woodside results set out in this Annual Report 2025 include the performance of the Industry and market data interests acquired as part of the merger with BHP’s petroleum business from 1 June 2022. This report contains industry, market and competitive position data that are based on industry publications, third-party studies, For more information on Woodside’s climate strategy, and Woodside’s internal estimates and research. including references to “lower-carbon” as part of that strategy, and emissions data, refer to the Sustainability section at woodside.com.

OVERVIEW STRATEGY AND OUR BUSINESS GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 299 I FINANCIAL PERFORMANCE N 6.9 Ten-year comparative data summary 2 1 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Profit and loss Operating revenues 1,2 (USDm) LNG 5,960 6,401 8,165 11,289 5,359 2,519 3,664 3,761 2,674 2,751 Pipeline gas 1,324 1,349 1,374 1,362 43 73 85 89 153 303 Natural gas liquids (NGLs) 241 306 281 206 60 16 44 25 43 34 Crude oil and condensate 5,257 4,887 3,981 3,758 1,316 843 946 952 813 715 Processing and services revenue 177 220 184 175 143 142 119 202 192 202 Trading revenue — — — — — — — 210 53 70 Other hydrocarbon revenue — — — — — — — 1 47 — Shipping and other revenue 25 16 9 27 41 7 15 — — — Total 12,984 13,179 13,994 16,817 6,962 3,600 4,873 5,240 3,975 4,075 EBITDAX excluding impairment 9,460 9,605 9,719 11,694 4,454 1,991 3,680 4,041 3,095 3,004 EBITDA excluding impairment 9,277 9,276 9,363 11,234 4,135 1,922 3,531 3,814 2,918 2,734 EBIT 3,889 4,514 3,307 9,186 3,493 (5,171) 1,091 2,278 1,714 1,388 Exploration and evaluation (excluding 183 329 356 460 319 69 149 227 177 270 amortisation of permit acquisition) Depreciation and amortisation 5,240 4,754 4,135 2,938 1,687 1,812 1,688 1,451 1,188 1,320 Amortisation of license acquisition costs 5 8 4 10 3 12 15 46 16 26 Impairment/impairment reversal 143 — 1,917 (900) (1,048) 5,269 737 39 — — Net finance costs 40 145 34 12 203 269 229 183 84 48 Tax expense 1,112 723 1,551 2,599 1,254 (1,465) 480 628 465 367 Non-controlling interest 19 73 62 77 53 53 39 103 96 105 Reported NPAT (excluding NCI) 2,718 3,573 1,660 6,498 1,983 (4,028) 343 1,364 1,069 868 3 Reported EPS (cents) 143 189 88 430 206 (424) 37 148 123 104 DPS (cents) 112 122 140 253 135 38 91 144 98 83 Balance sheet Total assets 66,501 61,264 55,361 59,321 26,474 24,623 29,353 27,088 25,399 24,753 2 (USDm) Debt 13,722 11,620 6,498 6,772 6,797 7,492 6,849 4,071 5,065 4,973 Net debt 8,010 7,697 4,749 583 3,772 3,888 2,791 2,397 4,747 4,688 Shareholder equity (net of non- 35,914 35,399 34,399 36,336 13,443 12,075 16,617 17,489 15,081 14,839 controlling interest) Cash flow Cash flow from (USDm) and Operations 7,192 5,847 6,145 8,811 3,792 1,849 3,305 3,296 2,400 2,587 capital Investing (7,911) (5,747) (5,585) (2,265) (2,941) (2,112) (1,238) (1,772) (1,568) (2,473) expenditure (USDm) Financing 2,491 2,101 (5,000) (3,364) (1,424) (203) 317 (159) (805) 51 4 Capital expenditure 4,703 5,306 5,736 4,115 2,638 1,946 1,192 1,721 1,367 2,179 5 ROACE 6.7% 8.5% 6.4% 24.5% 15.6% (21.0%) 4.1% 9.3% 7.4% 6.2% Return on equity 7.6% 10.1% 4.8% 17.9% 14.8% (33.4%) 2.1% 7.8% 7.1% 5.8% Gearing 18.2% 17.9% 12.1% 1.6% 21.9% 24.4% 14.4% 12.1% 23.9% 24.0%

300 Woodside Energy Annual Report 2025 6.9 Ten-year comparative data summary 2 1 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 1 Volumes Sales (million boe) 11 LNG 93.6 96.6 104.1 96.6 91.2 81.2 75.3 69.6 61.2 63.6 Pipeline gas 35.6 37.8 39.6 28.4 2.5 5.3 6.2 5.8 7.6 14.5 NGLs 5.8 5.4 7.1 4.6 0.7 0.4 0.7 0.4 0.7 0.7 Crude oil and condensate 77.2 64.2 50.3 39.3 17.2 19.9 15.2 13.4 14.6 16.2 Total 212.2 204.0 201.1 168.9 111.6 106.8 97.4 89.2 84.1 95.0 6 Production (million boe) LNG 79.1 85.5 88.6 85.1 70.8 75.0 67.7 71.9 61.7 63.7 Pipeline gas 36.2 38.6 39.7 28.6 2.5 5.3 6.1 5.8 7.3 14.5 NGLs 5.7 6.6 7.1 5.3 0.5 0.5 0.5 0.6 0.6 0.7 Crude oil and condensate 77.8 63.2 51.8 38.7 17.3 19.5 15.3 13.1 14.8 16.0 Total (million boe) 198.8 193.9 187.2 157.7 91.1 100.3 89.6 91.4 84.4 94.9 Other data Reserves (Proved plus Probable) 12.10 12.59 16.02 16.43 11.67 4.50 5.65 6.05 6.54 7.09 7 Natural gas (Tcf) Reserves (Proved plus Probable) Crude 833.9 849.7 908.7 710.6 244.4 250.7 222.4 175.9 186.9 198.6 7 oil and condensate (MMbbl) Reserves (Proved plus Probable) NGLs 34.4 33.9 37.1 48.0 — — — — — — 7 (MMbbl) Other 8 Employees 4,693 4,718 4,667 4,376 3,684 3,670 3,834 3,662 3,597 3,511 Shares High (A$) 27.30 32.46 39.00 39.16 27.40 36.14 37.40 39.00 33.97 31.88 Low (A$) 18.61 23.10 29.53 21.93 19.20 15.27 30.49 28.45 28.16 23.94 Close (A$) 23.59 24.60 31.06 35.44 21.93 22.74 34.38 31.32 33.08 31.16 Number (000's) 1,901,100 1,898,750 1,898,750 1,898,750 969,632 962,226 942,287 936,152 842,445 842,445 9 Number of shareholders 578,895 607,388 620,891 649,871 261,019 276,431 220,065 209,753 209,383 214,350 Market capitalisation (USD equivalent at 29,638 28,960 40,168 45,759 15,948 16,817 22,666 20,681 21,762 18,922 reporting date) Market capitalisation (AUD equivalent at 44,847 46,709 58,975 67,292 21,264 21,881 32,396 29,320 27,868 26,251 reporting date) 10 Finding costs ($/boe) (3-year average) 6.28 11.30 10.19 9.78 14.65 30.44 21.71 29.90 26.21 39.06 Reported effective income tax rate (%) 21.8% 18.3% 27.5% 30.7% 32.0% 20.5% 57.2% 31.7% 34.0% 35.9% Net debt/total market capitalisation (%) 27.0% 26.6% 11.8% 1.3% 23.7% 23.1% 12.3% 11.6% 21.8% 24.8% 1. 2017 has been restated for the impact of AASB 15 Revenue from contracts with customers. Comparative financial information prior to 2016 has not been restated for AASB 15. 2. 2019 includes the adoption of AASB 16 Leases. 3. Earnings per share has been calculated using the following weighted average number of shares (2025: 1,895,437,383, 2024: 1,895,703,924; 2023: 1,896,498,169; 2022: 1,511,257,404; 2021: 962,604,811; 2020: 951,113,086; 2019: 935,833,092; 2018: 921,165,018; 2017: 866,201,877; 2016: 835,011,896) 4. Includes other corporate spend. The 2022 capital expenditure has been restated to reflect this. Information prior to 2022 is not available. 5. The calculation has been updated to use total equity rather than equity attributable to equity holders of the parent. Comparative information prior to 2023 has been restated to be presented on the same basis. 6. Includes production of 197.6 MMboe (2024: 192.7 MMboe) from Woodside reserves and 1.2 MMboe (2024: 1.2 MMboe) primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 7. Reporting of reserves by product changed in 2022 to include natural gas; crude oil and condensate; NGLs. For years prior to 2022, NGLs were included in natural gas and crude oil and condensate were reported separately. Years prior to 2022 have otherwise not been restated for any other changes in reporting methodology. 8. Includes vacation, cadets and scholarship students. Comparative information prior to 2023 has not been restated. 9. As per the date specified in the relevant Annual Report. 10. Finding cost methodology is in accordance with SEC industry standard. The 2020 outcome excludes the impact of Greater Pluto (WA-404-P) Proved (1P) Undeveloped Reserves of 91 MMboe to Best Estimate (2C) being reclassified to Contingent Resources, resulting from impairment of Pluto (WA-404-P). 11. LNG sales volumes exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. Comparative information prior to 2023 has been restated to be presented on the same basis.

Head Office Woodside Energy Group Ltd Mia Yellagonga 11 Mount Street Perth WA 6000 Postal Address GPO Box D188 Perth WA 6840 Australia Woodside Energy Group Ltd T +61 8 9348 4000 ABN 55 004 898 962 E companyinfo@woodside.com woodside.com

Exhibit 99.2


Announcement

Tuesday, 24 February 2026			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 ASX: WDS NYSE: WDS

WOODSIDE RELEASES FULL-YEAR 2025 RESULTS

Woodside today reported record production of 198.8 million barrels of oil equivalent (MMboe), or 545 Mboe/day, for the full year 2025. The result was underpinned by outstanding production performance at Sangomar, producing at nameplate capacity for most of the year, and world-class reliability at our operated Pluto LNG and NWS Project assets.

Record production offset lower realised prices resulting in net profit after tax (NPAT) of $2,718 million (24% lower from 2024) and underlying NPAT of $2,649 million (8% lower from 2024).¹

The Directors have determined a final dividend of US 59 cents per share (cps), which brings the full-year fully franked dividend to US 112 cps and maintains payout ratio at the top of the range at 80%. The value of the full-year dividend is $2.1 billion.

Woodside Acting CEO Liz Westcott said the record annual production in 2025 exceeded the guidance range and unit production cost decreased 4% from 2024 to $7.8 per barrel of oil equivalent, demonstrating cost discipline.

“The outstanding full-year results reflected the disciplined execution of Woodside’s strategy, while maintaining safe, reliable and sustainable operations. Our strong underlying NPAT of $2.6 billion and free cashflow1 of $1.9 billion is a testament to the performance of the base business during a period of increased capital expenditure and softening prices.

“The strength of our base business has delivered returns for shareholders, with Woodside having returned approximately $11 billion in dividends since merger completion in 2022. At the same time, we are re-investing in the business and actively refining the portfolio, while maintaining a strong balance sheet and gearing within the targeted range.

“Keeping our people safe is always Woodside’s priority and in a year of increased activity, no high-consequence injuries were recorded. We marked significant safety milestones across our global portfolio, with Sangomar recording no injuries in its first 18 months of operations, and the Scarborough floating production unit marking three years of work without a single lost-time incident.

“We are delivering on our commitments by leveraging our proven operational excellence, demonstrated project execution and delivery and continued financial discipline to reward shareholders today, while positioning Woodside for future value and growth.

“Sangomar produced at nameplate capacity of 100,000 barrels per day for most of 2025 at almost 99% reliability. This translated into $2.6 billion of EBITDA (Woodside share) generated since start-up, demonstrating the asset’s value.¹,²

¹	Non-IFRS financial measure. Refer to the glossary section of the attached presentation for the definition.

²	Consists of Sangomar FY2024 EBITDA of $849 million and FY2025 EBITDA of $1,702 million.

Page 1 of 4

“A high point of 2025 was the final investment decision taken in April on the $17.5 billion three-train, 16.5 million tonne per annum foundation Louisiana LNG project, which was 22% complete at year-end and on target for first LNG in 2029.

“Louisiana LNG’s value proposition was reinforced during the year by the entry of two high-quality partners, with Stonepeak taking a 40% stake in Louisiana LNG Infrastructure LLC and Williams acquiring 10% of Louisiana LNG LLC and 80% of Driftwood Pipeline LLC. These transactions together reduced Woodside’s share of capital expenditure for Louisiana LNG to $9.9 billion, with Stonepeak contributing 75% of capital expenditure in 2025 and 2026. Discussions are ongoing for the potential sale of up to a further 20% of Louisiana LNG LLC.

“During the year, Woodside’s other major cash-generative growth projects progressed to budget and schedule, highlighted by the progress at the Scarborough Energy Project. Scarborough was 94% complete at year-end with the floating production unit arriving on location in Australia in January 2026. Scarborough is on track for first LNG cargo in the fourth quarter of 2026.

“Once operational, Scarborough gas and output from Louisiana LNG will help meet long-term energy demand, as evidenced by the six sales agreements for portfolio supply that Woodside signed in 2025 with buyers in Asia and Europe. These agreements demonstrate the ongoing role of LNG in balancing our customers’ energy security and decarbonisation needs.

“Trion remains on target for first oil in 2028, with the project 50% complete at year end. In 2025 we advanced construction of both the floating production unit and floating storage and offloading unit, with major subsea work set to start this year.

“In December 2025 we achieved first production at Beaumont New Ammonia, and we have secured offtake agreements at prevailing market prices for traditional ammonia. We expect full handover of the project by OCI in the first half of 2026, with production of lower-carbon ammonia targeted for the second half of this year.³

As detailed in the Annual Report released today, we have achieved our 2025 net equity Scope 1 and 2 greenhouse gas emissions reduction target of 15% below the starting base. This was achieved through a combination of underlying emissions performance at our facilities and the use of carbon credits. Importantly, our gross equity Scope 1 and 2 greenhouse gas emissions were fewer than 2024, despite higher oil and gas production.

“Woodside’s objectives for 2026 are clear: ramp up Beaumont; deliver first LNG cargo from Scarborough; and continue progressing Louisiana LNG and Trion to schedule and budget. We will remain focused on creating long-term value through disciplined capital allocation, maintaining strong liquidity and actively managing the portfolio.”

³	Production of lower-carbon ammonia is conditional on supply of carbon abated hydrogen and ExxonMobil’s CCS facility becoming operational.

Page 2 of 4

Financial headlines


Metric	Units	FY25		FY24			Change
Operating revenue	$million		12,984		13,179			(1	%)
EBITDA⁴	$million		9,277		9,276			—
NPAT	$million		2,718		3,573			(24	%)
Underlying NPAT⁴	$million		2,649		2,880			(8	%)
Operating cashflow	$million		7,192		5,847			23	%
Free cash flow^4,5	$million		1,889		(293	)		745	%
Sales volume⁷	MMboe		212.2		204.0			4	%
	Mboe/d		581		557			4	%
Averaged realised price⁷	$/boe		60.2		63.4			(5	%)
Fully franked final dividend	US cps		59		53			11	%
Full-year fully franked dividends	US cps		112		122			(8	%)

Business highlights

Strategic achievements

•

Took a positive FID on Louisiana LNG with a lump-sum turn-key Bechtel EPC contract

•

Added Stonepeak and Williams as strategic partners for Louisiana LNG, with Woodside’s expected total capital expenditure now $9.9 billion (< 60% of total capital expenditure)⁸

•

Refined our portfolio through the Greater Angostura divestment and progressing Chevron asset swap⁹

•

Commenced first production at Beaumont New Ammonia

•

Continued strong interest from debt capital markets with $3.5 billion US bond issuance oversubscribed

Operations and projects

•

Record production of 198.8 MMboe, reflecting a high-quality asset base⁶

•

Achieved world-class reliability of 98.4% at KGP, 96.3% at Pluto LNG and 98.7% at Sangomar, supporting consistent revenue delivery and cost efficiency

•

Reduced unit production costs to $7.8/boe reflecting cost discipline

•

Improved safety outcomes with zero high consequence injuries recorded across our global operations

•

Delivered extended plateau production at Sangomar and $1.9 billion of revenue for Woodside in 2025

•

Completed successful tiebacks to existing NWS, Bass Strait, Pluto and Mad Dog facilities, capturing incremental volumes at lower capital intensity

•

Continued project execution of Scarborough and Trion, which were 94% and 50% complete respectively by the end of 2025, supporting future production and long-term revenue generation

•

Achieved our 2025 target of a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below the starting base, and are on track to meet our equivalent 2030 target^10,11,12

⁴	Non-IFRS financial measure. Refer to the glossary section of the attached presentation for the definition.

⁵	The calculation has been updated to adjust for contributions from/(to) NCI and lease repayments. The 2024 comparative has been restated to be presented on the same basis.

⁶	Includes 1.2 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

⁷	Excludes the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. The 2024 comparative has been restated to be presented on the same basis.

⁸	Woodside’s total capital expenditure for the Louisiana LNG Project is expected to be $9.9 billion against total project cost announced at FID of $17.5 billion.

⁹	Completion of the transaction is subject to customary conditions precedent and remains targeted for completion in H2 2026.

¹⁰	This means net equity Scope 1 and 2 emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base and that net equity Scope 1 and 2 emissions for the 12-month period ending 31 December 2030 are targeted to be 30% lower than the starting base.

¹¹

Net equity Scope 1 and 2 greenhouse gas (GHG) emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO₂-e which is representative of the gross annual average equity Scope 1 and 2 GHG emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.

¹²

In relation to our 2025 equity Scope 1 and 2 GHG emissions, 1,283 kt CO₂-e carbon credits were retired in order to meet our target of 5,334 kt CO₂-e net equity Scope 1 and 2 GHG emissions. This includes retirement of carbon credits subsequent to the period, after full year 2025 gross equity Scope 1 and 2 GHG emissions were calculated and externally assured.

Page 3 of 4

Full-year results teleconference

A teleconference providing an overview of the full year 2025 results and a question and answer session will be hosted by Woodside Acting CEO, Liz Westcott, and Chief Financial Officer, Graham Tiver, on Tuesday, 24 February 2026 at 10:00 AEDT / 07:00 AWST / 17:00 CST (Monday, 23 February 2026).

We recommend participants pre-register 5 to 10 minutes prior to the event with one of the following links:

•

https://webcast.openbriefing.com/wds-fyr-2025/ to view the presentation and listen to a live stream of the Q&A session

•

https://s1.c-conf.com/diamondpass/10052032-hy76t5.html to participate in the Q&A session. Following pre-registration, participants will receive the teleconference details and a unique access passcode.

The full-year results presentation follows this announcement and will be referred to during the teleconference. The presentation, Annual Report 2025, 2025 Climate and Sustainability Summary and teleconference transcript will also be available on the Woodside website (www.woodside.com).

Filings

Woodside is filing its annual report on Form 20-F for the year ended 31 December 2025 (2025 Form 20-F), which included Woodside’s audited financial statements for the year ended 31 December 2025, with the US Securities and Exchange Commission (the SEC) on 24 February 2026. The 2025 Form 20-F can be downloaded through accessing Woodside’s website at www.woodside.com or from the SEC’s website at www.sec.gov. Shareholders may also request a hard copy of the 2025 Form 20-F free of charge at www.woodside.com.

Annual General Meeting

Woodside’s Annual General Meeting will be held at 10:00am (AWST) on Thursday, 23 April 2026 in Perth, Western Australia and online.


INVESTORS		MEDIA

Vanessa Martin		Christine Abbott
M: +61 477 397 961		M: +61 484 112 469
E: investor@woodside.com		E: christine.forster@woodside.com

This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

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Full-Year 2025 Results Briefing 24 February 2026 www.woodside.com

Disclaimer, important notes and assumptions Information This presentation has been prepared by Woodside Energy Group Ltd (“Woodside”). All information included in this presentation, including any forward-looking statements, reflects Woodside’s views held as at the date of this presentation and, except as required by applicable law, neither Woodside, its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives (“Beneficiaries”) intends to, undertakes to, or assumes any obligation to, provide any additional information or update or revise any information or forward-looking statements in this presentation after the date of this presentation, either to make them conform to actual results or as a result of new information, future events, changes in Woodside’s expectations or otherwise. Past performance (including historical financial and operational information) is not necessarily a reliable indicator of future performance. This presentation may contain industry, market and competitive position data that is based on industry publications and studies conducted by third parties as well as Woodside’s internal estimates and research. While Woodside believes that each of these publications and third-party studies is reliable and has been prepared by a reputable source, Woodside has not independently verified the market and industry data obtained from these third-party sources and cannot guarantee the accuracy or completeness of such data. Accordingly, undue reliance should not be placed on any of the industry, market and competitive position data contained in this presentation. To the maximum extent permitted by law, neither Woodside, its related bodies corporate, nor any of their respective Beneficiaries, assume any liability (including liability for equitable, statutory or other damages) in connection with, any responsibility for, or make any representation or warranty (express or implied) as to, the fairness, currency, accuracy, adequacy, reliability or completeness of the information or any opinions expressed in this presentation or the reasonableness of any underlying assumptions. No offer or advice This presentation is not intended to and does not constitute, form part of, or contain an offer or invitation to sell to Woodside shareholders (or any other person), or a solicitation of an offer from Woodside shareholders (or any other person) or a solicitation of any vote or approval from Woodside shareholders (or any other person) in any jurisdiction. This presentation has been prepared without reference to the investment objectives, financial and taxation situation or particular needs of any Woodside shareholder or any other person. The information contained in this presentation does not constitute, and should not be taken as, financial product or investment advice. Woodside encourages you to seek independent legal, financial, taxation and other professional advice before making any investment decision. Forward-looking statements This presentation contains forward-looking statements. These statements may relate to Woodside’s business, goals, targets, aspirations, plans, expectations, market conditions, results of operations and financial condition, including, for example, but not limited to, outcomes of transactions, statements regarding long-term demand for Woodside’s products and services, development, completion and execution of Woodside’s projects, expectations regarding future capital expenditures and cash flow, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for new energy products and lower-carbon services and investments in, and development of, new energy products and lower-carbon services, expectations and guidance with respect to production, capital and exploration expenditure and gas hub exposure, and expectations regarding the achievement of Woodside’s Scope 1 and 2 greenhouse gas emissions reduction and Scope 3 investment and emissions abatement targets (in each case on a net equity or gross equity basis as specified) and other and sustainability goals. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as ‘aim’, ‘anticipate’, ‘aspire’, ‘believe’, ‘estimate’, ‘expect’, ‘forecast’, ‘foresee’, ‘guidance’, ‘intend’, ‘likely’, ‘may’, ‘objective’, ‘outlook’, ‘pathway’, ‘plan’, ‘potential’, ‘project’, ‘schedule’, ‘seek’, ‘should’, ‘strategy’, ‘strive’, ‘target’, ‘will’’ and other similar words or expressions. Forward-looking statements in this presentation are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of future expectations that are based on management’s current expectations and contingencies. Those statements and any assumptions on which they are based are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements and assumptions on which they are based include, but are not limited to, fluctuations in commodity prices, actual demand for Woodside’s products, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve and resource estimates, loss of market, industry competition, sustainability and environmental risks, related transition and physical risks, changes in accounting standards, political risks, the actions of third parties, project delay or advancement, regulatory approvals, the impact of armed conflict and political instability (such as the ongoing conflicts in Ukraine and in the Middle East) on economic activity and oil and gas supply and demand, cost estimates, legislative, fiscal and regulatory developments, including but not limited to those related to the imposition of tariffs and other trade restrictions, the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, the impact of general economic and financial market conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets, and risks associated with acquisitions, mergers and joint ventures, including difficulties integrating or separating businesses, uncertainty associated with financial projections, restructuring, increased costs and adverse tax consequences, and uncertainties and liabilities associated with acquired and divested properties and businesses. A detailed summary of the key risks relating to Woodside and its business can be found in the “Risk” section of Woodside’s most recent Annual Report released to the Australian Securities Exchange and in Woodside’s most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this presentation. If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this presentation. Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. All forward-looking statements contained in this presentation reflect Woodside’s views held as at the date of this presentation and, except as required by applicable law, Woodside does not intend to, undertake to, or assume any obligation to, provide any additional information or update or revise any of these statements after the date of this presentation, either to make them conform to actual results or as a result of new information, future events, changes in Woodside’s expectations or otherwise.

Disclaimer, important notes and assumptions (continued) Disclosure of reserve information and cautionary note to US investors Woodside is an Australian company with securities listed on the Australian Securities Exchange and the New York Stock Exchange. Woodside reports its Proved (1P) Reserves in accordance with SEC regulations, which are also compliant with SPE-PRMS guidelines, and prepares and reports its Proved plus Probable (2P) Reserves and Best Estimate (2C) Contingent Resources in accordance with SPE-PRMS guidelines. Woodside reports all of its petroleum resource estimates using definitions consistent with SPE-PRMS. The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than ‘reserves’ (as that term is defined by the SEC). In this presentation, Woodside includes estimates of quantities of oil and gas using certain terms, such as ‘proved plus probable (2P) reserves’, ‘best estimate (2C) contingent resources’, ‘reserves and contingent resources’, ‘proved plus probable’, ‘developed and undeveloped’, ‘probable developed’, ‘probable undeveloped’, ‘contingent resources’ or other descriptions of volumes of reserves, which include quantities of oil and gas that may not meet the SEC’s definitions of proved, probable and possible reserves, and which the SEC’s guidelines strictly prohibit Woodside from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and would require substantial capital spending over a significant number of years to implement recovery, and accordingly are subject to substantially greater risk of not being recovered by Woodside. In addition, actual locations drilled and quantities that may be ultimately recovered from Woodside’s properties may differ substantially. Woodside has made no commitment to drill, and likely will not drill, all drilling locations that have been attributable to these quantities. US investors are urged to consider closely the disclosures in Woodside’s filings with the SEC which are available at www.sec.gov. Assumptions Unless otherwise indicated, the targets set out in this presentation have been estimated on the basis of a variety of economic assumptions including: (1) US$70/bbl Brent long-term oil price, US$10/MMBtu long term JKM price, US$9/MMBtu long-term TTF price, US$3.50 long-term Henry Hub price (2024 real terms) and a long-term inflation rate of 2.0%; (2) currently sanctioned projects being delivered in accordance with their current project schedules; and (3) applicable growth opportunities being sanctioned and delivered in accordance with the target schedules provided in this presentation. These growth opportunities are subject to relevant project participant approvals, commercial arrangements with third parties and regulatory approvals being obtained in the timeframe contemplated or at all. Woodside expresses no view as to whether project participants will agree with and support Woodside’s current position in relation to these opportunities, or such commercial arrangements and regulatory approvals will be obtained. Additional assumptions relevant to particular targets or other statements in this presentation may be set out in the relevant slides. Any such additional assumptions are in addition to the assumptions and qualifications applicable to the presentation as a whole. Climate strategy and emissions data All greenhouse gas emissions data in this presentation are estimates, due to the inherent uncertainty and limitations in measuring or quantifying greenhouse gas emissions. Methodologies for measuring or quantifying greenhouse gas emissions may evolve as best practices continue to develop and data quality and quantity continue to improve. Woodside “greenhouse gas” or “emissions” information reported are Scope 1 greenhouse gas emissions, Scope 2 greenhouse gas emissions, and/or Scope 3 greenhouse gas emissions, each on a net equity basis, unless otherwise stated. For more information on Woodside's strategy and performance, including further details regarding Woodside’s targets, aspirations and goals and the underlying methodology, judgements, assumptions and contingencies, refer to Woodside’s 2025 Climate and Sustainability Summary, available on the Woodside website at https://www.woodside.com/sustainability and section 3.6 of Woodside’s 2025 Annual Report. The glossary and footnotes to this presentation provide clarification regarding the use of terms such as "lower-carbon“ under Woodside's strategy. A full glossary of terms used in connection with Woodside's strategy is contained in Woodside’s 2025 Annual Report. Non-IFRS Financial Measures Throughout this presentation, a range of financial and non-financial measures are used to assess Woodside’s performance, including a number of financial measures that are not defined in, and have not been prepared in accordance with, International Financial Reporting Standards (IFRS) and are not recognised measures of financial performance or liquidity under IFRS (Non-IFRS Financial Measures). These measures include EBIT, EBITDA, EBITDA excluding impairment, EBITDA margin, Gearing, Underlying NPAT, Average realised price, Unit production cost, Net debt, Liquidity, Free cash flow, Capital expenditure, Exploration expenditure, Return on Equity, Cash margin, Production cost margin, and Other cash cost margin. These Non-IFRS Financial Measures are defined in the glossary section of this presentation. A quantitative reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with IFRS can be found in the Alternative Performance Measures section of Woodside’s 2025 Annual Report. Woodside’s management uses these measures to monitor Woodside’s financial performance alongside IFRS measures to improve the comparability of information between reporting periods and business units and Woodside believes that the Non-IFRS Financial Measures it presents provide a useful means through which to examine the underlying performance of its business. Undue reliance should not be placed on the Non-IFRS Financial Measures contained in this presentation and these Non-IFRS Financial Measures should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. Non-IFRS Financial Measures are not uniformly defined by all companies, including those in Woodside’s industry. Accordingly, they may not be comparable with similarly titled measures and disclosures by other companies. Other important information All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated. References to “Woodside” may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires). References and links to Woodside’s or third-party websites are provided for convenience only and are not incorporated by reference into this presentation. This presentation does not include any express or implied prices at which Woodside will buy or sell financial products. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Notes to petroleum reserves and resources Unless otherwise stated, all petroleum resource estimates are quoted as at the effective date of 31 December 2025, net Woodside share. For details of Woodside’s year end 2025 reserves position, see the Reserves and Resources Statement included in the 2025 Annual Report. US Investors should refer to “Additional information for US investors concerning reserves and resources estimates” above. All numbers are internal estimates produced by Woodside. Estimates of reserves and contingent resources should be regarded only as estimates that may change over time as additional information becomes available. For offshore oil projects, the reference point is defined as the outlet of the floating production storage and offloading facility (FPSO) or platform, while for the onshore gas projects the reference point is defined as the outlet of the downstream (onshore) gas processing facility. ‘Reserves’ are estimated quantities of petroleum that have been demonstrated to be producible from known accumulations in which the company has a material interest from a given date forward, at commercial rates, under presently anticipated production methods, operating conditions, prices, and costs. Woodside reports reserves inclusive of all fuel consumed in operations. Proved reserves are estimated and reported in accordance with SEC regulations which are also compliant with the SPE-PRMS guidelines. SEC-compliant proved reserves estimates use a more restrictive, rules-based approach and are generally lower than estimates prepared solely in accordance with SPE-PRMS guidelines due to, among other things, the requirement to use commodity prices based on the average of first of month prices during the 12-month period in the reporting company’s fiscal year. Proved plus probable reserves are estimated and reported in accordance with SPE-PRMS guidelines which are not compliant with SEC regulations. Assessment of the economic value in support of an SPE-PRMS reserves and resources classification, uses Woodside Portfolio Economic Assumptions (Woodside PEAs). The Woodside PEAs are reviewed on an annual basis, or more often if required. The review is based on historical data and forecast estimates for economic variables such as product prices and exchange rates. The Woodside PEAs are approved by the Woodside Board. Specific contractual arrangements for individual projects are also taken into account. Woodside is not aware of any new information or data that materially affects the information included in the Reserves and Resources Update. All the material assumptions and technical parameters underpinning the estimates in the Reserves and Resources Update continue to apply and have not materially changed. Woodside uses both deterministic and probabilistic methods for the estimation of reserves and contingent resources at the field and project levels. All proved reserves estimates have been estimated using deterministic methods and reported on a net interest basis in accordance with the SEC regulations and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X. Unless otherwise stated, all petroleum estimates reported at the company or region level are aggregated by arithmetic summation by category. The aggregated proved reserves may be a conservative estimate due to the portfolio effects of arithmetic summation. ‘MMboe’ means millions (106) of barrels of oil equivalent. Natural gas volumes are converted to oil equivalent volumes via a constant conversion factor, which for Woodside is 5.7 Bcf of dry gas per 1 MMboe. All volumes are reported at standard oilfield conditions of 14.696 psi (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees Celsius). ‘Proved reserves’ are those quantities of crude oil, condensate, natural gas and NGLs that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs and under existing economic conditions, operating methods, operating contracts, and government regulations. Proved reserves are estimated and reported on a net interest basis in accordance with the SEC regulations and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X. ‘Undeveloped reserves’ are those reserves for which wells and facilities have not been installed or executed but are expected to be recovered through future significant investments. ‘Probable reserves’ are those reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. Proved plus probable reserves represent the best estimate of recoverable quantities. Where probabilistic methods are used, there is at least a 50% probability that the actual quantities recovered will equal or exceed the sum of estimated proved plus probable reserves. Proved plus probable reserves are estimated and reported in accordance with SPE-PRMS guidelines and are not compliant with SEC regulations. The estimates of petroleum reserves and contingent resources are based on and fairly represent information and supporting documentation prepared by, or under the supervision of, Mr Benjamin Ziker, Woodside’s Vice President Reserves and Subsurface, who is a full-time employee of the company and a member of the Society of Petroleum Engineers. The reserves and resources estimates included in this announcement are issued with the prior written consent of Mr Ziker. Mr Ziker’s qualifications include a Bachelor of Science (Chemical Engineering) from Rice University (Houston, Texas, USA) and 27 years of relevant experience.

Strong results from disciplined execution $2.7 billion Net profit after tax (NPAT), $2.6 billion underlying NPAT4 $9.3 billion EBITDA4 $1.9 billion Free cash flow4 2025 key statistics Achieved record production with zero high-consequence injuries Delivered strong shareholder returns; total full-year dividends of $2.1 billion, 112 US cps fully franked Executing major development projects on budget and schedule Maintained strong balance sheet through disciplined management of liquidity and capital Achieved 2025 net equity Scope 1 and 2 GHG emissions reduction target of 15% below starting base1,2,3 This means net equity Scope 1 and 2 emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations. 198.8 MMboe Production (545 Mboe/d)5 3. In relation to our 2025 equity Scope 1 and 2 GHG emissions, 1,283 kt CO2‑e carbon credits were retired in order to meet our target of 5,334 kt CO2‑e net equity Scope 1 and 2 GHG emissions. This includes retirement of carbon credits subsequent to the period, after full year 2025 gross equity Scope 1 and 2 GHG emissions were calculated and externally assured. Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Includes 1.2 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

Generated $2.1 billion of dividends while investing in future growth Maximise Deliver Create ~98% Operated LNG reliability $7.8/boe Unit production cost First production Achieved at Beaumont New Ammonia 94% Scarborough completion On budget and on track for first LNG cargo Q4 20261,2 50% Trion completion On budget and targeting first oil 20281 18.2% Gearing, within target range of 10-20%1,5 $9.3 billion Liquidity1,5 4% 2% 38% New strategic partners Stonepeak and Williams for Louisiana LNG, Woodside’s expected exposure <60% of total capital expenditure3 $1.9 billion Sangomar revenue (Woodside share) 4.7 Mtpa Sale and purchase agreements for LNG signed in 2025 Refined portfolio Greater Angostura divestment and Chevron asset swap4 Achieved FID on Louisiana LNG 22% complete, on budget and targeting first LNG 20291 Percentage variance for all operational performance and financial outcomes reference 2025 versus 2024. As of 31 December 2025. Percentage completion for Scarborough Energy Project excludes Pluto Train 1 modifications. Woodside’s total capital expenditure for the Louisiana LNG Project is expected to be $9.9 billion against total project cost announced at FID of $17.5 billion. Completion is subject to customary conditions precedent and remains targeted for completion in H2 2026. Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition.

Improved safety performance HCI is defined as Fatality and Permanent Impairment Injury (FPI) which aligns with International Association of Oil and Gas Producers (IOGP) definition for FPI. From 2022 to 2024 HCI was defined as an injury where the individual does not return to full health within six months. Under the 2025 definition there was one HCI in 2024 and two HCI in 2023. HCI was not reported in 2021. High-consequence injuries1 Process safety events Zero high-consequence injuries recorded in 2025 Tier 1 process safety event in May 2025, short term and localised Continued focus on operational discipline and learning culture Tier 1 Tier 2 0 2

Driving value from base business Average five-year operated LNG reliability ~98%, supporting reliable deliveries to end-customers Reduced unit production cost demonstrates cost discipline and high-quality asset base Maximising value through infill drilling (e.g. Pluto, Bass Strait, Shenzi) and optimisation (e.g. Atlantis Major Facility Expansion) Continuing to pursue brownfield opportunities such as GWF-4; five-well tieback with expected IRR ~30%1 Executing turnaround in 2026 at Pluto to install tie-ins for Scarborough Record production2 Production (MMboe) and unit production cost ($/boe) Unit production cost Production Figures are Woodside share, 50% interest. Capital expenditure is post final investment decision. Subject to the completion of the Woodside and Chevron asset swap. Refer to the announcement titled ‘Woodside simplifies portfolio and unlocks long-term value’, dated 19 December 2024. IRR and the payback period are a look forward from January 2025. Payback period is calculated from undiscounted cash flows, RFSU + approximately 2 years. 2025 includes 1.2 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. Pre-merger Post-merger

Sangomar: continued to deliver exceptional performance Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Consists of Sangomar FY2024 EBITDA of $849 million and FY 2025 EBITDA of $1,702 million. Includes -3.1 MMboe change to proved (1P) fuel reserves. Zero lost time injuries or process safety events since the FPSO departed the shipyard in December 2023 World-class production reliability of 98.7% $2.6 billion EBITDA (Woodside share) generated since start-up1 27.9 MMboe added to proved reserves (1P, Woodside share) with production exceeding expectations2 Sangomar FPSO Léopold Sédar Senghor, December 2025

Beaumont New Ammonia: achieved first ammonia December 2025 Production of lower-carbon ammonia is conditional on supply of carbon abated hydrogen and ExxonMobil’s CCS facility becoming operational. Cost of production range is the average cost for Phase 1 over 2028 to 2030 during assumed steady state lower-carbon ammonia production excluding planned turnarounds. Assumes fixed/variable split of 70/30%, a range of Henry Hub pricing, and inclusion of 45Q tax credit. Project and commissioning activities will continue through early 2026 Handover of project expected in H1 2026 and production of lower-carbon ammonia targeted for H2 20261 Secured offtake agreements at prevailing market prices for traditional ammonia market Competitive unit cash cost of ~$290-320/tonne2 Beaumont New Ammonia, January 2026

Scarborough: 94% complete, on budget and on track1 As at 31 December 2025. Excludes Pluto Train 1 modifications. Completed drilling campaign for all eight development wells with reservoir quality in line with pre-drill expectations Floating production unit (FPU) arrived at Scarborough field in January 2026 and connected to the mooring chains Commissioned Integrated Remote Operations Centre at Woodside’s headquarters to facilitate remote operations Continued construction activities at Pluto Train 2, commencing commissioning of utility systems First LNG cargo targeted for Q4 2026 following completion of Pluto Train 2 construction and onshore and offshore commissioning activities Scarborough floating production unit

Trion: 50% complete, on budget and targeting first oil in 20281 As at 31 December 2025. Advanced FPU and floating storage and offloading facility (FSO) construction with the FPU hull nearing completion and first steel cut for FSO Granted regulatory approval of HSE management system, the final authorisation required to commence field activities Drilling expected to commence in early 2026 with all permits received On track for installation of FSO disconnectable turret mooring and facilities anchor piles in 2026 Progressing completion of SURF equipment for installation campaign in H2 2026 Lifting of first Trion module onto hull, February 2026

Woodside Louisiana LNG site Louisiana LNG: on budget and targeting first LNG in 2029 22% completion for total foundation project. Train completions as at 31 December 2025: Train 1 (28%), Train 2 (18%), Train 3 (13%). Woodside’s total capital expenditure for the Louisiana LNG Project is expected to be $9.9 billion against total project cost announced at FID of $17.5 billion. InfraCo = Louisiana LNG Infrastructure LLC. Hold Co = Louisiana LNG LLC. PipelineCo = Driftwood Pipeline LLC. Progressed construction to schedule under Bechtel EPC contract (22% complete)1 focusing on tank construction, marine infrastructure and piling Secured foundational transportation capacity for gas supply, providing access to diverse and abundant gas supply sources Completed sell-downs to strategic partners, with Woodside’s expected total capital expenditure now $9.9 billion (<60% of total capital expenditure)2 Stonepeak – divested 40% in InfraCo, funding 75% of capital expenditure in 2025 and 20263 Williams – divested 10% in HoldCo and 80% and operatorship of PipelineCo3 Continuing progress on further selldowns and offtake agreements

Underpinned by our focus and commitment to sustainability Net equity Scope 1 and 2 emissions, MtCO2-e Achieved 2025 net equity Scope 1 and 2 GHG emissions reduction target of 15% below starting base1 Zero high consequence injuries and reduction in process safety events Supported Indigenous-led nomination of UNESCO World Heritage listing of Murujuga Secured environmental approvals for NWS Project life extension1 and Trion Achieved 2025 net equity Scope 1 and 2 GHG emissions reduction target of 15% below starting base2 Reporting complies with new AASB S2 Climate-related Disclosures We invite you to join our upcoming Sustainability Investor Briefing on 16 March 2026 Federal Government approvals subject to conditions. Three separate legal proceedings have commenced in the Federal Court of Australia challenging the Federal Government's environmental approval, and one in the Western Australian Supreme Court challenging the State Government's environmental approval. Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.

Oil: continued robust outlook Wood Mackenzie Macro Oils Investment Horizon Outlook (October 2025). Wood Mackenzie Macro Oil Investment Horizon Outlook (November 2025) and Wood Mackenzie Oil Supply Tool (Long Term H2 2025). Includes oil and NGLs. Oil demand is forecast to remain resilient as the world’s energy mix evolves1 Demand in hard-to-abate areas such as heavy transport and petrochemical sectors remains strong1 ~60% of near-term portfolio linked to oil supports revenue resilience across commodity cycles Global liquids supply and demand outlook2 MMbbl/d Onstream Under development Reserves growth Potential supply gap Demand

LNG: robust outlook and ongoing sales 2025 2030 2035 2040+ JAPAN 0.4 Mtpa to JERA over 10 years KOREA 0.5 Mtpa to KOGAS for 10.5 years GERMANY/NETHERLANDS 0.8 Mtpa to UNIPER up to 2039 CHINA 0.6 Mtpa to China Resources for 15 years MALAYSIA 1.0 Mtpa to Petronas for 15 years TÜRKIYE ~0.5 Mtpa to BOTAŞ for 9 years GERMANY/NETHERLANDS (from LALNG) 1.0 Mtpa to UNIPER for 13 years Option for +10 years TAIWAN 0.6 Mtpa to CPC Taiwan over 10 years JAPAN 0.2 Mtpa to JERA over 5 years (winter demand) GERMANY/NETHERLANDS 1.0 Mtpa to UNIPER for 10 years KOREA 0.6 Mtpa to SK Gas for 13 years Recent contracting with end customers Signed in 2025 Forecast long-term structural demand growth for LNG supported by economic expansion in emerging Asian markets1 Periods of demand/supply imbalance are expected to be transitory compared to the forecast demand2 4.7 Mtpa signed in 2025, ~75% of Woodside’s LNG volumes contracted for 2026-2028 Resilience provided by diversity of start date, market and buyer Wood Mackenzie Global Gas 10-year investment horizon outlook (November 2025). Wood Mackenzie LNG Tool (January 2026). Asia Europe

World-class assets | Operational excellence | Project delivery | Trusted supplier | Financial discipline A business building resilience across cycles Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Indicative, not guidance and as outlined on slides 9 and 16 in Woodside’s 2025 Capital Markets Day presentation, released 5 November 2025. Refer to slides 87-88 of the Capital Markets Day presentation for further details on the underlying assumptions. Consistent with 2025 Capital Markets Day, presented on a 3 year average for 2026-2028. Includes binding sales and purchases agreements only, Woodside’s equity share of Scarborough and Pluto LNG, Corpus Christi offtake volumes and assumes the Chevron asset swap is completed. Includes hedges for 10 MMboe placed during 2025 and 8 MMboe placed subsequent to the period. PRESENT $9.3 billion liquidity1 <1x net debt/EBITDA1 ~98% five-year average operated LNG reliability 82% cash margin average over last five years NEAR TERM <$34/bbl 2026-2027 average cash breakeven2 ~75% LNG volumes contracted for 2026-2028 ~30% gas hub indexation for 20263 18 MMboe hedged for 2026 at ~$70/bbl4 Staged delivery of major sanctioned projects increasing free cash flow Growing scale increases ability for value capture Diverse opportunity mix within portfolio Long-term structural demand 2030+ ~$9 billion Net operating cash flow in 20322 >300 MMboe Sales in 20322 Woodside’s competitive advantages

Graham Tiver EVP and Chief Financial Officer Capital management Maintaining disciplined capital allocation and strong balance sheet

Creating future value through disciplined capital management Consistent cost focus Disciplined cost management reducing unit production cost year-on-year Delivered over $200 million in cost reductions in 2025 Delivering maintenance campaigns on schedule and budget Driving structural cost reductions Disciplined investment decisions Opportunities must meet capital allocation framework Strategic partnering (e.g. Stonepeak, Williams) Portfolio rationalisation (e.g. Greater Angostura) Actively managed balance sheet Investment grade credit rating of Moody’s: Baa1 and S&P: BBB+1 Committed to shareholder returns with a track record of 80% payout ratio since 2013 Active risk management including hedging and liquidity management Corporate debt credit ratings. Baa1 by Moody’s, BBB+ by S&P Global. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Capital management framework Excess cash Safe, reliable and low-cost operations Investment expenditure Strong balance sheet Dividend policy (minimum 50% payout ratio) Special dividends Share buy-backs Investment grade credit rating2 Maintain dividend based on NPAT excluding non-recurring items, targeting 50-80% payout ratio Targeting 10-20% gearing through the cycle Future investment Moody’s: Baa1 S&P: BBB+ 80% payout ratio 59 US cps 2025 full-year: 18.2% Operating cash flow Investing cash flow Full-year dividends Liquidity1 $7.2B $7.9B $9.3B $2.1B Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Corporate debt credit ratings. Baa1 by Moody’s, BBB+ by S&P Global. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. (Final dividend of $1.1B) ($5.3B when adjusted for NCI and lease repayments)

Outstanding EBITDA performance $9.3 billion EBITDA and >70% EBITDA margin underpinned by outstanding Sangomar production performance and consistent cost focus1 Strong EBITDA performance driven by increased production and high-quality asset base Marketing segment contribution of ~8% to EBIT1 Strong underlying NPAT of $2.6 billion despite lower average realised prices1 Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. EBITDA1 $ billion EBITDA margin EBITDA Pre-merger Post-merger

Strong balance sheet positioned to navigate volatility Liquidity of $9.3 billion supports capital commitments and shareholder returns1 Gearing of 18.2% within target range (10 – 20%) and net debt/EBITDA of 0.9x1 $2.3 billion received from Stonepeak and Williams on completion of Louisiana LNG sell-downs $34/bbl 2026-2027 average breakeven providing resilience2 Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Indicative, not guidance and as outlined on slides 9 and 35 in Woodside’s 2025 Capital Markets Day presentation, released 5 November 2025. Refer to slides 87-88 of the Capital Markets Day presentation for further details on the underlying assumptions. Growth includes Sangomar Phase 1, Beaumont New Ammonia, Scarborough, Trion and Louisiana LNG. Liquidity $ billion Undrawn facilities Cash Base Capital Dividend Available cash Sources and uses, 2026-2032 ($ billion)2 Resilience at $55 Brent, $7 JKM Growth3

Delivering consistent, reliable returns Declared final dividend of $1.1 billion, 59 US cps fully franked Paying at the top end of dividend target range since 2013 Returned ~$11 billion (568 US cps) to shareholders since merger completion in 2022 while reinvesting in projects for future cash generation1 Strong underlying business enables continued ability to return value to shareholders Dividends returned since merger completion on 1 June 2022 to 2025 half-year. Excludes 2025 final dividend declared of $1.1 billion or 59 US cps. Strong dividends US cents per share Pre-merger Post-merger Interim dividend Final dividend BHP merger completion payment

Liz Westcott Acting Chief Executive Officer Close 2026: Continuing to execute strategy

Disciplined delivery focused on value Operate base business safely, reliably and efficiently Safely execute Pluto Train 1 major turnaround Layer sales and progress offtake Ramp-up Beaumont New Ammonia Deliver first LNG cargo from Scarborough Progress Louisiana LNG (including sell-downs) and Trion Progress strategic partnering opportunities Continue disciplined capital management Maintain strong liquidity through cost control and capital levers Actively refine portfolio for long-term value creation Maximise Deliver Create Full-Year 2025 Results Briefing Continue focus on sustainability and innovation

Q&A

Annexure

Why invest in Woodside 1 Woodside supplies energy to meet rising demand, enabling global growth, and assisting with customer decarbonisation goals 2 Woodside has a track record of generating durable, long-term cash flows and returning value to shareholders through the cycle 3 Woodside offers tangible growth catalysts through project start-ups and exposure to a high-quality cash-generative portfolio

Continued strong track record of safe and reliable operations Monetising through portfolio and marketing optimisation Major development projects focused on cost and schedule Strategic partnering and customer relationships Disciplined capital allocation and balance sheet management Actively refining the portfolio for long-term value creation Delivering our strategy Maximise performance from base business Deliver cash-generative assets Create future opportunities Full-Year 2025 Results Briefing Underpinned by a focus on sustainability and innovation

Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Refer to slide 32 (NPAT reconciliation) of this presentation for the list of specific items for FY25. The calculation has been updated to adjust for contributions from/(to) NCI and lease repayments. The 2024 comparative has been restated to be presented on the same basis. Strong financial performance FY 2025 FY 2024 Change Operating revenue $m 12,984 13,179 1% EBITDA1 $m 9,277 9,276 0% EBIT1 $m 3,889 4,514 14% NPAT2 $m 2,718 3,573 24% Underlying NPAT1,2 $m 2,649 2,880 8% Operating cash flow $m 7,192 5,847 23% Free cash flow1,3 $m 1,889 (293) 745% Liquidity1 $m 9,262 6,723 38% Earnings per share US cps 143 189 24% Return on equity % 7.6 10.1 25% Full-year dividend US cps 112 122 8% Strong production supported performance despite lower average realised prices $9.3 billion liquidity enabling investments in near-term growth1 Delivering strong returns to shareholders and maintaining balance sheet flexibility

Net profit after tax reconciliation Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. Impact of lower realised prices offset by world-class Sangomar performance Pre-tax net hedge gains Pre-tax embedded derivative impact Pre-tax impairment on H2OK Project Adjusted for recognition of Louisiana LNG DTA and post-tax impairment on H2OK Project 1 REVENUE FROM THE SALE OF HYDROCARBONS COST OF SALES GENERAL, ADMINISTRATIVE, TAX AND OTHER FINAL DIVIDEND, FULLY FRANKED Fully franked final dividend of 59 US cps One-off transactions and tax impacts Full year of Sangomar depreciation Restoration provision updates primarily due to Stybarrow, Griffin and Minerva Recognition of Pluto PRRT DTA and Sangomar DTA in 2024 offset by recognition of Louisiana LNG DTA in 2025 Full year of Sangomar production primarily offset by lower NWS production Lower average realised prices Greater Angostura divestment

$ billion $ billion Five-year trends: key financial metrics Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. 2025 NPAT adjustments include the recognition of a Louisiana LNG DTA ($182 million) offset by H2OK Project impairment loss ($113 million). Revenue driven by outstanding performance at Sangomar, offset by lower prices and Greater Angostura divestment Consistent EBITDA performance, predominantly driven by strong production offsetting lower realised prices EBITDA1 Operating revenue Underlying NPAT1,2 $ billion

$ billion $ billion Five-year trends: cash flow 2022 investing cash flow includes GIP’s additional contribution to Pluto Train 2 ($0.8 billion) and cash received on the acquisition of BHP Petroleum ($1.1 billion). Without these items, 2022 investing cash flow would be $4.2 billion. 2024 investing cash flow includes the acquisitions of Beaumont New Ammonia ($1.9 billion) and Tellurian ($1.0 billion), post-acquisition spend on Louisiana LNG in 2024 ($0.2 billion) and proceeds of Scarborough sell-downs to LNG Japan and JERA Scarborough Pty Ltd ($2.3 billion). Without these items, investing cash flow would be $4.8 billion and free cash flow would be $0.6 billion. Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. The calculation has been updated to adjust for contributions from/(to) NCI and lease repayments. The prior year comparatives have been restated to be presented on the same basis. Investing cash flow1,2 Operating cash flow Free cash flow2,3,4 Benefit of GIP’s additional contribution to Pluto Train 2 Benefit from proceeds of Scarborough sell-downs Net impact of 2024 acquisitions and disposals $ billion Operating cash flow increased despite a lower price environment, driven by exceptional operational performance, Sangomar, and lower tax payments on lower prices Delivered positive free cash flow driven by strong operating cash flow and proceeds from Greater Angostura divestment, Williams and Stonepeak transactions Adjusted for contributions from NCI and lease repayments presented within financing cash flow NCI and lease repayments 2025 includes 100% of capital additions from Louisiana LNG with NCI contributions captured in free cash flow 2.6 (0.4) (0.4) (0.3) (0.4)

Resilient cash margin 80% cash margin in 2025 amid lower commodity prices1 Sustained cash margin of 80% for more than 5 years Non-IFRS financial measures. Refer to the glossary section of this presentation for the definition. Cash margin1 Cash margin (%) Cash margin Production costs Other cash costs

Actively managed debt portfolio Non-IFRS financial measure. Refer to the glossary section of this presentation for the definition. As at 31 December 2025. Continued access to debt markets, receiving strong support with $3.5 billion US bond issuance Executed a new $1.2 billion multi-tranche syndicated undrawn debt facility Portfolio weighted average term-to-maturity of 5.4 years Net debt1 Debt maturity profile1,2 $ billion $ billion

Strong contribution to global economies Based on the Australian Taxation Office’s 2023-2024 report of entity tax information released in October 2025 (data.gov.au/). Includes Trinidad and Tobago and Senegal production entitlements, which are paid in-kind. Excludes all Australian taxes. For the FY 2025 period. Determined by total tax expense, royalties, excise, levies and other taxes, divided by profit before such taxes, adjusted for one off items. The global all-in normalised effective tax rate decreases to 39% with one off items included. Includes data relevant to the assets acquired through the merger with BHP’s petroleum business from 1 June 2022. Figures are reported on a cash basis (net of any refunds received, for example, refunds of tax overpaid in prior periods) and are rounded to the nearest million. ~A$2 billion in Australian taxes, royalties and levies paid in FY 2025 Largest payer of PRRT in Australia1 ~US$600 million of taxes, royalties and levies paid internationally in FY 20252 Global normalised all-in effective tax rate of 45%3 Australian tax contribution4,5 A$1,036m | Corporate income tax A$471m | PRRT A$230m | Federal royalties A$83m | Federal excise A$77m | Offshore petroleum levy A$72m Payroll tax and fringe benefits tax $ billion

Asset tables Asset Operating revenue $ million EBITDA1 $ million Depreciation and amortisation2 $ million EBIT1 $ million Capital expenditure1,3 $ million Production costs $ million Australia North West Shelf 1,554 1,287 571 716 214 175 Pluto 3,419 2,743 810 1,933 238 385 Wheatstone 748 603 354 249 209 70 Bass Strait 1,016 795 444 351 86 194 Macedon 202 162 63 99 8 32 Pyrenees 149 91 62 29 14 61 Ngujima-Yin 279 213 102 111 3 63 Okha 134 81 27 54 12 50 Scarborough - 23 5 18 1,421 - Other Australia - (442) - (442) 16 - Total Australia 7,501 5,556 2,438 3,118 2,221 1,030 Non-IFRS financial measures. Refer to the glossary section of this presentation for the definitions. Includes exploration permit cost amortisation, impairment losses and impairment reversals. Capital additions on property, plant and equipment, evaluation capitalised and other corporate spend. Excludes exploration capitalised and is presented net of capital contributions from non-controlling interests for the development of Louisiana LNG.

Asset tables Non-IFRS financial measures. Refer to the glossary section of this presentation for the definitions. Includes exploration permit cost amortisation, impairment losses and impairment reversals. Includes corporate, new energy projects that have not yet reached FID and other. Capital additions on property, plant and equipment, evaluation capitalised and other corporate spend. Excludes exploration capitalised and is presented net of capital contributions from non-controlling interests for the development of Louisiana LNG. Asset Operating revenue $ million EBITDA1 $ million Depreciation and amortisation2 $ million EBIT1 $ million Capital expenditure1,4 $ million Production costs $ million International Trinidad & Tobago 150 340 5 335 - 27 Atlantis 737 607 431 176 234 89 Shenzi 564 383 460 (77) 21 136 Mad Dog 660 570 289 281 239 59 Trion - (4) - (4) 884 - Sangomar 1,947 1,702 1,384 318 33 212 Louisiana LNG - 9 - 9 929 - Beaumont New Ammonia - (53) - (53) 22 - Other International 11 (127) 22 (149) 20 - Total International 4,069 3,427 2,591 836 2,382 523 Marketing 1,414 386 78 308 - - Corporate3 - (92) 281 (373) 100 - Total 12,984 9,277 5,388 3,889 4,703 1,553

Realised price Excludes any additional benefit attributed to produced LNG through third-party trading activities. Realised prices exclude the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. The 2024 comparative has been restated to be presented on the same basis. TTF is converted from EUR/MWh to US$/MMBtu using published exchange rates and conversion factors. Products Units FY 2025 FY 2024 Variance LNG produced $/boe 62 66 (4) LNG traded1 $/boe 72 69 3 Pipeline gas $/boe 37 36 1 Oil and condensate $/boe 68 77 (9) NGLs $/boe 42 46 (4) Liquids traded $/boe 58 62 (4) Average realised price2 $/boe 60 63 (3) Average Dated Brent $/bbl 69 81 (12) WTI $/bbl 65 76 (11) JCC (lagged three months) $/bbl 76 88 (12) JKM $/MMBtu 13 12 1 TTF3 $/MMBtu 12 11 1 Henry Hub $/MMBtu 3 2 1

2026 full-year guidance Item Guidance Comments Volumes MMboe 172 – 186 Includes production volumes from hydrocarbons of 170 – 183 MMboe and Beaumont New Ammonia volumes of 2 – 3 MMboe. Pluto LNG train 1 major turnaround in Q2 2026, duration approximately 5 weeks. Gas hub exposure1 % ~ 30 Capital expenditure2,3 $ million 4,000 – 4,500 Consistent with past practice, guidance is at current Woodside equity interest. This excludes the impact of any subsequent sell-downs, future acquisitions or other equity changes. Excludes the final acquisition completion payment for Beaumont New Ammonia, expected in 2026. This will be separately disclosed in the cash flow statement. Abandonment expenditure $ million 500 – 800 Exploration expenditure $ million ~ 200 Production costs $ million 1,500 – 1,800 Feed gas, services and processing costs $ million 500 – 600 Includes Beaumont New Ammonia’s operating costs, in addition to the Group’s tolling costs, feed gas and processing costs. Property, plant and equipment depreciation and amortisation $ million 4,200 – 4,700 Consistent with 2025 Capital Markets Day, presented on a 3-year average for 2026-2028. Includes binding sales and purchases agreements only, Woodside’s equity share of Scarborough and Pluto LNG, Corpus Christ offtake volumes and assumes the Chevron asset swap is complete. Louisiana LNG (90% Louisiana LNG LLC, 60% Louisiana LNG Infrastructure LLC and 20% Driftwood Pipeline LLC) capital expenditure adjusted for the cash contributions from Stonepeak and WiIliams. Scarborough (74.9% participating interest), Pluto Train 2 (51% participating interest) and Trion (60% participating interest). Completion of the asset swap with Chevron assumed in H2 2026. Woodside’s equity interests at current participating interest prior to the completion for NWS Project, NWS Oil Project Wheatstone, Julimar-Brunello and Angel CCS assets.

Glossary $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars 1P Proved reserves AASB S2 Australian Accounting Standards Board S2 Climate-related Disclosures sets out disclosure requirements for an entity to provide useful information to primary users of its general purpose financial report about climate-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, access to finance or cost of capital over the short, medium or long term. Abate/abatement Avoidance, reduction or removal of an amount of carbon dioxide or equivalent Aspiration Woodside uses this term to describe an aspiration to seek the achievement of an outcome but where achievement of the outcome is subject to material uncertainties and contingencies such that Woodside considers there is not yet a suitable defined plan or pathway to achieve that outcome Average realised price Revenue from sale of hydrocarbons ($ million) divided by sales volume (MMboe) A$, AUD Australian dollars Bbl Barrels Bcf Billion cubic feet Board The Board of Directors of Woodside Energy Group Ltd Breakeven Breakeven is calculated on an adjusted free cash flow basis. It excludes capital and selldown proceeds from major projects (Louisiana LNG, Scarborough, Trion, and Beaumont New Ammonia), marketing, exploration and hedging Brent Intercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil price) boe, kboe, MMboe, Bboe Barrel of oil equivalent, thousand barrels of oil equivalent, million barrels of oil equivalent, billion barrels of oil equivalent CAGR Compound annual growth rate Capital expenditure Capital additions on property, plant and equipment, evaluation capitalised and other corporate spend. Excludes exploration capitalised and adjusted for the capital contribution from its non‑controlling interests for the development of Louisiana LNG Capital expenditure excluding Louisiana LNG Capital additions on property, plant and equipment, evaluation capitalised and other corporate spend. Excludes exploration capitalised and net capital additions on Louisiana LNG Carbon credit A tradable financial instrument that is issued by a carbon-crediting program. A carbon credit represents a greenhouse gas emission reduction to, or removal from, the atmosphere equivalent to 1 tCO2-e, calculated as the difference in emissions from a baseline scenario to a project scenario. Carbon credits are uniquely serialised, issued, tracked and retired or administratively cancelled by means of an electronic registry operated by an administrative body, such as a carbon-crediting program Cash margin Gross profit/loss adjusted for other cost of sales, trading costs, oil and gas properties depreciation and amortisation and other revenue. Excludes the marketing segment. Cash margin % is calculated as cash margin divided by revenue from sale of hydrocarbons (excluding marketing segment) CBAM Carbon border adjustment mechanism CCS Carbon capture and storage CCUS Carbon capture utilisation and storage CO2 Carbon dioxide CO2-e CO₂ equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis1 Condensate Hydrocarbons that are gaseous in a reservoir but that condense to form liquids as they rise to the surface cps Cents per share Decarbonisation Woodside uses this term to describe activities or pathways that have the effect of moving towards a state that is lower-carbon, as defined in this glossary DES Delivery ex ship DTA Deferred tax asset EBIT Calculated as a profit before income tax, PRRT and net finance costs EBITDA Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses, impairment reversals EBITDA margin EBITDA margin % is calculated as EBITDA divided by operating revenue Emissions Emissions refers to emissions of greenhouse gases unless otherwise stated EPC Engineering, procurement and construction EPS Earnings per share Equity greenhouse gas emissions Woodside sets its Scope 1 and 2 greenhouse gas emissions reduction targets on an equity basis. This ensures that the scope of its emissions reduction targets is aligned with its economic interest in its investments. Equity emissions reflect the greenhouse gas emissions from operations according to Woodside’s share of equity in the operation. Its equity share of an operation reflects its economic interest in the operation, which is the extent of rights it has to the risks and rewards flowing from the operation2 Exploration expenditure Includes exploration and evaluation expenditure less amortisation of licence acquisition costs and prior year exploration expense written off FEED Front-end engineering design FID Final investment decision FOB Free on board FPSO Floating production storage and offloading FPU Floating production unit Free cash flow Net cash flow from/(used in) operating activities and net cash flow from/(used in) investing activities, adjusted for capital contributions from/(to) non-controlling interests and lease repayments FSO Floating storage and offloading facility See IFRS Foundation 2021: Climate Related Disclosures Prototype. Appendix A. World Resources Institute and World Business Council for Sustainable Development, 2004. “GHG Protocol: a corporate accounting and reporting standard” https://www.wbcsd.org/Programs/Climate-and-Energy/Climate/Resources/A-corporate-reporting-and-accounting-standard-revised-edition.

Glossary See IFRS Foundation 2021: Climate Related Disclosures Prototype. Appendix A. IOGP Fatality and Permanent Impairment injury definitions | IOGP. Australian Clean Energy Regulator, 2023. “Corporate Emissions Reduction Transparency report 2023” https://cer.gov.au/markets/reports-and-data/corporate-emissions-reduction-transparency-report/corporate-emissions-reduction-transparency-report-2023/cert-report-2023-glossary. IPCC, 2018: Annex I: Glossary [Matthews, J.B.R. (ed.)]. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 541–562. https://doi.org/10.1017/9781009157940.008. Gearing Net debt divided by net debt and equity attributable to the equity holders of the parent GHG or greenhouse gas The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6)1 Goal Woodside uses this term to broadly encompass its targets and aspirations High Consequence Injury or HCI A high-consequence injury is a work-related injury that results in a fatality or permanent impairment injury2 Woodside’s definition for HCI has changed in 2025 to align with the IOGP Fatality and Permanent Impairment definition. This definition was adopted to focus attention on the highest risks to people. In the previous reporting period, the HCI definition included long-term disabling injuries (i.e where the person will make a full recovery, but recovery exceeds 180 days) in HCI statistics which focused disproportionate effort towards injury management, access to treatment and privacy issues HSE Health, safety and environment IFRS International Financial Reporting Standards Investing cash flow Cash flow from investing activities IRR or Internal rate of return Internal rate of return. IRR is calculated as the rate of return required for Woodside’s share of after-tax project cashflows that deliver an NPV of zero JCC The Japan customs-cleared crude is the average price of customs-cleared crude oil imports into Japan as reported in customs statistics (also known as ‘Japanese crude cocktail’) and is used as a reference price for long-term supply LNG contracts JKM Japan Korea Marker is the North-east Asian spot price index for LNG delivered ex-ship to Japan, South Korea, China and Taiwan JV Joint venture KGP Karratha Gas Plant Liquidity Total cash and cash equivalents and available undrawn debt facilities LNG Liquefied natural gas Lower-carbon Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity. When applied to Woodside’s strategy, please see the definition of lower-carbon portfolio Lower-carbon ammonia Lower-carbon ammonia is characterized here by the use of hydrogen with emissions abated by carbon capture and storage (CCS), with an expected ammonia lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 0.8 tCO2/tNH3 (based on contracted intensity threshold with Linde) relative to unabated ammonia with a lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 2.3 tCO2/tNH3 (Hydrogen Europe, 2023) Lower-carbon portfolio For Woodside, a lower-carbon portfolio is one from which the net equity Scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower-carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim Lower-carbon services Woodside uses this term to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions MMbbl Million barrels MMBtu Million British thermal units Mtpa, mmtpa Million tonnes per annum MWh Megawatt hour Net debt Interest-bearing liabilities and lease liabilities less cash and cash equivalents Net equity greenhouse gas emissions Woodside’s equity share of net greenhouse gas emissions which includes the utilisation of carbon credits as offsets Net greenhouse gas emissions Woodside has set its Scope 1 and 2 greenhouse gas emissions reduction targets on a net basis, allowing for both direct emissions reductions from its operations and emissions reduction achieved from the utilisation of carbon credits as offsets (including credits relating to avoidance, reduction and/or removal activities). Net greenhouse gas emissions are equal to an entity’s gross greenhouse gas emissions reduced by the number of retired carbon credits3 Net operating cash flow Net cash from operating activities adjusted to remove non-controlling interest to present net cash attributable to Woodside (i.e. not on a consolidated basis) and the impact of lease repayments. Net zero Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period. Where multiple greenhouse gases are involved, the quantification of net zero emissions depends on the climate metric chosen to compare emissions of different gases (such as global warming potential, global temperature change potential, and others, as well as the chosen time horizon)4 New energy Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, that are emerging in scale but which are expected to grow during the energy transition due to having lower greenhouse gas emissions at the point of use than conventional fossil fuels NGLs Natural gas liquids NPAT Net profit after tax NWS North West Shelf OECD Organisation for Economic Cooperation and Development Offsets The compensation for an entity’s greenhouse gas emissions within its scope by achieving an equivalent amount of emission reductions or removals outside the boundary or value chain of that entity

Glossary See the IOGP Fatality and Permanent Impairment injury definitions. https://www.iogp.org/workstreams/safety/safety/iogp-fatality-and-permanent-impairment/iogp-fatality-and-permanent-impairment-injury-definitions/. See IFRS Foundation 2021: Climate Related Disclosures Prototype. Appendix A. Operating cash flow Cash flow from operating activities Operator, Operated and non-operated Oil and gas joint venture participants will typically appoint one company as the operator, which will hold the contractual authority to manage joint venture activities on behalf of the joint venture participants. Where Woodside is the operator of a joint venture in which it holds an equity share, this report refers to that joint venture as being operated. Where another company is the operator of a joint venture in which Woodside holds an equity share, this report refers to that joint venture as being non-operated Other cash cost margin Other cash costs include royalties, excise and levies, insurance, inventory movement, shipping and direct sales costs and other hydrocarbon costs. Excludes the marketing segment. Other cash cost margin % is calculated as other cash costs divided by revenue from sale of hydrocarbons (excluding marketing segment) Permanent Impairment Injury A permanent impairment is defined as the outcome of a work-related2 injury from which the worker cannot or is not expected to return to their previous (pre-incident) whole person function as a result of an acute, single incident, resulting in any of the following :permanent loss of body parts  permanent reduction of organ's physiological function permanent reduction in skin and musculoskeletal function1 PJ Petajoules PRRT Petroleum resource rent tax Process safety event (Tier 1 and Tier 2) An unplanned or uncontrolled loss of primary containment (LOPC) of any material including non-toxic and nonflammable materials from a process, or an undesired event or condition. Process safety events are classified as Tier 1 – LOPC of greatest consequence or Tier 2 – LOPC of lesser consequence. As defined by American Petroleum Institute (API) recommended practice 754 Primary energy consumption The total energy consumption of a country, encompassing the energy used by the energy sector itself, energy transformation and distribution losses, and final consumption by end-users Return on equity Annualised net profit after tax attributable to equity holder of the parent divided by equity attributable to equity holders of the parent RFSU Ready for start-up Scope 1 greenhouse gas emissions Direct greenhouse gas emissions. These occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc., emissions from chemical production in owned or controlled process equipment. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian national Greenhouse and Energy Reporting (nGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist2 Scope 3 greenhouse gas emissions Other indirect greenhouse gas emissions. Scope 3 is a reporting category that allows for the treatment of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company but occur from sources not owned or controlled by the company. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services. Please refer to the data table on page 72 of the Climate Transition Action Plan and 2023 Progress Report for further information on the Scope 3 emissions categories reported by Woodside2 Starting base The starting base has been adjusted for the merger between Woodside and BHP Group’s Petroleum business (completed on 1 June 2022) which increased the starting base from 3.59 Mt CO₂‑e to 6.32 Mt CO₂‑e and for the divestment of the Greater Angostura assets (completed on 11 July 2025) which subsequently reduced it from 6.32 Mt CO₂‑e to 6.27 Mt CO₂‑e SURF Subsea, umbilicals, risers and flowlines Sustainability (including sustainable and sustainably) References to sustainability (including sustainable and sustainably) are used with reference to Woodside’s Sustainability Committee and sustainability related Board policies, as well as in the context of Woodside’s aim to ensure its business is sustainable from a long-term perspective, considering a range of factors including economic (including being able to sustain our business in the long term by being low cost and profitable), environmental (including considering our environmental impact and striving for a lower-carbon portfolio), social (including supporting our license to operate), and regulatory (including ongoing compliance with relevant legal obligations). Use of the terms ‘sustainability’, ‘sustainable’ and ‘sustainably’ is not intended to imply that Woodside will have no adverse impact on the economy, environment, or society, or that Woodside will achieve any particular economic, environmental, or social outcomes Target Woodside uses this term to describe an intention to seek the achievement of an outcome, where Woodside considers that it has developed a suitably defined plan or pathway to achieve that outcome Tier 1 process safety event A typical Tier 1 process safety event is loss of containment of hydrocarbons greater than 500 kg (in any one-hour period) Tier 2 process safety event A typical Tier 2 process safety event is loss of containment of hydrocarbons greater than 50 kg but less than 500 kg (in any one-hour period) TJ/day Terajoules per day TTF Title transfer facility Underlying NPAT Net profit after tax from the Group’s operations excluding any exceptional items Unit production cost or UPC Production costs ($ million) divided by production volume (MMboe) US, USA United States of America USD United States dollar Woodside Woodside Energy Group Ltd ACN 004 898 962 or its applicable subsidiaries

Full-Year 2025 Results Briefing

Exhibit 99.3


Announcement

Tuesday, 24 February 2026		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

		ASX: WDS
		NYSE: WDS

FULL-YEAR 2025 RESULTS BRIEFING TRANSCRIPT

Date: 24 February 2026

Time: 07:00 AWST/10:00 AEDT (17:00 CST on Monday, 23 February 2026)

Start of Transcript

Liz Westcott: Good morning and welcome to Woodside’s 2025 full-year results presentation.

We are presenting from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal People of the Eora Nation and pay my respects to their Elders past and present.

Today I am joined on the call by our Chief Financial Officer, Graham Tiver. Together, we will provide an overview of our full-year 2025 performance before opening up to Q&A.

Please take time to read the disclaimers, assumptions and other important information.

And I’d like to remind you that all dollar figures in today’s presentation are in US dollars unless otherwise indicated.

I am very pleased to present an outstanding set of full-year results today, which highlight the disciplined execution of our strategy throughout 2025.

We delivered on our commitments, leveraging our track record of operational excellence, world-class project execution and financial discipline, to reward our shareholders today, while positioning Woodside for future value and growth.

In 2025, we achieved record annual production of 198.8 million barrels of oil equivalent, exceeding our full-year guidance range. This was driven by the exceptional performance at Sangomar and world-class reliability across our operating portfolio.

We progressed major cash-generative growth projects to budget and schedule, including excellent progress on our Scarborough Energy Project, which was 94% complete at year-end and remains on track for first LNG cargo in the fourth quarter of 2026.

We recorded strong underlying net profit after tax of $2.6 billion where record production offset lower realised prices when compared to full-year 2024 underlying net profit after tax. Based on this, I’m pleased to report our Board has determined a final dividend of 59 US cents per share. This brings our total fully franked full-year dividend to 112 US cents per share. This represents a payout ratio of 80% of underlying NPAT, which is once again at the top end of our [Clarification: target] range.

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Additionally, in a testament to the strength of our underlying business during a period of increased capital expenditure and softer prices, we generated free cash flow of $1.9 billion. We achieved this while continuing to invest in the next phase of value-accretive growth.

We demonstrated strong sustainability performance, achieving our 2025 target of a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below our starting base.

Turning to slide 6. As outlined at our Capital Markets Day in November, we are delivering our strategy to thrive through the energy transition. Our strategy and approach remains unchanged, our priorities are clear, and we remain firmly focused on disciplined execution to deliver long-term value.

We are doing this by maximising performance from our base business, delivering cash-generative projects, and creating future opportunities for value. In 2025 we delivered across each of these areas.

We combined record production with increased efficiency, reducing our unit production cost to $7.80 per barrel of oil equivalent.

We achieved first production at Beaumont New Ammonia, and achieved significant milestones in the delivery of our Scarborough and Trion Projects.

We took a final investment decision to develop the three-train, 16.5 million tonne per annum Louisiana LNG Project. This game changing investment positions Woodside as a global LNG powerhouse, with greater capacity to meet growing energy demand.

We also welcomed high-quality strategic partners to Louisiana LNG, with Woodside’s expected share of total capital expenditure now less than 60%. One of these partners, Stonepeak, is funding 75% of 2025 and 2026 project capital expenditure.

We continued to actively refine our portfolio, including divestment of our Greater Angostura assets, receiving $259 million in cash.

And all of this was achieved while maintaining a strong balance sheet and liquidity position, with gearing within our target range.

Keeping our people safe remains our top priority.

During a year of increased activity, we delivered strong safety performance with no high-consequence injuries recorded.

We marked significant safety milestones across our global portfolio, with no recordable injuries at our Sangomar project in its first 18 months of operations, and construction of our Scarborough floating production unit marking three years of work without a single lost-time incident.

These achievements set the required standard for Woodside as we embed focus on safety, drive safety field leadership, and a culture of continuous learning across our global business.

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To slide 8. In 2025, we once again showcased Woodside’s world-class operational capabilities by delivering reliable energy to customers, while driving continuous improvement through cost discipline and efficiency.

We have increased production from our growing global portfolio and maintaining operated LNG reliability of approximately 98% over the past five years, which compares exceptionally well against our global peers.

This year we’ve delivered a 4% reduction in unit production costs through disciplined cost management across the business, while continuing to maximise value from our assets through brownfield developments, portfolio optimisation and leveraging our marketing expertise to capture additional value.

In 2026 we will execute major turnarounds to maximise longevity at existing assets and support ramp-up of new production, including at Pluto LNG in preparation for Scarborough start-up. We will also undertake drydock maintenance for some of our Australian oil assets.

Let’s now turn to Sangomar on slide 9. During 2025, operational performance continued to be exceptional, with nameplate production of 100,000 barrels per day for most of the year at almost 99% reliability. This has contributed $2.6 billion to Woodside’s EBITDA since start-up, demonstrating Sangomar’s value to our business.

Based on strong early performance, we will be assessing options for a potential Phase 2, which would leverage the existing FPSO and the subsea infrastructure to unlock additional value.

In December 2025, our Beaumont New Ammonia Project commenced production of first ammonia.

We expect full handover of the project by OCI in the first half of 2026. The production of lower-carbon ammonia, which will be made possible by the supply of carbon abated hydrogen and ExxonMobil’s CCS facility becoming operational, is currently targeted for the second half of 2026.

Pleasingly we have seen strong early customer uptake from Beaumont, securing offtake agreements with leading global customers to supply conventional ammonia from the facility.

These contracts reflect prevailing market prices, and we are now advancing additional agreements to align with expected future output, including for lower-carbon ammonia.

In 2025, we continued to make excellent progress at our Scarborough Energy Project, which was 94% complete at year-end and on track for first LNG cargo in the fourth quarter of this year.

Major milestones included the assembly, and subsequent to the period, safe arrival of the floating production unit at the Scarborough field.

The drilling campaign for all eight development wells was successfully completed, in line with pre-drill expectations.

During the period, we completed the tie-in to the Pluto domestic gas export line as construction activities at Pluto Train 2 continued.

We also commissioned the Integrated Remote Operations Centre at our Perth headquarters, enabling Pluto and Scarborough to be operated remotely from more than 1,500 kilometres away. Moving to Trion on slide 12. We are targeting first oil in 2028, with the project 50% complete at year-end.

During the year, we advanced construction of both the floating production unit and floating storage and offloading unit, with major field activity set to start in 2026.

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The image shown on the slide, taken this month, is the lifting of the first of three modules onto the hull of the FPU.

Preparations for the drilling and completion campaign also progressed, with the deepwater drillship expected to commence drilling in early 2026.

Following FID in April, we have maintained strong momentum on our Louisiana LNG project. As outlined on slide 13, the project was 22% complete at year-end and is targeting first LNG in 2029.

Key ongoing activities in 2025 included the construction of LNG tanks, soil excavation, pile installation for the main marine berth, and the establishment of material offloading facilities.

We have now secured foundational transportation capacity, a key milestone in providing access to diverse and abundant supply sources. In support of feed gas supply, we also entered into a long-term agreement with bp for the supply of up to 640 billion cubic feet of natural gas to the project, starting in 2029. We will continue to layer in agreements like this, ensuring access to multiple supply sources. The project’s value proposition was reinforced during the year as we brought in high-quality partners. This included the 40% sell-down of Louisiana LNG Infrastructure to Stonepeak, and sale to Williams of a 10% interest in Louisiana LNG LLC and 80% interest and operatorship of Driftwood Pipeline LLC.

The project is expected to be the primary supply source for long-term sale and purchase agreements that Woodside signed during the year with European customers, targeting delivery from 2029.

We will continue to progress further sell-downs and offtake agreements in 2026 in response to ongoing interest received from potential high-quality partners and customers.

Woodside views strong sustainability performance as an essential component of our overall business success and ability to make a positive contribution where we live and work.

Our approach enables us to focus on the right areas, manage key risks and impacts, drive responsible decision making, and set plans and targets that add value to our business and meet the expectations of our stakeholders.

In 2025 we made positive progress across key sustainability areas.

A particular highlight of 2025 was the World Heritage Listing of the Murujuga Cultural Landscape, which Woodside was pleased to support in collaboration with Traditional Custodians.

We continued making significant contributions to local economies and communities, including $9.3 billion spent globally on goods and services.

We also achieved our 2025 net equity Scope 1 and 2 greenhouse gas emissions reduction target through a combination of underlying emissions performance at our facilities and the use of carbon credits.

Our gross equity Scope 1 and 2 greenhouse gas emissions were fewer than the previous year, despite higher oil and gas production. This strong underlying performance allowed us to reduce our use of carbon credits to offset emissions and holds us in good stead as we progress towards our 2030 target.

I look forward to providing investors with a more detailed overview of Woodside’s sustainability planning and performance at our investor briefing scheduled for next month in Sydney.

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Let’s now turn to the global market landscape. Oil is a core product for Woodside, underpinned by a robust demand outlook.

The difficulty of decarbonising hard-to-abate sectors such as heavy transport and petrochemicals means that oil demand is forecast to remain resilient as the world’s energy mix evolves.

Customer demand for Sangomar oil has been strong over its first 18 months of operations, and we are very confident in continued demand for oil, including for our Trion project, which is targeting first oil in 2028.

Moving to slide 16. As countries around the world prioritise energy security and affordability while also pursuing decarbonisation, we are confident in ongoing demand for LNG as a reliable and flexible energy source.

This underpins our investments in long-life LNG projects like Scarborough and Louisiana LNG, which we expect to drive a step-change in future sales volumes and cash flow.

While periods of demand-supply imbalance may occur in the near term, we believe these are unlikely to persist.

Woodside’s experience reinforces this long-term demand outlook, as we continue to layer new contracts to support our growing supply portfolio.

Over the last year we have contracted 4.7 million tonnes of new LNG supply to tier-one end customers with significant gas and LNG experience. This contracting activity speaks to our credentials as a proven operator, and the growing importance placed on reliable access to energy by end-users.

Approximately 75% of our LNG volumes for 2026 to 2028 are contracted, with most oil-linked and some gas hub link exposure. This mixture provides diversification, portfolio resilience and the ability to capture value from market dislocations as well as manage risks as additional supply comes online.

Some of our new contracts will see Woodside’s LNG supplied into Asia and Europe through to the 2040s, further demonstrating ongoing long-term demand.

Our achievements in 2025 have further supported Woodside’s resilience and ability to deliver enduring value.

Our financial discipline and performance underpins Woodside’s strength in the near term, allowing us to fund our operations and growth projects while delivering solid shareholder returns, even in tighter market conditions.

Our operational excellence and balanced portfolio are central to our resilience through the cycle. High reliability and a contracted portfolio help reduce volatility, while preserving upside exposure to favourable market conditions.

Our long-term resilience is reinforced by a diverse portfolio of high-quality assets that supports consistent production and creates optionality for future growth and value.

I’ll now hand over to Graham to provide an overview of our financial strategy and performance.

Graham Tiver: Thanks Liz and hello everyone.

I’m pleased to present a strong set of financial results.

In 2025, we maintained a focus on cost control and maximising returns from our producing assets and driving down unit cost production. [Clarification: unit production cost]. In addition, in exploration and new energy we delivered over $200 million in cost reductions.

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For 2026, we will continue to focus on costs, including delivering maintenance campaigns to schedule and budget. This is particularly relevant for our Pluto major turnaround scheduled for the second quarter of 2026, where in addition to maintenance, we will complete important tie-ins for Scarborough.

We maintained discipline in our investment decisions, adhering to our clear capital allocation framework. Our divestment of the Greater Angostura assets in Trinidad and Tobago highlight this disciplined investment approach.

Attracting strategic partners to our major growth projects brings complementary skills and de-risks our investment. This is demonstrated through our partnerships with Stonepeak and Williams on Louisiana LNG. Following the completion of these sell-downs, Woodside’s expected total capital expenditure is now $9.9 billion, which is less than 60% of the total project cost announced at FID. Williams also brings complementary capabilities in US natural gas infrastructure and an existing gas sourcing platform to benefit the project.

We also maintained a strong balance sheet, supporting our investment-grade credit rating while progressing developments and distributing robust returns to shareholders.

We actively manage liquidity, and where appropriate, we expect to hedge a modest portion of our oil volumes to provide cash flow certainty and manage price volatility. Our full-year 2025 Brent hedges were in a positive position, and we have progressively hedged 18 million barrels for 2026 at approximately $70.

Moving to our capital management framework, which remains unchanged.

This framework underpins our disciplined approach, with clear targets to ensure the strength of our underlying business and provide certainty for our shareholders.

We are disciplined in how we position the balance sheet to achieve our goals and remain committed to an investment-grade credit rating. Our target gearing range is 10 to 20% through the cycle, and as I have stated previously, although we may at times temporarily sit outside this range during capital-intensive periods, we manage it very closely.

This approach provides us with flexibility to fund value-accretive growth while delivering solid shareholder returns.

Our dividend policy is to pay a minimum of 50% of our underlying net profit after tax, and we target a range of 50 to 80%. We know how important returns are to our shareholders and over the last decade, we have consistently paid at the top end of this range.

In 2025 we continued to deliver outstanding returns from our base business.

Ongoing exceptional production performance from Sangomar, disciplined cost control, the divestment of later-life assets in Trinidad and Tobago, and gains on hedging predominantly driven by favourable Brent positions, contributed to an EBITDA margin of over 70% and an underlying NPAT of $2.6 billion. Furthermore, the strength of our underlying business, coupled with the cash received from Stonepeak and Williams, contributed to $1.9 billion of free cash flow.

Our gearing of 18.2% has remained within the target range during a period of increased capital expenditure, and we closed the year with a strong liquidity position of $9.3 billion. We maintain credit ratings of triple B plus or equivalent and continue to have access to debt markets, including the US SEC-registered bond market.

On average, cash breakeven of less than $34 per barrel makes us resilient to less favourable price scenarios.

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And we are very well positioned to progress our growth projects and create future value-generating opportunities, while continuing to deliver solid shareholder distributions.

As highlighted on slide 23, these achievements translated into a fully franked final dividend of $1.1 million - billion, I should say - bringing our total full-year dividend to $2.1 billion.

Our ongoing business performance means consistent returns for our shareholders, having returned approximately $11 billion in dividends since 2022, while re-investing in the business and maintaining a strong balance sheet.

We have consistently paid at the upper end of our target range for over a decade demonstrating our commitment to shareholder returns.

Thank you. And I’ll now hand back to Liz.

Liz Westcott: Thanks Graham.

Turning to the final slide. This outlines the priorities for myself and the Woodside Executive Leadership Team.

First, we will continue maximising performance from the base business by operating safely, reliably and efficiently. We will maintain disciplined cost control across our business, including our 2026 maintenance program which involves a major turnaround at Pluto.

We will also continue to optimise our marketing portfolio and layer in Louisiana LNG offtake.

Second, we will deliver cash-generative growth including ramp-up at Beaumont, deliver first LNG from Scarborough, and continue progressing Louisiana LNG and Trion to schedule and budget. These are major generators of long-term value for Woodside.

Third, we will continue creating future value through disciplined capital management. We will maintain strong liquidity, apply strict capital allocation discipline, and actively manage the portfolio to protect long-term value.

And underpinning all of this is our continued focus on sustainability and innovation.

Our achievements in 2025 demonstrate the underlying strength of our business and execution of our strategic priorities, providing the foundation for long-term shareholder value.

Thank you.

I’ll now open the call to your questions. Please limit your questions to two each so everybody has an opportunity.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you’re on a speakerphone, please pick up the handset to ask your question. Your first question comes from Nik Burns with Jarden Australia. Please go ahead.

Nik Burns (Jarden, Analyst): Yes. Hi, Liz and Graham and thanks for taking my questions today. First question just on Louisiana LNG, you’ve just offered an update on the HoldCo sell-down progress. It’s been ten months since you sanctioned the project and at the recent Capital Markets Day, Meg said that the initial 10% tranche sale had sent a message to other interested parties that they needed to move quickly here if they wanted to participate. Just wondering how comfortable you are where the sale process is at? The Stonepeak carry largely runs out at the end of this year, so how confident are you that you’ll be able to complete your sell-downs in the first half of this year? Thank you.

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Liz Westcott: Yeah. Thank you. Look, we are very happy with how the process is going on the sell-down for Louisiana LNG. In a short amount of time, as you noted, we’ve brought in Stonepeak on the infrastructure side, and we’ve got Williams at the HoldCo level, and we continue to target up to another 20% of HoldCo sell-down.

Importantly, these transactions with Stonepeak and Williams have reduced the capital commitment for Woodside to $9.9 billion, or 57% of the total CapEx, and it’s really solved the infrastructure and pipeline capital spend, which is positioning us well for other partners. As you noted, Stonepeak’s contribution is 75% of the capital in 2025 and 2026, and this structure has really allowed us to reduce our capital requirement ahead of full-year of revenue from Scarborough in 27. And so there really has been no change in our process or momentum, but we are taking a disciplined approach.

We are very committed to getting value over speed with our continued sell-downs. We do have strong interest from counterparties. We are looking for strategic partners that complement the skills and experiences of Woodside and that value long-term relationships, and I’m very pleased with the interest that we continue to have in this.

Graham Tiver: I think - Nik - it’s Graham as well - it’s probably worthwhile adding as well that you know where the balance sheet is, you know, gearing well within the range $9.3 billion in liquidity. We have time to ensure as Liz said, that we find the right partner for the long-term and at the right value, very similar to what we did for Scarborough, but encouraged by progress.

Nik Burns (Jarden, Analyst): Great, thanks for that. Maybe another one for you, Graham. Just on slide 23, your title there, delivering consistent, reliable returns. Certainly the payout ratio of 80% has been consistent for the last few years, but obviously the absolute dividend has tracked underlying NPAT lower.

I don’t know how much you’ve looked at 2026 where consensus sits, but the full year consensus dividend is just 55 cents a share and 80% payout, which is obviously less than the final dividend you’ve just announced here.

I appreciate a lot can happen through the year, but I was wondering if you could provide some observations on where consensus sits at the moment, and hypothetically, if we do turn out to be right for a change, are you comfortable with this level of dividend in 26, or do you see this additional flexibility for the company to potentially top up the dividend, say, if you complete the sell-downs of additional equity at Louisiana LNG HoldCo? Thanks.

Graham Tiver: Thanks, Nik. Yeah. You’ll know from our capital management framework that we do have that flexibility through the framework to be able to, you know, look at things like special dividends and buybacks. But what I would say first and foremost is that, you know, 2026 is very much a transition year.

We have the major Pluto turnaround, which is, which is, you know, we do every three or four years. And then a part of that is doing the tie-ins relating to Scarborough. And then we also have Scarborough coming online in Q4 and delivering the first cargo.

I think there’s some critical work that has to happen. And we’ll see how work progresses through the year, and we can start to narrow that range on production. We’ll also have a look at what prices are doing. We’ll have a look at how Sangomar and the rest of the business is performing, and then we’ll determine where we’re at.

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Certainly the capital management framework allows for it. But first and foremost is we need to guide through 2026 where it is a big year for us. We have a lot to do, and we’ll continue to update you through the quarterlies on that.

Nik Burns (Jarden, Analyst): Got it. Thanks Graham.

Operator: Your next question comes from Rob Koh with MS. Please go ahead.

Rob Koh (Morgan Stanley, Analyst): Good morning. Thank you very much for the result. May I ask for some colour on decommissioning activities this year? And in particular, I guess Bass Strait platform removal and where that sits in the, in the timing, if it’s not this year or where is it over the next few years?

Liz Westcott: Yeah. Thanks, Rob. Decommissioning activities, it’s an important part of our portfolio. In 2025, we achieved some good highlights there.

We importantly completed all the drilling and abandonment, sorry, production [Clarification: plugging] and abandonment of our wells across our closed facilities at Stybarrow, Griffin and Minevra and we completed the Enfield program, so our results include good progress on these legacy closed assets.

Moving forward, we’ve guided that we’ll be in that range of $500 million to $800 million of expenditure in 2026, and Bass Strait is going to be the major campaign coming forward with platform removals targeted for 2027. Work will continue on decommissioning, but it is now part of the everyday business of Woodside in Australia.

Rob Koh (Morgan Stanley, Analyst): Yep. Thank you. Thank you so much. Second question, just wondering if you can give us a sense with, with your unit production costs obviously good performance there in 2025, but the composition of costs are changing slightly with Beaumont coming in.

Can you give us a - and my understanding is that the processing costs there don’t necessarily fall into your, into your unit production costs. Could you perhaps just give us a sense of how you’re thinking about the overall cost structure of the, of the business this year?

Liz Westcott: Yes, maybe I’ll kick off with that question, Rob and then pass across to Graham.

The operating assets continue to have cost efficiency focuses year on year. And as we saw in our results in 2025, we had an outstanding outcome both in absolute costs and in unit costs. 2026 has the Pluto turnaround, so this will impact not just the production outlook for the year, but it also comes with costs, and so, we will see in 2026, increased costs at the Pluto asset.

As we start to bring on Scarborough, we will have a new asset, and so that comes with additional costs.

Beaumont New Ammonia will feature in 2026 as that asset continues to come up online. And we have made the distinction between production costs, where we have our existing assets running facilities with upstream facilities, to the costs associated with either tolling or feedstock at Beaumont New Ammonia. These will be separate line items that we’ll be guiding you on during the course of the year.

Graham Tiver: No, I think Liz, Liz captured it well. I think if anything, Rob, we’re trying to increase transparency on the costs of the business going forward.

As Liz touched on, production is more about our traditional business production costs, more about our traditional business, and very much around what we control and getting down to operational cost efficiencies, etcetera.

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Then, as with the new line that we’ve provided for 2026 guidance on as a part of the Q4 production report, feed gas services and processing costs, that’s including Beaumont New Ammonia, and some of the tolling and feed gas processing costs. There will be good transparency in our line items and you’ll be able to see that flow through, and it started with the guidance for FY26.

Rob Koh (Morgan Stanley, Analyst): Thanks so much.

Operator: Next question comes from Saul Kavonic with MST. Please go ahead.

Saul Kavonic (MST Marquee, Analyst): Thank you, Liz and Graham. The first question, Liz, could you give us perhaps a steer on your thinking? Hopefully we see sell-down sooner than later, but in the event that sell-downs take a bit longer, do you see sell-downs being a precondition to sanctioning Trains 4 and 5 at Louisiana or would you prefer, you know, if sell-downs haven’t happened yet, would you prefer, you know, go ahead with Trains 4 and 5 anyway because it’s more optimal from a cost of development perspective. How do you lean in your thinking between those two options?

Liz Westcott: Yeah. Thanks, Saul for the question.

Trains 4 and 5 are a great opportunity for Woodside. They would be a highly advantaged development for us because they’re able to take the benefits of the installed infrastructure that Trains 1, 2 and 3 already have.

Importantly, the site where we’re installing Louisiana LNG has all the permits in place to enable two additional trains and FEED was completed, so we have a lot of a head start on Trains 4 and 5. But as you referenced, the important feature for us, particularly in 2026, is getting further sell-down in the HoldCo level for Trains 1, 2 and 3 and the foundation partners of Stonepeak and Williams, they’ve got opportunity to participate in expansion if that’s something that is progressing. But our focus does continue to be on HoldCo sell-down of Trains 1, 2 and 3.

I think it’s also worth noting that we have a number of opportunities to do additional developments on our assets. We talk to Trains 4 and 5, and in Capital Markets Day we showed the benefit of expansion in four and five in terms of our sales volume growth and our cash flow benefit.

We also have additional opportunities that will be competing with Trains 4 and 5 for capital, so we’ll be very disciplined around our assessment of where to invest further.

The capital allocation framework remains unchanged, as Graham mentioned, and all our investments will need to be assessed against that. And then they will actually need to compete with each other for capital going forward.

Saul Kavonic (MST Marquee, Analyst): Thanks. Second question on Scarborough. You’ve got the floater on site now. You’ve given yourself, I think, about a nine plus month window until first cargo. That’s double the length of time, for example, that Santos targeted for Barossa.

Can you give us some colour as to why that time is so lengthy and what your level of confidence is on, you know, Scarborough starting in September versus first cargo out just after Christmas?

Liz Westcott: Thank you. Yes, Scarborough Energy Project at year-end was 94% complete, as you noted, and we continue to be on track for that fourth quarter cargo, the first cargo.

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Let me help you understand what’s ahead of us though. Offshore, we need to complete the installation of the floating production unit, and we need to pull in the risers and the umbilical. Then we need to go through a process of dewatering subsea equipment, and then we complete the commissioning of the topsides.

Then that allows us to start opening up the wells and flowing hydrocarbons and pressuring the trunk line. I think importantly, these offshore activities are subject to weather conditions, and so there is variation in the assumptions on how long all of this will take.

Onshore though, we need to complete construction and commissioning activities at Pluto Train 2 and once we have the gas from Scarborough, we then go through a process of start-up activities, working from the front to the back of the train, you go through cooling down of the systems and then achieving steady state operation.

We are absolutely laser-like focused on delivery of this project and so we are confident in our ability to meet our fourth quarter 2026 delivery.

Saul Kavonic (MST Marquee, Analyst): Thank you. [Unclear].

Operator: Thank you. Your next question comes from Dale Koenders with Barrenjoey. Please go ahead.

Dale Koenders (Barrenjoey, Analyst): Good morning, Liz and Graham. I was hoping—maybe it’s a question for Graham, you could help us understand what the contracting status is for Beaumont in terms of gas supply and ammonia, what prices they’re exposed to, if this is spot, and with the ramp-up of the project, how you think that earnings growth will come through over the next 12 or 18 months.

Liz Westcott: Yeah. Thanks, Dale. Look, I might kick off and then I’ll pass it across to Graham.

The Beaumont New Ammonia Project, we achieved first ammonia as we highlighted in December 2025, and we are in the process of ramping-up the full capacity of that facility.

OCI continue to be the operator of Beaumont until we reach the performance conditions and they will pass that facility across to Woodside, targeted for the first half of this year.

Then, as we move into 2026, we will be progressively moving to a lower-carbon opportunity as we get the facilities from Linde up and running and the CCS project that ExxonMobil is doing will commence operations.

Regarding supply, the supply of both nitrogen and hydrogen is done by others supporting the project. Our investment in ammonia was the ammonia element of the project, and so we are reliant on upstream suppliers meeting their obligations to supply the facility.

Those contracts continue to operate through 2026, and we look forward to ramping-up the facility going forward. In terms of offtake, we have seen genuine interest in the ammonia products, both the conventional grey ammonia as well as the lower-carbon ammonia, and so we continue to layer contracts and commitments with customers as the facility continues to ramp-up its production.

Graham Tiver: Yeah. And I think all I would add is the approach the marketing team and BNA team are taking is we want that flexibility through ramping-up to full production and I think the way the team are layering in contracts is good. We have a good fair share of the volumes locked away, mostly domestically and it’s worthwhile noting it could change tomorrow, Dale, but you know the domestic prices in the US for ammonia at the moment are over $600 a tonne. So we are coming online in a healthy environment at this point in time.

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Dale Koenders (Barrenjoey, Analyst): Yeah thanks Graham. I guess the question is, you’ve previously said that the project would be earnings accretive when you get to the clean ammonia stage, but given that real strength in pricing domestically, it seems like you might actually see earnings contributions sooner?

Graham Tiver: Look, it will come down to the start-up, the ramp-up and how it progresses. But yes, I would like to think you know from a cash cost perspective we should be in a favourable position, but there’s a lot of water to pass under the bridge, there’s a lot of work to do as we ultimately take control or operatorship and then start to ramp-up. But it’s a healthy market. Yes, I’d love to be in a position to report back on these results in a year’s time talking about how well it’s performing and the cash flow it’s generating, but this first year will, you know, there’s a lot of things we need to work through.

Dale Koenders (Barrenjoey, Analyst): Okay. Thanks, guys.

Operator: Your next question comes from Tom Allen with UBS. Please go ahead.

Tom Allen (UBS, Analyst): Hi. Good morning Liz, Graham and the broader team. Um, sort of big beat on tax today, despite the guidance released in January. But looking into 26, we expect a step up in petroleum resource rent tax for Scarborough coming online. I was hoping you could provide some commentary on how we should be scoping that lift in PRRT for 26 and 27 relative to 25, and whether you could clarify some of the key uncertainties that might dictate where PRRT lands?

Graham Tiver: Yeah, I can take that, Tom. Look, I think before I answer your question, it’s worthwhile calling out that as we mentioned in our results, our all in effective tax rate globally was 45% and also for Australia was 44%. PRRT is only one component of the taxes we pay from our business in Australia. We are in 2023 to 24, the ATO noted that we were Australia’s largest PRRT payer and we’re the 8th largest corporate taxpayer. I just want to give a little bit of context and background to what we do pay. It’s more than just PRRT. You know Northwest Shelf alone through its royalties and excise has paid $40 billion at 100% since its inception. It’s only one component of a broader basket of taxes that we pay, which brings out all up all in effective underlying tax rate in Australia of 44%. So I just wanted to put that first, Tom, so you could hear that loud and clear.

In terms of PRRT, it is a broad calculation that relies a lot on prices but in theory, with what you’re saying, with Scarborough coming online and the changes in the PRRT legislation back in [20]24, yeah, Scarborough will be paying PRRT and that should increase the overall amount of PRRT we’re paying. But you know, as I said, it a lot of it relies on the pricing that we’re incurring. The more the higher the prices, the more PRRT we pay. So there’s a lot of moving variables, but all up we pay our fair share of tax in Australia at 44% all in.

Tom Allen (UBS, Analyst): Yeah. No thanks, Graham. That came through loud and clear on the tax contribution. I’m sure the journos are too. But just to follow that, are you able to provide some sort of guide just on the year-on-year movement in PRRT? It’s obviously difficult to forecast, but it becomes an important part of getting our underlying NPAT and dividend outlook right. Any type of quantitative guidance you can share on where that might move over those next couple of years? On your planning assumptions.

Graham Tiver: We haven’t put anything out on that, Tom, so I’d prefer not to say at this point in time just on the basis that there’s so many moving parts. As we have a greater line of sight on the ramp-up of Scarborough, we’ll provide more insight to PRRT.

Tom Allen (UBS, Analyst): That’s helpful. Thank you. Last comment for me was just the North West Shelf, joint venture continues to be reshaped. We’re reading that Shell now, following Chevron over 12 months ago, it’s seeking an exit from that joint venture. Can you comment on the indicative CapEx key activities that Woodside intend to progress around backfill for the joint venture and in particular Browse over the next couple of years?

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Liz Westcott: Thanks, Tom. As you note, Shell has shared that they’re looking to take an offtake for their equity in the North West Shelf so we stay across that. The North West Shelf joint venture though continues to be interested in taking third-party gas. It’s important to note that it already is doing that, the Karratha Gas Plant, it processes gas through the Pluto interconnector for the Pluto joint venture, it also processes gas from Waitsia, and so it’s demonstrated its capability at processing third-party gas and really, the opportunity is to see whether Browse could be processed through Karratha Gas Plant. The Browse joint venture remains committed with three very important activities needed before progression can be seen. We need to ensure that we have an investable project and that the concept continues to be refined to enable that. We need to have commercial agreements in place between the Browse joint venture and the North West Shelf joint venture, which continue to be worked, and we need environmental approvals. And so the Browse project is very committed to progressing each of those workstreams and that will then enable work to progress and we can see whether the Karratha Gas Plant will be the solution for Browse.

Tom Allen (UBS, Analyst): Thanks for that.

Operator: So next question is from Gordon Ramsay with RBC Capital Markets. Please go ahead.

Gordon Ramsay (RBC Capital Markets, Analyst): Thank you Liz and Graham for the presentation today. I got another question on Beaumont New Ammonia. Just trying to understand how you move forward with phase two in that project and how dependent you are on signing up contracts for clean ammonia sales, if there’s not legislation globally to encourage that. What are the key factors that will move that project forward? I know Liz, you mentioned obviously the carbon sequestration by ExxonMobil and hydrogen and nitrogen supplies are obviously critical, but assuming they’re there, is there a potential for this project to slow down if you aren’t going to be able to sell the ammonia at a premium price because it’s classified as low carbon or clean ammonia?

Liz Westcott: Thanks, Gordon. As you highlight, look, our focus at the moment is on the phase one of the project and building out not only the production from the facility but understanding the customer appetite for lower-carbon ammonia.

We’re targeting three key regions for our customers, we’re looking at the US domestic market, we’re looking at Europe and Asia Pacific, and you know, it’s fair to say that while there’s interest in lower-carbon ammonia, the uptake in demand is slower than we had forecast and so we remain attuned where customers are at in their desire for lower-carbon ammonia. That’s going to be an important part in playing into the timing of a phase two development at Beaumont itself. So we have a really great opportunity to be able to expand that facility. It will be able to take advantage of all the installed capital to date and so it will be advantaged economically as a project, but it absolutely needs to have a customer market for it. So that’s something that we’ll continue to keep a watch on and it will need to meet our capital allocation framework so we’re going to be very disciplined with what we progress.

Gordon Ramsay: (RBC Capital Markets, Analyst): Thank you, Liz. My second question relates to I think when you were discussing slide eight, you mentioned there was going to be dry dock maintenance of some of the Australian oil assets. Can you provide a bit more detail on what that involves?

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Liz Westcott: Yeah, so all of our assets undertake periodic turnarounds and for FPSOs, that often involves a dry dock, and so we do have two of our assets going for dry dock this year. It’s on a sort of five-year type cycle that they do and so that’s something that’s normal course of business for us, just like it is to have turnarounds at our LNG facilities and teams are well progressed for that and that just features in our production outlook for the year.

Gordon Ramsay: (RBC Capital Markets, Analyst): Can you mention the assets in the downtime? Is that possible?

Liz Westcott: Look I think we’ll get the team maybe to follow up offline with you on details like that but it’s just a normal part of our maintenance program for the year.

Gordon Ramsay: (RBC Capital Markets, Analyst): Thank you.

Operator: Your next question comes from Henry Meyer with Goldman Sachs. Please go ahead.

Henry Meyer (Goldman Sachs, Analyst): Thanks, Liz and Graham. Firstly, on production, guidance for the year implies quite a steep decline in oil production. I’m guessing that’s primarily from Sangomar as it comes off plateau, which is normal, but it’s obviously a function of lots of different variables. So I’m hoping you could step through what the annual decline rate you’re expecting at Sangomar is for this year and maybe the next few years before it tapers off to 10 to 15%, let’s say.

Liz Westcott: Thanks, Henry, for that question. As you noted, there are a lot of different variables that go into the guidance for 2026 and for the liquids production. It’s important to note there isn’t a particular target range. We’ve got a range, sorry, rather than a single point outlook here and there’s a number of little factors. I’ll give you a sense of them. We do have natural field decline across both our Australia assets as well as our Gulf of America assets and so that’s built into the outlooks. We also have the Julimar-Brunello transaction occurring which was built in the FPSO maintenance program that we just spoke about. So they’re all built in. The Pluto turnaround is also built in into liquids outlooks. We had the divestment in Angostura and then we had Sangomar. So Sangomar has done fantastically well with sitting on plateau for the bulk of 2025 and it is now commencing decline and so a variable for us is understanding that decline curve, as you were asking, and so we’ve made our best assessment but we’ll continue to guide during the course of 2026 as we understand how Sangomar performs.

Graham Tiver: I think as we touched on earlier in the call, Henry, the three key drivers for us this year in terms of overall production performance and business performance is the Pluto turnaround, it’s Scarborough coming online in that first cargo in the fourth quarter and then it’s the Sangomar reservoir performance and, as Liz touched on, it has come off plateau but it continues to perform very, very well. But we’ll keep you updated through the quarterly production reports on how that’s progressing.

Henry Meyer (Goldman Sachs, Analyst): Thank you. Thanks. And, um, maybe a follow up on the guidance for the services and processing costs for you, which is good to get that transparency. Could you split that down to a few different components if possible? Particularly how much of that tolling cost should be Scarborough gas going through Pluto that we could expect the second half and then ramping-up to 27 as we hit capacity.

Graham Tiver: Yeah. So we haven’t provided that exact breakdown at this point in time, Henry, as I said there’s a lot of moving variables, but obviously the core components are your BNA operating costs including the gas purchases etc and then you know it will include the tolls for Scarborough which is really the fourth quarter. So, you know, you can sort of draw a few dots together and a lot of that will relate to Beaumont New Ammonia but as we have more insight to ramp-up and how Scarborough’s progressing as well, we can provide more clarity on that overtime.

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Henry Meyer (Goldman Sachs, Analyst): Okay. Thanks Graham.

Operator: The next question comes from Tom Wallington with Citi. Please go ahead.

Tom Wallington (Citi, Analyst): Hi, team. Thanks for the update. Just on the marketing division performance, we saw margins soften through the second half on higher trading activity and noting that the segment contributed around 8% of group level EBIT for the year, driven by a stronger first half performance. I was hoping that you could perhaps clarify some of the reasons behind this margin compression. And I guess to what extent this was driven by tighter JKM and Henry Hub spreads or if there were potentially fewer arbitrage opportunities or any portfolio mix factors to have been considered.

Liz Westcott: Yeah. Thanks for your question, Tom. As we sort of highlighted in our opening presentation, marketing continues to be a very important part of the value equation for Woodside and it’s consistently contributed around 10% of our earnings before income [Clarification: interest] and tax for the last three years and that’s no change. However, we do see some quarter to quarter volatility and we will see movement in certain line items depending on our optimisation strategy. So in third quarter for example, we had an opportunity with timing of produced equity cargoes where we’re able to purchase a third-party cargo at gas hub prices and deliver it into a crude link contract. The way this turns out in the accounts can make it harder to see some of these benefits. But we’re very committed to understanding the benefit marketing brings to us and we’re very comfortable that, you know, we continue to see great uplift from the marketing activities.

Tom Wallington (Citi, Analyst): Yeah, great. Thanks for that. Um, and I guess just to, you know, lead into, I’m trying to get a gauge for how we should think about, you know, these margins through the cycle, obviously given the context of Louisiana LNG and Woodside’s trading and optimisation capabilities as being a key lever that it can pull in terms of getting to that 13% internal rate of return. Is there any further, you know, confidence or guide that you can give us that might see sort of some uplift or support from this particular segment? Thank you.

Liz Westcott: Yeah, thanks Tom. Look, marketing is going to continue to be very important to us, but I think the best guidance we can give you is this [Clarification: previous] contribution of 10% EBIT year on year and our three-year track record demonstrates that that’s something we achieve. I think where we sit today, that’s going to be the best guidance for you.

Tom Wallington (Citi, Analyst): Great. Thank you. Cheers.

Operator: Your next question comes from Baden Moore with CLSA. Please go ahead.

Baden Moore (CLSA, Analyst): Good morning everyone. To start on the hedging component that you talked to. I think it was 16 million barrels in 26. Just wondering what metric you’re targeting through that kind of program. Is it a credit metric or just struggling to understand what value that’s getting you? And whether, how we think about, whether you’d roll that forward, what would you target to roll that forward into 27 is my first question. And then second question, just it’s been a bit in the press on the CEO succession obviously just wondering if there’s any updates on timing for that process.

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Graham Tiver: Okay. I’ll take the hedging. I’ll leave the second one to Liz. But yeah, look, it’s a good question Baden and let’s be very clear, we don’t hedge to take a crystal ball on where prices will be. We very much hedge from a defensive perspective in the context of a heavy capital period for us over the last few years, we’ve hedged around the 30 million barrels and that provides a base load certainty on cash flows for us and that allows us, you know, in very simple language to be able to pay our bills. And so we’re not trying to second guess or take a position on oil prices. We’re just trying to lock in a certain stream or flow of cash flows for the business. You know, where our business sits, you know, it’s unlikely you’ll see us hedge on a forward curve below $70. But anything above 70, we will look at that. You know, as I’ve said, we’ve got a past history of going up to 30 [Clarification: 30 million barrels], but we’ll just wait and see what the forward curve looks like. But it’s very much defensive and it’s about securing and locking in a certain volume of cash, if you want to call it.

Liz Westcott: All right. Moving to your next question, CEO succession. I just want to acknowledge that the appointment of the CEO is a very important activity. And I know everyone’s very interested in the outcome. But I want to reinforce that what I’m interested in and what I know is very important, along with the rest of the Executive Leadership Team, is that we continue to execute against our strategy and deliver shareholder value through our disciplined decision making and our operational excellence. As we outlined in Capital Markets Day, we have a lot of priorities for 2026, and they’re very clear. We need to have safe and efficient operations, we have a lot of projects that we will be executing, and our focus continues to be on the strategy that we shared at the end of 2025. So the Chair has made it clear that the Board is assessing a number of internal candidates and external talent, and that they intend to make an announcement in the first quarter of 2026. So we’ll all wait to see that.

Baden Moore (CLSA, Analyst): Thank you.

Operator: Your next question comes from Sarah Kerr with Argonaut. Please go ahead.

Sarah Kerr (Argonaut, Analyst): Thanks, Liz and Graham. Just my first question starting in the US. So we saw at the start of the year with the tug of war for gas demand between LNG facilities and domestic demand, and we’re seeing an ever-increasing demand coming from utilities, especially with more and more data centres being more and more power hungry. I’m just wondering, how do you see Louisiana LNG in that landscape. And does that give you confidence in the market, I guess going forward that you can get feedstock at a reasonable price?

Liz Westcott: Thank you for the question. Look, the Louisiana LNG project is ideally situated to benefit from the supply in the US. We have a very large opportunity with domestic supply in the US, notwithstanding the interest from data centres and others in accessing domestic gas, more than 1.1 [Clarification: 1,100] trillion cubic feet of gas that is available to LNG projects and others to use. We have a lot of transport infrastructure that we’ve already committed, the foundation requirements we need with pipeline options, and we’ve got a foundational contract with bp for supply. So we’re confident that our project will be able to access the gas it needs going forward. And we continue to see opportunity as an LNG producer to be able to access gas.

Sarah Koh (Argonaut, Analyst): Thank you, and just a quick question in Australia. So looking at Bass Strait, obviously seeing a renewed exploration phase going through an offshore there, we’re seeing some discoveries as well. There’s also some fantastic projects that are smaller developers, have close to Woodside’s infrastructure. Just wondering, is Woodside looking at doing more of your own organic backfill or looking to possibly tie in and partner with the small developers?

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Liz Westcott: Yeah. Bass Strait supplies approximately 40% of the East Coast gas demand, and has been a real backstay of the East Coast gas market over decades. And we’ll be taking operatorship from ExxonMobil in the middle of 2026. As part of that decision and as operator, we’ve identified four potential development wells that we believe could be progressed to deliver up to 200 petajoules of sales gas to the market. And so we’ll be taking those through the technical development phases as we take over operatorship. And so we continue to be interested in available development for the Bass Strait and look forward to being the operator going forward.

Operator: Thanks very much.

Liz Westcott: Now, I might recognise the time here and call the end to questions. Thank you everybody for listening in and participating today. Just a reminder, we will be hosting our Sustainability Investor Briefing on the 16th of March, which I invite you all to join, and I look forward to speaking with you at other upcoming events. Thank you.

[END OF TRANSCRIPT]

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

This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

Page 17

Source: View Original Filing on SEC EDGAR

FAQ

How did Woodside Energy Group (WDS) perform financially in 2025?

Woodside generated $12,984 million of operating revenue in 2025 and net profit after tax of $2,718 million. EBITDA excluding impairment was $9,277 million, supported by record production of 198.8 MMboe and free cash flow of $1,889 million despite softer pricing.

What dividends did Woodside Energy (WDS) pay for 2025?

Woodside determined a fully franked final dividend of 59 US cents per share, taking total 2025 dividends to 112 US cents per share. The final dividend represents about 80% of second-half underlying NPAT, consistent with the 50–80% payout target range.

How strong is Woodside Energy’s (WDS) balance sheet at year-end 2025?

At 31 December 2025, Woodside reported gearing of 18.2%, within its 10–20% target range, net debt of $8,010 million, and liquidity of $9,262 million. These metrics indicate continued access to funding while supporting major growth projects and ongoing dividends.

What were Woodside Energy’s (WDS) production and sales volumes in 2025?

Total production reached a record 198.8 MMboe, comprising 115.3 MMboe of gas and 83.5 MMboe of liquids. Total sales volumes were 212.2 MMboe, with 129.2 MMboe of gas and 83.0 MMboe of liquids, reflecting strong operational reliability across the portfolio.

How did Woodside Energy’s (WDS) 2025 profit compare with 2024?

Net profit after tax attributable to members fell 24% to $2,718 million in 2025, from $3,573 million in 2024. Revenue decreased 1%, while underlying NPAT was $2,649 million, indicating lower profitability despite record production and solid operating performance.

What progress did Woodside (WDS) report on emissions and climate goals in 2025?

Woodside stated that net equity Scope 1 and 2 greenhouse gas emissions for 2025 were 15% below its 6.27 Mt CO₂‑e starting base. This aligns with its 2025 reduction target and reflects operational efficiencies and the use of offsets as described in its climate strategy.

What major growth projects is Woodside Energy (WDS) advancing?

Woodside highlighted progress on the Scarborough Energy Project, Trion and Louisiana LNG, along with the Beaumont New Ammonia project. These developments are intended to deliver the next wave of cash‑generative growth, with Scarborough targeting first LNG cargo in late 2026 and Louisiana LNG in 2029.

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