Record 2025 output as Woodside (NYSE: WDS) advances LNG projects

Rhea-AI Filing Summary

Woodside Energy Group reported preliminary 2025 operational results showing record annual production of 198.8 MMboe, slightly above guidance of 192–197 MMboe. Full-year revenue was $12,984 million, broadly flat versus $13,179 million in 2024, while Q4 revenue of $3,035 million fell 10% from Q3 and 13% year-on-year as average realised prices declined 5% quarter-on-quarter and 10% versus Q4 2024.

Unit production costs were about $7.8/boe, within guidance, and 2025 capital expenditure totalled $4,703 million, down 42% year-on-year. The Scarborough Energy Project reached 94% completion and remains on budget targeting first LNG cargo in Q4 2026. First production was achieved at Beaumont New Ammonia, with conventional ammonia sales to begin in 2026 and lower‑carbon ammonia planned for the second half of 2026.

The Louisiana LNG project progressed to 22% completion for its three‑train foundation phase, targeting first LNG in 2029. Woodside entered a strategic partnership with Williams, which will contribute approximately $1.9 billion of capital and take offtake obligations for 10% of Louisiana LNG volumes. The Trion project in Mexico reached 50% completion. For 2026, Woodside guides volumes of 172–186 MMboe and capital expenditure of $4,000–4,500 million, reflecting planned Pluto LNG downtime and continued spending on Scarborough, Trion and Louisiana LNG.

Insights

Energy sector analyst

Record output and solid project progress offset softer pricing.

Woodside delivered record 2025 production of 198.8 MMboe, above guidance, with unit costs around $7.8/boe. However, total revenue of $12,984 million was marginally below 2024 as weaker oil and gas prices weighed on realised pricing and Q4 revenue declined year-on-year.

Strategic growth projects advanced materially. The Scarborough Energy Project reached 94% completion and remains on budget for first LNG in Q4 2026. Beaumont New Ammonia achieved first production, with lower-carbon ammonia targeted for the second half of 2026 and sales contracts already agreed with global customers.

The Louisiana LNG three‑train foundation phase reached 22% completion, and a partnership with Williams will see Williams contribute about $1.9 billion of capital and assume offtake for 10% of volumes. The Trion project hit 50% completion. 2026 guidance of 172–186 MMboe and capital expenditure of $4,000–4,500 million reflects planned Pluto maintenance and continued LNG and ammonia project build‑out, with actual financial outcomes depending on future commodity prices and project execution.

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 January 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 January  28, 2026, entitled “Fourth Quarter 2025 Report”.

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: January 28, 2026

WOODSIDE ENERGY GROUP LTD
By:		/s/ Damien Gare
		Damien Gare Corporate Secretary

Exhibit 99.1

FOURTH QUARTER REPORT FOR PERIOD ENDED 31 DECEMBER 2025

ASX: WDS | NYSE: WDS

Wednesday, 28 January 2026

Strong performance underpins a year of record production

Performance highlights

• Delivered record full-year production of 198.8 MMboe (545 Mboe/d), exceeding 2025 production guidance.

• Quarterly production of 48.9 MMboe (531 Mboe/d), down 4% from Q3 2025, driven by seasonal weather impacts and lower Australian east-coast demand.

• Delivered strong oil asset performance with 99.2% reliability at Sangomar and 98% reliability at Shenzi.

• Achieved a second consecutive quarter of 100% reliability at Pluto LNG and 99.8% reliability at the North West Shelf Project.

• Achieved an average realised quarterly price of $57/boe, down 5% from Q3 2025 reflecting lower oil-linked and gas pricing.

Project highlights

• The Scarborough Energy Project was 94% complete, and is on budget and on track for first LNG in Q4 2026. The Scarborough Floating Production Unit (FPU) departed China and subsequent to the period arrived in Australia.

• The Beaumont New Ammonia Project achieved targeted first ammonia production in December.

• The Trion Project was 50% complete, and remains on target for first oil in 2028.

• The Louisiana LNG Project, comprising three trains, was 22% complete; Train 1 was 28% complete. The project is targeting first LNG in 2029.

• Approved the Greater Western Flank Phase 4 Project, a subsea tie-back investment to the existing North West Shelf Project.

Business and portfolio highlights

• Completed the sell-down of a 10% interest in Louisiana LNG LLC (HoldCo) and an 80% interest and transfer of operatorship in Driftwood Pipeline LLC (PipelineCo) to Williams.

• Finalised agreements to extend gas flows from Pluto through the Pluto-KGP Interconnector until 2029.

• Entered into sale and purchase agreements with SK Gas International, BOTAŞ and subsequent to the period, JERA for the long-term supply of LNG.

• Appointed Liz Westcott as Acting CEO, following the resignation of Meg O’Neill.

2025 full-year guidance

Guidance

Preliminary  2025 full-year  result1

Comments

Production

MMboe

192 - 197

198.8

Strong production performance across assets

Unit production cost

$/boe

7.6 - 8.1

~7.8

Property, plant and equipment depreciation and amortisation

$ million

4,800 - 5,100

~5,050

Exploration expenditure

$ million

200

~200

Payments for restoration

$ million

700 - 1,000

~850

Gas hub exposure2

% of produced LNG

27 - 31

~30

Capital expenditure (excluding Louisiana LNG)3

$ million

3,700 - 4,000

~3,780

Louisiana LNG capital expenditure4

$ million

1,000 - 1,200

~930

Preliminary full-year result includes the sell-down to Williams

¹ The line-item guidance provided above is preliminary, unaudited and subject to change prior to finalising the 2025 Financial Statements.

² Gas hub indices include Japan Korea Marker (JKM), Title Transfer Facility (TTF) and National Balancing Point (NBP). It excludes Henry Hub.

³ Capital expenditure includes the following participating interests; Scarborough (74.9%), Pluto Train 2 (51%) and Trion (60%). It excludes the payment of Beaumont New Ammonia acquisition consideration and Louisiana LNG expenditure.

⁴ Louisiana LNG guidance assumed 100% Louisiana LNG LLC, 60% Louisiana LNG Infrastructure LLC and 100% Driftwood Pipeline LLC. The preliminary 2025 results reflect the additional sell-down to Williams of 10% Louisiana LNG LLC and 80% of Driftwood Pipeline LLC.

  1       Fourth quarter report for period ended 31 December 2025  

Woodside Acting CEO Liz Westcott said the company delivered strongly against its 2025 business objectives, outperforming production guidance while advancing key growth projects.

“We achieved record annual production of 198.8 million barrels of oil equivalent in 2025. This performance was driven by sustained plateau production at Sangomar through late October and Pluto LNG operating at 100% reliability for the second half of the year.

“In recent days we marked a special milestone for the Scarborough Energy Project with the safe arrival of the floating production unit at the field and commencement of hook-up activities. The project was 94% complete at the end of the year and remains on budget and on target for first LNG cargo in Q4 2026.

“In late December first production was achieved at Beaumont New Ammonia. Final project commissioning will continue through early 2026 ahead of project completion and Woodside assuming operational control. Production will commence with conventional ammonia with lower-carbon ammonia planned for 2H 2026.

“Woodside has finalised agreements with leading global customers to supply conventional ammonia from Beaumont. These deliveries will commence in 2026 and continue through year-end, under contracts that reflect prevailing market prices.

“We also continued to progress our major development pipeline, with the three-train foundation phase of the Louisiana LNG Project reaching 22% completion at quarter-end, targeting first LNG in 2029.

“During the period Woodside entered a strategic partnership with leading US gas infrastructure company Williams, selling a 10% interest in the Louisiana LNG HoldCo and an 80% operating interest in PipelineCo, further demonstrating the quality of the project. Under the transaction, Williams will contribute approximately $1.9 billion in capital expenditure and assume offtake obligations for 10% of Louisiana LNG’s produced volumes.

“The Trion Project in Mexico was 50% complete at the end of the year, with hull assembly and installation of all critical equipment on the topside’s modules now completed.

“Also during the quarter, we took a final investment decision to develop the North West Shelf Project’s Greater Western Flank Phase 4. The project extends production from the North West Shelf by around one year and delivers an internal rate of return of approximately 30%.⁵

“During the period we signed long term LNG sale and purchase agreements with SK Gas International and BOTAŞ, supplied from Woodside’s global portfolio including LALNG, evidencing the value customers place on our product.

“Woodside strengthened its position in the Gulf of America as the successful bidder on eight exploration blocks.⁶

“We are looking forward to first LNG from Scarborough in the fourth quarter of this year. Our 2026 volume guidance of 172 - 186 MMboe reflects planned down time at Pluto as we prepare the facility to begin processing Scarborough gas and for first LNG cargo in Q4 2026.

“Woodside continues to execute our strategy as outlined at our recent Capital Markets Day. The executive team and I remain focused on safely delivering our operations and projects while maintaining rigorous cost management during the CEO transition period.”

⁵ 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.

⁶ Lease issuance is pending final payment and regulatory approval.

  2       Fourth quarter report for period ended 31 December 2025  

Comparative performance at a glance

				Q4  2025		Q3  2025		Change  %		Q4  2024		Change  %		YTD  2025		YTD  2024		Change  %
Revenue7,8		$ million		3,035		3,359		(10%)		3,484		(13%)		12,984		13,179		(1%)
Production9		MMboe		48.9		50.8		(4%)		51.4		(5%)		198.8		193.9		3%
Gas		MMscf/d		1,709		1,827		(6%)		1,909		(10%)		1,800		1,931		(7%)
Liquids		Mbbl/d		232		231		—		224		4%		229		191		20%
Total		Mboe/d		531		552		(4%)		559		(5%)		545		530		3%
Sales10,11		MMboe		52.4		55.1		(5%)		54.1		(3%)		212.2		204.0		4%
Gas		MMscf/d		1,924		2,122		(9%)		2,129		(10%)		2,018		2,092		(4%)
Liquids		Mbbl/d		232		226		3%		214		8%		228		190		20%
Total		Mboe/d		569		599		(5%)		588		(3%)		581		557		4%
Average realised price7,8,10		$/boe		57		60		(5%)		63		(10%)		60		63		(5%)
Capital expenditure8		$million		822		1,323		(38%)		2,681		(69%)		4,703		8,104		(42%)
Capex excluding		$ million		954		1,047		(9%)		1,396		(32%)		3,774		4,919		(23%)
Louisiana LNG12
Louisiana LNG13		$ million		(132)		276		(148%)		219		(160%)		929		219		324%
Acquisitions14		$million		—		—		—		1,066		(100%)		—		2,966		(100%)

Operations

Pluto LNG

• Achieved second consecutive quarterly LNG reliability of 100%.

• Finalised commercial and government agreements to extend gas flows through the Pluto-KGP Interconnector until 2029, enabling continued acceleration of LNG and domestic gas production from Pluto feed gas. The extended Interconnector arrangements provide for the processing of approximately 2.8 million tonnes of additional LNG in aggregate and approximately 22.9 PJ of additional gas for the WA domestic gas market.

North West Shelf (NWS) Project

• Achieved quarterly LNG reliability of 99.8%.

• Achieved final investment decision on the Greater Western Flank Phase 4 (GWF-4) Project:

^○  GWF-4 is a five-well subsea tieback with start-up targeted for 2028. Expected IRR >30% and an estimated payback period of approximately two years.¹⁵

^○  Expected capital expenditure of approximately $700 million.¹⁵

^○  Proved plus probable (2P) undeveloped reserves for GWF-4 Project are 100 MMboe gross (Woodside share 31 MMboe).¹⁶

• Commenced processing of Waitsia Stage 2 gas via NWS facilities.

⁷ Results are preliminary, unaudited and subject to change prior to finalising the 2025 Financial Statements.

⁸ Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of $14 million in Q4 2024 and $28 million in YTD 2024. These amounts are included within other income/(expenses) in the Financial Statements. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.

⁹ Q4 2025 includes 0.27 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. Percent change in total production may differ from percent change in daily production due to the number of days in each quarter.

¹⁰ Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.23 MMboe in Q4 2024 and 0.43 MMboe in YTD 2024. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.

¹¹ Restated additional volumes of 0.09 MMboe in Q1 2025, 0.10 MMboe in Q2 2025 and 0.09 MMboe in Q3 2025 to reflect a revised MMBtu to boe conversion factor.

¹² Includes capital additions on property plant and equipment, evaluation capitalised and other corporate spend. Exploration capitalised has been reclassified from capital expenditure to other expenditure.

¹³ Capital expenditure for Louisiana LNG is presented as a net figure inclusive of capital contributions received from Stonepeak and Williams for the development of Louisiana LNG. Q4 2025 includes a $600 million cash contribution.

¹⁴ Purchase consideration for Beaumont New Ammonia and Louisiana LNG.

¹⁵ 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.

¹⁶ Gross proved plus probable undeveloped reserves includes 7 MMboe of fuel consumed in operations. Woodside share is shown at current equity of ~31% and includes 2 MMboe of fuel consumed in operations.

  3       Fourth quarter report for period ended 31 December 2025  

• Following receipt of the final environmental approval from the Australian Government on the North West Shelf Project Extension in Q3 2025, three legal proceedings were commenced in the Federal Court of Australia, challenging the Australian Government’s decision to approve the NWS Project Extension. This is in addition to one legal proceeding in the Western Australian Supreme Court challenging the State Government’s environmental approval for the NWS Project Extension. These proceedings were ongoing at the end of the period.

Wheatstone and Julimar-Brunello

• Progressed the Julimar Development Phase 3 (JDP3) Project with three wells drilled during the period. Two wells were successfully completed and the third, an exploration target, was assessed as non-commercial.

• Drilling and completion of the remaining well and start-up of the JDP3 Project is targeted in 2026 as a condition precedent to the asset swap with Chevron.

• Completion of the asset swap with Chevron remains on target for H2 2026.¹⁷

Bass Strait

• Preparation for transfer of operatorship of the Bass Strait assets from ExxonMobil Australia to Woodside is progressing, with completion targeted for H2 2026.¹⁸

• Delivered reliability of 90.5% during the quarter and executed a planned shutdown of the Marlin Complex as part of the Turrum Phase 3 project.

• Commenced drilling the first of five wells for the Turrum Phase 3 project, with expected completion in 2026.

• Completed the Kipper 1B project, with production reaching full capacity.

Sangomar

• Achieved average daily production rate of 99 Mbbl/d (100% basis, 84 Mbbl/d Woodside share) at 99.2% reliability.

• Production remained on plateau until late October 2025 as expected with the facility continuing to perform strongly as it transitions to post-plateau operating rates.

United States of America

• Achieved continued strong quarterly production at Shenzi, supported by reliability of 98%.

• Achieved first production from the Atlantis Drill Center 1 Expansion Project in December, two months ahead of plan.

• Commenced production from the second of three Argos Southwest Extension wells.

• Commenced production from an infill well at Mad Dog A-Spar.

Marketing

• Executed LNG sale and purchase agreements with:

^○  SK Gas International, for the supply of approximately 0.6 Mtpa from 2027 through to 2040. Supply will be from Woodside’s global portfolio, including from the Louisiana LNG Project.

^○  Boru Hatlarıile Petrol Taşıma A.Ş. (BOTAŞ), for the supply of approximately 0.5 Mtpa of LNG from 2030, for a period of up to nine years. Supply will primarily be from the Louisiana LNG Project; and

^○  JERA, subsequent to the period, for the supply of three LNG cargoes (approximately 0.2 Mtpa) per year on a delivered ex-ship basis during Japan’s winter months from 2027 for a period of five years.

• Executed agreements for the supply of conventional ammonia from the Beaumont New Ammonia facility. Deliveries will commence in 2026 and continue through year-end at prevailing market prices. Additional agreements are being advanced to align with expected BNA output, including for lower-carbon ammonia.

• Added the Woodside Barrumbara to Woodside’s fleet of LNG vessels to support the start-up of the Scarborough Energy Project.

• Executed incremental pipeline gas sales of:

^○  2.5 PJ in Western Australia delivered in 2025. Woodside continues to engage with the Western Australian domestic market on additional spot supply and requirements for 2026 and 2027.

¹⁷ Completion of the transaction is subject to conditions precedent. See “Woodside simplifies portfolio and unlocks long-term value” announced on 19 December 2024.

¹⁸ Completion of the transaction is subject to conditions precedent. See “Woodside strengthens its Australian Operations” announced on 29 July 2025.

  4       Fourth quarter report for period ended 31 December 2025  

^○  29.2 PJ in Eastern Australia for delivery in 2026 and 2027.

• Supplied 41.8% of produced LNG at prices linked to gas hub indices in the quarter, realising a $1.5/MMBtu premium compared to oil-linked pricing. This represents 16.4% of Woodside’s total equity production.

Projects

Scarborough Energy Project

• The Scarborough and Pluto Train 2 Projects are on budget and were 94% complete at the end of the quarter (excluding Pluto Train 1 modifications).

• The FPU departed China for transit to Australia. Subsequent to the period, the FPU arrived safely at the Scarborough field and the hook-up and commissioning phase commenced.

• Completed the drilling campaign for all eight development wells. Reservoir quality and well deliverability were in line with pre-drill estimates.

• Construction activities at Pluto Train 2 site continued, and commissioning of utility systems has commenced. The tie-in to the Pluto domestic gas export line has been completed.

• Module construction at the Pluto Train 1 modifications yard continues. Civil, structural, and piping works advanced at the Pluto site, with the gas metering skid installed and put into operation on schedule. Successfully completed commissioning of the integrated remote operations centre. The centre is now remotely operating Pluto Train 1 and the Pluto Alpha platform.

• First LNG cargo is on track for Q4 2026.

Beaumont New Ammonia

• The Beaumont New Ammonia Project achieved first ammonia production in December.

• Final project and commissioning activities will continue through early 2026.¹⁹

• Project completion and associated payment of the remaining acquisition consideration is expected in 2026.

• Upon project completion, operational control of the asset will transition to Woodside in accordance with the transaction agreements.

Trion

• The Trion Project was 50% complete at the end of the quarter.

• Completed FPU hull assembly, erection of the upper column frame and installation of critical equipment on the topside modules.

• Progressed Floating Storage and Offloading unit procurement and fabrication.

• Progressed subsea equipment manufacturing, including completion and testing of the first xmas tree.

• Continued planning activities for the drilling campaign and preparation for subsea umbilicals, risers, flowlines and gas gathering line with installation expected to commence in 2026.

• Regulatory approval of the HSE management system was granted, providing the final authorisation required to commence field activities.

• First oil on target for 2028.

Louisiana LNG

• The Louisiana LNG foundation development, comprising three trains, was 22% complete at the end of the quarter. First LNG is targeted for 2029.

• Train 1 was 28% complete at the end of the quarter. During the period structural steel was erected and installation of underground piping commenced.

• Trains 2 and 3 were 18% and 13% complete respectively, at the end of the quarter, with concrete foundation work continuing for both.

• Construction remains focused on the LNG tanks and marine soil excavation in readiness for the commencement of dredging, marine pile installation, and establishing the marine offloading facility.

• Closed transaction with Williams, for the sale of a 10% interest in HoldCo and an 80% interest in and operatorship of PipelineCo. As part of this investment, Williams assumed LNG offtake obligations for 10% of produced volumes.

¹⁹ Production of lower-carbon ammonia is targeted to start in the second half of 2026. See “Production milestone at Beaumont New Ammonia”, announced on 29 December 2025.

  5       Fourth quarter report for period ended 31 December 2025  

• Secured long-term transportation capacity providing access to diverse gas supply sources for the project. Pipeline transportation capacity secured provides full coverage for the three-train foundation project, allowing for firm and long-term access to gas supply across multiple gas basins and hubs.

• Secured approval from the US Department of Energy to extend the in-service date under the non-free trade agreement LNG Export Authorisation through to 31 December 2029. This authorisation also extended the term by three years through to 31 December 2053.

• Received approval of a five-year property tax abatement under the State of Louisiana’s Industrial Tax Exemption Program.

Hydrogen Refueller @H2Perth

• Commissioning activities continued on site, ready for start-up targeted for Q1 2026.

• First hydrogen production is targeting the first half of 2026.²⁰

Decommissioning

• Commenced and completed recovery and removal of umbilical and subsea structures at Echo Yodel.

• Completed the removal of Stybarrow well heads, xmas trees and other structures, and resumed recovery of umbilicals and flowlines.

• Progressed offshore removal of Griffin umbilical and flowlines.

• Platform preparation activities were progressed for the Bass Strait offshore platform removal campaign 1 project on three platforms and all approvals were received to commence onshore reception centre upgrades.

• Completed the final subsea well abandonment on the Cobia and West Kingfish platforms.

• Supported the installation of a new, purpose-built artificial reef designed to support local fishers and enhance marine biodiversity off the Western Australian coast.

Development and exploration

Browse

• Engagement with regulators and stakeholders continued in support of advancing environmental approvals.

Sunrise

• Executed a Cooperation Agreement with Timor-Leste’s Ministry of Petroleum and Mineral Resources to carry out studies and activities to mature a proposed Timor-based LNG concept (TLNG). The proposed TLNG concept includes greenfield LNG and domestic gas facilities, and a helium extraction plant.

• The Cooperation Agreement activities will run in parallel to the ongoing Sunrise Joint Venture (SJV) activities and extends the work done in 2024 on the SJV concept study.

Calypso

• The Calypso Joint Venture continues to review development options having completed concept select engineering studies in Q3 2025.

Exploration

• In the US Gulf of America, Woodside was the successful bidder on eight blocks in Lease Sale BBG1, with the lease issuance pending final payment and regulatory approval.

• Drilling activities for the non-operated Bandit-1 well are continuing, with results subject to further assessment.

New energy and carbon solutions

Carbon capture and storage (CCS) opportunities

• The Angel CCS Project Joint Venture and the Bonaparte Assessment Joint Venture continued to progress concept definition level engineering design studies, regulatory approvals and customer development activities.

²⁰ The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government’s Renewable Hydrogen Strategy.

  6       Fourth quarter report for period ended 31 December 2025  

• Signed a Storage Study Agreement with Petroleum Sarawak Berhad to assess the technical and commercial feasibility of safely storing carbon dioxide in Site 3A in Central Luconia, offshore Sarawak, Malaysia.

Carbon credit portfolio

• In Mexico, Woodside contracted to purchase up to two million carbon credits over a ten-year period commencing 2025 from a community-led tropical forest restoration and improved forest-management project.

• In Indonesia, Woodside is funding a community-based, phased mangrove restoration initiative project. Woodside is expected to receive up to 4.6 million credits over a 40 year period from this arrangement commencing 2027.

Corporate activities

CEO succession

• Woodside CEO and Managing Director, Meg O’Neill, advised the Board of her resignation during the period.

• The Board appointed Liz Westcott as Acting CEO, and intends to announce a permanent appointment in the first quarter of 2026.

Climate and sustainability

• United Nations Environment Programme (UNEP) confirmed that Woodside’s Oil and Gas Methane Partnership (OGMP2.0) plan meets the requirements of a “gold pathway”.²¹

• Held a sustainability focus session on 8 December 2025 with investors on the United Nations Educational, Scientific and Cultural Organisation (UNESCO) World Heritage Listing of Murujuga and its significance for Woodside.

Hedging²²

• During 2025, 30 MMboe of 2025 oil production was hedged at an average price of $78.7 per barrel.

• As at 31 December 2025, approximately 10 MMboe of 2026 oil production was hedged at an average price of $70.1 per barrel.

• The realised value of all hedged positions for the period ended 31 December 2025 is an estimated pre-tax profit of $221 million, with a $203 million profit related to oil price hedges offset by a $7 million loss related to Corpus Christi hedges, and a $25 million profit related to other hedge positions. Hedging profits will be included in ‘other income’ except hedging profits related to interest rate swaps which will be included in ‘finance income’ in the financial statements.

Funding and liquidity²²

• As at 31 December 2025, Woodside had liquidity of approximately $9,300 million and net debt (including lease liabilities) of approximately $8,000 million.

Embedded commodity derivative²²

• In 2023, Woodside entered into a revised long-term gas sale and purchase contract with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model.

• As there is no long-term urea forward curve, Title Transfer Facilities (TTF) continues to be used as a proxy to simulate the value of the derivative over the life of the contract.

• For the quarter ended 31 December 2025, an unrealised loss of approximately $10 million is expected to be recognised through other income. This brings the full year impact to an unrealised gain of approximately $137 million recognised in other income.

2025 Annual results and teleconference

• Woodside’s 2025 Annual Report and associated investor briefing will be released to the market on Tuesday, 24 February 2026. These will also be available on Woodside’s website at http:// www.woodside.com/

²¹ 2025 Oil & Gas Methane Partnership (OGMP) 2.0 Company Factsheets, Pg 137.

²² Results are preliminary, unaudited and subject to change prior to finalising the 2025 Financial Statements.

  7       Fourth quarter report for period ended 31 December 2025  

• 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).

• Briefing registration details will be published on the day.

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. The closing date for receipt of director nominations is 17 February 2026.

Upcoming events 2026

February		24		2025 Annual Report
March		16		Sustainability Briefing
April		23		Annual General Meeting
		29		First Quarter Report

  8       Fourth quarter report for period ended 31 December 2025  

Additional 2025 full-year line-item guidance
				Statutory		Underlying		Comments
Other income		$ million		850 - 1,050				Includes hedging gains of ~$200 million, profit on the divestment of the Greater Angostura assets of ~$160 million and a non-cash benefit for the Perdaman embedded derivative of ~ $140 million.
Restoration movement expense (other expense)		$ million		300 - 400
Other (other expense)		$ million		130 - 330				Includes costs in “Other” within the Other expenses line-item in Note A.1 of the Financial Statements. Excludes general, administrative and other costs, amortisation of intangible assets and depreciation of lease assets which are recognised separately within Other expenses.
Impairment losses		$ million		143		—		Impairment loss of $143 million pre-tax ($113 million post-tax) on the H2OK Project. Excluded from underlying NPAT.
Net finance costs		$ million		20 - 60				Includes ~$20 million in hedging gains relating to interest rate swaps.
Petroleum rent and resources (PRRT) expense		$ million		200 - 500
Income tax expense		$ million		560 - 960		770 - 1,170		A deferred tax asset (DTA) of $182 million for the Louisiana LNG Project was recognised on FID, within the 2025 half-year results. The Louisiana LNG DTA and tax impact of the H2OK impairment loss of $30 million are excluded from underlying NPAT.

The presentation of the above statutory line-items aligns to the consolidated income statement and Note A.1 segment revenue and expenses note in Woodside’s Annual Report. The line-item guidance provided above is preliminary, unaudited and subject to change prior to finalising the 2025 Financial Statements.

  9       Fourth quarter report for period ended 31 December 2025  

2026 full-year guidance

Item				Guidance		Comments
						• Includes production volumes from hydrocarbons of 170-183 MMboe and Beaumont New Ammonia volumes of 2-3 MMboe.
Volumes		MMboe		172 - 186		• Pluto LNG Train 1 major turnaround in Q2 2026, duration approximately 5 weeks.
						• Refer to Note 1 below for the approximate split of production volumes from hydrocarbons by product type.
Gas hub exposure23		%		~30
						• Consistent with past practice, guidance is at current Woodside equity interests. This excludes the impact of any subsequent asset sell-downs, future acquisitions or other equity changes.
Capital expenditure24,25,26,27		$ million		4,000 - 4,500		• Excludes the final acquisition completion payment for Beaumont New Ammonia, expected in 2026. This will be separately disclosed in the cash flow statement.
						• Refer to Note 2 below for the approximate split of capital expenditure by asset.
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

Note 1: Production volumes from hydrocarbons

The approximate split of production volumes from hydrocarbons by product type is:

LNG		~45%
Crude and condensate		~35%
Pipeline gas		~15%
Natural gas liquids		~5%
Note 2: Capital expenditure
The approximate split of capital expenditure by asset is:
Louisiana LNG (including contributions from non-controlling interests)24		~25%
Scarborough25		~20%
Trion26		~20%
Australia Other27		~20%
International Other		~15%

²³ 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.

²⁴ 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.

²⁵ Scarborough at 74.9% participating interest, Pluto Train 2 at 51% participating interest.

²⁶ Trion at 60% participating interest.

²⁷ Completion of the asset swap with Chevron assumed in H2 2026. Woodside’s equity interests at current participating interests prior to the completion for NWS Project, NWS Oil Project, Wheatstone, Julimar-Brunello and Angel CCS assets.

  10       Fourth quarter report for period ended 31 December 2025  

Contacts:
INVESTORS		MEDIA		REGISTERED ADDRESS
				Woodside Energy Group Ltd
				ACN 004 898 962
Vanessa Martin		Christine Abbott		Mia Yellagonga
				11 Mount Street
M: +61 477 397 961		M: +61 484 112 469		Perth WA 6000
				Australia
E: investor@woodside.com		E: christine.abbott@woodside.com		T: +61 8 9348 4000
				www.woodside.com

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

  11       Fourth quarter report for period ended 31 December 2025  

Production summary

						Q4    2025				Q3    2025				Q4    2024				YTD    2025				YTD    2024
Gas			MMscf/d				1,709				1,827				1,909				1,800				1,931
Liquids			Mbbl/d				232				231				224				229				191
Total			Mboe/d				531				552				559				545				530
						Q4 2025				Q3 2025				Q4 2024				YTD 2025				YTD 2024
AUSTRALIA
LNG
North West Shelf			Mboe				6,091				5,895				7,117				23,756				29,426
Pluto28			Mboe				11,583				12,328				11,232				45,438				46,719
Wheatstone			Mboe				2,390				2,677				2,460				9,913				9,341
Total			Mboe				20,064				20,900				20,809				79,107				85,486
Pipeline gas
Bass Strait			Mboe				3,431				3,929				3,140				14,205				12,978
Other29			Mboe				3,673				3,921				4,136				15,376				15,278
Total			Mboe				7,104				7,850				7,276				29,581				28,256
Crude oil and condensate
North West Shelf			Mbbl				1,083				1,093				1,250				4,194				5,187
Pluto28			Mbbl				939				989				911				3,684				3,741
Wheatstone			Mbbl				436				471				423				1,767				1,739
Bass Strait			Mbbl				367				505				482				1,731				2,178
Macedon & Pyrenees			Mbbl				430				347				617				1,704				1,466
Ngujima-Yin			Mbbl				973				960				1,143				3,742				4,234
Okha			Mbbl				452				575				616				1,926				2,188
Total			Mboe				4,680				4,940				5,442				18,748				20,733
NGL
North West Shelf			Mbbl				247				258				274				942				1,131
Pluto28			Mbbl				53				65				58				222				226
Bass Strait			Mbbl				631				842				740				2,894				3,665
Total			Mboe				931				1,165				1,072				4,058				5,022
Total Australia30			Mboe				32,779				34,855				34,599				131,494				139,497
			Mboe/d				356				379				376				360				381

²⁸ Q4 2025 includes 1.80 MMboe of LNG, 0.09 MMboe of condensate and 0.05 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.

²⁹ Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

³⁰ Q4 2025 includes 0.27 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

  12       Fourth quarter report for period ended 31 December 2025  

						Q4  2025				Q3  2025				Q4  2024				YTD  2025				YTD  2024
INTERNATIONAL
Pipeline gas
USA			Mboe				408				491				305				1,686				1,316
Trinidad & Tobago			Mboe				-				242				2,425				4,863				8,953
Other31			Mboe				-				6				-				34				-
Total			Mboe				408				739				2,730				6,583				10,269
Crude oil and condensate
Atlantis			Mbbl				2,761				2,783				2,238				10,620				9,049
Mad Dog			Mbbl				2,797				2,310				2,607				10,154				10,679
Shenzi			Mbbl				1,958				2,088				1,832				8,389				8,617
Trinidad & Tobago			Mbbl				-				13				140				205				503
Sangomar			Mbbl				7,781				7,516				6,901				29,703				13,343
Other31			Mbbl				34				5				81				39				324
Total			Mboe				15,331				14,715				13,799				59,110				42,515
NGL
USA			Mbbl				363				442				320				1,601				1,583
Other31			Mbbl				-				3				-				18				-
Total			Mboe				363				445				320				1,619				1,583
Total International			Mboe				16,102				15,899				16,849				67,312				54,367
			Mboe/d				175				173				183				184				149
Total Production			Mboe				48,881				50,754				51,448				198,806				193,864
			Mboe/d				531				552				559				545				530

³¹ Overriding royalty interests held in the USA for several producing wells.

  13       Fourth quarter report for period ended 31 December 2025  

Product sales

						Q4  2025				Q3  2025				Q4  2024				YTD  2025				YTD  2024
Gas			MMscf/d				1,924				2,122				2,129				2,018				2,092
Liquids			Mbbl/d				232				226				214				228				190
Total			Mboe/d				569				599				588				581				557
						Q4 2025				Q3 2025				Q4 2024				YTD 2025				YTD 2024
AUSTRALIA
LNG
North West Shelf			Mboe				5,797				4,743				6,753				22,486				29,195
Pluto			Mboe				11,703				13,609				10,490				46,957				45,766
Wheatstone32			Mboe				2,974				1,623				2,504				10,160				10,608
Total			Mboe				20,474				19,975				19,747				79,603				85,569
Pipeline gas
Bass Strait			Mboe				3,456				4,070				3,320				14,445				13,561
Other33			Mboe				3,440				4,028				4,058				14,885				14,203
Total			Mboe				6,896				8,098				7,378				29,330				27,764
Crude oil and condensate
North West Shelf			Mbbl				1,225				1,194				1,203				4,264				5,574
Pluto			Mbbl				661				1,338				1,093				3,354				3,874
Wheatstone			Mbbl				648				417				319				2,050				1,674
Bass Strait			Mbbl				-				531				518				1,664				2,048
Ngujima-Yin			Mbbl				747				1,171				1,006				3,732				4,105
Okha			Mbbl				654				-				653				1,910				2,461
Macedon & Pyrenees			Mbbl				438				496				472				1,931				1,466
Total			Mboe				4,373				5,147				5,264				18,905				21,202
NGL
North West Shelf			Mbbl				223				430				252				1,130				1,022
Pluto			Mbbl				66				105				53				281				209
Bass Strait			Mbbl				598				374				303				2,208				2,591
Total			Mboe				887				909				608				3,619				3,822
Total Australia			Mboe				32,630				34,129				32,997				131,457				138,357
			Mboe/d				355				371				359				360				378

³² Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.23 MMboe in Q4 2024 and 0.43 MMboe in YTD 2024. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.

³³ Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

  14       Fourth quarter report for period ended 31 December 2025  

						Q4  2025				Q3  2025				Q4  2024				YTD  2025				YTD  2024
INTERNATIONAL
Pipeline gas
USA34			Mboe				331				438				231				1,577				1,139
Trinidad & Tobago			Mboe				-				243				2,802				4,750				8,869
Other35			Mboe				5				4				6				17				19
Total			Mboe				336				685				3,039				6,344				10,027
Crude oil and condensate
Atlantis			Mbbl				2,729				2,801				2,108				10,630				8,983
Mad Dog			Mbbl				2,710				2,310				2,629				10,125				10,787
Shenzi			Mbbl				1,931				2,094				1,730				8,257				8,544
Trinidad & Tobago			Mbbl				-				5				53				181				345
Sangomar			Mbbl				7,603				6,833				6,793				28,462				12,863
Other35			Mbbl				41				47				42				192				206
Total			Mboe				15,014				14,090				13,355				57,847				41,728
NGL
USA			Mbbl				350				440				303				1,546				1,558
Other35			Mbbl				3				2				4				9				11
Total			Mboe				353				442				307				1,555				1,569
Total International			Mboe				15,703				15,217				16,701				65,746				53,324
			Mboe/d				171				165				182				180				146
MARKETING36
LNG			Mboe				3,341				5,492				4,196				13,920				10,952
Liquids			Mboe				695				249				160				1,112				1,323
Total			Mboe				4,036				5,741				4,356				15,032				12,275
Total Marketing			Mboe				4,036				5,741				4,356				15,032				12,275
Total sales			Mboe				52,369				55,087				54,054				212,235				203,956
			Mboe/d				569				599				588				581				557

³⁴ Restated additional volumes of 0.09 MMboe in Q1 2025, 0.10 MMboe in Q2 2025 and 0.09 MMboe in Q3 2025 to reflect a revised MMBtu to boe conversion factor.

³⁵ Overriding royalty interests held in the USA for several producing wells.

³⁶ Purchased volumes sourced from third parties.

  15       Fourth quarter report for period ended 31 December 2025  

Revenue (US$ million)³⁷

		Q4   2025				Q3   2025				Q4    2024				YTD   2025				YTD   2024
AUSTRALIA
North West Shelf			381				323				497				1,534				2,133
Pluto			800				1,000				853				3,339				3,409
Wheatstone38			230				135				213				819				889
Bass Strait			212				265				217				988				1,031
Macedon			54				44				49				202				196
Ngujima-Yin			48				88				84				279				361
Okha			44				-				50				134				197
Pyrenees			29				37				40				149				128
Total Australia			1,798				1,892				2,003				7,444				8,344
INTERNATIONAL
Atlantis			169				196				156				737				714
Mad Dog			159				150				183				660				828
Shenzi			117				142				124				564				679
Trinidad & Tobago39			-				6				66				150				228
Sangomar			479				477				484				1,947				948
Other40			2				2				2				11				15
Total International			926				973				1,015				4,069				3,412
Marketing revenue41			273				452				410				1,269				1,187
Total sales revenue42			2,997				3,317				3,428				12,782				12,943
Processing revenue			29				39				53				177				220
Shipping and other revenue			9				3				3				25				16
Total revenue			3,035				3,359				3,484				12,984				13,179

³⁷ Results are preliminary, unaudited and subject to change prior to finalising the 2025 Financial Statements.

³⁸ Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of $14 million in Q4 2024 and $28 million in YTD 2024. These amounts are included within other income/(expenses) in the financial statements. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.

³⁹ Includes the impact of periodic adjustments related to the production sharing contract (PSC).

⁴⁰ Overriding royalty interests held in the USA for several producing wells.

⁴¹ Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside’s produced LNG and Liquids portfolio. Marketing revenue excludes intersegment revenue of $44 million in Q4 2025 and $120 million in YTD 2025, hedging impacts and cargo swaps where a Woodside produced cargo is sold and repurchased from the same counterparty to optimise the portfolio. The margin for these cargo swaps is recognised net in other income.

⁴² Referred to as ‘Revenue from sale of hydrocarbons’ in Woodside financial statements. Total sales revenue excludes all hedging impacts.

  16       Fourth quarter report for period ended 31 December 2025  

Realised prices⁴³

		Units		Q4  2025				Q3  2025				Q4 2024				Units		Q4  2025				Q3  2025				Q4  2024
LNG produced		$/MMBtu			9.4				9.5				10.8			$/boe			59				60				69
LNG traded44		$/MMBtu			9.9				11.2				12.6			$/boe			62				71				80
Pipeline gas																$/boe			39				38				33
Oil and condensate		$/bbl			62				68				71			$/boe			62				68				71
NGL		$/bbl			37				41				45			$/boe			37				41				45
Liquids traded44		$/bbl			54				60				67			$/boe			54				60				67
Average realised price for pipeline gas:
Western Australia		A$/GJ			6.9				6.8				6.6
East Coast Australia		A$/GJ			12.6				12.9				12.7
International45		$/Mcf			4.3				3.6				4.2
Average realised price		$/boe			57				60				63
Dated Brent		$/bbl			64				69				75
JCC (lagged three months)		$/bbl			72				75				86
WTI		$/bbl			59				65				70
JKM		$/MMBtu			11.2				12.5				13.5
TTF		$/MMBtu			10.8				11.7				12.8

Average realised price decreased 5% from the prior quarter reflecting a downward trend in oil-linked and gas pricing.

⁴³ Results are preliminary, unaudited and subject to change prior to finalising the 2025 Financial Statements.

⁴⁴ Excludes any additional benefit attributed to produced volumes through third-party trading activities.

⁴⁵ Sales volumes have been restated to reflect volumes sold in MMBtu at a revised boe conversion factor impacting realised price by -$0.2/Mcf in Q1 2025, -$0.2/Mcf in Q2 2025 and -$0.6/Mcf in Q3 2025.

  17       Fourth quarter report for period ended 31 December 2025  

Capital expenditure (US$ million)⁴⁶

		Q4  2025				Q3  2025				Q4  2024				YTD  2025				YTD  2024
Evaluation capitalised47			7				8				17				44				77
Property plant & equipment			938				1,032				1,315				3,687				4,616
Other48			9				7				64				43				226
Capital expenditure excluding Louisiana LNG			954				1,047				1,396				3,774				4,919
Louisiana LNG capital expenditure49			505				498				219				3,658				219
Cash contributions from participants50			(600	)			(222	)			-				(2,692	)			-
Other51			(37	)			-				-				(37	)			-
Total Louisiana LNG capital expenditure			(132	)			276				219				929				219
Total capital expenditure			822				1,323				1,615				4,703				5,138
Acquisitions52			-				-				1,066				-				2,966
Total			822				1,323				2,681				4,703				8,104
		Q4 2025				Q3 2025				Q4 2024				YTD 2025				YTD 2024
Scarborough			389				361				664				1,405				2,239
Trion			186				291				299				884				758
Sangomar			6				-				112				23				601
Other			373				395				321				1,462				1,321
Capital expenditure excluding Louisiana LNG			954				1,047				1,396				3,774				4,919
Other expenditure (US$ million)46
		Q4 2025				Q3 2025				Q4 2024				YTD 2025				YTD 2024
Exploration capitalised47,53			18				17				-				40				22
Exploration and evaluation expensed54			56				46				140				183				330
Permit amortisation			-				2				2				5				10
Total			74				65				142				228				362
Trading costs			290				445				290				1,145				695

⁴⁶ Results are preliminary, unaudited and subject to change prior to finalising the 2025 Financial Statements.

⁴⁷ Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to property plant & equipment. This table does not reflect the impact of such transfers.

⁴⁸ Other primarily incorporates corporate spend including SAP build costs, other investments and other capital expenditure.

⁴⁹ Capital expenditure for Louisiana LNG is presented at 100% working interest equity.

⁵⁰ Capital contributions received from Stonepeak and Williams for the development of Louisiana LNG.

⁵¹ Net payments to/from Williams for Driftwood Pipeline LLC associated with 2025 capital reimbursement included in sell-down proceeds and ongoing cash call payments.

⁵² Acquisition of Louisiana LNG of $1,066m and OCI’s Clean Ammonia Project in Beaumont, Texas of $1,900m.

⁵³ Exploration capitalised has been reclassified from capital expenditure to other expenditure. Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results.

⁵⁴ Includes seismic and general permit activities and other exploration costs.

  18       Fourth quarter report for period ended 31 December 2025  

Exploration or appraisal wells drilled

Region

Permit  area

Well

Target

Interest  (%)

Spud date

Water  depth (m)

Planned  well depth  (m)55

Remarks

United States

GC 680

Bandit-1

Oil

17.5% Non-operator

2 September 2025

1,555

10,811

Drilling

Australia

WA-49-L

JUB1B

Gas

65% Operator

21 July 2025

170

3,736

Productive

WA-49-L

JUA1C

Gas

65% Operator

4 August 2025

174

4,717 planned, 4,644.5 actual

Not commercial

Permits and licences

Key changes to permit and licence holdings during the quarter ended 31 December 2025 are noted below.

Region		Permits or licence areas		Change in interest (%)		Current interest (%)		Remarks
United States		MC 368, MC 369, MC 455, MC 456		(25.0%)		—		Licence assignment56
		GC 436		(44%)		—		Licence relinquished
		GC 480		(44%)		—		Licence expired
		MC 798, MC 842		(45%)		—		Licence relinquished
		AC 82		(45%)		—		Licence expired
		AC 34, AC 78		(70%)		—		Licence expired
		GC 168		(75%)		—		Licence relinquished
		GB 574, GB 575, GB 619		(100%)		—		Licence relinquished

⁵⁵ Well depths are referenced to the rig rotary table.

⁵⁶ Awaiting Bureau of Ocean Energy Management approval.

  19       Fourth quarter report for period ended 31 December 2025  

Production rates

Average daily production rates (100% project) for the quarter ended 31 December 2025:

		Woodside share57		Production rate (100% project, Mboe/d)				Remarks
				Dec		Sep
				2025		2025
AUSTRALIA
NWS Project
LNG		30.10%		220		218		LNG production was higher due to production optimisation.
Crude oil and condensate		30.18%		39		40
NGL		30.21%		9		9
Pluto LNG
LNG		90.00%		118		123		Production lower in Q4 due to higher ambient temperatures.
Crude oil and condensate		90.00%		10		11
Pluto-KGP Interconnector
LNG		100.00%		20		23		Production was lower due to reduced feed gas to Karratha Gas Plant.
Crude oil and condensate		100.00%		1		1
NGL		100.00%		1		1
Wheatstone58
LNG		11.07%		235		235
Crude oil and condensate		15.37%		31		31
Bass Strait
Pipeline gas		51.11%		73		94		Production was lower due to lower seasonal demand.
Crude oil and condensate		42.77%		9		12
NGL		44.86%		15		20
Australia Oil
Ngujima-Yin		60.00%		18		17		Production was lower due to Okha planned shutdown and reliability.
Okha		50.00%		10		13
Pyrenees		63.81%		7		6
Other
Pipeline gas59				40		43		Production was lower due to reduced nominations

⁵⁷ Woodside share reflects the net realised interest for the period.

⁵⁸ The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has a 65% participating interest and is the operator.

⁵⁹ Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

  20       Fourth quarter report for period ended 31 December 2025  

		Woodside share60		Production rate (100% project, Mboe/d)				Remarks
				Dec		Sep
				2025		2025
INTERNATIONAL
Atlantis
Crude oil and condensate		38.50%		78		79		Production was lower due to midstream curtailment events and planned downtime.
NGL		38.50%		4		7
Pipeline gas		38.50%		8		11
Mad Dog
Crude oil and condensate		20.86%		146		120		Production was higher due to new wells online.
NGL		20.86%		5		4
Pipeline gas		20.86%		3		2
Shenzi
Crude oil and condensate		64.64%		33		35		Production was lower due to midstream curtailment and unplanned downtime.
NGL		64.67%		2		2
Pipeline gas		64.69%		1		1
Trinidad & Tobago
Crude oil and condensate		–%61		–		–		Greater Angostura divestment completed in July.
Pipeline gas		–%61		–		6
Sangomar
Crude oil		85.31%61		99		99

⁶⁰ Woodside share reflects the net realised interest for the period. 61 Operations governed by production sharing contracts.

  21       Fourth quarter report for period ended 31 December 2025  

Disclaimer and important notice

Forward looking statements

This report contains forward-looking statements with respect to Woodside’s business and operations, 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, potential investment decisions, development, completion and execution of Woodside’s projects, expectations regarding future capital expenditures, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables production capacity and investments in, and development of, renewables projects, expectations and guidance with respect to production, income, expenses, costs, losses, capital and exploration expenditure, gas hub exposure and expectations regarding the achievement of Woodside’s net equity Scope 1 and 2 greenhouse gas emissions reduction and other climate 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 ‘guidance’, ‘foresee’, ‘likely’, ‘potential’, ‘anticipate’, ‘believe’, ‘aim’, ‘aspire’, ‘estimate’, ‘expect’, intend’, ‘may’, ‘target’, ‘plan’, ‘strategy’, ‘forecast’, ‘outlook’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’, and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside are forward-looking statements.

Forward-looking statements in this report are not 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 assumptions. 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, contingencies 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, climate related transition and physical risks, changes in accounting, standards, economic and financial markets conditions in various countries and regions, 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, and the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, and the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets and risks associated with acquisitions, mergers, divestitures 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 more 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 report.

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 report.

All forward-looking statements contained in this report reflect Woodside’s views held as at the date of this report 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 report, either to make them conform to actual results or as a result of new information, future events, changes in Woodside’s expectations or otherwise.

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. None of Woodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report. Past performance (including historical financial and operational information) is given for illustrative purposes only. It should not be relied on as, and is not necessarily, a reliable indicator of future performance, including future security prices.

  22       Fourth quarter report for period ended 31 December 2025  

Other important information

All figures are Woodside share for the quarter ending 31 December 2025, unless otherwise stated.

All references to dollars, cents or $ in this report 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).

Notes to petroleum reserves and resources

1. The petroleum reserve estimates are quoted as at the effective date of 31 December 2025, net Woodside share. US investors should refer to “Additional information for US investors concerning reserves and resources estimates” below.

2. 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.

3. For offshore oil and gas projects, the reference point is defined as the outlet of the floating production storage and offloading facility (FPSO) or platform.

4. For onshore gas projects the reference point is defined as the outlet of the downstream (onshore) gas processing facility.

5. ‘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. Woodside estimates and reports its proved reserves in accordance with SEC regulations which are also compliant with the 2018 Society of Petroleum Engineers (SPE)/World Petroleum Council (WPC)/American Association of Petroleum Geologists (AAPG)/Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management System (PRMS) (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. Woodside estimates and reports its proved plus probable reserves in accordance with SPE-PRMS guidelines which are not compliant with SEC regulations.

6. Assessment of the economic value in support of an SPE-PRMS (2018) 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.

7. 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.

8. ‘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).

9. ‘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.

10. ‘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.

11. ‘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.

12. 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.

  23       Fourth quarter report for period ended 31 December 2025  

Additional information for US investors concerning resource estimates

Woodside is an Australian company with securities listed on the Australian Securities Exchange and the New York Stock Exchange. As noted above, Woodside estimates and reports its proved reserves in accordance with SEC regulations, which are also compliant with SPE-PRMS guidelines, and estimates and reports its proved plus probable reserves and 2C contingent resources in accordance with SPE-PRMS guidelines. Woodside reports all 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 announcement, 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 terms 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 types of estimates do not represent, and are not intended to represent, any category of reserves based on SEC definitions, and may differ from and may not be comparable to the same or similarly-named measures used by other companies. 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. The Reserves Statement presenting Woodside’s proved oil and gas reserves in accordance with the regulations of the SEC is filed with the SEC as part of Woodside’s annual report on Form 20-F. US investors are urged to consider closely the disclosures in Woodside’s most recent Annual Report on Form 20-F filed with the SEC and available on the Woodside website at https:// www.woodside.com/investors/reports-investor-briefings and its other filings with the SEC, which are available at www.sec.gov.

Glossary, units of measure and conversion factors

Refer to the Glossary in the Annual Report 2024 for definitions, including carbon related definitions.

Product		Unit		Conversion factor
Natural gas		5,700 scf		1 boe
Condensate		1 bbl		1 boe
Oil		1 bbl		1 boe
Natural gas liquids		1 bbl		1 boe
Ammonia		1 metric tonne		3.68 boe

Facility		Unit		LNG Conversion factor
Karratha Gas Plant		1 tonne		8.08 boe
Pluto LNG Gas Plant		1 tonne		8.34 boe
Wheatstone		1 tonne		8.27 boe

The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time.

  24       Fourth quarter report for period ended 31 December 2025  

Term		Definition
bbl		barrel
bcf		billion cubic feet of gas
boe		barrel of oil equivalent
GJ		gigajoule
Mbbl		thousand barrels
Mbbl/d		thousand barrels per day
Mboe		thousand barrels of oil equivalent
Mboe/d		thousand barrels of oil equivalent per day
Mcf		thousand cubic feet of gas
MMboe		million barrels of oil equivalent
MMBtu		million British thermal units
MMscf/d		million standard cubic feet of gas per day
Mtpa		million tonnes per annum
PJ		petajoule
scf		standard cubic feet of gas
TJ		terajoule

Glossary

Please refer to the Glossary in the Annual Report 2024 for definitions, including carbon related definitions.

  25       Fourth quarter report for period ended 31 December 2025