HALF-YEAR REPORT FOR PERIOD ENDED 30 JUNE 2024
ASX: WDS | NYSE: WDS | LSE: WDS
Tuesday, 27 August 2024

High-quality business delivering strong dividends
Financial highlights

Business highlights

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Net profit after tax of $1,937 million.
Underlying net profit after tax of $1,632 million.1
Operating cash flow of $2,393 million and positive
free cash flow of $740 million.1
Australian tax and royalty payments of
A$2,682 million.
Liquidity of $8,479 million.1,2
Determined a fully franked interim dividend of
69 US cents per share (cps), at the top end of thepayout range and representing a half-year
annualised dividend yield of 7.3%.3

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Operational highlights
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Delivered H1 production of 89.3 MMboe (491Mboe/d). Full year production guidance remains
unchanged.
Reduced unit production cost to $8.3/boe($8.8/boe in H1 2023) despite the inflationary
environment.
Achieved first oil at the Sangomar Project in June
2024. Subsequent to the period the project
achieved nameplate capacity with gross production
rates of 100,000 barrels per day.
Continued to embed the Field Leadership Program
to strengthen our learning culture and improvesafety outcomes.
Took a final investment decision (FID) on LambertWest, Xena-3 and Atlantis Drill Centre 1 Expansion(DC1X).

••The Scarborough Energy Project was 67%
complete at the end of H1 2024, with first LNG
cargo expected in 2026.4
Signed an agreement with JERA for the sale of a
15.1% non-operated participating interest in the
Scarborough Joint Venture (SJV). Estimated total
consideration for the sale is $1,400 million.5
Completed the sale of a 10% non-operated
participating interest in the SJV to LNG Japan for$910 million.6
Signed sale and purchase agreements (SPAs) with
Korea Gas Corporation (KOGAS) and CPC
Corporation, Taiwan (CPC) for the long-term
supply of LNG to Korea and Taiwan respectively.
Continued to progress the Trion Projectengineering, procurement and contracting.
Subsequent to the period, Woodside entered into
two transactions that have significant cash
generation potential to underpin long-term
shareholder value.7 These are agreements toacquire:oTellurian, including its US Gulf Coast
Driftwood LNG development opportunity,
for an all-cash payment of approximately$900 million; ando
OCI’s Clean Ammonia Project in Beaumont,
Texas for an all-cash consideration of
approximately $2,350 million.

Non-IFRS measure. Refer to pages 50 – 52 for further information.
Woodside cancelled $1,550 million of undrawn facilities in July 2024. This cancellation has the effect of reducing our liquidity by $1,550 million.
Calculated based on Woodside’s closing share price on 28 June 2024 of A$28.21 and a US$:A$ exchange rate of 0.67.
4
The completion % excludes the Pluto Train 1 modifications project.
5
The SPA is with JERA Scarborough Pty Ltd which is a wholly owned subsidiary of JERA Co., Inc. Subject to completion of the transaction, targeted
for the second half of 2024. See “Woodside to sell 15.1% Scarborough interest to JERA”, announced 23 February 2024.
6
LJ Scarborough Pty Ltd (LNG Japan) is a jointly owned subsidiary of LNG Japan Corporation (which is a 50:50 joint venture between Sumitomo
Corporation and Sojitz Corporation) and Japan Organization for Metals and Energy Security (JOGMEC). JOGMEC has a 49.9% interest in LJ
Scarborough Pty Ltd. See "Woodside completes sale of 10% Scarborough interest", announced 26 March 2024.
7
See “Woodside to acquire Tellurian and Driftwood LNG”, announced 22 July 2024 and “Woodside to acquire OCI’s Clean Ammonia Project”,
announced 5 August 2024.
1
2
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Woodside Energy Group Ltd | Half-Year Report 2024

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Summary
Woodside reported net profit after tax (NPAT) for the half-year of $1,937 million. Production was 89.3
MMboe (491 Mboe/d) and underlying NPAT was $1,632 million, down 14% on the corresponding period
in 2023.
The directors have determined a fully franked interim dividend of 69 US cents per share (cps),
representing an approximately 80% payout ratio of underlying NPAT.
Woodside Energy CEO Meg O’Neill said the results demonstrate how Woodside’s high performing basebusiness continues to deliver strong dividends to shareholders while laying a foundation for future
success.
“We maintained high reliability of 97.9% at our operated LNG assets and continue to manage costs
effectively in an inflationary environment.
“In the first half of 2024 we delivered on a significant element of our strategy, achieving first production
from Sangomar, Senegal’s first offshore oil project. Production ramp-up at Sangomar has progressed
well and subsequent to the period, peak gross production rate of 100,000 barrels per day was achieved,
demonstrating Woodside’s world-class project execution capability. Sangomar will deliver enduring value
for Woodside shareholders and benefits for our partner Petrosen and the people of Senegal.
“We also made good progress on the Scarborough Energy Project in Western Australia, which is morethan two-thirds complete and on track for first LNG cargo in 2026. Work on the Scarborough floatingproduction unit passed a major milestone with structural completion of the topsides. Pluto Train 2 site
works continued with 29 of the 51 modules delivered and 25 modules set in position.
“We completed the sale of a 10% non-operating participating interest in the Scarborough Joint Venture(SJV) to LJ Scarborough Pty Ltd (LNG Japan) for $910 million and executed a binding sale and purchaseagreement for the sale of a further 15.1% non-operating participating interest in the SJV to JERA.
“Long-term LNG supply agreements were also reached with Korea Gas Corporation and with CPC
Corporation, Taiwan, underlining the importance of LNG in regional energy security.
“Our agreement last month to acquire Tellurian, including its US Gulf Coast Driftwood LNG development
further strengthens our LNG portfolio, complementing our existing Pacific basin position with additional
exposure in the Atlantic basin. Woodside expects to leverage its global LNG expertise to unlock thisdevelopment and enable long-term cashflow generation.
“In our new energy business, all primary environmental approvals have been secured for the Hydrogen
Refueller @H2Perth, which is targeting supplying industrial customers in Western Australia in 2025. We
have also progressed several carbon capture and storage (CCS) opportunities, including the signing of amemorandum of understanding between the Angel CCS Joint Venture and Yara Pilbara Fertilisers to
study the use of the technology.
“We continue to deliver on our strategy to thrive through the energy transition whilst maintaining ourdisciplined capital management. Our agreement to acquire OCI’s Clean Ammonia project in Texas
positions Woodside to be an early mover in the emerging lower carbon ammonia industry and makes asignificant contribution to delivering our Scope 3 targets.
“Above all, we are committed to continually improving safety and have focused on strengthening oursafety culture, simplifying our processes and improving our systems.
“As we officially mark 70 years as an Australian company, I am proud that Woodside is facing the futurewith the same spirit of innovation and determination that our founders showed.”

Woodside Energy Group Ltd | Half-Year Report 2024

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Financial summary
Key metrics
Operating revenue
EBITDA excluding impairment8
EBIT8
Net profit after tax (NPAT)9,10
Underlying NPAT8
Net cash from operating activities11
Capital expenditure8,12Exploration expenditure8,13Free cash flow8,11,14
Dividends distributed
Interim dividend declared$ million$ million$ million$ million$ million$ million$ million$ million$ million$ million
US cps

H1
2024
5,988
4,371
2,362
1,937
1,632
2,393
2,365
112
740
1,310
69

H1
2023
7,400
4,888
2,791
1,740
1,896
2,951
2,769
187
314
1,519
80

Change
%
(19%)
(11%)
(15%)
11%
(14%)
(19%)
(15%)
(40%)
136%
(14%)
(14%)

Key ratios
Earnings
Gearing8

US cps
%

102.2
13.3

91.7
8.2

11%
5.1%

Production volumes15,16
Gas
Liquids
Total

MMboe
MMboe
MMboe

60.9
28.4
89.3

63.5
27.8
91.3

(4%)
2%
(2%)

Production volumes per day15
Gas
Liquids
Total

MMscf/dMbbl/dMboe/d

1,907
156
491

1,999
154
504

(5%)
1%
(3%)

Sales volumes16
Gas
Liquids
Total

MMboe
MMboe
MMboe

65.0
28.9
93.9

72.0
26.8
98.8

(10%)
8%
(5%)

Sales volumes per day
Gas
Liquids
Total

MMscf/dMbbl/dMboe/d

2,035
159
516

2,268
148
546

(10%)
7%
(5%)

8

This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measureprovides useful performance information, but it should not be considered as an indication of, or as a substitute for, statutory measures as an indicatorof 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. Refer to Alternative Performance Measures on pages 50 – 52 for a reconciliation for these measures toWoodside’s financial statements and Non-IFRS Measures on page 57 for more information about non-IFRS measures.
9
Net profit after tax attributable to equity holders of the parent.
10
Subsequent to achieving first oil on the Sangomar project in June 2024, the Group has recognised a net deferred tax asset of $305 million. The
expected sale of Woodside’s 15.1% share in the Scarborough Joint Venture resulted in the recognition of a net tax benefit of $91 million. These events
have resulted in a reduction of the global effective income tax rate from 25.6% to 6.9%. In the prior period, as a result of the final investment decision
to develop the Trion resource, the Group recognised deferred tax assets of $319 million, resulting in a reduction of the global effective income tax ratefrom 29.6% to 13.9%.
11
Purchases of shares relating to employee share plans, which were previously classified within cash flows used in operating activities, has beenclassified within cash flows used in financing activities for the half-year ended 2024. The 2023 comparatives have been reclassified to be presented on
the same basis.
12
Capital additions on oil and gas properties, evaluation capitalised and other corporate spend. Excludes exploration capitalised and the effect ofGlobal Infrastructure Partners’ (GIP) additional contribution to Pluto Train 2. The H1 2023 capital expenditure has been restated to include othercorporate spend.
13
Exploration and evaluation expenditure less amortisation costs and prior year exploration expense written off.
14
Cash flow from operating activities less cash flow from investing activities.
15
Includes production of 88.7 MMboe from Woodside reserves and 0.6 MMboe primarily from feed gas purchased from Pluto non-operating
participants processed through the Pluto-KGP Interconnector.
16
The conversion factors used throughout this report are set out on page 55, unless otherwise stated. Sales volumes differ from production volumes
primarily due to the timing of liftings and the exclusion of third-party purchased volumes.

Woodside Energy Group Ltd | Half-Year Report 2024

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Appendix 4D
Results for announcement to the market
More information is available on page 44

Decreased

19%17

to

US$
million
5,988

Profit from ordinary activities after tax attributable to members

Increased

11%17

to

1,937

Net profit for the period attributable to members

Increased

11%17

to

1,937

Revenue from ordinary activities

Interim dividend – fully franked

69 US cps H1 2024

Record date for determining entitlements to the dividend

6 September 2024

Net profit after tax reconciliation
The following table summarises the variance between the H1 2023 and H1 2024 results for thecontribution of each line item to NPAT.
US$m2023 H1 reported NPATPrimary reasons for variance

1,740

Revenue from sale of hydrocarbons
Price(1,077)Lower average realised prices.

Volume(364)

Fewer third-party LNG trades classified as revenue andnatural field decline.

Other operating revenue

29

Increase in processing and services revenue.

Cost of sales

600

Lower royalties, trading costs and depreciation expense in
H1 2024 and Pluto turnaround activities in the prior period.

Other income

181

Gain on SJV sell-down to LNG Japan.

Other expenses

134

Lower fair value losses on embedded derivatives.

Impairment losses

68

Pre-tax impairment of Pyrenees recognised in prior period.

724

Recognition of the Trion deferred tax asset (DTA) offset byderecognition of the Pluto PRRT DTA, both not present in
the current period.

Income tax and PRRT expense

H1 2024 includes the first-time recognition of a net DTA for
the Sangomar Project.
Other

(98)

2024 H1 reported NPAT

1,937

2024 H1 NPAT adjustments(305)

2024 H1 underlying NPAT

1,632

17

Adjustment for the recognition of the Sangomar DTA.

Comparisons are to half-year ended 30 June 2023.

Woodside Energy Group Ltd | Half-Year Report 2024

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Capital management
Woodside’s capital management framework provides us with the flexibility to optimise value andshareholder returns delivered from our portfolio.

Interim dividend and dividend reinvestment planA 2024 fully franked interim dividend of 69 US cps has been determined, representing a half-year
annualised dividend yield of 7.3%.18 The total amount of the interim dividend payment is $1,310 million
which represents approximately 80% of underlying NPAT for the first half of 2024.19
The dividend reinvestment plan (DRP) remains suspended.

Liquidity and Balance sheet
In H1 2024, Woodside generated $2,393 million of cash flow from operating activities and delivered
positive free cash flow of $740 million.19,20
Woodside increased its standby debt facilities from $6,050 million to $6,500 million. Liquidity at the end of
the period was $8,479 million and Woodside’s drawn debt at the end of the period was $5,850 million.
Woodside entered into a $1,000 million 10-year loan with the Japan Bank for International Cooperation(JBIC) to support the Scarborough Energy Project which was available for drawdown from the end ofJune 2024. In addition, Woodside entered into a $450 million 10-year loan from commercial banks forgeneral corporate purposes. Subsequent to the period, $1,550 million of undrawn facilities werecancelled. This cancellation has the effect of reducing our liquidity by $1,550 million. As part of active
debt management, Woodside continues to review options to further access the debt market.
Net debt at the end of the period increased 67% from H1 2023 to $5,388 million, in line with planned
capital expenditure.19 Woodside’s gearing at the end of the first half was 13.3%, within our target range of
10-20%.19
As a result of the recent announcements to acquire Tellurian, including its Driftwood LNG development,
and OCI’s Clean Ammonia Project, Woodside expects its gearing to be above the top end of the target
range for a period of time as the balance sheet is managed through the investment cycle.
Woodside’s commitment to an investment grade credit rating remains unchanged and supports our aimof providing sustainable returns to shareholders and investing in future growth opportunities, inaccordance with the capital allocation framework.

Commodity price risk management
Woodside hedges to protect the balance sheet against downside commodity price risk, particularly during
periods of high capital expenditure.
As at 30 June 2024, Woodside has placed oil price hedges for:•approximately 29.3 MMboe of 2024 production at an average price of $75.6 per barrel, of whichapproximately 14.4 MMboe has been delivered; and•a further 15 MMboe of 2025 production at an average price of approximately $81.2 per barrel.

Woodside has also placed a number of hedges for Corpus Christi LNG volumes to protect against
downside commodity price risk. These hedges are Henry Hub and Title Transfer Facility (TTF)
commodity swaps. Approximately 70% of Corpus Christi volumes for the remainder of 2024, 48% of 2025
and 9% of 2026 volumes have reduced pricing risk as a result of hedging activities.

Calculated based on Woodside’s closing share price on 28 June 2024 of A$28.21 and a US$:A$ exchange rate of 0.67.
These are non-IFRS measures. Refer to Alternative Performance Measures for a reconciliation for these measures to Woodside’s financial
statements on pages 50 – 52 and Non-IFRS Measures on page 57 for more information about non-IFRS measures.
20
Cash flow from operating activities less cash flow from investing activities.
18
19

Woodside Energy Group Ltd | Half-Year Report 2024

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Australian operations
Pluto LNG
Pluto LNG is a gas processing facility in the Pilbara region of Western Australia, comprising an offshore
platform and one onshore LNG processing train.
Woodside’s share of production in H1 2024 was 26.9 MMboe. This was a 15% increase compared with
H1 2023 which was impacted by planned turnaround activities, partially offset by reduced reliability
following an offshore trip and a separate electrical fault onshore in H1 2024.
Woodside took FID for the Xena-3 well to support ongoing production from the project and started-up the
produced water handling unit at the Pluto A platform.
Drilling of the PLA-08 production well commenced in June 2024.
Approvals were also granted to extend Pluto gas flows through the Pluto-Karratha Gas Plant
Interconnector (Interconnector) from April 2024 to approximately December 2025, enabling continued
acceleration of LNG and domestic gas production. The Interconnector generated incremental revenue of$315 million in H1 2024.
Woodside is operator and holds a 90% participating interest.
Woodside Solar
Woodside is progressing a potential opportunity to reduce gross Scope 1 greenhouse gas emissions at
Pluto LNG by utilising solar energy from the proposed Woodside Solar Project.
In H1 2024, Woodside continued to work closely with the Western Australian Government to progress its
plans to develop common user transmission infrastructure that will be required to transmit renewableenergy from the proposed solar facility to Pluto LNG via the North-West Interconnected System.
Woodside Solar FID and first solar energy import timing are subject to securing access to this new powertransmission infrastructure and finalising associated commercial agreements.

North West Shelf Project
The North West Shelf Project (NWS) consists of three offshore platforms and the onshore Karratha Gas
Plant (KGP) which includes five onshore LNG processing trains and two domestic gas trains.
Woodside’s share of production in H1 2024 was 19.6 MMboe. This was a 14% decrease compared with
H1 2023 due to planned offshore maintenance and natural field decline. In H1 2024, 6.0 MMboe of Plutogas was processed at KGP through the Interconnector.
Woodside continues to look for opportunities to harness value from our late-life assets. In H1 2024, the
NWS Joint Venture participants took FID on the Lambert West Project which will support ongoingproduction from NWS. Discussions continue between the NWS Joint Venture participants and otherresource owners for the processing of third-party gas to utilise ullage at KGP. Processing of Waitsia gas
continued and is expected to ramp up when the Waitsia Stage 2 facility commences production, which is
expected in late 2024.
As the NWS celebrates 40 years of operations, the project is entering a period of production decline.
KGP currently has processing ullage due to natural field decline and the current level of third-party gas
processing demand. To manage both operating costs and emissions, NWS is preparing to take one LNG
train offline between late 2024 and mid-2025.
State and Commonwealth regulatory approval processes are progressing for the North West Shelf
Project Extension, which will support long-term operations and processing of future third-party gas
resources at KGP.
Woodside is operator and holds a 33.33% participating interest.

Woodside Energy Group Ltd | Half-Year Report 2024

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Wheatstone and Julimar-Brunello
Wheatstone is an LNG processing facility near Onslow, Western Australia, comprising an offshore
production platform and two onshore LNG production trains. It processes gas from several offshore gas
fields including Julimar and Brunello.
Woodside’s share of Wheatstone production in H1 2024 was 5.8 MMboe. This was a 12% decrease
compared with H1 2023, due to unplanned outages impacting the Julimar subsea production system andthe Wheatstone facility respectively.
Woodside is operator and holds a 65% participating interest in the Julimar-Brunello fields.
Woodside holds a 13% non-operating participating interest in the Wheatstone Project.

Bass Strait
Bass Strait is located in the south east of Australia and produces oil and gas through a network ofoffshore platforms, pipelines and onshore processing facilities. The Bass Strait assets include theGippsland Basin Joint Venture (GBJV) and the Kipper Unit Joint Venture (KUJV).
Woodside’s share of production from Bass Strait was 8.5 MMboe in H1 2024, a 22% decrease from
H1 2023 predominantly due to lower domestic gas market demand, offshore maintenance, and reduced
crude oil production due to field decline. All of Woodside’s share of the gas produced from Bass Strait issupplied into the eastern Australian domestic gas market.
The GBJV is optimising facilities through the Gippsland Asset Streamlining project as production rates
from the Bass Strait decline. As planned, production from the West Kingfish and Halibut oil platforms
ceased in March and April 2024 respectively.
The Kipper Compression Project offshore modules have been successfully installed. The project isplanning for startup in Q3 2024, to enable continued supply of gas to the domestic market.
Woodside holds a 50% non-operating participating interest in the GBJV and a 32.5% non-operating
participating interest in the KUJV.

Other Australian oil and gas assets
Woodside operates three FPSO facilities off the north west coast of Western Australia. These are the
Okha FPSO (Woodside participating interest: 50%), Ngujima-Yin FPSO (Woodside participating interest:
60%) and Pyrenees FPSO (Woodside participating interest: 40% in WA-43-L and 71.4% in WA-42-L).
Woodside’s share of production from the FPSO assets was 3.0 MMboe in H1 2024. This was a 3%
decrease from H1 2023 primarily due to the planned five-yearly Pyrenees FPSO maintenance turnaroundand the Pyrenees shut-in following a produced-water leak identified subsea at the facility. Production at
Pyrenees recommenced in June 2024 and the produced-water leak has been rectified.
Macedon (Woodside participating interest: 71.4%), also operated by Woodside, is a gas project locatednear Onslow, Western Australia which produces pipeline gas for the Western Australian domestic gas
market.
Woodside’s share of production from Macedon was 3.9 MMboe, down from 4.1 MMboe in H1 2023. The
Macedon facility delivered approximately 11% of the Western Australian domestic gas market supply in
H1 2024.

Woodside Energy Group Ltd | Half-Year Report 2024

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International operations
Sangomar
The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone FPSO facility
moored approximately 100 kilometres offshore Senegal and subsea infrastructure that is designed toallow subsequent development phases.
First oil was achieved in June 2024, marking the delivery of Senegal’s first offshore oil project.
Woodside’s share of production from Sangomar in H1 2024 was 0.5 MMboe. Subsequent to the period,nine production wells have come online, and the project successfully achieved peak gross rate of
100,000 barrels per day. Commissioning activities are expected to continue through 2024.
Sales of the initial Sangomar crude cargoes have been finalised, with interest received from Europeanand Asian refiners. Subsequent to the period, the first two cargoes were loaded and delivered to Europe
and a third cargo was loaded for delivery to Asia.
The project was 98% complete at the end of H1 2024. The development drilling program continues with
22 of the 23 wells drilled and completed.21 An additional 24th well approved by the Rufisque, Sangomar
and Sangomar Deep (RSSD) Joint Venture was also drilled and completed.
Woodside has filed action with the High Court of Dakar disputing a tax assessment from the Senegalese
tax authorities. The majority of the tax claims relate to the application of an exemption that applied during
the project development phase.
Woodside is operator and has an 82% participating interest in the project.

ShenziShenzi is a conventional oil and gas field developed through a tension leg platform located in the US Gulf
of Mexico. Woodside’s share of production in H1 2024 was 5.2 MMboe. This was a 7% decrease
compared with H1 2023 due to natural field decline and maintenance activity. Woodside is operator andholds a 72% participating interest.

Atlantis
Atlantis is a conventional oil and gas development and is one of the largest producing fields in the US
Gulf of Mexico. The Atlantis development includes a semi-submersible facility with 28 active producer
wells and three water injector wells.
Woodside’s share of production in H1 2024 was 5.1 MMboe. This was a 19% decrease compared with
H1 2023 due to planned turnaround activity.
In H1 2024, the first horizontal well in the field was successfully completed, potentially unlocking future
infill opportunities for the asset. An FID was taken at DC1X, which will be a two-well tie back to the
Atlantis facility through the existing DC1 manifold in the southwest of the field. Woodside holds a 44%
non-operating participating interest.

Mad Dog
Mad Dog is a conventional oil and gas development located in the US Gulf of Mexico. Mad Dog Phase 2
is a development of the southern flank of the Mad Dog field though the new Argos floating production
facility.
Woodside’s share of production in H1 2024 was 6.0 MMboe. This was a 122% increase compared with
H1 2023 primarily due to a full period of production from Mad Dog Phase 2.
The Argos facility continued to safely and systematically ramp up production in H1 2024, following
completion of the riser flex joint remediation, and achieved peak production of approximately 130 Mbbl/d.
The first water injection at the Argos platform was achieved in April 2024. Woodside holds a 23.9% nonoperating participating interest.

21

The 22nd well was drilled subsequent to the period.

Woodside Energy Group Ltd | Half-Year Report 2024

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Greater Angostura
Greater Angostura includes the Angostura and Ruby conventional oil and gas fields, located offshore
Trinidad and Tobago. The development includes an offshore central processing facility and five wellhead
platforms.
Woodside’s share of production in H1 2024 was 4.5 MMboe. This was a 20% decrease compared with
H1 2023 due to the planned maintenance activity.
In H1 2024, Woodside continued to pursue opportunities to maximise value and safely optimise
production and operating costs. A planned facility maintenance turnaround was completed in June 2024.
Woodside is operator of both fields and holds a 45% participating interest in the Angostura field and a
68.5% participating interest in the Ruby field.

Marketing and Trading
The marketing segment’s profit before tax and net finance costs in H1 2024 was $218 million. This
reflected the optimisation activities and incremental value generated through the marketing, trading andshipping of Woodside’s oil and gas and through third-party purchased volumes.
In H1 2024, Woodside signed SPAs with KOGAS and CPC for the long-term supply of LNG to Korea andTaiwan respectively. The KOGAS SPA is for the supply of approximately 0.5 Mtpa of LNG from 2026, fora period of 10.5 years.
The CPC SPA is for the supply of approximately 6 million tonnes of LNG over 10 years, from July 2024.
Under the CPC SPA, Woodside may also deliver approximately 8.4 million tonnes of LNG for a further 10
years, from 2034 to 2043.22
LNG delivered under both SPAs will be sourced from volumes across Woodside’s global portfolio.
In Western Australia, Woodside executed 14 PJ of sales for delivery into the domestic market from May
to the end of 2024. Woodside continues to support the Western Australian domestic market by offering
additional supply for 2025, 2026 and 2027.
A record quantity of trucked LNG (approximately 850 TJ) was delivered in H1 2024 to customers innorthern Western Australia. Since the commencement of operations at the Pluto LNG Truck Loading
Facility in 2019, Woodside has delivered more than 2,000 trailers of LNG (approximately 2,240 TJ),
offering a lower-carbon alternative to diesel.23
In the east coast of Australia, Woodside was granted an exemption under the applicable domestic gas
price cap legislation. The exemption provides Woodside the opportunity to increase delivery to thedomestic market by more than 260 PJ (100% share) through to 2033 if needed. Woodside conducted an
expression of interest for Bass Strait supply for 2025 and 2026 totalling 50 PJ and is progressing towards
final offers in line with the conditions set under the Mandatory Code of Conduct.
In Trinidad and Tobago, incremental gas production from the Angostura field was placed under the
existing gas SPA with the National Gas Company of Trinidad and Tobago (NGC). This ongoing
optimisation maximises our production efficiency and provides a reliable supply of natural gas to meetgrowing customer demand.
Woodside’s marketing and trading portfolio is supported by our shipping capacity, which includes seven
vessels under long-term charter and multiple vessels on short-term charter. A new 174,000m3 long-term
charter LNG vessel, the Woodside Scarlet Ibis, was delivered in June 2024 and the vessel’s efficiency
will support efforts to lower the carbon intensity of Woodside’s LNG deliveries.

22

Subject to conditions and agreements on terms for this period.
Woodside uses the term “lower-carbon” to describe the characteristic of having lower levels of associated potential GHG emissions when comparedto historical and/or current conventions or analogues, for example relating to an otherwise similar product. Refer to ‘Climate strategy and emissions
data’ on page 57 for more information.
23

Woodside Energy Group Ltd | Half-Year Report 2024

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Projects
Scarborough Energy Project
The Scarborough gas field is located in the Carnarvon basin, approximately 375 km off the coast ofWestern Australia.
The development includes installation of a floating production unit (FPU) with eight wells drilled in theinitial phase and 13 wells drilled over the life of the Scarborough field. Expansion of the Pluto LNG facility
includes construction of a second LNG train (Pluto Train 2), installation of additional domestic gas
processing facilities and supporting infrastructure, and modifications to Pluto Train 1 to allow it to process
Scarborough gas.
The project was 67% complete at the end of H1 2024.24 Pluto Train 2 module delivery and site works
progressed and at the end of H1 2024, 29 modules were delivered to site, with 25 modules set inposition. Site integration activities continue to ramp up and are expected to peak in H2 2024.
The FPU reached a major milestone, achieving structural completion of the topsides. The monoethylene
glycol (MEG) module and living quarters were installed on the topsides and, subsequent to the period,
the hull entered its second dry dock.
Trunkline installation is more than 50% complete and the pipe diameter has transitioned from 36” to 32”.
All crossings of other pipelines are complete.
Installation and testing of the three subsea flowlines has been successfully completed. The drilling
campaign commenced with the installation of conductors for all eight wells. Two development wells havebeen drilled, with one well completed and the other to be completed as part of the forward campaign.
Reservoir quality was in line with expectations.
All major engineering reviews for Pluto Train 1 modifications have been completed and approximately
80% of materials and equipment have been ordered. Contractor mobilisation to the Thailand module yard
and Pluto site commenced.
Subsequent to the period, the Integrated Remote Operating Centre building works were completed with
fit out now underway.
In February 2024, Woodside signed an agreement with JERA, as part of a broader strategic relationship,
for the sale of a 15.1% non-operated participating interest in the SJV. Estimated total consideration forthe sale is $1,400 million, subject to completion which is targeted for the second half of 2024. 25
In March 2024, Woodside completed the sale of a 10% non-operated participating interest in the SJV to
LNG Japan for $910 million.26
Woodside is operator and holds a 90% participating interest in Scarborough and a 51% participatinginterest in Pluto Train 2.27

Trion
Trion is an oil development located in the Gulf of Mexico, approximately 180 km off the Mexican coastline
and 30 km south of the United States/Mexico maritime border. The Trion project includes a semisubmersible FPU capable of producing and transferring 100,000 barrels of oil per day to a floatingstorage and offloading (FSO) vessel. Oil from the FSO is expected to be exported to the market, withexcess gas transferred to existing offshore gas export infrastructure.
The project progressed engineering, procurement and contracting (EPC) activities in H1 2024. The FPU
detailed engineering achieved key milestones including the completion of integrated model reviews of thehull and topsides with key vendor data and formal risk assessments of the facility’s design andoperability. Technical maturity in engineering has enabled the FPU EPC contractor to start procurementof equipment.
24

The completion % excludes the Pluto Train 1 modifications project.
The SPA is with JERA Scarborough Pty Ltd which is a wholly owned subsidiary of JERA Co., Inc.
LJ Scarborough Pty Ltd (LNG Japan) is a jointly owned subsidiary of LNG Japan Corporation (which is a 50:50 joint venture between Sumitomo
Corporation and Sojitz Corporation) and Japan Organization for Metals and Energy Security (JOGMEC). JOGMEC has a 49.9% interest in LJ
Scarborough Pty Ltd. The sale proceeds received by Woodside of US$910 million for equity in the Scarborough Joint Venture comprises the purchaseprice, reimbursed expenditure and escalation.
27
Woodside’s 90% participating interest in the Scarborough Joint Venture is prior to the completion of the sell-down of 15.1% interest to JERA.
25
26

Woodside Energy Group Ltd | Half-Year Report 202410

Model testing was completed as part of FSO front-end engineering design (FEED). Other key
achievements include completion of hull and disconnectable turret module model reviews and thehazards and operability assessment.
Subsea delivery also advanced with the start of manufacturing activities.
Key contracts were awarded for subsea marine installation, FPU dry transportation, gas gathering line
pipe and drilling equipment and consumables.
Woodside is currently carrying Pemex’s portion of development capital expenditure (approximately $460
million post FID) and Pemex is not expected to contribute to cash calls until 2025.
Woodside is targeting first oil in 2028. Woodside is operator and holds a 60% participating interest in the
project.

Driftwood LNG
Subsequent to the period, Woodside entered into a definitive agreement to acquire all issued andoutstanding common stock of Tellurian including its owned and operated US Gulf Coast Driftwood LNG
development opportunity.
Driftwood LNG is a fully permitted, pre-FID development opportunity located near Lake Charles,
Louisiana. The current development plan comprises five LNG trains through four phases, with a total
permitted capacity of 27.6 Mtpa. Once operating, the Driftwood LNG development will increase
Woodside’s LNG portfolio, complementing the significant Pacific basin exposure with additional Atlanticbasin exposure.
The transaction remains subject to approvals and conditions precedent, with completion targeted in Q4
2024. If completed, Woodside is targeting FID readiness for Phase 1 of the development opportunity from
Q1 2025.

Decommissioning
Woodside continued execution of planned decommissioning activities in H1 2024, spending
approximately $325 million across our portfolio.
At Enfield, the final two of 18 xmas trees were removed and wellhead severance activities commenced.
Deconstruction of the Nganhurra riser turret mooring (RTM) was completed at the Australian Marine
Complex, enabling more than 95% of the RTM to be recycled or reused.
At Griffin, all rigid piping has been recovered and wellhead severance activities have been completed.
The Transocean Endurance drill rig mobilised to the Stybarrow field and commenced the ten well plugand abandonment (P&A) campaign.
At Bass Strait, the GBJV continued to progress significant decommissioning activity including ongoing
execution of P&A of platform wells and commenced execution of the P&A of two subsea wells. In
addition, FEED for the removal of platforms no longer in use has progressed.

Woodside Energy Group Ltd | Half-Year Report 2024

11

Exploration and Development
CalypsoCalypso is located approximately 220 km off the coast of Trinidad in 2,100m water depth. The resourcecomprises several gas discoveries in Block 23(a) and Block TTDAA 14. The development is located in aregion with existing infrastructure and a favourable demand outlook.
In H1 2024, Woodside continued pre-FEED engineering studies to mature the technical definition andcost estimate for the deepwater infield host. Marketing and commercial discussions continue with key
stakeholders to evaluate options to monetise the resource.
Woodside is operator and holds a 70% participating interest.

BrowseThe Browse development comprises the Calliance, Brecknock and Torosa gas and condensate fields
located approximately 425 km north of Broome, Western Australia.
Key work scopes continued in support of the proposed Browse to NWS Project development, including
engagement with regulators on environmental and regulatory approvals and progressing commercial
discussions. A carbon capture and storage solution has been incorporated into the offshore
infrastructure, designed to sequester the majority of Browse reservoir CO2. In June 2024, a Declaration of
an Identified Greenhouse Gas Storage Formation was made by the Commonwealth Government over the
Calliance Storage Formation within the G-8-AP Greenhouse Gas Assessment Permit.
Woodside is operator and holds a 30.6% participating interest.

Liard
The Liard field is an unconventional gas field located in British Columbia, Canada. Woodside holds a
50% non-operating participating interest.

SunriseThe Sunrise development comprises the Sunrise and Troubadour gas and condensate fields, locatedapproximately 450 km north-west of Darwin and 150 km south of Timor-Leste.
The Sunrise Joint Venture participants continued to negotiate a new Production Sharing Contract,
Petroleum Mining Code and fiscal regime with the Australian and Timor-Leste Governments in H1 2024.
The Greater Sunrise Concept Study commenced in April 2024, with local content and socio-economic
data gathering and engagement with potential site owners planned for H2 2024.
Woodside is operator and holds a 33.44% participating interest.

Exploration
Woodside continued to build its position in the US Gulf of Mexico during the period, acquiring 18 leases inLease Sale 261 in the central and western Gulf of Mexico areas within the highly contested Paleogene
trends. Woodside also participated in the Corvus well (non-operated) in the Gulf of Mexico which
completed drilling in March 2024. The well did not encounter commercial hydrocarbons and detailed
analysis of well results is ongoing.
In Congo, Woodside is participating in the Niamou Marine-1 well (non-operated) which is currently
drilling.
Woodside also continued to optimise its exploration portfolio, exiting blocks that are no longer considered
prospective. This included a decision to exit Block 2 in the offshore Herodotus basin in Egypt andcompleting all formal exit activities for permit WA-356-P in Australia and the Carlisle Bay Block in
Barbados.

Woodside Energy Group Ltd | Half-Year Report 2024

12

New energy
Beaumont Clean Ammonia Project
Subsequent to the period, Woodside entered into a binding agreement to acquire 100% of OCI Clean
Ammonia Holding B.V. and its lower carbon ammonia project in Beaumont, Texas. This acquisition
provides Woodside with an early-mover advantage in the growing lower carbon ammonia market.
Phase 1 of the project, which is expected to exceed Woodside’s capital allocation target for new energy
projects has a design capacity of 1.1 Mtpa and is under construction.
The transaction is subject to an OCI shareholder vote and satisfaction of customary conditions precedent,with completion targeted in H2 2024. If completed, Woodside is targeting production of first ammonia
from 2025 and lower carbon ammonia from 2026 following commencement of CCS operations. 28

H2OK
H2OK is a proposed liquid hydrogen project in Ardmore, Oklahoma, and is expected to produce up to
60 tonnes per day of liquid hydrogen.
In H1 2024, Woodside continued to progress discussions with potential offtakers on pricing andvolumes. Woodside also provided comments on the proposed 45V Clean Hydrogen Production Tax
Credit guidelines issued by the United States Department of Treasury and the Internal Revenue
Service.

Hydrogen Refueller @H2PerthThe Hydrogen Refueller @H2Perth is a proposed self-contained hydrogen production, storage andrefuelling station.
All primary environmental approvals have been secured for the project. Woodside awarded the major
services contract which includes detailed engineering, construction, commissioning and startup work
scopes to enable progression towards ready for start-up.
Woodside is targeting supply of hydrogen to customers in 2025.

H2PerthWoodside has changed the H2Perth concept from ammonia and hydrogen production to liquid hydrogen
only, following feedback from potential customers. In supporting the opportunity, Woodside progressed
engineering and technology studies for large-scale liquefied hydrogen production.

H2TAS
H2TAS is a proposed renewable ammonia and hydrogen production facility to be located in Tasmania.
Subsequent to the period, Woodside withdrew environmental applications submitted under theEnvironmental Management and Pollution Control Act 1994 and Environment Protection and Biodiversity
Conservation Act 1999. Woodside continues to assess the viability of this potential opportunity.

Southern Green Hydrogen
Subsequent to the period, Woodside ceased discussions with Meridian Energy Limited, Mitsui & Co.,Ltdand Murihiku Regeneration, representing Ngāi Tahu, regarding a potential collaboration with respect to
the Southern Green Hydrogen Project.

28

The supply of carbon abated hydrogen is dependent on ExxonMobil’s CCS facility becoming operational.

Woodside Energy Group Ltd | Half-Year Report 202413

Carbon solutions
Carbon capture and storage (CCS)
Woodside is progressing several CCS opportunities in Australia, including Angel CCS (as operator),
South East Australia (SEA) CCS (non-operator) and Bonaparte CCS (non-operator).
The proposed Angel CCS Project progressed engineering and marketing activities to support FEED
entry. In April 2024, the Angel CCS Joint Venture announced a non-binding memorandum of
understanding with Yara Pilbara Fertilisers Pty Ltd (Yara) to study the feasibility of using CCS todecarbonise Yara’s existing operations near Karratha in Western Australia. Terrestrial ecological surveys
have been completed and heritage surveys are scheduled for August 2024.
The Bonaparte CCS Joint Venture progressed appraisal activities in the G-7-AP Assessment Permit
Area, which included the acquisition of the West Peron Marine 3D Seismic Survey.
The SEA CCS continued to progress engineering studies.

Carbon credits portfolio
Woodside acquires carbon credits through both market purchases and the development of its own carbon
origination projects.
During H1 2024, Woodside began planting activities on approximately 4,900 hectares of land at
Woodside-owned properties as part of our Native Reforestation Project. The full-year program is forecast
to plant over 3.2 million mixed biodiverse seedlings. These activities were 40% complete by the end of
H1 2024. Subsequent to the period, Woodside signed an agreement to fund the reforestation of 5,000
hectares of land in the Chaco region in Paraguay. The Woodside portion of the project is expected togenerate approximately 1.6 million carbon credits over 40 years.

Climate and Sustainability
ClimateWoodside released its Climate Transition Action Plan and 2023 Progress Report (CTAP) on 27 February
2024. The CTAP was put to a non-binding advisory vote of shareholders at the 2024 Annual General
Meeting (AGM) on 24 April 2024 and received a vote of 58.36% against the resolution. All other Board
proposed resolutions were approved including the Remuneration Report and Director elections.
Management is reflecting on the results of the CTAP vote and is engaging with investors to seek
feedback.
In January 2024, Woodside became the first Australian company to join the Oil and Gas Methane
Partnership (OGMP2.0) to voluntarily improve the accuracy and transparency of methane emissions
reporting.
Woodside also committed to providing $12.5 million over a period of five years to fund the creation of the
Woodside-Rice Decarbonisation Accelerator. This collaboration with Rice University in the United States
aims to bring breakthrough decarbonisation technology to market.

Health, Safety and Environment
Woodside experienced two Tier 2 process safety events in H1 2024. The contributing factors to these
events are understood, with corrective actions identified. Woodside is strengthening process safety
management through an expanded company-wide Process Safety Critical Role competency development
program in 2024. Woodside is targeting a 95% conformance to training and assessment requirements forsenior roles.
At 30 June 2024, the year-to-date total recordable injury rate was 2.27 per million work hours comparedwith 1.86 recorded for full-year 2023. There were no fatalities or permanent injuries recorded in H1 2024.
To improve safety performance Woodside is focusing on simplifying safety processes, implementing
improvements around safe hardware and engineering systems, and promoting a learning culture throughimplementation of its Field Leadership Program.

Woodside Energy Group Ltd | Half-Year Report 2024

14

Environmental performance remained strong in H1 2024, with no events leading to any significant
environmental impacts.

Supporting local suppliers
Woodside continues to identify opportunities in Australia to award contracts to local and Indigenous
suppliers.
In H1 2024, 16 new local subcontracts were awarded in the Pilbara region for Pluto Train 2.
In Sangomar, Woodside has progressed work with key contractors to provide opportunities for
Senegalese people and suppliers, whilst meeting the requirements of in-country local content legislation.
Woodside has also continued to grow local contracting opportunities in Trinidad and Tobago and the Gulf
of Mexico.
In support of the Trion Project's National Content program in Mexico, Woodside sponsored a second
group of 33 small-to-medium-sized suppliers from the Tamaulipas state to participate in a program called
BlueWave. The program supports the development of suppliers and provides an opportunity to assess
capabilities according to global business standards.

Communities
Woodside released its 2023 Social Contribution Impact Report in April 2024, outlining its total global
social contribution spend of A$33.3 million. This report was complemented by the North West Community
Development Report which highlights the significant contribution Woodside continues to make in the
Pilbara region of Western Australia as operator of the Karratha Gas Plant, Pluto LNG and ScarboroughEnergy Project.
Subsequent to the period, Woodside released its third Reconciliation Action Plan 2021 - 2025 (RAP)
Report. The report reflects on Woodside’s progress against the four pillars outlined in the RAP, namely:•

Respect for Culture and Heritage;•

Economic Participation;•

Capability and Capacity; and•Stronger Communities.

The RAP demonstrates that although Woodside has made significant advancements towards our statedtargets, continued focus is needed to achieve our goals relevant to the four pillars.

Woodside Energy Group Ltd | Half-Year Report 202415

Principal risks and uncertainties
There are several risk factors or uncertainties that could result in a material effect on the company’s
results over the next six months. These risks and uncertainties may arise from Woodside’s activities
globally, including in connection with its operated (or non-operated) assets, and third parties engaged
through the value chain.
Information on Woodside’s risks and how they are managed can be found on pages 40-47 of the Annual
Report 2023. There have been no material changes to the risk factors described in the Annual Report
2023 since the date of that report, but risk factors have been retitled and recategorised to align withWoodside’s Risk Appetite Statement.
Key changes to the categorisation include the Health and Safety and Environment risk factors being split
from Operations and Climate Change, to provide greater visibility of topics most relevant to our businessactivities and stakeholders and to reflect where our tolerance for uncertainty is low. Additionally, Financeand Market has been split into Finance Management and Commercial and Market to acknowledge adifference in risk appetite. The risks are summarised below.
Health andsafetyOur business is subject to risks related to safety or major hazard events in connection
with our activities or facilities which may include unanticipated or unforeseeable adverse
events that impact our ability to respond, manage and recover from such events.

Environment

Risks associated with major hazard events in connection with our activities or facilities,
including potential incidents resulting in significant loss of hydrocarbon. We work to avoid
incidents and prevent harm to the environment, by integrating environmental
management into our activities. We are also subject to risks associated with progressing
biodiversity positive outcomes and emission reductions in a timely manner, consistent
with regulatory and stakeholder expectations.

People andcultureRisks associated with the ability to attract, retain, develop and motivate key employees tosucceed and safeguard both current or future performance and growth.

Socialintegrity

Risks associated with actual or perceived deviation from social or business expectationsof ethical behaviour (including breaches of laws or regulations) and social responsibility(including environmental impact and community contribution), particularly as these
expectations evolve and as Woodside expands its global operations.

Strategy andclimatechange

The global response to climate change is changing the way the world produces andconsumes energy. Our strategy requires us to take risk-based decisions and seek
opportunities to continue to deliver energy solutions. The complex and pervasive natureof climate change means transition risks are interconnected with and may amplify otherrisks. Additionally, the inherent uncertainty of potential societal responses to climatechange may create a systemic risk to the global economy. Climate change may also
create significant physical risks, such as increased frequency and severity of storms,
wildfires, floods and other climatic events, as well as chronic shifts in temperature andprecipitation patterns.

GrowthRisks associated with delivery of both major and complex multi-year execution project
activities and transactions (including acquisitions and divestments) across multiple global
locations, including a reliance on third parties for materials, products, and services.

Production
andoperations

Due to the nature of our operations, Woodside and neighbouring communities arepotentially exposed to a broad range of risks. This is a result of factors such as thegeographical range, operational diversity and technical complexity of our assets. Thesetypes of risks include health and safety; commercial; regulation; and reserves andresources estimates.

Financialmanagement

Risks associated with interest rate, commodity price and foreign exchange fluctuations
and inflation.

Commercial
and market

Risks associated with the ability to capture value whether markets are stable or volatile.

Technology,
innovationand systems

Risks associated with adopting and implementing new technologies, whilst safeguarding
our digital information and landscape (including from cyber threats) across our value
chain.

Woodside Energy Group Ltd | Half-Year Report 2024

16

Directors’ Report
The directors of Woodside Energy Group Ltd present their report (including the review of operations ofWoodside Energy Group Ltd and its controlled entities (Group) set out on pages 1 – 16 which forms partof this report) together with the Half-Year Financial Statements of the Group.

Board of directors
The names of directors in office during or since the end of the 2024 half-year are as follows:
Mr Richard Goyder, AO (Chair)

Ms Meg O’Neill (CEO and Managing Director)

Mr Larry Archibald

Mr Ashok Belani (appointed 29 January 2024)

Mr Arnaud Breuillac

Ms Swee Chen Goh

Mr Ian Macfarlane

Ms Angela Minas

Mr Tony O’Neill (appointed 3 June 2024)

Ms Ann Pickard

Mr Ben Wyatt
Mr Frank Cooper, AO (retired 24 April 2024)

Mr Gene Tilbrook (retired 28 February 2024)

Change of Group Company Secretary
Mr Warren Baillie ceased to be Group Company Secretary on 27 August 2024 and the Board appointed
Mr Damien Gare as Group Company Secretary, effective 27 August 2024.

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.

Auditor’s Independence Declaration
The Auditor’s Independence Declaration, as required under section 307C of the Corporations Act 2001, is
set out on page 18 and forms part of this report.
Signed in accordance with a resolution of the directors.

R J Goyder, AO
Chair
Perth, Western Australia
27 August 2024

Woodside Energy Group Ltd | Half-Year Report 2024

17

Auditor’s Independence Declaration to the Directors of Woodside
Energy Group Ltd

Auditor’s Independence Declaration
As lead auditor for the review of Woodside Energy Group Ltd for the half-year ended 30 June 2024, I
declare that to the best of my knowledge and belief, there have been:(a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation
to the review; and(b) no contraventions of any applicable code of professional conduct in relation to the review.
This declaration is in respect of Woodside Energy Group Ltd and the entities it controlled during theperiod.

N M Henry
Partner
PricewaterhouseCoopers

Perth
27 August 2024

PricewaterhouseCoopers, ABN 52 780 433 757
Brookfield Place, Level 15, 125 St Georges Terrace, PERTH WA 6000, GPO Box D198, PERTH WA 6840
T: +61 8 9238 3000, F: +61 8 9238 3999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation.

Woodside Energy Group Ltd | Half-Year Report 2024

18

HALF-YEAR FINANCIAL
STATEMENTS
for the half-year ended 30 June 2024

Woodside Energy Group Ltd | Half-Year Report 2024

19

HALF-YEAR FINANCIAL STATEMENTSCONTENTSCONDENSED CONSOLIDATED INCOME STATEMENT ..................................................................................................... 21
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .................................................................. 22
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ......................................................................... 23
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................................................... 24
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................................................... 25
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ..................................................................... 26
A. Earnings for the period ................................................................................................................................................ 28
A.1 Segment revenue and expenses ............................................................................................................................. 28
A.2 Finance costs .......................................................................................................................................................... 29
A.3 Dividends paid and proposed .................................................................................................................................. 29
A.4 Earnings per share .................................................................................................................................................. 29
A.5 Taxes ...................................................................................................................................................................... 30
B. Production and growth assets .................................................................................................................................... 31
B.1 Exploration and evaluation ...................................................................................................................................... 31
B.2 Oil and gas properties ............................................................................................................................................. 32
B.3 Goodwill .................................................................................................................................................................. 33
B.4 Disposal of assets ................................................................................................................................................... 33
C. Debt and capital ............................................................................................................................................................ 35
C.1 Contributed equity ................................................................................................................................................... 35
C.2 Interest-bearing liabilities and financing facilities..................................................................................................... 35
D. Other assets and liabilities .......................................................................................................................................... 36
D.1 Segment assets and liabilities ................................................................................................................................. 36
D.2 Provisions ............................................................................................................................................................... 36
D.3 Other financial assets and liabilities ........................................................................................................................ 37
E. Other items .................................................................................................................................................................... 39
E.1 Contingent liabilities and assets .............................................................................................................................. 39
E.2 Changes to the composition of the Group ............................................................................................................... 39
E.3 New standards and interpretations .......................................................................................................................... 39
E.4 Events after the end of the reporting period ............................................................................................................ 40
DIRECTORS’ DECLARATION .............................................................................................................................................. 41
INDEPENDENT REVIEW REPORT ...................................................................................................................................... 42

Significant changes in the current reporting period
The financial performance and position of the Group were particularly affected by the following events and transactions
during the reporting period:•

On 23 February 2024, the Group and JERA Scarborough Pty Ltd (JERA) entered into a sale and purchase agreement
for JERA to acquire a 15.1% non-operating participating interest in the Scarborough Joint Venture. The transaction is
expected to complete in the second half of 2024. As a result, $1,378 million of assets have been reclassified as assets
held for sale and $119 million of liabilities have been reclassified as liabilities directly associated with assets held forsale (refer to Note B.4). This has also resulted in the recognition of a net tax benefit of $91 million (refer to Note A.5).

•

On 26 March 2024, the Group completed the sell-down of a 10% non-operating participating interest in the ScarboroughJoint Venture to LNG Japan. Proceeds from the sale were $910 million, including capital reimbursements andescalation. As a result, the Group recognised a pre-tax gain of $121 million on the transaction (refer to Note B.4).

•

In June 2024, the Sangomar project in Senegal achieved first oil. During the half-year ended 30 June 2024, Sangomar
produced 0.54 MMboe of crude oil. Production will continue to ramp up in 2024. The Group also recognised a net
deferred tax asset of $305 million (refer to Note A.5).

Woodside Energy Group Ltd | Half-Year Report 2024

20

CONDENSED CONSOLIDATED INCOME STATEMENT
for the half-year ended 30 June 2024
2024
US$m

2023
US$m

5,988

7,400

(3,272)
2,716
315
(669)
2,362
95
(147)
2,310
(192)
(146)
1,972

(3,872)
3,528
134
(803)
(68)
2,791
174
(137)
2,828
(778)
(284)
1,766

1,937
35
1,972

1,740
26
1,766

A.4

102.2

91.7

A.4

101.4

91.1

Notes
Operating revenue
Cost of sales
Gross profit
Other income
Other expenses
Impairment losses
Profit before tax and net finance costs
Finance income
Finance costs
Profit before tax
Petroleum resource rent tax (PRRT) expense
Income tax expense
Profit after tax
Profit attributable to:Equity holders of the parent
Non-controlling interest
Profit for the period
Basic earnings per share attributable to equity holders of the parent(US cents)
Diluted earnings per share attributable to equity holders of the parent(US cents)

A.1
A.1
A.1
A.1
A.1

A.2

A.5

The accompanying notes form part of the half-year financial statements.

Woodside Energy Group Ltd | Half-Year Report 2024

21

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half-year ended 30 June 2024

Profit for the period

2024
US$m
1,972

2023
US$m
1,766

(165)
38
19
-

413
241
(76)
1

(15)
(11)
(134)
1,838

(23)
556
2,322

1,803
35
1,838

2,296
26
2,322

Other comprehensive income
Items that may be reclassified to the income statement in subsequent periods:(Losses)/gains on cash flow hedges
Losses on cash flow hedges reclassified to the income statement
Tax recognised within other comprehensive income
Exchange fluctuations on translation of foreign operations taken to equity
Items that will not be reclassified to the income statement in subsequent
periods:
Remeasurement loss on defined benefit plan
Net loss on financial instruments at fair value through other comprehensive income
Other comprehensive (loss)/income for the period, net of tax
Total comprehensive income for the period
Total comprehensive income attributable to:Equity holders of the parent
Non-controlling interest
Total comprehensive income for the period
The accompanying notes form part of the half-year financial statements.

Woodside Energy Group Ltd | Half-Year Report 2024

22

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2024
Notes
Current assets
Cash and cash equivalents
Receivables
Inventories
Other financial assets
Assets held for saleTax receivable
Other assets
Total current assets
Non-current assets
Receivables
Inventories
Other financial assets
Exploration and evaluation assets
Oil and gas properties
Deferred tax assets
Lease assets
Investments accounted for using the equity method
Goodwill
Other assets
Total non-current assets
Total assets
Current liabilities
PayablesInterest-bearing liabilities
Other financial liabilities
Liabilities directly associated with assets held for sale
Provisions
Tax payable
Lease liabilities
Other liabilities
Total current liabilities
Non-current liabilities
Interest-bearing liabilities
Deferred tax liabilities
Other financial liabilities
Provisions
Tax payable
Lease liabilities
Other liabilities
Total non-current liabilities
Total liabilities
Net assets
EquityIssued and fully paid shares
Shares reserved for employee share plans
Other reserves
Retained earnings
Equity attributable to equity holders of the parent
Non-controlling interest
Total equity

D.3
B.4

D.3
B.1
B.2

B.3

D.3
B.4
D.2

D.3
D.2

C.1
C.1

30 June2024
US$m

31 December
2023
US$m

1,979
1,459
719
154
1,378
306
57
6,052

1,740
1,517
616
209
826
118
92
5,118

790
183
106
714
40,125
1,969
1,187
248
3,697
571
49,59055,642

839
120
120
668
40,791
1,717
1,230
249
3,995
514
50,24355,361

1,597
992
152
119
1,223
416
217
165
4,881

1,724
67
94
1,506
1,108
298
185
4,982

4,830
1,312
203
6,454
39
1,328
766
14,932
19,81335,829

4,883
1,627
42
6,451
40
1,317
849
15,20920,19135,17029,001
(65)
4,726
1,408
35,070759
35,82929,001
(49)
5,261
186
34,399771
35,170

The accompanying notes form part of the half-year financial statements.
Woodside Energy Group Ltd | Half-Year Report 2024

23

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the half-year ended 30 June 2024
Notes
Cash flows from operating activities
Profit after tax for the period
Adjustments for:Non-cash items
Depreciation and amortisation
Depreciation of lease assets
Change in fair value of derivative financial instruments
Net finance costs/(income)Tax expense
Exploration and evaluation written off
Impairment losses
Restoration movement
Gain on disposal of oil and gas properties
Other
Changes in assets and liabilities
Decrease in trade and other receivables
Increase in inventories
Decrease in provisions
Decrease in lease liabilities
Decrease/(increase) in other assets and liabilities
Increase/(decrease) in trade and other payables
Cash generated from operations
Interest received
Dividends received
Borrowing costs relating to operating activities
Income tax and PRRT paid
Payments for restoration
Receipts from hedge collateral
Net cash from operating activities1
Cash flows used in investing activities
Payments for capital and exploration expenditure
Borrowing costs relating to investing activities
Proceeds from disposal of non-current assets
Funding of equity accounted investments
Net cash used in investing activities
Cash flows used in financing activities
Proceeds from borrowings
Repayment of borrowings
Purchases of shares relating to employee share plans 1
Repayment of the principal portion of lease liabilities
Borrowing costs relating to lease liabilities
Contributions to non-controlling interests
Dividends paid
Net cash used in financing activities1
Net increase/(decrease) in cash held
Cash and cash equivalents at the beginning of the period
Effects of exchange rate changes
Cash and cash equivalents at the end of the period
1.

C.2
C.2

2024
US$m

2023
US$m

1,972

1,766

1,908
101
205
52
338
15
(143)
(66)

1,948
81
269
(37)
1,062
1
68
20
(180)

113
(166)
(31)
39
6
4,343
77
(2)
(1,700)
(325)
2,393

488
(72)
(110)
(8)
(234)
(220)
4,842
174
6
(8)
(2,233)
(162)
332
2,951

(2,418)(155)
920(1,653)(2,457)(181)
3(2)(2,637)

950
(25)
(213)
(21)
(48)
(1,139)
(496)
244
1,740
(5)
1,979

(41)
(20)
(168)
(3)
(51)
(2,738)(3,021)(2,707)
6,201
(25)
3,469

Purchases of shares relating to employee share plans, which were previously classified within cash flows used in operating activities, has been classified
within cash flows used in financing activities for the half-year ended 2024. The 2023 comparatives have been reclassified to be presented on the same
basis.

The accompanying notes form part of the half-year financial statements.

Woodside Energy Group Ltd | Half-Year Report 2024

24

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Foreign currencytranslation reserve

Hedging reserve

Distributableprofits reserve

Other reserve

Retained earnings

Equity holdersof the parent

Non-controllinginterest

Total equity

Notes

C.1
US$m

US$m

US$m

US$m

US$m

US$m

US$m

US$m

US$m

US$m

At 1 January 2024

Reserved shares

C.1
US$m

Issued and fully
paid shares

Employee benefits
reservefor the half-year ended 30 June 2024

29,001

(49)

290

795

88

4,118

(30)

Profit for the period
Other comprehensive
loss
Total comprehensive(loss)/income for theperiod

-

-

-

-

-

-

-

1,937

1,937

35

1,972

-

-

-

-

(108)

-

(11)

(15)

(134)

-

(134)

-

-

-

-

(108)

-

(11)

1,922

1,803

35

1,838

Transfers
Employee share planpurchases
Employee share plan
redemptions
Share-based payments(net of tax)
Dividends paid

-

-

-

-

-

700

-

(700)

-

-

-

-

(25)

-

-

-

-

-

-

(25)

-

(25)

-

9

(9)

-

-

-

-

-

-

-

-

-

-

32

-

-

-

-

-

32

-

32

771 35,170

-

-

-

-

-

- (1,139)(47) (1,186)

At 30 June 2024

29,001

(65)

313

795

(20)

3,679

(41)

1,408 35,070

759 35,829

At 1 January 2023

29,001

(38)

278

796

(586)

3,541

2

3,342 36,336

791 37,127

Profit for the period

-

-

-

-

-

-

-

1,740

1,740

26

1,766

-

-

-

1

578

-

(23)

-

556

-

556

-

-

-

1

578

-

(23)

1,740

2,296

26

2,322

-

-

-

-

-

4,700

- (4,700)

-

-

-

-

(20)

-

-

-

-

-

-

(20)

-

(20)

-

8

(8)

-

-

-

-

-

-

-

-

-

-

31

-

-

-

-

-

31

-

31

-

-

-

-

- (2,734)-- (2,734)(42) (2,776)

29,001

(50)

301

797

(21)

382 35,909

775 36,684

Other comprehensive
income/(loss)
Total comprehensive
income/(loss) for theperiodTransfers
Employee share planpurchases
Employee share plan
redemptions
Share-based payments(net of tax)
Dividends paid
At 30 June 2023

- (1,139)

186 34,399

(8)

5,507

The accompanying notes form part of the half-year financial statements.

Woodside Energy Group Ltd | Half-Year Report 2024

25

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
About these statements
Woodside Energy Group Ltd (Woodside or the Group) is a for-profit entity limited by shares, incorporated and domiciled inAustralia. Its shares are publicly traded on the Australian Securities Exchange (ASX), on the Main Market for listed
securities of the London Stock Exchange (LSE) (with trades settled in the form of UK Depository Interests) and on the New
York Stock Exchange (NYSE) (in the form of Woodside American Depositary Shares). The nature of the operations andprincipal activities of the Group are described in the Australia Operations, International Operations, Marketing and Trading,
Projects, Decommissioning, Exploration and Development and New energy and Carbon solutions sections and in thesegment information below.
The condensed consolidated half-year financial statements were authorised for issue in accordance with a resolution of
the Directors on 27 August 2024.

Statement of compliance
The condensed consolidated half-year financial statements are condensed general purpose financial statements, whichhave been prepared in accordance with Australian Accounting Standard (AASB) 134 Interim Financial Reporting as issued
by the Australian Accounting Standards Board and the Australian Corporations Act 2001. These condensed consolidated
half-year financial statements also comply with International Accounting Standard (IAS) 34 Interim Financial Reporting as
issued by the International Accounting Standards Board.
The condensed consolidated half-year financial statements do not include all notes of the type normally included in annual
financial statements. Accordingly, these condensed consolidated half-year financial statements are to be read in
conjunction with the Financial Statements within the Annual Report for the year ended 31 December 2023 (2023 Financial
Statements) and any public announcements made by Woodside during the period ended 30 June 2024 in accordance withthe continuous disclosure requirements of the Australian Corporations Act 2001 and the relevant ASX, LSE and NYSE
Listing Rules.
The Group’s accounting policies are materially consistent with those disclosed in the Group’s 2023 Financial Statements.
Adoption of new or amended standards and interpretations effective 1 January 2024 did not result in any significant
changes to the Group’s accounting policies. Refer to Note E.3 for more details.
The significant accounting estimates and judgements are consistent with those disclosed in the 2023 Financial Statements.
Estimates have been revised, where required, to reflect current market conditions including the impact of climate change.
Updated estimates used for the sell-down of the Scarborough Joint Venture and embedded commodity derivatives aredisclosed in Notes B.4 and D.3 respectively; these assumptions could change in the future.

Currency
The functional and presentation currency of Woodside and all its material subsidiaries is US dollars.
Transactions in foreign currencies are initially recorded in the functional currency of the transacting entity at the exchange
rates ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting
date are translated at the rates of exchange ruling at that date. Exchange differences in the consolidated financial
statements are taken to the income statement.

Rounding of amounts
The amounts contained in the condensed consolidated half-year 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 dated 24 March 2016, unless otherwise
stated.

Woodside Energy Group Ltd | Half-Year Report 2024

26

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
Basis of preparation
The condensed consolidated half-year financial statements have been prepared on an historical cost basis, except forderivative financial instruments and certain other financial assets and financial liabilities, which have been measured at fairvalue or amortised cost, adjusted for changes in fair value attributable to the risks that are being hedged in effective hedge
relationships. Where not carried at fair value, if the carrying value of financial assets and financial liabilities does not
approximate their fair value, the fair value has been included in the notes to the condensed consolidated half-year financial
statements.
The condensed consolidated half-year financial statements comprise the financial results of the Group and its subsidiaries
for the period ended 30 June 2024. Subsidiaries are fully consolidated from the date on which control is obtained by theGroup and cease to be consolidated from the date at which the Group ceases to have control.
The material subsidiaries of the Group apply the same reporting period and accounting policies as the parent company inpreparation of the condensed consolidated half-year financial statements. All intercompany balances and transactions,
including unrealised profits and losses arising from intra-group transactions, have been eliminated in full.
Non-controlling interests are allocated their share of the net profit after tax in the consolidated income statement; theirshare of other comprehensive income, net of tax, in the consolidated statement of comprehensive income; and arepresented within equity in the consolidated statement of financial position, separately from parent shareholders’ equity.

Comparative information
The condensed consolidated half-year financial statements provide comparative information in respect of the previous
period. Where required, a reclassification of items in the financial statements of the previous period has been made inaccordance with the classification of items in the condensed consolidated half-year financial statements of the current
period.

Reporting segments
Refer to the 2023 Financial Statements for details of the Group’s operating segment information.

Woodside Energy Group Ltd | Half-Year Report 2024

27

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
A. Earnings for the period
A.1 Segment revenue and expenses

Liquified natural gas
Pipeline gas
Crude oil and condensate
Natural gas liquids
Revenue from sale ofhydrocarbons
Intersegment revenue1
Processing and services
revenue
Shipping and other revenue
Other revenue
Operating revenue2
Production costs
Royalties, excise and levies
Insurance
Inventory movement
Costs of production
Land and buildings
Transferred exploration andevaluation
Plant and equipment
Oil and gas properties
depreciation andamortisation
Shipping and direct sales
costs
Trading costs
Other hydrocarbon costs
Other cost of sales
Other cost of sales
Cost of sales
Gross profit/(loss)
Other income3
Exploration and evaluation
expenditure
Amortisation of permit
acquisitions
Write-offs
Exploration and evaluation
General, administration andother costs
Amortisation of intangible
assetsDepreciation of lease assets
Restoration movement
Other4
Other costs
Other expenses
Impairment losses
Profit/(loss) before tax andnet finance costs

Australia
2024
2023
US$m
US$m
2,595
3,894
512
515
861
715
87
120

International
2024
2023
US$m
US$m
107
198
1,190
1,028
24
16

MarketingCorporate/Other
2024
2023
2024
2023
US$m
US$m
US$m US$m
412
785
40
15
40
23
-

Consolidated
2024
2023
US$m
US$m
3,007
4,679
619
713
2,091
1,758
151
159

4,055

5,244

1,321

1,242

492

823

-

-

5,868

7,309

(12)

(120)

(2)

(6)

14

126

-

-

-

-

113

85

-

-

-

-

-

-

113

85

101
4,156
(511)
(185)
(13)
15
(694)
(26)

(35)
5,209
(614)
(285)
(20)
31
(888)
(31)

(2)
1,319
(234)
(11)
(2)
47
(200)
-

(6)
1,236
(193)
(31)
(5)
2
(227)
(2)

7
21
513
-

6
132
955
-

(11)
(11)
(2)

(9)
(9)
-

7
120
5,988
(745)
(196)
(26)
62
(905)
(28)

6
91
7,400
(807)
(316)
(34)
33
(1,124)
(33)

(41)

(51)

(45)

(2)

-

-

-

-

(86)

(53)

(1,189)(1,298)

(567)

(543)

-

-

(23)

(17)

(1,779)(1,858)(1,256)(1,380)

(612)

(547)

-

-

(25)

(17)

(1,893)(1,944)

(61)

(107)

(43)

(38)

(50)

(30)

-

-

(154)

(175)

(26)
(17)
(104)
(2,054)
2,102
242

(4)
(7)
(118)
(2,386)
2,823
106

(43)
(855)
464
20

(38)
(812)
424
-

(273)
(323)
(323)
190
20

(618)
(648)
(648)
307
1

(4)
(4)
(40)
(40)
33

(26)
(26)
27

(273)
(26)
(21)
(474)
(3,272)
2,716
315

(622)
(7)
(804)
(3,872)
3,528
134

(12)

(9)

(86)

(123)

-

-

-

(1)

(98)

(133)

-

-

(5)

(4)

-

-

-

-

(5)

(4)

(12)

(9)

(91)

(1)
(128)

-

-

-

(1)

(103)

(1)
(138)

-

-

-

(3)

-

(10)

(214)

(224)

(214)

(237)

-

-

-

-

-

-

(10)

-

(10)

-

(28)
(14)
16
(26)
(38)
-

(22)
(8)
(27)
(57)
(66)
(68)

(1)
(1)
(2)
(93)
-

(7)
(12)
(1)
(23)
(151)
-

(50)
58
8
8
-

(34)
(99)
(143)
(143)
-

(22)
(300)
(546)
(546)
-

(18)
(200)
(442)
(443)
-

(101)
(15)
(226)
(566)
(669)
-

(81)
(20)
(327)
(665)
(803)
(68)

2,306

2,795

391

273

218

165

(553)

(442)

2,362

2,791

1. Intersegment revenue comprises the incremental income net of all incremental associated expenses generated by the Marketing segment’s optimisation of the oil and gas
portfolio.
2. Operating revenue includes revenue from contracts with customers of $5,981 million (2023: $7,394 million) and sub-lease income of $7 million (2023: $6 million) disclosed withinshipping and other revenue.
3. Includes fees, recoveries and other income not associated with the ongoing operations of the business. The 2024 amount includes the gain on the Scarborough sell-down to
LNG Japan of $121 million.
4. Includes gains and losses on foreign exchange and hedging activities, fair value losses on embedded derivatives and other items not associated with the ongoing operations of
the business.

Woodside Energy Group Ltd | Half-Year Report 2024

28

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
A.2 Finance costs
2024
US$m

2023
US$m

125
51

112

Interest on lease liabilities
Accretion charge

145

134

Other finance costs

13

21

(187)

(184)

147

137

2024
US$m

2023
US$m

1,139

2,734

1,310

1,519

2024
1,937
1,896,041,815

2023
1,740
1,896,624,636Interest on interest-bearing liabilities

Less: Finance costs capitalised against qualifying assets

54

A.3 Dividends paid and proposed
Woodside Energy Group Ltd, the parent entity, paid and proposed dividends as set out below:(a) Dividends paid during the financial period
Prior year fully franked final dividend US$0.60, paid on 4 April 2024
(2023: US$1.44, paid on 5 April 2023)(b) Dividend declared subsequent to the reporting period(not recorded as a liability)
Current year fully franked interim dividend US$0.69 to be paid on
3 October 2024 (2023: US$0.80, paid on 28 September 2023)

A.4 Earnings per share
Profit attributable to equity holders of the parent (US$m)
Weighted average number of shares on issue for basic earnings per share
Effect of dilution from contingently issuable shares

14,691,983

12,981,487

1,910,733,798

1,909,606,123

Basic earnings per share (US cents)

102.2

91.7

Diluted earnings per share (US cents)

101.4

91.1

Weighted average number of shares on issue adjusted for the effect of dilution

Earnings per share is calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by
the weighted average number of shares on issue during the period. The weighted average number of shares makes
allowance for shares reserved for employee share plans. Diluted earnings per share is calculated by adjusting basic earnings
per share by the number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares
into ordinary shares.

Woodside Energy Group Ltd | Half-Year Report 2024

29

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
A.5 Taxes
2024
US$m

2023
US$m

Profit before tax

2,310

2,828

PRRT expense

(192)
2,118

(778)
2,050

Income tax expense calculated at 30%

635

615

Effect of tax rate differentials

(15)

30

Reconciliation of income tax expense

Profit before income tax

Effect of deferred tax assets not recognised

3567

Effect of tax benefits previously unrecognised1

(366)

(340)

Reduction in deferred tax liability due to held for sale basis1

(91)

-

Foreign exchange impact on tax benefit

(11)

(83)

Adjustment to prior years

(52)

(16)

Other

11

11

Income tax expense

146

284

1. Subsequent to achieving first oil on the Sangomar project in June 2024, the Group has recognised a net deferred tax asset of $305 million. The remaining$61 million relates to other tax benefits previously unrecognised. The expected sale of Woodside’s 15.1% share in the Scarborough Joint Venture resulted
in the recognition of a net tax benefit of $91 million. These events have resulted in a reduction of the global effective income tax rate from 25.6% to 6.9%. In
the prior period, as a result of the final investment decision to develop the Trion resource, the Group recognised deferred tax assets of $319 million, resulting
in a reduction of the global effective income tax rate from 29.6% to 13.9%.

In May 2024, the Parliament of Australia enacted the Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024
for the PRRT deductions cap which takes effect from 1 July 2023. If an entity is an LNG producer and its petroleum projects
meet the criteria of the deduction cap, the entity will have a taxable profit of 10% of the projects’ assessable receipts in theyear of tax.
The new legislation has impacted the Pluto and Wheatstone projects resulting in the Group recognising a $124 million current
tax payable as at 30 June 2024.

Woodside Energy Group Ltd | Half-Year Report 2024

30

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
B. Production and growth assets
B.1 Exploration and evaluation
Half-year ended 30 June 2024
Carrying amount at 1 January 2024
Additions
Amortisation of licence acquisition costs
Transferred exploration and evaluation
Carrying amount at 30 June 2024
Year ended 31 December 2023
Carrying amount at 1 January 2023
Additions
Amortisation of licence acquisition costs
ExpensedTransferred exploration and evaluation1
Carrying amount at 31 December 2023

Asia Pacific
US$m

Americas
US$m

Africa
US$m

Total
US$m

568
11
(8)
571

76
52
(5)
123

24
14
(18)
20

668
77
(5)
(26)
714

529
79
(31)
(9)
568

240
161
(2)
(28)
(295)
76

38
6
(2)
(18)
24

807
246
(4)
(77)
(304)
668

1. On 20 June 2023, the Group made a final investment decision to develop the Trion resource in Mexico. Related exploration and evaluation assets of $274
million were transferred to oil and gas properties.

Woodside Energy Group Ltd | Half-Year Report 2024

31

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
B.2 Oil and gas properties

Half-year ended 30 June 2024
Carrying amount at 1 January 2024
Additions2
Disposals at written down value
Depreciation and amortisation
Completions and transfers3
Transfer to assets held for sale4
Carrying amount at 30 June 2024
At 30 June 2024
Historical cost
Accumulated depreciation and impairment
Net carrying amountYear ended 31 December 2023
Carrying amount at 1 January 2023
Additions
Disposals at written down value
Depreciation and amortisation
Impairment losses
Completions and transfers
Transfer to assets held for sale
Carrying amount at 31 December 2023
At 31 December 2023
Historical cost
Accumulated depreciation and impairment
Net carrying amount
1.
2.
3.
4.

Land andbuildings
US$mTransferred
exploration
andevaluation
US$m

Plant andequipment
US$m

Projects indevelopment1
US$m

Total
US$m

701
(2)
(28)
671

777
(86)
341
1,032

23,589(127)(1,779)5,391(4)27,07015,7242,447(47)(5,706)(1,066)
11,35240,791
2,320(49)(1,893)26(1,070)40,125

1,743(1,072)671

2,320(1,288)1,032

55,533(28,463)
27,07012,072(720)
11,352

71,668(31,543)
40,125

840
(8)
(67)
(64)
701

481
(125)
(20)
441
777

23,057836(2)(3,764)(1,028)4,496(6)23,58915,541
5,759(328)(4,633)(615)
15,72439,9196,595(10)(3,956)(1,440)304(621)
40,791

1,745(1,044)701

1,979(1,202)
777

50,272(26,683)
23,58916,443(719)
15,72470,439(29,648)
40,791

Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations.
Includes $2,212 million of capital additions and $187 million of capitalised borrowing costs offset by $79 million relating to changes in restoration provision
assumptions. The $127 million of additions reducing plant and equipment relates to changes in restoration provision assumptions.
Upon first oil in June 2024, the carrying value of the Sangomar project in projects in development has been transferred to plant and equipment.
Refer to Note B.4 for details of the sell-downs of the Scarborough Joint Venture.

The Group has capital expenditure commitments contracted for, but not provided for in the financial statements, of$3,017 million (31 December 2023: $4,245 million).

Woodside Energy Group Ltd | Half-Year Report 2024

32

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
B.3 Goodwill
US$m
Half-year ended 30 June 2024
Carrying amount at 1 January 2024
Transfer to assets held for sale1
Carrying amount at 30 June 2024
At 30 June 2024
Cost
Accumulated impairment
Net carrying amountYear ended 31 December 2023
Carrying amount at 1 January 2023
Adjustment to purchase price allocation
Impairment
Transfer to assets held for sale
Carrying amount at 31 December 2023
At 31 December 2023
Cost
Accumulated impairment
Net carrying amount

3,995
(298)
3,697
4,174
(477)
3,697
4,614
55
(477)
(197)
3,995
4,472
(477)
3,995

1. Refer to Note B.4(a) for details of the sell-downs of the Scarborough Joint Venture.

B.4 Disposal of assets(a) Sell-down of Scarborough Joint Venture to JERAOn 23 February 2024, the Group entered into a sale and purchase agreement with JERA for the sale of a 15.1% nonoperating participating interest in the Scarborough Joint Venture.
As at 30 June 2024, the Group has reclassified $1,378 million of assets, being the carrying value of the 15.1% interest in
the Scarborough Joint Venture within the Australia segment, to assets held for sale. Liabilities of $119 million have been
reclassified to liabilities directly associated with assets held for sale. No impairment of assets occurred on reclassification toheld for sale.
The following assets and liabilities were reclassified as held for sale as at 30 June 2024:
US$m
Assets classified as held for sale
Oil and gas properties
Inventories
Lease assets
Goodwill
Other assets
Total assets held for sale

1,070
6
2
298
2
1,378

Liabilities directly associated with assets held for sale
PayablesDeferred tax liabilities
Lease liabilities
Provisions
Total liabilities directly associated with assets held for sale

(28)
(75)
(8)
(8)
(119)

The purchase price is $740 million, subject to adjustments which includes the reimbursement to Woodside for JERA’s shareof expenditure for the Scarborough project from the effective date of 1 January 2022. The total proceeds from the sale are
expected to exceed the net carrying value of the assets and liabilities classified as held for sale. The transaction is expected
to complete in the second half of 2024. Completion of the transaction is subject to conditions precedent including Western
Australia Government approval.
This has also resulted in the recognition of a net tax benefit of $91 million. After completion, the Group’s participating interestin the Scarborough Joint Venture will reduce from 90% to 74.9%.

Woodside Energy Group Ltd | Half-Year Report 2024

33

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
B.4 Disposal of assets (continued)(a) Sell-down of Scarborough Joint Venture to JERA (continued)

Key estimates and judgements
Goodwill allocation on Scarborough sell-down
In accordance with AASB 136/IAS 36 Impairment of assets, if goodwill has been allocated to a CGU and the entity
disposes of an operation within that unit, the goodwill associated with the operation disposed shall be included in the
carrying value of the operation when determining the gain or loss on disposal and measured on the basis of the relativevalues of the operation disposed of and the portion of the CGU retained.
The Pluto-Scarborough CGU includes goodwill allocated from the merger with BHP Petroleum in 2022. Judgement isrequired to determine the amount of goodwill allocated to the 15.1% participating interest in the Scarborough assets being
disposed.
The Group used fair value measurements of Pluto and Scarborough assets within the CGU as the basis to allocate
goodwill between the Pluto and Scarborough assets. The goodwill associated with the participating interest of the
Scarborough assets being disposed of was determined based on the percentage participating interest disposed of inproportion to the participating interest being retained.

(b) Sell-down of Scarborough Joint Venture to LNG JapanOn 8 August 2023 the Group entered into a sale and purchase agreement with LNG Japan for the sale of a 10% nonoperating participating interest in the Scarborough Joint Venture.
As at 31 December 2023, the Group reclassified $823 million of assets, being the carrying value of the 10% interest in the
Scarborough Joint Venture, to assets held for sale. Liabilities of $94 million were reclassified to liabilities directly associatedwith assets held for sale.
The transaction completed on 26 March 2024, reducing the Group’s participating interest from 100% to 90%. Proceeds fromthe sale were $910 million, including capital reimbursements and escalation. Delays to the first cargo or cost overruns in
specific circumstances may result in payments by Woodside to LNG Japan of up to a maximum of $50 million. For the halfyear ended 30 June 2024, the Group recognised a pre-tax gain on sale of $121 million.

Woodside Energy Group Ltd | Half-Year Report 2024

34

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
C. Debt and capital
C.1 Contributed equity
Issued and fully paid sharesHalf-year ended 30 June 2024
Opening balance
Amounts as at 30 June 2024
Year ended 31 December 2023
Opening balance
Amounts as at 31 December 2023

Number of shares

US$m

1,898,749,771
1,898,749,771

29,001
29,001

1,898,749,771
1,898,749,771

29,001
29,001All shares are a single class with equal rights to dividends, capital distributions and voting. The Company does not haveauthorised capital nor par value in respect of its issued shares.
Reserved shares
Reserved shares are the Group’s own equity instruments, which are used in employee share-based payment arrangementsor the Dividend Reinvestment Plan (DRP). The DRP was suspended on 27 February 2023. These shares are deducted fromequity.
Number of shares
US$m
Half-year ended 30 June 2024
Opening balance
2,140,927(49)
Purchases during the period
1,262,082(25)
Vested/allocated during the period(424,959)
9
Amounts as at 30 June 2024
2,978,050(65)
Year ended 31 December 2023
Opening balance
1,873,777(38)
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)

C.2 Interest-bearing liabilities and financing facilities
During the period, the Group completed the drawdown of $500 million from bilateral loan facilities. In addition, the Group
entered into the following facilities during the period:••$1,000 million loan facility with Japan Bank for International Cooperation (JBIC) with a term of 10 years. Interest isbased on daily Secured Overnight Financing Rate (SOFR) plus margin. This facility was fully drawn subsequent to
the period on 22 July 2024.
$450 million syndicated term loan facility with a tenor of 10 years. Interest is based on daily SOFR plus credit
adjustment spread (CAS) and margin. This facility was fully drawn in June 2024.

There were no other material changes to interest-bearing liabilities and financing facilities. As at 30 June 2024, the Group
had $6,500 million (31 December 2023: $6,050 million) of available undrawn facilities. Subsequent to 30 June 2024, theGroup cancelled $1,550 million of undrawn facilities.
For the year ended 31 December 2023, the Group repaid $201 million of the CHF Medium Term Note and $83 million of the
JBIC facility which was settled in July 2023.
Fair value
The carrying amounts of interest-bearing liabilities approximate their fair values, with the exception of the Group’s unsecured
bonds and the medium-term notes. The unsecured bonds have a carrying amount of $4,087 million (31 December 2023:$4,087 million) and a fair value of $3,958 million (31 December 2023: $3,936 million). The medium-term notes have acarrying amount of $200 million (31 December 2023: $200 million) and a fair value of $188 million (31 December 2023: $188
million). Fair value is calculated based on the present value of future principal and interest cash flows, discounted at themarket rate of interest at the reporting date and classified as Level 1 on the fair value hierarchy.

Woodside Energy Group Ltd | Half-Year Report 2024

35

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
D. Other assets and liabilities
D.1 Segment assets and liabilities(a) Segment assets
Australia
International
MarketingCorporate/Other(b) Segment liabilities
Australia
International
MarketingCorporate/Other

30 June2024
US$m

31 December
2023
US$m

30,89518,083798
5,866
55,642

31,602
17,923835
5,001
55,36130 June2024
US$m

31 December
2023
US$m

7,312
2,434
890
9,177
19,813

7,833
2,624
751
8,983
20,191

Corporate/Other assets mainly comprise cash and cash equivalents, lease assets and deferred tax assets. Corporate/Otherliabilities mainly comprise interest-bearing liabilities, lease liabilities and deferred tax liabilities.

D.2 Provisions

Half-year ended 30 June 2024
At 1 January 2024
Change in provision
Unwinding of present value discountCarrying amount at 30 June 2024
Current
Non-current
Net carrying amountYear ended 31 December 2023
At 1 January 2023
Change in provision
Unwinding of present value discountCarrying amount at 31 December 2023
Current
Non-current
Net carrying amount1.

Restoration1
US$m

Employeebenefits
US$m

Other
US$m

Total
US$m

7,154
(449)
144
6,849
698
6,151
6,849

522
(31)
491
302
189
491

281
55
1
337
223
114
337

7,957
(425)
145
7,677
1,223
6,454
7,677

6,253
664
237
7,154
1,011
6,143
7,154

517
5
522
351
171
522

409
(128)
281
144
137
281

7,179
541
237
7,957
1,506
6,451
7,957

2024 change in provision is due to a revision of discount rates of $147 million (primarily due to an increase in risk-free rates), changes in foreign exchange
rates of $84 million and provisions used of $358 million, offset by changes in estimates of $140 million.

Woodside Energy Group Ltd | Half-Year Report 2024

36

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
D.3 Other financial assets and liabilities

Other financial assets
Financial instruments at fair value through profit and loss
Derivative financial instruments designated as hedges
Other financial assets
Financial instruments at fair value through other comprehensive income
Other financial assets
Total other financial assets
Current
Non-current
Net carrying amount
Other financial liabilities
Financial instruments at fair value through profit and loss
Derivative financial instruments designated as hedges
Embedded derivative
Other financial liabilities
Total other financial liabilities
Current
Non-current
Net carrying amount30 June2024
US$m

31 December
2023
US$m

160
100

248
53

260
154
106
260

28
329
209
120
329

126
188
41
355
152
203
355

74
35
109
67
42
109

Hedging activities
During the period, the following hedging activities were undertaken:
•
•
•

•

The Group had hedged approximately 29.3 MMboe of 2024 oil production at an average price of approximately $75.6
per barrel, of which approximately 49% was delivered as at 30 June 2024.
The Group additionally hedged approximately 15 MMboe of 2025 oil production at an average price of approximately$81.2 per barrel.
The Group also has a hedging program for Corpus Christi LNG volumes designed to protect against downside pricing
risk. These hedges are Henry Hub (HH) and Title Transfer Facility (TTF) commodity swaps. Approximately 70% of
volumes for the remainder of 2024, 48% of 2025 and 9% of 2026 volumes have been hedged.
Through foreign exchange forward contracts, the Group hedged the Australian dollar to US dollar exchange rate fora portion of the Australian dollar denominated capital expenditure expected to be incurred for the Scarboroughdevelopment.

The following table presents the Group’s derivative financial instruments designated as hedges, measured and recognised atfair value:
30 June31 December
2024
2023
US$m
US$m
Oil swaps (cash flow hedges)
(53)
(14)
HH Corpus Christi commodity swaps (cash flow hedges)
(24)
(44)
TTF Corpus Christi commodity swaps (cash flow hedges)
72
181
Interest rate swaps (cash flow hedges)
48
43
Foreign exchange forwards (cash flow hedges)(9)8
Total derivative financial instruments asset designated as hedges
34
174

Woodside Energy Group Ltd | Half-Year Report 2024

37

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
D.3 Other financial assets and liabilities (continued)
Embedded commodity derivative
In 2023, the Group entered into a revised long-term gas sale and purchase contract (GSPA) with Perdaman, where acomponent of the selling price is linked to the price of urea. The contract was assessed to contain an embedded commodity
derivative that is required to be separated and recognised at fair value through profit and loss. The carrying value of theembedded derivative at 30 June 2024 amounted to a net liability of $188 million (31 December 2023: net liability of $35
million). The derivative is remeasured to fair value at each reporting date in accordance with the urea price at that date. For
the six-month period ended 30 June 2024, an unrealised loss of $153 million (30 June 2023: unrealised loss of $52 million)
has been recognised through other expenses.
Fair value
Except for the other financial assets and other financial liabilities set out in this note, there are no other material financial
assets or financial liabilities carried at fair value. Other financial assets and other financial liabilities set out in this note areclassified as Level 2 on the fair value hierarchy with market observable inputs, with the exception of the embedded
commodity derivative which has been classified as Level 3 on the fair value hierarchy with no market observable inputs.
Refer to key estimates and judgements for further details. During the period, there were no reclassifications between the fairvalue hierarchy levels.
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.
Financial risk factors
The Group’s activities expose its financial instruments to a variety of market risks, including foreign exchange, commodity
price and interest rate risk. The half-year financial report does not include all financial risk management information anddisclosures required in the Annual Report and, as such, should be read in conjunction with the Group’s 2023 Financial
Statements. There have been no significant changes in risk management policies since 31 December 2023. Refer to theembedded commodity derivative key estimates and judgements section for the sensitivity assessment on discount rates andpricing.

Key estimates and judgements
Embedded commodity derivative
The fair value of the Perdaman embedded derivative has been estimated using a Monte Carlo simulation model. The
assessment requires management to make certain assumptions about the model inputs, including forecast cash flows,
discount rate, credit risk and volatility. These assumptions require significant management judgement and are subject torisk and uncertainty, and hence changes in economic conditions can affect the assumptions. The present value of theembedded derivative was estimated using the assumptions set out below.
•••

Inflation rate – 2.5%.
Discount rate – a pre-tax interest rate curve (range: 5.8% to 6.95%).
Domestic gas pricing – forecast sales are subject to urea pricing. Price assumptions are based on the best market
information available at measurement date and derived from short- and long-term views of global supply anddemand, building upon past experience of the industry and consistent with external sources. The long-term urea
price is determined with reference to the prevailing gas hub (TTF) prices available in the market at reporting date.

The embedded derivative is most sensitive to changes in discount rates and pricing, which may result in unrealised gains
or losses recognised in other income/expenses. The nominal impact of the effects of changes to discount rate and longterm price assumptions are estimated as follows:
Change in assumption1
Urea sales price: increase of 10%
Urea sales price: decrease of 10%
Discount rate: increase of 1.5%2
Discount rate: decrease of 1.5%2
1.
2.

US$m
137
(137)
(186)
230

Amounts shown represent the change of the present value of the contract keeping all other variables constant.
A change of 1.5% represents 150 basis points.

Woodside Energy Group Ltd | Half-Year Report 2024

38

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
E. Other items
E.1 Contingent liabilities and assets

Contingent liabilities at reporting date
Not otherwise provided for in the financial statements:
Contingent liabilities
Guarantees

30 June2024
US$m

31 December
2023
US$m

226
3
229

260
2
262

Contingent liabilities relate predominantly to possible obligations whose existence will only be confirmed by the occurrence or
non-occurrence of uncertain future events, and therefore the Group has not provided for such amounts in these financial
statements. The Group operates in complex tax and legislative regimes. The amounts disclosed above include estimates
made in relation to ongoing disputes with various tax and government authorities. Assessing a value of contingent liabilities
requires a high degree of judgement. The contingent liabilities relating to tax matters are estimated based on notices received
from authorities before interest and penalties. The possibility of further claims related to the same matters cannot be ruled out
and the judicial processes may take extended periods to conclude. Additionally, there are a number of other claims andpossible claims that have arisen in the course of business against entities in the Group, the outcome of which cannot be
estimated at present and for which no amounts have been included in the table above.
The Group has contingent assets of $56 million as at 30 June 2024 (31 December 2023: $47 million).

E.2 Changes to the composition of the Group
Since the last annual reporting, Koolbardi Pte Ltd, a wholly owned subsidiary, was incorporated in Singapore on 21 February2024.

E.3 New standards and interpretations
New and amended accounting standards adopted
A number of amended standards became applicable for the current reporting period. The Group did not make any significant
changes to its accounting policies and did not make retrospective adjustments as a result of adopting these amended
standards. These amendments did not materially impact the accounting policies or amounts disclosed in the half-year financial
statements of the Group.
New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are
not mandatory for the 30 June 2024 reporting period and have not been early adopted by the Group. These standards,
amendments or interpretations are not expected to have a material impact to the Group in the current or future reporting
periods and on foreseeable future transactions with the exception of AASB 18/ IFRS 18 Presentation and Disclosure in
Financial Statements and the amendments to AASB 112/ IAS 12 Income Taxes where the impact is under assessment.
Pillar Two tax reform
In December 2021, the Organisation for Economic Co-operation and Development (OECD) published its Pillar Two model
rules. The Pillar Two model rules:••

aim to ensure that large multinational groups pay a minimum amount of tax on income arising in each jurisdiction inwhich they operate; andwould achieve a minimum effective tax rate in each jurisdiction of 15% from the reporting period commencing
1 January 2024.

For the half-year ended 30 June 2024, the Group paid $1,700 million of income tax and PRRT.
The Group’s impact assessment will depend on the extent to which the Pillar Two legislation has been enacted in the various
jurisdictions the Group operates in and when it comes into effect. As at reporting date, Australia has not enacted the Pillar
Two legislation. The Group will continue to monitor and assess the expected impact of the Pillar Two reform.

Woodside Energy Group Ltd | Half-Year Report 2024

39

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2024
E.4 Events after the end of the reporting period
Acquisition of Tellurian Inc
On 22 July 2024, the Group entered into a definitive agreement to acquire all the issued and outstanding common stock of
Tellurian Inc (Tellurian) for a cash payment of approximately $900 million (the transaction). As part of the agreement, theGroup has provided a loan facility of up to $230 million to Tellurian to ensure site activity maintains momentum prior to thecompletion of the transaction. The loan is secured by a first priority lien over the Tellurian assets, subject to customary
exclusions. The latest maturity date of the loan is 15 December 2024 or the date of transaction completion.
The transaction is subject to Tellurian shareholder approval, satisfaction of customary conditions precedent, and is expected
to complete in the fourth quarter of 2024. The financial effect of the transaction is still being assessed.
Acquisition of OCI Clean Ammonia Holding B.V.
On 5 August 2024, Woodside entered into a binding agreement to acquire 100% of OCI Clean Ammonia Holding B.V. (OCI)
and its Clean Ammonia Project for an all-cash consideration of approximately $2.35 billion. The project is under construction
and is subject to cost, schedule, and performance guarantees from OCI.
The transaction is subject to OCI shareholder approval, satisfaction of customary conditions precedent, and is expected tocomplete in the second half of 2024. The financial effect of the transaction is still being assessed.

Woodside Energy Group Ltd | Half-Year Report 2024

40

DIRECTORS’ DECLARATION
For the half-year ended 30 June 2024

In accordance with a resolution of directors of Woodside Energy Group Ltd, we state that:In the opinion of the directors:a)b)

the financial statements and notes of the Group are in accordance with the Australian Corporations Act 2001,
including:i.

giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its performance forthe half-year ended on that date; andii.

complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the
Corporations Regulations 2001;

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.

For the purposes of the UK Disclosure Guidance and Transparency Rules, the directors confirm that to the best of theirknowledge:a)the financial statements, prepared in accordance with International Accounting Standard IAS 34 Interim Financial
Reporting, give a true and fair view of the assets, liabilities, financial position and profit or loss of Woodside Energy
Group Ltd and the undertakings included in the consolidation taken as a whole; andb)the half-year report includes a fair review of the:i.

important events that have occurred during the first six months of the financial year and their impact on thehalf-year financial statements;ii.

principal risks and uncertainties for the remaining six months of the financial year; andiii.

related party transactions that have taken place in the first six months of the financial year and that havematerially affected financial position or performance during that period and any changes in the related party
transactions described in the last annual report that could have a material effect on financial position or
performance in the first six months of the financial year.

On behalf of the BoardR J Goyder, AO

M E O’Neill

Chair

Chief Executive Officer and Managing Director

Perth, Western Australia

Sydney, New South Wales

27 August 2024

27 August 2024

Woodside Energy Group Ltd | Half-Year Report 2024

41

INDEPENDENT REVIEW REPORT

Independent auditor's review report to the members ofWoodside Energy Group Ltd
Report on the half-year financial report
Conclusion
We have reviewed the half-year financial report of Woodside Energy Group Ltd (the Company) and the entities
it controlled during the half-year (together the Group), which comprises the condensed consolidated statementof financial position as at 30 June 2024, the condensed consolidated income statement, condensed
consolidated statement of comprehensive income, condensed consolidated statement of cash flows andcondensed consolidated statement of changes in equity for the half-year ended on that date, selected
explanatory notes and the directors' declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believethat the accompanying half-year financial report of Woodside Energy Group Ltd does not comply with:
1.

2.

The Corporations Act 2001 including:a.

giving a true and fair view of the Group's financial position as at 30 June 2024 and of its
performance for the half-year ended on that dateb.

complying with Australian Accounting Standard AASB 134 Interim Financial Reporting, and the
Corporations Regulations 2001.

International Accounting Standard IAS 34 Interim Financial Reporting as issued by the International
Accounting Standards Board (IASB).

Basis for conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the
Independent Auditor of the Entity (ASRE 2410) and ISRE 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity (ISRE 2410). Our responsibilities are further described in
the Auditor's responsibilities for the review of the half-year financial report section of our report.
We are independent of the Group in accordance with the auditor independence requirements of the
Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards
Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (theCode) and the International Code of Ethics for Professional Accountants (including International IndependenceStandards) issued by the International Ethics Standards Board for Accountants (IESBA Code) that are relevantto the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities inaccordance with the Code and the IESBA Code.

PricewaterhouseCoopers, ABN 52 780 433 757
Brookfield Place, Level 15, 125 St Georges Terrace, PERTH WA 6000, GPO Box D198, PERTH WA 6840
T: +61 8 9238 3000, F: +61 8 9238 3999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation.

Woodside Energy Group Ltd | Half-Year Report 2024

42

Responsibilities of the directors for the half-year financial report
The directors of the Company are responsible for the preparation of the half-year financial report that gives atrue and fair view in accordance with Australian Accounting Standards, the Corporations Act 2001 andInternational Financial Reporting Standards. The directors are also responsible for such internal control as they
determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view
and is free from material misstatement whether due to fraud or error.

Auditor's responsibilities for the review of the half-year financial report
Our responsibility is to express a conclusion on the half-year financial report based on our review.
ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe thatthe half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fairview of the Group's financial position as at 30 June 2024 and of its performance for the half-year ended on thatdate, and complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the
Corporations Regulations 2001.
ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe thatthe half-year financial statements, taken as a whole, are not prepared in all material respects in accordancewith International Accounting Standard IAS 34 Interim Financial Reporting.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other review procedures. A review is substantiallyless in scope than an audit conducted in accordance with Australian Auditing Standards and International
Standards on Auditing and consequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

PricewaterhouseCoopers

N M Henry
Partner
Perth, Western Australia
27 August 2024

Woodside Energy Group Ltd | Half-Year Report 2024

A G B Hodge
Partner
Perth, Western Australia
27 August 2024

43

Appendix 4D
Dividends
Ex-dividend date

5 September 2024

Record date for the interim dividend

6 September 2024

Date the dividend is payable

3 October 2024

Interim dividend – fully franked

US cents per share

Current period

Previous corresponding period29

69

80

None of these dividends are foreign sourced.

Woodside dividends are determined and declared in US dollars. However, shareholders will receive theirdividend in Australian dollars unless their registered address is in the United Kingdom (in which case they will
receive their dividend in British pounds), in the United States of America (in which case they will receive theirdividend in US dollars) or in New Zealand (in which case they will receive their dividend in NZ dollars).
Shareholders who reside outside of the United States can elect to receive their dividend electronically in US
dollars, payable into a US financial institution account. Shareholders who reside outside of the United States,
the United Kingdom, New Zealand and Australia may elect to receive their dividend electronically in their local
currency using Global Wire Payment Service from the Company's share registry, Computershare Investor
Services Pty Ltd.
Shareholders should contact the Company's share registry if they wish to alter their dividend currency for future
dividend payments. Contact details are available on Woodside's website on the Shareholder Information
section of the Investors page. Shareholders must make an election to alter their dividend currency on or before
5.00pm AWST on 9 September 2024.

Net Tangible Assets per ordinary security
Net Tangible Assets (US$ per ordinary security)30

Current period
US$
16.42

Previous corresponding period29
US$
16.40

Details of Associates and Joint Venture Entities

Name of entity
North West Shelf Gas Pty Ltd
North West Shelf Liaison Company Pty Ltd
China Administration Company Pty Ltd
International Gas Transportation Company Limited
North West Shelf Shipping Service Company Pty Ltd
North West Shelf Lifting Coordinator Pty Ltd
Blue Ocean Seismic Services Limited
Iwilei District Participating Parties, LLC
Caesar Oil Pipeline Company, LLC
Cleopatra Gas Gathering Company LLC
Marine Well Containment Company LLC

Percentage of ownership interest held at end of
period or date of disposal
Current period
Previous corresponding period29
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
33.33%
16.17%
28.50%
14.96%
14.96%
25.00%
25.00%
22.00%
22.00%
10.00%
10.00%

29

Comparisons are to half-year ended 30 June 2023.
Includes lease assets and liabilities as a result of AASB 16 Leases. Net Tangible Assets per ordinary security is a non-IFRS measure. Refer to Alternative
Performance Measures for a reconciliation for these measures to Woodside’s financial statements on pages 50 – 52.
30

Woodside Energy Group Ltd | Half-Year Report 2024

44

Shareholder information
Key announcements 2024
January

February

March
April

June
July
AugustFourth quarter 2023 report
Appointment of Director and changes to Committee Membership
Woodside concludes discussions with Santos
Woodside releases Reserves Statement and financial updates
Woodside to sell 15.1% Scarborough interest to JERA
Full-year 2023 results and briefing
Annual Report 2023 and US Annual Report 2023 (Form 20-F)
Climate Transition Action Plan and 2023 Progress Report
Thriving through the energy transition investor presentation
Woodside completes sale of 10% Scarborough interest
Chair’s letter to shareholders
First quarter 2024 report
2024 Annual General Meeting
Appointment of Director to Woodside Board
Woodside achieves first oil at Sangomar field in Senegal
Report on payments to governments 2023
Woodside to acquire Tellurian and Driftwood LNG
Second quarter 2024 report
Woodside to acquire OCI’s Clean Ammonia ProjectHalf-Year 2024 line-item guidanceHalf-Year 2024 results

Events calendar 2024-2025
Key calendar dates for Woodside shareholders in 2024-25. Please note dates are subject to review.
August27
5September

October
DecemberJanuary

6
6
16
3
16
31

Half-year 2024 results
Ex-dividend date for interim dividend (Australian Securities Exchange and London Stock
Exchange)
Ex-dividend date for interim dividend (New York Stock Exchange)
Record date for interim dividend
US investor event
Payment date for interim dividend
Third quarter 2024 report
Year-end 2024
Fourth quarter 2024 report

Business directory
Registered office:Postal address:

Woodside Energy Group Ltd
Mia Yellagonga
11 Mount Street
Perth WA 6000
Australia

GPO Box D188
Perth WA 6840
Australia
T: +61 8 9348 4000

Investor enquiries
Investors seeking information on the company should contact Investor Relations at:
Postal address:
Investor Relations
GPO Box D188
Perth WA 6840
Australia

Woodside Energy Group Ltd | Half-Year Report 2024

T: +61 8 9348 4000
E: investor@woodside.com
W: woodside.com

45

Share registry enquiries
Investors seeking information about their shareholdings should contact the company’s share registry:
Registered office:Postal address:

Computershare Investor Services Pty Limited
Level 11172 St Georges Terrace
Perth WA 6000

GPO Box D182
Perth WA 6840
T:

1300 558 507 (within Australia)+61 3 9415 4632 (outside Australia)
E: web.queries@computershare.com.au
W: investorcentre.com/wds

The share registry can assist with queries on share transfers, dividend payments, the dividend reinvestment
plan, notification of tax file numbers and changes of name, address or bank account details.
Details of shareholdings can be checked by visiting the share registry website at www.investorcentre.com/wds.
Details of our registrar in the United Kingdom and our authorised depositary bank for Woodside’s American
Depositary Receipt programme can be found on our website.

Assets
Producing facilities
Australia
Asset

Role

EquityProduct

Pluto LNG

Operator

90%

LNG, pipeline gas and condensate

North West Shelf1

Operator

33.33%

LNG, pipeline gas, condensate and NGLs

Wheatstone

Non-operator

13%

Julimar-Brunello

Operator

65%

Okha FPSO

Operator50%

Crude oil

Ngujima-Yin FPSO

Operator60%

Crude oilBass Strait

Non-operator

32.5-50%

Crude oil, pipeline gas, condensate and NGLs

Pyrenees FPSO

Operator

40-71.4%

Crude oil

MacedonOperator

71.4%

Pipeline gas

LNG, pipeline gas and condensate

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 China National Offshore Oil Corporation. Woodside’s participating interest in the China LNG JV is 25% and in the Extended
Interest JVs is 31.567%.

International
Asset

Role

EquityProduct

Sangomar

Operator82%

Crude oilGreater Angostura

Operator

45-68.46%

Crude oil and pipeline gas

Greater Shenzi

Operator72%

Crude oil, pipeline gas, condensate and NGLs

AtlantisNon-operator

44%

Crude oil, pipeline gas, condensate and NGLs

Mad Dog

Non-operator

23.9%

Crude oil, pipeline gas, condensate and NGLs

Woodside Energy Group Ltd | Half-Year Report 2024

46

Projects1
Post FID
Asset

Role

EquityProduct

ScarboroughOperator

90%2

LNG, pipeline gas and condensate

Trion

Operator60%

Crude oil1.
2.

Excludes acquisitions subsequent to the period.
On completion of the transaction to sell a 15.1% interest in the Scarborough Joint Venture to JERA, Woodside will hold a 74.9% interest and remain
as operator. Completion is expected in the second half of 2024.

Developments
Asset

Role

EquityProduct

CalypsoOperator

70%

Gas

BrowseOperator

30.6%

LNG, pipeline gas and condensate

Greater Scarborough1

Operator

100%

Gas

Liard

Non-operator

50%

Gas

SunriseOperator

33.44%

LNG, pipeline gas and condensate

1.

“Greater Scarborough” includes the Jupiter and Thebe fields.

New energy opportunities1,2
Asset

Role

EquityProduct

H2OK

Operator

100%

Hydrogen

H2PerthOperator

100%

HydrogenHydrogen Refueller@H2Perth

Operator

100%

Hydrogen

H2TAS

Operator

100%

Hydrogen and ammonia

Woodside Solar

Proponent2

100%

Solar energy

Southern Green Hydrogen3

Preferred partner-

Hydrogen and ammonia

CapellaNon-operating
participant

N/A

Solar energy

1.
2.
3.

Subject to FID and regulatory approvals. Excludes acquisitions subsequent to the period.
Solar generation, battery services and transmission access and services will be supplied to Woodside under contracts with third parties.
Subsequent to the period, Woodside ceased discussions on a potential Southern Green Hydrogen collaboration.

Greenhouse gas assessment permits
Country

PermitRole

Joint venture

Comment

Australia

G-7-AP

Non-operator

Bonaparte CCS
Assessment Joint
VentureLocated in the Bonaparte basin off thenorth western coast of the Northern
Territory

G-8-AP

Operator

Browse Joint Venture

For carbon capture and storage
evaluation for Browse

G-10-APOperator

Angel CCS Joint
VentureLocated in the Northern Carnarvon
basin off the north west coast ofWestern Australia

Woodside Energy Group Ltd | Half-Year Report 2024

47

Exploration
Country

PermitRole

EquityProduct

WA-404-P

Operator100%

Gas prone basin

WA-536-P

Operator65%

Gas prone basin

WA-550-P

Operator100%

Gas prone basin

NT/P86

Operator100%

Gas prone basin

WA-28-P

Operator

15.78%33.3%

Oil and gas pronebasin

WA-93-R

Operator70%

Gas prone basin

WA-94-R

Operator70%

Gas prone basin

FEL 5/13

Operator

Exit initiatedOil or gas pronebasin

SenegalRufisque, Sangomar and Sangomar
Deep (RSSD)

Operator

Exit initiatedOil prone basin

Congo

Marine XX

Non-operator

22.5%

Oil or gas prone
basin

Red Sea Block 1

Non-operator45%

Oil or gas prone
basin

Red Sea Block 3

Non-operator

30%

Oil and gas prone
basin

Red Sea Block 4

Non-operator

25%

Oil and gas prone
basin

North El Dabaa Offshore (Block 4)

Non-operator

27%

Oil and gas pronebasin

Bimshire Bay

Operator

60% - Exitinitiated

Oil or gas prone
basin

Operator100%

Oil prone basin

Non-operator40%

Oil prone basin

Asia – Pacific

Australia

EuropeIrelandAfricaEgypt

Caribbean
Barbados
North America
GB 780, GB 824, GB 825, GB 821,
GB 866, EB 636, EB 637, EB 550, EB
594, EB 638, KC 859, KC 903, KC
904, KC 905, KC 948, KC 949, WR
795, WR 796
US Gulf of Mexico

GB 640, GB 641, GB 685, GB 555,
GB 726, GB 770, GB 771, GB 604,
GB 605, GB 647, GB 648, GB 772,
GB 728, GB 729, GB 773, GB 774,
GB 421, GB 464, GB 465, GB 508,
GB 509, GC 598

Woodside Energy Group Ltd | Half-Year Report 2024

48

Country

PermitRole

EquityProduct

GB 574, GB 575, GB 619, GB 529,
GB 530, GB 531

Operator40%

Oil prone basin

GC 436, GC 480

Non-operator

44%

Oil prone basin

GB 501, GB 502, GB 545, GB 630,
GB 672, GB 676, GB 677, GB 716,
GB 719, GB 720, GB 721, GB 760,
GB 762, GB 763, GB 805, GB 806,
GB 807, GB 851, GB 852, GB 895

Operator60%

Oil prone basin

GC 282, GC 237

Non-operator50%

Oil prone basin

Operator100%

Oil prone basin

Operator70%

Oil prone basin

MC 798, MC 842

Non-operator45%

Oil prone basin

AC 125, AC 126, AC 81, AC 82

Operator45%

Oil prone basin

GC 679, GC 768

Non-operator

31.9%

Oil prone basin

MC 368, MC 369, MC 411, MC 412,
MC 455, MC 456

Non-operator

25%

Oil prone basin

GC 80, GC 123, GC 124, GC 168

Operator75%

Oil prone basin

GC 870Non-operator

23.9%

Oil prone basin

AT 228, AT 273, AT 274, AT 409, AT
452, AT 453, AT 454, AT 424, AT
425, AT 469, AT 470

Non-operator30%

Oil prone basin

GB 663, GB 664, GB 678,
GC 210, GC 211
EB 655, EB 656, EB 699,
EB 700, EB 701, EB 566, EB 567,
EB 610, EB 611, AC 34, AC 36,
AC 78, AC 80, EB 914

Woodside Energy Group Ltd | Half-Year Report 2024

49

Alternative Performance Measures
Woodside uses various alternative performance measures (APM) which are non-IFRS measures that are unaudited but
derived from our Half-Year Financial Statements. Although certain non-IFRS data has been extracted or derived from theHalf-Year financial statements, this data has not been audited or reviewed by Woodside’s independent auditors. These
measures are presented to provide further insight into Woodside’s performance. See Non-IFRS Measures on page 57 formore information.
APMs and their nearest respective IFRS measure.
30 June2024
US$m

30 June
2023
US$m

1,972

1,766

Finance income

(95)

(174)

Finance costs

147

137

PRRT expense

192

778

Income tax expense

146

284

2,362

2,791

1,893

1,944

Amortisation of licence acquisition costs

5

4

Amortisation of intangible assets

10-

Depreciation of lease assets

101

81

-

68

4,371

4,888

1,937

1,740

Add: Derecognition of Pluto PRRT (post-tax)-

446

Add: Impairment losses (post-tax)-

29

Less: Sangomar DTA recognition

(305)

-

-

(319)

1,632

1,896

30 June2024
US$m

30 June2023
US$m

APMs derived from the condensed consolidated income statement
EBIT/EBITDA excluding impairment
Net profit after tax
Adjusted for:

EBIT
Adjusted for:
Oil and gas properties depreciation and amortisation

Impairment losses
EBITDA excluding impairment

Underlying NPATNet profit after tax attributable to equity holders of the parent
Adjusted for the following exceptional items:

Less: Trion DTA recognition
Underlying NPAT

APMs derived from the condensed consolidated statement of cash flows
and other notes
Capital expenditure
Capital additions on evaluation
Capital additions on oil and gas properties
Capital additions on other1
Capital expenditure
1.

42

76

2,212

2,555

111

138

2,365

2,769

Includes capital additions on other corporate spend. The 2023 amounts have been restated to be presented on the same basis.

Woodside Energy Group Ltd | Half-Year Report 2024

50

APMs derived from the condensed consolidated statement of cash flows
and other notes (continued)

30 June2024
US$m

30 June
2023
US$m

103

138

(5)

(4)

Exploration expenditure
Exploration and evaluation expenditure
Adjusted for:
Amortisation expense
Prior year expense written off-(1)

Exploration capitalised

1454

Exploration expenditure

112

187

2,477

2,956

Capital and exploration expenditure
Free cash flow
Cash flow from operating activities2

2,393

2,951

Cash flow used in investing activities(1,653)(2,637)

740

314

1,979

3,469

6,500

4,050

-

(10)

8,479

7,509

Free cash flow
Liquidity
Cash and cash equivalents
Add: Available undrawn facilities
Less: Restricted cash
Liquidity
2.

Purchases of shares relating to employee share plans, which were previously classified within cash flows used in operating activities, has been classified
within cash flows used in financing activities for the half-year ended 2024. The 2023 amounts have been restated to be presented on the same basis.

APMs derived from the condensed consolidated statement of financial
position

30 June2024
US$m

30 June2023
US$m

35,82936,684(3,697)(4,669)

(759)

(775)

Net tangible assets per ordinary security
Net assets
Adjusted for:Goodwill
Non-controlling interest
Intangible assets

(205)

(103)

Net tangible assets

31,16831,137

1,898,749,771

1,898,749,771

16.42

16.40

Interest-bearing liabilities (Current and non-current)

5,822

5,109

Lease liabilities (Current and non-current)

1,545

1,570

(1,979)(3,469)-10

Number of issued and fully paid shares
Net tangible assets per ordinary security
Gearing

Adjusted for:Cash and cash equivalents
Add: Restricted cash
Net debt

5,388

3,220

Equity attributable to equity holders of the parent

35,07035,909Total net debt and equity attributable to equity holders of the parent

40,45839,12913.3

8.2

Gearing (%)

Woodside Energy Group Ltd | Half-Year Report 2024

51

30 June
2024
US$m

30 June2023
US$m

Net profit after tax attributable to equity holders of the parent

1,937

1,740

Equity attributable to equity holders of the parent

35,07035,9095.5

4.8

Profit before tax and net finance costs

2,362

2,791

Opening non-current liabilities

15,20915,586

Closing non-current liabilities

14,932

15,109Average non-current liabilities

15,071

15,348Opening equity attributable to equity holders of the parent

34,39936,336

Closing equity attributable to equity holders of the parent

35,07035,909Average equity attributable to equity holders of the parent

34,73536,123

Total average non-current liabilities and equity attributable to equity
holders of the parent

49,80651,4714.7

5.4

30 June2024
US$m

30 June
2023
US$m

5,376

6,486

2,526

3,221

APMs derived from the condensed consolidated income statement andstatement of financial position
Return on equity

Return on equity (%)
Return on average capital employed

Return on average capital employed (%)

APMs derived from other notes
Revenue from sale of hydrocarbons (excluding marketing segment)
Cash margin (excluding marketing segment)
Gross profit/(loss)
Adjusted for:
Other cost of sales

21

-

-

4

Oil and gas properties depreciation and amortisation

1,893

1,944

Other revenue

(99)

41

Cash margin (excluding marketing segment)

4,341

5,210

Cash margin %

81%

80%

Trading costs

Production costs (excluding marketing segment)

745

807

Production cost margin %

14%

13%

Royalties, excise and levies

196

316

Insurance

26

34

Inventory movement

(62)

(33)

Shipping and direct sales costs

104

145

Other cash costs (excluding marketing segment):

26

7

Total other cash costs (excluding marketing segment)

Other hydrocarbon costs

290

469

Other cash cost margin %5%

7%

Woodside Energy Group Ltd | Half-Year Report 2024

52

NotesGlossary
TermDefinition$, $m

US dollars unless otherwise stated, millions of dollars

1P

Proved reserves

2C

Best Estimate of Contingent resources

2P

Proved plus Probable reserves

Abate/abatement

Avoidance, reduction or removal of an amount of carbon dioxide or equivalent.

ASX

Australian Securities Exchange

A$, AUD

Australian dollars

BHP Petroleum

Woodside Energy Global Holdings Pty Ltd ACN 006 923 897 (formerly known as BHP Petroleum International Pty Ltd) and,
unless context otherwise requires, its subsidiaries. References to “Woodside Energy Global Holdings Pty Ltd” or “BHP
Petroleum International Pty Ltd” are references to Woodside Energy Global Holdings Pty Ltd ACN 006 923 897 (formerly
known as BHP Petroleum International Pty Ltd) excluding its subsidiaries.

Biodiversity

Biological diversity means the variability among living organisms from all sources including, inter alia, terrestrial, marine andother aquatic ecosystems and the ecological complexes of which they are a part; this includes diversity within species,
between species and of ecosystems.1

Board

The Board of Directors of Woodside Energy Group Ltd

BrentIntercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil price)

Capital expenditure

CCS

Includes capital additions on oil and gas properties and evaluation capitalised.
A tradeable 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 froma 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.
Gross profit/loss adjusted for other cost of sales, trading costs, oil and gas properties depreciation and amortisation and otherrevenue. Excludes the marketing segment. Cash margin % is calculated as cash margin divided by revenue from sale ofhydrocarbons (excluding marketing segment).
Carbon capture and storage

CCUS

Carbon capture utilisation and storage

CHF

Swiss francs

CO2

Carbon dioxide

CO2-e

CO2 equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhousegases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (oravoiding releasing) any greenhouse gas against a common basis.2

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.

DRP

Dividend reinvestment plan

EBIT

Calculated as profit before income tax, PRRT and net finance costs

EBITDA excluding
impairment

Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses,
impairment reversals

Emissions

Emissions refers to emissions of greenhouse gases unless otherwise stated.

EPS

Earnings per share

Exploration expenditure

Includes exploration and evaluation expenditure less amortisation of licence acquisition costs and prior year exploration
expense written off.

Extended Interest Joint
Ventures or Extended
Interest JVs

The Extended Interest Joint Ventures commenced on 1 August 2020 and cover the relevant joint venturers’ production
entitlement for equity lifted LNG and pipeline gas from the North West Shelf Project. Woodside’ participating interest in the
Extended Interest Joint Ventures is 31.567%.

FEED

Front-end engineering design

FID

Final investment decision

FPSO

Floating production storage and offloading

FPU

Floating production unit

Free cash flow

Cash flow from operating activities and cash flow from investing activities

GAAP

Generally Accepted Accounting Principles

Gearing

Net debt divided by the total of net debt and equity attributable to equity holders of the parent.

GHG or greenhousegas

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).2

Goal

Woodside uses this term to broadly encompass its targets and aspirations.

Gross margin

Gross profit divided by operating revenue. Gross profit excludes income tax, PRRT, net finance costs, other income and otherexpenses.

H1, H2

Halves of the calendar year (H1 is 1 January to 30 June and H2 is 1 July to 31 December).

HSE

Health, safety and environment

IFRS

International Financial Reporting Standards

JV

Joint venture

KGP

Karratha Gas Plant

Carbon credit

Cash margin

Woodside Energy Group Ltd | Half-Year Report 2024

53

Liquidity

Total cash and cash equivalents and available undrawn debt facilities less restricted cash.

LNG

Liquified natural gas

Lower carbon

Lower carbon ammonia

Lower carbon portfolio

Lower carbon services

Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions whencompared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource,
process, production facility, product or service, or activity.
Lower carbon ammonia is characterised 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 oncontracted 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).
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.
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.

LSE

London Stock Exchange

Net debt

Interest-bearing liabilities and lease liabilities less cash and cash equivalents.

Net profit attributable toequity holders of theparentNet profit after tax excluding non-controlling interests from the Group’s operations.

Net tangible assets

The Group’s net assets less goodwill, non-controlling interest and intangible assets.

Net tangible assets per
ordinary security

Net tangible assets divided by the number of issued and fully paid shares.

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 attributable to equity holders of the parent

NWS

North West Shelf

NYSE

New York Stock Exchange

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.

Other cash cost margin

Other cash costs include royalties, excise and levies, insurance, inventory movement, shipping and direct sales costs andother 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).

Production cost margin

Production cost margin % is calculated as production costs divided by revenue from sale of hydrocarbons. Excludes themarketing segment.

PRRT

Petroleum resources rent tax

PSC

Production sharing contract

PSE

Process safety event

Revenue from ordinary
activities

Revenue from the sale of hydrocarbons, processing and services revenue and shipping and other revenue.

RFSU

Ready for start up

RSSD

Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore.

Scope 1 GHG
emissions

Direct GHG emissions. These occur from sources that are owned or controlled by the company, for example, emissions fromcombustion 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. Australiannational 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 exist.3

Scope 2 GHG
emissions

Scope 3 GHG
emissions
Significant
environmental event

Sustainably (including
sustainable andsustainably)

Electricity indirect GHG emissions. Scope 2 accounts for GHG emissions from the generation of purchased electricity
consumed by the company. Purchased electricity is defined as electricity that is purchased or otherwise brought into theorganisational boundary of the company. Scope 2 emissions physically occur at the facility where electricity is generated.
Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordancewith the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian national Greenhouse andEnergy 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 exist.3
Other indirect GHG 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 thecompany. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation ofpurchased 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 Woodside.3
Unplanned or undesired event resulting in a moderate, medium-term impact on ecosystem, species, habitat or physical or
biological attributes.
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 issustainable 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 ongoingcompliance 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.

Woodside Energy Group Ltd | Half-Year Report 2024

54

TCFD

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
Taskforce on Climate-related Financial Disclosures

Tier 1 PSE

A typical Tier 1 process safety event is loss of containment of hydrocarbons greater than 500 kg (in any one-hour period).

Tier 2 PSE

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).

TRIR

Total recordable injury rate. The number of recordable injuries (fatalities, lost workday cases, restricted work day cases andmedical treatment cases) per million work hours

TargetUnderlying NPAT
Unit production cost or
UPC
US, USANet profit after tax from the Group’s operations excluding any exceptional items

USD

US dollars

WA

Western Australia

1.
2.
3.

Production costs ($ million) divided by production volume (MMboe)
United States of America

UNEP,1992. “Convention on Biological Diversity’ https://www.cbd.int/doc/legal/cbd-en.pdf.
See IFRS Foundation 2021: Climate Related Disclosures Prototype. Appendix A. 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.
World Resources Institute and World Business Council for Sustainable Development 2004. “GHG Protocol: a corporate accounting and reporting
standard”.

Conversion factors
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

FacilityUnit

LNG conversion factor

Karratha Gas Plant

1 tonne8.08 boe

Pluto Gas Plant

1 tonne8.34 boe

Wheatstone

1 tonne8.27 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.

Units of measure
Term

Definition

bbl

barrelbcf

billion cubic feet of gas

boebarrel of oil equivalentCO2-ecarbon dioxide equivalentGJhagigajoulehectareMbbl

thousand barrels

Mbbl/dthousand barrels per day

Mboe

thousand barrels of oil equivalent

Mboe/dthousand barrels of oil equivalent per day

Mcf
MMboe

thousand cubic feet of gas
million barrels of oil equivalent

MMBtu

million British thermal units

MMscf

million standard cubic feet of gas

MMscf/dmillion standard cubic feet of gas per day

Mtpa

million tonnes per annum

MW
PJ

megawatt
petajoules

scf

standard cubic feet of gas

TJ

terajouletpd

tonnes per day

Woodside Energy Group Ltd | Half-Year Report 2024

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About this report
This Half-Year Report 2024 is a summary of Woodside’s operations, activities and financial position as at 30 June 2024.
Woodside Energy Group Ltd (ABN 55 004 898 962) is the parent company of the Woodside group of companies. In thisreport, unless otherwise stated, references to ‘Woodside’, ‘the company’, ‘the Group’, ‘we’, ‘us’ and ‘our’ refer to Woodside
Energy Group Ltd and its controlled entities as a whole. The text does not distinguish between the activities of the parent
company and those of its controlled entities.
References to ‘H1’ refer to the first half of the year, i.e. the period between 1 January 2024 and 30 June 2024. All dollar
figures are expressed in US currency unless otherwise stated. Production and sales volumes, reserves and resources arequoted as Woodside share. A glossary of key terms, units of measure and conversion factors is on pages 53 – 55.
This report should be read in conjunction with the Annual Report 2023 and the Climate Transition Action Plan and 2023
Progress Report available at woodside.com.

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, including
the timing, terms and potential benefits of the proposed acquisition of Tellurian and OCI’s Clean Ammonia Project,statements regarding long-term demand for Woodside’s products, 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, capitaland exploration expenditure and gas hub exposure, and expectations regarding the achievement of Woodside’s net equity
Scope 1 and 2 greenhouse gas emissions reduction and new energy investment targets 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 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 andassumptions.
Those statements and any assumptions on which they are based are subject to change without notice and are subject toinherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control ofWoodside, 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 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, environmental risks, climate
related risks, physical risks, legislative, fiscal and regulatory developments, changes in accounting standards, economic
and financial markets conditions in various countries and regions, political risks, the actions of third parties, project delay oradvancement, regulatory approvals, the impact of armed conflict and political instability (such as the ongoing conflict in
Ukraine and in the Middle East) on economic activity and oil and gas supply and demand, cost estimates, 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 conditions, inflationary conditions, prevailing exchange rates and interest rates andconditions in financial markets, and risks associated with acquisitions, mergers and joint ventures, including difficulties
integrating 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.
In addition to the summary of ‘Principal risks and uncertainties’ on page 16 of this report, 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 the London Stock 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 Woodsidewebsite 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, thiswould likely cause outcomes to differ from the statements made in this report.
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 ofWoodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or

Woodside Energy Group Ltd | Half-Year Report 2024

56

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.
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 conformto 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 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.

Non-IFRS Measures
Throughout this report, 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 excluding impairment, Gearing,
Underlying NPAT, Net debt, Liquidity, Free cash flow, Capital expenditure, Exploration expenditure, Return on Equity,
Return on average capital employed, Cash margin, Production cost margin, Other cash cost margin, Net tangible assets
and Net tangible assets per ordinary security. These Non-IFRS Financial Measures are defined in the glossary on pages 53– 55 of this report. A quantitative reconciliation of these measures to the most directly comparable financial measurecalculated and presented in accordance with IFRS can be found in the Alternative Performance Measures section of thisreport on pages 50 – 52.
Woodside’s management uses these measures to monitor Woodside’s financial performance alongside IFRS measures toimprove 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 ofits business.
Undue reliance should not be placed on the Non-IFRS Financial Measures contained in this report 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 notuniformly defined by all companies, including those in Woodside’s industry. Accordingly, they may not be comparable withsimilarly titled measures and disclosures by other companies.

Climate strategy and emissions data
All greenhouse gas emissions data in this report are estimates, due to the inherent uncertainty and limitations in measuring
or quantifying greenhouse gas emissions, and our 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 net equity Scope 1 greenhouse emissions, Scope 2
greenhouse emissions, and/or Scope 3 greenhouse emissions, unless otherwise stated.
For more information on Woodside’s climate strategy, including references to ‘lower carbon’ and ‘lower carbon services’ aspart of that strategy, and emissions data, refer to Woodside’s Climate Transition Action Plan and 2023 Progress Reportavailable at woodside.com.

No express or implied prices
This report does not include any express or implied prices at which Woodside will buy or sell financial products.

Contacts:
INVESTORS

Marcela Louzada
M: +61 456 994 243
E: investor@woodside.com

MEDIA
Dan Pagoda (Australia)
M: +61 482 675 731
E: dan.pagoda@woodside.com
Rob Young (United States)
M: +1 281 790 2805
E: robert.young@woodside.com

REGISTERED ADDRESS
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

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

Woodside Energy Group Ltd | Half-Year Report 202457