# EDGAR Filing Document

**Accession Number:** 0000844551
**File Stem:** 0001193125-23-049534
**Filing Date:** 2023-2
**Character Count:** 1452914
**Document Hash:** fca0364abd95dea5c0e0ed58e178dce7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-049534.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001193125-23-049534

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 448

**CONFORMED PERIOD OF REPORT**: 20230227

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WOODSIDE ENERGY GROUP LTD
- **CENTRAL INDEX KEY:** 0000844551
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41404
- **FILM NUMBER:** 23669957

**BUSINESS ADDRESS:**
- **STREET 1:** 11 MOUNT STREET
- **STREET 2:** PERTH
- **CITY:** WESTERN AUSTRALIA
- **STATE:** C3
- **ZIP:** 6000
- **BUSINESS PHONE:** (618) 9348 5036

**MAIL ADDRESS:**
- **STREET 1:** 11 MOUNT STREET
- **STREET 2:** PERTH
- **CITY:** WESTERN AUSTRALIA
- **STATE:** C3
- **ZIP:** 6000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WOODSIDE PETROLEUM LTD
- **DATE OF NAME CHANGE:** 19881222

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 6-K** 

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**REPORT OF FOREIGN PRIVATE ISSUER** 

**Pursuant to Rule 13a-16 or 15d-16** 

**of the Securities Exchange Act of 1934** 

**For the month of February 2023** 

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## Woodside Energy Group Ltd
**(Translation of Registrant's Name into English)** 

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**001-41404** 

**(Commission File Number)** 

**Woodside Energy Group Ltd** 

**Mia Yellagonga, 11 Mount Street** 

**Perth, Western Australia 6000** 

**Australia** 

**(Address of Principal Executive Offices)** 

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

Form 20-F ☒ Form 40-F ☐

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

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

**INCORPORATION BY REFERENCE** 

Exhibits 99.1, 99.2, 99.3 and 99.4 to this report on Form 6-K are furnished, not filed, and will not be incorporated by reference into any registration statement filed by the registrant under the Securities Act of 1933.

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**EXHIBIT INDEX** 

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| 99.1 | [A copy of the registrant's Annual Report 2022, dated February 27, 2022.](d459178dex991.htm) |
| 99.2 | [A copy of the registrant's Full-Year 2022 Results and Briefing Pack, dated February 27, 2023.](d459178dex992.htm) |
| 99.3 | [A copy of the registrant's Climate Report 2022, dated February 27, 2023.](d459178dex993.htm) |
| 99.4 | [A copy of the registrant's Sustainable Development Report 2022, dated February 27, 2023.](d459178dex994.htm) |

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**SIGNATURES** 

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

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| | | |
|:---|:---|:---|
| Date: February 27, 2023 |  |  |
|  | **WOODSIDE ENERGY GROUP LTD** | **WOODSIDE ENERGY GROUP LTD** |
|  | By: | /s/ Warren Baillie |
|  |  | Warren Baillie |
|  |  | Corporate Secretary |

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## Exhibit 99.1

**Exhibit 99.1**![LOGO](g459178page200.jpg)

2022 ANNUAL REPORT INCORPORATING APPENDIX 4E

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Annual Report 2022 This Annual Report 2022 is a summary of Woodside's operations and activities for the 12-month period ended 31 December 2022 and financial position as at 31 December 2022. Woodside Energy Group Ltd (ABN 55 004 898 962) is the ultimate holding company of the Woodside group of companies. In this report, unless otherwise stated, references to 'Woodside', the 'Group', the 'company', '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 ultimate holding company and those of its controlled entities. In this report, references to a year are to the calendar and financial year ended 31 December 2022 unless otherwise stated. All dollar figures are expressed in US currency, Woodside share, unless otherwise stated. On the cover Export jetty, Karratha Gas Plant. Forward-looking statements This report contains forward-looking statements, greenhouse gas emissions data, industry, market and competitive position data and Woodside's Financial Statements. Please refer to section 6.9—Information about this report for important cautionary information relating to these matters. Non-IFRS measures Certain parts of this report contain financial measures that have not been prepared in accordance with International Financial Reporting Standards (IFRS) and are also 'non-GAAP financial measures' (as defined in Item 10(e) of Regulation S-K under the US Securities Act of 1933, as amended). Refer to section 6.7—Alternative performance measures for a reconciliation of these measures to Woodside's Financial Statements. These non-IFRS financial measures are defined in section 6.8—Glossary, units of measure and conversion factors of this report. Sustainable Development Report 2022 and Climate Report 2022 A summary of Woodside's sustainability approach, health and safety performance and other information for the 12-month period ended 31 December 2022 is included in our Sustainable Development Report 2022. A summary of Woodside's climate change approach for the 12-month period ended 31 December 2022 is included in our Climate Report 2022. The Annual Report, Sustainable Development Report and Climate Report together provide a complementary review of Woodside's business. Acknowledging Country Woodside recognises Aboriginal and Torres Strait Islander peoples as Australia's first peoples. We acknowledge the unique connection that First Nations people have to land, waters and the environment. We extend this recognition and respect to First Nations peoples and communities around the world. We are working with Green Reports™ on an initiative ensuring that communications minimise environmental impact and create a more sustainable future for the community. Appendix 4E 2022 2021 Results for announcement to the market Revenue from ordinary activities Increased 142% to US$16,817 US$6,962 million Profit from ordinary activities after tax attributable to members Increased 228% to US$6,498 US$1,983 million Net profit for the period attributable to members Increased 228% to US$6,498 US$1,983 million Dividends Amount Franked amount per security Final dividend (US cents per share) Ordinary 144¢ Ordinary 144¢ Interim dividend (US cents per share) Ordinary 109¢ Ordinary 109¢ None of the dividends are foreign sourced Previous corresponding period: Final dividend (US cents per share) Ordinary 105¢ Ordinary 105¢ Interim dividend (US cents per share) Ordinary 30¢ Ordinary 30¢ Ex-dividend date 8 March 2023 Record date for determining entitlements to the final dividend 9 March 2023 Payment date for the final dividend 5 April 2023 31 December 2022 31 December 2021 Net tangible asset per ordinary security1,2 $16.68 $13.86 1. Includes lease assets of $1,264 million and lease liabilities of $1,634 million (2021: $1,080 million and $1,367 million) as a result of AASB 16 Leases. 2. This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information, however it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non-IFRS measures, including reconciliations to Woodside's Financial Statements, refer to section 6.7—Alternative performance measures. ii \| Annual Report 2022

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Contents 1. Overview 4 1.1 About Woodside 4 1.2 2022 achievements 5 1.3 2022 summary 6 1.4 Chair's report 8 1.5 Chief Executive Officer's report 10 1.6 Focus areas 12 1.7 Merger with BHP Petroleum 14 2. Financial performance and strategy 15 2.1 Financial overview 15 2.2 Strategy and capital management 18 2.3 Energy markets 21 2.4 Business model and value chain 22 3. Our business 23 3.1 Australian operations 23 3.2 International operations 25 3.3 Marketing and trading 26 3.4 Projects 27 3.5 Exploration and development 29 3.6 New energy and carbon solutions 30 3.7 Climate and sustainability 32 3.8 Risk factors 33 3.9 Reserves and Resources Statement 41 4. Governance 50 4.1 Corporate Governance Statement 50 Corporate governance at Woodside 50 Board of directors 51 Board committees 59 Executive Leadership Team 62 Promoting responsible and ethical behaviour 64 Risk management and internal control 66 Inclusion and diversity 67 Other governance disclosures 69 Shareholders 70 4.2 Directors' report 71 4.3 Remuneration Report 75 Committee Chair's letter 76 Remuneration Report (audited) 78 Glossary 98 5. Financial Statements 99 5.1 Financial Statements 99 6. Additional Information 165 6.1 Supplementary information on oil and gas—unaudited 165 6.2 Three-year financial analysis 171 6.3 Additional disclosures 176 6.4 Shareholder statistics 183 6.5 Business directory 193 6.6 Asset facts 194 6.7 Alternative performance measures 198 6.8 Glossary, units of measure and conversion factors 201 6.9 Information about this report 204 6.10 Ten-year comparative data summary 206 Woodside Energy Group Ltd \| iii

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S ection 1 : OVERV I E W 1. 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. 2. Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. 3. Net equity greenhouse gas emissions are equal to Woodside's equity share of gross greenhouse gas emissions reduced by the number of retired carbon credits. 4. Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment. S ection 1 . 1 About Woodside We are a global energy company, founded in Australia with a spirit of innovation and determination. The world needs energy that is affordable, reliable and lower carbon to support a successful energy transition. We provide energy to heat and cool homes, keep lights on and support industry. We aim to thrive through the global energy transition with a low cost, lower carbon, profitable, resilient and diversified portfolio.1 The merger with BHP's petroleum business has increased the scale and diversification of our global portfolio, which includes oil and gas assets and interests in Australia, the Gulf of Mexico, the Caribbean, Senegal and Timor-Leste. We also have a focused exploration program. Our focus in operations remains on safety, reliability, efficiency and environmental performance, leveraging more than 35 years of operating experience. We have growth opportunities across gas, oil and new energy. Woodside has several projects currently in execution phase. The Scarborough and Pluto Train 2 projects in Australia achieved a positive final investment decision (FID) in November 2021 and are targeting first LNG cargo in 2026. In Senegal, the Sangomar Field Development Phase 1 is targeting first oil in late 2023. In the US Gulf of Mexico, Shenzi North, a brownfield expansion of the Shenzi oil project, is targeting first oil in 2024 and Mad Dog Phase 2, a development of the southern flank of the Mad Dog field, is targeting start up in 2023. Woodside completed front-end engineering design (FEED) for the Trion oil project in 2022 and is aiming to be FID-ready in 2023. Our marketing, trading and shipping activities enable us to supply a diverse range of customers from our recently expanded global portfolio. Our climate strategy has two key elements: reducing our net equity Scope 1 and 2 greenhouse gas emissions; and investing in the products and services to help our customers secure their energy needs and reduce their emissions. We have targets to reduce our net equity Scope 1 and 2 greenhouse gas emissions by 15% by 2025 and 30% by 2030, towards our aspiration to achieve net zero by 2050 or sooner.2,3 We also have a target to invest $5 billion in new energy products and lower carbon services by 2030.4 Our new energy opportunities include the proposed hydrogen and ammonia projects H2Perth and H2TAS in Australia, and the proposed hydrogen projects H2OK in the US and Southern Green Hydrogen in New Zealand. We take a disciplined and prudent approach to investment through our capital allocation framework, with the goal to manage financial risks and maintain a resilient financial position to allow us to optimise the value delivered from our portfolio of opportunities. Integrity, accountability and transparency drive our environmental, social and governance (ESG) aspirations and guide decision making at all levels of our business. We strive to operate responsibly across our business activities. Enduring and meaningful relationships with communities are fundamental to our social performance. We recognise that our success is driven by our people and our culture. We value diversity and we strive to keep each other safe. 4 \| Annual Report 2022

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» Merged with BHP's petroleum business. » Continued project execution of Scarborough and Sangomar Field Development Phase 1. » Completed sell down of Pluto Train 2. » Awarded H2OK contracts for alkaline electrolyser equipment and liquefaction units in support of targeted FID readiness in 2023. NET PROFIT AFTER TAX $6.5 billion S ection 1 . 2 2022 achievements UNDERLYING NET PROFIT AFTER TAX1 $5.2 billion PRODUCTION VOLUME2 157.7 MMboe OPERATING REVENUE $16.8 billion FULL-YEAR DIVIDEND 253 US cps FREE CASH FLOW1,3 $6.5 billion DELIVERING ON OUR COMMITMENTS 142% 87% 669% 223% 73% 1. This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information, however it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non-IFRS measures, including reconciliations to Woodside's Financial Statements, refer to section 6.7—Alternative performance measures. 2. Includes production of 156.8 MMboe from Woodside reserves and 0.9 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 3. Free cash flow of $6.5 billion includes the impact of collateral payments of $506 million against hedging activities. Without the collateral payments operating cash flow would be $9.3 billion and free cash flow would be $7.1 billion. 228% Woodside Energy Group Ltd \| 5

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Section 1 . 3 2022 summary Completed the transformational merger with BHP's petroleum business, delivered record profit and production, and further strengthened the balance sheet. Creating value We delivered a record reported NPAT of $6,498 million, underpinned by the merger with BHP's petroleum business, increased market oil and gas prices and strong operational performance. Earnings per share increased by 109% to 430 US cents per share (cps) and our full-year fully franked total dividend increased by 87% to 253 US cps. Financial strength Our low level of net debt of $583 million and gearing of 1.6%, below our target gearing range of 10-20%, positions our balance sheet for our expected future capital expenditure.2 Had the 2022 final dividend been paid on 31 December 2022, our gearing would increase to 9.0%. We maintained our investment grade credit rating and ended the period with more than $10 billion of liquidity. Consistent operations Our operations maintained strong LNG reliability. Total recordable injury rate (TRIR) increased to 1.80 per million work hours. Our production cost and unit production cost (UPC) increased following the merger and start-up of the KGP-Pluto Interconnector. Woodside continues to be recognised for strong sustainability performance. Production1 91.4 89.6 100.3 91.1 157.7 2018 2019 2020 2021 2022 MMboe Reported net profit after tax (NPAT) 1,364 343 1,983 6,498 (4,028) 2018 2019 2020 2021 2022 $ million LNG reliability TRIR is the total recordable injury rate per million work hours. 97.3 93.7 97.6 97.7 98.5 2018 2019 2020 2021 2022 Safety 2018 2019 2020 2021 2022 1.32 0.90 0.88 1.74 1.80 TRIR Contractors Employees 11 8 19 24 21 2 3 3 8 6 Gearing2 12.1 14.4 21.9 1.6 24.4 2018 2019 2020 2021 2022 % % Total recordable injuries Liquidity 2018 2019 2020 2021 2022 $ million 3,918 6,952 6,125 10,239 6,704 1. Includes production of 156.8 MMboe from Woodside reserves and 0.9 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 2. This is an alternative performance measure (APM) which is a non-IFRS measure that is unaudited. Woodside believes this non-IFRS measure provides useful performance information, however it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non-IFRS measures, including reconciliations to Woodside's Financial Statements, refer to section 6.7—Alternative performance measures. 3. As of 2022, Woodside received a Morgan Stanley Capital Internationals ESG Rating of AAA. Refer to the disclaimer on page 11 of the Sustainable Development Report 2022. 4. In October 2022, Woodside Energy Group Ltd received an ESG Risk Rating of 31.6 and was assessed by Sustainalytics to be at high risk of experiencing material financial impacts from ESG factors. Copyright©2022 Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. 6 \| Annual Report 2022

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Operating revenue 5,240 4,873 3,600 6,962 16,817 2018 2019 2020 2021 2022 $ million Sales volume 89.2 97.4 106.8 111.6 168.9 2018 2019 2020 2021 2022 MMboe Unit production cost ($/boe) BHP Petroleum production cost ($ million) WDS production cost ($ million) Interconnector production cost ($ million) Production cost 5.1 5.7 4.8 5.3 2018 2019 2020 2021 2022 Morgan Stanley Capital International3 Sustainalytics4 Net debt2 2,397 2,791 3,888 3,772 583 2018 2019 2020 2021 2022 $ million Credit ratings BBB+ S&P Global Baa1 Moody's 465 505 478 481 591 486 204 8.1 FULL-YEAR DIVIDEND 253 US cps 87% EARNINGS PER SHARE 430 US cps 109% RETURN ON EQUITY 17.9 % 3% RETURN ON AVERAGE CAPITAL EMPLOYED 25 % 9% SHAREHOLDER OUTCOMES \* Refer to Sustainable Development Report 2022 for ESG ratings. All footnotes related to this page are displayed on the previous page. Woodside Energy Group Ltd \| 7

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S ection 1 .4 Chair's report On behalf of the Board, I am pleased to report that 2022 was an historic year for Woodside. We successfully completed the merger with BHP's petroleum business, delivered record profit and became an even more significant supplier of energy to a world that needs it. The combination of sustained high oil and gas prices coupled with strong operational performance from our enlarged portfolio contributed to a record reported annual net profit after tax of $6,498 million. We are well positioned for major capital investment through 2023 and 2024 and to return value to shareholders. The Board has determined a fully-franked final dividend of 144 US cents per share, resulting in a total full-year dividend of 253 US cents per share. Our merger with BHP's petroleum business was completed in June 2022, after gaining the approval of 98.7% of the shareholders who voted on the transaction. The merger was a momentous point in Woodside's history. It brought together the best of both organisations to create the largest energy company listed on the Australian Securities Exchange and we subsequently commenced trading with secondary listings on the London Stock Exchange and the New York Stock Exchange. As a global independent energy company, we have the scale, diversity and resilience to provide value to shareholders and thrive through the energy transition. The past year was marked by turmoil in global energy markets, with the impact of Russia's invasion of Ukraine highlighting the importance of energy security and affordability as the world transitions to a lower carbon energy mix. An orderly energy transition requires solutions that balance these three elements. Forecasts indicate that the energy transition is unlikely to be smooth and linear. An enormous amount of investment is required in the coming decades to meet growing global demand, particularly in developing economies with populations who are aspiring for an improved quality of life and access to reliable energy. The global energy transition could take a range of different pathways, and many pathways modelled include strong demand for natural gas. In order to embed new forms of energy into the mix, the world will need to build almost entirely new supply chains, whilst striving to maintain uninterrupted supply. Woodside's strategy in response to this challenge is unchanged. We are focused on delivering reliable, affordable and lower carbon energy today and into the future. We intend to do this from our low cost, resilient, diversified and profitable portfolio that enables us to adapt to the choices our customers make as they also navigate the energy transition. We will continue to work cooperatively with governments and regulators as we deliver this energy, noting the importance of stable policy settings to encourage investment in new supply and reduce market volatility during this transition. Delivering energy safely remains Woodside's top priority. Our personal safety outcomes in 2022 failed to improve against the disappointing result in 2021. It is imperative we improve this in 2023. We maintained high operational and process safety performance both in Australia and globally as we integrated new assets and personnel following the merger. Good progress has also been made on our key growth projects in 2022. Our Scarborough project in Australia is on track for first LNG cargo in 2026 and the Sangomar development offshore Senegal is expected to deliver first oil late 2023. The completion of the merger also brought an expanded development opportunity portfolio across oil, gas and new energy. We have never had so many opportunities competing for capital, and we are focused on high grading those opportunities that will deliver the most value in accordance with our capital allocation framework. Opportunities in the oil portfolio that we are looking to unlock include Trion, one of Mexico's first deepwater developments, and infill and tieback opportunities to Atlantis, Shenzi and Mad Dog in the US Gulf of Mexico. In gas, our opportunities include Calypso in Trinidad and Tobago, Browse off the west coast of Australia, and Greater Sunrise in the Timor Sea between Australia and Timor-Leste. Woodside is also progressing opportunities in new energy products, such as hydrogen and ammonia, and technologies our customers need as they reduce their own emissions. We are leveraging nearly four decades of experience as a safe and reliable producer as we pursue these new energy opportunities. 8 \| Annual Report 2022

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The merger was a momentous point in Woodside's history. It brought together the best of both organisations to create the largest energy company listed on the Australian Securities Exchange and we subsequently commenced trading with secondary listings on the London Stock Exchange and the New York Stock Exchange. — Richard Goyder, AO To date, Woodside has spent US$100 million towards our target to invest US$5 billion in new energy products and lower carbon services by 2030, including ordering key equipment for the proposed H2OK hydrogen project in Oklahoma in the United States. We are targeting our first new energy final investment decision at H2OK in 2023.1 We continue to make progress towards our 2025 and 2030 net equity Scope 1 and 2 greenhouse gas emissions reduction targets.2,3 On behalf of the Board, I would like to thank the entire Woodside team for an excellent performance in 2022 and CEO Meg O'Neill for her outstanding leadership. In a year of significant change, our people have delivered impressive operational results and strong progress on our growth projects and new energy opportunities. My thanks also go to my Board colleagues, who have been tireless in their support of Woodside's purpose and strategic objectives. As a Board, we value the ongoing support of our shareholders and are pleased to be able to reward that trust by delivering increased returns to you in 2022. Richard Goyder, AO Chair of the Board 27 February 2023 1. Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment. 2. Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. 3. Net equity greenhouse gas emissions are equal to Woodside's equity share of gross greenhouse gas emissions reduced by the number of retired carbon credits. Woodside Energy Group Ltd \| 9

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Section 1 . 5 Chief Executive Officer's report The past year has been truly transformative for Woodside. The merged company has delivered record profit driven by our larger, geographically diverse portfolio of highquality assets, and made significant progress on our growth projects. In 2022 Woodside reported net profit after tax of $6,498 million, driven by higher oil and gas prices and strong operational performance from our global assets. Operating cash flow increased by 132% to $8,811 million, strengthening Woodside's ability to fund our growth projects over the coming years and supporting returns to shareholders. We completed the merger with BHP's petroleum business in June 2022, increasing Woodside's scale, diversity and financial resilience and positioning us to implement our strategy to thrive through the energy transition. Woodside's subsequent secondary listings on the London and New York stock exchanges provided a greater global presence and improved access to deep capital markets. Woodside has implemented initiatives to deliver greater than US$400 million annual synergies ahead of target.1 The global energy security and affordability crises that unfolded in 2022 resulted in unprecedented market volatility and shone a spotlight on the challenge we all face as we strive to maintain and improve global standards of living while reducing our emissions. But what we can be confident of is that global energy demand will continue to grow as the more than one billion people who don't currently have access to reliable and affordable energy pursue aspirations for the same quality of life that we enjoy. That demand, and the role gas can play as a lower carbon source of the energy the world needs, underpins our confidence in the strategy we have set out and are pursuing. Liquefied natural gas (LNG) is making a significant contribution to both global energy security and decarbonisation. LNG is an important enabler for increased renewables build-out, providing the baseload and firming capacity required to address the intermittency of solar and wind power. The world's demand for oil is also forecast to remain strong for the next two decades in applications such as power generation, transportation, manufacturing and other hard-to-abate sectors. Post-merger, Woodside's increased exposure to oil, which now contributes approximately 30% of our production, is expected to generate significant cash flow that will help fund our investments in both conventional and new energy. Delivering energy safely remains Woodside's top priority and in 2022 we disappointingly recognised a total recordable injury rate (TRIR) higher than target. Improving the safety performance of our workforce will be a key focus area in 2023. We continued to achieve high reliability across Woodside's operated assets in 2022. When a supply crunch hit the eastern Australian energy market in mid-year due to coal-fired power outages and a drop off in renewables, Woodside played its part by delivering as many molecules of its Bass Strait gas as possible to customers who needed it. In Western Australia, the successful start-up of the Pluto- Karratha Gas Plant (KGP) Interconnector pipeline enabled the accelerated production of 9.4 MMboe of Pluto gas using emerging spare capacity at KGP. Our international portfolio across the US Gulf of Mexico and the Caribbean now includes interests in Shenzi, Atlantis, Mad Dog, Angostura and Ruby. These low cost producing assets have significant expansion potential in close proximity to infrastructure and attractive markets. We are investing in projects that will deliver production and revenue for decades to come, providing a bright future for Woodside. At the Sangomar field in Senegal, the subsea installation campaign got underway and development drilling progressed, with seven of the planned 23 wells now complete. Work to complete and commission Sangomar's floating production storage and offloading facility is currently underway in Singapore ahead of targeted first oil towards the end of 2023. Our Scarborough and Pluto Train 2 projects combined were 25% complete at year-end and remain on track for targeted first LNG cargo in 2026. In 2022, fabrication of the floating production unit topsides commenced, subsea trees were delivered, pipeline manufacturing commenced, and we also completed the first stage of the Pluto Train 2 construction accommodation village in Karratha. Meanwhile, Woodside's pipeline of unsanctioned conventional energy developments continued to be matured. These include the Trion field offshore Mexico, where we have completed front-end engineering design activities, issued tender packages for competitive bids and are working on regulatory approval submissions. We are aiming to be ready for a final investment decision on Trion in 2023. 10 \| Annual Report 2022

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We are investing in projects that will deliver production and revenue for decades to come, providing a bright future for Woodside. — Meg O'Neill There has also been progress on the proposed Browse project with the publication of the final Environmental Impact Statement. At Sunrise in the Timor Sea, the joint venture has agreed to undertake concept select studies while negotiations continue between the governments of Timor-Leste and Australia and the project proponents to agree a new production sharing contract. At Calypso in the Caribbean, we are focused on identifying the development concept and required commercial alignment. Woodside is managing our net equity Scope 1 and 2 greenhouse gas emissions and investing in the products and services our customers need to decarbonise. In 2022, we achieved an 11% reduction in net equity Scope 1 and 2 emissions against our 2016-2020 starting base.2 Our heritage Woodside-operated assets developed decarbonisation plans to identify and implement opportunities to reduce emissions, and similar plans are expected to be developed this year for the heritage BHP operated assets.3 We have made progress on our hydrogen and ammonia opportunities. At our most advanced, H2OK in Oklahoma in the United States, we are aiming to be ready for a final investment decision in 2023. Woodside is developing a suite of carbon initiatives that could be used as services to customers or to reduce and offset our own emissions. In 2022 we were awarded multiple offshore greenhouse gas assessment permits for future carbon capture and storage opportunities. We also developed multiple relationships to collaborate on technologies which convert carbon to useful products. Our record profit in 2022 also means we are delivering strong returns through our payments to governments in Australia. Our total Australian tax and royalty payments of A$2.7 billion in 2022 demonstrates that when Woodside and our industry performs well, our contribution to government revenue is significant. I am proud to reflect on an incredible year for Woodside, in which our people achieved outstanding results while adapting to significant change. Woodside's roots remain in Australia, but in 2022 we have become a truly global business. I look forward in 2023 to the new Woodside continuing to deliver what we have promised for our shareholders, employees, partners and communities as we execute our strategy to thrive through the energy transition. Meg O'Neill Chief Executive Officer and Managing Director 27 February 2023 1. Pre-tax 100% basis. Excluding transition and separation costs. Net of any expected ongoing cost increases as a result of the merger. 2. Woodside's net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of net zero by 2050. Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. 3. Heritage Woodside refers to Woodside's assets prior to the merger with BHP's petroleum business. Heritage BHP refers to the assets acquired through the merger with BHP's petroleum business. Woodside Energy Group Ltd \| 11

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Senegal › Sangomar Caribbean › Angostura › Ruby › Calypso Gulf Mexico Shenzi Mad Dog\* Atlantis\* Trion H2OK Heliogen\* Gulf of Mexico › Shenzi › Atlantis\* › Mad Dog\* › Trion Houston Houston Refer to section 6.6—Asset facts for further detail on Woodside's interests. Primary product Phase Gas Producing assets Oil Projects New energy opportunity1 Developments1 Key \* Non-operated. 1. Subject to FID and regulatory approvals. 2. Denotes marketing offices. 3. Denotes representative and liaison offices. 4. Natural gas liquids. S ection 1 . 6 Focus areas Product share of 2022 annual production LNG (54%) Pipeline gas (18%) NGLs4 (3%) Crude oil and condensate (25%) 12 \| Annual Report 2022

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H2Perth Scarborough Ngujima-Yin FPSO Okha FPSO Wheatstone\*/ Julimar-Brunello North West Shelf Project East coast Australia › Bass Strait\* Timor-Leste /Australia › Sunrise Pluto Western Australia Browse Timor Sea Perth Woodside headquarters › Pluto LNG › Karratha Gas Plant Karratha › Macedon Gas Plant › Wheatstone Onslow Pyrenees FPSO Macedon H2Perth H2TAS Tokyo. Seoul. Singapore. Beijing. Melbourne. Southern Green Hydrogen\* Western Australia › Pluto › North West Shelf › Wheatstone\*/Julimar-Brunello › Okha FPSO › Ngujima-Yin FPSO › Pyrenees FPSO › Macedon › Scarborough › Browse Perth All footnotes are displayed on the prior page. Woodside Energy Group Ltd \| 13

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The merger of Woodside and BHP's petroleum business completed on 1 June 2022. The merger completed following Woodside shareholder approval on 19 May 2022, creating the largest energy company listed on the Australian Securities Exchange (ASX).1 On completion, Woodside acquired the entire share capital of BHP Petroleum International Pty Ltd (BHPP) and issued 914,768,948 new Woodside shares to BHP, which BHP distributed to its eligible shareholders. Woodside received net cash of approximately $1.1 billion, which included the cash remaining in BHPP bank accounts of $399 million immediately prior to completion. Trading of the new Woodside shares on the ASX and Woodside's American Depository Shares (ADS) on the New York Stock Exchange (NYSE) commenced on 2 June 2022 under the ticker WDS. On 6 June 2022, trading of Woodside shares commenced on the Main Market for listed securities of the London Stock Exchange (LSE). Woodside has implemented initiatives to deliver greater than US$400 million annual synergies ahead of target.2 Strategic rationale for the merger Portfolio quality Cash generation and balance sheet Shareholder returns and capital discipline Development optionality Energy transition leadership Synergies 1. Based on market capitalisation and production, as of the date of this report. 2. Pre-tax 100% basis. Excluding transition and separation costs. Net of any expected ongoing cost increases as a result of the merger. S ection 1 . 7 Merger with BHP Petroleum — Shenzi platform 14 \| Annual Report 2022

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In 2022 we achieved a reported net profit after tax of $6,498 million and an underlying net profit after tax of $5,230 million. The additional revenue generated by a more diverse portfolio of assets following the merger with BHP's petroleum business, along with increased market pricing across all products and strong operational performance, were key contributors to the result. Key metrics The financial summary below includes both IFRS and non-IFRS measures. Woodside uses various alternative performance measures (APM) which are non-IFRS measures to reflect our underlying performance. These measures are identified below and are reconciled to Woodside's Financial Statements in section 6.7—Alternative performance measures. 2022 2021 2020 Operating revenue $ million 16,817 6,962 3,600 EBITDA excluding impairment1 $ million 11,234 4,135 1,922 EBIT1 $ million 9,186 3,493 (5,171) Net profit after tax (NPAT)2,3 $ million 6,498 1,983 (4,028) Underlying NPAT1 $ million 5,230 1,620 447 Net cash from operating activities $ million 8,811 3,792 1,849 Investment expenditure1,4,5 $ million 4,441 2,727 2,013 Capital expenditure1,4 $ million 4,023 2,631 1,901 Exploration expenditure1,5 $ million 418 96 112 Free cash flow1,6 $ million 6,546 851 (263) Dividends distributed $ million 3,088 404 766 Final dividend determined US cps 144 105 12 Key ratios Earnings US cps 430.0 206.0 (423.5) Gearing1 % 1.6 21.9 24.4 Production7 Gas MMboe 113.8 73.3 80.3 Liquids MMboe 43.9 17.8 20.0 Total MMboe 157.7 91.1 100.3 Sales volumes Gas MMboe 125.0 93.7 86.5 Liquids MMboe 43.9 17.9 20.3 Total MMboe 168.9 111.6 106.8 1. These are alternative performance measures (APM) which are non-IFRS measures that are unaudited. Woodside believes these non-IFRS measures provide useful performance information, however they should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performances (such as net profit after tax or net cash from operating activities) or any other measure of financial performance or position presented in accordance with IFRS. For more information on non- IFRS measures, including reconciliations to Woodside's Financial Statements, refer to section 6.7—Alternative performance measures. 2. Net profit after tax attributable to equity holders of the parent. 3. The global operations effective income tax rate (EITR) is ~31%. The EITR is calculated as Woodside's income tax expense or benefit divided by profit or loss before income tax. EITR was ~32% for 2021 and ~21% for 2020. 4. Excludes exploration capitalised and the effect of Global Infrastructure Partners' (GIP) additional contribution to Pluto Train 2. 5. Excludes prior period expenditure written off and permit amortisation and includes evaluation expense. 6. Cash flow from operating activities less cash flow from investing activities. Free cash flow of $6,546 million includes the impact of collateral payments of $506 million against hedging activities. Without the collateral free cash flow would be $7,052 million. 7. Includes production of 156.8 MMboe from Woodside reserves and 0.9 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. S ection 2 . 1 Financial overview S ection 2 : F I N A N C I A L P E R FO R M A N C E A N D ST RAT EGY Woodside Energy Group Ltd \| 15

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NPAT reconciliation The following table summarises the variance between the 2021 and 2022 results for the contribution of each line item to NPAT. million Primary reasons for variance 2021 reported NPAT $1,983 Revenue from sale of hydrocarbons Price $4,830 Higher market pricing across all products was also experienced in 2022. A 51% increase in sales volumes due to the contribution of the BHP Petroleum assets, start-up of the Pluto- Volume $5,007 KGP Interconnector and higher plant reliability resulted in higher operating revenue. Other operating revenue $18 Primarily driven by additional processing and services revenue, offset by a decrease in shipping and other revenue. Cost of sales ($2,695) Primarily driven by the additional volumes as a result of the merger with BHP's petroleum business and the start-up of the Pluto-KGP interconnector, as well as higher royalties and excise costs as a result of higher pricing and associated revenue. Other income $596 Primarily due to the sale of 49% of the Pluto Train 2 Joint Venture to GIP. General administrative costs ($633) Primarily due to transaction and integration costs as a result of the merger with BHP's petroleum business. Other ($1,115) Other includes higher losses on hedging activities and repurchase agreements, higher movement on restoration due to an increase in the number of assets following the merger with BHP Petroleum and increased exploration activity. Income tax and PRRT ($1,345) Increased taxes due to higher revenue offset by an increase in the Pluto PRRT deferred tax asset (DTA) as a result of higher 2022 income, improved future price assumptions and additional volumes processed through the Pluto-KGP Interconnector. Impairment and impairment reversals ($148) Due to lower pre-tax impairment reversal recognised in 2022 compared to 2021. 2022 reported NPAT $6,498 2022 NPAT adjustments ($1,268) Adjustment for merger transaction costs ($419 million) and Orphan Basin exit costs ($142 million) offset by Pluto PRRT DTA ($954 million), derecognition of the Corpus Christi onerous contract provision ($245 million) and Wheatstone impairment reversal, net of tax ($630 million). 2022 underlying NPAT $5,230 1. Underlying NPAT is a non-IFRS measures. Refer to section 6.7—Alternative performance measures for a reconciliation of these measures to Woodside's Financial Statements. 2. Free cash flow is a non-IFRS measure. Refer to section 6.7—Alternative performance measures for a reconciliation of these measures to Woodside's Financial Statements. 3. Cash flow from operating activities less cash flow from investing activities. Free cash flow of $6,546 million includes the impact of collateral payments of $506 million against hedging activities. Without the collateral free cash flow would be $7,052 million. Capital management Final dividend and dividend reinvestment plan A 2022 fully franked final dividend of 144 US cps has been determined. The value of the final dividend payment is $2,734 million which represents approximately 80% of underlying NPAT for the second half of 2022, reflecting Woodside's strong operational performance and the contribution of BHP's petroleum business following completion of the merger on 1 June 2022.1 The dividend reinvestment plan (DRP) has been suspended. Liquidity and debt service During the year, Woodside generated $8,811 million of cash flow from operating activities and delivered positive free cash flow of $6,546 million.2,3 Woodside increased its standby debt facilities from $3,100 million to $4,050 million and repaid $283 million of maturing debt. At the end of the period, drawn debt was $5,138 million and liquidity was $10,239 million. Woodside's primary sources of liquidity are cash and cash equivalents, net cash provided by operating activities, unused borrowing capacity under its bilateral facilities and syndicated facilities, issuances of debt or equity securities, and other sources, such as sales of non-strategic assets. Details of Woodside's credit facilities, including total commitments, maturity and interest, and amount outstanding at 31 December 2022, can be found in section 5—Financial Statements. Woodside's principal ongoing uses of cash are to meet working capital requirements, fund debt obligations and to finance Woodside's capital expenditure and acquisitions. In our opinion, working capital is sufficient for our present requirements. Woodside's capital expenditure for 2023 is expected to be between $6,000 million and $6,500 million primarily due to Sangomar and Scarborough project expenditure. This excludes the impact of any subsequent asset sell-downs or other changes in equity. We expect the execution of Sangomar and Scarborough to continue safely, targeting first oil in late 2023 and first LNG cargo in 2026 respectively. Woodside has no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on the Woodside's financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. 16 \| Annual Report 2022

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1. Credit ratings are forward-looking opinions on credit risk. S&P Global's and Moody's credit ratings express the opinion of each agency on the ability and willingness of Woodside to meet its financial obligations in full and on time. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by an assigning rating agency. Any rating should be evaluated independently of any other information. 2. Gearing and net debt are non-IFRS measures. Refer to section 6.7—Alternative performance measures for a reconciliation of these measures to Woodside's Financial Statements. Liquidity Debt maturity profile 1. Undrawn debt facilities as at 31 December 2022 includes $2,050 million of bilateral facilities and $2,000 million of syndicated facilities. Balance sheet Woodside's commitment to an investment grade credit rating remains unchanged and supports Woodside's aims of providing sustainable returns to shareholders and investing in future growth opportunities, in accordance with our capital allocation framework. Woodside's credit ratings of BBB+ and Baa1 were both reaffirmed in 2022 by S&P Global and Moody's respectively.1 Woodside's gearing at the end of 2022 was 1.6%, below our target range of 10% to 20%. Had the 2022 final dividend been paid on 31 December 2022, our gearing would increase to 9.0%. A low level of net debt positions Woodside's balance sheet for its expected future capital expenditure. As a result, Woodside's gearing may at times fall outside the target range of 10% to 20% as the balance sheet is managed through the investment cycle.2 Commodity price risk management Woodside hedges to protect the balance sheet against downside commodity price risk, particularly during periods of high capital expenditure. Woodside hedged approximately 17 MMboe of 2022 volumes. The realised value of these oil price hedges was a pre-tax expense of approximately $475 million. As at 31 December 2022, Woodside has placed oil price hedges for approximately 22 MMboe of 2023 production at an average price of $75 per barrel. Woodside has also placed hedges for Corpus Christi LNG volumes to protect against downside pricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. Approximately 49% of Corpus Christi volumes included in stock in transit for 2022, approximately 82% of 2023 volumes and approximately 29% of 2024 volumes have reduced pricing risk as a result of hedging activities. 2018 2023 2024 2025 2026 2027 2028 2029 2030 2031 0 1 0.5 1.5 2 3.9 7.0 6.7 6.1 10.2 2019 2020 $ billion $ billion 2021 2022 Cash Undrawn facilities Liquidity Drawn Undrawn Woodside Energy Group Ltd \| 17

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Woodside's strategy is to thrive through the energy transition by building a low cost, lower carbon, profitable, resilient and diversified portfolio.1 Woodside's strategy is underpinned by our focus on safe, reliable and efficient operations, and disciplined capital allocation, providing the foundation to progress key development projects and to navigate the energy transition. Woodside's high cash generating portfolio is made up of quality assets which have the scale, diversification and resilience to deliver ongoing value. Our capital management framework seeks to optimise value and shareholder returns and we are positioning ourselves to be agile, flexible and adaptable as the world's energy mix evolves. We are navigating the energy transition by building on our traditional energy capabilities and maturing opportunities to produce lower carbon energy and provide integrated carbon solutions which are customer-led and scalable. The energy challenge faced by the world today is complex. The world needs energy that is affordable, secure, reliable and lower carbon to support a successful energy transition. Woodside has a history of delivering strong margins from our operations and we believe our conventional asset base which is weighted to LNG will become increasingly attractive through the energy transition. OPTIMISE VALUE AND SHAREHOLDER RETURNS LOW COST LOWER CARBON PROFITABLE RESILIENT DIVERSIFIED Woodside's strategy Energy affordability Affordability is required for energy equity and a stable energy transition Energy security and reliability Secure, reliable energy is essential for economic growth and developing economies Gas provides electricity grids with reliable baseload and firming power, helping support increased renewables deployment Lower carbon energy mix Emerging new energy markets will be balanced with lower cost, lower carbon oil and gas Elements for a stable energy transition S ection 2 . 2 Strategy and capital management 1. Please see section 6.8—Glossary, units of measure and conversion factors for a definition of how Woodside uses the term lower carbon portfolio. 18 \| Annual Report 2022

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Capital allocation Woodside's disciplined capital allocation approach includes robust assessment of opportunities, portfolio outcomes and shareholder returns while maintaining focus on safe, reliable and efficient operations. Our investment decisions are informed by energy market analysis including supply, demand and price outlooks. We test the robustness of potential investments against a wide range of scenarios to support our investment decisions with the goal of remaining profitable and resilient through various commodity cycles and climate outcomes. A high performing culture, that includes an engaged, accountable and diverse workforce with a responsible ESG mindset, is critical to enabling us to deliver our vision and strategy. Our strategic framework is underpinned by our focus on safe and reliable operations, a strong balance sheet and technology to enhance efficiency and improve decision making across the value chain. Our capital allocation framework sets target investment criteria for oil, gas and new energy opportunities. We use this capital allocation framework to create a diversified and flexible portfolio, which allows us to respond to changes in demand and supply for our products. OIL GAS NEW ENERGY OFFSHORE PIPELINE LNG DIVERSIFIED Focus Generate high returns to fund diversified growth, focusing on high quality resources Leveraging infrastructure to monetise undeveloped gas, including optionality for hydrogen New energy products and lower carbon services to reduce customers' emissions; hydrogen, ammonia, CCUS1 Characteristics High cash generation Shorter payback period Quick to market Stable long-term cash flow profile Resilient to commodity pricing Long-term cash flow Strong forecast demand Upside potential Developing market Lower capital requirement Lower risk profile Opportunity targets IRR > 15% Payback within 5 years2 IRR > 12% Payback within 7 years2 IRR > 10% Payback within 10 years2 Emissions reduction 30% net emissions reduction by 2030, net zero aspiration by 2050 or sooner3 When assessing opportunities, we consider a broad range of portfolio evaluation and opportunity evaluation factors relevant to the opportunity. These assessments can apply to acquisitions or divestments, and for evaluating the impact of a new project on the portfolio. Earnings Breakeven per share Risk Free cash flow Payback period Funding capacity IRR/NPV Emissions profile Strategic fit Portfolio evaluation considerations4 Opportunity evaluation considerations4 Growth opportunities are screened against portfolio metrics using price, scenario and climate analysis 1. CCUS refers to carbon capture utilisation and storage. 2. Payback refers to RFSU + X years. 3. Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. 4. Illustrative of the considerations. Not an exhaustive list. Woodside Energy Group Ltd \| 19

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Capital management Our capital management framework provides us with the flexibility to optimise value and shareholder returns delivered from our portfolio of opportunities. We consider a range of scenarios to inform our decision making as we strive to balance a resilient financial position with strong shareholder returns. Our capital investment requirements are primarily funded by our operating cash flows, which we augment or distribute with a number of capital management levers: • debt management, enabling continued access to premium debt markets at a competitive cost to support our growth activities and managing the debt maturity profile of our debt portfolio. Our gearing target is 10-20% and we continue to target maintaining an investment grade credit rating • shareholder returns, to reward our shareholders appropriately. Our dividend policy aims to pay a minimum of 50% of NPAT excluding non-recurring items (underlying NPAT), with a target payout ratio between 50% and 80%. Our dividend reinvestment plan (DRP) has been suspended • hedging, to protect the balance sheet against the commodity cycle • focused expenditure management, enabling prudent and efficient deployment of capital to support delivery of our operating asset and growth opportunities • participating interest management, enabling us to balance capital investment requirements, project execution risk and long-term value. In January 2022 we completed the sale of a 49% non-operating participating interest in the Pluto Train 2 Joint Venture. In 2023 we continue to assess opportunities to balance our participating interest in ventures, including the selldown of Scarborough. Capital management framework Optimise value and shareholder returns Special dividends Share buy-backs Future investment Safe, reliable and low cost operations Investment expenditure Strong balance sheet Dividend policy (minimum 50% payout ratio) Investment grade credit rating Maintain dividend based on NPAT excluding non-recurring items, targeting 50-80% payout ratio Targeted 10-20% gearing through the cycle Excess cash 20 \| Annual Report 2022

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The world is grappling with a global energy crisis as surging energy prices impact economic conditions and disrupt customers' expectations for reliable and affordable energy. Heightened geopolitical tension, rerouting of energy flows and an uncertain energy transition are contributing to a period of volatile energy prices. Macroeconomic The global economic rebound from the COVID-19 induced lows of 2020 is facing a weakened outlook as central banks in advanced economies tighten monetary conditions in response to elevated inflation levels. A broad-based global economic slowdown is widely expected to continue through 2023. The International Monetary Fund estimates in its World Economic Outlook report released in January 2023 that global gross domestic product (GDP) growth will slow from 3.4% in 2022 to 2.9% in 2023.1 Oil Oil markets oscillated through 2022 as the rebound in post COVID-19 demand and sanctioned Russian supply put upward pressure on prices, whilst weakening global macroeconomic conditions and China's ongoing management of COVID-19 weighed against demand. The Dated Brent price averaged $101/bbl in 2022, a 43% increase from 2021.2 Geopolitical tensions have highlighted the importance of energy security and further investment in low cost, lower emission developments to meet medium-term global demand. Liquefied natural gas Global gas markets remain tight, as available LNG capacity is unable to meet immediate demand requirements from the unprecedented supply shock of reduced Russian supplies to Europe. In 2022, North Asian LNG prices averaged $34/MMBtu, more than doubling from 2021.2 Woodside expects natural gas to play a critical role in the energy transition across a range of sectors. Currently, less than half of global natural gas supply is used in power generation. On a lifecycle basis, natural gas emits approximately half the carbon dioxide of coal to generate power. It also has the potential to provide grid stability where needed, and may contribute to improved local air quality. According to Wood Mackenzie, global LNG demand is expected to grow by more than 60% in volume between 2021 and 2040.3 This growth is driven across Asian and European nations, phasing out Russian natural gas supply. Woodside expects more LNG projects will be required to ensure adequate supply from the late-2020s, requiring a sufficient price to bring new liquefaction capacity to the market. Woodside's competitive cost of supply, experienced operatorship, balance sheet strength, and geographical proximity to major buyers makes us well placed to meet customers' demand for reliable and secure LNG supply. New energy products Action to address climate change continues to strengthen against the backdrop of ensuring reliable, secure and affordable energy. Targets to accelerate a hydrogen economy are building, for example the European Commission's REPowerEU plan and the pivotal United States' Inflation Reduction Act incentivises the production of lower carbon intensity energy. While the pace in growth of new energy products demand is uncertain, Woodside expects these to become a larger part of the future energy mix. Australian domestic gas market Supply and price challenges experienced during 2022 highlighted the central role of gas in Australia's energy mix and reinforced the importance of stable policy settings to support new investment in gas supply and infrastructure. In mid-2022, the east coast Australian gas market experienced a price spike which was driven primarily by the market being unable to respond to a sharp increase in gas demand caused by a colder than average winter, intermittent renewables generation and increased unreliability of coal generation. This price spike led to the Australian Government passing legislation imposing a 12 month price cap of A$12 per gigajoule in 2023 on new contract sales of gas sold by east coast and Northern Territory gas producers to customers and their affiliates to wholesale customers in Australia. The Western Australian gas market, with different infrastructure constraints, demand profiles and regulatory frameworks has not experienced the same supply and pricing issues. However, the Australian Energy Market Operator (AEMO) has forecast a small supply deficit for several years from 2023, until Woodside's Scarborough project is brought online. As Australia rapidly reduces its reliance on coal for power generation and develops large-scale renewable generation and transmission infrastructure, Woodside expects gas to play a critical role in ensuring reliable and affordable energy. With further supply challenges forecast in coming years, any longerterm solution to current pricing issues will require investment in new gas infrastructure and supply. 1. Source: World Economic Outlook update (January 2023)—Inflation Peaking amid Low Growth. 2. Source: S&P Global 3. Source: Wood Mackenzie Section 2 . 3 Energy markets Woodside Energy Group Ltd \| 21

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Woodside's business model seeks to optimise returns across the value chain by prioritising competitive growth opportunities; utilising our operational, development and technological capabilities; and deepening relationships in energy markets with strong demand growth. 2022 examples Acquire, explore and develop We grow our portfolio through acquisitions and exploration, based on a disciplined approach to optimising shareholder value and appropriately managing risk. We look for material positions in world-class assets and basins that are aligned with our capabilities and existing portfolio. We are focused on value and look to generate low cost, lower carbon development opportunities. During the development phase, we aim to maximise value by selecting the most competitive concept for extracting, processing and delivering energy to our customers. Completed merger with BHP's petroleum business on 1 June 2022 and targeting FID readiness for Trion and H2OK in 2023. Project execution We are building on more than 35 years of project execution expertise, investing in opportunities in Australia and internationally. We have combined the extensive projects experience of Woodside and BHP Petroleum across oil and gas. Woodside is benefitting from the increased scope and scale of the new projects portfolio through knowledge sharing across projects and our relationships with suppliers and contractors. We design and execute projects with a focus on safety, cost and sustainability. Continued project execution of Scarborough and Sangomar Field Development Phase 1. Operate Our operations are characterised by strong safety, reliability and environmental performance in remote and challenging locations. In Australia, our operated assets include the NWS Project and Pluto LNG. We also operate Macedon and three floating production storage and offloading (FPSO) facilities, and have non-operated interests in Bass Strait and Wheatstone. Internationally, we operate Shenzi in the Gulf of Mexico and Angostura and Ruby in Trinidad and Tobago, and have non-operated interests in Atlantis and Mad Dog in the Gulf of Mexico. We endeavour to adopt technology and a continuous improvement mindset to support operational performance and optimise the value of our assets. Increased production by accelerating Pluto gas through the Pluto-KGP Interconnector for processing at NWS's KGP. Achieved reliability above 98% at Pluto LNG and KGP. Market Our relationships with customers have been maintained through a track record of reliable delivery since the NWS Project's first LNG cargo was delivered to Japan in 1989. We are building scale and flexibility in our portfolio by expanding our global marketing presence and enabling further optimisation and short-term trading activities. We manage our LNG portfolio by balancing contract term and price mix exposure; and timing of when we place contracts to capture opportunities through the price cycle. We continue to look for opportunities to collaborate with our customers on lower carbon energy solutions. Entered into a long-term sale and purchase agreement to supply LNG to Europe. Also entered into an offtake agreement to access low cost and flexible LNG supply in the Atlantic basin. Decommission Decommissioning is integrated into project planning, from the earliest stages of development through to the end of field life. We work with global contractors to safely remove facilities and plug and abandon wells that are no longer required for our operations. We work with regulators to deliver our decommissioning commitments. Completed permanent plug and abandonment (P&A) of four wells in the Balnaves field. The Enfield P&A campaign continued with five wells permanently plugged and 13 xmas trees removed. S ection 2 .4 Business model and value chain 22 \| Annual Report 2022

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Section 3 : O U R B U S I N E S S Woodside's Australian portfolio consists of operated and non-operated oil and gas projects across Australia. On completion of the merger with BHP's petroleum business, Woodside doubled its interest in the North West Shelf Project and acquired interests in Bass Strait, Pyrenees and Macedon. Woodside's share of production from Australian operations was 136.6 MMboe in 2022, a 50% increase compared to 2021.1 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 Pluto production was 52.4 MMboe in 2022, an 18% increase compared to 2021. This increase was driven by sustained high reliability of 98.3% for 2022, the start up of the Pluto-KGP Interconnector ahead of schedule and the commencement of operations on the first phase of the Pyxis Hub. Processing of Pluto gas at KGP commenced in March 2022, resulting in the production of 13 additional LNG cargoes in 2022. The Pyxis and Pluto North subsea tiebacks achieved steady state operations in January 2022, followed by the successful completion of the Xena-2 tieback in November 2022. We continued to undertake safe and reliable operations at Pluto LNG with no Tier 1 or 2 process safety events in 2022, and strong safety performance while completing a high level of maintenance work. Woodside is pursuing the opportunity to reduce Scope 1 emissions at Pluto LNG by utilising solar energy from the proposed Woodside Solar project. Woodside celebrated in May 2022, the tenth anniversary of the first LNG produced at Pluto and in November 2022, the delivery of the asset's 700th LNG cargo. In December 2022, Pluto achieved the milestone of 50 million tonnes of LNG produced since start up in 2012. In 2023, a major turnaround is planned for Pluto LNG. Woodside is operator and holds a 90% participating interest. North West Shelf Project The NWS Project consists of three offshore platforms and the onshore Karratha Gas Plant (KGP) which includes five onshore LNG processing trains. It produces LNG, condensate, pipeline gas and natural gas liquids (NGLs). Woodside's share of NWS Project production was 36.7 MMboe in 2022, a 49% increase compared to 2021. This was driven by the increase of Woodside's equity share from 16.67% to 33.33% following completion of the merger. In 2022, NWS also sustained high LNG reliability of 98.5% and successfully completed a major turnaround on KGP LNG Train 3 in May 2022. The Greater Western Flank Phase 3 and Lambert Deep infill projects started up ahead of schedule and under budget. The successful delivery of the projects contributed to KGP continuing to operate at near full production rates in 2022. In September 2022, the NWS Project celebrated the delivery of the 6,000th LNG cargo from KGP. The NWS Project commenced tolling operations in March 2022 with the processing of gas delivered from Pluto through the Pluto-KGP Interconnector. During the year, 9.4 MMboe of production was delivered through the Interconnector. This is the first example of KGP processing third-party gas by utilising spare capacity. Woodside and NWS Project participants signed non-binding agreements with Western Gas for processing 2-3 Mtpa of Equus gas from 2027, initially through KGP and then later through Pluto LNG. Discussions continue with other resource owners for processing of additional third-party gas. The NWS Project remains on track to accept Waitsia gas for processing at KGP in the second half of 2023. State and Commonwealth regulatory approval processes continue for the North West Shelf Project Extension, which supports long-term operations and processing of future third-party gas resources at KGP. Woodside is operator and holds a 33.33% participating interest. S ection 3 . 1 Australian operations 1. Includes production of 0.9 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. Woodside Energy Group Ltd \| 23

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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 processing trains. It processes gas from several offshore gas fields including Julimar and Brunello. Woodside's share of Wheatstone production was 12.2 MMboe in 2022, a decrease from 13.5 MMboe in 2021 primarily due to the major facility turnaround in 2022. The Julimar-Brunello Phase 2 project, which included the tieback of the Julimar field to the Wheatstone platform, achieved steadystate operations in Q1 2022. Wheatstone safely completed the second phase of the multiyear, major turnaround in May 2022. High-rate production trials commenced in September 2022 to assess the feasibility of increased domestic gas production capacity. Trials are expected to conclude in Q2 2023. Woodside completed concept select for Julimar-Brunello Phase 3 and is maturing the project. The third phase of the Julimar-Brunello project will involve the tieback of additional production wells to the Wheatstone platform. In 2023, Woodside is targeting FID readiness for Julimar-Brunello Phase 3. Woodside is operator and holds a 65% participating interest in the Julimar-Brunello fields. Woodside holds a 13% non-operated interest in the Wheatstone project. Bass Strait The Bass Strait is located in the south-east of Australia and produces oil and gas through a network of offshore platforms, pipelines and onshore processing facilities. The Bass Strait assets include the Gippsland Basin Joint Venture (GBJV) and Kipper Unit Joint Venture (KUJV), which were added to Woodside's portfolio on 1 June 2022. Woodside's share of production from the Bass Strait was 19.6 MMboe in 2022, driven by strong plant reliability and gas demand. The Bass Strait remains an important source of gas supply to the Australian east coast. The GBJV continues to invest in gas supply for the domestic market including taking a FID to develop additional gas from the Gippsland Basin Kipper field in March 2022. The GBJV is progressing carbon dioxide (CO2) emissions reduction opportunities which include executing long-term carbon dioxide supply contracts and progressing early frontend engineering design (pre-FEED) studies to determine the potential for carbon capture and storage in the Gippsland Basin. The focus in 2023 is progressing execution of the Kipper Compression project, facility optimisation with reducing production rates and ongoing offshore decommissioning obligations. Woodside holds a 50% non-operating interest in the GBJV and a 32.5% non-operating interest in the KUJV. Other oil and gas assets Woodside operates three floating production storage and offloading (FPSO) facilities off the north-west coast of Western Australia. These are the Okha FPSO (Woodside interest: 50%), Ngujima-Yin FPSO (Woodside interest: 60%) and Pyrenees FPSO (Woodside interest: 40% in WA-43-L and 71.4% in WA-42-L). Macedon (Woodside interest: 71.4%), also operated by Woodside, is a gas project located near Onslow, Western Australia which produces pipeline gas for the Western Australian domestic gas market. The Pyrenees FPSO and Macedon were added to Woodside's portfolio on 1 June 2022. Woodside's share of production from the FPSO assets was 10.6 MMboe, up from 8.6 MMboe in 2021. Woodside's share of production from Macedon was 5.1 MMboe since 1 June 2022. The Macedon facility delivered approximately 18% of the Western Australian domestic gas market supply in 2022. Permanent plugging and abandonment of four wells in the Balnaves field was successfully completed in November 2022. The well decommissioning activity was undertaken in preparation for the removal of remaining subsea infrastructure. Bumi Armada's application to the High Court for special leave to appeal a judgement of the Court of Appeal of Western Australia in respect to its claim against Woodside following termination of FPSO services in 2016 was dismissed in November 2022. In 2023, a major dry-dock turnaround is planned on the Ngujima- Yin FPSO. 24 \| Annual Report 2022

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Woodside's international portfolio includes assets in the US Gulf of Mexico and the Caribbean with embedded growth options. Woodside is focused on safe, low cost, reliable operations and production optimisation. Shenzi Shenzi is a conventional oil and gas field developed through a tension leg platform (TLP) located in the US Gulf of Mexico. Woodside's share of production from Shenzi was 6.2 MMboe from 1 June 2022. A side track development well was brought online in July 2022, increasing field production rates. A subsea multi-phase pump was installed in April-May 2022 to improve recovery from existing producing wells and future infill wells. The B102 well was returned to service after an extended workover. Shenzi North is a two-well subsea tieback to the Shenzi TLP and is targeting first oil in 2024. The second development well was drilled in 2022 and completion operations were ongoing at year end. Completion operations will be followed by subsea equipment installation and hook up. In 2023, focus areas include infill maturation based on seismic acquired in 2022 and tying in the Shenzi North project. Woodside is operator and holds 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 26 active producer wells and two water injector wells. Woodside's share of production from Atlantis was 6.3 MMboe from 1 June 2022. Ocean bottom node (OBN) seismic acquisition was completed in June 2022, supporting optimisation of future development opportunities. A planned turnaround was completed in August 2022 with the executed scopes expected to deliver increased facility reliability. In 2023, the focus areas include maturing the scope of facilities and water injection expansions and a horizontal well trial to improve infill productivity. Woodside holds a 44% non-operating interest. Mad Dog Mad Dog is a conventional oil and gas development located in the US Gulf of Mexico. The Phase 1 development includes a spar facility with drilling capability and 10 active producer wells. Mad Dog Phase 2 is a development of the southern flank of the Mad Dog field. It includes the installation of a new floating production facility, Argos, with production capacity of up to 140,000 gross barrels of oil equivalent per day (100% project). Start up is expected in 2023. Woodside's share of production from Mad Dog was 2.6 MMboe from 1 June 2022. OBN seismic acquisition and analysis is in progress to inform subsequent development phases. In 2023, the focus areas include Mad Dog Phase 2 start up and A-spar debottlenecking. Woodside holds a 23.9% non-operating interest. Angostura and Ruby 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 from Greater Angostura was 5.8 MMboe from 1 June 2022. Woodside continues to pursue opportunities to maximise value, and safely optimise production and operating costs. In 2023, focus areas include prioritisation of production enhancement activities. Woodside is operator and holds a 45% participating interest in the Angostura field and a 68.5% participating interest in the Ruby field. Section 3 . 2 International operations — Shenzi platform Woodside Energy Group Ltd \| 25

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Woodside's global portfolio has expanded following the merger with BHP's petroleum business, increasing our positions in the Asia-Pacific and Atlantic basins. Woodside has a proven track record in our integrated shipping, operations, marketing and trading activities across LNG, condensate, crude and NGL cargoes. Woodside's LNG portfolio is managed through a mix of short, mid and long-term contracts, supplied with cargoes sourced from producing assets or purchased from third parties. In the Asia-Pacific, the LNG portfolio has been supplemented by Pluto gas transported through the Pluto-KGP Interconnector, which has resulted in additional sales of uncontracted LNG cargoes in a high-priced market. In 2022, Woodside's exposure of produced LNG to gas hub indices was 23%. Woodside's LNG trading activities seek to maximise value of our LNG portfolio. Third-party cargoes are purchased from Corpus Christi LNG through a long-term offtake agreement and from the prompt market through our relationships with other producers and traders. The marketing of crude, condensate and natural gas liquids is predominately based on short-term sales and supplemented by term arrangements. Natural gas is sold domestically in both Western Australia and the east coast of Australia. In Western Australia, Woodside's domestic gas obligations are met from multiple producing assets. All production from Bass Strait is sold into the east coast domestic market. From June to December 2022, Woodside supplied approximately 86 petajoules (PJ) of natural gas from the project, representing approximately 15% of all gas supplied to the east coast market.1 In 2023, almost 90% of Woodside's equity production from the Bass Strait has been sold under term sales and any excess capacity is expected to be sold into domestic spot markets. In the Western Australian market, Woodside volumes accounted for approximately 14% of domestic gas supplied in 2022. In the Gulf of Mexico, crude oil is sold to refiners and traders on the US Gulf Coast. In Trinidad and Tobago, crude oil is sold to international markets and natural gas is sold into the domestic market. In 2022, Woodside entered into a long-term sale and purchase agreement (SPA) with Uniper Global Commodities to supply LNG from our global portfolio to Europe. Woodside also entered into an offtake agreement with Commonwealth LNG, to provide low cost and flexible LNG for Woodside's Atlantic position.2 Woodside's LNG shipping fleet includes six vessels under long-term contracts and multiple vessels on short-term charter. Woodside chartered an additional five new build LNG ships in 2022 to support the delivery of Scarborough LNG cargoes and growth in trading activities. The new-build vessels are expected to be delivered between 2024 and 2027. Section 3 . 3 Marketing and trading 1. Approximately 24% on an annualised basis. 2. This will become fully effective upon the satisfaction of customary conditions including an affirmative FID on the project. 26 \| Annual Report 2022

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Woodside's projects portfolio has increased scale and is underpinned by strong project delivery capability. Scarborough The Scarborough gas field is located in the Carnarvon Basin, approximately 375 km off the coast of Western Australia. The field is being developed through new offshore facilities connected by an approximately 430 km pipeline to a second LNG train at the existing Pluto LNG onshore facility. Development of Scarborough includes the installation of a floating production unit (FPU) with eight wells drilled in the initial phase and 13 wells drilled over the life of the Scarborough field. Expansion of Pluto LNG includes the construction of a second LNG train (Pluto Train 2), installation of additional domestic gas processing facilities and supporting infrastructure and modifications to the existing Pluto Train 1 to allow it to process Scarborough gas. Scarborough gas is expected to produce approximately 5 million tonnes per annum (Mtpa) of LNG from Pluto Train 2, and up to 3 Mtpa of LNG from the existing Pluto Train 1. The Scarborough reservoir contains less than 0.1% CO2. The lean Scarborough gas composition is well suited to the design of Pluto LNG. The sale of a 49% non-operating participating interest in the Pluto Train 2 Joint Venture to Global Infrastructure Partners (GIP) was completed in January 2022. Fabrication of the FPU topsides commenced in June 2022 and FPU hull fabrication commenced in October 2022. All phase 1 subsea production trees were delivered ahead of the planned commencement of drilling operations in 2023. Pipeline manufacturing commenced in February 2022 and three shipments of linepipe were delivered to Indonesia for application of insulation coating. Subsea flowline fabrication also commenced in August 2022. Pluto Train 2 site works commenced in June 2022, the construction accommodation village became operational in August 2022 and the Train 2 module fabrication activities commenced in November 2022. Front-end engineering design (FEED) activities for Pluto Train 1 modifications were completed in Q4 2022 and execution activities are planned to commence in Q2 2023. Woodside continues to work with Traditional Custodians to identify, manage and protect heritage located near the project footprint on the Burrup Peninsula.1,2 The Scarborough Cultural Heritage Management Plan was approved by the Western Australian Department of Water and Environmental Regulation in January 2023. Woodside received the final primary approvals for Scarborough in early 2022 from the Commonwealth-Western Australian Joint Authority. This included the pipeline licence to construct and operate the Scarborough pipeline in Commonwealth waters and approval for the Scarborough Field Development Plan, enabling Woodside to commence petroleum recovery operations. Regulator assessment of secondary environmental approvals for offshore project execution activities is ongoing. The sell-down process for equity in the Scarborough Joint Venture is progressing. Woodside is targeting first LNG cargo in 2026. Woodside is operator and holds a 100% participating interest in Scarborough, 51% participating interest in Pluto Train 2 and 90% participating interest in Pluto LNG. Sangomar Development of the offshore Sangomar field, containing both oil and gas, is Senegal's first offshore oil project. The Sangomar Field Development Phase 1 is developing the less complex reservoirs in the Sangomar field and testing other reservoirs to support potential future phases. Oil will be produced through a stand-alone FPSO facility with supporting subsea infrastructure. It is designed to allow the tie-in of subsequent phases. The FPSO Léopold Sédar Senghor is a converted oil tanker with new topsides, turret and mooring systems. The construction phase for the FPSO facility was completed in China. The FPSO facility was successfully relocated in December 2022 to Singapore to complete topsides integration and precommissioning. 1. The Traditional Custodians are members of the local Aboriginal groups with traditional rights and responsibilities in relation to the land and water in which we operate. 2. Heritage is the places, objects, landscapes, traditions or other matters that have cultural significance to a community. Cultural significance is defined in the Burra Charter as 'aesthetic, historic, scientific, social or spiritual value for past, present or future generations. Cultural significance is embodied in the place itself, its fabric, setting, use, associations, meanings, records, related places and related objects.' Section 3 .4 Projects Woodside Energy Group Ltd \| 27

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The drilling and completions campaign involves the drilling of 23 production, gas and water injection wells. The reinjection of gas and water will help maximise the recovery of the oil and enable gas to be stored for future use. At the end of 2022, seven wells were complete, ten further wells partially complete and six wells were still to spud. A first drillship, the Ocean BlackRhino, commenced the drilling campaign in July 2021 and was joined by a second drillship, the Ocean BlackHawk, commencing operations in July 2022 using a batch drilling approach to enable operational efficiencies. Subsea equipment fabrication is complete, and the subsea installation campaign commenced in September 2022. Woodside is committed to supporting the development of local capabilities, supporting training initiatives, offering local employment and business opportunities and supporting capacity building within Senegal. To date, over 4,400 local Senegalese people have worked on the project and approximately 1,000 local businesses have been engaged across the supply chain. The Sangomar Field Development Phase 1 is targeting first oil in late 2023. Woodside is operator and holds an 82% participating interest in the Sangomar exploitation area and a 90% participating interest of the remaining Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) evaluation area. Trion The Trion project is an oil opportunity in Mexico and is located in the Gulf of Mexico, approximately 180 km off the Mexican coastline and 30 km south of the US/Mexico maritime border at a water depth of approximately 2,500 metres. Trion will be one of Mexico's first deepwater oil developments and is targeting FID readiness in 2023. The selected concept for Trion is a subsea development connected to a semi-submersible FPU capable of producing and transferring 100,000 barrels of oil per day to a floating storage and offloading (FSO) vessel. Oil from the FSO is expected to be exported to the market, with excess gas transferred back via a pipeline to existing offshore gas export infrastructure. The main components of the reservoir development plan include crestal gas injection, peripheral water injection, and phased development drilling with 24 total wells. The field was appraised with a total of six well penetrations. A number of activities were completed during the year including FPU FEED, offshore seabed surveys and OBN seismic data interpretation while subsea hardware vendor engineering commenced. Key tender packages were also issued for competitive bids. In 2023, the project is expected to progress the necessary technical, commercial and regulatory work streams to support FID readiness and commence execution activities if sanctioned. Woodside is operator and holds a 60% participating interest. — Sangomar FPSO 28 \| Annual Report 2022

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Woodside's portfolio of developments and targeted exploration program is focused on identifying and addressing key technical and commercial elements to allow resources to compete for capital. Calypso Calypso is located approximately 220 km off the coast of Trinidad and comprises several gas discoveries in Block 23(a) and Block TTDAA 14. Two appraisal wells were drilled in 2021 to delineate the resource and provide information for development studies. Appraisal results are being assessed in conjunction with conceptual engineering studies. Woodside is operator and holds a 70% participating interest. Browse The Browse development comprises the Calliance, Brecknock and Torosa gas and condensate fields located approximately 425 km north of Broome, Western Australia. The Browse Joint Venture (BJV) is evaluating the development of these fields through the NWS Project's KGP. Commercial discussions continue between the Browse and NWS joint ventures. The final Commonwealth Environmental Impact Statement was published in September 2022 and regulatory approvals processes are ongoing. In 2022, the BJV determined that a carbon capture and storage (CCS) solution to abate Browse reservoir CO2 was feasible and the CCS infrastructure has subsequently been incorporated into the development concept. Woodside was awarded a greenhouse gas assessment permit over the Calliance field in August 2022. Woodside is operator and holds a 30.6% participating interest. Liard The Liard basin is located in British Columbia, western Canada. Woodside is assessing development concepts for the resource. Woodside is operator and holds a 100% participating interest in 28 leases, and a 50% non-operated interest in 11 leases.1 Sunrise The Sunrise development comprises the Sunrise and Troubadour gas and condensate fields which are located approximately 450 km north-west of Darwin and 150 km south of Timor-Leste. During 2022, the Sunrise Joint Venture (SJV) and Australian and Timor-Leste Governments held two further Greater Sunrise trilateral meetings to progress a new production sharing contract (PSC). Subsequent to the quarter, retention lease renewals were granted for Australian titles NT/RL2 and NT/RL4. Woodside is operator and holds a 33.44% participating interest. Myanmar On 27 January 2022, Woodside decided to withdraw from its interests in Myanmar. Some formal exit activities continue in order to complete Woodside's country exit. Wildling Wildling was a two-well tieback opportunity to the Shenzi TLP in the central Gulf of Mexico. Drilling of an appraisal well was completed in July 2022 and sub-commercial quantities of hydrocarbons were encountered. The well was plugged and abandoned, and Woodside does not plan to pursue any further Wildling development activities in Blocks GC564 or GC520. Exploration Woodside is focused on accessing, testing and developing low cost, lower carbon, value-adding opportunities with the characteristics and project pace to be resilient through the energy transition. In the US Gulf of Mexico, Woodside completed a number of cross assignments and farm outs with Shell, Oxy and Equinor separately, which expanded the portfolio while managing capital and risk. Woodside drilled the Hoodoo-1 well which did not find hydrocarbons and participated in the non-operated Starman-1 well which found hydrocarbons below Woodside's threshold for a standalone development and is subject to ongoing analysis. In Senegal, Woodside drilled a well to appraise a nearfield tieback opportunity near the Sangomar field. The well encountered gas at the appraisal target depth and was plugged and abandoned as planned. In the Caribbean, Woodside acquired exploration 3D seismic over our Barbados acreage and completed a farm down agreement with Shell. In Australia, 2D seismic was acquired offshore northern Australia. Additionally, Woodside has established acreage positions in key areas viewed to be competitive and fast to market including Egypt and Congo. In the Egyptian Red Sea, Woodside participated in a 3D seismic acquisition over Blocks 3 and 4. In Congo, Woodside completed a joint agreement with operator Total Energies to farm down a joint 30% interest to Petronas. Following completion of the merger with BHP's petroleum business, Woodside took decisive action to exit our exploration positions in offshore Canada and the Republic of Korea. S ection 3 . 5 Exploration and development 1. Includes 9 titles acquired from Chevron Canada (via split-transfer) in 2021 awaiting execution by the British Columbia Ministry of Energy. Woodside Energy Group Ltd \| 29

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Woodside's new energy strategy is centred on building relationships across the value chain and developing profitable solutions to meet customer requirements that have the ability to scale to match the pace of the energy transition. We target locations that have advantaged access to lower cost renewables, enabling infrastructure or access to market. Our competitive advantage is our experience as a safe and reliable producer and supplier of bulk energy to customers across the globe. Woodside has set a target to invest $5 billion in new energy products and lower carbon services by 2030.1 H2OK H2OK is a proposed liquid hydrogen project to be located in Ardmore, Oklahoma with a maximum design capacity of 90 tonnes per day (tpd) of liquid hydrogen through electrolysis, initially targeting the heavy transport sector. Woodside completed FEED activities in 2022 which have matured the facility design, cost and schedule. In October 2022, Woodside awarded a contract to supply 160MW of alkaline electrolyser equipment and in December 2022 awarded a contract for liquefaction units with a capacity of 60tpd. Woodside is operator and holds a 100% participating interest. H2Perth H2Perth is a proposed hydrogen and ammonia production facility to be located in Perth, Western Australia. Phase 1 of the project is targeting up to 2,700 tpd of ammonia produced through gas reforming and electrolysis. It is targeting supply to local industry and international users. Subsequent phases have the potential to expand to 8,900 tpd by increasing the electrolysis component. Pre-FEED commenced in May 2022. Woodside is operator and holds a 100% participating interest. Hydrogen Refueller @H2Perth In 2022, Woodside announced plans for a proposed selfcontained hydrogen production, storage and refuelling station located adjacent to H2Perth, named the Hydrogen Refueller @H2Perth. Initially, Woodside is targeting production of 0.2 tpd of hydrogen, with the potential to scale up to a targeted 0.8 tpd. Woodside is targeting the supply of hydrogen to industrial customers and the public. Woodside is operator and holds a 100% participating interest. Southern Green Hydrogen Woodside has been selected as the preferred partner for the Southern Green Hydrogen project, a proposed hydrogen and ammonia facility to be located in Southland, New Zealand. The proposal is targeting up to 1,400 tpd of ammonia. Southern Green Hydrogen is expected to utilise renewable power to produce hydrogen and ammonia for export and domestic supply. H2TAS Woodside has a proposed renewable ammonia and hydrogen production facility in the Bell Bay area of Tasmania. H2TAS is planned to be a phased development, targeting an initial capacity of up to 550 tpd of ammonia. Ammonia would be produced through electrolysis, utilising a combination of wind and hydroelectric power. Woodside continues to evaluate the cost and schedule impacts of the renewable power solutions that would enable the project to progress. Woodside is operator and holds a 100% participating interest. Heliogen Woodside and Heliogen entered into a project agreement in 2022 to deploy a 5 MW module of Heliogen's artificial intelligence-enabled concentrated solar energy technology in California. In addition, Heliogen and Woodside have signed a collaboration agreement to jointly market Heliogen's renewable energy technology in Australia. Woodside Solar Woodside is progressing the proposed Woodside Solar project, a facility which would initially generate electricity from a solar photovoltaic farm approximately 15 km south-west of Karratha in Western Australia, complemented by a battery energy storage system. The facility is expected to supply up to 100 MW of solar energy with potential expansion to a maximum of 500 MW. It could supply Pluto LNG (potentially reducing Woodside's Scope 1 emissions) as well as other customers located near Karratha that are connected to the North West Interconnected System (NWIS). In 2022, Woodside entered a bilateral Indigenous Land Use Agreement and a modern benefit sharing agreement with the 1. Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment. Section 3 . 6 New energy and carbon solutions 30 \| Annual Report 2022

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Ngarluma Aboriginal Corporation, which holds the native title rights on behalf of the Ngarluma people, for the land where Woodside Solar is proposed. Woodside also executed options to lease associated land within the Maitland Industrial Estate with Development WA and has been progressing NWIS connection and transmission access arrangements. Woodside is operator and holds a 100% participating interest. Carbon solutions Some technologies can abate emissions from conventional processes by capturing greenhouse gases and durably storing them out of the atmosphere. Offsets Woodside is developing a portfolio of carbon credits to contribute to the achievement of its net equity Scope 1 and 2 greenhouse gas emissions targets. These carbon credits also have the potential to be bundled with product sales to assist customers with their carbon abatement. Carbon capture and storage Woodside, as a participant in various joint ventures, was awarded three greenhouse gas assessment permits in 2022. These permits enable carbon capture and storage assessments in the Browse Basin (operated), Northern Carnarvon Basin (operated) and Bonaparte Basin (non-operated). One of these permits covers the depleted Angel gas field, which could provide a storage reservoir for a multi-user carbon capture and storage (CCS) project near Karratha in Western Australia. This could be ideally located to aggregate emissions from various existing industrial emissions sources on the Burrup Peninsula. It could also have the potential to facilitate the development of new industries, such as the production of hydrogen and ammonia, by providing a local solution for emissions. The size of the potential CCS facility is subject to the completion of additional technical, regulatory and commercial studies, but could have a processing capacity of up to 5 million tonnes of carbon dioxide per annum. Woodside is also a participant in the Gippsland Basin Joint Venture, which is progressing a feasibility study into the development of a south-east Australian carbon capture and storage hub. This aims to utilise existing infrastructure to capture and store CO2 in the depleted Bream reservoir located offshore Victoria. Carbon to products In 2022, Woodside launched a carbon capture and utilisation (CCU) collaboration with US based technology developers ReCarbon and LanzaTech to assess the viability of a proposed CCU pilot facility in Perth, Western Australia. The proposed pilot CCU facility would convert greenhouse gases into ethanol. Woodside and LanzaTech also entered into a strategic framework agreement, under which Woodside will collaborate with LanzaTech to design, construct, own, maintain and operate pilot facilities utilising LanzaTech's CCU technologies. LanzaTech's skillset is in the fields of synthetic biology, bioinformatics, artificial intelligence, and machine learning coupled with engineering. Woodside also announced plans to invest US$9.9 million in String Bio Private Limited (String Bio), the developer of a patented process for recycling greenhouse gases into products such as livestock feed. Woodside and String Bio entered a strategic development agreement to explore opportunities for the potential commercial scale up of String Bio's technology. 1. Woodside equity emissions abatement demand is based on current and sanctioned projects at current equity share as well as near and medium term net equity Scope 1 and 2 greenhouse gas emissions targets. Refer to section 3.7—Climate and sustainability for further information on Woodside's net emissions reduction targets. 2. The greenhouse gas assessment permits are subject to commercial agreements and regulatory approvals. OFFSETS CARBON CAPTURE AND STORAGE (CCS)2 CARBON TO PRODUCTS FOCUS Originate carbon credits and purchase from select third parties Secure and accelerate CCS in Australia and beyond Invest in technology advancement to convert carbon into useful products BENEFITS Available at scale now Potential for large scale CO2 storage Future conversion of carbon at source of generation PROGRESS Executing plan to secure offsets to meet Woodside's 2030 net emissions reduction targets1 Awarded three permits to advance studies on carbon capture and storage in Australia Collaborations with String Bio, ReCarbon and LanzaTech Woodside Energy Group Ltd \| 31

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Woodside aims to thrive through the energy transition by building a low cost, lower carbon, profitable, resilient and diversified portfolio.1 Climate and sustainability considerations are integral to our success. Climate Our climate strategy is an integral part of our company strategy. It has two key elements: reducing our net equity Scope 1 and 2 greenhouse gas emissions and investing in the products and services that our customers need as they secure their energy needs and reduce their emissions. Our Climate Report 2022 includes a detailed description of Woodside's approach to climate change. Woodside considers that the Climate Report contains disclosures consistent with the four recommendations and 11 recommended disclosures of the Task Force on Climate-related Financial Disclosure (TCFD), noting its Guidance for all Sectors and Guidance for Non- Financial Groups. We set out our TCFD-aligned disclosures in this separate report to enable us to provide information for interested stakeholders in a readily accessible way, alongside Woodside's climate-related plans, activities progress and data. This Annual Report should therefore be read in conjunction with Woodside's Climate Report 2022. Woodside has targets to reduce our net equity Scope 1 and 2 greenhouse gas emissions by 15% by 2025 and 30% by 2030, towards our aspiration to achieve net zero by 2050 or sooner.2,3 In 2022, Woodside's net equity Scope 1 and 2 greenhouse gas emissions totalled 4,615 kt CO2-e in 2022, which was 11% below the starting base. To achieve this, 754 kt CO2-e of carbon credits were retired. Woodside plans to achieve these targets by avoiding greenhouse gas emissions through the way we design our assets; reducing greenhouse gas emissions through the way we operate our assets; and originating and acquiring carbon credits to use as offsets for the remainder. How we operate our facilities has a direct impact on our progress towards our emission reduction targets. In 2022, asset decarbonisation plans were developed for the heritage Woodside assets, with the intention to extend these to the heritage BHP operated assets.4 These plans identify opportunities to reduce emissions, such as energy efficiency projects, equipment modifications and lower carbon power. In 2022, Woodside signed the Aiming for Zero Methane Emissions Initiative, becoming the first Australasian company to do so. The signatories to the Initiative state that they believe virtually all methane emissions from the industry can and should be avoided. Woodside has a target to invest $5 billion in new energy products and lower carbon services by 2030, as part of our Scope 3 emissions plan.5 At the end of 2022, Woodside has spent more than $100 million towards its $5 billion target. This spend includes electrolysers and liquefaction equipment for the proposed H2OK hydrogen project, the Heliogen pilot project, as well as the investment in String Bio. Sustainability We apply an ESG mindset to guide decision making at all levels of the business. Our activities and reporting continue to evolve in response to the increasing focus on sustainability priorities. We conduct a broad-based materiality assessment process each year to inform our understanding of which sustainability topics are relevant to our business activities and stakeholders. This includes consideration of potential risks, opportunities and impacts. Woodside is an active member of the Voluntary Principles on Security and Human Rights Initiative. It is underpinned by risk assessments, training, management of arrangements with private security providers and where applicable arrangements with public security. Woodside has been a member of Extractive Industries Transparency Initiative (EITI) since 2005 and became an EITI Supporting Company in 2008. We are also an active member in Senegal, Timor-Leste and Trinidad and Tobago multistakeholder groups. Our Sustainable Development Report 2022 outlines our comprehensive approach to ESG performance and sustainability and features our 2022 ESG topics. For more information, please refer to our Sustainable Development Report 2022. For more information on this topic, refer to Woodside's website for the Climate Report 2022 and the Sustainable Development Report 2022 at woodside.com 1. Please see section 6.8—Glossary, units of measure and conversion factors for a definition of how Woodside uses the term lower carbon portfolio. 2. Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. 3. Net equity greenhouse gas emissions are equal to Woodside's equity share of gross greenhouse gas emissions reduced by the number of retired carbon credits. 4. Heritage Woodside refers to Woodside's assets prior to the merger with BHP's petroleum business. Heritage BHP refers to the assets acquired through the merger with BHP's petroleum business. 5. Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment. Section 3 . 7 Climate and sustainability 32 \| Annual Report 2022

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Woodside recognises that risk is inherent in our business and the effective management of risk is vital to deliver our strategic objectives, continued growth and success. We are committed to managing risks in a proactive and effective manner as a source of competitive advantage. Our approach is intended to protect us against potential negative impacts and improve our resilience against emerging risks. The objective of our risk management framework is to provide a single consolidated view of risks across the company to understand our full risk exposure and prioritise risk management and governance. For more information on our risk management process, refer to our Risk Management Policy, which can be found on our website at woodside.com Woodside's risk management process is presented as a set of iterative steps that we undertake in a coordinated manner. The process helps us implement risk management to effectively identify, assess, and control risks, thereby enhancing the likelihood of achieving our business objectives. The process involves: • communication and consultation with key stakeholders • define risk scope, context and criteria • risk assessment • risk treatment • monitor and review risk management process • record and report risks. The process is defined in our risk management procedure which is designed to provide a consistent process for the recognition and management of risks that have the potential to materially impact the achievement of Woodside's business objectives. The Audit & Risk Committee plays a crucial role in assisting the Board meet its oversight responsibility in relation to Woodside's risk management procedures. Refer to section 4.1.3—Board committees for more information on the Audit & Risk Committee. We categorise risks into three categories: Strategic risks—Risks that could affect our organisation's ability to achieve its strategic objectives. Entity risks—Risks that could affect our organisation's ability to achieve our business objectives. They can be positive, negative, or both and can address, create, or result in opportunities and threats. Emerging risks—Risks defined as an external threat or opportunity that has a high degree of uncertainty due to rapid or non-linear evolution. They have the potential to materially impact the achievement of strategic objectives. Woodside's risk appetite statement is a vital element of our risk framework. The statement communicates the type and amount of risk we are willing to take and accept in pursuit of our strategic objectives. The statement is designed to enable our organisation to make risk informed decisions. S ection 3 . 8 Risk factors Woodside Energy Group Ltd \| 33

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Overview of our strategic and material risk factors Climate change The global response to climate change is changing the way the world produces and consumes energy. The complex and pervasive nature of climate change means transition risks are interconnected with and may amplify other risks. Additionally, the inherent uncertainty of potential societal responses to climate change 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 and precipitation patterns. How is this factor relevant to Woodside? Woodside's risks associated with climate change and the transition to a lower carbon economy include possible impacts to demand (and pricing) for oil, gas and its substitutes, the policy and legal environment for its production, and Woodside's reputation and the operating environment. We may also face risks related to climate change's potential to cause physical damage or disruptions to our assets or our supply chains. Woodside is an energy company and in order for us to meet the needs of our current and future customers and the communities in which we operate, we must forecast and manage several critical risks to evolve and prosper through this transition. These elements include: • the demand and pricing of oil and gas • the regulation of oil and gas production and consumption • the timing and rate of the global transition to a lower carbon economy • public perception of Woodside and the broader oil and gas industry • access to carbon credits or emission allowances • uncertainties associated with changing weather patterns. Examples of how this factor may impact Woodside • Physical impacts on our assets or those of our suppliers or customers caused by increased frequency or intensity of severe weather events. • Over or under investing in oil and gas reserves leading to an imbalance between our supply and global demand. • Failure to transition to new energy at a pace that serves the global demand. • Climate-driven changes to legislation or climate-related litigation resulting in additional costs and adversely impacting Woodside's reputation. • Low availability and high cost of emission allowances or carbon credits impacting Woodside's ability to meet its 2025 and 2030 net emissions reduction targets.1 • Reputational risks with respect to Woodside or the oil and gas industry in general. • Financial risks, including limits on availability of funding or changes in financing terms for oil and gas projects. These impacts may lead to a loss in shareholder value, loss of market share to competitors, delays or stoppages in our operations, reduced capacity to fund capital projects, delayed or suspended regulatory approvals, legal liabilities and adverse impacts on Woodside's reputation, social licence to operate and on the delivery of our strategy. How is Woodside managing these risks? Woodside is actively engaged in reducing our emissions and improving our energy efficiency, while providing opportunities for our customers and value chain participants to decarbonise, by supplying LNG and developing innovative lower carbon solutions and markets with a goal of growing a longer-term resilient portfolio. We have near and mid-term emissions reduction targets with plans to meet them.1 We engage and advocate with key industry and governance stakeholders. Our Climate Report includes further information on Woodside's approach to managing climate change risks. For more information on this topic, refer to Woodside's website for the Climate Report 2022 at woodside.com 1. Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. 34 \| Annual Report 2022

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Social licence to operate Risks associated with actual or alleged deviation from social or business expectations of ethical behaviour (including breaches of laws or regulations) and social responsibility (including environmental impact and community contribution), particularly as these expectations evolve. How is this factor relevant to Woodside? Woodside relies on maintaining healthy relationships with our numerous stakeholders in order for us to achieve our objectives. Our employees, host communities, Traditional Owners, government authorities, investors and other groups form significant relationships with our organisation. These relationships are built on the trust that Woodside will meet our stakeholders' expectations. We must also consider the role our commercial agreements play in relation to human rights around the world, we have a responsibility to ensure the rights of all humans aren't negatively affected by our organisation. Some of the most significant risks to our relationships with stakeholders include: • engaging in activities that have real or perceived adverse impacts on the environment, biodiversity, human rights or cultural heritage • failing to meet our climate reduction targets or investment targets in new energy • inadequately responding to quickly evolving expectations of Woodside (including expectations that may significantly differ in the various jurisdictions in which we operate). Additionally, third-party risks that are outside of our control could negatively impact our reputation and licence to operate, such as oil spills or other disasters or scandals that cause collateral damage to Woodside's licence to operate via reputational damage to the oil and gas industry at large. Failure to maintain healthy relationships with our various stakeholders may result in violation of local or national laws or regulations, significant reputational damage, delayed approvals, civil suits and ultimately the deterioration of our licence to operate. Examples of how this factor may impact Woodside • Limited, delayed or failed approvals from local and national government bodies. • Lost or limited stakeholder support for our current business and future opportunities. • Risks related to class action lawsuits, litigation and activism, including allegations of greenwashing. • Reductions in the availability, or less favourable terms, of financing. • Decreased ability to attract and retain a talented workforce, and other operational concerns. These impacts may lead to a loss in shareholder value, loss of market share to competitors, delays or stoppages in our operations, reduced capacity to fund capital projects, delayed or suspended regulatory approvals, legal liabilities and adverse impacts on Woodside's reputation, social licence to operate and on the delivery of our strategy. Our business conduct is informed by the United Nations Guiding Principles on Business and Human Rights (UNGPs), which set a global standard of conduct for all businesses wherever they operate. These principles exist over and above compliance with national laws and regulations protecting human rights. How is Woodside managing these risks? Woodside proactively maintains and builds our social licence to operate through the application of our values, effective stakeholder engagement strategies, our regulatory compliance framework and our anti-fraud and corruption program. Our regulatory compliance framework assists Woodside to proactively maintain relationships with governments and regulators within countries that support base business and future growth opportunities. Woodside maintains meaningful relationships with stakeholders, seeking proactive engagement to inform decisions and gain support for changes. Our fraud and corruption framework aims to prevent, detect and respond to unethical behaviour. It incorporates policies, standards, guidelines and training, which will enable us to conduct our activities ethically and to a high standard. Woodside Energy Group Ltd \| 35

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Growth Risks associated with delivery of both major and complex multi-year execution project activities across multiple global locations, including a reliance on third parties for materials, products and services. How is this factor relevant to Woodside? Traditional energy: In order to maintain our production levels and deliver shareholder value, Woodside must continue to identify growth opportunities and commercialise them. In order to maintain a stable pipeline of future projects and realise the full value of growth opportunities, Woodside will need to compete with major oil companies, national oil companies (NOCs), independent oil and gas companies, individual producers and new energy companies. Failure to effectively compete with these companies may result in the inability to continue to expand Woodside's current operations and deliver shareholder value. Woodside must continue to effectively manage relationships with industry partners, for example, at times we enter joint ventures with organisations which may also be a competing oil and gas supplier. It is essential that our voice is heard both within our industry and more broadly. In order for us to effectively communicate, we may at times align with industry bodies to advocate what we believe is right. In addition, our current and planned projects involve many unknown uncertainties and operating risks that could prevent us from realising profits or result in the total or partial loss of our investment. For example our Scarborough project is more than 12 months in to execution phase, however, we may face third-party opposition to environmental approvals, potentially impacting our project delivery schedule. New energy: We have targeted to invest $5 billion in new energy products and lower carbon services by 2030.1 However, there is uncertainty around the pace of required technological innovation and the reliability of technologies that will be needed to transition to a lower carbon environment. In addition, new sources of energy, such as hydrogen or ammonia, may be more difficult to commercialise than expected or may not be able to be commercialised safely or as efficiently as expected at scale. Woodside may also face unforeseen obstacles in the commercialisation of a future carbon capture business and in the implementation of other lower carbon services and emission reduction efforts. Examples of how this factor may impact Woodside • An unbalanced portfolio of traditional and new energy which may not meet the market's needs. • Limited or reduced market share resulting in a loss of shareholder value. • Our competitors may be able to pay more for exploratory prospects and productive oil and natural gas properties and may be able to define, evaluate, bid for and purchase a greater number of properties and prospects, including operatorships and licences, than our financial or human resources permit. • Our projects could experience project implementation schedule slippage, permitting delays, shortages of or delays in the delivery of equipment or purpose-built components from suppliers, escalation in capital cost estimates, possible shortages of construction or other personnel, other labour shortages, environmental occurrences during construction that result in a failure to comply with environmental regulations or conditions on development, or delays and higherthan- expected costs due to the remote location of the projects, the impact of COVID-19 on the relevant workforce or supply chain, other unanticipated natural disasters, accidents, miscalculations, political or other opposition, litigation, acts of terrorism, operational difficulties, climate change related risks or other events associated with that construction that may result in the delay, suspension or termination of our projects. • An inability to obtain financing at acceptable costs, or at all, for the development of new energy projects. • Failure to implement our new energy plans within our anticipated time frame, or at all. • Higher than expected competition in the markets for new energy products and lower carbon services in which Woodside expects to participate. These impacts may lead to a loss in shareholder value, loss of market share to competitors, delays or stoppages in our operations, reduced capacity to fund capital projects, delayed or suspended regulatory approvals, legal liabilities and adverse impacts on Woodside's reputation, social licence to operate and on the delivery of our strategy. How is Woodside managing these risks? Our opportunity management framework is flexible and adaptable with the primary objective to realise the value of an opportunity while mitigating the risk of a suboptimal outcome. We aim to identify and progress a suite of commercially attractive and sustainable opportunities that complement our existing assets, enable portfolio diversity and optimise our commercial position. 1. Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment. 36 \| Annual Report 2022

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Operations Due to the nature of our operations, Woodside and our communities are potentially exposed to a broad range of risks. This is a result of factors such as the geographical range, operational diversity and technical complexity of our assets. Health and safety: Our operations are subject to risks related to safety or major hazard events in connection with our activities or facilities, and may also include unanticipated or unforeseeable adverse events which impact our ability to respond, manage and recover from such events. Commercial: We manage commercial risks within our operations, including third-party relationships such as joint venture partners, contract counterparties and our supply chain. Regulation: Woodside is subject to extensive governmental oversight and regulation in the jurisdictions in which we operate, and such regulations may change in ways that adversely affect our business, results of operations and financial condition. In addition, we are required to comply with securities regulations in Australia, the US and the UK. Reserves and resources estimates: We manage the estimation of proved oil and gas reserves by using judgment and the application of complex rules, and subsequent downward adjustments of Woodside's reported reserves estimates are possible. How is this factor relevant to Woodside? General operational risks: Our operating assets are subject to a range of operating risks associated with process safety incidents, breaches of cybersecurity, extreme weather events and supply chain disruptions. Disruptions to our supply chain, or failure of our contractual counterparties to fulfill their obligations, could adversely impact our production, operations and our financial performance, result in litigation or class actions and cause long-term damage to our reputation. Health and safety: At Woodside, one of our competitive advantages is our record of operating safely. Failure to continue to do so could result in sustained production interruptions leading to an inability to meet production forecasts, as well as potential reputational damage with customers, employees, commercial partners and other stakeholders. Commercial: The majority of our major projects and operations are conducted in joint ventures, which may limit our control over, and our ability to effectively manage risks associated with, such projects. Joint venture participants may have economic or business interests or objectives that are inconsistent with or opposed to our interests and objectives. For projects in which we are not the operator, we may be unable to control the behaviour, performance and cost of operations of joint ventures in which we participate. In these cases, we will be dependent on joint venture participants acting as operators and their ability to direct operations or manage the timing and performance of any activity or the costs or risks involved may be reduced. Regulation: We are subject, in each of the countries in which we operate, to various national and local laws, regulations and approvals relating to the exploration, development, production, marketing, pricing, transportation and storage of our products, as well as the management, decommissioning, clean up and restoration of our properties, and management and disclosure of our operations and impacts. The exploration, production, and transportation of oil and gas involves risk that releases to the environment may occur, which could cause substantial harm to the environment, natural resources, or human health and safety. These laws and regulations could change, and any such changes could have a material adverse effect on our business and financial condition. Because such laws and regulations are subject to amendment and reinterpretation over time, we are unable to predict the future cost or impact of complying with such laws. Moreover, we cannot predict whether new legislation to regulate the oil and gas industries might be proposed, what proposals, if any, might actually be enacted and what effect, if any, the proposals might have on our operations. The adoption and implementation of new or more stringent legislation, regulations or other regulatory initiatives that result in the imposition of more stringent standards for greenhouse gas emissions from the oil and gas industry could restrict the areas in which this sector may operate, and could result in increased compliance costs and changes in product pricing, which could impact consumer demand for our products. Additionally, the conduct of Woodside, our employees and our third-party partners could result in actual or alleged breaches of laws, regulations and approvals, including fraud, corruption, anti-competitive behaviour, money laundering, breaching trade or financial sanctions, market manipulation, privacy breaches, ethical misconduct and wider organisational cultural failings. We have incurred and will continue to incur operating and capital expenditures, some of which may be material, to comply with applicable laws, regulations and approvals. Reserves and resources estimates: Estimating proved oil and gas reserves involves subjective judgements and determinations based on available geological, technical, contractual and economic information. New information from production or drilling activities, changes in economic factors, such as oil and gas prices, alterations in the regulatory policies of host governments in the jurisdictions in which we operate, or other events may cause estimates to change over time. Additionally, estimates may change to reflect acquisitions, divestments, new discoveries, extensions of existing fields and improved recovery techniques. Woodside Energy Group Ltd \| 37

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Operations (Cont.) Examples of how this factor may impact Woodside • A loss of containment event or other operational incident on or related to our property or operations could occur, which could have significant impacts including to human health and safety, the environment, natural resources or cultural resources, as well as financial, legal and reputational impacts. • An aviation incident could result in multiple fatalities. • Supply chain disruptions such as long wait times for critical spares may cause extended outages at our operations. • Natural disasters, earthquakes, social unrest, pandemic diseases (such as COVID-19) and criminal actions by external parties could result in injuries, loss of life, disruption of our operations or the loss or suspension of permits or other approvals. • Our joint venture partners may have the ability to exercise veto rights to block certain key decisions or actions that we believe are in our or the joint venture's best interests or approve those matters without our support. • Joint participants or contractual counterparties may be primarily responsible for the adequacy of the human or technical competencies and capabilities which they bring to bear on the joint project, which may not be adequate. • Our partners and contractual counterparties may not be able to meet their financial or other obligations to the projects. • Applicable laws and regulations may obligate Woodside to identify, avoid, mitigate and disclose environmental risks in various operational practices, which in turn could materially adversely affect our business, financial condition or results of operations. We may also be required to maintain financial assurance through bonds or insurance. • A failure to comply with applicable laws, regulations and approvals may result in the assessment of sanctions, including administrative, civil, and criminal penalties, the imposition of investigatory, remedial, and corrective action obligations or the incurrence of capital expenditures, the occurrence of restrictions, delays or cancellations in the permitting, development or expansion of current or proposed projects, and issuance of injunctions restricting or prohibiting some or all of our activities in a particular area. • The suspension, revocation, failure to renew or alteration of, or challenges to, the terms of the licences, permits, government contracts or approvals required for our operations. • Sanctions for non-compliance with laws and regulations may include administrative, civil and criminal penalties, demand for reimbursement for government or regulatory actions, government orders, suspension or revocation of licences, permits, government contracts or approvals, and corrective action orders. • Government policy objectives in the countries in which we do business, now or in the future, could take the form of increased governmental regulations (including in respect of restoration, protection of the environment, greenhouse gas emissions, natural resources, and worker health and safety), redirection of product distribution (such as domestic gas reservation policies), changes in taxation regulation or enforcement (including, for example, changes in tax rates or increased focus on audits), taxation subsidies or royalties, nationalisation of resource assets or restrictions or moratoriums on our operations on government leases, limitations on periods of lease retention, interference with the confidentiality and availability of information, forced renegotiation of contracts, changes in laws and policies governing operations of foreign-based companies, trade sanctions, currency restrictions and exchange rate fluctuations and other governmental steps. • Actual or alleged violations of the securities laws that we are subject to could result in private or governmental litigation, civil penalties and regulatory action. • Downward adjustments of our reported reserves estimates could indicate lower future production volumes or the impairment of assets. These impacts may lead to a loss in shareholder value, loss of market share to competitors, delays or stoppages in our operations, reduced capacity to fund capital projects, delayed or suspended regulatory approvals, legal liabilities and adverse impacts on Woodside's reputation, social licence to operate and on the delivery of our strategy. How is Woodside managing these risks? • Safe operation is fundamentally embedded through an extensive framework of controls that deliver strong operational performance in our base business. We have a track record of operating discipline and excellence. • The framework includes production processes, drilling and completions and well integrity management processes, inspection and maintenance procedures and performance standards. The framework is supported and inspected on an ongoing basis by our regulators. • Decommissioning is integrated into project planning. We work with our partners and technical experts to identify sustainable and beneficial post-closure options that minimise financial, social and environmental impacts. • The framework is adaptable to enable us to maintain and improve our operating model and performance, target reliability, cost discipline, emissions reductions and strong safety and environmental performance for both our existing business and future growth opportunities. 38 \| Annual Report 2022

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Finance and market Risks associated with the ability to capture value whether markets are stable or volatile, and manage the risks associated with interest rate, commodity price and foreign exchange fluctuations and inflation, as well as risks associated with the ongoing integration of the business activities and operations of BHP's petroleum business. How is this factor relevant to Woodside? Woodside must be financially well positioned in order to pursue our strategic objectives and remain resilient during times of economic challenge. Several factors can affect our position, including: • Market and commodity price: Woodside's revenues are primarily derived from the sale of hydrocarbons. The prices Woodside receives for these products are variable and are impacted by global economic factors beyond Woodside's control. We seek to forecast changes in the economic factors to enable us to maintain a strong market position during challenging economic times. Refer to section 6.3—Additional disclosures and section A in the Notes to the Financial Statements for further information. • Capital management: For Woodside to continue to operate sustainably we must make risk informed decisions related to allocation of capital. We seek to apply a disciplined and balanced approach to capital management through the commodity price cycle. Refer to section 2.2—Strategy and capital management for further information. • Foreign exchange risk: Woodside is exposed to foreign currency risk from future commitments, financial assets and financial liabilities that are not denominated in US dollars. Refer to section A in the Notes to the Financial Statements for further information. • Interest rate risk: This is the risk that Woodside's financial position will fluctuate due to changes in market interest rates. Woodside's risk relates primarily to financial instruments with floating interest rates including long-term debt obligations, cash and short-term deposits. Refer to section C in the Notes to the Financial Statements for further information. • Integration of BHP Petroleum: While Woodside continues to integrate BHP's petroleum business with its own, there is a risk that integration may take longer than expected or that integration may cost more than anticipated. If integration is not achieved in a timely and effective manner, the full benefits of the combination of the two businesses, including the anticipated cost savings, synergies and other benefits that Woodside expects to achieve from the merger, may be delayed or achieved only in part or not at all. This could adversely impact the merged group's business, results of operations and financial condition and the prospects of the merged group. Woodside's financial results could also be adversely affected by impairments of goodwill or other intangible assets, the application of future accounting policies or interpretations of existing accounting policies including by regulatory direction, and changes in estimates of decommissioning costs. Examples of how this factor may impact Woodside • A reduced ability to fund our strategy including our projects. • An imbalance in supply and demand can impact commodity prices and our ability to forecast market conditions determines whether we are impacted positively or negatively. • Woodside may become a less attractive joint venture partner. • Reduced shareholder returns due to lower commodity prices. • If we inaccurately forecast the global demand for our LNG products we may face difficulties obtaining longer term sales contracts with desirable commercial terms. • If counterparties to our derivative instruments are unable to fulfill their obligations, a larger percentage of our future oil and gas production could be subject to price changes. • Inability to achieve anticipated synergies and cost savings on expected timeline or at all. • Unforeseen costs relating to the integration of development, extraction and production operational systems, IT systems and financial and accounting systems of both businesses. • Higher than anticipated costs and liabilities for P&A and decommissioning requirements for assets following the merger. • Impairments of assets, goodwill or other intangible assets could have a significant negative effect on our reported net income and our ability to pay dividends in one or more accounting periods if the level of impairment were to exceed profits available for distribution. These impacts may lead to a loss in shareholder value, loss of market share to competitors, delays or stoppages in our operations, reduced capacity to fund capital projects, delayed or suspended regulatory approvals, legal liabilities and adverse impacts on Woodside's reputation, social licence to operate and on the delivery of our strategy. How is Woodside managing these risks? The delivery of our strategic portfolio objectives requires significant capital expenditure, supported by strong underlying cashflows. Uncertainty associated with product demand is mitigated by selling LNG in a portfolio manner and under long-term take or pay sale agreements, in addition to the spot market. Our low cost of production and prudent approach to balance sheet risk management further mitigates this exposure. Refer to section 6.3—Additional disclosures and section A in the Notes to the Financial Statements for further information. • A flexible approach to capital management enables this overall level of investment in the different areas of our business and the mix to be adjusted to reflect the external environment. Our capital management strategy focuses on capital allocation, capital discipline and efficiency, and active balance sheet management including commodity and foreign exchange hedging. • We maintain insurance in line with industry practice and sufficient to cover normal operational risks. However, Woodside is not insured against all potential risks because not all risks can be insured and because of constraints on the availability of commercial insurance in global markets. Insurance coverage is determined by the availability of commercial options and cost/benefit analysis, taking into account Woodside's risk management program. Losses that are not insured could impact Woodside's financial performance. For example, Woodside does not purchase insurance for the loss of revenue arising from an operational interruption. Our extensive framework of financial controls, including monitoring of counterparties, enables the management of these risks. • The US dollar reflects the majority of Woodside's underlying cashflows and is used in our financial reporting, reducing our exposure to currency fluctuations. Refer to section A in the Notes to the Financial Statements for further information. • Refer to section C in the Notes to the Financial Statements for further information on interest rate risk management. • Woodside has commenced implementing controls and procedures to satisfy the requirements of Sarbanes Oxley (SOX) in 2023. Woodside Energy Group Ltd \| 39

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People and culture Risks associated with the ability to attract, retain, develop, and motivate key employees to succeed and safeguard both current or future performance and growth. How is this factor relevant to Woodside? People are key to the success of Woodside. We must build and maintain a capable workforce if we are to achieve our strategic objectives. An effective operating model with a balanced organisation structure will allow us to conduct our operations and pursue new energy opportunities. For Woodside to remain an employer of choice, our culture must support our current employees and attract the best new candidates. Examples of how this factor may impact Woodside • During periods of high demand for skilled resources, Woodside may be unable to fill critical roles at acceptable costs or at all, leading to operational impacts. • A limited ability to operate due to our people leaving critical roles. • An inability to pursue innovation opportunities due to a skills shortage. • Loss of key personnel or expert knowledge. • Inability to integrate or retain new employees in connection with mergers and acquisitions. • An inability to reach timely agreements with employee bodies may result in industrial action. These impacts may lead to a loss in shareholder value, loss of market share to competitors, delays or stoppages in our operations, reduced capacity to fund capital projects, delayed or suspended regulatory approvals, legal liabilities and adverse impacts on Woodside's reputation, social licence to operate and on the delivery of our strategy. How is Woodside managing these risks? Woodside has a set of resourcing frameworks to attract, retain and develop our workforce to support both base business and growth opportunities. We recognise and value the benefits of creating an inclusive and diverse working environment. We employ a direct engagement model to maintain effective employee and industrial relations. We proactively engage our major contractors and suppliers to strengthen alignment with expectations, securing capability and pricing to meet future business needs. Digital and cybersecurity Risks associated with adopting and implementing new technologies, whilst safeguarding our digital information and landscape (including from cyber threats) across our value chain. How is this factor relevant to Woodside? Woodside must relentlessly protect the confidentiality, integrity and availability of digital data, sensitive information and operational technologies. Woodside's technology systems may be targeted by an internal or external malicious act and our systems may be disrupted unintentionally. Additionally, the cost of implementing and maintaining effective technology systems may be higher than anticipated. While our technology controls are designed to protect against all causes of disruption, we cannot be certain that they will protect our systems in all cases. Examples of how this factor may impact Woodside • In the event of a cyber attack, Woodside's confidential or sensitive information may be made public or held for ransom. • Our operations may be disrupted if an attack gains access to our control systems. • Litigation and governmental proceedings arising from the occurrence of a cyber attack. • Potential adverse impacts on our reputation and the safety of our employees and the communities in which we operate. These impacts may lead to a loss in shareholder value, loss of market share to competitors, delays or stoppages in our operations, loss of revenue, increased expenses, reduced capacity to fund capital projects, delayed or suspended regulatory approvals, legal liabilities and adverse impacts on Woodside's reputation, social licence to operate and on the delivery of our strategy. How is Woodside managing these risks? We are committed to the protection of our people, assets, reputation and brand through securely enabled digital technologies. Digital risks are identified, assessed and managed based on the business criticality of our people and systems, and may be required to be segregated and isolated. Digital risks include third parties, including suppliers and service providers, within our supply chain. Our operating model aims to continuously assess and determine access permissions to critical information or data, while consolidating, simplifying and automating security controls. Our exposure to cyber risk is managed by a control framework that ensures cyber events are identified, contained and recovered in a timely manner, and embeds a cyber-safe culture across the company, with our joint venture participants and in our supply chain. However, there can be no assurance that such procedures and controls will be sufficient to prevent security breaches. 40 \| Annual Report 2022

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Section 3 . 9 Reserves and Resources Statement Woodside produced 156.8 MMboe for sale in 2022, including 61.4 MMboe from interests acquired as part of the merger with the BHP Petroleum business on 1 June 2022 (Acquired Assets). An additional 14.9 MMboe of production was consumed primarily as fuel in operations in the year ended 31 December 2022 (FY2022) resulting in a total production of 171.7 MMboe for 2022.1 At 31 December 2022, Woodside's remaining Proved (1P) Reserves are 2,385.2 MMboe. Proved plus Probable (2P) Reserves remaining are 3,640.3 MMboe, while the Best Estimate (2C) Contingent Resources remaining are 8,661.9 MMboe (Table 1). Woodside is an Australian company listed on the Australian Securities Exchange, the New York Stock Exchange, and the London Stock Exchange. Woodside reports its Proved (1P) Reserves in accordance with United States Securities and Exchange Commission (SEC) regulations. These guidelines are also compliant with 2018 Society of Petroleum Engineers/ World Petroleum Council/American Association of Petroleum Geologists/Society of Petroleum Evaluation Engineers Petroleum Resources Management System (SPE-PRMS). Woodside prepares and reports its Proved plus Probable (2P) Reserves and Best Estimate (2C) Contingent Resources in accordance with SPE-PRMS guidelines. The acquisition of the Acquired Assets on 1 June 2022 resulted in net increases of 922.8 MMboe for 1P Reserves, 1,472.3 MMboe for 2P Reserves and 1,816.3 MMboe for 2C Contingent Resources. Woodside's decision to withdraw from its interest in Myanmar, announced on 27 January 2022, resulted in 2C Contingent Resources divestiture of 109.5 MMboe. These changes are further described in the Woodside Half-Year Report released 30 August 2022 (Half-Year Report). Unless stated otherwise, the following apply to this Reserves and Resources Statement: The effective date for Reserves and Resources estimates is 31 December 2022. Proved Reserves are calculated using SEC-compliant economic assumptions and pricing. Production is reported for the period from 1 January 2022 to 31 December 2022. Reserves, Resources and Production stated are Woodside's net share and inclusive of fuel consumed in operations. FY2022 changes included revisions of previous estimates and transfers of 41.8 MMboe for 1P Reserves, 48.0 MMboe for 2P Reserves, and 286.1 MMboe for 2C Contingent Resources. Key drivers for the revisions include: • completion of an Atlantis full-field integrated subsurface study that resulted in 46.3 MMboe and 13.2 MMboe increases in 1P Reserves and 2P Reserves respectively • inclusion of offshore fuel gas reserves and favourable commodity prices resulting in a net increase of 51.7 MMboe to Proved Undeveloped Reserves and 44.5 MMboe 2P Undeveloped Reserves at Scarborough • inclusion of fuel gas reserves and incorporation of drilling results at Sangomar resulting in a Proved Undeveloped Reserves increase of 24.7 MMboe • alignment of Proved Reserves to the SEC reporting basis and conversion to products-based reporting (-160.7 MMboe) as described in Methodology below • improved overall field performance at Pluto, North West Shelf, and Julimar-Brunello led to 1P Reserves increases of 31.7 MMboe, 17.6 MMboe, and 25.7 MMboe, respectively. Inclusion of fuel gas volumes at Liard Basin, Canada resulted in a net increase of 285.4 MMboe 2C Contingent Resources. Proved Undeveloped to Proved Developed reclassifications are further discussed in the Proved Undeveloped Reserves section of this Reserves and Resources Statement. Table 1: Woodside's Reserves2,3,4,5 and Contingent Resources6 overview (net Woodside share, as at 31 December 2022) Natural gas7 Bcf10 NGLs8 MMbbl11 Oil & condensate MMbbl Total9 MMboe12 Fuel included in total MMboe Proved13 Developed14 and Undeveloped15 10,783.6 26.3 467.0 2,385.2 251.6 Proved Developed 2,925.1 22.5 234.3 770.0 81.1 Proved Undeveloped 7,858.5 3.8 232.8 1,615.2 170.5 Proved plus Probable16 Developed and Undeveloped 16,425.9 48.0 710.6 3,640.3 358.2 Proved plus Probable Developed 4,137.5 40.0 349.9 1,115.8 102.4 Proved plus Probable Undeveloped 12,288.4 8.0 360.7 2,524.5 255.8 Contingent Resources 41,589.1 88.8 1,276.7 8,661.9 497.7 Small differences are due to rounding Woodside Energy Group Ltd \| 41

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Methodology Reserves and Contingent Resources estimates have not been adjusted for risk. Proved (1P) Reserves are estimated and reported on a net interest basis, excluding royalties owned by others, in accordance with the SEC regulations and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X. As defined by the SEC, Proved (1P) Reserves are those quantities of crude oil, natural gas, and natural gas liquids that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs and under existing economic conditions, operating methods, operating contracts, and government regulations. Unless evidence indicates that renewal of existing operating contracts is reasonably certain, estimates of economically producible Reserves reflect only the period before the contracts expire. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence within a reasonable time. Proved Reserves are estimated by reference to available well and reservoir information, including but not limited to well logs, well test data, core data, production and pressure data, geologic data, seismic data and, in some cases, similar data from analogous, producing reservoirs. A wide range of engineering and geoscience methods, including performance analysis, numerical simulation, well analogues and geologic studies, have been used to develop high confidence in estimated quantities. Proved plus Probable (2P) Reserves and Best Estimate (2C) Contingent Resources are estimated in accordance with the SPEPRMS guidelines. SPE-PRMS guidelines allow (amongst other things) escalations to prices and costs and, as such, volumes estimates in accordance with those guidelines would be on a different basis than volumes estimated as prescribed by the SEC. Proved plus Probable (2P) Reserves and Best Estimate (2C) Contingent Resources estimates are inherently more uncertain than Proved (1P) Reserves estimates. Changes in the estimates of Reserves and Contingent Resources from those reported by Woodside in the reserves statement in Woodside's 2021 Annual Report released in February 2022 include changes due to the matters noted below, including changes in the basis used to define the volumes reported and the inclusion of volumes added as a result of the merger with BHP Petroleum. Specifically: • Prior to the Half-Year Report 2022, Woodside reported Proved Reserves based on the SPE-PRMS guidelines. Woodside now reports its Proved Reserves in accordance with SEC regulations. The use of SEC-compliant methods for estimating and reporting Proved Reserves in the reserves update in the Half-Year Report 2022 resulted in reductions in the estimates of Proved Reserves for some assets. SEC-compliant Proved Reserves estimates use a more restrictive rules-based approach and are generally lower than estimates prepared solely in accordance with SPE-PRMS guidelines due to certain differences, including because the SEC-compliant Proved Reserves use specified commodity price assumptions, exclude probabilistic aggregation, and use a narrower interpretation around unpenetrated sand bodies and fault blocks. • Woodside's Reserves and Contingent Resources are now reported inclusive of all fuel consumed in operations. Prior to the Half-Year Report 2022, Woodside's Reserves and Contingent Resources were reported net of the fuel consumed in operations up to the outlet of the floating production storage and offloading facility (FPSO) or platform (for offshore oil projects) or the inlet to the downstream (onshore) processing facility (for onshore gas projects). • To achieve consistency between Woodside's reporting of production and reserves volumes, Woodside now uses 'natural gas', 'natural gas liquids' and 'oil/condensate' volumes categories effective 1 June 2022, which are defined based on products. Prior to the Half-Year Report 2022, Woodside used 'dry gas' and 'condensate' volumes categories, which were defined based on composition. • The barrel of oil equivalent (boe) conversion factor for natural gas remains unchanged at 5.7 Bcf per MMboe, the same conversion factor used previously for dry gas. The Acquired Assets are now reported on this basis. Historically, the BHP Petroleum business used a boe conversion factor of 6.0 Bcf per MMboe. Governance and Assurance Woodside has several processes to provide assurance for Reserves and Contingent Resources reporting, including the Woodside Reserves Policy, the Woodside Petroleum Resources Management Procedure, the Woodside Petroleum Resource Management Guideline, staff training, and minimum competency levels and external audits. Woodside policy requires external audits of all projects with material Reserves at least once every four years. The Reserves and Contingent Resources reported for the Acquired Assets were assured by Woodside in accordance with the processes previously applied by the BHP Petroleum business. Reserves and Contingent Resources assessments are reviewed to ensure technical quality and compliance with SEC and SPE-PRMS reporting requirements (as applicable). Unless otherwise stated, all petroleum reserves and resources estimates are quoted at standard oilfield conditions of 14.696 pounds per square inch (psi) (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees Celsius). Qualified petroleum reserves and resources evaluator statement The estimates of petroleum reserves and contingent resources are based on and fairly represent information and supporting documentation prepared by, or under the supervision of, Mr Ben Stephens, Woodside's Vice President Reserves and Subsurface, who is a full-time employee of the company and a member of the Society of Petroleum Engineers. The reserves and resources statement as a whole has been approved by Mr Stephens. Mr Stephen's qualifications include a Bachelor of Engineering (Petroleum Engineering) from the University of New South Wales, Australia, and 19 years of relevant experience. 42 \| Annual Report 2022

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Table 2: Proved (1P) and Proved plus Probable (2P) Developed and Undeveloped Reserves Reconciliation (net Woodside share, as at 31 December 2022) Natural gas Bcf NGLs MMbbl Oil & condensate MMbbl Total MMboe Proved (1P) Proved plus Probable (2P) Proved (1P) Proved plus Probable (2P) Proved (1P) Proved plus Probable (2P) Proved (1P) Proved plus Probable (2P) Reserves as at 31 December 202117 8,090.7 11,669.4 — 172.9 244.4 1,592.3 2,291.7 Acquisitions and Divestments18 3,347.4 5,244.1 26.0 44.4 309.6 507.9 922.8 1,472.3 Revision of Previous Estimates19 65.3 211.3 5.2 7.2 17.7 -12.3 34.3 32.0 Transfer to/from Reserves20 8.3 29.0 0.5 1.7 5.6 9.3 7.5 16.0 Extensions and Discoveries21 — — — — Production1 -728.0 -728.0 -5.3 -5.3 -38.7 -38.7 -171.7 -171.7 Reserves as at 31 December 202222 10,783.6 16,425.9 26.3 48.0 467.0 710.6 2,385.2 3,640.3 Fuel included in Reserves as at 31 December 2022 1,431.0 2,037.1 0.5 0.8 — 251.6 358.2 Small differences are due to rounding Table 3: Best Estimate (2C) Contingent Resources reconciliation (net Woodside share, as at 31 December 2022) Natural gas Bcf NGLs MMbbl Oil & condensate MMbbl Total MMboe Resources as at 31 December 2021 34,768.0 0.0 499.8 6,599.4 Acquisitions and Divestments 4,564.1 81.9 824.1 1,706.8 Revision of Previous Estimates 1,873.3 8.5 -38.6 298.5 Transfer to/from Reserves -13.2 -1.6 -8.6 -12.4 Extensions and Discoveries 396.9 0.0 0.0 69.6 Resources as at 31 December 202222 41,589.1 88.8 1,276.7 8,661.9 Small differences are due to rounding Table 4: Proved (1P) Developed and Undeveloped Reserves (net Woodside share, as at 31 December 2022) Country Assets Natural gas Bcf NGLs MMbbl Oil & condensate MMbbl Total MMboe Developed Undeveloped Total Developed Undeveloped Total Developed Undeveloped Total Developed Undeveloped Total Australia Greater Pluto23 1,071.1 216.8 1,287.9 0.2—0.2 12.7 2.6 15.3 200.9 40.6 241.5 Bass Strait 355.3 43.8 399.1 11.8 0.7 12.4 7.9 1.0 8.8 82.0 9.3 91.3 North West Shelf24 803.6—803.6 4.7—4.7 27.4—27.4 173.1—173.1 Exmouth25 492.6 136.6 629.2 ——25.3 2.9 28.1 111.7 26.9 138.5 Scarborough26—7,336.0 7,336.0 — — ——1,287.0 1,287.0 USA Gulf of Mexico (GoM)27 80.5 37.2 117.7 5.9 3.1 9.0 159.7 135.9 295.6 179.7 145.6 325.3 Other International28 122.0 88.1 210.1 ——1.3 90.4 91.7 22.7 105.8 128.5 Total Reserves 2,925.1 7,858.5 10,783.6 22.5 3.8 26.3 234.3 232.8 467.0 770.0 1,615.2 2,385.2 Fuel included in Reserves as at 31 December 2022 459.0 972.0 1,431.0 0.5—0.5 ——81.1 170.5 251.6 Small differences are due to rounding Woodside Energy Group Ltd \| 43

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Table 6: Best Estimate (2C) Contingent Resources summary by region (net Woodside share, as at 31 December 2022) Country Assets Natural gas Bcf NGLs MMbbl Oil & condensate MMbbl Total MMboe Australia Greater Pluto 1,251.6—22.5 242.1 Bass Strait 669.1 36.4 57.9 211.7 North West Shelf 522.5 4.3 33.6 129.6 Exmouth 740.0—49.6 179.4 Scarborough 1,632.2 — 286.4 Browse29 4,403.3 8.3 117.5 898.3 Greater Sunrise Special Regime Area Sunrise30 1,778.0—75.6 387.5 USA GoM 271.3 39.7 412.2 499.5 Canada Liard31 27,000.3 — 4,736.9 Other International 3,320.9—507.9 1,090.5 Total Resources 41,589.1 88.8 1,276.7 8,661.9 Small differences are due to rounding Table 5: Proved plus Probable (2P) Developed and Undeveloped Reserves (net Woodside share, as at 31 December 2022) Country Assets Natural gas Bcf NGLs MMbbl Oil & condensate MMbbl Total MMboe Developed Undeveloped Total Developed Undeveloped Total Developed Undeveloped Total Developed Undeveloped Total Australia Greater Pluto 1,350.8 282.5 1,633.3 0.3—0.3 16.6 3.4 20.0 253.9 53.0 306.8 Bass Strait 578.3 51.6 629.9 21.0 1.3 22.3 12.9 1.3 14.2 135.3 11.7 147.0 North West Shelf 1,242.9 102.6 1,345.4 8.0 1.3 9.3 40.5 2.6 43.1 266.5 22.0 288.5 Exmouth 662.4 268.1 930.5 ——43.2 5.2 48.4 159.4 52.2 211.6 Scarborough—11,461.4 11,461.4 — — ——2,010.8 2,010.8 USA Gulf of Mexico (GoM) 127.6 57.4 185.0 10.8 5.3 16.1 235.1 200.8 435.9 268.3 216.2 484.4 Other International 175.6 64.9 240.5 ——1.6 147.4 149.0 32.4 158.8 191.2 Total Reserves 4,137.5 12,288.4 16,425.9 40.0 8.0 48.0 349.9 360.7 710.6 1,115.8 2,524.5 3,640.3 Small differences are due to rounding Proved Undeveloped Reserves At 31 December 2022, Woodside's remaining Proved Undeveloped Reserves were 1,615.2 MMboe, which is approximately 68% of the total remaining Proved Reserves of 2,385.2 MMboe. This represents an increase in Proved Undeveloped Reserves of 429.0 MMboe from the 1,186.2 MMboe as at 31 December 2021. The largest element of this increase was a 529.7 MMboe increase as a result of the acquisition of the Acquired Assets. Adjustment to the SEC reporting basis and implementation of product reporting reduced Proved Undeveloped Reserves by 110.9 MMboe. During FY2022, a total of 54.0 MMboe Proved Undeveloped Reserves were converted to Proved Developed Reserves through development activities primarily in the following projects: Greater Western Flank Phase 3 and Lambert Deep developments at North West Shelf in Australia (20.5 MMboe), infill well (XNA02) to support ongoing production from the Pluto LNG Project in Australia (15.8 MMboe), multiple development opportunities at Shenzi in the US Gulf of Mexico including installation and commissioning of subsea multiphase pumping and well completions (17.1 MMboe). Development plan changes in Sangomar and Julimar-Brunello Phase 3 resulted in 24.7 MMboe and 4.1 MMboe increases to Proved Undeveloped Reserves. Favourable commodity prices resulted in an increase of 15.5 MMboe in Proved Undeveloped Reserves. Additionally, a net increase of 19.9 MMboe in Proved Undeveloped Reserves occurred due to positive revisions in Scarborough and Bass Strait partially offset by negative revisions due to technical studies and performance at Pluto and Julimar- Brunello and the reclassification of Julimar-Brunello Phase 4 to Contingent Resources. 44 \| Annual Report 2022

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Material concentrations of Undeveloped Reserves in the North West Shelf, Greater Pluto, and Julimar Brunello regions have remained undeveloped for longer than five years from the dates they were initially reported as the incremental reserves are expected to be recovered through future developments to meet long-term contractual commitments. The incremental projects are included in the company business plan, demonstrating the intent to proceed with the developments. Material concentrations of Undeveloped Reserves in the US Gulf of Mexico are under active development and are converted to Developed Reserves as wells are drilled and completed. The Mad Dog Phase 2 development is expected to come online in 2023. The changes in Proved Undeveloped Reserves in FY2022 are summarised by category in Table 7. Table 7: Proved Undeveloped (PUD) Reserves Reconciliation (net Woodside share, as at 31 December 2022) Total MMboe Reserves as at 31 December 202132 1,186.2 Acquisitions and Divestments 529.7 Revision of Previous Estimates -100.7 Adjustment to SEC and product reporting basis -110.9 Reclassifications to Developed -54.0 Performance, Technical Studies, and Other 19.9 Development Plan Changes 28.8 Price 15.5 Extensions and Discoveries—Reserves as at 31 December 202233 1,615.2 Small differences are due to rounding During FY2022, Woodside spent $3.8 billion on development activities worldwide. Of this amount: • $3.5 billion was spent progressing the conversion of Proved Undeveloped Reserves for projects where development status was achieved in FY2022 or will be achieved when development is completed in the future • $0.3 billion represented other development expenditures, including compliance and infrastructure improvement. Additional information for US investors The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than 'reserves' (as that term is defined by the SEC). In this report, Woodside includes estimates of quantities of oil and gas using certain terms, such as 'Proved plus Probable (2P) Reserves,' 'Best Estimate (2C) Contingent Resources,' 'Reserves and Contingent Resources,' 'Proved plus Probable,' 'Developed and Undeveloped,' 'Probable Developed,' 'Probable Undeveloped,' 'Contingent Resources' or other descriptions of volumes of reserves, which terms include quantities of oil and gas that may not meet the SEC's definitions of proved, probable and possible reserves, and which the SEC's guidelines strictly prohibit Woodside from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and would require substantial capital spending over a significant number of years to implement recovery, and accordingly are subject to substantially greater risk of being recovered by Woodside. In addition, actual locations drilled and quantities that may be ultimately recovered from Woodside's properties may differ substantially. Woodside has made no commitment to drill, and likely will not drill, all drilling locations that have been attributable to these quantities. U.S. investors are urged to consider closely the disclosures in Woodside's filings with the SEC, which are available at www.sec.gov. Notes to the Reserves and Resources Statement 1. 'Production' is the volume of natural gas, NGLs, condensate and oil produced during the period from 1 January 2022 to 31 December 2022 and converted to 'MMboe' for the specific purpose of reserves reconciliation. The production volume figures in this Reserves and Resources Statement differ from the production volume figures reported in Woodside's annual and quarterly reports, because the production volume figures reported in this Reserves and Resources Statement include all fuel consumed in operations but exclude 0.9 MMboe in excess of Reserves and Resources working interest percentage primarily from Pluto non-operating participants processed via the Pluto-KGP Interconnector. 2. For offshore oil projects, the reference point is defined as the outlet of the floating production storage and offloading facility (FPSO) or platform, while for the onshore gas projects the reference point is defined as the outlet of the downstream (onshore) gas processing facility. 3. 'Reserves' are estimated quantities of petroleum that have been demonstrated to be producible from known accumulations in which the company has a material interest from a given date forward, at commercial rates, under presently anticipated production methods, operating conditions, prices, and costs. Woodside reports Reserves inclusive of all fuel consumed in operations. Proved (1P) Reserves are estimated and reported in accordance with SEC regulations which are also compliant with SPE-PRMS guidelines. SEC-compliant Proved (1P) Reserves estimates use a more restrictive, rules-based approach and are generally lower than estimates prepared solely in accordance with SPE-PRMS guidelines due to, among other things, the requirement to use commodity prices based on the average of first of month prices during the 12-month period in the reporting company's fiscal year. Proved plus Probable (2P) Reserves are estimated and reported in accordance with SPE-PRMS guidelines and are not compliant with SEC regulations. 4. Assessment of the economic value in support of an SPE PRMS (2018) reserves and resources classification, uses Woodside Portfolio Economic Assumptions (Woodside PEAs). The Woodside PEAs are reviewed on an annual basis or more often if required. The review is based on historical data and forecast estimates for economic variables such as product prices and exchange rates. The Woodside PEAs are approved by the Woodside Board. Specific contractual arrangements for individual projects are also taken into account. 5. Woodside uses both deterministic and probabilistic methods for the estimation of Reserves and Contingent Resources at the field and project levels. All Proved (1P) Reserves estimates have been estimated using deterministic methodology and reported on a net interest basis in accordance with the SEC regulations, and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X. Unless otherwise stated, all petroleum estimates reported at the company or region level are aggregated by arithmetic summation Woodside Energy Group Ltd \| 45

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by category. The aggregated Proved (1P) Reserves may be a conservative estimate due to the portfolio effects of arithmetic summation. 6. 'Contingent Resources' are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent Resources are estimated and reported in accordance with SPE-PRMS guidelines and may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Woodside reports Contingent Resources inclusive of all fuel consumed in operations. Contingent Resources are different from, and should not be construed as, Reserves. Contingent Resources estimates may not always mature to Reserves and do not necessarily represent future Reserves bookings. Contingent Resources volumes are reported at the 'Best Estimate' (P50) confidence level. Best Estimate (2C) Contingent Resources are not compliant with SEC regulations. The SEC prohibits disclosure of oil and gas resources, including Contingent Resources, in SEC filings. However, Australian securities regulatory authorities allow disclosure of oil and gas resources, including Contingent Resources. 7. 'Natural gas' is defined as the gas product associated with liquefied natural gas (LNG) and pipeline gas. Liquid volumes of crude oil, condensate and NGLs are reported separately. 8. 'Natural gas liquids' or 'NGL' is defined as the product associated with liquified petroleum gas (LPG) and consists of propane, butane, and ethane—individually or as a mixture. 9. 'Total' includes fuel consumed in operations. 10. 'Bcf' means Billions (109) of cubic feet of gas at standard oilfield conditions of 14.696 psi (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees Celsius). 11. 'MMbbl' means millions (106) of barrels of NGL, oil and condensate at standard oilfield conditions of 14.696 psi (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees Celsius). 12. 'MMboe' means millions (106) of barrels of oil equivalent. Natural Gas volumes are converted to oil equivalent volumes via a constant conversion factor, which for Woodside is 5.7 Bcf of dry gas per 1 MMboe. Volumes of NGL, oil and condensate are converted from MMbbl to MMboe on a 1:1 ratio. 13. 'Proved Reserves' are those quantities of crude oil, condensate, natural gas and NGLs that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs and under existing economic conditions, operating methods, operating contracts, and government regulations. Proved Reserves are estimated and reported on a net interest basis in accordance with the SEC regulations and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X. 14. 'Developed Reserves' are those Reserves that are producible through currently existing completions and installed facilities for treatment, compression, transportation and delivery, using existing operating methods and standards. 15. 'Undeveloped Reserves' are those Reserves for which wells and facilities have not been installed or executed but are expected to be recovered through significant future investments. 16. 'Probable Reserves' are those Reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. Proved plus Probable (2P) Reserves represent the best estimate of recoverable quantities. Where probabilistic methods are used, there is at least a 50% probability that the actual quantities recovered will equal or exceed the sum of estimated Proved plus Probable (2P) Reserves. Proved plus Probable (2P) Reserves are estimated and reported in accordance with SPE-PRMS guidelines and are not compliant with SEC regulations. 17. Proved Reserves as at 31 December 2021 as estimated and reported in accordance with SPE-PRMS guidelines. 18. 'Acquisitions and Divestments' are revisions that represent changes (either upward or downward) in previous estimates of Reserves or Contingent Resources, which result from either purchase or sale of interests and/or execution of contracts conveying entitlement, and, in this Reserves and Resources Statement, includes volumes added as a result of the merger with BHP Petroleum. 19. 'Revision of Previous Estimates' are changes (either upward or downward) in previous estimates of Reserves or Contingent Resources, which, for the purposes of this Reserves and Resources Statement, includes changes to previous estimates of Proved Reserves which reflect the changes in the basis used to define the volumes reported as Proved Reserves as described in the introduction to this Reserves and Resources Statement, including adjustments (i) to convert Proved (1P) Reserves to SEC-compliant methods; (ii) to include all fuel consumed in operations; and (iii) to revise reporting categories to achieve consistency between Woodside's reporting of production and reserves volumes. 20. 'Transfer to/from Reserves' are revisions that represent changes (either upward or downward) in previous estimates of Reserves or Contingent Resources, which are a result of re-classification of petroleum resources estimates (i.e. from Reserves to Contingent Resources or vice versa) associated with one or more project(s). 21. 'Extensions and Discoveries' represent additions to Reserves or Contingent Resources that result from increased areal extensions of previously discovered fields demonstrated to exist subsequent to the original discovery and/or discovery of Reserves or Contingent Resources in new fields or new reservoirs in old fields. 22. Proved Reserves at 31 December 2022 are estimated and reported in accordance with SEC regulations. Proved plus Probable Reserves and Contingent Resources at 31 December 2022 are estimated and reported in accordance with SPE-PRMS guidelines. 23. 'Greater Pluto' consists of Pluto, Xena, Pyxis, Larsen, Martell, Martin, Noblige, and Remy fields. 24. 'North West Shelf' (NWS) consists of all oil and gas fields within the North West Shelf Project Area. 25. 'Exmouth' consists of Pyrenees, Macedon, Julimar-Brunello, and Ngujima-Yin fields. 26. 'Scarborough' consists of Scarborough, Thebe, and Jupiter fields. 27. 'GoM' consists of Shenzi, Shenzi North, Atlantis, and Mad Dog fields. 28. 'International' consists of Angostura, Ruby, T&T Deep Water, Trion, and Sangomar fields which are under Production/Revenue Sharingtype agreements. These fields represent approximately 5% of 1P and 2P Reserves and 13% of 2C Contingent Resources. Woodside net economic interest volumes are reported. 29. 'Browse' consists of Brecknock, Calliance, and Torosa fields. 30. 'Sunrise' consists of Sunrise and Troubadour fields. 31. 'Liard' comprises Unconventional Contingent Resources in the Liard Basin which require a sanctioned project for development. 32. Proved Undeveloped Reserves as at 31 December 2021 as estimated and reported in accordance with SPE-PRMS guidelines. 33. Proved Undeveloped Reserves as at 31 December 2022 as estimated and reported in accordance with SEC regulations. 46 \| Annual Report 2022

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Drilling and other exploratory and development activities The number of crude oil and natural gas wells drilled and completed for each of the last three years was as follows: Present development activities continuing as of 31 December 2022 The number of wells in the process of drilling and/or completion as of 31 December 2022 was as follows: As set out in this section, the number of wells drilled refers to the number of wells completed at any time during the respective year, regardless of when drilling was initiated. Completion refers to the installation of permanent equipment for production of oil or gas, or, in the case of a dry well, to reporting to the appropriate authority that the well has been abandoned. An exploratory well is a well drilled to find oil or gas in a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. A development well is a well drilled within the limits of a known oil or gas reservoir to the depth of a stratigraphic horizon known to be productive. A productive well is an exploratory, development or extension well that is not a dry well. Productive wells include wells in which hydrocarbons were encountered and the drilling or completion of which, in the case of exploratory wells, has been suspended pending further drilling or evaluation. A dry well is an exploratory, development, or extension well that proves to be incapable of producing either oil or gas in sufficient quantities to justify completion as an oil or gas well. During 2022, productive development wells included the XNA02 Xena well in Australia and wells at Shenzi and Atlantis in the US GoM. Dry exploratory wells included the Hoodoo test in Western GoM, Wildling, which was a potential Shenzi tie back, and the non-operated Starman test in the central GoM. In Senegal, Woodside drilled a productive exploratory well to appraise a nearfield tieback opportunity near to the under construction Sangomar FPSO facility. Exploratory wells Development wells Total Gross Net Gross Net Gross Net Australia — — — International1 — 30 13.0 30 13.0 Total — 30 13.0 30 13.0 1. International is primarily US and Senegal. Net exploratory wells Net development wells Productive Dry Total Productive Dry Total Total Year ended 31 December 20221 Australia ——0.9—0.9 0.9 International2 0.9 2.0 2.9 1.2—1.2 4.0 Total 0.9 2.0 2.9 2.1—2.1 4.9 Year ended 31 December 2021 Australia ——0.6—0.6 0.6 International3—1.5 1.5 ——1.5 Total—1.5 1.5 0.6—0.6 2.1 Year ended 31 December 2020 Australia ——4.4 0.7 5.0 5.0 International — — ——Total ——4.4 0.7 5.0 5.0 Small differences are due to rounding 1. Includes BHP Petroleum from 1 June 2022 to 31 December 2022. 2. International is primarily US. 3. International is primarily Myanmar. Development wells in progress include Sangomar wells in Senegal, Mad Dog Phase 2 wells, Atlantis wells, Shenzi North wells and a Mad Dog A spar well in the US GoM. The Sangomar development is installing a waterflood recovery scheme as part of the ongoing project, and in the Gulf of Mexico a waterflood recovery scheme is included in the Mad Dog Phase 2 project. Woodside Energy Group Ltd \| 47

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Oil and gas properties, wells, operations and acreage The following tables show the number of gross and net productive crude oil and natural gas wells and total gross and net developed and undeveloped oil and natural gas acreage as at 31 December 2022. A gross well or acre is one in which a working interest is owned, while a net well or acre exists when the sum of fractional working interests owned in gross wells or acres equals one. Productive wells are producing wells and wells mechanically capable of production. Developed acreage is comprised of leased acres that are within an area by or assignable to a productive well. Undeveloped acreage is comprised of leased acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil and gas, regardless of whether such acres contain proved reserves. The number of productive crude oil and natural gas wells in which Woodside held an interest at 31 December 2022 was as follows: Crude oil wells Natural gas wells Total Gross Net Gross Net Gross Net Australia 323 167.8 183 94.1 506 262.0 International1 77 38.3 10 4.7 87 43.1 Total 400 206.2 193 98.9 593 305.0 Small differences are due to rounding 1. International is primarily US and Trinidad and Tobago. Of the productive crude oil and natural gas wells, 140 (net: 66) wells had multiple completions. The number of wells with multiple completions refers to wells that have downhole equipment installed that allows zonal isolation or controlled commingling of production as permitted and approved by the applicable regulator. Developed and undeveloped acreage (including both leases and concessions) held at 31 December 2022 was as follows: Developed acreage Undeveloped acreage Thousands of acres Gross Net Gross Net Australia 2,417 1,212 3,406 3,116 International1,2 147 74 23,736 11,466 Total 2,564 1,286 27,142 14,582 1. Developed acreage in International primarily comprises US and Trinidad and Tobago. 2. Undeveloped acreage in International primarily comprises Barbados, Canada, Congo, Egypt, Ireland, Korea, Mexico, Myanmar, Peru, Senegal, Timor-Leste and Trinidad and Tobago. Woodside has initiated exits from our Myanmar, Republic of Korea, Peru, Ireland and offshore Canada positions, totalling approximately 13,545 thousand acres gross (7,149 thousand acres net). Approximately 744 thousand acres gross (476 thousand acres net), 57 thousand acres gross (26 thousand acres net) and 963 thousand acres gross, (277 thousand acres net) of undeveloped acreage will expire in the years ending 31 December 2023, 2024 and 2025 respectively if Woodside does not establish production or take any other action to extend the terms of the licenses and concessions. Delivery commitments Woodside has contracts that require delivery of fixed volumes of crude oil, condensate, natural gas and NGL. Woodside intends to fulfill its short-term and long-term obligations with its production or from purposes of third-party volumes. As at 31 December 2022, delivery commitments were as follows: Natural gas (MMboe) Crude oil (MMbbl) Condensate (MMbbl) NGLs (MMbbl) Year ending 31 December 2023 to 2027 362.6 6.3 1.1 3.8 Thereafter 232.6 ——Total oil and gas delivery commitments 595.2 6.3 1.1 3.8 48 \| Annual Report 2022

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Production The following table details production by product and geographic location for each of the three years ended 31 December 2022, 2021 and 2020. The volumes are marketable production after deduction of applicable royalties, fuel and flare. Average production costs per unit of production and average sales prices per unit of production has also been included for each of these periods. 20221 20212 20202 Production volumes (MMboe) LNG Australia 84.4 70.8 75.1 International ——Total LNG 84.4 70.8 75.1 Pipeline gas Australia 22.9 2.5 5.3 International 5.6 — Total pipeline gas 28.5 2.5 5.3 Crude oil and condensate Australia 24.0 17.3 19.5 International 14.7 — Total crude oil and condensate 38.7 17.3 19.5 Natural gas liquids (NGLs) Australia 4.4 0.5 0.5 International 0.8 — Total NGLs 5.2 0.5 0.5 Total petroleum products Australia 135.7 91.1 100.3 International 21.1 — Total production 156.8 91.1 100.3 Average sales price per produced boe (US$/boe) LNG Australia 104.0 55.4 32.1 International ——Total LNG 104.0 55.4 32.1 Pipeline gas Australia 47.3 18.0 13.9 International 48.9 — Total pipeline gas 47.6 18.0 13.9 Crude oil and condensate Australia 103.3 75.8 43.3 International 86.7 — Total crude oil and condensate 97.0 75.8 43.3 Natural gas liquids (NGLs) Australia 40.6 121.2 31.1 International 34.5 — Total NGLs 39.7 121.2 31.1 Total average production cost per produced boe (US$/boe) Australia 10.4 7.9 6.3 International 16.9 — Total average production cost per produced boe3 11.2 7.9 6.3 1. Includes production of 156.8 MMboe from Woodside reserves, and excludes 0.9 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 2. Production volumes for 2021 and 2020 have been restated to present marketable production after deduction of applicable royalties, fuel and flare. 3. Average production costs per produced boe includes direct and indirect costs relating to production of total hydrocarbons and the foreign exchange effect of translating local currency denominated costs into US dollars but excludes cost to transport produced hydrocarbons to the point of sale, ad valorem and severance taxes. Woodside Energy Group Ltd \| 49

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S ection 4 : GOVERNANCE S ection 4 . 1 Corporate Governance Statement 4.1.1 Corporate governance at Woodside Woodside is committed to a high level of corporate governance and fostering a culture that values ethical behaviour, integrity and respect. The Board is responsible for the overall corporate governance of Woodside. Woodside's corporate governance model is illustrated in the diagram below. The Woodside Management System (WMS) describes the Woodside way of working, enabling Woodside to understand and manage its business to achieve its objectives. It defines the boundaries within which Woodside employees and contractors are expected to work. The WMS establishes a common approach to how we operate, wherever the location. Woodside continues to review and, where necessary, enhance our corporate governance policies and practices. We frequently consider developments arising in the markets where Woodside securities are listed, including the Australian Securities Exchange (ASX), London Stock Exchange (LSE) and New York Stock Exchange (NYSE). Our practices will evolve as we continually look to strengthen our governance framework in the context of our multi-jurisdictional business. The company must comply with the Corporations Act 2001 (Cth), the ASX Listing Rules, UK Listing Rules, UK Disclosure Guidance and Transparency Rules, UK Market Abuse Regulation, relevant provisions of the NYSE Listing Manual and US securities laws applicable to Woodside as a foreign private issuer and other applicable Australian and international laws. This Corporate Governance Statement (Statement) reports on Woodside's key governance principles and practices. The ASX Listing Rules require the company to report on the extent to which it has followed the Corporate Governance Recommendations contained in the fourth edition of the ASX Corporate Governance Council's Principles and Recommendations (ASXCGC Recommendations). The UK Disclosure Guidance and Transparency Rules, the NYSE listing rules and US securities laws also require the company to report on its governance arrangements and the governance code that it applies. The ASXCGC Recommendations are publicly available at https://www.asx.com.au/documents/asx-compliance/ cgc-principles-and-recommendations-fourth-edn.pdf. The ASXCGC Recommendations are not incorporated by reference to this Statement. As shown in this Statement, throughout the year, Woodside complied with all the ASXCGC Recommendations. Following our listing on the NYSE and LSE, we are also subject to certain governance requirements of the LSE, the NYSE and the SEC. Refer to the section 'Differences from NYSE corporate governance requirements' for further information. The Statement was approved by the Board and is current as at 27 February 2023. All Board and committee charters and copies of the policies and documents referred to in this Statement are available on the Corporate Governance section of Woodside's website. STAKEHOLDERS BOARD CHIEF EXECUTIVE OFFICER NOMINATIONS & GOVERNANCE COMMITTEE MANAGEMENT GOVERNANCE AND ASSURANCE STRATEGY AUTHORITIES WOODSIDE MANAGEMENT SYSTEM INCLUDING WOODSIDE COMPASS AND POLICIES RISK MANAGEMENT OPERATING STRUCTURE INDEPENDENT ASSURANCE EXTERNAL AUDIT __________________________________ INTERNAL AUDIT HUMAN RESOURCES & COMPENSATION COMMITTEE AUDIT & RISK COMMITTEE SUSTAINABILITY COMMITTEE 50 \| Annual Report 2022

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4.1.2 Board of directors Board role and responsibilities The Constitution provides that the business and affairs of the company are to be managed by or under the direction of the Board. The central role of the Board is to set the company's strategic direction, to select and appoint a Chief Executive Officer (CEO) and to oversee the company's management and business activities. The Board's role, powers, duties and functions are formalised in a Board Charter. The Charter sets out the matters and functions that are specifically reserved to the Board and the powers that are delegated to the CEO and management. The Board Charter and the delegation of Board authority to the CEO and management are reviewed regularly. Key activities of the Board undertaken during the year: • completing the merger with BHP's petroleum business • monitoring the Scarborough and Pluto Expansion Projects • overseeing the Sangomar Field Development • participating with management in frequent strategic engagements to review Woodside's corporate strategy and providing input and guidance • monitoring management's execution of strategy • monitoring the global energy market and the war in Ukraine • appointing Graham Tiver as Woodside's Chief Financial Officer (CFO) effective February 2022 • overseeing financial performance and key metrics • setting clear near and medium-term emissions reduction targets that put Woodside on the pathway towards our aspiration of net zero by 2050 or sooner1 • satisfying itself that management has developed and implemented a sound system of risk management and internal control • reviewing key corporate governance policies and practices to ensure a robust corporate governance system • engaging in the Board and director performance evaluations • attending director professional development sessions, including seminars and engaging in educational presentations on industry related matters and new and emerging developments with the potential to affect Woodside. Board composition The Constitution provides that the company is not to have more than 12, nor less than three directors. The Board is currently comprised of ten independent non-executive directors and the CEO. The following page shows each of the current directors and the date of their appointment as a director. 1. Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. Woodside Energy Group Ltd \| 51

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Richard Goyder, AO BCom, FAICD Chair: Chair since April 2018 Term of office: Director since August 2017, re-election required at AGM in 2024. Independent: Yes Experience: Mr Goyder spent 24 years with Wesfarmers Limited, where he served as Managing Director and Chief Executive Officer from 2005 to late 2017. Mr Goyder also served as Chair of the Australian B20 (the key business advisory body to the international economic forum which includes business leaders from all G20 economies) from February 2013 to December 2014. Committee membership: Chair of the Nominations & Governance Committee. Attends other Board committee meetings. Current directorships/other interests: Chair: Qantas Airways Limited (since 2018), Channel 7 Telethon Trust (since 2018) and West Australian Symphony Orchestra (WASO) (since 2018) and Australian Football League Commission (since 2017). Member: Evans and Partners Investment Committee. Directorships of other listed entities within the past three years: Nil Meg O'Neill BSc (Ocean Engineering), BSc (Chemical Engineering), MSc (Ocean Systems Management) CEO and Managing Director Term of office: Director since August 2021. Independent: No Experience: Ms O'Neill joined Woodside in 2018 and has performed a number of senior executive positions including Chief Operations Officer, Executive Vice President Development and Executive Vice President Development and Marketing. From April 2021 to August 2021, Ms O'Neill was acting Chief Executive Officer (CEO) until she was formally appointed to the position. Prior to joining Woodside, Ms O'Neill spent 23 years with ExxonMobil in a variety of technical, operational and senior leadership roles. Committee membership: Attends Board committee meetings. Current directorships/other interests: Chair: Australian Petroleum Production & Exploration Association (APPEA) (since 2022). Director: American Petroleum Institute (API) (since 2022), Reconciliation WA (since 2022), WA Venues & Events Pty Ltd (WAVE) (since 2019) and West Australian Symphony Orchestra (WASO) (since 2019). Member: Chief Executive Women, National Petroleum Council and American Petroleum Institute in the US and UWA Business School Advisory Board. Other: Honorary Governor of the American Chamber of Commerce (AmCham). Directorship of other listed entities within the past three years: Nil Larry Archibald BSc (Geosciences), BA (Geology), MBA Term of office: Director since February 2017, re-election required at AGM in 2023. Independent: Yes Experience: Mr Archibald previously worked at ConocoPhillips, where he spent eight years in senior executive positions including Senior Vice President, Business Development and Exploration and Senior Vice President, Exploration. Prior to joining ConocoPhillips, Mr Archibald spent 29 years at Amoco from 1980 to 1998 and BP from 1998 to 2008 in various positions including leading exploration programs covering many world regions. Committee membership: Audit & Risk, Sustainability and Nominations & Governance Committees. Current directorships/other interests: Chair: University of Arizona Geosciences Advisory Board (since 2019). Directorship of other listed entities within the past three years: Nil 52 \| Annual Report 2022

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Frank Cooper, AO BCom, FCA, FAICD Term of office: Director since February 2013, re-election required at AGM in 2025. Independent: Yes Experience: Mr Cooper was a Partner at PricewaterhouseCoopers from 2006 until his retirement in 2012, and a director of the Insurance Commission of Western Australia until September 2022. Prior to joining PricewaterhouseCoopers, Mr Cooper was a partner of Ernst & Young from 2002 to 2005 and managing partner of Arthur Andersen from 1991 to 2002. Committee membership: Chair of the Audit & Risk Committee. Member of the Human Resources & Compensation and Nominations & Governance Committees. Current directorships/other interests: Director: Wright Prospecting Pty Ltd (since 2022), St John of God Australia Limited (since 2015) and South32 Limited (since 2015). Trustee: St John of God Health Care (since 2015). Directorship of other listed entities within the past three years: Nil Swee Chen Goh BSc (Information Science), MBA Term of office: Director since January 2020, re-election required at AGM in 2023. Independent: Yes Experience: Ms Goh joined Shell in 2003 and was the Chair of Shell Companies in Singapore from 2014 until her retirement in 2019. During her tenure at Shell, Ms Goh served on the boards of a number of Shell joint ventures in China, Korea and Saudi Arabia. Prior to joining Shell, Ms Goh worked at Procter & Gamble and IBM. Committee membership: Member of the Human Resources & Compensation, Sustainability and Nominations & Governance Committees. Current directorships/other interests: Chair: Nanyang Technological University (since 2021), National Arts Council (since 2019) and Singapore Institute for Human Resource Professionals (since 2016). Director: Carbon Solutions Holdings Pte Ltd (since 2022), Carbon Solutions Platform Pte Ltd (since 2022), Carbon Solutions Investments Pte Ltd (since 2022), Carbon Solutions Services Pte Ltd (since 2022), JTC Corporation (since 2022), Resilience Collective Ltd (since 2020), Singapore Airlines Ltd (since 2019) and Singapore Power Ltd (since 2019). President: Global Compact Network Singapore. Member: Singapore Legal Services Commission, Centre for Liveable Cities Advisory Panel and Singapore Research, Innovation and Enterprise Council. Directorship of other listed entities within the past three years: Nil Christopher Haynes, OBE BSc, DPhil, FREng, CEng, FIMechE, FIEAust Term of office: Director since June 2011, re-election required at AGM in 2024. Independent: Yes Experience: Dr Haynes had a 38-year career with Shell where he served as Executive Vice President, Upstream Major Projects within Shell's Projects and Technology Business, General Manager of Shell's operations in Syria, and a secondment as Managing Director of Nigeria LNG Ltd. From 1999 to 2002, Dr Haynes was seconded to Woodside as General Manager of the North West Shelf Venture. Dr Haynes retired from Shell in August 2011. Committee membership: Member of the Audit & Risk, Sustainability and Nominations & Governance Committees. Current directorships/other interests: Director: Worley Limited (since 2012). Directorship of other listed entities within the past three years: Nil Woodside Energy Group Ltd \| 53

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Ian Macfarlane Former Australian Federal Minister (Resources; Energy; Industry and Innovation), FAICD Term of office: Director since November 2016, re-election required at AGM in 2023. Independent: Yes Experience: Mr Macfarlane served as director of METS Ignited Ltd and was Australia's longest serving Federal Resources and Energy Minister, and the Coalition's longest serving Federal Industry and Innovation Minister, with over 14 years of experience in both Cabinet and shadow ministerial positions. Prior to entering politics, Mr Macfarlane was the President of the Queensland Graingrowers Association from 1991 to 1998 and the President of the Grains Council of Australia from 1994 to 1996. Committee membership: Member of the Human Resources & Compensation, Sustainability and Nominations & Governance Committees. Current directorships/other interests: Chief Executive: Queensland Resources Council (since 2016). Chair: Innovation Manufacturing Co-operative Research Centre (since 2016). Director: Sovereign Manufacturing Automation for Composites Cooperative Research Centre (since 2023), CSIRO (since 2021) and Toowomba and Surat Basin Enterprise Board (since 2018). Member: Fellow of the Australian Institute of Company Directors, Toowoomba Community Advisory Committee of the University of Queensland Rural Clinical School and Mooloolaba and the Spit Association. Directorship of other listed entities within the past three years: Nil Ann Pickard BA, MA Term of office: Director since February 2016, re-election required at AGM in 2025. Independent: Yes Experience: Ms Pickard joined Shell in 2000 and served in a number of senior executive positions including as the Director, Global Business and Strategy and as a member of the Shell Gas & Power Executive Committee. Ms Pickard retired from Shell in 2016. Prior to joining Shell, Ms Pickard spent 11 years with Mobil before its merger with Exxon in 1998. Committee membership: Chair of the Sustainability Committee, member of the Human Resources & Compensation and Nominations & Governance Committees. Current directorships/other interests: Director: Noble Corporation Plc. (since 2021) and KBR Inc (since 2015). Member: Chief Executive Women and University of Wyoming Foundation Board. Directorship of other listed entities within the past three years: Nil Sarah Ryan BSc (Geology), BSc (Geophysics) (Hons 1), PhD (Petroleum and Gephysics), FTSE Term of office: Director since December 2012, re-election required at AGM in 2025. Independent: Yes Experience: Dr Ryan has more than 30 years' experience in the oil and gas industry in various technical, operational and senior management positions. Dr Ryan worked at Schlumberger Ltd for 15 years. Dr Ryan was also an equity analyst, portfolio manager and energy advisor for Earnest Partners from 2007 to 2017. Committee membership: Member of the Audit & Risk, Sustainability and Nominations & Governance Committees. Current directorships/other interests: Director: OZ Minerals Limited (since 2021), Future Battery Industries Cooperative Research Centre (since 2020), Aurizon Holdings (since 2019) and Viva Energy Group Ltd (since 2018). Chair: Australian Academy of Technology and Engineering's Energy Forum. Member: Australian Commonwealth Government Strategic Shipping Taskforce, Chief Executive Women, Australian Securities & Investments Commission (ASIC), Corporate Governance Consultative Panel and Australian Institute of Company Directors. Other: Judging Committee for the Prime Minister's Prizes for Science (2022). Directorship of other listed entities within the past three years: Nil 54 \| Annual Report 2022

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Gene Tilbrook BSc, MBA, FAICD Term of office: Director since December 2014, re-election required at AGM in 2024. Independent: Yes Experience: Mr Tilbrook served as a senior executive of Wesfarmers Limited between 1985 and 2009, including as Executive Director Finance and Executive Director Business Development. Committee membership: Chair of the Human Resources & Compensation Committee, Member of the Audit & Risk and Nominations & Governance Committees. Current directorships/other interests: Director: Orica Limited (since 2013). Member: Life Fellow of the Australian Institute of Company Directors. Directorship of other listed entities within the past three years: GPT Group Limited (2010 – 2021). Ben Wyatt LLB, MSc Term of office: Director since June 2021, re-election required at AGM in 2025. Independent: Yes Experience: Mr Wyatt served in the Western Australian Legislative Assembly for 15 years, including as the Western Australian Treasurer and Minister for Finance, Energy, Aboriginal Affairs and Lands. Additionally, Mr Wyatt held various shadow cabinet portfolios including responsibility for Native Title and the Pilbara. Prior to entering Parliament, Mr Wyatt practised as a lawyer in both private practice and with the Western Australian Office of the Director of Public Prosecutions. Committee membership: Member of the Human Resources & Compensation, Sustainability and Nominations & Governance Committees. Current directorships/other interests: Director: APM Group (since 2022), Wyatt Martin Pty Ltd (since 2021), West Coast Eagles (since 2021), Perth International Arts Festival (since 2021), Telethon Kids Institute (since 2021) and Rio Tinto Ltd (since 2021). Member: UWA Business School Advisory Board, Australian Institute of Company Directors and Australian Capital Equity Pty Ltd Advisory Board. Directorship of other listed entities within the past three years: Nil Woodside Energy Group Ltd \| 55

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Director appointment, induction training and continuing education All new non-executive directors are required to sign a letter of appointment which sets out the key terms and conditions of their appointment, including duties, rights and responsibilities, the time commitment envisaged and the Board's expectations regarding their involvement with committee work. Executive Directors and other Senior Executives enter into employment agreements which govern the terms of their employment. Woodside undertakes extensive background and screening checks prior to appointing Senior Executives. Details of Woodside's Senior Executives are set out in section 4.1.4—Executive Leadership Team. Woodside also undertakes extensive background and screening checks prior to nominating a director for election by shareholders, including checks as to character, experience, education, criminal record and bankruptcy history. Woodside provides to shareholders all material information in its possession concerning the director standing for election or re-election in the explanatory notes accompanying the notice of meeting. Induction training is provided to all new directors. It includes a comprehensive induction manual, discussions with the CEO and Senior Executives and the option to visit Woodside's principal operations either upon appointment or with the Board during its next site tour. Questionnaires are completed annually to assess each director's skills and knowledge required to discharge their obligations to the company. Woodside considers at least annually the need for new and existing directors to undertake professional development to develop and maintain the skills and knowledge needed to perform their role as directors effectively, and provides directors who require professional development the opportunity to develop and maintain the required skills and knowledge. Directors attend continuing professional education sessions, including industry seminars and approved education courses, which are paid for by the company, where appropriate. Director remuneration Details of remuneration paid to directors (executive and non-executive) are set out in the 2022 Remuneration Report in section 4.3—Remuneration Report. The Remuneration Report also contains information on the company's policy for determining the nature and amount of remuneration for directors and Senior Executives and the relationship between the policy and company performance. Board access to information and independent advice Subject to the Directors' Conflict of Interest Policy, directors have direct access to members of company management and to company information in the possession of management. Directors are entitled to obtain independent legal, accounting or other professional advice at the company's expense where a request for such advice is approved by the Chair. In the case of a request made by the Chair, approval is required by a majority of the non-executive directors. Director attendance at meetings Directors in office, committee membership and directors' attendance at meetings during 2022 Director Board Audit & Risk Human Resources & Compensation Sustainability Nominations & Governance Held1 Attended2 Held1 Attended2 Held1 Attended2 Held1 Attended2 Held1 Attended2 Executive Director Meg O'Neill 14 14 7 8 4 4 Non-Executive Director Larry Archibald 14 14 7 7 7 4 4 4 4 Frank Cooper 14 13 7 6 8 7 4 4 3 Swee Chen Goh 14 13 6 8 7 4 3 4 4 Richard Goyder 14 14 7 8 4 4 4 Chris Haynes 14 14 7 7 8 4 4 4 4 Ian Macfarlane 14 14 7 8 8 4 4 4 4 Ann Pickard 14 14 5 8 8 4 4 4 4 Sarah Ryan 14 14 7 7 6 4 4 4 4 Gene Tilbrook 14 13 7 7 8 8 4 4 4 Ben Wyatt 14 14 7 8 8 4 4 4 4 Current Chair Current Member 1. 'Held' indicates the number of meetings held during the period of each director's tenure. Where a director is not a member but attended meetings during the period, then only the number of meetings attended rather than held is shown. 2. 'Attended' indicates the number of meetings attended by each director. All directors are entitled to and generally attend meetings of the standing committees. 56 \| Annual Report 2022

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Board performance evaluation Board performance evaluations are conducted annually. The reports on Board and committee performance are provided to all directors and discussed by the Board. The report on the Chair's performance is provided to the Chair and two committee chairs for discussion. The report on each individual director is provided to the individual and to the Chair. The Chair meets individually with each director to discuss the findings of their report. As disclosed in the 2021 Corporate Governance Statement, in 2021 an external consultant was engaged to conduct a comprehensive review of the effectiveness of the Board and Board committees. The evaluation followed the process outlined above and involved interviews with directors and senior management and observation of Board and committee meetings. The review also focused on the Board's composition and succession planning including diversity, skills and experience. The review was finalised in 2022. It highlighted the directors' views on the top priorities for the Board. The Board, through the Nominations & Governance Committee, considered and discussed the final report in detail. The external review also informed the Board's review of succession priorities and upcoming appointments will be made with regard to the key opportunities identified. The Human Resources & Compensation Committee reviews and makes recommendations to the Board on the criteria for the evaluation of the performance of the CEO. The Board conducts the evaluation of the performance of the CEO. Review of the 2022 performance of the CEO and executive succession planning was conducted by the Board. Directors' retirement and re-election The Woodside Constitution sets out the requirements for the retirement and re-election of directors. With the exception of the CEO/Managing Director, directors must retire at the third AGM following their election or most recent re-election. At least one director must stand for election at each AGM. Board support for a director's re-election is not automatic and is subject to satisfactory director performance. Director independence In accordance with the Policy on Independence of Directors, the Board assesses independence with reference to whether a director is non-executive, not a member of management and is free of any business or other relationship that could materially interfere with, or could reasonably be perceived to materially interfere with, the independent exercise of their judgement. In making this assessment, the Board considers all relevant facts and circumstances. In particular, the Board focuses on the factors relevant to assessing the independence of a director set out in Box 2.3 of the ASXCGC Recommendations. The Board has reviewed the independence of each of the nonexecutive directors in office at the date of this Statement and determined that they are all independent. The CEO, Ms Meg O'Neill, is not considered independent as she is an Executive Director and a member of management. Two of the non-executive directors have been employed by Woodside in the past. Dr Haynes was seconded to Woodside as General Manager of the North West Shelf Venture from 1999 to 2002. Dr Ryan was employed by Woodside as a member of the North West Shelf petroleum production team from 1993 to 1996. A significant period of time has elapsed since they ceased employment with Woodside and the Board is comfortable that they bring an independent judgement to bear on issues before the Board. Dr Haynes was re-elected at the 2021 AGM and has served eleven years on the Board in June 2022. The Board reviewed the independence of Dr Haynes and determined that he remained independent, notwithstanding his length of tenure on the Board. Conflicts of interest The Board has approved a Directors' Conflict of Interest Policy which applies if there is, or may be, a conflict between the personal interests of a director, or the duties a director owes to another company, and the duties the director owes to Woodside. Directors are required to disclose circumstances that may affect, or be perceived to affect, their ability to exercise independent judgement so that the Board can assess independence on a regular basis. Under Woodside's Constitution, directors must comply with the Corporations Act in relation to disclosure and voting on matters involving material personal interests. Subject to the Corporations Act: • a director may be counted in a quorum at a Board meeting that considers, and may vote on, any matter in which that director has an interest • the company may proceed with any transaction that relates to the interest and the director may participate in the execution of any relevant document by or on behalf of the company • the director may retain benefits under the transaction even though the director has an interest • the company cannot avoid the transaction merely because of the existence of the interest. Under Woodside's Constitution, a director may be a director of or hold any other office or position in any corporation promoted by the company or in which the company may be interested. The Board may exercise the voting power conferred by the shares in any corporation held or owned by the company, and a director may vote in favour of exercising those voting rights despite the fact that the director is, or may be about to be appointed, a director of that other corporation and may be interested in the exercise of those voting rights. An interested director is to be counted in a quorum despite the interest. Woodside Energy Group Ltd \| 57

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Under Woodside's Constitution, the Board may exercise all the powers of the company to raise or borrow money, guarantee the debts or obligations of any person or enter into any other financing arrangements on the terms it thinks fit. If any director or officer of the company is personally liable for the payment of any sum which is or may become primarily due from the company, the Board may charge the whole or any part of the assets of the company by way of indemnity to secure the director or officer from any loss in respect of the liability. Areas of competence and skills of the Board of Directors The directors on the Board collectively have a combination of skills and experience which are necessary to direct the company in accordance with high standards of corporate governance and to oversee Woodside's management and business activities. The competences and skills are set out in the skills matrix below. The Board uses this skills matrix to assess the skills and experience of each director and the combined capabilities of the Board, to identify potential areas of focus for director recruitment and to identify any professional development opportunities that may benefit directors. Leadership and culture • Business leadership • Values and behaviours • Public listed company experience Finance • Accounting & audit • Financial acumen Business strategy • Corporate financing & treasury • Business strategy • Capital investments & projects Commercial • Gas/LNG marketing • Mergers & acquisitions • Business development • Legal & regulatory compliance • US regulatory compliance • Risk management • Insurance • Taxation Sustainability & stakeholder management • Community relations • Corporate governance • Environment • Public & regulatory policy • Health & safety Climate change • Policy & legal risks • Market • Technology • Reputation People & capability • People & culture • Industrial relations • Remuneration Industry • New energy & renewables • Technology & innovation • Digital cybersecurity International • International oil and gas exploration, development and production • International experience Ordinarily, the skills matrix is reviewed annually and updated regularly to ensure it remains appropriate for Woodside's strategy, operations and risk profile and any other emerging issues. In 2022, this review also involved benchmarking against Woodside's international oil and gas peers. This review confirmed that the Board collectively have the necessary skills and competencies. As discussed in the Board performance evaluation section, the review also informed and supported the Board's review of succession priorities. The Board supplements its expertise with internal and external subject matter experts as appropriate (for example, regular attendance at Board meetings by relevant executives and other independent advisers). The Sustainability Committee received regular briefings and education on climate change from Woodside's Senior Executive responsible for climate change, to ensure decisions are informed by climate change science and expert advice. Chair The Chair of the Board, Mr Richard Goyder, is an independent, non-executive director and an Australian resident and citizen. The Chair is responsible for leadership and effective performance of the Board and for the maintenance of relations between directors and management that are open, cordial and conducive to productive cooperation. The Chair's responsibilities are set out in more detail in the Board Charter. Company Secretaries Details of the Company Secretaries are set out in section 4.2—Directors' report—Company Secretaries. All directors have direct access to the Company Secretaries who are accountable directly to the Board, through the Chair, on all matters to do with the proper functioning of the Board. Board succession planning The Board manages its succession planning with the assistance of the Nominations & Governance Committee which annually reviews the size, composition and diversity of the Board. In conducting the review, the Board skills matrix and the tenure of each director is considered. The Nominations & Governance Committee is also responsible for evaluating Board candidates and recommending individuals for appointment to the Board. The Committee evaluates prospective candidates against a range of criteria including the skills, experience, expertise and diversity that will best complement Board effectiveness at the time. The Board may engage an independent recruitment firm to undertake a search for suitable candidates. Refer to the 'Board composition' section for information about recent changes to the Board's composition. 58 \| Annual Report 2022

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Audit & Risk Committee Assists with overseeing the company's financial reporting, compliance with legal and regulatory requirements, risk management and the internal and external audit functions. Members: • Frank Cooper (Committee Chair) • Larry Archibald • Christopher Haynes • Sarah Ryan • Gene Tilbrook FY22 key activities: • overseeing the integration activities required after completion of the merger • monitoring developments in accounting, financial reporting and taxation relevant to Woodside • reviewing significant accounting policies and practices • reviewing and making recommendations to the Board for the adoption of the Group's half-year and annual Financial Statements • approving the fees and reviewing the external auditor's scope and plan for the 2022 external audit • considering and approving non-audit services provided by the external auditor • reviewing the independence and performance of the external auditor • reviewing Internal Audit reports and material postinvestment reviews and approval of the 2023/2024 Internal Audit program • reviewing the Group's key risks and risk management framework, confirming that the framework was sound and that the company is operating with due regard to the risk appetite set by the Board • reviewing reports from management on the effectiveness of the Group's management of its material business risks including contemporary and emerging risks such as cybersecurity, conduct risk, technology and innovation, privacy and data breaches, sustainability and climate change • reviewing the company's annual insurance plan and maintaining oversight of the company's insurance activities • overseeing the company's tax matters, including reviewing the company's policies and practices for managing compliance with tax laws • assessing processes to ensure compliance with legal and regulatory requirements • monitoring material litigation • monitoring matters and informing the Board of any material concerns raised under the Code of Conduct, the Anti-Bribery and Corruption and Whistleblower Policies that call into question the culture of the organisation • informing the Board of the company's compliance with material legal and regulatory requirements and any conduct that is materially inconsistent with the company's values or Code of Conduct • reviewing and making recommendations to the Board on amendments to company policies. Audit committee financial expert Woodside's Board has determined that Frank Cooper, who serves on the Audit & Risk Committee, meets the audit committee financial expert requirements under SEC Rules. The Board has also determined that he is independent under applicable NYSE rules. 4.1.3 Board committees The Board has four standing committees to assist in the discharge of its responsibilities. The committees operate principally in a review or advisory capacity, except in cases where powers are specifically conferred on a committee by the Board. Each committee has a charter, detailing its role, duties and membership requirements. The committee charters are reviewed regularly and updated as required. Membership of the committees is based on directors' qualifications, skills and experience. Each standing committee is comprised of: • only non-executive directors • at least three members, the majority of whom are independent • a chair appointed by the Board who is one of the independent non-executive directors. The Audit & Risk Committee and the Human Resources & Compensation Committee have additional membership requirements as set out in their respective charters. Each committee is entitled to seek information from any employee of the company and to obtain any professional advice it requires in order to perform its duties. All directors are entitled to and generally attend meetings of the standing committees. Woodside Energy Group Ltd \| 59

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Nominations & Governance Committee Assists the Board with reviewing Board composition, performance and succession planning, including identifying, evaluating and recommending candidates for the Board. Members: • Richard Goyder (Committee Chair) • Larry Archibald • Frank Cooper • Swee Chen Goh • Christopher Haynes • Ian Macfarlane • Ann Pickard • Sarah Ryan • Gene Tilbrook • Ben Wyatt FY22 key activities: • reviewing the size and composition of the Board • reviewing the director skills matrix • Board succession planning • recommending to the Board directors for re-election at the 2023 AGM • approving the process for the annual Board performance evaluation. Human Resources & Compensation Committee Assists with establishing human resources and compensation policies and practices. Members: • Gene Tilbrook (Committee Chair) • Frank Cooper • Swee Chen Goh • Ian Macfarlane • Ann Pickard • Ben Wyatt FY22 key activities: • considering changes to the leadership structure in consultation with the Board; including the CFO transition • approving changes to the leadership structure in connection with the merger, including the appointment and remuneration packages of executives reporting directly to the CEO • considering the integration requirements, including organisation design, harmonisation and policy changes, arising in relation to the merger • monitoring legislative and corporate governance developments in relation to employment and remuneration matters relevant to Woodside • monitoring Woodside's response to the WA Parliamentary Inquiry into sexual harassment against women in the FIFO mining industry • reviewing the company's remuneration policies and practices and considering advice on the remuneration of Woodside's key management personnel • reviewing the company's recruitment and retention strategies • considering activities to assess and monitor culture, including across all areas of our Integrated Culture Framework (values, safety, risk and compliance) • monitoring learning and organisational development strategies and activities across Woodside • reviewing progress against the 2021-2025 Inclusion and Diversity strategy • monitoring progress against measurable objectives in respect of gender diversity and endorsing for Board approval the 2023 measurable objectives • reviewing and making recommendations to the Board on: • remuneration for non-executive directors • the remuneration of the CEO • the criteria for the evaluation of the CEO's performance • incentives payable to the CEO • employee equity-based plans • the annual Remuneration Report. 60 \| Annual Report 2022

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Sustainability Committee Assists the Board in meeting its oversight responsibilities in relation to the company's sustainability policies and practices. Members: • Ann Pickard (Committee Chair) • Larry Archibald • Swee Chen Goh • Christopher Haynes • Ian Macfarlane • Sarah Ryan • Ben Wyatt FY22 key activities: • reviewing Woodside's environmental performance, including major incident prevention • monitoring the Group's health and personal safety performance • monitoring Woodside's process safety performance including major incident prevention • reviewing Woodside's quality management • endorsing the creation of new Environment and Biodiversity and Health and Safety policies, replacing the previous Health, Safety and Environment policy • considering security and emergency management performance, including major incident prevention and response and business continuity • considering Woodside's management of climate change risk and opportunities • overseeing and reviewing the proposed content for Woodside's Climate Report 2022, and approach to climate-related disclosures • considering First Nations affairs, including cultural heritage and land access matters, and endorsement of changes to the First Nations Communities Policy • reviewing Woodside's activities supporting local content in our supply chain • monitoring Woodside's social performance and social contribution in our host communities • reviewing Woodside's reputational performance and issues of significance to our communities and stakeholders • overseeing and reviewing the proposed content for Woodside's Climate Report 2021 • overseeing publication of the Reconciliation Action Plan Report 2021 • endorsing Board approval of Woodside's Modern Slavery Statement 2021 and reviewing related human rights issues. Woodside Energy Group Ltd \| 61

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4.1.4 Executive Leadership Team Mike Price Acting Executive Vice President Australian Operations BEng (Hons) (MechEng) Joined Woodside: 1994 Experience: Mike is the Acting Executive Vice President Australian Operations, following the resignation of Fiona Hick in November 2022. Mike is responsible for Woodside's Australian operations portfolio. Mike has over 29 years of industry experience in operations and project roles. He has had multiple leadership roles and most recently held the role Vice President Pluto/Scarborough. Graham Tiver1 Executive Vice President and Chief Financial Officer BBus, FCPA Joined Woodside: 2022 Experience: Graham is responsible for Finance; Treasury; Tax; Investor Relations; Governance, Risk and Compliance; Audit; and Mergers and Acquisitions. Prior to joining Woodside, Graham spent 28 years with BHP and WMC Resources where he held significant financial, commercial and leadership roles across multiple business sectors. He has extensive international experience, having worked in North and South America as well as in a variety of roles around Australia. Directorship: Nil Shiva McMahon1 Executive Vice President International Operations MA, BA Joined Woodside: 2022 Experience: Shiva is responsible for Woodside's International operations portfolio. Shiva has 30 years of industry experience and prior to joining Woodside held senior leaderships roles at both BHP and BP. Shiva spent a large part of her career at BP in roles including CFO Global Lubricants, Chief of Staff Upstream Executive Office and CFO Trinidad and Tobago. Directorship: Greater Houston Partnership (since 2022). Shaun Gregory Executive Vice President New Energy BSc (Hons), MBT Joined Woodside: 1995 Experience: Shaun is responsible for new energy and carbon solutions. Shaun has over 30 years of industry experience and has had senior leadership roles across Woodside's value chain from Exploration acreage capture and evaluation, through Development concept selection and technology development. Julie Fallon Executive Vice President Corporate Services BEng (Hons) (ChemEng) Joined Woodside: 1998 Experience: Julie is responsible for Legal; Health, Safety & Environment; Security & Emergency Management; Supply Chain; and Human Resources. Julie has 30 years of industry experience and has held a number of senior leadership roles at Woodside including Senior Vice President Pluto and Senior Vice President Engineering. Daniel Kalms Executive Vice President Technical Services BEng (Hons) (ChemEng), MBA Joined Woodside: 2001 Experience: Daniel is responsible for Digital; Technology; Surface Engineering; Subsurface and Reserves; and merger integration. Daniel has over 25 years of industry experience and has held senior leadership roles across development, projects, operations and corporate. 1. Identified as key management personnel (KMP). 62 \| Annual Report 2022

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Mark Abbotsford Executive Vice President Marketing and Trading BEc (Hons), MPhil, MBA Joined Woodside: 2002 Experience: Mark is responsible for Woodside's global commodity marketing, trading and shipping portfolio. Mark has over 20 years industry experience and has held a number of senior leadership positions across commercial, finance and marketing in various global locations. Prior to joining Woodside, Mark had roles at Treasury (Western Australia) and BHP Iron Ore. Andy Drummond Executive Vice President Exploration & Development BEng (Hons) (ChemEng) Joined Woodside: 2022 Experience: Andy is responsible for exploration and development activities at Woodside. Andy has over 25 years industry experience. Prior to joining Woodside, Andy held senior leadership positions at BHP and Marathon Oil Corporation, including Vice President of Sustainability and Innovation for BHP's petroleum business. Matthew Ridolfi Executive Vice President Projects BEng (Hons) (MechEng) Joined Woodside: 2022 Experience: Matthew is responsible for Woodside's project execution activities globally. Matthew has more than 30 years of industry experience and prior to joining Woodside held a number of senior leadership positions at BHP including Vice President of Major Developments for BHP's petroleum business and Vice President of Health, Safety, Environment and Community. Tony Cudmore Executive Vice President Strategy and Climate BA, GCIR Joined Woodside: 2022 Experience: Tony is responsible for Corporate Strategy, Climate and Sustainability, External Environment and Corporate Affairs. Tony has over 20 years industry experience and prior to joining Woodside, Tony worked for BHP and ExxonMobil where he held senior leadership positions including Chief Public Affairs Officer and Group Sustainability and Public Policy Officer at BHP. Performance evaluation of Executive Leadership Team With respect to executives, their performance is reviewed annually, which considers and assesses the executive's performance against a list of key performance indicators. All executives had a performance evaluation in FY2022 and further details are set out in section 4.3—Remuneration Report. Details of the CEO's performance evaluation (process and outcomes) are set out in section 4.3—Remuneration Report. Woodside Energy Group Ltd \| 63

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4.1.5 Promoting responsible and ethical behaviour Our Values Everything we do is guided by Our Values and inspired by our common purpose. We are one team, we care, we innovate every day, our results matter and we build and maintain trust. Code of Conduct and Anti-Bribery and Corruption Policy The Code of Conduct and the Anti-Bribery and Corruption Policy (ABC Policy) cover matters such as compliance with laws and regulations, responsibilities to shareholders and the community, sound employment practices, confidentiality, privacy, conflicts of interest, giving and accepting business courtesies and the protection and proper use of Woodside's assets. All directors, officers and employees are required to comply with the Code of Conduct and the ABC Policy and managers are expected to take reasonable steps to ensure that employees, contractors, consultants, agents and partners under their supervision are aware of both policies. All breaches of the Code of Conduct and ABC Policy are required to be recorded. Substantiated allegations of breaches of the Code of Conduct and material breaches of the ABC Policy are reported to the Audit & Risk Committee. Whistleblower Policy Woodside's Whistleblower Policy documents our commitment to maintaining an open working environment in which Woodside personnel and other stakeholders can report instances of unethical, unlawful or undesirable conduct without fear of intimidation or reprisal. Any material incidents reported under Woodside's Whistleblower Policy are reported to the Audit & Risk Committee and in line with applicable whistleblower protection laws. Securities Dealing Policy Woodside's Securities Dealing Policy applies to all directors, employees, contractors, consultants and advisers. It prohibits directors and employees from dealing in the company's securities when they are in possession of price-sensitive information that is not generally available to the market. It also prohibits dealings by directors and certain restricted employees during 'black-out' periods, such as during the period between the end of the financial half and full-year and the day following the announcement of the results. 64 \| Annual Report 2022

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The Securities Dealing Policy also sets out our approach to transactions which limit the economic risk of participating in equity-based remuneration schemes. Working Respectfully Woodside is committed to a safe, inclusive and respectful working environment. Our culture is underpinned by our Values and Code of Conduct. Sexual and other unlawful discrimination, bullying and harassment are serious violations of those principles and will not be tolerated. The Woodside Working Respectfully Policy sets out our expectation for everyone working for and with our employees, contractors and customers to treat others with respect, in line with our values, Code of Conduct, and the Working Respectfully Policy. Human rights We conduct business in a way that respects the human rights of all people, including our employees, the communities where we are active and those working throughout our supply chains. Woodside's approach to human rights is set out in our Human Rights Policy and overseen by the Board. The Board's Sustainability Committee is responsible for reviewing and making recommendations and endorsements to the Board on Woodside's Human Rights Policy and performance. Payments to political entities for business engagement Woodside does not donate to campaign funds for any political party, politician or candidate for public office in any country. In Australia, Woodside makes payments to attend ad hoc business engagement events arranged by political stakeholders. Decisions to attend these events are subject to strict governance processes. Our Board considers and approves our approach to political contributions annually. As reported to the Australian Electoral Commission in compliance with our reporting requirements, our payments for the financial year 2021/22 totalled A$109,930, down from A$232,350 in 2020/21. In 2021/22 Woodside did not renew any of its business forum memberships and only attended State and Federal ad hoc business engagement, policy and networks events. Our contributions for the year ending 30 June 2022 (being the relevant reporting period) are as follows: Value (A$) Australian Labor Party 43,400 Australian Labor Party (Western Australia Branch) 24,750 Liberal Party of Australia 8,500 Liberal Party (WA Division) Inc 11,580 National Party of Australia 14,700 National Party of Australia (WA) Inc 7,000 Total: 109,930 Woodside Energy Group Ltd \| 65

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4.1.6 Risk management and internal control Risk management Approach to risk management Woodside is committed to managing risks in a proactive and effective manner as a source of competitive advantage. Our approach is intended to protect us against potential negative impacts and improve our resilience against emerging risks. These include conduct risk, technology and innovation, cybersecurity, privacy and data breaches, sustainability and climate change. Woodside's Risk Management Policy describes the manner in which Woodside: • provides a consolidated view of risks across the company to understand risk exposure and prioritise risk management and governance • confers responsibility on Woodside staff at all levels to pro-actively identify, assess and treat risks relating to the objectives they are accountable for delivering. Board, Audit & Risk Committee and management The Board is responsible for reviewing and approving Woodside's risk management framework, policy and performance. The Board is also responsible for satisfying itself that management has developed and implemented a sound system of risk management and internal control. The Board has delegated oversight of the Risk Management Policy, including review (at least annually) of the effectiveness of Woodside's internal control system and risk management framework, to the Audit & Risk Committee. The Audit & Risk Committee also regularly reviews Woodside's Risk Appetite Statement and oversees Internal Audit's activities and reviews Internal Audit's performance. Management is responsible for promoting and applying the Risk Management Policy. In 2022, the Audit & Risk Committee reviewed and confirmed the company's risk management framework was sound, and that the company was operating with due regard to the risk appetite endorsed by the Board. Internal Audit function Internal Audit provides independent assurance that the design and operation of the Group's risk management and internal control system is effective. A risk-based audit approach is used to ensure that higher risk activities are prioritised in the audit program. Internal Audit is independent of both business management and of the activities it reviews and has all necessary access to management and information to fulfill its role. Internal Audit is staffed by industry professionals including qualified accountants and engineers. The head of Internal Audit is jointly accountable to the Audit & Risk Committee and the Senior Vice President Corporate Services. Governance, Risk and Compliance function The Governance, Risk and Compliance Function is responsible for Woodside's risk management framework, development of risk management capability, and providing risk management oversight to senior levels of management and the Audit & Risk Committee on the strategic risk profile and the Group's risk management performance. Material risks Our material risks (including environmental and social risks) and how they are managed are disclosed in section 3.8—Risk factors. External audit and reporting External Auditor independence In accordance with Woodside's External Auditor Policy, the Audit & Risk Committee oversees the engagement of Woodside's external auditor, governed by the External Auditor Guidance Policy (guidance policy). Internal audit and external audit are separate and independent of each other. The guidance policy includes provisions directed at maintaining the independence of the external auditor and assessing whether the proposed provision of any non-audit services by the external auditor is appropriate. The guidance policy classifies a range of non-audit services which could potentially be provided by the external auditor as acceptable within limits, requiring Audit & Risk Committee pre-approval or not acceptable. The Audit & Risk Committee reviews the auditor independence annually. The Audit & Risk Committee did not waive the pre-approval requirement under paragraph (c)(7)(i) of Rule 2-01 of SEC Regulation S-X in 2022. With effect from 2022, PricewaterhouseCoopers (PwC) was appointed as auditor of the Group, replacing Ernst & Young (EY). Under SEC regulations, the remuneration of the auditors (PwC) of $5.4 million (2021: $4.6 million (EY)) is required to be presented as follows: audit fees represent 76% (2021: 38%); audit-related fees 18% (2021: 58%); tax fees 5% (2021: 3%); and all other fees 1% (2021: 1%). Verification of periodic corporate reports A statement setting out the processes undertaken by Woodside to verify the integrity of the periodic corporate reports it releases to the market that are not audited by an external auditor is available in the Corporate Governance section of Woodside's website. CEO and CFO assurance Before approving the Financial Statements for a financial period, the Board receives from the CEO and CFO a declaration stating that: • in their opinion Woodside's financial records have been properly maintained, comply with the appropriate accounting standards and give a true and fair view of Woodside's financial position and performance • the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. 66 \| Annual Report 2022

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4.1.7 Inclusion and diversity Inclusion and Diversity Policy Our Inclusion and Diversity (I&D) Policy outlines our commitment to an inclusive workplace culture that values diversity and promotes equal opportunities. Our I&D Policy applies throughout Woodside, including the Board. The Human Resources & Compensation Committee is responsible for monitoring the company's I&D Policy and setting measurable objectives for achieving diversity in the composition of the Board, Senior Executives and Woodside's workforce generally. Our diversity encompasses differences in age, nationality, race, ethnicity, national origin, religious beliefs, sex, sexual orientation, intersex status, gender identity or expression, relationship status, disability, neurodiversity, cultural background, thinking styles, experience, family background, including caregiving commitments and education. For more information, refer to our I&D policy on our website. Initiatives to promote inclusion and diversity Woodside aims to drive I&D and implement the objectives set out in the I&D Policy, among other things: • respecting the unique attributes that each individual brings to the workplace and fostering a values-based and leader-led inclusive culture • providing I&D education and training as well as undertaking diversity initiatives and measuring their effectiveness • amplifying the voices of employees to inform our activities to achieve inclusion by enabling the Employee Impact Groups and conducting employee surveys • the Board annually reviewing the aspirational goals it has set for achieving improvement in Woodside's I&D indicators and the progress in achieving those objectives • reporting gender equality indicators in accordance with the Workplace Gender Equality Act 2012 (Cth). For further information, refer to our FY22 submission available on our website. 1. Non-tertiary pathway data is based on third-party program recruitment information. 2022 measurable objectives Our 2022 measurable objectives include objectives set out in our I&D policy. 2022 measurable objective Progress Deliver a comprehensive Inclusive Leadership program via company-wide leadership program. • Inclusive Leadership embedded into Navigator Leadership Program. During 2022, through Navigator, 924 people commenced the leadership program; 56 senior leaders completed Inclusive Leadership Assessments; and 48 people participated in an additional two half-day Inclusive Leadership courses. • Employee Impact Groups delivered three Inclusive Leadership Series events with 315 people attending. Continue to track perceived level of inclusion and use inclusion survey insights to inform initiatives to continually improve. • Our Voice survey was completed, with belonging, inclusive culture and inclusive leadership measured. Survey feedback used to inform 2023 priorities. Embed Respectful Behaviours at Woodside via increasing a 'speak up' culture and proactive employee engagement on this topic. • 653 people completed the Working Better Together – Respectful Behaviours program. • Employee perceptions in relation to respect, harassment and discrimination at work improved during 2022 (measured via the employee survey). • Multi-disciplinary team established in 2021 maintained during 2022 to identify and embed improvements related to respect at work. Examples include improving site induction and online training, strong regular messaging and participation in industry bodies to share learnings. Ensure diversity of the Board with consideration for gender and cultural diversity. • The I&D Policy was enhanced in 2022 to include a public commitment to improving diversity on the Board, with a key focus on gender equality reaching 40% male, 40% female and 20% any gender. • As of 31 December 2022, Board diversity included:—36% female representation—9% LGBTIQ+ representation—country based cultural diversity included—Indigenous and non-Indigenous Australian, American, Singaporean Chinese and English—racial diversity included 9% Asian, 9% Indigenous Australian, 82% white/Caucasian. Increase the percentage of Indigenous Australian people employed in leadership roles, mid-career and senior roles and overall. • The percentage of Indigenous Australian people employed by Woodside in:—mid-career and senior roles increased to 0.7% (from 0.6%)—leadership roles increased to 0.9% (from 0.8%). • Overall participation (including third-party pathway program participants) increased to 5.4% (from 5.2%) Woodside Energy Group Ltd \| 67

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2022 measurable objective Progress Increase the percentage of females employed in leadership roles, trade and technician roles and overall. • The percentage of females employed by Woodside in:—trade and technician roles increased to 9.8% (from 9%)—leadership roles increased to 26.8% (from 25.2%). • There was an overall increase to 33.4% (from 32.7%). Maintain gender balance1 and meet recruitment goals for Indigenous Australian peoples through all forms of entry to Woodside including pathway programs and experienced hires. • Recruitment results for gender were:—non-tertiary pathways2: 63.6% female—summer vacation and graduates: 50.9% female for summer vacation 2022/2023 and 54% female for graduates—experienced hires: 40.6% female. • Recruitment results for Indigenous Australian people, against goals, were:—non-tertiary pathways2: 59.1% (goal of 50%)—summer vacation and graduates: 3.8% for summer vacation 2022/2023 and 4.8% for graduates (goal of 10%)—experienced hires: 6.2% (goal of 2%). Make progress towards building greater inclusion of people who are differently abled and/or neurodiverse. • Progress made in relation to introduction of a low-sensory room to support people with light sensitivity, recruitment processes enhanced, awareness raising via education and information sessions. Support LGBTIQ+ individuals to feel safe to be out at work. • Authentic Leaders Program for LGBTIQ+ employees was completed • Introduction of strong visible signs of support ie. Progress Pride flags at Karratha sites • 193 people completed LGBTIQ+ related training in 2022 • Gender Affirmation Guide, including access to four weeks paid leave, introduced. 1. Gender balance in the US is defined as representative and reflective of the available talent pool. 2. Non-tertiary pathway data is based on third-party program recruitment information. Woodside workforce gender profile Administration % Female 47.9 Male 52.1 Senior management1 % Female 31.7 Male 68.3 Technical % Female 31.3 Male 68.7 Total % Female 33.6 Male 64.4 Supervisory/ professional % Female 36.6 Male 63.4 Board members % Female 36.6 Male 63.6 Middle management % Female 25.5 Male 74.5 1. Senior management and other categories above are defined by reference to Woodside's internal remuneration bands. 68 \| Annual Report 2022

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4.1.8 Other governance disclosures Evaluation of disclosure controls and procedures Woodside's management, with the participation of its CEO and CFO, have evaluated, as required by Rule 13a-15(b) under the US Securities Exchange Act of 1934 (Exchange Act), the effectiveness of Woodside's disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as at 31 December 2022. Based on that evaluation, the CEO and CFO concluded that Woodside's disclosure controls and procedures were effective, as at 31 December 2022, in ensuring that information required to be disclosed by Woodside in the reports that it files or submits under the Exchange Act is recorded, processed, summarised and reported within the time periods specified in the SEC's rules and forms, including that such information is accumulated and communicated to Woodside's management, including the CEO and CFO, to allow timely decisions regarding required disclosure. Management's annual report on internal control over financial reporting This annual report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of Woodside's registered public accounting firm due to a transition period established by rules of the SEC for newly public companies. Attestation report of the registered public accounting firm Not applicable. Changes in internal control over financial reporting The Group's accounting records and financial reporting processes rely on the effectiveness of the Enterprise Resource Planning (ERP) systems used. Following the merger, the ERP system of BHP Petroleum was separated from BHP and exists independently of Woodside's ERP system. There are various risks associated with maintaining two independent ERP systems, including reliability and integrity of the systems and accuracy of financial information. This change occurred during the year ended December 31, 2022, and in Woodside's view it has materially affected, or is reasonably likely to materially affect, Woodside's internal control over financial reporting. To address this, Woodside performed the following procedures: • reconciled opening balances for BHP Petroleum to ensure data migration from the BHP system was complete and accurate • implemented additional internal controls over the model to consolidate financial information from both ERP systems to ensure the data was complete and accurate • assessed the accounting policies of BHP Petroleum and the impact on the Group's financial position and results of operation • reformed additional governance procedures to incorporate and identify impacts of the BHP Petroleum business on the Group's financial records and disclosures. Exemptions from the NYSE listing standards for audit committee As required by NYSE listing standards, Woodside maintains an Audit & Risk Committee for the purpose of assisting the Board's oversight of its financial statements, its internal audit function and its independent auditors. Woodside's Audit & Risk Committee is in full compliance with Exchange Act Rule 10A-3 and Section 303A.06 of the NYSE Listed Company Manual. While Woodside's Audit & Risk Committee is directly responsible for remuneration and oversight of the external auditor, ultimate responsibility for the appointment of the external auditor rests with Woodside shareholders, in accordance with Australian law and the Woodside Constitution. However, in accordance with the limited exemptions set forth in Rule 10A-3, the Audit & Risk Committee is responsible for the annual auditor engagement and if there is any proposal to change auditors, the committee does make recommendations to the Woodside Board on any change of auditor, which are then considered by Woodside shareholders at the annual meeting of Woodside shareholders. Differences from NYSE corporate governance requirements Woodside's ADSs are listed on the New York Stock Exchange (NYSE) and, accordingly, Woodside is subject to the listing rules of the NYSE (NYSE Listing Rules). The NYSE Listing Rules include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as Woodside, to follow 'home country' corporate governance practices in lieu of the otherwise applicable corporate governance standards of the NYSE. Woodside has elected to comply with certain home country rules in lieu of the applicable NYSE requirements, as more fully described below. Woodside may in the future decide to use other foreign private issuer exemptions with respect to some of the other NYSE Listing Rules. Following Woodside's home country governance practices, as opposed to the requirements that would otherwise apply to a company listed on the NYSE, may provide less protection than is accorded to investors under the NYSE Listing Rules applicable to US domestic issuers. If, at any time, Woodside ceases to be a foreign private issuer, it will take all action necessary to comply with the SEC and NYSE Listing Rules. Quorum The NYSE Listing Rules generally require that a listed company's by-laws provide for a quorum for any meeting of the holders of such company's voting shares that is sufficiently high to ensure a representative vote. Pursuant to the NYSE Listing Rules, Woodside, as a foreign private issuer, has elected to comply with practices that are permitted under Australian securities laws in lieu of the provisions of the NYSE Listing Rules. The Woodside Constitution provides that a quorum for a meeting of Woodside Shareholders is three eligible Woodside Shareholders entitled to vote. Woodside Energy Group Ltd \| 69

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Audit committee and audit committee additional requirements Under Section 303A.06 of the NYSE Listing Rules and the requirements of Rule 10A-3 under the Exchange Act (Rule 10A-3), a US listed company is required to have an audit committee of such company's board of directors consisting entirely of independent members that comply with the requirements of Rule 10A-3. In addition, (i) the audit committee must have a written charter which is compliant with the requirements of Section 303A.07(b) of the NYSE Listing Rules, (ii) the listed company must have an internal audit function and (iii) the listed company must fulfill all other requirements of the NYSE Listing Rules and Rule 10A-3. Foreign private issuers must comply with the audit committee standard set forth in Rule 10A-3, subject to limited exemptions, but may elect to follow 'home country' practices in lieu of the additional audit committee requirements in the NYSE Listing Rules. Rule 10A-3 requires NYSE-listed companies to ensure their audit committees are directly responsible for the appointment, compensation, retention and oversight of the work of the external auditor unless the company's governing law or documents or other home country legal requirements require or permit shareholders to ultimately vote on or approve these matters. Refer to section 4.1.3—Board committees—Audit & Risk Committee for information on Audit and Risk Committee requirements under the ASX Recommendations. Code of Ethics The Woodside Board has adopted the Code of Conduct, which applies to the Woodside Board and Woodside's CEO and CFO, along with all other Woodside employees. During 2022, we refreshed our Code of Conduct to align it with global best practices and in connection with our new listings on the NYSE and LSE. The Code of Conduct can be found on Woodside's website at woodside.com/who-we-are/corporategovernance 4.1.9 Shareholders Shareholder communications Shareholders are encouraged to receive electronic communications from the company and can elect to receive email notification when key materials are posted to the website. Shareholders can also receive an email notification of Woodside's announcements and media releases. Shareholders can communicate directly with Woodside by submitting questions or comments on the Contact Us section of the website. The Shareholder Services section of the website also sets out the email address for Woodside's share registry, Computershare. Investor relations program Woodside has an investor relations program to facilitate effective two-way communication with investors. Our Continuous Disclosure and Market Communications Policy facilitates this by requiring: • the full and timely disclosure of information about Woodside's material activities to the ASX and other relevant exchanges and our website (where they are retained for at least three years) • that all disclosures, including notices of meetings and other shareholder communications, are drafted clearly and concisely • the conduct of briefings for investors from time to time (such as the annual and half year results, and Investor Briefing Days). Investor briefings are webcast and presentation material for briefings or speeches containing new and substantive information are first disclosed to the market and other relevant exchanges and posted to Woodside's website. Shareholder meetings The company recognises the importance of shareholder participation in general meetings and supports and encourages that participation. The company has direct voting arrangements in place, allowing shareholders unable to attend the AGM to vote on resolutions without having to appoint someone else as a proxy. Voting on any substantial resolution at an AGM is conducted by poll. Continuous disclosure and market communications Woodside's Continuous Disclosure and Market Communications Policy and associated guidelines reinforce Woodside's commitment to continuous disclosure and outline management's accountabilities and the processes to be followed for ensuring compliance. A Disclosure Committee manages compliance with market disclosure obligations and is responsible for implementing and monitoring reporting processes and controls and setting guidelines for the release of information. The Disclosure Committee is comprised of senior leaders. Employees considered to hold higher risk roles are required to participate in annual continuous disclosure training. The Board and Senior Executives are provided with copies of all information disclosed pursuant to the stock exchange rules. 70 \| Annual Report 2022

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The directors of Woodside Energy Group Ltd present their report (including the Remuneration Report) together with the Financial Statements of the consolidated entity, being Woodside Energy Group Ltd and its controlled entities, for the year ended 31 December 2022. Directors The directors of Woodside Energy Group Ltd in office at any time during or since the end of the 2022 financial year and information on the directors (including qualifications and experience and directorships of listed companies held by the directors at any time in the last three years) are set out on pages 52-55 in section 4.1.2—Board of directors. The number of directors' meetings held (including meetings of committees of the Board) and the number of meetings attended by each of the directors of Woodside Energy Group Ltd during the financial year are shown on page 56 in section 4.1.2—Board of directors—Director attendance at meetings. Details of director and Senior Executive remuneration are set out on pages 75-98 in section 4.3—Remuneration Report. The particulars of directors' interests in shares of Woodside as at the date of this report are set out at the end of this section. Principal activities The principal activities and operations of Woodside during the financial year were hydrocarbon exploration, evaluation, development, production and marketing. Other than as previously referred to in the operating and financial review section, including the merger with BHP's petroleum business, there were no other significant changes in the nature of the activities of the consolidated entity during the year. Consolidated results The consolidated operating profit attributable to Woodside's shareholders after provision for income tax was $6,498 million ($1,983 million in 2021). Operating and financial review A review of the operations of Woodside during the financial year and the results of those operations are set out on pages 4-14 in section 1—Overview, pages 15-22 in section 2—Financial performance and strategy, pages 23-49 in section 3—Our business and pages 194-197 in section 6.6—Asset facts. Significant changes in the state of affairs The review of operations on pages 4-49 sets out a number of matters that have had a significant effect on the state of affairs of the consolidated entity. Other than those matters, there were no significant changes in the state of affairs of the consolidated entity during the financial year. Events subsequent to end of financial year Since the reporting date, the directors have resolved to pay a fully franked dividend. More information is available in the Dividend section below. No provision has been made for this dividend in the financial report as the dividend was not determined by the directors on or before the end of the financial year. Other than those disclosed in Note E.5 of section 5—Financial Statements on page 149, there are no other material subsequent events. Dividend The directors have resolved to pay a final dividend in respect of the year ended 31 December 2022 of 144 US cents per ordinary share (fully franked) payable on 5 April 2023. Type 2022 final 2022 interim 2021 final Payment date 5 April 2023 6 October 2022 23 March 2022 Period ends 31 December 2022 30 June 2022 31 December 2021 Cents per share 144 109 105 Value $ million 2,734 2,070 1,018 Fully franked ïƒ¼ ïƒ¼ ïƒ¼ Likely developments and expected results In general terms, the review of operations of Woodside as set out on pages 4-49 gives an indication of likely developments and the expected results of the operations. In the opinion of the directors, disclosure of any further information would be likely to result in unreasonable prejudice to Woodside. Page 204 of section 6.9—Information about this report includes further details regarding Woodside's reliance on the unreasonable prejudice exemption. Environmental compliance Woodside is subject to a range of environmental legislation in Australia and other countries in which it operates. In 2022, there were three environmental incidents (two hazardous non-hydrocarbon and one hydrocarbon) involving spills of greater than 1 bbl released to the environment. The incidents did not result in significant negative impacts to the surrounding environment, were localised and temporary in nature. Through its Health, Safety and Environment Policy and Quality Policy, Woodside plans and performs activities so that adverse effects on the environment are avoided or kept as low as reasonably practicable. S ection 4 . 2 Directors' report Woodside Energy Group Ltd \| 71

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Research and development Technology has the potential to support safe, low cost and lower carbon operations. Woodside has a number of technology collaborations and pursues opportunities through technology across operations including for emissions reduction. For further information on examples of the Group's activities in the field of research and development see section 3.8—New energy and carbon solution on pages 30-31. Company Secretaries The following individuals have acted as Company Secretary during 2022: Andrew Cox BA (Hons), LLB, MA Vice President Legal and General Counsel, and Joint Company Secretary Mr Cox joined Woodside in 2004 and was appointed to the role of Vice President Legal in January 2015. He was appointed Vice President Legal and General Counsel and Joint Company Secretary on 1 June 2017 and ceased to be an additional Company Secretary effective 20 October 2022. Warren Baillie LLB, BCom, Grad. Dip. CSP Group Company Secretary Mr Baillie joined Woodside in 2005 and was appointed Group Company Secretary effective 1 February 2012. Mr Baillie is a solicitor and chartered secretary. He is a former President of the board of the Governance Institute of Australia. Lucy Bowman MA (Oxon), Jurisprudence Joint Company Secretary Ms Bowman joined Woodside in 2021 as Senior Legal Counsel and was appointed Joint Company Secretary effective 20 October 2022. She is a graduate member of the Australian Institute of Company Directors. Branches Woodside Energy Group Ltd, through various subsidiaries, has established branches in a number of countries. Indemnification and insurance of directors and officers Woodside Energy Group Ltd's constitution requires Woodside Energy Group Ltd to indemnify each director, secretary, executive officer or employee of Woodside Energy Group Ltd or its wholly owned subsidiaries against liabilities (to the extent Woodside Energy Group Ltd is not precluded by law from doing so) incurred in or arising out of the conduct of the business of Woodside Energy Group Ltd or the discharge of the duties of any such person. Woodside Energy Group Ltd enters into deeds of indemnity with directors, secretaries, certain Senior Executives and employees serving as officers on wholly owned or partly owned companies of Woodside in terms consistent with the indemnity provided under Woodside Energy Group Ltd's constitution. From time to time, Woodside engages its external auditor, PricewaterhouseCoopers, to conduct non-statutory audit work and provide other services in accordance with Woodside's External Auditor Guidance Policy. The terms of engagement include an indemnity in favour of PricewaterhouseCoopers: • against all losses, claims, costs, expenses, actions, demands, damages, liabilities or any proceedings (liabilities) incurred by PricewaterhouseCoopers in respect of third-party claims arising from a breach by Woodside under the engagement terms • for all liabilities PricewaterhouseCoopers has to Woodside or any third-party as a result of reliance on information provided by Woodside that is false, misleading or incomplete. Woodside Energy Group Ltd has paid a premium under a contract insuring each director, officer, secretary and employee who is concerned with the management of Woodside Energy Group Ltd or its subsidiaries against liability incurred in that capacity. Disclosure of the nature of the liability covered by and the amount of the premium payable for such insurance is subject to a confidentiality clause under the contract of insurance. Woodside Energy Group Ltd has not provided any insurance for the external auditor of Woodside Energy Group Ltd or a body corporate related to the external auditor. During the financial year ended 31 December 2022 and as at the date of this Directors' Report, no indemnity in favour of a current or former director, officer or external auditor of the Group has been called on. Non-audit services and auditor independence declaration Details of the amounts paid or payable to the external auditor of the company, PricewaterhouseCoopers and the former external auditor Ernst & Young, for audit and non-audit services provided during the year are disclosed in Note E.4 of section 5—Financial Statements. Based on advice provided by the Audit & Risk Committee, the directors are satisfied that the provision of non-audit services by the external auditors during the financial year is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001 for the following reasons: • all non-audit services were provided in accordance with Woodside's External Auditor Policy and External Auditor Guidance Policy • all non-audit services were subject to the corporate governance processes adopted by the company and have been reviewed by the Audit & Risk Committee to ensure that they do not affect the integrity or objectivity of the auditor. The auditor's independence declaration, as required under section 307C of the Corporations Act 2001, is set out on page 74 and forms part of this report. 72 \| Annual Report 2022

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Financial instruments For further information on Woodside's financial risk management objectives and policies, hedging and exposure to price risk, credit risk, liquidity risk and cash flow risk, refer to sections A, C and D on pages 109, 132 and 136 in section 5—Financial Statements and Quantitative and qualitative disclosures about market risk on pages 176-177 in section 6.3—Additional disclosures. Proceedings on behalf of the company No proceedings have been brought on behalf of the company, nor has any application been made in respect of the company, under section 237 of the Corporations Act 2001. Rounding of amounts Woodside Energy Group Limited is an entity to which the Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 (ASIC Instrument 2016/191) applies. Amounts in this report have been rounded in accordance with ASIC Instrument 2016/191. This means that amounts contained in this report have been rounded to the nearest million dollars unless otherwise stated. Information in other parts of the Annual Report Where this Directors' Report refers to other parts of the Annual Report, those pages form part of this report. Directors' relevant interests in Woodside Energy Group Ltd shares as at the date of this report Director Relevant interest in shares Larry Archibald 13,524 Frank Cooper 14,895 Swee Chen Goh 13,949 Richard Goyder 26,163 Chris Haynes 16,009 Ian Macfarlane 10,891 Meg O'Neill1 327,635 Ann Pickard 15,870 Sarah Ryan 13,168 Gene Tilbrook 9,947 Ben Wyatt 1,639 1. Meg O'Neill is the only Woodside Energy Group Ltd director who has rights on issue and her rights holdings are set out on page 97 in Section 4.3—Remuneration Report. Woodside Energy Group Ltd does not have any options on issue. Signed in accordance with a resolution of the directors. R J Goyder, AO Chair Perth, Western Australia 27 February 2023 M E O'Neill Chief Executive Officer and Managing Director Perth, Western Australia 27 February 2023 Woodside Energy Group Ltd \| 73

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Auditor's independence declaration to the Directors of Woodside Energy Group Ltd PricewaterhouseCoopers, ABN 52 780 433 757 Brookfield Place, 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. Auditor's Independence Declaration As lead auditor for the audit of Woodside Energy Group Ltd for the year ended 31 December 2022, 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 audit, and (b) no contraventions of any applicable code of professional conduct in relation to the audit. This declaration is in respect of Woodside Energy Group Ltd and the entities it controlled during the period. Justin Carroll Perth Partner PricewaterhouseCoopers 27 February 2023 74 \| Annual Report 2022

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Contents 4.3.1 Committee Chair's letter 76 4.3.2 Remuneration Report (audited) 78 KMP and summary of Woodside's five-year performance 78 Executive KMP 79 Remuneration policy 79 Executive Incentive Scheme 79 2022 Corporate Scorecard 80 Remuneration changes 80 Executive KMP remuneration structure 81 Corporate Scorecard measures and outcomes for 2022 84 Executive KMP KPIs and outcomes for 2022 85 Other equity plans 90 Contracts for Executive KMP 91 Non-executive directors (NEDs) 91 Human Resources & Compensation Committee 92 Loans and transactions 92 Use of remuneration consultants 92 Reporting notes 92 Statutory tables 93 4.3.3 Glossary 98 S ec t ion 4 . 3 Remuneration Report Woodside Energy Group Ltd \| 75

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27 February 2023 Dear Shareholders On behalf of the Board, I am pleased to present the Remuneration Report for the year ended 31 December 2022. 2022 was an historic year for Woodside with the successful completion of the merger with BHP's petroleum business, bringing together the best of both organisations to create the largest energy company currently listed on the Australian Securities Exchange and a greater global presence. The merger saw the Committee's activity focused on our total reward framework to ensure it continues to motivate and retain our people, attract the best talent and keep Woodside globally competitive. This work considered the transition requirements arising from the merger, including organisation design and alignment of remuneration policies and practices. The Committee (and in the case of the CEO the Board) reviewed and approved changes to the leadership structure in connection with the merger, including the remuneration packages of the CEO and Senior Executives and changes to the structure of the Executive Incentive Scheme (EIS). Culture continued to be a priority for the Committee throughout 2022. The Committee considered activities to assess and monitor culture, across all areas of our Integrated Culture Framework (values, safety, risk and compliance); and oversaw implementation of the 2021-2025 Inclusion and Diversity strategy. More detail on the Committee's activities in 2022 is available in the Corporate Governance Statement 2022. The Board is proud of the excellent results achieved by the Woodside team in 2022 through the merger process and in the combined business. These results are reflected in our 2022 Executive key management personnel (KMP) remuneration outcomes outlined below and in further detail in this report. Business performance In 2022, the Corporate Scorecard was based on five equally weighted measures chosen for their impact on short-term and long-term shareholder value. These measures are earnings before interest, taxes, depreciation and amortisation excluding impairment (EBITDA excluding impairment), operating expenditure, production, material sustainability issues and delivery against business priorities. The merged company delivered EBITDA excluding impairment significantly above target at US$11,234 million and Operating Expenditure in line with target at A$2,063 million. Production for 2022 was above the revised target at 157.7 MMboe. Process safety performance was on target with zero Tier 1 loss of primary containment process safety events and one low risk Tier 2 event. Personal safety has remained a priority during 2022 but disappointingly our total recordable injury rate of 1.80 was higher than our target of 1.0. Gross equity scope 1 and 2 emissions were higher than target primarily due to increased production. Gross equity emissions are calculated prior to retirement of carbon credits as offsets, focusing the organisational priorities on avoiding and reducing emissions. Good progress has been made on key growth projects in 2022. Our Scarborough project in Australia is on track for first LNG cargo in 2026 and the Sangomar development offshore Senegal is expected to deliver first oil late in 2023. The company's performance across the five Corporate Scorecard measures gave an overall corporate performance outcome of 7 (out of a maximum of 10). The Board considered the significant achievements of our team in 2022 and exercised its discretion by raising the outcome to 8 for the purposes of the EIS. This outcome recognises the sustained efforts of the team to successfully complete the merger while delivering strong operational results and progressing our growth projects and new energy opportunities. Overall the CEO's award increased by approximately 5.6% as a result of this decision. These results are reflected in our 2022 Executive KMP KPIs and outcomes for 2022 section of this report. 4.3.1 Committee Chair's letter 76 \| Annual Report 2022

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Executive KMP changes In 2022 the Committee approved changes to the leadership structure for the merged company, including appointment to roles reporting directly to the CEO, aiming to bring together the capabilities, experiences and diverse perspectives from both organisations to deliver long-term success for the merged company. Leadership positions are based in Perth and Houston, reflecting the geographic spread of the combined portfolio. As a result, effective 1 June 2022 Graham Tiver continued as Woodside's Executive Vice President and Chief Financial Officer having commenced with Woodside on 1 February 2022, based in Perth. On 1 June 2022, Shiva McMahon commenced as Executive Vice President International Operations transitioning from BHP's petroleum business, to be based in Houston. Effective 1 June 2022 Shaun Gregory's role changed from Executive Vice President Sustainability and Chief Technology Officer to Executive Vice President New Energy. Mr Gregory ceased to be Executive KMP given the adjustment to the responsibilities of his role. Fiona Hick resigned as Executive Vice President Australian Operations and ceased to be Executive KMP on 28 November 2022. Sherry Duhe resigned as Executive Vice President and Chief Financial Officer and ceased to be Executive KMP on 4 February 2022. Executive remuneration changes Following the merger with BHP's petroleum business, the Board reviewed remuneration for the CEO and Senior Executives, based on benchmarking against a defined peer group and with consideration of organisation size and structure. As a result of the Board's review, the Board approved an increase to Meg O'Neill's fixed and variable remuneration components. Effective 1 June 2022, Ms O'Neill's fixed annual remuneration (FAR) increased by A$200,000 to A$2,400,000 with a target value for variable annual reward (VAR) set at A$6,720,000. Remuneration changes approved for the CEO and Senior Executives are outlined in further detail in the Executive KMP KPIs and outcomes for 2022 section of this report. The Board also approved changes within the structure of the EIS to ensure it remains competitive in the broader markets in which we now operate. As a result, the cash component of the EIS award for Executive KMP will increase from 12.5% to 20%, positioning the cash opportunity more closely to the defined peer group while maintaining the intent for most of the award to be delivered as equity. These changes are described in further detail in the Remuneration changes section of this report. As a part of the review, the 2023 Corporate Scorecard has been updated to comprise of four equally weighted measures which between them cover the same scope as the prior five measures with appropriate emphasis on key performance metrics including material sustainability issues. These changes are outlined in the Remuneration changes section of this report. Conclusion Following the merger with BHP's petroleum business, we have worked to ensure our integrated remuneration policies and practices align with the new markets in which we operate, to keep Woodside globally competitive. The Board reviewed remuneration for the CEO and Senior Executives based on benchmarking against a defined peer group together with organisation size and structure. As a result, increases were approved that reflect performance and changes to role scope and accountabilities. The VAR outcome for 2022 is above target and recognises the efforts of the team to successfully complete the merger while delivering strong operational results and progressing our growth projects and new energy opportunities. The Board is proud of the sustained efforts of the entire Woodside team throughout 2022. We look forward to our ongoing engagement with Woodside shareholders and sharing in Woodside's future success. Yours sincerely, Gene Tilbrook Chair of Human Resources & Compensation Committee Woodside Energy Group Ltd \| 77

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4.3.2 Remuneration Report (audited) KMP and summary of Woodside's five-year performance This report outlines the remuneration arrangements and outcomes achieved for Woodside's key management personnel (KMP) during 2022. Woodside's KMP are the people who have the authority to shape and influence the Group's strategic direction and performance through their actions, either collectively (in the case of the Board) or as individuals acting under delegated authorities (in the case of the CEO and Senior Executives). The names and positions of the individuals who were KMP during 2022 are set out in Tables 1A and 1B. Table 1A—Executive KMP Executive Director Meg O'Neill (Chief Executive Officer and Managing Director (CEO)) Senior Executives Graham Tiver (Executive Vice President and Chief Financial Officer)1 Shiva McMahon (Executive Vice President International Operations)2 Shaun Gregory (former Executive Vice President Sustainability and Chief Technology Officer)3 Fiona Hick (former Executive Vice President Australian Operations)4 Sherry Duhe (former Executive Vice President and Chief Financial Officer)5 Table 1B—Non-Executive Directors KMP Richard Goyder, AO (Chair) Larry Archibald Frank Cooper, AO Swee Chen Goh Christopher Haynes, OBE Ian Macfarlane Ann Pickard Sarah Ryan Gene Tilbrook Ben Wyatt Table 2—Five-year performance 2022 2021 2020 2019 2018 EBITDA excluding impairment1 (US$million) 11,234 4,135 1,922 3,531 3,814 Operating Expenditure2 (A$million) 2,063 1,030 Net profit after tax (NPAT)3 (US$million) 6,498 1,983 (4,028) 343 1,364 Basic earnings per share4 (US cents) 430 206 (424) 37 148 Dividends per share (US cents) 253 135 38 91 144 Share closing price (last trading day of the year)7 (A$) 35.44 21.93 22.74 34.38 31.325 Production6,7 (MMboe) 157.7 91.1 100.3 89.6 91.4 Average annual Dated Brent7 ($/boe) 101 71 42 64 71 1. This is a non-IFRS measure that is unaudited but derived from audited Financial Statements. This measure is presented to provide further insight into Woodside's performance and has been calculated as defined in the Alternative performance measures section of the 2022 Annual Report. 2. Operating expenditure is a non-IFRS measure that is unaudited. This measure includes operating and general, administrative and other expenses incurred in generating revenue from the sale of hydrocarbons from Woodside's operating assets. Operating expenditure was not disclosed prior to 2021. 3. Represents profit after tax attributable to equity holders of the parent. This measure is presented to provide further insight into Woodside's performance. 4. Basic earnings per share from total operations. 5. Share closing price (last trading day) for 2017 was $33.08. 6. Production volumes for 2022 have been calculated using updated conversion factors as defined in the Glossary, units of measure and conversion factors section of the Annual Report. 7. These measures are non-IFRS financial performance measures and therefore are unaudited. 1. Mr G Tiver commenced with Woodside on 1 February 2022. 2. Ms S McMahon commenced with Woodside on 1 June 2022. 3. Mr S Gregory ceased to be Executive Vice President Sustainability and Chief Technology Officer and an Executive KMP on 31 May 2022. Mr Gregory's title changed to Executive Vice President New Energy on 1 June 2022. 4. Ms F Hick's title changed from Executive Vice President Operations to Executive Vice President Australian Operations on 1 June 2022. Ms Hick ceased to be Executive Vice President Australian Operations and an Executive KMP on 28 November 2022. 5. Ms S Duhe ceased to be Executive Vice President and Chief Financial Officer and Executive KMP on 4 February 2022. 78 \| Annual Report 2022

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Executive KMP Remuneration policy Woodside's strategy is to thrive through the energy transition by building a low cost, lower carbon, profitable, resilient and diversified portfolio. This is underpinned by our focus on safe, reliable and efficient operations, and disciplined capital allocation, providing the foundation to progress key development projects and to navigate the energy transition. As the world's energy mix evolves we are positioning ourselves to be agile, flexible and adaptable; building on our traditional energy capabilities and maturing opportunities to produce lower carbon energy and provide integrated carbon solutions which are customer-led and scalable. To do so, the company must be able to attract and retain executive capability in a globally competitive market. The Board structures remuneration so that it rewards those who perform, is valued by Executives, and is aligned with the company's values, strategic direction and the creation of enduring value to shareholders, and other stakeholders. Fixed Annual Reward (FAR) is determined having regard to the scope of each Executive's role and their level of knowledge, skills and experience. Variable Annual Reward (VAR) is calculated annually, based on performance measures set by the Board aimed at aligning executive remuneration with short and long-term returns. VAR aligns shareholder and executive remuneration outcomes by making a significant portion of executive remuneration at risk, while rewarding performance. Executive remuneration is reviewed annually, having regard to the accountabilities, experience and performance of each individual. FAR and VAR are compared against domestic and international competitors at target, to maintain Woodside's capacity to attract and retain talent and to ensure appropriate motivation is provided to Executives to deliver on the company's strategic objectives. Executive Incentive Scheme VAR is delivered under the Woodside Executive Incentive Scheme (EIS). The EIS is structured having regard to the key objectives of executive engagement, alignment with the shareholder experience and strategic fit. EXECUTIVE ENGAGEMENT Enable Woodside to attract and retain executive capability in a globally competitive environment by providing Executives with a clear remuneration structure giving line of sight to how performance is reflected in remuneration outcomes. ALIGNMENT WITH THE SHAREHOLDER EXPERIENCE Promote significant share ownership through equity awards. Equity awards are delivered as a combination of Restricted Shares and Performance Rights. The Performance Rights are Relative Total Shareholder Return (RTSR) tested against comparator groups, after five years. STRATEGIC FIT Reflect Woodside's strategic time horizons in award deferral periods, to drive Executives to deliver our strategic objectives with discipline and collaboration, in turn creating shareholder value. The EIS delivers a single variable reward linked to challenging individual and company annual targets set by the Board. Each Executive's award is based on their individual performance against key performance indicators (KPIs) and the company's performance through the Corporate Scorecard. The award is subject to performance in each 12-month period and is determined at the conclusion of each performance year. The Corporate Scorecard targets and individual KPIs are designed to promote short-term and long-term shareholder value. Exceeding targets results in an increased award with a linear calculation up to the maximum, while under-performance will result in a reduced award. The minimum award that an Executive can receive is zero if the performance conditions are not achieved on either company or individual performance. Individual performance is assessed by the Board in the case of the CEO, and by the CEO and the Human Resources & Compensation Committee in the case of Senior Executives. The Board has strong oversight and governance and seeks to ensure that targets are set to create a clear link between performance and reward. The Board has an overriding discretion which it can and does exercise to adjust outcomes in line with shareholder experience and company or management performance. Woodside Energy Group Ltd \| 79

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Remuneration changes In 2022 the Board reviewed remuneration for the CEO and Senior Executives based on benchmarking against a defined peer group and with consideration of organisation size and structure following the merger with BHP's petroleum business. As a result of the review the Board approved an increase to FAR for the CEO and an increase to FAR for Senior Executives, effective 1 June 2022. These increases reflect performance and changes to role scope and accountabilities and are outlined in the Executive KMP FAR and VAR outcomes section of this report. The review also resulted in changes within the structure of the EIS to ensure it remains competitive in the broader markets in which we now operate. As a result a change was approved to the cash component of the award for the CEO and Senior Executives, increasing the cash opportunity from 12.5% to 20%. This change maintains the intent for most of the award to be delivered in deferred equity while positioning the cash opportunity more closely with our competitors. A combination of Restricted Shares and Performance Rights will continue to deliver the equity component of the EIS (80%) over a threeto- five-year period. The Board remains confident the EIS is structured to reflect Woodside's strategic time horizons, align with shareholder interests and attract and retain the executive talent required to deliver our strategic objectives. The previous EIS structure has been applied to the assessment of the CEO's performance from 1 January to 31 May 2022, with the new structure applied in respect of the period from 1 June to 31 December 2022. The new structure will be applied to Senior Executives from 1 January 2023. The diagrams below show the EIS as it is applied to the CEO from 1 June 2022 and as it applied to Senior Executives from 1 January 2023. 2023 Corporate Scorecard As part of the review of Executive KMP VAR the Corporate Scorecard for 2023 has been updated to four equally weighted measures. These four measures cover the same scope as the five which previously applied with appropriate emphasis on key performance objectives including material sustainability issues. The 2023 measures are: • Financial • Base business • Material sustainability issues • Strategy and growth. EBITDA EBITDA excluding impairment is a key contributor to annual profitability and is influenced by both management performance and commodity prices. 20% Operating Expenditure Controlling Operating Expenditure brings a focus on efficient operations; cost competitiveness; and shareholder returns. 20% Production Revenue is maximised and value generated from our assets when they are fully utilised in production. 20% Material Sustainability Issues Material sustainability issues include personal and process safety, environment, emissions reductions, and our social licence to operate. 20% Deliver Business Priorities Business priorities focus on progress and milestones of capital projects; business developments; and balance sheet management. 20% 2022 Corporate Scorecard The 2022 Corporate Scorecard for Executives was based on five equally weighted measures that were chosen because they impact short-term and long-term shareholder value, with a score of 5 for an outcome at target and a maximum score of 10 for each measure. 80 \| Annual Report 2022

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Executive KMP remuneration structure Woodside's remuneration structure for the CEO and Senior Executives is comprised of two components: FAR and VAR. FAR • Based upon the scope of the Executive's role and their individual level of knowledge, skill and experience. • Benchmarked for competitiveness against domestic and international peers to enable the company to attract and retain superior executive capability. VAR • Executives are eligible to receive a single variable reward linked to individual and company annual targets set by the Board. • The VAR is subject to performance against individual and corporate performance in the initial 12-month period and is determined at the conclusion of each performance year. For 2022, VAR will be structured for CEO and Senior Executives as outlined below. CEO 1 January to 31 May 2022 CEO 1 June to 31 December 2022 Senior Executives 1 January to 31 December 2022 Performance Rights1 Subject to a five-year performance period with a RTSR test five years after the date of allocation 30% 30% 30% Restricted Shares1 Subject to a five-year deferral period 30% 30% 30% Restricted Shares1 Subject to a four-year deferral period 0% 10% 0% Restricted Shares1 Subject to a three-year deferral period 27.5% 10% 27.5% Cash Payable following the end of the performance year 12.5% 20% 12.5% 1. Allocated using a face value methodology. Performance Rights1 27.5% Restricted Shares1 27.5% Restricted Shares1 25% Cash 20% Subject to 5-year RTSR performance Subject to a 5-year deferral period Subject to a 3-year deferral period Year 12 Year 2 Year 3 Year 4 Year 5 Senior Executives EIS structure (Effective 1 January 2023) Performance Rights1 30% Restricted Shares1 30% Restricted Shares1 10% Restricted Shares1 10% Cash 20% Subject to 5-year RTSR performance Subject to a 5-year deferral period Subject to a 4-year deferral period Subject to a 3-year deferral period Year 12 Year 2 Year 3 Year 4 Year 5 CEO EIS structure (Effective 1 June 2022) 1. Allocated using a face value methodology. 2. Award allocated after completion of performance year. Woodside Energy Group Ltd \| 81

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Table 3 – Key EIS features Allocation methodology Restricted Shares and Performance Rights are allocated using a face value allocation methodology. The number of Restricted Shares and Performance Rights is calculated by dividing the value by the volume weighted average price (VWAP) across December of the performance year. Dividends and voting Executives are entitled to receive dividends on Restricted Shares. No dividends are paid on Performance Rights prior to vesting. For Performance Rights that do vest, a dividend equivalent payment will be paid by Woodside for dividends paid during the period between allocation and vesting. Restricted Shares have voting rights in the same way as other Woodside shareholders. Performance Rights do not have voting rights until shares are allocated following vesting. Clawback provisions The Board has the discretion to reduce unvested entitlements including where an Executive has acted fraudulently or dishonestly or is found to be in material breach of their obligations; there is a material misstatement or omission in the financial statements; or the Board determines that circumstances have occurred that have resulted in an unfair benefit to the Executive. The US Securities Exchange Commission (SEC) has adopted a new rule that directs US exchanges (including the NYSE) to establish listing standards that require US-listed companies to adopt a "clawback" policy providing for the recovery of excess incentive-based compensation received by current or former executive officers due to a material misstatement of financial information that requires an accounting restatement. Woodside will continue to review its clawback policy to ensure it remains appropriate and meets requirements in relevant jurisdictions including the SEC rules, which are expected to take effect in 2024. Control event The Board has the discretion to determine the treatment of any EIS award on a change of control event. If a change of control occurs during the performance year, an Executive will receive at least a pro-rata cash payment in respect of the unallocated cash and Restricted Share components of the EIS award for that performance year, assessed at target. If a change of control occurs during the vesting period for equity awards, Restricted Shares will vest in full whilst Performance Rights may, at the discretion of the Board, vest on an at least pro-rata basis. Cessation of employment During a performance year, should an Executive resign or be terminated for cause, no EIS award will be provided (unless the Board determines otherwise). In any other case, Woodside will have regard to performance against target and the portion of the performance year elapsed in determining any EIS award. During a deferral period, should an Executive resign or be terminated for cause, any EIS award will be forfeited or lapse (unless the Board determines otherwise). In any other case, any Restricted Shares will vest in full from a date determined by the Board while any Performance Rights will remain on foot and vest in the ordinary course subject to the satisfaction of applicable conditions, unless the Board determines otherwise. The Board will have discretion to accelerate the vesting of unvested equity awards, subject to termination benefits laws. No retesting There will be no retest applied to EIS awards. Performance Rights will lapse if the required RTSR performance is not achieved at the conclusion of the five-year period. Cash The cash component is payable following the end of the 12-month performance year, in the March pay-cycle. Restricted Shares For the CEO's VAR award from 1 January 2022 to 31 May 2022 and for Senior Executive VAR awards for 2022, the Restricted Shares are divided into tranches with three-year and five-year deferral periods. From 1 June 2022 for the CEO the Restricted Share component of VAR is divided into tranches with three, four and five-year deferral periods. There are no further performance conditions attached to these awards. This element creates a strong retention proposition for Executives as vesting is subject to employment not being terminated with cause or by resignation during the deferral period. The deferral mechanism means that the value of awards reflects fluctuations in share price across the deferral periods, which is intended to reflect the sustainability of performance over the medium-term and long-term and support increased alignment between Executives and shareholders. Performance Rights The Performance Rights are divided into two portions with each portion subject to a separate RTSR performance hurdle tested over a five-year period. Performance is tested after five years as Woodside operates in a capital intensive industry with long investment timelines. It is imperative that Executives take decisions in the long-term interest of shareholders, focused on value creation across the commodity price cycles of the oil and gas industry. Our view is that RTSR is the best measure of longterm value creation across the commodity price cycle of our industry. One-third of the Performance Rights are tested against a comparator group that comprises the entities within the ASX 50 index at 1 December 2022. The remaining two-thirds are tested against an international group of oil and gas companies, set out in Table 11. The international peer group used to measure RTSR for the 2022 EIS award was reviewed and updated to maintain alignment with Woodside's expanded global business activities. RTSR outcomes are calculated by an external adviser after the conclusion of the performance year. The outcome of the test is measured against the schedule below. For EIS awards, any Performance Rights that do not vest will lapse and are not retested. RTSR performance hurdle vesting Woodside RTSR percentile position within peer group Vesting of Performance Rights Less than 50th percentile No vesting Equal to 50th percentile 50% vest Between the 50th and 75th percentile Vesting on a pro-rata basis Equal to or greater than 75th percentile 100% vest 82 \| Annual Report 2022

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Position Minimum opportunity (% of FAR) Target opportunity (% of FAR) Maximum opportunity (% of FAR) CEO 1 January to 31 May 2022 Zero 200 300 CEO1 1 June to 31 December 2022 Zero 280 420 Senior Executives 1 January to 31 December 2022 Zero 160 256 1. 1 June 2022 changes to CEO target and maximum opportunity are noted in the remuneration changes section of this report. Target variable reward opportunity for 2022 Each Executive is given a target VAR opportunity and a maximum VAR opportunity which is a percentage of the Executive's FAR. The opportunities for 2022 are outlined below. CEO remuneration at target (1 June to 31 December 2022) Fixed reward 26% Variable reward 74% CEO remuneration at target (1 January to 31 May 2022) Fixed reward 33% Variable reward 67% Senior Executives remuneration at target (1 January to 31 December 2022) Fixed reward 38% Variable reward 62% Calculation of award for 2022 Each Executive KMP's award is based upon two components: individual performance against KPIs (30% weighting) and the company's performance against the Corporate Scorecard (70% weighting). Individual performance is rated on a scale between 0 and 5 and company performance on a scale between 0 and 10. The sum of these two components determines the award. The decision to pay or allocate an EIS award is subject to the overriding discretion of the Board, which may adjust outcomes, both upwards and downwards, to better reflect shareholder outcomes and company or management performance. See Table 4 for details of the CEO's and each Senior Executives' individual performance assessment. Corporate Scorecard 70% Individual KPIs 30% Variable Annual Reward Woodside Energy Group Ltd \| 83

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EBITDA excluding impairment (20%) Outcome 10 EBITDA is a key contributor to annual profitability and is influenced by both management performance and commodity prices. EBITDA is closely aligned with short-term shareholder value creation. EBITDA is underpinned by efficient operational performance and outcomes are exposed to the upside and downside of oil and gas price and foreign exchange fluctuations, as are returns to shareholders. 2022 performance: EBITDA excluding impairment for 2022 was US$11,234 million, significantly above the target of US$6,919 million due to higher realised pricing across all price markers, and higher production. Operating Expenditure (20%) Outcome 5 Controlling Operating Expenditure brings a focus on efficient operations; cost competitiveness; and shareholder returns. 2022 performance: Operating Expenditure for 2022 was A$2,063 million, in line with the target of A$2,072 million excluding costs related to the Wildling well and foreign exchange impacts associated with a stronger US dollar. Production (20%) Outcome 10 Revenue is maximised and value generated from Woodside's assets when they are fully utilised in production. Production must be carefully managed throughout the year to optimise value from the assets. The production target for Corporate Scorecard purposes is set relative to the company's annual budget and market guidance. 2022 performance: Total production for 2022 was 157.7 MMboe, above the revised market guidance of 153 to 157 MMboe.1 Performance was higher due to early Interconnector start up and sustained production above committed volumes (+4.9 MMboe), Greater Western Flank Phase 3 acceleration and high reliability at North West Shelf (2.2 MMboe), and higher Bass Strait sales (1.5 MMboe). Material sustainability issues (20%) Outcome 3 The Board considers performance across material sustainability issues including personal and process safety, climate change and greenhouse gas emissions, and our social licence to operate. Strong performance in this area creates and protects value in four ways: it reduces the likelihood of major accident events and catastrophic losses; it maintains Woodside's licence to operate which enables the development of its growth portfolio; it reflects efficient, optimised and controlled business processes that generate value; and it supports the company's position as a partner of choice. 2022 performance: Safety performance was below target, with a TRIR of 1.80 compared to a target TRIR of 1.0. Process safety performance was on target with zero Tier 1 and one low risk Tier 2 process safety event recorded. Gross equity scope 1 and 2 emissions performance in 2022 was 294kT CO2-e higher than the target primarily due to increased production. Delivery against business priorities (20%) Outcome 6 In 2022, we focused on progressing Scarborough and Sangomar, finalising the strategic direction to Trion and maturing opportunities in new energy and carbon, combined with completing the merger with BHP's petroleum business. Merger with BHP's petroleum business • It was an historic year for Woodside with the successful completion of the merger with BHP's petroleum business according to plan. • Woodside has implemented initiatives to deliver greater than US$400 million annual synergies ahead of target.2 Scarborough and Pluto Train 2 execution • Scarborough and Pluto Train 2 25% complete, targeting first LNG cargo in 2026. • Project remains on schedule and budget. Sangomar • Phase 1 77% complete, targeting first oil late 2023. • Drilling on schedule with the first seven development wells delivered. • FPSO conversion topsides and turret fabrication complete and successfully relocated to Singapore. Trion • Progressing towards final investment decision (FID) readiness in 2023. • Front-end engineering design (FEED) and key technical studies completed. • Competitive tenders for major scopes of work issued. Maturing key future new energy opportunities • H2OK progressing towards FID readiness, with FEED scope completed in Q4 2022 and contracts awarded for alkaline electrolyser and liquefaction packages. • Concept definition work for H2Perth is progressing to plan. • H2TAS concept definition studies and social impact assessment completed. • Selected as preferred project partner for Southern Green Hydrogen, non-binding MOU executed with Mitsui. Overall corporate performance outcome Outcome 7 MID-POINT MAX MID-POINT MAX MID-POINT MAX MID-POINT MAX MID-POINT MAX MID-POINT MAX Corporate Scorecard measures and outcomes for 2022 The company's performance across the five Corporate Scorecard measures gave an overall corporate performance outcome of 7 (out of a maximum of 10). The Board considered the significant achievements of our team in 2022 and exercised its discretion by raising the outcome to 8 for the purposes of the EIS. This outcome recognises the sustained efforts of the team to successfully complete the merger while delivering strong operational results and progressing our growth projects and new energy opportunities. 1. The 157.7 MMboe includes production of 156.8 MMboe from Woodside reserves and 0.9 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 2. Pre-tax 100% basis. Excluding transition and separation costs. Net of any expected ongoing cost increases as a result of the merger. 84 \| Annual Report 2022

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Executive KMP KPIs and outcomes for 2022 CEO FAR As a result of the Board's review of CEO remuneration, Ms O'Neill's FAR was increased from A$2,200,000 to A$2,400,000 effective 1 June 2022. CEO VAR and other incentives Ms O'Neill's incentive arrangements are governed under the EIS. For 2022, the individual performance of the CEO was reviewed by the Board against five equally weighted measures. These metrics, outlined in Table 4, were chosen because successful performance in each area is a key driver of superior shareholder returns. The same metrics were cascaded to the Senior Executives to measure individual performance. At the end of the year, the Board reviewed the CEO's performance for 2022. The CEO is given an individual performance score between 0 and 5, which together with the Corporate Scorecard determines the VAR. This resulted in an award of 88.1% of maximum opportunity. Information on the individual performance of the CEO is shown in Table 4. The 2022 EIS award for the CEO is detailed in Table 7. The Board approved a one-off cash bonus payment to the CEO of A$400,000 in recognition of Ms O'Neill's significant contribution towards the merger of Woodside and BHP's petroleum business, to be paid in two stages. The first A$200,000 was paid on merger completion and the second $A200,000 will be paid twelve months following merger completion. The second payment is subject to satisfactory individual performance and continued service. This payment is detailed in Table 5 and Table 10. Senior Executive FAR As a result of the Board's review of Senior Executive Remuneration, Mr Tiver's FAR was increased to A$1,100,300 and Ms Hick's FAR to A$920,000 effective 1 June 2022. Ms McMahon's FAR on appointment was US$550,000. Management will continue to monitor market developments to ensure FAR for Senior Executives remains competitive and benchmarks appropriately against peer companies. Senior Executive VAR and other incentives For 2022, the individual performance of each Senior Executive was evaluated against the same performance measures as the CEO, with individual KPIs set relevant to each Executive's area of responsibility. These metrics aim to align individual performance with the achievement of Woodside's corporate strategy while fostering collaboration between Executives. The Board approved EIS awards to Senior Executives based on the Corporate Scorecard result and their individual performance assessment. Information on the individual performance of Senior Executives who were KMP as at 31 December 2022 is shown in Table 4. Details of the EIS award for each Senior Executive are set out in Table 7. Ms Hick and Ms Duhe were not eligible for a 2022 EIS award as they resigned during the period. No individual performance assessment has been included for Ms Hick or Ms Duhe. Other incentives paid to Senior Executives in 2022 include: • Sign-on benefit granted to Mr Tiver to compensate for benefits forgone on leaving the BHP Group. These included a cash payment (A$500,000) and equity rights, subject to a holding lock, under the Supplementary Woodside Equity Plan (SWEP). • An offer of equity rights under the SWEP to Ms McMahon to compensate for employee equity rights foregone with BHP Group. The offer facilitates the transition from BHP Group incentive arrangements to Woodside incentive arrangements following merger completion. • One-off cash bonus payments to three Senior Executives, Mr Tiver (A$50,000), Mr Gregory (A$90,000), and Ms Hick (A$60,000) in recognition of their significant contribution and leadership related to the merger with BHP's petroleum business. As each of the above payments were awarded in recognition of benefits forgone upon leaving the BHP Group or significant executive contribution, they are not subject to performance conditions. These payments are detailed in Table 5 and Table 10. Woodside Energy Group Ltd \| 85

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Table 4—CEO and Senior Executive individual performance for 2022 EIS Meg O'Neill—CEO and Managing Director KPI Performance Outcome Growth agenda Assesses the alignment of growth opportunities to shareholder return; portfolio balance; the achievement of challenging business objectives. • Merger with BHP's petroleum business successfully completed with strong shareholder and market support. • Matured Woodside's corporate strategy post-merger with sharper articulation of the strategy for thriving through energy transition. • Matured projects to underpin future financial resilience consistent with this strategy, including Trion FEED, H2OK FEED and progressing Woodside Power towards FID readiness in 2023. • Progressed early-stage opportunities consistent with long-term corporate strategy, matured three-pronged carbon strategy, advanced the Browse to NWS Project and achieved selection of Woodside in a competitive process as preferred partner for Southern Green Hydrogen project in New Zealand. Above target Effective execution Assesses the maintenance, operation and profitability of existing assets; project delivery to achieve budget, schedule and stated performance; cost reduction; achievement of health, safety and community expectations. • Strong base business delivery. • Personal safety performance failed to meet target, although process safety was on target. • Production was above target, supported by Interconnector volumes and NWS performance. • Emissions abatement was above target; met Scope 1 and 2 commitments via increased offsets. • EBITDA excluding impairment well above target, supported by strong market conditions. • Progressed US$17 billion of operated major projects (100%); Sangomar, Scarborough & Pluto Train 2 on schedule and budget. On Target Enterprise capability Assesses leadership development; workforce planning; executive succession; Indigenous participation and diversity; effective risk identification and management. • Successful establishment of Executive Leadership Team and implementation of new organisational structure. • Increased female and Indigenous representation across the organisation. • Delivered the 2022 Reconciliation Action Plan, meeting or exceeding all metrics. Above target Culture and reputation Assesses performance culture and emphasis on values; engagement and enablement; improved employee climate; Woodside's brand as a partner of choice. • Developed Our Values specifically for the new merged entity. • Leveraged merger to shift culture focus on commercial capability, innovation and becoming a partner of choice. • Continued implementation of 2021-2025 Inclusion and Diversity Strategy, focusing on building an inclusive culture with diverse representation throughout Woodside. Above target Shareholder focus Assesses whether decisions are made with a longterm shareholder return focus; efficient and timely communication to shareholders, market analysts and fund managers; the focus on shareholder return throughout the organisation. • Delivered shareholder value via strong dividends and share price growth, top stock in the ASX 50 in 2022. • Share price re-rated to greater alignment with US peer companies. • Financially well positioned with strong balance sheet, low gearing, high liquidity and appropriate hedging to protect against low price environment. • Led implementation of initiatives to deliver greater than US$400 million annual synergies ahead of target.1 Above target EIS earned as percentage of maximum opportunity2,3 88.1% 1. Pre-tax 100% basis. Excluding transition and separation costs. Net of any expected ongoing cost increases as a result of the merger. 2. The award of Restricted Shares and Performance Rights is subject to shareholder approval at the 2023 Woodside Annual General Meeting. 3. Ms O'Neill's EIS structure changed effective 1 June 2022, including the target and maximum award opportunity. Ms O'Neill's 2022 EIS award was calculated on a pro-rata basis including target and maximum opportunity. 86 \| Annual Report 2022

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Graham Tiver—Executive Vice President and Chief Financial Officer KPI Performance Outcome Growth agenda Assesses the alignment of growth opportunities to shareholder return; portfolio balance; the achievement of challenging business objectives. • Merger completed and implementation of secondary listings in the US (NYSE) and UK (LSE). • Disciplined balance sheet management; well positioned with high liquidity and appropriate hedging to protect against low price environment. • Identified and led the evaluation of a number of potential material acquisitions for Board review. Above target Effective execution Assesses the maintenance, operation and profitability of existing assets; project delivery to achieve budget, schedule and stated performance; cost reduction; achievement of health, safety and community expectations. • Delivered half-year and full-year reporting to the market as a merged company, including the new secondary listings. • Managed the change of the external auditor and as part of the merger, the internal audit organisation. • Designed an internal control framework to be Sarbanes-Oxley compliant. • Increased the level of standby facilities and executed various re-financing. Above target Enterprise capability Assesses leadership development; workforce planning; executive succession; Indigenous participation and diversity; effective risk identification and management. • Embedded the delivery of synergies for the business, bringing together the strengths of the respective Woodside and BHP's petroleum teams to produce strong results. On target Culture and reputation Assesses performance culture and emphasis on values; engagement and enablement; improved employee climate; Woodside's brand as a partner of choice. • Embedded the new Woodside mission and vision, focus areas and values in the new organisation upon merger completion. • Established a new Finance leadership team, with a values focus, demonstrated through new ways of working. Above target Shareholder focus Assesses whether decisions are made with a longterm shareholder return focus; efficient and timely communication to shareholders, market analysts and fund managers; the focus on shareholder return throughout the organisation. • Improved communication of the merged entity narrative, with targeted information improving the external markets' understanding of the combined business value. • Delivered shareholder value through strong dividends and share price growth, top stock in the ASX 50 in 2022. Above target EIS earned as percentage of maximum opportunity 86.8% Woodside Energy Group Ltd \| 87

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Shiva McMahon—Executive Vice President International Operations KPI Performance Outcome Growth agenda Assesses the alignment of growth opportunities to shareholder return; portfolio balance; the achievement of challenging business objectives. • Supported progress of pipeline of value-adding opportunities. • Advanced integrated Caribbean strategy to improve value optimisation. • Successful completion and first production of Shenzi sidetrack. On target Effective execution Assesses the maintenance, operation and profitability of existing assets; project delivery to achieve budget, schedule and stated performance; cost reduction; achievement of health, safety and community expectations. • Strong safety performance. • Production slightly above target. • Operating Costs above target, driven by Shenzi B201 extended workover activity. • Successful startup of subsea multi-phase pump and operational optimisation. On target Enterprise capability Assesses leadership development; workforce planning; executive succession; Indigenous participation and diversity; effective risk identification and management. • Safe and on schedule delivery of the Shenzi turnaround and fabric maintenance campaign. • Focused on asset integrity and value delivery enabled by; above target delivery of Field Leadership activities; efficient organisation model enabled by resource sharing across teams and geographies. On target Culture and reputation Assesses performance culture and emphasis on values; engagement and enablement; improved employee climate; Woodside's brand as a partner of choice. • Led roll out and role modelling of Woodside values across International organisation. • Integration of operating models across Australia and International Operations groups to balance sizing and premise of self-reliance by region. Above target Shareholder focus Assesses whether decisions are made with a longterm shareholder return focus; efficient and timely communication to shareholders, market analysts and fund managers; the focus on shareholder return throughout the organisation. • On track to exceed synergies and value capture target, including cost saving, revenue expansion and production efficiency opportunities. Above target EIS earned as percentage of maximum opportunity 78.3% 1. This represents an average of all Senior Executives actual and variable remuneration for 2022. It does not include Ms Hick or Ms Duhe who were not eligible for a 2022 EIS award. CEO actual remuneration Senior Executives actual remuneration1 Fixed reward 23.3% Fixed reward 32.3% Variable reward 76.7% Variable reward 67.7% 88 \| Annual Report 2022

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Table 6—2022 vestings Executive Shares Vesting value US$1 2018 EIS 3-year Restricted Shares vested on 19 February 2022 M O'Neill 14,097 275,137 S Gregory 12,430 242,602 F Hick 6,807 132,855 2022 Equity Rights sign on benefit vested on 31 August 2022 G Tiver 32,307 781,067 1. The value of Restricted Shares and Equity Rights is calculated using the five-day VWAP leading up to but not including the vesting date. Amounts were translated to USD based on the exchange rate reflective of the five-day period leading up to but not including the vesting date. Table 5—CEO and Senior Executive take home pay table (non-IFRS information)1 Name Year Salary, allowances and superannuation2 A$ EIS cash and other cash incentives3,4 A$ Restricted Shares vested5 A$ RTSR tested VPRs vested5 A$ Equity Rights vested5 A$ Total remuneration received A$ Previous years' awards forfeited or lapsed5 A$ M O'Neill 2022 2,316,667 1,542,075 384,692 — 4,243,434—2021 1,906,872 465,168 1,647,167 — 4,019,207—G Tiver6 2022 1,006,419 859,124 — 1,129,782 2,995,325—2021 — — ——S Gregory7 2022 338,120 190,969 339,201 — 868,290 195,116 2021 823,331 379, 7868 122,257 137,129—1,462,503 204,377 F Hick9 2022 790,986 60,000 185,755 — 1,036,741 48,274 2021 750,091 195, 4348 52,486 80,822—1,078,833 30,286 S Duhe10 2022 91,558 — — 91,558 3,278,284 2021 1,039, 4398 220,000 11,110 — 1,270,549—US$ US$ US$ US$ US$ US$ US$ S McMahon11 2022 459,638 80,875 ——540,513—2021 — — ——1. This is non-IFRS information that is unaudited. 2. Represents the total fixed annual rewards earned in 2022 and 2021 including salaries, fees, allowances and company contributions to superannuation. This reflects pro-rated amounts for the period that Executives were in KMP roles. 3. Includes the EIS cash incentive earned in the respective year, which is actually paid in the following year. 4. Cash incentives earned by Ms O'Neill (A$200,000), Mr Tiver (A$50,000), Mr Gregory (A$90,000) and Ms Hick (A$60,000) include a one-off cash bonus payment in relation to their significant contribution towards the merger of Woodside and BHP's petroleum business. Mr Tiver's cash incentives include a further cash bonus payment (A$500,000) as a sign-on benefit to compensate for benefits forgone on leaving the BHP Group. 5. The value of Restricted Shares, Variable Pay Rights and Equity Rights is calculated using the five-day VWAP leading up to but not including the vesting or forfeiture or lapsing date. 6. Mr G Tiver commenced with Woodside on 1 February 2022. 7. Mr S Gregory ceased being an Executive KMP on 31 May 2022. 8. The 2021 comparative value has been restated to include the superannuation component of the 2021 EIS cash and other cash bonus payments that were earned in 2021 and paid in 2022. This increases the EIS cash and other cash incentives for Mr Gregory by A$19,008 to A$379,786 and Ms Hick by A$17,767 to A$195,434 and the salary, allowances and superannuation for Ms Duhe by A$15,000 to A$1,039,439. 9. Ms F Hick ceased being an Executive KMP on 28 November 2022. 10. Ms S Duhe ceased being an Executive KMP on 4 February 2022. 11. Ms S McMahon commenced with Woodside on 1 June 2022. Ms McMahon was paid in Australian dollars for the period 1 June 2022 to 31 July 2022. Take home pay received has been converted to US dollars using the exchange rate reflective of this period. The following table provides greater transparency to shareholders of the take home pay received or receivable by the CEO and Senior Executives, in 2021 and 2022. This includes FAR, EIS cash awards earned in respect of performance for the year and the value of shares and rights which vested during the year calculated using the five-day VWAP leading up to but not including the vesting, forfeiture or lapsing date. Termination benefits are not included in the table below; these amounts are disclosed in Table 10. Amounts are shown in the currency in which the remuneration is paid, either AUD or USD, whereas Table 10 is expressed in USD which is Woodside's reporting currency. Take home pay differs from statutory remuneration reported in Table 10 that is prepared in accordance with the Corporations Act 2001 (Cth) and Accounting Standards which require sharebased payments to be reported as remuneration from the time of grant, even though actual value may ultimately not be realised from these share-based payments. Woodside Energy Group Ltd \| 89

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Other equity plans Woodside has a history of providing employees with the opportunity to participate in ownership of shares in the company and using equity to support a competitive base remuneration position, including the legacy Executive Incentive Plan. Details of prior year allocations are provided in Table 12. The terms applying to prior year grants are described in past Woodside Annual Reports. Executive Incentive Plan (EIP) The EIP operated as Woodside's Executive incentive framework until the end of 2017, after which the Board introduced the EIS. The EIP was used to deliver short-term awards (STAs) and longterm awards (LTAs) to Senior Executives. The LTA was divided into two portions with each portion subject to a separate RTSR performance hurdle tested over a four-year period. One-third of the LTA was tested against a comparator group that comprises the entities within the ASX 50 index. The remaining two-thirds was tested against an international group of oil and gas companies. RTSR outcomes are calculated by an external adviser on the fourth anniversary of the allocation. For 2017 awards to Senior Executives, any VPRs that did not vest lapsed in 2022 and are not retested. Awards made to other Executives are eligible for a retest in 2023. VPRs that do not vest following the re-test will lapse. 2017 is the last year of award to which a retest applies. Executives are entitled to receive dividends on Restricted Shares. There is no entitlement to dividends on VPRs and VPRs do not carry voting rights. Details of prior year allocations are provided in Table 12. Supplementary Woodside Equity Plan (SWEP) In October 2011, the Board approved the establishment of the SWEP to enable the offering of targeted retention awards of Equity Rights (ERs) for key capability. The SWEP was updated in 2022 to broaden eligibility to all employees of a subsidiary of Woodside Energy Group Ltd and ensure compliance in all jurisdictions in which Woodside operates. This facilitated the offer of replacement unvested incentives as required under transitional arrangements for eligible heritage BHP employees transitioning from BHP Group Long-Term Incentive (LTI) plans to VAR offered under Woodside's VAR arrangements. The SWEP awards have service conditions and no performance conditions. Each ER entitles the participant to receive a Woodside share or an American Depositary Share on the vesting date three years after the effective grant date. ERs under both the WEP and the SWEP may vest prior to the vesting date on a change of control or on a pro-rata basis, at the discretion of the CEO, limited to the following circumstances; redundancy, retirement (after six months' participation), death, termination due to illness or incapacity or total and permanent Table 7—Valuation summary of Executive KMP EIS for 2022 and 2021 Name Year Cash1 US$ Restricted Shares 3-year vesting period US$ Restricted Shares 4-year vesting period US$ Restricted Shares 5-year vesting period US$ Performance Rights 5-year vesting period US$ Total EIS US$ M O'Neill 20222 910,591 804,166 350,853 1,539,248 1,051,501 4,656,359 20213 337,421 745,559—813,351 688,613 2,584,944 G Tiver 20222 189,809 414,767—452,495 309,111 1,366,182 2021 — — — S McMahon 20222 80,875 177,819—193,978 132,511 585,183 2021 — — — S Gregory4 20222 61,997 135,474—147,786 100,956 446,213 20213 137,878 304,645—332,344 281,375 1,056,242 F Hick5 2022 — — — 20213 128,875 284,757—310,643 263,002 987,277 S Duhe6 2022 — — — 2021 — — — 1. Represents the cash incentive earned in the respective year, which is actually paid in the following year. Amounts were translated to USD using the closing spot rate on 31 December 2022. 2. The number of Restricted Shares and Performance Rights allocated for 2022 was calculated by dividing the amount of the Executive's entitlement allocated to Restricted Shares by the face value of Woodside shares. The USD fair value of Restricted Shares and Performance Rights at their date of grant has been estimated by reference to the closing share price at 31 December 2022 and preliminary modelling respectively. Grant date for Senior Executives' awards has been determined to be the date of the Board of Directors' approval, being 27 February 2023 while grant date for Ms O'Neill's award is the date of shareholder approval at the 2023 Woodside Annual General meeting. Any differences between the estimated fair value at 31 December 2022 and the final fair value will be trued-up in the 2023 financial year. The fair value is not related to or indicative of the benefit (if any) that an individual Executive may ultimately realise should these equity instruments vest. 3. The number of Restricted Shares and Performance Rights allocated for 2021 was calculated post year-end by dividing the amount of the Executive's entitlement allocated to Restricted Shares and Performance Rights by the face value of Woodside shares. The USD fair value shown above was estimated at 31 December 2021 with reference to the closing share price and preliminary modelling respectively. Grant date for Senior Executives' awards has been determined to be the date of the Board of Directors' approval, being 16 February 2022 while grant date for Ms O'Neill's award is the date of shareholder approval at the 2022 Woodside Annual General Meeting. The final fair value was calculated at these dates and was trued-up in the 2022 financial year. The amount above is not related to or indicative of the benefit (if any) that an individual Executive may ultimately realise should these equity instruments vest. 4. Mr S Gregory ceased being an Executive KMP on 31 May 2022. The value of Mr Gregory's EIS award is pro-rated for the period he was an Executive KMP. 5. Ms F Hick ceased being an Executive KMP on 28 November 2022 and was not eligible for a 2022 EIS award. 6. Ms S Duhe ceased being an Executive KMP on 4 February 2022 and was not eligible for a 2021 or 2022 EIS award. 90 \| Annual Report 2022

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Non-executive directors (NEDs) Remuneration policy Woodside's Remuneration Policy for NEDs aims to attract, retain, motivate and to remunerate fairly and responsibly having regard to: • the level of fees paid to NEDs relative to other major Australian listed companies. • the size and complexity of Woodside's operations. • the responsibilities and work requirements of Board members. Fees paid to NEDs are recommended by the Human Resources & Compensation Committee (Committee) based on benchmarking from external remuneration consultants and determined by the Board. In 2022, the Board approved an increase to annual Board and committee fees to be effective 1 January 2023. This is the first increase since 2019. Fees paid to NEDs are subject to an aggregate limit of A$4.25 million per financial year, which was approved by shareholders at the 2019 AGM. Minimum Shareholding Requirements (MSR) Policy NEDs are required to have acquired shares for a total purchase price of at least 100% of their pre-tax annual fee after five years on the Board. The NEDs may utilise the Non-executive Directors' Share Plan (NEDSP) to acquire the shares on market at market value. As the shares are acquired with net fees, the shares in the NEDSP are not subject to any forfeiture conditions. All NEDs meet the MSR, except Mr Wyatt who joined Woodside on 1 June 2021. Mr Wyatt is participating in the NEDSP and will continue to acquire shares under this plan going forward. See Table 14 for details. NEDs remuneration structure NEDs' remuneration consists of base Board fees and committee fees, plus statutory superannuation contributions or payments in lieu (currently 10.5%). Other payments may be made for additional services outside the scope of Board and Committee duties. NEDs do not earn retirement benefits other than superannuation and are not entitled to any form of performance-linked remuneration in order to preserve their independence. Table 8—Summary of contractual provisions for Executive KMP Employing company Contract duration Termination notice period company1,2 Termination notice period executive M O'Neill3 Woodside Energy Ltd Unlimited 6 months 6 months G Tiver3 Woodside Energy Ltd Unlimited 6 months 6 months S McMahon3 Woodside Energy USA Services Inc Unlimited 6 months 3 months 1. Woodside may choose to terminate the contract immediately by making a payment in lieu of notice equal to the fixed remuneration the Executive KMP would have received during the 'Company Notice Period'. In the event of termination for serious misconduct or other nominated circumstances, Executive KMP are not entitled to this payment. Any payments made in the event of a termination of an executive contract will be consistent with the Corporations Act 2001 (Cth). 2. On termination of employment, Executive KMP will be entitled to the payment of any fixed remuneration calculated up to the termination date, any leave entitlement accrued at the termination date and any payment or award permitted under the EIS and Equity Award Rules. Executive KMP are restrained from certain activities for specified periods after termination of their employment in order to protect Woodside's interests. 3. Remuneration is reviewed annually or as required to maintain alignment with policy and benchmarks. disablement of a participating employee. An employee whose employment is terminated by resignation or for cause prior to the vesting date will forfeit all of their unvested ERs. In relation to the applicable cessation of employment treatment for SWEP ERs granted as replacement awards to heritage BHP employees, unless the Board determines otherwise, unvested SWEP ERs will vest on a pro-rata basis in the following circumstances; redundancy, death, termination due to medical illness or incapacity or total and permanent disablement of the participant. For cessation in other circumstances, (and other than where employment is terminated by resignation or for cause), Woodside's CEO (or Committee of the Board, as applicable) has discretion to permit pro-rata vesting. There is no entitlement to dividends on ERs and ERs do not carry voting rights. Minimum Shareholding Requirements (MSR) Policy The Executive MSR Policy reflects the long-term focus of management and aims to further strengthen alignment with shareholders. The MSR Policy requires Senior Executives to have acquired and maintained Woodside shares for a minimum total purchase price of at least 100% of their fixed remuneration after a period of five years, and in the case of the CEO a minimum of 200% of fixed remuneration. Of the Executive KMP, Ms O'Neill meets the MSR requirements. Mr Tiver and Ms McMahon commenced with Woodside in 2022 and will continue to acquire Woodside shares. See Table 14 for details. Other equity awards Woodside's Equity Award Rules apply to EIS and discretionary executive allocations. This allows the Board and CEO to award discretionary allocations of Restricted Shares or Performance Rights to eligible employees and executives. Contracts for Executive KMP Each Executive KMP has a contract of employment. Table 8 below contains a summary of the key contractual provisions of the contracts of employment for the continuing Executive KMP. Woodside Energy Group Ltd \| 91

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Table 9—Annual base Board and committee fees for NEDs1 Position Board2 A$ Audit & Risk Committee A$ Human Resources & Compensation Committee A$ Sustainability Committee A$ Nominations & Governance Committee A$ Chair of the Board3 723,300 Non-executive directors4 219,178 Committee chair 59,360 52,000 47,400 Nil Committee member 31,964 26,500 23,700 Nil 1. Fees in this table reflect 2022 annual base Board and committee fees for NEDs. 2. NEDs receive Board and committee fees plus statutory superannuation (or payments in lieu where statutory superannuation is not required to be paid). 3. Inclusive of committee work. 4. Board fees paid to NEDs other than the Chair. Human Resources & Compensation Committee The Committee assists the Board to determine appropriate remuneration policies and structures for NEDs and Executives. Further information on the role of the Committee is described in the section 4.1.3—Board Committees of the Annual Report. Loans and transactions No loans or transactions (other than as described in this report) have been made, guaranteed or secured, directly or indirectly, by Woodside or any of its subsidiaries at any time throughout the year, to any KMP including to a KMP related party. Use of remuneration consultants From time-to-time, the Committee directly engages independent external advisers to provide input to the process of reviewing the remuneration for NEDs and Executives. The Committee may receive executive remuneration advice directly from external independent remuneration consultants. Under communications and engagement protocols adopted by the Company, market data reports are provided directly to the Committee Chair, and a consultant provides a statement to the Committee that reports have been prepared free of undue influence from Executive KMP. This process ensures the Committee has full oversight of the review process and therefore it, and the Board, can be satisfied that the work undertaken by external independent remuneration consultants is free from undue influence by Executive KMP. External benchmarking was obtained in 2022 from external independent remuneration consultants KPMG in support of the 2022 NED fee review at a cost of A$20,000. Remuneration benchmarking in support of the 2022 review of Executive remuneration was obtained from KPMG at a cost of A$47,500 and Meridian at a cost of US$20,160. Remuneration benchmarking in support of the 2022 review of CEO remuneration was obtained from KPMG at a cost of A$15,000 and Meridian at a cost of US$16,352. No remuneration recommendations were received during 2022. Reporting notes Reporting in United States dollars In this report, the remuneration and benefits reported have been presented in US dollars, unless otherwise stated. This is consistent with the functional and presentation currency of the company. Compensation for Australian-based employees and Australianbased KMP is paid in Australian dollars and, for reporting purposes, converted to US dollars based on the exchange rate reflective of the service period. Compensation for US-based employees and US-based KMP is paid in US dollars. Valuation of equity awards is converted at the spot rate applying when the equity award is granted. Table 9 shows the 2022 annual base Board and committee fees for NEDs. In addition to these fees, NEDs are entitled to reimbursement of reasonable travel, accommodation and other expenses incurred attending meetings of the Board, committees or shareholders, or while engaged on Woodside business. NEDs are not entitled to compensation on termination of their directorships. An allowance is paid to any NED required to travel internationally to attend Board commitments, compensating for factors related to long-haul travel. Where travel is between six and ten hours, an allowance of A$5,000 gross per trip is paid. Where travel exceeds 10 hours, an allowance of A$10,000 gross per trip is paid. In 2022, NEDs Frank Cooper, Ben Wyatt and Larry Archibald received an additional payment of A$20,000 each for services provided during the period outside the scope of Board and Committee duties, in connection with the merger with BHP's petroleum business, including membership of the Due Diligence Committee. Board fees are not paid to the CEO, as the time spent on Board work and the responsibilities of Board membership are considered in determining the remuneration package provided as part of the normal employment conditions. The total remuneration paid to, or in respect of, each NED in 2022 is set out in Table 13. 92 \| Annual Report 2022

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Table 10—Compensation of CEO and Senior Executives for the year ended 31 December 2022 and 2021 FAR VAR and other incentives Short-term Long-term Short-term Long-term Salaries, fees and allowances Nonmonetary benefits1 Company contributions to superannuation Cash2,3,4 Equity Rights5 Restricted Shares5 Performance Rights5 Long Service Leave Termination benefits Total Remuneration6 Performance related7 $$$$$$$$$ A$ % M O'Neill8 Chief Executive Officer and Managing Director 2022 1,696,133 35,829—1,127,634—1,344,879 415,137 41,244—4,660,856 6,753,540 62 2021 1,431,531 52,614—337,421—1,263,936 252,056 129,123—3,466,681 4,633,501 53 G Tiver9 Executive Vice President and Chief Financial Officer 2022 717,042 24,725 28,453 599,364 1,284,700 160,013 46,231 10,197—2,870,725 4,144,816 73 2021 — — — — — — S McMahon10 Executive Vice President International Operations 2022 361,471 57,012 96,084 80,875 221,627 47,143 13,399 — 877,611 1,300,287 41 2021 — — — — — — S Gregory13 2022 244,076 3,876 8,410 130,448—250,799 78,947 20,614—737,170 1,030,862 62 2021 588,690 15,788 29,403 275,48712—440,563 162,46311 18,260—1,530,654 2,046,512 57 F Hick14 2022 542,533 9,651 19,471 41,294—(527,204) (221,628) 26,595 152,531 43,243 69,494—2021 540,368 29,989 22,742 141,76312—312,798 120,38011 11,742—1,179,782 1,573,248 49 S Duhe15 2022 57,495 882 2,668 — — (94,350)—(33,305) (46,436)—2021 752,079 120,182 27,87112 159,582—(784,939) (248,380) 14,743—41,138 47,732—P Coleman16 2022 — — — — — — 2021 879,481 51,506 8,380 1,249,873—2,254,851 1,923,801 543,355 2,447,525 9,358,772 12,219,216 58 Executive KMP Total 2022 3,618,750 131,975 155,086 1,979,615 1,506,327 1,275,630 332,086 4,300 152,531 9,156,300 13,252,563 56 2021 4,192,149 270,079 88,396 2,164,126—3,487,209 2,210,320 717,223 2,447,525 15,577,027 20,520,209 50 1. Reflects the value of allowances and non-monetary benefits (including relocation, travel, health insurance, car parking and any associated fringe benefit tax). 2. The amount includes the EIS cash incentive earned in the respective year, which is actually paid in the following year. Amounts were translated to USD using the closing spot rate on 31 December 2022. 3. Cash incentives earned by Ms O'Neill include a one-off cash bonus payment (US$137,646) on merger completion and an accrual (US$78,692) for the second payment expected to be paid in June 2023. The second payment is subject to satisfactory individual performance and continued service. 4. Cash incentives earned by Mr Tiver (US$33,677), Mr Gregory (US$61,941) and Ms Hick (US$41,294) include a one-off cash bonus payment in relation to their significant contribution towards the merger of Woodside BHP's petroleum business. Mr Tiver's cash incentives include a further cash bonus payment (US$355,948) as a sign-on benefit to compensate for benefits forgone on leaving the BHP Group. 5. In accordance with the requirements of AASB 2 Share-based Payment, the fair value of equity instruments as at their date of grant has been determined with reference to the closing share price at grant date, or by applying the Black-Scholes option pricing technique or applying the binomial valuation method combined with a Monte Carlo simulation. The fair value of equity instruments is amortised over the vesting period from the commencement of the service period, such that 'total remuneration' includes a portion of the fair value of unvested equity compensation during the year. The portion of the expense relating to the 2022 EIS has been measured using estimated fair values as disclosed in footnote 2 in Table 7. The amount included as remuneration is not related to or indicative of the benefit (if any) that individual Executives may ultimately realise should these equity instruments vest. 6. The total remuneration in AUD is converted from USD using the exchange rate reflective of the service period. This non-IFRS unaudited information is included for the purposes of showing the total annual cost of benefits to the company in Australian dollars for the service period. 7. Performance related outcome percentage is calculated as total variable annual reward divided by the USD total remuneration figure. 8. Ms M O'Neill elected to receive a cash payment in lieu of all superannuation contributions in accordance with the Superannuation Guarantee (Administration) Act 1992, on the basis of being a Senior Foreign Executive. The cash payment is subject to (PAYG) income tax and paid as part of Ms O'Neill's normal monthly salary. The amount is included in salaries, fees and allowances. 9. Mr G Tiver commenced employment with Woodside on 1 February 2022. 10. Ms S McMahon commenced employment with Woodside on 1 June 2022. 11. The 2021 comparative value has been restated to include amortisation of the fair value of the 2021 EIS Performance Rights, increasing the expense for Mr Gregory by US$45,747 to US$162,463 and the expense for Ms Hick by US$42,760 to US$120,380. 12. The 2021 comparative value has been restated to include the superannuation component of the 2021 EIS and other cash bonus payments that were earned in 2021 and paid in 2022. This increases the cash expense for Mr Gregory by US$13,788 to US$275,487, the cash expense for Ms Hick by US$12,888 to US$141,763 and the superannuation expense for Ms Duhe by $10,881 to US$27,871. 13. Mr S Gregory ceased being an Executive KMP on 31 May 2022. 14. Ms F Hick ceased being an Executive KMP on 28 November 2022. Ms Hick's termination benefit of US$152,531 includes salaries, fees and allowances received for the period of 29 November 2022 to 24 February 2023 while on gardening leave. 15. Ms S Duhe ceased being an Executive KMP on 4 February 2022. 16. Mr P Coleman ceased being an Executive KMP on 19 April 2021. Table 11—Peer group of international oil and gas companies1 APA Corporation (previously Apache Corporation) ENI S.p.A Marathon Oil Company Canadian Natural Resources EOG Resources Occidental Petroleum ConocoPhillips Equinor ASA Santos Ltd Coterra Energy Hess Corporation Devon Energy Inpex Corporation 1. Peer group updated for 2022 EIS award to maintain alignment with Woodside's expanded global business activities following the merger with BHP's petroleum business on 1 June 2022. Statutory tables Woodside Energy Group Ltd \| 93

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Table 12—Summary of CEO and Senior Executive KMP allocated, vested or lapsed equity Name Type of equity1 Grant date Vesting date2,3 Awarded but not vested Vested in 2022 % of total vested Lapsed in 2022 Fair value of equity4,5,6 Unamortised value $7 M O'Neill9 Restricted Shares 13 February 2019 19 February 2022—14,097 100—24.71—Restricted Shares 13 February 2019 19 February 2024 15,379 ——24.71 74,355 Restricted Shares 12 February 2020 18 February 2023 15,025 ——22.76 11,097 Restricted Shares 12 February 2020 18 February 2025 16,391 ——22.76 129,847 Restricted Shares 17 February 2021 24 February 2024 17,697 ——20.18 98,940 Restricted Shares 17 February 2021 24 February 2026 17,697 ——20.18 182,933 Restricted Shares 19 May 2022 19 May 2025 46,861 ——20.91 532,801 Restricted Shares 19 May 2022 19 May 2027 51,122 ——20.91 734,050 Restricted Shares 28 April 2023 28 April 2026 33,143 ——24.05 618,382 Restricted Shares 28 April 2023 28 April 2027 14,591 ——24.05 285,027 Restricted Shares 28 April 2023 28 April 2028 64,013 ——24.05 1,296,256 Performance Rights 13 February 2019 19 February 2024 15,379 ——16.87 50,763 Performance Rights 12 February 2020 18 February 2025 16,391 ——15.81 90,197 Performance Rights 17 February 2021 24 February 2026 23,596 ——14.44 174,533 Performance Rights 19 May 2022 19 May 2027 51,122 ——13.40 470,410 Performance Rights 28 April 2023 28 April 2028 64,013 ——16.43 885,551 G Tiver Equity Rights 18 February 2022 31 August 2022—32,307 100—19.28—Equity Rights 18 February 2022 31 August 2023 32,307 ——18.42 250,621 Equity Rights 18 February 2022 31 August 2024 32,307 ——17.60 367,210 Equity Rights 18 February 2022 31 August 2025 27,460 ——16.82 343,936 Restricted Shares 27 February 2023 7 March 2026 17,249 ——24.05 322,221 Restricted Shares 27 February 2023 7 March 2028 18,818 ——24.05 384,697 Performance Rights 27 February 2023 7 March 2028 18,818 ——16.43 262,810 S McMahon Equity Rights 1 June 2022 31 August 2023 13,355 ——20.50 145,575 Equity Rights 1 June 2022 31 August 2024 14,118 ——19.59 204,656 Equity Rights 1 September 2022 31 August 2025 11,061 ——18.38 180,671 Restricted Shares 27 February 2023 7 March 2026 7,395 ——24.05 150,190 Restricted Shares 27 February 2023 7 March 2028 8,067 ——24.05 174,306 Performance Rights 27 February 2023 7 March 2028 8,067 ——16.43 119,079 S Gregory10 Restricted Shares 13 February 2019 19 February 2022—12,430 100—24.71—Restricted Shares 13 February 2019 19 February 2024 13,560 ——24.71 62,050 Restricted Shares 12 February 2020 18 February 2023 10,099 ——22.76 7,459 Restricted Shares 12 February 2020 18 February 2025 11,018 ——22.76 87,283 Restricted Shares 17 February 2021 24 February 2024 10,132 ——20.18 56,646 Restricted Shares 17 February 2021 24 February 2026 10,132 ——20.18 104,734 Restricted Shares 16 February 2022 24 February 2025 19,148 ——19.01 188,609 Restricted Shares 16 February 2022 24 February 2027 20,889 ——19.01 267,976 Restricted Shares 27 February 2023 7 March 2026 13,611 ——24.05 249,099 Restricted Shares 27 February 2023 7 March 2028 14,849 ——24.05 299,391 RTSR Tested VPRs 1 January 2017 20 February 2022 ——7, 1508 12.06—Performance Rights 13 February 2019 19 February 2024 13,560 ——16.87 42,362 Performance Rights 12 February 2020 18 February 2025 11,018 ——15.81 60,630 Performance Rights 17 February 2021 24 February 2026 13,509 ——14.44 99,922 Performance Rights 16 February 2022 23 February 2027 20,889 ——13.76 193,969 Performance Rights 27 February 2023 7 March 2028 14,849 ——16.43 204,532 F Hick11 Restricted Shares 13 February 2019 19 February 2022—6,807 100—24.71—Restricted Shares 13 February 2019 19 February 2024 7,426 ——24.71—Restricted Shares 12 February 2020 18 February 2023 5,501 ——22.76—Restricted Shares 12 February 2020 18 February 2025 6,002 ——22.76—Restricted Shares 17 February 2021 24 February 2024 8,367 ——20.18—Restricted Shares 17 February 2021 24 February 2026 8,367 ——20.18—Restricted Shares 16 February 2022 24 February 2025 17,898 ——19.01—Restricted Shares 16 February 2022 24 February 2027 19,525 ——19.01—RTSR Tested VPRs 1 January 2016 9 March 2021 ——1, 7698 12.05—RTSR Tested VPRs 1 January 2017 20 February 2022 4, 9448 ——12.06—Performance Rights 13 February 2019 19 February 2024 7,426 ——16.87—Performance Rights 12 February 2020 18 February 2025 6,002 ——15.81—Performance Rights 17 February 2021 24 February 2026 11,156 ——14.44—Performance Rights 16 February 2022 23 February 2027 19,525 ——13.76—94 \| Annual Report 2022

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Table 12—Summary of CEO and senior executives allocated, vested or lapsed equity (Cont') Name Type of equity1 Grant date Vesting date2,3 Awarded but not vested Vested in 2022 % of total vested Lapsed in 2022 Fair value of equity4,5,6 Unamortised value $7 S Duhe12 Restricted Shares 13 February 2019 19 February 2022 ——14,604 24.71—Restricted Shares 13 February 2019 19 February 2024 ——15,931 24.71—Restricted Shares 12 February 2020 18 February 2023 ——11,816 22.76—Restricted Shares 12 February 2020 18 February 2025 ——12,890 22.76—Restricted Shares 17 February 2021 24 February 2024 ——12,894 20.18—Restricted Shares 17 February 2021 24 February 2026 ——12,894 20.18—RTSR Tested VPRs 1 January 2017 20 February 2022 ——8688 12.06—Performance Rights 13 February 2019 19 February 2024 ——15,931 16.87—Performance Rights 12 February 2020 18 February 2025 ——12,890 15.81—Performance Rights 17 February 2021 24 February 2026 ——17,193 14.44—1. For valuation purposes all VPRs and equity rights are treated as if they will be equity settled. Each VPR and Performance Right is a right to receive a fully paid ordinary share in Woodside (or, at the Board's discretion, as cash equivalent). No amount is payable by the Executive on the grant or vesting of a VPR or Performance Right. 2. Vesting date and exercise date are the same. Vesting is subject to satisfaction of vesting conditions. Full details of the vesting conditions for all prior year equity grants to Executive KMP are included in the remuneration report for the relevant year. 3. Any RTSR-tested VPRs allocated to Senior Executives prior to 2017 that do not vest as a result of the first test will be re-tested over a five-year performance period. RTSR-tested VPRs allocated in 2017 and performance rights will not be re-tested. The second test date for earlier VPR allocations is one year after the vesting date listed in the table. 4. In accordance with the requirements of AASB 2 Share-based Payment, the fair value of VPRs Performance Rights and Equity Rights as at their date of grant has been determined by applying the Black-Scholes option pricing technique or binomial valuation method combined with a Monte Carlo simulation. The amount included as remuneration is not related to or indicative of the benefit (if any) that individual Executives may ultimately realise should these equity instruments vest. 5. The fair value of Restricted Shares as at their date of grant has been determined by reference to the share price at acquisition. The fair value is not related to or indicative of the benefit (if any) that individual Executive KMP may ultimately realise should these equity instruments. 6. Fair values for the 2022 EIS with grant date being 27 February 2023 and expected to be 28 April 2023 have been estimated as disclosed in footnote 2 of Table 7. Fair values for the 2021 EIS with grant dates of 16 February 2022 and 19 May 2022 have been trued-up as disclosed in footnote 3 of Table 7. 7. The maximum value of the equity instruments awarded for future financial years has been determined as the fair value amount at grant date multiplied by the number of equity instruments awarded, less what has been amortised to date. The minimum total value of the equity instruments awarded for future financial years is nil if relevant vesting conditions are not satisfied. 8. The RTSR-tested VPRs allocated for the 2015 and 2016 performance year have been updated to include any adjustments made as part of the Retail Entitlement Offer. 9. Ms M O'Neill was granted Performance Rights and Restricted Shares on 19 May 2022 as approved by shareholders at the 2022 Woodside Annual General Meeting under Listing Rule 10.14. The grant of the Performance Rights and Restricted Shares components of Ms O'Neill's 2022 EIS award is subject to shareholder approval at the 2023 Woodside Annual General Meeting. The grant date for Performance Rights and Restricted Shares is the date of shareholder approval. 10. Mr S Gregory ceased being an Executive KMP on 31 May 2022. Mr Gregory's Restricted Shares and Performance Rights remain on foot and will vest in the ordinary course subject to the satisfaction of applicable conditions. 11. Ms F Hick ceased being an Executive KMP on 28 November 2022. Ms Hick's Restricted Shares, VPR's and Performance Rights lapsed effective 24 February 2023. 12. Ms S Duhe resigned on 16 November 2021 and ceased being an Executive KMP on 4 February 2022. Ms Duhe's Restricted Shares, VPR's and Performance Rights lapsed on 7 February 2022. Woodside Energy Group Ltd \| 95

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The following table provides a detailed breakdown of the components of remuneration for each of the company's NEDs. Table 13—Total remuneration paid to NEDs in 2022 and 2021 Short-term Post-employment Cash salary and allowances Pension/Superannuation Non-executive director Board and Committee fees $ Other fees and allowances $ Company contributions to superannuation $ Total $ Total A$4 R Goyder 2022 501,606 41,407 16,942 559,955 807,438 2021 542,997 35,953 16,990 595,940 793,822 L Archibald2 20221 190,602 55,150—245,752 353,013 20211 206,330 35,132—241,462 321,639 F Cooper 20221 211,543 14,809 21,683 248,035 356,304 20211 228,999 15,014 22,327 266,340 354,779 S C Goh2 2022 186,813 27,768—214,581 309,419 2021 202,228 21,452—223,680 297,953 C Haynes2 2022 190,602 47,276—237,878 343,013 2021 206,330 20,117—226,447 301,639 I Macfarlane3 2022 186,813 28,807—215,620 310,917 2021 202,228 15,294 4,423 221,945 295,642 A Pickard2 2022 203,248 34,703—237,951 343,119 2021 220,020 21,452—241,472 321,653 S Ryan 2022 190,602 6,935 19,536 217,073 313,013 2021 206,330—20,117 226,447 301,639 G Tilbrook 2022 210,228 6,935 21,548 238,711 344,214 2021 227,575—22,189 249,764 332,698 B Wyatt 20221 186,813 14,809 22,885 224,507 322,377 20211 114,868 14,718 16,082 145,668 197,944 NEDs total 2022 2,258,870 278,599 102,594 2,640,063 3,802,827 2021 2,357,905 179,132 102,128 2,639,165 3,519,408 1. A proportion of each year's other fees and allowances includes an additional payment of A$20,000 each for services outside the scope of Board and committee duties, in connection with the merger with BHP's petroleum business. 2. As non-residents for Australian tax purposes Mr L Archibald, Ms S C Goh, Dr C Haynes and Ms A Pickard have elected to receive a cash payment in lieu of all superannuation contributions, in accordance with the Superannuation Guarantee (Administration) Act 1992. The cash payment is subject to (PAYG) income tax and paid as part of their normal monthly fees. The amount is included in Other fees and allowances. 3. Mr I Macfarlane has elected to receive a cash payment in lieu of all superannuation contributions in accordance with the Superannuation Guarantee (Administration) Act 1992, on the basis that he works with multiple employers. The cash payment is subject to (PAYG) income tax and paid as part of his normal monthly fees. The amount is included in Other fees and allowances. 4. This non-IFRS information is included for the purposes of showing the total annual cost of benefits to the company in Australian dollars for the service period. 96 \| Annual Report 2022

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Table 14—KMP share and equity holdings Name Type of Equity1 Opening holding at 1 January 20222 NEDSP3 Rights granted Rights vested Restricted shares granted Restricted shares vested Net changes—Other Closing holding at 31 December 20224,5 Non-executive directors R Goyder Shares 23,634 — ——2,529 26,163 L Archibald Shares 11,977 1,547 — ——13,524 F Cooper Shares 13,450 1,445 — ——14,895 S C Goh Shares 12,786 1,163 — ——13,949 C Haynes Shares 14,598 1,411 — ——16,009 I MacFarlane Shares 10,329 562 — ——10,891 A Pickard Shares 14,206 1,664 — ——15,870 S Ryan Shares 11,910 1,258 — ——13,168 G Tilbrook Shares 7,949 — ——1,998 9,947 B Wyatt6 Shares—1,639 — ——1,639 Executive KMP M O'Neill Equity Rights — — — — Performance Rights 55,366—51,122 — — 106,488 Restricted Shares 96,286 ——97,983 (14,097)—180,172 Shares 133,366 — — 14,097—147,463 G Tiver Equity Rights — 124,381 (32,307) ——92,074 Performance Rights — — — — Restricted Shares — — — — Shares ——32,307 — (5,231) 27,076 S McMahon Equity Rights — 38,534 — — 38,534 Performance Rights — — — — Restricted Shares — — — — Shares — — — 1,212 1,212 S Gregory7 Equity Rights — — — — Performance Rights 45,237—20,889 ——(66,126)—Restricted Shares 67,371 ——40,037 (12,430) (94,978)—Shares 18,953 — — 12,430 (31,383)—F Hick8 Equity Rights — — — — Performance Rights 31,297—19,525 ——(50,822)—Restricted Shares 42,470 ——37,423 (6,807) (73,086)—Shares 7,042 — — 6,807 (13,849)—S Duhe9 Equity Rights — — — — Performance Rights 46,882 — ——(46,882)—Restricted Shares 81,029 — ——(81,029)—Shares 15,592 — ——(15,592)—1. Personally related entities include a KMP's spouse, dependants or entities over which they have direct control or significant influence. 2. Opening holding represents amounts carried forward in respect of KMP. 3. Related to participation in the Non-executive Directors' Share Plan (NEDSP). 4. Closing Shares and Restricted Shares holdings represents Shares and Restricted Shares held by the NEDs and KMP at of December 31 2022. The total Shares and Restricted Shares held by the NEDs and KMP is 491,978 which constitutes less than 1% of all outstanding shares. None of these shares have different voting rights. 5. Closing rights holdings represents unvested options and rights held at the end of the reporting period. There are no options or rights vested but unexercised as at 31 December 2022. 6. Mr B Wyatt was appointed as a NED on 1 June 2021. Mr Wyatt is participating in the NEDSP and will continue to acquire shares under this plan going forward. 7. Mr S Gregory ceased being an Executive KMP on 31 May 2022. Mr Gregory's Restricted Shares and Performance Rights remain on foot and will vest in the ordinary course subject to the satisfaction of applicable conditions. 8. Ms F Hick ceased being an Executive KMP on 28 November 2022. Ms Hick's Restricted Shares and Performance Rights lapsed effective 24 February 2023. 9. Ms S Duhe ceased to being an Executive KMP on 4 February 2022. Ms Duhe's Restricted Shares and Performance Rights lapsed on 7 February 2022. Details of shares held by KMP including their personally related entities1 for the 2022 financial year are as follows: Woodside Energy Group Ltd \| 97

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4.3.3 Glossary Key terms used in the Remuneration Report Term Meaning Committee The Human Resources & Compensation Committee Corporate Scorecard A corporate scorecard of key measures that aligns with Woodside's overall business performance EIP The Executive Incentive Plan EIS The Executive Incentive Scheme Equity Award Rules The rules which govern offers of incentive securities to eligible employees ER Equity right. ERs are awarded under the WEP and SWEP and each one entitles participants to receive a fully paid share in Woodside on the vesting date (or a cash equivalent in the case of international assignees). No amount is payable by the participants on the grant or vesting of an ER Executive A senior employee whom the Board has determined to be eligible to participate in the EIS Executive Director Meg O'Neill Executive KMP The Executive Director and Senior Executives listed in Table 1A FAR Fixed Annual Reward FID Final Investment Decision Former CEO Peter Coleman. Mr Coleman ceased being an Executive KMP on 19 April 2021 KMP Key management personnel KPI Key performance indicator LTA Long-term award MSR Minimum shareholding requirements NED Non-executive director NEDSP The Non-executive Directors' Share Plan Operating Expenditure Operating and general, administrative and other expenses incurred in generating revenue from the sale of hydrocarbons from Woodside's operating assets Performance Rights Each Performance Right is a right to receive a fully paid ordinary share in Woodside (or, at the Board's discretion, as cash equivalent). No amount is payable by the Executive on the grant or vesting of a Performance Right Restricted Shares Woodside ordinary shares that are awarded to Executives as the deferred component of their STA or as a part of their VAR under the EIS. No amount is payable by the Executive on the grant or vesting of a Restricted Share Retail Entitlement Offer The pro-rata renounceable offer made to Eligible Retail Shareholders to subscribe for 1 new share for every 9 existing shares on 19 February 2018 Rights ERs, Performance Rights and VPRs RTSR Relative total shareholder return Senior Executive A Senior Executive listed as KMP in Table 1A, excluding the Executive Director STA Short-term award SWEP The Supplementary Woodside Equity Plan VAR Variable Annual Reward VPR Variable Pay Right. Each VPR is a right to receive a fully paid ordinary share in Woodside (or, at the Board's discretion, as cash equivalent). No amount is payable by the Executive on the grant or vesting of a VPR WEP The Woodside Equity Plan 98 \| Annual Report 2022

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Woodside Energy Group Ltd \| 99 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 18 January 2022, the Group completed the sell-down of a 49% participating interest in the Pluto Train 2 Joint Venture to Global Infrastructure Partners (GIP). As a result, the Group recognised a pre-tax gain of $427 million on the transaction. This includes variable consideration which has been remeasured as at 31 December 2022 with a $71 million revaluation gain recognised as other income (refer to Note B.7). • The Pluto-KGP Interconnector achieved 'ready for start-up' and commenced flowing gas from the offshore Pluto fields to Karratha Gas Plant (KGP) for processing in March 2022. • On 1 June 2022, the Group acquired 100% of the issued share capital of BHP Petroleum International Pty Ltd (BHPP) (subsequently renamed Woodside Energy Global Holdings Pty Ltd), which held BHP Group's oil and gas business (refer to Note B.5). • As part of ongoing rationalisation of the Group's exploration portfolio, the Group exited the Orphan Basin exploration licences in Canada. As a result, a net expense of $142 million reflecting various exit costs was recognised in exploration and evaluation expenditure (refer to Note A.1). • The Group recognised a $382 million reduction in restoration provisions as a net result of an increase in the risk free rates and current period payments, offset by an increase in cost estimates (refer to Note D.5). The majority of this was recognised as a corresponding decrease in oil and gas properties. • The Group hedged an increased percentage of its exposure to commodity price and foreign exchange risk through commodity swaps and foreign exchange forward derivatives (refer to Note D.6). • The Group recognised a $1,362 million increase to the Pluto PRRT Deferred Tax Asset (DTA), primarily as a result of higher assessable revenue in 2022 and higher forecast assessable revenue driven by changes to pricing assumptions (refer to Note A.5). • The Group recognised a pre-tax impairment reversal of $900 million for the Wheatstone cash-generating unit, primarily due to a revision in LNG price assumptions (refer to Note B.4). Contents Financial statements 100 Consolidated income statement 100 Consolidated statement of comprehensive income 101 Consolidated statement of financial position 102 Consolidated statement of cash flows 103 Consolidated statement of changes in equity 104 Notes to the financial statements 105 About these statements 105 Climate change and energy transition 105 A. Earnings for the year 109 A.1 Segment revenue and expenses 110 A.2 Finance costs 114 A.3 Dividends paid and proposed 114 A.4 Earnings/(losses) per share 114 A.5 Taxes 115 B. Production and growth assets 117 B.1 Segment production and growth assets 118 B.2 Exploration and evaluation 120 B.3 Oil and gas properties 121 B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill 123 B.5 Business combination 128 B.6 Significant production and growth asset acquisitions 130 B.7 Disposal of assets 131 C. Debt and capital 132 C.1 Cash and cash equivalents 133 C.2 Interest-bearing liabilities and financing facilities 133 C.3 Contributed equity 135 C.4 Other reserves 135 D. Other assets and liabilities 136 D.1 Segment assets and liabilities 137 D.2 Receivables 137 D.3 Inventories 137 D.4 Payables 138 D.5 Provisions 138 D.6 Other financial assets and liabilities 140 D.7 Leases 143 E. Other items 145 E.1 Contingent liabilities and assets 146 E.2 Employee benefits 146 E.3 Related party transactions 149 E.4 Auditor remuneration 149 E.5 Events after the end of the reporting period 149 E.6 Joint arrangements 149 E.7 Parent entity information 151 E.8 Subsidiaries 151 E.9 Other accounting policies 154 Directors' Declaration 155 Independent auditor's report 156 S ection 5 : F I N A N C I A L STATEMENTS S ection 5 . 1 Financial Statements

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100 \| Annual Report 2022 Consolidated income statement for the year ended 31 December 2022 2022 2021 2020 Notes US$m US$m US$m Operating revenue A.1 16,817 6,962 3,600 Cost of sales A.1 (6,540) (3,845) (2,985) Gross profit 10,277 3,117 615 Other income A.1 735 139 (36) Other expenses A.1 (2,726) (811) (481) Impairment losses A.1—(10) (5,269) Impairment reversals A.1 900 1,058—Profit/(loss) before tax and net finance costs 9,186 3,493 (5,171) Finance income 155 27 58 Finance costs A.2 (167) (230) (327) Profit/(loss) before tax 9,174 3,290 (5,440) Petroleum resource rent tax (PRRT) benefit/(expense) A.5 313 (297) 439 Income tax (expense)/benefit A.5 (2,912) (957) 1,026 Profit/(loss) after tax 6,575 2,036 (3,975) Profit/(loss) attributable to: Equity holders of the parent 6,498 1,983 (4,028) Non-controlling interest E.8 77 53 53 Profit/(loss) for the period 6,575 2,036 (3,975) Basic earnings/(losses) per share attributable to equity holders of the parent (US cents) A.4 430.0 206.0 (423.5) Diluted earnings/(losses) per share attributable to equity holders of the parent (US cents) A.4 426.3 204.1 (423.5) The accompanying notes form part of the Financial Statements. Financial statements

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Woodside Energy Group Ltd \| 101 Consolidated statement of comprehensive income for the year ended 31 December 2022 2022 2021 2020 US$m US$m US$m Profit/(loss) for the period 6,575 2,036 (3,975) Other comprehensive income/(loss) Items that may be reclassified to the income statement in subsequent periods: Losses on cash flow hedges (1,097) (390) (136) Losses on cash flow hedges reclassified to the income statement 847 66 52 Tax recognised within other comprehensive income 64 (5) 25 Exchange fluctuations on translation of foreign operations taken to equity 3 — Items that will not be reclassified to the income statement in subsequent periods: Remeasurement gains on defined benefit plan 34 13 2 Net gain on financial instruments at fair value through other comprehensive income 2 — Other comprehensive loss for the period, net of tax (147) (316) (57) Total comprehensive income/(loss) for the period 6,428 1,720 (4,032) Total comprehensive income/(loss) attributable to: Equity holders of the parent 6,351 1,667 (4,085) Non-controlling interest 77 53 53 Total comprehensive income/(loss) for the period 6,428 1,720 (4,032) The accompanying notes form part of the Financial Statements.

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102 \| Annual Report 2022 Consolidated statement of financial position as at 31 December 2022 2022 2021 Notes US$m US$m Current assets Cash and cash equivalents C.1 6,201 3,025 Receivables D.2 1,578 368 Inventories D.3 678 202 Other financial assets D.6 677 320 Assets held for sale B.7—254 Tax receivable 73—Other assets 83 109 Total current assets 9,290 4,278 Non-current assets Receivables D.2 845 686 Inventories D.3 11 19 Other financial assets D.6 120 107 Exploration and evaluation assets B.2 807 614 Oil and gas properties1 B.3 39,919 18,649 Deferred tax assets A.5 1,959 1,007 Lease assets D.7 1,264 1,080 Investments accounted for using the equity method2 265 2 Goodwill B.5 4,614—Other assets2 227 32 Total non-current assets 50,031 22,196 Total assets 59,321 26,474 Current liabilities Payables D.4 2,094 639 Interest-bearing liabilities C.2 260 277 Other financial liabilities D.6 654 411 Provisions D.5 1,219 605 Tax payable 1,854 413 Lease liabilities D.7 324 191 Other liabilities 203 86 Total current liabilities 6,608 2,622 Non-current liabilities Interest-bearing liabilities C.2 4,878 5,153 Deferred tax liabilities A.5 2,457 878 Other financial liabilities D.6 67 161 Provisions D.5 5,960 2,219 Tax payable 36—Lease liabilities D.7 1,310 1,176 Other liabilities 878 36 Total non-current liabilities 15,586 9,623 Total liabilities 22,194 12,245 Net assets 37,127 14,229 Equity Issued and fully paid shares C.3 29,001 9,409 Shares reserved for employee share plans C.3 (38) (30) Other reserves C.4 4,031 683 Retained earnings 3,342 3,381 Equity attributable to equity holders of the parent 36,336 13,443 Non-controlling interest E.8 791 786 Total equity 37,127 14,229 1. Oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. 2. Investments accounted for using the equity method, which was previously included within other assets (non-current), is separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. The accompanying notes form part of the Financial Statements.

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Woodside Energy Group Ltd \| 103 Consolidated statement of cash flows for the year ended 31 December 2022 2022 2021 2020 Notes US$m US$m US$m Cash flows from/(used in) operating activities Profit/(loss) after tax for the period 6,575 2,036 (3,975) Adjustments for: Non-cash items Depreciation and amortisation 2,808 1,582 1,730 Depreciation of lease assets 140 108 94 Change in fair value of derivative financial instruments 960 31 31 Net finance costs 12 203 269 Tax expense/(benefit) 2,599 1,254 (1,465) Exploration and evaluation written off 164 265 2 Impairment losses B.4—10 5,269 Impairment reversals B.4 (900) (1,058)—Restoration movement 272 68 28 Gain on disposal of oil and gas properties (including revaluation gain) (494) — Onerous contracts provision (245) (95) 347 Other (254) 30 (12) Changes in assets and liabilities (Increase)/decrease in trade and other receivables (77) (39) 41 (Increase)/decrease in inventories (146) (4) 51 Increase in lease assets—(16)—Increase/(decrease) in provisions 131 (75) 155 (Decrease)/increase in lease liabilities (31) (25) 40 Increase in other assets and liabilities (961) (128) (137) Increase/(decrease) in trade and other payables 184 75 (121) Cash generated from operations 10,737 4,222 2,347 Purchases of shares and payments relating to employee share plans (45) (47) (32) Interest received 108 11 64 Dividends received 19 6 4 Borrowing costs relating to operating activities (21) (91) (180) Income tax and PRRT paid (1,218) (271) (331) Payments for restoration (263) (38) (23) Payments for hedge collateral (506) — Net cash from operating activities 8,811 3,792 1,849 Cash flows from/(used in) investing activities Cash received on acquisition of BHPP, including cash acquired B.5 1,082 — Payments for capital and exploration expenditure (3,136) (2,406) (1,418) Borrowing costs relating to investing activities (287) (126) (57) Advances to other external entities (48) (206) (110) Proceeds from disposal of non-current assets 132 9—Funding of equity accounted investments (8) — Payments for acquisition of joint arrangements B.6—(212) (527) Net cash used in investing activities (2,265) (2,941) (2,112) Cash flows from/(used in) financing activities Proceeds from borrowings — 600 Repayment of borrowings C.2 (283) (784) (83) Borrowing costs relating to financing activities (18) (15) (21) Repayment of the principal portion of lease liabilities (248) (155) (71) Borrowing costs relating to lease liabilities (10) (89) (86) Purchases of shares and payments relating to Dividend Reinvestment Plan (144) — Contributions to non-controlling interests (98) (92) (111) Dividends paid (net of Dividend Reinvestment Plan) (2,558) (289) (454) Net (payments)/proceeds from share issuance (5)—23 Net cash used in financing activities (3,364) (1,424) (203) Net increase/(decrease) in cash held 3,182 (573) (466) Cash and cash equivalents at the beginning of the period 3,025 3,604 4,058 Effects of exchange rate changes (6) (6) 12 Cash and cash equivalents at the end of the period C.1 6,201 3,025 3,604 The accompanying notes form part of the Financial Statements.

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104 \| Annual Report 2022 Consolidated statement of changes in equity for the year ended 31 December 2022 Issued and fully paid shares Reserved shares Employee benefits reserve Foreign currency translation reserve Hedging reserve Distributable profits reserve Other reserves Retained earnings Equity holders of the parent Non-controlling interest Total equity Notes C.3 C.3 C.4 C.4 C.4 C.4 C.4 E.8 US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m US$m At 1 January 2022 9,409 (30) 232 793 (400) 58—3,381 13,443 786 14,229 Profit for the period — — ——6,498 6,498 77 6,575 Other comprehensive income/(loss) ——3 (186)—2 34 (147)—(147) Total comprehensive income/(loss) for the period ——3 (186)—2 6,532 6,351 77 6,428 Transfers — ——5,553—(5,553) ——Shares purchased for Dividend Reinvestment Plan—(144) — — — (144)—(144) Dividend Reinvestment Plan 332 144 — — — 476—476 Shares issued for acquisition of BHPP 19,265 — — ——19,265—19,265 Replacement employee share plan issued for acquisition of BHPP — 18 — ——18—18 Employee share plan purchases—(45) — — — (45)—(45) Employee share plan redemptions—37 (37) — — — — Share-based payments (net of tax) — 65 — ——65—65 Dividends paid — ——(2,070)—(1,018) (3,088) (72) (3,160) Transaction costs associated with the issue of shares (5) — — ——(5)—(5) At 31 December 2022 29,001 (38) 278 796 (586) 3,541 2 3,342 36,336 791 37,127 At 1 January 2021 9,297 (23) 219 793 (71) 462—1,398 12,075 800 12,875 Profit for the period — — ——1,983 1,983 53 2,036 Other comprehensive income/(loss) — 13—(329) ——(316)—(316) Total comprehensive income/(loss) for the period — 13—(329) — 1,983 1,667 53 1,720 Dividend Reinvestment Plan 112 — — ——112—112 Employee share plan purchases—(47) — — — (47)—(47) Employee share plan redemptions—40 (40) — — — — Share-based payments (net of tax) — 40 — ——40—40 Dividends paid — ——(404) — (404) (67) (471) At 31 December 2021 9,409 (30) 232 793 (400) 58—3,381 13,443 786 14,229 At 1 January 2020 9,010 (39) 211 793 (12) — 6,654 16,617 792 17,409 Profit/(loss) for the period — — ——(4,028) (4,028) 53 (3,975) Other comprehensive income/(loss) — 2—(59) ——(57)—(57) Total comprehensive income/(loss) for the period — 2—(59) — (4,028) (4,085) 53 (4,032) Transfers — ——710—(710) ——Dividend Reinvestment Plan 264 — — ——264—264 Shares issued 23 — — ——23—23 Employee share plan purchases—(32) — — — (32)—(32) Employee share plan redemptions—48 (48) — — — — Share-based payments (net of tax) — 54 — ——54—54 Dividends paid — ——(248)—(518) (766) (45) (811) At 31 December 2020 9,297 (23) 219 793 (71) 462—1,398 12,075 800 12,875 The accompanying notes form part of the Financial Statements.

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Woodside Energy Group Ltd \| 105 About these statements Following the approval by shareholders at the Annual General Meeting on 19 May 2022, Woodside Petroleum Ltd has registered the change of company name to Woodside Energy Group Ltd. Woodside Energy Group Ltd and its controlled entities (Woodside or the Group) is a for-profit entity limited by shares, incorporated and domiciled in Australia. 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 and the principal activities of the Group are described in the Directors' Report and in the segment information in Note A.1. The financial statements were authorised for issue in accordance with a resolution of the Directors on 27 February 2023. Statement of compliance The financial statements are general purpose financial statements, which have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB). The financial statements comply with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. They also include additional disclosures required for foreign registrants by the United States Securities and Exchange Commission (US SEC). Subsequent to the merger with BHPP, BHPP's accounting policies have been aligned with the Group. The Group's accounting policies are consistent with those disclosed in the Group's 2021 Financial Statements except for new policies applicable in 2022. Adoption of new or amended standards and interpretations effective 1 January 2022 did not result in any significant changes to the Group's accounting policies. Estimates have been revised, where required, to reflect current market conditions including the impact of COVID-19 and climate change. Updated assumptions used for impairment assessments and the measurement of onerous contracts are disclosed in Notes B.4 and D.5 respectively; these assumptions could change in the future. New estimates and judgements for significant transactions during the period including the recognition of goodwill as a result of the business combination, the allocation of goodwill to the Group's cash generating units, and the sell-down of Train 2 are disclosed in Notes B.5, B.4 and B.7 respectively. Currency The functional and presentation currency of Woodside and all its material subsidiaries is the US dollar. 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 these financial statements have been rounded to the nearest million dollars under the option available to the Group under Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/ Directors' Reports) Instrument 2016/191 dated 24 March 2016, unless otherwise stated. Basis of preparation The financial statements have been prepared on a historical cost basis, except for derivative financial instruments and certain other financial assets and financial liabilities, which have been measured at fair value 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 financial statements. The financial statements comprise the financial position and results of the Group as at and for the year ended 31 December 2022 (refer to Note E.8). Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date at which the Group ceases to have control. The subsidiaries of the Group apply the same reporting period and accounting policies as the parent company in their 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 and their share of other comprehensive income net of tax in the consolidated statement of comprehensive income, and are presented within equity in the consolidated statement of financial position, separately from parent shareholders' equity. The consolidated financial statements provide comparative information in respect of the previous periods. Where required, a reclassification of items in the financial statements of the previous periods has been made in accordance with the classification of items in the financial statements of the current period. Climate change and energy transition Climate considerations Woodside has considered the impact of climate and the energy transition in assessing the carrying value of its assets and liabilities. This note describes climate-related assumptions that underpin key areas of the financial statements and the potential short- and long-term impacts differing scenarios could have on the financial results and financial position of Woodside. Notes to the financial statements for the year ended 31 December 2022 Notes to the financial statements

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106 \| Annual Report 2022 Climate change and energy transition (cont.) Financial planning and assumptions Woodside considers a range of climate and macroeconomic scenarios to help benchmark our long-term price assumptions and inform our decision making to ensure we maintain a resilient financial position. The assumptions applied in assessing amounts within the financial statements are in each case calculated in accordance with the requirements of the applicable accounting standards. Our long-term price assumptions reflect management's current 'best estimate' scenario in which global governments pursue decarbonisation as well as other goals such as energy security and economic development. All price assumptions consider current legislation in the locations where Woodside operates and place some weight on scenarios in which the transition to a low carbon energy system is sufficiently rapid to meet the goals of the Paris Agreement, as well as scenarios in which the transition is not, or may not be, sufficiently rapid. They also place some weight on a range of other assumptions which can drive prices (e.g. inflation) and which are not related to the Paris goals. Woodside's facilities are subject to physical risks such as oceanic conditions and are located in regions that experience tropical cyclones, hurricanes and high ambient temperatures. Woodside has significant experience designing and operating facilities located in harsh environments. Woodside notes that the high degree of uncertainty around the nature, timing and magnitude of climate-related risks, and the uncertainty as to how the energy transition will evolve, makes it difficult to determine and disclose the risks and their potential impacts with precision. Woodside continues to monitor the uncertainty around climate change risks and will revise commodity and carbon pricing assumptions accordingly. Oil and gas investment cases include a carbon price assumption which takes into consideration uncertainty around the impact of climate change. Commodity pricing assumptions are key value drivers with greater significance to assets and liabilities than carbon pricing. Impairment of exploration and evaluation, oil and gas properties and goodwill In accordance with IFRS, elements of Woodside's financial statements are based on reasonable and supportable assumptions that represent management's current best estimate of the range of economic conditions that may exist in the foreseeable future. The estimation of recoverable amounts for impairment testing includes estimating what an independent market participant would pay to acquire the asset as at the reporting date. Market participants will be guided by their own views on future economic and technical conditions and therefore Woodside considers a range of data sources in determining a future price forecast, including industry and market benchmarks along with asset sales transaction data. Price forecasts are adjusted for premiums and discounts based on the nature and quality of the product. Brent oil price estimates have considered the impacts of climate policies along with other factors such as industry investment and cost trends. There remains significant uncertainty around how society will respond to the climate challenge. The energy transition is expected to bring volatility and there is uncertainty as to how commodity prices will develop over the medium and long term. The IEA's World Energy Outlook 2022 (WEO) explores three main climate change scenarios. The IEA scenarios are not predictions and the IEA does not have a single view on the future of the energy system. There is significant uncertainty as to whether any of these scenarios will eventuate. Because Woodside considers what a market participant would pay to acquire an asset in assessing impairments, these external scenarios are not necessarily consistent with the pricing assumptions used for the Group's impairment assessment as disclosed in Table A below and Note B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill. The WEO explores three main scenarios1: • The Net Zero Emissions by 2050 Scenario (NZE) • The Announced Pledges Scenario (APS) • The Stated Policies Scenario (STEPS) Table A: Average real terms 2022 oil price (US$/bbl, Brent)2, North Asian LNG price (US$/MMbtu)2 and carbon price (US$/tCOâ,,-e)3 consistent with IEA dataset compared against Woodside's assumptions: Average Brent (RT US$/bbl) 2023-2026 2027-2031 2032-2036 2037-2040 NZE 59 38 33 31 APS 88 70 65 65 STEPS 92 85 85 88 Woodside 75 70 70 70 Average North Asian LNG (RT US$/MMbtu) 2023-2026 2027-2031 2032-2036 2037-2040 NZE 18 6 6 6 APS 20 9 9 9 STEPS 21 11 11 11 Woodside 23 9 9 9 Average Carbon (RT US$/tonne) 2023-2026 2027-2031 2032-2036 2037-2040 NZE 100 135 169 199 APS 98 130 154 172 STEPS 80 80 80 80 Woodside 80 80 80 80 1. IEA 2022. 'World Energy Outlook 2022'. All rights reserved. 2. Based on data from IEA 2022. 'World Energy Outlook 2022' as modified by Woodside analysis. Woodside used interpolation techniques to estimate Brent annual price points in between the years for which the IEA disclosed price points. For gas pricing assumptions all non-contracted LNG volumes were assessed at IEA's Japan import price, as a proxy for North Asian LNG spot price. Woodside used interpolation techniques to estimate annual gas price points in between the years for which the IEA disclosed prices. For oil linked LNG contracts, prices are derived from the Brent forecasts and the terms of the contracts. 3. Based on data from IEA 2022. 'World Energy Outlook 2022' as modified by Woodside analysis. The IEA only provide carbon prices from 2030 onwards. As a result, Woodside used a starting point of US$80/tCOâ,,-e consistent with internal carbon cost pricing. Woodside used the 2022 starting price point and the IEA's published 2030 and 2040 carbon prices for each scenario to interpolate annual price points through to 2040. Notes to the financial statements for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 107 Climate change and energy transition (cont.) Impairment of exploration and evaluation, oil and gas properties and goodwill (cont.) Refer to Note B.4 for the sensitivity analysis performed on Woodside's Brent oil pricing assumptions and the potential impact on the carrying value of Woodside's non-current assets. The benchmarked pricing above has limitations and is based on a wide range of assumptions. The impact of the benchmark pricing assumptions could be managed by decisions Woodside could make in response such as acquisitions, divestments or cost reductions as well as other consequential changes. The scenarios must therefore not be interpreted as Woodside's investment guidance. These are scenarios, not forecasts, and no likelihood is assigned to any of these scenarios eventuating. Impact on remaining life of assets Oil and gas properties relating to transferred exploration and evaluation and offshore plant and equipment are depreciated using the unit of production basis over either proved or proved plus probable reserves. The energy transition may result in changes to the expected useful life of oil and gas properties and economically recoverable reserves and resources thereby accelerating depreciation charges or resulting in an impairment. Restoration and other provisions The energy transition may result in restoration activities occurring earlier than expected. 54% (2021: 65%) of the Group's non-current restoration liabilities are expected to be settled more than 10 years in the future. Restoration cost estimates require judgemental assumptions regarding removal date, environmental legislation and regulations and the extent of restoration activities required. These cost estimates may change in the future, as a result of increased regulatory scrutiny and the energy transition. Woodside continues to monitor the uncertainty around climate change risks to assess if additional changes to restoration provisions should be recognised. Onerous contracts Closure or early termination of activities may lead to supply contracts becoming onerous. As at 31 December 2022, the Corpus Christi contract is expected to return a positive value and on this basis the onerous contract provision has been reversed to nil (2021: $214 million). This and other contractual arrangements could be impacted by adverse market conditions arising from climate-related factors. Deferred tax assets The Group has determined that it is probable that sufficient future taxable income will be available to utilise the deferred tax assets relating to carry forward unused tax losses and credits recognised as at 31 December 2022. The recoverability of deferred tax assets is dependent on the Group's future taxable income which can be impacted by the uncertainty of commodity and carbon pricing. Regulatory environment Regulation of climate-related emissions can change over time. Woodside is not currently aware of specific proposals that would materially change the assumptions underpinning the financial statements. Notes to the financial statements for the year ended 31 December 2022

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108 \| Annual Report 2022 Notes to the financial statements for the year ended 31 December 2022 Financial and capital risk management The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework, including review and approval of the Group's risk management strategy, policy and key risk parameters. The Board of Directors and the Audit and Risk Committee have oversight of the Group's internal control system and risk management process, including oversight of the internal audit function. The Group's management of financial and capital risks is aimed at ensuring that available capital, funding and cash flows are sufficient to: • meet the Group's financial commitments as and when they fall due; • maintain the capacity to fund its committed project developments; • pay a reasonable dividend; and • maintain a long-term credit rating of not less than 'investment grade'. The Group monitors and tests its forecast financial position against these criteria and, in general, will undertake hedging activity when necessary to ensure that these objectives are achieved. Other circumstances that may lead to hedging include the management of exposures relating to trading activities. It is, and has been throughout the period, the Group Treasury policy that no speculative trading in financial instruments shall be undertaken. Refer to Section 3.8 Risk Factors for more information on the Group's objectives, policies and processes for managing financial risk. The below risks arise in the normal course of the Group's business. Risk information can be found in the following sections: Section A Commodity price risk management Page 109 Section A Foreign exchange risk management Page 109 Section C Capital risk management Page 132 Section C Liquidity risk management Page 132 Section C Interest rate risk management Page 132 Section D Credit risk management Page 136 Key estimates and judgements In applying the Group's accounting policies, management continually evaluates judgements, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the Group. All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances known to management, and actual results may differ. Significant judgements, estimates and assumptions made by management in the preparation of these financial statements are found in the following notes: Note A.1 Revenue from contracts with customers Page 110 Note A.5 Taxes Page 115 Note B.2 Exploration and evaluation Page 120 Note B.3 Oil and gas properties Page 121 Note B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill Page 123 Note B.5 Business combination Page 128 Note B.6 Significant production and growth asset acquisitions Page 130 Note B.7 Disposal of assets Page 131 Note D.5 Provisions Page 138 Note D.6 Other financial assets and liabilities Page 140 Note D.7 Leases Page 143 Note E.6 Joint arrangements Page 149

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Woodside Energy Group Ltd \| 109 In this section This section addresses financial performance of the Group for the reporting period including, where applicable, the accounting policies applied and the key estimates and judgements made. This section also includes the tax position of the Group for and at the end of the reporting period. A. Earnings for the year A.1 Segment revenue and expenses Page 110 A.2 Finance costs Page 114 A.3 Dividends paid and proposed Page 114 A.4 Earnings/(losses) per share Page 114 A.5 Taxes Page 115 Key financial and capital risks in this section Commodity price risk management The Group's revenue is exposed to commodity price fluctuations through the sale of hydrocarbons. Commodity price risks are measured by monitoring and stress testing the Group's forecast financial position to sustained periods of low oil and gas prices. This analysis is regularly performed on the Group's portfolio and as required for discrete projects and transactions. The Group's management of commodity price risk includes the use of commodity derivatives to hedge its exposure (refer to Note D.6). The hedged exposure includes oil-linked revenue related to produced volumes and revenues derived from trading operations. Commodity derivatives protect the Group against downside price risk within its strategic and trading portfolio. As at the reporting date, the Group held hedging financial instruments with a net liability carrying value of $557 million (2021: $431 million) exposed to commodity price risk. An increase in relevant commodity prices of 10% would increase the instruments' net liability by $219 million, the effect of which would be recognised within reserves and/or the income statement in accordance with hedge accounting application. A 10% decrease would have the same but opposite effect. This analysis assumes that all other variables remain constant (including the price on underlying physical exposures). Foreign exchange risk management Foreign exchange risk arises from future commitments, financial assets and financial liabilities that are not denominated in US dollars. The majority of the Group's revenue is denominated in US dollars. The Group is exposed to foreign currency risk arising from operating and capital expenditure incurred in currencies other than US dollars, particularly Australian dollars. The Group's management of foreign exchange risk relating to capital expenditure includes the use of forward exchange contract derivatives to hedge its exposure (refer to Note D.6). As at the reporting date, the Group held hedging financial instruments with a net liability carrying value of $17 million (2021: net asset carrying value of $10 million) exposed to foreign exchange risk. Measuring the exposure to foreign exchange risk is achieved by regularly monitoring and performing sensitivity analysis on the Group's financial position. A reasonably possible change in the exchange rate of the US dollar to the Australian dollar (+12%/-12% (2021: +12%/-12%)), with all other variables held constant, would not have a material impact on the Group's equity or the income statement. Refer to Notes C1, C2, D2, D4 and D7 for details of the denominations of cash and cash equivalents, interest-bearing liabilities, receivables, payables and lease liabilities held at 31 December 2022. The Group entered into foreign exchange forward contracts to fix the Australian dollar to US dollar exchange rate in relation to a portion of the Australian dollar denominated capital expenditure incurred or expected to be incurred under the Scarborough development from 2022 to 2025 (refer to Note D.6). In order to hedge the foreign exchange risk and interest rate risk (refer to Section C) of a Swiss Franc (CHF) denominated medium term note, Woodside holds a number of cross-currency interest rate swaps (refer to Notes C.2 and D.6). The aim of these investments is to convert the fixed interest CHF bond into variable interest US dollar debt. Notes to the financial statements A. Earnings for the year for the year ended 31 December 2022

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110 \| Annual Report 2022 A.1 Segment revenue and expenses Operating segment information The Group has identified its operating segments based on the internal reports that are reviewed and used by the Chief Executive Officer (Chief Operating Decision Maker) in assessing performance and determining the allocation of resources. As a result of the merger with BHPP on 1 June 2022, the Group has transformed into a global energy company which has led to a change in how financial information is reported in the Group. The disclosed operating segments have been updated to reflect this change and the 2021 and 2020 amounts have been restated to be presented on the same basis. Operating segments outlined below are identified by management based on the nature and geographical location of the business and venture. Australia: Exploration, evaluation, development, production and sale of liquified natural gas, pipeline gas, crude oil and condensate and natural gas liquids in Australia. International: Exploration, evaluation, development, production and sale of pipeline gas, crude oil and condensate and natural gas liquids in international jurisdictions outside of Australia. Marketing: Marketing, Shipping and Trading of Woodside's oil and gas portfolio (including non-produced volumes) and optimisation activities attributed to Marketing which have generated incremental value. Corporate/Other items: Corporate/Other items comprise primarily corporate nonsegmental items of revenue and expenses and associated assets and liabilities not allocated to operating segments as they are not considered part of the core operations of any segment. In addition to the updated segments, the Group has reassessed the reporting of revenue from the sale of liquified natural gas on a portfolio basis. With the Marketing segment separately reported for the year ended 31 December 2022, the Group will no longer report revenue from the sale of liquified natural gas on a portfolio basis to better represent the revenues and margins generated by each segment. 2021 and 2020 amounts have been restated to be presented on the same basis. Major customer information The Group has two major customers which respectively account for 12% and 9% of the Group's external revenue. The sales are generated by the Australia and Marketing operating segments (2021: two major customers; 8% and 6% generated by the Australia operating segment and 2020: two major customers; 15% and 13% generated by the Australia operating segment). Geographical information Revenue from external customers1 Non-current assets2 2022 2021 2020 2022 2021 US$m US$m US$m US$m US$m Asia Pacific 12,521 6,342 3,362 36,966 18,386 Americas 1,545 — 7,057 1 Africa ——4,049 2,802 Europe 2,751 620 238 — Consolidated 16,817 6,962 3,600 48,072 21,189 1. Revenue is attributable to geographic location based on the location of the customers. 2. Non-current assets exclude deferred tax of $1,959 million (2021: $1,007 million). Recognition and measurement Revenue from contracts with customers Revenue is recognised when or as the Group transfers control of products or provides services to a customer at the amount to which the Group expects to be entitled. If the consideration includes a variable component, the Group estimates the amount of the expected consideration receivable. Variable consideration is estimated throughout the contract and is recognised to the extent that it is highly probable a significant reversal will not occur. • Revenue from sale of hydrocarbons – Revenue from the sale of hydrocarbons is recognised at a point in time when control of the product is transferred to the customer. Revenue from take or pay contracts is recorded as unearned revenue until the product has been drawn by the customer (transfer of control), at which time it is recognised in earnings. • Other operating revenue – Revenue earned from LNG processing and other services is recognised over time as the services are rendered. Expenses • Royalties, excise and levies – Royalties, excise and levies are considered to be production-based taxes and are therefore accrued on the basis of the Group's entitlement to physical production. • Depreciation and amortisation – Refer to Note B.3. • Impairment and impairment reversals – Refer to Note B.4. • Leases – Refer to Note D.7. • Employee benefits – Refer to Note E.2. Key estimates and judgements Revenue from contracts with customers The transaction price at the date control passes for sales made subject to provisional pricing periods in oil and condensate contracts is determined with reference to quoted commodity prices. Judgement is also used to determine if it is highly probable that a significant reversal will not occur in relation to revenue recognised during open pricing periods in LNG contracts. The Group estimates variable consideration based on available information from contract negotiations and market indicators. Notes to the financial statements A. Earnings for the year for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 111 A.1 Segment revenue and expenses (cont.) Australia International Marketing Corporate/ Other Consolidated 2022 2022 2022 2022 2022 US$m US$m US$m US$m US$m Liquefied natural gas 8,855—2,434—11,289 Pipeline gas 1,086 276 — 1,362 Crude oil and condensate 2,467 1,273 18—3,758 Natural gas liquids 171 26 9—206 Revenue from sale of hydrocarbons 12,579 1,575 2,461—16,615 Intersegment revenue1 (455) (5) 460 — Processing and services revenue 175 ——175 Shipping and other revenue — 27—27 Other revenue (280) (5) 487—202 Operating revenue2 12,299 1,570 2,948—16,817 Production costs (975) (313)—7 (1,281) Royalties, excise and levies (540) (39)—(17) (596) Insurance (35) (7)—(1) (43) Inventory movement 44 (3) — 41 Costs of production (1,506) (362)—(11) (1,879) Land and buildings (51) (3) — (54) Transferred exploration and evaluation (107) ——(107) Plant and equipment (2,168) (436)—(33) (2,637) Oil and gas properties depreciation and amortisation (2,326) (439)—(33) (2,798) Shipping and direct sales costs (312) (36) (73) 142 (279) Trading costs (14)—(1,763)—(1,777) Other hydrocarbon costs (19) ——(19) Other cost of sales (4) ——(4) Movement in onerous contract provision3 — 216—216 Other cost of sales (349) (36) (1,620) 142 (1,863) Cost of sales (4,181) (837) (1,620) 98 (6,540) Gross profit 8,118 733 1,328 98 10,277 Other income4 722 4 5 4 735 Exploration and evaluation expenditure5 (20) (277)—1 (296) Amortisation of permit acquisition (1) (9) — (10) Write-offs6—(164) — (164) Exploration and evaluation (21) (450)—1 (470) General, administrative and other costs7 (13) (21) (10) (747) (791) Depreciation of other plant and equipment — ——Depreciation of lease assets (49) (11)—(80) (140) Restoration movement (234) (46)—8 (272) Other8 (8) (84) (475) (486) (1,053) Other costs (304) (162) (485) (1,305) (2,256) Other expenses (325) (612) (485) (1,304) (2,726) Impairment losses — ——Impairment reversals9 900 ——900 Profit/(loss) before tax and net finance costs 9,415 125 848 (1,202) 9,186 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment's optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $16,790 million and sub-lease income of $27 million disclosed within shipping and other revenue. 3. Comprises changes in estimates of $245 million offset by provisions used of $29 million. Refer to Note D.5 for further details. 4. Includes initial gain on Train 2 sell-down of $427 million, revaluation gain on the remeasurement of the Train 2 sell-down variable consideration of $71 million, fees and recoveries, foreign exchange gains and other income not associated with the ongoing operations of the business. 5. Includes $142 million for various costs relating to the Group's exit from the Orphan Basin exploration licences in Canada. 6. $125 million relates to costs of unsuccessful wells that have been written off. Refer to Note B.2. 7. Transaction costs of $419 million incurred as a result of the BHPP merger on 1 June 2022 are included in the Corporate/Other segment. Refer to Note B.5 for details. 8. Includes losses on hedging activities and changes in fair value of derivative financial instruments of $960 million in the Marketing and Corporate/Other segments and other expenses not associated with the ongoing operations of the business. 9. Impairment reversals on oil and gas properties. Refer to Note B.4 for more details. Notes to the financial statements A. Earnings for the year for the year ended 31 December 2022

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112 \| Annual Report 2022 A.1 Segment revenue and expenses (cont.) Australia International Marketing Corporate/ Other Consolidated 20218 20218 20218 20218 2021 US$m US$m US$m US$m US$m Liquefied natural gas 3,910—1,449—5,359 Pipeline gas 43 ——43 Crude oil and condensate 1,316 ——1,316 Natural gas liquids 60 ——60 Revenue from sale of hydrocarbons 5,329—1,449—6,778 Intersegment revenue1 (236)—236 — Processing and services revenue 143 ——143 Shipping and other revenue 4—37—41 Other revenue (89)—273—184 Operating revenue2 5,240—1,722—6,962 Production costs (489) — 8 (481) Royalties, excise and levies (218) ——(218) Insurance (32) — 1 (31) Inventory movement 17 ——17 Costs of production (722) — 9 (713) Land and buildings (51) ——(51) Transferred exploration and evaluation (79) ——(79) Plant and equipment (1,419) ——(1,419) Oil and gas properties depreciation and amortisation (1,549) ——(1,549) Shipping and direct sales costs (197)—(45) 32 (210) Trading costs (3)—(1,492)—(1,495) Other hydrocarbon costs (6) ——(6) Other cost of sales (11) — (1) (12) Movement in onerous contract provision3 — 140—140 Other cost of sales (217)—(1,397) 31 (1,583) Cost of sales (2,488)—(1,397) 40 (3,845) Gross profit/(loss) 2,752—325 40 3,117 Other income4 97 (2) 1 43 139 Exploration and evaluation expenditure (16) (27)—(11) (54) Amortisation of permit acquisition—(2)—(1) (3) Write-offs5—(265) — (265) Exploration and evaluation (16) (294)—(12) (322) General, administrative and other costs (5) (1)—(152) (158) Depreciation of other plant and equipment ——(30) (30) Depreciation of lease assets (28) — (80) (108) Restoration movement (80) 12 — (68) Other6 (57) (32) 28 (64) (125) Other costs (170) (21) 28 (326) (489) Other expenses (186) (315) 28 (338) (811) Impairment losses (10) ——(10) Impairment reversals7 1,058 ——1,058 Profit/(loss) before tax and net finance costs 3,711 (317) 354 (255) 3,493 1. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment's optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 2. Operating revenue includes revenue from contracts with customers of $6,923 million and sub-lease income of $39 million disclosed within shipping and other revenue. 3. Comprises provisions used of $45 million and changes in estimates of $95 million. Refer to Note D.5 for further details. 4. Includes other income of $67 million relating to Pluto volumes delivered into Wheatstone's sales commitments and net foreign exchange gains of $44 million. 5. $56 million relates to costs of unsuccessful wells. $209 million relates to capitalised costs written off due to the Group's decision to withdraw from its interests in Myanmar. Refer to Note B.2. 6. Includes net loss on hedging activities of $91 million, various costs relating to Woodside's exit from the Kitimat LNG development of $33 million and other expenses not associated with the ongoing operations of the business. 7. Impairment reversals on oil and gas properties. Refer to Note B.4 for more details. 8. The 2021 amounts have been restated to reflect the changes in operating segments and portfolio reporting for LNG revenue. Notes to the financial statements A. Earnings for the year for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 113 A.1 Segment revenue and expenses (cont.) Australia International Marketing Corporate/ Other Consolidated 20206 20206 20206 20206 2020 US$m US$m US$m US$m US$m Liquefied natural gas1 2,390—129—2,519 Pipeline gas 73 ——73 Crude oil and condensate 843 ——843 Natural gas liquids 16 ——16 Revenue from sale of hydrocarbons 3,322—129—3,451 Intersegment revenue2 (47)—47 — Processing and services revenue 142 ——142 Shipping and other revenue 4—3—7 Other revenue 99—50—149 Operating revenue 3,421—179—3,600 Production costs (486) — 8 (478) Royalties, excise and levies (82) ——(82) Insurance (32) — 1 (31) Inventory movement (32) ——(32) Costs of production (632) — 9 (623) Land and buildings (55) ——(55) Transferred exploration and evaluation (99) ——(99) Plant and equipment (1,535) ——(1,535) Oil and gas properties depreciation and amortisation (1,689) ——(1,689) Shipping and direct sales costs (146)—(3) 38 (111) Trading costs (4)—(207)—(211) Other hydrocarbon costs (4) ——(4) Other cost of sales — ——Movement in onerous contract provision3 — (347)—(347) Other cost of sales (154)—(557) 38 (673) Cost of sales (2,475)—(557) 47 (2,985) Gross profit/(loss) 946—(378) 47 615 Other income4 3 (1) 1 (39) (36) Exploration and evaluation expenditure (26) (32)—(9) (67) Amortisation of permit acquisition (6) (5)—(1) (12) Write-offs—(2) — (2) Exploration and evaluation (32) (39)—(10) (81) General, administrative and other costs (7) (14)—(169) (190) Depreciation of other plant and equipment ——(29) (29) Depreciation of lease assets (26) — (68) (94) Restoration movement (65) 37 — (28) Other4 (8) — (51) (59) Other costs (106) 23—(317) (400) Other expenses (138) (16)—(327) (481) Impairment losses5 (3,971) (1,298) — (5,269) Impairment reversals — ——Loss before tax and net finance costs (3,160) (1,315) (377) (319) (5,171) 1. Includes an adjustment of $113 million related to price reviews under negotiation for multiple contracts in the Australia segment, reducing revenue recognised in the current and prior periods and increasing other liabilities. 2. Intersegment revenue comprises the incremental income net of all associated expenses generated by the Marketing segment's optimisation of the oil and gas portfolio. The value is incremental income net of incremental costs. 3. Comprised of the recognition of an onerous contract provision $447 million, offset by changes in estimates of $54 million, provisions used of $41 million and a revision of discount rates of $5 million. 4. Includes foreign exchange gains and losses, gains and losses on hedging activities, cancellation costs and other expenses not associated with the ongoing operations of the business. 5. The impairment losses represent charges on exploration and evaluation of $1,557 million and oil and gas properties of $3,712 million. 6. The 2020 amounts have been restated to reflect the changes in operating segments and portfolio reporting for LNG revenue. Notes to the financial statements A. Earnings for the year for the year ended 31 December 2022

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114 \| Annual Report 2022 A.2 Finance costs 2022 2021 2020 US$m US$m US$m Interest on interest-bearing liabilities 212 201 237 Interest on lease liabilities 103 97 86 Accretion charge 110 29 32 Other finance costs 36 26 29 Less: Finance costs capitalised against qualifying assets (294) (123) (57) 167 230 327 A.3 Dividends paid and proposed Woodside Energy Group Ltd, the parent entity, paid and proposed dividends set out below: 2022 2021 2020 US$m US$m US$m (a) Dividends paid during the financial year Prior year fully franked final dividend1 1,018 115 518 Current year fully franked interim dividend2 2,070 289 248 3,088 404 766 (b) Dividend declared subsequent to the reporting period (not recorded as a liability) Final dividend3 2,734 1,018 115 (c) Other information Franking credits available for subsequent periods 1,406 1,744 1,823 Current year dividends per share (US cents) 253 135 38 1. 2022: US$1.05, paid on 23 March 2022 2021: US$0.12, paid on 24 March 2021 2020: US$0.55, paid on 20 March 2020 2. 2022: US$1.09, paid on 6 October 2022 2021: US$0.30, paid on 24 September 2021 2020: US$0.26, paid on 18 September 2020 3. 2022: US$1.44, to be paid on 5 April 2023 2021: US$1.05, paid on 23 March 2022 2020: US$0.12, paid on 24 March 2021 The Dividend Reinvestment Plan (DRP) was approved by the shareholders at the Annual General Meeting in 2003 for activation as required to fund future growth. The DRP was reactivated in 2019 and suspended by the Board of Directors on 27 February 2023. A.4 Earnings/(losses) per share 2022 2021 2020 Profit/(loss) attributable to equity holders of the parent (US$m) 6,498 1,983 (4,028) Weighted average number of shares on issue for basic earnings/(loss) per share 1,511,257,404 962,604,811 951,113,086 Effect of dilution from contingently issuable shares 13,061,376 9,023,439—Weighted average number of shares on issue adjusted for the effect of dilution1 1,524,318,780 971,628,250 951,113,086 Basic earnings/(losses) per share (US cents) 430.0 206.0 (423.5) Diluted earnings/(losses) per share (US cents) 426.3 204.1 (423.5) 1. The contingently issuable shares in 2020 have an anti-dilutive impact. Earnings/(losses) per share is calculated by dividing the profit/ (loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares on issue during the year. The weighted average number of shares makes allowance for shares reserved for employee share plans. Diluted earnings/(losses) per share is calculated by adjusting basic earnings/(losses) per share by the number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. At 31 December 2022, 13,061,376 awards (2021: 9,023,439 awards) granted under the Woodside employee share plans are considered dilutive. Total outstanding share awards as at 31 December 2020 were 9,392,203 and considered anti-dilutive due to the loss position in 2020. There have been no significant transactions involving ordinary shares between the reporting date and the date of completion of these financial statements. Notes to the financial statements A. Earnings for the year for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 115 2022 2021 2020 US$m US$m US$m (a) Tax expense comprises Petroleum resource rent tax (PRRT) Current tax expense 501 — Deferred tax (benefit)/expense (814) 297 (439) PRRT (benefit)/expense (313) 297 (439) Income tax Current year Current tax expense 2,256 658 275 Deferred tax expense/(benefit) 701 301 (1,308) Adjustment to prior years Current tax (benefit)/expense (276) (20) 16 Deferred tax expense/(benefit) 231 18 (9) Income tax expense/(benefit) 2,912 957 (1,026) Tax expense/(benefit) 2,599 1,254 (1,465) (b) Reconciliation of income tax expense Profit/(loss) before tax 9,174 3,290 (5,440) PRRT benefit/(expense) 313 (297) 439 Profit/(loss) before income tax 9,487 2,993 (5,001) Income tax expense/(benefit) calculated at 30% 2,847 898 (1,500) Effect of tax rate differentials (141) (42) 192 Effect of deferred tax assets not recognised 150 114 270 Foreign exchange impact on tax (benefit)/ expense (44) (18) 3 Adjustment to prior years (45) (2) 7 Integration and transaction costs nondeductible 142 — Other 3 7 2 Income tax expense/(benefit) 2,912 957 (1,026) (c) Reconciliation of PRRT benefit Profit/(loss) before tax 9,174 3,290 (5,440) Non-PRRT assessable (profit)/loss (6,197) (2,134) 3,080 PRRT projects profit/(loss) before tax 2,977 1,156 (2,360) PRRT expense/(benefit) calculated at 40% 1,191 462 (944) (Recognition)/derecognition of Pluto general expenditure1 (1,362)—627 Augmentation (175) (166) (138) Other 33 1 16 PRRT (benefit)/expense (313) 297 (439) (d) Deferred tax income statement reconciliation PRRT Production and growth assets (710) 455 (242) Augmentation for current year (175) (166) (138) Provisions (12) (29) (32) Other 83 37 (27) PRRT (benefit)/expense (814) 297 (439) Income tax Oil and gas properties 292 674 (981) Exploration and evaluation assets 14 (204) (210) Lease assets and liabilities 25 1 (16) Provisions 151 (10) (106) PRRT assets and liabilities 236 (88) 134 Unused tax losses and tax credits 19 149 (149) Assets held for sale 205 (205)—Derivatives 21 (11) 16 Other (31) 13 (5) Income tax deferred tax expense/(benefit) 932 319 (1,317) Deferred tax expense/(benefit) 118 616 (1,756) (e) Deferred tax other comprehensive income reconciliation Income tax Derivatives (64) 5 (25) Other (2) 5 6 Deferred income tax (benefit)/expense via other comprehensive income (66) 10 (19) A.5 Taxes Notes to the financial statements A. Earnings for the year for the year ended 31 December 2022 2022 2021 2020 % % % (f) Effective income tax rate: Australian and global operations Effective income tax rate2 Australia 30.0% 30.6% 29.6% Global 30.7% 32.0% 20.5% 1. The $1,362 million increase of the Pluto PRRT deferred tax asset is due to the recognition of previously unrecognised deductible expenditure that is now expected to be utilised to offset future taxable profits. 2. The global operations effective income tax rate (ETR) is calculated as the Group's income tax expense divided by profit before income tax. The Australian operations ETR is calculated with reference to all Australian companies and excludes foreign exchange on settlement and revaluation of income tax liabilities. 2022 2021 US$m US$m (g) Deferred tax balance sheet reconciliation Deferred tax assets PRRT Production and growth assets 1,460 767 Augmentation for current year 113 166 Provisions 271 75 Other (23) (1) PRRT deferred tax assets 1,821 1,007 Income tax3 Oil and gas properties (1,496)—Exploration and evaluation assets 30—Lease assets and liabilities 23—Unused tax losses and tax credits 1,464—Derivatives 23—Provisions 60—Other 34—Income tax deferred tax assets 138—Deferred tax assets 1,959 1,007 Deferred tax liabilities PRRT4 Production and growth assets 1,281—Augmentation for current year (62)—Provisions (743)—Other 137—PRRT deferred tax liabilities 613—Income tax Oil and gas properties 2,857 1,520 Exploration and evaluation assets 67 51 Lease assets and liabilities (22) (38) Provisions (1,280) (706) PRRT assets and liabilities 347 303 Assets held for sale—(205) Derivatives (36) (15) Other (89) (32) Income tax deferred tax liabilities 1,844 878 Deferred tax liabilities 2,457 878 3. The Group was in a net income tax deferred tax liability position in 2021. 4. The Group was in a net PRRT deferred tax asset position in 2021.

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116 \| Annual Report 2022 Key estimates and judgements (a) Income tax classification Judgement is required when determining whether a particular tax is an income tax or another type of tax. PRRT is considered, for accounting purposes, to be an income tax. Accounting for deferred tax is applied to income taxes as described above, but is not applied to other types of taxes, e.g. North West Shelf royalties, excise and levies which are recognised in cost of sales in the income statement. (b) Deferred tax asset recognition Income tax losses and credits: Deferred tax assets (DTAs) relating to carry forward unused tax losses and credits arising from the USA Tax Consolidation Group (USA TCG) of $1,371 million (2021: nil) and $93 million (2021: nil) arising from regions other than Australia and the USA have been recognised. The Group has determined that it is probable that sufficient future taxable income will be available to utilise those losses within those regions. Refer to Note E.9(a) for details of tax consolidated groups. DTAs relating to carry forward unused tax losses and credits of $250 million from the USA TCG, $146 million from USA entities outside of the USA TCG and $1,061 million from regions other than Australia and the USA have not been recognised as it is not currently probable that the assets will be utilised based on current planned activities in those regions (2021: $497 million unrecognised DTAs). PRRT: The recoverability of PRRT deferred tax assets is primarily assessed with regard to future oil price assumptions impacting forecast future taxable profits. As a result of higher actual and forecast assessable revenues supporting future recoverability of unrecognised quarantined exploration and general expenditure, the Pluto PRRT DTA has increased by $1,362 million. In determining the amount of DTA that is considered probable and eligible for recognition, forecast future taxable profits are risk-adjusted where appropriate by a market premium risk rate to reflect uncertainty inherent in long-term forecasts. A long-term bond rate of 3.2% (31 December 2021: 1.5%) was used for the purposes of augmentation. Certain deferred tax assets on deductible temporary differences have not been recognised on the basis that deductions from future augmentation of the recognised deductible temporary difference will be sufficient to offset future taxable profits. $6,523 million (2021: $4,507 million) relates to the North West Shelf Project, $189 million (2021: $1,432 million) relates to remaining Pluto quarantined exploration expenditure and $831 million (2021: $1,071 million) relates to Wheatstone. A long-term bond rate of 3.2% (31 December 2021: 1.5%) was used for the purposes of augmentation. Had an alternative approach been used to assess recovery of the deferred tax assets, whereby future augmentation was not included in the assessment, additional deferred tax assets would be recognised, with a corresponding benefit to tax expense. It was determined that the approach adopted provides the most meaningful information on the implications of the PRRT regime, whilst ensuring compliance with AASB 112/ IAS 12 Income Taxes. (c) Uncertain tax positions The Group has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflows are uncertain. Where the Group assesses an outcome for any tax matter, litigation or other claim as more likely than not to be accepted by the relevant tax authority, the position is adopted in the reported tax balances. Because of the complexity of some of these positions the ultimate outcome may differ from the current estimate of the position. These differences will be reflected as increases or decreases to tax expense in the period in which new information is available. A.5 Taxes (cont.) Tax transparency code Woodside participates in the Australian Board of Taxation's voluntary Tax Transparency Code (TTC). To increase public confidence in the contributions and compliance of corporate taxpayers, the TTC recommends public disclosure of tax information. Part A of the recommended disclosures are addressed within this Taxes note and Part B within our Sustainable Development Report, supported by additional information on our website. Recognition and measurement Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised. The tax rates and laws used to determine the amount are based on those that have been enacted or substantially enacted by the end of the reporting period. Income taxes relating to items recognised directly in equity are recognised in equity. Current taxes Current tax expense is the expected tax payable on the taxable income for the current year and any adjustment to tax paid in respect of previous years. Deferred taxes Deferred tax expense represents movements in the temporary differences between the carrying amount of an asset or liability in the consolidated statement of financial position and its tax base. With the exception of those noted below, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for deductible temporary differences, unused tax losses and tax credits only if it is probable that sufficient future taxable income will be available to utilise those temporary differences and losses. Deferred tax is not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither accounting profit nor the taxable profit. In relation to PRRT, the impact of future augmentation on expenditure is included in the determination of future taxable profits when assessing the extent to which a deferred tax asset can be recognised in the consolidated statement of financial position. Offsetting deferred tax balances Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset current tax assets and liabilities and when they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities that the Group intends to settle its current tax assets and liabilities on a net basis. Refer to Notes E.8 and E.9 for detail on the tax consolidated groups. Notes to the financial statements A. Earnings for the year for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 117 In this section This section addresses the strategic growth (exploration and evaluation), core producing and development (oil and gas properties) assets position of the Group at the end of the reporting period including, where applicable, the accounting policies and key estimates and judgements applied. This section also includes the impairment position of the Group at the end of the reporting period. B. Production and growth assets B.1 Segment production and growth assets Page 118 B.2 Exploration and evaluation Page 120 B.3 Oil and gas properties Page 121 B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill Page 123 B.5 Business combination Page 128 B.6 Significant production and growth asset acquisitions Page 130 B.7 Disposal of assets Page 131 Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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118 \| Annual Report 2022 Refer to Note A.1 for descriptions of the Group's segments and geographical regions. Australia International Marketing Corporate/ Other Consolidated 2022 2022 2022 2022 2022 US$m US$m US$m US$m US$m Balance as at 31 December Asia Pacific 529 ——529 Americas—240 — 240 Africa—38 — 38 Total exploration and evaluation 529 278 — 807 Balance as at 31 December Land and buildings 802 37—1 840 Transferred exploration and evaluation 481 ——481 Plant and equipment 18,249 4,647—161 23,057 Projects in development1 5,623 9,795—123 15,541 Total oil and gas properties 25,155 14,479—285 39,919 Balance as at 31 December Land and buildings 93 107—264 464 Plant and equipment 214 131—455 800 Total lease assets 307 238—719 1,264 Additions to exploration and evaluation2: Exploration 1 121 — 122 Evaluation 19 100 — 119 Restoration3 (1) ——(1) 19 221 — 240 Additions to oil and gas properties2: Oil and gas properties 2,252 1,560—92 3,904 Capitalised borrowings costs4 115 179 — 294 Restoration3 (346) (28) — (374) 2,021 1,711—92 3,824 Additions to lease assets2: Land and buildings 4 ——4 Plant and equipment 139 90—9 238 143 90—9 242 1. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations. 2. Additions exclude acquisitions through business combinations. 3. Relates to changes in restoration provision assumptions. 4. Borrowing costs capitalised were at a weighted average interest rate of 3.8%. B.1 Segment production and growth assets Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 119 B.1 Segment production and growth assets (cont.) Australia International Marketing Corporate/ Other Consolidated 20212 20212 20212 20212 2021 US$m US$m US$m US$m US$m Balance as at 31 December Asia Pacific 546 ——546 Americas — ——Africa—68 — 68 Total exploration and evaluation 546 68 — 614 Balance as at 31 December Land and buildings 738 — 1 739 Transferred exploration and evaluation 526 ——526 Plant and equipment 12,316 3—146 12,465 Projects in development 2,646 2,195—78 4,919 Total oil and gas properties 16,226 2,198—225 18,649 Balance as at 31 December Land and buildings 76 11 1 289 377 Plant and equipment 133 176—394 703 Total lease assets 209 187 1 683 1,080 Additions to exploration and evaluation: Exploration 1 41 — 42 Evaluation 451 2 — 453 Restoration 6 ——6 458 43 — 501 Additions to oil and gas properties: Oil and gas properties 1,071 1,051—57 2,179 Capitalised borrowings costs1 46 77 — 123 Restoration 18 14 — 32 1,135 1,142—57 2,334 Additions to lease assets: Land and buildings—14 — 14 Plant and equipment—214 — 214—228 — 228 1. Borrowing costs capitalised were at a weighted average interest rate of 3.6%. 2. The 2021 amounts have been restated to reflect the changes in operating segments. Refer to 'Operating segment information' in Note A.1 for details. In addition, oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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120 \| Annual Report 2022 B.2 Exploration and evaluation Asia Pacific Americas Africa Total US$m US$m US$m US$m Year ended 31 December 2022 Carrying amount at 1 January 2022 546—68 614 Acquisitions through business combination1—180—180 Additions 19 204 17 240 Disposals—(10)—(10) Amortisation of licence acquisition costs—(8) (2) (10) Expensed2—(126) (45) (171) Transferred exploration and evaluation (36) — (36) Carrying amount at 31 December 2022 529 240 38 807 Year ended 31 December 20213 Carrying amount at 1 January 2021 1,981—64 2,045 Additions 494—7 501 Amortisation of licence acquisition costs — (3) (3) Expensed2 (265) — (265) Transferred exploration and evaluation (1,664) — (1,664) Carrying amount at 31 December 2021 546—68 614 Exploration commitments Year ended 31 December 2022 1 1 27 29 Year ended 31 December 20213 16 1 77 94 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. 2. $125 million (2021: $56 million) relates to costs of unsuccessful wells. For the year ended 31 December 2021, $209 million relates to capitalised costs written off due to the Group's decision to withdraw its interests in Myanmar. 3. Oceania and Asia have been presented within Asia Pacific for the year ended 31 December 2022. The 2021 amounts have been reclassified to be presented on the same basis. Recognition and measurement Expenditure on exploration and evaluation is accounted for in accordance with the area of interest method. Areas of interest are based on a geographical area for which the rights of tenure are current. All exploration and evaluation expenditure, including general permit activity, geological and geophysical costs and new venture activity costs, is expensed as incurred except for the following: • where the expenditure relates to an exploration discovery for which the assessment of the existence or otherwise of economically recoverable hydrocarbons is not yet complete; or • where the expenditure is expected to be recouped through successful exploitation of the area of interest, or alternatively, by its sale. The costs of acquiring interests in new exploration and evaluation licences are capitalised. The costs of drilling exploration wells are initially capitalised pending the results of the well. Costs are expensed where the well does not result in the successful discovery of economically recoverable hydrocarbons and the recognition of an area of interest. Subsequent to the recognition of an area of interest, all further evaluation costs relating to that area of interest are capitalised. Upon approval for the commercial development of an area of interest, accumulated expenditure for the area of interest is transferred to oil and gas properties. In the consolidated statement of cash flows, those cash flows associated with capitalised exploration and evaluation expenditure, including unsuccessful wells, are classified as cash flows used in investing activities. Exploration commitments The Group has exploration expenditure obligations which are contracted for, but not provided for in the financial statements. These obligations may be varied from time to time and are expected to be fulfilled in the normal course of the Group's operations. Impairment Refer to Note B.4 for details on impairment, including any write-offs. Key estimates and judgements (a) Area of interest Typically, an area of interest (AOI) is defined by the Group as an individual geographical area whereby the presence of hydrocarbons is considered favourable or proved to exist. The Group has established criteria to recognise and maintain an AOI. (b) Transfer to projects in development Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when the project is technically feasible and economically viable to transfer to projects in development. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 121 Land and buildings Transferred exploration and evaluation Plant and equipment Projects in development Total US$m US$m US$m US$m US$m Year ended 31 December 2022 Carrying amount at 1 January 2022 739 526 12,465 4,919 18,649 Acquisitions through business combinations1 64—11,952 7,337 19,353 Additions2 — (508) 4,332 3,824 Disposals at written down value (3) (10) (32)—(45) Depreciation and amortisation (54) (107) (2,637)—(2,798) Impairment reversal3 87 30 783—900 Completions and transfers 7 42 1,034 (1,047) 36 Carrying amount at 31 December 2022 840 481 23,057 15,541 39,919 At 31 December 2022 Historical cost 1,765 1,538 45,273 15,937 64,513 Accumulated depreciation and impairment (925) (1,057) (22,216) (396) (24,594) Net carrying amount 840 481 23,057 15,541 39,919 Year ended 31 December 20214 Carrying amount at 1 January 2021 749 431 12,091 2,195 15,466 Additions — 13 2,321 2,334 Disposals at written down value (2)—(6) (22) (30) Depreciation and amortisation (51) (79) (1,449)—(1,579) Impairment losses3 (10) ——(10) Impairment reversal3 44 66 911 37 1,058 Completions and transfers 11 108 905 640 1,664 Transfer to assets held for sale5 (2) — (252) (254) Carrying amount at 31 December 2021 739 526 12,465 4,919 18,649 At 31 December 20214 Historical cost 1,701 1,495 32,796 5,321 41,313 Accumulated depreciation and impairment (962) (969) (20,331) (402) (22,664) Net carrying amount 739 526 12,465 4,919 18,649 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. Projects in development include the fair value ascribed to future phases of certain projects acquired through business combinations. 2. Includes $3,904 million of capital additions and $294 million of capitalised borrowing costs offset by $374 million following changes in restoration provision assumptions. 3. Refer to Note B.4 for details on impairment losses and impairment reversals. 4. Oil and gas properties includes other plant and equipment which is no longer separately presented in the consolidated statement of financial position. The 2021 amounts have been reclassified to be presented on the same basis. 5. Refer to Note B.7 for details on assets held for sale. B.3 Oil and gas properties Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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122 \| Annual Report 2022 Key estimates and judgements (a) Reserves The estimation of reserves requires significant management judgement and interpretation of complex geological and geophysical models in order to make an assessment of the size, shape, depth and quality of reservoirs, and their anticipated recoveries. Estimates of oil and natural gas reserves are used to calculate depreciation and amortisation charges for the Group's oil and gas properties. Judgement is used in determining the economic reserve base applied to each asset. Typically, late life oil assets use proved reserves. Estimates are reviewed at least annually or when there are changes in the economic circumstances impacting specific assets or asset groups. These changes may impact depreciation, asset carrying values, restoration provisions and deferred tax balances. If proved plus probable (2P) reserves estimates are revised downwards, earnings could be affected by higher depreciation expense or an immediate write-down of the asset's carrying value. (b) Depreciation and amortisation Judgement is required to determine when assets are available for use to commence depreciation and amortisation. Depreciation and amortisation generally commences on first production. B.3 Oil and gas properties (cont.) Recognition and measurement Oil and gas properties are stated at cost less accumulated depreciation and impairment charges. Oil and gas properties include the costs to acquire, construct, install or complete production and infrastructure facilities such as pipelines and platforms, capitalised borrowing costs, transferred exploration and evaluation assets, development wells and the estimated cost of dismantling and restoration. Subsequent capital costs, including major maintenance, are included in the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. Depreciation and amortisation Oil and gas properties are depreciated to their estimated residual values at rates based on their expected useful lives. Transferred exploration and evaluation and offshore plant and equipment are depreciated using the unit of production basis over proved plus probable reserves or proved reserves for late life assets. The depreciable amount for the unit of production basis excludes future development costs necessary to bring probable reserves into production. For certain offshore assets, methodologies using proved and probable reserves are adjusted to best reflect the expected pattern of consumption. Onshore plant and equipment is depreciated using a straight-line basis over the lesser of useful life and the life of proved plus probable reserves. On a straight-line basis the assets have an estimated useful life of 5-50 years. All other items of oil and gas properties are depreciated using the straight-line method over their useful life. They are depreciated as follows: • Buildings – 24-50 years; • Plant and equipment – 2-40 years; and • Land is not depreciated. Impairment Refer to Note B.4 for details on impairment. Capital commitments The Group has capital expenditure commitments contracted for, but not provided for in the financial statements, of $7,762 million as at 31 December 2022 (2021: $7,875 million). Capital expenditure commitments relate predominantly to the Scarborough and Sangomar projects. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 123 B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill Exploration and evaluation Impairment testing The recoverability of the carrying amount of exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively sale of the respective AOI. Each AOI is reviewed half-yearly to determine whether economic quantities of hydrocarbons have been found, or whether further exploration and evaluation work is underway or planned to support continued carry forward of capitalised costs. Where a potential impairment is indicated for an AOI, an assessment is performed using a fair value less costs to dispose (FVLCD) method to determine its recoverable amount. Upon approval for commercial development, exploration and evaluation assets are assessed for impairment before they are transferred to oil and gas properties. Impairment calculations The recoverable amounts of exploration and evaluation assets are determined using FVLCD, as there is no value in use (VIU). Costs to dispose are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense. If the carrying amount of an AOI exceeds its recoverable amount, the AOI is written down to its recoverable amount and an impairment loss is recognised in the consolidated income statement. For assets previously impaired, if the recoverable amount exceeds the carrying amount, the impairment is reversed, but only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been recognised if no impairment had occurred. Oil and gas properties Impairment testing The carrying amounts of oil and gas properties are assessed half-yearly to determine whether there is an indicator of impairment or impairment reversal for those assets which have previously been impaired. Indicators of impairment and impairment reversals include changes in reserves, expected future sales prices or costs. Oil and gas properties are assessed for impairment indicators and impairments on a cash-generating unit (CGU) basis. CGUs are determined as offshore and onshore facilities, infrastructure and associated oil and/or gas fields. If there is an indicator of impairment or impairment reversal for a CGU, its recoverable amount is calculated and compared with the CGU's carrying value (refer to impairment calculations below). Goodwill For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is tested for impairment at least annually and more frequently if events or changes in circumstances indicate that it might be impaired. Impairment of goodwill is determined by assessing the recoverable amount of each CGU to which the goodwill relates and comparing it with its carrying value, which includes deferred taxes (refer to impairment calculations below and Note B.5). When part of an operation is disposed of, any goodwill associated with the disposed operation is included in the carrying amount of the operation in determining the gain or loss on disposal. Goodwill and oil and gas impairment calculations The recoverable amount of an asset or CGU is determined as the higher of its VIU and FVLCD. VIU is determined by estimating future cash flows after taking into account the risks specific to the asset and discounting to present value using an appropriate discount rate. FVLCD is the price that would be received to sell the asset in an orderly transaction between market participants and does not reflect the effects of factors that may be specific to the Group. In determining FVLCD, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model, such as discounted cash flow techniques, are applied on a post-tax basis using an appropriate discount rate and estimates are made about the assumptions market participants would use when pricing the asset or CGU. If the carrying amount of an asset or CGU, including any allocated goodwill, exceeds its recoverable amount, the asset or CGU is written down to its recoverable amount and an impairment loss is recognised in the consolidated income statement. Any impairment losses are first allocated to reduce the carrying amount of any goodwill allocated, with the remaining impairment losses allocated to the relevant assets. If the recoverable amount of an asset or CGU exceeds its carrying amount, and that asset has previously been impaired, the impairment is reversed. The carrying amount of the asset or CGU is increased to its recoverable amount, but only to the extent that the carrying amount does not exceed the value that would have been determined, net of depreciation or amortisation, if no impairment had been recognised. Impairments of goodwill are not reversed. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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124 \| Annual Report 2022 B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill (cont.) For the year ended 31 December 2022 Goodwill allocation The Group performed its annual goodwill impairment test as at 31 December 2022. The carrying amount of goodwill allocated to each CGU, or groups of CGUs and excess recoverable amounts are as follows: Segment CGU Goodwill carrying amount1 Excess of recoverable amount over CGU carrying amount2 US$m US$m Australia Pluto-Scarborough 2,955 7,656 Australia NWS Gas 394 1,399 International Shenzi 469 401 International Atlantis 513 189 International Other goodwill 283 107 Total 4,614 1. Carrying amount of goodwill as at 31 December 2021 was nil. 2. Amounts are with reference to the total CGU value including goodwill. Other goodwill of $283 million (2021: nil) has been allocated across a number of CGUs within the International segment. This represents less than one percent of net assets as at 31 December 2022. Recognised impairment and impairment reversals As at 31 December 2022, the Group assessed each AOI and CGU to determine whether an indicator of impairment or impairment reversal existed. The Group identified the following indicators of impairment reversals: • Wheatstone CGU – revision in short- and long-term LNG price assumptions and updated cost and production profiles. For CGUs where goodwill has been allocated, no impairment was recognised as the recoverable amount exceeds the carrying amount of the CGU. An impairment reversal was recognised for Wheatstone (refer to Note A.1), with results as follows: Impairment reversal Oil and gas properties Recoverable amount Land and buildings Transferred exploration and evaluation Plant and equipment Total Segment CGU US$m US$m US$m US$m US$m Australia Wheatstone 3,456 87 30 783 900 Recoverable amounts have been determined using the FVLCD method using discounted cash flow projections, classified as Level 3 on the fair value hierarchy. The carrying amount of each CGU includes all assets allocated to the respective CGU. Refer to key estimates and judgements for further details. Sensitivity analysis Recoverable amount valuations are sensitive to changes in certain key accounting estimates and judgements (refer to key estimates and judgements for further details). Reasonable possible changes to these key assumptions are set out below: • Post tax discount rate – plus or minus 1.5% (representing a change of 150 basis points) • Commodity pricing – plus or minus 10% • Foreign exchange (FX) rate – plus or minus 12% • Production volumes – plus or minus 4% Management's analysis on the impact of reasonable possible changes to these assumptions on recoverable amounts is detailed below. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 125 B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill (cont.) For the year ended 31 December 2022 (cont.) Sensitivity analysis (cont.) CGUs with impairment or impairment reversals Changes in the following key assumptions have been estimated to result in a higher or lower carrying amount1 than what was determined as at 31 December 2022: Sensitivity (US$m)2 CGU Discount rate increase3 Discount rate decrease3 Brent price increase Brent price decrease FX increase FX increase Production increaseâ´ Production decreaseâ´ Wheatstone (117) 127 294 (294) (79) 79 116 (43) 1. Increases to carrying amounts are limited to historical impairment losses recognised, net of depreciation and amortisation, that would have been recognised had no impairment taken place. 2. The sensitivities represent the reasonable possible changes to discount rate, oil price, FX and production volumes assumptions. 3. The relationship between the discount rate and the carrying amount is non-linear and as such, sensitivities are unlikely to result in a symmetrical impact. Due to the nonlinear relationship, the impact of changing the discount rate is likely to be greater at a lower discount rate than at a higher discount rate. 4. The relationship between production and the carrying amount is non-linear due to the proportion of fixed costs. Sensitivities are therefore unlikely to result in a symmetrical impact. A significant change in production volumes would typically require a reassessment of the asset concept and should not be interpreted in isolation. A change in any of the above assumptions would likely have an impact on other assumptions which, when considered together, may offset. This does not incorporate decisions management may take in order to mitigate the change in assumptions. CGUs with goodwill The valuation of CGUs with goodwill are most sensitive to changes in commodity prices and discount rates. Reasonably possible changes in these estimates which could result in the estimated recoverable amount being equal to the carrying amount, assuming all other variables are held constant, are as follows: CGU Commodity price1 Nominal discount rate % change (absolute terms) Oil and gas properties Pluto-Scarborough N/A2 N/A2 Oil and gas properties NWS Gas N/A2 N/A2 Oil and gas properties Shenzi (7%) N/A2 Oil and gas properties Atlantis (2%) 10% 1. Brent price applies to Pluto-Scarborough and NWS Gas. WTI price (Brent—$3/bbl) applies to Shenzi and Atlantis. 2. Management considers there to be no reasonably possible change in the respective estimate which, in isolation, would result in the estimated recoverable amount being equal to the carrying amount. A change in any of the above assumptions would have an impact on other assumptions which when considered together may offset. This does not incorporate decisions management may take in order to mitigate the change in assumptions. Management considers there to be no reasonably possible changes in production volumes, carbon prices or foreign exchange rates that would, in isolation result in the estimated recoverable amount being equal to the carrying amount. Analysis of key assumptions which could result in the carrying value to equal the recoverable value provides a basis to assess the magnitude of a reasonable possible change to the carrying amounts of respective CGUs. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022 Key estimates and judgements CGU determination Identification of a CGU requires management judgement. In determining CGUs for acquired assets during the reporting period, management has assessed based on the smallest group of assets that generate significant cash inflows that are independent from other assets or groups of assets. Allocation of goodwill Allocation of goodwill to the relevant CGUs requires management judgement. The goodwill arising from the merger has been allocated to relevant CGUs which are expected to benefit from the expected synergies as a result of the merger. Recoverable amount calculation key assumptions In determining the recoverable amount of CGUs, estimates are made regarding the present value of future cash flows when determining the FVLCD. These estimates require significant management judgement and are subject to risk and uncertainty, and hence changes in economic conditions can also affect the assumptions used and the rates used to discount future cash flow estimates. The basis for each estimate used to determine recoverable amounts as at 31 December 2022 is set out below: • Resource estimates – 2P and a portion of 2C reserves (where applicable) for oil and gas properties. The reserves are as disclosed in the Reserves and Resources Statement in the 31 December 2022 Annual Report. • Inflation rate – an inflation rate of 2.0% has been applied for US based assets and 2.5% for Australian based assets. • Foreign exchange rates – a rate of $0.75 US$:AU$ is based on management's view of long-term exchange rates.

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126 \| Annual Report 2022 For the year ended 31 December 2021 Recognised impairment and impairment reversals As at 31 December 2021, the Group identified the following indicators for impairment and impairment reversals: • Pluto-Scarborough and Wheatstone CGU – a reduction of 2P total reserves within the Greater Pluto and Wheatstone reserves and resources estimates. • Pluto-Scarborough CGU – additional value generated by Scarborough and Pluto Train 2, which have been combined with Pluto into a new Pluto-Scarborough CGU following the final investment decision for Scarborough and Pluto Train 2 in November 2021. • North West Shelf CGU – updated cost and production profiles, including the impact of third-party processing agreements, and short-term pricing assumptions. • NWS Oil (Okha) CGU – the reclassification to a late life oil asset due to natural reservoir decline and short-term pricing assumptions. No impairment was recognised for Wheatstone and NWS Oil (Okha) as the recoverable amount exceeds the carrying amount of the CGU. Impairment reversals were recognised for Pluto-Scarborough and NWS Gas (refer to Note A.1). The results were as follows: Impairment reversal Oil and gas properties Recoverable amount Land and buildings Transferred exploration and evaluation Plant and equipment Projects in development Total Segment CGU US$m US$m US$m US$m US$m US$m Producing and Development Pluto-Scarborough 17,474 42 53 563 24 682 Producing North West Shelf 2,425 2 13 348 13 376 Total 19,899 44 66 911 37 1,058 The recoverable amounts were determined using the VIU method. The carrying amounts of the CGUs include all assets allocated to the CGU. Refer to key estimates and judgements for further details. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022 Key estimates and judgements (cont.) Recoverable amount calculation key assumptions (cont.) • Discount rates – a range of post-tax discount rates between 8% and 11.5% for CGUs has been applied. The discount rate reflects an assessment of the risks specific to the asset. • Carbon pricing – a long-term price of US$80/tonne of emissions (real terms 2022) is based on management's assumptions on carbon cost pricing and incorporates an evaluation of climate risk. This is applicable to Australian emissions that exceed facilityspecific baselines in accordance with Australian regulations, as well as global emissions that exceed voluntary corporate net emissions targets. Woodside continues to monitor the uncertainty around climate change risks and will revise carbon pricing assumptions accordingly. Refer to Climate change and energy transition section within the basis of preparation for further information. • LNG price – the majority of LNG sales contracts are linked to an oil price marker; accordingly the LNG prices used are consistent with oil price assumptions. • Brent oil prices – derived from long-term views of global supply and demand, building upon past experience of the industry and consistent with external sources. Prices are adjusted for premiums and discounts based on the nature and quality of the product. Brent oil price estimates have considered the risk of climate policies along with other factors such as industry investment and cost trends. There is significant uncertainty around how society will respond to the climate challenge; Woodside's pricing assumptions reflect a 'best estimate' scenario in which global governments pursue decarbonisation as well as other goals such as energy security and economic development. As with carbon pricing, Woodside continues to monitor this uncertainty and will revise its oil pricing assumptions accordingly in its transition to a lower carbon economy. Further information on climate change risk is provided in the Climate change and energy transition section within the basis of preparation. The nominal Brent oil prices (US$/bbl) used were: 2023 2024 2025 2026 2027 2028 31 December 20221 87 78 74 76 77 79 31 December 20212 71 68 69 70 72 73 1. Long-term oil prices are based on US$70/bbl (2022 real terms) from 2025 and prices are escalated at 2.0% onwards. 2. Long-term oil prices are based on US$65/bbl (2022 real terms) from 2024 and prices are escalated at 2.0% onwards. B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill (cont.) For the year ended 31 December 2022 (cont.)

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Woodside Energy Group Ltd \| 127 Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022 B.4 Impairment of exploration and evaluation, oil and gas properties and goodwill (cont.) For the year ended 31 December 2021 (cont.) Sensitivity analysis Changes in the following key assumptions were estimated to result in a higher or lower carrying amounts1 than what was determined as at 31 December 2021: Sensitivity (US$m)2 Discount rate: increase of 1%3,4 Discount rate: decrease of 1% Brent price: increase of 10% Brent price: decrease of 10% FX: increase of 12%5 FX: decrease of 12% Oil and gas properties Producing and Development Pluto- Scarborough — — — Producing North West Shelf ——(13) — Wheatstone (159) 178 438 (438) (122) 122 NWS Oil (Okha) (4) 4 39 (39) (28) 28 1. Increases to carrying amounts are limited to historical impairment losses recognised, net of depreciation and amortisation that would have been incurred had no impairment taken place. 2. The sensitivities represent reasonable possible changes to the discount rate, oil price and FX assumptions. 3. A change of 1% represents 100 basis points. 4. The relationship between the discount rate and carrying amount is non-linear and as such, the sensitivities are unlikely to result in a symmetrical impact. Due to the non-linear relationship, the impact of changing the discount rate is likely to be greater at a lower discount rate than at a higher discount rate. 5. FX sensitivity of +12%/-12% was determined based on historical 5-year standard deviation of AU$/US$. Impairment on non-current assets held for sale The sale of a portion of the Wheatstone Construction Village resulted in an impairment loss of $10 million as the asset's carrying value exceeded its FVLCD, which was determined based on the underlying sale agreements, classified as Level 3 on the fair value hierarchy. For the year ended 31 December 2021, an impairment loss of $10 million was recognised in the Australia operating segment of Note A.1. Key estimates and judgements CGU determination Identification of a CGU requires management judgement. For the year ended 31 December 2021, management has determined that the Scarborough and Pluto Train 2 development concept integrates with the existing Pluto onshore assets and is the smallest group of assets that generate significant cash inflows that are independent from other assets or group of assets. Recoverable amount calculation key assumptions In determining the recoverable amount of CGUs, estimates are made regarding the present value of future cash flows when determining the VIU. These estimates require significant management judgement and are subject to risk and uncertainty, and hence changes in economic conditions can also affect the assumptions used and the rates used to discount future cash flow estimates. The basis for each estimate used to determine recoverable amounts as at 31 December 2021 is set out below: • Resource estimates – 2P reserves for oil and gas properties, except for NWS Oil (Okha) which is based on 1P reserves due to the reclassification to a late life asset. The reserves are as disclosed in the Reserves and resources statement in the 31 December 2021 Annual Report on pages 55-59. • Inflation rate – an inflation rate of 2.0% has been applied. • Foreign exchange rates – a rate of $0.75 US$:AU$ is based on management's view of long-term exchange rates. • Discount rates – a range of pre-tax discount rates between 8.9% and 11.6% (post-tax discount rate 7.5%-8.5%) for CGUs has been applied. The discount rate reflects an assessment of the risks specific to the asset. • An evaluation of climate risk is reflected in Woodside's assumptions on carbon cost pricing, including a long-term Australian carbon price of US$80/tonne of emissions (real terms 2022). This is applicable to Australian emissions that exceed facility-specific baselines in accordance with Australian regulations, as well as global emissions that exceed voluntary corporate net emissions targets. Woodside continues to monitor the uncertainty around climate change risks and will revise carbon pricing assumptions accordingly. • LNG price – the majority of LNG sales contracts are linked to an oil price marker; accordingly the LNG prices used are consistent with oil price assumptions. • Brent oil prices – derived from long-term views of global supply and demand, building upon past experience of the industry and consistent with external sources. Prices are adjusted for premiums and discounts based on the nature and quality of the product. Brent oil price estimates have considered the risk of climate policies along with other factors such as industry investment and cost trends. There is significant uncertainty around how society will respond to the climate challenge; Woodside's pricing assumptions reflect a 'most-likely' scenario in which global governments pursue decarbonisation as well as other goals such as energy security and economic development. As with carbon pricing, Woodside continues to monitor this uncertainty and will revise its oil pricing assumptions accordingly in its transition to a lower carbon economy. Further information on climate change risk is provided in Woodside's Climate Report 2021. The nominal Brent oil prices (US$/bbl) used were: 2022 2023 2024 2025 2026 2027 31 December 20211 73 71 68 69 70 72 30 June 20202 57 62 67 72 73 75 1. Based on US$65/bbl (2022 real terms) from 2024 with prices escalated at 2.0% annually thereafter. 2. Based on US$65/bbl (2020 real terms) from 2025 with prices escalated at 2.0% annually thereafter.

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128 \| Annual Report 2022 B.5 Business combination BHP Petroleum merger On 17 August 2021, Woodside and BHP Group (BHP) entered into a merger commitment deed to combine their respective oil and gas portfolios by an all-stock merger. The Share Sale Agreement (SSA) and the integration and transition services agreement were executed on 22 November 2021. Under the SSA, the merger took economic effect from 1 July 2021 and Woodside became entitled to the economic benefits and risks of the assets and liabilities that were the subject of the merger from that date. On 19 May 2022, 98.66% of Woodside shareholders voted in favour of the merger at Woodside's Annual General Meeting. On 1 June 2022, the transaction was completed with the Group acquiring 100% of the issued share capital of BHP Petroleum International Pty Ltd (subsequently renamed Woodside Energy Global Holdings Pty Ltd), which held BHP's oil and gas business. In exchange, the Group issued 914,768,948 new Woodside shares to BHP as part of the merger consideration. The transaction has been accounted for as a business combination with an acquisition date of 1 June 2022. The Group's net profit after tax for the year ended 31 December 2022 incorporates BHPP results from acquisition date. The merger is expected to create opportunities to realise ongoing synergies. Due to the size, complexity and timing of the transaction, the assets acquired and liabilities assumed are measured on a provisional basis. As at 31 December 2022, the Allocable Cost Amount (ACA) tax valuation process has been substantially completed with potential adjustments if new information is obtained within 12 months from the acquisition date about facts and circumstances that existed at the acquisition date. Adjustments will be made to the provisional amounts recognised including the value of goodwill. The merged Group's financial results could be adversely affected by impairments of goodwill or other intangible assets, the application of future accounting policies or interpretations of existing accounting policies including by regulatory direction, and changes in estimates of decommissioning costs. Details and risks have been included in the Merger Explanatory Memorandum released on 8 April 2022. Given the purchase consideration was agreed on 22 November 2021 based on a fixed number of shares, the final value of consideration paid was subject to fluctuations in share price until completion on 1 June 2022. This has resulted in a material goodwill number which will be subject to impairment in future, for example should commodity prices decrease. Details of the purchase consideration and the provisional fair value of goodwill, identifiable assets and liabilities of BHPP acquired are as follows: Provisional fair value of net identifiable assets and goodwill arising on acquisition date US$m Cash and cash equivalents 399 Receivables 1,164 Inventories 295 Investments accounted for using the equity method 267 Other financial assets 59 Other assets 114 Exploration and evaluation assets 180 Oil and gas properties 19,353 Lease assets 142 Payables (910) Provisions (4,804) Tax payable (365) Deferred tax liabilities (576) Lease liabilities (268) Other liabilities (1,054) Net identifiable assets acquired 13,996 Goodwill arising on acquisition 4,614 Purchase consideration 18,610 Purchase consideration US$m Shares issued, at fair value 19,265 Other reserves (share replacement awards) 18 Provisional locked box payment received1 (683) Adjustments to locked box payment 10 Total purchase consideration 18,610 1. Represents the positive net cash flow of $1,513 million generated by BHPP assets from the effective date of the business combination offset by the notional dividend distribution of $830 million paid to BHP. Analysis of cash flows on acquisition US$m Cash acquired on acquisition 399 Provisional locked box payment received 683 Net cash flow on acquisition (included in the consolidated statement of cash flows as investing activities) 1,082 Acquisition-related costs of $419 million that were not directly attributable to the issue of shares are included as an expense in general, administration and other costs in the consolidated income statement. $357 million has been paid and included in the consolidated statement of cash flows as operating activities. Acquisition-related costs of $5 million directly attributable to the issue of shares are included in contributed equity and included in the consolidated statement of cash flows as financing activities. Shares issued, at fair value The fair value of 914,768,948 shares issued as part of the consideration paid to BHP was $19,265 million. This was based on the published share price on 1 June 2022 of US$21.06 per share. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 129 B.5 Business comination (cont.) Provisional locked box payment received The Group received $683 million as part of the merger consideration which includes the locked box payment of $1,513 million representing the positive net cash flow generated by BHPP assets from the effective date of the transaction to completion date offset by the notional dividend distribution of $830 million paid to BHP. The $683 million of provisional locked box payment received and the $399 million of cash and cash equivalents acquired as part of the merger have been included within investing activities in the consolidated statement of cash flows. Revenue and contribution to the Group The acquired business contributed operating revenue of $4,653 million and profit before tax of $2,042 million to the Group from the acquisition date to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated operating revenue and profit before tax would have been higher by $3,115 million and $1,265 million respectively. Acquired receivables The fair value of receivables approximates the gross amount of trade receivables. None of the receivables have been impaired and the full contractual amounts are expected to be collected. Other liabilities The Group recognised contingent liabilities of $79 million within other liabilities. This is based on the Group's assessment of the fair value of contingent liabilities acquired on acquisition, taking into account a range of possible outcomes. As at 31 December 2022, there have been no changes to the amount recognised on acquisition date. Goodwill Goodwill arising from the acquisition has been recognised as the excess of consideration paid above the fair value of the assets acquired and liabilities assumed as part of the business combination. $1,958 million of the goodwill arises from the deferred tax liability recognised on acquisition as a consequence of asset tax bases received in the merger being lower than the fair value of the assets acquired. The remaining goodwill of $2,656 million reflects the value expected to be generated from the Pluto-Scarborough CGU as a result of the merger. The goodwill is not deductible for tax purposes. Goodwill is initially measured at cost and is subsequently measured at cost less any accumulated impairment losses. For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's CGUs or groups of CGUs no larger than an operating segment that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill is not amortised but will be assessed at least annually for impairment and more frequently if events or changes in circumstances indicate that it might be impaired. Share replacement awards In accordance with the terms of the SSA, the Group exchanged equity-settled share-based payment awards held by employees of BHPP for equity-settled share-based payment awards of Woodside. The replacement awards are based on service conditions with a vesting date of 31 August 2023 and 31 August 2024. The fair value of the replacement awards on acquisition is $49 million based on a forfeiture rate of 3%. $18 million has been included as part of the purchase consideration and the remaining amount will be recognised as post-acquisition compensation cost. Business combination accounting The acquisition method of accounting is used to account for all business combinations, including business combinations involving entities or businesses under common control, regardless of whether equity instruments are issued or liabilities incurred or assumed at the date of exchange. Where equity instruments are issued in an acquisition, the fair value of the instruments is their published market price as at the date of exchange. Transaction costs arising on the issue of equity instruments are recognised directly in equity. Transaction costs that were not directly attributable to the issue of shares are expensed as incurred. Contractual assets and liabilities in respect of sales agreements are recognised at fair value. Restoration provisions are recognised on acquisition at fair value. Key estimates and judgements (a) Fair value determination for net assets acquired Judgement is required to determine the fair value of assets acquired and liabilities assumed in a business combination, which can have a material impact on resultant goodwill. This includes the use of a cash flow model to estimate the expected future cash flows of the oil and gas assets acquired, based on reserves and resources at acquisition date and the discount rate used. The expected future cash flows are based on estimates of future production, commodity and carbon prices, operating costs, and forecast capital expenditures at acquisition date. Restoration provisions require judgemental assumptions regarding removal date, environmental legislation and regulations and the extent of restoration activities required in determining the cost estimate. Carry forward tax losses are recognised only if it is probable that sufficient future taxable income will be available to utilise the losses. (b) Goodwill allocation Judgement is required in the allocation of goodwill to the Group's CGUs that are expected to benefit from the synergies of the business combination. Refer to Note B.4 for the details of the goodwill allocation. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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130 \| Annual Report 2022 B.6 Significant production and growth asset acquisitions (a) Sangomar – Acquisition from FAR Senegal RSSD SA On 7 July 2021, Woodside completed the acquisition of FAR Senegal RSSD SA's interest in the RSSD Joint Venture (13.67% interest in the Sangomar exploitation area and 15% interest in the remaining RSSD evaluation area), for an aggregate purchase price of $212 million. The transaction was accounted for as an asset acquisition. Additional payments of up to $55 million are contingent on future commodity prices and timing of first oil. The contingent payments terminate on the earliest of 31 December 2027, three years from first oil being sold, and a total contingent payment of $55 million being reached. The contingent payments are accounted for as contingent liabilities in accordance with the Group's accounting policies. As at 31 December 2021, Woodside held an 82% interest in the Sangomar exploitation area (2020: 68.33%) and a 90% interest in the remaining RSSD evaluation area (2020: 75%). Assets acquired and liabilities assumed The identifiable assets and liabilities acquired as at the date of the acquisition inclusive of transaction costs are: US$m Oil and gas properties 205 Exploration and evaluation 7 Cash acquired 3 Payables (13) Net other assets and liabilities assumed 10 Total identifiable net assets at acquisition 212 Cash flows on acquisition US$m Purchase cash consideration 212 Transaction costs—Total purchase consideration 212 Net cash outflows on acquisition 212 Key estimates and judgements Nature of acquisition Judgement was required to determine if the transaction was the acquisition of an asset or a business combination. The Sangomar project was in the early phase of development and a substantive process that had the ability to convert inputs to outputs was not present and therefore the acquisition in 2021 was treated as asset acquisitions. (b) Sangomar – Acquisition from Capricorn Senegal Limited On 22 December 2020, Woodside completed the acquisition of Capricorn Senegal Limited's (Cairn's) interest in the RSSD Joint Venture (36.44% interest in the Sangomar exploitation area and 40% interest in the remaining RSSD evaluation area) for an aggregate purchase price of $527 million. The transaction was accounted for as an asset acquisition. Additional payments of up to $100 million are contingent on future commodity prices and the occurrence of first oil prior to 2025. The contingent payments are accounted for as contingent liabilities in accordance with the Group's accounting policies. Assets acquired and liabilities assumed The identifiable assets and liabilities acquired as at the date of the acquisition inclusive of transaction costs were: US$m Oil and gas properties 540 Exploration and evaluation 26 Cash acquired 5 Payables (51) Net other assets and liabilities assumed 7 Total identifiable net assets at acquisition 527 Cash flows on acquisition US$m Purchase cash consideration 525 Transaction costs 2 Total purchase consideration 527 Net cash outflows on acquisition 527 Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 131 B.7 Disposal of assets Sell-down of Train 2 On 15 November 2021 the Group entered into a sale and purchase agreement with Global Infrastructure Partners (GIP) for the sale of a 49% non-operating participating interest in the Pluto Train 2 Joint Venture. As at 31 December 2021, the Group reclassified the carrying value of the 49% interest in the Pluto Train 2 assets to assets held for sale. There were no recognised liabilities associated with the assets held for sale. The transaction completed on 18 January 2022, reducing the Group's participating interest from 100% to 51%. The Group recognised an initial pre-tax gain on sale of $427 million. The arrangements require GIP to fund its 49% share of capital expenditure from 1 October 2021 and an additional amount of construction capital expenditure of $822 million on behalf of the Group. If the total capital expenditure incurred is less than $5,800 million, GIP will pay Woodside an additional amount equal to 49% of the under-spend. In the event of a cost overrun, Woodside will fund up to $822 million of GIP's share of the overrun. Delays to the expected start-up of production will result in payments by Woodside to GIP in certain circumstances. The arrangements include provisions for GIP to be compensated for exposure to additional Scope 1 emissions liabilities above agreed baselines, and to sell its 49% interest back to Woodside if the status of key regulatory approvals materially changes. Given judgement was used to determine the consideration received, the Group is required to remeasure the variable consideration at each reporting period. As at 31 December 2022, the variable consideration has been remeasured with a $71 million revaluation gain recognised as other income, with a corresponding reduction to other liabilities. The fair value of the remaining unpaid funding from GIP has been netted against the other liabilities and will be recognised as oil and gas properties in the future. Key estimates and judgements Sell-down of Train 2 Given the arrangements include provisions for GIP to sell its 49% interest back to Woodside if the status of key regulatory environmental approvals materially changes and the requirement for Woodside to fund up to $822 million of GIP's share in the event of a cost overrun, judgement is required to determine if the selldown of Train 2 constitutes a sale and if a portion of the transaction price should be considered a variable consideration. Judgement was used to determine that the sell-down of Train 2 constituted a sale given the various conditions included in the sale and purchase agreement. The Group determined that a sale occurred as control of the 49% interest was passed to GIP on completion date. Control is determined as the ability to direct the use of, and obtain substantially all of the economic benefits of, the associated interest. Judgement was used to determine if it is highly probable that a significant reversal will not occur in relation to the consideration received. The Group estimated the variable consideration based on the construction capital expenditure cost profile, the development schedule, and assessing the probability and impact of any event which may result in a significant reversal. The constraining estimates of variable consideration have been applied resulting in the initial pre-tax gain on sale of $427 million. The variable consideration is remeasured at each reporting period with any changes recognised through the consolidated income statement. As at 31 December 2022, the variable consideration has been remeasured with a $71 million revaluation gain recognised as other income. Notes to the financial statements B. Production and growth assets for the year ended 31 December 2022

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132 \| Annual Report 2022 Notes to the financial statements C. Debt and capital for the year ended 31 December 2022 In this section This section addresses cash, debt and the capital position of the Group at the end of the reporting period including, where applicable, the accounting policies applied and the key estimates and judgements made. C. Debt and capital C.1 Cash and cash equivalents Page 133 C.2 Interest-bearing liabilities and financing facilities Page 133 C.3 Contributed equity Page 135 C.4 Other reserves Page 135 Key financial and capital risks in this section Capital risk management Group Treasury is responsible for the Group's capital management including cash, debt and equity. Capital management is undertaken to ensure that a secure, cost-effective and flexible supply of funds is available to meet the Group's operating and capital expenditure requirements. A stable capital base is maintained from which the Group can pursue its growth aspirations, whilst maintaining a flexible capital structure that allows access to a range of debt and equity markets to both draw upon and repay capital. The Dividend Reinvestment Plan (DRP) was approved by shareholders at the Annual General Meeting in 2003 for activation as required to fund future growth. The DRP was reactivated in 2019 and suspended by the Board of Directors on 27 February 2023. A range of financial metrics are monitored, including gearing and cash flow leverage, and Treasury policy breaches and exceptions. Liquidity risk management Liquidity risk arises from the financial liabilities of the Group and the Group's subsequent ability to meet its obligations to repay financial liabilities as and when they fall due. The liquidity position of the Group is managed to ensure sufficient liquid funds are available to meet its financial commitments in a timely and cost-effective manner. The Group's liquidity is continually reviewed, including cash flow forecasts to determine the forecast liquidity position and maintain appropriate liquidity levels. At 31 December 2022, the Group had a total of $10,239 million (2021: $6,125 million) of available undrawn facilities and cash at its disposal. The maturity profile of interest-bearing liabilities is disclosed in Note C.2, trade and other payables are disclosed in Note D.4 and lease liabilities are disclosed in Note D.7. Financing facilities available to the Group are disclosed in Note C.2. Interest rate risk management Interest rate risk is the risk that the Group's financial position will fluctuate due to changes in market interest rates. The Group's exposure to the risk of changes in market interest rates relates primarily to financial instruments with floating interest rates including long-term debt obligations, cash and short-term deposits. The Group manages its interest rate risk by maintaining an appropriate mix of fixed and floating rate debt. To manage the ratio of fixed rate debt to floating rate debt, the Group may enter into interest rate swaps. The Group holds cross-currency interest rate swaps to hedge the foreign exchange risk (refer to Section A) and interest rate risk of the CHF denominated medium term note. The Group also holds interest rate swaps to hedge the interest rate risk associated with the $600 million syndicated facility. Refer to Notes C.2 and D.6 for further details. At the reporting date, the Group was exposed to various benchmark interest rates that were not designated in cash flow hedges, primarily through $6,143 million (2021: $2,962 million) on cash and cash equivalents, $83 million (2021: $367 million) on interestbearing liabilities (excluding transaction costs), $167 million of other financial assets (2021: nil) and $5 million (2021: $9 million) on cross-currency interest rate swaps. A reasonably possible change in the USD London Interbank Offered Rate (USD LIBOR) (+1.5%/-1.5% (2021: +1.0%/-1.0%)), with all variables held constant, would not have a material impact on the Group's equity or the income statement in the current period. The transition of a number of the Group's financial liabilities from USD LIBOR to SOFR during the year ended 31 December 2022 did not result in a material impact to the Group. The Group's Treasury function continues to execute the transition of the remaining financial instruments from current benchmark rates to alternative benchmark rates.

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Woodside Energy Group Ltd \| 133 C.1 Cash and cash equivalents 2022 2021 US$m US$m Cash and cash equivalents Cash at bank 1,222 300 Term deposits 4,967 2,725 Restricted cash 12—Total cash and cash equivalents 6,201 3,025 Recognition and measurement Cash and cash equivalents in the consolidated statement of financial position comprise cash at bank and short-term deposits with an original maturity of three months or less. Cash and cash equivalents are stated at face value in the consolidated statement of financial position. Cash and cash equivalents include $12 million (2021: nil) restricted by legal or contractual arrangements. Foreign exchange risk The following table summarises the Group's cash and cash equivalents by currency. 2022 2021 US$m US$m US dollar 5,886 2,917 Australian dollar 182 63 Other 133 45 Total cash and cash equivalents 6,201 3,025 C.2 Interest-bearing liabilities and financing facilities Bilateral Facilities Syndicated Facilities JBIC Facility US Bonds Medium Term Notes Total US$m US$m US$m US$m US$m US$m Year ended 31 December 2022 At 1 January 2022 (4) 595 166 4,081 592 5,430 Repayments1 — (83)—(200) (283) Fair value adjustment and foreign exchange movement — — (7) (7) Transaction costs capitalised and amortised (1) (4)—3—(2) Carrying amount at 31 December 2022 (5) 591 83 4,084 385 5,138 Current (2) (3) 83 (3) 185 260 Non-current (3) 594—4,087 200 4,878 Carrying amount at 31 December 2022 (5) 591 83 4,084 385 5,138 Undrawn balance at 31 December 2022 2,050 2,000 ——4,050 Year ended 31 December 2021 At 1 January 2021 (4) 593 250 4,778 597 6,214 Repayments1 — (84) (700)—(784) Fair value adjustment and foreign exchange movement — — (5) (5) Capitalised borrowing costs—2—3—5 Carrying amount at 31 December 2021 (4) 595 166 4,081 592 5,430 Current (2) (2) 83 (2) 200 277 Non-current (2) 597 83 4,083 392 5,153 Carrying amount at 31 December 2021 (4) 595 166 4,081 592 5,430 Undrawn balance at 31 December 2021 1,900 1,200 ——3,100 1. Included in cash flows classified within financing activities in the consolidated statement of cash flows. Recognition and measurement All borrowings are initially recognised at fair value less transaction costs. Borrowings are subsequently carried at amortised cost. Any difference between the proceeds received and the redemption amount is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings designated as a hedged item are measured at amortised cost adjusted to record changes in the fair value of risks that are being hedged in fair value hedges. The changes in the fair value risks of the hedged item resulted in a gain of $7 million being recorded (2021: gain of $5 million), and a loss of $7 million recorded on the hedging instrument (2021: loss of $7 million). All bonds, notes and facilities are subject to various covenants and negative pledges restricting future secured borrowings, subject to a number of permitted lien exceptions. Neither the covenants nor the negative pledges have been breached at any time during the reporting period. Notes to the financial statements C. Debt and capital for the year ended 31 December 2022

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134 \| Annual Report 2022 C.2 Interest-bearing liabilities and financing facilities (cont.) Fair value The carrying amount of interest-bearing liabilities approximates their fair value, with the exception of the Group's unsecured bonds and the medium term notes. The unsecured bonds have a carrying amount of $4,084 million (2021: $4,081 million) and a fair value of $3,852 million (2021: $4,443 million). The medium term notes have a carrying amount of $385 million (2021: $592 million) and a fair value of $372 million (2021: $604 million). Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date and classified as Level 1 on the fair value hierarchy. Where these cash flows are in a foreign currency, the present value is converted to US dollars at the foreign exchange spot rate prevailing at the reporting date. The Group's repayment obligations remain unchanged. Foreign exchange risk All interest-bearing liabilities are denominated in US dollars, excluding the CHF175 million medium term note. Maturity profile of interest-bearing liabilities The table below presents the contractual undiscounted cash flows associated with the Group's interest-bearing liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position. 2022 2021 US$m US$m Due for payment in: 1 year or less 483 470 1-2 years 206 462 2-3 years 1,181 188 3-4 years 962 1,169 4-5 years 908 951 More than 5 years 2,416 3,320 6,156 6,560 Amounts exclude transaction costs. Bilateral facilities The Group has 14 bilateral loan facilities totalling $2,050 million (2021: 14 bilateral loan facilities totalling $1,900 million). Details of bilateral loan facilities at the reporting date are as follows: Number of facilities Term (years) Currency Extension option 1 5—6 US$ Evergreen 5 4—5 US$ Evergreen 4 3—4 US$ Evergreen 4 3 years or less US$ Evergreen Interest rates are based on USD LIBOR or Secured Overnight Financing Rate (SOFR) and margins are fixed at the commencement of the drawdown period. Interest is paid at the end of the drawdown period. Evergreen facilities may be extended continually by a year subject to the bank's agreement. Syndicated facility During the period, Woodside refinanced and increased the existing facilities to $2,000 million, with $800 million expiring on 11 October 2024, $600 million expiring on 12 July 2025 and $600 million expiring on 12 July 2027. Interest rates are based on SOFR and margins are fixed at the commencement of the drawdown period. On 17 January 2020, the Group completed a $600 million syndicated facility with a term of seven years. Interest is based on the USD LIBOR plus 1.2%. Interest is paid on a quarterly basis. Japan Bank for International Cooperation (JBIC) facility On 24 June 2008, the Group entered into a two tranche committed loan facility of $1,000 million and $500 million respectively. The $500 million tranche was repaid in 2013. There is a prepayment option for the remaining balance. Interest rates are based on USD LIBOR. Interest is payable semi-annually in arrears and the principal amortises on a straight-line basis, with equal instalments of principal due on each interest payment date (every six months). Under this facility, 90% of the receivables from designated Pluto LNG sale and purchase agreements are secured in favour of the lenders through a trust structure, with a required reserve amount of $30 million. To the extent that this reserve amount remains fully funded and no default notice or acceleration notice has been given, the revenue from Pluto LNG continues to flow directly to the Group from the trust account. Medium term notes On 28 August 2015, the Group established a $3,000 million Global Medium Term Notes Programme listed on the Singapore Stock Exchange. Two notes have been issued under this programme as set out below: Maturity date Currency Carrying amount (million) Nominal interest rate 11 December 2023 CHF 185 1.00% 29 January 2027 US$200 3.07% The unutilised program is not considered to be an unused facility. US bonds The Group has four unsecured bonds issued in the United States of America as defined in Rule 144A of the US Securities Act of 1933 as set out below: Maturity date Carrying amount US$m Nominal interest rate 5 March 2025 1,000 3.65% 15 September 2026 800 3.70% 15 March 2028 800 3.70% 4 March 2029 1,500 4.50% Interest on the bonds is payable semi-annually in arrears. During the period, the Group repaid $200 million of the Yucho 2022 Medium Term Note and $83 million on the JBIC facility. Notes to the financial statements C. Debt and capital for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 135 C.3 Contributed equity Recognition and measurement Issued capital Ordinary shares are classified as equity and recorded at the value of consideration received. The cost of issuing shares is shown in share capital as a deduction, net of tax, from the proceeds. Reserved shares Reserved shares are the Group's own equity instruments, which are reacquired for later use in employee share-based payment arrangements or the Dividend Reinvestment Plan (DRP). These shares are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group's own equity instruments. (a) Issued and fully paid shares Number of shares US$m Year ended 31 December 2022 Opening balance 969,631,826 9,409 DRP – ordinary shares issued at US$23.14 (2021 final dividend)1 14,348,997 332 Ordinary shares issued at US$21.06 for the acquisition of BHPP2 914,768,948 19,265 Transaction costs associated to the issue of shares—(5) Amounts as at 31 December 2022 1,898,749,771 29,001 Year ended 31 December 2021 Opening balance 962,225,814 9,297 DRP – ordinary shares issued at US$19.03 (2020 final dividend) 1,354,072 26 DRP – ordinary shares issued at US$14.21 (2021 interim dividend) 6,051,940 86 Amounts as at 31 December 2021 969,631,826 9,409 Year ended 31 December 2020 Opening balance 942,286,900 9,010 DRP – ordinary shares issued at A$25.61 (2019 final dividend) 12,072,034 181 DRP – ordinary shares issued at A$18.79 (2020 interim dividend) 6,091,035 83 Employee share plan – ordinary shares issued at A$18.27 (2017 Woodside equity plan) 1,775,845 23 Amounts as at 31 December 2020 962,225,814 9,297 1. Relates to ordinary shares issued for the DRP as part of the 2021 final dividend. The Group purchased on-market shares for the issuance of DRP as part of the 2022 interim dividend. Refer to Note C.3(b) for details of the on-market purchases and allocation. 2. 914,768,948 new Woodside shares were issued as consideration for the BHPP merger. Refer to Note B.5 for details. All shares are a single class with equal rights to dividends, capital, distributions and voting. The Company does not have authorised capital nor par value in relation to its issued shares. (b) Reserved shares Employee share plans Dividend reinvestment plan Number of shares US$m Number of shares US$m Year ended 31 December 2022 Opening balance 1,819,744 (30) — Purchases during the year 2,232,589 (45) 6,823,092 (144) Vested/allocated during the year (2,178,556) 37 (6,823,092) 144 Amounts at 31 December 2022 1,873,777 (38) — Year ended 31 December 2021 Opening balance 1,766,099 (23) — Purchases during the year 2,683,469 (47) — Vested during the year (2,629,824) 40 — Amounts at 31 December 2021 1,819,744 (30) — Year ended 31 December 2020 Opening balance 1,985,306 (39) — Purchases during the year 2,242,345 (32) — Vested during the year (2,461,552) 48 — Amounts at 31 December 2020 1,766,099 (23) — C.4 Other reserves 2022 2021 2020 US$m US$m US$m Other reserves Employee benefits reserve 278 232 219 Foreign currency translation reserve 796 793 793 Hedging reserve1 (586) (400) (71) Distributable profits reserve2 3,541 58 462 Other reserves 2 — 4,031 683 1,403 1. The portion of the hedging reserve relating to settled hedges is $226 million. 2. For the year ended 31 December 2022, the Group transferred $5,553 million of retained earnings to the distributable profits reserve. The increase was offset by the 2022 interim dividend of $2,070 million which was paid on 6 October 2022. Nature and purpose Employee benefits reserve Used to record share-based payments associated with the employee share plans. Foreign currency translation reserve Used to record foreign exchange differences arising from the translation of the financial statements of foreign entities from their functional currency to the Group's presentation currency. Hedging reserve Used to record gains and losses on hedges designated as cash flow hedges, and foreign currency basis spread arising from the designation of a financial instrument as a hedging instrument. Gains and losses accumulated in the cash flow hedge reserve for qualifying assets are capitalised against the carrying amount of that asset and taken to the income statement as the asset is depreciated. Distributable profits reserve Used to record distributable profits generated by the Parent entity, Woodside Energy Group Ltd. Other reserves Used to record gains and losses on financial instruments at fair value through other comprehensive income. Notes to the financial statements C. Debt and capital for the year ended 31 December 2022

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136 \| Annual Report 2022 In this section This section addresses the other assets and liabilities position at the end of the reporting period including, where applicable, the accounting policies applied and the key estimates and judgements made. D. Other assets and liabilities D.1 Segment assets and liabilities Page 137 D.2 Receivables Page 137 D.3 Inventories Page 137 D.4 Payables Page 138 D.5 Provisions Page 138 D.6 Other financial assets and liabilities Page 140 D.7 Leases Page 143 Key financial and capital risks in this section Credit risk management Credit risk is the risk that a counterparty will not meet its obligation under a financial instrument or customer contract, leading to a financial loss to the Group. Credit risk arises from the financial assets of the Group, which comprise trade and other receivables, loans receivables and deposits with banks and financial institutions. The Group manages its credit risk on trade receivables and financial instruments by predominantly dealing with counterparties with an investment grade credit rating. Sufficient collateral is obtained to mitigate the risk of financial loss when transacting with counterparties with below investment grade credit ratings. Customers who wish to trade on unsecured credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis. As a result, the Group's exposure to bad debts is not significant. The Group's maximum credit risk is limited to the carrying amount of its financial assets. Customer credit risk is managed by the Treasury function subject to the Group's established policy, procedures and controls relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. At 31 December 2022, the Group had nineteen customers (2021: four customers) that owed the Group more than $10 million each and accounted for approximately 79% (2021: 88%) of all trade receivables. Depending on the product, settlement terms are 8 to 30 days from the date of invoice or bill of lading unless otherwise stated in the agreed payment terms. The Group considers the probability of default upon initial recognition of the asset and whether there has been a significant depreciation in credit quality on an ongoing basis. A significant decrease in credit quality is defined as a debtor being greater than 30 days past due in making a contractual payment. Credit losses for trade receivables (including lease receivables) and contract assets are determined by applying the simplified approach and are measured at an amount equal to lifetime expected loss. Under the simplified approach, determination of the loss allowance provision and expected loss rate incorporates past experience and forwardlooking information, including the outlook for market demand and forward-looking interest rates. A default on other financial assets is considered to be when the counterparty fails to make contractual payments within 60 days of when they fall due. At 31 December 2022, the Group had a provision for credit losses of nil (2021: nil). Subsequent to 31 December 2022, 99% (2021: 100%) of the trade receivables balance of $1,067 million (2021: $152 million) has been received. Credit risk from balances with banks is managed by the Treasury function in accordance with the Group's policy. The Group's main funds are placed as short-term deposits with reputable financial institutions with strong investment grade credit ratings. At 31 December 2022 and 31 December 2021, there were no significant concentrations of credit risk within the Group and financial instruments are spread amongst a number of financial institutions to minimise the risk of counterparty default. The maximum exposure to financial institution credit risk is represented by the sum of all cash deposits plus accrued interest, bank account balances and fair value of derivative assets. The Group's counterparty credit policy limits this exposure to commercial and investment banks, according to approved credit limits based on the counterparty's credit rating. Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 137 D.1 Segment assets and liabilities 2022 20212 US$m US$m (a) Segment assets1 Australia 31,240 18,163 International 18,084 2,877 Marketing 182 217 Corporate/Other 9,815 5,217 59,321 26,474 2022 20212 US$m US$m (b) Segment liabilities1 Australia 8,104 2,889 International 2,677 435 Marketing 561 639 Corporate/Other 10,852 8,282 22,194 12,245 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. 2. The 2021 amounts have been restated to reflect the changes in operating segments. Refer to 'Operating segment information' in Note A.1 for details. Refer to Note A.1 for descriptions of the Group's segments. Corporate/other assets mainly comprise cash and cash equivalents, deferred tax assets and lease assets. Corporate/ other liabilities mainly comprise interest-bearing liabilities, deferred tax liabilities and lease liabilities. D.2 Receivables 2022 2021 US$m US$m (a) Receivables (current) Trade receivables1 1,067 152 Other receivables1 381 123 Loans receivable 76 75 Lease receivables 35 18 Interest receivable 19—1,578 368 (b) Receivables (non-current) Other receivables 75—Loans receivable 724 627 Lease receivables 46 26 Defined benefit plan asset—33 845 686 1. Interest-free and settlement terms are usually between 14 and 30 days. Recognition and measurement Trade receivables are initially recognised at the transaction price determined under AASB 15/ IFRS 15 Revenue from Contracts with Customers. Other receivables are initially recognised at fair value. Receivables that satisfy the contractual cash flow and business model tests are subsequently measured at amortised cost less an allowance for uncollectable amounts. Uncollectable amounts are determined using the expected loss impairment model. Collectability and impairment are assessed on a regular basis. Subsequent recoveries of amounts previously written off are credited against other expenses in the consolidated income statement. Certain receivables that do not satisfy the contractual cash flow and business model tests are subsequently measured at fair value (refer to Note D.6). The Group's customers are required to pay in accordance with agreed payment terms. Depending on the product, settlement terms are 14 to 30 days from the date of invoice or bill of lading and customers regularly pay on time. There are no significant overdue trade receivables as at the end of the reporting period (2021: nil). Fair value The carrying amount of trade and other receivables approximates their fair value. Foreign exchange risk The Group held $174 million of receivables at 31 December 2022 (2021: $121 million) in currencies other than US dollars (predominantly Australian dollars). Loans receivable On 9 January 2020, Woodside Energy Finance (UK) Ltd entered into a secured loan agreement with Petrosen (the Senegal National Oil Company), to provide up to $450 million for the purpose of funding Sangomar project costs. The facility has a maximum term of 12 years and semi-annual repayments of the loan are due to commence at the earlier of 12 months after RFSU or 30 June 2025. The carrying amount of the loan receivable is $408 million at 31 December 2022 (2021: $335 million), which approximates its fair value. The remaining balance of loans receivable is due from non-controlling interests. D.3 Inventories 2022 2021 US$m US$m (a) Inventories (current) Petroleum products Goods in transit 95 35 Finished stocks 103 34 Warehouse stores and materials 480 133 678 202 (b) Inventories (non-current) Warehouse stores and materials 11 19 11 19 Recognition and measurement Inventories include hydrocarbon stocks, consumable supplies and maintenance spares. Inventories are valued at the lower of cost and net realisable value. Cost is determined on a weighted average basis and includes direct costs and an appropriate portion of fixed and variable production overheads where applicable. Inventories determined to be obsolete or damaged are written down to net realisable value, being the estimated selling price less selling costs. Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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138 \| Annual Report 2022 D.4 Payables The following table shows the Group's payables balances. 2022 2021 US$m US$m Trade payables1 759 191 Other payables1 1,270 390 Interest payable2 65 58 Total payables 2,094 639 1. Interest-free and normally settled on 30 day terms. 2. Details regarding interest-bearing liabilities are contained in Note C.2. Recognition and measurement Trade and other payables are carried at amortised cost and are recognised when goods and services are received, whether or not billed to the Group, prior to the end of the reporting period. Fair value The carrying amount of payables approximates their fair value. Foreign exchange risk The Group held $657 million of payables at 31 December 2022 (2021: $311 million) in currencies other than US dollars (predominantly Australian dollars). Maturity profile of payables The Group's payables balances at 31 December 2022 and 31 December 2021 are due for payment within a year. D.5 Provisions Restoration1 Employee benefits Onerous contracts2 Other Total US$m US$m US$m US$m US$m Year ended 31 December 2022 At 1 January 2022 2,218 286 214 106 2,824 Acquisitions through business combination3 4,310 329—165 4,804 Change in provision (382) (98) (216) 137 (559) Unwinding of present value discount 107—2 1 110 Carrying amount at 31 December 2022 6,253 517—409 7,179 Current 575 331—313 1,219 Non-current 5,678 186—96 5,960 Net carrying amount 6,253 517—409 7,179 Year ended 31 December 2021 At 1 January 2021 2,134 295 349 129 2,907 Change in provision 60 (9) (140) (23) (112) Unwinding of present value discount 24—5—29 Carrying amount at 31 December 2021 2,218 286 214 106 2,824 Current 235 269—101 605 Non-current 1,983 17 214 5 2,219 Net carrying amount 2,218 286 214 106 2,824 1. 2022 change in provision is due to a revision of discount rates of $978 million (primarily due to an increase in risk free rates) and provisions used of $262 million, offset by changes in estimates of $858 million. Changes in estimates are due to new activities, increase in scope of removal and cost and rate escalations supported by the most recent estimates and benchmarks. 2. 2022 change in provision is due to changes in estimates of $245 million offset by provisions used of $29 million. 3. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. Recognition and measurement Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Restoration The restoration provision is first recognised in the period in which the obligation arises. The nature of restoration activities includes the removal of facilities, abandonment of wells and restoration of affected areas. Restoration provisions are updated annually, with the corresponding movement recognised against the related exploration and evaluation assets or oil and gas properties or expensed for late life projects with no corresponding asset. Over time, the liability is increased for the change in the present value based on a pre-tax discount rate appropriate to the risks inherent in the liability. The unwinding of the discount is recorded as an accretion charge within finance costs. The carrying amount capitalised in oil and gas properties is depreciated over the useful life of the related asset (refer to Note B.3). Costs incurred that relate to an existing condition caused by past operations, and which do not have a future economic benefit, are expensed. Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 139 Key estimates and judgements (a) Restoration obligations The Group estimates the future decommissioning and remediation costs of offshore oil and gas platforms, offshore and onshore production facilities, wells and pipelines at different stages of the development and construction of assets or facilities. In many instances, decommissioning of assets occurs many years into the future. The Group's restoration obligations are based on compliance with the requirements of relevant regulations which vary for different jurisdictions. For example Australian regulations require full removal for offshore assets unless regulator approval is received to decommission in-situ. The Group maintains technical expertise to ensure that industry learnings, scientific research and local and international guidelines are reviewed in assessing its restoration obligations. The restoration obligation requires judgemental assumptions regarding removal date, environmental legislation and regulations, the extent of restoration activities required, the engineering methodology for estimating cost, technologies used in determining the decommissioning cost, and liability-specific discount rates to determine the present value of these cash flows. The Group applies either the 'expected outcome' approach or 'expected value' approach in assessing the cost estimate, reflecting a difference in approach to cost estimation for heritage Woodside and heritage BHPP assets. Both approaches are supported by AASB 137/ IAS 37 Provisions, Contingent Liabilities and Contingent Assets, produce reliable estimates and are widely used in practice. Heritage Woodside assets refer to assets held by the Group prior to the BHPP merger. Heritage BHPP assets refers to assets acquired from BHP but excludes the commonly held assets by both heritage entities. Expected outcome approach This approach is used for heritage Woodside assets, and those assets commonly held by both heritage entities. The following cost assumptions are applied: • for onshore assets, provision has been made for the removal of production facilities and above ground pipelines using current restoration standards and techniques and taking into account risks and uncertainties; and • for offshore assets, provision has been made for the plug and abandonment of wells and the removal of offshore platform topsides, floating production storage offloading (FPSO) and some subsea infrastructure. It is currently the Group's assumption that in some regulatory jurisdictions and environments, certain pipelines and infrastructure, parts of offshore platform substructures, and certain subsea infrastructure are decommissioned in-situ where it can be demonstrated that this will deliver equal or better environmental outcomes than full removal and that regulatory approval is obtained where arrangements are satisfactory to the regulator. Expected value approach This approach is used for heritage BHPP assets (excluding those commonly held by both heritage entities). For both onshore and offshore assets, provision has been made taking into consideration a risked range of possible removal outcomes, including full removal of certain assets. Individual site provisions are an estimate of the expected value of future cash flows required to rehabilitate the relevant site using current restoration standards and techniques and taking into account risks and uncertainties. Individual site provisions are discounted to their present value using country specific discount rates aligned to the estimated timing of cash outflows. Inherent uncertainties The basis of the restoration obligation provision for assets with approved decommissioning plans or general directions issued by the regulator can differ from the assumptions disclosed above. Whilst the provisions reflect the Group's best estimate based on current knowledge and information, further studies and detailed analysis of the restoration activities for individual assets will be performed near the end of their operational life and/or when detailed decommissioning plans are required to be submitted to the relevant regulatory authorities. Actual costs and cash outflows can materially differ from the current estimate as a result of changes in regulations and their application, prices, analysis of site conditions, further studies, timing of restoration and changes in removal technology. These uncertainties may result in actual expenditure differing from amounts included in the provision recognised as at 31 December 2022. A range of pre-tax discount rates between 3.4% and 4.7% (2021: 0.4% to 2.4%) has been applied. If the discount rates were decreased by 0.5% then the provision would be $316 million higher. If the cost estimates were increased by 10% then the provision would be $627 million higher. The proportion of the non-current balance not expected to be settled within 10 years is 54% (2021: 65%). (b) Legal case outcomes Provisions for legal cases are measured at the present value of the amount expected to settle the claim. Management is required to use judgement when assessing the likely outcome of legal cases, estimating the risked amount and whether a provision or contingent liability should be recognised. D.5 Provisions (cont.) Employee benefits Provision is made for employee benefits accumulated as a result of employees rendering services up to the end of the reporting period. These benefits include wages, salaries, annual leave and long service leave. Liabilities in respect of employees' services rendered that are not expected to be wholly settled within one year after the end of the period in which the employees render the related services are recognised as long-term employee benefits. These liabilities are measured at the present value of the estimated future cash outflow to the employees using the projected unit credit method. Liabilities expected to be wholly settled within one year after the end of the period in which the employees render the related services are classified as shortterm benefits and are measured at the amount due to be paid. Onerous contract provision Provision is made for loss-making contracts at the present value of the lower of the net cost of fulfilling and the cost arising from failure to fulfill each contract. Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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140 \| Annual Report 2022 (c) Onerous contracts The onerous contract provision assessment requires management to make certain estimates regarding the unavoidable costs and the expected economic benefits from the contract. These estimates require significant management judgement and are subject to risk and uncertainty, and hence changes in economic conditions can affect the assumptions. As at 31 December 2022, the Corpus Christi contract is expected to return a positive value and on this basis the provision has been reversed to nil (2021: $214 million). Changes in assumptions predominantly relating to the narrowing of the spread between the sales price and purchase price could result in the contract becoming onerous in the future. Assumptions used to determine the present value as at 31 December 2022 are set out below: • Remaining contract term – 18 years. • Discount rate – a pre-tax, risk free US government bond rate of 4.10% (2021: 1.855%) has been applied. • LNG pricing – forecast sales and purchase prices are subject to a number of price markers. Price assumptions are based on the best information on the market available at measurement date and derived from short- and long-term views of global supply and demand, building upon past experience of the industry and consistent with external sources. The forecasted sales are linked to gas hub prices (Title Transfer Facility (TTF)) at which physical sales are expected to occur and incorporate known sales pricing information1. The long-term gas sales price is estimated on the basis of the Group's Brent price forecast. The estimated purchase price is linked to US gas hub prices (Henry Hub (HH)) at which physical purchases are expected to occur. The nominal TTF, Brent oil prices and HH gas prices used at 31 December 2022 were: 2023 2024 2025 2026 2027 TTF (US$/MMBtu) 47.9 36.4 22.3 8.8 9.0 Brent (US$/bbl) 87 78 74 76 77² HH (US$/MMBtu) 6.1 4.7 4.0 4.1 4.23 1. For committed volumes, contracted pricing has been applied. 2. Long-term oil prices are based on US$70/bbl (2022 real terms) from 2025 and prices are escalated at 2.0% onwards. 3. Long-term gas prices are based on US$3.8/MMBtu (2022 real terms) from 2025. All long-term prices are escalated at 2.0%. D.6 Other financial assets and liabilities 2022 2021 US$m US$m Other financial assets Financial instruments at fair value through profit and loss Derivative financial instruments designated as hedges 207 134 Other financial assets 22 293 Financial instruments at amortised cost Hedge collateral (including interest) 509—Other financial assets 30—Financial instruments at fair value through other comprehensive income Other financial assets 29—Total other financial assets 797 427 Current 677 320 Non-current 120 107 Net carrying amount 797 427 Other financial liabilities Financial instruments at fair value through profit and loss Derivative financial instruments designated as hedges 721 563 Other financial liabilities—9 Total other financial liabilities 721 572 Current 654 411 Non-current 67 161 Net carrying amount 721 572 Recognition and measurement Other financial assets and liabilities Receivables subject to provisional pricing adjustments are initially recognised at the transaction price and subsequently measured at fair value with movements recognised in the consolidated income statement. Derivative financial instruments Derivative financial instruments that are designated within qualifying hedge relationships are initially recognised at fair value on the date the contract is entered into. For relationships designated as fair value hedges, subsequent fair value movements of the derivative are recognised in the consolidated income statement. For relationships designated as cash flow hedges, subsequent fair value movements of the derivative for the effective portion of the hedge are recognised in other comprehensive income and accumulated in reserves in equity; fair value movements for the ineffective portion are recognised immediately in the consolidated income statement. Costs of hedging have been separated from the hedging arrangements and deferred to other comprehensive income and accumulated in reserves in equity. Amounts accumulated in equity are reclassified to the consolidated income statement in the periods when the hedged item affects profit or loss. D.5 Provisions (cont.) Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 141 D.6 Other financial assets and liabilities (cont.) Derivative financial instruments (cont.) Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged exposure and the hedging instrument. The Group assesses whether the derivative designated in each hedging relationship has been, and is expected to be, effective in offsetting changes in cash flows of the hedged exposure using the hypothetical derivative method. Ineffectiveness is recognised where the cumulative change in the designated component value of the hedging instrument on an absolute basis exceeds the change in value of the hedged exposure attributable to the hedged risk. Ineffectiveness may arise where the timing of the transaction changes from what was originally estimated such as delayed shipments or changes in timing of forecast sales. This may also arise where the commodity swap pricing terms do not perfectly match the pricing terms of the LNG revenue contracts. Fair value Except for the other financial assets and other financial liabilities set out in this note, there are no material financial assets or financial liabilities carried at fair value. The fair value of commodity derivative financial instruments is determined based on observable quoted forward pricing and swap models and is classified as Level 2 on the fair value hierarchy. The most frequently applied valuation techniques include forward pricing and swap models that use present value calculations. The models incorporate various inputs including the credit quality of counterparties and forward rate curves of the underlying commodity. The fair value of interest rate swaps is calculated by discounting estimated future cash flows based on the terms of maturity of each contract, using market interest rates for a similar instrument at the reporting date and is classified as Level 2 on the fair value hierarchy. The fair value of foreign exchange forward contracts is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curves in the respective currencies and is classified as Level 2 on the fair value hierarchy. The fair values of other financial assets and other financial liabilities are predominantly determined based on observable quoted forward pricing and are predominantly classified as Level 2 on the fair value hierarchy. Foreign exchange The derivative financial instruments include foreign exchange forward contracts that are denominated in Australian dollars. The Group had no material other financial assets and liabilities denominated in currencies other than US dollars. Hedging activities During the period, the following hedging activities were undertaken: • The Group hedged a percentage of its oil-linked exposure, entering into oil swap derivatives settling in 2023 in order to achieve a minimum average sales price of $75 per barrel. • The Group entered into additional separate HH commodity swaps to hedge the purchase leg of the Corpus Christi volumes and separate TTF commodity swaps to hedge the sales leg of Corpus Christi volumes to mitigate pricing risk for 2023 to 2024. • As a result of hedging activities, approximately 49% of Corpus Christi volumes included in stock in transit for 2022, approximately 82% of 2023 volumes and approximately 29% of 2024 volumes have hedged pricing risk. • The Group restruck $150 million of the TTF hedges to reduce the derivative financial liability. • The Group restruck $92 million of the oil swap hedges to reduce the derivative financial liability. Further, the Group also voluntarily placed $506 million as collateral against the oil hedge positions to reduce counterparty credit risk exposure. The collateral will mature in line with hedge settlements in 2023. • Through the use of foreign exchange forward contracts, the Group hedged its Australian dollar to US dollar exchange rate in relation to a portion of the Australian dollar denominated capital expenditure expected to be incurred under the Scarborough development. Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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142 \| Annual Report 2022 D.6 Other financial assets and liabilities (cont.) Hedging activities (cont.) 2022 2021 Oil swaps (cash flow hedges) Carrying amount (US$m) (114) (1) Notional amount (MMbbl) 18 30 Maturity date 2023 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMbbl) 79 74 HH Corpus Christi commodity swaps (cash flow hedges) Carrying amount (US$m) 26 31 Notional amount (TBtu) 58 65 Maturity date 2023-2024 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMBtu) 4 3 TTF Corpus Christi commodity swaps (cash flow hedges) Carrying amount (US$m) (469) (465) Notional amount (TBtu) 50 49 Maturity date 2023-2024 2022-2023 Hedge ratio 1:1 1:1 Weighted average hedged rate (US$/MMBtu) 16 9 TTF commodity swaps (cash flow hedges) Carrying amount (US$m)—4 Notional amount (TBtu)—3 Maturity date—2022 Hedge ratio—1:1 Weighted average hedged rate (US$/MMBtu)—26 Interest rate swap (cash flow hedges) Carrying amount (US$m) 55 (17) Notional amount (US$m) 600 600 Maturity date 2027 2027 Hedge ratio 1:1 1:1 Weighted average hedged rate 1.7% 1.7% Cross currency interest rate swap (cash flow and fair value hedges) Carrying amount (US$m) 5 9 Notional amount (Swiss Franc) 175 175 Maturity date 2023 2023 Hedge ratio 1:1 1:1 Weighted average hedged rate Three month USD LIBOR +2.8% Three month USD LIBOR +2.8% FX forwards (cash flow hedges) Carrying amount (US$m) (17) 10 Notional amount (AUD$m) 1,037 934 Maturity date 2023-2025 2022-2025 Hedge Ratio 1:1 1:1 Weighted average hedged rate (AUD:USD) 0.68 0.71 Hedge ineffectiveness loss of $72 million (2021: $38 million loss) has been recognised in the profit and loss. Other financial assets Other financial assets measured at fair value include receivables subject to provisional pricing adjustments of nil (2021: $163 million) and repurchase agreements entered into for the purposes of net settlement rather than for physical delivery of nil (2021: $69 million). Interest Rate Benchmark Reform A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as 'IBOR reform'). The Group has exposures to IBORs on its financial instruments that will be impacted as part of these market-wide initiatives. The Group's main IBOR exposure at the reporting date is USD LIBOR. In 2020, the Federal Reserve announced that the three-month and six-month LIBOR will be phased out and eventually replaced by June 2023. During the period, the Group has transitioned a number of financial liabilities from USD LIBOR to SOFR and is in the process of transitioning the remaining financial instruments to alternative benchmark rates. The Group has financial liabilities and financial assets with a total carrying value of $670 million (2021: $957 million) and $393 million (2021: $367 million) respectively, which reference USD LIBOR. The Group has the following hedging relationships which are exposed to interest rate benchmarks impacted by IBOR Reform: • Interest rate swaps to hedge the LIBOR interest rate risk associated with the $600 million syndicated facility (refer to Note C.2). The interest rate swaps are designated as cash flow hedges, converting the variable interest into fixed interest US dollar debt, and mature in 2027. • A fixed rate 175 million Swiss Franc (CHF) denominated medium term note, which it hedges with cross-currency interest rate swaps designated in both fair value and cash flow hedge relationships. The cross-currency interest rate swaps are referenced to LIBOR (refer to Note C.2). The transition of a number of the Group's financial liabilities from USD LIBOR to SOFR during the year ended 31 December 2022 did not result in a material impact to the Group. The Group's Treasury function continues to execute the transition of the remaining financial instruments from current benchmark rates to alternative benchmark rates. Key estimates and judgements Fair value of other financial assets and liabilities Estimates have been applied in the measurement of other financial assets and liabilities and, where required, judgement is applied in the settlement of any financial assets or liabilities. In the current period, this included a $3 million periodic adjustment relating to timing which increased other financial liabilities, reflecting the arrangements governing Wheatstone LNG sales (2021: $56 million increase). Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 143 D.7 Leases Land and buildings Plant and equipment2 Total US$m US$m US$m Lease assets Year ended 31 December 2022 Carrying amount at 1 January 2022 377 703 1,080 Acquisitions through business combination1 120 22 142 Additions 4 238 242 Lease remeasurements 5 103 108 Depreciation (42) (266) (308) Carrying amount at 31 December 2022 464 800 1,264 At 31 December 2022 Historical cost and remeasurements 591 1,311 1,902 Accumulated depreciation, impairment and disposals (127) (511) (638) Net carrying amount 464 800 1,264 Lease liabilities Year ended 31 December 2022 At 1 January 2022 437 930 1,367 Acquisitions through business combination1 245 23 268 Additions 1 189 190 Repayments (principal and interest) (60) (305) (365) Accretion of interest 25 78 103 Lease remeasurements (25) 96 71 Carrying amount at 31 December 2022 623 1,011 1,634 Current 48 276 324 Non-current 575 735 1,310 Carrying amount at 31 December 2022 623 1,011 1,634 Lease assets Year ended 31 December 2021 Carrying amount at 1 January 2021 392 592 984 Additions 14 214 228 Lease remeasurements 15 16 31 Disposals at written down value (12)—(12) Depreciation (32) (119) (151) Carrying amount at 31 December 2021 377 703 1,080 At 31 December 2021 Historical cost 462 948 1,410 Accumulated depreciation and impairment (85) (245) (330) Net carrying amount 377 703 1,080 Lease liabilities Year ended 31 December 2021 At 1 January 2021 484 794 1,278 Additions 7 244 251 Repayments (principal and interest) (70) (192) (262) Accretion of interest 25 72 97 Lease remeasurements (9) 12 3 Carrying amount at 31 December 2021 437 930 1,367 Current 19 172 191 Non-current 418 758 1,176 Carrying amount at 31 December 2021 437 930 1,367 1. Acquisitions through business combination have been recognised on a provisional basis. Adjustments will be made to the provisional amounts if new information is obtained within 12 months from the acquisition date. Refer to Note B.5 for details. 2. Marine, vessels and carriers have been included within plant and equipment for the year ended 31 December 2022. The 2021 amounts have been reclassified to be presented on the same basis. Recognition and measurement When a contract is entered into, the Group assesses whether the contract contains a lease. A lease arises when the Group has the right to direct the use of an identified asset which is not substitutable and to obtain substantially all economic benefits from the use of the asset throughout the period of use. The leases recognised by the Group predominantly relate to LNG vessels, property and drilling rigs. The Group separates the lease and non-lease components of the contract and accounts for these separately. The Group allocates the consideration in the contract to each component on the basis of their relative stand-alone prices. Leases as a lessee Lease assets and lease liabilities are recognised at the lease commencement date, which is when the assets are available for use. The assets are initially measured at cost, which is the present value of future lease payments adjusted for any lease payments made at or before the commencement date, plus any make-good obligations and initial direct costs incurred. Lease assets are depreciated using the straight-line method over the shorter of their useful life and the lease term. Refer to Note B.3 for the useful lives of assets. Periodic adjustments are made for any re-measurements of the lease assets and for impairment losses, assessed in accordance with the Group's impairment policies. Lease liabilities are initially measured at the present value of future minimum lease payments, discounted using the Group's incremental borrowing rate if the rate implicit in the lease cannot be readily determined, and are subsequently measured at amortised cost using the effective interest rate. Minimum lease payments are fixed payments or index-based variable payments incorporating the Group's expectations of extension options and do not include non-lease components of a contract. A portfolio approach was taken when determining the implicit discount rate for LNG vessels with similar terms and conditions on transition. The lease liability is remeasured when there are changes in future lease payments arising from a change in rates, index or lease terms from exercising an extension or termination option. A corresponding adjustment is made to the carrying amount of the lease assets, with any excess recognised in the consolidated income statement. There are no restrictions placed upon the lessee by entering into these leases. Short-term leases and leases of low value Short-term leases (lease term of 12 months or less) and leases of low value assets are recognised as incurred as an expense in the consolidated income statement. Low value assets comprise plant and equipment. Foreign exchange risk The Group held $441 million of lease liabilities at 31 December 2022 (2021: $476 million) in currencies other than the US dollar (predominantly Australian dollars). Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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144 \| Annual Report 2022 D.7 Leases (cont.) Maturity profile of lease liabilities The table below presents the contractual undiscounted cash flows associated with the Group's lease liabilities, representing principal and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position. 2022 2021 US$m US$m Due for payment in: 1 year or less 433 283 1-2 years 272 283 2-3 years 199 191 3-4 years 186 171 4-5 years 176 161 More than 5 years 966 789 2,232 1,878 Lease commitments The table below presents the contractual undiscounted cash flows associated with the Group's future lease commitments for non-cancellable leases not yet commenced, representing principal and interest. 2022 2021 US$m US$m Due for payment: Within one year 67 80 After one year but not more than five years 263 159 Later than five years 1,288 49 1,618 288 Payments of $162 million (2021: $68 million) for short-term leases (lease term of 12 months or less) and payments of $12 million (2021: $18 million) for leases of low value assets were expensed in the consolidated income statement. Total payments for leases in the consolidated statement of cash flows are $525 million (2021: $330 million), with $258 million (2021: $244 million) included in financing activities. The Group has short-term and/or low value lease commitments for marine vessels and carriers, property, drill rigs and plant and equipment contracted for, but not provided for in the financial statements, of $60 million (2021: $53 million). Key estimates and judgements (a) Control Judgement is required to assess whether a contract is or contains a lease at inception by assessing whether the Group has the right to direct the use of the identified asset and obtain substantially all the economic benefits from the use of that asset. (b) Lease term Judgement is required when assessing the term of the lease and whether to include optional extension and termination periods. Option periods are only included in determining the lease term at inception when they are reasonably certain to be exercised. Lease terms are reassessed when a significant change in circumstances occurs. On this basis, possible additional lease payments amounting to $2,323 million (2021: $1,654 million) were not included in the measurement of lease liabilities. (c) lnterest in joint arrangements Judgement is required to determine the Group's rights and obligations for lease contracts within joint operations, to assess whether lease liabilities are recognised gross (100%) or in proportion to the Group's participating interest in the joint operation. This includes an evaluation of whether the lease arrangement contains a sublease with the joint operation. (d) Discount rates Judgement is required to determine the discount rate, where the discount rate is the Group's incremental borrowing rate if the rate implicit in the lease cannot be readily determined. The incremental borrowing rate is determined with reference to the Group's borrowing portfolio at the inception of the arrangement or the time of the modification. Notes to the financial statements D. Other assets and liabilities for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 145 In this section This section addresses information on items which require disclosure to comply with Australian Accounting Standards and the Corporations Act 2001, however are not considered critical in understanding the financial performance or position of the Group. This section includes Group structure information and other disclosures. E. Other items E.1 Contingent liabilities and assets Page 146 E.2 Employee benefits Page 146 E.3 Related party transactions Page 149 E.4 Auditor remuneration Page 149 E.5 Events after the end of the reporting period Page 149 E.6 Joint arrangements Page 149 E.7 Parent entity information Page 151 E.8 Subsidiaries Page 151 E.9 Other accounting policies Page 154 Notes to the financial statements E. Other items for the year ended 31 December 2022

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146 \| Annual Report 2022 Notes to the financial statements E. Other items for the year ended 31 December 2022 E.1 Contingent liabilities and assets 2022 2021 US$m US$m Contingent liabilities at reporting date Contingent liabilities 161 195 Guarantees 2 7 163 202 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. Additionally, there are a number of other claims and possible 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 $199 million as at 31 December 2022 (2021: nil). E.2 Employee benefits 2022 2021 2020 US$m US$m US$m Employee benefits 415 217 252 Share-based payments 26 12 19 Defined contribution plan costs 41 26 27 Defined benefit plan expense 9 1 2 491 256 300 (a) Employee benefits Employee benefits for the reporting period are as follows: Recognition and measurement The Group's accounting policy for employee benefits other than superannuation is set out in Note D.5. The policy relating to share-based payments is set out in Note E.2(c). All employees of the Group are entitled to benefits on retirement, disability or death from the Group's retirement plans. The Group operates a number of pension schemes throughout the world. Employees entitled to defined contribution schemes receive fixed contributions from Group companies and the Group's legal or constructive obligation is limited to these contributions. Contributions to defined contribution funds are recognised as an expense as they become payable. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payment is available. (b) Compensation of key management personnel Key management personnel (KMP) compensation for the financial year was as follows: 2022 2021 2020 US$ US$ US$ Short-term employee benefits1 5,730,340 6,626,354 5,868,476 Post-employment benefits1 155,086 88,396 63,805 Share-based payments2 3,114,043 5,697,529 7,201,653 Long-term employee benefits 4,300 717,223 515,585 Termination benefits 152,531 2,447,525 390,087 9,156,300 15,577,027 14,039,606 1. The 2021 comparatives for short-term employee benefits and post-employment benefits have been restated to include the superannuation component of the 2021 EIS cash and other cash bonuses for three key management personnel, increasing the short-term employee benefits expense by $26,676 to $6,626,354 and the post-employee benefits expense by $10,881 to $88,396. 2. The 2021 comparative for share-based payments has been restated to include amortisation of the fair value of 2021 performance rights for two key management personnel, increasing the expense by $88,507 to $5,697,529. (c) Share plans The Group provides benefits to its employees (including KMP) in the form of share-based payments whereby employees render services for shares (equity-settled transactions). Woodside equity plan (WEP) and supplementary Woodside equity plan (SWEP) The WEP is available to all permanent employees, but since 1 January 2018 has excluded Executive Incentive Scheme (EIS) participants. The number of Equity Rights (ERs) offered to each eligible employee is determined by the Board, and based on individual performance as assessed under the performance review process. The linking of performance to an allocation allows the Group to recognise and reward eligible employees for high performance. The ERs have no further ongoing performance conditions after allocation, and do not require participants to make any payment in respect of the ERs at grant or at vesting. Each ER entitles the participant to receive a Woodside share on the vesting date three years after the grant date. For awards made in 2022, the Board amended the terms of the plan to entitle participants to receive a Woodside share on the vesting date, three years after the grant date. Awards made in 2020 and 2021 will vest under the terms of the plan at that time, which provided for 75% vesting of the ERs three years after the grant date and the remaining 25% of the ERs five years after the grant date. In October 2011, the Board approved the establishment of the SWEP to enable the offering of targeting retention awards of ERs for key capability. The SWEP was updated in 2022 to broaden eligibility to all employees of a subsidiary of Woodside Energy Group Ltd and ensure compliance in all jurisdictions in which Woodside operates. This facilitated the offer of replacement unvested incentives, as required under transitional arrangements for eligible heritage BHP employees transitioning from BHP Group Long-Term Incentive (LTI) plans to VAR offered under Woodside's VAR arrangements.

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Woodside Energy Group Ltd \| 147 Notes to the financial statements E. Other items for the year ended 31 December 2022 E.2 Employee benefits (cont.) Woodside equity plan (WEP) and supplementary Woodside equity plan (SWEP) (cont.) Each ER entitles the participant to receive a Woodside share or an American Depositary share on the vesting date either one, two, three or four years after the effective grant date, depending on the individual details of each SWEP offered. Participants do not make any payment in respect of the ERs at grant or at vesting. Executive Incentive Plans (EIP) The EIP operated as Woodside's Executive incentive framework until the end of 2017, after which the Board introduced the EIS. The EIP was used to deliver Short-Term Awards (STAs) and Long-Term Awards (LTAs) to Senior Executives. Short-Term Awards (STAs) STAs were delivered in the form of restricted shares to Executives, including all Executive KMP. There are no further performance conditions for vesting of deferred STAs. Participants are not required to make any payments in respect of STA awards at grant or at vesting. Restricted shares entitle their holders to receive dividends. Long-Term Awards (LTAs) LTAs were granted in the form of Performance Rights (PRs) to Executives, including all Executive KMP. Vesting of LTAs is subject to achievement of relative total shareholder return (RTSR) targets, with 33% measured against the ASX 50 and the remaining 67% tested against an international group of oil and gas companies. Participants are not entitled to receive dividends and are not required to make any payments in respect of LTA awards at grant or at vesting. Executive Incentive Scheme (EIS) The EIS was introduced for the 2018 performance year for all Executives including Executive KMP. The EIS is delivered in the form of a cash incentive, Restricted Shares and Performance Rights. The grant date of the Restricted Shares and Performance Rights has been determined to be subsequent to the performance year, being the date of the Board of Directors' approval. Accordingly, the 2021 Restricted Shares and Performance Rights were granted on 16 February 2022 for Executives and 19 May 2022 for the CEO and have been included in the table below. The expense estimated as at 31 December 2021 in relation to the 2021 performance year was updated to the fair value on grant date during the period. The 2022 Restricted Shares and Performance Rights have not been included in the table below as they have not been approved as at 31 December 2022. An expense related to the 2022 performance year has been estimated for the Restricted Shares and Performance Rights, using fair value estimates based on inputs at 31 December 2022. Performance Based Pay Plus (PBP Plus) PBP Plus is available to senior, permanent employees who are not Executives. Participants receive an annual award of cash and Restricted Shares based on corporate and individual performance, recognising and rewarding eligible employees for high performance. The grant date of the Restricted Shares has been determined to be subsequent to the performance year, being the date of the Board of Directors' approval. Accordingly, the 2021 Restricted Shares were granted on 16 February 2022 and have been included in the table below. The expense estimated as at 31 December 2021 in relation to the 2021 performance year was updated to the fair value on grant date during the period. The 2022 Restricted Shares have not been included in the table below as they have not been approved as at 31 December 2022. An expense related to the 2022 performance year has been estimated for the Restricted Shares, using fair value estimates based on inputs at 31 December 2022. Recognition and measurement All compensation under WEP, SWEP and Executive share plans is accounted for as share-based payments to employees for services provided. The cost of equity-settled transactions with employees is measured by reference to the fair values of the equity instruments at the date at which they are granted. The fair value of share-based payments is recognised, together with the corresponding increase in equity, over the period in which the vesting conditions are fulfilled, ending on the date on which the relevant employee becomes fully entitled to the shares. At each balance sheet date, the Group reassesses the number of awards that are expected to vest based on service conditions. The expense recognised each year takes into account the most recent estimate. The fair value of the benefit provided for the WEP and SWEP is estimated using the Black-Scholes option pricing technique. The fair value of the restricted shares is estimated as the closing share price at grant date. The fair value of the benefit provided for the RTSR PRs is calculated using the Binomial or Black-Scholes option pricing technique combined with a Monte Carlo simulation methodology, where relevant, using historical volatility to estimate the volatility of the share price in the future.

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148 \| Annual Report 2022 E.2 Employee benefits (cont.) The number of awards and movements for all share plans are summarised as follows: Number of performance awards Employee plans Executive plans WEP SWEP STA4 LTA4 Year ended 31 December 2022 Opening balance 5,649,783—994,436 2,379,220 Granted during the year1,2,3 3,017,366 3,046,963 495,800 764,171 Vested during the year (1,498,065) (38,146) (450,609) (191,736) Forfeited during the year (539,403) (124,741) (46,430) (397,233) Awards at 31 December 2022 6,629,681 2,884,076 993,197 2,554,422 US$m US$m US$m US$m Fair value of awards granted during the year 49 60 9 13 Number of performance awards Employee plans Executive plans WEP SWEP STA4 LTA4 Year ended 31 December 2021 Opening balance 5,618,603—975,295 2,798,305 Granted during the year1,2,3 2,507,167—353,412 553,849 Vested during the year (1,999,676)—(307,402) (322,746) Forfeited during the year (476,311)—(26,869) (650,188) Awards at 31 December 2021 5,649,783—994,436 2,379,220 US$m US$m US$m US$m Fair value of awards granted during the year 39—7 9 1. For the purpose of valuation, the share price on grant date for the 2022 WEP allocations was $16.30 (2021: $15.17). 2. For the purpose of valuation, the share price on grant date for the 2022 SWEP allocations was $19.74 (2021: nil). 3. For the purpose of valuation, the share price on grant date for Restricted Shares was $19.20 and $19.27 (2021: $20.18) and Performance Rights was $13.08 and $13.71 (2021: $11.66 and $14.44). 4. Includes awards issued under EIP and EIS. For more detail on these share plans and performance rights issued to KMPs, refer to the Remuneration Report. Notes to the financial statements E. Other items for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 149 E.3 Related party transactions The Group's related party transactions are predominantly with associates of the Group. During the period, the transactions with related parties include purchases of goods/services of $60.730 million, sale of goods/services of $18.527 million and dividend income of $8.294 million. As at 31 December 2022, the total amounts owing to related parties is $1.686 million and amounts owing from related parties is $2.200 million. All transactions to/from related parties are made at arm's length (normal market rates and on normal commercial terms). There were no transactions with directors during the year. Key management personnel compensation is disclosed in Note E.2(b). E.4 Auditor remuneration For the year ended 31 December 2022, the auditor of Woodside Energy Group Ltd is PricewaterhouseCoopers Australia (PwC) (2021 and 2020: Ernst & Young (EY)). 2022 2021 2020 US$000 US$000 US$000 (a) Auditors of the Group Amounts received or due and receivable to: PricewaterhouseCoopers (Australia) Audit and review of financial reports 2,878 — Assurance services 129 — Other assurance and agreed upon procedures services 832 — Tax services ——Other services 41 — Other overseas member firms of PricewaterhouseCoopers (Australia) Audit of the financial reports of controlled entities 1,274 — Other assurance and agreed upon procedures services ——Tax services 258 — Other services ——5,412 — (b) Other auditors and their related network firms Ernst & Young Audit and review of financial reports 48 1,732 1,686 Assurance services 611 2,687—Other assurance and agreed upon procedures services 2,335 33 140 Tax services—129 178 Other services—19—2,994 4,600 2,004 E.5 Events after the end of the reporting period The Group has undertaken a review of the depreciation methodology and asset useful lives for oil and gas properties in accordance with its accounting policies and the accounting standards, considering the scale and diversity of the postmerger portfolio and to ensure alignment with common industry practice. In assessing useful lives of certain oil and gas assets, these have been approximated by reference to either their proved (1P) or proved plus probable (2P) reserves, which is then used in the units of production depreciation calculation. From 1 January 2023, upstream oil and conventional gas assets will be depreciated over proved reserves (previously proved plus probable, except for certain assets considered late life). Upstream LNG assets will continue to be depreciated over proved plus probable reserves. Multiproduct assets are assessed on a case-by-case basis and aligned to the most appropriate representation of useful life. The indicative impact to depreciation expense in 2023 resulting from the change in estimate is expected to be an increase of approximately $600 million. This is an indicative amount and is based on current forecasts which are subject to assumptions and uncertainties. E.6 Joint arrangements (a) Interest percentage in joint ventures Group Interest % Entity Principal activity 2022 2021 North West Shelf Gas Pty Ltd Contract administration services for venturers for LNG sales to Japan. Marketing and administration services for venturers for gas processing. 33.33 16.67 North West Shelf Liaison Company Pty Ltd Liaison for venturers in the sale of LNG to the Japanese market. 33.33 16.67 China Administration Company Pty Ltd Contract administration services for venturers for LNG sales to China. 33.33 16.67 North West Shelf Shipping Service Company Pty Ltd LNG vessel fleet advisor. 33.33 16.67 North West Shelf Lifting Coordinator Pty Ltd Allocating, scheduling and administering the lifting of LNG and pipeline gas. 33.33 16.67 Notes to the financial statements E. Other items for the year ended 31 December 2022

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150 \| Annual Report 2022 E.6 Joint arrangement (cont.) (b) Interest percentage in joint operations Group Interest % 2022 2021 Producing and developing assets Australia North West Shelf1 25.0—66.7 12.5—50.0 Greater Enfield and Vincent 60.0 60.0 Stybarrow2—50.0 Balnaves 65.0 65.0 Pluto 90.0 90.0 Wheatstone 13.0—65.0 13.0—65.0 Scarborough2—73.5 Bass Strait1 25.0—50.0—Macedon1 71.4—Pyrenees1 40.0—71.4—Griffin1 45.0—71.0—Minerva1 90.0—International Sangomar 82.0 82.0 Atlantis1 44.0—Mad Dog1 23.9—Shenzi1 72.0—Trion1 60.0—Greater Angostura1 45.0—68.5—Calypso1 70.0—Exploration and evaluation assets Oceania Browse Basin 30.6 30.6 Carnarvon Basin3 31.6—70.0 15.8—70.0 Scarborough2,3—50.0 Bonaparte Basin 26.7—35.0 26.7—35.0 Africa Congo4 22.5 42.5 Senegal 90.0 90.0 Egypt1 25.0—45.0—Americas US Gulf of Mexico1 23.9—75.0—Kitimat 50.0 50.0 Asia Republic of Korea 50.0 50.0 Myanmar5 40.0—45.0 40.0—50.0 Caribbean Barbados1 60.0—Trinidad & Tobago1 65.0—70.0—Other joint operations Angel6 20.0—Bonaparte Basin6 21.0—1. Increase in interests due to the merger with BHPP on 1 June 2022. 2. No longer recognised as joint operations as the Group's interest increased to 100% due to the merger with BHPP on 1 June 2022. 3. The Carnarvon Basin and Scarborough exploration and evaluation assets which were previously presented on the same line, have been separately presented in 2022. The 2021 Group interests have been reclassified to be presented on the same basis. 4. The Group's interest decreased to 22.5% upon farm-down of interest in June 2022. 5. The Group relinquished permits AD-1 and AD-8 in 2022. Formalities are pending. 6. Carbon Capture Storage titles G-10-AP and G-7-AP granted to the Group in 2022. The principal activities of the joint operations are exploration, development and production of hydrocarbons. Key estimates and judgements Accounting for interests in other entities Judgement is required in assessing the level of control obtained in a transaction to acquire an interest in another entity; depending upon the facts and circumstances in each case, Woodside may obtain control, joint control or significant influence over the entity or arrangement. Judgement is applied when determining the relevant activities of a project and if joint control is held over it. Relevant activities include, but are not limited to, work program and budget approval, investment decision approval, voting rights in joint operating committees, amendments to permits and changes to joint arrangement participant holdings. Transactions which give Woodside control of a business are business combinations. If Woodside obtains joint control of an arrangement, judgement is also required to assess whether the arrangement is a joint operation or a joint venture. If Woodside has neither control nor joint control, it may be in a position to exercise significant influence over the entity, which is then accounted for as an associate. Recognition and measurement Joint arrangements are arrangements in which two or more parties have joint control. Joint control is the contractual agreed sharing of control of the arrangement which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. Joint arrangements are classified as either a joint operation or joint venture, based on the rights and obligations arising from the contractual obligations between the parties to the arrangement. To the extent the joint arrangement provides the Group with rights to the individual assets and obligations arising from the joint arrangement, the arrangement is classified as a joint operation, and as such the Group recognises its: • assets, including its share of any assets held jointly; • liabilities, including its share of any liabilities incurred jointly; • revenue from the sale of its share of the output arising from the joint operation; • share of revenue from the sale of the output by the joint operation; and • expenses, including its share of any expenses incurred jointly. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the investment is classified as a joint venture and accounted for using the equity method. Joint arrangements acquired which are deemed to be carrying on a business are accounted for applying the principles of AASB 3/ IFRS 3 Business Combinations. Joint arrangements which are not deemed to be carrying on a business are treated as asset acquisitions. Notes to the financial statements E. Other items for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 151 E.7 Parent entity information 2022 2021 US$m US$m Woodside Energy Group Ltd: Current assets 312 456 Non-current assets 34,734 10,037 Current liabilities (1,530) (357) Non-current liabilities (481) (300) Net assets 33,035 9,836 Issued and fully paid shares 29,001 9,409 Reserved shares (38) (30) Employee benefits reserve 150 112 Foreign currency translation reserve 296 296 Distributable profits reserve 3,541 58 Retained earnings 85 (9) Total shareholders equity 33,035 9,836 Profit of parent entity 6,665 18 Total comprehensive income of parent entity 6,665 18 Guarantees Woodside Energy Group Ltd and Woodside Energy Ltd (a subsidiary company) are parties to a Deed of Cross Guarantee as disclosed in Note E.8. The effect of the Deed is that Woodside Energy Group Ltd has guaranteed to pay any deficiency in the event of winding up of the subsidiary company under certain provisions of the Corporations Act 2001. The subsidiary company has also given a similar guarantee in the event that Woodside Energy Group Ltd is wound up. Woodside Energy Group Ltd has guaranteed the discharge by a subsidiary company of its financial obligations under debt facilities disclosed in Note C.2. Woodside Energy Group Ltd has guaranteed certain obligations of subsidiaries to unrelated parties on behalf of their performance in contracts. No liabilities are expected to arise from these guarantees. Notes to the financial statements E. Other items for the year ended 31 December 2022 E.8 Subsidiaries (a) Subsidiaries Name of entity Notes Ultimate Parent Entity Woodside Energy Group Ltd (1,2,3) Subsidiaries Company name Woodside Energy Ltd (2,3,4) Woodside Browse Pty Ltd (2,4) Woodside Burrup Pty Ltd (2,4) Burrup Facilities Company Pty Ltd (5) Burrup Train 1 Pty Ltd (5) Pluto LNG Pty Ltd (5) Woodside Burrup Train 2 A Pty Ltd (2,4) Woodside Burrup Train 2 B Pty Ltd (2,4) Woodside Energy (LNG Fuels and Power) Pty Ltd (2,4) Woodside Energy (Domestic Gas) Pty Ltd (2,4) Woodside Energy (Algeria) Pty Ltd (2,4) Woodside Energy Australia Asia Holdings Pte Ltd y (4) Woodside Energy Holdings International Pty Ltd (2,4) Name of entity Notes Woodside Energy International (Canada) Limited t (4) Woodside Energy (Canada LNG) Limited t (4) Woodside Energy (Canada PTP) Limited t (4) KM LNG Operating General Partnership t (9) KM LNG Operating Ltd t (4) Woodside Energy Holdings Pty Ltd (2,4) Woodside Energy Holdings (USA) Inc q (4) Woodside Energy (USA) Inc q (4) Gryphon Exploration Company q (4) PT Woodside Energy Indonesia ï,„ (6) Woodside Energy (Cameroon) SARL n (4) Woodside Energy (Gabon) Pty Ltd (2,4) Woodside Energy (Indonesia) Pty Ltd (2,4) Woodside Energy (Indonesia II) Pty Ltd (2,4) Woodside Energy (Malaysia) Pty Ltd (2,4) Woodside Energy (Ireland) Pty Ltd (2,4) Woodside Energy (Korea) Pte Ltd y (4) Woodside Energy (Korea II) Pte Ltd y (4) Woodside Energy (Myanmar) Pte Ltd y (4) Woodside Energy (Morocco) Pty Ltd (2,4) Woodside Energy (New Zealand) Limited z (4) Woodside Energy (New Zealand 55794) Limited z (4) Woodside Energy (Peru) Pty Ltd (2,4) Woodside Energy (Senegal) Pty Ltd (2,4) Woodside Energy (Tanzania) Limited ¥ (7) Woodside Energy Holdings II Pty Ltd (2,4) Woodside Power Pty Ltd (2,4) Woodside Power (Generation) Pty Ltd (2,4) Woodside Energy Holdings (South America) Pty Ltd (2,4) Woodside Energia (Brasil) Apoio Administrativo Ltda l (8) Woodside Energy Holdings (UK) Pty Ltd (2,4) Woodside Energy (UK) Limited p (4) Woodside Energy Finance (UK) Limited p (4) Woodside Energy (Congo) Limited p (4) Woodside Energy (Bulgaria) Limited p (4) Woodside Energy Holdings (Senegal) Limited p (4) Woodside Energy (Senegal) B.V.ïƒƒ (4) Woodside Energy (France) SAS £(4) Woodside Energy Iberia S.A. º (4) Woodside Energy (N.A.) Ltd p (4) Woodside Energy Services (Qingdao) Co Ltd ïµ (4) Woodside Energy Julimar Pty Ltd (2,4) Woodside Energy (Norway) Pty Ltd (2,4) Woodside Energy Technologies Pty Ltd (2,4,14) Woodside Technology Solutions Pty Ltd (2,4) Woodside Energy Scarborough Pty Ltd (2,4) Woodside Energy Carbon Holdings Pty Ltd (2,4) Woodside Energy Carbon (Assets) Pty Ltd (2,4) Woodside Energy Carbon (Services) Pty Ltd (2,4) Woodside Energy (Financial Advisory Services) Pty Ltd (2,4) Woodside Energy Trading Singapore Pte Ltd y (4) WelCap Insurance Pte Ltd y (4) Woodside Energy Shipping Singapore Pte Ltd y (4) Metasource Pty Ltd (2,4) Mermaid Sound Port and Marine Services Pty Ltd (2,4) Woodside Finance Limited (2,4) Woodside Petroleum (Timor Sea 19) Pty Ltd (2,4) Woodside Petroleum (Timor Sea 20) Pty Ltd (2,4) Woodside Petroleum Holdings Pty Ltd (2,4,15) Woodside Energy Global Holdings Pty Ltd (2,4)

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152 \| Annual Report 2022 Notes to the financial statements E. Other items for the year ended 31 December 2022 E.8 Subsidiaries (cont.) Name of entity Notes Woodside Energy Global Pty Ltd (2,4) Perdido Mexico Pipeline Holdings, S.A. de C.V. ïƒŒ (10) Perdido Mexico Pipeline, S. de R.L. de C.V. ïƒŒ (10) Woodside Energy Investments Pty Ltd (2,4) Woodside Energia Brasil Investimentos Ltda. l (11) Woodside Energia Brasil Exploração e Produção Ltda. l (4) Woodside Energy (Great Britain) Limited p (4) Woodside Energy (North West Shelf) Pty Ltd (2,4) Woodside Energy (Trinidad) Holdings Ltd ï,ª (4) Woodside Energy (Trinidad-3A) Ltd ïƒª (4) Woodside Energy USA Operations Inc q (12) Hamilton Brothers Petroleum Corporation q (4) Hamilton Oil Company LLC q (4) Woodside Energy Boliviana Inc. q (4) Woodside Energy (North America) LLC q (4) Woodside Energy (Americas) Inc. q (4) Woodside Energy (GOM) Inc. q (4) Woodside Energy Hawaii Inc. q (4,16) Woodside Energy Resources Inc. q (4) Woodside Energy Holdings (Resources) Inc. q (4) Woodside Energy USA Services Inc. q (4) Woodside Energy Marketing Inc. q (4) Woodside Energy (Deepwater) Inc. q (4,17) Woodside Energy (Foreign Exploration Holdings) LLC q (4) Woodside Energy (Trinidad Block 3) Limited p (4) Woodside Energy (Trinidad Block 6) Limited p (4) Woodside Energy (Trinidad Block 5) Limited p (4) Woodside Energy (Trinidad Block 7) Limited p (4) Woodside Energy (Trinidad Block 14) Limited p (4) Woodside Energy (Trinidad Block 23A) Limited p (4) Woodside Energy (Trinidad Block 23B) Limited p (4) Woodside Energy (Trinidad Block 28) Limited p (4) Woodside Energy (Trinidad Block 29) Limited p (4) Woodside Energy (Bimshire) Limited p (4) Woodside Energy (South Africa 3B/4B) Limited p (4) Woodside Energy (Egypt) Limited p (4) Woodside Energy (Carlisle Bay) Limited p (4) Woodside Energy (Mexico) Limited p (4) Woodside Energía Servicios Administrativos, S. de R.L. de C.V. ïƒŒ (13) Woodside Energía Servicios de México, S. de R.L. de C.V. ïƒŒ (13) Woodside Energy (Mexico Holdings) LLC q (4) Operaciones Conjuntas, S. de R.L. de C.V. ïƒŒ (13) Woodside Energía Holdings de México, S. de R.L. de C.V. ïƒŒ (13) Woodside Petróleo Operaciones de México, S. de R.L. de C.V. ïƒŒ (13) Woodside Energy (Australia) Pty Ltd (2,4) Woodside Energy (International Exploration) Pty Ltd (2,4) Woodside Energy (Bass Strait) Pty Ltd (2,4) Woodside Energy (Victoria) Pty Ltd (2,4) Woodside Energy Holdings LLC q (4) Woodside Energy (Trinidad-2C) Ltd t (4) Woodside Energy (Canada) Corporation t (4) 1. Woodside Energy Group Ltd, previously Woodside Petroleum Ltd, is the ultimate holding company and the head entity within the tax consolidated group. 2. These companies were members of the Australian tax consolidated group at 31 December 2022. 3. Woodside Energy Group Ltd and Woodside Energy Ltd are parties to a Deed of Cross Guarantee. 4. All subsidiaries are wholly owned except those referred to in Notes 5 to 13. 5. Kansai Electric Power Australia Pty Ltd and Tokyo Gas Pluto Pty Ltd each hold a 5% interest in the shares of these subsidiaries. These subsidiaries are controlled. 6. PT Woodside Energy Indonesia was incorporated on 27 April 2022. As at 31 December 2022, Woodside Energy Holdings Pty Ltd held a 99% interest in the shares of PT Woodside Energy Indonesia. Woodside Energy Ltd held the remaining 1% interest. 7. As at 31 December 2022, Woodside Energy Holdings Pty Ltd held >99.99% interest in the shares of Woodside Energy (Tanzania) Limited and Woodside Energy Ltd held the remaining interest. 8. As at 31 December 2022, Woodside Energy Holdings (South America) Pty Ltd held >99.99% interest in the shares of Woodside Energia (Brasil) Apoio Administrativo Ltda and Woodside Energy Ltd held the remaining interest. 9. As at 31 December 2022, Woodside Energy International (Canada) Limited and Woodside Energy (Canada LNG) Limited were the general partners of the KM LNG Operating General Partnership holding a 99.99% and 0.01% partnership interest, respectively. 10. As at 31 December 2022, Woodside Energy Global Holdings Pty Ltd held a 99.99% interest in shares of Perdido Mexico Pipeline Holdings, S.A. de C.V. and Perdido Mexico Pipeline, S. de R.L. de C.V. Woodside Energy Investments Pty Ltd held the remaining 0.01% interest. 11. As at 31 December 2022, Woodside Energy Investments Pty Ltd held a 99.97% interest in shares of Woodside Energia Brasil Investimentos Ltda. Woodside Energy Global Holdings Pty Ltd held the remaining 0.03% interest. 12. As at 31 December 2022, Woodside Energy Global Holdings Pty Ltd held 90% voting interest and 37.67% interest in shares of Woodside Energy USA Operations Inc. Woodside Energy Holdings LLC held the remaining 10% voting interest and 62.33% interest in shares. 13. As at 31 December 2022, Woodside Energy (Mexico) Limited held a 99% interest in shares of Woodside Energía Servicios Administrativos, S. de R.L. de C.V., Woodside Energía Servicios de México, S. de R.L. de C.V., Operaciones Conjuntas, S. de R.L. de C.V. and Woodside Petróleo Operaciones de México, S. de R.L. de C.V. and 99.99% interest in shares of Woodside Energía Holdings de México, S. de R.L. de C.V. Woodside Energy (Mexico Holdings) LLC held the remaining 0.01%-1% interest. 14. Woodside Energy Technologies Pty Ltd owns 28.50% in Blue Ocean Seismic Services Limited which is accounted for as an investment in associate. 15. Woodside Energy (North West Shelf) Pty Ltd and Woodside Petroleum Holdings Pty Ltd owns 16.67% in International Gas Transportation Company Limited respectively. This investment has been accounted for as an investment in associate. 16. Woodside Energy Hawaii Inc owns 14.96% in Iwilei District Participating Parties LLC which is accounted for as an investment in associate. 17. Woodside Energy (Deepwater) Inc owns 25% in Caesar Oil Pipeline Company LLC, 22% in Cleopatra Gas Gathering Company LLC and 10% in Marine Well Containment Company LLC. These investments are accounted for as an investment in associate. All subsidiaries were incorporated in Australia unless identified with one of the following symbols: ï´ Bermuda l Brazil n Cameroon t Canada ïµ China £ France ïƒŒ Mexico ï,„ Indonesia ïƒƒ The Netherlands ïƒª R. of Trinidad and Tobago z New Zealand ï,ª Saint Lucia y Singapore º Spain ¥ Tanzania p United Kingdom q United States Classification Subsidiaries are all the entities over which the Group has the power over the investee such that the Group is able to direct the relevant activities, has exposure, or rights, to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of the investor's returns.

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Woodside Energy Group Ltd \| 153 E.8 Subsidiaries (cont.) (b) Subsidiaries with material non-controlling interests The Group has two Australian subsidiaries with material non-controlling interests (NCI). Name of entity Principal place of business % held by NCI Burrup Facilities Company Pty Ltd Australia 10% Burrup Train 1 Pty Ltd Australia 10% The NCI in both subsidiaries is 10% held by the same parties (refer to Note E.8(a) footnote 5 for details). The summarised financial information (including consolidation adjustments but before intercompany eliminations) of subsidiaries with material NCI is as follows: 2022 2021 2020 US$m US$m US$m Burrup Facilities Company Pty Ltd Current assets 567 518 425 Non-current assets 5,047 5,038 5,224 Current liabilities (68) (71) (51) Non-current liabilities (528) (528) (571) Net assets 5,018 4,957 5,027 Accumulated balance of NCI 502 496 503 Revenue 889 858 859 Profit 489 328 318 Profit allocated to NCI 49 33 32 Dividends paid to NCI (43) (40) (32) Operating 601 633 652 Investing (45) (111) (69) Financing (556) (522) (583) Net increase/(decrease) in cash and cash equivalents ——Burrup Train 1 Pty Ltd Current assets 429 435 372 Non-current assets 2,900 2,915 3,081 Current liabilities (119) (110) (103) Non-current liabilities (325) (345) (385) Net assets 2,885 2,895 2,965 Accumulated balance of NCI 289 290 297 Revenue 1,471 1,421 1,423 Profit 282 200 208 Profit allocated to NCI 28 20 21 Dividends paid to NCI (29) (27) (13) Operating 391 393 473 Investing (55) (4) (2) Financing (336) (389) (471) Net increase/(decrease) in cash and cash equivalents ——(c) Deed of Cross Guarantee and Closed Group Woodside Energy Group Ltd and Woodside Energy Ltd are parties to a Deed of Cross Guarantee under which each company guarantees the debts of the other. The two entities represent a Closed Group. The consolidated income statement and consolidated statement of financial position of the members of the Closed Group are set out below: 2022 2021 US$m US$m Closed Group Consolidated Income Statement and Statement of Retained Earnings Profit before tax 6,586 1,599 Tax expense (314) (50) Profit after tax 6,272 1,549 Retained earnings at the beginning of the financial year 1,660 111 Other comprehensive income 1—Transfer of retained earnings to distributable profits reserve (5,553)—Dividends (1,018)—Retained earnings at the end of the financial year 1,362 1,660 Closed Group Consolidated Statement of Financial Position Current assets Cash and cash equivalents 116 160 Receivables 675 948 Inventories 56 47 Other financial assets 653 173 Other assets 21 22 Total current assets 1,521 1,350 Non-current assets Receivables 2,171 476 Other financial assets 57,844 36,432 Exploration and evaluation assets 28 31 Oil and gas properties 2,424 2,930 Deferred tax assets 421 579 Lease assets 315 319 Other assets 67 13 Total non-current assets 63,270 40,780 Total assets 64,791 42,130 Current liabilities Payables 483 186 Other financial liabilities 675 409 Provisions 328 320 Tax payable 1,556 357 Lease liabilities 36 23 Other liabilities 38 34 Total current liabilities 3,116 1,329 Non-current liabilities Payables 25,524 27,104 Other financial liabilities 68 153 Provisions 1,121 1,179 Lease liabilities 325 360 Other liabilities 11 15 Total non-current liabilities 27,049 28,811 Total liabilities 30,165 30,140 Net assets 34,626 11,990 Equity Issued and fully paid shares 29,001 9,409 Reserved shares (38) (30) Other reserves 4,301 951 Retained earnings 1,362 1,660 Total equity 34,626 11,990 Notes to the financial statements E. Other items for the year ended 31 December 2022

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154 \| Annual Report 2022 E.9 Other accounting policies (a) Summary of other significant accounting policies Australia tax consolidation The parent and its wholly owned Australian controlled entities have elected to enter a tax consolidation, with Woodside Energy Group Ltd as the head entity of the tax consolidated group. The members of the Australian tax consolidated group are identified in Note E.8(a). The tax expense/benefit, deferred tax liabilities and deferred tax assets arising from temporary differences of the members of the tax consolidated group are recognised in the separate financial statements of the members of the tax consolidated group, using the stand-alone approach. Entities within the tax consolidated group have entered into a tax funding arrangement and a tax sharing agreement with the head entity. Under the tax funding agreement, Woodside Energy Group Ltd and each of the entities in the tax consolidated group have agreed to pay or receive a tax equivalent payment to or from the head entity, based on the current tax liability or current tax asset of the entity. The tax sharing agreement entered into between members of the tax consolidated group provides for the determination of the allocation of income tax liabilities between the entities, should the head entity default on its tax payment obligations. No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote. US tax consolidation Woodside Energy USA Operations Inc and its wholly owned USA controlled entities have elected to file a consolidated tax return, with Woodside Energy USA Operations Inc as the parent of the tax consolidated group. The tax expense/benefit, deferred tax liabilities and deferred tax assets arising from temporary differences of the members of the tax consolidated group are computed on a separate company basis. Entities within the tax consolidated group have entered into a tax sharing agreement. Under the tax sharing agreement, the tax liability for the consolidated group or the utilisation of tax attributes are settled periodically between the members of the group. No amounts have been recognised in the financial statements in respect of this agreement as payment of any amounts under the tax sharing agreement is considered remote. (b) New and amended accounting standards and interpretations issued but not yet effective A number of new standards, amendments of standards and interpretations have recently been issued but are not yet effective and have not been adopted by the Group as at the financial reporting date. The Group has reviewed these standards and interpretations and has determined that none of the new or amended standards will significantly affect the Group's accounting policies, financial position or performance. (c) New and amended accounting standards and interpretations adopted As of 1 January 2022, the Group adopted AASB 2020-3 Amendments to AASs – Annual Improvements 2018-2020 and Other Amendments including: • Amendments to AASB 3 Reference to the Conceptual Framework • Amendments to AASB 9 Fees in the '10 per cent' Test for Derecognition of Financial Liabilities • Amendments to AASB 137 Onerous Contracts – Costs of Fulfilling a Contract These amendments did not impact the financial statements of the Group. A number of other new standards are also effective from 1 January 2022 but they do not have a material effect on the Group's financial statements. Notes to the financial statements E. Other items for the year ended 31 December 2022

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Woodside Energy Group Ltd \| 155 Directors' Declaration In accordance with a resolution of directors of Woodside Energy Group Ltd, we state that: 1. In the opinion of the directors: (a) the financial statements and notes thereto, and the disclosures included in the audited 2022 Remuneration Report, comply with Australian Accounting Standards and the Corporations Act 2001; (b) the financial statements and notes thereto give a true and fair view of the financial position of the Group as at 31 December 2022 and of the performance of the Group for the financial year ended 31 December 2022; (c) the financial statements and notes thereto also comply with International Financial Reporting Standards as disclosed in the 'About these statements' section within the notes to the 2022 Financial Statements; (d) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and (e) there are reasonable grounds to believe that the members of the Closed Group identified in Note E.8 will be able to meet any obligations or liabilities which they are or may become subject to, by virtue of the Deed of Cross Guarantee. 2. This declaration has been made after receiving the declarations required to be made to the directors in accordance with section 295A of the Corporations Act 2001 for the year ended 31 December 2022. For the purposes of the UK Disclosure Guidance and Transparency Rules, the directors confirm that to the best of their knowledge: (a) the financial statements, prepared in accordance with applicable accounting standards, 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 as a whole); and (b) the management report includes a fair review of the development and performance of the business and the position of Woodside Energy Group Ltd (and the undertakings included in the consolidation taken as a whole), together with a description of the principal risks and uncertainties they face. For and on behalf of the Board R J Goyder, AO Chair of the Board Perth, Western Australia 27 February 2023 M E O'Neill Chief Executive Officer and Managing Director Sydney, New South Wales 27 February 2023

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156 \| Annual Report 2022 PricewaterhouseCoopers, ABN 52 780 433 757 Brookfield Place, 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. Independent auditor's report To the members of Woodside Energy Group Ltd Report on the audit of the financial report Our opinion In our opinion: The accompanying financial report of Woodside Energy Group Ltd (the Company) and its controlled entities (together the Group) is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the Group's financial position as at 31 December 2022 and of its financial performance for the year then ended, and (b) complying with Australian Accounting Standards and the Corporations Regulations 2001. What we have audited The Group financial report comprises: • the consolidated statement of financial position as at 31 December 2022 • the consolidated income statement for the year then ended • the consolidated statement of comprehensive income for the year then ended • the consolidated statement of cash flows for the year then ended • the consolidated statement of changes in equity for the year then ended • the notes to the financial statements, which include significant accounting policies and other explanatory information, and • the directors' declaration. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial report section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Independent auditor's report

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Woodside Energy Group Ltd \| 157 Independent auditor's report (cont.) 2 Our audit approach An audit is designed to provide reasonable assurance about whether the financial report is free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial report as a whole, taking into account the geographic and management structure of the Group, its accounting processes and controls and the industry in which it operates. Materiality Audit scope Key audit matters • For the purpose of our audit we used overall Group materiality of $459 million, which represents approximately 5% of the Group's profit before tax. • We applied this threshold, together with qualitative considerations, to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements on the financial report as a whole. • We chose Group profit before tax because, in our view, it is the benchmark against which the performance of the Group is most commonly measured. • We utilised a 5% threshold based on our professional judgement, noting it is within the range of commonly acceptable thresholds. • Our audit focused on where the Group made subjective judgements; for example, significant accounting estimates involving assumptions and inherently uncertain future events. • The Group has major business units in Australia and the United States of America. In establishing the overall approach to the Group audit, we determined the type of work that needed to be performed by us, as the Group engagement team, and by component auditors under our instruction. • Amongst other relevant topics, we communicated the following key audit matters to the Audit & Risk Committee:—BHP Petroleum business combination – valuation of the fair value of net assets acquired.—Allocation and carrying value of goodwill.—Estimation of restoration provisions.—Valuation of the Petroleum Resource Rent Tax (PRRT) deferred tax assets (DTAs).—Wheatstone CGU impairment reversal. • These are further described in the Key audit matters section of our report.

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158 \| Annual Report 2022 Independent auditor's report (cont.) 3 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. The key audit matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Further, any commentary on the outcomes of a particular audit procedure is made in that context. Key audit matter How our audit addressed the key audit matter BHP Petroleum business combination – valuation of the fair value of net assets acquired As described in Note B.5 to the Group financial report, the Group completed the acquisition of BHP Petroleum for total purchase consideration of $18,610 million on 1 June 2022. The acquisition method of accounting was used by the Group to account for this business combination, under which the fair value of net identifiable assets was provisionally estimated at acquisition date to be $13,996 million, giving rise to goodwill from the acquisition of $4,614 million. As disclosed by the directors, estimating the fair value of net assets acquired requires the selection of appropriate valuation methodologies which include the use of cash flow models underpinned by significant estimates and assumptions. These significant estimates and assumptions include estimates of acquired oil and gas reserves and resources, estimates of future production and commodity prices, forecast operating costs and capital expenditures, discount rate assumptions, estimates of restoration obligations, assumptions relating to the Group's ability to utilise acquired tax losses, and estimates of carbon cost. The principal considerations for our determination that performing procedures relating to the valuation of the fair value of net assets acquired as part of the BHP Petroleum business combination is a key audit matter are: (i) there is a significant level of judgement applied by the Group in determining the fair value of net assets acquired including the use of cash flow models. The Group has also utilised experts to assist in the estimation of fair value, Our procedures included, among others: (i) evaluating the Group's accounting for the fair value of net assets acquired in a business combination against the requirements of Australian Accounting Standards, the Share Sale Agreement and our understanding of the acquired net assets of BHP Petroleum, (ii) assessing the methodology applied by the Group to estimate the fair value of assets and liabilities acquired at 1 June 2022, including assessing the appropriateness of significant estimates and assumptions, (iii) evaluating the work of the Group's experts involved in the determination of significant assumptions and estimates, (iv) evaluating the disclosures made regarding the business combination in the Group financial report against the requirements of Australian Accounting Standards, and (v) Professionals with specialised skill and knowledge were used to assist in evaluating the appropriateness of the Group's fair value estimates.

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Woodside Energy Group Ltd \| 159 Independent auditor's report (cont.) 4 Key audit matter How our audit addressed the key audit matter (ii) this in turn led to a high degree of auditor judgement, effort and subjectivity in performing procedures and evaluating the Group's methodology, significant assumptions and estimates, and (iii) the nature and extent of audit effort required to perform the procedures and evaluate the Group's methodology, significant assumptions and estimates required the use of professionals with specialised skill and knowledge. Allocation and carrying value of goodwill As described in Note B.4 and B.5 to the Group financial report, the Group's acquisition of BHP Petroleum on 1 June 2022 gave rise to goodwill of $4,614 million. At 31 December 2022, the Group conducted its annual goodwill impairment testing. Potential goodwill impairment is identified by the Group comparing an estimate of the recoverable amount of cash generating units ("CGUs") to their allocated carrying values, including goodwill, with recoverable amount estimated by reference to the higher of fair value less costs of disposal and value in use. Fair value is estimated using cash flow models, incorporating significant judgements and assumptions relating to oil and gas reserves and resources, estimates of future production and commodity prices, forecast operating costs and capital expenditures incorporating expected inflation and foreign exchange rates, discount rate assumptions, and estimates of carbon cost. The principal considerations for our determination that performing procedures relating to the assessment of goodwill impairment and allocation to CGUs is a key audit matter are: (i) there is a significant level of judgement applied by the Group in determining which CGUs are expected to benefit from synergies from the business combination in order to allocate goodwill, Our procedures included, among others: (i) evaluating the appropriateness of the methodology applied to allocate goodwill arising from the business combination to the Group's CGUs, (ii) assessing the methodology applied by the Group to estimate the CGUs' fair values of assets and liabilities at 31 December 2022, including assessing the appropriateness of significant estimates and assumptions applied by the Group to estimate recoverable amounts, (iii) evaluating the work of the Group's experts involved in the determination of significant assumptions and estimates, (iv) evaluating the disclosures made regarding the goodwill recognised in the Group financial report against the requirements of Australian Accounting Standards, and (v) Professionals with specialised skill and knowledge were used to assist in evaluating the appropriateness of the Group's recoverable amount estimates when testing goodwill for impairment including certain significant assumptions.

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160 \| Annual Report 2022 Independent auditor's report (cont.) 5 Key audit matter How our audit addressed the key audit matter (ii) there is a significant level of judgement applied by the Group, as well as the use of the Group's experts, in the determination of the significant estimates and assumptions included in impairment testing models, (iii) this in turn led to a high degree of auditor judgement, effort and subjectivity in performing procedures and evaluating the Group's methodology, significant assumptions and estimates, and (iv) the audit effort involved the use of professionals with specialised skill and knowledge. Estimation of restoration provisions As described in Note D.5 to the Group financial report, restoration provisions of $6,253 million have been recognised at 31 December 2022. The estimation of restoration provisions by the Group involves significant judgement in selecting methodologies and assumptions including the removal date, the application of environmental legislation and regulations, the extent of restoration activities required in the future, the methodology for estimating cost and liability-specific discount rates used to estimate the present value of these cash flows. The principal considerations for our determination that performing procedures relating to estimation of restoration provisions is a key audit matter are: (i) there is a significant level of judgement applied by the Group in selecting methodologies and applying the assumptions mentioned above, and (ii) which in turn led to a high degree of auditor judgement, effort and subjectivity in performing procedures and evaluating the Group's methodology, significant assumptions and estimates. Our procedures included, among others: (i) performing tests of the effectiveness of controls relating to the Group's assessment of the key judgements and assumptions included within the restoration provision estimate, (ii) evaluating the appropriateness of the methodologies and significant assumptions applied to estimate the restoration provisions, and (iii) evaluating the disclosures made regarding restoration provisions in the Group financial report against the requirements of Australian Accounting Standards.

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Woodside Energy Group Ltd \| 161 Independent auditor's report (cont.) 6 Key audit matter How our audit addressed the key audit matter Valuation of the Petroleum Resource Rent Tax (PRRT) deferred tax assets (DTAs) As described in Note A.5 to the Group financial report, the Group has recognised deferred tax assets of $1,959 million, of which $1,821 million relates to PRRT. PRRT is considered, for accounting purposes, to be an income tax. PRRT DTAs are based on estimates of future taxable profits available to recover incurred general and exploration expenditure. The Group's estimation of the PRRT DTAs involves significant judgements and assumptions including assessing the application of PRRT legislation and regulations, the forecast future taxable profits generated from the Australian assets, which have regard to the future commodity price assumptions, and forecast assessable revenues, exploration and general expenditure. The principal considerations for our determination that performing procedures relating to valuation of PRRT DTAs is a key audit matter are: (i) there is a significant level of judgement applied by the Group in determining the recoverability of the PRRT DTAs, including having regard to the judgements and assumptions mentioned above, and considering the specialised knowledge and input of the Group's experts informing significant estimates and assumptions, (ii) which in turn led to a high degree of auditor judgement, effort and subjectivity in performing procedures and evaluating the Group's methodology, significant assumptions and estimates, and (iii) the nature and extent of audit effort required to perform the procedures and evaluate the Group's methodology, significant assumptions and estimates required the use of professionals with specialised skill and knowledge. Our procedures included, among others: (i) assessing the appropriateness of significant judgements and assumptions applied by the Group to estimate the recoverable amount of DTAs, (ii) evaluating the work of the Group's experts involved in the determination of significant judgements and estimates, (iii) evaluating the disclosures made regarding the valuation of the PRRT DTAs recognised in the Group financial report against the requirements of Australian Accounting Standards, and (iv) Professionals with specialised skill and knowledge were used to assist in evaluating the appropriateness of the Group's assessment of recoverability of the PRRT DTAs including certain significant assumptions.

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162 \| Annual Report 2022 Independent auditor's report (cont.) 7 Key audit matter How our audit addressed the key audit matter Wheatstone CGU impairment reversal As described in Note B.4 to the Group financial report, the Group conducted an impairment assessment at 31 December 2022 and estimated the recoverable amount of the Wheatstone CGU. This resulted in the recognition of an impairment reversal of $900 million. The recoverable amount was estimated using a fair value less costs of disposal approach utilising a cash flow model. The Group's cash flow model included significant judgements and assumptions relating to oil and gas reserves and resources, estimates of future production and commodity prices, forecast operating costs and capital expenditures incorporating expected inflation and foreign exchange rates, discount rate assumptions, and estimates of carbon cost. The principal considerations for our determination that performing procedures relating to the assessment of impairment reversal is a key audit matter are: (i) there is a significant level of judgement applied by the Group, as well as the use of the Group's experts, in the determination of the significant estimates and assumptions included in the Wheatstone CGU impairment model, (ii) this in turn led to a high degree of auditor judgement, effort and subjectivity in performing procedures and evaluating the Group's significant assumptions and estimates, and (iii) the nature and extent of audit effort required to perform the procedures and evaluate the Group's significant assumptions and estimates required the use of professionals with specialised skill and knowledge. Our procedures included, among others: (i) assessing the appropriateness of significant estimates and assumptions applied by the Group, (ii) evaluating the work of the Group's experts involved in the determination of significant assumptions and estimates, (iii) evaluating the disclosures made regarding the Wheatstone CGU impairment reversal recognised in the Group financial report against the requirements of Australian Accounting Standards, and (iv) Professionals with specialised skill and knowledge were used to assist in evaluating the appropriateness of the Group's recoverable amount estimates.

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Woodside Energy Group Ltd \| 163 Independent auditor's report (cont.) 8 Other information The directors are responsible for the other information. The other information comprises the information included in the annual report for the year ended 31 December 2022, but does not include the financial report and our auditor's report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf. This description forms part of our auditor's report.

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164 \| Annual Report 2022 Independent auditor's report (cont.) 9 Report on the remuneration report Our opinion on the remuneration report We have audited the remuneration report included in pages 78 to 97 of the directors' report for the year ended 31 December 2022. In our opinion, the remuneration report of Woodside Energy Group Ltd for the year ended 31 December 2022 complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards. PricewaterhouseCoopers Justin Carroll Anthony Hodge Partner Perth 27 February 2023 Partner Perth 27 February 2023

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In accordance with the requirements of the Financial Accounting Standards Board (FASB) Accounting Standard Codification 'Extractive Activities-Oil and Gas' (Topic 932) and SEC requirements set out in Subpart 1200 of Regulation S-K, the Group is presenting certain disclosures about its oil and gas activities. These disclosures are presented below as supplementary oil and gas information, in addition to information relating to the reserves and production disclosed in section 3.9 of this report. The information set out in this section is referred to as unaudited as it is not included in the scope of the audit opinion of the independent auditor on Woodside's Financial Statements. Reserves Proved oil and gas reserves information is included in section 3.9—Reserves and Resources Statement. Capitalised costs relating to oil and gas production activities The following table shows the aggregate capitalised costs related to oil and gas exploration and production activities, and the related accumulated depreciation, depletion, amortisation and valuation provisions. Australia US$m International US$m Total US$m 2022 Unproved properties 1,154 1,834 2,988 Proved properties1 49,190 15,546 64,736 Total costs 50,344 17,380 67,724 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (24,353) (2,491) (26,844) Net capitalised costs 25,991 14,889 40,880 2021 Unproved properties 1,172 1,703 2,875 Proved properties1 38,352 2,517 40,869 Total costs 39,524 4,220 43,744 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (22,738) (1,958) (24,696) Net capitalised costs 16,786 2,262 19,048 2020 Unproved properties 2,709 1,750 4,459 Proved properties1 35,892 1,377 37,269 Total costs 38,601 3,127 41,728 Less: Accumulated depreciation, depletion, amortisation and valuation provisions (22,305) (2,111) (24,416) Net capitalised costs 16,296 1,016 17,312 1. Proved properties include the fair value ascribed to future phases of certain projects acquired through business combinations. S ectio n 6 : A D D I T I ONA L INFORMAT I ON S ectio n 6 . 1 Supplementary information on oil and gas—unaudited Woodside Energy Group Ltd \| 165

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Costs incurred relating to oil and gas property acquisition, exploration and development activities The following table shows the costs incurred related to oil and gas property acquisition, exploration and development activities (expensed and capitalised). Amounts shown include interest capitalised. Australia US$m International US$m Total US$m 2022 Acquisitions of proved property 8,488 11,098 19,586 Acquisitions of unproved property—180 180 Exploration1 39 541 580 Development2 2,365 1,740 4,105 Total costs3 10,892 13,559 24,451 2021 Acquisitions of proved property—205 205 Acquisitions of unproved property—7 7 Exploration1 459 84 543 Development 1,141 935 2,076 Total costs3 1,600 1,231 2,831 2020 Acquisitions of proved property—540 540 Acquisitions of unproved property—26 26 Exploration1 279 117 396 Development 987 256 1,243 Total costs3 1,266 939 2,205 1. Represents gross exploration expenditure, including capitalised exploration expenditure, geological and geophysical expenditure and development evaluation costs charged to income as incurred. 2. Total development costs includes $3,812 million of expenditure and $294 million of capitalised interest in 2022. 3. Total costs include $23,991 million (2021: $2,777 million, 2020: $2,138 million) capitalised during the year. 166 \| Annual Report 2022

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Results of operations from oil and gas production activities Australia US$m International US$m Total US$m 2022 Oil and gas revenue 12,453 1,575 14,028 Production costs (1,277) (353) (1,630) Exploration expenses (20) (440) (460) Depreciation, depletion, amortisation and valuation provision1 (1,476) (460) (1,936) Production taxes2 (429) (16) (445) Accretion expense3 (85) (23) (108) Income taxes (2,707) (151) (2,858) Royalty-related taxes4 (501)—(501) Results of oil and gas producing activities5 5,958 132 6,090 2021 Oil and gas revenue 5,624—5,624 Production costs (504)—(504) Exploration expenses (6) (48) (54) Depreciation, depletion, amortisation and valuation provision1 (501) (268) (769) Production taxes2 (218)—(218) Accretion expense3 (23) (1) (24) Income taxes (1,312)—(1,312) Royalty-related taxes4 ——Results of oil and gas producing activities5 3,060 (317) 2,743 2020 Oil and gas revenue 3,339—3,339 Production costs (550)—(550) Exploration expenses (8) (59) (67) Depreciation, depletion, amortisation and valuation provision1 (5,833) (1,137) (6,970) Production taxes2 (82)—(82) Accretion expense3 (27) (1) (28) Income taxes 948—948 Royalty-related taxes4 ——Results of oil and gas producing activities5 (2,213) (1,197) (3,410) 1. Includes valuation provision reversal of $900 million in 2022 (2021: reversal of $1,048 million and 2020: recognition of $5,269 million). 2. Includes royalties and excise duty. 3. Represents the unwinding of the discount on the closure and rehabilitation provision. 4. Includes petroleum resource rent tax and petroleum revenue tax where applicable. Excludes deferred tax expense/(benefit) of $(814) million (2021: $297 million; 2020: $(439) million). 5. This table reflects the results of our oil and gas activities as reported in Note A.1 Segment revenue and expenses in section 5 – Financial Statements. Other income, other expenses, general and administrative costs and amounts relating to the marketing and corporate/other segments within the note are excluded. Woodside Energy Group Ltd \| 167

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Standardised measure of discounted future net cash flows relating to proved oil and gas reserves (standardised measure) The following tables set out the standardised measure of discounted future net cash flows, and changes therein, related to the Group's estimated proved reserves as presented in Reserves, and should be read in conjunction with that disclosure. The analysis is prepared in compliance with FASB Oil and Gas Disclosure requirements, applying certain prescribed assumptions under Topic 932 including the use of unweighted average first-day-of-the-month market prices for the previous 12-months, year-end cost factors, currently enacted tax rates and an annual discount factor of 10% to year-end quantities of net proved reserves. Certain key assumptions prescribed under Topic 932 are arbitrary in nature and may not prove to be accurate. The reserve estimates on which the Standard measure is based are subject to revision as further technical information becomes available or economic conditions change. Discounted future net cash flows like those shown below are not intended to represent estimates of fair value. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated future changes in commodity prices, exchange rates, development and production costs as well as alternative discount factors representing the time value of money and adjustments for risk inherent in producing oil and gas. Woodside standardised measure year ended 31 December Australia US$m International US$m Total US$m 2022 Future cash inflows1 197,194 38,256 235,450 Future production costs1 (31,157) (9,698) (40,855) Future development costs2 (12,259) (4,487) (16,746) Future income taxes (62,182) (4,823) (67,005) Future net cash flows 91,596 19,248 110,844 Discount at 10% per annum (48,924) (7,777) (56,701) Standardised measure 42,672 11,471 54,143 2021 Future cash inflows1 76,202 5,695 81,897 Future production costs1 (22,193) (899) (23,092) Future development costs2 (8,296) (2,481) (10,777) Future income taxes (16,266) (90) (16,356) Future net cash flows 29,447 2,225 31,672 Discount at 10% per annum (14,793) (1,142) (15,935) Standardised measure 14,654 1,083 15,737 2020 Future cash inflows1 14,629—14,629 Future production costs1 (3,862)—(3,862) Future development costs2 (3,800)—(3,800) Future income taxes (1,023)—(1,023) Future net cash flows 5,944—5,944 Discount at 10% per annum (860)—(860) Standardised measure 5,084—5,084 1. Woodside have entered multiple term contracts relating to LNG volumes from our producing and sanctioned assets. Under a 2P reserves outcome, we produce a sufficient quantity of LNG to satisfy these contracts within expected timeframes. Therefore, we have not included the revenue and cost impact of LNG shortfalls under a SEC 1P reserves outcome. 2. Future development costs include decommissioning. 168 \| Annual Report 2022

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Changes in the standardised measure are presented in the following table. 2022 US$m 2021 US$m 2020 US$m Changes in the standardised measure Standardised measure at the beginning of the year 15,737 5,084 10,324 Revisions: Prices, net of production costs 22,558 7,741 (5,800) Changes in future development costs (873) 20 (29) Revisions of reserves quantity estimates 5,898 2,109 269 Accretion of discount 4,051 430 1,038 Changes in production timing and other 2,371 3,485 (1,180) Sales of oil and gas, net of production costs (10,202) (5,698) (2,666) Acquisitions of reserves-in-place 28,309 — Sales of reserves-in-place ——Previously estimated development costs incurred 3,339 565 702 Extensions, discoveries, and improved recoveries, net of future costs—8,346 44 Changes in future income taxes (17,045) (6,345) 2,382 Standardised measure at the end of the year 54,143 15,737 5,084 1. Changes in reserves quantities are shown in section 3.9—Reserves and Resources Statement. Accounting for suspended exploratory well costs Expenditure on exploration and evaluation is accounted for in accordance with the area of interest method. Areas of interest are based on a geographical area for which the rights of tenure are current. All exploration and evaluation expenditure, including general permit activity, geological and geophysical costs and new venture activity costs, is expensed as incurred except for the following: • where the expenditure relates to an exploration discovery for which the assessment of the existence or otherwise of economically recoverable hydrocarbons is not yet complete; or • where the expenditure is expected to be recouped through successful exploitation of the area of interest, or alternatively, by its sale. The costs of acquiring interests in new exploration and evaluation licences are capitalised. The costs of drilling exploration wells are initially capitalised pending the results of the well. Costs are expensed where the well does not result in the successful discovery of economically recoverable hydrocarbons and the recognition of an area of interest. Subsequent to the recognition of an area of interest, all further evaluation costs relating to that area of interest are capitalised. Upon approval for the commercial development of an area of interest, accumulated expenditure for the area of interest is transferred to oil and gas properties. In the consolidated statement of cash flows, those cash flows associated with capitalised exploration and evaluation expenditure, including unsuccessful wells, are classified as cash flows used in investing activities. Woodside Energy Group Ltd \| 169

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The following table provides the changes to the capitalised exploratory well costs that were pending the determination of proved reserves for the three years ended 31 December 2022, 31 December 2021 and 31 December 2020. 2022 US$m 2021 US$m 2020 US$m Movement in capitalised exploratory well costs1 At the beginning of the year 614 2,045 3,809 Acquisitions to the capitalised exploratory well costs pending the determination of proved reserves 180 — Additions to the capitalised exploratory well costs pending the determination of proved reserves 111 501 399 Capitalised exploratory well costs expensed2,3 (62) (268) (1,571) Capitalised exploratory well costs reclassified to wells, equipment and facilities based on the determination of proved reserves (36) (1,664) (592) Sale of suspended wells ——At the end of the year 807 614 2,045 1. Suspended exploratory well costs represent capitalised exploration, evaluation and permit acquisition costs. 2. Includes $1,557 million of impairment losses in 2020. 3. Includes amortisation of licence acquisition costs. The following table provides an ageing of capitalised exploratory well costs, based on the date the drilling was completed, and the number of projects for which exploratory well costs has been capitalised for a period greater than one year since the completion of drilling.1 Exploration activity typically involves drilling multiple wells, over a number of years, to fully evaluate and appraise a project. The term 'project' as used in this disclosure refers primarily to individual wells and associated exploratory activities. 2022 US$m 2021 US$m 2020 US$m Ageing of capitalised exploratory well costs Exploratory well costs capitalised for a period of one year or less 124 19 330 Exploratory well costs capitalised for a period greater than one year 683 595 1,715 At the end of the year 807 614 2,045 2022 2021 2020 Number of projects that have been capitalised for a period greater than one year 21 25 13 1. Ageing of exploratory wells considers dates prior to the merger with BHP's petroleum business which completed on 1 June 2022. 170 \| Annual Report 2022

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Section 6 . 2 Three-year financial analysis Three-year pricing overview Woodside's results from operations is strongly influenced by the prices it receives for its products. Over the last three years, oil and gas prices have experienced significant volatility. Oil and gas prices hit record lows in 2020 as the impacts of the COVID-19 pandemic affected world economies. In 2021 prices improved as economic activity increased. In 2022 gas prices hit record highs driven by years of underinvestment and the supply shock caused by Russia's invasion of Ukraine. In 2022 there was a significant increase in the scale of Woodside's production portfolio, with the completion of the merger with BHP's petroleum business on 1 June 2022. Seasonality Woodside's revenue is exposed to commodity price fluctuations through the sale of hydrocarbons. Commodity pricing can be affected by seasonal energy demand movements in different markets. Financial results 2022 US$m 2021 US$m 2020 US$m Operating revenue 16,817 6,962 3,600 Cost of sales (6,540) (3,845) (2,985) Gross profit 10,277 3,117 615 Other income 735 139 (36) Other expenses (2,726) (811) (481) Impairment losses—(10) (5,269) Impairment reversals 900 1,058—Profit/(loss) before tax and net finance costs 9,186 3,493 (5,171) Net finance costs (12) (203) (269) Total tax (expense)/benefit (2,599) (1,254) 1,465 Profit/(loss) after tax 6,575 2,036 (3,975) Attributable to equity holders of the parent 6,498 1,983 (4,028) Attributable to non-controlling interests 77 53 53 Profit/(loss) for the period 6,575 2,036 (3,975) Woodside's profit/(loss) after tax attributable to equity holders of the parent increased to $6,498 million in 2022 from $1,983 million in 2021 and ($4,028) million in 2020. Operating revenue of $16,817 million increased by $9,855 million, or 142%, from 2021. The increase was driven by the merger with BHP's petroleum business which completed on 1 June 2022, the Pluto-KGP interconnector, strong operational performance and higher realised prices across all products. Operating revenue increased by $3,362 million from 2020 to 2021, driven primarily by higher trading activity and higher average realised prices resulting from strengthening demand and an improvement in the trading environment. Cost of sales increased by $2,695 million, or 70%, to $6,540 from 2021. The increase was driven by additional volumes as a result of the merger with BHP's petroleum business and the Pluto-KGP Interconnector, as well as higher costs related to Corpus Christi and Pluto cargoes. Cost of sales increased by $860 million from 2020 to 2021 primarily due to higher royalties and excise costs as a result of higher pricing and associated revenue. Other income increased by $596 million, or 429%, to $735 million from 2021, primarily due to a profit on the sell-down of Pluto Train 2. Other income increased by $175 million from 2020 to 2021, primarily due to income from Pluto volumes delivered into Wheatstone's sales commitment and net foreign exchange gains. Other expenses increased by $1,915 million, or 236%, to $2,726 million from 2021, primarily due to higher losses on hedging activities and repurchase agreements, and transaction and integration costs relating to the merger with BHP's petroleum business. The increased activity that comes with a larger, more diverse portfolio of assets has led to an increase in expenses associated to exploration activity and restoration movements. Other expenses increased $330 million from 2020 to 2021, driven by the Group's decision to exit Myanmar in 2021. In 2022, an impairment reversal of $900 million was recognised for the Wheatstone asset, compared to an impairment reversal of $1,058 million in 2021. For more information on impairment refer to Note B.4 Impairment of goodwill, exploration and evaluation and oil and gas properties in section 5—Financial Statements. Woodside Energy Group Ltd \| 171

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Net finance costs decreased by $191 million, or 94%, from 2021, to $12 million. This was primarily due to higher interest income generated from higher interest rates and cash balances and a reduction in finance costs due to higher capitalised borrowing costs. Net finance costs decreased $66 million from 2020 to 2021 as a result of a lower finance expense with the redemption of the 2021 US unsecured bond for $700 million and interest capitalised against qualifying assets; finance income was also lower due to a reduction in interest earned on US term deposits driven by lower interest rates and lower balances on deposit. Total tax expense comprises income tax and petroleum resource rent tax (PRRT). Both income tax expense and PRRT expense increased from 2021 prior to the recognition of additional PRRT deferred tax assets. Higher realised prices in 2022 led to additional PRRT payments however also supported the recognition of additional Pluto deferred tax assets ($1,362 million) which has resulted in a 2022 net PRRT tax benefit. PRRT expense has therefore decreased from 2021 by $610 million, or 205%, to $313 million benefit due to the Pluto deferred tax asset recognition and the impairment reversal in 2021 not present in 2022. PRRT expense increased $736 million from 2020 to 2021, primarily due to the impact of the impairment reversal and the effect of higher operating revenue. Income tax increased by $1,955 million, or 204%, to $2,912 million. The increases are primarily related to higher profits due to higher prices and additional production. Income tax expense increased $1,983 million from 2020 to 2021, primarily due to higher taxable income from the effect of higher revenue and impairment reversals. Volumes, realised prices and operating revenues by product The following describes movements in Woodside's operating revenues including a discussion of production volumes, sales volumes and realised prices for the years ending 31 December 2022, 2021 and 2020. Units 2022 2021 2020 Production volumes LNG MMboe 85.1 70.8 75.0 Pipeline gas MMboe 28.6 2.5 5.3 Crude oil and condensate MMboe 38.7 17.3 19.5 NGLs MMboe 5.3 0.5 0.5 Total production MMboe 157.7 91.1 100.3 Sales volumes LNG MMboe 96.6 91.2 81.2 Pipeline gas MMboe 28.4 2.5 5.3 Crude oil and condensate MMboe 39.3 17.2 19.9 NGLs MMboe 4.6 0.7 0.4 Total sales volumes MMboe 168.9 111.6 106.8 Units 2022 2021 2020 Average realised prices LNG $/boe 116.9 58.8 31.2 Pipeline gas $/boe 47.8 17.0 13.9 Crude oil and condensate $/boe 95.8 76.4 42.4 NGLs $/boe 44.4 82.4 44.3 Volume – weighted average $/boe 98.4 60.7 32.4 Operating revenues LNG $m 11,289 5,359 2,519 Pipeline gas $m 1,362 43 73 Crude oil and condensate $m 3,758 1,316 843 NGLs $m 206 60 16 Operating revenue $m 16,615 6,778 3,451 LNG Revenue from the sale of LNG increased by $5,930 million, or 111%, to $11,289 million for 2022 from 2021, primarily due to increased volumes following the merger with BHP's petroleum business and the contribution of the Pluto-KGP interconnector during a period of higher average realised prices. Revenue from the sale of LNG increased by $2,840 million, or 113%, to $5,359 million for 2021, from 2020 due to an increase in average LNG realised price and additional volumes. Pipeline gas Revenue from the sale of pipeline gas increased by $1,319 million, or 3,067%, to $1,362 million for 2022 from 2021, primarily due to increased pipeline gas volumes as a result of the merger with BHP's petroleum business and higher average realised prices. Revenue from the sale of pipeline gas decreased by $30 million, or 41%, to $43 million for 2021, from 2020 primarily driven by the expiration of domestic gas contract obligations in June 2020. The average realised price for 2021 remained comparable to the average realised pipeline gas price in 2020. Crude oil and condensate Revenue from the sale of crude oil and condensate increased by $2,442 million, or 186%, to $3,758 million for 2022 from 2021, due to increased crude oil and condensate volumes primarily as a result of the merger with BHP's petroleum business as well as higher average realised prices. Revenue from the sale of crude oil and condensate increased by $473 million, or 56%, to $1,316 million due to higher pricing, offset by marginally lower production volumes. NGLs Revenue from the sale of NGLs increased by $146 million, or 243%, to $206 million for 2022 from 2021, due to increased NGLs volumes as a result of the merger with BHP's petroleum business offset by a decreased average realised price. Revenue from the sale of NGLs increased by $44 million, or 275%, to $60 million primarily due to increased prices. 172 \| Annual Report 2022

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Performance by segment Woodside has identified its operating segments based on the internal reports that are reviewed and used by the Chief Executive Officer in assessing performance, and are based on the nature and geographical location of the related activity. For more information on our reportable segments, please refer to Note A.1 Segment revenue and expenses in section 5—Financial Statements. The merger with BHP's petroleum business on 1 June 2022 has transformed Woodside into a global energy company and has led to a change in how financial information is reported. Woodside's 2021 and 2020 segment comparatives have been restated to align with this presentation. The performance of operating segments is evaluated based on profit before tax and net finance costs and is measured in accordance with Woodside's accounting policies. Financing requirements, including cash and debt balances, finance income, finance costs and taxes for Woodside and its subsidiaries are managed at a group level. Australia Detailed below is the financial and operating information for our Australian operations comparing 2022, 2021 and 2020. Key metric 2022 2021 2020 Operating revenue $m 12,299 5,240 3,421 Profit before tax and net finance costs $m 9,415 3,711 (3,160) Total production MMboe 136.6 91.1 100.3 Average realised prices LNG $/boe 108.5 56.3 31.8 Pipeline gas $/boe 47.6 17.0 13.9 Crude oil and condensate $/boe 99.9 76.4 42.4 Natural gas liquids $/boe 47.2 82.4 44.3 Financial results Operating revenue of $12,299 million, has increased by $7,059 million, or 135%, from 2021 underpinned by strong operational reliability, increased volumes and higher realised prices across all products. The increase in volumes was primarily as a result of the merger with BHP's petroleum business and the contribution of the Pluto-KGP interconnector. Refer to the section entitled 'Three-year pricing overview' for more information. Profit before tax and net finance costs of $9,415 million, has increased by $5,704 million, or 154%, from 2021 primarily due to increased operating revenue and the profit on the sell-down of Pluto Train 2 ($427 million) and an impairment reversal recognised on Wheatstone ($900 million), offset by increased cost of sales ($1,693 million) and increased restoration provisions ($154 million). The increased cost of sales is driven by production and price-linked costs ($808 million) and increased depreciation ($777 million) primarily relating to acquired BHP assets. Operating revenue increased by $1,819 million in 2021 from 2020 primarily due to higher realised prices across all products and strong operational performance. Profit before tax and net finance costs increased by $6,871 million in 2021 from 2020 primarily due to increased revenue from higher realised prices, impairment losses recognised for various assets in 2020 not present in 2021 and impairment reversals for NWS Gas and Pluto-Scarborough recognised in 2021 not present in 2020. Production The Australia segment achieved an increase in production volumes of 45.5 MMboe in 2022 compared to 2021, primarily due to the merger with BHP's petroleum business and the Pluto-KGP Interconnector along with strong operational performance. Production volumes for the Australia segment decreased by 9.2 MMboe in 2021 compared to 2020 primarily due to the expiry of NWS joint domestic gas contract obligations, cessation of production from the Angel field in 2020, turnaround activity on NWS Project and Wheatstone and the impact of weather events in 2021. International Detailed below is financial and operating information for our international operations comparing 2022, 2021 and 2020. Key metric 2022 2021 2020 Operating revenue $m 1,570 — Profit before tax and net finance costs $m 125 (317) (1,315) Total production MMboe 21.1 — Average realised prices Pipeline gas $/boe 49.0 — Crude oil and condensate $/boe 88.7 — Natural gas liquids $/boe 31.3 — Financial results Operating revenue of $1,570 million is due to the introduction of sales volumes as a result of the merger with BHP's petroleum business. For more information refer to Note A.1 Segment revenue and expenses in section 5—Financial Statements. Profit before tax and net finance costs of $125 million, has increased by $442 million, or 139%, from 2021 primarily due to increased operating revenue, offset by increased cost of sales ($837 million) and other expenses ($297 million). Increased cost of sales is driven primarily by production and price-linked costs ($352 million) and depreciation ($439 million) as a result of the merger with BHP's petroleum business. The increased other expenses primarily relates to increased exploration and evaluation expenditure ($250 million) and increased restoration provision movements ($58 million), offset by Myanmar write-offs in 2021 not present in 2022 ($265 million). There was no operating revenue reported in this segment for 2021 and 2020. Woodside Energy Group Ltd \| 173

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Loss before tax and net finance costs decreased by $998 million in 2021 from 2020 primarily due to impairment losses for Senegal, Canada and Sunrise recognised in 2020 not present in 2021, partially offset by the write-off of Myanmar exploration wells in 2021 following relinquishment of the blocks and withdrawal from Myanmar. Production The International segment achieved production of 21.1 MMboe 2022 due to the introduction of volume as a result of the merger with BHP's petroleum business. Previously no production was recorded within the segment. Marketing Detailed below is financial and operating information for our marketing operations comparing 2022, 2021 and 2020. Key metric 2022 2021 2020 Operating revenue $m 2,948 1,722 179 Profit before tax and net finance costs $m 848 354 (377) Average realised prices LNG $/boe 165.6 66.6 22.8 Financial results Operating revenue of $2,948 million, has increased by $1,226 million, or 71%, from 2021 primarily due to higher trading revenue due to higher realised prices and optimisation of scheduling and shipping, offset by fewer third-party trades as a result of tight market conditions. Profit before tax and net finance costs of $848 million, has increased by $494 million, or 140%, from 2021 primarily due to increased operating revenue and movements in onerous contract provisions ($76 million), offset by higher shipping and trading costs ($299 million) and increased other expenses predominantly due to attributable hedging losses and movement on repurchase agreements ($503 million). Operating revenue has increased by $1,543 million in 2021 from 2020 primarily due to a significant increase in traded LNG cargoes in response to favourable market conditions, including an increase in the number of Corpus Christi cargoes lifted. Profit before tax and net finance costs increased by $731 million in 2021 from 2020 primarily due to increased trading activity and favourable movements in onerous contract provisions. Corporate/Other Items Detailed below is financial information for our Corporate/Other Items comparing 2022, 2021 and 2020. 2022 2021 2020 Loss before tax and net finance costs $m (1,202) (255) (319) Loss before tax and net finance costs of $1,202 million, has increased by $947 million, or 371%, from 2021 primarily due to an increase in other expenses ($966 million) driven by increased general, administrative and other costs primarily as a result of transaction and other costs associated with the merger with BHP's petroleum business ($595 million) and increased losses on hedging activities ($422 million). Loss before tax and net finance costs has decreased by $64 million in 2021 from 2020 primarily due to higher foreign exchange gains. Capital and exploration expenditure Woodside's capital expenditures vary from year to year depending on the projects that it is undertaking, their stage of development and Woodside's participating share in these projects. Woodside's business does not generally require significant sustaining capital in order to maintain production. Woodside's exploration expenditures vary from year to year depending on its strategic priorities and the exploration projects which it undertakes. For more information, refer to Notes B.1 Segment production and growth assets, B.2 Exploration and evaluation and B.3 Oil and gas properties in section 5—Financial Statements. Capital and exploration expenditure geographical split 2022 $m 2021 $m 2020 $m Australia1 2,351 1,607 1,126 International2 2,090 1,121 887 4,441 2,728 2,013 1. Capital and exploration expenditure incurred in Australia. 2. Capital and exploration expenditure incurred in all other locations excluding Australia. Australian capital and exploration expenditure increased by $744 million, or 46%, to $2,351 million from 2021 to 2022 and $481 million from 2020 to 2021 primarily due to continued investment into the Scarborough and Pluto Train 2 assets. International capital and exploration expenditure increased by $969 million, or 86%, to $2,090 million from 2021, primarily due to continued investment into Sangomar and the introduction of spending in the Gulf of Mexico as a result of the merger with BHP's petroleum business. The increased expenditure of $234 million from 2020 to 2021 was primarily due to investments in the Sangomar project. 174 \| Annual Report 2022

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Cash flow analysis The following section describes movements in Woodside's cash flows for the years ending 31 December 2022, 2021 and 2020. 2022 $m 2021 $m 2020 $m Net cash from operating activities 8,811 3,792 1,849 Net cash used in investing activities (2,265) (2,941) (2,112) Net cash used in financing activities (3,364) (1,424) (203) Net increase/(decrease) in cash 3,182 (573) (466) Net cash from operating activities Net cash from operating activities increased $5,019 million, or 132%, to $8,811 million from 2021, primarily due to increased cash generated from operations ($6,515 million) offset by higher taxes paid due to the higher profits ($947 million), additional restoration payments made as a result of increased decommissioning activities ($225 million) and increased collateral payments made relating to the Brent hedges ($506 million). Net cash from operating activities increased $1,943 million, or 105%, to $3,792 million from 2020 to 2021, driven by higher cash generated from operations and lower borrowing costs. Net cash used in investing activities Net cash used in investing activities decreased $676 million, or 23%, to $2,265 million from 2021, primarily due to cash receipts from the merger with BHP's petroleum business ($1,082 million), payments made to acquire joint arrangements in 2021 not present in 2022 ($212 million), higher proceeds from the disposal of property, plant and equipment ($123 million) and lower payments made to Petrosen under the loan facility ($158m million) offset by higher capital expenditure predominantly related to Scarborough and Pluto Train 2, excluding the effect of GIP additional contribution to Pluto Train 2. Net cash used in investing activities increased $829 million, or 39%, to $2,941 million from 2020 to 2021, driven by higher payments for capital and exploration expenditure for Scarborough (which primarily relate to the contingent payment paid on FID) and Sangomar, and higher advances to Petrosen under the loan facility. Net cash used in financing activities Net cash used in financing activities increased $1,940 million, or 136%, to $3,364 million from 2021, primarily due to higher dividends paid to external shareholders as a result of the increased NPAT in the current year ($2,269 million), higher repayments for the purchase of shares under the dividend reinvestment plan ($144 million) and lower repayments of borrowings predominantly due to the repayment of the 2021 US bond in the prior period ($501 million). Net cash used in financing activities increased $1,221 million, or 601%, to $1,424 million from 2020 to 2021, primarily due to higher repayment of borrowings and higher lease repayments due to new drilling leases relating to Sangomar, offset by lower proceeds from borrowings raised and lower net dividends paid. Woodside Energy Group Ltd \| 175

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Employees As of 31 December 2022, Woodside had approximately 4,427 employees, the majority of whom are located in Australia and the United States of America (USA). The increase in the number of employees from 2021 was due to the merger with BHP's petroleum business, which completed on 1 June 2022. Woodside regularly engages with our workforce and supports freedom of association. Our employees are free to join or not to join a labour union. Woodside strives to maintain a positive relationship with employees and labour unions and believes that the relationship between its management and labour union is generally positive. Employment region (number of staff by region)1 2022 2021 2020 Australia 3,338 3,660 3,705 Africa and Middle East 50 35 9 Asia 71 48 49 Caribbean2 108 NPR NPR Europe 11 8 7 USA and Canada 849 13 7 Total 4,427 3,764 3,777 Total number of contractors 394 267 235 1. Vacation students are included in relevant numbers where appropriate. 2. NPR stands for 'not previously reported'. Quantitative and qualitative disclosures about market risk In the normal course of business, Woodside is exposed to commodity price, foreign currency exchange rate and interest rate risks that could impact Woodside's financial position and results of operations. Woodside's risk management strategy with respect to these market risks may include the use of derivative financial instruments. Woodside uses derivative contracts to manage commodity price volatility, foreign exchange rate volatility on capital expenditure plans and interest rate exposure on financing activities. Actual gains and losses in the future may differ materially from the sensitivity analyses based on changes in the timing and amount of commodity price, foreign currency exchange rate and interest rate movements and Woodside's actual exposures and derivatives in place at the time of the change, as well as the effectiveness of the derivative to hedge the related exposure. Commodity price risk management Woodside's revenues are primarily derived from sales of LNG, crude oil, condensate, pipeline gas and NGLs. Consequently, Woodside's results of operations are strongly influenced by the prices it receives for these products, which in the case of oil and condensate are primarily determined by prevailing crude oil prices and in the case of pipeline gas, NGLs and LNG are primarily determined by prevailing crude oil prices as well as some fixed pricing and other price indexes (such as Henry Hub and the Japan Korea Marker). For the year ended 31 December 2022, the majority (approximately 75%) of Woodside's production was attributed to natural gas, comprising LNG, NGLs and pipeline gas and the remaining portion (approximately 25%) of Woodside's production was attributed to oil and condensate. LNG market conditions including, but not limited to, supply and demand, are unpredictable and are beyond Woodside's control. In particular, supply and demand for, and pricing of, LNG remain sensitive to energy prices, external economic and political factors, weather, climate conditions, natural disasters (including pandemics), timing of FIDs for new operations, construction and start up and operating costs for new LNG supply, buyer preferences for LNG, coal or crude oil and evolving buyer preferences for different LNG price regimes and the energy transition. Buyers and sellers of LNG are increasingly more flexible with the way they transact, and contracts may involve hybrid pricing that is linked to other indices such as the Intercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil price) or the Japanese Crude Cocktail, which is the average price of customs-cleared crude oil imports into Japan as reported in customs statistics. Typically, only LNG supplied from the US was based on a component linked to movements in the US Henry Hub plus certain fixed and variable components. This type of pricing structure may become a component of the weighted average price into Asia and other markets since LNG supply and trade has globalised, and increasingly the lowest cost supply is setting the floor for long-term average global natural gas prices with transportation costs accounting for regional differences. Tenders may also be used by suppliers and buyers, typically for shorter-term contracts. In addition, long-term LNG contracts typically contain price review mechanisms which sometimes need to be resolved by expert determination or arbitration. The use of these independent resolution mechanisms are likely to be more prevalent in volatile commodity markets. Alternatives to fossil fuel-based products for the generation of electricity, for example nuclear power and renewable energy sources, are continually under development and, if these alternatives continue to gain market share, they could also have a material impact on demand for LNG, which in turn may negatively impact Woodside's business, results of operations and financial condition in the longer-term. Oil prices can be very volatile, and periods of sustained low prices could result in changes to Woodside's carrying value assumptions and may also reduce the reported net profit for the relevant period. The price of crude oil may be affected by factors beyond Woodside's control, such as worldwide oil supply and Section 6 . 3 Additional disclosures 176 \| Annual Report 2022

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demand, the level of economic activity in the markets Woodside serves, regional political developments and military conflicts (including the ongoing Russia-Ukraine conflict), weather conditions and natural disasters, conservation and environmental protection efforts, the level of crude oil inventories, the ability of OPEC and other major oil-producing or oil-consuming nations to influence global production levels and prices, sanctions on the production or export of oil, governmental regulations and actions, including the imposition of taxes, trade restrictions, market uncertainty and speculative activities by those who buy and sell oil and gas on the world markets, commodity futures trading, availability and capacity of infrastructure, supply chain disruptions, processing facilities and necessary transportation, the price and availability of new technology, the availability and cost of alternative sources of energy, and the impact of climate change considerations and actions towards energy transition on the demand for key commodities which Woodside produces. The transition to lower carbon sources of energy in many parts of the world (driven by ESG and climate change concerns) may affect demand for Woodside's products, including crude oil, natural gas and LNG, which in turn may affect the price received (or expected to be received) for these products. Material adverse price impacts (including as a result of the energy transition) may affect the economic performance (including as to margins and cash flows) of, and longevity of production from, Woodside's existing and future production assets, and ultimately the financial performance of Woodside. It is impossible to predict future crude oil, LNG and natural gas price movements with certainty. A low crude oil price environment or declines in the price of crude oil, in LNG and natural gas prices, could adversely affect Woodside's business, results of operations and financial condition and liquidity. They could also negatively impact its ability to access sources of capital, including equity and debt markets. Those circumstances may also adversely impact Woodside's ability to finance planned capital expenditures, including development projects, and may change the economics of operating certain wells, which could result in a reduction in the volume of Woodside's reserves. Declines in crude oil, LNG and natural gas prices, especially sustained declines, may also reduce the amount of oil and gas that it can produce economically, reduce the economic viability of planned projects or of assets that it plans to acquire or has acquired and may reduce the expected value and the potential commerciality of exploration and appraisal assets. Those reductions may result in substantial downward adjustments to Woodside's estimated proved reserves and require additional write-downs of the value of its oil and gas properties. Sales contracts with the National Gas Company of Trinidad and Tobago relating to production from Woodside's Trinidad and Tobago operations are linked to ammonia pricing. Similar to crude oil, LNG and natural gas, it is impossible to predict future ammonia prices with certainty. There can be no assurance that Woodside will successfully manage its exposure to commodity prices. There is also counterparty risk associated with derivative contracts. If any counterparty to Woodside's derivative instruments were to default or seek bankruptcy protection, it could subject a larger percentage of Woodside's future oil and gas production to price changes and could have a negative effect on Woodside's financial performance, including its ability to fund future projects. Whether Woodside engages in hedging and other oil and gas derivative contracts on a limited basis or otherwise, Woodside will remain exposed to fluctuations in crude oil prices. Foreign exchange and interest rate risk management Refer to sections A and C in section 5—Financial Statements for further information on foreign exchange and interest rate risks. Government regulations Woodside's assets and exploration, development, extraction and production operations are subject to a wide range of laws and regulations imposed by governments and regulatory bodies. These regulations touch all aspects of our assets, including how we extract, process and explore for oil and natural gas and how we conduct our business, including regulations governing matters such as environmental protection, land rehabilitation and facilities decommissioning, occupational health and safety, human rights, the rights and interests of First Nations peoples, competition, foreign investment, export, marketing of oil and natural gas and taxes. The ability to extract and process oil and natural gas is fundamental to our business. In most jurisdictions, the rights to explore for and extract petroleum deposits are owned by the government. We obtain the right to access the land and extract the product by entering into licences or leases with the government that owns the oil or natural gas deposit. Usually, the right to explore for oil and natural gas carries with it the obligation to spend a defined amount of money on the exploration, or to undertake particular exploration activities. We also rely on governments to grant the rights necessary to transport and treat the extracted petroleum to prepare it for sale. The terms of the right, including the time period of the right, vary depending on the laws of the relevant government or terms negotiated with the relevant government. In certain jurisdictions where we have assets, such as Trinidad and Tobago, and Senegal, a production sharing contract (PSC) governs the relationship between the government and companies (typically referred to as 'Contractor') concerning, among other things, how much of the oil and gas extracted from the country each party will receive. Under PSCs, the government awards exclusive rights for the execution of exploration, development and production activities to the Contractor in accordance with the PSC's terms. Generally speaking the Contractor bears the financial risk of the initiative to explore, develop and ultimately produce the field. When successful, the Contractor is permitted to use a certain set percentage of produced oil and gas to recover its capital and operational expenditures, often called 'cost oil.' The remaining production (often called 'profit oil') is split between the government and the Woodside Energy Group Ltd \| 177

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Contractor at a rate determined by the government and set out in the PSC. The PSC may also include additional fiscal terms such as royalties, production bonuses and tax treatment, and other contractual terms addressing domestic supply obligations, local content, measurement and valuation. PSCs are bilateral contracts negotiated between the Contractor and the government and so each is necessarily on different terms. Applicable laws and regulations and any permits that Woodside is required to obtain under these laws, may obligate Woodside to identify, avoid, mitigate and disclose environmental risks in various operational practices, including, among others, through pursuing and obtaining permits before commencing activities, restricting air and water emissions and waste discharges, limiting the type, quantity and concentration of various substances that can be utilised or released into the environment, addressing potential or actual impacts to protected species or cultural resources, monitoring or remediating contamination under certain circumstances, establishing and following certain inspection, testing and maintenance protocols, and disclosing certain operational practices. Moreover, environmental permits required for our operations may be subject to legal challenges by third parties, and such challenges can materially and adversely affect our operations to the extent they delay or prevent obtaining approvals or permits required for our operations, or otherwise require incurring increased costs in order to obtain such approvals or permits. Applicable environmental laws and regulations may also dictate worker health and safety and community notification procedures. In addition, from time to time, certain trade sanctions are adopted by the United Nations (UN) Security Council and/ or various governments, including in the United Kingdom, the United States, the European Union (EU), China and Australia against certain countries, entities or individuals, that may restrict our ability to sell extracted minerals, oil or natural gas to, and/or our ability to purchase goods or services from, these countries, entities or individuals. This summary focuses on the Australian and United States regulatory regimes. It is not a full summary of the regulatory regimes in those jurisdictions nor is it a complete list of the legislation and regulation that applies to Woodside. Woodside is also subject to environmental and other regulations to varying degrees in each of the jurisdictions in which it has assets and operations. Australia In Australia, petroleum exploration and development takes place within a legal framework characterised by a division of responsibilities between the federal and the state or territory governments. Exploration and development conducted onshore and within three nautical miles of the territorial sea baseline of the relevant state or territory are the responsibility of the individual state or territory governments. The Australian federal government has legislative responsibility for Australian offshore petroleum exploration and production beyond the three nautical mile territorial sea, which encompasses the area of most relevance to Woodside's offshore activities. In addition, Woodside has certain onshore operations in Victoria and Western Australia which are subject to various state legislation. Environmental regulation Woodside's Australian operations are subject to federal, state and local environmental laws and regulations. For offshore petroleum activities, these laws and regulations generally require the acquisition of an approval before any activity commences and require that for any activities, environmental risks are identified and controls put in place to reduce or eliminate the risks. For exploration drilling and seismic activities, this is outlined in an environment plan accepted by independent statutory authority; as an operation goes into construction, commissioning and production, a whole project proposal and revised environment plan is required to be submitted for approval. These laws and regulations also restrict the type, quantity and concentration of various substances that can be utilised or released into the environment in connection with marine and land-based activities; limit or prohibit drilling and seismic or production activities in and near certain environmentally sensitive or protected areas; and impose criminal and civil liabilities for pollution or other unauthorised impacts to the environment resulting from oil, natural gas and petrochemical operations. In addition, Australian environmental laws and regulations also include restrictions on air emissions and water discharges resulting from the operation of drilling equipment, processing facilities, pipelines and transport vessels and require Woodside to periodically report on and manage greenhouse gas emissions. These laws also regulate the use, management and disposal of hazardous materials and general waste; prohibit the clearing of native vegetation without approval and protect Aboriginal heritage and biodiversity; and require Woodside to prepare and implement safety and environmental management plans. Woodside is required to provide bonds for any rehabilitation, clean-up or pollution prevention work that may be necessary as a result of the construction, decommissioning or removal of a pipeline and to report, monitor or remediate contamination under certain circumstances. Woodside is subject to 'strict liability' for oil spills, rendering it liable without regard to negligence or fault and may be subject to fines and other penalties for breaches of laws, regulations, licences or approvals. The requirements imposed by environmental laws and regulations are subject to change and have tended to become stricter over time. The modification of existing foreign or domestic laws or regulations or the adoption of new laws or regulations curtailing exploratory or development drilling for oil and gas for economic, political, social, environmental or other reasons could have a material adverse effect on Woodside's business, financial condition or results of operations. There is ongoing and increasing public pressure on the government to accelerate its carbon emissions reduction program. At present, state and federal governments are developing carbon regimes designed to achieve net zero outcomes by 2050. As such, there 178 \| Annual Report 2022

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remains significant uncertainty regarding the future of climate change regulation in Australia and the effect it may have on Woodside's business. Fair Work Act amendments In December 2022, the Australian federal government passed the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 (Cth) (Act). The Act amends the Fair Work Act 2009 (Cth) and the amendments will take effect during the first half of 2023. In summary, the key changes being implemented through the Act are as follows: • Agreements covering multiple employers: employers can be required to bargain for agreements that cover multiple employers. Employees are also able to take protected industrial action or seek bargaining orders in support of these agreements and there are limits on employers'/employees' ability to remove themselves as parties to them. • Bargaining disputes: broader powers for the Fair Work Commission to intervene and make workplace determinations (effectively arbitrating an enterprise agreement) where bargaining is 'intractable'. • Industrial action: the removal of limitations on protected industrial action in relation to multi-enterprise agreements, but the inclusion of an obligation to attend Fair Work Commission mediation/conciliation before protected industrial action is taken (which applies to all forms of enterprise agreements except the 'cooperative' multi-enterprise stream where protected industrial action is not available). • Terminating agreements: reduced scope for termination of enterprise agreements, particularly during bargaining, and the sunsetting of 'zombie' agreements within 12 months of commencement (unless an extension is granted of up to 4 years). • Enterprise agreement approval process: bargaining may start when an employee bargaining representative gives notice in certain circumstances (and without a majority support determination), certain pre-approval requirements have been removed, the 'genuinely agreed' test has been retained, the 'better off overall test' (BOOT) has been simplified and must involve a global (not line by line) assessment, the Fair Work Commission can amend an enterprise agreement during the approval process rather than relying on employer undertakings, and parties may apply for a reassessment of the BOOT during the life of the enterprise agreement (e.g. if employees' work patterns change). Decommissioning liability amendments On 2 September 2021, the Australian federal parliament passed the Offshore Petroleum and Greenhouse Gas Storage Amendment (Titles Administration and Other Measures) Act 2021 (Cth) which, among other changes, amends the OPGGSA to impose new trailing liability and change of control provisions. The amendments took effect from 2 March 2022. The changes to the trailing liability regime expand the existing powers of the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) and the Minister including the ability to recall any former titleholder to undertake decommissioning activities on a title area. These powers are retrospective in their application and apply to titles that are currently in force as well as to titles that ceased to be in force on or after 1 January 2021. Under the new change in control provisions, any change in control must be pre-approved by the National Offshore Petroleum Titles Administrator (NOPTA). A person is said to "control" a titleholder if they hold 20% or more of the voting rights or issued securities in that titleholder. A change of control will occur if a person controls the titleholder ("original controller") and either another person begins to control the titleholder or the original controller ceases to control the titleholder. In addition to the OPA and regulations, NOPTA will have reference to the applicant suitability guidelines published by the Department of Industry, Science, Energy and Resources in determining change of control applications. Santos Barossa decision In December 2022, the Full Court of the Federal Court of Australia handed down its decision in Santos NA Barossa Pty Ltd v Tipakalippa [2002] FCAFC 193 (Appeal Decision). The Appeal Decision decided certain aspects of the requirements for consultation associated with the acceptance of environment plans for offshore petroleum activities by NOPSEMA under the OPGGSA. Subsequently, NOPSEMA published a guideline for industry entitled "Consultation in the course of preparing an environment plan". As a consequence of these events, some delays have been experienced by Woodside in obtaining accepted environment plans for petroleum activities in Commonwealth waters. We continue to monitor developments related to this decision. Refer to section 3.9 – Risk factors for further information on risks related to government regulations and other legal developments. Domestic gas reservation policy Under a Western Australian State Government policy ("WA Domestic Gas Policy"), introduced in 2006, gas equivalent to 15% of LNG production from LNG export projects is required to be reserved for domestic use as a condition of LNG project approval. The policy contains flexibility, allowing negotiations to occur on a case-by-case basis regarding the method by which the LNG project proponents fulfil their domestic gas commitments, including from alternative sources. Woodside and its joint venture partners have domestic gas contractual commitments in place with the Western Australian State Government for in respect to the Pluto LNG, Wheatstone and NWS projects. In 2015, the NWS State Agreement (North West Gas Development (Woodside) Agreement 1979) was amended to include a new domestic gas commitment of 15% (or lesser approved amount) of total LNG quantity approved for use, supply or sale overseas. In 2006, in connection with the Pluto LNG project, Woodside entered into an arrangement with the Western Australian State Government to market and make available for supply a quantity of domestic gas. Woodside is not required to supply domestic gas if it is not commercially Woodside Energy Group Ltd \| 179

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viable to do so. In January 2021, Woodside signed a further agreement with the State Government in relation to the Pluto LNG project in which Woodside agreed to make 45.6 PJ available for the domestic market, separate and in addition to the 2015 commitment from the NWS Joint Venture. In November 2021, Woodside and BHP Petroleum signed a further domestic gas agreement with the State Government with respect to the Scarborough and Pluto Train 2 project pursuant to which, consistent with the WA Domestic Gas Policy, the Scarborough Joint Venture will make gas equivalent to 15% of its LNG exports available to the domestic market. Woodside also has domestic gas commitments in respect to its interest in the Wheatstone LNG Project under a 2011 agreement with the Western Australian State Government. Additional major legislation and regulations Woodside's Australian offshore operations beyond coastal waters are primarily governed by the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth) (OPGGSA) and related legislation, which establishes a joint authority (Joint Authority) whereby relevant Australian state, territory and federal governments cooperate in the administration and supervision of petroleum activities in offshore areas beyond coastal waters. The OPGGSA provides for the grant of exploration permits, retention leases, production licences, pipeline licences and facilities licences within the areas of the OPGGSA's jurisdictional operation. Within the coastal waters, petroleum operations are covered by the relevant state or Northern Territory legislation that is substantively similar to the OPGGSA. The Offshore Petroleum and Greenhouse Gas Storage (Resource Management and Administration) Regulations 2011 (Cth) contain resource management provisions, including a requirement for the holder of a production licence to have in place a Field Development Plan approved by the Joint Authority before petroleum production can commence. Many of Woodside's operations rely on pipeline licences to transport oil and gas from the point of production to processing facilities and relevant markets. As mentioned above, the OPGGSA also provides for the grant of pipeline licences within the areas of the OPGGSA's jurisdictional operation. Pipelines within the coastal waters of Western Australia are licensed under the Petroleum (Submerged Lands) Act 1982 (WA) and pipelines within the coastal waters of Victoria are licensed under the Offshore Petroleum and Greenhouse Gas Storage Act 2010 (Vic). Onshore pipelines in Western Australia are licensed under the Petroleum Pipelines Act 1969 (WA) and onshore pipelines in Victoria are licensed under the Pipelines Act 2005 (Vic). Woodside is also subject to the following laws, among others: • Various petroleum taxes, including royalties, excise taxes, temporary levies, and the Petroleum Resource Rent Tax. • Australia's competition laws contained in the Competition and Consumer Act 2010 (Cth), which prohibits, among other things, engaging in conduct with the purpose or effect of substantially lessening competition, price fixing, market sharing or bid rigging. The Act was also recently amended to allow for the imposition of gas price controls in the eastern Australian gas market. The price of gas produced by Woodside and supplied into the eastern Australian gas market is capped at $12/GJ until 23 December 2023. The price cap could be extended at the same or different price. The government also proposes implementing a mandatory code of conduct that will apply to gas supplied by producers like Woodside into the eastern Australia gas market, including a 'reasonable pricing' provision. • Laws protecting the rights and interests of First Nations Australians and their cultural heritage. Since 1992, Australian common law has recognised that, in certain circumstances, First Nations Australians may have rights and interests over land and waters in accordance with their traditional laws and customs. The Native Title Act 1993 (Cth) (NTA) and complimentary state legislation recognise and protect the native title rights and interests of native title holders and registered native title claimants. Multiple pieces of Australian state and federal government legislation protect Aboriginal cultural heritage, rights and access to land in Australia and many of these laws are subject to review and change to ensure a greater level of involvement of First Nations Australians in decisions that may impact cultural heritage and other rights and interests. • The Greater Sunrise Special Regime (GSSR), established pursuant to the Maritime Boundaries Treaty which came into force on 30 August 2019. Woodside holds PSCs and retention leases covering its petroleum interests within GSSR under joint Australian/Timor-Leste administrative control. • The Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA), regulations under the FATA and Australia's Foreign Investment Policy, which are intended to encourage foreign investment in Australia that is not contrary to the Australian national interest. As Woodside is a reporting entity of a critical gas asset within the meaning of the Security of Critical Infrastructure Act 2018 (Cth), it is considered a 'national security business' under the FATA, meaning that certain investments by foreign investors (including foreign government investors) must be notified to the Australian Government and require prior approval from the Australian Treasurer in accordance with the FATA. • Legislation covering work health and safety (WHS) in both state and federal jurisdictions, with separate onshore and offshore regulation. WHS laws aim to protect people's health and safety at work by imposing obligations on all parties who are in a position to contribute to the management of workplace risks, including manufacturers and suppliers of equipment and substances, as well as employers, workers, contractors and others. Among other things, Woodside—as operator of both onshore and offshore facilities—is required to develop and comply with a comprehensive 'safety case' which describes the facility and provides details on the hazards and risks associated with the facility, the risk controls and the safety management system that will be used to minimise the risks. 180 \| Annual Report 2022

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• Federal and state legislation regarding terms and conditions of employment as set forth in the Fair Work Act 2009 (Cth) (FW Act). Key potential issues which may rise under the FW Act regime for Woodside include a union right of entry to the premises, good faith bargaining principles, and protected industrial action, among others. State legislation regulates matters such as long service leave, workers' compensation, anti-discrimination and equal opportunity, and work health and safety. United States In the United States, numerous federal agencies regulate specific portions of the industry and Woodside's US operations. The US federal government directly regulates the development of hydrocarbon interests on federal lands, including those in the US Gulf of Mexico (GOM) and elsewhere in the Outer Continental Shelf (OCS). Federal leasing activities in recent years have been subject to material uncertainties, delays, and legal challenges relating to potential impacts from climate change related to new offshore exploration and production or the adequacy of federal environmental reviews required to be performed in connection with GOM lease auctions. Woodside's hydrocarbon activities on federal offshore oil and natural gas leases in the GOM are subject to extensive regulation and permitting by multiple federal agencies, including the Department of the Interior (DOI), through its agencies the Bureau of Safety and Environmental Enforcement (BSEE), the Bureau of Ocean Energy Management (BOEM) and the Office of Natural Resources Revenue (ONRR). These leases, which contain relatively standardised terms, are awarded by the BOEM based on competitive bidding and require compliance with detailed BSEE and BOEM regulations and orders issued pursuant to various federal laws. Lessees are also required to obtain environmental permits from agencies such as the US Environmental Protection Agency (EPA). Certain OCS activities are also subject to regulation by the US Coast Guard. In addition, offshore pipelines, including those located in the GOM, are subject to stringent federal regulation including under the jurisdiction of the Federal Energy Regulatory Commission (FERC) and the Pipeline and Hazardous Materials Safety Administration (PHMSA), under the US Department of Transportation. The BSEE has also adopted regulations for offshore pipelines under its jurisdiction covering similar matters. Moreover, our US operations in the GOM are subject to extensive requirements related to the plugging and abandonment of wells and decommissioning of offshore structures and equipment. We may be required to post substantial financial assurance, such as surety bonds, or to otherwise demonstrate financial capability, such as through access to insurance, the costs of which could be material. Further, from time to time BOEM has considered increasing its supplemental bonding requirements, and any such increase could generally stress the capacity of the surety bond market to provide sufficient bonds to meet resulting demands from the offshore oil and gas industry. In addition, as a result of the merger with BHP's petroleum business, we could also be responsible for plugging and abandonment and decommissioning costs for GOM assets formerly owned or operated by BHP if the current operator of record fails to perform, and such costs could have a material and adverse effect on our business, financial condition, or results of operations. The exploration, production, and transportation of crude oil and natural gas involves risk that hazardous liquids or flammable gases may be released into the environment and may cause substantial harm to the environment, natural resources, or human health and safety. Such incidents, as well as failure to comply with applicable environmental laws and regulations, may result in material expenditures for response actions, significant government civil or criminal fines and penalties, liability to government agencies for natural resources damages, and significant business interruption. In addition, a spill on or related to our properties and operations could expose us to joint and several and strict liability, without regard to fault. Existing and new laws and regulations could require us to evaluate and upgrade existing infrastructure and operational practices on an accelerated basis or pursue additional capital projects, any or all of which could result in increased operating costs, which in turn could have a material and adverse effect on our business, financial condition or results of operations. Laws and regulations are frequently subject to change, and the general trend in the United States has been for these governmental agencies to continue to evaluate and, as necessary, develop and implement new, more restrictive permitting, performance and disclosure requirements, particularly with respect to the protection of the environment, greenhouse gas emissions, natural resources, and worker health and safety. The modification of existing laws or regulations or the adoption of new laws or regulations curtailing or imposing greater restrictions on exploratory or development drilling for oil and gas for economic, political, social, environmental or other reasons could have a material adverse effect on our business, financial condition or results of operations. Other jurisdictions In Senegal, Woodside's PSC and the prospecting, exploration, exploitation and transportation of hydrocarbons, as well as the tax rules for such activities, are primarily governed by Law no. 98-05 dated 8 January 1998 (Petroleum Code) and its implementing decree no. 98-810 dated 6 October 1998. The Petroleum Code determines that the Senegalese Ministry of Petroleum and Energy is the competent authority for its implementation and is responsible for authorising activities for oil and gas prospecting, exploration, exploitation and transportation. A revised Petroleum Code was introduced in 2019, however, the terms of that legislation state that any PSC issued prior to the introduction of the 2019 Petroleum Code retain their legal regime, and as such, the 1998 Petroleum Code continues to apply to Woodside's PSC. There is also other legislation and regulation that applies to Woodside's activities in Senegal including, without limitation, in respect of the environment and local content requirements. Material limitations Woodside has certain obligations as part of its operations in Western Australia to provide natural gas into the Western Woodside Energy Group Ltd \| 181

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Australian domestic market. Please refer to 'Government regulations—Domestic gas reservation policy' in this section for further information. Woodside is subject to ordinary course PSC limitations in Senegal. Refer to 'Government regulations—Other jurisdictions' in this section for further information. Summary of material legal proceedings Woodside is involved from time to time in legal proceedings and governmental investigations of a character normally incidental to its business, including claims and pending actions against it seeking damages, or clarification or prosecution of legal rights and regulatory inquiries regarding business practices. Insurance or other indemnification protection may offset the financial impact on Woodside of a successful claim. Except as set forth below, there are no governmental, legal or arbitral proceedings (including any such proceedings which are pending or threatened and of which Woodside is aware) which may have, or have had during the 12 months prior to the date of this report a significant effect on Woodside's financial position or profitability: • In June 2022, the Environmental Defenders Office Ltd (on behalf of the Australian Conservation Foundation) commenced Federal Court proceedings seeking an injunction to restrain Woodside from carrying out the Scarborough gas project. • In November 2021, the Conservation Council of Western Australia filed an application seeking judicial review of a decision by the CEO of the Western Australian Department of Water and Environmental Regulation to grant Woodside a works approval for the Pluto Train 2 project granted in May 2021. The matter was heard by the Supreme Court of Western Australia in August 2022. • In December 2020, the Conservation Council of Western Australia filed applications seeking judicial review of decisions in respect of approvals under section 45C of the Environmental Protection Act (WA) granted for each of the North West Shelf and Pluto Gas Plant. Each approval was granted in July 2019. The Supreme Court of Western Australia dismissed the proceedings in March 2022. 182 \| Annual Report 2022

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Information in this section is current as at 16 February 2023, unless otherwise stated. References to 'the company' or 'Woodside' on pages 183-191 are to Woodside Energy Group Ltd and references to shareholdings and other equity on those pages are to equity in Woodside Energy Group Ltd. Number of shareholdings There were 649,871 shareholders. Distribution of shareholdings Size of shareholding Number of holders Number of shares1 % of issued capital 1–1,000 536,529 121,922,981 6.42 1,001–5,000 97,883 203,803,889 10.73 5,001–10,000 10,362 71,332,655 3.76 10,001–100,000 4,953 98,305,225 5.18 Greater than 100,000 144 1,403,385,021 73.91 Total 649,871 1,898,749,771 100 1. All issued shares carry voting rights on a one-for-one basis. Unmarketable parcels There were 63,775 members holding less than a marketable parcel of shares in the company (based on the closing market price of A$35.00 on 16 February 2023). Geographical distribution of shareholders and shareholdings Registered address Number of holders Number of shares % of issued capital Australia 630,206 1,886,398,561 99.35 New Zealand 8,089 6,250,112 0.33 United Kingdom 3,345 2,284,909 0.12 United States of America 1,981 1,157,338 0.06 Other 6,250 2,658,851 0.14 Total 649,871 1,898,749,771 100 US shareholdings Classification of holder Number of holders Number of shares % of issued capital Registered holders of voting securities 1,981 1,157,338 0.06 ADR holders 2,528 55,867,523 2.94 Distribution of rights holdings Size of holding Number of holders Number of rights % of rights on issue 1–1,000 1,069 708,839 6.2% 1,001–5,000 2,780 5,985,096 52.8% 5,001–10,000 194 1,336,970 11.8% 10,001–100,000 140 2,940,307 25.9% Greater than 100,000 2 371,388 3.3% Total 4,185 11,342,600 100% Section 6 .4 Shareholder statistics Woodside Energy Group Ltd \| 183

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Twenty largest shareholders Shareholders Shares Held % of issued capital HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 540,125,821 28.45 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 380,329,074 20.03 CITICORP NOMINEES PTY LIMITED 159,728,721 8.41 BNP PARIBAS NOMS PTY LTD 56,391,502 2.97 CITICORP NOMINEES PTY LIMITED 55,867,523 2.94 COMPUTERSHARE CLEARING PTY LTD 44,888,188 2.36 NATIONAL NOMINEES LIMITED 44,344,965 2.34 BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM 17,481,477 0.92 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED SUPER CORP A/C> 12,441,073 0.66 CITICORP NOMINEES PTY LIMITED 10,242,867 0.54 NETWEALTH INVESTMENTS LIMITED 6,974,985 0.37 BNP PARIBAS NOMINEES PTY LTD HUB24 CUSTODIAL SERV LTD 6,183,407 0.33 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED—A/C 2 4,180,388 0.22 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA 3,717,621 0.20 ARGO INVESTMENTS LIMITED 3,321,455 0.17 AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED 2,954,652 0.16 MUTUAL TRUST PTY LTD 2,896,158 0.15 AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED 2,861,381 0.15 NETWEALTH INVESTMENTS LIMITED 2,215,564 0.12 NAVIGATOR AUSTRALIA LTD 1,885,392 0.10 1,359,032,214 71.58 Substantial shareholders Substantial shareholders as disclosed in substantial shareholder notices given to the company are as follows: Substantial shareholder Title of class Date of last notice Date received Date of change Shares held1 % of total voting rights1 BlackRock, Inc. Ordinary shares 6 February 2023 3 February 2023 100,665,813 5.29 State Street Corporation and subsidiaries Ordinary shares 6 September 2022 1 September 2022 95,780,835 5.04 Vanguard Group (The Vanguard Group, Inc. and its controlled entities) Ordinary shares 23 June 2022 17 June 2022 95,642, 3122 5.042 2. The figures quoted are based on the number owned and voting rights provided in the latest applicable substantial shareholder notice. 3. As stated in its latest substantial shareholder notice, Vanguard Group also holds 42,270 shares of Woodside ADR. Buy backs There are currently no on-market buy backs. Escrowed and restricted securities Woodside Energy Group Ltd does not have any restricted securities or securities subject to voluntary escrow on issue. On-market purchases for Woodside employee incentive plans Period Total shares purchased Average price paid per share (A$) Average price paid per share (US$) Number of shares purchased for employee plans February 2022 832,589 28.72 20.68 832,589 September 2022 1,400,000 30.66 20.01 1,400,000 Total 2,232,589 29.94 20.26 2,232,589 184 \| Annual Report 2022

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Annual General Meeting The 2023 Annual General Meeting (AGM) of Woodside Energy Group Ltd will be held on 28 April 2023. Details of the business of the meeting will be provided in the AGM notice. The AGM will be webcast live on the internet. An archived version of the webcast will be placed on the Woodside website to enable the proceedings to be viewed at a later time. The closing date for receipt of director nominations was 21 February 2023. For more information on this topic, refer to Woodside's website for copies of the Chair's and CEO's speeches at woodside.com Documents on display Documents filed by Woodside on the ASX are available at asx.com.au and documents filed on the LSE are available at data.fca.org.uk/#/nsm/nationalstoragemechanism. Woodside files Annual Reports and other reports and information with the US Securities and Exchange Commission (SEC). These filings are available on the SEC's website at sec.gov. Documents filed on the ASX or LSE or with the SEC are not incorporated by reference into this report. The documents referred to in this report as being available on our website, woodside.com, are not incorporated by reference and do not form part of this report. Woodside Energy Group Ltd Woodside was registered under Australian corporate law in 1971 and listed on the ASX on 18 November 1971. Woodside's shares are currently listed on the ASX and LSE under the ticker symbol 'WDS' and its American Depositary Shares (ADS) are listed on the NYSE under the symbol 'WDS'. Following the approval of Woodside shareholders at Woodside's Annual General Meeting on 19 May 2022, Woodside changed its name from 'Woodside Petroleum Ltd.' to 'Woodside Energy Group Ltd' effective 20 May 2022. Woodside's registered office is Mia Yellagonga, 11 Mount Street, Perth, Western Australia 6000, Australia, telephone +61 8 9348 4000. Additional information about Woodside can be found on its website at woodside.com. The information contained in, or that can be accessed through, Woodside's website is not intended to be incorporated into this annual report. Dividend payments Woodside determines its dividends in US dollars as this is our functional and presentation currency. Woodside pays its dividends in Australian dollars, unless a shareholder's registered address is in the United Kingdom (UK), where they are paid in UK pounds sterling, or in the United States of America (USA), where they are paid in US dollars. Shareholders may have their dividends paid directly into any bank or building society account in Australia, the USA or the UK. Payments are electronically credited on the dividend payment date and confirmed by payment advice. To request direct crediting of dividend payments, please contact the share registry or visit the share registry website (investorcentre.com/wds). Shareholders must make an election to alter their dividend currency by the business day after the record date for the dividend. Shareholders who reside outside the USA, the UK and Australia may elect to receive their dividend electronically in their local currency using the share registry's Global Wire Payment Service. For a list of currencies offered and how to subscribe to the service, please contact the share registry. For more information on this topic, refer to Woodside's website for the history of dividends paid by the company at woodside.com Change of address or banking details Shareholders should immediately notify the share registry of any change to their address or banking arrangements for dividends electronically credited to a bank account. For more information on this topic, refer to the share registry website to change details at investorcentre.com/wds Australian Securities Exchange Investors who hold Woodside shares listed on the ASX seeking information about their shareholdings should contact Woodside's Australian share registry: Computershare Investor Services Pty Limited Address: Level 11, 172 St Georges Terrace Perth WA 6000 Postal address: GPO Box D182 Perth WA 6840 Telephone: 1300 558 507 (within Australia) +61 3 9415 4632 (outside Australia) Email: web.queries@computershare.com.au Website: 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. For security reasons, you will need your Security Reference Number (SRN) or Holder Identification Number (HIN) when communicating with the share registry. The share registry website allows shareholders to make changes to address and banking details online. For more information on this topic, refer to the share registry website for details of shareholdings at investorcentre.com/wds Woodside Energy Group Ltd \| 185

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London Stock Exchange Woodside shares are traded on the Main Market for listed securities of the London Stock Exchange (with trades settled in the form of UK Depository Interests) under the symbol 'WDS'. Woodside has appointed Computershare Investor Services PLC as its registrar. If you have a query regarding your shareholding, please contact Computershare in the United Kingdom: Computershare Investor Services PLC Postal address: Computershare Investor Services PLC The Pavilions, Bridgwater Road, Bristol BS99 6ZZ Telephone: +44 (0)370 703 6075 Email: WebCorres@computershare.co.uk Website: computershare.com/uk American Depositary Receipts We have an American Depositary Receipts (ADR) program. The ADR program has a 1:1 ordinary share to American Depositary Share (ADS) ratio. Depositary fees Citibank serves as the depositary bank for our ADR program. ADR holders agree to the terms in the deposit agreement filed with the SEC for depositing ADSs or surrendering the ADSs for cancellation and for certain services as provided by Citibank. Holders are required to pay all fees for general depositary services provided by Citibank in each of our ADR programs, as set forth in the table below. Service Fees Issuance of ADSs upon deposit of shares. Up to $0.05 per ADS issued. Cancellation of ADSs. Up to $0.05 per ADS cancelled. Distribution of cash dividends or other cash distributions. Up to $0.05 per ADS held. Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) exercise of rights to purchase additional ADSs. Up to $0.05 per ADS held. Distribution of securities other than ADSs or rights to purchase additional ADSs. Up to $0.05 per ADS held. ADS Services. Up to $0.05 per ADS held on the applicable record date(s) established by the Depositary Registration of ADS transfers. Up to $0.05 per ADS transferred. Conversion of ADSs of one series for ADSs of another series. Up to $0.05 per ADS converted. Fees payable by the Depositary to the Issuer Citibank reimburses Woodside for certain expenses Woodside incurs in connection with its ADR program, subject to certain ceilings. These reimbursable expenses currently include, but are not limited to, legal, accounting and reserve engineer fees, listing fees, expenses related to investor relations in the United States, fees payable to service providers for the distribution of material to ADR holders and expenses to remain in compliance with applicable US laws and NYSE listing standards. Citibank has further agreed to waive certain fees in connection with Woodside's ADR program. These waived expenses currently include, but are not limited to, standard costs associated with the administration of the ADR program and certain fees in connection with issuance of ADRs under Woodside's equity compensatory plans. For the year ended 31 December 2022, such direct reimbursements and waived fees totalled approximately US$1.6 million, which includes a one-time fixed contribution by Citibank to Woodside and waiver of certain fees in connection with ADR-related costs incurred in connection with the merger with BHP's petroleum business and NYSE listing. Under certain circumstances, including termination of our ADS program or removal of our Depositary, we may be required to repay to the Depositary a portion of the amounts reimbursed in prior periods. The ADSs issued under our ADR programs trade on the NYSE under the stock ticker WDS. As of 16 February 2023, there were 55,867,523 ADSs on issue and outstanding in the Woodside ADS program. ADR holders should deal directly with Citibank on all matters related to their ADRs, using the details below: Enquiries should be directed to: Citibank Shareholder Services Address: PO Box 43077 Providence Rhode Island 02940-3077 USA Toll Free: 1-877-CITI-ADR International: +1 781 575 4555 Email: citibank@shareholders-online.com Investor Relations enquiries Requests for specific information on Woodside can be directed to Investor Relations: Address: Woodside Energy Group Ltd Mia Yellagonga 11 Mount Street Perth WA 6000 Postal address: GPO Box D188 Perth WA 6840 Telephone: +61 8 9348 4000 Email: investor@woodside.com Website: woodside.com 186 \| Annual Report 2022

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Exchange controls The United States does not presently impose restrictions on the transfer of capital to and from the United States beyond certain currency reporting requirements or economic sanctions regimes. Non-United States resident shareholders may currently receive dividend payments without United States governmental approval so long as the recipient is not a designated target of United States sanctions. Under Australian foreign exchange controls currently in effect, transfers of capital to and from Australia are not subject to prior government approval and, except as described below, Australia does not restrict the flow of currency into or out of the country. Regulations may be made under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 of Australia (AML/ CTF Act) prohibiting the entering into of transactions involving prescribed foreign countries. As of the date of this report, no such regulations are in place. To control tax evasion and money laundering, the AML/CTF Act also requires certain transactions to be reported to the Australian Transaction Reports and Analysis Center and prohibits reporting entities from providing certain services to customers without having complied with certain obligations under the AML/CTF Act (for example 'know your customer' checks). The Autonomous Sanctions Regulations 2011 promulgated under the Autonomous Sanctions Act 2011 of Australia, the Charter of the United Nations Act 1945 of Australia and other acts and regulations in Australia restrict or prohibit payments, transactions or other dealings with assets having a proscribed connection with certain countries or named individuals or entities subject to financial sanctions or identified with terrorism. The Australian Department of Foreign Affairs and Trade maintains a list of all persons and entities subject to financial sanctions or having a proscribed connection with terrorism which is available to the public at the Department of Foreign Affairs and Trade's website. There are no specific restrictions regarding the remittance of profits, dividends or capital. Taxation The following describes the material US and Australian federal income tax considerations of the ownership and disposition of Woodside shares or Woodside ADSs (together, 'Woodside Securities') for beneficial owners of Woodside Securities that are US Holders (as defined below). This discussion applies only to Woodside Securities held as a 'capital asset' for US federal income tax purposes (generally property held for investment). This summary is based on the provisions of the Internal Revenue Code of 1986, as amended (the 'Code'), US Treasury regulations, Australian tax law, any tax treaties, administrative rulings, and judicial decisions, all as in effect on the date hereof, and all of which are subject to change and differing interpretations, possibly with retroactive effect. Woodside cannot assure you that any such change or differing interpretation will not significantly alter the tax considerations described in this discussion. Woodside has not sought and will not seek any rulings from the Internal Revenue Service (IRS) or the Australian Taxation Office (ATO) with respect to the statements, positions or conclusions described in the following discussion. Such statements, positions and conclusions are not free from doubt, and there can be no assurance that an applicable tax adviser, the IRS, the ATO or a court will agree with such statements, positions, and conclusions. In addition, statements contained herein that Woodside 'believes', 'expects', 'intends', 'anticipates', or other similar phrases are not legal conclusions or opinions. The following does not purport to be a complete analysis of all potential tax effects resulting from the ownership or disposition of Woodside Securities and does not address all aspects of US and Australian federal income taxation that may be relevant to individual US Holders in light of their particular circumstances. In addition, this summary does not address the Medicare tax on certain investment income, US federal estate or gift tax laws, any state, local, or non-US tax laws (other than Australian federal income tax), any tax treaties, or any other tax laws. Furthermore, this summary does not address all US and Australian federal income tax considerations that may be relevant to certain categories of US Holders that may be subject to special treatment under the US or Australian federal income tax laws, including, but not limited to: • banks, insurance companies, or other financial institutions • tax-exempt or governmental organisations • dealers in securities or foreign currencies • persons whose functional currency is not the US dollar • persons that actually or constructively own 5% or more of any class of Woodside's stock (by vote or by value) • corporations that accumulate earnings to avoid US federal income tax • traders in securities that use the mark-to-market method of accounting for US federal income tax purposes • persons subject to the alternative minimum tax • entities or arrangements treated as partnerships or other passthrough entities for US federal income tax purposes or holders of interests therein • persons deemed to sell Woodside Securities under the constructive sale provisions of the Code • real estate investment trusts • regulated investment companies • persons that hold Woodside Securities as part of a straddle, appreciated financial position, synthetic security, hedge, conversion transaction, or other integrated investment or risk reduction transaction. THIS DISCUSSION IS NOT TAX ADVICE. US HOLDERS SHOULD CONSULT WITH, AND RELY SOLELY UPON, THEIR TAX ADVISERS WITH RESPECT TO THE APPLICATION OF US FEDERAL INCOME TAX LAWS (INCLUDING ANY POTENTIAL CHANGES THERETO) TO THEIR PARTICULAR SITUATIONS, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY OTHER TAX LAWS, INCLUDING, BUT NOT LIMITED TO, US FEDERAL ESTATE OR GIFT TAX LAWS, THE LAWS OF ANY STATE, LOCAL OR NON-US TAXING JURISDICTION, OR ANY APPLICABLE INCOME TAX TREATY. Woodside Energy Group Ltd \| 187

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US Holder defined For the purposes of this discussion, the term 'US Holder' is used to mean a beneficial owner of Woodside Securities that, for US federal income tax purposes, is: • an individual who is a citizen or resident of the United States; • a corporation (or other entity treated as a corporation for US federal income tax purposes) created or organised in or under the laws of the United States, any state thereof or the District of Columbia • an estate the income of which is subject to US federal income tax regardless of its source • a trust (A) the administration of which is subject to the primary supervision of a US court and which has one or more 'United States persons' (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions of the trust or (B) that has made a valid election under applicable US Treasury regulations to be treated as a United States person. If a partnership (including an entity or arrangement treated as a partnership for US federal income tax purposes) holds Woodside Securities, the tax treatment of a partner in such partnership might depend upon the status of the partner or the partnership, upon the activities of the partnership and upon certain determinations made at the partnership or partner level. Accordingly, Woodside urges partners in partnerships (including entities or arrangements treated as partnerships for US federal income tax purposes) holding Woodside Securities to consult with, and rely solely upon, their own tax advisers regarding the US federal income and other tax considerations to them of the matters discussed below. American Depositary Shares For US federal income tax purposes, US Holders of Woodside ADSs generally should be treated as the beneficial owners of the underlying shares represented by the ADSs and an exchange of ADSs for such underlying shares generally will not be subject to US federal income tax. Throughout the remainder of this discussion, any reference to a holder of Woodside shares is assumed to include holders of Woodside ADSs. Material US federal income tax considerations for US Holders with respect to the ownership and disposition of Woodside securities Woodside PFIC considerations Adverse and burdensome US federal income tax rules and consequences apply to US Holders that hold stock in a non-US corporation classified as a passive foreign investment company (PFIC) for US federal income tax purposes. In general, Woodside would be treated as a PFIC in any taxable year in which, after applying certain look-through rules, either: 1. at least 75% of its gross income for such taxable year, including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value, consists of passive income (which generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets) 2. at least 50% of its assets in such taxable year (ordinarily determined based on fair market value and averaged quarterly over the year), including its pro rata share of the assets of any corporation in which Woodside is considered to own at least 25% of the shares by value, produce or are held for the production of passive income. While Woodside does not anticipate becoming a PFIC in the current or future taxable years, there can be no assurance that it will not be a PFIC for any taxable year, as PFIC status is tested each taxable year and depends on the composition of its assets and income in such taxable year. If Woodside is classified as a PFIC for any year during which a US Holder holds Woodside Securities, Woodside will generally continue to be treated as a PFIC for all succeeding years during which such US Holder holds Woodside Securities. Because PFIC status is a fact- intensive determination made on an annual basis and depends on the composition of Woodside's assets and income at such time, no assurance can be given that Woodside is not or will not become classified as a PFIC. If Woodside were later determined to be a PFIC, you may be unable to make certain advantageous elections with respect to your ownership of Woodside Securities (including a 'mark-to-market' election or a 'qualified electing fund' election) that would mitigate the adverse consequences of Woodside's PFIC status, or making such elections retroactively could have adverse tax consequences to you. Woodside has not sought and will not seek any rulings from the IRS or any opinion from any tax adviser as to such tax treatment. Thus, the anticipated reporting position of Woodside described herein is not free from doubt. Woodside is not representing to you that Woodside will not be treated as a PFIC for the current taxable year or any subsequent taxable year. Consistent with Woodside's expectation, the remainder of this discussion assumes that Woodside will not be treated as a PFIC in the current taxable year or any subsequent taxable year. THE PFIC RULES ARE COMPLEX AND UNCERTAIN. US HOLDERS SHOULD CONSULT WITH, AND RELY SOLELY UPON, THEIR TAX ADVISERS TO DETERMINE THE APPLICATION OF THE PFIC RULES TO THEM AND ANY RESULTANT TAX CONSEQUENCES. Tax characterisation of distributions with respect to Woodside Securities If Woodside pays a distribution in cash or other property to US Holders of Woodside Securities, such distribution generally will constitute a dividend for US federal income tax purposes to the extent paid from current or accumulated earnings and profits as determined under US federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the US Holder's adjusted tax basis in its Woodside Securities. Any remaining excess will be treated as gain realised on the sale of Woodside Securities and will be treated as in the section entitled 'Gain or loss on sale or 188 \| Annual Report 2022

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other taxable exchange or disposition of Woodside securities'. However, because Woodside does not expect to determine its earnings and profits on the basis of United States federal income tax principles, US holders should expect that any distribution paid will generally be reported to them as a 'dividend' for US federal income tax purposes. The amount of any distribution paid in a foreign currency will be equal to the US dollar value of such currency, translated at the spot rate of exchange on the date such distribution is received, regardless of whether the payment is in fact converted into US dollars at that time. If the distribution is converted into US dollars on the date of receipt, a US Holder should not be required to recognise foreign currency gain or loss in respect of the income attributable to such distribution. A US Holder may have foreign currency gain or loss if the distribution is converted into US dollars after the date of receipt. In general, foreign currency gain or loss will be treated as US-source ordinary income or loss. Distributions treated as dividends Dividends paid by Woodside will be taxable to a corporate US Holder at regular rates and will not be eligible for the dividendsreceived deduction generally allowed to US corporations in respect of dividends received from other US corporations. Dividends Woodside pays to a non-corporate US Holder generally will constitute a 'qualified dividend' that will be subject to US federal income tax at the maximum tax rate accorded to long-term capital gains if Woodside Securities are readily tradable on an established securities market in the United States or if Woodside is eligible for certain benefits under the tax treaty between the United States and Australia and certain holding period and other requirements are met, including that Woodside is not classified as a PFIC during the taxable year in which the dividend is paid or a preceding taxable year. If such requirements are not satisfied, a non-corporate US Holder may be subject to tax on the dividend at regular ordinary income tax rates instead of the preferential rate that applies to qualified dividend income. US Holders should consult with, and rely solely upon, their tax advisers regarding the availability of the lower preferential rate for qualified dividend income for any dividends paid with respect to Woodside Securities. Woodside believes that it currently is, and anticipates continuing to be, eligible for benefits under the tax treaty between the United States and Australia. Under a published IRS Notice, common or ordinary shares, or ADSs representing such shares, are considered to be readily tradable on an established securities market in the United States if they are listed on the NYSE, as the Woodside ADSs are expected to be so listed. However, based on existing guidance, it is unclear whether the shares underlying the ADSs will be considered to be readily tradable on an established securities market in the United States, because only the ADSs will be listed on a securities market in the United States. US Holders are urged to consult with, and rely solely upon, their own tax advisers regarding the availability of the favorable rate applicable to qualified dividend income for any dividends Woodside pays with respect to the ADSs. Dividends paid with respect to Woodside Securities generally will constitute foreign source income for US foreign tax credit limitation purposes. Subject to certain complex conditions and limitations, any Australian taxes withheld on any distributions on Woodside Securities may be eligible for credit against a US Holder's federal income tax liability or, at such holder's election, may be eligible as a deduction in computing such holder's US federal taxable income. If a refund of the tax withheld is available under the laws of Australia or under the tax treaty between the United States and Australia, as amended, the amount of tax withheld that is refundable will not be eligible for such credit against a US Holder's US federal income tax liability (and will not qualify for the deduction against US federal taxable income). If the dividends constitute qualified dividend income as discussed above, the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will generally be limited to the gross amount of the dividend, multiplied by the reduced rate applicable to the qualified dividend income, divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for the credit is calculated separately concerning specific classes of income. For this purpose, dividends distributed by Woodside with respect to Woodside Securities will generally constitute 'passive category income.' The rules relating to the determination of the US foreign tax credit are complex, and US Holders are urged to consult with, and rely solely upon, their tax advisers regarding the availability of a foreign tax credit in their particular circumstances and the possibility of claiming an itemised deduction (in lieu of the foreign tax credit) for any foreign taxes paid or withheld. Withholding tax in Australia The Australian withholding tax consequences of dividends paid to non-Australian resident shareholders are outlined in the section entitled 'Material Australian tax considerations'. If Australian dividend withholding tax is payable on dividends from Woodside, US Holders should seek their own tax advice to determine the Australian and US taxation implications. Gain or loss on sale or other taxable exchange or disposition of Woodside Securities Upon a sale or other taxable exchange or disposition of Woodside Securities (including any portion of a distribution by Woodside treated as such per the section entitled '—Tax Characterisation of Distributions with Respect to Woodside Securities'), a US Holder generally will recognise capital gain or loss in an amount equal to the difference between (i) the sum of the amount of cash and the fair market value of any property received in such exchange or disposition and (ii) the US Holder's adjusted tax basis in its Woodside Securities so disposed of. A US Holder's adjusted tax basis in its Woodside Securities generally will equal the US Holder's purchase price, or if acquired pursuant to the Special Dividend, the fair market value, (in each case, expressed in US dollars) for the Woodside Securities, reduced (but not below zero) by the amount of any prior distributions paid to such US Holder that were treated as a return of capital for US federal income tax purposes. Any such capital Woodside Energy Group Ltd \| 189

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gain or loss generally will be long-term capital gain or loss if the US Holder held the Woodside Securities for more than one year. Long-term capital gains recognised by non-corporate US Holders will be eligible to be taxed at reduced rates. In addition, the deductibility of capital losses is subject to limitations. Gain or loss, if any, realised by a US Holder on the sale or other disposition of Woodside Securities generally will be treated as US source gain or loss for US foreign tax credit limitation purposes. The use of US foreign tax credits relating to any Australian tax imposed upon the sale or other disposition of Woodside Securities may be unavailable or limited and may depend upon the application of the tax treaty between the United States and Australia to such US Holder. US Holders are urged to consult with, and rely solely upon, their own tax advisers regarding the tax consequences if Australian taxes are imposed on or connected with a sale or other disposition of Woodside Securities and their ability to credit any Australian tax against their US federal income tax liability. Australian CGT consequences Australian capital gains tax (CGT) consequences of disposals of Woodside Securities by US holders are outlined in the section entitled 'Material Australian Tax Considerations—Disposals of Woodside shares'. If any tax is payable in Australia on a gain accruing on the disposal of Woodside Securities, US Holders should seek their own tax advice to determine the Australian and US taxation implications. Information reporting and backup witholding Dividends with respect to Woodside Securities and proceeds from the sale or exchange of Woodside Securities may be subject, under certain circumstances, to information reporting and backup withholding. Backup withholding will not apply, however, to a US Holder that (i) is a corporation or entity that is otherwise exempt from backup withholding (which, when required, certifies as to its exempt status) or (ii) furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9. Backup withholding is not an additional tax. Rather, the US federal income tax liability (if any) of persons subject to backup withholding will be reduced by the amount of tax withheld. If backup withholding results in an overpayment of taxes, a refund generally may be obtained, provided that the required information is timely furnished to the IRS. Additional information reporting requirements Certain US Holders may be required to comply with certain reporting requirements relating to the Woodside Securities with respect to the holding of certain foreign financial assets, including stock of foreign issuers (such as Woodside). Penalties can apply if US Holders fail to satisfy such reporting requirements. US Holders are urged to consult with, and rely solely upon, their own tax advisers regarding the application of these rules to their ownership of the Woodside Securities. Material Australian tax considerations Dividends (including other distributions treated as dividends for Australian tax purposes) paid by Woodside to a US Holder that is not an Australian resident for Australian tax purposes will generally not be subject to Australian withholding tax if they are fully franked (broadly, where a dividend is franked, tax paid by Woodside is imputed to the shareholders). Dividends paid to such US Holders, which are not fully franked, will generally be subject to Australian withholding tax not exceeding 15% only to the extent (if any) that the dividend is neither: • franked; nor • declared by Woodside to be conduit foreign income. (Broadly, this means that the relevant part of the dividend is declared to have been paid out of foreign source amounts received by Woodside that are not subject to tax in Australia, such as dividends remitted to Australia by foreign subsidiaries). The Australian withholding tax outcome described above applies to US Holders who are eligible for benefits under the Tax Convention between Australia and the US as to the Avoidance of Double Taxation (the Australian Tax Treaty). Otherwise, the rate of Australian withholding tax may be 30%. In contrast, dividends (including other distributions treated as dividends for Australian tax purposes) paid by Woodside to a US Holder may instead by taxed by assessment in Australia if the US Holder: • is an Australian resident for Australian tax purposes (although tax will generally not exceed 15% where the US Holder is eligible for benefits under the Australian Tax Treaty as a treaty resident of the US and any franking credits may be creditable against their Australian income tax liability); or • carries on business in Australia through a permanent establishment as defined in the Australian Tax Treaty, or performs personal services from a fixed base in Australia, and the shareholding in respect of which the dividend is paid is effectively connected with that permanent establishment or fixed base, (however, in such a case any franking credits may be creditable against the Australian income tax liability). The treatment of dividends outlined above may be modified where the shareholding in Woodside is held through a trust, limited partnership, limited liability company, pension fund, sovereign wealth fund or other investment vehicle. Affected US Holders should seek their own advice in relation to such arrangements. Material Australian tax considerations—disposals of Woodside Securities Gains made by US Holders on the sale of Woodside Securities will generally not be taxed in Australia. However, the precise Australian tax treatment of gains made by US Holders on the sale of Woodside Securities generally depends on whether or not the gain is an Australian sourced gain of an income nature for Australian income tax purposes. Where the gain is of an income nature, a US Holder will generally only be liable to Australian income tax on an assessment basis (whether or not they are also an Australian resident for 190 \| Annual Report 2022

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Australian tax purposes) if: • they are not eligible for benefits under the Australian Tax Treaty and the gain is sourced in Australia for Australian tax purposes; or • they are eligible for benefits under the Australian Tax Treaty but the gain constitutes any of the following (in which case the gain will be deemed to have an Australian source): • business profits of an enterprise attributable to a permanent establishment situated in Australia through which the enterprise carries on business in Australia; or • income or gains from the alienation of property that form part of the business property of a permanent establishment of an enterprise that the US Holder has in Australia, or pertain to a fixed base available to the US Holder in Australia for the purpose of performing independent personal services; or • income derived from the disposition of shares in a company, the assets of which consist wholly or principally of real property (which includes rights to exploit or to explore for nature resources) situated in Australia, whether such assets are held directly or indirectly through one or more interposed entities. Where the gain is not taxed as Australian sourced income, the US Holder will generally only be liable to Australian capital gains tax on an assessment basis if they acquired (or are deemed to have acquired) their Woodside Securities after 19 September 1985 and one or more of the following applies: • the US Holder is an Australian resident for Australian tax purposes; or • the Woodside Securities have been used by the US Holder in carrying on a business through permanent establishment in Australia; or • the Woodside Securities constitute an 'indirect Australian real properly interest' for Australian CGT purposes – this will generally be the case if the US Holder (either alone or together with associates) directly or indirectly owns or owned 10% or more of the issued share capital of Woodside at the time of disposal or throughout a 12-month period during the two years prior to the time of disposal and, at the time of the disposal, the sum of market values of Woodside's assets (held directly or through interposed entities) that are not taxable Australian real property at that time (which, for these purposes including mining, quarrying or prospecting rights in respect of minerals, petroleum or quarry materials situated in Australia); or • the US Holder is an individual who is not eligible for benefits under the Australian Tax Treaty as a treaty resident of the US and elected on becoming a non-resident of Australia to continue to have the Woodside Securities subject to Australian capital gains tax. In certain circumstances, if the Woodside Securities constitute an 'indirect Australian real property interest' for Australian CGT purposes, the purchaser may be required to withhold under the non-resident CGT withholding regime an amount equal to 12.5% of the purchase price in situations including where the acquisition is undertaken by way of an off-market transfer. Affected US Holders should seek their own advice in relation to how this withholding regime may apply to them. The comments above on the sale of Woodside Securities do not apply: • to temporary residents of Australia who should seek advice that is specific to their circumstances; or • if the Investment Management Regime (IMR) applies to the US Holder, which exempts from the Australian income tax and capital gains tax gains made on disposal by certain categories of non-resident funds – called IMR entities – of (relevantly) portfolio interests in Australian public companies (subject to a number of conditions). The IMR exemptions broadly apply to widely held IMR entities in relation to their direct investments and indirect investments made through an independent Australian fund manager. The exemptions apply to gains made by IMR entities that are treated as companies for Australian tax purposes as well as gains made by non-resident investors in IMR entities that are treated as trusts and partnerships for Australian tax purposes. THE FOREGOING DISCUSSION IS NOT TAX ADVICE OR A COMPREHENSIVE DISCUSSION OF ALL US AND AUSTRALIAN FEDERAL INCOME TAX CONSEQUENCES TO US HOLDERS OF WOODSIDE SECURITIES. SUCH HOLDERS SHOULD CONSULT WITH, AND RELY SOLELY UPON, THEIR OWN TAX ADVISERS TO DETERMINE THE SPECIFIC TAX CONSEQUENCES TO THEM OF THE OWNERSHIP AND DISPOSITION OF WOODSIDE SECURITIES, INCLUDING THE EFFECT OF ANY US FEDERAL, STATE, LOCAL, NON-US, OR OTHER TAX LAWS. Woodside Energy Group Ltd \| 191

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Key announcements 2022 January Woodside completes Pluto Train 2 sell-down to GIP Non-cash impairment reversal and other items Fourth quarter 2021 Report Woodside to withdraw from Myanmar February Full-year 2021 results Sustainable Development Report 2021 Climate Report 2021 March Court dismisses challenges to environmental approvals Processing of Pluto gas starts at North West Shelf April Supporting information for shareholder vote on merger released First quarter 2022 report May Woodside shareholders approve merger Woodside changes company name to Woodside Energy Group Ltd and ticker code change June Woodside completes merger with BHP Petroleum Admission to trading on the New York Stock Exchange Admission to trading on the London Stock Exchange Bumi appeal dismissed July Second quarter 2022 Report Production guidance clarification August Segment reporting restatement and other items Half-year 2022 results October Third quarter 2022 report Change of additional Company Secretary November 2023 full-year guidance EVP Australian Operations Resignation December Investor Briefing Day 2022 January 2023 Fourth quarter 2022 Report February 2023 Line-item guidance and other items Events calendar 2023 February 27 Full-year 2022 results and briefing 27 Annual Report 2022 27 US Annual Report 2022 (Form 20-F) 27 Sustainable Development Report 2022 27 Climate Report 2022 March 8 Ex-dividend date for dividend entitlement 9 Record date for dividend entitlements April 5 Payment of dividend 21 First quarter 2023 results 28 Annual General Meeting June 30 Half-year end 2023 July 19 Second quarter 2023 results August 24 Half-year 2023 results October 18 Third quarter 2023 results November Investor Briefing Day 2023 December 31 Year-end 2023 Key calendar dates for Woodside shareholders in 2023. Please note dates are subject to review. 192 \| Annual Report 2022

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AUSTRALIA Perth (HEAD OFFICE) Mia Yellagonga 11 Mount Street, Perth WA 6000, Australia T: +61 8 9348 4000 Postal address: GPO Box D188, Perth WA 6840, Australia Karratha The Quarter HQ, Level 3, 24 Sharpe Avenue Karratha WA 6714, Australia T: 1800 634 988 Postal address: PO Box 517 Karratha WA 6714, Australia Roebourne 39 Roe Street, Roebourne WA 6718, Australia T: 1800 634 988 Canberra Suite 12.03, 15 London Circuit, Canberra ACT 2601, Australia T: +61 8 9348 4000 Melbourne Level 3, 162 Collins Street, Melbourne Victoria 3000, Australia T: +61 8 9348 4000 Launceston 96 Tamar Street, Launceston Tasmania 7250, Australia T: +61 8 9348 4000 AMERICAS Houston 1500 Post Oak Blvd, Houston TX 77056, USA T: +1 713 961 8500 Calgary Suite 3750, 421-7th Avenue SW Calgary Alberta T2P 4K9, Canada T: +1 855 956 0916 Postal address: PO Box 22240 Bankers Hall Calgary Alberta T2P 4J6 Canada Mexico City Avenida Ejercito Nacional 769 Torre B, Piso 3, Col. Granada, Migual Hidalgo, Ciudad de Mexico 11520, Mexico T: +52 55 9156 9635 Port of Spain Invaders Bay Tower, Invaders Bay off Audrey Jeffers Highway, Port of Spain W.I, Trinidad and Tobago T: +1 868 821 5200 AFRICA Dakar Serenity Building, 1 Route du King Fahd Palace 2nd & 3rd floor, Almadie, Dakar, Senegal T: +221 32 824 40 60 ASIA-PACIFIC Beijing 16/F, West Tower, 1607, World Financial Centre No. 1 East 3rd Ring Middle Road Chaoyang District, Beijing, 100020 China T: +86 10 8591 0577 Dili Palm Business and Trade Centre Block E01-06 Surik Mas, Fatumeta Bairro Pite Dili, Timor-Leste T: +670 3310804 Seoul 11F Kwanghwamun Building 149, Sejongdaero, Jongno-gu Seoul 03186, Republic of Korea T: +82 2 739 3290 Singapore 12 Marina View, Asia Square Tower 2 #18-03 Singapore 018961, Singapore T: +65 6709 8000 Tokyo Imperial Tower, 1-1 Uchisaiwaicho 1-Chome Chiyoda-ku Tokyo 100-0011, Japan T: +81 3 3501 7031 UNITED KINGDOM London Level 3, 10-12 Cork Street London, England W1S 3NP United Kingdom T: +44 20 7009 3900 Section 6 . 5 Business directory Woodside Energy Group Ltd \| 193

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Producing facilities Australia Asset Role Equity Infrastructure Capacity (100% project) Product Pluto LNG Operator 90% Pluto LNG Plant (onshore gas plant) LNG: 4.9 Mtpa Domestic gas: 25 TJ/d Condensate: 1,140 tonnes/d LNG, pipeline gas and condensate Pluto Platform (steel jacket fixed platform) Dry gas: 1,320 MMscf/d Gas and condensate North West Shelf1 Operator 33.33% Karratha Gas Plant (onshore gas plant) LNG: 16.9 Mtpa Domestic Gas: 630 TJ/d Condensate: 14,385 tonnes/d LNG, pipeline gas, condensate and NGLs North Rankin Complex (steel jacket fixed platform) Dry gas: 60,000 tonnes/d Condensate: 6,200 tonnes/d Gas and condensate Goodwyn A Platform (steel jacket fixed platform) Dry gas: 38,000 tonnes/d Condensate: 18,000 tonnes/d Gas and condensate Angel Platform (steel jacket fixed platform) Dry gas: 21,500 tonnes/d Condensate: 5,270 tonnes/d Gas and condensate Wheatstone2 Non-operator 13% Wheatstone LNG Plant (onshore gas plant) LNG: 8.9 Mtpa Domestic gas: 200 TJ/d Condensate: 8,661 sm3/d LNG, pipeline gas and condensate Wheatstone Platform (steel gravity structure platform) Dry gas: 1,970 MMscf/d Condensate: 8,600 sm3/d Gas and condensate Okha FPSO Operator 50% FPSO Oil: 60 kbbl/d Gas: 82 MMscf/d Crude oil Ngujima-Yin FPSO Operator 60% FPSO Oil: 120 kbbl/d Oil Bass Strait Non-operator 50% Longford (onshore gas plant) Gas: 1,040 TJ/day Crude oil and condensate: 65,000 bbl/d Liquefied petroleum gas: 5,150 tonnes/d Ethane: 850 tonnes/d Crude oil and condensate, pipeline gas and NGLs Long Island Point (onshore processing and storage plant) Barracouta (steel jacket platform and West Barracouta subsea tieback) Snapper (steel jacket platform) Marlin/Turrum (steel jacket platform) Tuna/West Tuna (steel jacket platform and concrete gravity structure) Oil Block (steel jacket platform) 32.5% Kipper (subsea tieback to West Tuna) Pyrenees FPSO Operator 40-71.4% FPSO Oil: 96,000 bbl/d Crude oil Macedon Operator 71.4% Onshore single-train gas plant Gas: 220 MMscf/d Condensate: 110 bbl/d Pipeline gas 1. The North West Shelf consists of a number of active joint ventures. Woodside's participating interest is 33.33% in all of these apart from the NWS joint ventures with CNOOC. Woodside's participating interest in the CLNG JV is 25% and in the Extended Interest JVs is 31.567%. 2. The Wheatstone assets processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has 65% participating interest and is the operator. Section 6 . 6 Asset facts 194 \| Annual Report 2022

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International Asset Role Equity Infrastructure Capacity (100% project) Product Greater Angostura Operator 45% Angostura – Block 2(c) (central processing platform) Oil:100,000 bbl/d Gas: 340 MMscf/d Crude oil and condensate and pipeline gas 68.46% Ruby – Block 3(a) (well protector platform) Greater Shenzi Operator 72% Tension leg platform Oil: 100,000 bbl/d Gas: 50 MMscf/d LNG, pipeline gas, condensate and NGLs Atlantis Non-operator 44% Semi-submersible wet tree development Oil: 200,000 bbl/d Gas: 180 MMscf/d LNG, pipeline gas and condensate Mad Dog Non-operator 23.9% Phase 1 (A-Spar) (subsea truss spar) Oil:100,000 bbl/d Gas: 60 MMscf/d Crude oil and condensate, pipeline gas and NGLs Phase 2 (Argos) (semi-submersible floating)1 Oil: 140,000 bbl/d Gas: 75 MMscf/d Crude oil and condensate, pipeline gas and NGLs 1. Mad Dog Phase 2 has not achieved ready for start up. Post FID Asset Role Equity Infrastructure Capacity (100% project) Product Scarborough Operator 100% Semi-submersible FPU Dry gas: 33,582 tonnes/day LNG: 5.0 Mtpa Domestic gas: 225 TJ/d LNG, pipeline gas and condensate 51% Pluto Train 2 (onshore gas plant) Sangomar Operator 82% FPSO Oil: 100,000 bbl/d Crude oil Pre FID Asset Role Equity Product Trion Operator 60% Crude oil Projects Woodside Energy Group Ltd \| 195

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Country Permit Role Joint venture Comment Australia G-7-AP Non-operator Bonaparte CCS Assessment Joint Venture Located in the Bonaparte Basin off the northwestern coast of the Northern Territory G-8-AP Operator Browse Joint Venture For carbon capture and storage evaluation for Browse G-10-AP Operator Northern Carnarvon Basin CCS Joint Venture Located in the Northern Carnarvon Basin off the north west coast of Western Australia Greenhouse gas assessement permits Asset Role Equity Product Calypso Operator 70% Gas Browse Operator 30.6% LNG, pipeline gas and condensate Liard Operator 100% Gas Non-operator 50% Gas Wildling1 Operator 100% Crude oil and condensate, pipeline gas and NGLs Sunrise Operator 33.44% LNG, pipeline gas and condensate Myanmar A-62 Joint operator 40% N/A 1. Woodside does not plan to pursue any further Wildling development activities in Blocks GC564 or GC520. 2. Withdrawing; handover in progress. Developments Asset Role Equity Product H2OK Operator 100% Liquid hydrogen H2Perth Operator 100% Hydrogen and ammonia Hydrogen Refueller @H2Perth Operator 100% Hydrogen H2TAS Operator 100% Hydrogen and ammonia Woodside Solar Operator 100% Solar energy Southern Green Hydrogen2 Preferred partner—Hydrogen and ammonia Heliogen Non-operating partner N/A Solar energy 1. Subject to FID and regulatory approvals 2. Woodside's equity in Southern Green Hydrogen is subject to finalising commercial agreements. New energy opportunities1 196 \| Annual Report 2022

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Exploration Country Permit Role Equity Product Asia-Pacific Australia WA-526-P Non-operator 50% Gas prone basin WA-356-P Operator 65% Gas prone basin WA-536-P Operator 65% Gas prone basin WA-550-P Operator 100% Gas prone basin NT/P86 Operator 100% Gas prone basin Myanmar1 A-7 Operator Relinquished, formalities pending Gas prone basin AD-7 Non-operator Relinquished, formalities pending Gas prone basin AD-1 Joint operator Relinquished, formalities pending Gas prone basin AD-8 Joint operator Relinquished, formalities pending Gas prone basin Republic of Korea 8, 6-1N Joint operator Exit initiated Gas prone basin Europe Ireland FEL 5/13 Operator Exit initiated Oil or gas prone basin Africa Senegal Rufisque, Sangomar and Sangomar Deep Operator 90% Oil prone basin Congo Marine XX Non-operator 22.5% Oil or gas prone basin Egypt Red Sea Block 1 Non-operator 45% 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 Caribbean Barbados Carlisle Bay, Bimshire Operator 60% Oil or gas prone basin Trinidad and Tobago TTDAA5 MDP2 Operator 65% Gas prone basin Latin America Peru 108 Non-operator Exit initiated Oil or gas prone basin North America Canada (offshore) EL1157 Operator Exit initiated Oil or gas prone basin EL1158 Operator Exit initiated Oil or gas prone basin US Gulf of Mexico GB 640, GB 641, GB 685, GB 555, GB 556, GB 726, GB 770, GB 771, GB 604, GB 605, GB 647, GB 648, GB 649, GB 772, GB 728, GB 729, GB 773, GB 774, GB 421, GB 464, GB 465, GB 508, GB 509, GB 736, GB 780, GB 824 Non-operator 40% Oil prone basin GB 574, GB 575, GB 619, GB 529, GB 530, GB 531 Operator 40%3 Oil prone basin GB 630, GB 719, GB 720, GB 763, GB 807, GB 501, GB 502, GB 545, GB 676, GB 677, GB 721, GB 762, GB 805, GB 806, GB 851, GB 852, GB 895, GB 672, GB 716, GB 760 Operator 60% Oil prone basin GC 282, GC 237 Non-operator 50% Oil prone basin GB 663, GB 664, GB 678, GC 564, EB 566, EB 567, EB 610, EB 611 Operator 100% Oil prone basin EB 655, EB 656, EB 699, EB 700, EB 701, AC 34, AC 36, AC 78, AC 80, EB 870, EB 871, EB 872, EB 914, EB 915, EB 742, EB 785, EB 786, EB 830, AC 127, AC 170, AC 39, AC 81, AC 82 Operator 70% Oil prone basin MC 798, MC 842 Non-operator 45% Oil prone basin GC 679, GC 768 Non-operator 31.9% Oil prone basin GC 238 Non-operator 60% 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 Operator 75% Oil prone basin GC 738, GC 870 Non-operator 23.9% Oil prone basin 1. Woodside announced its decision to withdraw from its interests in Myanmar on 27 January 2022. 2. Market Development Phase Area (MDP). 3. Pending regulatory assignment approval. Woodside Energy Group Ltd \| 197

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Certain parts of this report contain financial measures that have not been prepared in accordance with IFRS and are not recognised measures of financial performance or liquidity under IFRS. In addition to the financial information contained in this report presented in accordance with IFRS, certain 'non-GAAP financial measures' (as defined in Item 10(e) of Regulation S-K under the US Securities Act of 1933, as amended) have been included in this report. These measures include EBIT, EBITDA excluding impairment, Gearing, Underlying NPAT, Net debt, Free cash flow, Capital expenditure, Exploration expenditure, Net tangible assets, and Net tangible asset per ordinary security. These non-IFRS financial measures are defined section 6.8—Glossary, units of measure and conversion factors. This section provides a reconciliation of these measures to Woodside's Financial Statements. Woodside believes that the non-IFRS financial measures it presents provide a useful means through which to examine the underlying performance of its business. These measures, however, should not be considered to be an indication of, or alternative to, corresponding measures of gross profit, net profit, cash flows from operating activities, or other figures determined in accordance with IFRS. In addition, such measures may not be comparable to similar measures presented by other companies. Undue reliance should not be placed on the non-IFRS financial measures contained in this report, and the non-IFRS financial measures should not be considered in isolation or as a substitute for financial measures computed in accordance with IFRS. Although certain of these data have been extracted or derived from Woodside's Financial Statements, these data have not been audited or reviewed by Woodside's independent auditors. You are urged to read carefully the audited Full-year Financial Statements and related notes thereto. Definition and calculation of non-IFRS financial information Non-IFRS financial information Why is the non-IFRS financial information useful Calculation methodology EBIT Used to assess the Group's operational profitability excluding net finance costs and taxation expense. This assists management in tracking the performance of the Group from its operations only. Calculated as profit before income tax, PRRT and net finance costs. EBITDA excluding impairment Used to assess the Group's operational profitability excluding net finance costs, taxation expense, depreciation and amortisation and impairment losses/reversals. This measure assesses the performance of the Group's segments and aids decision making of resource allocation. Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses, impairment reversals. Underlying NPAT Used to assess the Group's financial performance by excluding the impacts of exceptional items. This measure indicates the performance from the Group's core operations only and is used by management to aid decision making of resource allocation. Net profit after tax from the Group's operations excluding any exceptional items (refer to the reconciliation in this section for the list of specific items for each financial year). Investment expenditure Used to assess efficient deployment of capital for oil and gas properties, evaluation capitalised and exploration and evaluation expenditure. Management uses this measure as support for decision making to maintain and improve productive capacity. Includes capital additions on oil and gas properties, evaluation capitalised and exploration and evaluation expenditure less amortisation of licence acquisition costs and prior year exploration expense written off. Capital expenditure Used to assess efficient deployment of capital for oil and gas properties and evaluation capitalised. Management uses this measure as support for decision making to maintain and improve productive capacity. Includes capital additions on oil and gas properties and evaluation capitalised. Exploration expenditure Used to assess efficient deployment of capital for exploration and evaluation expenditure. Management uses this measure as support for decision making to maintain and improve productive capacity. Includes exploration and evaluation expenditure less amortisation of licence acquisition costs and prior year exploration expense written off. Free cash flow Used to evaluate the cash available for financing activities, including shareholder distributions and debt servicing, after investment in maintaining and growing the Group's operations This measure is used as a key indicator of the level of cash the Group has at its disposal. Cash flow from operating activities (excluding payments to cash reserves) and cash flow from investing activities. Net debt Net debt measures how the Group manages our balance sheet and capital structure. Management uses this measure to track the level of debt of the Group. Interest-bearing liabilities and lease liabilities less cash and cash equivalents. Net tangible assets Used to assess the Group's net assets (excluding intangible) to assess how much risk the Group carries in liquidity, solvency and assets for financing purposes. The Group's net assets less goodwill, non-controlling interest and intangible assets. Net tangible assets per ordinary security Used by management to assess the Group's investment strategy in comparison to the Group's share price. Net tangible assets divided by the number of issued and fully paid shares. Gearing Used to monitor the Group's net debt relative to the Group's total net debt and equity. This measure assists management in monitoring the Group's leverage. Net debt divided by the total of net debt and equity attributable to equity holders of the parent. Section 6 . 7 Alternative performance measures 198 \| Annual Report 2022

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APMs derived from Consolidated Income Statement 2022 US$m 2021 US$m 2020 US$m EBIT/EBITDA excluding impairment Net profit/(loss) after tax 6,575 2,036 (3,975) Adjusted for: Finance income (155) (27) (58) Finance costs 167 230 327 PRRT expense/(benefit) (313) 297 (439) Income tax expense/(benefit) 2,912 957 (1,026) EBIT 9,186 3,493 (5,171) Adjusted for: Oil and gas properties depreciation and amortisation 2,798 1,549 1,689 Amortisation of licence acquisition costs 10 3 12 Depreciation of lease assets 140 108 94 Depreciation of other plant and equipment—30 29 Impairment losses—10 5,269 Impairment reversals (900) (1,058)—EBITDA excluding impairment 11,234 4,135 1,922 Underlying NPAT Net profit/(loss) after tax attributable to equity holders of the parent 6,498 1,983 (4,028) Adjusted for the following exceptional items: Add: Merger transaction costs 419 — Add: Orphan Basin exit fee 142 — Add: Myanmar exit—209—Add: Kitimat exit costs—33—Add: Joint venture recoveries—4—Add: Impairment losses — 3,923 Add: Recognition of the Corpus Christi onerous contract provision — 447 Add: Other — 105 Less: Derecognition of the Corpus Christi onerous contract provision (245) — Less: Impairment reversal (post-tax) (630) (582)—Less: Pluto PRRT DTA recognition (954) — Less: Pluto price adjustment—(27)—Underlying NPAT 5,230 1,620 447 APMs derived from Consolidated Cash Flow Statement and Other Notes 2022 US$m 2021 US$m 2020 US$m Capital expenditure Capital additions on evaluation 119 453 310 Capital additions on oil and gas properties 3,904 2,178 1,591 Capital expenditure 4,023 2,631 1,901 Exploration expenditure Exploration and evaluation expenditure 470 322 81 Adjusted for: Amortisation expense (10) (3) (12) Prior year expense written off (164) (265) (2) Exploration capitalised 122 42 45 Exploration expenditure 418 96 112 Investment expenditure 4,441 2,727 2,013 Free cash flow Cash flow from operating activities 8,811 3,792 1,849 Adjusted for: Payments to cash reserves ——Cash flow used in investing activities (2,265) (2,941) (2,112) Free cash flow 6,546 851 (263) Woodside Energy Group Ltd \| 199

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APMs derived from Consolidated Balance Sheet 2022 US$m 2021 US$m 2020 US$m Net tangible assets per ordinary security Net assets 37,127 14,229 12,875 Adjusted for: Goodwill (4,614) — Non-controlling interest (791) (786) (800) Intangible assets (55) (2) (1) Net tangible assets 31,667 13,441 12,074 Number of issued and fully paid shares 1,898,749,771 969,631,826 962,225,814 Net tangible assets per ordinary security 16.68 13.86 12.55 Gearing Interest-bearing liabilities (Current and non-current) 5,138 5,430 6,214 Lease liabilities (Current and non-current) 1,634 1,367 1,278 Adjusted for: Cash and cash equivalents (6,201) (3,025) (3,604) Add: restricted cash 12 — Net debt 583 3,772 3,888 Equity attributable to equity holders of the parent 36,336 13,443 12,075 Total net debt and equity attributable to equity holders of the parent 36,919 17,215 15,963 Gearing (%) 1.6 21.9 24.4 200 \| Annual Report 2022

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$, $m US dollars unless otherwise stated, millions of dollars 1P Proved reserves 2C Best Estimate of Contingent resources 2P Proved plus Probable reserves ADR American Depository Receipts AGM Annual General Meeting ASX Australian Securities Exchange A$ Australian dollars Brent Intercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil price) Capital expenditure Includes capital additions on oil and gas properties and evaluation capitalised Carbon credit A tradable financial instrument that is issued by a carbon-crediting program. A carbon credit represents a greenhouse gas emission reduction to, or removal from, the atmosphere equivalent to 1 tCO2-e, calculated as the difference in emissions from a baseline scenario to a project scenario. Carbon credits are uniquely serialised, issued, tracked and retired or administratively cancelled by means of an electronic registry operated by an administrative body, such as a carbon-crediting program Cash margin Revenue from sale of produced hydrocarbons less production costs, royalties, excise and levies, insurance, inventory movement, shipping and direct sales costs and other hydrocarbon costs; excludes exploration and evaluation, general administrative and other costs, depreciation and amortisation, PRRT and income tax CCS Carbon capture and storage CCUS Carbon capture utilisation and storge 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 greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis1 Condensate Hydrocarbons that are gaseous in a reservoir but that condense to form liquids as they rise to the surface cps Cents per share Decarbonisation Woodside uses this term to describe activities or pathways that have the effect of moving towards a state that is lower carbon, as defined in this glossary 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 EPS Earnings per share Equity greenhouse gas emissions Woodside sets its Scope 1 and 2 greenhouse gas emissions reduction targets on an equity basis. This ensures that the scope of its emissions reduction targets is aligned with its economic interest in its investments. Equity emissions reflect the greenhouse gas emissions from operations according to Woodside's share of equity in the operation. Its equity share of an operation reflects its economic interest in the operation, which is the extent of rights it has to the risks and rewards flowing from the operation2 Exploration expenditure Includes exploration and evaluation expenditure less amortisation of licence acquisition costs and prior year exploration expense written off FEED Front-end engineering design FID Final investment decision FPSO Floating production storage and offloading FPU Floating production unit Free cash flow Cash flow from operating activities less cash flow from investing activities FVLCD Fair value less costs to dispose GAAP Generally Accepted Accounting Principles GDP Gross domestic product Gearing Net debt divided by the total of net debt and equity attributable to equity holders of the parent GHG or greenhouse gas The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); methane (CH4); nitrous oxide (N20); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6)1 Gross margin Gross profit divided by operating revenue. Gross profit excludes income tax, PRRT, net finance costs, other income and other expenses GWF Greater Western Flank 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 Investment expenditure Includes capital expenditure and exploration expenditure JCC The Japan Customs-cleared Crude is the average price of customs-cleared crude oil imports into Japan as reported in customs statistics (also known as 'Japanese Crude Cocktail') and is used as a reference price for long-term supply LNG contracts JV Joint venture KGP Karratha Gas Plant Liquidity Total cash and cash equivalents and available undrawn debt facilities LNG Liquified natural gas Lower carbon Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity Glossary All footnotes related to this page are displayed on the next page. Section 6 . 8 Glossary, units of measure and conversion factors Woodside Energy Group Ltd \| 201

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Lower carbon portfolio For Woodside, a lower carbon portfolio is one from which the net equity scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim. Lower carbon services Woodside uses this term to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions LSE London Stock Exchange Net debt Interest-bearing liabilities and lease liabilities less cash and cash equivalents Net equity greenhouse gas emissions Woodside's equity share of net greenhouse gas emissions Net greenhouse gas emissions Woodside has set its Scope 1 and 2 greenhouse gas emissions reduction targets on a net basis, allowing for both direct emissions reductions from its operations and emissions reductions achieved from the use of offsets. Net greenhouse gas emissions are equal to an entity's gross greenhouse gas emissions reduced by the number of retired carbon credits Net profit attributable to equity holders of the parent Net 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 Net zero Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period. Where multiple greenhouse gases are involved, the quantification of net zero emissions depends on the climate metric chosen to compare emissions of different gases (such as global warming potential, global temperature change potential, and others, as well as the chosen time horizon)3 New energy Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, that are emerging in scale but which are expected to grow during the energy transition due to having lower greenhouse gas emissions at the point of use than conventional fossil fuels NGLs Natural gas liquids NPAT Net profit after tax NWS North West Shelf 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 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 from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process equipment. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist2 Scope 2 GHG emissions 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 the organisational 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 accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist2 Scope 3 GHG emissions 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 the company. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services. Please refer to the data table on page 58 of the Climate Report 2022 for further information on the Scope 3 emissions categories reported by Woodside2 Target Woodside uses this term to describe an intention to seek the achievement of an outcome, where Woodside considers that it has developed a suitably defined plan or pathway to achieve that outcome TCFD 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 and medical treatment cases) per million work hours Underlying NPAT Net profit after tax from the Group's operations excluding any exceptional items Unit production costs Production costs ($ million) divided by production volume (MMboe) US, USA United States of America USD US dollars WA Western Australia 1. 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 a updated definition of Paris-Aligned scenarios Woodside has retained use of the previous edition. 2. World Resources Institute and World Business Council for Sustainable Development 2004. "GHG Protocol: a corporate accounting and reporting standard". 3. IPCC, 2018: Annex I: Glossary [Matthews, J.B.R. (ed.)]. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. In Press. Page 555. 202 \| Annual Report 2022

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Term Definition bbl barrel Bcf billion cubic feet of gas boe barrel of oil equivalent boe/d barrels of oil equivalent per day CO2-e carbon dioxide equivalent Mbbl thousand barrels Mboe thousand barrels of oil equivalent MMboe million barrels of oil equivalent MMBtu million British thermal units MMscf million standard cubic feet of gas Mtpa million tonnes per annum MW megawatt scf standard cubic feet of gas tpd tonnes per day Product Unit Conversion factor Natural gas 5,700 scf 1 boe Condensate 1 bbl 1 boe Oil 1 bbl 1 boe Natural gas liquids (NGL) 1 bbl 1 boe Facility Unit LNG conversion factor Karratha Gas Plant 1 tonne 8.08 boe Pluto Gas Plant 1 tonne 8.34 boe Wheatstone 1 tonne 8.27 boe Units of measure Conversion factors 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. Woodside Energy Group Ltd \| 203

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Unreasonable prejudice As permitted by sections 299(3) and 299A(3) of the Corporations Act 2001, we have omitted certain information from our operating and financial review in relation to our business strategy, future prospects and likely developments in our operations and the expected results of those operations in future financial years. We have done this on the basis that such information, if disclosed, would be likely to result in unreasonable prejudice to Woodside (for example, because the information is premature, commercially sensitive, confidential or could give a third-party a commercial advantage). The omitted information relates to our internal budgets, forecasts and estimates, details of our business strategy, and LNG contractual pricing. Forward-looking statements This report may contain 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, statements about expectations regarding longterm demand for Woodside's products, timing of completion of Woodside's projects, expected synergies from the merger with BHP's petroleum business, expectations regarding growth opportunities, Woodside's strategic framework, Woodside's dividend policy, future results of projects, operating activities, and new energy products, and expectations regarding the achievement of Woodside's Scope 1 and 2 net equity emissions reduction and new energy investment target and other climate, sustainability and ESG goals. All forward-looking statements contained in this report reflect Woodside's views held as at the date of this report. 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', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside are or may be forward-looking statements. The information and statements in this report about Woodside's future strategy and other forward-looking statements are not guidance, forecasts, guarantees or predictions of future events or performance, but are in the nature of aspirational targets that Woodside has set for itself and its management of the business. Those statements and any assumptions on which they are based are only opinions and are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective beneficiaries. 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, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve 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, project delay or advancement, approvals, cost estimates and the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, as well as general economic conditions, prevailing exchange rates and interest rates and conditions in financial markets. Details of the key risks relating to Woodside and its business can be found in section 3.8—Risk factors. You should review and have regard to these risks when considering the information contained in this report. If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this report. Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. None of Woodside nor any of its related bodies corporate, nor any of their respective beneficiaries, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report. Past performance (including historical financial information and pro forma information) is given for illustrative purposes only. It should not be relied on and is not necessarily a reliable indicator of future performance, including future security prices. Emissions data All greenhouse gas emissions data in this report are estimates, 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 Scope 1 GHG emissions, Scope 2 GHG emissions, and Scope 3 GHG emissions. For more information on emissions data refer to the Climate Report 2022 and the Sustainable Development Report 2022. S ectio n 6 . 9 Information about this report 204 \| Annual Report 2022

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Industry and market data This report contains industry, market and competitive position data that are based on industry publications and studies conducted by third parties as well as Woodside's internal estimates and research. These industry publications and third-party studies generally state that the information they contain has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While Woodside believes that each of these publications and third-party studies is reliable, Woodside has not independently verified the market and industry data obtained from these third-party sources. Forecasts and other forwardlooking information obtained from these sources are subject to the same qualifications and uncertainties as the other forwardlooking statements contained in this report and may differ among third-party sources. These forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described in section 3.8—Risk factors and in this section, section 6.9—Information about this report. These and other factors could cause results to differ materially from those expressed in Woodside's forecasts or estimates or those of independent third parties. While Woodside believes its internal research is reliable and its selection of industry publications and third-party studies and the description of its market and industry are appropriate, neither such research nor these descriptions have been verified by any independent source. Basis of Presentation Woodside's Financial Statements are prepared in accordance with the Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and comply with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Other important information All references to dollars, cents or $ in this report are to US currency, unless otherwise stated. References to 'Woodside' may be references to Woodside Energy Group Ltd or its applicable subsidiaries. This report does not include any express or implied prices at which Woodside will buy or sell financial products. This report contains references to Woodside's website, our Sustainable Development Report 2022 and our Climate Report 2022. These references are for the readers' convenience only. Woodside is not incorporating by reference into this report any information posted on woodside.com or in the Sustainable Development Report 2022 or our Climate Report 2022. The content of any other websites referred to in this report does not form part of this report. Woodside Energy Group Ltd \| 205

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2022 2021 2020 20192 2018 20171 2016 2015 2014 2013 Profit and loss (USDm)1,2 Operating revenues LNG 11,289 5,359 2,519 3,664 3,761 2,674 2,751 3,095 4,563 3,347 Pipeline gas 1,362 43 73 85 89 153 303 296 377 371 Natural gas liquids (NGLs) 206 60 16 44 25 43 34 34 80 88 Crude oil and condensate 3,758 1,316 843 946 952 813 715 1,071 2,056 1,970 Processing and services Revenue 175 143 142 119 202 192 202 180 198 150 Trading revenue — — 210 53 70 354 161—Other hydrocarbon revenue — — 1 47 — — Shipping and other revenue 27 41 7 15 — — — Total 16,817 6,962 3,600 4,873 5,240 3,975 4,075 5,030 7,435 5,926 EBITDAX excluding impairment 11,694 4,454 1,991 3,680 4,041 3,095 3,004 3,443 5,853 4,460 EBITDA excluding impairment 11,234 4,135 1,922 3,531 3,814 2,918 2,734 3,063 5,568 4,188 EBIT 9,186 3,493 (5,171) 1,091 2,278 1,714 1,388 441 3,672 2,538 Exploration and evaluation (excluding amortisation of permit acquisition) 460 319 69 149 227 177 270 380 285 272 Depreciation and amortisation 2,938 1,687 1,812 1,688 1,451 1,188 1,320 1,517 1,441 1,218 Amortisation of licence acquisition costs 10 3 12 15 46 16 26 22 21 45 Impairment/impairment reversal (900) (1,048) 5,269 737 39 — 1,083 434 387 Net finance costs 12 203 269 229 183 84 48 85 163 179 Tax expense 2,599 1,254 (1,465) 480 628 465 367 243 993 545 Non-controlling interest 77 53 53 39 103 96 105 87 102 65 Reported NPAT 6,498 1,983 (4,028) 343 1,364 1,069 868 26 2,414 1,749 Reported EPS (cents)3 430 206 (424) 37 148 123 104 3 293 213 DPS (cents) 253 135 38 91 144 98 83 109 255 249 Balance sheet (USDm)2 Total assets 59,321 26,474 24,623 29,353 27,088 25,399 24,753 23,839 24,082 23,770 Debt 6,772 6,797 7,492 6,849 4,071 5,065 4,973 4,441 2,586 3,764 Net debt 583 3,772 3,888 2,791 2,397 4,747 4,688 4,319 (682) 1,541 Shareholder equity (net of non-controlling interest) 36,336 13,443 12,075 16,617 17,489 15,081 14,839 14,226 15,876 15,225 Cashflow (USDm) and capital expenditure (USDm) Cash flow from Operations 8,811 3,792 1,849 3,305 3,296 2,400 2,587 2,475 4,785 3,330 Investing (2,265) (2,941) (2,112) (1,238) (1,772) (1,568) (2,473) (5,555) (617) (1,059) Financing (3,364) (1,424) (203) 317 (159) (805) 51 (58) (3,119) (2,470) Capital expenditure Exploration and evaluation 119 460 355 443 728 328 965 1,305 261 166 Oil and gas properties 3,904 2,178 1,591 749 993 1,039 1,214 4,309 425 420 ROACE4 24.5% 15.6% -21.0% 4.1% 9.3% 7.4% 6.2% 2.0% 17.5% 12.0% Return on equity 17.9% 14.8% -33.4% 2.1% 7.8% 7.1% 5.8% 0.2% 15.2% 11.5% Gearing 1.6% 21.9% 24.4% 14.4% 12.1% 23.9% 24.0% 23.3% -4.5% 9.2% Volumes1 Sales (million boe) LNG 96.6 91.2 81.2 75.3 69.6 61.2 63.6 57.6 58.3 52.4 Pipeline gas 28.4 2.5 5.3 6.2 5.8 7.6 14.5 13.4 13.3 14.1 NGLs 4.6 0.7 0.4 0.7 0.4 0.7 0.7 0.7 0.8 0.9 Crude oil and condensate 39.3 17.2 19.9 15.2 13.4 14.6 16.2 21.0 20.8 18.3 Total 168.9 111.6 106.8 97.4 89.2 84.1 95.0 92.7 93.2 85.7 Production (million boe)5 LNG 85.1 70.8 75.0 67.7 71.9 61.7 63.7 57.5 60.3 53.6 Pipeline gas 28.6 2.5 5.3 6.1 5.8 7.3 14.5 13.3 13.3 14.1 NGLs 5.3 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.9 Crude oil and condensate 38.7 17.3 19.5 15.3 13.1 14.8 16.0 20.7 20.7 18.4 Total (million boe) 157.7 91.1 100.3 89.6 91.4 84.4 94.9 92.2 95.1 87.0 Other data Reserves (Proved plus Probable) Natural gas (Tcf)6 16.43 11.67 4.50 5.65 6.05 6.54 7.09 7.59 6.65 7.09 Reserves (Proved plus Probable) Crude oil and condensate (MMbbl)6 710.6 244.4 250.7 222.4 175.9 186.9 198.6 176.1 171.2 192.2 Reserves (Proved plus Probable) NGLs (MMbbl)6 48.0 — — — ——Other Employees 4,376 3,684 3,670 3,834 3,662 3,597 3,511 3,456 3,803 3,896 Shares High (A$) 39.16 27.40 36.14 37.40 39.00 33.97 31.88 38.33 44.23 39.54 Low (A$) 21.93 19.20 15.27 30.49 28.45 28.16 23.94 26.20 33.71 33.29 Close (A$) 35.44 21.93 22.74 34.38 31.32 33.08 31.16 28.72 38.01 38.90 Number (000's) 1,898,750 969,632 962,226 942,287 936,152 842,445 842,445 823,911 823,911 823,911 Number of shareholders7 649,871 261,019 276,431 220,065 209,753 209,383 214,350 225,138 227,798 217,383 Market capitalisation (USD equivalent at reporting date) 45,759 15,948 16,817 22,666 20,681 21,762 18,922 17,250 25,664 28,579 Market capitalisation (AUD equivalent at reporting date) 67,292 21,264 21,881 32,396 29,320 27,868 26,251 23,663 31,317 32,050 Finding costs ($/boe) (3 year average)8 9.78 14.65 30.44 21.71 29.90 26.21 39.06 107.45 44.09 30.43 Reported effective income tax rate (%) 30.7% 32.0% 20.5% 57.2% 31.7% 34.0% 35.9% 49.8% 30.1% 29.8% Net debt/total market capitalisation (%) 1.3% 23.7% 23.1% 12.3% 11.6% 21.8% 24.8% 25.0% -2.7% 5.4% 1. 2017 has been restated for the impact of AASB 15 Revenue from contracts with customers. Comparative financial information prior to 2016 has not been restated for AASB 15. 2. 2019 includes the adoption of AASB 16 Leases. 3. Earnings per share has been calculated using the following weighted average number of shares (2022: 1,511,257,404; 2021: 962,604,811; 2020: 951,113,086; 2019: 935,833,092; 2018: 921,165,018; 2017: 866,201,877; 2016: 835,011,896; 2015: 822,943,960; 2014: 822,771,118; 2013:822,983,715). 4. The calculation for ROACE has been revised in 2014 to use EBIT as the numerator, in addition to a change in the composition of capital employed. ROACE for 2013 has been restated to include this change. 5. Includes production of 156.8 MMboe from Woodside reserves and 0.9 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 6. Reporting of reserves by product changed in 2022 to include natural gas; crude oil and condensate; NGLs. For years prior to 2022, NGLs were included in natural gas and crude oil and condensate were reported separately. Years prior to 2022 have otherwise not been restated for any other changes in reporting methodology. 7. As per the date specified in the relevant Annual Report. 8. Finding cost methodology is in accordance with SEC industry standard. The 2020 outcome excludes the impact of Greater Pluto (WA-404-P) Proved (1P) Undeveloped Reserves of 91 MMboe to Best Estimate (2C) being reclassified to Contingent Resources, resulting from impairment of Pluto (WA-404-P). Section 6 .1 0 Ten-year comparative data summary 206 \| Annual Report 2022

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

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g459178g26d01.jpg)

**Woodside Energy Group Ltd** 

ACN 004 898 962

Mia Yellagonga

11 Mount Street

Perth WA 6000

Australia

**T** +61 8 9348 4000

**www.woodside.com** 

ASX: WDS

NYSE: WDS

LSE: WDS

**Announcement** 

Monday, 27 February 2023

**WOODSIDE FULL-YEAR 2022 RESULTS** 

Woodside has recorded full-year net profit after tax (NPAT) of US$6,498 million. Production was 157.7 MMboe and operating cash flow was $8,811 million.

The Directors have determined a final dividend of US 144 cents per share (cps), bringing the full-year fully franked dividend to US 253 cps. The dividend is based on the underlying NPAT of $5,230 million and the full-year shareholder distribution is $4,804 million.

Woodside CEO Meg O'Neill said Woodside's strategy delivered exceptional results in 2022, reflecting the success of the merger with BHP's petroleum business, completed at the start of June.

"Woodside is now a larger, geographically diverse energy company with the financial and operational strength to grow our portfolio of high-quality assets while continuing to deliver returns to shareholders.

"In what was a momentous year for Woodside we achieved the goals we set ourselves ahead of the merger, implementing initiatives to deliver the targeted $400 million in synergies ahead of our original schedule.

"Woodside's record output was underpinned by outstanding performance at our LNG assets, which achieved 98.5% reliability across the year.

"A total of 9.4 million barrels of oil equivalent was processed via the Pluto-KGP Interconnector, resulting in the supply of 13 additional Pluto LNG cargoes and delivering $1.2 billion of incremental revenue.

"Our net profit after tax rose on the back of the increased production and sales delivered by the expanded portfolio and higher global prices for our products. In 2022 our realised price rose 63% year-on-year to $98.4 per barrel of oil equivalent.

"Throughout the year we took steps to maximise our exposure to favourable prices, expanding our global marketing presence and increasing trading activities. Our exposure to gas hub pricing for produced LNG sales was 23%.

"As a result of our increased profit, Woodside's Australian tax and royalty payments for the year more than tripled to A$2.7 billion. We are proud to be making this record contribution back to the local communities where we operate and our Australian tax payments are expected to again increase significantly in 2023.

"The Bass Strait assets acquired in the merger supply around 20% of the gas consumed in eastern Australia. With the emergence of crisis conditions in the east coast energy market last winter, we took steps to ensure maximum volumes were available for supply to customers on both a term and spot basis.

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"During the year we made significant progress on our major growth projects. Seven wells of the planned 23 have now been completed at the Sangomar Field Development Phase 1 offshore Senegal. In 2023, we expect to complete subsea installation and relocate the floating production storage and offloading facility from Singapore, ahead of targeted first oil late in the year.

"In Western Australia the Scarborough and Pluto Train 2 projects are now 25% complete and they remain on track for targeted first LNG production in 2026. This year we will focus on progressing secondary regulatory approvals, continuing fabrication of Pluto Train 2, and starting work on subsea installation and drilling operations.

"Our project teams did an outstanding job this year delivering tiebacks to our Western Australian LNG assets and installing the Shenzi subsea multi-phase pump, which will improve production rates and recovery, ahead of schedule and under budget.

"In 2023 we are also aiming to progress Woodside's pipeline of growth opportunities, including at Trion, offshore Mexico. We are evaluating bids for major work scopes, finalising execution plans and narrowing cost estimates in support of final investment decision (FID) readiness targeted this year.

"We are also preparing for FID readiness at our H2OK project in Oklahoma in 2023. H2OK would be the first major project to be sanctioned under Woodside's target to invest $5 billion in new energy products and lower-carbon services by 2030.

"Woodside is on track to meet our targeted 15% reduction in net equity Scope 1 and 2 emissions by 2025, having lowered them by 11% below the starting base in 2022. Our corporate emissions targets have been expanded to the merged portfolio.

"Disappointingly, we failed to improve on our 2021 personal safety outcomes, with a total recordable injury rate of 1.8 per million work hours. Woodside puts safety at the heart of everything we do, and we've made it an imperative to achieve a leading performance in 2023," she said.

**Financial headlines** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NPAT of $6,498 million, up 228%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underlying NPAT of $5,230 million, up 223%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating revenue of $16,817 million, up 142%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow of $8,811 million, up 132%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow of $6,546 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual sales volume 168.9 MMboe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realised price of $98.4 per boe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unit production cost of $8.1 per boe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash on hand of $6,189 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity at year-end of $10,239 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net debt at year-end of $571 million and gearing of 1.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determined a fully-franked final dividend of US 144 cps, bringing the full-year dividend to US 253 cps

**Key business activities** 

*Strategic achievements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed merger with BHP's petroleum business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implemented initiatives to deliver $400 million in synergies and value creation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progressed the Scarborough and Sangomar projects

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed sell-down of Pluto Train 2 in January 2022

*Operations* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered annual production of 157.7MMboe

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintained strong operated LNG reliability of 98.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered the Pluto-KGP Interconnector leveraging capacity at the
Karratha Gas Plant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed Pyxis, Pluto North and Xena-2 tie-backs

Page 2 of 3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered NWS Greater Western Flank Phase 3 and Lambert Deep projects ahead of schedule and under budget

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Installed subsea multi-phase pump at Shenzi ahead of schedule and under budget

**Full-year reporting** 

Woodside's Annual Report 2022 provides further detail on our operations, activities and our financial position for the 12-month period ended 31 December 2022.

Woodside recognises that environmental, social and governance performance is integral to our success. Our Sustainable Development Report 2022 summarises our sustainability approach, health and safety performance, social and cultural impacts and key sustainability topics.

Woodside's Climate Report 2022 outlines our approach to climate change and strategy for Woodside to thrive through the energy transition as a low cost, lower carbon energy provider.

**Annual General Meeting** 

Woodside's 2023 Annual General Meeting (AGM) will be held on Friday, 28 April at 10.00am AWST / 12:00 AEDT / 21:00 CDT (Thursday, 27 April). Details of the business of the meeting will be provided in the AGM notice. The AGM will be webcast live on the internet.

**Full-year results teleconference** 

A teleconference providing an overview of the full-year 2022 results and a question-and-answer session will be hosted by Woodside CEO and Managing Director, Meg O'Neill, and Chief Financial Officer, Graham Tiver, on Monday, 27 February at 10:00 AEDT / 07:00 AWST / 15:00 CST (Sunday, 26 February).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>https://webcast.openbriefing.com/wds-fyr-2023/</u> to view
the presentation and listen to a live stream of the question-and-answer session

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>https://s1.c-conf.com/diamondpass/10028290-3mrhp6.html</u> to
participate in the question-and-answer session. Following pre-registration, participants will receive the teleconference details
and a unique access passcode.

The full-year results briefing pack follows this announcement and will be referred to during the teleconference. The briefing pack, Annual Report 2022 and teleconference archive will also be available on the Woodside website (www.woodside.com).

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| | |
|:---|:---|
| **Contacts:** |  |
| **INVESTORS** | **MEDIA** |
| **Matthew Turnbull (Group)** | **Christine Forster** |
| M: +61 410 471 079 | M: +61 484 112 469 |
|  | E: christine.forster@woodside.com |
| **Sarah Peyman (Australia)** |  |
| M: +61 457 513 249 |  |
| **Rohan Goudge (US)** |  |
| M: +1 (713) 679-1550 |  |
| E: investor@woodside.com |  |

---

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

*Please refer to the relevant reports and briefing pack for important information and further details about matters discussed in this announcement.* 

Page 3 of 3

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FULL-YEAR RESULTS BRIEFING 2022 27 February 2023 www.woodside.com investor@woodside.com

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Disclaimer, important notes and assumptions Information expectations regarding long-term demand for Woodside's products, timing of completion of Woodside's projects, expected synergies from the BHP Petroleum merger, expectations regarding future capital expenditures, the payment of • This presentation has been prepared by Woodside Energy Group Ltd ("Woodside"). By accessing/attending this future dividends and the amount thereof, future results of projects, operating activities, and new energy products, presentation you agree to be bound by the following conditions. expectations and guidance with respect to production, investment expenditure and gas hub exposure for 2023, and • All information included in this presentation, including any forward-looking statements, speaks only as of the date of this expectations regarding the achievement of Woodside's net equity Scope 1 and 2 greenhouse gas emissions targets. All presentation. forward-looking statements contained in this presentation reflect Woodside's views held as at the date of this • Except as required by law, neither Woodside, its related bodies corporate, nor any of their respective officers, directors, presentation. All statements, other than statements of historical or present facts, are forward-looking statements and employees, advisers or representatives ("Beneficiaries") intends to, or undertakes to, or assumes any obligation to, generally may be identified by the use of forward-looking words such as 'guidance', 'foresee', 'likely', 'potential', provide any additional information or revise the statements in this presentation, whether as a result of a change in 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', expectations or assumptions, new information, future events, results or circumstances. 'seek' and other similar words or expressions. • This presentation may contain industry, market and competitive position data that is based on industry publications and • Forward-looking statements are not guarantees of future performance and are subject to inherent known and unknown studies conducted by third parties as well as Woodside's internal estimates and research. While Woodside believes that risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies each of these publications and third party studies is reliable and has been prepared by a reputable source, Woodside has corporate and their respective Beneficiaries. not independently verified the market and industry data obtained from these third party sources and cannot guarantee • Details of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent the accuracy or completeness of such data. Accordingly, undue reliance should not be placed on any of the industry, Annual Report released to the Australian Securities Exchange and in Woodside's most recent Annual Report on Form 20-F market and competitive position data contained in this presentation. filed with the U.S. Securities and Exchange Commission and available on the Woodside website at • To the maximum extent permitted by law, neither Woodside, its related bodies corporate, nor any of their respective https://www.woodside.com/investors/reports-investor-briefings. Further details of the key risks can also be found in the Beneficiaries, assume any responsibility for, or make any representation or warranty (express or implied) as to, the prospectus issued by Woodside in connection with its admission to trading on the London Stock Exchange, available on fairness, currency, accuracy, adequacy, reliability or completeness of the information or any opinions expressed in this the Company's website at https://www.woodside.com/investors. You should review and have regard to these risks when presentation or the reasonableness of any underlying assumptions. considering the information contained in this presentation. No offer or advice • 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. • This presentation is not intended to and does not constitute, form part of, or contain an offer or invitation to sell to Woodside shareholders (or any other person), or a solicitation of an offer from Woodside shareholders (or any other Notes to petroleum resource estimates person), or a solicitation of any vote or approval from Woodside shareholders (or any other person) in any jurisdiction. 1. Unless otherwise stated, all petroleum resource estimates are quoted as at the effective date (i.e. 31 December 2022) of the • This presentation has been prepared without reference to the investment objectives, financial and taxation situation or Reserves and Resources Statement included in Woodside's Annual Report released to the Australian Securities Exchange particular needs of any Woodside shareholder or any other person. The information contained in this presentation does and the London Stock Exchange on 27 February 2023 and available at https://www.woodside.com/news-and- not constitute, and should not be taken as, financial product or investment advice. Woodside encourages you to seek media/announcements, and the SEC 20-F filing released to the New York Stock Exchange and Australian Securities independent legal, financial, taxation and other professional advice before making any investment decision. Exchange on 27 February 2023 and available at https://www.woodside.com/news-and-media/announcements, net Woodside share at standard oilfield conditions of 14.696 psi (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees • This presentation shall not be distributed, transmitted, published, reproduced or otherwise made available to any other Celsius). person, in whole or in part, directly or indirectly, for any purposes whatsoever. In particular, this presentation and the information contained herein may not be taken or transmitted, in, into or from and may not be copied, forwarded, 2. Proved (1P) Reserves are estimated and reported in accordance with the United States Securities and Exchange distributed or transmitted in or into any jurisdiction in which such release, publication or distribution would be unlawful. Commission (SEC) regulations, which are also compliant with SPE-PRMS guidelines. SEC-compliant Proved (1P) Reserves The release, presentation, publication or distribution of this presentation, in whole or in part, in certain jurisdictions may estimates use a more restrictive, rules-based approach and are generally lower than estimates prepared solely in be restricted by law or regulation, and persons into whose possession this presentation comes should inform themselves accordance with SPE-PRMS guidelines due to, among other things, the requirement to use commodity prices based on the about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the average price during the 12-month period in the reporting company's fiscal year. Proved plus Probable (2P) Reserves and laws of the relevant jurisdiction. Woodside does not accept liability to any person in relation to the distribution or Best Estimate (2C) Contingent Resources are estimated and reported in accordance with SPE-PRMS guidelines and are not possession of this document in or from any such jurisdiction. compliant with SEC regulations. Forward looking statements 3. Woodside is not aware of any new information or data that materially affects the information included in the Reserves and Resources Update. All the material assumptions and technical parameters underpinning the estimates in the Reserves and • This presentation contains forward-looking statements with respect to Woodside's business and operations, market Resources Update continue to apply and have not materially changed. conditions, results of operations and financial condition, including, for example, but not limited to, statements about 2

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Disclaimer, important notes and assumptions (continued) Notes to petroleum resource estimates (continued) • This presentation does not include any express or implied prices at which Woodside will buy or sell financial products. 4. Woodside reports its petroleum resource estimates inclusive of all fuel consumed in operations. • A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. 5. For offshore oil projects, the reference point is defined as the outlet of the floating production storage and offloading facility (FPSO) or platform, while for the onshore gas projects the reference point is defined as the outlet of the Non-IFRS financial information downstream (onshore) gas processing facility. • Throughout this presentation a range of financial and non-financial measures are used to assess Woodside's 6. Woodside uses both deterministic and probabilistic methods for the estimation of Reserves and Contingent Resources at performance, including a number of financial measures that are not defined or specified under IFRS (International the field and project levels. All Proved (1P) Reserves estimates have been estimated using deterministic methodology and Financial Reporting Standards), which are termed Non-IFRS Financial Measures. These measures include EBITDA margin, reported on a net interest basis in accordance with the SEC regulations and have been determined in accordance with SEC Gearing, Underlying NPAT, Free cash flow, EBITDA, EBIT, Operating cash flow, Investing cash flow, Cash margin and Rule 4-10(a) of Regulation S-X. Unless otherwise stated, all petroleum estimates reported at the company or region level Capital expenditure. Refer to the glossary section of this presentation for the definition of these terms. Management uses these measures to monitor Woodside's financial performance alongside IFRS measures to improve the comparability of are aggregated by arithmetic summation by category. The aggregated Proved (1P) Reserves may be a conservative estimate due to the portfolio effects of arithmetic summation. information between reporting periods and business units. These Non-IFRS Financial Measures should be considered in 6 addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash 7. 'MMboe' means millions (10) of barrels of oil equivalent. Natural gas volumes are converted to oil equivalent volumes via flows reported in accordance with IFRS. Non-IFRS Financial Measures are not uniformly defined by all companies, a constant conversion factor, which for Woodside is 5.7 Bcf of dry gas per 1 MMboe. Volumes of natural gas liquids, oil including those in Woodside's industry. Accordingly, they may not be comparable with similarly titled measures and and condensate are converted from MMbbl to MMboe on a 1:1 ratio. disclosures by other companies. Assumptions Disclosure of reserve information and cautionary note to US investors • Unless otherwise indicated, the targets set out in this presentation have been estimated on the basis of a variety of • Woodside is an Australian company listed on the Australian Securities Exchange, the New York Stock Exchange and the economic assumptions including: (1) US$70/bbl Brent long-term oil price (2022 real terms, inflated at 2.0%); (2) currently London Stock Exchange. Woodside reports its Proved (1P) Reserves in accordance with SEC regulations, which are also sanctioned projects being delivered in accordance with their current project schedules; and (3) applicable growth compliant with SPE-PRMS guidelines, and prepares and reports its Proved plus Probable (2P) Reserves and Best Estimate opportunities being sanctioned and delivered in accordance with the target schedules provided in this presentation. (2C) Contingent Resources in accordance with SPE-PRMS guidelines. It reports all of its petroleum resource estimates These growth opportunities are subject to relevant joint venture participant approvals, commercial arrangements with using definitions consistent with the 2018 Society of Petroleum Engineers (SPE)/World Petroleum Council third parties and regulatory approvals being obtained in the timeframe contemplated or at all. Woodside expresses no (WPC)/American Association of Petroleum Geologists (AAPG)/Society of Petroleum Evaluation Engineers (SPEE) Petroleum view as to whether its joint venture participants will agree with and support Woodside's current position in relation to Resources Management System (PRMS). these opportunities, or such commercial arrangements and regulatory approvals will be obtained. Additional assumptions relevant to particular targets or other statements in this presentation may be set out in the relevant slides. Any such • The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than "reserves" (as that term is defined by the SEC). In this presentation, Woodside includes estimates of quantities additional assumptions are in addition to the assumptions and qualifications applicable to the presentation as a whole. of oil and gas using certain terms, such as "Proved plus Probable (2P) Reserves", "Best Estimate (2C) Contingent Climate strategy and emissions data Resources", "Reserves and Contingent Resources", "Proved plus Probable", "Developed and Undeveloped", "Probable • Further information as to Woodside's climate strategy, including references to "lower carbon" as part of that strategy, is Developed", "Probable Undeveloped", "Contingent Resources" or other descriptions of volumes of reserves, which terms set out in Woodside's Climate Report 2022 available on the Woodside website at include quantities of oil and gas that may not meet the SEC's definitions of proved, probable and possible reserves, and https://www.woodside.com/sustainability/climate-change. All greenhouse gas emissions data in this presentation are which the SEC's guidelines strictly prohibit Woodside from including in filings with the SEC. These estimates are by their estimates, due to the inherent uncertainty and limitations in measuring or quantifying greenhouse gas emissions. nature more speculative than estimates of proved reserves and would require substantial capital spending over a • Woodside "greenhouse gas" or "emissions" information reported are net equity Scope 1 GHG emissions, Scope 2 GHG significant number of years to implement recovery, and accordingly are subject to substantially greater risk of being emissions, and/or Scope 3 GHG emissions, unless otherwise stated. For more information on emissions data refer to recovered by Woodside. In addition, actual locations drilled and quantities that may be ultimately recovered from Woodside's Climate Report 2022 available on the Woodside website at https://www.woodside.com/sustainability/climate- Woodside's properties may differ substantially. Woodside has made no commitment to drill, and likely will not drill, all of change the drilling locations that have been attributable to these quantities. US investors are urged to consider closely the disclosures in Woodside's filings with the SEC, which are available at www.sec.gov. Other important information • All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated. • References to "Woodside" may be references to Woodside Energy Group Ltd, Woodside Energy Group Ltd and its subsidiaries or Woodside Energy Group Ltd and its applicable subsidiaries (as the context requires). 3

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Woodside's strategy delivering strong results NET PROFIT AFTER TAX 1 Completed merger with BHP Petroleum $6.5 228% billion 2 Strong operating performance from expanded global portfolio 1 underlying net profit after tax of $5.2 billion FINAL DIVIDEND, FULLY 3 Investing in oil, gas and new energy projects FRANKED Well positioned for major capital investment through 144 37% 4 US cps 2023 and 2024 80% payout of underlying net profit after tax Full-year dividend of 253 US cps, 5 Record shareholder returns up 87% from 2021 4 1. Non-IFRS financial measure. Net profit after tax excluding any exceptional items (refer to slide 23 of this presentation for the list of specific items for the 2022 financial year).

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Realising the benefits of the merger and price environment STRONG OPERATIONAL PERFORMANCE STRONG FINANCIAL OUTCOMES 3 1 OPERATED LNG RELIABILITY OPERATING REVENUE EBITDA PRODUCTION VOLUME $$16.8 11.2 157.7 98.5 142% 172% 73% 1% billion billion MMboe % High LNG reliability from Pluto LNG Increased realised prices and A focus on underlying cost performance Significant contribution from heritage production volume with Interconnector and increased trading margin BHPP assets and NWS Project contribution of $1.2 billion 4 2 FREE CASH FLOW REALISED PRICE UNIT PRODUCTION COST CASH MARGIN $$$6.5 98.4 85.1 8.1 669% 62% 2% 53% billion per boe per boe % Enables investment and shareholder Portfolio optimisation captured strong Cost increase primarily due to inclusion Margins remain resilient through the returns of BHPP assets, completion of planned oil and gas prices price cycle turnarounds and Interconnector tolling 1. Includes production of 156.8 MMboe from Woodside reserves and 0.9 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 2. Non-IFRS financial measure. Revenue from sale of produced hydrocarbons less production costs, royalties, excise and levies, insurance, inventory movement, shipping and direct sales costs and other hydrocarbon costs; divided by revenue from the sale of produced hydrocarbons (sales volume). Excludes exploration and evaluation, general administrative and other costs, depreciation and amortisation, PRRT and income tax. 3. Non-IFRS financial measure. Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses and impairment reversals. 4. Non-IFRS financial measure. Cash flow from operating activities (excluding payments to cash reserves) and cash flow from investing activities. Operating cash flow of $8.8 billion and free cash flow of $6.5 billion include the impact of collateral payments of 5 $506 million against hedging activities (included in operating cash flow). Without the collateral payments operating cash flow would $9.3 billion and free cash flow would be $7.1 billion.

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Investing in Woodside's future DELIVERING VALUE DELIVERING SUSTAINABILITY OUTCOMES NET EQUITY SCOPE 1 AND 2 1 2,3 NEW ENERGY PROJECTS SYNERGIES PROJECT DELIVERY GREENHOUSE GAS EMISSIONS $400m+ annual Sangomar and $11 100 synergies Scarborough targeting first oil in late 2023 from initiatives implemented % below starting base million ahead of target and first LNG cargo in 2026 respectively Adjusted to include assets acquired Spent to date on a suite of potential new through the merger energy opportunities AUSTRALIAN TAX AND ROYALTIES 4 5 FUTURE GROWTH CONTRIBUTION UTILISING CAPACITY TOTAL SOCIAL SPEND GLOBALLY Successful Preparing for FID A$ A$2,702 readiness completion 25.5 311% for Trion, H2OK and of subsea-tiebacks and minor million million capital projects Woodside Solar Significant contribution to the Australian Social investment, partnerships and economy philanthropic activities 1. Pre-tax 100% basis. Excluding transition and separation costs. Net of any expected ongoing cost increases as a result of the merger. 2. For 2022 performance only, in which the merger was effective for seven out of 12 months, the effective starting base has been adjusted to 5.2 Mt CO -e. For further information on how this has been calculated, refer to page 40 of Woodside's Climate Report 2022. 2 3. Woodside has seat near- and medium-term targets to reduce net equity Scope 1 and 2 greenhouse gas emissions of 15% by 2025 and 30% by 2030 with an aspiration of net zero by 2050 or sooner. Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. 4. Data includes information for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. All figures are approximate and rounded up to the nearest decimal point. See also page 62 of the Social contribution section of the Sustainable Development Report released on 27 February 2023 which outlines the categories of social spend, including strategic partnerships, philanthropy, mandatory contribution and volunteering. 6 5. For further information on the Australian tax and royalties contribution refer to slide 29 of this presentation.

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Personal safety performance requires improvement Tier 1 or Tier 2 loss of primary containment process safety events 4 3 3 2 2 2 1 1 Tier 2 1 1 1 1 Zero high-consequence work related injuries Tier 1 - 2018 2019 2020 2021 2022 Zero Tier 1 loss of primary containment process safety events and one Tier 2 event Total recordable injuries (TRI) and total recordable injury rate (TRIR) 35 2.00 1.80 1.74 TRIR per million work 1.80 30 hours 1.60 Key focus for 2023 is on reducing total recordable 1.32 25 1.40 injury rate 1.20 20 0.90 24 Co 1.00 ntractor TRI 19 15 0.80 0.88 21 0.60 10 11 0.40 8 5 8 E 0. m 20 ployee TRI 6 3 3 2 - - 2018 2019 2020 2021 2022 7

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Disrupted markets highlight importance of energy security and affordability 1 Global oil and gas pricing disrupted post invasion of Ukraine (Indexed to September 2020 at 100) 2,500 2,000 Heightened political tension, rerouting of energy flows and an uncertain energy transition contribute to a period of volatile energy prices 1,500 Global gas markets remain tight with current 1,000 available LNG capacity unable to meet immediate European natural gas (TTF) demand requirements Asian LNG spot (JKM) 500 US Henry Hub gas Brent oil price 0 1-Sep-20 1-Apr-21 1-Nov-21 1-Jun-22 1-Jan-23 8 1. Source: ICE and Platts.

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Captured elevated oil and gas prices 2 Average realised price 101 98 $62% 98.4 Portfolio actively positioned to realise the benefit of 71 71 per boe 64 higher pricing through trading activities 61 54 42 Favourable exposure to gas hub pricing, achieving 50 1 23% full-year gas hub exposure 32 Additional Interconnector volumes delivered into a high-priced market 2018 2019 2020 2021 2022 Volume weighted averaged realised price Average annual dated Brent 1. Gas hub exposure is the proportion of produced equity LNG volumes expected to be sold on gas hub indices such as JKM, TTF and UK National Balancing Point (excluding Henry Hub). 9 2. Average realised price represents weighted average realised price for all sales, including purchased volumes. $/boe

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Returning value to shareholders Interim and final dividend (US cps) 160 Record fully franked final dividend of 144 US cents 144 per share (cps); total full-year dividend of 253 US cps 140 87% 253 120 109 US cps, total full-year dividend Final dividend payment value of $2.7 billion; 105 full-year value of $4.8 billion 100 91 80 Reflects strong operational performance, impact of the merger and higher realised prices 55 60 53 36 40 30 26 Balanced capital commitments and shareholder returns 20 12 0 2018 2019 2020 2021 2022 $6.0 – 6.5 billion dollars of capital expenditure Interim dividend US cps Final dividend US cps forecast in 2023 10

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Sangomar – 77% complete, targeting first oil late 2023 2022 HIGHLIGHTS • Completed the construction phase for the FPSO facility • Successfully relocated FPSO facility to Singapore to complete topsides integration and pre-commissioning • Completed seven of 23 wells FPSO in Singapore • Completed subsea equipment fabrication and commenced the subsea installation campaign 2023 FOCUS AREAS • Complete pre-commissioning and relocate FPSO to Senegal • Complete subsea installation in preparation for first oil • Progress operational readiness activities Close-up of turret Pipelay vessel (Seven Oceans) 11

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Scarborough – 25% complete, targeting first LNG cargo in 2026 2022 HIGHLIGHTS • Completed sell down of Pluto Train 2 • Commenced module fabrication and construction of Pluto Train 2 • Commenced site works at Pluto LNG • Commenced pipeline manufacturing and fabrication of the subsea flowlines Installation of the second floor of the FPU living quarters • Commenced fabrication of floating production unit (FPU) topsides and hull • Delivered Phase 1 subsea production trees • Completed front-end engineering design activities for Pluto Train 1 modifications 2023 FOCUS AREAS • Continue construction of Pluto Train 2 and FPU • Commence subsea installation and drilling operations Pluto Train 2 module assembly • Progress secondary regulatory approvals Aircooled heat exchanger • Prepare first Pluto Train 2 modules for shipping to site 12

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Changing Australian regulatory environment REGULATORY ENVIRONMENT IN EAST COAST GAS MARKET COMMONWEALTH WATERS • The consultation required for offshore environment plans has • Woodside supports the objective of affordable and changed reliable energy supply • Expanded requirement to consult over a vast area (including areas • Industry and Government must develop a practical and modelled on hypothetical risk) workable solution to consumer price shocks • NOPSEMA consultation guideline has been published for comment • Policies maintaining and increasing supply are the most effective way to address affordability issues • Woodside's consultation methodology which has been developed over many years of offshore activity has been updated • Stable policy environment is required to encourage further investment in East Coast gas infrastructure • Woodside continues to engage extensively to support its approvals processes 13

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Progressing a pipeline of diverse opportunities NEW OIL GAS ENERGY Opportunity Other Atlantis, Shenzi and Other new energy Sanctioned Browse, Calypso, Sunrise Mad Dog opportunities opportunities Trion H2Tas Other Western Australia opportunities Atlantis Phase 3 and DC802 H2Perth Other Bass Strait opportunities Southern Green Hydrogen Mad Dog Phase 2 Julimar Brunello Phase 3 Woodside Solar Pyrenees Phase 4 Bass Strait optimisations H2OK Shenzi North Heliogen Scarborough Sangomar 14

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Disciplined capital allocation OIL GAS NEW ENERGY OFFSHORE PIPELINE LNG DIVERSIFIED Generate high returns to fund New energy products and lower Leveraging infrastructure to monetise undeveloped diversified growth, focusing on carbon services to reduce customers' FOCUS gas, including optionality for hydrogen 1 high quality resources emissions; hydrogen, ammonia, CCUS Stable long-term cash High cash generation Long-term cash flow Developing market flow profile Shorter payback period Strong forecast demand Lower capital requirement CHARACTERISTICS Resilient to commodity Quick to market Upside potential Lower risk profile pricing IRR > 15% IRR > 12% IRR > 10% OPPORTUNITY 2 2 2 TARGETS Payback within 5 years Payback within 7 years Payback within 10 years EMISSIONS 3 30% net emissions reduction by 2030, net zero aspiration by 2050 or sooner REDUCTIONS 1. CCUS refers to carbon capture utilisation and storage. 2. Payback refers to RFSU + X years. 3. Woodside's net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of net zero by 2050. The net emissions reduction targets are relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Please refer to the Glossary starting on page 59 and the section on decarbonisation strategy starting on page 28 of Woodside's Climate Report 15 2022 for further information on the definition and calculation of Scope 1 and 2 net equity greenhouse gas emissions.

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Trion – targeting final investment decision readiness in 2023 Generates near-term cashflow STRATEGIC Competitive development cost with quick payback 2022 HIGHLIGHTS ALIGNMENT Value accretive investment Material oil resource with current floating production unit (FPU) concept targeting 100,000 barrels of oil per day Completed FPU FEED Issued key tender packages for competitive bids Well-characterised subsurface and mature development concept Completed offshore seabed surveys and ocean bottom node seismic data interpretation ROBUST PLAN Basis of cost and schedule estimates aligned with Leveraging Woodside's current market conditions deepwater capability Ongoing field development plan (FDP) engagements with partner and regulator to support FID readiness PORTFOLIO Extends US GoM deepwater capabilities into Mexico DIVERSIFICATION Establishes presence and infrastructure in Mexico and Trion is among Mexico's first 2028 \| Targeted first oil aligns with Mexican national agenda to grow production deepwater oil developments 16 Please refer to the "Disclaimer and important notices" section (including under the heading "Forward looking statements") for important cautionary information relating to forward looking statements.

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H2OK – completed FEED activities in 2022 STRATEGIC 2022 HIGHLIGHTS Targeting diesel parity and Government incentives ALIGNMENT Investing in energy product Project is located to serve heavy-duty trucking choice for customers as they Completed FEED activities customers along key US transport corridors reduce their emissions Matured facility design, cost and schedule Progressing regulatory and environmental approvals Awarded contracts for the alkaline electrolyser equipment and liquefaction units ROBUST PLAN Advancing customer offtake agreements Leverages Woodside's core capabilities Targeting final investment decision readiness in 2023 Woodside's most mature lower-carbon intensity Hydrogen project PORTFOLIO DIVERSIFICATION Establishing value-chain partnerships to enable Developing new energy product safe, reliable and efficient hydrogen supply production to meet and grow 2026 \| Targeted first liquid hydrogen demand for new energy sources Leverage H2OK project learnings to capture new opportunities 17

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Delivering towards our Scope 1 and 2 targets STRATEGY TARGETS Reduce our net equity Scope 1 15% 30% 1,2 1,3 by 2025 by 2030 and 2 greenhouse gas emissions SCOPE 1 AND 2 Net equity emissions reduction targets STRATEGY AND TARGETS Net zero DESIGN OUT OPERATE OUT OFFSET aspiration by 2050 or sooner Targets expanded to merged portfolio Delivered 11% net equity Scope 1 and 2 greenhouse gas emissions reduction and progressing PROGRESS 3,4 towards our 2025 target Initial asset decarbonisation plans identified opportunities that could reduce 2030 emissions by 300kt 5 for heritage Woodside assets 1. Woodside's net emissions reduction targets are for net equity Scope 1 and 2 greenhouse gas emissions, with a targeted reduction of 15% by 2025, 30% by 2030, with an aspiration of net zero by 2050. The net emissions reduction targets are relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Please refer to the Glossary starting on page 59 and the section on decarbonisation strategy starting on page 28 of Woodside's Climate Report 2022 for further information on the definition and calculation of Scope 1 and 2 net equity greenhouse gas emissions. 2. This means net equity emissions for the 12 month period ending 31 December 2025 are targeted to be 15% lower than the starting base. 3. This means net equity emissions for the 12 month period ending 31 December 2030 are targeted to be 30% lower than the starting base. 4. For 2022 performance only, in which the merger was effective for seven out of 12 months, the effective starting base has been adjusted to 5.2 Mt CO -e. For further information on how this has been calculated, refer to page 40 of Woodside's Climate Report 2022. 2 5. Indicative only, not guidance. Potential impact of opportunities identified in Australian Operations asset decarbonisation plans assuming all opportunities identified in the 2022 asset decarbonisation plan progress to execution. Heritage Woodside portfolio and 18 working interest prior to the merger.

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Investing in new energy and lower carbon services STRATEGY TARGET Invest in the products and services our customers need as SCOPE 3 they reduce their emissions $5 billion STRATEGY AND investment in new energy products 1 and lower carbon services by 2030 TARGET CAPITAL PROMOTE SUPPORT VALUE ALLOCATION MEASUREMENT CHAIN TARGETS & REPORTING $100 million spent towards new energy target, including completion of FEED activities on H2OK Awarded three greenhouse gas assessment permits in 2022 PROGRESS Selected as preferred partner for the Southern Green Hydrogen project Advanced carbon capture and utilisation technology pilot projects 19 1. Individual investment decisions are subject to Woodside's investment hurdles. Not guidance. Potentially includes both organic and inorganic investment.

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FINANCIAL UPDATE Graham Tiver Chief Financial Officer and Executive Vice President

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Well positioned for committed capital investment FY22 FY21 Change $m Operating revenue 16,817 6,962 142% High operational reliability, higher realised prices, 1 additional volume from BHPP assets and $m EBITDA 11,234 4,135 172% contribution of the Pluto-KGP Interconnector 2 $m EBIT 9,186 3,493 163% $m NPAT 6,498 1,983 228% Significant liquidity to support major project expenditure 3 $m Underlying NPAT 5,230 1,620 223% 4 $m Operating cash flow 8,811 3,792 132% Delivering record shareholder returns whilst 4 retaining capital management flexibility $m Free cash flow 6,546 851 669% $m Liquidity 10,239 6,125 67% Record earnings per share, realising benefits of US cps Earnings per share 430 206 109% the merger US cps Full-year dividend 253 135 87% 1. Non-IFRS financial measure. Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses and impairment reversals. 2. Non-IFRS financial measure. Calculated as profit before income tax, PRRT and net finance costs. 3. Non-IFRS financial measure. Net profit after tax excluding any exceptional items (refer to slide 23 of this presentation for the list of specific items for the 2022 financial year). 4. Non-IFRS financial measure. Free cash flow is cash flow from operating activities (excluding payments to cash reserves) and cash flow from investing activities. Operating cash flow of $8.8 billion and free cash flow of $6.5 billion include the impact of collateral payments of $506 million against hedging activities (included in operating cash flow). Without the collateral payments operating cash flow would $9.3 billion and free cash flow 21 would be $7.1 billion.

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Disciplined capital management Well positioned for major Capital management Resilient through the 1 2 3 capital investment through supports strong price cycle 2023 and 2024 dividends and growth 1 Investing cash flow Operating cash flow Dividend determined $$$8,811 million 4,804 million 2,265 million Special dividends Dividend Safe, reliable Investment Strong balance policy and low cost Share buy-backs expenditure sheet (minimum 50% operations payout ratio) CAPITAL Future investment Excess MANAGEMENT cash FRAMEWORK Maintain dividend based on Targeting Investment grade NPAT excluding non- 10-20% gearing credit rating recurring items, targeting through the cycle 50-80% payout ratio % 3 2 Payout ratio 1.6% BBB+/Baa1 80 1. Operating cash flow of $8.8 billion and free cash flow of $6.5 billion include the impact of collateral payments of $506 million against hedging activities (included in operating cash flow). Without the collateral payments operating cash flow would $9.3 billion and free cash flow would be $7.1 billion. 2. Corporate debt credit ratings. BBB+ reaffirmed by S&P Global, Baa1 reaffirmed by Moody's. 22 3. If added to the end of year financials, the 2022 final dividend would have the effect of increasing the end of year gearing to 9.0%.

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Full-year 2022 profit supported by increased production and higher prices Contribution of new assets and higher realised prices across all markers 2022 NPAT adjustments Category $ million 5,007 (2,695) Losses on hedging Merger transaction costs 419 activities and repurchase Orphan Basin exit costs 142 Sale of 49% of agreements, restoration, Pluto PRRT DTA (954) Pluto Train 2 exploration activity Derecognition of the Corpus Christi (245) 614 (633) onerous contract provision (1,115) Wheatstone impairment reversal (630) Pre-tax Total (1,268) impairment (1,345) reversal Transaction Additional and volumes, start- integration 4,830 up of Pluto-KGP (148) costs 6,498 (1,268) Interconnector and higher Increased taxes due to royalties and 5,230 higher revenue offset by FINAL DIVIDEND, FULLY excise the recognition of FRANKED previously impaired Pluto PRRT DTA 1,983 144 37% US cps 80% payout of H2 underlying NPAT 2021 Sales Sales Cost Other General Other Income Impairment 2022 2022 2022 reported revenue revenue of sales income administrative tax and and reported NPAT underlying NPAT - price - volume costs PRRT impairment NPAT adjustments NPAT reversals 23 $ million

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Operational performance, merger and market conditions driving profitability 1 2 Operating revenue EBITDA Underlying NPAT 16.8 11.2 5.2 7.0 4.1 3.8 5.2 3.5 4.9 1.6 1.4 3.6 1.1 1.9 0.4 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Higher revenue driven by strong operational reliability, higher realised prices, additional volume from the BHPP assets and the contribution of the Pluto-KGP Interconnector Impacted by hedging losses, higher taxes, royalties and excise relating to the increased revenue 1. Non-IFRS financial measure. Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses, impairment reversals. 24 2. Non-IFRS financial measure. Net profit after tax excluding any exceptional items (refer to slide 23 of this presentation for the list of specific items for the 2022 financial year). $ billion $ billion $ billion

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Strong cash flow supports upcoming investment 1 1 2 Operating cash flow Investing cash flow Free cash flow 9.3 4.2 7.1 Collateral payments Collateral Contribution 8.8 0.8 from GIP payments Operating 6.5 cash flow Free cash 2.9 Merger flow completion 1.1 payment 2.1 1.8 3.8 3.3 3.3 Investing cash 1.2 2.3 2.1 flow 1.8 1.5 0.9 (0.3) 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Increased cash generated from operations, driven by higher operating revenue and contribution of BHPP portfolio Higher investing cashflow due to higher capital expenditure on Scarborough and Sangomar, offset by cash received as part of the BHPP merger 1. Non-IFRS financial measure. Free cash flow is cash flow from operating activities (excluding payments to cash reserves) and cash flow from investing activities. Operating cash flow of $8.8 billion and free cash flow of $6.5 billion include the impact of collateral payments of $506 million against hedging activities (included in operating cash flow). Without the collateral payments operating cash flow would $9.3 billion and free cash flow would be $7.1 billion. 2. Non-IFRS financial measure. Cash flow from investing activities. Investing cash flow of $2.3 billion includes the impact of GIP's contribution to Pluto Train 2 ($0.8 billion) and cash received on completion of the merger with BHP 25 Petroleum ($1.1 billion). Without these items, investing cash flow would be $4.2 billion. $ billion $ billion $ billion

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Strong underlying cost performance despite inflationary pressures Production cost Unit production cost reconciliation Unit production 1,400 9.0 8.1 8.1 1.5 cost ($/boe) 8.0 1,200 Heritage BHPP asset 0.9 6.6 0.6 7.0 production costs ($ billion) 0.5 (0.4) 0.4 1,000 5.7 (0.1) 5.3 5.3 6.0 5.1 4.8 800 5.0 Interconnector 4.0 600 0.2 1 cost ($ billion) 3.0 0.5 400 0.5 Heritage WDS asset 0.5 0.5 0.5 2.0 production costs ($ billion) 200 1.0 0 - 2021 UPC Cost Foreign Volume Change in Heritage UPC Interconnector 2022 UPC 2018 2019 2020 2021 2022 exchange conversion BHP assets excluding factor Interconnector Primarily due to increased Interconnector contributed Impacted by inclusion of BHPP and completion of planned planned maintenance activities to a higher UPC and turnarounds across assets delivered incremental 2022 UPC is consistent with pre-merger expectations revenue of $1,177 million 26 1. Includes costs related to the purchase of Pluto feed gas from non-operating JV participants and the tolling of Pluto volumes transported through the Pluto-KGP Interconnector for processing at KGP. $/boe

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Margins remain resilient through the price cycle 2 2 1 Gross margin Five-year cash margin trend (%) Cash margin GROSS MARGIN 85% CASH MARGIN 83% 80% 80% 78% 65.2$/boe 78.1$/boe 61% 85% PRODUCTION AND OTHER COSTS PRODUCTION COSTS 22% 23.7$/boe 8.3$/boe 3 OTHER CASH COSTS DEPRECIATION AND AMORTISATION 9% 17% 6% 2018 2019 2020 2021 2022 5.3$/boe 17.7$/boe Higher realised prices offset by higher depreciation, production costs, royalties/excise, and trading costs 1. Gross profit divided by operating revenue. Gross profit excludes income tax, PRRT, net finance costs, other income and other expenses. Calculated on a total production volume basis. 2. Non-IFRS financial measure. Revenue from sale of produced hydrocarbons less production costs, royalties, excise and levies, insurance, inventory movement, shipping and direct sales costs and other hydrocarbon costs; divided by revenue from the sale of produced hydrocarbons (sales volume). Excludes exploration and evaluation, general administrative and other costs, depreciation and amortisation, PRRT and income tax. 27 3. Other cash costs includes royalties, excise and levies, insurance, inventory movement, shipping and direct sales costs and other hydrocarbon costs.

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Prepared for committed capital expenditure Continuing strong liquidity 10.2 Low cost of drawn debt (3.9%) 7.0 6.7 6.1 Undrawn facilities Cash 3.9 3.5 years portfolio weighted average term to Liquidity maturity 2018 2019 2020 2021 2022 1 Credit ratings of BBB+ and Baa1 reaffirmed 3 Balanced debt maturity profile $6.0 – 6.5 billion dollars of capital expenditure 2 forecast in 2023 Undrawn 1 Drawn Low gearing of 1.6% provides flexibility for future 2 uncertainty 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 1. Corporate debt credit ratings. BBB+ reaffirmed by S&P Global, Baa1 reaffirmed by Moody's. 2. If added to the end of year financials, the 2022 final dividend would have the effect of increasing the end of year gearing to 9.0%. 28 3. As at 31 December 2022. $ billion $ billion

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Record Australian tax contributions; 311% increase 3,4,5 Australian tax contribution 2.7 A$7m \| Fringe benefits tax A$60m \| Payroll tax A$392m \| Federal excise A$2.7 billion paid in Australian tax and royalties in A$534m \| Federal royalties 2022, a 311% increase on 2021 A$720m \| Petroleum resource rent tax Our 2023 tax contribution is expected to remain 1 strong 0.9 0.7 0.7 0.7 2 Australian all-in effective tax rate of 46% A$989m \| Corporate income tax 2018 2019 2020 2021 2022 1. Indicative, not guidance. 2. Total tax expense, royalties, excise and levies (excluding the impact of the Pluto PRRT DTA recognition), divided by profit before such taxes, royalties, excise and levies. 3. Data included here includes information for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. 4. Figures are reported on a cash basis (net of any refunds received, for example, refunds of tax overpaid in prior periods) and are rounded to the nearest million. 5. Woodside's Australian tax contribution for 2018-2022 has been assured by Deloitte in accordance with Australian Auditing Standard on Review Engagements ASRE 2405 of Historical Financial Information Other than 29 a Financial Report. Deloitte's assurance inspects evidence to ensure the figures in the table above accurately reflect Woodside's cash paid to settle Australian tax obligations in 2022. $ billion

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OUTLOOK Meg O'Neill Chief Executive Officer and Managing Director

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Resilient hydrocarbon demand in a range of scenarios OIL GAS NEW ENERGY 1 1 1 Oil demand (EJ) Low carbon hydrogen demand (EJ) Natural gas demand (EJ) 200 200 200 STEPS STEPS APS APS 100 100 100 NZE NZE NZE APS STEPS 0 0 0 2020 2025 2030 2035 2040 2045 2050 2020 2025 2030 2035 2040 2045 2050 2020 2025 2030 2035 2040 2045 2050 Further investment in oil supply to meet Strong LNG fundamentals as Europe shifts away Momentum and policy support for lower- medium-term global demand from Russian gas and Asian economies grow carbon hydrogen markets is growing 2 2 2 Net Zero Emissions Announced Policies Stated Policies 1. Source: IEA World Energy Outlook (2022). Total energy supply in exajoules (EJ). 31 2. Net Zero Emissions (NZE) is an IEA scenario consistent with 1.5ºC warming. Announced Pledges (APS) is an IEA scenario consistent with 1.7ºC warming. Stated Policies (STEPS) is an IEA scenario associated with 2.5ºC warming.

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Clear priorities SUSTAINABLE MAJOR PROJECTS CORE BUSINESS FUTURE Deliver first oil from Sangomar Extend decarbonisation plans to heritage Deliver core business safely, reliably and BHP operating assets cost-efficiently with reduced emissions Progress Shenzi North and Scarborough Prepare for FID readiness at H2OK Complete merger integration Prepare for FID readiness at Trion Mature new energy portfolio options Continue decommissioning activities OPTIMISE VALUE AND SHAREHOLDER RETURNS 32

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ANNEXURE

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Depreciation reconciliation Impacts to depreciation expense from 2021 to 2023 0.8 4.4 0.1 0.6 First full year of 1.2 2.9 Impact of Wheatstone depreciation post merger, impairment reversal 2022 reserves updates, project RFSU and 2023 Change in application of production forecasts depreciation policy (2P to 1P) 1.7 1.7 1 2021 full-year 2022 Woodside 2022 BHP 2022 full-year 2023 depreciation policy Wheatstone reversal 2023 other adjustments 2023 forecast assets only assets only 1. Indicative, not guidance. Based on current forecasts and subject to assumptions and uncertainties. For further information, refer to the announcement titled '2022 line-item guidance and other items', dated Tuesday 34 14 February 2023. $ billion

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2023 full-year guidance Production guidance • Woodside's production guidance is 180 – 190 MMboe LNG MMboe 83 – 85 MMboe 40 – 42 Pipeline gas • The production guidance is inclusive of major turnaround activity: 50 – 55 Crude and condensate MMboe Natural gas liquids MMboe 7 – 8 • Pluto LNG major turnaround in Q2 2023, duration approximately 4 weeks Total MMboe 180 - 190 • North West Shelf LNG Train 1 major turnaround in Q3 2023, duration approximately 4 weeks • Ngujima-Yin FPSO dry dock in H1 2023, duration approximately 4 months Investment expenditure guidance 1 • Woodside's capital expenditure guidance is $6.0 – 6.5 billion Sangomar % ~20% 2 Scarborough and Pluto Train 2 % ~50% • Woodside's exploration expenditure guidance is $0.3 – 0.4 billion % ~15% Gulf of Mexico and Caribbean 3 ~15% Australia, Corporate and Other % $ billion 6.0 – 6.5 Total capital expenditure Gas hub exposure 4 • Woodside's gas hub exposure guidance for the portfolio, as a % of produced LNG, is 20 – 25% 1. Sangomar at 82% participating interest. 2. Scarborough at 100% participating interest; Pluto Train 2 at 51% participating interest. 3. Australia, Corporate & Other includes expenditure for new energy. 35 4. Gas hub exposure is the proportion of produced equity LNG volumes expected to be sold on gas hub indices such as JKM, TTF and UK National Balancing Point (excluding Henry Hub).

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Asset tables Depreciation and 1 3 4 Operating revenue EBITDA EBIT Capital expenditure Production costs 2 Asset amortisation $ million $ million $ million $ million $ million $ million Australia 3,307 2,722 683 2,039 116 159 North West Shelf 5,321 4,780 819 3,961 247 401 Pluto 1,156 1,010 (630) 1,640 19 81 Wheatstone 1,276 1,082 290 792 36 167 Bass Strait 103 87 43 44 4 13 Macedon 188 153 52 101 53 34 Pyrenees 757 509 198 311 9 83 Ngujima-Yin 191 152 19 133 3 37 Okha - 478 1 477 1,771 - Scarborough - (82) 1 (83) 13 - Other Australia Total Australia 12,299 10,891 1,476 9,415 2,271 975 International 321 256 59 197 (9) 31 Trinidad & Tobago 506 376 122 254 149 99 Atlantis 520 274 178 96 229 159 Shenzi 212 192 66 126 173 22 Mad Dog - (1) - (1) - - Trion - (35) 4 (39) 1,034 - Sangomar 11 (478) 30 (508) 84 2 Other International Total International 1,570 584 459 125 1,660 313 Marketing 2,948 848 - 848 - - Corporate/Other - (1,089) 113 (1,202) 92 (7) Total 16,817 11,234 2,048 9,186 4,023 1,281 1. Non-IFRS financial measure. Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses and impairment reversals. 2. Includes exploration permit cost amortisation, impairment losses and impairment reversals. 3. Non-IFRS financial measure. Calculated as profit before income tax, PRRT and net finance costs. 36 4. Excludes exploration capitalised and the effect of Global Infrastructure Partners' (GIP) additional contribution to Pluto Train 2.

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Realised price Variance Products Units 2022 2021 % 1 LNG produced $/boe 109 56 95 2 LNG traded $/boe 166 67 148 Pipeline gas $/boe 48 17 182 Oil and condensate $/boe 96 76 26 NGLs $/boe 44 82 (46) Average realised price $/boe 98 61 61 Average Dated Brent $/bbl 101 71 42 JCC (lagged three months) $/bbl 98 60 63 JKM $/MMBtu 34 15 127 WTI $/bbl 94 68 38 3 TTF $/MMBtu 40 13 208 1. Realised prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales. 2. Excludes any additional benefit attributed to produced LNG through third-party trading activities. 37 3. TTF is converted from EUR/MWh to US$/MMBtu using published exchange rates and conversion factors.

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Corporate performance 2022 2021 Production volume MMboe 157.7 91.1 Operating revenue $ million 16,817 6,962 1 EBITDA $ million 11,234 4,135 2 EBIT $ million 9,186 3,493 Net finance costs $ million 12 203 Tax expense/(benefit) $ million 2,599 1,254 Non-controlling interest $ million 77 53 NPAT $ million 6,498 1,983 1. Non-IFRS financial measure. Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses, impairment reversals. 38 2. Non-IFRS financial measure. Calculated as profit before income tax, PRRT and net finance costs.

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Glossary FEED Front-end engineering design $, $m, $B US dollar unless otherwise stated, millions of dollars, billions of dollars FID Final investment decision A$, AUD Australian dollar FPSO Floating production storage and offloading ASX Australian Securities Exchange FPU Floating production unit Woodside uses this term to describe an aspiration to seek the achievement of an outcome but where Aspiration achievement of the outcome is subject to material uncertainties and contingencies such that Woodside Free cash flow Cash flow from operating activities less cash flow from investing activities considers there is not yet a suitable defined plan or pathway to achieve that outcome. Gearing Net debt divided by net debt and equity attributable to the equity holders of the parent Bcf Billion cubic feet The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO); methane (CH); nitrous 2 4 Woodside Energy Global Holdings Pty Ltd ACN 006 923 897 (formerly known as BHP Petroleum GHG or greenhouse gas oxide (N O); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF); perfluorocarbons (PFCs); and sulphur 2 3 International Pty Ltd) and, unless context otherwise requires, its subsidiaries. References to "Woodside hexafluoride (SF) 6 BHP Petroleum or BHPP 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 GoM or GOM Gulf of Mexico Ltd) excluding its subsidiaries. IRR Internal rate of return BHP's petroleum business The business operated by BHP Petroleum. The Japan customs-cleared crude is the average price of customs-cleared crude oil imports into Japan as JCC reported in customs statistics (also known as 'Japanese crude cocktail') and is used as a reference price for Barrel of oil equivalent, thousand barrels of oil equivalent, million barrels of oil equivalent, billion boe, kboe, MMboe, Bboe barrels of oil equivalent long-term supply LNG contracts Capital expenditure Includes capital additions on oil and gas properties and evaluation capitalised JV Joint venture CCS Carbon capture and storage KGP Karratha Gas Plant CCU Carbon capture and utilisation LNG Liquefied natural gas CCUS Carbon capture, utilisation and storage Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG Lower carbon emissions when compared to historical and/or current conventions or analogues, for example relating to CH Methane 4 an otherwise similar resource, process, production facility, product or service, or activity CO Carbon dioxide 2 A lower carbon economy is an economy that produces lower levels of greenhouse gas emissions relative Lower carbon economy CO2 equivalent. The universal unit of measurement to indicate the global warming potential of each of to today's economy the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon CO -e 2 Lower carbon energy provider Woodside uses this term to describe its aspiration to develop a lower carbon portfolio dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common 1 basis 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 Conventional resources exist in porous and permeable rock with pressure equilibrium. The Lower carbon portfolio energy products and lower carbon services are planned to be introduced as a complement to existing and Conventional hydrocarbons are trapped in discrete accumulations related local geological structure feature and/or new investments in oil and gas. Woodside's Climate Policy sets out the principles that we believe will stratigraphic condition assist us achieve this aim cps Cents per share Lower carbon power comes from processes or technologies that produce electricity with a lower Woodside uses this term to describe activities or pathways that have the effect of moving towards a Lower carbon power greenhouse gas emissions intensity relative to electricity produced from a higher emissions intensity Decarbonisation state that is lower carbon, as defined in this glossary. source EBIT Calculated as a profit before income tax, PRRT and net finance costs Woodside uses this term to describe technologies, such as CCUS or offsets, that may be capable of Lower carbon services reducing the net greenhouse gas emissions of our customers Woodside sets its Scope 1 and 2 greenhouse gas emissions reduction targets on an equity basis. This ensures that the scope of its emissions reduction targets is aligned with its economic interest in its investments. Equity emissions reflect the greenhouse gas emissions from operations according to Equity greenhouse gas emissions Woodside's share of equity in the operation. Its equity share of an operation reflects its economic interest in the operation, which is the extent of rights it has to the risks and rewards flowing from the 2 operation 1. 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 a updated definition of Paris-Aligned scenarios Woodside has retained use of the previous edition. 39 2. World Resources Institute and World Business Council for Sustainable Development 2004. "GHG Protocol: a corporate accounting and reporting standard".

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Glossary MMbbl Million barrels Direct GHG emissions. These occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions MMBtu Million British thermal units from chemical production in owned or controlled process equipment. Woodside estimates greenhouse Scope 1 greenhouse gas gas emissions, energy values and global warming potentials are estimated in accordance with the relevant Mtpa Million tonnes per annum emissions reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian MW Megawatt regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet 2 exist MWh Megawatt hour Electricity indirect GHG emissions. Scope 2 accounts for GHG emissions from the generation of purchased Net equity Scope 1 and 2 Woodside's equity share of net Scope 1 and 2 greenhouse gas emissions electricity consumed by the company. Purchased electricity is defined as electricity that is purchased or greenhouse gas emissions otherwise brought into the organisational boundary of the company. Scope 2 emissions physically occur Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to the Scope 2 greenhouse gas at the facility where electricity is generated. Woodside estimates greenhouse gas emissions, energy values atmosphere are balanced by anthropogenic removals over a specified period. Where multiple emissions and global warming potentials are estimated in accordance with the relevant reporting regulations in the Net zero greenhouse gases are involved, the quantification of net zero emissions depends on the climate metric jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), chosen to compare emissions of different gases (such as global warming potential, global temperature US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have 1 change potential, and others, as well as the chosen time horizon) 2 been used for emissions in jurisdictions where regulations do not yet exist Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, that are Other indirect GHG emissions. Scope 3 is a reporting category that allows for the treatment of all other New energy emerging in scale but which are expected to grow during the energy transition due to having lower indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur from greenhouse gas emissions at the point of use than conventional fossil fuels Scope 3 greenhouse gas sources not owned or controlled by the company. Some examples of Scope 3 activities are extraction and emissions production of purchased materials; transportation of purchased fuels; and use of sold products and NGLs Natural gas liquids services. Please refer to the data table on page 58 of the Climate Report 2022 for further information on 2 NPAT Net profit after tax the Scope 3 emissions categories reported by Woodside NWS North West Shelf In the context of Woodside's Climate strategy, Woodside uses this term to describe an intention to seek Target the achievement of an outcome, where Woodside considers that it has developed a suitably defined plan The compensation for an entity's greenhouse gas emissions within its scope by achieving an equivalent or pathway to achieve that outcome Offsets amount of emission reductions or removals outside the boundary or value chain of that entity T&T Trinidad and Tobago Oil and gas joint venture participants will typically appoint one company as the operator, which will hold the contractual authority to manage joint venture activities on behalf of the joint venture Tcf Trillion cubic feet Operated and participants. Where Woodside is the operator of a joint venture in which it holds an equity share, this TRIR Total recordable injury rate non-operated report refers to that joint venture as being operated. Where another company is the operator of a joint venture in which Woodside holds an equity share, this report refers to that joint venture as being non- Underlying NPAT Net profit after tax excluding any exceptional items operated Unit production cost or UPC Production cost divided by production volume PRRT Petroleum resource rent tax USD United States dollar RFSU Ready for start-up Woodside Woodside Energy Group Ltd ACN 004 898 962 or its applicable subsidiaries. YTD Year to date 1. IPCC, 2018: Annex I: Glossary [Matthews, J.B.R. (ed.)]. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. In Press. Page 555. 40 2. World Resources Institute and World Business Council for Sustainable Development 2004. "GHG Protocol: a corporate accounting and reporting standard".

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Head Office: Woodside Energy Group Ltd Mia Yellagonga 11 Mount Street Perth WA 6000 Postal Address: GPO Box D188 Perth WA 6840 Australia T: +61 8 9348 4000 F: +61 8 9214 2777 E: companyinfo@woodside.com Woodside Energy Group Ltd ABN 55 004 898 962 woodside.com

## Exhibit 99.3

**Exhibit 99.3**![LOGO](g459178page004.jpg)

2022 CLIMATE REPORT

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Acknowledging country <br>Woodside recognises Aboriginal and Torres Strait Islander peoples as Australia's first peoples. We acknowledge the unique connection that First Nations peoples have to land, waters and the environment. We extend this recognition and respect to <br>First Nations peoples and communities around the world. <br>On the cover <br>The cover features the coastline of Murujuga in Western <br>Australia, also known as the Burrup Peninsula. <br>About this report <br>This Climate Report 2022 summarises Woodside's climate- related plans, activities, progress and climate-related data for the period 1 January 2022 to 31 December 2022. <br>This report has been structured to align with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations framework. It aims to provide a balance of disclosures that <br>meet the recommendations of the TCFD, while avoiding overwhelming readers with information. Woodside considers that this report contains disclosures consistent with TCFD's four recommendations and eleven recommended disclosures, noting its Guidance for all Sectors and Guidance for Non-Financial Groups.1,2 Woodside is a supporter of the TCFD. <br>The report has also been prepared with reference to selected relevant metrics from the Sustainable Accounting Standards Board (SASB) Oil and Gas Exploration and Production Standard.3 <br>See page 62 for an index which cross-references content in the report to these recommendations. <br>Woodside Energy Group Ltd (ABN 55 004 898 962) is the ultimate holding company of the Woodside group of companies. In this report, unless otherwise stated, references to "Woodside", "our", "us" or "we" refer to Woodside Energy Group Ltd and <br>its controlled entities. <br>On 1 June 2022, the merger of Woodside with BHP Group Limited's (BHP) oil and gas portfolio (BHP's petroleum business) was completed. This report contains information relevant for <br>the period 1 January to 31 May 2022 for the heritage Woodside entity and from 1 June to 31 December 2022 for the post-merger Woodside entity.4 <br>Further detail regarding the scope of this report including a disclaimer, risks, emissions data and other important information is contained on pages 63-64. <br>All dollar figures are expressed in US currency, Woodside share, unless otherwise stated. <br>Annual Report 2022 and Sustainable <br>Development Report 2022 <br>Our Annual Report 2022 provides a summary of Woodside's operations and activities for the 12 month period ended <br>31 December 2022 and Woodside's financial position as at 31 December 2022. <br>Our Sustainable Development Report 2022 provides a summary of Woodside's sustainability approach, health and safety performance and other information for the 12 month period ended 31 December 2022. <br>The Annual Report 2022, Sustainable Development Report 2022 and Climate Report 2022 together provide a complementary review of Woodside's business. <br>The reports are available on our website at woodside.com <br>Report feedback <br>We welcome feedback on our reports via companyinfo@woodside.com <br>External assurance <br>Selected greenhouse gas emissions data is assured by GHD. Please refer to page 65-66 for more information on the scope of assurance. <br>Green Reports <br>We are working with Green Reports™ on <br>an initiative to ensure that communications minimise environmental impact and create a more sustainable future for the community. <br>1 Financial Stability Board (2017). "Recommendations of the Task Force on Climate-related Financial Disclosures. Final Report." Figure 4, page 14. Some elements of the TCFD's four recommendations and eleven recommended disclosure have been presented in different order to enhance readability. A cross reference between the TCFD and this report is provided on page 62. <br>2 Financial Stability Board (2021). "Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures." <br>3 SASB (2018). "Oil & Gas – Exploration and Production. Sustainability Accounting Standard. Version 2018-10." Table 1, page 6. <br>4 Heritage Woodside refers to Woodside's assets prior to the merger with BHP's petroleum business. Heritage BHP refers to the assets acquired through the merger with BHP's petroleum business.

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Contents <br>1. Overview 4 <br>1.1 Message from the Chair 4 <br>1.2 Introduction from the Chief Executive Officer 5 <br>1.3 Executive summary 6 <br>1.4 Our climate policy 7 <br>2. The energy transition 8 <br>2.1 Climate change 8 <br>2.2 Oil and gas in the energy transition 10 <br>2.3 Market decarbonisation plans 15 <br>3. Strategy 16 <br>3.1 Woodside's climate strategy 16 <br>3.2 Our portfolio today 18 <br>3.3 Financial resilience testing of our portfolio 24 <br>3.4 Capital allocation framework 26 <br>3.5 Decarbonisation strategy 28 <br>3.6 Offsets 34 <br>3.7 Scope 3 emissions 36 <br>4. Metrics and targets 40 <br>4.1 Targets: 2022 progress 40 <br>4.2 Metrics 42 <br>5. Governance 48 <br>5.1 The Board's oversight of climate-related risks <br>and opportunities 48 <br>5.2 Management's role in assessing and managing <br>climate-related risks and opportunities 50 <br>5.3 Just transition 52 <br>6. Risk management 54 <br>6.1 Risk management framework 54 <br>7. Appendices 58 <br>7.1 Climate-related data 58 <br>7.2 Glossary 59 <br>7.3 Index 62 <br>7.4 Disclaimer, risks, emissions data and <br>other important information 63 <br>7.5 GHD assurance statement 65 <br>— <br>Coastline of Murujuga in Western Australia, also known as Burrup Peninsula.

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S E CTION 1. 1 <br>Message <br>from the Chair <br>— <br>Richard Goyder AO. <br>Woodside is proud to be a global energy company, producing oil and gas whilst working to develop new energy products and services. For us, climate change is a complex and important issue that significantly influences our strategy. <br>Woodside is committed to playing its part. We are reducing our net equity Scope 1 and 2 greenhouse gas emissions towards our targets, and progressing <br>investment in new energy products and lower carbon services alongside existing and potential new oil and gas opportunities. <br>The Board is confident in our strategy and our response <br>to climate change, which is outlined in this Climate Report <br>2022. Last year's Climate Report 2021 was adopted by 51% of our shareholders at the 2022 AGM. During 2022 we have been engaging and listening to our shareholders to further understand their expectations about our climate-related strategy and disclosures. <br>Shareholders have told us that they would like to understand more about how we plan to reduce emissions from our operations, and about how we manage our use of carbon credits appropriately. We also heard that they would like to understand how we consider our future investment options in oil, gas and new energy in the context of climate change. Some shareholders have also asked us to consider setting Scope 3 greenhouse gas emissions targets. <br>These matters, and other climate-related factors, have been discussed by the Board and its Committees throughout the year. We have addressed them in this report, explaining what we can and cannot do, and why. <br>Not surprisingly on an issue of the magnitude and complexity of climate change, there is uncertainty and a broad range of views in the community about how to proceed. <br>The Board intends to navigate this uncertainty on behalf of shareholders by building a low cost, lower carbon,1 resilient, diversified and profitable portfolio, supporting our capability to adapt to the choices made by our customers, as they too navigate through an uncertain transition. <br>Our intention in this report has been to explain why we believe that accepting uncertainty and responding to it with resilience and flexibility is not only in the interests of our shareholders, but is also more likely to contribute to successful global emissions goals. <br>Much of this report is similar to our Climate Report <br>2021 because our understanding and strategy remains consistent. With this in mind, the Board will continue to engage with and listen to shareholders about how they would best like to receive information and provide feedback about our climate strategy and progress in future years. <br>Section 1: OVERVIEW <br>Richard Goyder AO <br>Chair of the Board <br>27 February 2023 <br>1 Please see glossary for a definition of how Woodside uses the term lower carbon portfolio.

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S E CTION 1. 2 <br>Introduction from the <br>Chief Executive Officer <br>— <br>Meg O'Neill. <br>In 2022, the world faced what the International Energy <br>Agency called "the first truly global energy crisis", with supply disruptions and high prices impacting people's lives and livelihoods around the world. <br>It had roots in under-investment in energy supply over the preceding decade and came into sharp focus after Russia's invasion of Ukraine. <br>This has been a wake-up call about the importance of energy security and affordability as we progress along the pathway to net zero. It is also a reminder that the future is uncertain and unforeseen events can impact energy transitions. <br>As we have seen in the wake of the invasion of Ukraine, significant volumes of gas and other fossil fuels cannot simply be removed from our energy systems without consequence, let alone be switched off altogether overnight. <br>We need all options on the table if we are to successfully change the way we produce and consume energy and limit global temperature rise. <br>Energy security and the energy transition therefore should not be seen as alternatives. It is increasingly clear that they both require effective management and substantial investment. <br>In the Asia Pacific region, major economies such as Japan remain clear that they need Australia to continue as a secure, affordable supplier of energy, including liquefied natural gas (LNG). Investment in new LNG supply can help meet demand at affordable prices. And LNG can help Asia to decarbonise, for <br>example by replacing coal, supporting renewables, and in hard- to-abate uses. <br>There have been reasons for optimism during 2022. The energy crisis has not deflected the world's resolve to meet the goals of the Paris Agreement, which were reaffirmed at the Sharm el- Sheikh climate summit in November. Major economies introduced supportive new policies, such as the United States' Inflation Reduction Act, and Australia legislated its climate targets. <br>But this is not uniform. The public discourse on the energy transition can be polarised and ideological, particularly in Australia. We believe this is to the detriment of careful analysis <br>of climate science and delivery of practical solutions. We seek to rebalance this through this report and our broader advocacy. <br>This report provides updates on how we made progress in 2022 on reducing Woodside's net equity Scope 1 and 2 greenhouse gas emissions towards the targets that we announced in 2020. And also how we progressed projects across oil, gas and new energy which have the potential to help our customers secure their energy needs whilst they reduce their own emissions. <br>Reflecting the fact that our merger with BHP's petroleum business took place part way through the year, some elements of this report are partial. Climate-related data reflects the heritage Woodside entity for 1 January to 31 May 2022, and the merged entity for the remaining seven months of the year since the merger took effect. Some of our climate-related actions, such as the development of asset decarbonisation plans, are still being extended to our new assets. <br>I hope that you find this report useful and informative, and a contribution to constructive dialogue. <br>Meg O'Neill <br>Chief Executive Officer and Managing Director <br>27 February 2023

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S E CTION 1. 3 <br>Executive summary <br>Woodside aims to thrive through the energy transition by building a low cost, lower carbon, profitable, resilient and diversified portfolio.1 Our climate strategy has two key elements: reducing our net equity scope 1 and 2 greenhouse gas emissions and investing in the products and services that our customers need as they secure their energy needs and reduce their emissions. <br>SCOPE 1 AND 2 GREENHOUSE GAS EMISSIONS <br>15% 30% <br>SCOPE 3 GREENHOUSE GAS EMISSIONS <br>US$5 <br>by 2025 <br>by 2030 <br>billion <br>Net equity emissions reduction targets with an aspiration of net zero by 2050 or sooner.2 <br>2022 highlight: Achieved 11% reduction compared to starting base. <br>Targeted investment in new energy products and lower carbon services by 2030.3 <br>2022 highlight: Progressed a suite of potential opportunities with $100m spent to date. <br>Global efforts to reduce greenhouse gas emissions in order to meet climate goals are changing the way the world produces and consumes energy. This energy transition is uncertain and there is a wide range of potential demand for oil, gas and new energy including in pathways consistent with limiting global temperature rise. <br>Today, Woodside has a portfolio of oil and gas assets. We are also developing a portfolio of new energy products and lower carbon services. Across our portfolio we seek to match the pace, scale and needs of our customers as they determine their own decarbonisation pathways. <br>We see an ongoing role for natural gas to support our customers plans to secure their energy needs, while they reduce their emissions. Woodside's existing LNG supplies as well as projects such as the Scarborough development can contribute to natural gas supply. <br>We have set near- and medium-term targets to reduce net equity Scope 1 and 2 greenhouse gas emissions. We have three ways to achieve these targets: avoiding emissions through design; reducing them through efficient operations; and offsetting the remainder. Avoiding and reducing emissions are our first priority. Offsetting emissions by retiring carbon credits also has an important role. <br>In 2022, Woodside's net equity Scope 1 and 2 greenhouse gas emissions were 11% below the starting base, which has been adjusted to include the assets acquired due to the merger with BHP's petroleum business. <br>Methane emissions were around 0.1% of our production by volume, and during 2022 Woodside became a signatory to the Aiming for Zero Methane Emissions initiative. <br>Asset decarbonisation plans have been completed at heritage Woodside operated assets and during 2023 are targeted to be extended to include heritage BHP operated assets. <br>We test the financial resilience of our existing portfolio of producing assets and sanctioned products using scenario analysis. Investment decisions as we grow and diversify our portfolio are informed by market analysis and a disciplined capital allocation framework, including climate-related considerations. <br>During 2022, Woodside progressed a developing portfolio of new energy products and lower carbon services. These include proposed hydrogen and ammonia production facilities in the United States, Australia and New Zealand, assessment of carbon capture and storage opportunities in Australia, and investments in carbon to products technologies. <br>1 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. <br>2 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Please refer to the Glossary starting on page 59 and the section on decarbonisation strategy starting on page 28 for further information on the definition and calculation of Scope 1 and 2 net equity greenhouse gas emissions. <br>3 Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment.

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S E CTION 1. 4 <br>Our climate policy <br>WOODSIDE POLICY <br>Woodside policy <br>BACKGROUND <br>The Intergovernmental Panel on Climate Change has stated that "it is unequivocal that human influence has warmed the atmosphere, ocean and land". An objective of the Paris Agreement is to hold "the increase in the global average temperature to well below 2°C above pre-industrial levels" and to pursue "efforts to limit the temperature increase <br>to 1.5°C". Many countries have set targets to reduce greenhouse gas emissions, including by changing the way they produce and consume energy. <br>OBJECTIVE <br>Woodside's objective is to thrive in this energy transition as a low cost, lower carbon energy provider. <br>PRINCIPLES <br>Woodside aims to achieve the objective by: <br>• Setting science-based1 near, mid, and long-term net emissions reduction targets that are consistent with <br>Paris-aligned2 scenarios, covering equity scope 1 and 2 emissions, both operated and non-operated.3 <br>• Developing and operating oil and gas projects in a manner that is consistent with these targets. This includes the deployment of lower-emission technologies (Design Out), supporting efficient operations (Operate Out) and use of robust offsets (Offset) as methods to reduce and offset greenhouse gas emissions. <br>• Investing in new energy products and lower carbon services to reduce customers' emissions (part of Woodside's <br>Scope 3 emissions), including but not limited to hydrogen, ammonia and carbon capture, utilisation and storage. <br>• Publishing transparent climate-related disclosures aligned to the recommendations of the Task Force on <br>Climate-related Financial Disclosures (TCFD) or other recognised global reporting standards. <br>• Aligning our advocacy to the principles of this Climate Policy. <br>APPLICABILITY <br>Responsibility for the application of this Policy rests with all Woodside employees, contractors and joint venture participants engaged in activities under Woodside operational control. Woodside managers are also responsible for promotion of this Policy in non-operated joint ventures. <br>This Policy will be reviewed regularly and updated as required. <br>Reviewed by the Woodside Energy Group Ltd Board in December 2022 <br>1 Woodside is using the draft Prototype IFRS Sustainability Disclosure Standard definition of "science-based" (published 2021) which states "targets are considered 'science- based' if they are in line with what the most recent climate science sets out is necessary to meet the goals of the Paris Agreement—limiting global warming to below 2 degrees Celsius above pre-industrial levels and pursuing efforts to limit warming to 1.5 degrees Celsius.". See https://www.ifrs.org/content/dam/ifrs/groups/trwg/trwg-climate-related- disclosures- prototype.pdf (Appendix A). <br>2 Woodside is using the draft Prototype IFRS Sustainability Disclosure Standard definition of "Paris-aligned scenarios" (published 2021) which states "scenarios consistent with limiting global warming to below 2 degrees Celsius above pre-industrial levels and pursuing efforts to limit warming to 1.5 degrees Celsius." See https://www.ifrs.org/content/ dam/ifrs/groups/trwg/trwg-climate-related-disclosures- prototype.pdf (Appendix A). <br>3 Equity emissions means the share of the total emissions arising from an activity that are attributable to Woodside in proportion to Woodside's ownership interest in the activity, irrespective of whether Woodside operates the activity. Operated emissions are the total emissions arising from an activity that Woodside operates, irrespective of Woodside's ownership interest.

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Section 2: THE ENERGY TRANSITION <br>S E CTION 2. 1 <br>Climate change <br>Climate science is a rapidly evolving field in which new observations continue to improve our understanding of the current and potential impacts of global <br>warming, and the possible pathways for mitigating and adapting to it. <br>Climate change science <br>The Intergovernmental Panel on Climate Change (IPCC) is the United Nations body for assessing the science related <br>to climate change. Its reports provide a synthesis of current science that is broad based, robust and supported by statements of scientific confidence. <br>In 2022, the IPCC published two new reports: Climate <br>Change 2022: Impacts, Adaptation and Vulnerability1 <br>and Climate Change 2022: Mitigation of Climate Change.2 <br>These reports are respectively the contributions of <br>Working Group II and Working Group III to the IPCC's Sixth Assessment Report (the AR6-WG2 and AR6-WG3 reports), and follow the 2021 report from Working Group I Climate Change 2021: The Physical Science Basis (AR6-WG1).3 <br>A final synthesis report is expected to be completed in 2023. <br>The AR6-WG1 report stated that it is unequivocal that there is human-induced warming. It also stated that increased atmospheric carbon dioxide (CO2) levels, generated by human activity, are the largest driver of warming over the longer term, and that there are a range of factors, including emissions of methane, which increase warming in the short-term. <br>The AR6-WG2 report stated that human-induced climate change, including more frequent and intense extreme events, has caused widespread adverse impacts and related losses and damages to nature and people, <br>beyond natural climate variability. It stated that global warming, reaching 1.5°C in the near-term, would cause unavoidable increases in multiple climate hazards and <br>present multiple risks to ecosystems and humans. <br>The report noted that societal choices and actions implemented in the next decade will determine the extent to which medium- and long-term pathways will deliver climate resilient development. <br>The AR6-WG3 report provided an updated global assessment of climate change mitigation progress and pledges, and examined the sources of global emissions. It explained developments in emissions reduction and mitigation efforts, and assessed the impact of national climate pledges in relation to long-term emissions goals. More than 2,000 quantitative emissions pathways were <br>submitted to the IPCC, of which 1,202 scenarios included sufficient information for assessing the associated warming. <br>The report found that there are many pathways in the literature that likely limit global warming to 2°C with no overshoot, or to 1.5°C with limited overshoot.4 <br>These pathways vary, sometimes widely, across global indicators including different sources of primary energy. These variations occur because, while climate science <br>is able to calculate a "carbon budget" of net emissions before any particular temperature outcome is reached, the allocation of this budget between different human activities requires additional judgements about for example technology, economics, consumer preferences and policy choices. <br>1 IPCC 2022. "Climate Change 2022: Impacts, Adaptation, and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on <br>Climate Change" [H.-O. Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge <br>University Press. Cambridge University Press, Cambridge, UK and New York, NY, USA, 3056 pp., doi:10.1017/9781009325844. <br>2 IPCC 2022. "Climate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate <br>Change" [P.R. Shukla, J. Skea, R. Slade, A. Al Khourdajie, R. van Diemen, D. McCollum, M. Pathak, S. Some, P. Vyas, R. Fradera, M. Belkacemi, A. Hasija, G. Lisboa, S. Luz, J. Malley, <br>(eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA. doi: 10.1017/9781009157926. <br>3 IPCC, 2021. "Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change" <br>[Masson-Delmotte, V., P. Zhai, A. Pirani, S.L. Connors, C. Péan, S. Berger, N. Caud, Y. Chen, L. Goldfarb, M.I. Gomis, M. Huang, K. Leitzell, E. Lonnoy, J.B.R. Matthews, T.K. Maycock, T. <br>Waterfield, O. Yelekçi, R. Yu, and B. Zhou (eds.)]. Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA, In press, doi:10.1017/9781009157896. <br>4 Overshoot means the temporary exceedance of a specified level of global warming, such as 1.5°C. Overshoot implies a peak followed by a decline in global warming, achieved through <br>anthropogenic removal of CO2 exceeding remaining CO2 emissions globally

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The energy transition <br>The use of fossil fuels for energy accounts for around three quarters of total anthropogenic greenhouse gas emissions.1 <br>This means that efforts to meet climate change goals must include changes to the way that the world produces and consumes energy. These changes are referred to as the "energy transition". <br>The precise shape and pace of the energy transition is uncertain. It is expected to vary in different countries because they have different starting points, development requirements, resources and capabilities. However, the scale of the transition is clearer. <br>It will take many trillions of dollars, invested over decades. <br>The International Renewable Energy Agency (IRENA) estimates it will require $115 trillion of cumulative investment by 2050.2 <br>GLASGOW CLIMATE PACT <br>At the 26th UN Climate Change Conference of the Parties (COP-26) in Glasgow in November 2021, world governments reaffirmed "the Paris Agreement temperature goal of holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels". They also recognised "that the impacts of <br>climate change will be much lower at the temperature increase of 1.5°C compared with 2°C" and resolved <br>"to pursue efforts to limit the temperature increase to 1.5°C."3 <br>This was reconfirmed at the 2022 COP-27 Summit in Sharm el-Sheikh, Egypt.4 <br>Energy security <br>During 2022, the world experienced what the International Energy Agency (IEA) has called the "first truly global energy crisis".5 <br>This crisis has seen higher energy prices and in some cases constraints on access to energy supply, impacting upon both businesses and households. <br>The energy crisis has led to a renewed focus on energy security and has reconfirmed that the energy transition needs to be carefully managed if it is to be fair, inclusive and ultimately successful. <br>In Woodside's view, a stable energy transition will be one in which energy is affordable and reliable, as well as lower carbon. This is likely to lead to significant investment in new supply of oil, gas and new energy, as we explain in the coming pages of <br>this report. <br>"The combination of the Covid pandemic and the current energy crisis means that 70 million people who recently gained access to electricity will likely lose the ability to afford that access — and 100 million people may no longer be able to cook with clean fuels, returning to unhealthy <br>and unsafe means of cooking. That is a global tragedy." <br>– IEA World Energy Outlook 20226 <br>1 IEA 2021. "Net Zero – a Roadmap for the Global Energy Sector". All rights reserved. <br>2 IRENA 2022. "World Energy Transitions Outlook 2022: 1.5°C pathway". International Renewable Energy Agency, Abu Dhabi. Page 31. <br>3 UNFCCC 2021. "Glasgow Climate Pact" paragraphs 20-21. Accessed at unfccc.int. <br>4 UNFCCC 2022. "Sharm el-Sheikh Implementation Plan". Accessed at unfccc.int. <br>5 IEA 2022. World Energy Outlook 2022. All rights reserved. <br>6 IEA 2022. World Energy Outlook 2022. Page 3. All rights reserved.

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S E CTION 2. 2 <br>Oil and gas in the energy transition <br>In this section of the Climate Report 2022, we consider the potential global use of oil and gas through the energy transition. <br>To do so, we review literature from the IPCC, the IEA, <br>the Nationally Determined Contributions in key markets as submitted to the United Nations, and also provide a case study of decarbonising power grids in Australia's National Electricity Market. <br>The analysis provided here is global in nature. In subsequent sections of the report, we make observations about Woodside's specific portfolio of assets and potential investment opportunities, and how we expect our global analysis to impact upon our strategy, business and financial planning. <br>Oil and gas in Paris-aligned climate scenarios Climate science has drawn a robust link between cumulative emissions of greenhouse gases and global temperature levels.1 <br>The link between cumulative emissions and temperature levels allows a carbon budget to be calculated. This is the remaining amount of net emissions (i.e. all global sources of emissions <br>minus all global sinks2 of emissions) that can occur before today's concentration of greenhouse gases increases to the concentration associated with potential temperature outcomes. <br>However, the distribution of this carbon budget across different human activities requires additional judgements about a wider range of social, economic and technological factors and consumer and policy choices. Strategies to achieve emissions reductions include transitioning from fossil fuels without CCS to very low- <br>or zero-carbon energy sources, such as renewables or fossil <br>fuels with CCS, demand side measures and improving efficiency, reducing non-CO2 emissions, and deploying carbon dioxide removal (CDR) methods to counterbalance residual greenhouse gas emissions. Pathways to limit warming therefore show different combinations of sectoral mitigation strategies consistent with a given warming level. <br>As a result the demand for oil and gas in climate-related scenarios that could limit global warming to 1.5°C or 2°C <br>is uncertain. For example in the AR6-WG3 report, the IPCC stated that in pathways that limit warming to 1.5°C (with a greater than 50% probability and with no or limited overshoot) the potential global use of gas in 2050 ranges from 30% above <br>2019 levels to 85% below them with a median 45% decline. <br>The AR6-WG3 also provides ranges and median declines for oil and for coal and says that "as indicated by the ranges, choices in one sector can be compensated for by choices in another sector while being consistent with assessed warming levels".3 <br>Additional insight into the subsets within the range was provided by the IPCC in their 2018 Special Report on Global Warming of <br>1.5°C (AR6-SR1.5).4 <br>The AR6-SR1.5 report grouped the scenarios that are consistent with limiting warming to 1.5°C into four illustrative pathways, respectively P1, P2, P3 and P4. Of these, only P1, P2 and P3 limit warming to 1.5°C with no or limited overshoot, whereas P4 does so with high overshoot. <br>The pathways vary in key respects. These variables include: <br>• Estimates of future energy demand <br>• The distribution of that energy demand between different supply sources such as renewables, nuclear, coal, oil and gas <br>• The rate of scale-up of technologies such as carbon capture and storage (CCS) <br>• Emissions from outside the energy sector, such as methane emissions from agriculture. <br>Of these pathways, the pathway with the lowest levels of gas use (which is P1) is also characterised by lower overall energy demand and deeper cuts in agricultural methane emissions prior to 2030. The pathway with the highest gas use in 2050 (which is P3) is associated with maintenance of historical patterns of demand, coupled with significant use of energy technologies such as CCS. <br>These pathways do not vary in all respects. The level of energy delivered by renewables, and the level of overall emissions reduction is similar in both pathways. The page opposite provides further information on P1 and P3. Drawing upon historical and current data as well as future projections, Woodside also provides observations on signposts associated with these pathways. <br>The AR6-SR1.5 report forms part of the IPCC's Sixth Assessment Cycle and its findings may be updated in their Synthesis Report for this cycle, which is expected to be published in 2023. <br>1 IPCC, 2021. "Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change". <br>2 Carbon sinks are forests and other ecosystems that absorb carbon, thereby removing it from the atmosphere and offsetting CO2 emissions. (Definition taken from European Commission "Climate change: glossary of common terms and acronyms" https://www.eea.europa.eu/help/glossary/eea-glossary/carbon-sink). <br>3 IPCC 2022. "Climate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change". Summary for <br>Policymakers paragraph C.3.2. <br>4 IPCC 2018. "Global Warming of 1.5°C, an IPCC special report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty." [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis,E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. In Press. See Page 14, pathways P1 and P3.

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FIGURE 1: SELECTED GLOBAL INDICATORS OF 1.5°C PATHWAYS1 <br>Indicator P1 P3Woodside observations <br>Primary energy from gas in 2050 -74% +21% <br>(% relative to 2010) There is a wide variation in natural gas use between these two modelled pathways. <br>Temperature outcome >50% probability of limiting warming to 1.5°C with no or limited overshoot Despite the divergent levels of gas use, both the P1 and P3 pathways have the same potential temperature outcome. <br>They are not materially differentiated by CO2 emissions change or by the takeup of renewable energy. In fact, the takeup of renewable energy is greater in the higher gas pathway. <br>CO2 emission change in 2050 -93% -91% (% relative to 2010) Primary energy from +833% +878% <br>non-biomass renewables in 2050 (% relative to 2010) <br>Final energy demand in 2050 -32% +21% <br>(% relative to 2010) The pathways are differentiated in other factors. For example, the lower gas pathway (P1) also includes absolute reductions in final energy demand and deeper cuts in agricultural methane in the near term. <br>Conversely the higher gas pathway (P3) includes a marked increase in the takeup of CCS. <br>Cumulative CCS until 2100 0 687 (Gt CO2) Agricultural methane emissions -24% +1% <br>in 2030 (% relative to 2010) Signposts <br>FIGURE 2: GLOBAL FINAL ENERGY DEMAND2 <br>FIGURE 3: GLOBAL EMISSIONS OF METHANE FROM AGRICULTURE3 <br>Agricultural methane emissions P1 pathway P3 pathway <br>The IPCC provides several indicators which contribute to the emissions and temperature outcomes in its pathways, including the selected indicators provided in figure 1. <br>All the indicators can inform judgments about the viability <br>of the pathways and should not be viewed in isolation of each other. This includes indicators that are directly relevant to the level of natural gas e.g., final energy demand, as well as those that are not linked e.g., agricultural methane emissions. <br>Of these indicators, levels of CCS development are growing and receiving government support, such as the Inflation Reduction Act in the United States. However, they are not yet close to achieving the cumulative quantities consistent with P3. The Global CCS Institute states that "ambition must now translate to urgent, broad and large scale action".4 <br>Similarly, other indicators are not currently consistent with achieving the P1 pathway. For example, figures 2 and 3 show the historical values for final energy demand and for emissions from agriculture respectively. They also show the future values projected in each of the P1 and P3 pathways. Neither indicator is currently consistent with achieving the pathways, but P3 is closer to the current trajectory than P1. <br>In Woodside's view, this means that the IPCC P3 pathway, which involves relatively higher levels of natural gas together with a marked increase in levels of CCS, should continue to be considered by policy makers and by energy companies when assessing options to limit global warming to 1.5°C. <br>P3 is described by the IPCC as "a middle of the road scenario in which societal as well as technological development follows historical patterns. Emissions reductions are mainly achieved by changing the way in which energy products are produced, and to a lesser degree by reductions in demand." <br>1 IPCC 2018. "Global Warming of 1.5°C, an IPCC special report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty." The Woodside analysis on this page explores variables in natural gas use because natural gas is the dominant product in Woodside's portfolio. Woodside has focused on P1 and P3 pathways because they include the two ends of the range of natural gas use from the IPCC AR6-SR1.5. The AR6-SR1.5 also includes two other pathways, P2, in which global gas use is between the values of P1 and P3, and P4 which is a pathway to limiting warming to 1.5°C but which, unlike pathways P1-P3, has higher overshoot. <br>2 International Energy Agency, accessed online January 2023 at https://www.iea.org/data-and-statistics/charts/world-total-final-consumption-by-source-1973-2018. Note the values for separate fuel types provided by the IEA have been totalled by Woodside. 2030 and 2050 values have been added by Woodside using data from the IPCC AR6-SR1.5. <br>3 World Bank, accessed online January 2023 at https://data.worldbank.org/indicator/EN.ATM.METH.AG.KT.CE. 2030 and 2050 values have been added by Woodside using data from the AR6-SR1.5. <br>4 Global CCS Institute 2022. 2022 Status Report. https://status22.globalccsinstitute.com/2022-status-report/global-status-of-ccs/.

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CASE STUDY: <br>ARE NEW OIL AND GAS FIELDS NEEDED IN SCENARIOS WHICH ACHIEVE NET ZERO? <br>In 2021, the International Energy Agency (IEA) published its Net Zero by 2050: A Roadmap for the Global Energy Sector report (the NZE scenario).1 <br>Although the report is clear that "the route mapped out here is a path, not necessarily the path…", the report's finding that "no new oil and gas fields" are needed has, for some stakeholders, become a singular litmus test of climate alignment and an objective to be pursued as a matter of policy. <br>Woodside considers the IEA NZE scenario in the scenario <br>analysis on page 24-25 of this report. However, we also recognise that this is just one scenario among many, and we also consider the range of pathways considered by the IPCC. <br>The levels of oil and gas usage in the NZE are plotted against <br>the range of oil and gas usage in 1.5°C pathways from the IPCC's AR6-WG3 report in the charts on page 13. All of these pathways have a greater than 50% probability of limiting warming to 1.5°C with no or limited overshoot. The NZE scenario correlates within the lowest quartile of the IPCC range, meaning that 75% of the <br>1.5°C pathways included in the IPCC AR6-WG3 report entail more oil and gas usage than the NZE. <br>Moreover, "no new oil and gas fields" does not mean "no oil and gas investment". In fact, the IEA estimated the need for an average of $365 billion of upstream oil and gas investment <br>every year to 2030, and $171 billion every year thereafter to 2050 is required in its NZE scenario.2 This is because output from existing fields will decline as they are depleted, so investment is needed to sustain and replace them in all scenarios. In the NZE scenario, this investment is achieved wholly at existing fields, rather than initiating new ones. <br>The IEA further cautions that: "The fact that no new oil and natural gas fields are required in the NZE does not mean that limiting investment in new fields will lead to the energy transition outcomes in the NZE. If demand remains at higher levels, <br>reduced investment would result in a shortfall in supply in the years ahead, and this would lead to higher and more volatile prices". <br>To avoid an energy shortfall, the IEA's NZE requires investment in clean energy to reach $5 trillion annually by 2030.3 It is currently tracked by the IEA at $1.2 trillion and expected to reach $2 trillion following the passage of measures such as the United States Inflation Reduction Act. <br>Lastly, the IEA's report provides a spotlight on key uncertainties by highlighting the differences between NZE and other net zero scenarios considered by the IPCC.4 <br>For example: <br>• The IPCC scenario range envisages total final energy consumption ranging from 300-550 EJ in 2050. The NZE has final energy consumption of 340 EJ in 2050. <br>• The IPCC scenario range envisages between 3.5-16 Gt of carbon dioxide removals (CDR) in 2050, whereas NZE envisages 1.9 Gt. <br>• The IPCC scenario range envisages a median use of bioenergy <br>200 EJ in 2050, whereas NZE envisages 100 EJ. <br>• The IPCC scenario range envisages a median of 18 EJ total final hydrogen consumption and NZE envisages 33 EJ. <br>These differences do not mean that the NZE is incorrect: rather, that it is simply one point on a wide range of potential future pathways that could successfully limit global warming. <br>1 IEA 2021. "Net Zero by 2050. A Roadmap for the global energy sector". All rights reserved. <br>2 IEA 2021. World Energy Outlook 2021. All rights reserved. Table 6.1, page 278. <br>3 The IEA defines clean energy as including "renewables, energy efficiency, low carbon fuels, nuclear power, battery storage and carbon capture, utilisation and storage." <br>4 IEA 2021. "Net Zero by 2050. A Roadmap for the global energy sector". All rights reserved. Pages 62-64.

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The IEA's NZE scenario projects a single data point for oil and gas use in 2050. In figure 4 this has been superimposed on the IPCC range of oil and gas use from the AR6-WG3 report, for scenarios that have a 50% or greater probability of limiting warming to 1.5°C with no or limited overshoot. <br>Figures 5, 6 and 7 compare the IEA Net Zero Roadmap value for total final energy consumption, adoption of carbon dioxide removals (CDR) technologies, and take up of hydrogen with the respective ranges from the IPCC for scenarios that limit warming to 1.5°C including with overshoot. <br>FIGURE 4: OIL AND GAS USAGE1 <br>FIGURE 5: TOTAL FINAL ENERGY CONSUMPTION1,2 <br>FIGURE 6: ENERGY RELATED CO2 REMOVALS1,2 <br>FIGURE 7: HYDROGEN CONSUMPTION1,2 <br>1 Data in Figures 4-7 is drawn from a number of publicly available sources and consequently has some differences arising from the format of data in those sources. Chart 4 utilises the IPCC's range for potential percentage change in oil and gas usage (both with and without CCS), in scenarios that have a 50% or greater probability of limiting warming to 1.5°C with no or limited overshoot from AR6- WG3. It applies this range to the 2019 actual values from the IEA's WEO 2021. The IEA NZE 2050 value is drawn from the IEA's WEO 2022, the most recent published update of this value. In Charts <br>5-7, the IPCC range is as presented in the IEA's 2020 Net Zero Roadmap report (pages 62-64). This includes 53 scenarios with no or limited overshoot and 37 scenarios with a higher temperature overshoot. The 2019 value in Charts 5, 6 and 7 is taken from the IEA's WEO 2021, noting that this contains a nil value for CO2 removals and hydrogen. In Figure 6 the IEA data refers to CO2 removals from bioenergy with CCS and direct air capture with CCS only. <br>2 IEA 2021. "Net Zero by 2050. A Roadmap for the global energy sector". All rights reserved. Pages 62-64.

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CASE STUDY: <br>NATURAL GAS IN DECARBONISING POWER GRIDS: THE AUSTRALIAN CASE STUDY <br>Australia's National Electricity Market (NEM) provides a case study for the challenge facing the electricity system. The Australian Energy Market Operator (AEMO) describes this challenge as a "double transformation: electrification of the economy while switching to firmed renewables" as the source of power generation.1 <br>Electrification of the economy will increase demand on the grid and require the scaling up of the electricity system as more energy uses, such as passenger vehicles, switch over to electricity. <br>Switching to firmed renewables requires both replacing existing fossil-fuel generation (today, substantially coal fired), and also increasing the firming capacity that can keep power supply stable through renewable intermittency. <br>The AEMO's Integrated System Plan (ISP) published in 2022 estimates that a doubling of total electricity delivered and a nine fold increase in utility scale variable renewable electricity (VRE) will be needed by 2050, in its most likely "Step Change" scenario. The Step Change scenario is aligned with delivering Australia's net zero commitments.2 <br>This is a multi-decade task: the AEMO concludes that "by the <br>mid-2040s, [NEM] electricity supply is expected to be generated almost exclusively from renewable resources, with energy storages helping to manage their seasonality and intermittency, and peaking gas-fired generation providing firming support."3 <br>In addition to firming services, natural gas-fired power generation has the potential to accelerate the decarbonisation of the power system, from today. Figure 8 shows the 12 month average mix of fuels used to generate electricity, in the four Australian mainland states connected to the NEM.4 <br>They show some stark differences with implications for the greenhouse gas emissions arising from the power system: <br>• Power generators located in South Australia used no coal. Around two thirds of power generation was sourced from renewables, with the remainder overwhelmingly from gas (batteries provided around 1%). <br>• The power systems in Victoria, NSW and Queensland sourced most of their electricity from coal-fired generation, with less than half the share of renewables and less than a third the share of natural gas than South Australia. <br>The South Australian system benefits, not only because of the higher share of renewables but also because of the share of natural gas-fired generation, which typically emits half the emissions of coal-fired generation.5 <br>These examples highlight the twin potential of natural gas in decarbonising power, i.e gas can both supplement renewables (potentially enabling faster elimination of coal-fired power generation) as well as firm them. <br>This is why Woodside sees the potential for the use of gas for power generation in the decades ahead, as the power system grows, decarbonises and remains stable. <br>In the longer term, renewables could also substitute for natural gas use in power generation, with both hydrogen and batteries providing stabilisation and storage. However, this implies peak renewables capacity which is greater than 100% of demand, <br>so that the excess power generation can be used to recharge batteries and hydrogen storage for use at off-peak times. <br>FIGURE 8: EMISSIONS INTENSITIES AND FUEL MIXES IN THE NATIONAL ELECTRICITY MARKET4,6,7 <br>Victoria New South Wales Queensland South Australia Emissions intensity of electricity generation 0.85 kg CO2-e /kWh <br>0.73 kg CO2-e /kWh 0.73 kg CO2-e /kWh 0.25 kg CO2-e /kWh <br>4% 4% 9%2% Fuel mix of electricity generation 30% TOTAL 44,419 GWh 24% TOTAL 66,060 GWh 13% <br>TOTAL 61,636 GWh 33% TOTAL 11,887 GWh 66% 72% 77% 65% Brown coal <br>Black coal Renewables (wind, solar, hydroelectricity) Natural gasOther (battery, biomass and liquid fuels) <br>1 AEMO 2022: 2022 Integrated System Plan.© 2022 Australian Energy Market Operator Limited. Page 9. <br>2 AEMO 2022: 2022 Integrated System Plan.© 2022 Australian Energy Market Operator Limited. Page 23. <br>3 AEMO 2022: 2022 Integrated System Plan.© 2022 Australian Energy Market Operator Limited. Page 45. <br>4 Fuel mix percentages accessed online https://www.aemo.com.au/energy-systems/electricity/national-electricity-market-nem/data-nem/data-dashboard-nem on 31 January 2023. <br>5 IEA (2019). "The Role of Gas in Today's Energy Transitions". Page 4. All rights reserved. <br>6 Australian Department of Climate Change, Energy, the Environment and Water 2022. "Australian National Greenhouse Gas Factors." Electricity generation emissions intensities have been sourced from the emission factors in Table 1, pages 7-8. These factors represent the emissions from the consumption of electricity purchased from a grid. <br>7 Total electricity generated is sourced from the "Greenhouse and energy information by designated generation facility 2020-21" www.cleanenergyregulator.gov.au. On-grid only.

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S E CTION 3. 1 <br>Woodside's climate strategy <br>Our climate strategy is an integral part of our company strategy. <br>It has two key elements: reducing our net equity Scope 1 and 2 greenhouse gas emissions, and investing in the products and services that our customers need as they secure their energy needs and reduce their emissions. <br>FIGURE 9: WOODSIDE'S STRATEGY <br>THRIVE THROUGH THE ENERGY TRANSITION <br>OPTIMISE VALUE AND SHAREHOLDER RETURNS <br>WOODSIDE'S CLIMATE STRATEGY IS AN INTEGRAL PART OF OUR COMPANY STRATEGY <br>REDUCE OUR NET EQUITY SCOPE 1 AND 2 GREENHOUSE GAS EMISSIONS <br>INVEST IN THE PRODUCTS AND SERVICES THAT OUR CUSTOMERS NEED AS THEY SECURE THEIR ENERGY NEEDS AND REDUCE THEIR EMISSIONS <br>DESIGN OUT <br>OPERATE <br>OUT OFFSET <br>CAPITAL ALLOCATION FRAMEWORK <br>SUPPORT VALUE CHAIN <br>PROMOTE MEASUREMENT AND REPORTING

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Reducing net equity Scope 1 and 2 greenhouse gas emissions is a challenge that we share with many businesses, organisations and households in society. <br>Our decarbonisation strategy explains how we plan to achieve our targets, and is described on pages 28-39 of this report. Our progress in 2022 is summarised in the Metrics and Targets on pages 40-47 of this report. <br>We recognise that as society reduces Scope 1 and 2 greenhouse gas emissions, our customers will likely change the way they purchase and use energy. <br>Woodside therefore aims to invest in products and services so that our portfolio meets evolving demand for oil, gas, new energy products and lower carbon services. <br>Our current portfolio is described on pages 18-25 and our capital allocation framework is described on pages 26-27 of this report. <br>The uncertainty surrounding the pace and shape of the energy transition creates both risk and opportunity for Woodside's strategy, business and financial planning in the short-, medium- and long-term. <br>On 1 June 2022, Woodside completed its merger with BHP's petroleum business. The merger is expected to have improved Woodside's ability to navigate the energy transition in <br>several respects. These include: <br>• The merged entity has stronger cashflows, which can support <br>its investment in the transition. For example, Woodside's <br>target to invest US$5 billion in new energy products and lower carbon services by 2030 was conditional upon completion of the merger.1 <br>• The merged entity's portfolio is more diversified by geography and product mix, containing a balance of LNG, pipeline gas <br>and oil. Each of these products has different characteristics and different risk/reward profiles, improving resilience to uncertainty in the energy transition. <br>Woodside's net equity Scope 1 and 2 greenhouse gas emissions reduction targets have been extended to the assets acquired from the merger with BHP's petroleum business.2 See page 40 for more information. <br>Our risk management process is described on pages <br>54-57. We have identified potential climate-related risks and opportunities for our strategy, business and financial planning. <br>1 Individual investment decisions are subject to Woodside's investment hurdles. Not guidance. Potentially includes both organic and inorganic investment. <br>2 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021.

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S E CTION 3. 2 <br>Our portfolio today <br>Woodside has a portfolio of oil and gas assets that provide the foundation to <br>deliver new growth opportunities. We are also developing a portfolio of new energy projects.1 These projects have the potential for significant future growth as customer demand increases and technology reduces the cost of supply. <br>Natural gas in our portfolio <br>Natural gas is the dominant product in Woodside's portfolio, representing approximately 75% of equity production in 2022. Following the merger between Woodside and BHP's petroleum business, Woodside increased its exposure to Australian pipeline gas markets. However, most of our natural gas continues to be sold as LNG. <br>Gas projects typically generate long-term cash flows and tend to be resilient through the commodity price cycle. We target an internal rate of return (IRR) greater than 12% and payback within seven years.2 The business case for the Scarborough project, approved in 2021, exceeded these investment hurdles. <br>We see an ongoing role for Woodside's LNG and pipeline gas to support our customers' plans to secure their energy needs, while they reduce their emissions. <br>Some relevant attributes of natural gas are: <br>• When used to generate electricity, natural gas emits around half the life cycle emissions of coal.3 <br>• The IEA advises that while renewable, nuclear and other low carbon power sources are expected to meet most additional power demand, gas and coal are expected to compete with each other to fill the gap.4 <br>• More than half of the world's natural gas supply is used in sectors other than power generation, such as in industrial applications and fertiliser manufacturing. Some of these have lower emissions intensity than power generation,5 and may be considered hard-to-abate. <br>• In the form of LNG, natural gas is transportable and flexible between destinations, which is an advantage during an uncertain and potentially volatile energy transition.6 <br>• While energy storage technologies (such as batteries) continue to improve, natural gas in the meantime enables cost-effective and reliable conversion of power grids <br>to renewable electricity because of its ability to "firm" <br>intermittent generation.7 <br>• Natural gas is also used for hydrogen manufacture by reforming. This process, including carbon capture and storage (CCS), is predicted by the IEA to represent almost half of hydrogen production in 2030 in their Net Zero Emissions by <br>2050 Scenario (NZE).8 <br>To achieve global net zero emissions, the greenhouse gas emissions from natural gas usage will need to be abated, using technologies such as carbon capture utilisation and storage (CCUS). <br>1 For definition of New Energy, see glossary. <br>2 Payback refers to ready for start-up (RFSU) + x years. <br>3 IEA 2019. "The Role of Gas in Today's Energy Transitions". Page 4. All rights reserved. <br>4 IEA 2022. "Coal 2022—Analysis and Forecast to 2024". Pages 11, 14 and 26-30. All rights reserved. <br>5 IEA 2022. "World Energy Outlook 2022". Page 46. All rights reserved. <br>6 IEA 2020. Website accessed 2022. https://www.iea.org/commentaries/record-year-for-gasliquefaction-investment-lights-a-path-towards-market-flexibility. All rights reserved. <br>7 Wood, T. and Ha, J. (2021). "Go for Net Zero". Grattan Institute. Page 30. (Firming means to support intermittent renewable generation by quickly ramping up or down to support stable supply). <br>8 IEA 2021. "Net Zero 2050 – A Roadmap for the Global Energy Sector", page 76. All rights reserved.

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Key challenge <br>The contribution of natural gas to the energy transition will be influenced by whether it is sufficiently competitively priced. In 2022, the IEA reported that higher gas prices (emerging due to the Russian invasion of Ukraine) were testing the traditional arguments for the role of gas in the energy transition. <br>For example, the IEA noted that in India and Southeast Asia a challenging environment for domestic gas production between 2010 and 2021 meant natural gas became less competitive with coal. The result was around 30 bcm of natural gas demand lost to gas-to-coal switching, leading to a 50 Mt CO2 increase in emissions which would have been avoided if natural gas had been used instead.1 <br>Woodside's existing LNG supplies and projects such as Scarborough can contribute to increasing natural gas supply. <br>"Although the prospects for coal-to- gas switching have been adversely affected by higher gas prices, <br>it would be technically possible, <br>for example, for one third of coal-fired power output in Southeast Asia to <br>be substituted by existing gas-fired power capacity… Doing this would avoid around 120 Mt CO2 emissions, equivalent to 22% of emissions from coal-fired power plants in South <br>East Asia."2 <br>- IEA World Energy Outlook 2022 <br>Oil in our portfolio <br>Oil plays an important part in Woodside's portfolio and is expected to continue to do so. Oil projects typically have shorter payback periods than LNG projects, which is expected to make them more resilient to unexpected rates of change in demand through the transition. They also typically generate strong cash flow, so we expect them to be an important part of funding Woodside's investment in new energy and lower carbon services. <br>Further oil exploration has the potential to discover new oil resources which could prove to be more competitive than existing discovered resources, including in demand pathways which are consistent with limiting global temperature rise. <br>We expect that oil demand will be increasingly substituted out <br>of the relatively easy-to-abate sectors such as power generation and road passenger vehicle transportation, but remain stronger for hard-to-abate and non-combustion uses such as aviation <br>and synthetic materials.3 <br>In 2021, around 17% of global oil supply was produced for <br>non-energy uses, and even in the IEA's NZE scenario, the volume consumed for these purposes is expected to remain similar <br>in 2050.4 <br>On average, the Scope 1 and 2 greenhouse gas emissions arising from conventional offshore oil production are lower than from the production of LNG, but when combusted, the Scope 3 emissions from using the product are higher.5,6 <br>For future oil developments we target an IRR greater than 15% <br>and payback within five years.7 <br>1 IEA 2022. "World Energy Outlook 2022". All rights reserved. Page 408. <br>2 IEA 2022. "World Energy Outlook 2022". All rights reserved. Page 405. <br>3 IEA 2021. "Net Zero by 2050 — A Roadmap for the Global Energy Sector". Pages 45 and 102. All rights reserved. <br>4 IEA 2022. "World Energy Outlook 2022", page 445. All rights reserved. <br>5 Wood MacKenzie 2019. Website accessed 2022. https://www.woodmac.com/news/opinion/greener-lng-is-vital-to-asias-sustainable-development/. <br>6 IEA 2017. Website accessed in 2022. https://www.iea.org/commentaries/the-environmental-case-for-natural-gas. All rights reserved. <br>7 Payback refers to ready for start-up (RFSU) + x years.

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New energy in our portfolio <br>As the energy transition progresses, we expect demand to increase for new energy products such as hydrogen and ammonia, and lower carbon services such as CCS and carbon capture and utilisation (CCU), collectively CCUS. Woodside <br>is investing to add these new products and services to our portfolio, seeking to match the pace, scale and needs of our customers as they determine their own decarbonisation pathways. There are inherent uncertainties in this pace and scale. <br>We expect the development of new energy markets to be similar to the development of the LNG industry many years ago, such <br>as in the need for government support and opportunities for collaboration. Like then, we are building relationships across the value chain and aligning solutions to customers with options to match the scale and pace of the energy transition. <br>Woodside capabilities in the new energy value chain The oil and gas value chain is typically described in three segments: upstream, midstream and downstream. We think of the new energy value chain in similar segments (see figure 10). <br>• Upstream is about the location for power, water and other infrastructure. We target our facilities in locations that have advantaged access to low cost renewables and enabling infrastructure. <br>• Midstream is similar to our existing core capabilities in the <br>LNG business and is our focus. We believe we can leverage our experience as a safe and reliable energy producer, supplying industrial scale volumes to customers, and that this will be a differentiating characteristic that is not easily attained. We <br>see a competitive advantage for Woodside in the processing, electrolysis and liquefaction segments of the value chain.1 <br>• Downstream is about customer relationships which we have been investing in for decades with our traditional LNG buyers and we are extending that to new and emerging customers in new energy. <br>FIGURE 10: NEW ENERGY VALUE CHAIN <br>UPSTREAM <br>MIDSTREAM <br>DOWNSTREAM <br>Segments of the value chain <br>Power generation <br>Processing electrolysis <br>+ liquefaction <br>Liquids marketing Customers <br>Key advantages and growth catalysts for Woodside's H2 projects <br>Characteristics <br>Advantaged locations <br>Power Water Infrastructure <br>Deep market <br>Large scale processing and experience for safe, reliable operations <br>High barrier to entry potential for higher returns <br>Strong global liquids marketing capability and presence <br>Optimisation lever <br>Years of strong relationships with key energy customers <br>Traditional plus new customers <br>Enabling capital <br>Investment focus <br>Enabling capital <br>Strategic focus aligned to Woodside's core capabilities <br>1 Hydrogen and ammonia can be manufactured in different ways including electrolysis of water and by reforming natural gas. Where the manufacturing method leads to greenhouse gas emissions these can be abated, for example with CCS.

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End-use markets for hydrogen and ammonia <br>Hydrogen has been recognised as a key option to realise the net zero greenhouse gas emissions commitments that governments have announced in recent years. Ammonia can be used as a carrier for hydrogen, either to be used directly (as feedstock <br>for chemicals or as a fuel for power generation and maritime transportation) or to be reconverted to hydrogen. They both offer the potential for decarbonising parts of the energy system where other measures such as direct electrification are more difficult or expensive, including sections of heavy industry <br>and long-distance transport. <br>Woodside sees potential in the following end-use markets: <br>• Heavy duty transport: Liquid hydrogen is a potential substitute for diesel in trucking fleets, utilising fuel cells that need liquid hydrogen for fuel. Woodside believes that with the support of policies like the Inflation Reduction Act in the United States there can be line of sight to cost parity with diesel for the fuel supply, and that fuel cells will offer operational benefits over battery-electric trucks. <br>• Power generation: Ammonia can be blended into the fuel used for existing coal-fired power generation. This has the benefit of diversifying primary energy supply and reducing greenhouse gas emissions from existing generation assets including the longer term substitution of natural gas-fired power generation. Woodside is participating in a joint feasibility study on a potential ammonia supply chain <br>from Australia to Japan.1 <br>• Shipping and marine fuels: Ammonia as a marine fuel could reduce emissions relative to the use of conventional fuels <br>for bulk carriers. Woodside is exploring opportunities with potential partners and original equipment manufacturers. <br>• Industrials and chemicals: Hydrogen and ammonia are used as industrial and chemical feedstocks today, and are primarily manufactured from fossil fuels without carbon management. This creates the potential for the same products to be manufactured, but through renewable electrolysis or fossil fuels with CCS. <br>Carbon solutions in our portfolio <br>Some technologies can abate emissions from conventional processes, by capturing greenhouse gases and durably storing them out of the atmosphere. <br>Carbon capture and storage <br>Carbon capture and storage has the potential to offer <br>significant abatement volumes for Woodside and its customers. The capabilities required to identify reservoirs suitable for CCS and to safely inject and store the CO2 are analogous to those employed in our hydrocarbon business. <br>Woodside, as a participant in various joint ventures, was <br>recently awarded three greenhouse gas licenses across Australia to progress CCS. Woodside is also a participant in the Gippsland Basin Joint Venture, which is progressing a feasibility study into the development of a south-east Australian carbon capture and storage hub. <br>Carbon to products <br>Woodside is investing in technology advancement to convert carbon into useful products at the point source of the carbon generation. Potential products include fuels, proteins and bulk materials for use in the construction sector. This is an emerging technology and Woodside has been collaborating with several companies to drive the development of these CCU products. <br>Offsets <br>Woodside is developing a portfolio of carbon credits to contribute to the achievement of its net equity Scope 1 and 2 greenhouse gas emissions targets. These also have the potential to be bundled with product sales if customer demand is present, at a scale which is able to be supported. For more information about offsets, see pages 34-35. <br>2022 progress <br>For progress made in advancing CCS and technology to convert carbon into useful products, please see page 47. <br>"CO2 capture and subsurface injection is a mature technology for gas processing and enhanced oil recovery. In contrast to the oil and gas sector, CCS is less mature <br>in the power sector, as well as in cement and chemicals production, where it is a critical mitigation option. <br>The technical geological CO2 storage capacity is estimated to be in the order of 1,000 gigatonnes of CO2, which is more than the CO2 storage requirements through 2100 <br>to limit global warming to 1.5°C, although the regional availability of geological storage could be a limiting factor. If the geological storage site is appropriately selected and managed, it is estimated that the CO2 can be permanently isolated from the atmosphere. Implementation of CCS currently faces technological, economic, institutional ecological-environmental and socio-cultural barriers. Currently, global rates of CCS deployment are far below those in modelled pathways limiting global warming <br>to 1.5°C or 2°C. Enabling conditions such as policy instruments, greater public support and technological innovation could reduce these barriers."2 <br>– IPCC AR6-WG3 report <br>1 Woodside is participating in a joint feasibility study on a potential ammonia supply chain from Australia to Japan with Japan Oil, Gas and Metals National Corporation (JOGMNC), Marubeni, Hokuriki Electric, Kansai Electric, Tohoku Electric and Hokkaido Electric. <br>2 IPCC 2022. "Climate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change" Summary for Policymakers paragraph C.4.6.

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Managing physical risks to our portfolio Climate change creates potential risks and opportunities for Woodside's strategy, business and financial planning. Our process for identifying and managing risks, and a <br>summary of potential climate-related risks and opportunities <br>is provided on pages 56-57. <br>For illustrative purposes, a focus is provided here on one of <br>the categories for climate-related risks in the TCFD framework, which is physical risks. Physical risks can arise from both event driven (acute) and longer-term shifts (chronic) in climate patterns. These physical risks may have financial implications for organisations. <br>For example, in the oil and gas industry, this might include harsh weather or ocean conditions that can damage or disrupt the ability to safely operate offshore facilities, shipping and onshore processing plants. Woodside has decades of experience designing and operating facilities located in harsh environments. Woodside's facilities are subject to oceanic conditions and are located in regions that experience tropical cyclones, hurricanes and high ambient temperatures. <br>Physical risks could also impact emerging new businesses in new energy products and lower carbon services. For example, this could include bushfire or drought risk for nature-based carbon credit development projects, or access to water for use in electrolysis. <br>Design of Woodside's facilities <br>Each Woodside facility is built in accordance with a basis of design (BOD). This details, amongst other things, the climatic conditions that facilities need to withstand. Each BOD is reviewed against updates to climatic conditions and, where required, actions are taken to update procedures or replace/ refurbish equipment to withstand the revised conditions. <br>The requirements for maximum air temperature and sea level in the BODs are aligned to IPCC Shared Socioeconomic Pathway 2-4.5 (the SSP 2-4.5) in which global temperatures rise by 2.7°C by the end of the century.1 Design sensitivities are also performed against SSP 5-8.5 pathway in which <br>global temperatures rise by 4.4°C. (Note that the BOD is intended to describe harsh environmental conditions that a facility may need to withstand, hence the alignment with and sensitivities for higher temperature outcomes by 2100 rather than 2°C or 1.5°C global temperature rise outcomes).2 <br>Woodside's assets are designed to withstand extreme weather events that occur in the range of 1 in 1,000 years to 1 in 10,000 years. This is also specified in each BOD. <br>Woodside's capability <br>Woodside has specialised teams that support the safe and reliable design and operation of our facilities. Some relevant teams within the Woodside organisation include: <br>Meteorology and <br>Oceanography (Metocean) <br>Metocean specialists quantify the potential impact and effect of meteorological and oceanographic conditions on Woodside's facilities. This includes waves, climate variability, tropical cyclones, hurricanes, air temperature and rainfall. This analysis is used to define technical requirements for existing and new facilities. <br>Health, Safety and <br>Environment <br>Health, safety and environment specialists support the business by providing guidelines on safe operating conditions. Examples include the wellbeing of people working in high ambient temperature environments and maintenance of safety critical systems and equipment. <br>Asset Management <br>Asset management teams are responsible for managing asset specific risks, such as structural integrity risks from weather related events and risks to production forecasts from weather related outages. Regular risk governance meetings are held to review the management of these risks. <br>Emergency Management <br>Emergency management specialists support the business in the development of emergency response plans and capabilities and with response to any emergency events. This includes preparation for and response <br>to tropical cyclones and hurricanes. <br>1 This is based on outputs from the Coupled Model Intercomparison Project (CMIP). CMIP coordinates climate model simulations worldwide under the World Climate Research Program (WCRP). <br>CMIP supports the IPCC Shared Socioeconomic Pathways. These Shared Socioeconomic Pathways explore the implications of future socioeconomic development on climate change mitigation, adaptation and land use. <br>2 The approach to using IPCC SSPs in this paragraph has historically been used at heritage Woodside assets, and will be incorporated across the merged portfolio over time.

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Examples of physical risk management <br>CYCLONES <br>OR HURRICANES <br>Climate change is expected to lead to more frequent and/or more severe cyclones or hurricanes. These have the potential to damage equipment, cause increased production outages and/or reduce asset life. <br>Woodside has assets that have operated in cyclone or hurricane affected regions for decades. These onshore and offshore assets are designed and maintained for safe operations in extreme conditions. <br>Procedures are in place for pre-cyclone/hurricane season readiness, for preparations immediately prior to a tropical cyclone, and for disconnection and demobilisation to keep people and assets safe during cyclonic events. <br>The design and maintenance of assets and the emergency response procedures were tested during the severe Tropical Cyclone Damien in the North West of Australia in February 2020 and during Hurricane Ida in the Gulf of Mexico in August 2021. No major damage occurred and production was resumed following these events. <br>Production planning and forecasting includes assumptions for cyclones/hurricanes and severe swells. These assumptions are informed by data from previous seasons along with forecasts <br>for upcoming El Niño and La Niña cycles. <br>RAINFALL OR FLOODING <br>Climate change is expected to lead to changes in rainfall volume and intensity. This could cause flooding or drought, which might impact Woodside's facilities and/or carbon origination projects. <br>Drainage systems on Woodside's facilities are designed to meet relevant international and <br>Australian standards. In regions impacted by cyclones, drainage and containment systems <br>are also inspected prior to cyclone season, as there may be intense rainfall or flooding during this season. <br>Exposure to drought risk and flooding in our carbon origination projects is managed by holding a diverse geographic distribution of projects. <br>BUSHFIRES <br>Climate change is expected to lead to increased frequency and/or severity of bushfires due to hotter and/or drier climates. <br>Where Woodside operates oil and gas producing assets located in bushfire-prone areas, it incorporates bushfire preparation as a standard part of emergency response planning. In addition, the geographical location of many of our oil and gas producing assets have inherently lower exposure to bushfire risk, for example, because they are surrounded by shrubs/rock or are offshore. <br>Woodside's carbon origination portfolio includes planting trees. Diversity in tree planting locations reduces the potential impacts of bushfire risk on the portfolio. <br>WARMER AMBIENT TEMPERATURES <br>Climate change is increasing ambient temperatures. This could create hotter working conditions, impacting the wellbeing of our people and the operability of some equipment. <br>The health and wellbeing of our people is inherent in our culture and operational practices. For example, sun protection and hydration are regularly included as topics in site communications and safety briefings. Facilities in the North West of Australia experience high ambient temperatures. Major maintenance campaigns, where the number of people on site is significantly increased, are targeted for execution in the cooler months to minimise exposure to heat stress. <br>Production planning and forecasting includes assumptions for ambient temperature, recognising that higher ambient temperatures can reduce plant performance. <br>RISING SEA LEVELS AND STORM SURGE <br>Climate change is resulting in an increase in sea levels with the potential to impact offshore and coastal facilities. <br>Woodside's facilities are designed in accordance with BODs, which include sea level assumptions where relevant for the facility. An allowance for sea level rise is included in the calculations of extreme total water level (the combination of sea level, tidal elevation, storm surge and wave crest elevation). The assumptions for sea level in the BOD documents are based on IPCC Shared Socioeconomic Pathways.1,2 <br>Storm surges in the Karratha region in the North West of Australia are also included in cyclone preparation plans. <br>1 The IPCC Shared Socioeconomic Pathways explore the implications of future socioeconomic development on climate change mitigation, adaptation and land use. <br>2 The approach to using IPCC SSPs in this paragraph has historically been used at heritage Woodside assets, and will be incorporated across the merged portfolio over time.

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FIGURE 12: MODELLED IMPACT OF CLIMATE SCENARIOS ON POTENTIAL AVERAGE ANNUAL FREE CASH FLOW FROM CURRENT PRODUCING AND SANCTIONED ASSETS (NOT GUIDANCE) <br>9.0 <br>8.0 <br>7.0 <br>Actual results <br>IEA NZE IEA APS IEA STEPS <br>6.0 <br>5.0 <br>4.0 <br>3.0 <br>2.0 <br>1.0 <br>0.0 <br>2018—2022 (Actuals) <br>2023—2026 <br>2027—2031 2032—2036 2037—2040 <br>Oil price (US$/bbl, Brent)4 , North Asian LNG price (US$/MMBtu)4 and Carbon price (US$/tCO2-e)5 average real 2022 <br>IEA NZE 59 18100386135336169316199 <br>IEA APS 88 2098709130659154659172 <br>IEA STEPS 92 2180851180851180881180 <br>\* 2018-2022 average real terms 2022 Brent price was US$73/bbl. <br>Description of the IEA scenarios used <br>The IEA's WEO explores three main scenarios.6 These scenarios are not predictions. The IEA does not have a single view on the future of the energy system. In contrast to the 2021 edition of the WEO, they do not vary the assumptions about public health and economic recovery implications across the scenarios. A summary of the scenarios is as follows: <br>The Net Zero Emissions by 2050 (NZE) Scenario shows a narrow but achievable pathway for the <br>global energy sector to achieve net zero CO2 emissions by 2050, with advanced economies reaching net <br>zero emissions in advance of the other scenarios. It is consistent with limiting the global temperature rise to 1.5°C without a temperature overshoot <br>(with a 50% probability). <br>The Announced Pledges Scenario (APS) takes account of all the climate commitments made by governments around the world including Nationally Determined Contributions as well <br>as longer term net zero emissions targets, and assumes that they will <br>be met in full and on time. In the APS, emissions peak in the mid-2020s and fall to 12 Gt in 2050, resulting in a projected global median temperature <br>rise in 2100 of 1.7°C. <br>The Stated Policies Scenario (STEPS) explores where the energy system might go without additional policy implementation. In the STEPS, energy- related CO2 emissions reach a plateau around 37 Gt before falling slowly to <br>32 Gt in 2050, a trajectory that would lead to a 2.5°C rise in global average temperatures by 2100. <br>1 Modelled based on current equity assumptions within portfolio: Sangomar 82%, Scarborough 100% and Pluto Train 2 51%. <br>2 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. <br>3 IEA 2022. "World Energy Model Documentation". All rights reserved. <br>4 Based on data from IEA 2022. "World Energy Outlook 2022" as modified by Woodside analysis. Woodside used interpolation techniques to estimate Brent annual price points in between the years that the IEA disclose prices for. For gas pricing assumptions all non-contracted LNG volumes were assessed at IEA's Japan import price, as a proxy for North Asian LNG spot price. Woodside used interpolation techniques to estimate annual gas price points in between the years that the IEA disclose prices for. For oil linked LNG contracts, prices are derived from the Brent forecasts and the terms of the contracts. <br>5 Based on data from IEA 2022. "World Energy Outlook 2022" as modified by Woodside analysis. The IEA only provide carbon prices from 2030 onwards. As a result, Woodside used a starting point of US$80/tCO2-e consistent with internal carbon pricing. Woodside used the 2022 starting price point and the IEA's published 2030 and 2040 carbon prices for each scenario to interpolate annual price points through to 2040. <br>6 IEA 2022. "World Energy Outlook 2022". All rights reserved.

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S E CTION 3. 4 <br>Capital allocation framework <br>Woodside aims to thrive through the energy transition by working to build a low cost, lower carbon, profitable, resilient and diversified portfolio of oil, <br>gas and new energy assets.1 <br>On pages 10-15 of this report, we described the potential role of oil, gas and new energy through the transition. On pages 18-25 we described our current portfolio. In this section, we describe how we incorporate our assessment of climate-related factors into our consideration of new investments in oil, gas and new energy, and our assessment of how climate-related factors might impact our strategy, business and financial planning. <br>Future growth of our portfolio through new projects and investments is assessed according to market analysis and <br>a disciplined capital allocation framework, including climate- <br>related considerations. <br>Our capital allocation framework sets target investment criteria for oil, gas and new energy opportunities. Not all energy investments are the same, and these three investment types <br>are fundamentally different in nature and have different risk/return profiles. This capital allocation framework guides our efforts to create a diversified and flexible portfolio which is responsive to changes in demand for our products. <br>The Scope 1 and 2 greenhouse gas emissions from projects in all capital allocation categories need to be managed to meet our net equity emissions reduction target of 30% by 2030 and a net zero aspiration by 2050 or sooner.2 <br>FIGURE 13: CAPITAL ALLOCATION FRAMEWORK <br>OIL GAS NEW ENERGY <br>OFFSHORE PIPELINE LNGDIVERSIFIED <br>Focus <br>Generate high returns to fund diversified growth, focusing on high quality resources <br>Leveraging infrastructure to monetise undeveloped gas, including optionality for hydrogen <br>New energy products and lower carbon services to reduce customers' emissions; hydrogen, ammonia, CCUS <br>Characteristics <br>High cash generation Shorter payback period Quick to market <br>Stable long-term cash flow profile Resilient to commodity pricing <br>Long-term cash flow Strong forecast demand <br>Upside potential <br>Developing market Lower capital requirement Lower risk profile <br>Opportunity targets <br>IRR > 15% Payback within 5 years3 <br>IRR > 12% Payback within 7 years3 <br>IRR > 10% Payback within 10 years3 <br>Emissions 2 <br>reduction 30% net emissions reduction by 2030, net zero aspiration by 2050 or sooner <br>1 Please see glossary for a definition of how Woodside uses the term lower carbon portfolio. <br>2 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. <br>3 Payback refers to RFSU + X years.

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S E CTION 3.5 <br>Decarbonisation strategy <br>As well as investing in the products and services our customers need, the second key element of Woodside's climate strategy is to reduce its net equity Scope 1 and <br>2 greenhouse gas emissions. To pursue this, we have developed a decarbonisation <br>strategy.1 <br>In 2020, Woodside announced targets for near- and medium- term emissions reduction below the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020. <br>These targets are to reduce net equity Scope 1 and 2 greenhouse gas emissions by: <br>• 15% by 20252 <br>• 30% by 20303 <br>below a starting base representative of annual average gross equity emissions for 2016-2020. Woodside also announced <br>an aspiration of net zero equity Scope 1 and 2 greenhouse gas emissions by 2050 or sooner.4 <br>Woodside's targets are absolute reduction targets from an historically established starting base, aiming to deliver net emissions reduction even as Woodside grows its business and makes new investment decisions. <br>Greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions <br>occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist. <br>Equity share is calculated in accordance with the GHG Protocol's Corporate Accounting and Reporting Standard: "Under the equity share approach, a company accounts for GHG emissions <br>from operations according to its share of equity in the operation. The equity share reflects economic interest, which is the extent <br>of rights a company has to the risks and rewards flowing from an operation".5 <br>Woodside plans to achieve our net equity Scope 1 and 2 greenhouse gas emissions reduction targets in three ways: <br>• Avoiding greenhouse gas emissions through the way we <br>design our assets <br>• Reducing greenhouse gas emissions through the way we <br>operate our assets <br>• Originating and acquiring carbon credits to use as offsets <br>for the remainder. <br>Avoiding and reducing emissions are our priority. We can reduce the risks of future price and availability constraints in carbon markets if we prioritise emissions reduction at our facilities. However, subject to appropriate integrity, a tonne of emissions avoided through an offset has an equivalent greenhouse impact to a tonne that has been avoided at our facilities. <br>The principal way that we prioritise avoiding and reducing emissions is to pursue opportunities in the design and operation of our assets that are economically viable when assessed using an internal long-term cost of carbon, currently US$80/tCO2-e (real terms 2022). This exceeds the current market price of carbon credits. The generic ACCU spot price was around A$30/t (approximately US$20/t) in the most recent Quarterly Carbon Market report from the Clean Energy Regulator.6 <br>SCOPE 1 AND 2 TARGETS <br>15% <br>by <br>20252 <br>30% <br>by <br>20303 <br>1 For definition of decarbonisation, see glossary. <br>2 This means net equity emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base. <br>3 This means net equity emissions for the 12-month period ending 31 December 2030 are targeted to be 30% lower than the starting base. <br>4 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. <br>5 World Resources Institute and World Business Council for Sustainable Development 2014. "GHG Protocol: a corporate accounting and reporting standard." Page 17. <br>6 www.cleanenergyregulator.com.au. Quarterly Carbon Market Report September Quarter 2022, published 17 November 2022.

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Operational practices <br>Near-term emissions reduction can be achieved at our existing facilities through changes to operating practices. Environmental and emissions performance has formed part of Woodside's focus on safe, reliable and cost-competitive <br>operations for many years. This means that many of the simpler operate out improvements to reduce greenhouse gas emissions have already been implemented through changes to operating practices. <br>Decarbonisation actions differ depending on each asset's life cycle and context. Pluto has focused on activities targeting reliability. The North West Shelf (NWS) has prioritised efficiency and debottlenecking at Karratha Gas Plant (KGP) as NWS production declines. The Australian floating production storage and offloading (FPSO) facilities have focused their activities <br>on reducing flare and fuel usage and delivering reliability improvements. <br>Woodside continues to explore potential further changes to its operating practices that can reduce its Scope 1 and 2 greenhouse gas emissions. Activities led by asset teams through 2022 are forecast to deliver approximately 25 kt CO2-e/year ongoing equity Scope 1 and 2 greenhouse gas reductions.1 <br>Asset decarbonisation plans <br>During 2022, Woodside developed asset decarbonisation plans for each operated asset and project in the heritage Woodside portfolio to identify opportunities to be pursued, including further technology to be developed where needed. <br>The plans identify potential decarbonisation opportunities prior to the application of technology or cost constraints. The individual asset and project decarbonisation plans were then rolled together to create an integrated portfolio view. This was used to rank and select cost effective priorities for decarbonisation investment and planning on an enterprise wide basis. <br>In the 2022 asset decarbonisation planning cycle, Woodside selected around 30 decarbonisation opportunities, including energy efficiency projects, equipment modifications, lower carbon power and process optimisation. These opportunities are not certain to proceed but they are now included in asset level work programs, in order to mature cost and engineering definition. <br>If implemented in full, Woodside estimates this activity set could realise approximately 10 Mt CO2-e abatement (cumulative) <br>prior to 2050 and could result in a 300 kt CO2-e reduction in emissions in 2030, compared to the equivalent plan at the time of the 2021 Climate Report (see figure 14).2 <br>These plans are targeted to be extended during 2023 to cover heritage BHP operated assets, and are expected to identify additional cost efficient decarbonisation opportunities. <br>The asset decarbonisation plans will be reviewed annually in line with asset strategic planning processes to maintain their currency and to continue to identify opportunities as costs and technologies improve. We will also work with our joint <br>venture participants and operators to understand and quantify decarbonisation opportunities at non-operated assets. <br>FIGURE 14: POTENTIAL IMPACT OF 2022 ASSET DECARBONISATION PLAN2 <br>5 <br>4 <br>3 <br>2 <br>Potential impact of asset <br>decarbonisation plans <br>1 <br>Design Out Operate Out Offset <br>0 <br>2016-2020 starting base <br>Production growth to 2030 <br>Emissions to be abated, as estimated in Climate Report <br>2021 <br>Emissions to be abated, as estimated after 2022 asset decarbonisation plan <br>2030 net equity Scope 1 and 2 emissions target <br>1 Greenhouse gas savings are estimated using engineering judgment by appropriately skilled and experienced Woodside engineers. Emissions quoted are equity share reductions across <br>Australian operations. <br>2 Indicative only, not guidance. Potential impact of opportunities identified in Australian Operations asset decarbonisation plans assuming all opportunities identified in the 2022 asset decarbonisation plan progress to execution. Heritage Woodside portfolio and working interest prior to the merger.

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Beyond 2030: Technology decarbonisation plan <br>The asset decarbonisation plans developed during 2022 also identified emissions reduction opportunities that could not be prioritised for further development, either because they are not technically mature or because they are not currently <br>commercially viable when assessed using Woodside's long-term cost of carbon assumption of $80/tCO2-e (real terms 2022). <br>However, with further development these opportunities have the potential to offer abatement on a scale that would deliver a step- change in emissions reduction, in particular beyond 2030. <br>Because of their enterprise wide nature, these technology opportunities are pursued through a portfolio level technology decarbonisation plan rather than through asset level planning and engineering processes. <br>These opportunities include: <br>• Integrated carbon solutions, such as capturing carbon dioxide so that it can either be durably stored in geological reservoirs (CCS) or converted into useful products (CCU). Different existing emissions sources vary in the concentration of their emissions, with the higher concentrations potentially offering earlier viable opportunities. <br>• Switching of existing uses of electricity to lower carbon power (for example, renewables or gas with CCUS), potentially with energy storage technologies to stabilise supply. <br>• Electrification of operating facilities. The opportunity for retrofitting electrification will vary across different facility types (for example, offshore platforms have different power requirements to liquefaction facilities), as well as their ages and expected remaining asset life. <br>Note that some of these opportunities are alternatives to each other. For example, 67% of Woodside's emissions in 2022 arose from fuel combustion to power our assets. These emissions <br>can be abated either by CCUS, or by electrification. However by pursuing multiple technologies we expect to increase the potential for a successful outcome that could enable adoption. <br>The technology decarbonisation plan draws on inputs such as a research partnership with Monash University. The Woodside Monash Energy Partnership has been extended for 2023-2025 at a cost of A$11 million and is summarised in figure 15 below. <br>Industry partnerships also include a memorandum of understanding on cooperation entered into with Baker Hughes in <br>2022 to pursue development of technologies and opportunities for decarbonisation, including revenue generation and <br>enablement of growth. <br>FIGURE 15: WOODSIDE MONASH ENERGY PARTNERSHIP <br>The pilot programs of the Woodside Energy Monash Energy Partnership are designed to complement Woodside Energy's strategy by partnering with expertise and infrastructure at Monash University in the following fields: <br>Input: Sunlight <br>Input: Renewable Electricity <br>Input: Air <br>Input: CO2 <br>Large-scale solar <br>• Re-imagining solar photovoltaic PV at a utility-scale to drive down the levelised cost of energy by maximising the energy density of shipped PV and reducing the deployment costs. <br>• This project is developing streamlined ultra-thin and low weight Si-PV, alongside novel deployment and solar tracking solutions. <br>• A 10 kW pilot plant has currently been developed and deployed as a proof of concept. <br>Direct air capture <br>• Direct air capture (DAC) of CO2 has been identified as a prospective pathway to mitigate the effects of global warming. <br>• The aim of this development is to design an energy and cost- efficient DAC technology that is economically scalable and will cost less than $150 /tCO2 captured. <br>• Current work has developed prototypes for testing adsorbents, contactors, and process conditions for both feed and regeneration conditions. <br>• The final solution will be scalable to 1,000 t/day either through sizing or modularity. <br>Biochemical waste gas conversion <br>• Synthetic biology is turning biology into the manufacturing paradigm of the future. <br>• This project uses chemoautotrophic bacteria to efficiently convert waste gases into protein-rich biomass. <br>• By utilisation of waste gases, including CO2, CH4, and CO, <br>it provides a novel biological process to convert waste gas emissions into sustainable feeds. <br>30 \| Climate Report 2022

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Methane emissions <br>After carbon dioxide, methane has made the second largest contribution to human induced climate change and is believed to have contributed to around 30% of the global temperature rise <br>to date.1 <br>The Global Methane Initiative estimated that in 2020 about 24% of global human induced methane emissions came from the oil and gas sector. Other sources include agriculture, coal mines, municipal solid waste and wastewater.2 <br>A Global Methane Pledge was launched at the Glasgow Climate Summit, and stated that rapidly reducing methane emissions from energy, agriculture and waste can achieve near-term gains this decade and is regarded as the single most effective strategy to keep the goal of limiting warming to 1.5°C within reach. Countries signing the Pledge agree to take voluntary actions <br>to contribute to a collective effort to reduce global methane emissions at least 30% from 2020 levels by 2030, which could eliminate over 0.2°C warming by 2050.3 Australia signed the <br>Pledge in 2022. <br>This is a global target. The UN Environment Programme's <br>Global Methane Assessment has stated, "The mitigation potential in different sectors varies between countries and regions. <br>The largest potential in Europe and India is in the waste sector; in China from coal production followed by livestock; in Africa from livestock followed by oil and gas; in the Asia-Pacific region, <br>excluding China and India, it is coal and waste; in the Middle East, North America and Russia/Former Soviet Union it is from oil and gas; and in Latin America it is from the livestock subsector."4 <br>Woodside's current methane emissions performance Minimising methane emissions is a priority for Woodside because if leaked at significant levels, methane could create <br>a safety risk on our assets and/or result in a loss of production. Because of the emphasis we have had on containing methane effectively, our methane emissions are around 0.1% of our production by volume. This is already well below the Oil and Gas Climate Initiative (OGCI) 2025 methane intensity target of below 0.2%, and we continue to strive for further reductions.5 <br>The quantification of methane is challenging and inherently includes a degree of uncertainty and underlying assumptions. Woodside's inventories are reported in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur such as Australia's National Greenhouse and Energy Reporting (NGER) and the USA's Greenhouse Gas Reporting Program (GHGRP). <br>Methane emissions reduction plan <br>Methane emissions are a part of Woodside's total greenhouse gas emissions, so reductions in methane emissions contribute to our net equity Scope 1 and 2 greenhouse gas emissions reduction targets. To help this, a methane emissions reduction plan has been developed and is summarised on page 32. <br>It is a subset of our decarbonisation strategy. <br>In September 2022, Woodside became the first Australasian company to join the OGCI's Aiming for Zero Methane Emissions Initiative.6 The signatories to the Initiative state that they believe virtually all methane emissions from the industry can and should be avoided. <br>In 2022, Woodside's methane emissions reduction plan won a Game Changer Award from the Energy Club of Western Australia. This is awarded for an outstanding contribution to innovative thinking, policy or procedural advancement, energy industry leadership, development in technological innovation, engineering design, or outstanding idea generation which has resulted in significant advancement of the industry's knowledge and capability within the last two years. <br>1 IEA 2021. "Curtailing methane emissions from fossil fuel operations—Pathways to a 75% cut by 2030." Page 7. All rights reserved. <br>2 Global Methane Initiative factsheet "Global Methane Emissions and Mitigation Opportunities" at www.globalmethane.org/documents/gmi-mitigation-factsheet.pdf. Page 1. <br>3 Global Methane Pledge: https://www.globalmethanepledge.org/. <br>4 United Nations Environment Programme and Climate and Clean Air Coalition (2021). "Global Methane Assessment: Benefits and Costs of Mitigating Methane Emissions". Nairobi: United Nations <br>Environment Programme. Page 10. <br>5 https://www.ogci.com/action-and-engagement/reducing-methane-emissions/#methane-target.<br>6 https://aimingforzero.ogci.com/.

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Summary of methane emissions reduction plan <br>Woodside's methane emissions reduction plan has four pillars. <br>Report emissions data to stakeholders <br>Woodside reports its absolute methane emissions on an operated and equity basis in accordance with the regulatory framework of the country of origin. We also calculate and report methane <br>intensity on an operated and equity basis. <br>Develop a comprehensive, high integrity methane emissions dataset <br>Inventory measurement helps us to identify the highest priority methane emissions reduction opportunities. In 2022, we commenced development of source level, bottom-up methane inventories for our assets utilising internationally recognised methods. The accuracy and completeness of these inventories is informed via top-down or whole of facility measurement technologies as well as direct measurement campaigns on our material sources. We aim to have a <br>comprehensive data set, along with action plans to reduce methane emissions, finalised in 2023. <br>Lead, advocate and collaborate <br>We believe that by leading, advocating and collaborating with our external stakeholders, regulators and joint venture participants there is scope to further reduce methane emissions by sharing opportunities to decarbonise key emission sources. In 2021, Woodside commenced <br>non-operated joint venture (NOJV) workshops to share methane-related learnings and enhance mitigation in Western Australia's natural gas value chain. In 2022, these engagements were continued to support the sharing of methane-related knowledge. We aim to extend the reach of <br>these technical workshops in 2023 through our membership of the Methane Guiding Principles. <br>Striving for "near zero" <br>methane emissions <br>Once identified, methane emissions abatement opportunities can be integrated into our asset decarbonisation plans, described on page 29. Given the short-term nature of methane as a greenhouse gas compared to CO2, Woodside assesses methane abatement opportunities using <br>a 20-year global warming potential rather than the IPCC standard 100 year potential. This means that we apply a multiple of 84 to our long-term cost of carbon US$80 t/CO2-e (real terms 2022), i.e. an effective price of $6,720 t/CH4 (real terms 2022). <br>Opportunities to identify, assess and potentially abate methane emissions from our facilities include: <br>• Conducting methane slip measurement studies of sources at our LNG facilities <br>• Using optical gas imaging and drone surveys to identify fugitive emissions that can be addressed <br>• Including fixed methane detection cameras in new facility design <br>• Implementing seal oil vent vapor recovery on wet seals at LNG trains <br>• Retrofitting dry seals on compressors and minimising use of high emitting compressors <br>• Minimising flaring, and monitoring flare destruction efficiency. <br>Woodside is a signatory to the Methane Guiding Principles and the OGCI's Aiming for Zero Methane Emissions Initiative. Another initiative is the Oil and Gas Methane Partnership (OGMP 2.0), a measurement-based reporting framework, which Woodside has not joined. Instead, we have focussed on developing our methane emissions reduction plan which includes measurement and reporting but also prioritises emissions reduction and advocacy. Membership of OGMP 2.0 will be reviewed by Woodside as part of existing annual processes.

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CASE STUDY: <br>METHANE SURVEYS <br>In 2022, Woodside undertook several different types of methane survey. These included a drone-based methane measurement quantification campaign, targeted equipment surveys, and flare performance monitoring via what we believe to be the first trial of the Providence Photonics video imaging spectro-radiometry (VISR) in Australia. <br>The drone-based facility measurements were conducted at several of Woodside's offshore and onshore facilities in Australia and the Gulf of Mexico. These were at FPSOs (Okha, Ngujima Yin, and Pyrenees), offshore platforms (Goodwyn, North Rankin, Shenzi, and Ruby/Angostura), and the <br>Macedon onshore gas processing facility. They complement prior methane surveys undertaken during 2020 at Pluto LNG and the Karratha Gas Plant. <br>Use of drone-based technology is intended to enhance location and quantification of key methane emission sources, enabling the prioritisation of mitigation projects in our asset decarbonisation plans. Prior to the surveys, <br>validation trials were undertaken in Perth, including training of local personnel. <br>By partnering with local third-party service providers, Woodside's intent was to support ongoing methane emissions measurement campaigns within Western Australia, across the natural gas supply chain and for use by other industries. <br>The VISR survey focused on flare performance at Pluto LNG. The survey also presented the opportunity to trial the Mantis Lite™, a flare monitoring device which uses video imaging spectro-radiometry (a more accessible pre-production unit based on the well-established Mantis™). This trial could <br>lead to the use of this technology more broadly across <br>Woodside's portfolio.

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Woodside's carbon business <br>Woodside established a carbon business in 2018 to develop a carbon credits portfolio. <br>We retire carbon credits from this portfolio annually to meet our net equity Scope 1 and 2 greenhouse gas emissions reduction targets and regulatory obligations. We acquire these carbon credits through market purchases and through the development of our own carbon origination projects. <br>We currently use a mix of avoidance, reduction and removal type carbon credits, as illustrated in the details of our retirements for <br>2022 on page 41. <br>Woodside's current plan is to shift our portfolio balance towards removal type offsets, for example through the carbon origination described below. We are also investing in new technology that could capture and durably store greenhouse gases or convert them into useful products (see page 47). However, the rate of technology maturation is challenging to predict, and not all such activities may generate carbon credits. <br>Carbon origination <br>Developing our own projects strengthens our internal capability and improves our ability to assess the integrity of carbon credits we purchase. It also helps us to directly manage the cost and volume of a portion of the carbon credits portfolio that we hold. <br>An example of our carbon origination projects is Woodside's Native Reforestation Project, which is expected to sequester approximately 1,100 kt CO2-e over 25 years. The Australian Carbon Credit Units (ACCUs) generated from this project could then be used to offset Woodside's Scope 1 and 2 greenhouse gas emissions. <br>Participation in carbon markets <br>Acquiring carbon credits allows Woodside to supplement its origination projects with additional credits. Origination projects take time to generate credits, whereas acquisition of additional credits in carbon markets allows access to supply that is available now. Acquiring credits via carbon markets provides investment <br>to help them develop and scale, and Woodside's participation can help to improve the robustness of methodologies and accounting techniques. <br>We recognise that, in the absence of consistent global regulation, there is the potential for carbon credits with varying integrity <br>to be available on the market. If Woodside was to purchase and retire carbon credits that were perceived to lack integrity, <br>this would have the potential to undermine the role of offsets in our decarbonisation strategy. <br>To assess the integrity of carbon credits acquired through carbon market purchases, Woodside has established a due diligence process. This process assesses both greenhouse <br>gas abatement integrity and broader environment, social and governance (ESG) integrity. The greenhouse gas abatement integrity assessment includes factors such as additionality and permanence. The ESG integrity assessment considers factors such as human rights, social impact, environmental impact, <br>and anti-bribery and corruption. As part of the due diligence process, the impact on Woodside's overall portfolio is assessed, including a review of portfolio diversification across vintage, methodology and geography. <br>Woodside has participated in both the Australian compliance market and the voluntary market for carbon credits. Woodside holds carbon credits from the following carbon credit programs: <br>• Emissions Reduction Fund, which is established and governed by the Clean Energy Regulator (CER). The CER issues ACCUs and administers their trade on the Australian National Registry of Emissions Units. <br>• Verified Carbon Standard (VCS), under which Verified Carbon Units (VCUs) are issued, is established and governed by the non-government organisation Verra. <br>• Gold Standard, under which Verified Emissions Reductions <br>(VERs) are issued, is established and governed by the non-government organisation Gold Standard. <br>Woodside also subscribes to emerging independent carbon credit rating platforms that assess carbon credit quality. <br>We monitor the evolution of integrity assessment frameworks and standards developed by independent organisations so that we can continuously improve our due diligence process. <br>CASE STUDY: <br>NATIVE REFORESTATION PROJECT <br>In 2020, Woodside commenced the first phase of the Native Reforestation Project, which aims to create biodiverse carbon plantings in Western Australia, planting approximately 5,200 hectares of mixed native species to date. <br>In 2022, we planted more than one million native seedlings at Woodside owned properties near Moora, approximately 200 km north of Perth in Western Australia. Aiming to revegetate and restore the land, <br>we partnered with Perth-based Nativ Carbon to ensure a diverse range of species were planted. Through the reforestation of the property, we anticipate that the fully grown trees will allow for increased habitat connectivity through restored landscape linkages. <br>The project also provided employment opportunities for the local community.

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S E CTION 3. 7 <br>Scope 3 emissions <br>Scope 3 emissions are the greenhouse gas emissions that occur in a company's value chain, other than those included in Scope <br>1 emissions (direct emissions from owned or controlled sources) and Scope 2 emissions (indirect emissions from the generation of purchased energy consumed by the reporting company). <br>For example, Scope 3 emissions include the emissions that arise when the products we sell are transported to customers and consumed, or when the goods and services that we buy get created. Importantly, Woodside's Scope 3 greenhouse gas emissions are also a different entity's Scope 1 emissions. <br>Figure 17, modified from the Greenhouse Gas Protocol's "Corporate Value Chain (Scope 3) Accounting and Reporting Standard", provides an overview of the three Greenhouse Gas Protocol scopes and selected categories of Scope 3 emissions.1 <br>For Woodside, the largest source of Scope 3 emissions is from the use of oil and gas by our customers or "use of sold product". Therefore, the key focus of our Scope 3 emissions plan is on investing in the development of new energy products, such as hydrogen and ammonia, and lower carbon services such as CCS, that can significantly reduce these end-use emissions. <br>Other sources of Scope 3 emissions for Woodside include waste, business travel, the purchase of goods and services, <br>and the shipping of our products. Although these are a smaller proportion of emissions than those arising from the use of <br>our product, these emissions may be easier to measure and influence. Part of our Scope 3 emissions plan is therefore to seek ways to support our customers and suppliers in their emissions reduction journey. <br>Challenges to robust Scope 3 emissions reporting include inconsistent reporting regimes across the global value chain of our products and services, boundaries that ignore the real world emissions reduction impact of offsets and coal-to-gas switching, and average end use emissions factors that fail to identify differences in end use emissions between customers. This inhibits the ability to set targets, focus our actions and <br>report our progress. Our Scope 3 emissions reporting is currently based on estimates rather than actual measurements. <br>Woodside's Scope 3 emissions plan includes contributing to finding solutions to address these issues. Over time, we believe reporting regimes may evolve to better support <br>global decarbonisation across value chains and the successful implementation of global carbon markets, but this will require <br>collaboration across many sectors and countries. <br>Scope 3 emissions for Woodside include <br>the purchase of goods and services e.g. <br>offshore support vessels. <br>1 World Resources Institute and World Business Council for Sustainable Development (2011). "Corporate Value Chain (Scope 3) Accounting and Reporting Standard". Page 5.

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— <br>Scope 3 emissions for Woodside include the purchase of goods and services e.g. offshore support vessels. <br>36 \| Climate Report 2022 <br>FIGURE 17: WOODSIDE SCOPE 1, 2 AND 3 EMISSIONS1,2 <br>Use of <br>ed s po ertravel <br>Scope 2 <br>Scope 1 <br>Scope 3 <br>DOWNSTREAM (selected) <br>yee c <br>Purchased <br>& <br>es <br>Direct from our operations <br>Scope 3 <br>UPSTREAM (selected) <br>Waste generated from operations <br>Use of sold products <br>Upstream Woodside's value chain <br>Downstream <br>Estimated Woodside Scope 3 emissions, 2022 <br>87.6% Use of sold product—Woodside production <br>7.9% Use of sold product—Traded hydrocarbons <br>1.7% Purchased Goods and Services—Traded hydrocarbons <br>0.4% Selected other upstream3 <br>2.4% Downstream transportation and distribution4 <br>1 Data supporting these categories is provided in the climate-related data table on page 58. <br>2 From 2021, Woodside has reported estimated Scope 3 emissions associated with our traded volumes of LNG as well as our own production and in 2022 expanded this reporting to include traded oil and pipeline gas noting that this will result in some double counting of Scope 3 emissions with the original producer of these traded hydrocarbons. <br>3 Selected upstream emissions from GHG Protocol Categories 1 (purchased goods and services, not including production of purchased LNG); 5 (waste generated in operations); <br>6 (business travel); and 7 (employee commuting). Includes equity emissions associated with Woodside employees and Woodside operated facilities only. <br>4 Includes emissions associated with the downstream transport (GHG Protocol Category 9) of Woodside's equity share of hydrocarbon sales. No adjustment has been made for combustion of sold product during transport (e.g. LNG combusted by LNG ships, pipeline gas used in transmission compressor stations) and therefore could be double counted.

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Scope 3 emissions plan and 2022 activities <br>Woodside announced a Scope 3 emissions plan in 2021, which has three key elements: <br>Invest <br>New energy products and lower carbon services <br>Woodside expects increasing demand for new energy products such as hydrogen and ammonia, and lower carbon services such as CCUS. These can reduce the emissions arising when our customers consume energy compared to unabated use of fossil fuels. <br>Woodside is investing to add these new products and services to our portfolio, seeking to match the pace, scale and needs of our customers as they determine their own decarbonisation pathways. <br>In December 2021, Woodside announced a US$5 billion investment target in new energy products and lower carbon services by 2030.1 The US$5 billion is intended for investments that help our customers decarbonise by using these products and services. It is not used to fund reductions of Woodside's net equity Scope 1 and 2 emissions which are managed separately through asset decarbonisation plans. <br>At the end of 2022, Woodside had spent more than $100 million towards its $5 billion target. This spend includes electrolysers and liquefaction equipment for the H2OK hydrogen project proposed in Oklahoma, the Heliogen pilot project, as well as progressing an investment in String Bio, a company developing carbon to products technology. <br>Further updates on Woodside's progress are included on page <br>46-47.<br>Support <br>Customer and supplier emissions reduction Woodside can support our customers and suppliers by identifying opportunities to collaborate on their decarbonisation pathways. <br>Embedding climate expectations and emissions reporting is now a standard practice for new contracts awarded by Woodside that have a material Scope 3 emissions profile. We intend to track and report where our suppliers have identified emissions reductions achieved while providing us with goods and services. <br>In 2022 activities included: <br>• Joined the Getting to Zero maritime coalition <br>• Joined the Qantas' Sustainable Aviation Fuels (SAF) coalition <br>• Signed binding agreement for more fuel-efficient LNG carriers <br>• Announced a feasibility study for ammonia supply chain to <br>Japan. <br>In addition, Woodside and the Japan Bank for International Cooperation (JBIC) signed a memorandum of understanding (MOU) on 1 November 2022, which is aimed at securing a stable supply of energy for Japan and to assist in achieving its decarbonisation goals. <br>In addition to its main offices in Australia and the United States, Woodside maintains permanent offices in key locations including Japan, Korea, China, and Singapore. <br>This enables Woodside to routinely engage with customers and other important stakeholders in these key locations, including to understand their needs and priorities through the energy transition. <br>Promote <br>Global measurement and reporting <br>Woodside is actively participating in industry collaboration initiatives to mature, harmonise and advocate for accurate and transparent measurement and reporting. <br>In 2022, examples include participating in <br>• Ipieca's Scope 3 Taskforce2 <br>• The Climate Leaders Coalition Scope 3 roadmap3 <br>• Working with expert external parties to assess reporting standards for adoption in Woodside's business in areas such as maritime decarbonisation. <br>QANTAS' SUSTAINABLE AVIATION FUEL COALITION <br>Emissions from business air travel are a category of Scope 3 greenhouse gas emissions. In November 2022, Woodside became a member of Qantas' Sustainable Aviation Fuels (SAF) Coalition along with Australia Post, Boston Consulting Group, KPMG Australia and Macquarie Group. The coalition supports the purchase by Qantas of SAF, reducing around 900 tCO2-e per <br>annum for each member of the coalition. SAF procured by Qantas will be made from International Sustainability and Carbon Certification certified feedstock and will <br>be audited on a limited assurance basis to confirm no double counting. The additional benefits include: <br>• Emissions reporting for all Woodside employees' <br>business travel with Qantas <br>• Promotion of SAF production both globally and within Australia <br>• Opportunities to further develop the SAF Coalition with Qantas to potentially include other suppliers and partnerships Woodside are involved in. <br>1 Individual investment decisions are subject to Woodside's investment targets. Not guidance. <br>Potentially includes both organic and inorganic investment. <br>2 https://www.ipieca.org/our-work/climate/.<br>3 https://www.climateleaders.org.au/publications/scope-3-roadmap/.

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Scope 3 emissions targets <br>Woodside's Scope 3 target is to invest $5 billion in new energy products and lower carbon services by 2030.1 We recognise that some stakeholders, including some investors, have requested that Woodside also set Scope 3 emissions reduction targets. The Board and the Executive Leadership Team continue to carefully consider options for such targets, the viability of which may change over time <br>as reporting standards improve. <br>Some options for Scope 3 targets are described below. In addition to the challenges to robust Scope 3 emissions reporting described on page 36, the rationale for why Woodside has not chosen to adopt them at this time is are also given: <br>Target Rationale for not adopting at this time <br>Absolute emissions reduction targets <br>"Use of sold product" is the largest category of Scope 3 emissions for Woodside. These emissions therefore correlate to the volume and mix of products we sell, unless the subsequent use of those products is abated. Absolute targets to reduce this category of Scope 3 emissions can be achieved either by: <br>• Selling less (or different) products <br>• Relying on customers to abate the emissions associated with their use of our product after the point of sale <br>• Divesting producing assets to others, which does not directly reduce global greenhouse gas emissions. <br>As articulated on pages 16-17 of this report, Woodside intends to supply the energy products that our customers need to secure their energy supplies as they reduce their emissions, and an absolute reduction target does not reflect this. This is because customers may continue to choose a wide range of oil, gas and new energy products during their decarbonisation transition, and an absolute target would constrain Woodside's ability to supply these products. Further information on oil and <br>gas in the energy transition and the net zero goals and decarbonisation plans in our key LNG markets is provided on pages 10-15. <br>Further, while the use of oil and gas products may be subject to post-sales abatement by the customer, there are currently no adequate systems to track and measure this, which we consider a prerequisite to setting a target. <br>Intensity-based emissions reduction targets <br>An intensity-based emissions reduction target would enable Woodside to maintain or expand its supply of energy products to meet customer demand, while diversifying its portfolio to include new energy products and lower carbon services. <br>While this is consistent with Woodside's strategy, the pace of customer take up of the supply of new energy products and lower carbon services remains difficult to predict, and so is the ability to predict and record post-sales abatement. <br>Therefore, Woodside reports its actual emissions intensity (see data table on page 58), but has not set a forward-looking target. <br>Supply chain emissions targets <br>Woodside has considered whether a target could be set for other sources of Scope 3 emissions, such as business travel, supply of goods and services, and waste. <br>Data on the baseline emissions in these categories is estimated rather than measured. This inhibits the ability to set a percentage target, because the baseline is uncertain and it may change as knowledge improves. <br>Instead, we work with our suppliers to track additional actions identified by them to reduce emissions. The development of this tracking and reporting capability may in future facilitate the consideration of a goal for this category of emissions. <br>1 Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment.

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S E CTION 4. 1 <br>Targets: 2022 progress <br>section 4: METRICS AND TARGETS <br>Woodside's targets to reduce net equity Scope 1 and 2 greenhouse gas emissions are: <br>• 15% by 20251 <br>• 30% by 20302 <br>relative to a starting base representative of gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020. Woodside has also announced an aspiration of net zero equity Scope 1 and 2 greenhouse gas emissions by 2050 or sooner.3 <br>Following the merger, this starting base was re-established as 6.32 Mt CO2-e representing the 2016-2020 gross annual average for the merged entity.4 <br>For 2022 performance only, in which the merger was effective for seven out of 12 months, the effective starting base has been adjusted to 5.19 Mt CO2-e. <br>Net equity Scope 1 and 2 greenhouse <br>Woodside's net equity Scope 1 and 2 greenhouse gas emissions for 2022, and the amount of carbon credits retired as offsets are shown below and in the data table <br>on page 58. Because the 2022 data includes seven months of the merged entity, it is not directly comparable to either the 2021 data, or to the starting base for the merged <br>entity, for which the first full year reporting period will be calendar year 2023. The level of carbon credits retired in respect of 2022 emissions has been selected to deliver an <br>11% reduction from an adjusted starting base reflecting five months of pre merger starting base and seven months of post merger starting base. <br>FIGURE 18: SCOPE 1 AND 2 GREENHOUSE GAS EMISSIONS <br>7.0 <br>gas emissions performance in 2022 <br>Woodside's net equity Scope 1 and 2 greenhouse gas emissions totalled 4,615 kt CO2-e in 2022, which was 11% below the starting base. To achieve this, 754 kt CO2-e of carbon credits were retired, as set out in figure 19. Gross equity emissions (prior to the retirement of carbon credits as offsets) were 5,369 kt CO2-e. <br>In 2022, 67% of Woodside's equity Scope 1 greenhouse gas emissions were from fuel combustion to power our assets, <br>20% came from venting of which the majority is associated with removal of reservoir CO2 as part of the LNG process, and 13% from flaring. <br>6.0 <br>5.0 <br>4.0 <br>3.0 <br>2.0 <br>1.0 <br>0.0 <br>Merged entity starting base <br>Heritage Woodside starting base <br>2021 2022 <br>Net equity emissions <br>Emissions that have been ofset <br>Adjustment to starting base to represent addition of heritage BHP assets <br>Assets operated by Woodside accounted for 79% of these emissions, and the remainder came from assets in which Woodside has a share of ownership but not direct operational control. <br>1 This means net equity emissions for the 12 month period ending 31 December 2025 are targeted to be 15% lower than the starting base. <br>2 This means net equity emissions for the 12 month period ending 31 December 2030 are targeted to be 30% lower than the starting base. <br>3 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with an FID prior to 2021. <br>4 The starting base has been calculated as 6.32 million tonnes CO2-e. This is intended to be representative of the gross average annual equity emissions over the period 2016-2020 for both Woodside and also the assets acquired through the merger with BHP's petroleum business.

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FIGURE 19: SOURCES OF CARBON CREDITS RETIRED IN RESPECT OF 2022 EMISSIONS <br>In respect of 2022 net equity Scope 1 and 2 greenhouse gas emissions, Woodside has retired international carbon credits accredited by two independent non-government organisations, Verra and Gold Standard. Verra and Gold Standard have been reviewed by <br>the Australian Government and are included as eligible carbon credits under the Climate Active Carbon Neutral Standard for <br>Organisations.1 The carbon credits retired are described in the table below. <br>Project name Project ID Project developer Project type Method Country Vintage Antai Group Waste Gas Gold South Pole Carbon Energy Efficiency ACM0012: Waste energy recovery China 2017 Recovery for Power Standard GS Asset Management — Industrial Generation Project 605 Limited Genneia Wind Projects Verra VCS Genneia S.A. Energy industries ACM0002: Consolidated Argentina 2018 in Argentina 1987 (renewable/non- methodology for grid-connected renewable sources) electricity generation from renewable sources Hyundai Steel Waste Verra VCS Hyundai Green Energy Efficiency ACM0012: Waste energy recovery Republic 2017 Energy Cogeneration 786 Power and CERPD — Industrial of Korea Project Katingan Peatland Verra VCS PT. Rimba Makmur Agriculture Forestry VM0007: REDD Methodology Indonesia 2018 Restoration and 1477 Utama (PT. RMU) and Other Land Use Modules Conservation Project 1 Commonwealth of Australia 2020. "Climate Active Carbon Neutral Standard for Organisations, Commonwealth of Australia 2020."

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S E CTION 4. 2 <br>Metrics <br>Additional metrics to describe Woodside's 2022 performance in the context of our industry are included below. It has not been feasible <br>to accurately present comparable historical data due to the merger with BHP's petroleum business. <br>FIGURE 20: SCOPE 1 AND 2 GROSS INTENSITY1 <br>40 <br>35 <br>30 <br>Scope 1 and 2 gross emissions intensity <br>This is a measure of the efficiency of our production, before the application of offsets. It is one way to demonstrate that Woodside is appropriately prioritising avoiding and reducing emissions at our facilities relative to the use of carbon credits as offsets, consistent with our strategy. Woodside <br>has a lower (better) gross emissions intensity than the global average of a comparable portfolio of LNG, conventional shelf and deepwater assets <br>(as calculated by Wood Mackenzie1) demonstrating the impact of actions taken to avoid and reduce emissions from our operations. <br>25 <br>20 <br>Woodside <br>2022 <br>Global average <br>2016-2025 estimate <br>FIGURE 21: METHANE EMISSIONS INTENSITY2,3 <br>Methane intensity <br>Woodside currently has a lower (better) equity methane emissions intensity than industry (OGCI) targets, but nevertheless has an action plan to further <br>0.20 <br>0.15 <br>0.10 <br>0.05 <br>OGCI 2025 target of well below 0.2% <br>improve and strive for near zero methane emissions. <br>Woodside's methane emissions performance and methane emissions reduction plan is described on pages 31-33. Methane emissions contribute <br>to Woodside's Scope 1 emissions, but receive specific focus because of their near-term importance to achieving global climate goals. <br>0.00 <br>Woodside <br>2022 <br>OGCI industry average 2021 <br>1 Woodside analysis, based on Woodside Scope 1 and 2 emissions data for 2022 relative to a comparable portfolio of LNG, conventional shelf and deepwater assets, as estimated by Wood Mackenzie. https://www.woodmac.com/news/opinion/portfolio-composition-is-key-to-emissions-intensity/. <br>2 Woodside methane emissions data, relative to OGCI average and targets. https://www.ogci.com/action-and-engagement/reducing-methane-emissions/#methane-target. <br>3 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. <br>Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist.

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FIGURE 22: SCOPE 1, 2, 3 LIFE CYCLE INTENSITY1 <br>80 <br>75 <br>70 <br>65 <br>Portfolio life cycle intensity of production <br>Portfolio life cycle intensity of production is a measure of the Scope 1, 2 and 3 greenhouse gas emissions, per unit (megajoule) of energy that we produce and sell. It therefore provides a measure of the carbon intensity from both the production and the use of our portfolio of products. <br>Woodside's intensity is currently lower than the 2021 oil and gas sector mean as calculated by the Transition Pathway Initiative because our portfolio is weighted towards natural gas, which has a lower life cycle intensity than oil. <br>60 <br>55 <br>50 <br>Woodside <br>2022 <br>Oil and Gas sector mean 2021 <br>Additional data on 2022 performance is also provided in the Climate-related data on page 58 of this report and in the Sustainable Development Report, which also contains information relating to water, energy and waste management. For metrics associated with executive remuneration, refer to the Governance section. For considerations utilised in investment decision making, refer to the <br>Capital Allocation Framework section on pages 26-27. <br>1 Woodside analysis, based on Woodside Scope 1, 2 and 3 emissions data for 2022 relative to the Transition Pathway Initiative oil and gas sector mean. https://www.transitionpathwayinitiative.org/ <br>companies/woodside-petroleum, assessment date 01 August 2022.

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Strategy in action: delivering on emissions reductions in 2022 <br>Avoiding emissions in design: <br>Pluto expansion project <br>Decarbonisation activities for the Pluto Expansion project, encompassing both the new Train (T2) and modification to the existing Train (T1), focussed on improving emission intensity and minimising flaring during both routine operations and startup of the new Train. Key work streams included the below. <br>Flashing Liquid Expander (FLE): Following study work through <br>2022, installation of tie-ins to support future installation of <br>Scarborough offshore design <br>A nitrogen flare purge has been included in the design of the Scarborough floating production unit (FPU). For process safety requirements, flare systems require a continuous purge. This can be achieved with the use of a fuel gas purge. The Scarborough FPU has developed a modified design for the high pressure flare using primarily nitrogen instead. This reduces estimated flaring emissions by approximately 800 tCO2-e/year. <br>1 <br>an FLE is being considered for incorporation into the base project scope. FLE operation recovers energy by expanding <br>the refrigerant stream to produce electricity which can be used in the refrigerant compressors, reducing fuel gas usage and improving emissions intensity. <br>Integrated System Flaring: A detailed review of the integrated Pluto T1/T2 Boil Off Gas (BOG) system was held in 2022 to develop an operating philosophy that minimises system flaring during LNG loading. Opportunities for optimisation of integrated Scarborough commissioning and start-up are also planned through 2023. <br>Study work on implementation of Advanced Process Control across both T2 and T1 will be completed in 2023 to enable early implementation after start-up, maximising efficiency and reliability. <br>Gas can be used to prevent damage between the inner and outer sheath of the flexible riser which connects the FPU to the subsea production and gathering system. This riser annulus gas, which <br>is mainly diffused methane, is normally monitored and vented directly to the atmosphere. However, in the Scarborough design this gas is routed to the flare system for combustion. This saves approximately 600 tCO2-e/year in emissions.1 <br>The FPU design has been optimised to reduce fuel gas usage <br>by compressors. The reduction in fuel gas usage from this work results in an estimated annual saving of approximately 3,200 tCO2-e/year.1 <br>After completion, wells are flowed to a mobile offshore drilling unit (MODU) for a period of approximately 24 hours during which resulting gas is flared. The activity is performed to reduce the amount of solids and drilling fluids in the production system once it is connected. Through well completion and drilling fluid selection, along with additional data analysis, the activity has been removed from the Scarborough well commissioning scope. Not flaring reservoir gas and reducing fuel uses on the MODU has reduced emissions by approximately 17,000 tCO2-e, noting that these are Scope 3 emissions for Woodside and Scope 1 for the drilling contractor.1 <br>Trion offshore design <br>During project definition, engineers at the Trion project have adopted several measures which would reduce the potential emissions from the project, should it proceed to a final investment decision. These include tank vapour recovery, use of nitrogen as the primary flare purge, waste heat recovery, selection of electric drives for major turbines and minimisation of spinning reserve. These projects are focused on reducing emissions and improving emissions intensity. <br>1 The estimated GHG savings quoted in each example on pages 44 and 45 are estimated using engineering judgment by appropriately skilled and experienced Woodside engineers. Emissions quoted are total project share, not equity share. Not all savings will be recurrent on an annual basis. For illustration 1,000 tC02-e is approximately 0.02% of Woodside's 2022 gross equity Scope 1 and 2 greenhouse gas emissions.

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Reducing emissions in operations: <br>Karratha Gas Plant: LNG Train 1 compressor seal vent recovery <br>The four main refrigerant compressors on LNG train 1 have been retrofitted with a seal vent recovery system. This recovers, treats and re-directs hydrocarbons back into the compressor thus reducing atmospheric emissions from the plant. The project is estimated to reduce emissions by approximately 8,000 tCO2-e.1 <br>Karratha Gas Plant: energy efficiency improvements through advanced process control <br>New advanced process control applications have been deployed in both the power generation and liquefaction plants to optimise energy consumption. The application of advanced process control into a power generation control system is novel in application and approach. It actively shifts power load between generators of different turbine types and favours the most efficient machines, reducing overall emissions from gas turbines. For the liquefaction plants, the inclusion of energy efficiency calculations in the advanced process control reduces overall emissions from gas turbines. Emissions reductions are estimated to range between 55,000-130,000 tCO2-e.1 <br>Macedon: metering station emissions reduction project <br>In June 2022, 61kW of solar photovoltaic (PV) panels and <br>170kWh of battery energy storage were installed at the Macedon Metering Station. The project objective is to displace the requirement to operate a 50 kVA gas engine alternator and reduce up to 133 tCO2-e/year.1 <br>Karratha Gas Plant, Pluto LNG and North Rankin <br>Complex: gas turbine inlet air filters <br>Gas turbine inlet air filters have been upgraded at KGP, Pluto LNG and the North Rankin Complex, improving production efficiency and reducing emissions intensity. Emissions reductions are estimated at approximately 18,700 tCO2-e.1 <br>Pluto LNG: air cooler upgrades <br>Air cooler upgrades were trialled at Pluto LNG to support more effective cooling, and reduce the power intensity of <br>LNG production. The trial resulted in an increased airflow, with upgrades to be progressively rolled out to other coolers over the next five years. Following upgrades to the remaining coolers, emissions reductions are estimated at approximately 4,400 <br>tCO2-e.1<br>FPSOs: optimisation activities <br>FPSO optimisation activities included reducing flaring and fuel usage where possible. This was achieved through improved equipment reliability, introduction of tools to support emissions based operational decision-making, and through optimisation of spinning reserves for rotating equipment. Emission reductions are estimated at 12,700 tCO2-e.1 <br>"The journey towards a more sustainable future begins with education and understanding. <br>The Woodside Energy Climate Awareness Network (WECAN) held a series of events during 2022 which helped us gain a deeper understanding of the challenges and opportunities ahead." <br>- Sam (WECAN). <br>"Having opportunities to continue to strengthen our relationships with our suppliers while collaborating on opportunities to support them to address our Scope 3 greenhouse gas emissions has been rewarding." <br>– Logan (Supply Manager) <br>"It's satisfying to be involved with delivering a project that's not only good for the business in terms of cost and safety, but also reduces our emissions footprint." <br>– Tom (Completions Engineering) <br>"I feel empowered to take emissions reduction opportunities into my own hands. Its exciting to see the passion and innovation driving individuals and teams to make positive change." <br>– Jacinta (Environmental Engineer) <br>1 The estimated GHG savings quoted in each example on pages 44 and 45 are estimated using engineering judgment by appropriately skilled and experienced Woodside engineers. Emissions quoted are total project share, not equity share. Not all savings will be recurrent on an annual basis. For illustration 1,000 tC02-e is approximately 0.02% of Woodside's 2022 gross equity Scope 1 and 2 greenhouse gas emissions.

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Strategy in action: new energy products and lower carbon services in 2022 <br>During 2022 Woodside progressed the following opportunities as part of a developing portfolio of new energy products and lower carbon services, supported by our $5 billion investment target by 2030. These projects are in development and so do not yet generate revenue. They remain subject to final investment decision and regulatory approvals. <br>H2OK <br>H2OK is a proposed liquid hydrogen project to be located in Ardmore, Oklahoma with a maximum design capacity of <br>90 tonnes per day (tpd) of liquid hydrogen through electrolysis, initially targeting the heavy transport sector. <br>Woodside completed front-end engineering design activities in <br>2022 which have matured the facility design, cost and schedule. In October 2022, Woodside awarded a contract to supply <br>160MW of alkaline electrolyser equipment and in December 2022 awarded a contract for liquefaction units with a capacity <br>of 60tpd. <br>Woodside is operator and holds a 100% participating interest. <br>H2Perth <br>H2Perth is a proposed hydrogen and ammonia production facility to be located in Perth, Western Australia. Phase 1 of the project is targeting up to 2,700 tpd of ammonia produced through both gas reforming and electrolysis. It is targeting supply to local industry and international users. Subsequent phases have the potential to expand to 8,900 tpd by increasing the electrolysis component. Pre front-end engineering design commenced in <br>May 2022. <br>Woodside is operator and holds a 100% participating interest. <br>Hydrogen Refueller @H2Perth <br>In 2022, Woodside announced plans for a proposed self- contained hydrogen production, storage and refuelling station located adjacent to H2Perth, named the Hydrogen Refueller <br>@H2Perth. Initially, Woodside is targeting production of <br>0.2 tpd of hydrogen, with the potential to scale up to a <br>targeted 0.8 tpd. Woodside is targeting the supply of hydrogen to industrial customers and the public. <br>Woodside is operator and holds a 100% participating interest. <br>Southern Green Hydrogen <br>Woodside has been selected as the preferred partner for the Southern Green Hydrogen project, a proposed hydrogen and ammonia facility to be located in Southland, New Zealand. <br>The proposal is targeting up to 1,400 tpd of ammonia. Southern Green Hydrogen is expected to utilise renewable power to produce hydrogen and ammonia for export and domestic supply. <br>H2TAS <br>Woodside has a proposed renewable ammonia and hydrogen production facility in the Bell Bay area of Tasmania. H2TAS <br>is planned to be a phased development, targeting an initial capacity of up to 550 tpd of ammonia. Ammonia would be produced through electrolysis, utilising a combination of wind and hydroelectric power. Woodside continues to evaluate the <br>cost and schedule impacts of the renewable power solutions that would enable the project to progress. <br>Woodside is operator and holds a 100% participating interest. <br>Heliogen <br>Woodside and Heliogen entered into a project agreement in 2022 to deploy a 5 MW module of Heliogen's artificial intelligence-enabled concentrated solar energy technology in California. In addition, Heliogen and Woodside have signed a collaboration agreement to jointly market Heliogen's renewable energy technology in Australia. <br>Woodside Solar <br>Woodside is progressing the proposed Woodside Solar project, a facility which would initially generate electricity from a solar photovoltaic farm approximately 15 km south-west of Karratha <br>in Western Australia, complemented by a battery energy storage system. The facility is expected to supply up to 100 MW of solar energy with potential expansion to a maximum of 500 MW. <br>It could supply Pluto LNG (potentially reducing Woodside's Scope 1 emissions) as well as other customers located near Karratha that are connected to the North West Interconnected System (NWIS). <br>In 2022, Woodside entered a bilateral Indigenous Land Use Agreement and a modern benefit sharing agreement with the Ngarluma Aboriginal Corporation, which holds the native title rights on behalf of the Ngarluma people, for the land where Woodside Solar is proposed. Woodside also executed options to lease associated land within the Maitland Industrial Estate with Development WA and has been progressing NWIS connection and transmission access arrangements. <br>Woodside is operator and holds a 100% participating interest.

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Carbon capture and storage <br>Woodside, as a participant in various joint ventures, was awarded three greenhouse gas assessment permits in 2022. These permits enable carbon capture and storage assessments in the Browse Basin (operated), Northern Carnarvon Basin (operated) and Bonaparte Basin (non-operated). <br>One of these permits covers the depleted Angel gas field, <br>which could provide a storage reservoir for a multi-user carbon capture and storage (CCS) project near Karratha in Western Australia. This could be ideally located to aggregate emissions from various existing industrial emissions sources on the <br>Burrup Peninsula. It could also have the potential to facilitate the development of new industries, such as the production <br>of hydrogen and ammonia, by providing a local solution for emissions. The size of the potential CCS facility is subject to the completion of additional technical, regulatory and commercial studies, but could have a processing capacity of up to 5 million tonnes of carbon dioxide per annum. <br>Woodside is also a participant in the Gippsland Basin Joint Venture, which is progressing a feasibility study into the development of a south-east Australian carbon capture and storage hub. This aims to utilise existing infrastructure to capture and store CO2 in the depleted Bream reservoir located offshore Victoria. <br>Carbon to products <br>In 2022, Woodside launched a carbon capture and utilisation (CCU) collaboration with United States based technology developers ReCarbon and LanzaTech to assess the viability <br>of a proposed CCU pilot facility in Perth, Western Australia. The proposed pilot CCU facility would convert greenhouse gases into ethanol. <br>Woodside and LanzaTech also entered into a strategic framework agreement, under which Woodside will collaborate with LanzaTech to design, construct, own, maintain and operate pilot facilities utilising LanzaTech's CCU technologies. LanzaTech's skillset is in the fields of synthetic biology, bioinformatics, artificial intelligence, and machine learning coupled with engineering. <br>Woodside also announced an investment of US$9.9 million in String Bio Private Limited (String Bio), the developer of a patented process for recycling greenhouse gases into products such as livestock feed. Woodside and String Bio entered a strategic development agreement to explore opportunities for the potential commercial scale up of String Bio's technology. <br>— <br>H2Perth (Conceptual image only.)

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S E CTION 5. 1 <br>The Board's oversight of climate- <br>related risks and opportunities <br>Section 5: GOVERNANCE <br>Climate change is a complex and important issue that significantly influences our strategy. Woodside's response is directly overseen by its Board, with the support of its committees. During 2022, climate change was considered at each Sustainability Committee meeting (or Board meeting where the Sustainability Committee did not concurrently meet). <br>The Board also engages with shareholders to ensure that they understand and have the opportunity to provide feedback on Woodside's approach to climate change. <br>This occurs through a range of formal and informal channels, such as the annual general meeting (AGM) and routine engagements with major investors. In 2022, Woodside conducted 47 investor engagements which included discussion of climate change. <br>The chart below describes the relationship between the <br>Board, its committees and the executive team. <br>On the next page, examples are given of the Board and its committees' consideration of climate-related factors <br>in the course of their review of major plans of action, risk management policies, annual budgets and business plans, and when overseeing major capital expenditure. <br>Board skills and diversity <br>The Board considers that collectively the directors represent the skills, knowledge and experience necessary and desirable to direct the company, including in relation to their oversight of climate-related risks and opportunities. <br>The non-executive directors contribute diverse operational and international experience, an understanding of the industry in which Woodside operates, knowledge of financial markets and an understanding of the health, safety, environmental, community and other sustainability matters that are important to Woodside. <br>The Board supplements its climate change awareness by seeking the input of executives and external advisers to further inform its decisions. <br>Executive renumeration <br>Woodside's approach to executive remuneration is detailed in our Annual Report 2022. Woodside's 2022 Corporate Scorecard included five equally weighted measures, including material sustainability issues. This included Woodside's year-end gross equity greenhouse gas emissions. The CEO was also assessed against individual metrics including advancing the company's strategy to transform the way we work in response to the <br>energy transition and progressing our portfolio of new energy investments. <br>Refer to the remuneration report in the Annual Report 2022 for details of the Corporate Scorecard outcomes, and the individual performance of the CEO and senior executives and their remuneration outcomes for 2022. <br>FIGURE 23: BOARD AND EXECUTIVE RELATIONSHIP <br>Board of directors <br>Sustainability <br>Committee <br>Audit & Risk <br>Committee <br>Human Resources & Compensation Committee <br>Nominations & Governance <br>Committee <br>CEO <br>Strategy and Climate1 <br>Business Groups2 <br>1 See page 50 for information about this role. <br>2 In addition to Strategy and Climate the Woodside business groups are Exploration and development; Projects; Australian operations; International operations; New energy; Marketing and trading; Technical services, Corporate services, and Finance.

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Board of directors The Board meets at least six times a year and its responsibilities include review of systems of risk management, compliance and control. <br>In 2022, discussions at Board meetings included updates on progress towards Woodside's net equity Scope 1 and 2 greenhouse gas emissions reduction targets including year to date and year end outlook. Other updates related to asset decarbonisation plans, the methane emissions reduction plan, Scope 3 emissions plan, progress of new energy and carbon management opportunities, and external engagements and news. Climate-related topics were also <br>included in the review of Woodside's strategic risk profile as a result of the merger with <br>BHP's petroleum business. <br>Sustainability Committee The role of the Sustainability Committee is to assist the Board to meet its oversight responsibilities in relation to Woodside's sustainability policies and practices. <br>Climate change is a standing item on the agenda for each meeting which is scheduled at least four times a year. <br>In 2022, updates to the Sustainability Committee included information about our performance against targets, asset decarbonisation plans, employee engagement, external policy developments, and investor expectations of climate-related disclosures. <br>As well as receiving regular updates from the Executive Vice President Strategy and Climate, <br>the Committee uses its meetings to provide feedback to the executive team on the development of climate-related initiatives prior to their formal presentation to the Board. <br>Audit & Risk Committee The role of the Audit & Risk Committee is to assist the Board to meet its oversight responsibilities in relation to Woodside's financial reporting, compliance with legal and regulatory requirements, internal control structure, risk management and insurance procedures and the internal and external audit functions. <br>Climate change risk is one of Woodside's strategic risks. In 2022, the Audit & Risk Committee formally reviewed this once, in addition to the Board's review of Woodside's strategic risk profile as part of the merger. <br>The Committee also considers the inclusion of climate-related risks within Woodside's internal audit program and the appropriateness of disclosures on climate-related risk within the consolidated financial statements. <br>Human Resources & Compensation Committee <br>The role of the Human Resources & Compensation Committee is to assist the Board in establishing human resources and compensation policies and practices that are aligned with Woodside's strategy and the expectations of shareholders. <br>This includes reviewing and making recommendations to the Board on executive and other employee remuneration. <br>In 2022, Woodside adopted a specific measure for gross equity Scope 1 and 2 greenhouse gas emissions in the Corporate Scorecard, which is used to determine performance-based remuneration for all staff.1 <br>Nominations & Governance <br>Committee <br>The role of the Nominations & Governance Committee is to assist the Board to review Board composition, performance and succession planning. This includes identifying, evaluating and recommending candidates for the Board, taking into account the factors discussed under Board skills and diversity on page 48. <br>1 Gross equity emissions are calculated prior to retirement of carbon credits as offsets, focusing the organisational priorities on avoiding and reducing emissions.

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S E CTION 5. 2 Management's role in assessing and managing climate-related risks and opportunities <br>Following the completion of the merger between Woodside and <br>BHP's petroleum business on 1 June 2022, Woodside created a new Strategy and Climate Group. Led by an Executive Vice President (EVP) who reports directly to the Chief Executive Officer, the new group integrates climate strategy with the company's corporate strategy and external economic analysis. <br>The purpose of this group is to understand and anticipate the rapidly changing world around us and the expectations of <br>our stakeholders, form a view on the path to create long-term value in areas of comparative advantage, communicate the value and contribution of our company, and nurture and sustain relationships that create the foundation for success beyond the energy transition. <br>The climate-related part of the group has three parts: <br>1. A climate strategy and policy team responsible for recommending Woodside's strategy and targets to the Board, articulating them through clear disclosures, and engaging with interested stakeholders <br>2. A decarbonisation team responsible for operationalising Woodside's strategy and targets, by equipping assets and functions with the right tools, procedures and leadership culture <br>3. An emissions accounting team that forecasts and aggregates emissions at the portfolio level for reporting purposes and to inform strategic decision-making. <br>This group receives information on climate-related issues from <br>a variety of sources including publications, subscription services and external advisors. <br>The EVP of Strategy and Climate is a member of the Executive Leadership Team. The Executive Leadership Team meets regularly and, in addition to the perspective brought to its meetings by <br>the EVP of Strategy and Climate, periodically receives specific climate-related updates from the business. In 2022, these included topics such as the methane emissions reduction plan, asset decarbonisation plans and technology decarbonisation plan. Culture Minimising emissions is a focus area for operators, maintainers, engineers and management. It is a priority for all operated sites, along with maintaining safe and cost-efficient <br>operations, and is embedded into daily activities such as <br>including a methane check box on daily SAFE (See, Assess, Fix, Encourage) cards to support operational find and fix behaviours. Reward and recognition is also linked to emissions reduction activities. <br>Activities were undertaken in 2022 to educate and inform key personnel to further encourage action. For example, a statement was included in performance metrics for key personnel in 2022 <br>to build understanding of the emissions footprint of their role and how they can influence outcomes. <br>Woodside also has a staff-led community network, Woodside Energy Climate Awareness Network (WECAN), which encourages employees to share knowledge and contribute <br>to Woodside's objective to thrive in the energy transition as a low cost, lower carbon energy provider.1 WECAN has more than 400 members. BHP's petroleum business had an existing employee network called SPARK. WECAN and SPARK have worked together to provide opportunities for all staff members to engage with and learn about Woodside's approach to climate change. This included a WECAN for Climate forum timed to coincide with the COP-27 global summit in Egypt in November <br>2022, which included team discussions, internal and external keynote speakers, and technical drop in sessions for staff to <br>talk to Woodside's subject matter experts about aspects of our climate and sustainability plans. Advocacy Woodside regularly engages with governments of countries where we are active in support of our business strategy, to exchange information, and to inform policy development and decision making. This engagement is undertaken both directly and by working with industry associations. <br>Woodside's participation in government consultations related to climate change is summarised on the next page. Woodside also participates in a number of industry associations and our approach to this is explained in our Industry Association Climate Alignment Review. <br>During 2022, Woodside engaged with a range of Australian State and Commonwealth members of parliament to understand their interests and to communicate information about our activities. <br>For more information on our industry associations please see our website. <br>1 Please see glossary for a definition of how Woodside uses the term lower carbon energy provider.

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In addition, Woodside has: <br>• Co-chaired the Low Emissions Pathways/Net Zero Taskforce of the International Petroleum Industry Environment and Conservation Association (Ipieca) <br>• Participated in a range of representative groups, including the steering committee of the Australian Energy Transition Initiative, the Climate Leaders Coalition, the Ipieca Scope <br>3 Taskforce, the Chamber of Minerals and Energy's Energy Transition Working Group and the Western Australian Government's LNG Jobs Taskforce on topics related to CCS and decarbonising the LNG sector. <br>Woodside is aware that the Science Based Targets Initiative (SBTi) is considering a methodology for the oil and gas sector. The methodology is not yet complete. Woodside has discussed technical matters with SBTi in respect of the methodology that need to be resolved for it to be applicable for consideration by Woodside. Woodside also monitors and, if appropriate, engages with the Transition Pathway Initiative, Climate Action 100+, Carbon Tracker and Influencemap. <br>Climate-related advocacy undertaken by Woodside in 2022 <br>The Safeguard Mechanism Reforms consultation Woodside responded to various Australian Government consultations relating to its Safeguard Mechanism. A fair, robust and transparent Safeguard Mechanism can support a reduction in Australian emissions, as well as encourage businesses and industries to further innovate and adopt smarter practices and technologies in line with our collective emissions reduction targets. Woodside also welcomed the Australian Government's legislation of its 43% emissions reduction target. <br>IFRS Foundation's International Sustainability Standards <br>Board exposure drafts <br>Woodside supports the harmonisation of global standards around transparent emissions reporting. We made a submission on the International Sustainability Standards Board's (ISSB) proposed standards welcoming the ISSB consultation process and the intent to produce globally applicable sustainability reporting standards. We believe that, if properly implemented, there is the potential that both reporters and users of reports will benefit from harmonisation of standards and a common understanding of the key concepts, terms and the purposes for which disclosures can be relied upon. <br>Green energy superpower <br>The Australian Parliament's Joint Standing Committee on Trade and Investment Growth held an inquiry into Australia's transition to a green energy superpower. Woodside's response noted <br>the potential role of Australia's natural gas resources and also included suggestions on how the government could incentivise the supply and demand for new energy products and lower carbon services. <br>Corporate Emissions Reduction Transparency scheme (CERT) Woodside submitted data in March 2022 on our 2021 activity to support the Clean Energy Regulator's (CER) pilot release of the Corporate Emissions Reduction Transparency scheme (CERT). <br>The CER independently confirmed a 10% reduction in Scope 1 and 2 net equity greenhouse gas emissions from Woodside's baseline in 2021, or 62% progress towards Woodside's 2025 <br>Scope 1 and 2 net equity greenhouse gas emissions target. Woodside has continued to engage with the CER on enhancing the process for the 2023 CERT report. <br>Western Australian Environmental Protection Authority <br>Greenhouse Gas Emissions Factor Guidelines <br>Woodside supported its industry associations, in particular the <br>Chamber of Minerals and Energy (CME) of Western Australia, <br>in preparing submissions regarding the proposed guidance from the Western Australian Environmental Protection Authority (EPA) on project specific emissions reduction planning. <br>Hydrogen Guarantee of Origin <br>Woodside supports the CER initiative to establish emissions intensity certification of the production of hydrogen. To inform the development of a Guarantee of Origin scheme for hydrogen, the CER is undertaking trials, including the proposed H2Perth and H2TAS projects. The trials are running collaboratively with the Department of Climate Change, Energy, the Environment and Water, which is responsible for wider consultation. The scheme will be co-designed with industry and key stakeholders. <br>Gas price caps <br>Woodside expressed concerns related to the Australian Government's Treasury Laws Amendment (Energy Price Relief Plan) Act (Cth) 2022 due to its potential impact on the east <br>coast energy market. Woodside is concerned the legislation may discourage investment in domestic gas supply and undermine the fair operation of the market, potentially inhibiting the role that gas can play in decarbonising the economy as described in this report. <br>Climate Change Authority (CCA) review of international offsets <br>Woodside produced a submission that supports the use of international offsets that: <br>• Are scientifically verified and accurately accounted for using robust methodologies <br>• Would be effective under an operationalised Article 6 of the <br>Paris Agreement <br>• Have effective corresponding adjustments for countries' Nationally Determined Contributions. <br>Independent Review of ACCUs <br>Woodside believes that carbon credits such as ACCUs play an important role in greenhouse gas emissions reduction. At the same time, we recognise that the Government's Emissions Reduction Fund (ERF) scheme needs to be considered at regular intervals to retain and build confidence in markets <br>and we welcomed the Independent Review. Our submission <br>to the review had three recommendations on transparency of standards, delivery of Article 6 of the Paris Agreement, and on the need for open and transparent stakeholder engagement ahead of implementing any change.

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S E CTION 5. 3 <br>Just transition <br>The Paris Agreement emphasises "the intrinsic relationship that climate change actions, responses and impacts have with equitable access to sustainable development and eradication of poverty". It also takes into account "the imperatives of a just <br>transition of the workforce and the creation of decent work and quality jobs".1 <br>Some governments, organisations, and communities have begun work to understand and plan for a transition which is equitable and inclusive. For example the IEA's Global Commission for People-centred Clean Energy Transitions reported in 2021 that "People-centred clean energy transitions require a focus on <br>skills, decent jobs and worker protection; social and economic development; equity, social inclusion and fairness; and engaging people as active participants."2 <br>When we consider Woodside's contribution towards a just transition we primarily consider our investment in supplying the products and services that our customers need as they secure their energy needs and reduce their emissions. <br>Our broader contribution to society is outlined in the United Nations Sustainable Development Goals section of the Sustainable Development Report 2022. It includes but is not limited to: <br>• Provision of decent work. Please also see the People and culture section of the Sustainable Development Report 2022 for more information. <br>• Our approach to the inclusion of local content in the procurement of goods and services. Please see the Supply chain and local content section of the Sustainable Development Report 2022 for more information. <br>• Payments to government including taxes. Please see the Tax transparency section of the Sustainable Development Report <br>2022 for more information. <br>• Social contribution and stakeholder engagement including amongst others, employee engagement, partnering with communities and social investment. Please see the Social section of the Sustainable Development Report 2022 for more information. <br>• Research programs and contributions towards scientific research and studies. Please see the Environment and biodiversity section of the Sustainable Development Report <br>2022 for more information. <br>Collaboration <br>The scale of the change required to achieve a just transition will require commitment and collaboration between governments, industry, investors and communities. Our approach is informed by our membership of Ipieca's Just Transition Task Force that aims to support collaboration and sharing of good practice as companies develop their decarbonisation plans. Woodside is also a member <br>of various international forums that encourage information sharing <br>and collaboration across industry. <br>1 UNFCCC 2016. The Paris Agreement, preamble. <br>2 IEA (2021), "Recommendations of the Global Commission on People-Centred Clean Energy Transitions", IEA, Paris, All rights reserved.

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Woodside Energy Group Ltd \| 53

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S E CTION 6. 1 Risk management framework Woodside is committed to managing risks in a proactive and effective manner. We apply a structured and comprehensive approach to the identification, assessment and treatment of current risks and in response to emerging risks. <br>Our approach to risk management aims to enable us to take risk in return for reward, protect us against negative impacts and improve our resilience to emerging risks. Woodside recognises that risk is inherent in our business and the effective management of risk is vital to deliver our strategic objectives, continued growth and success. <br>Our framework is aligned with the overarching principles of the International Standard ISO31000 for risk management, providing line of sight of risk at appropriate levels of the organisation, including the executive team and the Board, based on defined materiality thresholds. <br>FIGURE 24: RISK MANAGEMENT PROCESS <br>A key objective of our approach to risk management is to provide a single consolidated view of risks across the company to quantify our full risk exposure and prioritise risk management and governance. Our assessment of <br>risk considers both financial and non-financial exposures, including health and safety; environment; finance; reputation and brand; legal and compliance; social and culture. This assessment is performed against a risk matrix that supports consistent judgement of materiality across the business and defines materiality thresholds that <br>trigger communication of the risk to the relevant level of management. The risk matrix guides the assessment of consequence and likelihood which enables prioritisation of the risk. <br>The framework requires a twice-yearly review by the executive team and the Board to evaluate the strategic risk profile, the effectiveness of the management of the material current risks and our resilience to emerging risks. In 2022, the Board reviewed and confirmed that our risk management framework is sound, and that Woodside is operating with due regard to the risk appetite endorsed by the Board. Climate change is one of the seven strategic risks identified within Woodside's strategic risk profile. It is therefore a key risk to our strategy and our business, alongside the other six strategic risks described in our Annual Report <br>2022. This means that the risk management framework described on these pages is specifically applied to consideration of climate-related risks and opportunities. This includes the evaluation of climate-related risk, and communication of this evaluation to senior management and the Board. Refer to Annual Report 2022 section 3.8 for information. The identified potential key climate-related risks and opportunities are described on pages 56-57 and a focus on physical risks is on pages 22-23. <br>The risk management framework helps to provide an integrated and coordinated approach to the management of climate change across the business and that the risks posed by the transition to a lower carbon economy are recognised, including changes in policy, regulation or social expectations in current or future markets.

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Risk appetite <br>In 2020, the Board endorsed Woodside's Risk Appetite Statement. This is a set of principles-based, qualitative statements that presents a collective and aligned view of the <br>Board's appetite to take and accept risk, in pursuit of our strategic objectives. It provides guidance to the executive team on the <br>type and amount of risk that is acceptable and is intended to encourage conscious engagement and informed decision making, consistent with other company policies, including our Climate Policy. The Risk Appetite Statement remains valid post merger. <br>Our risk and compliance behaviours Woodside recognises that when faced with challenge and uncertainty, it is the actions, behaviours and responses of our leaders at all levels that shapes our culture. In 2021, Woodside released an 'Our Risk and Compliance Behaviours' framework to provide further guidance on the positive behaviours that promote a strong risk and compliance culture. <br>These behaviours recognise that the world we live and work in is constantly changing and we need to adapt in order to thrive <br>as a business. They recognise the need to confront and embrace risk, challenge our conventional ways of working and make courageous decisions, while keeping each other safe, complying with the law and maintaining our social licence to operate. <br>Risk register <br>Woodside prioritises risk management actions and governance through use of risk register tools. In 2023, Woodside will merge the existing heritage Woodside and heritage BHP registers to form a single risk register. The functionality within the register provides transparency and enhances the ability of senior leaders to effectively manage and govern climate-related risks, including checking that identified actions to address or manage risk have been closed out.

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Key climate-related risks and opportunities This table describes the potential for climate-related risks and opportunities to impact Woodside's business, strategy, and financial planning, including potential financial impacts and potential mitigations. This does not necessarily mean that the risks have materialised in practice or that the mitigations are currently being pursued. This is presented using the TCFD framework. \*Timeframe:1 S: now to 2025 (short) M: 2026-2035 (medium) L: 2036 and beyond (long) Timeframe\* Type of potential impact Potential financial impacts Potential mitigations S M L Transition risks The global transition to a lower carbon economy may entail extensive policy, legal, technology and market <br>changes in order for the world to address mitigation and adaptation requirements relating to climate change. Policy and legal risks <br>Exposure to litigation• Increased operating costs• Adopt and deliver targets for net <br>• Deferred revenue from project equity emissions reduction startups due to delays to, or failure to • Report in alignment with TCFD obtain, regulatory approvals recommendations and emerging <br>• Asset valuation changes standards <br>• Legal costs and fines • Build a diverse carbon credits <br>• Increased decommissioning costs portfolio <br>• Shareholder divestment • Engage regulators and stakeholders <br>• Access to capital • Monitor global policy and legal developments <br>• Diversity of geographical footprint <br>Delays to, or failure to obtain, project approvals <br>Increased pricing or other regulatory control of emissions <br>Mandates or controls on hydrocarbon product use or access to growth acreage <br>Increased emissions reporting requirements Technology Unsuccessful investment in new technologies• Loss of research and development• Technology collaboration and expenditurepartnerships <br>• Increased operating costs • Opportunity management process <br>• Impact on revenue • Maintain internal capability with proven track record <br>• Jurisdictional diversity for leveraging legislative incentives <br>Higher than expected costs of transition to new technologies <br>Overreliance on policy support to support commerciality <br>Technology disruption <br>Inability to develop at scale due to competition for resources, people or technology Market <br>Faster than expected substitution of hydrocarbon products• Lower demand for hydrocarbon,• Implement strategy to be a low cost new energy or lower carbon servicesand lower carbon energy company relative to investment case• Scope 3 emissions plan <br>• Natural gas crowded out of carbon • Capital allocation framework budget by coal and/or unable to • Customer and market engagement achieve attractive pricing• Scenario analysis <br>• Under or over investment in product • Portfolio and market diversity portfolio components <br>• Carbon border adjustment <br>• Modified and unstable tax and fiscal mechanisms or related policy settings • Stranded assets <br>Slower than expected adoption of new energy and lower carbon services <br>Slower than expected phase-out of coal <br>Uncertainty/regional variation in transition pathways <br>Demand destruction due to disorderly transition or being an unpreferred provider Reputation Increased stakeholder concern• Increased operating costs• Adopt and deliver targets for net <br>• Increased capital costs equity emissions reduction <br>• Exacerbated policy and legal risks • Report in alignment with TCFD <br>• Impact on revenue recommendations and emerging <br>• Inhibited growth standards <br>• Shareholder divestment • Engage regulators and stakeholders <br>• ESG planning and engagement <br>Targets fail to meet stakeholder expectations <br>Stigmatisation of hydrocarbon energy sector <br>Constrained access to talent <br>Constrained access to capital <br>Inability to pursue range of climate-related pathways Targeted extreme activism 1 Woodside has selected these short, medium and long term timeframes reflecting the nature of its business. The short term period can impact its current producing assets and sanctioned projects; the medium term timeframe could impact on these current assets and sanctioned projects as well as opportunities under active evaluation but not yet subject to a final investment decision; and the long term timeframe could impact on both these categories of asset and project as well as opportunities beyond current consideration.

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Timeframe\* Type of potential impact Potential financial impactsPotential mitigations S M L Acute Chronic Increased frequency, severity and/ or duration of extreme weather events, such as tropical cyclones, hurricanes, rainfall, flooding, storm surge, lightning, squalls, bushfires and/or heat waves <br>Longer-term shifts in climate patterns, such as warmer ambient temperatures, rising sea levels, coastal erosion, reduced water availability, and lower rainfall in tree planting areas <br>• Damage to assets/reduced asset life (Stranded assets) <br>• Decreases in production • Increases in emergency response- related costs • Supply chain and logistics disruptions and/or cost increases • Decreased workforce productivity <br>• Underperformance of tree planting • Decreased production • Decreased workforce productivity • Increased operating and capital cost required to maintain current performance • Underperformance of tree planting • Design of facilities to withstand harsh operating environments • Equipment redundancy/sparing • Maintenance of safety critical equipment and control systems • Business and performance planning • HSE culture and procedures • Emergency response plans and procedures • Supplier relationship frameworks and diversification <br>• Annual preventative bushfire maintenance and geographic diversity in carbon offset origination portfolio <br>• Design of facilities to withstand harsh operating environments <br>• Equipment redundancy/sparing <br>• Maintenance of safety critical equipment and control systems <br>• HSE culture and procedures <br>• Geographic diversity in carbon offset origination portfolio <br>• Desalination as technology option for access to water <br>Resource efficiency <br>Fuel gas savings diverted to sales gas <br>More efficient shipping fleet More efficient building stock Recycling of decommissioned materials <br>• Increased sales revenue <br>• New revenue streams <br>• Reduced operating costs <br>• Asset decarbonisation plans <br>• Optimisation reference plans <br>• Scope 3 emissions plan influencing suppliers Energy source Use of renewable energy generation • Increased production <br>• Develop a new energy business <br>Use of efficient technologies <br>Use of energy storage <br>Products and services <br>Diverse portfolio of products <br>and services including natural gas in decarbonisation pathways <br>Development of new business lines <br>New technologies for forecasting physical risk <br>• Reduced operating costs <br>• Reduced exposure to carbon costs <br>• Reduced demand side risk <br>• Ability to achieve attractive pricing <br>• Lower operating costs <br>• Design out emissions <br>• Asset decarbonisation plans <br>• Capital allocation framework <br>• Technology collaboration and partnerships <br>• Portfolio diversity • Customer and market engagement Markets <br>Use of public sector incentives • Reduced development costs • Engage regulators and stakeholders <br>Resilience Collaborative partnership with customers, research institutions and broader industry organisations <br>Access to new markets <br>Broader portfolio inclusive of oil, gas and new energy opportunities <br>Access to sustainable finance <br>Decrease climate risk in the supply chain <br>Capital allocations strategy to flex between product streams <br>• Diverse revenue streams • Better competitive position to reflect shifting consumer preferences • Climate-related advocacy • Capital allocation framework • Scope 3 emissions plan

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S E CTION 7 . 1 Climate-related data Metric\* Unit of measure 20222021 Hydrocarbon production Total – equity1,2 kt 18,75210,522 Total – operated1,3 kt 30,36125,807 Sales (including Traded Hydrocarbons) – equity4 kt 20,26112,977 <br>Global Scope 1 and 2 greenhouse gas emissions5 <br>Scope 1 and 2 emissions – equity (net)2,6 kt CO2-e 4, 6153,235 <br>Scope 1 emissions – equity (gross) kt CO2-e 5, 3573,541 <br>Scope 2 emissions – equity (gross) kt CO2-e 136 <br>Equity offsets retired in respect of 2021 emissions kt CO2-e 754312 <br>Scope 1 and 2 emissions – operated (gross)3 kt CO2-e 9, 5738,908 <br>Scope 1 emissions – operated (gross) kt CO2-e 9, 5658,901 <br>Scope 2 emissions – operated (gross) kt CO2-e 88 <br>Percentage of equity Scope 1 and 2 emissions covered under emissions limiting regulations7 % 9599.5 <br>Sources of Scope 1 greenhouse gas emissions <br>Fuel combustion kt CO2-e 3, 6122,412 Flare kt CO2-e 688461 Venting kt CO2-e 1,057667 Other kt CO2-e 00.2 Methane <br>Methane emissions (greenhouse equivalent)—equity kt CO2-e 193133 <br>Percentage of equity gross Scope 1 and 2 emissions that are methane % 43.7 <br>Methane intensity – equity t CH4 / kt total production 0.420.45 <br>Methane intensity – equity (Sm3 / Sm3 marketed gas)8 % 0.0720.064 <br>Methane emissions (greenhouse equivalent) – operated kt CO2-e 273326 <br>Methane intensity – operated t CH4 / kt total production 0.320.45 <br>Methane intensity – operated (Sm3 / Sm3 marketed gas)8 % 0.0540.064 <br>Global Scope 3 greenhouse gas emissions estimates <br>Scope 3 emissions – equity, total kt CO2-e 60,69937,186 <br>Scope 3 emissions – purchased goods and services, related to Traded <br>Hydrocarbon – equity kt CO2-e 1, 0111,375 <br>Scope 3 emissions – selected other upstream – equity9 kt CO2-e 256200 <br>Scope 3 emissions – downstream transportation and distribution – equity10,11 kt CO2-e 1,477819 <br>Scope 3 emissions – use of sold product, related to Woodside production <br>– equity kt CO2-e 53,18827,906 <br>Scope 3 emissions – use of sold product, related to Traded Hydrocarbon <br>– equity12 kt CO2-e 4, 7686,886 <br>Greenhouse gas emissions intensity <br>Scope 1 and 2 emissions intensity – equity (net) kt CO2-e / kt 0.250.31 <br>Scope 1 and 2 emissions intensity—operated (gross) kt CO2-e / kt 0.320.34 <br>Scope 1, 2, 3 emissions intensity of production13 g CO2-e / MJ 6358 <br>\* The amounts in this report have been rounded to the nearest unit of measure. Small differences are due to rounding. <br>1 Hydrocarbon production includes exportable hydrocarbons only and comprises of LNG, pipeline gas, crude oil, condensate and natural gas liquids (NGLs). Traded hydrocarbons are excluded. <br>2 The equity portion of greenhouse gas emissions, flare, fuel and production values include data from non-operated ventures where Woodside owns an equity portion. Where data has been provided by third parties it has been used. Where data is not available estimates have been used based on extrapolation of historic data. <br>3 Operated greenhouse gas emissions, flare, fuel and production values are for Woodside operated production assets only, 100% share. <br>4 Traded hydrocarbons means the purchase and/or sale of spot and/or strip of LNG cargoes, crude oil or pipeline gas. <br>5 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. <br>Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist. <br>6 Equity emissions are based on the GHG Protocol Corporate Standard and the Ipieca Petroleum Industry Guidelines for Reporting Greenhouse Gas Emissions 2nd Edition, May 2011. Equity emissions from non-hydrocarbon producing subsidiary companies (e.g. shipping companies) are excluded. <br>7 Remaining 5% is due to international assets and Australian assets with emissions below the Safeguard Mechanism legislation threshold. <br>8 Methane intensity is calculated as the volume of methane emissions divided by the volume of marketed gas inclusive of LNG, pipeline gas and natural gas liquids. <br>9 Selected upstream emissions from GHG Protocol Categories 1 (purchased goods and services, not including production of purchased LNG); 5 (waste generated in operations); 6 (business travel); and <br>7 (employee commuting). Includes equity emissions associated with Woodside employees and Woodside operated facilities only. <br>10 Includes emissions associated with the downstream transport (GHG Protocol Category 9) of Woodside's equity share of hydrocarbon sales. No adjustment has been made for combustion of sold product during transport (e.g. LNG combusted by LNG ships, pipeline gas used in transmission compressor stations) and therefore could be double counted. <br>11 2021 reported value only includes downstream transportation of Woodside equity LNG. 2022 reported number includes downstream transportation of all Woodside equity production. <br>12 2021 reported value only includes traded LNG. <br>13 Emissions intensity is calculated based on net equity Scope 1 and 2 greenhouse gas emission as well as equity Scope 3 (use of sold product) and Woodside's equity production. Metric excludes emissions and production related to traded hydrocarbons.

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S E CTION 7 . 2 <br>Glossary <br>Abate / abatement Reduction of an amount of carbon dioxide or equivalent.1 <br>AR6-WG1 IPCC (2021). "Climate Change 2021 – the Physical Science Basis. Summary for Policymakers. Working Group I contribution to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change". <br>AR6-WG2 IPCC (2022). "Climate Change 2022: Impacts, Adaptation, and Vulnerability. Contribution of Working Group II to the Sixth <br>Assessment Report of the Intergovernmental Panel on Climate Change" <br>AR6-WG3 IPCC (2022). "Climate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment <br>Report of the Intergovernmental Panel on Climate Change" <br>Aspiration Woodside uses this term to describe an aspiration to seek the achievement of an outcome but where achievement of the outcome is subject to material uncertainties and contingencies such that Woodside considers there is not yet a suitable defined plan or pathway to achieve that outcome. <br>Board The Board of Directors of Woodside Energy Group Ltd. <br>Carbon credit A tradable financial instrument that is issued by a carbon-crediting program. A carbon credit represents a greenhouse gas emission reduction to, or removal from, the atmosphere equivalent to 1 tCO2-e, calculated as the difference in emissions from a baseline scenario to a project scenario. Carbon credits are uniquely serialised, issued, tracked and retired or administratively cancelled by means of an electronic registry operated by an administrative body, such as a carbon-crediting program. <br>Carbon sinks Carbon sinks are forests and other ecosystems that absorb carbon, thereby removing it from the atmosphere and offsetting CO2 emissions. (Definition taken from European Commission "Climate change: glossary of common terms and acronyms". https://www.eea.europa.eu/help/glossary/eea-glossary/carbon-sink) <br>CCS Carbon capture and storage <br>CCU Carbon capture and utilisation <br>CCUS Carbon capture utilisation and storage <br>CH4 Methane <br>CO2 Carbon dioxide <br>CO2-e CO2 equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis.2 <br>COP-26 The 26th Conference of the Parties to the United Nations Framework Convention on Climate Change, meeting in Glasgow, Scotland, November 2021. <br>COP-27 The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change, meeting in Sharm el- Sheikh, Egypt, November 2022. <br>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. <br>Equity greenhouse gas emissions <br>Woodside sets its Scope 1 and 2 greenhouse gas emissions reduction targets on an equity basis. This ensures that the <br>scope of its emissions reduction targets is aligned with its economic interest in its investments. Equity emissions reflect the greenhouse gas emissions from operations according to Woodside's share of equity in the operation. Its equity share of an operation reflects its economic interest in the operation, which is the extent of rights it has to the risks and rewards flowing from the operation.3 <br>FID Final investment decision <br>GHG or greenhouse gas <br>The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); methane (CH4); nitrous oxide (N20); <br>hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6).2 <br>Goal Woodside uses this term to broadly encompass its targets and aspirations. <br>IRR Internal rate of return <br>LNG Liquefied natural gas <br>Lower carbon Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity. <br>Lower carbon economy <br>Lower carbon energy provider <br>A lower carbon economy is an economy that produces lower levels of greenhouse gas emissions relative to today's economy. <br>Woodside uses this term to describe its aspiration to develop a lower carbon portfolio. <br>\*All footnotes related to this table are displayed at the end of the glossary.

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Lower carbon portfolio <br>Lower carbon power <br>Lower carbon services <br>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. <br>Lower carbon power comes from processes or technologies that produce electricity with a lower greenhouse gas emissions intensity relative to electricity produced from a higher emissions intensity source. <br>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. <br>LNG Liquefied natural gas <br>Net equity greenhouse gas emissions <br>Net greenhouse gas emissions <br>Woodside's equity share of net greenhouse gas emissions. <br>Woodside has set its Scope 1 and 2 greenhouse gas emissions reduction targets on a net basis, allowing for both direct emissions reductions from its operations and emissions reductions achieved from the use of offsets. Net greenhouse gas emissions are equal to an entity's gross greenhouse gas emissions reduced by the number of retired carbon credits. <br>Net zero Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period. Where multiple greenhouse gases are involved, the quantification of net zero emissions depends on the climate metric chosen to compare emissions of different gases (such as global warming potential, global temperature change potential, and others, as well as the chosen time horizon).4 <br>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. <br>NGL Natural gas liquids <br>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. <br>Operator, Operated and non-operated <br>Paris aligned scenarios <br>Oil and gas joint venture participants will typically appoint one company as the operator, which will hold the contractual authority to manage joint venture activities on behalf of the joint venture participants. Where Woodside is the operator of a joint venture in which it holds an equity share, this report refers to that joint venture as being operated. Where another company is the operator of a joint venture in which Woodside holds an equity share, this report refers to that joint venture as being non-operated. <br>Consistent with limiting global warming to below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.2 <br>Retirement The transfer of a carbon credit to a registry account that permanently removes the carbon credit from circulation. The term retirement applies to the use of the carbon credit by an entity to meet voluntary commitments or compliance obligations. <br>SASB Sustainability Accounting Standards Board <br>Science-based targets <br>Targets are considered science-based if they are in line with what the most recent climate science sets out is necessary to meet the goals of the Paris Agreement — limiting global warming to below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.2 <br>Short-, medium- and long-term <br>Scope 1 GHG <br>emissions <br>Scope 2 GHG <br>emissions <br>Scope 3 GHG <br>emissions <br>This report refers to ranges of time as follows: short-term means from now until 2025; medium-term means 2026-2035; <br>long-term means 2036 and beyond. <br>Woodside also refers to "near-term" and "medium-term" in the specific context of its net equity Scope 1 and 2 greenhouse gas emissions reduction targets. In this context, near-term refers to the 2025 as a point in time, and medium term refers to <br>2030 as a point in time, being the years to which the targets relate. <br>Direct GHG emissions. These occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process equipment. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist.3 <br>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 the organisational 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 accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist.3 <br>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 the company. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services. Please refer to the data table on page 58 for further information on the Scope 3 emissions categories reported by Woodside.3 <br>\*All footnotes related to this table are displayed at the end of the glossary.

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Stranded assets Stranded assets can be broadly defined as assets which 'suffer from unanticipated or premature write-offs, downward revaluations or conversion to liabilities'. <br>Target Woodside uses this term to describe an intention to seek the achievement of an outcome, where Woodside considers that it has developed a suitably defined plan or pathway to achieve that outcome. <br>TCFD Taskforce on Climate-related Financial Disclosures. <br>Units of measure <br>bcm billion cubic metres <br>EJ Exajoule <br>g Gram <br>GJ Gigajoule <br>GW Gigawatt <br>GWh Gigawatt hour <br>kW Kilowatt <br>MJ Megajoule <br>Mt Million tonnes <br>Mtpa Million tonnes per annum <br>MW Megawatt <br>MWh Megawatt hour <br>Sm3 Standard cubic metre <br>Tonnes (t and kt) In this report, "t" means tonne and "kt" means kilotonne, being one thousand tonnes. <br>tpd Tonnes per day <br>1 Definition as per the Australian Government Climate Change Authority. https://www.climatechangeauthority.gov.au/sites/default/files/2022-08/Review%20of%20International%20Offsets%20-%20 <br>Report%20-%20August%202022.pdf.<br>2 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 a updated definition of Paris-Aligned scenarios Woodside has retained use of the previous edition. <br>3 World Resources Institute and World Business Council for Sustainable Development 2004. "GHG Protocol: a corporate accounting and reporting standard". <br>4 IPCC, 2018: Annex I: Glossary [Matthews, J.B.R. (ed.)]. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Pörtner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Péan, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. In Press. Page 555.

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S E CTION 7 . 3 <br>Index <br>INDEX TO TCFD RECOMMENDATIONS AND SUPPORTED RECOMMENDED DISCLOSURES1 <br>Governance: Disclose the organization's governance around climate-related risks and opportunities. <br>Describe the board's oversight of climate-related risks and opportunities. <br>Pages 48-49 <br>Describe management's role in assessing and managing climate-related risks and opportunities. <br>Pages 50-57 <br>Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the organization's businesses, strategy, and financial planning where such information is material. <br>Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term. <br>Pages 56-57 <br>Describe the impact of climate-related risks and opportunities on the organization's businesses, strategy, and financial planning. <br>Pages 8-39 <br>Describe the resilience of the organization's strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. <br>Pages 24-25 <br>Risk Management: Disclose how the organization identifies, assesses, and manages climate-related risks. <br>Describe the organization's processes for identifying and assessing climate-related risks. <br>Pages 54-55 <br>Describe the organization's processes for managing climate-related risks. <br>Pages 54-55 <br>Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management. <br>Pages 54-55 <br>Metrics and Targets: Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material <br>Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process. <br>Pages 40-47 <br>Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks. <br>Pages 56-58 <br>Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets. <br>Pages 28-47 <br>INDEX TO SELECTED RELEVANT SASB METRICS2 <br>EM-EP-110a.1 Gross global Scope 1 emissions, percentage methane, percentage covered under emissions-limiting regulations <br>Page 58 <br>EM-EP-110a.2 Amount of gross global Scope 1 emissions from: (1) flared hydrocarbons, (2) other combustion, (3) process emissions, (4) other vented emissions, and (5) fugitive emissions <br>Page 58 <br>EM-EP-110a.3 Discussion of long-term and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and an analysis of performance against those targets <br>Pages 8-47 <br>1 Financial Stability Board 2017. "Recommendations of the Task Force on Climate-related Financial Disclosures. Final Report." Figure 4, Page 14. <br>2 Sustainability Accounting Standards Board 2018. "Oil & Gas – Exploration and Production . Sustainability Accounting Standard. Version 2018-10." Table 1, Page 6.

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S E CTION 7 . 4 <br>Disclaimer, risks, emissions data <br>and other important information <br>1. This report has been prepared to provide our investors <br>and potential investors with information on our plan to help us achieve our strategic aim to thrive through the energy transition and how we are progressing against that <br>strategic aim. <br>2. This report has been structured to align with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations framework. It aims to provide a balance of disclosures that meet the recommendations of the TCFD, while avoiding overwhelming readers with information. Woodside considers that it addresses TCFD's four recommendations and eleven recommended disclosures, having had regard to the Guidance for all Sectors and Guidance for Non-Financial Groups. <br>3. This report has not been prepared as financial or investment advice or to provide any guidance in relation to our future performance. It should be read in conjunction with our periodic reporting and other announcements made to the Australian Securities Exchange, New York Stock Exchange and London Stock Exchange. <br>4. Given the focus of this report, it is necessarily oriented towards future events and contains forward looking information regarding the plans, strategies, objectives, targets, aspirations and the like of Woodside in relation to climate change. Neither our plan to help us achieve our strategic aim, nor the content of this report more generally, <br>is a statement, guarantee or prediction that future events will or are likely to occur. <br>5. The information in this report provides a level of insight into how we currently intend to direct the management of our assets and to deploy our capital, to help us achieve our strategic aim. The matters disclosed in this report are a 'point in time' disclosure and reflect management's expectations, judgments, assessments, assumptions, estimates and other information available at the date of this report and/or the date of our planning processes. We operate in a dynamic <br>and uncertain market and external environment. Plans and strategies can and must adapt in response to dynamic <br>market conditions, joint venture decisions, new opportunities that might arise or other changing circumstances. Investors should not assume that our plan to achieve our strategic <br>aim is locked in and will not evolve and be updated as time passes. Additionally, a number of aspects of our plan involve developments or strategies that are complex and may <br>be delayed, more costly than anticipated or unsuccessful for many reasons, including reasons that are outside of Woodside's control. <br>6. This report contains forward looking statements that are subject to known and unknown risk factors and uncertainties, including those associated with oil and gas businesses and the global transition to a lower carbon economy. <br>7. Those forward looking statements are not guidance, forecasts, guarantees or predictions of future events or performance. No representation or warranty, express <br>or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forward-looking information contained in this report. <br>8. Actual performance against Woodside's targets (including items that are described as a target) and aspirations or goals may be affected by various risks associated with the Woodside business, the uncertainty as to how the global <br>energy transition to a lower carbon economy will evolve, and physical risks associated with climate change, many of which are beyond Woodside's control. Further detail on certain of these risks can be found in the Risk Management section of this report and the risk factors section of our Annual Report <br>2022. These risks include, but are not limited to: <br>• The risk that a transition to a lower carbon economy may impact demand (and pricing) for oil and liquids, LNG and its substitute in our portfolio, the policy and legal environment for its production, our reputation and our operating environment. Further, the imposition of further regulation and the availability and cost of emission allowances or carbon offsets could adversely impact costs of operations; <br>• The potential for higher than expected costs of transition to new technologies, and poor efficacy of new technologies that could adversely impact the costs of operations and reduce demand for hydrocarbon products, new energy or lower carbon services; and <br>• The decarbonisation plans of other countries. <br>9. Readers, including investors and prospective investors, should review and have regard to these risks and the other risks identified in this report when considering the information contained in this report. Readers should also <br>note that the high degree of uncertainty around the nature, timing and magnitude of climate-related risks, and the uncertainty as to how the energy transition will evolve, <br>makes it difficult to determine and disclose the risks and their potential impacts with precision. Readers are cautioned not <br>to place undue reliance on any forward looking statements contained in this report, particularly in light of the long- time horizon which this report discusses and the inherent uncertainty in possible policy, market and technological developments in the future.

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10. The forward looking information contained in this report may be affected by a variety of variables and changes in underlying assumptions which could cause actual results <br>to differ materially from those expressed in the statements contained in this report. In addition to the risks referenced above, these include price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, <br>environmental risks, transition risks, physical risks, legislative, policy, fiscal and regulatory developments, changes in accounting standards, economic and financial market conditions in various countries and regions, political risks, abatement able to be delivered through engineering <br>or operational changes, project delay or advancement, approvals and cost estimates. Some matters are subject to approval of joint venture participants. The targets, aspirations and opportunities described in this report might also change materially if Woodside changes its strategic aim set out in <br>this report. <br>11. There are inherent limitations with scenario analysis, including the limitations set out on page 16 of this report, and it is difficult to predict which, if any, of the scenarios <br>might eventuate. Scenario analysis relies on assumptions that may or may not be, or prove to be, correct and that may or may not eventuate and scenarios may also be impacted by additional factors to the assumptions disclosed. As part of <br>its scenario analysis, Woodside has used climate scenarios published in the IEA's 2022 World Energy Outlook and the TCFD Guidance on Scenario Analysis for Non-Financial Companies (page 66 describes limitations and uncertainties associated with the use of the IEA scenarios).1 <br>12. Woodside does not undertake to provide ongoing market updates on forward looking information, including the plan to achieve its strategic aim or targets, or on performance <br>against the plan or targets, except to the extent it has a legal obligation to do so. Past performance cannot be relied on as a guide to future performance. <br>13. Subject to any terms implied by law which cannot be excluded, Woodside accepts no responsibility for any <br>loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in information in this report. <br>14. This report does not include any express or implied prices at which Woodside will buy or sell financial products. <br>15. This report is not intended to, and does not constitute, form part of, or contain an offer or invitation to sell to Woodside (or any other person) or a solicitation of an offer from Woodside (or any other person) in any jurisdiction. <br>16. This report may contain industry, market and competitive position data that is based on industry publications and studies conducted by third parties as well as Woodside's internal estimates and research. While Woodside believes that each of these publications and third party studies <br>is reliable and has been prepared by a reputable source, Woodside has not independently verified the market and industry data obtained from these third party sources and cannot guarantee the completeness or accuracy of such data. Undue reliance should not be placed on any of the industry, market or competitive position data contained in this report. <br>17. Certain other information contained in this report may be based on information prepared by third parties. Woodside does not make any representation or guarantee that this third party material is accurate, complete or up-to-date. <br>18. All greenhouse gas emissions data in this report are estimates, due to the inherent uncertainty and limitations in measuring or quantifying greenhouse gas emissions, <br>including those uncertainties set out in the GHD Assurance <br>Statement. <br>19. Further information regarding the calculation of Woodside's greenhouse gas emissions is contained in the supporting table of climate-related data provided on page 58 of this report. <br>20. There may be differences in the way third parties calculate <br>or report greenhouse gas emissions compared to Woodside, which means third party data may not be comparable to Woodside's data. <br>1 The Task Force on Climate-related Financial Disclosures (2020). "Guidance on Scenario Analysis for Non-Financial Companies".

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S E CTION 7 .5 GHD assurance statement Independent Assurance Statement on Woodside Energy Group Ltd's Greenhouse Gas <br>(GHG) Statement – Climate Report 2022 <br>To the Management of Woodside Energy Group Ltd (Woodside); <br>We have undertaken a reasonable assurance engagement of Woodside's: <br>Scope Metrics Reasonable – Assurance Scope Heritage Woodside assets And – Heritage BHP assets (Operated) Limited Assurance Scope Heritage BHP assets (non-operated) – – Hydrocarbon production – Total—equity (kt) – Total—operated (kt) – Sales (including LNG produced by third parties)—equity (kt) <br>Global Scope 1 and 2 greenhouse gas emissions <br>– Scope 1 and 2 emissions – equity (net) (kt CO2-e) <br>– Scope 1 and 2 emissions – equity (gross) (kt CO2-e) <br>– Equity offsets surrendered in respect of 2022 emissions (kt CO2-e) <br>– Scope 1 and 2 emissions intensity – equity (net) (kt CO2-e / kt) <br>– Scope 1 and 2 emissions – operated (gross) (kt CO2-e) <br>– Scope 1 and 2 emissions intensity—operated (gross) (kt CO2-e / kt) <br>– Percentage of equity Scope 1 and 2 emissions covered by regulation (%) <br>Sources of scope 1 and 2 greenhouse gas emissions <br>– Fuel combustion (kt CO2-e) – Flare (kt CO2-e) – Venting (kt CO2-e) – Other (kt CO2-e) Methane <br>– Methane emissions (greenhouse equivalent)—equity (kt CO2-e) <br>– Percentage of equity gross Scope 1 and 2 emissions that are methane (%) <br>– Methane intensity – equity (t CH4 / kt total production) <br>– Methane intensity – equity (Sm3 / Sm3 marketed gas) <br>– Methane emissions (greenhouse equivalent)—operated (kt CO2-e) <br>– Methane intensity – operated (t CH4 / kt total production) <br>– Methane intensity – operated (Sm3 / Sm3 marketed gas) Limited Assurance – Scope All assets <br>– Global Scope 3 greenhouse gas emissions estimates <br>– Scope 3 emissions – equity, total (kt CO2-e) <br>– Scope 3 emissions – purchased goods and services, relating to traded LNG (kt CO2-e) <br>– Scope 3 emissions – selected other upstream (assured on aggregate, including: purchased goods and services, waste generated in operations, business travel and employee commuting) (kt CO2-e) <br>– Scope 3 emissions – downstream transportation and distribution (kt CO2-e) <br>– Scope 3 emissions – use of sold product, relating to produced and traded LNG (kt CO2-e) <br>Greenhouse gas emissions intensity <br>– Scope 1, 2, 3 emissions intensity of production (grams CO2-e / MJ) <br>for the year ending 31 December 2022, comprising the 2022 values shown in the supporting data table of Woodside's Climate Report (the subject matter referred to hereafter as Woodside's greenhouse gas (GHG) statement). A multidisciplinary team including assurance practitioners and engineers conducted this engagement. Note, assurance was not provided over any Task Force on Climate Related Financial Disclosures (TCFD) or requirements. <br>Woodside's responsibility for subject matter <br>Woodside is responsible for preparing the GHG Statement comprising the values shown in the supporting data table. This includes the design, implementation and maintenance of internal control relevant to the preparation of a GHG Statement that is free from material misstatement, whether due to fraud or error. <br>Our independence and quality control <br>We have complied with the relevant ethical requirements relating to assurance engagements, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior. The firm applied Auditing Standard ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements, and accordingly GHD maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Our responsibility Our responsibility is to express an opinion on the GHG Statement based on evidence obtained. We conducted the reasonable assurance engagement in accordance with Australian Standard on Assurance Engagements ASAE 3410 The Power of Commitment 1

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Assurance Engagements on Greenhouse Gas Statements (ASAE 3410). This requires that we plan and perform the engagement to obtain reasonable assurance about whether the GHG Statement is free from material misstatement. <br>A reasonable assurance engagement in accordance with ASAE 3410 involves performing procedures to obtain evidence about the quantification of emissions. The nature, timing and extent of procedures selected depend on the assurance practitioner's judgement, including the assessment of the risks of material misstatement, whether due to fraud or error, in the GHG Statement. In making those risk assessments, GHD considered internal control relevant to Woodside's preparation of the subject matter. A reasonable assurance engagement also includes: <br>– Assessing the suitability of Woodside's use of the reporting criteria for the GHG Statement, as the basis for <br>preparing the GHG statement. <br>– Evaluating the appropriateness of quantification methods and reporting policies used, and the reasonableness of estimates made by Woodside. <br>– Evaluating the completeness and accuracy of recording, aggregation, and transcription of source data. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Use of our statement <br>This statement has been prepared for Woodside in accordance with our engagement terms dated 25 November 2022. GHD disclaim any assumption of responsibility for any reliance on this statement for any purpose other than that for which it was prepared being the reporting on our reasonable assurance audit. <br>Our agreed engagement only included the metrics described in this assurance statement for the year ended 31 <br>December 2022. Accordingly, we have not provided assurance over any other GHG data or statements presented elsewhere or any other data or statements contained within Woodside's Climate Report 2022. <br>Whilst our assurance procedures included reviewing information contained on Woodside's website at the date of this assurance statement, our opinion does not extend to statements, data or information presented therein. It is noted that greenhouse gas emissions quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. <br>Inherent limitations <br>There are inherent limitations in performing assurance—for example, assurance engagements are based on selective testing of the information being examined—and because of this, it is possible that fraud or error may occur and not be detected. An assurance engagement is not designed to detect all misstatements, as an assurance engagement is not performed continuously throughout the period that is the subject of the engagement and the procedures are performed on a test basis. The opinion expressed in our Independent Assurance Statement has been formed on the above basis. <br>Further Limitations <br>This report has been prepared by GHD for Woodside Energy Group Ltd and may only be used and relied on by Woodside Energy Group Ltd for the purpose of reporting on the GHG Statement presented in Woodside's 2022 Climate Report. GHD otherwise disclaims responsibility to any person other than Woodside Energy Group Ltd arising in connection with this report. GHD also excludes implied warranties and conditions, to the extent legally permissible. The services undertaken by GHD in connection with preparing this report were limited to those specifically detailed in the report and are subject to the scope limitations set out in the report. <br>The opinions, conclusions and any recommendations in this report are based on conditions encountered and information reviewed at the date of preparation of the report. GHD has no responsibility or obligation to update this report to account for events or changes occurring subsequent to the date that the report was prepared. <br>Reasonable Assurance Opinion <br>In our opinion, the metrics in Woodside's GHG Statement for the year ended 31 December 2022 comprising the values presented in the data table of Woodside's Climate Report 2022 (over which we have provided reasonable assurance), have been prepared correctly, in all material respects. <br>Limited Assurance Opinion <br>Nothing has come to our attention to suggest that the metrics in Woodside's GHG Statement for the year ended 31 <br>December 2022 comprising the values presented in the data table of Woodside's Climate Report 2022 (over which we <br>have provided limited assurance), have not been prepared correctly in all material respects. <br>Tom Young <br>Lead Greenhouse Gas Auditor, RGEA Category 2, GHD Pty Ltd <br>22 February 2023 <br>\| Independent Assurance Statement on Woodside Energy Group Ltd's Greenhouse Gas Statement – Climate Report 2022 2

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Head Office <br>Woodside Energy Group Ltd <br>Mia Yellagonga <br>11 Mount Street <br>Perth WA 6000 <br>Postal Address <br>GPO Box D188 <br>Perth WA 6840 <br>Australia <br>T +61 8 9348 4000 <br>F +61 8 9214 2777 <br>E companyinfo@woodside.com <br>Woodside Energy Group Ltd <br>ABN 55 004 898 962 <br>woodside.com

## Exhibit 99.4

**Exhibit 99.4**![LOGO](g459178page072.jpg)

SUSTAINABLE DEVELOPMENT REPORT

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Acknowledging country Woodside recognises Aboriginal and Torres Strait Islander peoples as Australia's first peoples. We acknowledge the unique connection that First Nations peoples have to land, waters and the environment. We extend this recognition and respect to First Nations peoples and communities around the world. On the cover The cover features Woodside employees on a Greater Angostura facility in Trinidad and Tobago. About this report This report provides an annual overview of Woodside's sustainability approach and performance for the 12 month reporting period from 1 January 2022 to 31 December 2022. Woodside recognises that environmental, social and governance (ESG) performance is integral to our success. This report was approved by Woodside's Board of Directors. This report was published on 27 February 2023. For disclaimer information regarding performance and forward looking statements and emissions data, please see pages 116-117 of this report. For the purposes of Woodside's sustainability reporting we classify the topics into three categories of material, significant or important. For these purposes, 'material topic' means a 2022 sustainability topic described in this report, determined as part of the 2022 materiality assessment process undertaken by Woodside. Classification of any topic as material, significant or important should not be read as a determination of whether that topic may necessarily rise to the level of materiality of disclosures required by law, including the laws of Australia, the United States and the United Kingdom. Scope Woodside Energy Group Ltd (ABN 55 004 898 962) is the ultimate holding company of the Woodside group of companies. In this report, unless otherwise stated, references to 'Woodside', the 'Group', the 'company', '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 ultimate holding company and those of its controlled entities. In this report, references to a year are to the calendar and financial year ended 31 December 2022 unless otherwise stated. Please note dollar figures are expressed in either Australian or United States currency. The information in this report covers all sites and production facilities wholly owned and operated by Woodside, and/ or operated by Woodside in a joint venture. Environmental performance data is outlined in the Environment and biodiversity section of this report including data that is relevant to a range of environmental indicators and parameters, detailed in the footnotes of the Environmental performance data table. Health and safety, and people performance data is reported on a total operated basis. Health and safety data includes Woodside activities carried out by employees and contractors whose work or workplace is controlled by Woodside. Social contributions are Woodside equity only. With respect to tax payments, only BHP Petroleum Australian tax payments made from 1 June 2022 (merger completion) have been included within the tax transparency data. On 1 June 2022 Woodside and BHP Group Limited (BHP Group) completed the merger of Woodside with BHP Petroleum. Content and data relevant to the assets acquired from BHP Group, as applicable from 1 June 2022 to 31 December 2022 has been included where available. The Sustainable Development <br>ii \| Sustainable Development Report 2022

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— Coastal landscape in the Pilbara (Australia). <br>Report 2022 provides a holistic description of our activities. Please note that in 2023, work will continue to progress the development of fully integrated systems and processes, to ensure the consistent coordination and collation of data and information regarding the activities relating to the assets acquired from BHP Group in 2022 and activities relating to Woodside's other assets. Annual Report 2022 and Climate Report 2022 Our Annual Report 2022 provides a summary of Woodside's operations, activities and financial position as at 31 December 2022. The Climate Report 2022 summarises Woodside's climate-related plans, activities, progress and climate-related data for the period 1 January 2022 to 31 December 2022. The Climate Report has been structured to align with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations framework. The Annual Report 2022, Sustainable Development Report 2022 and Climate Report 2022 together provide a complementary review of Woodside's business. The reports are available on our website at woodside.com Reporting frameworks This report has been prepared with reference to the Global Reporting Initiative (GRI) Standards and with reference to the Ipieca Sustainability Reporting Guidance (4th edition, 2020) Index developed by Ipieca, API and IOGP for the period of 1 January 2022 to 31 December 2022. Ipieca is the global oil and gas industry association for environmental and social issues. Green Reports We are working with Green Reports™ on an initiative to ensure that communications minimise environmental impact and create a more sustainable future for the community. Report feedback We welcome feedback on our report via companyinfo@woodside.com External assurance A copy of Deloitte Touche Tohmatsu's assurance statement is available on pages 118-123. Deloitte has conducted limited assurance over selected information in this report and the associated data tables. Our selected greenhouse gas emissions data is assured by GHD and is available on pages 124-125 and our social investment contribution is verified by Business for Societal Impact and is available on page 126. Woodside Energy Group Ltd \| iii

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— Landscape of Murujuga in Western Australia, also known as the Burrup Peninsula <br>iv \| Sustainable Development Report 2022

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Contents 1. Overview 6 1.1 About Woodside 6 1.2 Materiality 7 1.3 Focus areas 8 1.4 2022 summary 10 1.5 2022 ESG topics 10 1.6 2022 ESG ratings performance 11 1.7 Message from the Chair of the Sustainability Committee 13 1.8 Message from the Chief Executive Officer 14 1.9 Sustainability targets 16 1.10 United Nations Sustainable Development Goals 17 2. Environment 26 2.1 Climate change resilience and transition 27 2.2 Environment and biodiversity 32 2.3 Environment performance data table 48 2.4 Decommissioning 50 3. Social 52 3.1 First Nations cultural heritage and engagement 53 3.2 Social contribution 59 3.3 People and culture 68 3.4 People data table 77 3.5 Human rights 80 4. Governance 82 4.1 Health, safety and wellbeing 83 4.2 Health and safety performance data table 87 4.3 Corporate governance 89 4.4 Cybersecurity 96 4.5 Major incident preparedness 97 5. Appendices 98 5.1 Our stakeholders 99 5.2 Glossary 103 5.3 Terms and units 106 5.4 GRI content index 108 5.5 Ipieca sustainability reporting guidance (4th edition, 2020) index 112 5.6 Disclaimer 116 5.7 External assurance statements 118 Woodside Energy Group Ltd \| v

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Section 1.1 About Woodside <br>We are a global energy company, founded in Australia with a spirit of innovation and determination. The world needs energy that is affordable, reliable and lower carbon to support a successful energy transition. We provide energy to heat and cool homes, keep lights on and support industry. We aim to thrive through the global energy transition with a low cost, lower carbon, profitable, resilient and diversified portfolio.1 The merger with BHP's petroleum business has increased the scale and diversification of our global portfolio, which includes oil and gas assets and interests in Australia, the Gulf of Mexico, the Caribbean, Senegal and TimorLeste. We also have a focused exploration program. Our focus in operations remains on safety, reliability, efficiency and environmental performance, leveraging more than 35 years of operating experience. We have growth opportunities across gas, oil and new energy. Woodside has several projects currently in execution phase. The Scarborough and Pluto Train 2 projects in Australia achieved a positive final investment decision (FID) in November 2021 and are targeting first LNG cargo in 2026. In Senegal, the Sangomar Field Development Phase 1 is targeting first oil in late 2023. In the United States Gulf of Mexico, Shenzi North, a brownfield expansion of the Shenzi oil project, is targeting first oil in 2024 and Mad Dog Phase 2, a development of the southern flank of the Mad Dog field, is targeting start up in 2023. Woodside completed front-end engineering design for the Trion oil project in 2022 and is aiming to be FID ready in 2023. Our marketing, trading and shipping activities enable us to supply a diverse range of customers from our recently expanded global portfolio. Our climate strategy has two key elements: reducing our net equity Scope 1 and 2 greenhouse gas emissions; and investing in the products and services to help our customers secure their energy needs and reduce their emissions. We have targets to reduce our net equity Scope 1 and 2 greenhouse gas emissions by 15% by 2025 and 30% by 2030, towards our aspiration to achieve net zero by 2050 or sooner.2,3 We also have a target to invest US$5 billion in new energy products and lower carbon services by 2030.4 We take a disciplined and prudent approach to investment through our capital allocation framework, with the goal to manage financial risks and maintain a resilient financial position to allow us to optimise the value delivered from our portfolio of opportunities. Our new energy opportunities include the proposed hydrogen and ammonia projects H2Perth and H2TAS in Australia, and the proposed hydrogen projects H2OK in the United States and Southern Green Hydrogen in New Zealand. Integrity, accountability and transparency drive our environmental, social and governance (ESG) aspirations and guide decision making at all levels of our business. We strive to operate responsibly across our business activities. Enduring and meaningful relationships with communities are fundamental to our social performance. We recognise that our success is driven by our people and our culture. We value diversity and we strive to keep each other safe. 1 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, featured in the Climate Report 2022 and available on our website, sets out the principles that we believe will assist us achieve this aim. 2 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. 3 Net equity greenhouse gas emissions are equal to Woodside's equity share of gross greenhouse gas emissions reduced by the number of retired carbon credits. 4 Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment. <br>6 \| Sustainable Development Report 2022

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S E CTION 1 . 2 Materiality Woodside conducts a broad based materiality process each year to inform our understanding of which sustainability topics are relevant to our business activities and stakeholders. Our approach This annual process involves an in depth desktop study transition remains a material topic in 2022, given the nature drawing from a wide range of internal and external inputs. of our business. Our approach seeks to understand the topics relevant to The increased focus on environment and biodiversity in our business activities and important to our stakeholders. 2022 highlights the need for our continued environmental This includes consideration of potential risks, opportunities performance.2 In January 2023, we published an Environment and impacts on the economy, environment and people, and Biodiversity Policy highlighting the increased focus on this including impacts on human rights. topic and reinforcing the approach that Woodside will take on We aim to engage with stakeholders in a range of categories Environmental and Biodiversity Management moving forward. including customers, employees, investors, banks and ratings In 2022, a new material topic emerged, with First Nations agencies, joint venture participants, First Nations communities, cultural heritage and engagement being added to the local communities, local, state and national governments, material topics list. Woodside understands the importance of non-government organisations, suppliers and contractors. identifying and working with First Nations communities who Engagements with stakeholders via online surveys and have longstanding cultural and spiritual connections to land interviews (online and face-to-face) help identify and prioritise and waters where we have a presence. In Australia, we have relevant topics. established relationships with First Nations communities. We are also a global company and we have a presence in the We then classify the topics into three categories of material, United States, Mexico, Trinidad and Tobago, and New Zealand. significant or important.1 This is followed by an endorsement We continue to learn from the First Nations communities across process with our Executive Leadership Team and the Board's these regions and are committed to working alongside them. Sustainability Committee. We also continue to monitor developments, trends and stakeholder expectations The continuance of health, safety and wellbeing as a material throughout the year. topic reinforces the nature of our business and areas of activity, as well as our continued commitment to operating safely and Following the merger with BHP's petroleum business our protecting the health of our workforce. ESG topics have been updated. Climate change resilience and 1 For the purposes of Woodside's sustainability reporting we classify the topics into three categories of material, significant or important. For these purposes, 'material topic' means a 2022 sustainability topic described in this report, determined as part of the 2022 materiality assessment process undertaken by Woodside. Classification of any topic as material, significant or important should not be read as a determination of whether that topic may necessarily rise to the level of materiality of disclosures required by law, including the laws of Australia, the United States and the United Kingdom. 2 Biodiversity formed part of the assurance process of this report. STEP 1 STEP 2 STEP 3STEP 4 IDENTIFYPRIORITISEVALIDATEREVIEW Undertake a desktop study toTopics are ranked basedTopics are endorsed by theThe materiality process is identify sustainability topics.on their importance toExecutive Leadership Teamreviewed to identify areas for the business and externaland the Board's Sustainabilityimprovement and tracking stakeholders using a rangeCommittee.emerging trends and topics. of inputs, before being classified as material, significant or important. Woodside Energy Group Ltd \| 7

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S E CTION 1 . 3 Focus areas Houston Shenzi Atlantis\* Mad Dog\* Gulf Mexico Trion H2OK Heliogen\* Houston Caribbean Gulf of › Angostura › Ruby Mexico › Calypso Product share of › Shenzi 2022 annual production › Atlantis\* › Mad Dog\* › Trion Senegal › Sangomar LNG Pipeline NGLs4 Crude oil and (54%) gas (18%) (3%) condensate (25%) Key Primary product Phase Gas Producing assets Oil Projects New energy opportunity1 Developments1 Refer to section 6.6—Asset \* Non-operated. facts of the Annual Report 1 Subject to FID and regulatory approvals. 2022 for further detail on 2 Denotes marketing offices. 3 Denotes representative and liaison offices. Woodside's interests. 4 Natural gas liquids. 8 \| Sustainable Development Report 2022

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Timor Sea North West Shelf Project Browse Pluto Okha FPSO Wheatstone\*/ Julimar-Brunello Scarborough Karratha › Pluto LNG › Karratha Gas Plant Ngujima-Yin Onslow FPSO › Macedon Gas Plant › Wheatstone Pyrenees FPSO Macedon Western Australia H2Perth Perth Woodside headquarters Beijing‡ Seoul‡ Tokyo‡ Singapore‰ /Australia Timor-Leste › Sunrise Western Australia H2Perth Perth East coast › Pluto Australia › North West Shelf Melbourne‰ › Bass Strait\* › Wheatstone\*/Julimar-Brunello › Okha FPSO H2TAS › Ngujima-Yin FPSO Southern Refer to section 5.1—note E.8 › Pyrenees FPSO Green Hydrogen\* of the Annual Report 2022, › Macedon › Scarborough for more details regarding › Browse Woodside's subsidiaries. All footnotes are displayed on the prior page. Woodside Energy Group Ltd \| 9

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SECTION 1. 4 2022 summary NET EQUITY SCOPE 1 AND 2 TIER 1 OR TIER 2 LOSS OF TOTAL RECORDABLE INJURY GREENHOUSE GAS EMISSIONS PRIMARY CONTAINMENT RATE (TRIR) 11% 1 1.80 Below the starting base1 Process safety event per million work hours2 OUR TOTAL SOCIAL SPEND AUSTRALIAN TAX AND AUSTRALIAN ALL-IN GLOBALLY3 ROYALTIES CONTRIBUTION EFFECTIVE TAX RATE4 A$25.5 A$2,702 46% million million 1 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. 2 Refer to page 84 for TRI and TRIR five year data graph. 3 Verified data included here includes information relevant to the former Woodside Petroleum Ltd as well as the Woodside Energy Group Ltd for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. All figures are approximate and rounded up to the nearest decimal point. See also page 62 of the Social contribution section of this report which outlines the categories of social spend, including strategic partnerships, philanthropy, mandatory contribution and volunteering. 4 Total tax expense, royalties, excise and levies (excluding the impact of the Pluto Petroleum Resource Rent Tax Deferred Tax Asset recognition), divided by profit before such taxes, royalties, excise and levies. S E C T I O N 1 . 5 2022 ESG topics 1. MATERIAL TOPICS1 2. SIGNIFICANT TOPICS 3. IMPORTANT TOPICS Environment Social Environment » Climate change resilience » Social contribution » Decommissioning and transition » People and culture Social » Environment and biodiversity2 Governance » Human rights Social » Corporate governance Governance » First Nations cultural heritage » Major incident preparedness and engagement Governance » Cybersecurity » Health, safety and wellbeing 1 For the purposes of Woodside's sustainability reporting we classify the topics into three categories of material, significant or important. For these purposes, 'Material topic' means a 2022 sustainability topic described in this report, determined as part of the 2022 materiality assessment process undertaken by Woodside. Classification of any topic as material, significant or important should not be read as a determination of whether that topic may necessarily rise to the level of materiality of disclosures required by law, including the laws of Australia, the United States and the United Kingdom. 2 Biodiversity formed part of the assurance process of this report. 10 \| Sustainable Development Report 2022

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SECTION 1.6 2022 ESG ratings performance Woodside Energy Group Ltd CORPORATE SUSTAINABILITY ASSESSMENT Oil, Gas Upstream & Integrated Top 10% TOP TEN PERCENT S&P Global ESG Score 2022 As of 7 February 2023, our company scored 74 out of 100 in the 2022 S&P Global 74 /100 Corporate Sustainability Assessment. Our company performed in the top ten percent in the OGX Oil and Gas Upstream and Integrated Industry. As of February 7, 2023. Position and Score are industry specific and reflect exclusion Woodside Energy Group Ltd qualified as a constituent of the Dow Jones screening criteria. Learn more at spglobal.com/esg/yearbook Sustainability Indices (DJSI). MORGAN STANLEY CAPITAL INTERNATIONAL AAA RATING In 2022, Woodside Energy Group Ltd received an rating of AAA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. DISCLAIMER STATEMENT THE USE BY WOODSIDE ENERGY LTD OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF WOODSIDE BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI. SUSTAINALYTICS In October 2022, Woodside Energy Group Ltd received an ESG Risk Rating of 31.6 and was assessed by Sustainalytics to be at high risk of experiencing material financial impacts from ESG factors. DISCLAIMER STATEMENT Copyright©2022 Sustainalytics. All rights reserved. This publication contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. Woodside Energy Group Ltd \| 11

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One team Results matter We are inspired by our common purpose. We go after opportunities and show courage by taking the right risks and We challenge, respect, and back each other. learning from our mistakes. We are inclusive, value diversity, We spend and invest as if it's our money. and can be ourselves. We are proud of our achievements. We care Build and maintain trust We keep each other safe. Trust takes time and effort and will not be taken for granted. We listen and respond with humility. We nurture relationships and act with integrity We respect the environment, operate VALUES – doing what we say and doing it well. responsibly, and care for communities. We adapt to the world's expectations of us. Innovate every day We explore ideas, find creative solutions, and try new ways of doing thing to provide OUR the energy the world needs today and low cost, lower carbon energy for tomorrow. 12 \| Sustainable Development Report 2022

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Message from the Chair of the Sustainability Committee Woodside is proud to be a global energy company, supplying the oil and gas that the world needs and working to develop new energy products. There is a growing global focus on Environmental, Social and Governance (ESG) issues for corporate boards and organisations. The oversight for many of the ESG issues that internal and external stakeholders believe are important fall under the Sustainability Committee. In 2022, Woodside underwent a transformation with the completion of the merger between Woodside and BHP's petroleum business. This occurred against a backdrop of uncertainty as global energy markets responded to Russia's invasion of Ukraine. The completion of the merger led to substantial change inside the company, with a much broader global footprint and workforce. The culture of our company is important to our success both now and in the future and with an engaged workforce who understand and promote our values, we will succeed. We want our people focused on the right things. Our CEO has refreshed the corporate values, which encompasses aspects across the ESG landscape and is at the heart of everything we do. We want an organisation driven by our people, who in turn are motivated by integrity, accountability and transparency. Not only do we want to keep people safe, but we also want the company to be a place where people want to come to work and where they feel valued for what they do. Our updated inclusion and diversity programs, cover ethnicity and race, and strive for equal opportunity. We made progress on delivering our 2021-2025 Reconciliation Action Plan with a focus on achieving positive outcomes for our First Nations communities. All of our local communities are important. To this point, in 2022 we prepared social performance plans for communities where we are active. These include plans in Australia for the Pilbara, Exmouth, Onslow, and internationally in the United States, Trinidad and Tobago, Mexico and Senegal. The plans consider community and social context, potential social risks, impacts and emerging trends, social obligations and commitments. The Sustainable Development Report 2022 includes information on our approach to biodiversity, along with a range of other sustainability topics. This report also includes detail on key governance issues which are further detailed in the Annual Report 2022 along with relevant risks factors. In 2023, we published our second Climate Report, which contains disclosures consistent with the Task Force on Climaterelated Financial Disclosures. We have worked on ensuring ESG expertise across the Sustainability Committee, the Board and the broader company. This report utilises the United Nations Sustainable Development Goals to guide our approach to sustainability. We look on our proactive and robust management of ESG as an opportunity to ensure the long-term viability of the company. We have many exciting opportunities ahead of us, be it in the traditional oil and gas sector, or in the emerging new energy area, with potential projects across the globe. This is an exciting time for the company, our people, and the communities where we are active. Ann Pickard Chair of the Sustainability Committee 27 February 2023 S ection 1 . 7 — Ann Pickard. Board Sustainability Committee Ann Pickard (Chair) Larry Archibald Swee Chen Goh Christopher Haynes Ian Macfarlane Sarah Ryan Ben Wyatt Woodside Energy Group Ltd \| 13

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Message from the Chief Executive Officer 2022 has been a transformational year for our business. I am proud of the efforts of our people who have come together across our global portfolio to create a new team. We continued producing and developing the products and services needed for both decarbonisation and to support growing populations and economies. As we also continued our focus on ESG and sustainability performance across all levels of decision-making which has contributed to our success. The critical importance of energy security and affordability on the road to net zero were reinforced in 2022. Russia's invasion of Ukraine brought the United Nations Sustainable Development Goal 7, Ensure access to affordable, reliable, sustainable and modern energy, squarely into focus. At Woodside, we played our part in supporting global energy security, continuing to support our customers, primarily in Asia, who have long relied on us for their energy security. In 2022, Woodside entered into a flexible, long-term sale and purchase agreement with Uniper Global Commodities SE for Woodside to supply LNG from its global portfolio into Europe. We also worked carefully to deliver safe, reliable operations and protect the health of the communities where we live and work, as the COVID-19 pandemic continued to impact the world. In 2022, our Western Australian workforce faced the first major community transmission of COVID-19, including in Perth where we are headquartered, and Karratha where many of our operations are centred. Our Sangomar team contended with disruptions caused by the virus, while still successfully completing construction of the floating production storage and offloading facility in China. I thank everyone in the Woodside team, around the world, for their commitment to keeping each other safe and continuing to come together to adapt to new ways of working during the COVID-19 pandemic. The safety of our people is our top priority and maintaining process safety is critical. We recorded zero Tier 1 loss of primary containment process safety events across our global business and one low risk Tier 2 event. Our injury performance, however, continues to be challenged. Our total recordable injury rate of 1.80 remains above our target of 1.0. We know we need to improve and we are making progress. Our focus is on safety culture, leadership and applying human and organisational performance principles to help us learn and return to leading safety performance. We are also focused on the psychological safety of our people. Our Code of Conduct is fundamental to how we work and further defines the expected behaviours of everyone working at and with Woodside. Sexual harassment or any type of bullying, discrimination or victimisation has no place at Woodside and we continue to progress the implementation of our Working Respectfully Policy. Following the launch of this policy in 2021, we now have a multidisciplinary team working on embedding the Australian Human Rights Commission's Respect@Work framework, outlined in its 2020 Sexual Harassment National Inquiry Report. Our approach is also aligned to recommendations from the Western Australian Legislative Assembly Community Development and Justice Standing Committee's Enough is Enough report on sexual harassment against women in the fly in fly out industry. In 2022, there were three environmental incidents (two hazardous non-hydrocarbon and one hydrocarbon) involving spills of greater than 1 bbl released to the environment. The incidents did not result in significant negative impacts to the surrounding environment, were localised and temporary in nature. Section 1 . 8 14 \| Sustainable Development Report 2022

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In 2022, we delivered towards our 2022 Reconciliation Action Plan targets, which we publish annually to tell our story with integrity and transparency and because we want our results to reflect our values. In our Climate Report 2022, we outline our work to reduce our net equity Scope 1 and 2 greenhouse gas emissions and how we are investing in the products and services our customers need as they reduce their emissions. We achieved an 11% reduction in our net equity Scope 1 and 2 greenhouse gas emissions, against a starting base recalculated following the merger.1 We developed asset decarbonisation plans for our Woodside assets and projects, which we plan to extend to the former BHP petroleum assets in 2023. We were the first Australasian company to sign the Aiming for Zero Methane Emissions Initiative, committing to strive to reach near zero methane emissions from operated assets by 2030. We also progressed a range of opportunities towards achieving our target to invest US$5 billion in new energy products and lower carbon services by 2030.2 These include our most advanced opportunity, H2OK, a proposed liquid hydrogen project in Ardmore, Oklahoma (United States). We signed contracts for the alkaline electrolyser and liquefaction equipment for the project and completed front-end engineering design activities ahead of a final investment decision targeted for 2023. Biodiversity has become an increasingly material topic for our stakeholders. Reporting requirements are also evolving, including those currently being developed by the Taskforce on Nature-Related Financial Disclosures. We are setting targets and publicly reporting on our environmental and biodiversity performance while progressing projects that have a positive impact on biodiversity. Our current biodiversity initiatives including those acquired from BHP Petroleum are outlined in this report. 1 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. 2 Individual investment decision are subject to Woodside's investment targets. Not guidance. Potentially includes organic and inorganic investment. Our decommissioning portfolio has increased through the merger and we have seen an increasing interest in the topic amongst our stakeholders. In 2022, we continued executing decommissioning activities, progressed engineering work for planned decommissioning activities and continued our support for the National Decommissioning Research Initiative. The world changed dramatically in 2022 and our stakeholders' sustainability and ESG priorities have evolved too. We continue to adapt in response, both in our activities and our reporting. I am proud of the way Woodside and our people have delivered great results during a year of significant change, demonstrating a strong ongoing commitment to doing our part for a better future. Meg O'Neill Chief Executive Officer and Managing Director 27 February 2023 The world changed dramatically in 2022 and our stakeholders' sustainability and ESG priorities have evolved accordingly. — Meg O'Neill. Woodside Energy Group Ltd \| 15

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Material topic 2022 target 2022 performance 2023 target Climate change resilience and transition Progress towards 2025 target of 15% reduction in net emissions.1 Woodside's net equity Scope 1 and 2 greenhouse gas emissions totalled 4,615 kt CO2-e in 2022, which was 11% below the starting base.1 Deliver targets associated with Climate Report commitments to meet 2025 and long-term targets. Environment and biodiversity2 Not applicable. See environment and biodiversity section of this report. — Define contemporary framework for investment in biodiversity. First Nations cultural heritage and engagement Deliver 2022 commitments as set out within the 2021-2025 Reconciliation Action Plan. Activities delivered for all nine indicators and progress continues to be made against the 2021-2025 Reconciliation Action Plan targets. Deliver 2023 commitments as set out within the 2021-2025 Reconciliation Action Plan. Health, safety and wellbeing One or fewer Tier 1 or Tier 2 loss of primary containment process safety events. Zero Tier 1 and one Tier 2 loss of primary containment process safety events. One or fewer Tier 1 or Tier 2 loss of primary containment process safety events. TRIR below 1.0. 1.80 TRIR. TRIR below 1.0. Social and cultural impacts on communities3 Implement social performance plans for communities where we are active including a fit for purpose approach for new business activities. Please see social contribution section of this report. Not applicable, however, the topic remains significant and we continue to progress our business activities. Sustainability targets The sustainability targets are set each year and approved by our Executive Leadership Team and the Board's Sustainability Committee to track our performance. 1 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. 2 Biodiversity formed part of the assurance process of this report. 3 Social and cultural impacts on communities appears here as it was a material topic in the 2021 Sustainable Development Report and an update is provided here for continuity purposes required under GRI. S ection 1 . 9 16 \| Sustainable Development Report 2022

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United Nations Sustainable Development Goals The United Nations Sustainable Development Goals (UNSDGs) respond to the world's economic, social and environmental challenges. They provide a globally applicable framework, through which Woodside can identify and articulate its priorities for sustainability. The UNSDGs are a guide for partnership between governments, society and businesses in contributing towards relevant targeted deliverables. Recent international political events and economic factors have highlighted the importance of the UNSDGs, particularly UNSDG7, Ensure access to affordable, reliable, sustainable and modern energy. The UNSDGs are used to inform Woodside's strategy in meeting our sustainability deliverables throughout the company's value chain. We continued to play a part by delivering energy to our customers to contribute towards their energy security needs. Our strategy comprises of primary and secondary goals, these are where we aim to make the most notable contribution. These are both underpinned by UNSDG17, Partnership for the goals, which reinforces the importance of collaboration and partnership. In 2023, our UNSDG strategy will be reviewed to address our expanded global portfolio. Progress against the current deliverables are outlined on the following pages. S ection 1 .1 0 — Woodside employee on facility. Woodside Energy Group Ltd \| 17

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United Nations Sustainable Development Goals Primary goals Our deliverables Our progress Our aspiration Continue to provide LNG as a cleaner source of fuel for global markets and pursue the development of lower carbon energy sources. Related UNSDG targets 7.1, 7.2, 7.3, 7.a Continue to provide cost competitive gas through our existing facilities and growth projects.1 At the end of 2022, the Scarborough project was 23% complete, targeting first LNG cargo in 2026. The Bass Strait continued to supply natural gas to the eastern Australian domestic gas market, redirecting offshore fuel gas pipeline to supply additional gas into the market. The asset currently supplies approximately 40% of Australian east coast domestic gas demand, with Woodside providing 20% of market share.2,3,4 In 2022, Woodside continued to deliver a range of hydrocarbons in line with our production plan.5 Develop new markets for LNG as a lower emissions fuel in trucking and shipping. Trucked LNG is being loaded at Pluto in Karratha for delivery to customers in regional Western Australia, for use in power generation at remote mine sites. Diversify our business into supplying new energy products and lower carbon services, particularly proposed hydrogen projects. Woodside made progress on a number of hydrogen related opportunities, as well as announced investments in solar technology and carbon to products technologies. Please see pages 27-31 in the Climate change resilience and transition section of this report for more information. Develop a business to originate and acquire quality carbon offsets. We continue to build our portfolio by originating carbon credit units and purchasing from carbon markets. Each deliverable has been given a colour ranking indicating Woodside's progress against relevant targets. Key: Completed On track Off track/partially complete Not achieved 1 Please note, gas was previously referred to as LNG. 2 Australian Energy Market Operator 2023 forecast market share based on volume. 3 East coast Australia includes New South Wales, Victoria, South Australia, Queensland, Australia Capital Territory and Tasmania. 4 This activity was acquired through the merger with BHP's petroleum business. 5 For further information about our 2022 production, please see our Annual Report 2022. 18 \| Sustainable Development Report 2022

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Primary goals Our deliverables Our progress Our aspiration Continue to support economic growth as a supportive and responsible employer. Related UNSDG targets 8.5, 8.6, 8.7 Continue to provide and support apprenticeships, traineeships and First Nations participation in education pathway programs.1 We had over 100 trainees and apprentices across Karratha Gas Plant and Perth, of whom 42 identify as First Nations Australians. In addition 17 people hold a Woodside Scholarship, five of whom identify as First Nations Australians. Conduct human rights due diligence activities, including country risk assessments and human rights assessments. Audits were completed at subcontractor fabrication yards in Batam (Indonesia) and Dubai (United Arab Emirates) by an external third party. We also conducted our annual human rights risk assessment. For more information on human rights please refer to pages 80-81 of this report. Develop local capabilities, support training initiatives and offer employment opportunities with a focus on oil and gas disciplines in Senegal. Funding provided for the purchase of a drilling simulator to the National Oil and Gas Institute (Institut National du Petrole et du Gaz) in Senegal. Additionally, Woodside partnered with local and international consultants who delivered two workshops to strengthen local capacity in health, safety and environment governance across key regulatory agencies. Woodside has established local content commitments with our key contractors to ensure opportunities are maximised for Senegalese people and suppliers. We remain committed to achieving beneficial local content outcomes in Senegal. Support training initiatives to help develop local capability for residents in Trinidad and Tobago.2 We collaborated with local employment and labour groups and provided skill training opportunities to residents in South East Trinidad communities. This enables participants to obtain skill sets and certificates which increase their work opportunities.3 Continue to ensure controls and monitoring are in place to achieve equitable pay for all employees. Controls have been embedded in internal processes for external recruiting, internal resourcing and promotions focused on parity and addressing potential bias in remuneration. The merger with BHP Petroleum included a review of employee compensation, focused on competitiveness for employees in the new company. Provide business capacity and capability development opportunities for local and First Nations business in communities neighbouring our Australian operations.1 Support provided by Tender Relief to assist First Nations and local businesses when bidding for work on Pluto Train 2.4 1 References to First Nations peoples are intended to encapsulate references to Indigenous peoples. Woodside acknowledges that people around the world may use other terms in reference to Indigenous peoples. 2 This deliverable has been added in 2022 to incorporate activities acquired through the merger with BHP's petroleum business. 3 This activity was acquired through the merger with BHP's petroleum business. 4 Tender Relief is a Karratha based supplier that Woodside utilises to provide support services to local organisations. Woodside Energy Group Ltd \| 19

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Primary goals Our deliverables Our progress Our aspiration Set short- and medium-term climate change targets, underpinned by action to minimise climate change and its impacts. Related UNSDG targets 13.1, 13.3 Reduce net equity Scope 1 and 2 greenhouse gas emissions to 15% below gross annual average by 2025.1 Woodside's net equity Scope 1 and 2 greenhouse gas emissions totalled 4,615 kt CO2-e in 2022, which was 11% below the starting base.3 Reduce net equity Scope 1 and 2 greenhouse gas emissions to 30% below gross annual average by 2030.2 During 2022, Woodside developed asset decarbonisation plans for each operated asset and project in the heritage Woodside portfolio to identify opportunities to be pursued, including further technology to be developed where needed. A range of initiatives for reducing emissions in operations are outlined in the Climate Report 2022, these include several initiatives for Karratha Gas Plant, Macedon, Pluto LNG, North Rankin Complex and our floating production storage and offloading facilities. For more information please refer to the Climate Report 2022 and also page 29 of this report. Support international efforts including the World Bank's Zero Routine Flaring by 2030 initiative, the Methane Guiding Principles and the International Energy Trading Association's Markets for Natural Climate Solutions initiative. In September 2022, Woodside became the first Australasian company to join the Oil and Gas Climate Initiatives Aiming for Zero Methane Emissions Initiative. Please also refer to the Climate Report 2022 for more information. Woodside participated in the Ipieca Scope 3 task force in 2022.4 1 This means net equity emissions for the 12 month period ending 31 December 2025 are targeted to be 15% lower than the starting base. 2 This means net equity emissions for the 12 month period ending 31 December 2030 are targeted to be 30% lower than the starting base. 3 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. 4 https://www.ipieca.org/our-work/climate/. 20 \| Sustainable Development Report 2022

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Secondary goals Our deliverables Our progress Our aspiration Support quality education and lifelong learning opportunities. Related UNSDG targets 4.2, 4.4, 4.5 Work collaboratively through the Woodside Development Fund to reduce developmental vulnerability and improve early childhood outcomes in communities where we are active. Board approval was secured to extend Woodside's investment in Pilbara Education Initiatives to include early years and primary school development programs. Two First Nations women were recruited by One Tree Community Services during the year to support an early childhood development program delivery in Roebourne (Australia). Support learning initiatives through partnerships to improve education outcomes in communities.1 We partnered with the Ministry of Education in Mexico to provide funding for the Teach for Mexico program which delivers support and training to teachers and students in public schools in the south of Tamaulipas (Mexico). From 2019-2022, the program was delivered in 50 schools and supported more than 20,000 members of the educational community.2 We supported the Nicholls University CROWN and the Legacy Leaders Initiative in the United States to empower underprivileged students to reach their full academic potential through mentorship, service and support networks.2 In association with the ARROW Foundation and the Ministry of Education, Woodside aims to improve reading and writing performance in primary schools in its host communities in North East Trinidad. In 2022, a homework centre was opened to provide additional support to the applicable 14 schools.2 Support the Karratha and Roebourne Education Initiatives through the North West Shelf Project Joint Venture to provide high quality educational opportunities for students and professional development opportunities for their teachers. Delivery of the Karratha and Roebourne Education Initiatives continued in 2022, with a focus on pathways to employment, academic excellence, teacher professional development, STEM (science, technology, engineering and mathematics) education, leadership and wellbeing. Continue to partner with Earth Science Western Australia to deliver the STEM in Schools program to primary and high school students in Western Australia. We continue to partner with Australian Earth Sciences Education to deliver the STEM in Schools program.3 Since its inception in 2016 the program has reached over 20,000 students. We are working with the Energy Club Western Australia for the Next Generation Schools STEM program. Support science, technology, engineering and mathematics initiatives through partnerships with Scitech, Monash University and the University of Western Australia (UWA). Our partnerships with Scitech for the STEM After Schools Program and with the Western Australia Chamber of Commerce and Industry for Implementation of the Digital Technologies Curriculum Initiative continued during 2022. 1 This deliverable has been added in 2022 to incorporate activities acquired through the merger with BHP's petroleum business. 2 This activity was acquired through the merger with BHP's petroleum business. 3 Formerly known as Earth Sciences Western Australia. Woodside Energy Group Ltd \| 21

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Secondary goals Our deliverables Our progress Our aspiration Continue to improve productivity and energy efficiency by embracing technology and innovation. Related UNSDG targets 9.4, 9.5 Leverage Woodside's FutureLab program hubs at Australian universities to work with researchers, entrepreneurs, subject matter experts and parallel leading industries to solve industry challenges and create shared opportunities. Through existing university partnerships in Australia, via FutureLab, we are in the process of developing parts from additive manufacturing, reducing the number of components needed to be kept in storage. Partner with organisations to support productive climate-related dialogue and initiatives.1 Our multi-year partnership agreement with Greentown Labs (United States), brings together start ups, corporates, investors, policymakers and others to focus on climate change solutions, in addition to providing Woodside the opportunity to act as a mentor in the start up space.2 Invest A$40 million in facilities and research to progress Australia's transition to a lower carbon economy through the Woodside Monash Energy Partnership. Research is ongoing across a number of different projects, including ultra low cost photovoltaics, CO2 capture from air and bacterial conversion of waste gases. Improve our operations and processes through adoption of more efficient technologies in industrial processes to meet our energy efficiency target and reduce emissions. Please refer to the Climate Report 2022 for details of 2022 abatement activities. 1 This deliverable has been added in 2022 to incorporate activities acquired through the merger with BHP's petroleum business. 2 This activity was acquired through the merger with BHP's petroleum business. 22 \| Sustainable Development Report 2022

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Secondary goals Our deliverables Our progress Our aspiration We will support social outcomes through protection, recognition and respect for Indigenous culture and heritage. Related UNSDG targets 11, 11.4 Support cultural heritage management initiatives proposed by Traditional Owners and Custodians through engagement and consultation, including programs to facilitate the transfer of cultural knowledge and values. In Western Australia, Woodside continues to support the World Heritage Listing of the Murujuga cultural landscape, in addition to completing ethnographic surveys and supporting the Desert to Sea project in 2022. Additionally, we continue to partner with the Badgebup Aboriginal Corporation to support delivery of the Merintj Program. The Program helps facilitate the transfer of cultural knowledge from Elders to young people through on-country activities such as the wild-harvest of native bushfoods. For more information on First Nations cultural heritage and engagement please refer to pages 53-58 of this report. Support local wellbeing initiatives in the communities where we are active.1 Over the past two years we have partnered with the Coalition Against Domestic Violence to deliver the First Time Last Time program in Trinidad and Tobago.2 Fund First Nations' ranger programs that protect cultural and natural heritage and regenerate Country.3 In Western Australia, our multi-year sponsorship agreement with the Murujuga Rangers is ongoing. Partner with organisations in support of environmental and economic wellbeing initiatives.1 We partnered with the Gulf of Mexico Alliance, to focus on enhancing the environmental and economic health for Gulf-focused ecosystem science and coastal management. The partnership also includes initiatives to assist Native American communities.2 Support credible and scientific research to further understand our potential environmental impacts on First Nations' cultural heritage.4 We provided funding to the Burrup Air Monitoring Program in support of the Western Australian Government's Murujuga Rock Art Strategy and commissioned an underwater heritage expert to assess the potential submerged heritage and review the Cultural Heritage Management Plan for a subsea project at Traditional Custodian request. 1 This deliverable has been added in 2022 to incorporate activities acquired through the merger with BHP's petroleum business. 2 This activity was acquired through the merger with BHP's petroleum business. 3 Previously, the First Nations ranger program was referred to as an Indigenous ranger program. 4 Previously, First Nations cultural heritage was referred to as Indigenous cultural heritage. Woodside Energy Group Ltd \| 23

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Secondary goals Our deliverables Our progress Our aspiration Uphold robust environmental management and process safety practices to minimise our impact on marine environments and partner with research institutions to contribute to knowledge of these areas. Related UNSDG targets 14.1, 14.2 Maintain high levels of oil spill preparedness and response capability through our testing and simulation program. Crisis Incident Coordination Centre response capability was maintained and enhanced with the addition of assets acquired through the merger with BHP's petroleum business, in line with regulatory requirements. Drills and exercises were completed to test our response arrangements and carried out in accordance with the annual testing of arrangements schedule. Develop our in country hydrocarbon spill response capability in Senegal including planning, ensuring the supply of essential equipment and providing training to local responders. Oil spill response exercises and workshops were ongoing in 2022. During December, Senegal's Higher Authority for the Coordination of Maritime Safety, Maritime Security and Protection of the Marine Environment undertook a national oil spill response exercise in which Woodside participated. Continue to collect and share scientific information on coastal and offshore biodiversity with key research organisations to support effective marine planning and management. Woodside partnered with the Australian Institute of Marine Science to understand diving behaviour of pygmy blue whales to learn more about their foraging behaviour. Research outcomes from scientific partnerships have been published in 15 articles in international peer reviewed scientific journals. Supports initiatives which aid conservation efforts.1 As a founding sponsor of the Turtle Village Trust, we have continued to support turtle conservation in Trinidad and Tobago for 16 years, which has helped turn the nation into a leading nesting ground for leatherback turtles globally.2 1 This deliverable has been added in 2022 to incorporate activities acquired through the merger with BHP's petroleum business. 2 This activity was acquired through the merger with BHP's petroleum business. 24 \| Sustainable Development Report 2022

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Secondary goals Our deliverables Our progress Our aspiration Improve air quality and degraded habitats through restoration and sustainable use of land. Related UNSDG targets 15.3 Undertake quality carbon offset projects that deliver co-benefits, including land restoration and biodiversity outcomes. Woodside has planted approximately 5,200 hectares of diverse mixed native species on properties in rural Western Australia. These projects deliver First Nations employment opportunities and local content outcomes. Underpinning goal Our aspiration This goal underpins our UNSDG strategy and informs our approach to our primary and secondary goals. Our strategy is supported by working with our key stakeholder groups to enhance our contribution across our primary and secondary UNSDGs. This underpinning goal reinforces the importance and collaboration with our stakeholders. Woodside Energy Group Ltd \| 25

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— Coastline of Murujuga in Western Australia, also known as the Burrup Peninsula. S ection 2 : ENVIRONMENT 26 \| Sustainable Development Report 2022

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Climate change resilience and transition Our climate strategy has two key elements: reducing our net equity Scope 1 and 2 greenhouse gas emissions, and investing in the products and services that our customers need as they secure their energy needs and reduce their emissions. 2022 HIGHLIGHTS » Woodside's net equity Scope 1 and 2 greenhouse gas emissions totalled 4,615 kt CO2-e in 2022, which was 11% below the starting base for its targets1 » Initial asset decarbonisation plans developed for each operated asset and project in the heritage Woodside portfolio2 » US$100m spent to date towards the US$5 billion investment in new energy products and lower carbon services OPPORTUNITIES » Invest in new energy products and lower carbon services » Pursue technology opportunities through a portfolio level technology decarbonisation plan » Continue to grow the carbon credit portfolio3 POTENTIAL RISKS4 » Lower demand for hydrocarbon, new energy or lower carbon services relative to investment case » Increased pricing or other regulatory control of emissions » Increased severity of extreme weather events impacting operations Our approach Woodside considers that its disclosures are consistent with the Task Force on Climate-related Financial Disclosures (TCFD) four recommendations and eleven recommended disclosures, noting its Guidance for all Sectors and Guidance for Non- Financial Groups.5,6 Woodside is a supporter of the TCFD. These disclosures are primarily included in the Climate Report 2022, and a summary is provided here. In 2020, Woodside announced targets for near- and mediumterm emissions reduction below the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020.1 Woodside's targets to reduce net equity Scope 1 and 2 greenhouse gas emissions are: • 15% by 20257 • 30% by 20308 relative to a starting base representative of gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020. Woodside has also announced an aspiration of net zero equity Scope 1 and 2 greenhouse gas emissions by 2050 or sooner. 1 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. 2 Heritage Woodside refers to Woodside's assets prior to the merger with BHP's petroleum business. Heritage BHP refers to the assets acquired through the merger with BHP's petroleum business. 3 For more information please refer to the Climate Report 2022. Pages 34-35. 4 Potential risk means an environmental, social or governance related risk, that if it occurs over the next 12 months, could cause an actual or a perceived negative impact on the business or on our activities. 5 Financial Stability Board (2017). "Recommendations of the Task Force on Climate-related Financial Disclosures. Final Report." Figure 4, page 14. Some elements of the TCFD's four recommendations and eleven recommended disclosure have been presented in different order to enhance readability. A cross reference between the TCFD and this report is provided on page 62. 6 Financial Stability Board (2021). "Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures." 7 This means net equity emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base. 8 This means net equity emissions for the 12-month period ending 31 December 2030 are targeted to be 30% lower than the starting base. S ection 2 . 1 Woodside Energy Group Ltd \| 27

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Woodside plans to achieve its net equity Scope 1 and 2 greenhouse gas emissions reduction targets in three ways: • Avoiding greenhouse gas emissions through the way we design our assets • Reducing greenhouse gas emissions through the way we operate our assets • Originating and acquiring carbon credits for the remainder. Further information on our decarbonisation strategy and greenhouse gas emissions including methane are available in our Climate Report 2022. Reducing net equity Scope 1 and 2 greenhouse gas emissions is a challenge that we share with many businesses, organisations and households in society. We recognise that as customers reduce their Scope 1 and 2 greenhouse gas emissions, they will likely change the way they purchase and consume energy. These changes are uncertain, as explained in the Climate Report 2022. The energy transition is expected to vary in different countries because they have different starting points, development requirements, resources and capabilities. Woodside aims to invest in products and services so that our portfolio meets evolving demand for oil, gas, new energy products and lower carbon services. Our capital allocation framework explains how we intend to do this profitably while managing risk and is described further in the Climate Report 2022. Climate change is a complex and important issue that significantly influences our strategy. Woodside's response is directly overseen by the Board, with the support of its committees. Following the completion of the merger Woodside created a new Strategy and Climate Group, led by an Executive Vice President, who reports directly to the Chief Executive Officer. The new group integrates climate strategy with the company's corporate strategy and external economic analysis. Our performance In 2022, our total operated Scope 1 and 2 emissions were approximately 9.6 Mt CO2-e, an increase from 8.9 Mt CO2-e in 2021, primarily due to the new assets acquired in the merger. Woodside's net equity Scope 1 and 2 greenhouse gas emissions totalled 4,615 kt CO2-e in 2022, which was 11% below the starting base.1 The graph below shows Woodside's net equity Scope 1 and 2 greenhouse gas emissions for 2022, and the amount of carbon credits retired as offsets. Because the 2022 data includes seven months of the merged entity, it is not directly comparable to either the 2021 data, or to the starting base for the merged entity, for which the first full year reporting period will be calendar year 2023. The level of carbon credits retired in respect of 2022 emissions has been selected to deliver an 11% reduction from an adjusted starting base reflecting five months of pre merger starting base and seven months of post merger starting base. Examples of energy efficiency initiatives are outlined in the Climate Report 2022. These include initiatives at Karratha Gas Plant, Pluto LNG, as well as optimisation activities at our floating production storage and offloading facilities. SCOPE 1 AND 2 GREENHOUSE GAS EMISSIONS1 2021 2022 1.0 2.0 3.0 7.0 6.0 5.0 4.0 0.0 Emissions that have been o set Net equity emissions Adjustment to starting base to represent addition of heritage BHP assets Heritage Woodside starting base Merged entity starting base Mt CO.-e 1 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. — Landscape of Murujuga in Western Australia, also known as the Burrup Peninsula. 28 \| Sustainable Development Report 2022

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Sources of emissions In 2022, 67% of Woodside's equity Scope 1 greenhouse gas emissions were from fuel combustion to power our assets, 20% came from venting of which the majority is associated with removal of reservoir CO2 as part of the LNG process, and 13% from flaring. 1 Target is for net equity Scope 1 and 2 greenhouse gas emissions, relative to a starting base representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. 2 The starting base has been calculated as 6.32 million tonnes CO2-e. This is intended to be representative of the gross average annual equity emissions over the period 2016-2020 for both Woodside and also the assets acquired through the merger with BHP's petroleum business. 3 Adjusted starting base reflects five months of pre merger starting base and seven months of post merger starting base. 4 Heritage Woodside refers to Woodside's assets prior to the merger with BHP's petroleum business. Heritage BHP refers to the assets acquired through the merger with BHP's petroleum business. 5 Individual investment decisions are subject to Woodside's investment targets. Not guidance. Potentially includes both organic and inorganic investment. Assets operated by Woodside accounted for 79% of these emissions, and the remainder came from assets in which Woodside has ownership but not direct operational control. Our targets and plan Woodside targets Scope 1 and 2 net equity emissions reductions of 15% by 2025, and 30% by 2030, relative to the 2016-2020 gross annual average level.1 Our plan to achieve this is to avoid emissions in the way we design our facilities, reduce emissions in the way we operate our facilities and offset the remainder. Following the merger, this starting base was re-established as 6.32 Mt CO2-e representing the 2016-2020 gross annual average for the merged entity.2 For 2022 performance only, in which the merger was effective for seven out of 12 months, the effective starting base has been adjusted to 5.2 Mt CO2-e.3 During 2022, Woodside developed asset decarbonisation plans for each operated asset and project (in the heritage Woodside portfolio) to identify opportunities to be pursued, including further technology developed where needed.4 The individual asset and project decarbonisation plans were then rolled together to create an integrated portfolio view. This was used to rank and select cost effective priorities for decarbonisation investment and planning on an enterprise wide basis. In the 2022 asset decarbonisation planning cycle, Woodside selected around 30 decarbonisation opportunities, including energy efficiency projects, equipment modifications, lower carbon power and process optimisation. These opportunities are not certain to proceed but they are now included in asset level work programs, in order to mature cost and engineering definition. If implemented in full, Woodside estimates this activity set could realise approximately 10 Mt of CO2-e abatement (cumulative) prior to 2050 and could result in an approximately 300 kt CO2-e reduction in emissions by 2030, compared to the equivalent plan at the time of the Climate Report 2021. The asset decarbonisation plans developed during 2022 also identified emissions reduction opportunities that could not be prioritised for further development, either because they are not technically mature or because they are not currently commercially viable when assessed using Woodside's longterm cost of carbon assumption of US$80/tCO2-e (real terms 2022). With further development these opportunities have the potential to offer abatement on a scale that would deliver a step change in emissions reduction, in particular beyond 2030. New energy Woodside's new energy strategy is centred on building relations across the value chain and aligning solutions to meet customer requirements to deliver profitable solutions with the ability to scale to match the pace of the energy transition. We target locations that have advantaged access to lower cost renewables, enabling infrastructure or access to market. Our competitive advantage is our experience as a safe and reliable producer and supplier of bulk energy to customers across the globe. Woodside has set a target to invest US$5 billion in new energy products and lower carbon services by 2030.5 H2OK H2OK is a proposed liquid hydrogen project to be located in Ardmore, Oklahoma with a maximum design capacity of 90 tonnes per day (tpd) of liquid hydrogen through electrolysis, initially targeting the heavy transport sector. Woodside completed front-end engineering design activities in 2022 which have matured the facility design, cost and schedule. In October 2022, Woodside awarded a contract to supply 160MW of alkaline electrolyser equipment and in December 2022 awarded a contract for liquefaction units with a capacity of 60tpd. Woodside is operator and holds a 100% participating interest. SCOPE 1 EQUITY EMISSIONS BY SOURCE 67% Fuel combustion 20% Venting 13% Flaring Woodside Energy Group Ltd \| 29

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H2Perth H2Perth is a proposed hydrogen and ammonia production facility to be located in Perth, Western Australia. Phase 1 of the project is targeting up to 2,700 tpd of ammonia produced through both gas reforming and electrolysis. It is targeting supply to local industry and international users. Subsequent phases have the potential to expand to 8,900 tpd by increasing the electrolysis component. Pre front-end engineering design commenced in May 2022. Woodside is operator and holds a 100% participating interest. Hydrogen Refueller @H2Perth In 2022, Woodside announced plans for a proposed selfcontained hydrogen production, storage and refuelling station located adjacent to H2Perth, named the Hydrogen Refueller @H2Perth. Initially, Woodside is targeting production of 0.2 tpd of hydrogen, with the potential to scale up to a targeted 0.8 tpd. Woodside is targeting the supply of hydrogen to industrial customers and the public. Woodside is operator and holds a 100% participating interest. Southern Green Hydrogen Woodside has been selected as the preferred partner for the Southern Green Hydrogen project, a proposed hydrogen and ammonia facility to be located in Southland, New Zealand. The proposal is targeting up to 1,400 tpd of ammonia. Southern Green Hydrogen is expected to utilise renewable power to produce hydrogen and ammonia for export and domestic supply. H2TAS Woodside has a proposed renewable ammonia and hydrogen production facility in the Bell Bay area of Tasmania. H2TAS is planned to be a phased development, targeting an initial capacity of up to 550 tpd of ammonia. Ammonia would be produced through electrolysis, utilising a combination of wind and hydroelectric power. Woodside continues to evaluate the cost and schedule impacts of the renewable power solutions that would enable the project to progress. Woodside is operator and holds a 100% participating interest. Heliogen Woodside and Heliogen entered into a project agreement in 2022 to deploy a 5 MW module of Heliogen's artificial intelligence-enabled concentrated solar energy technology in California. In addition, Heliogen and Woodside have signed a collaboration agreement to jointly market Heliogen's renewable energy technology in Australia. Woodside Solar Woodside is progressing the proposed Woodside Solar project, a facility which would initially generate electricity from a solar photovoltaic farm approximately 15 km south-west of Karratha in Western Australia, complemented by a battery energy storage system. The facility is expected to supply up to 100 MW of solar energy with potential expansion to a maximum of 500 MW. It could supply Pluto LNG (potentially reducing Woodside's Scope 1 emissions) as well as other customers located near Karratha that are connected to the North West Interconnected System (NWIS). In 2022, Woodside entered a bilateral Indigenous Land Use Agreement and a modern benefit sharing agreement with the Ngarluma Aboriginal Corporation, which holds the native title rights on behalf of the Ngarluma people, for the land where Woodside Solar is proposed. Woodside also executed options to lease associated land within the Maitland Industrial Estate with Development WA and has been progressing NWIS connection and transmission access arrangements. Woodside is operator and holds a 100% participating interest. Carbon capture and storage Woodside, as a participant in various joint ventures, was awarded three greenhouse gas assessment permits in 2022. These permits enable carbon capture and storage assessments in the Browse Basin (operated), Northern Carnarvon Basin (operated) and Bonaparte Basin (non-operated). One of these permits covers the depleted Angel gas field, which could provide a storage reservoir for a multi-user carbon capture and storage (CCS) project near Karratha in Western Australia. This could be ideally located to aggregate emissions from various existing industrial emissions sources on the Burrup Peninsula. It could also have the potential to facilitate the development of new industries, such as the production of hydrogen and ammonia, by providing a local solution for emissions. The size of the potential CCS facility is subject to the completion of additional technical, regulatory and commercial studies, but could have a processing capacity of up to 5 million tonnes of carbon dioxide per annum. Woodside is also a participant in the Gippsland Basin Joint Venture, which is progressing a feasibility study into the development of a south-east Australian carbon capture and storage hub. This aims to utilise existing infrastructure to capture and store CO2 in the depleted Bream reservoir located offshore Victoria. 30 \| Sustainable Development Report 2022

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Carbon to products In 2022, Woodside launched a carbon capture and utilisation (CCU) collaboration with United States based technology developers ReCarbon and LanzaTech to assess the viability of a proposed CCU pilot facility in Perth, Western Australia. The proposed pilot CCU facility would convert greenhouse gases into ethanol. Woodside and LanzaTech also entered into a strategic framework agreement, under which Woodside will collaborate with LanzaTech to design, construct, own, maintain and operate pilot facilities utilising LanzaTech's CCU technologies. LanzaTech's skillset is in the fields of synthetic biology, bioinformatics, artificial intelligence, and machine learning coupled with engineering. Woodside also announced an investment of US$9.9 million in String Bio Private Limited (String Bio), the developer of a patented process for recycling greenhouse gases into products such as livestock feed. Woodside and String Bio entered a strategic development agreement to explore opportunities for the potential commercial scale up of String Bio's technology. Climate advocacy Woodside regularly engages with governments of countries where we are active in support of our business strategy to exchange information and to inform policy development and decision-making. This engagement is undertaken both directly and by working with industry associations. Woodside's participation in government consultation related to climate change is summarised in the Climate Report 2022. We also participated in a number of industry associations and our approach is explained in our Industry Association Climate Alignment Review, which can be found on our website. 1 UNFCCC 2016. The Paris Agreement, preamble. Just transition The Paris Agreement emphasises "the intrinsic relationship that climate change actions, responses and impacts have with equitable access to sustainable development and eradication of poverty". It also takes into account "the imperatives of a just transition of the workforce and the creation of decent work and quality jobs".1 When we consider Woodside's contribution towards a just transition we primarily consider our investment in supplying the products and services that our customers need as they secure their energy needs and reduce their emissions. Our broader contribution to society is outlined in the United Nations Sustainable Development Goals on pages 17-25 of this report. It includes but is not limited to: • Provision of decent work • Our approach to the inclusion of local content, in the procurement of goods and services • Payments to government including taxes • Social contribution and stakeholder engagement including amongst others, employee engagement, partnering with communities and social investment • Research programs and contributions towards scientific research and studies. For more information on Just transition, please refer to the Climate Report 2022. Collaboration The scale of the change required to achieve a just transition will require commitment and collaboration between governments, industry, investors and communities. Our approach is informed by our membership of Ipieca's Just Transition Task Force that aims to support collaboration and sharing of good practice as companies develop their decarbonisation plans. Woodside is also a member of various international forums that encourage information sharing and collaboration across industry. For more information regarding industry associations please see our website. Woodside Energy Group Ltd \| 31

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The continued focus on environmental performance of our business is essential to our success. 2022 HIGHLIGHTS » Investment in science and biodiversity knowledge outcomes through key science and conservation partnerships » Air monitoring program directly supporting the Murujuga Rock Art Strategy » A new Environment and Biodiversity Policy1 » More than one million native seedlings planted as part of the Woodside Native Reforestation Project OPPORTUNITIES » Revise our environmental management system to reflect our new policy and expanded global portfolio » Integrate global environmental management standards post merger » Develop a framework to deliver positive biodiversity and environmental outcomes in the areas we operate1 POTENTIAL RISKS2 » Increased regulatory and stakeholder expectations leading to extended timeframes and complexity of environmental approvals » Failure to progress biodiversity initiatives in a timely manner leading to missed opportunities to support positive biodiversity outcomes in regions and areas we operate1 Our approach The nature of our operations is accompanied by certain environmental impacts and risks. We work to minimise our impacts by integrating environmental management into our activities, including the design, construction, operation and decommissioning of our facilities. The merger with BHP Petroleum brings an opportunity for Woodside to integrate our environmental management approaches, requirements and performance standards to optimise environmental outcomes. We have started this integration by reviewing our processes and commitments, identifying areas of strength to build on and look to embed renewed environmental standards across Woodside. Our focus on implementing leading environmental management and mitigation strategies has allowed us to minimise our environmental impacts and maintain our over 30 year record of oil and gas operations without any major environmental incidents. We recognise that it is not just how we approach environmental management, such as the use of a risk based assessment which matters, but we also need to be clear and transparent on what we stand for as a company. We aim to set appropriate targets and metrics against our key environmental and biodiversity areas and we expect to be able to include these in our Sustainable Development Report 2023.1 We engage with our stakeholders to better understand the possible impacts of our activities and to further understand preferred methods and frequency of engagement. Refer to our website for our Environment and Biodiversity Policy. Environment and biodiversity 1 This section of text regarding biodiversity formed part of the assurance process of this report. 2 Potential risk means an environmental, social or governance related-risk, that if it occurs over the next 12 months, could cause an actual or a perceived negative impact on the business or on our activities. S ection 2 . 2 32 \| Sustainable Development Report 2022

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We embed standards and processes into our business to better manage our impacts and a better understanding of risks for our activities. For example, we have reviewed the respective hydrocarbon spill preparedness processes, contracts and arrangements across our activities globally. Our hydrocarbon spill preparedness and response framework supports the business to evaluate spill risks across the company's global portfolio. The approach is underpinned by a comprehensive process informed by international best practice conventions. These require all activities to assess credible spill scenarios to marine environment, evaluate surface and subsea response options and recommend appropriate response techniques. These activity specific plans are supplemented by corporate plans, regional equipment and locally trained resources. Our performance Our operations and growth strategy depends on obtaining and maintaining our social licence to operate. Given the growing pressure on our natural environment, our environmental performance and the management of our environmental impacts is critical to the future success of our business. As a data driven, science based organisation that applies a commitment to innovate and collaborate, we have continued investment in science to support better environmental performance and outcomes. We continued to focus on environmental performance across our global portfolio. During 2022, there were three environmental incidents (two hazardous non-hydrocarbon and one hydrocarbon) involving spills of greater than 1 bbl released to the environment. The incidents did not result in significant negative impacts to the surrounding environment, were localised and temporary in nature. For our global activities, we continue to focus on designing out impacts and risks associated with new activities and improving our operational performance for existing activities. For example, on the Browse development, we recognise the sensitive nature of the surrounding environment and have incorporated leading practices into the environmental management of the development. An example of this is the decision for drill rigs to be moored rather than using dynamic position systems when operating in areas and at times where pygmy blue whales may be present. This is expected to reduce the underwater noise from this activity as well as reducing diesel consumption and greenhouse gas emissions. We also continue to invest in biodiversity projects that seek to improve local and regional biodiversity.1 For examples of our biodiversity initiatives please refer to our website. We have also continued to progress our environmental regulatory authorisations across Australia, Trinidad and Tobago, the Gulf of Mexico and Mexico to advance our projects. This includes consideration of environmental studies and relevant environmental approvals for our new energy projects (H2Perth, Hydrogen Refueller @H2Perth, H2TAS, H2OK, Southern Green Hydrogen and Woodside Solar). For further information refer to page 29 of this report for our new energy projects. Water and waste management continues to be a focus across our global operations. We have seen an overall reduction of water use from 2021 in our Burrup operations in Western Australia. Waste performance is monitored through assurance activities at all points along the waste management process. Inspections at our facilities are conducted to support proper segregation and management of hazardous wastes, and incidents are raised where non-conformances are identified and actioned. We also track waste performance through monitoring waste data for each facility. Refer to pages 44-47 of this report for water and waste management. 1 This section of text regarding biodiversity formed part of the assurance process of this report. — Wildlife in the Pilbara, Western Australia. Woodside Energy Group Ltd \| 33

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Environmental management1 In a world that is changing rapidly, we need to ensure that both our existing and planned activities contribute towards acceptable outcomes across the environmental, social and economic landscape. We recognise our activities have an environmental footprint and we seek to prevent or minimise adverse environmental impacts to the natural environment in the regions we operate. We seek to understand the nature of the environments in which we operate to inform our planning and decision-making. An adaptive approach to certain activities such as produced water discharges allows us to constantly respond to changing operational and environmental conditions to ensure our impacts remain acceptable and as low as reasonably practicable. With increasing awareness of the impact of business activities on biodiversity, we have engaged further with peers and industry bodies to understand leading approaches to reinforce our biodiversity and broader environmental management. We do this by adopting a risk based approach that allows us to address the environmental impacts and risks associated with our activities in a consistent way. It allows us to focus our effort and resources on the most significant risks associated with our activities no matter where we operate or what a regulatory regime may require. Woodside recognises that risk is inherent to our business and effectively managing risk is vital to delivering on company objectives, success and continued growth. Woodside is committed to managing our risks proactively and effectively. The objective of Woodside's risk management system is to provide a consistent process for recognising and managing risks across the business. Achieving this objective includes ensuring risks consider impacts across the key areas of exposure: • Health and safety • Environment • Finance • Reputation and brand • Legal and compliance • Social and cultural. Our environmental risk management methodology has been informed by the International Standard ISO 31000 for risk management. This provides a framework to demonstrate that the risks and impacts are continually identified, reduced to a level that is considered as low as reasonably practicable and assessed to ensure impacts of an activity are at a level we consider to be acceptable. This approach means we identify potential ways to eliminate or avoid an impact before we consider ways of reducing or minimising it. The management measures include at a minimum those that are considered good international industry practice. We regularly reassess environmental impacts and risks of operations across our portfolio at the activity level. This is to ensure emerging scientific understanding and best practices are captured in these assessments, ultimately resulting in improved environmental outcomes. To support the risk assessment process and Woodside's determination of acceptability, our health, safety and environment risk management procedures include the use of a decision support framework based on principles set out in the Guidance on Risk Related Decision Making (Oil and Gas UK 2014). This is to confirm activities do not pose an unacceptable environmental risk. In addition, appropriate focus is placed on activities where the impact or risk is anticipated to be acceptable and demonstrated to be as low as reasonably practicable. The appropriate effort is also applied to the management of risks and impacts based on the uncertainty of the risk, the complexity and risk rating. Strong partnerships, sound research and transparency are the elements of our approach to minimising environmental impacts. A key focus of the risk based process undertaken for environmental impacts is defined under the relevant environmental legislation. This includes consideration of the key values of the environment, such as protected areas, threatened and migratory species, and a component of robust impact assessment is to evaluate activities against the relevant management plans for habitats and species. Refer to our website for our Environmental Management Approach. 1 This section of text regarding biodiversity formed part of the assurance process of this report. 34 \| Sustainable Development Report 2022

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Investing in science1 Our approach to science enables us to deliver environmental performance throughout the entire life cycle of our operations, from exploration and development to production and decommissioning, strengthening our ambition to demonstrate environmental leadership and innovation. Our continued investment in science allows us to proudly collaborate and partner with some of the world's leading experts and research organisations to understand the environments in which we operate and inform decision-making. Our commitment to shared scientific understanding of biodiversity in the regions that we operate is demonstrated through our meaningful partnerships. Our collaborative work with strategic partners and local communities is focused on contributing to positive environmental and social benefits through biodiversity conservation and ecosystem restoration. Our commitment to the shared scientific understanding of environmental characteristics including biodiversity in the regions that we operate is demonstrated by the continued, scientific publication track record of the organisations with which we partner. The knowledge from these partnership programs supports our ongoing environmental management processes including our impact assessment and improving our management controls to avoid and minimise our environmental impacts. In addition, we support our research partners to publish research findings in international peer reviewed scientific journals. In 2022, there were at least 15 scientific journal articles highlighting the findings of research supported by Woodside. In 2022, our science partnership programs included a range of initiatives as outlined below. We worked with the Australian Institute of Marine Science to undertake satellite tagging of pygmy blue whales in the Perth Canyon, Western Australia. This program is intended to further the knowledge of movement, foraging and feeding behaviour. We supported the Western Australian Department of Biodiversity, Conservation and Attractions, with regards to the Ningaloo Turtle Program to continue long-term monitoring of nesting marine turtles in the Ningaloo Marine Park and Ningaloo Coast World Heritage Area. We worked with BirdLife Australia on migratory shorebird and seabird assessments, banding and satellite tagging activities in the Exmouth Gulf. Field work planning and preparation activities are well underway for scheduled survey work in February 2023. The planned field program may allow for further understanding of habitats, their utilisation by migration shorebird and seabird species, and future conservation management of a recognised site of the East Asia-Australasian Flyway in Western Australia. Our support for Pendoley Environmental enabled the completion of a benchmark study of artificial light at night of the Dampier Archipelago. We also supported the National Decommissioning Research Initiative, an industry research collaboration to progress decommissioning options for offshore oil and gas infrastructure via a range of environmental studies to assess impacts, risks and benefits of different offshore decommissioning options. We continued our ongoing membership of the IOGP Sound and Marine Life Joint Industry Program, a globally recognised contributor of knowledge on the potential effects of anthropogenic sound on marine life. In 2023, Woodside will continue to support research that improves our ability to avoid and minimise the impacts of our activities on the environment and biodiversity around us. 1 This section of text regarding biodiversity formed part of the assurance process of this report. Woodside Energy Group Ltd \| 35

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CASE STUDY: NINGALOO OUTLOOK1 The Ningaloo coast hosts one of the world's longest fringing coral reef systems, along with globally significant abundances of large megafauna. Its uniqueness led to inclusion on the World Heritage list and attracts hundreds of thousands of tourists, who bring tens of millions of dollars of revenue to the region each year. But Ningaloo's ecosystems, and their ability to support the tourism industry, are being challenged by multiple pressures, like global climate change and increasing human use. Successful navigation through these challenges relies on sound science to identify the pressures, understand the changes they create and help find the ways that we can mitigate them. The Ningaloo Outlook research partnership between CSIRO and Woodside is improving our understanding of Ningaloo's reef ecosystems and their iconic inhabitants. Ningaloo Outlook also supports a PhD scholarship program and involves active participation by Woodside staff and the community of Exmouth, including students and teachers from the local school. To date the research has included 52 expeditions involving dozens of researchers, who took a myriad of measurements and deployed a wide range of instruments from autonomous underwater vehicles to satellite tags. Researchers have tagged over 300 individual turtles, whale sharks and coastal sharks using technologies ranging from simple metal tags to more complex acoustic and satellite tags. More than 1,000 members of the public, including school children, participated in the research and education. Many more were engaged through public presentations and online tools. In 2022, the Ningaloo Outlook program undertook seven expeditions to Ningaloo Reef and published three research papers in international peer reviewed journals and provided four public presentations to the local Exmouth community. In addition, over 300 individual people were actively involved in either the research or education programs. The program continues to support future science capability, funding four PhD students in 2022. Ningaloo Outlook has provided vital information on the trends and condition of Ningaloo's natural assets, as well as insights into the movements of megafauna to and from Ningaloo. This scientific knowledge continues to be shared with government and industry, as well as the broader community, who together support the ongoing management of this unique region. — Diver from Ningaloo Outlook. Credit: CSIRO. 1 This section of text regarding biodiversity formed part of the assurance process of this report. 36 \| Sustainable Development Report 2022

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CASE STUDY: PYGMY BLUE WHALES, WESTERN AUSTRALIA1 The pygmy blue whale (Balaenoptera musculus brevicauda) is one of two blue whale subspecies in the Southern Hemisphere. Confirming important habitats for this threatened and migratory species, particularly, foraging and feeding areas, continues to be a key area of funded research. Working with the Australian Institute of Marine Science (AIMS) and its research partner, Centre for Whale Research (CWR), tagging research in 2022 combined the use of satellite tags to track latitudinal movement in Australian waters and beyond as well as tags that collect high resolution data on diving whales to learn more about their foraging and feeding behaviour. Woodside has been supporting pygmy blue whale research since the early 2000s through partnerships with AIMS, the Australian Antarctic Division and the CWR. AIMS is Australia's tropical marine research agency and renowned for its global science excellence. Its mission is to provide the research and knowledge of Australia's tropical marine estate required to support growth in its sustainable use, effective environmental management and protection of its unique ecosystems. The CWR (Western Australia) Inc. is a non-profit research institute established to conduct scientific research into marine mammals (whales, dolphins and porpoises). In 2022, the two types of tags were deployed on each of six whales in a known feeding habitat for pygmy blue whales (the Perth Canyon) prior to their northward migration. The whales were tracked for up to 98 days, with diving data obtained for up to 40 days. Previously, simple movement metrics such as slow speed, high turning angle and time spent in an area were used to define foraging areas. Without diving data these areas could not be validated. With the data AIMS obtained from the dive loggers, they have been able to classify statistically, the different types of behaviours such as travelling dive (Figure 1) and lunge feeding dive (Figure 2). In so doing, this program allowed for a better understanding of the actual foraging and feeding behaviour of pygmy blue whales and where pygmy blue whale prey (krill) occurs. Such information is invaluable to further the understanding of potential impacts on critical pygmy blue whale behaviours from anthropogenic pressures such as underwater noise propagation. The findings will further refine new and novel methods to model the interaction of pygmy blue whales with predicted noise footprints from our offshore activities. For additional information about AIMS please refer to their website https://www.aims.gov.au/ about-aims — The blow of a pygmy blue whale in the Perth Canyon off the coast of Rottnest Island, Western Australia. Credit: Micheline Jenner/CWR. FIGURE 1: PYGMY BLUE WHALE TRAVELLING DIVE (SOURCE: AIMS 2022) FIGURE 2: PYGMY BLUE WHALE LUNGE FEEDING DIVE AT DEEP DEPTHS (>300 M) (SOURCE: AIMS 2022) 1 This section of text regarding biodiversity formed part of the assurance process of this report. Decent Bottom of the dive Ascent Woodside Energy Group Ltd \| 37

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Environmental approvals Scarborough environmental approvals Woodside continues to progress our secondary environmental approvals and associated stakeholder consultation activities for the Scarborough Project. Three Commonwealth Environment Plans are currently under assessment with National Offshore Petroleum Safety and Environmental Management Authority. These are available via the following regulator link. Refer to https://www.nopsema.gov.au/ In addition a State Environment Plan is also under assessment with the Western Australian Department of Mines, Industry Regulation and Safety. Refer to https://dmp.wa.gov.au/ Refer to https://www.epa.wa.gov.au/ Consultation on all of the above plans and activities remains ongoing as is responding to comments from the various regulators and stakeholders as part of the environmental approvals assessment process. Browse environmental approvals On 9 September 2022, the Final Environment Impact Statement for the Browse development was published. Woodside provided a response to each of the over 19,800 comments that were received from stakeholders including members of the public, non-government organisations and government departments. Comments primarily related to the following topics: • Greenhouse gas emissions • Potential (indirect) impacts to Burrup Peninsula (Murujuga) rock art • Potential impacts to threatened and migratory marine fauna (particularly turtles and whales) • Potential impacts to Scott Reef. In addition, two new management plans were developed to provide greater transparency as to the way in which risks to turtles and whales will be managed. A detailed process of measures to be put in place to minimise oil spill risks was also provided. Refer to our website for more information on environmental approvals. Legal proceedings Woodside is involved from time to time in legal proceedings and governmental investigations of a character normally incidental to its business, including claims and pending actions against it seeking damages, or clarification or prosecution of legal rights and regulatory inquiries regarding business practices. A summary of material legal proceedings is provided in the Annual Report 2022. Refer to the Annual Report 2022 for additional information. 38 \| Sustainable Development Report 2022

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— One of the air monitoring stations supporting the Burrup Air Monitoring Program. Burrup Air Monitoring Program Credit: JBS&G. The Burrup Peninsula (Murujuga) is unique worldwide for its collection of petroglyphs, engravings that have been etched, rubbed or scratched into the rocks. The presence of industry on the Burrup Peninsula has generated concerns from some stakeholders that these associated emissions may lead to an accelerated weathering or deterioration of rock art. In 2021, Woodside commenced operation of four monitoring stations on Murujuga and one control location. The stations were continually operated in 2022 and monitor for parameters that may potentially accelerate weathering of rock art, including acid depositions. This monitoring supplements and an extensive dataset collection at the time of Pluto LNG construction and commission between 2008-2013. While there are currently no set air quality thresholds for the protection of rock art, this monitoring data set will contribute to the ongoing knowledge regarding possible relationship between industrial emissions and cultural heritage. Outcomes of this air monitoring program is directly supporting the Murujuga Rock Art Strategy and the associated monitoring program. In addition, it is anticipated that Woodside will make our air monitoring data public in 2023. Carbon Woodside established a carbon business in 2018 to develop a offsets portfolio in support of our climate goals. We source carbon offsets through carbon market purchases and through development of our own carbon origination projects. Woodside is undertaking carbon origination projects in regional Western Australia, registering the Woodside Native Reforestation Project Phase 3 in 2022. Origination projects strengthen our internal capability and understanding of carbon projects. The Woodside Native Reforestation Project aims to restore and revegetate land. Approximately 5,200 hectares of native trees and shrubs have been planted to date. The reforestation of the property not only allowed for increased habitat connectivity through restored landscape linkages, but also provided employment opportunities for the local community. The Native Reforestation Project is expected to sequester approximately 1,100 kt CO2-e over 25 years. The Australian Carbon Credit Units generated from this project will be used to offset Woodside's carbon emissions. In addition to our own origination projects, Woodside works with experienced partners to acquire carbon credits through carbon market purchases. Woodside participates in both the Australian compliance market and the voluntary market for carbon credits. Refer to the Climate Report 2022 for further information. — Tree planting, as part of the Woodside Native Reforestation Project. Woodside Energy Group Ltd \| 39

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Investing in biodiversity1 In January 2023, we published an Environment and Biodiversity Policy for Woodside. This Policy commits Woodside to not undertake new exploration or development within natural World Heritage sites, or within International Union for Conservation of Nature protected areas that are not consistent with management plans in force. The new policy highlights the approach that Woodside will take on Environmental and Biodiversity Management moving forward.2 Human rights and biodiversity are intrinsically intertwined. A safe, clean, healthy and sustainable environment is essential in the enjoyment of our human rights. Biodiversity underpins human wellbeing and its decline threatens nature and people alike. Consequently, Woodside is increasing investment in partnerships that seek to improve local or regional biodiversity. As outlined in our new Policy, we committed to continuing our support of programs that achieve positive biodiversity outcomes in regions and areas in which we operate. Refer to our website for our Environment and Biodiversity Policy. This future commitment builds on our ongoing collaborative work with strategic partners and local communities which contribute to positive environmental and social outcomes through biodiversity conservation and ecosystem restoration. Some of the current projects we invest in are outlined in the following case studies. Further biodiversity case studies are available on our website. Our exploration and developments are not within World Heritage listed properties. Where our operations are adjacent to World Heritage areas, we are required to submit documentation to regulators that demonstrate that there is no impact to these areas. Furthermore, any exploration or operations in International Union for Conservation of Nature Protected Areas Categories I to IV is only undertaken with an appropriate plan that meets regulatory requirements. The United Nations Convention on Biological Diversity (CBD) 15th Conference of the Parties (COP-15) took place in Montreal, Canada. COP-15 was attended by an estimated 18,000 participants across the 196 countries that are signatories to the Convention. This Convention, often described as the nature equivalent of the Climate Convention of Parties, adopted the Kunming-Montreal Global Biodiversity Framework. This framework sets targets to halt the loss and restore global biodiversity and ecosystem services, including establishment of protected areas to conserve and manage all onshore and offshore habitat. Woodside representatives attended the Conference as part of an International Petroleum Industry Environmental Conservation Association (Ipieca) delegation and attended the Business and Biodiversity sessions, which covered how to mainstream biodiversity into different industry sectors, including oil and gas, mining and renewables. Woodside expects to continue to engage in regional and international forums on the future opportunities and challenges for environmental and biodiversity management in the extractives industry. 1 This section of text regarding biodiversity formed part of the assurance process of this report. 2 Woodside's Environment and Biodiversity Policy outlines that it does not undertake new exploration or development of hydrocarbons within the boundaries of natural sites on the UNESCO World Heritage List or within IUCN Protected Areas (as specified at 1 December 2022) unless compatible with management plans in place for the area. For more information please refer to the Policy on our website. — Diver at King Reef. Credit: Violeta J. Brosig from Blue Media Exmouth. 40 \| Sustainable Development Report 2022

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CASE STUDY: TERREBONNE BIODIVERSITY AND RESILIENCY PROJECTS1 Coastal wetlands, in Louisiana (United States), are some of the most productive ecosystems in the world and support numerous species from microbes to mammals. They are 'biological supermarkets' that support life cycles of marine plant and animal species and are ideal for organisms that form the base of the food web. The combination of shallow water, high levels of inorganic matter and high rates of productivity make wetlands essential to ecosystems and cycles of life. The coastal wetlands of Louisiana make an substantial contribution to the ecosystem services of the Gulf of Mexico, including natural coastal defences and nursery grounds for commercial finfish and shellfish species. Unfortunately, these systems are under pressure from erosion, saltwater intrusion and water flow changes. Woodside, in partnership with Resource Environmental Solutions, commenced two restoration projects in 2019, including the Pointe-Aux-Chenes project and the Bayou Terrebonne project in southern Louisiana, which are expected to cumulatively restore approximately 50 to 58 hectares (125-143 acres) of wetlands. Extensive bald cypress tree plantings were undertaken at the Pointe- Aux-Chenes project and within marsh terraces created as part of the Bayou Terrebonne project. These are proven ecological restoration approaches that improve the quality of lands and waters that support human, animal and marine populations, especially along Louisiana's fragile, eroding coastline. For the two projects, maintaining and improving biodiversity is essential in the face of sea level rise and storm events. To determine the success of the ecological restoration of the cypress tupelo habitat, a monitoring survey was undertaken in 2022 of the cypress planting project. The results collected revealed that the site had an average of 140 trees per acre. In addition, a floristic survey concluded the site now has ten species of plants and a hydrology conducive to a wetland environment. — The wetlands of Louisiana (United States). 1 This section of text regarding biodiversity formed part of the assurance process of this report. Woodside Energy Group Ltd \| 41

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CASE STUDY: TURTLE VILLAGE TRUST, TRINIDAD AND TOBAGO1 Trinidad and Tobago is one of the most important turtle nesting rookeries globally, and in the wider Caribbean region, and supports the world's largest nesting population of leatherback sea turtles. Egg predation, illegal poaching and incidental net interactions continue to be threats. It is reflected by the loss of habitat due to erosion of nesting beaches and the shrinkage of coral reefs and seagrass areas, as well as temperature increases which affect hatching success. Turtle Village Trust (TVT) is an umbrella organisation representing 21 community turtle conservation groups in Trinidad and Tobago. TVT is actively involved in sea turtle and environmental conservation, climate change adaptation, education and awareness, advocacy, eco-tourism, food security and community development programs. TVT has five priority work areas to achieve its vision of sea turtle conservation by communities, for communities and in communities. One of these work areas is focused on community based turtle conservation, research and data management. Data collection involves annual monitoring of sea turtle nesting activities and hatchling emergence and the data contributes to the Trinidad and Tobago national monitoring program. In 2022, volunteer community data collectors undertook a nesting census during the turtle nesting period from June to August. Nesting records at key nesting beaches in 2022 revealed 6,000 turtle nesting activities for three globally threatened sea turtle species which are leatherback, hawksbill and green. More than 18,000 hatchlings successfully emerged from nests in 2022. Due to the consistent conservation efforts by Turtle Village Trust and their partner communities over the last decade, nesting trends have remained stable on key nesting beaches and has led to Trinidad and Tobago's status as the last large nesting rookery for the globally endangered leatherback sea turtle. 1 This section of text regarding biodiversity formed part of the assurance process of this report. — Leatherback turtles emerging for egg laying on Grande Riviere. Credit: Kathryn Audroing, Turtle Village Trust. 42 \| Sustainable Development Report 2022

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CASE STUDY: KING REEF1 King Reef became Australia's first integrated artificial reef in 2018, repurposing steel structures donated from Woodside's Griffin Field augmented with purpose built concrete reef modules. The reef was a result of a five year community vision, which was expanded due to the formation of a consortium including the Western Australian State Government, academia, engineers, Woodside and Recfishwest. King Reef experienced rapid colonisation post deployment, exceeding the expectations of abundance, species diversity and biomass of fishes observed at natural reef and sand habitats in the Exmouth Gulf. Over 100 species of fish were observed through community monitoring in the first four years. The reef is now championed by the local recreational fishing community, supported by a Woodside funded reef monitoring and citizen science project and is a pioneer of successful marine habitat enhancement, utilising repurposed infrastructure from the oil and gas industry. In 2022, the ongoing King Reef research and monitoring program supported the local community and contributed over 100 hours of baited remote underwater video footage on the reef. This included what experts believe to be the first sighted juvenile red emperors on film in the Exmouth Gulf. The baited remote underwater video footage has also driven community engagement by highlighting the reefs rapid ecological development. — King reef marine life. Credit: Violeta J. Brosig from Blue Media Exmouth. 1 This section of text regarding biodiversity formed part of the assurance process of this report. Woodside Energy Group Ltd \| 43

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Water management Access to safe and clean water is a basic human right and essential to maintaining healthy ecosystems. We recognise our responsibility to effectively manage emerging and current risks that have the potential to impact waters, biodiversity, coastline and communities associated with our offshore and onshore operations. This approach is paramount to good environmental and social practices. Our Burrup facilities (Karratha Gas Plant, Pluto LNG and King Bay Supply Facility) prepare and submit Water Efficiency Management Plans (WEMPs) to the Western Australian Water Corporation each year. The annual WEMPs report includes total water use, along with efficiency, by comparing to total business production for the gas plants and total bunkered water from King Bay Supply Base (KBSB) to supply offshore facilities. Water efficiency actions are set at five year intervals and reported against each year. These include items such as periodic inspections of water related infrastructure, as well as ongoing identification, maintenance and repair of leaks. The next five year review is planned for 2023. Produced water discharge is a planned activity with one of the higher environmental risks arising from Woodside's offshore production assets. One of the challenges of understanding and managing produced water impacts is the potential for increased environmental impact from changes over time in fluid characteristics such as volume, chemical composition or process chemicals used. To allow us to better understand and appropriately manage produced water discharges, Woodside has developed a risk based, adaptive management framework that re-assesses changing conditions. Real time and novel monitoring of key indicators are utilised as part of ongoing compliance verification, and triggers an adaptive response. The adaptive framework manages produced water discharges across a range of producing facilities, with varied chemical composition and treatment technologies, through a simple and consistent approach. Our international operations assets are also required to meet strict regulatory permit conditions for produced water. Due to this requirement, we closely monitor volume and quality of water discharged via our environmental tracking system, thereby giving visibility to the business on our monitoring and reporting activities. This informs and helps the business take proactive measures to mitigate any potential parameters that may exceed its discharge criteria. CASE STUDY: WATER MANAGEMENT IN TRINIDAD AND TOBAGO Produced water from settling of the oil storage tanks at the terminal facility cannot be discharged to Guayaguayare Bay unless it meets the targets set in the Water Pollution Rules. Chemical oxygen demand (COD) has been the single most challenging water quality standard to achieve in order to meet the acceptable discharge criteria of 250 mg/L. COD is a measure of the amount of oxygen that can be consumed by reactants in the discharge and is used as an indication of the effect on the receiving environment. There has been an accumulation of approximately 86,000 bbls of produced water in the oil storage tanks over the years. In an effort to meet the discharge criteria, a pilot ozone skid was installed at the terminal in July 2020 to trial the technology. Ozone aeration reduces the COD concentration by rapidly replacing oxygen in the produced water, which would be used up by organic and inorganic compounds present in the solution. The installation of the ozone skid not only has been successful in meeting discharge criteria for the produced water, but also achieving this within shorter timeframes, which has provided operational flexibility. We continue to seek improvements in our environmental performance and will look to test treatment times and volumes of the pilot ozone skid in 2023. The outcome of this test plan will determine the size and retention times required to treat the produced water at the central processing offshore platform on a continuous basis for COD. 44 \| Sustainable Development Report 2022

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Water use During the 2022 financial year, Karratha Gas Plant and Pluto LNG in Western Australia, met their respective water efficiency targets set the previous year. While King Bay Supply Facility slightly exceeded its water efficiency target, overall water usage decreased by 12% from 2021. Some key water efficiency initiatives were implemented at King Bay Supply Facility in financial year 2021-2022 including repair of the main potable water tank liners which had known leaks and commissioning of a new wharf bunkering line that will reduce strain on existing high density polyethylene piping. This will result in lower frequency of failures going forward. Further improvements in water use and efficiency are expected in financial year 2023 as results from these initiatives are realised. At Pluto LNG, investigations into higher than expected water usage led to the identification of an underground leak from the site firewater system. The underground leak source was subsequently isolated and repaired. Water discharge Some offshore assets in Western Australia discharge produced formation water. Regulation's permit this under strict conditions. Every six years a comprehensive field water quality monitoring and sediment sampling program is undertaken to verify compliance against these conditions and demonstrate our operational controls are effective in meeting the environmental performance objectives. The outcome of the monitoring program demonstrated continued compliance against regulatory and internal requirements. This provides verification of the effectiveness of the implemented controls over the life of the asset. Our Trinidad and Tobago assets also undertake a comprehensive annual monitoring program that includes effluent produced water monitoring, sea grass and sediment sampling program to demonstrate our operational controls are effective in meeting the environmental permits conditions. — Woodside employees at Greater Angostura facility in Trinidad and Tobago. Woodside Energy Group Ltd \| 45

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Waste management Woodside works to minimise the impact of waste generation on the environment and in the communities in which we operate. All waste streams are identified and the expected quantities are determined to ensure we have access to the capability to treat and dispose of these streams in line with our requirements. Waste streams we typically manage for our activities include drilling fluids, general waste, scrap metal, chemicals and plastics. When identifying the disposal pathway for each waste stream, the waste hierarchy is considered. This prioritises prevention, reduction, reuse, recycling and treatment over disposal. We identify waste management providers based on their ability to deliver on our waste disposal objectives for each stream. We then audit them to ensure the facility has all required licences, capability and resourcing to manage our waste streams in accordance with relevant legislation and our internal environmental requirements. Hazardous wastes and recyclable wastes are segregated on site to support the waste disposal hierarchy and minimise the risk of hazardous substances exposure to personnel and the environment. Designated waste storage areas are set up with appropriate containers to segregate the waste. Routine inspections and health, safety and environment observation cards are used to ensure opportunities for improvement in waste segregation can be identified. The transfer and disposal process of each waste stream is also audited to ensure waste can be traced from source through to final disposal method, and that wastes are managed in line with our requirements. Exploring other opportunities such as waste reduction and substitution of hazardous chemicals with those that have lesser impact on the environment. The waste management approach is captured in waste management plans, which are in place for all developments and operational assets. Waste performance is monitored through assurance activities at all points along the waste management process. Inspections at our facilities are conducted to ensure hazardous wastes are properly segregated and incidents are raised where nonconformances are identified. We also track waste performance through monitoring waste data for each facility. Our waste performance data tracks waste volumes by stream (hazardous, non hazardous, recyclable, non recyclables) and by waste disposal outcome (e.g. recycled, incineration, evaporation, landfill). Our waste contractor for Australian operations has a key performance indicator to track percentage of waste diverted from landfill, with metrics defined as: • >80% above target • 65% on target • <65% below target. At the end of quarter three in 2022 the amount of waste diverted from landfill is tracking at 79.6%, compared to 83.8% for 2021. We have identified opportunities for consideration for future waste management practices across our activities. These considerations include: • Set waste targets consistently across operations • Identify hazardous waste generation activities during the planning process • Identify additional recycling opportunities for general trash items • Engage vendors periodically to foster relationships and identify program improvement opportunities • Reduce number of treatment storage disposal facilities utilised. Improving waste segregation in Trinidad and Tobago is a main area of focus, as there is still comingling of waste and/or contamination of recyclable waste (e.g. with food) resulting in waste being disposed of in landfill. — Woodside employee at supply base in Senegal. 46 \| Sustainable Development Report 2022

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CASE STUDY: DEVELOPING WASTE MANAGEMENT CAPABILITY IN SENEGAL Waste from the Sangomar (Senegal) development is managed in accordance with our internal and external requirements to ensure potential health, safety, environmental and social impacts are minimised. The waste management approach for Sangomar also considers minimising the pressure on existing waste facilities in Senegal, while still providing economic opportunities from waste recycling and treatment in country. Woodside has partnered with a local company that is constructing a new waste facility in Dakar to address the limited options for waste disposal and treatment in Senegal. Groundworks commenced in February 2022 and the facility is anticipated to be commissioned in 2023. While the treatment facility was being constructed, waste was stored and sorted at a secure site for recycling through local companies. Around 50% of our waste generated in 2022 has already been processed for recycling despite the new treatment facility not being operational yet. A strong health, safety and environment culture has also been established offshore on the drill ships. The continual focus on correct waste segregation has ensured that recyclable waste streams were able to be easily sorted for recycling onshore. The new facility's incinerator and water treatment unit will be used to safely treat general waste and oily water. There are plans to increase the waste treatment capability further in 2023, with the construction of equipment that can treat drill cuttings. We will also investigate options to recycle the treated drill cuttings and other by products from the waste treatment process. — Commencement of construction of a waste treatment facility in Dakar, Senegal. Credit: SEPCO Industries. Woodside Energy Group Ltd \| 47

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Environment performance data table Section 2 . 3 Environment performance1,2 2022 2021 2020 2019 2018 Hydrocarbon production3 Total – equity (kt)4 18,752 10,522 11,552 10,293 10,389 Total – operated (kt)5 30,361 25,807 29,834 28,618 30,283 Revenue Revenue – equity (US$ m)6 16,817 6,962 3,600 4,873 5,240 Greenhouse gas emissions7 Scope 1 emissions – equity (kt CO2-e)4,8 5,357 3,541 3,598 3,302 3,535 Scope 1 emissions – operated (kt COâ,,-e)5 9,565 8,901 9,170 8,840 97,767 Scope 2 emissions – operated (kt COâ,,-e) 8.2 8 10 7 8 Scope 1 and 2 emissions – equity (net) (kt COâ,,-e)9 4,615 3,235 NPR NPR NPR Scope 3 emissions (use of sold product) – equity (kt COâ,,-e)10 53,188 27,906 32,935 27,888 NPR Scope 3 emissions (use of sold product – equity – Traded Hydrocarbons) (kt COâ,,-e)10 4,768 6,886 NPR NPR NPR Scope 3 emissions (use of sold product – operated) (kt COâ,,-e)10 83,825 72,969 84,923 74,017 NPR Scope 1 emissions intensity – equity (kt COâ,,-e/kt) 0.29 0.34 0.31 0.32 0.34 Scope 1 emissions intensity – operated (kt COâ,,-e/kt) 0.32 0.34 0.31 0.31 0.32 Scope 1 emissions intensity – equity (kt COâ,,-e/revenue-equity US$ m)6 0.32 0.51 1.00 0.68 0.67 Greenhouse gas emissions by gas COâ,, – operated 9,282 8,564 8,860 8,506 9,356 CHâ,„ – operated (kt COâ,,-e) 273 326 300 325 400 Methane intensity—volume percentage – operated (Sm3/Sm3)11 0.05 0.06 0.05 NPR NPR Greenhouse gas emissions by source Fuel combustion – operated (kt CO2-e) 7,044 6,527 6,839 6,496 7,048 Flare – operated (kt COâ,,-e) 896 759 559 608 696 Venting – operated (kt COâ,,-e) 1,624 1,614 1,771 1,736 2,021 Other – operated (kt COâ,,-e) 0 1 0 1 1 Flared gas12 Total flaring – equity (tonnes) 232,299 154,546 [97,909] 121,740 111,666 138,610 Total flaring – operated (tonnes) 297,135 250,562 [172,307] 177,384 201,368 234,801 Flaring intensity – equity (t/kt) 12.4 14.7 [9.3] 10.5 10.8 13.3 Flaring intensity – operated (t/kt) 9.8 9.7 [6.7] 5.9 7.0 7.8 Non-greenhouse gas emissions13 Nitrogen oxides (NOx) (tonnes) 14,173 12,973 13,023 11,713 12,652 Sulphur oxides (SOx) (tonnes) 56 50 52 49 53 Volatile Organic Compounds (VOCs) (tonnes) 16,073 16,445 17,665 13,223 18,759 Refrigerants14 CFC-11 (tonnes) 0.02 0.00 0.00 0.01 0.01 Resource use15 Fuel consumption16 Total fuel consumption – equity (TJ) 71,927 47,834 49,731 45,490 48,936 Total fuel consumption – operated (TJ)17 143,274 129,855 136,480 129,412 140,433 48 \| Sustainable Development Report 2022

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Environment performance1,2 2022 2021 2020 2019 2018 Fuel intensity – equity (TJ/kt) 3.8 4.5 4.3 4.4 4.7 Fuel intensity – operated (TJ/kt) 4.7 5.0 4.6 4.5 4.6 Electricity consumption Grid electricity consumption – operated (TJ)15 48 41 52 37 43 Water Fresh water use (m3)15,18 330,902 399,443 368,017 311,129 345,576 Fresh water intensity (m3/kt)19 11 15 12 11 11 Produced formation water – reinjection (m3)20 13,907,658 7,941,229 4,812,942 1,888,731 4,743,523 Produced formation water – open marine (m3)21 3,875,322 3,076,324 3,155,704 2,547,335 3,039,701 Produced formation water – oil load open marine (kg)21 32,411 28,673 30,836 17,687 18,173 Waste22 Non-hazardous (tonnes) 3,676 2,600 2,940 2,548 2,768 Hazardous (tonnes) 11,738 12,967 9,913 7,634 8,220 Total waste (tonnes) 15,414 15,566 12,853 10,182 10,987 Waste disposal23 Incineration (tonnes) 0 0 0 n/a n/a Evaporation (tonnes) 8,785 7,082 6,198 5,030 5,511 Landfill (tonnes) 3,275 2,218 3,314 2,256 2,316 Reused / recycled (tonnes) 2,861 5,064 3,173 2,767 3,018 Other (tonnes) 311 1,202 168 130 142 Environmental incidents24 Total number of hydrocarbon spills >1 bbl 1 0 0 2 2 Total – Quantity of hydrocarbon spilt for spills >1 bbl (m3) 0.75 0 0 65.05 82.44 Total number of hazardous non-hydrocarbon spills >1 bbl 2 0 2 6 1 Total – Quantity of hazardous non-hydrocarbon spilt for spills > 1 bbl (m3) 2.91 0 27.62 12.58 1.00 1 Data included here includes information relevant to the former Woodside Petroleum Ltd as well as the Woodside Energy Group Ltd for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. 2 Performance data is reported on a total and Woodside equity share basis as appropriate. 3 Hydrocarbon production includes exportable hydrocarbons only and comprises of LNG, pipeline gas, crude oil, condensate and natural gas liquids (NGLs). Traded hydrocarbons are excluded. 4 The equity portion of greenhouse gas emissions, flare, fuel and production values include data from non-operated ventures where Woodside owns an equity portion. Where data has been provided by third parties it has been used. Where data is not available estimates have been used based on extrapolation of historic data. 5 Operated greenhouse gas emissions, flare, fuel and production values are for Woodside operated production assets only. 6 Please see Annual Report 2022 for more information on Total Operating Revenue. 7 Greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist. 8 Equity emissions are based on the GHG Protocol Corporate Standard and the IPIECA Petroleum Industry Guidelines for Reporting Greenhouse Gas Emissions 2nd Edition, May 2011. Equity emissions from non-hydrocarbon producing subsidiary companies (e.g. shipping companies) are excluded. 9 Refer to Net greenhouse gas emissions in the glossary for definition. Retired carbon credits in 2021 were 312 kt CO2-e and retired carbon credits in 2022 were 754 kt CO2-e. Refer to Woodside Climate Report 2022 for more details. 10 Scope 3 greenhouse gas emissions are based on use of sold product only and are calculated using combustion factors in accordance with Australian National Greenhouse and Energy Reporting (NGER) or US EPA Greenhouse Gas Reporting Program (GHGRP). Traded hydrocarbons means the purchase and/or sale of spot and/or strip of LNG cargoes, crude oil or pipeline gas. Please note 2021 reported value includes traded LNG only. 11 Methane intensity is calculated as the volume of methane emissions divided by the volume of marketed gas inclusive of LNG, pipeline gas and natural gas liquids. 12 Flared emissions calculation methodology was updated in 2020 to align with NGER and include inert compounds which have a global warming potential of zero. The majority of the difference between 2020 and 2021 flaring was due to inclusion of inerts in 2021 calculations. For comparison, 2021 figures excluding flared inerts are shown in square brackets. 13 For Australian facilities estimated NOx, SOx and VOCs emissions are guided by NPI techniques using a combination of direct measurement, engineering calculation and emission factors. Emissions are aggregated for all Australian facilities and are irrespective of NPI reporting thresholds. For International assets NOx and SOx emissions estimated using a combination of engineering calculation and emission factors. International assets VOCs are excluded from the data table. 14 For Australian facilities Woodside no longer acquires Ozone Depleting Substances (ODS), in line with applicable legislation and protocols. A total of 0.431 tonnes of R-22 (0.024 CFC-11-e) was acquired at two international facilities (0.068 tonnes of R-22/0.004 tonnes CFC-11-e at Shenzi and 0.363 tonnes of R-22/0.020 tonnes CFC-11-e at Angostura). Woodside has phased out most ODS and has an active project to replace equipment still using ODS. 15 Grid electricity consumption and municipal water use has been partially estimated where data was not available. 16 Fuel sources primarily include fuel gas and diesel. 17 In 2022 a transposition error was identified for 2019 total fuel consumption – operated (TJ). This was rectified in February 2023. 18 Includes Corporate (Perth and Houston offices), KGP, Pluto LNG, KBSF, Macedon, Angostura, Shenzi, Houma warehouse municipal water use. 19 The water intensity denominator is based on production figures on an operational control basis. 20 Facilities under operational control that reinject produced formation water include Ngujima-Yin and Pyrenees. 21 Facilities under operational control that discharge produced formation water are Goodwyn-A, NRC, Okha, Angel, Angostura and Shenzi. 22 Includes Corporate (Perth office), Australian facilities under operational control, Angostura and Shenzi waste generation. Houston office and Houma (United States) warehouse have not been included. Please note approximately 65.4 tonnes was not included in 2021 total waste reported value. 23 Detailed breakdown of waste streams for Angostura and Shenzi is not as per GRI requirements, therefore have not been included. 24 Reportable spills include spill greater than 1 bbl which have been released to the environment. The incidents did not result in significant negative impacts to the surrounding environment, were highly localised and temporary in nature. Definition is aligned to GRI 306-3 (2016). NPR refers to not previously reported. n/a Not applicable. Woodside Energy Group Ltd \| 49

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Decommissioning Decommissioning involves addressing infrastructure that is no longer required in a timely, safe and environmentally responsible manner. This can include full removal of structures or other alternatives. Our approach Decommissioning is integrated into project planning, from the early stages of development through to the end of field life. This includes conducting comprehensive assessments to inform our planning and decision-making which is underpinned by science and marine research. In the developing regulatory environment we continue to listen, learn and respond to our stakeholders, while expanding our global decommissioning experience. Our decommissioning approach recognises the importance of reusing and recycling material from our decommissioning activities. We expect our contractors to apply the waste mitigation hierarchy to maximise recycling efforts. The scope of Woodside's decommissioning activities has increased following the merger with BHP Petroleum. Our approach to decommissioning considers efficiencies relevant to all offshore decommissioning activities and onshore disposal. Woodside's decommissioning estimate and restoration provision is calculated in accordance with relevant accounting standards and includes the post merger portfolio. Our balance sheet is audited annually as part of financial reporting. Refer to the Annual Report 2022 for more information on decommissioning estimates. Our performance Woodside executed decommissioning work in 2022, spending approximately US$375 million in the year. Woodside is executing several decommissioning projects and is on track to meet our plans and any regulatory requirements stipulated by the regulator through general directions. We continue to work with the regulator to progress our decommissioning commitments. The plugging of four Balnaves wells in Western Australia was completed in October 2022, costing US$70.5 million. The christmas trees and wellheads are planned to be removed by the end of 2024. We have commenced plugging and abandonment of the Enfield wells. At the end of 2022, we had completed the plugging of five of the 18 Enfield wells and removed 13 of the 18 christmas trees. The christmas trees are taken to a yard in Karratha where they are de-energised and decontaminated to enable recycling. We are utilising the experience developed from mature decommissioning regimes to support this activity. — Recovery of Enfield christmas tree using multi-purpose supply vessel. S ection 2 .4 50 \| Sustainable Development Report 2022

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Our environment plan for the removal of subsea equipment at Enfield was accepted by the National Offshore Petroleum Safety and Environment Regulator (NOPSEMA). The contracts for the removal and disposal of the riser turret mooring (RTM) were awarded through the year. The base plan is for the RTM to be removed at the end of 2023 into early 2024, subject to approvals, weather conditions and vessel availability. Woodside plans to transport the RTM by barge to Henderson, near Perth (Australia), for local recycling or reuse opportunities. A General Direction on the RTM was issued by NOPSEMA in late 2022. Woodside will comply with the requirements of the General Direction including taking all reasonable measures to continue to monitor the status of the RTM and mitigate any risks to the environment and other marine users. Contracts related to the removal and disposal of the Echo Yodel umbilical and Griffin facilities within Commonwealth waters were also issued in 2022. An offshore execution commencement window of end of 2023 through 2024 is currently planned. We are progressing the regulatory approvals and engineering design for the plugging and abandonment of wells and removal of equipment at Stybarrow and Minerva fields ahead of general direction expectations. In the Gulf of Mexico, we plugged and abandoned two wells in the Shenzi fields. In the Bass Strait, we continue to work with operator to progress decommissioning planning. After over 50 years of production, some of the Bass Strait facilities are no longer producing oil and gas, including 10 platforms, three subsea facilities, 16 pipelines and approximately half of all wells drilled. Through 2022, well plug and abandonment activities continued with two platform based rigs now operating in the field concurrently. In 2022, a multi-year agreement with DOF Subsea was entered into to charter a multi-purpose supply vessel which will support early decommissioning works on the Perch and Dolphin facilities, before moving onto other topside and subsea work scopes. In June 2022 a technical tender process was announced, requesting technical submissions from a number of experienced offshore heavy lift contractors, to outline how they propose to undertake the platform removal activities. Trinidad and Tobago decommissioning planning will commence in a timely manner in accordance with regulatory requirements. For our non-operated assets across the Gulf of Mexico and Australia we continue to work with the operator to progress decommissioning planning and execution. Collaboration In Australia, Woodside is a founding member of the National Decommissioning Research Initiative (NDRI). NDRI is a collaborative industry fund that undertakes independent environment research to support the future assessment on the benefits, risks and impacts of different decommissioning options for Australia's offshore oil and gas infrastructure. In 2022, Phase 1 research outcomes included numerous technical reports and four peer reviewed scientific papers in international journals. Woodside recognises that there are still gaps in decommissioning knowledge and that robust science through collaboration can contribute to decommissioning decisions that achieve better environmental and socio-economic outcomes. NDRI Phase 2 is expected to commence in early 2023. For more information visit ndriaustralia.org. Woodside continues to support the Australian Department of Industry, Science and Resources' enhancement of the decommissioning regulatory framework. In 2022 Woodside provided input into industry papers and actively participated in industry forums focused on decommissioning. We continue to advocate for the importance of a whole of government approach to decommissioning that includes a holistic assessment of options and is risk based. CASE STUDY: CONSISTENT APPROACH TO HISTORICAL WELLHEAD REMOVAL We continue to apply a portfolio approach to our decommissioning activities to enable efficiencies across our projects. For example, our north-west Australian activities developed a consistent decision-making framework to identify which wellheads Woodside proposes to remove and those to leave in situ. Consistent with international standards, this framework uses water depth, and corresponding impacts to other marine users, as a key criteria in determining the approach for wellhead decommissioning. We are progressively decommissioning 46 historical exploration wellheads with 43 located in Commonwealth waters and three located in State waters. In 2022 we obtained environment plan acceptance to leave six wellheads in situ and remove one wellhead. We also commenced planning for a multi asset wellhead removal campaign expected to commence in 2024. This consistent approach enables efficient engagement with stakeholders and allows for the consideration of the cumulative impacts on other marine users. — Guidepost cutting, using remotely operated underwater vehicle using chopsaw. Woodside Energy Group Ltd \| 51

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— Woodside employee at Mia Yellagonga. S ection 3 : S O C I A L 52 \| Sustainable Development Report 2022

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First Nations cultural heritage and engagement We partner with First Nations communities to create positive outcomes that leave a lasting legacy. 2022 HIGHLIGHTS » Successful negotiations with Ngarluma Aboriginal Corporation of an Indigenous Land Use Agreement for the Woodside Solar project » Approval of the Cultural Heritage Management Plan for the Scarborough project » Cultivation of new relationships in New Zealand with the Ngāi Tahu iwi resulting in support for Woodside selection as preferred partner for the Southern Green Hydrogen Project » Further work to assess submerged heritage at Murujuga and manage impacts in a rapidly emerging field of study » Inaugural Indigenous Advisory Group Roundtable discussion held on 21 November 2022 » Updated First Nations Communities Policy OPPORTUNITIES » Advocate for A Voice to Parliament » Consistent progress towards achieving Reconciliation Action Plan targets » Progressing our coexistence with National Heritage and continuing to support the World Heritage listing nomination POTENTIAL RISKS1 » Impacts to Murujuga Rock Art and coexistence » Meeting local content target outcomes for First Nations communities Our approach We acknowledge the unique connection that First Nations communities have to land, waters and the environment. We believe First Nations cultural heritage and industry can successfully coexist. We seek to ensure Traditional Owners and Custodians are central to heritage management so that cultural values are understood and remain protected. We understand the importance of identifying and working with those who have longstanding cultural and spiritual connections to land and waters where we have a presence and we are guided by them in our efforts to avoid or minimise potential impact of our operations on those First Nations communities. Our First Nations Communities Policy (formerly Indigenous Communities Policy) defines this approach and is regularly reviewed and updated as required. Woodside employees, contractors and joint venture partners engaged in activities under Woodside operational control, are collectively responsible for the application of the policy and are provided with training to ensure they are able to do so. The Policy notes that Woodside is to be guided by the United Nations Declaration on the Rights of Indigenous Peoples which demonstrates our commitment to understanding the relevant human rights considerations as we engage with different First Nations communities. In Australia, we maintain relationships with First Nations communities in the Pilbara, Kimberley, South West and Perth. Our approach has been extended to the diverse range of environments we are operating in as a global company, which include the United States, Mexico, Trinidad and Tobago, and New Zealand. We continue to learn from the First Nations communities within those regions and are committed to working alongside these communities. Refer to our website for our First Nations Communities Policy and Human Rights Policy. 1 Potential risk means an environmental, social or governance related-risk, that if it occurs over the next 12 months, could cause an actual or a perceived negative impact on the business or on our activities. S ection 3 . 1 Woodside Energy Group Ltd \| 53

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Our performance In 2022, new relationships were formed, new land use and relationship agreements were executed and existing relationships were enhanced. Woodside remains committed to close consultation with the relevant persons in the areas in which we operate by way of community and individual meetings, attending community initiated events, and ensuring accessibility for feedback or questions as needed. A key element of our consultation efforts is our willingness to be flexible and adaptable in our consultation format to suit the audience. Refer to our website for more information on our current initiatives with First Nations communities. Cultural heritage Woodside has a Cultural Heritage Management Procedure, which reflects our First Nations Communities Policy. This policy includes engaging with affected communities of First Nations peoples in ways that are consistent with the principles of seeking Free, Prior and Informed Consent (FPIC). Our approach to the identification, management and protection of tangible and intangible cultural heritage seeks to avoid impacts, or if avoidance is not possible, we seek to minimise and mitigate the impacts. We seek to ensure Traditional Owners and Custodians are central to heritage management so that cultural values are understood and remain protected. Woodside also prepares detailed cultural heritage management plans (CHMPs) for nearshore and onshore facilities, and completes audits at least annually with Traditional Owners and Custodians, and an independent archaeologist. Woodside does not underestimate the importance of the guidance offered from Traditional Owners and Custodians in relation to cultural heritage which can be seen by our ongoing support to the Murujuga Aboriginal Corporation (MAC), through support for the World Heritage nomination and our extensive funding and support for the Scarborough CHMP and the submerged heritage assessment. Scarborough Cultural Heritage Management Plan The Scarborough project has been the subject of environmental assessments by a range of regulators including the Australian National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) and the Commonwealth of Australia's processes under the Offshore Petroleum Greenhouse Gas Storage Act and the Environmental Protection and Biodiversity Conservation Act (2006). In 2020, NOPSEMA accepted the OPP for the Scarborough project. The OPP presents the assessment of the potential environmental impacts and risks associated with the Scarborough project. It is an early stage, whole of project assessment, which forms the basis for future activity specific environment plans that are currently being prepared and submitted to NOPSEMA and will be required to be assessed and accepted prior to the commencement of any offshore activity related to Scarborough. — MAC rangers with Woodside employees. 54 \| Sustainable Development Report 2022

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Consultation with stakeholders such as MAC commenced in 2018. A broad range of consultation activities were undertaken as part of this process. This included external communication including on our website, factsheets, direct emails to stakeholders and other communication tools such as advertising in local, state and national newspapers. We held community forums and group meetings with a broad range of stakeholders including First Nations stakeholders. We also held one-onone meetings between environment, stakeholder and project management representatives. One of the requests made by MAC during consultations was the addition of a mechanism in the CHMP to address any new ethnographic values identified through further heritage assessments. Woodside worked with MAC to establish a Heritage Management Committee (HMC) whose role would be to consider the necessary mitigation measures required to address any new heritage information arising following certain milestones related to the Scarborough project. The HMC is expected to advise Woodside where any additional mitigation measures are recommended and of any other actions MAC or Woodside should consider. MAC responded to Woodside's proposal, specifying that membership of the HMC should include: • MAC's Circle of Elders • MAC's Board and/or executive • MAC staff • Woodside • Appropriately qualified heritage experts agreed between MAC and Woodside. This year, Woodside in consultation with MAC completed the CHMP for the Scarborough project and provided it to the Department of Water and Environmental Regulation for approval, which was confirmed in January 2023. The CHMP is designed to ensure that impacts to heritage sites and values, including to Murujuga's National Heritage Listed and World Tentative Heritage Listed values, are adequately protected in a manner agreed between Woodside and Traditional Owners and Custodians represented through MAC. It should ensure that the tangible and intangible heritage values are preserved and that cultural and spiritual values of the Traditional Owners and Custodians are protected. Submerged heritage Woodside has engaged with researchers to investigate the potential for First Nations archaeological material that may remain on the sea floor from a time when sea levels were lower and the land would have been exposed and inhabited. We have proactively sought to understand the potential heritage values of the submerged cultural landscape for the proposed Scarborough pipeline by engaging with MAC. In this process we consulted the same heritage experts who were involved with the groundbreaking discoveries in Murujuga's waters to conduct an archaeological assessment that is the first of its kind in Australia. This research project concluded the development proposal is likely to have nil to low impact on archaeological heritage. In particular, the Scarborough project will not impact any submerged igneous rock, which could potentially contain undiscovered examples of Murujuga's internationally significant petroglyphs. For further information regarding research on submerged heritage, please refer to our website. In 2020, Woodside commissioned MAC to undertake a further ethnographic survey with Elders and traditional knowledge holders to identify any intangible or other heritage values associated with the Scarborough project, particularly beyond the shoreline. This work did not identify any heritage sites that would be impacted by the project. At the request of MAC, in 2022 Woodside commissioned a further review of existing side scan sonar geophysical data for stone structures such as traditional fish traps. This work was conducted by an experienced underwater archaeologist and did not identify any archaeological or other cultural features. These assessments have been conducted in consultation with First Nations community members and included detailed consultation with MAC on the development of the CHMP. The assessments have also been informed by the Burra Charter, United Nations Declaration on the Rights of Indigenous Peoples and other national and international guidance. Murujuga—World Heritage nomination extended boundaries In August 2018, the Western Australian Government announced it would work in partnership with MAC towards the World Heritage nomination of Murujuga. The Murujuga Cultural Landscape was added to the World Heritage tentative list in January 2020. The Western Australian Government and MAC are finalising the dossier that supports the nomination. Since 2018, Woodside has supported the nomination, noting that a commitment to and demonstration of coexistence is central to the success of the nomination. In 2021, Woodside was advised that the proposed World Heritage boundary extends beyond the National Heritage boundary that currently exists at Murujuga. The extended boundaries includes islands within the conservation estate, areas of sea country and parts of Woodside leases. Woodside met with a range of stakeholders to understand various perspectives about the revised boundaries. Upon completion of stakeholder consultation, Woodside has continued to support the World Heritage nomination including the new boundaries. Woodside Energy Group Ltd \| 55

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First Nations relations and engagement Woodside is committed to establishing and maintaining positive relationships with the First Nations peoples in the locations in which we work and live. The early engagement of the Gnaala Karla Booja from the south west of Western Australia, the establishment of our relationship with Ngāi Tahu iwi in New Zealand, and the agreement making process with the Ngarluma Aboriginal Corporation (NAC) in the Pilbara, Western Australia, is testament to this approach. H2Perth – Early engagement of Gnaala Karla Booja Aboriginal Corporation In October 2021, Woodside commenced engagement with the South West Land and Sea Council on behalf of the Gnaala Karla Booja Aboriginal Corporation, one of the six Noongar regional corporations, in relation to the proposed H2Perth project in Rockingham and Kwinana (Australia). Early consultation is critical to upholding the principles of FPIC. Woodside entered into a Noongar standard heritage agreement with the Gnaala Karla Booja to provide a respectful framework for engaging on cultural heritage issues in the project area. Woodside has since received cultural heritage reports from the Gnaala Karla Booja Traditional Owners and Custodians which will form the basis for avoiding, protecting and minimising impacts to cultural heritage and we will develop, in partnership with the Gnaala Karla Booja, a CHMP. Since the surveys were completed, the Gnaala Karla Booja Regional Corporation finalised selection of directors and members for their Cultural Advice Committee. Woodside has written to the Gnaala Karla Booja seeking a time to present on the project and to further progress the relationship including, among other things, the cultural heritage management process. Woodside Solar – Agreement with Ngarluma Aboriginal Corporation In October 2022, Woodside and the NAC entered into a bilateral Indigenous Land Use Agreement and a modern benefits sharing and relationship agreement relating to lands being investigated for the proposed Woodside Solar project in the Pilbara. Woodside is currently investigating the supply of approximately 50 MW of solar energy to Pluto LNG, which would result in a direct reduction in Scope 1 greenhouse gas emissions from Pluto LNG. This project is proposed to initially generate electricity from a large scale solar farm, complemented by a battery energy storage system. The lands upon which the solar farm is proposed are within part of the Ngarluma people's native title determined area located in Maitland, 15 km south-west of Karratha (Australia). The agreements set out a framework for the delivery of social and economic benefits to NAC and the Ngarluma people in connection with this opportunity. These agreements also outline how Woodside and NAC will work together to develop this opportunity, including the management of cultural heritage. Early engagement with NAC has ensured the project will be designed to avoid heritage impacts. The framework is consistent with Woodside's objectives for the integration of renewable energy into Woodside operated facilities and achieving positive outcomes for the First Nations communities in which we operate. Woodside has been engaging with NAC regarding this opportunity since 2019 and the agreements are a major milestone to be celebrated. Southern Green Hydrogen, New Zealand – Ngāi Tahu iwi relationship Woodside signed a memorandum of understanding (MOU) on 29 July 2022 with Murihiku Regeneration, the representatives for the Ngāi Tahu iwi in Murihiku-Southland, to further discussions around a potential large scale green hydrogen production project. Murihiku Hapū and Ngāi Tahu iwi are key collaborators in any future project in Murihiku-Southland. Through the MOU and external statements, Woodside reiterated our recognition and respect for the principles of The Treaty of Waitangi and noted its importance in guiding any future relationship with Ngāi Tahu iwi. Woodside is committed to continuing to build the partnership with Ngāi Tahu iwi as part of the Southern Green Hydrogen joint venture. — Tā (Sir) Tipene O'Regan, Customary Chief of the Ngāi Tahu iwi, meets with Meg O'Neill, Woodside CEO, Christchurch New Zealand. 56 \| Sustainable Development Report 2022

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Reconciliation Action Plan 2021-2025 Woodside has been part of Reconciliation Australia's Reconciliation Action Plan (RAP) program since 2009. Overseen by not-for-profit organisation Reconciliation Australia, RAPs require participants to publicly nominate and report on practical actions they are taking to advance reconciliation. Woodside's vision for reconciliation is to partner with First Nations communities to create positive economic, social and cultural outcomes. It is also to reflect on our shared history, empower First Nations voices to speak and be heard so all Australians can learn and work together towards a better, shared future. An example of a long-term outcome from our first RAP was the establishment of the Indigenous Collegiate and the Woodside Reconciliation Community (WRC) (previously named the Reconciliation Interest Group). The Indigenous Collegiate is a group of First Nations employees and contractors who work together to offer support and mentorship to each other, and advice and education to the broader Woodside community. Supporting work readiness in the Pilbara community Woodside is committed to increasing First Nations participation through employment, especially for those local to the area of our operations. This commitment is reinforced as a specific target in our RAP and in our Indigenous Land Use Agreements. One of the ways in which we honour this commitment is through our long-standing partnership with the Ngarluma Yindjibarndi Foundation Limited (NYFL) through the North West Shelf Project. NYFL delivers the Warrgamugardi Yirdiyabura program which supports upskilling and empowering members of the community to be ready for work in a diverse range of industries. The program offers participants supported employment, education and training with a host employer for a two year period. In 2022, participation almost doubled with 65 people engaged in the program, and 18 gaining full employment as a result. The WRC is a community of Woodside employees and contractors who have reconciliation at front of mind. The WRC is made up of First Nations and non-First Nations employees. Their activities include coordination of events and training opportunities, awareness raising, and by virtue of a multidisciplined committee, the WRC offers organisation wide insight into our culture of reconciliation internally. Both groups have a role to play on our reconciliation journey. Both were involved in Woodside's public support of the Uluru Statement from the Heart and are currently working on advocacy in relation to the Indigenous Voice to Parliament. The Woodside RAP Report for 2022 is expected to be finalised in the second quarter of 2023. An example of this was the establishment of the Indigenous Advisory Group. For further information about Woodside's RAP and commitments, please refer to our website. Inaugural Indigenous Advisory Group roundtable discussion A key commitment of our RAP is the establishment of an Indigenous Advisory Group (IAG). On 21 November 2022 this commitment came to fruition at our inaugural roundtable discussion. The role of the IAG is to provide Woodside with expert knowledge, advice and recommendations on matters affecting First Nations peoples and communities that are of regional, national and international importance. IAG participants are selected based on their expertise relevant to the topics being discussed at each meeting. The IAG will share current knowledge, insights, context and perspectives to work with Woodside to instil confidence, recommend areas for improvement, help inform decision-making processes and strengthen relationships with communities. The IAG held in November 2022 included three non Woodside participants, a highly regarded specialist in native title law and related issues, a published author and devoted campaigner for an Indigenous Voice to Parliament and a distinguished and well known human rights lawyer. The attendees from Woodside included members of the Executive Leadership Team, the Head of First Nations and Communities and representatives from both the WRC and Indigenous Collegiate. The topics covered were FPIC and the Indigenous Voice to Parliament. Going forward Woodside will welcome a diverse range of members to ensure various perspectives are heard and that the individuals are subject matter experts best placed to discuss the topic at hand. We expect to hold roundtable discussions at least twice per year. Woodside Energy Group Ltd \| 57

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Submission to Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs Woodside maintains our commitment to principles of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP). In December 2022, Woodside updated our First Nations Communities Policy to include engaging with affected communities of First Nations in ways that are consistent with the principles of seeking FPIC. Woodside actively engages in discussions relating to issues which will or may impact our coexistence and relationships with First Nations People. For example, on 2 August 2022 the Senate referred an inquiry into the application of UNDRIP in Australia, to the newly established Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs (Joint Standing Committee). The Joint Standing Committee is inquiring into international experiences of the implementation of UNDRIP, considering options for improving adherence to UNDRIP principles in Australia and will assess how the implementation of the Uluru Statement from the Heart can support the application of UNDRIP. Woodside made a submission to the Joint Standing Committee expressing support for clarity in Australian law in relation to FPIC to ensure communities understand their rights and companies understand and demonstrate compliance with their obligations under UNDRIP. Woodside was the only energy and resources company to make a submission into the inquiry. Our submission can be found at Submissions – Parliament of Australia. https://www.aph.gov. au/Parliamentary_Business/Committees/Joint/ Aboriginal_and_Torres_Strait_Islander_Affairs/ UNDRIP/Submissions Communication with United Nations High Commissioner for Human Rights On 22 September 2022, Woodside received a Joint Communication (Communication) from the Special Procedures Branch of the Office of the United Nations High Commissioner Human Rights. The correspondence raised issues regarding our activities on the Burrup Peninsula (Murujuga) and impacts on climate change and on Aboriginal rock art. Woodside has operated natural gas and liquefied natural gas facilities on Murujuga in Western Australia for more than 35 years, delivering natural gas to customers in Australia and around the world. Woodside has a proven track record of safe and reliable operations. Woodside builds long lasting relationships with the communities in which we are active. We demonstrate respect for the culture and values of the First Nations communities where we are active and are proud of the partnerships that we have established. Woodside prepared a submission in response to the matters raised in the Communication to support a wider understanding of the projects in question and the way we conduct our business. The United Nations Communication is available on their website. https:// spcommreports.ohchr.org/TMResultsBase/ DownLoadPublicCommunicationFile?gId=27555 Our submission has been made public on the United Nations website. For more information, please refer to our submission. https://spcommreports.ohchr.org/ TMResultsBase/DownLoadFile?gId=37265 — Woodside employees at Mia Yellagonga. 58 \| Sustainable Development Report 2022

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Social contribution Woodside acknowledges that managing our activities in a sustainable way is fundamental to the wellbeing of our employees, communities and environment. Our approach We strive to build and maintain respectful relationships that celebrate the culture and values of our host communities and generate positive social and economic outcomes. The way we work is guided by our Sustainable Communities Policy, Human Rights Policy, Social Performance Framework, Our Values and our newly updated First Nations Communities Policy. These documents frame the expectations on how Woodside fosters respectful relationships, manages adverse impacts and creates sustainable opportunities. Refer to our website for our Sustainable Communities Policy, Human Rights Policy and First Nations Communities Policy. Our performance Woodside's Social Performance Framework includes three key principles to guide our global approach to communities: • Fostering relationships • Managing our impacts • Creating opportunities. Our approach to social performance is executed through a localised model for the communities where we are active and is fit for purpose to reflect the nature, scale and impact of our activities. The Social Performance Framework and social performance plans support Woodside to: • Understand and manage community and stakeholder risks and impacts • Inform business decision-making of key risks and appropriate management strategies • Support ongoing social licence to operate • Create opportunities for our host communities to share in our success. In 2022, we prepared social performance plans for communities where we are active. These include plans in Australia for the Pilbara, Exmouth, Onslow, and internationally in the United States, Trinidad and Tobago, Mexico and Senegal. The plans provide overviews of community and social context, potential social risks, impacts and emerging trends, social obligations and commitments. These plans are endorsed by Woodside asset leaders and track the various social priorities specific to each location. This also supports our employees to increase their understanding and level of ownership of the risks relating to our social licence to operate. SOCIAL PERFORMANCE FRAMEWORK SOCIAL PERFORMANCE FOSTERING RELATIONSHIPS MANAGING OUR IMPACTS CREATING OPPORTUNITIES S ection 3 . 2 Woodside Energy Group Ltd \| 59

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Fostering relationships Australia Building on our 60 year history, Woodside is focused on developing and maintaining positive and enduring relationships with our host communities. We seek to build trust, share timely information about our activities and understand the expectations of the communities where we are active. Throughout 2022, we continued to engage with a variety of local stakeholders including First Nations communities, government representatives, community partners, industry and local suppliers and contractors. We also participated in forums hosted by community and non-government organisations. We held quarterly Community Liaison Group meetings in Karratha, Western Australia, including a familiarisation tour of our Pilbara assets. Key topics discussed and indicators monitored during the year included: local housing and accommodation, essential service provision including childcare, medical, regional flight availability and local content efforts. We participated in three Energy Industry Exmouth Community Liaison Group meetings in 2022. This forum provides an opportunity for community members to provide feedback on activities and discuss issues of common interest or concern. Key topics discussed at the meetings included: operator updates, environment plans and community partnerships. Stakeholder and community engagement is well underway to support our hydrogen projects including H2Perth, the Hydrogen Refueller @H2Perth and H2TAS environmental processes. Senegal In support of the Sangomar development project we continued active engagement with coastal communities in the Dakar, Thies and Fatick regions (Senegal). We held a series of community consultations, a field visit with a social investment partner and a beach cleaning activity with the community in Dakar (Senegal). United States In October 2022, Woodside undertook engagement with key stakeholders in the Louisiana communities of Houma, Thibodaux and Port Fourchon. Impacts faced in these areas and topics discussed included hurricane preparedness, coastal erosion and challenges regarding coastal restoration efforts, food insecurity and higher education support. Mexico Stakeholder engagement continues to be a priority in support of the Trion project. During the community liaison group meeting in Tamaulipas (Mexico), in late 2022, social investment partners and local government stakeholders discussed community priorities and social challenges. These ongoing engagements will allow Woodside to continue to discuss project updates and understand community aspirations and concerns. Meeting with stakeholders and building meaningful relationships continues to be a priority. Woodside considers how we best apply our global Social Performance Framework to our growing business and the social investment approach relative to our business activities. CASE STUDY: SUPPORTING THE HOUSTON COMMUNITY, UNITED WAY PARTNERSHIP The United Way Campaign is an annual event in Houston. This year, we kicked it off in November with a launch event at our Houston offices. Daniel Kalms, Executive Vice President of Technical Services, and Dr. Angel Harris, United Way Chief Advancement Officer, hosted an informative discussion at the campaign kick off. This session also featured two of our Houston team members, the Manager of Process Safety and Integration, who represents Woodside on the United Way Women's Initiative Steering Committee, and the Sustainability Strategy Lead based in Houston. During the two week campaign, our Houston team members participated in a variety of events, including making dental and hygiene kits and volunteering at the Houston Food Bank, Bread of Life and BakerRipley. In 2022, the Woodside partnership raised US$500,000. 60 \| Sustainable Development Report 2022

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Understanding community concerns Woodside's Community Grievance Framework is designed to ensure prompt and respectful receipt, investigation and response to community concerns from stakeholders in our operational areas. The associated local mechanisms are available to community members who feel Woodside's activities have impacted them. Translated versions of local mechanisms in Myanmar and Senegal are also available and for the Trion project in Mexico a local community grievance mechanism will be developed as part of the social impact assessment (SIA) work. For the First Nations communities in Western Australia, our grievance mechanism are communicated verbally, in respect to the communities strong spoken language and preference of the same. Community members can lodge grievances via the Community Concerns page on our website, the Woodside community phone line, via email or they may contact their closest Woodside office. Our regional offices support local teams to build trusting relationships with communities and receive feedback on a regular basis. In 2022, we received four community grievances from our operational areas, which related mostly to First Nations contracting opportunities. All grievances were addressed and discussed with relevant community members. The number of grievances in 2022 has declined from previous years. In Trinidad and Tobago, we received three fishing claims related to lost equipment during a survey for the Calypso project. The claims were settled amicably after consultation and investigation. To help ensure we have an effective and consistent approach to grievance management across all communities where we are active, we completed a review of our mechanisms against the United Nations Guiding Principles effectiveness criteria in 2022. Recommendations from the review are expected to be included in 2023 workplans. Managing our impacts Woodside seeks to identify, understand, manage and monitor potential impacts and opportunities associated with our activities. We are committed to communicating performance and progress to stakeholders and communities where we are active. In 2022, an SIA was completed to identify impacts and opportunities from our operations and proposed activities in the Pilbara region in Western Australia. The work also extended to inform our early phases of the Northern Carnarvon carbon capture and storage project. The social performance dashboard for the Pilbara region, including review of emerging trends, key community indicators and stakeholder sentiment, was shared monthly with leaders to ensure the business was responding to community needs and aspirations and not contributing to adverse impacts. We aim to implement a similar dashboard for the Exmouth and Onslow (Australia) communities and continue to share information and grow knowledge about the social performance priorities with our teams and employees. An SIA and Social Impact Management Plan for these communities is underway. Interviews were undertaken with community stakeholders in November with findings to be delivered in 2023. A social baseline scan for the Broome (Australia) region was also completed to support proactive identification of evolving social issues, emerging regulatory or policy changes and any changes in societal expectations for the Browse development. Findings are anticipated to inform future social performance activities, including social impact assessment, stakeholder engagement and social contribution. For our hydrogen business, we are targeting completion of SIAs for H2Perth, the Hydrogen Refueller @H2Perth and H2TAS and Southern Green Hydrogen in 2023. An update of the SIA for the Sangomar Field Development commenced in 2022 to understand any changes to the socioeconomic environment in Senegal, community priorities and human rights risks and impacts. Recommendations and findings will be integrated into social impact management plans in 2023. For our host communities in Trinidad and Tobago, Tamaulipas (Mexico) and coastal Louisiana (United States), we have started a process to improve how we map social impacts and identify how we continue to create opportunities. In 2023, an SIA is planned for the Tamaulipas (Mexico) region. A human rights assessment is being undertaken by the University of Tamaulipas to support our understanding of potential impacts associated with our proposed activities. The assessment will consider the environmental, social, cultural and human rights elements that require active monitoring and management. We will continue to engage and work closely with community stakeholders in 2023 to share the outcomes of our engagements, further develop our impact management plans and provide communities with proactive operational and project updates. Refer to pages 53-58 for more information on Cultural heritage management. Woodside Energy Group Ltd \| 61

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Creating opportunities In 2022, Woodside invested globally A$25.5 million in communities through social investment, of which 8.6% was required by government regulations or First Nations contractual agreements. We spent the remaining A$23.3 million (91.4%) on voluntary social investment. This includes strategic partnerships and philanthropic activities, including the value of time our employees spent volunteering. An additional A$18.9 million was leveraged through the contribution made by our joint venture partners and other co-funded initiatives we are involved in or that our employees support. The merger with BHP's petroleum business presented an opportunity to combine the strengths of both approaches to social investment, build on local relationships and support community development outcomes. Strong alignment across both organisations' partnership portfolio existed with a common focus on improving environment, education, employment and community wellbeing and resilience outcomes. Woodside has a history of investment in the communities where our employees live and work. There is a role for Woodside to play in supporting regional development in these host communities by helping to improve local capability and capacity so they can thrive. Over the past five years, Woodside has contributed A$101.7 million to communities through strategic partnerships, small scale community grants and the value of staff time volunteering.1 Woodside's social investment strategy identifies three social outcome areas to further our ability to support community development and focus on long-term outcomes. The three areas are, improve knowledge, create opportunities and build resilience. Social impact outcomes underpin how we shape new and existing partnerships. The release of the 2021 Social Contribution Impact Report highlighted the importance of outcomes and impact, not simply outputs. The report also demonstrated the progress against the United Nations Sustainable Development Goals. Throughout 2022, Woodside and its joint venture partners continued to support community development globally and invest in opportunities that were important to host communities. A review of the investment approach across Western Australia's host communities of Karratha, Roebourne, Exmouth and Onslow occurred during the year to ensure community priorities were aligned and remained the focus. In 2023, we will commence our new five year regional social investment strategy in the North West region of Western Australia. This A$65 million commitment by Woodside and its joint venture partners will include new opportunities as well as extending current partnerships. Investment will focus on areas of need in the regional towns, including education, youth, local business, sporting clubs and not-for-profit organisations, infrastructure, health and housing support. TOTAL SOCIAL SPEND GLOBALLY1 A$25.5 million STRATEGIC PARTNERSHIPS A$20 million These multi-year partnerships are established to support capacity and capability build of partner organisations, including the Woodside Development Fund PHILANTHROPY A$1.3 million Provided through corporate donations and small grants in host communities VOLUNTEERING A$2 million More than 1,500 of our employees participated in 10,200 hours of corporate volunteering globally during 2022 MANDATORY CONTRIBUTION A$2.2million Required by government regulations or First Nations contractual agreements 1 Verified data included here includes information relevant to the former Woodside Petroleum Ltd as well as the Woodside Energy Group Ltd for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. All figures are approximate and rounded up to the nearest decimal point. 1 Please note, this figure does not include mandatory spend. 62 \| Sustainable Development Report 2022

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In addition, Woodside committed to invest A$50 million over five years towards the Western Australian Government's Resources Community Investment Initiative that will support legacy projects and benefit future generations. Investment to support the community in the Louisiana Gulf Coast (United States) area continues under existing commitments. Programs are focused on supporting higher education, community and environmental resilience. Consultation with previous and current partner organisations will inform the investment approach from 2023, which aligns to community priorities. Woodside continues to work closely with long standing partner organisations in Trinidad and Tobago this includes conservation work with the Turtle Village Trust and support for road safety initiatives through the Arrive Alive program, which has achieved a 30% reduction in road fatalities over the past ten years. Safety at sea training has also been supported for fishers in partnership with the Future Fishers and Caribbean Fisheries Training and Development Institute. In Senegal, two pilot programs were successfully launched with implementation and program delivery occurring throughout the year. The partnership with PanAfricare covers the regions of Dakar and Thies aiming to improve the environmental management and empowerment of fishing communities. In the Saloum Delta of the Fatick region, a partnership with Wetlands International is building on the importance of mangrove restoration and conservation. A partnership with Ensena por Mexico and the Ministry of Education aims to improve education for over 3,000 children in the Tamaulipas region by providing high quality training to local teachers. This partnership is anticipated to be renewed into 2023 along with funding for Caritas de Tampico that supports the health and nutrition of vulnerable people in the region. Woodside seeks to cultivate a workplace culture in which our employees are encouraged to give back to the community through volunteering and workplace giving programs. For over a decade Woodside has partnered with Jawun and seconded 85 employees to First Nations community based organisations across Australia to support capacity building, skills transfer and community led projects. These secondments have enormous impacts in the host organisations and provide a positive experience for the secondees who participate. Woodside has been a member of Business for Societal Impact (B4SI) for over a decade. The B4SI community investment framework and supporting guidance tools have helped to evolve our understanding and measurement of social impact through social investment. This has resulted in deeper engagement with our partner organisations to achieve meaningful and measurable impacts for the communities in which we are active. Feedback through the annual social impact measurement survey of partner organisations found: • 94% of partners advised that they had improved their capacity or were able to deliver new programs • 97% advised they were able to reach more participants or spend more time with existing participants • 98% of the total number of people assessed are healthier, happier or more comfortable as a result of the support • 97% of the total number of people assessed developed new skills or improved existing skills to enable them to develop academically, in the workplace or socially • 94% of partners reported an increase in public profile as a result of Woodside's support. CASE STUDY: HOUSING IN KARRATHA, PILBARA REGION, WESTERN AUSTRALIA Working collaboratively with the City of Karratha, other industry and our joint venture partners, we supported an affordable housing initiative in 2022, providing 30 properties at a subsidised rental for a two year period to support the attraction and retention of service workers in the local community. The partnership has provided much needed affordable housing support for critical local service workers including childcare, retail and health sector employees. Service workers are vital to supporting local businesses, maintaining essential services and creating vibrant and liveable cities. Access to affordable housing is an issue of concern for the Karratha and Roebourne residents. Through listening to local feedback and active monitoring of key community indicators. Woodside was able to make a positive contribution towards this important issue in the local Karratha community. Woodside Energy Group Ltd \| 63

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CASE STUDY: KARRATHA AND ROEBOURNE EDUCATION INITIATIVES (AUSTRALIA) Woodside has been a long-term supporter of improved educational opportunities and pathways to employment through our North West Shelf Project's Karratha and Roebourne Education Initiatives. Over the past 15 years, Woodside's investment in education has contributed towards the improvement of student outcomes. Programs have focused on academic excellence, pathways to employment and teachers' professional development. Supporting high quality education helps to deliver outcomes for local students and it supports the attraction and retention of a residential workforce. In 2022, more than 1,700 students and teachers participated in activities and programs supported by our Karratha Education Initiative with Karratha Senior High School and St Luke's College. From 2023, working with education stakeholders Woodside aims to expand its education initiatives, extending from pre primary to tertiary education and aligning under the one umbrella. These extended initiatives will support academic achievements and extension, First Nations learning and education outcomes, student career pathways, science, technology, engineering and mathematics education and wellbeing, development of digital learning skills across primary schools, teacher professional development opportunities across all years and enhanced measurement and reporting. " I would say go for it. The Karratha Education Initiative scholarship for the Leeuwin is amazing. It opens up your eyes to heaps of opportunities. It has definitely changed my perspective on what I want to do in the future. It shows how much you can push yourself to do different things." – Karratha Senior High School student " The Karratha Education Initiative is a very widely encompassing program. What it does is enable us to give additional academic opportunities to our students, pastoral and welfare opportunities, motivational speakers for them, additional professional learning for our staff and to provide for academic classes that we wouldn't necessarily be able to run due to the small size of some of those specialised classes such as Physics and Specialist Mathematics." – Teacher, St Luke's College CASE STUDY: ORANGE SKY SOLAR CONVERSION, PERTH (AUSTRALIA) Woodside funded vehicle upgrades to Orange Sky's Perth service vans Karla and Koorda. The services support the most vulnerable community members through access to clean clothes, warm showers and friendly conversation. Upgrades included the removal of diesel generators, which were replaced with solar-powered equipment and battery banks, and the installation of the Orange Sky founded 'Waru Dryer'. This is the world's first clothes dryer to use solar powered batteries and fuel powered air heaters, rather than a typical electrical heating element. The upgrades aim to reduce emissions and maintenance costs, while enhancing safety and increasing usability, improving the overall service for people experiencing homelessness. The Orange Sky trial and testing phase revealed that upgrades were set to reduce electrical consumption by up to 90% per shift and forecast to reduce their greenhouse gases by up to 70%. Implementing vehicle upgrades across their Australian and New Zealand fleet will assist Orange Sky in reaching their 2025 impact goals. " Orange Sky's goal is to triple our impact and help 40,000 people by 2025, and this project plays a key part in achieving that." – Nic Marchesi OAM, Orange Sky Co-founder 64 \| Sustainable Development Report 2022

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CASE STUDY: CÁRITAS DE TAMPICO, MEXICO Since 1984, Caritas de Tampico has been working alongside the most vulnerable community members within the cities of Tampico, Altamira and Veracruz within the Tamaulipas region of Mexico. Their programs are providing inter-generational support to improve essential community health, nutrition, housing and training outcomes. Woodside partners with the Caritas de Tampico to fund their soy processing facility and its distribution. This provides a nutritious protein soy based breakfast comprising milk and bread, which are prepared during weekdays and distributed to families living with malnutrition. For some families, this will be their only meal of the day. Woodside's funding in 2022 has contributed to an additional vehicle for the program, which supports them to produce and deliver almost 8,000 nutritious soy based breakfast meals through its 68 distribution points across the region. This community led program would not be possible without the support of approximately 140 local volunteers who participate in the direct distribution of breakfasts in their respective communities. Families who are supported by the breakfast program also have the option to participate in cooking classes offered by Caritas de Tampico with a focus on including nutritious soy bean in their meal preparation. " I'm very proud of my work in this plant. Here, we guarantee meals for families in the marginalised zones of Tampico, Ciudad Madero and the north of Veracruz, with nutritious and low cost soy milk and soy bread. This facilitates access to a secure source of food to all our fellow program members giving us the opportunity to change the community one step at a time" – Soy Processing Facility Coordinator. CASE STUDY: ROTARY INTERNATIONAL, TIMOR-LESTE Woodside has partnered with the Rotary International Project since 2012, through our Sunrise Joint Venture. One initiative funded through the project is the Rotary Youth Leadership Award (RYLA) Internship Program, which is a six month program offering valuable work experience to unemployed youth in Timor-Leste. In 2022, 15 internships were allocated at seven partnership non-government organisations (NGOs). These positions were offered to selected alumni who had previously participated in the Rotary Youth Leadership Program. Since its inception in 2016, the RYLA Internship Program has benefited more than 120 young Timorese people. Participation in the RYLA internships has resulted in a 90% success rate in finding employment after the program, with many interns employed at the NGO where they completed their work experience. Some participants have found work in Australia and others have gone on to receive international scholarships. With significant youth unemployment rates in Timor- Leste, a RYLA participant said "they would not have been offered employment opportunities without the experience gained through this program. The RYLA internship has been a life changing experience." Woodside Energy Group Ltd \| 65

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Supply chain and local content 1 Data included here includes information relevant to the former Woodside Petroleum Ltd as well as the Woodside Energy Group Ltd for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022.. Woodside continues to work in partnership with our local suppliers across the global supply chain to continuously improve our approach, streamline our processes to make opportunities more accessible and to deliver sustainable outcomes to our communities. Woodside contributed towards building thriving local communities by creating opportunities for individuals, First Nations peoples and businesses to share in our success. We recognise that the drivers for local content contracting differs across our global portfolio of projects and operating assets. We tailor our strategies and processes to maximise supply chain outcomes. We made progress in improving our local content reporting mechanisms to capture and understand the impact we are having in our local communities. Our approach to supply chain and local content supports the delivery of the Sustainable Communities Policy, Human Rights Policy, First Nations Communities Policy and our commitment to First Nations reconciliation. In 2022, we spent more than US$6.7 billion on goods and services, with the majority of spend (54%) with Australian suppliers.1 The 2022 spend with Australian suppliers compared favourably with 2021 with an increase of 38% year on year, partly attributable to increased spend following the merger with BHP Petroleum. Work has been undertaken to provide visibility of contracting opportunities within our base operations and portfolio of global projects to local suppliers, including targeted supplier engagement workshops for our major projects. This activity was in addition to the information available in our forward work plans. Our stakeholders continue to advocate for simplified pathways of entry into our supply chain. To support this, contracting processes and approvals have been streamlined to facilitate an increase in participation from local suppliers. Australia For 2022, there was an increase in Woodside's local content targets relating to regional outcomes. These were aimed at providing greater internal visibility and focus regarding local content performance. Whilst the results for local content spend were behind target, there was an increase in multi-year contract awards that are expected to deliver growth in local content spend into 2023 and future years. This is intended to create a steady and sustainable demand profile for First Nations communities and regional Karratha businesses, and to support Woodside achieving its 2021- 2025 Reconciliation Action Plan targets. A multi-year local content improvement plan was developed that provides peer benchmarking and a pipeline of sustainable contracting opportunities and strategies to increase local content spend. For more information on First Nations and cultural heritage and engagement please see pages 53-58. — Aerial view of the City of Karratha (Australia). 66 \| Sustainable Development Report 2022

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Senegal Woodside and key contractors in Senegal continue to actively support local content development whilst clarifying aspects of the developing local content legislation. In July 2022, the National Local Content Monitoring Committee launched an electronic platform to be used to advertise tenders. A local content reporting tool was developed that will collect data from key contractors and their subcontractors. This data will be available to demonstrate local content outcomes with key stakeholders. Gulf of Mexico, Trinidad and Tobago, Mexico and Canada Continued progress was made on actions supporting the existing Local Procurement Plan which covers assets in the United States, Gulf of Mexico, Trinidad and Tobago, Mexico and Canada. Key aspects of the Plan included managing preferred local supplier lists for each region to identify potential opportunities to redirect spend to local and/or diverse suppliers, and category management to include social value considerations (Local Spend, Environment, Inclusion and Diversity) in the respective category strategies. A Local Buy Program was implemented in Trinidad and Tobago to increase the quantity, distribution, and range of goods and services procured from small local vendors, thereby creating shared value for host communities. Supporting small business Woodside has actively supported the Federal Payment Times Reporting Scheme (PTRS) to improve payment times for Australian small businesses. In the first quarter of 2022, we reduced target payment times for suppliers to Woodside's Australian based operations and projects to 20 business days. This supported prompt payment of suppliers and compliance with the new legislative requirements in the Building and Construction Industry (Security of Payment) Act 2021 (WA). We continue to apply shorter payment times for small, local and First Nations businesses. GLOBAL SPEND ON GOODS AND SERVICES BY COUNTRY Total US$6.7 billion 54% Australia 22% United States 8% Senegal 8% Other 5% Japan 3% United Kingdom CASE STUDY: HOUSTON MINORITY SUPPLIER DEVELOPMENT COUNCIL EXPO MARKETPLACE 2022 The Houston Minority Supplier Development Council (HMSDC) is a non-profit organisation committed to driving the economic growth of minority-owned businesses by: • Leveraging the national network to support and facilitate minority business enterprise (MBE) integration into corporate and public sector supply chains • Building MBE capacity and capabilities through targeted programs and other education offerings • Facilitating MBE-to-MBE partnerships to meet the needs of corporate members. The annual Expo Marketplace is HMSDC's premier event that connects corporations and governments with minority owned businesses to promote learnings and supplier development, create new business connections and advance diverse supplier integration into corporate and government supply chains. In 2022, Woodside hosted the Expo, being the first corporate member to do so. The Expo attracted more than 400 guests from various peer corporations, educational institutions, state and local government agencies and local minority business owners. Woodside Energy Group Ltd \| 67

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People and culture Our people are integral to the success of Woodside. To maintain a high performing organisation in a changing industry and society we will continue to evolve our people strategy, listen to our people and maintain a culture that encourages everyone to bring their whole self to work. Our approach The merger of Woodside and BHP Petroleum in 2022 provided us with an opportunity to bring together the best of both companies. Our primary focus was on developing a fit for purpose operating model for the merged company, coupled with a process to select a diverse and high performing employee group. The new operating model defines the way we work through organisational structure, systems and operating principles. Through our focus on organisational culture, we integrated the work from both organisations to build an inclusive workplace where people can be at their best. As a key enabler to our success, we developed Our Values, emphasising that we are one team, we care, we innovate every day, results matter, and that we build and maintain trust. The focus for the Executive Leadership Team is to be strategic and purposeful in focusing on these values so that they become the lived experience for all employees. Truly being a values-led organisation will enable us to fulfill our ambitions to be a global energy supplier. With a foundation set, our path forward is focused on improving the productivity of our operating model, continuing the development of our people capability, and building a high performing organisational culture. Our performance In 2022, the employee experience and our culture were both prioritised. A new operating model was delivered, policies were harmonised, the first Our Voice all-employee culture survey was completed, and our Navigator Leadership Development Program represented a step change in how we invest in leadership development. We renewed our commitments to inclusion and diversity by adding race and ethnicity as a focus to the Woodside Inclusion and Diversity Strategy, introducing new initiatives, and integrating critical components of both heritage organisations' cultures. OUR VALUES One team We are inspired by our common purpose. We challenge, respect, and back each other. We are inclusive, value diversity, and can be ourselves. Results matter We go after opportunities and show courage by taking the right risks and learning from our mistakes. We spend and invest as if it's our money. We are proud of our achievements. Build and maintain trust Trust takes time and eff ort and will not be taken for granted. We nurture relationships and act with integrity – doing what we say and doing it well. We care We keep each other safe. We listen and respond with humility. We respect the environment, operate responsibly, and care for communities. We adapt to the world's expectations of us. Innovate every day We explore ideas, fi nd creative solutions, and try new ways of doing thing to provide the energy the world needs today and low cost, lower carbon energy for tomorrow. S ection 3 . 3 68 \| Sustainable Development Report 2022

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Becoming Woodside Energy A crucial step in preparing for the merger between Woodside and BHP's petroleum business was to define the operating model for the new organisation. We built a new operating model which is designed to allow for efficient management of the organisation's combined portfolio whilst delivering synergies and optimising organisational ways of working in a dynamic and competitive industry. The new operating model and organisational structure are intended to drive effective decision-making and clarity of accountability. They will also create the connectivity required to integrate and further develop our organisational culture. The new structure was implemented in September 2022. With the structure in place, bringing together the right team was the next step in building the new combined organisation. Nomination for key leadership positions began early in 2022 with the announcement of the new Executive Leadership Team, followed by the Senior Leadership Team. Selection for key roles was informed by individual leadership capability, demonstration of Our Values, representation across both organisations and with regard to aspirations on diverse talent participation. Through the merger we prioritised culture, inclusion, and diversity as key features in our integration workstreams. In line with this, we have delivered harmonised policies that provide guidance on ways of working and confirm both our new reward philosophy and framework, and our people decision framework. Throughout the process of bringing together two different global teams, one of our key focus areas has been to establish a One Team culture and to cultivate a sense of belonging and commitment to the newly merged company. Culture Our goal is to create a high performing organisation with an integrated people strategy to attract and retain highly capable people, as well as creating a working environment for them to be at their best. Cultural integration has been a key deliverable of the merger, supporting synergy capture and value creation. The integration activities to date have provided a foundation for a long-term effort to facilitate a culture and capability to succeed. In the first half of 2022, we focused on understanding the practices within each company, their advantages and challenges. Following the merger, we have sought to build upon the respective cultural similarities and strengths, confront the differences that could cause resistance and pursue the transformation opportunities. The role of leadership A key component to establishing our new culture was leadership selection. During selection of the new leadership team, emphasis was placed on selecting senior leaders who demonstrate our desired culture and align with our inclusion and diversity aspirations. In addition, clearly defined behaviours have been embedded into new executive decision-making routines to promote efficiency and effectiveness. The newly formed Executive Leadership Team spent time during its first offsite meeting to consider the role of culture in realising our strategy. This was informed by data from a cultural diagnostic survey and resulted in the creation of our new company values which will drive our long-term cultural aspirations as well as identification of the priority themes to facilitate the merging of two cultures and maximise business continuity. The focus areas and road map for this plan are being developed and built around: • Leadership capability • Embedment within policies, practice and systems of work • Mechanisms for sustainable measurement and benchmarking. The voice of our employees We have introduced a new employee survey Our Voice which will be run every six months. The survey seeks to understand employee sentiment on inclusion and diversity matters, experiences of leadership and culture, job satisfaction, intention to remain with Woodside and several other themes relating to engagement. Our focus is on educating and enabling leaders to undertake tangible action that uplifts the engagement and belonging of their team based on feedback. Repeating the survey every six months creates accountability with leaders and their teams to focus on making incremental improvements to the way we work. Inclusion and diversity In 2021, Woodside launched the new Inclusion and Diversity Strategy 2021-2025, which focuses on achieving an inclusive culture with diverse representation throughout the organisation. Through this strategy, we are striving for an organisation where all people feel safe, enabled, and supported to bring their whole self to work. We recognise that the behaviours we cultivate, our people management practices, and leadership needs to be aligned with this commitment to ensure that everyone feels safe and included. We aim to build inclusion throughout the employee life cycle focusing on fostering inclusive leadership, enabling our people to engage in an inclusive workplace through employee groups, embedding respectful behaviours and embracing flexibility. We remain committed to improving flexibility in the workplace to support our employees and their diverse needs. In 2022, a flexible public holiday trial was conducted in Australia to allow employees to flex up to five public holidays for other days of personal significance. The program received highly positive feedback and is expected to be expanded globally in 2023. Woodside Energy Group Ltd \| 69

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Inclusive leadership Throughout 2021-2022, approximately 100 of our senior leaders completed an inclusive leadership assessment. Leaders received 360-degree feedback, providing insights into their strengths and development areas. Following the assessment, each leader received a series of personalised coaching sessions aimed at embedding their development and collectively enhancing Woodside's inclusive culture. Employee-led groups Across both organisations, employee-led groups have a history of providing support, fostering connections, building capabilities and influencing change. These groups have a lasting and valued impact for our people and are recognised for their critical role in building an inclusive and diverse workplace. Woodside has six employee impact groups linked to our Inclusion and Diversity Strategy, including: • ADAPT (Advocates for Different Abilities and Personality Traits) • CALD (Cultural and Linguistic Diversity) • EDGE (Employees Driving Gender Equity) • EmBRace (Employees Beyond Race) • Vibe (focused on LGBTIQ+ inclusion) • Woodside Reconciliation Community (focused on advancing reconciliation between non-First Nations and First Nations Australians). There are two additional employee impact groups linked to our efforts towards sustainability and climate: • SPARK (focused on Environmental, Social, and Governance topics) • WECAN (Woodside Energy Climate Awareness Network). Our employee impact groups often explore intersectional topics through joint events. In September, CALD and EDGE hosted an event in Perth called Cracking the Glass Cultural Ceiling focused on culturally diverse female talent in leadership positions. Respectful behaviours We have a respectful behaviours multi-disciplinary working group which has improved company inductions, taken a trauma informed approach to our grievance and investigation procedures, reviewed work camp controls and prepared risk bowties. During 2022, the interactive respectful behaviours training program was attended by 653 people, bringing the total to over 1,500 attendees by the end of 2022. We continue to be an active participant in industry working groups which are responding to the Enough is Enough report findings from the Western Australia parliamentary inquiry into Sexual harassment against women in the fly in fly out mining industry. Prior to legislation coming into effect in Australia, we made improvements to the support provided in relation to family and domestic violence with ten days paid leave made available to all employees directly impacted by family and domestic violence. We have extended this paid leave component to enable employees who may be seeking formal counselling or training to stop perpetrating family and domestic violence with the intent that they will commit to the time and effort required to improve their behaviours. Focus areas for inclusion In addition to addressing inclusion through various stages of the employee life cycle, Woodside has identified six diversity priorities within the Inclusion and Diversity Strategy. These are: • First Nations and Indigenous Peoples • Gender equality • Race and ethnicity • Cultural background and faith • Enable all abilities • Gender identity and sexual orientation. The Woodside Board recognises that having people with a range of backgrounds and experience is a critical requirement of an effective Board and its Committees. The Board's commitment to improving diversity was enhanced in 2022 by setting goals for maintaining or improving representation of females and ethnic minorities on the board. These commitments can be viewed in Woodside's Inclusion and Diversity Policy. In 2022, a flexible public holiday trial was conducted in Australia to allow employees to flex up to five public holidays for other days of personal significance. The program received highly positive feedback and will be expanded globally in 2023. — Our VIBE employee impact group. 70 \| Sustainable Development Report 2022

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First Nations participation In 2022, the overall representation of First Nations Australians in the Woodside workforce increased to 5.4% compared to the 2021 figure of 5.2%. First Nations Australian representation in leadership roles increased from 0.8% in 2021, to 0.9%. Representation in mid-career and senior roles rose from 0.6% to 0.7%. There have also been strong hiring indicators with 6.2% of new experienced hires identifying as First Nations Australians, compared to a target of 2%. Our tertiary pathway programs have achieved 4.8% of the new graduate cohort and 3.8% of the 2022-2023 Summer Vacation Program participants identifying as First Nations Australians. We also have seen 66.7% of our new externally hired apprentices and trainees identifying as First Nations Australians, and 40.6% of those converting from apprenticeship or traineeship to Woodside employment also identify as First Nations. Areas of focus for Woodside during 2022 included the turnover of First Nations employees and contribution to career development opportunities. Endorsed in July, the Indigenous Retention and Development Plan seeks to address some of the challenges affecting retention and development. The plan directs efforts into three key areas, organisational cultural maturity, First Nations employee development and business accountability. The resulting initiatives include the recruitment of an Employee Career Advisor, formalisation and support of the First Nations Collegiate and expanded internal and external development opportunities. Released in May 2022, the inaugural Minderoo Indigenous Employment Index placed Woodside fourth of the 42 participating companies Australia-wide. Woodside has participated in the index since 2021. This two year journey has allowed us to understand both the status of First Nations employment nationally and our own efforts. The index seeks to provide critical insight into what is working well, the steps organisations can take to increase First Nations economic participation and how to improve the experiences of First Nations employees. The Indigenous Cultural Learning for Leaders Program is a four-staged, individualised learning journey that includes immersions, coaching, master classes and on country experiences. The program is led by the Indigenous Consulting Group and aims to both deepen our leaders' knowledge with respect to First Nations Australians and upskill them to lead culturally safe and inclusive teams. Feedback from participants in Stage 1 highlights the impacts of this program. " This has been the most impactful Indigenous cultural training I have experienced since joining Woodside. (Nothing else) has connected me so genuinely to our First Nations people and the impact of colonisation on their lives as the ICG Program. I learned more in one and a half days than I have in my 17 years as a tourist of Indigenous culture in Australia. It was only after participating in the role play with ICG that I stopped being a rational, distant observer (a tourist) of the Indigenous experience and started actually feeling it emotionally." — Kimberly Walpot, GM Browse Integration In 2022, Woodside increased its investment in the Jawun program by joining the Catalyse tier. This includes annual targets to send employees and executives on immersions to First Nations regional organisations and communities across Australia to share skills and knowledge, support capacity development and build relationships. During 2022, six Woodside employees participated in six week long on country secondments and seven Woodside Executives travelled on mini-immersions to the Kimberley and Central Australia. CASE STUDY: FINALIST IN OUTSTANDING WOMAN IN RESOURCES CATEGORY, CHAMBER OF MINERALS AND ENERGY AWARDS In April 2022, Sharon Reynolds (then Senior Manager Indigenous Affairs) was recognised as a finalist in the Chamber of Minerals and Energy (CME Women in Resources Awards) – Outstanding Woman in Resources Category. Sharon's recognition as finalist signifies a career journey in resources that spans over 15 years. Sharon has worked from advising across Native Title and cultural heritage to senior management in Indigenous Affairs at Woodside since joining the company in 2011. Sharon's recent appointment as Head of First Nations and Communities at Woodside highlights a stellar career and illustrates global career opportunities for women in the resources sector with specialisation in Indigenous and First Nations matters. Sharon is deeply respected at Woodside for her humble leadership, extensive cultural heritage expertise and contribution to leading Woodside's reconciliation journey. Sharon's recognition also highlights our contribution to not only women in senior leadership roles in the resource sector, but First Nations female leadership. Woodside Energy Group Ltd \| 71

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Gender participation There has been steady improvement to all key metrics monitored for participation, including female participation overall, in leadership and in technician and trade roles. The Australian Operations team reached 10% female representation in trades/technician roles as of 31 December 2022, and the company reached 9.8% overall for this metric. This has been a key area for improvement and focus in accordance with applicable laws and governing documents. Continued efforts in this space include a focus on apprentice and trainee programs and the implementation of the Women in Operations Working Group. Pre-merger commitments related to female participation will be adjusted to recognise legislative requirements in the United States. Another way to improve gender balance is through supporting parents and carers in successfully balancing work and personal responsibilities. In May 2022, we made improvements to our parental leave provisions to extend paid leave, improve superannuation arrangements and ensure it was more easily accessible to both parents and all employees across the globe. The EDGE employee impact group, which focuses on gender equity, has become a finalist in the Chamber of Minerals and Energy WA Women in Resources Awards for the Outstanding Company Initiative Category. Driven by EDGE, Woodside launched a pilot of FamilyConnect@Woodside. This initiative provides valuable information and resources including webinars to all employees in all locations. Within one month of launch, over 200 employees had registered. Recognising that mentorship is a critical component of employee growth, development and retention, EDGE leveraged our partnership with the Women's Energy Network (WEN) in Houston to deliver mentorship opportunities to our workforce. These enabled staff members to expand their networks, connect with other individuals in the energy industry and gain critical insights. Race and ethnicity In June 2022, Woodside's Inclusion and Diversity Policy and Strategy were updated to include a focus on race and ethnicity. The policy states that we are committed to "improving the diversity mix of our workforce to reflect the communities in which we operate. We recognise the different social and legislative frameworks in our different global locations and apply our inclusion and diversity and people management practices in accordance with this. Woodside is committed to providing equal employment opportunities and ensuring people management practices prevent or stop any form of discrimination." Please see the Inclusion and Diversity Policy available on our website. The racial equity component of our inclusion and diversity commitments is aimed at ensuring we continue to work towards equal access to opportunities across our organisation given the historical barriers in our communities and as Woodside does not currently have proportional racial and ethnic representation at all levels of our organisation. In the fourth quarter of 2022, work commenced on a refresh of the Racial Equity Strategy and Plan, which will be finalised in 2023. This strategy aims to drive equity in our workplace and to reduce professional and career barriers for individuals who are Black, Indigenous, or People of Colour (BIPOC) in communities in which we operate. Ahead of the merger, BHP Petroleum completed a pilot of an equity based sponsorship program, intended to reduce bias in the merger selection process. Following the merger, an assessment was done on the pilot. Given the positive indicators, the sponsorship program will be more widely rolled out to our workforce in 2023. In July, a workshop on subtle racism was attended by over 50 employees and aimed to unpack the more ambiguous, indirect, and innuendo-fuelled characteristics of subtle racism. The workshop included challenging peoples' stereotypes and biases, as well as turning the lens on institutional systems and processes which may be a contributing factor. This program will continue in 2023. Following a racial maturity assessment, Woodside began engaging with potential partners to assess delivery of racial equity training to our United States based leaders. Such training is expected to equip our leaders to proactively work against racism through our routines and people processes. In addition to the above, our employee impact groups held a number of events to better inform our workforce on systemic racism in our communities and to upskill our people on racial equity and effective methods to identify and eliminate racism wherever it occurs. The United Nations International Day for the Elimination of Racial Discrimination (known as Harmony Day in Australia), which is held on 21 March annually, was recognised in the Woodside calendar with activities and education to raise awareness occurring across the globe. In our Houston office, EmBRace held events throughout the year. These included a Juneteenth celebration, which provided an opportunity for our people to focus on listening and broadening knowledge around a pivotal moment in American history, and a lunch-and-learn with Andres Resendez, author of The Other Slavery, which was held in November in acknowledgement of Native American Heritage Month. 72 \| Sustainable Development Report 2022

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Culture background and faith In recognition of the diverse backgrounds of our workforce, Woodside introduced the flexible public holiday trial in Australia. This policy allows employees to flex up to five public holidays for other days of personal significance, including cultural or religious significance. It will be expanded to offices outside of Australia in 2023. In addition to this new policy, both our CALD and EmBRace employee impact groups held enriching events to engage our workforce on different cultural backgrounds. In Houston (United States), EmBRace hosted a Sharing Cultures event in October to honour Hispanic Heritage Month. Enabling all abilities Following the Australian Network on Disability Benchmarking Assessment in 2021, work is underway to develop an Enable All Abilities (Access and Inclusion) Plan. During 2022, representatives from various parts of the business collaborated to identify opportunities to improve accessibility and inclusion. Some improvements have been implemented and more are planned for 2023. Our ADAPT employee impact group worked to support inclusion through recognising the United Nations International Day of Persons with Disabilities by raising awareness via values moments and stories, as well as running sessions to share information about digital accessibility and facility supports. CASE STUDY: EMPLOYEE IMPACT GROUP EmBRace RECOGNISED WITH GRIT AWARD In 2022, our EmBRace Employee Impact Group won the GRIT (Growth, Resilience, Innovation, Talent) Award for Best Employee Resource Group / Business Resource Group. These awards are hosted annually in Houston by Ally Energy and recognise top leaders, talent and companies working towards the future of energy. This award recognises some of the many contributions that EmBRace makes to promote racial/cultural allyship at Woodside. Since its founding in 2020, EmBRace has supported the pay equity review, delivering resilience training focused on the challenges faced by employees based on race, hosted the Why It's So Hard to Talk About Race series, introduced the United Way Blueprint Leadership Program and brought a number of other meaningful educational experiences to our workplace. Of the GRIT Award, Andy Drummond, Executive Vice President of Exploration and Development and Co-Sponsor of Embrace said, "I am extremely proud of the EmBRace team for everything they've done over the last few years. This award speaks to the power of what EmBRace has been able to do within the organisation and the number of people the team's work has impacted." CASE STUDY: LIGHT SENSITIVITY IN THE WORKPLACE AND SUPPORTING EMPLOYEES DIVERSE NEEDS As an individual who identifies as having Autism and an associated light sensitivity, Ryan Oakley, Graduate Digital Analyst, raised awareness of the impact that Woodside's Perth based bright, light filled building was having on him. After some collaborative brainstorming within the business, a trial of a low sensory room was implemented that allows Ryan, and others, to work in a space with low lighting. Implementing practical supports for our people's specific needs is one way Woodside works with employees to create an inclusive and supportive workplace. Woodside Energy Group Ltd \| 73

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Gender identity and sexual orientation In both Houston and Perth, we celebrated Pride Month with events dedicated to raising awareness, enhancing our respectful culture, amplifying LGBTIQ+ voices and strengthening allyship for this community. These events were hosted by our Vibe employee impact group, which focuses on creating an inclusive culture for members of the LGBTIQ+ community. Nine employees identifying as LGBTIQ+ completed the Authentic Leaders Program in 2022. This program provides insight, inspiration and community to empower LGBTIQ+ talent to realise their full potential. Attendees reported improvements in personal confidence within and outside of the workplace. During 2022, 193 employees completed some form of LGBTIQ+ awareness and inclusion training. We have increased visible support to the LGBTIQ+ community with Pride flags being flown at our Karratha based sites in Western Australia. Additional employee supports In addition to the priorities found in the Inclusion and Diversity Strategy, Woodside has enhanced our commitment to equity through pursuit of additional targeted initiatives. In 2022, we made improvements to the support provided in relation to family and domestic violence with ten days paid leave made available to all employees directly impacted by family and domestic violence. We have extended this paid leave component to enable employees who may be seeking formal counselling or training to stop perpetrating family and domestic violence with the intent that they will commit to the time and effort required to improve their behaviours. The trainee/apprentice opportunities are heavily focused in the Pilbara region. Of our local Pilbara based apprentices and trainees, 8% identified as Traditional Owners and Custodians of the areas where we are active, 37.5% identified as First Nations Australians and 45% identified as female. We had 33 Pilbara based apprentices and trainees who successfully converted to permanent Woodside employment during 2022. People capability Leadership development Leadership development is identified as a key enabler for our corporate strategy. The Navigator Leadership Development Program is our whole of business framework for leadership development. It is built around five distinct phases aligned to an individual's growth and capabilities in leadership development. Each phase encompasses an immersive learning experience with application of skills, before providing an opportunity to extend those skills in preparation for the next step in the leadership journey. In 2022, over 1,500 employees have engaged in a Navigator learning experience. Among the employees joining from BHP Petroleum, 762 have undertaken leadership development activities in 2021-2022 and a review is underway to map their prior learning to the Navigator outcomes. Evaluating Navigator one year after the launch, we have been able to understand observable and tangible examples of improved performance. Participants and their leaders have reported: • Improved self-confidence, sense of identity and authenticity • Improved inter-personal skills such as listening, questioning and a willingness to provide constructive feedback and challenge • Improved professional and personal relationships • Conscious application of a growth mindset in their approach to work, which is positively impacting their willingness to embrace new responsibilities, opportunities, and discretionary effort. — During 2022, we have increased visible support to LGBTIQ+ people with Progress Pride flags being flown at our King Bay Supply Facility. 74 \| Sustainable Development Report 2022

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Talent and capability The next evolution of Navigator will be launched in 2023. Design work is underway to launch the Extend component of the program framework. This component of the program will help assess our leadership talent and stretch our high talent individuals. Extend will also prepare individuals for both the next phase of Navigator and the next phase of their program. Development opportunities will include role relevant exposure experiences such as secondment, job shadowing, and project assignments. As well as formal learning engagements such as training courses, external education, and external accreditation and informal learning engagements through networking and industry events. Graduate development Our newly designed Graduate Development Program (GDP) was launched in February 2022. The new design is in recognition that Woodside and our industry are changing, as are the skills we need now and into the future. Modular in nature and three years in duration, the GDP aims to create early career technical and leadership practitioners with a depth and breadth of skill that supports them as their career develops. Our second-year action learning program connects an entire cohort with a real challenge which spans multiple departments of the business. The cohorts developed solutions are presented to senior executives. When our graduates finish their program they have a strong foundation in industry. There are 228 graduates currently on the program. The Summer Vacation Program will remain one of the key entry pathways into the GDP and runs from November to February each year. For the 2022-2023 summer period, Woodside welcomed 50 summer vacation students. Entry programs The Woodside Scholarship program was launched in 2021. The program provides financial support for students studying at university, annual paid work experience and early consideration for participation in our Graduate Development Program. During 2022, three scholarship students were employed as graduates at Woodside following completion of their studies. We had 16 students in the program, five of whom undertook the 12 week 2022-2023 Summer Vacation Program and seven received offers to become Woodside graduates in 2023. Of the 16 students, 62.5% are female and 31.2% First Nations Australians. The Better Future Pathways Program was also launched in 2021. This program allows us to reach Australian students early in their degree (in the first or second year) by giving them the opportunity to participate in the Vacation Program in summer. We had three students participate in the 2022-2023 program. — Woodside employees at Mia Yellagonga. Woodside Energy Group Ltd \| 75

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Human resources systems integration Human resources (HR) systems are an essential component for the delivery of our people strategy and the success of our operating model. Post-merger, we set the goal of ensuring that our integrated HR system will be fit for purpose and have accessible people policies, processes and systems. This will help ensure that our leaders and employees have the right information at the right time to make efficient and effective decisions. Our first step towards achieving this goal was to focus on merging the two HR and payroll systems, ensuring processes are simplified while enhancing the end-to-end user experience. This work was underpinned by a comprehensive data migration strategy that focuses on globalising data consistently and in a scalable way. In addition, we will ensure reporting and data analytic tools will be available to our line leaders so they can efficiently acquire the information they need to understand their workforce capability and implement resource planning measures effectively. The aim is to complete the first phase of integration by the end of 2023 followed by subsequent phases focused on system enhancements and implementation of additional modules. — Woodside employees in Houston (United States). 76 \| Sustainable Development Report 2022

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People data table S ection 3 .4 People1,2 2022 2021 2020 2019 2018 Number of staff by gender Male 2,938 2,525 2,546 2,676 2,537 Female 1,489 1,239 1,231 1,286 1,125 Total 4,427 3,764 3,777 3,962 3,662 Employment contract (number of staff by employment type and by gender)3 Permanent – Male 2,745 2,302 2,315 NPR NPR Permanent – Female 1,091 827 819 NPR NPR Permanent total 3,836 3,129 3,134 3,276 3,112 Fixed term – Male 146 168 179 NPR NPR Fixed term – Female 143 150 155 NPR NPR Fixed term total 289 318 334 337 237 Part-time – Male 47 55 52 NPR NPR Part-time – Female 255 262 257 NPR NPR Part-time total 302 317 309 349 313 Total 4,427 3,764 3,777 3,962 3,662 Number of staff by employment category4 Administration – Male 139 117 105 107 109 Administration – Female 128 146 145 158 149 Technical – Male 983 986 1,021 1,040 992 Technical – Female 448 453 470 516 453 Supervisory/Professional – Male 1,216 935 900 978 900 Supervisory/Professional – Female 701 486 464 465 395 Middle Management – Male 557 462 486 515 502 Middle Management – Female 191 143 140 136 117 Senior Management – Male 43 25 34 36 34 Senior Management – Female 21 11 12 11 11 Total 4,427 3,764 3,777 3,962 3,662 Board Members – Male5 7 7 7 7 7 Board Members – Female5 4 4 3 3 3 Employees in Graduate Program (numbers) Male employees 114 154 144 143 139 Female employees 109 168 151 150 143 Total 223 322 295 293 282 Employment region (number of staff by region) Australia 3,338 3,660 3,705 3,874 3,567 Africa and Middle East 50 35 9 8 5 Asia 71 48 49 23 68 Caribbean 108 NPR NPR NPR NPR Europe 11 8 7 42 17 United States and Canada 849 13 7 15 5 Total 4,427 3,764 3,777 3,962 3,662 Total number of contractors 394 267 235 337 241 Woodside Energy Group Ltd \| 77

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People1,2 2022 2021 2020 2019 2018 Woodside staff age distribution (years) ≤30 Male 328 368 376 386 356 ≤30 Female 313 349 363 388 333 31-50 Male 1,786 1,485 1,503 1,547 1,487 31-50 Female 982 757 748 764 665 51+ Male 824 672 667 743 694 51+ Female 194 133 120 134 127 Total 4,427 3,764 3,777 3,962 3,662 Breakdown of employees per category according to Indigenous workforce (number) Employees 148 156 144 140 130 Pathways 24 44 32 47 37 Total 172 200 176 189 167 Traineeship and apprenticeship program (number) 109 118 135 135 107 Employee turnover (number) Male employees 327 147 288 74 101 Female employees 192 101 136 44 41 Total 519 248 424 118 142 Voluntary turnover (number) 238 173 112 112 123 Voluntary turnover (percentage) 5.4 4.5 2.9 3.0 3.5 Turnover by region (number) Australia 448 247 418 117 137 Africa/Middle East 3 0 0 0 0 Asia 5 1 1 0 3 Caribbean 4 NPR NPR NPR NPR Europe 1 0 4 1 2 United States and Canada 58 0 1 0 0 Total 519 248 424 118 142 Returning from parental leave (percentage) 89 99 99 97 97 Employee turnover by age group (number) ≤30 (years) 83 55 32 27 23 31-50 (years) 249 113 200 50 66 51+ (years) 187 80 192 41 53 Total 519 248 424 118 142 Total hours of training by gender Male employees 47,676 64,170 57,647 70,626 64,105 Female employees 15,628 26,331 21,941 33,742 25,742 Total 63,304 90,501 79,588 104,368 89,847 Average per person hours of training by gender Male 16 25 23 26 25 Female 10 21 18 26 23 Total 14 24 21 26 25 Average per person hours of training by gender – professional/management Male 10 19 17 20 22 Female 8 20 17 23 22 Total 9 20 17 21 22 Total hours of training by employee type Permanent 57,542 80,308 70,364 91,000 81,041 Fixed term 3,269 5,692 5,832 7,533 4,499 Part-time 2,493 4,501 3,392 5,835 4,307 Total 63,304 90,501 79,589 104,368 89,847 78 \| Sustainable Development Report 2022

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People1,2 2022 2021 2020 2019 2018 Average per person hours of training by employee type Permanent 15 26 22 28 26 Fixed term 11 18 17 22 19 Part-time 8 14 11 17 14 Total 14 24 21 26 25 Percentage of employees receiving regular performance and career development reviews, by gender (%)6 Male 100 96 94 98 96 Female 100 97 95 95 93 Total 100 97 95 97 95 Percentage of employees receiving regular performance and career development reviews, by employee type (%)7 Permanent 100 97 NPR NPR NPR Fixed term 100 97 NPR NPR NPR Part-time 100 96 NPR NPR NPR Total 100 97 NPR NPR NPR 1 Data included here includes information relevant to the former Woodside Petroleum Ltd as well as the Woodside Energy Group Ltd for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. 2 Vacation students are included in relevant metrics, where appropriate. 3 Employment contract now includes gender to align with GRI 102-8. 4 Woodside determines employment category based on job level. 5 Diversity categories have been provided where appropriate. However, some information has not been included due to privacy reasons. 6 Includes performance review completed for permanent and fixed term employees who have worked at Woodside for more than 3 months during the period. The performance review completion rate metric excludes vacation students and cadets. 7 Percentage of employees receiving regular performance and career development reviews, by employee type align with GRI 405-3. NPR refers to not previously reported. Woodside Energy Group Ltd \| 79

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Human rights Woodside conducts business in a way that respects the human rights of all people, including our employees, the communities where we are active, and those working within our supply chains. Our approach Our approach is informed by the United Nations Guiding Principles on Business and Human Rights. The Guiding Principles define the accountabilities of governments in protecting human rights, and of business in respecting human rights. Woodside's commitment to human rights is set out in our Human Rights Policy, and further detailed in Our Approach to Human Rights document. Collaboration across our business enables Woodside to continue to learn and improve. In Australia, Woodside continued its involvement with the Human Rights Resource and Energy Collaborative which enables resource and energy companies to share learnings and develop best practice. Woodside will continue to work with other members to strive to implement improvements. Woodside also participates in the Ipieca Human Rights Working Group. In 2022, Ipieca released its membership principles which includes a pillar recognising the importance of people and includes support for the United Nations Guiding Principles on Business and Human Rights. Industry participation enables us to meet with peers to share knowledge and experience. We use a number of tools to understand human rights risks. These include: • Annual country risk assessments • Supplier self-assessment questionnaires • Additional vetting for suppliers based on location and jurisdiction • Third party global risk screening tool • Marine vessel assurance, which includes human rights. These tools form part of our human rights approach and enable us to understand our potential human rights risks to people. We continued to train our employees and contractors on human rights including their roles and responsibilities. In 2022, we contributed to the development of the Ipieca Human Rights Introductory Awareness training video. We will use this to refresh our awareness training in 2023. Link to Ipieca's Human Rights training video here: https://www.youtube.com/watch?v=_Ew_tJRCPr4. Our identified salient human rights risks were considered in 2022 and no updates were required. We continue to implement recommendations from the 2021 salience assessment and in 2023 we will update the assessment to incorporate the merged portfolio. For further information, please refer to our website for our Human Rights Policy. For further information, please refer to our website for Our Approach to Human Rights. — Woodside employees at Karratha Gas Plant. S ection 3 . 5 80 \| Sustainable Development Report 2022

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Our performance Our multi-disciplinary Human Rights Working Group aspires to meet monthly, during 2022 the group met nine times. This working group reviews existing and potential human rights risks, whilst also sharing trends and lessons learnt. Modern Slavery Statement In 2022, we submitted our second Modern Slavery Statement in accordance with the obligations under the Australian Modern Slavery Act 2018 (Cth). In 2023, we will submit a joint statement under the United Kingdom's Modern Slavery Act 2015, in addition to our existing Australian requirements. This statement will be published in the first half of 2023. We participated in the review of the Australian Modern Slavery Act 2018, through our involvement in the Human Rights Resource and Energy Collaborative by submitting a joint statement to the review committee. Supply chain We expect our suppliers to also respect human rights and not tolerate the occurrence of modern slavery. We continue to assess supplier human rights related risks through our Supply Chain Modern Slavery Risk Management Framework. The framework is informed by our supplier Code of Conduct, contractual commitments, and internal guidelines. In 2022, we updated our supplier Code of Conduct. This was also reflected in the training, which is required to be conducted by all contracting and procurement staff. We have also commenced the process of deploying training for our entire contracting and procurement team to help manage human rights risks in our supply chain. In 2022, we shadowed our lead Pluto Train 2 contractors whilst undertaking an audit on international fabrication yards, in Batam (Indonesia) and Dubai (United Arab of Emirates). We will continue to seek opportunities to work with our contractors to further understand the supply chain. We will work with the contractors on any findings as part of the audit process. If we identify adverse human rights impacts in our supply chain, we may not immediately terminate the relationship, we will consider whether we play a role in remediation. If the supplier is not receptive to remedying the impact and improving their practices, then we may terminate the relationship. In 2022 we conducted due diligence on the solar panel supply chain, including an independent environment and social governance supply chain consultant desktop review of the industry's main suppliers and the receipt of traceability information. The due diligence will inform our business decisions related to procurement of solar equipment. Managing security Woodside remains an active member of the Voluntary Principles on Security and Human Rights (VPSHR) initiative. Our VPSHR framework continues to be implemented and matured post merger. It is underpinned by risk assessments, training, management of arrangements with private security providers and, where applicable, arrangements with public security. In 2022, Woodside had no reported or suspected human rights incidents in relation to our activities. In Senegal, we have continued to implement our VPSHR framework ensuring ongoing awareness and safe management of security related human rights. In August, the annual VPSHR conformance assessment of our primary, in country, private security provider was completed. This conformance assessment reinforced a commitment to providing sustainable training to our employees regarding our human rights policy and approach. Woodside complies with Senegalese legislation for offshore oil and gas platforms and vessels, where the continuous presence of an unarmed Senegalese naval officer liaison role must be maintained. Ongoing engagement with the Senegalese Navy and other Senegalese Government authorities has continued throughout 2022, as Woodside works towards a shared understanding of the offshore security environment and potential development of a fit for purpose management framework for maritime risks. Woodside also introduced an online VPSHR training package, which has been successfully tested and implemented with key contractors. Woodside's online training for VPSHR, developed in 2021 to complement the training programs supplied by private security providers, is now available with the intent to expand the content into additional languages in 2023. Myanmar We have watched the political unrest in Myanmar with concern since the declaration of the state of emergency in February 2021. Our offshore exploration activities have since ceased, and with no producing assets in country, we have reduced our presence. On 27 January 2022, Woodside decided to withdraw its interest in Myanmar. Some formal exit activities continue in 2023 in order to complete Woodside's exit from the country. Woodside Energy Group Ltd \| 81

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— Woodside employees at Mia Yellagonga. S ection 4 : GOVERNANCE 82 \| Sustainable Development Report 2022

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Operating safely and protecting the health of our workforce are our most important priorities. 2022 HIGHLIGHTS » Zero high-consequence work-related injuries and three lost time injuries » Delivered hearing conservation program supporting earlier intervention for people experiencing noise induced hearing loss » Successful rolled out mental health and human factors leadership training as part of our innovative Navigator Leadership Development Program » Implemented safety performance plans and field leadership programs to mature safety culture across our worksites OPPORTUNITIES » Integrate global health and safety expectations and standards post merger » Mature safety culture across our global business to optimise performance » Progress psychological safety management leveraging employee survey insights and our Navigator Leadership Development Program POTENTIAL RISKS1 » Loss of primary containments of hazardous substances impacting the health and safety of people or communities » Delays to embedding an integrated safety culture Our approach — Safety At Woodside everything we do is guided by Our Values. Everyone has the right to come to work and feel safe. Woodside continues its longstanding commitment to building and maintaining a work environment that is free from all forms of discrimination and inappropriate behaviour including sexual harassment. Our Code of Conduct defines the expected behaviours of everyone working at Woodside. Implementation of our Working Respectfully Policy supports the psychological safety of our workforce. Refer to our website for our Code of Conduct and Working Respectfully Policy. Protecting the health and safety of our people, our contractors and our host communities is essential to our future success. Our We Care value guides us to keep each other safe and care for communities. We prioritise safety and promote a positive safety culture by empowering everyone to speak up and intervene on safety issues. We acknowledge providing energy to the world in the form of oil, gas and new energy potentially presents safety risks. We aim to control or mitigate the potential impacts of these risks on people, the economy and the environment. Our Health and Safety Policy outlines the objectives and principles that shape our approach. This approach is consistent across all our business operations. When assessing safety risks, we consider the potential negative impacts of our business activities to communities and our workforce, including impacts on human rights. We implement systems and processes to identify, assess and control safety risks to as low as reasonably practicable applying the hierarchy of controls. To prevent fatalities and high-consequence work-related injuries, our expectations and procedures set mandatory requirements for managing high risk work, including obligations to stop unsafe work. Refer to our website for our Health and Safety Policy. We report and investigate health and safety events to understand risks, causes and implement corrective actions to mitigate impacts. Health, safety and wellbeing 1 Potential risk means an environmental, social or governance related-risk, that if it occurs over the next 12 months, could cause an actual or a perceived negative impact on the business or on our activities. S ection 4 . 1 Woodside Energy Group Ltd \| 83

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— Workforce performing pre start stretching program at Karratha Gas Plant. This supports continuous improvement of our systems. All employees, contractors and joint venturers engaged in activities under Woodside operational control are responsible for application of this approach. We engage with our workforce regularly to communicate safety information and to understand current and emerging safety issues. Regular communication channels include site based pre-start meetings, safety event bulletins, safety learning meetings, performance updates and reports. Our formal site based health, safety and environment (HSE) representatives meet at operated sites each month to discuss workplace HSE risks and raise priority issues with site management.1 To familiarise workers with HSE hazards and procedures, location specific inductions are conducted. Our competency frameworks outline competency requirements and training in areas such as risk management, process safety, emergency response preparedness, human factors, and management of occupational health, including support for mental health and wellbeing. To strengthen the consistency of our approach across our business operations, our global health and safety expectations and standards are planned for implementation during 2023. Our performance In 2022, we had zero Tier 1 and one Tier 2 loss of primary containment (LOPC) process safety events (PSE). The Tier 2 LOPC PSE involved 2,000 litres of diesel flowing into secondary containment as per design with no impact to people, the environment or the economy. Our total recordable injury rate (TRIR) of 1.80 increased with 30 recordable injuries in 2022 compared to 27 in 2021. The main injury types were lacerations, wounds and soft tissue injuries. Zero injuries were high-consequence work-related injuries. Three resulted in lost work time compared to seven in 2021. Our lost days due to lost time injury decreased from 457 days in 2021 to 154 days in 2022. Workforce exposure hours increased by 8% from 2021. Increase in exposure hours in 2022 is due to assets acquired through the merger with BHP's petroleum business and an increase in project activity. High potential incidents (HPIs) decreased to ten from 14 in 2021. Process safety We recognise the critical importance of effective Process Safety Management (PSM) to avoid major accident and environment events due to loss of control of hazardous substances. In 2022, we continued our focus on process safety leadership. Executive process safety workshops were held in Perth and Houston as part of a management of change plan for the merger with BHP Petroleum. The objectives of these workshops were to ensure consistent awareness of contemporary PSM approaches, organisational status, personal expectations, and accountabilities. Competency assessment and assurance of process safety critical roles were also completed in the highest risk areas of Woodside prior to the merger. Future focus areas include process safety application in our new energy, carbon and assets acquired through the merger. TOTAL RECORDABLE INJURIES (TRI) AND TOTAL RECORDABLE INJURY RATE (TRIR)2 0.90 2019 3 11 2018 2021 21 2 1.32 2020 3 8 0.88 Employee TRI Contractor TRI Woodside TRIR 1.74 8 19 2022 1.80 6 24 1 Approach may vary for sites where Woodside has subcontracted operations 2 Data included here includes information relevant to the former Woodside Petroleum Ltd as well as the Woodside Energy Group Ltd for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. 84 \| Sustainable Development Report 2022

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Human and organisational performance Human and Organisational Performance (HOP) is a contemporary perspective on how we can improve work and safety. HOP focuses on understanding the context and conditions of work, recognising the complex interactions between people and systems. The HOP approach identifies and amplifies the good work that is already being undertaken in our business. It focuses on understanding engaging those employees most familiar with tasks to optimises system conditions and, where possible, reduce constraints. Ultimately, the focus is on creating the conditions for success, not just avoiding failure or unwanted safety events. During 2022, we held workshops with selected leaders in Australia facilitated by global safety experts to deepen our understanding of HOP. To continue to embed HOP principles into our safety approach we plan to continue to roll out these workshops across our global business throughout 2023. Following up on leadership engagement in early 2022, we introduced learning teams, an innovative HOP approach for learning from normal work. Targeting high-risk tasks, we identified key factors that influence performance during task execution. Recommendations from this process supports the prevention of potential safety events and exceed the value of actions raised through traditional event investigations, as we can learn and mitigate risks without having to wait for a safety event to occur. Safety culture and leadership Culture is a key focus area for the successful merger. Leaders committing time to engage their workforce in safety conversations is essential to maturing our safety culture and strengthening safety performance. In 2022, 40 participants completed human factors leadership training through our Navigator Leadership Development Program. We also implemented programs that support leadership presence on operational sites. Prior to the merger with BHP's petroleum business Woodside developed area specific safety performance plans that considered key themes from 2021 performance analysis including psychological safety and culture, work planning and verification of critical controls, learning and sharing of safety insights and HOP. For those assets acquired through the merger with BHP's petroleum business the Field Leadership Program continued. This program encouraged the workforce to engage in safety conversations with leaders. The program helps verify that critical safety controls are in place, being applied and are effective in managing risks that have the potential to result in fatalities. Our approach — Health and wellbeing We take action to protect the health of our workforce and facilitate earliest recovery from work-related injury or illness. We aim to eliminate workplace health hazards at the design stage of projects or control them to ALARP. If hazards remain and there is a risk of exposure, we strive to ensure that worker exposure does not exceed legal limits through implementation of the hierarchy of control. We perform health surveillance in accordance with applicable law to detect the early signs of occupational illness so intervention and if necessary, rehabilitation, can be initiated. Potentially harmful workplace health hazards include uncontrolled exposure to noise, hazardous substances (e.g. benzene, toluene, ethylbenzene, and xylene (BTEX), and mercury), naturally occurring radioactive material (NORM), infectious disease (e.g. COVID-19), hazardous manual tasks and psychological hazards. Everyone has the right to come to work and feel safe. Woodside continues its longstanding commitment to maintaining a work environment that is safe and free from all forms of discrimination and inappropriate behaviour including sexual harassment. Refer to pages 89-92 of Business ethics and pages 68-76 of People and culture within this report for more information. Our performance Our total recordable occupational illness frequency (TROIF) increased to 0.72 per million hours worked from 0.36 in 2021. The 12 recordable occupational illnesses comprised eight musculoskeletal conditions, two psychological illnesses, one heat related illness and one eye irritation. COVID-19 We continued to implement control measures throughout 2022 to prevent COVID-19 transmission in our workplaces and the communities in which we operate. Our corporate health team monitors COVID-19 escalation risks and coordinates actions across our business. This approach allows us to remain agile in response to changes in transmission risk or government regulations. We aim to continue safe, reliable operations and minimise the risk of transmission as we learn to coexist with the COVID-19 virus. At various stages our approach has adopted a combination of controls including health screening prior to — Woodside employees promoting wellbeing and supporting colleagues during Movember. Woodside Energy Group Ltd \| 85

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site entry or travel to remote communities, capacity to perform on-site screening and medical response at our operations, leveraging flexible working arrangements and encouraging office workers to work from home, and continued support through our Employee Assistance Program (EAP). Our occupational illness data excludes cases of COVID-19 among our employees and contractors. With high levels of community transmission and an evolving understanding of the epidemiological criteria for infection and COVID-19 variants with evidence of increased transmission, it is difficult to conclude with reasonable certainty that a worker was infected because of work-related activities or exposure. Hearing conservation We recognise that the risk of noise induced hearing loss (NIHL) from exposure to workplace noise is one of our greatest health risks. In 2022, we adopted a consistent approach across global operations. This resulted in a more stringent criteria being applied for hearing testing for our existing Woodside workforce. This improvement helps to identify NIHL cases at the earliest opportunity to support the initiation of intervention to prevent more debilitating illnesses. In 2022, we identified zero cases of NIHL.1 This resulted in a more stringent criteria being applied for hearing testing for our existing Woodside workforce. However, we expect case numbers to increase as implementation of this more stringent criteria continues. We continued our focus on effective hearing protection programs by ensuring people exposed to excessive noise have been fit tested for their hearing protectors. Mental health Promoting wellbeing and protecting the mental health of our workforce was a key priority during the merger with BHP's petroleum business. We acknowledge the process of merging organisations has created a level of uncertainty for our workforces. We collaborated with culture teams and employee impact groups to implement several initiatives to empower our people through the transition. 1 The process of collecting baseline Audiometric tests for assessment using the updated criteria commenced in 2022. If workers had previous audiometric testing on record the most recent audiometric test prior to 2022 was adopted as the baseline audiogram. New workers and workers without a record have their baseline reset at their next medical. Consistent with our We Care value, we took a holistic approach to wellbeing. We promoted the use of our EAP globally and in Houston, we proactively offered several onsite and virtual support resources to promote career development and financial wellbeing. We also promoted our One Team value by supporting global mental health campaigns including R U OK? Day, World Mental Health Day, and Movember, giving our workforce the education and tools to initiate conversations and support each other. Woodside also continues to partner with and support Lifeline WA with its annual Push Up Challenge and matched giving program. We continue to evolve our wellbeing strategy and framework to ensure a culture of wellbeing is embedded across our global organisation and management of psychosocial hazards is integrated into our approach. Our Navigator Leadership Development Program forms part of our wellbeing strategy. The Navigator Leadership Development Program is designed to equip our leaders with the skills necessary to support a psychologically safe work environment. The program provides capability development and enablement through workshops, multi-day immersions, experiential learning, and group coaching. The core program curriculum focuses on responsible, sustainable and ethical leadership. The mental health leadership component was completed by 105 participants in 2022. For more information on People and culture refer to pages 68-76. Occupational health Our medical assessment process aims to ensure that our workforce demonstrates a capacity for work and that their ongoing health and fitness is assessed at regular intervals. We seek to ensure processes are in place to assist individuals with a temporary or permanent incapacity. Risk assessments are conducted for specific job areas to inform any medical assessments. We aim to ensure the ongoing security and management of all personal information collected in accordance with our Code of Conduct and applicable legal and regulatory requirements through our privacy management process. Health promotion We facilitate access to non-occupational medical and healthcare services through benefits such as gym membership subsidies, wellness reimbursements and health plans. Health related benefits are offered in all locations however they are not uniform in each location and vary by market practise and regulatory requirements. Our fully subsidised EAP provides voluntary access to professional, confidential coaching and support for employees and eligible family members to promote wellbeing. All reporting from our EAP provider is aggregated and — deidentified to maintain confidentiality. R U OK? event in our Houston office. 86 \| Sustainable Development Report 2022

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Health and safety performance data table S ection 4 . 2 Health and safety performance1 2022 2021 2020 2019 2018 Workforce exposure hours2,3 Employees 7,010,211 6,424,477 7,187,170 6,830,811 7,089,138 Contractor3,4 9,689,519 9,076,377 5,271,462 8,746,294 10,315,447 Total hours 16,699,730 15,500,854 12,458,632 15,577,105 17,404,585 Number of incidents4 Fatalities – employees5 0 0 0 0 0 Fatalities – contractor5 0 0 0 0 0 Total fatalities5 0 0 0 0 0 High-consequence work-related injuries (excluding fatalities) – employees5 0 NPR NPR NPR NPR High-consequence work-related injuries (excluding fatalities) – contractors5 0 NPR NPR NPR NPR Total high-consequence work-related injuries (excluding fatalities)5 0 NPR NPR NPR NPR Recordable injuries – employees 6 8 3 3 2 Recordable injuries – contractors 24 19 8 11 21 Total recordable injuries6 30 27 11 14 23 Lost time injury events – employees 0 3 1 1 1 Lost time injury events – contractors 3 4 0 2 4 Total lost time injury events 3 7 1 3 5 High potential incidents7 10 14 11 19 7 Recordable occupational illnesses – employees 4 5 1 3 3 Recordable occupational illnesses – contractors 8 3 1 4 5 Total recordable occupational illnesses8 12 8 2 7 8 Number of process safety events9 Tier 1 0 0 1 0 1 Tier 2 1 0 2 0 1 Total Tier 1 or Tier 2 1 0 3 0 2 Frequency rates4,10 High-consequence work-related injury rate – employees 0.00 NPR NPR NPR NPR High-consequence work-related injury rate – contractors 0.00 NPR NPR NPR NPR Total high-consequence work-related injury rate (excluding fatalities) 0.00 NPR NPR NPR NPR Total recordable injury rate – employees 0.86 1.25 0.42 0.44 0.28 Total recordable injury rate – contractors 2.48 2.09 1.52 1.26 2.04 Total recordable injury rate6 1.80 1.74 0.88 0.90 1.32 Lost time injury frequency – employees 0.00 0.47 0.14 0.15 0.14 Lost time injury frequency – contractors 0.31 0.44 0.00 0.23 0.39 Lost time injury frequency 0.18 0.45 0.08 0.19 0.29 High potential incident frequency 0.60 0.90 0.88 1.22 0.40 Total recordable occupational illness frequency – employees 0.57 0.78 0.14 0.44 0.42 Total recordable occupational illness frequency – contractors 0.83 0.33 0.19 0.46 0.48 Total recordable occupational illness frequency 0.72 0.52 0.16 0.45 0.46 Woodside Energy Group Ltd \| 87

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Health and safety performance1 2022 2021 2020 2019 2018 Total recordable injury rate by region10 Africa 0.00 2.02 NPR NPR NPR Americas11 1.48 0.00 0.00 0.00 0.00 Asia 0.00 0.00 0.00 0.00 0.00 Australia 2.07 1.77 0.89 1.00 1.61 Caribbean 2.84 NPR NPR NPR NPR Overall frequency 1.80 1.74 0.88 0.90 1.32 Total recordable occupational illness frequency by region10 Africa 0.00 0.00 NPR NPR NPR Americas11 0.00 0.00 0.00 0.00 0.00 Asia 0.00 4.02 0.00 0.00 0.00 Australia 0.88 0.48 0.16 0.50 0.56 Caribbean 2.84 NPR NPR NPR NPR Overall frequency 0.72 0.52 0.16 0.45 0.46 Number of lost days by region12 Africa 0 3 0 0 n/a Americas11 33 0 0 0 0 Asia 0 0 0 0 0 Australia 121 454 28 113 312 Caribbean 0 NPR NPR NPR NPR Total 154 457 28 113 312 Training time spent on health and safety by region (hours)13 Africa 109 241 19 25 13 Americas11,14 765 48 21 150 2 Asia 233 102 397 96 605 Australia 18,851 60,676 54,014 58,976 31,795 Caribbean 121 NPR NPR NPR NPR Europe 32 54 33 291 53 Total 20,111 61,121 54,483 59,538 32,468 1 Data included here includes information relevant to the former Woodside Petroleum Ltd as well as the Woodside Energy Group Ltd for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. Number of lost days by gender and number of recordable occupational illnesses by gender have been removed for the 2022 reporting period. Please note events included in the data table are based on the classification in the event reporting database at the time of reporting. 2 Wherever possible, hours are recorded on the basis of actual hours worked. If actual hours cannot be determined, hours are calculated based on headcount and nominal working hours per person, using the number of hours for an average working day (ranging from 8 hours for office based work to 12 hours for shift work). 3 Increase in exposure hours in 2022 due to assets acquired through the merger with BHP's petroleum business and an increase in project activity. 4 Contractor exposure hours, incidents and frequency rates exclude contractors operating within their own health, safety and environment (HSE) management system that has no interfaces with the Woodside HSE management system. 5 See glossary for definition of high-consequence work-related injury as per GRI 403-9. 6 Trends in the type of injuries recorded for employees and contractors were lacerations, wounds and soft tissue injuries. 7 High Potential Incidents (HPIs) consider the consequence of single of multiple fatalities, and the likelihood of that consequence occurring. All HPIs are formally investigated and corrective action taken for a fatality and/or high-consequence injury, and the likelihood of that consequence occurring. 8 Trends in the type of illnesses recorded for employees and contractors were musculoskeletal and psychological conditions. Occupational illness data excludes cases of COVID-19 among our employees and contractors—see Health, safety and wellbeing section of this report for further details. Please note a compensable musculoskeletal condition in 2022 has been backdated to an event that occurred in 2019 and is not included in the data table. Please note in 2021, a historical psychological impairment case was reclassified and back dated to an event that occurred in 2018, this is not included in the data table. 9 Loss of Primary Containment Process Safety Events classified in accordance with American Petroleum Institute Recommended Practice 754 (API RP 754). 10 Frequency rates are calculated per million work hours. 11 The region references 'Americas' is inclusive of North, South, and Central America. 12 As a result of lost time injury LTI. Refer to definitions and glossary page. 13 Reduction in training hours in 2022 are a result of the consolidation of some training courses, exclusion of hours related to substitute courses and change in headcount in Australia. 14 Figures from 2021-2018 only include North America. NPR refers to not previously reported. n/a Not applicable. 88 \| Sustainable Development Report 2022

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Corporate governance We believe that adopting and operating in accordance with high standards of corporate governance is essential for sustainable long-term performance and value creation. Our approach Our approach to sustainability is incorporated in our Woodside Management System including our policies, procedures, Our Values and Code of Conduct. Refer to our website for Our Values, our Code of Conduct and our Board approved policies. Our Values are core to our governance framework which also sets out our mission, vision and strategic direction. Woodside is committed to a high level of corporate governance and fostering a culture that values ethical behaviour, integrity and respect. Our performance Our Board has oversight of our management and business activities. The Sustainability Committee assists the Board to meet its responsibilities in relation to our sustainability policies, expectations and procedures. It reviews and makes recommendations to the Board on our policies, practices and performance on sustainability related topics. In 2022, the Committee oversaw the publication of the 2021 Reconciliation Action Plan report, changes to the Health and Safety Policy, Environment and Biodiversity Policy and First Nations Communities Policy (formerly Indigenous Communities Policy). It also endorsed for Board approval Woodside's 2021 Modern Slavery Statement. The Committee, as of 31 December 2022, comprised seven independent, non-executive directors. The Nominations & Governance Committee assists the Board in discharging its responsibilities on matters relating to our corporate governance policies and practices. These principles and practices are reviewed regularly and revised as appropriate to reflect changes in law and developments in corporate governance. The Board Chair also chairs the Committee and all non-executive directors are currently members. Following the merger with BHP Petroleum, Woodside has a presence in additional countries. In order to ensure alignment with expanded regulatory expectations: • Woodside's Code of Conduct, Anti-Bribery and Corruption Policy and Whistleblower Policy were reviewed and revised • We have commenced a comprehensive review of our existing anti-corruption compliance frameworks, to deliver a single, integrated program for Woodside. For more information on People and culture refer to pages 68-76. Business ethics Woodside expects high standards of ethical conduct from all Woodside personnel. We are committed to supporting those who speak up about misconduct. Woodside's ethical business practices are underpinned by Our Values and Code of Conduct. We are committed to demonstrating ethical conduct in all our decision-making, day to day activities and interactions. All directors, officers, employees, contractors and service providers are required to conform to our Code of Conduct and the expected standards of behaviours, as well as complying with all applicable laws. At Woodside, we live Our Values and our Code of Conduct. We support those who speak up about behaviours that fall short of these expected standards and follow a process of assessment and investigation to address allegations of misconduct. Woodside remains committed to a safe, inclusive, and respectful working environment. The Working Respectfully Policy (launched November 2021) has continued to be embedded across the company. It applies to all staff, and was formally S ection 4 . 3 — Woodside employees in Dakar (Senegal). Woodside Energy Group Ltd \| 89

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communicated to all contractor companies during 2022. The Code of Conduct training was updated in 2022 with enhanced sexual harassment content, including case examples, and that training has been delivered as part of the annual mandatory training refresh to all employees, third party contractors and service providers with access to our systems. All Woodside personnel must complete mandatory training on the Code of Conduct every year as part of their contract of employment. Personnel joining Woodside must also complete training on the Code of Conduct as part of their onboarding. Adherence to the Code of Conduct is part of each employment contract. In 2022, 100% of Woodside personnel were required to complete the Code of Conduct of Conduct refresher training. In addressing the recommended framework themes in the Australian Human Rights Commission's Respect@Work report, we have continued to review and adjust our frameworks and control environment in relation to preventing and managing sexual harassment during 2022. This has been enabled by a Sexual Harassment Working Group stood up to address this report, along with the recommendations in the Enough is Enough Report (issued in June 2022 by the Western Australian Parliament's Community Development and Justice Standing Committee following their inquiry into sexual harassment against women in the fly in fly out mining industry). It is anticipated the working group will complete its consideration and response to the recommendations during 2023. The key outcomes from the working group included an expanded delivery of the Respectful Behaviours workshop training completed by over 1,500 personnel, the development of support material for managers and leaders and the delivery of refreshed training for internal investigators on trauma informed and victim centric investigation principles. Other outcomes included refreshed site specific inductions and Code of Conduct eLearning with sexual harassment content, an updated residential camp strategy (including position on alcohol) and site specific sexual harassment risk assessment. The working group also contributed towards industry efforts for the development of sexual harassment frameworks and guidance for the resource sector. The expectation is that everyone working for Woodside, whether employees, contractors or their partners, treat others with respect. It is clear that sexual harassment, or any type of bullying, discrimination or victimisation has no place at Woodside and are addressed accordingly. Refer to pages 68-76 of the People and culture section and pages 83-86 of the Health, safety and wellbeing of this report for more information. During 2022, Woodside personnel leading internal assessments and investigations undertook training in trauma informed investigation principles. The internal investigations process has undergone external review in 2022. These activities prepare Woodside to better support personnel who speak up about misconduct and those who are participants in the investigation process. The Code of Conduct sets out the various ways that personnel can report suspected misconduct. All allegations, however reported, are assessed and, where necessary, investigated following the internal investigation framework. Disciplinary actions, which range from warnings to termination of employment, are taken when allegations are substantiated. Where substantiated conduct relates to contractor personnel, those personnel may also be removed from Woodside sites. The Audit & Risk Committee receives a six monthly update. Privacy Woodside is committed to recognising and respecting the privacy of our employees and stakeholders. Woodside implements a privacy program to ensure that we handle all personal information in line with applicable privacy regulations. Further information can be found in the Privacy Statement on our website. — Woodside employees in Houston. 90 \| Sustainable Development Report 2022

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Speaking up for a better Woodside In 2022, we focused on embedding EthicsPoint as our independent whistleblower hotline (launched 2021). EthicsPoint has multi-language and multi-jurisdiction capability and online functionality. We understand that encouraging all stakeholders to speak up about misconduct supports our detection activities and our response informs future prevention activities. Other channels are available for stakeholders to speak up, including to human resources team members, line managers or leaders. Woodside personnel identified as eligible recipients under Australian whistleblower laws are trained in their rights and obligations to support whistleblowers. All matters reported through EthicsPoint or other channels are assessed and investigated in accordance with the internal investigations process, overseen by a multi-discipline investigations steering group. Reports to the EthicsPoint whistleblower service doubled during 2022 to 72 total submissions, with 75% being anonymous. All submissions were assessed in full and 15 matters were converted into formal investigations. In 2022, 36 investigations were closed (being a combination of investigations in progress at the end of 2021 and new matters received during 2022), and 24 of those investigations resulted in substantiated misconduct. There were 72 allegations against 37 personnel, of which 43 allegations were substantiated. Where allegations were substantiated, this resulted in the removal of six service provider personnel, and the termination of six employees. Fraud, anti-bribery and corruption Woodside is committed to ethical business conduct and transparency across our global activities. We maintain a zero-tolerance approach to fraud, bribery and corruption. Woodside supports global anti-corruption efforts by our commitment to live Our Values and Code of Conduct. We seek, where possible, to positively influence the actions of our stakeholders through ethical business practices and decision-making. This approach is underpinned by our Anti-Bribery and Corruption Policy, which applies to all directors, officers, employees and contractors providing a service for or on behalf of Woodside. Refer to our website for our Anti-Bribery and Corruption Policy. As part of our anti-corruption compliance program, we maintain comprehensive business ethics obligations in joint venture and supplier contracts, and conduct formal auditing on selected third parties globally each year. The annual plan of prevention and detection activities includes training for all our people and regular reporting to the Board's Audit & Risk Committee. Woodside is a cornerstone corporate member of Transparency International. The Woodside 2022 Fraud and Corruption Control Plan has been successfully delivered, with highlights including: • Completed annual mandatory refresher training for all required staff • Delivered targeted anti-corruption face to face training • Completed planned compliance activities specifically to support Sangomar Phase 1 development • Performed extensive due diligence support to new venture opportunities • Continued screening and monitoring of potential sanctions exposures • Performed comprehensive external review of internal investigation processes, tools and training • Completed four business ethics compliance audits on selected contractors and partners. During 2022, no violations of applicable anti-bribery and corruption laws were recorded in connection with our operations. Woodside was the victim of one business email compromise fraud by an unknown external party. This resulted in a net loss of A$187,000. The fraud occurred due to human error and a range of remedial actions have been implemented following a root cause assessment. 2022 SUBSTANTIATED TYPES OF MISCONDUCT BY INDIVIDUALS Total 24 substantiated misconduct 7 Sexual harassment 5 Bullying/harassment 5 Various/other 3 Fraud/conflict of interest 3 Breach of policy 1 Breach of law Woodside Energy Group Ltd \| 91

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Tax transparency As a global energy company, we have activities in a number of jurisdictions around the world. We comply with the tax laws and regulations applicable to our business; our publicly available Tax Policy makes this clear. In undertaking this commitment we consider the spirit in which the laws and regulations were legislated. We believe in paying tax where value is created and applying arm's length principles to our international related party dealings. We do not support the use of artificial arrangements or the transfer of value to low tax or so-called tax haven jurisdictions. Learn more about our approach to taxation on our website, or by reading our Tax Policy or Approach to Tax. Tax governance Woodside's Audit & Risk Committee (A&RC) supports the Woodside Board in meeting its oversight responsibilities on tax matters. The A&RC achieves this through regular engagement with and attendance by the Vice President Tax at committee meetings and by reviewing policies and practices for managing compliance with tax laws. An independent internal audit team undertakes periodic testing of the compliance, governance and control frameworks managed by the Woodside tax team. We know that transparency and accountability are core to maintaining that trust and recognise the interests of our stakeholders in tax transparency. We actively participate in several ESG rating indices. Our transparent approach to tax reporting is recognised as being within the leading group of our industry peers. In Australia, Woodside voluntarily reports under the Board of Taxation's voluntary Tax Transparency Code. Part A of the recommended disclosures is published in our Annual Report 2022 and Part B within this report, supported by additional information on our website. Learn more about our Tax Transparency Code disclosures on our website, or by reading our Annual Report 2022. As one of Australia's largest taxpayers, Woodside is subject to the Australian Taxation Office's Justified Trust program, designed to assure that companies are paying the right amount of tax. We continue to engage with tax policy setters and administrators in an open and constructive manner, including through our memberships with the Australian Petroleum Production and Exploration Association, the Business Council of Australia and the Corporate Tax Association. Stable tax and fiscal settings are required for businesses in Australia to make the large, long-term investments that support energy security, decarbonisation and economic growth. Our Australian tax payments The majority of our core producing assets are located in Australia where we generate most of our revenue and therefore pay the majority of our taxes. Woodside entities Woodside's Australian tax payments are made by the head company, Woodside Energy Group Ltd, as well as its subsidiaries Burrup Facilities Company Pty Ltd and Burrup Train 1 Pty Ltd which support our Pluto Project. Read more about the corporate income tax paid by Woodside's subsidiaries in our Tax Data Information Sheet (November 2022). As an energy producer in Australia, we are subject to corporate income tax (30% for large businesses) and Petroleum Resource Rent Tax (PRRT) (40% on taxable profits of petroleum projects). We are also subject to Federal Royalties and Federal Excise in respect of our North West Shelf Project. Federal Royalties are levied at 10-12.5% on the wellhead value of petroleum products. Federal Excise applies to up to 30% per barrel of crude oil and condensate. The amount of tax we pay each year is dependent on various factors, including changes to production, operating fields and commodity prices impacting revenues, as well as cost of sales and capital investment impacting expenditures. 92 \| Sustainable Development Report 2022

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Tax payments In 2022 higher global energy prices have led to higher reported profits by Woodside. This has resulted in more taxes being paid. Woodside paid A$2,702 million (A$2.7 billion) in Australian taxes and royalties to the Commonwealth and State governments in 2022, a substantial increase from 2021. Since 2011 Woodside has paid more than A$13 billion in Australian taxes and royalties. Woodside is a substantial corporate taxpayer in Australia and from 2022 is expected to be the single largest PRRT taxpayer. In 2021, Woodside's profitability and tax contribution was impacted by losses incurred during the COVID-19 pandemic and lower global energy prices. Effective tax rate As detailed in Woodside's Annual Report 2022, Woodside's effective corporate income tax rate (EITR) on its Australian profits was 30.0% in 2022, compared to 30.6% in 2021. The calculation of EITR factors in differences between tax and accounting rules. The key variances between that statutory rate and EITR are explained in this presentation. The complex mix of taxes applicable to Woodside (in addition to corporate income tax) means the all-in effective tax rate in respect of Woodside's 2022 Australian profits is approximately 46%.4 Australian Tax Contribution (A$ million)1,2,3 2022 2021 2020 2019 2018 Corporate Income Tax 989 333 473 447 555 Petroleum Resource Rent Tax (PRRT) 720 0 0 0 -3 Federal Royalties 534 212 120 189 217 Federal Excise 392 48 33 39 62 Payroll Tax 60 60 75 57 58 Fringe Benefits Tax 7 5 6 5 5 Total 2,702 658 707 737 894 1 Data included here includes information relevant to the former Woodside Petroleum Ltd as well as the Woodside Energy Group Ltd for the period 1 January 2022 to 31 December 2022 and includes data relevant to the assets acquired through the merger with BHP's petroleum business from 1 June 2022 to 31 December 2022. 2 Figures are reported on a cash basis (net of any refunds received, for example, refunds of tax overpaid in prior periods) and are rounded to the nearest million. 3 Woodside's Australian tax contribution for 2018-2022 has been assured by Deloitte in accordance with Australian Auditing Standard on Review Engagements ASRE 2405 of Historical Financial Information Other than a Financial Report. Deloitte's assurance inspects evidence to ensure the figures in the table above accurately reflect Woodside's cash paid to settle Australian tax obligations in 2022. 4 Total tax expense, royalties, excise and levies (excluding the impact of the Pluto Petroleum Resource Rent Tax Deferred Tax Asset recognition), divided by profit before such taxes, royalties, excise and levies. 2022 AUSTRALIAN TAX CONTRIBUTION (A$ MILLION)1,2,3 Total A$2,702 million 989 Corporate Income Tax 720 Petroleum Resource Rent Tax (PRRT) 534 Federal Royalties 392 Federal Excise 60 Payroll Tax 7 Fringe Benefits Tax 2022 AUSTRALIAN ALL-IN EFFECTIVE TAX RATE4 46% All-in e_ective tax rate Woodside Energy Group Ltd \| 93

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International related party arrangements Woodside has activities in several jurisdictions outside of Australia, which have increased following the merger with BHP Petroleum on 1 June 2022. Our Annual Report 2022 contains a full list of Woodside's subsidiaries, their country of incorporation and our ownership interest; all entities incorporated in Australia are tax residents of Australia. For more information about our subsidiaries, please refer to the Annual Report 2022. Woodside's Australian subsidiaries commonly provide services to international related parties in support of business priorities. The services are typically of a supporting nature and are delivered primarily from Australia, our headquarters, or another location where our personnel might be based such as in the United States, China, Singapore and the United Kingdom. The total value of these services is minor when compared to the revenue from our production activities. Through its close proximity to the LNG customer market, Woodside's Singaporean office continues to provide integrated marketing, trading and shipping services to enhance the marketability of Woodside's LNG portfolio. Following the merger with BHP's petroleum business, Woodside's Singapore trading entity purchased crude oil, condensate and LPG from Australian operations. The profits from Australian cargoes are subject to tax in Australia. Other support functions are located across the globe in proximity to important assets or markets. Woodside applies arm's length principles to its cross border dealings. Learn more about the tax and royalties we pay globally on our website. Extractive Industries Transparency Initiative Strengthening transparency and governance enhances the social and economic benefits derived from natural resources extraction for communities. The Extractive Industries Transparency Initiative (EITI) is a coalition of governments, companies and civil society groups committed to promoting transparent and accountable extractive sector management, through the implementation of global standards. The EITI Standard sets out expectations relating to the public disclosure of taxes, revenues and expenditures across the oil, gas and mining industries, by countries and companies. Woodside joined the EITI in 2005 and became an EITI Supporting Company in 2008. We are an active member in the Senegal, Timor-Leste and Trinidad and Tobago multi-stakeholder groups. As a member, Woodside is responsible for inputting, agreeing and implementing annual plans to apply the EITI Standard in those countries. In February 2022, the EITI International Board agreed to revised expectations for EITI Supporting Companies. Woodside is working toward adherence with the revised expectations for disclosures relating to beneficial ownership and payments to governments at a project level in non EITI implementing countries such as Australia and the United States. Political contributions Woodside focuses on developing and maintaining constructive working relationships with governments in jurisdictions where we are active in pursuing our business strategy. We do not donate campaign funds to political parties or candidates for public office in any jurisdiction. We regularly engage with various levels of government to contribute to policy making and inform decision-making. In Australia, Woodside pays to attend business engagement events organised by major political parties at Federal level and in the State of Western Australia. Annually, the Board considers and approves our approach to participating in these events. In addition, these contributions are reported publicly through the Australian Electoral Commission's annual financial disclosure process, with reported payments for the financial year 2021-2022 totalling A$109,930. Woodside does not make contributions or donations to any political organisation or party outside of Australia. This approach continues to be applied to our expanded portfolio. — Woodside employee at Mia Yellagonga. 94 \| Sustainable Development Report 2022

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Industry associations Woodside maintains memberships with a range of industry associations that support our business objectives. We annually review our industry association memberships to ensure they maintain alignment with Woodside's climate strategy and business priorities. The annual review also identifies opportunities for continuous improvement of our internal governance approach to assessing, approving and monitoring our memberships. Refer to our website for Industry associations. Our memberships deliver value by providing forums for developing technical standards, sharing best practice, promoting learning, and facilitating discussion on shared industry challenges. Industry associations also support our business priorities by providing a collective advocacy voice on key issues. In addition, our 2022 review included a detailed assessment of climate advocacy approaches of a cross section of industry association memberships obtained through the merger. No material misalignment was identified through this review. We maintain an ongoing commitment to positively influence the climate advocacy approaches of all the industry associations we hold memberships with. Regulatory compliance We set global expectations to ensure we meet the regulatory obligations applicable to our business activities. Our risk and compliance behaviours complement Our Values, enabling us to do the right thing, at the right time in the right way. Across our business the regulatory compliance process is managed through an embedded line-led approach, supported by the governance, risk and compliance team. Our management system sets global expectations for the way we work. These are supported by more detailed internal processes and controls designed to achieve our business objectives while managing risk and meeting our regulatory obligations. Our regulatory compliance management process ensures accountabilities are clear and understood. Regulatory obligations relevant to our business activities are assessed. Means to comply with these obligations is defined and assigned to the accountable business area. These regulatory obligations and actions are managed and tracked in the Woodside integrated Risk and Compliance System (WiRCS), supporting a transparent management and reporting process. Where regulatory obligations are not met, or not likely met, then these are assessed against our non-compliance event classification framework. Following feedback from internal and external stakeholders a regulatory compliance improvement project was undertaken and completed in the first quarter of 2022. The fundamental purpose of this project was to embed a line led approach to managing regulatory compliance and simplify our process and systems. We operate in a complex regulatory landscape, with business activities spanning 45 jurisdictions globally. Across these jurisdictions, active monitoring for legislation change relevant to our business activities is undertaken. We recognise the importance of remaining compliant and demonstrating compliance. Our regulatory compliance performance is monitored and routinely communicated to relevant stakeholders including our Executive Leadership Team and the Board. In 2022, 27 occurrences were assessed against our non compliance event classification framework. Eleven regulator notifications were received in relation to a potential or actual regulatory compliance breach. No substantial financial penalties or sanctions with a detrimental impact to our activities have been incurred. The regulatory compliance integration program commenced in the third quarter of 2022, focused on the deployment of compliance processes across the entire portfolio superseding the existing programs that were in place. This program is aimed at delivering a transparent and sustainable line led management of regulatory compliance across all jurisdictions, by end of 2023. Work is underway to identify, map and migrate compliance data across our business to the WiRCS management system. Following this, a revised regulatory compliance capability training program will be deployed across our business, enabling all accountable stakeholders to manage and demonstrate compliance. — Woodside employees on a Greater Angostura facility in Trinidad and Tobago. Woodside Energy Group Ltd \| 95

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Cybersecurity Responding to widespread and sustained cyber attacks and preventing breaches requires vigilance, layered security controls and a cyber aware mindset across Woodside. 1 Any observable occurrence in a user's activities, system, and/or network. Events can be used to identify indicators of attack. Our approach Woodside's approach to cybersecurity remains multi-faceted and dynamic to reflect the changing cyber threat landscape. Our cyber program includes focusing on securely connecting Operational Technology and tightly managing, verifying and assuring the vital systems. We have built a strong internal cyber capability that aims to protect our people, assets and information, and we collaborate with peers, government and our partners to ensure that we build and maintain the right culture, processes and tools. Following the merger with BHP petroleum's business, we are establishing a United States cyber hub and a global response capability. Our performance Woodside reported three events to the Australian Cyber Security Centre (ACSC) in 2022.1 These were voluntary reports providing information to the ACSC as the events did not result in any actual cyber incidents. Woodside responded to an increased number of cyber related events in 2022, with none causing any substantial business impact. External assessments and increased cyber maturity Woodside participated in the Australian Cyber Security Centre's Critical Infrastructure Uplift (CI-UP) pilot program. CI-UP included assessing our controls against the United States Department of Energy Cybersecurity Capability Maturity Model and the Australian Signals Directorate Essential Eight. We reported our cybersecurity maturity for Information Technology and Operational Technology to the Australian Energy Market Operator for a second year, achieving improved maturity indicator levels in both domains. Woodside maintains a watching brief on new legislation in the countries where we operate. We anticipate increased governmental focus on compliance to help prevent the loss or theft of sensitive information. Operational Technology Cyber Security Incident Response Team The Operational Technology Cyber Security Incident Response Team (CSIRT) capability is based on Woodside's mature Information Technology CSIRT model and continues to be extended with the intent to be able to detect and respond rapidly, effectively and consistently to cyber incidents across our Operational Technology environment. The Operational Technology CSIRT team is given the same priority as the assets' traditional emergency response capabilities in the event of a cyber event. This enables recovery of Operational Technology systems as quickly as possible to limit any health, safety, environmental or financial impacts. Cyber awareness A company wide refresh and expansion of cyber education and awareness was implemented in 2022. Fundamental training for all Woodside personnel was refreshed and aligned to current threats, privacy risks and best practices. Targeted role based training was developed for all Information Technology Administrators to ensure their competency when working in our digital ecosystem. Tailored threat based briefings were delivered to senior leaders, executives and directors that gave context to current cyber threats and protective controls enabled across the environment. Organisation wide events for Cybersecurity Awareness Month in October promoted four key cyber practices our workforce could take into their personal digital lives to uplift security. Woodside's Audit & Risk Committee of the Board has direct oversight of cybersecurity matters including evolving risk and business considerations. For more information please see section 3.8 Risk Factors and section 4.1.2 Corporate Governance of the Annual Report 2022. S ection 4 .4 96 \| Sustainable Development Report 2022

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Major incident preparedness Whilst prevention of major incidents is key, our capability to respond to and recover from major incidents is a regulatory and licence to operate requirement. Our approach Woodside maintains a comprehensive and integrated all hazards approach to major incident preparedness by applying the emergency risk management philosophy to prevent, prepare for, respond to and recover from major incident events. Focusing on the protection of our people, the environment, our assets, reputation and livelihood, Woodside maintains a tiered response framework, providing scalability and measured escalation to incidents or crises. These arrangements enable the organisation to act swiftly, proportionately and safely to incidents, aiming to preserve business continuity and return impacted assets to normal or near normal conditions as soon as possible following the event. Our performance During 2022, whilst our crisis emergency management arrangements were not activated for any major incidents, our focus on preparedness remained high. Woodside preparedness activities included: Operational Assets (level one teams) • Weekly training activities, focusing on major incident event and environmental scenarios. Corporate Incident Coordination Centre (level two teams) • Eight level two practical deployment exercises, in collaboration with operational assets. • Weekly skills maintenance training sessions, focusing on a range of domestic and international themed scenarios. • Six Corporate Incident Coordination Centre (CICC) courses delivered, resulting in 66 new CICC members. Crisis Management Team (level three team) • One crisis exercise, focusing on strategic implications of a major oil spill incident. Global approach During 2022 Woodside increased its global resources and capabilities in order to respond to a major incident across our global portfolio noting our expanded global presence following the merger with BHP's petroleum business. In 2023, our approach will continue to be monitored and refined as necessary. Planned 2023 activities: In 2023, we plan to undertake the activities outlined below. Work will continue on company incident management frameworks to develop a common Incident Management Framework. The Incident Management Framework will not only deliver a common system, language, naming conventions and processes, but will facilitate a truly global and collaborative capability to respond to major incidents across our global activities and time zones. We will also broaden the Gulf of Mexico (GOM) Incident Management Team (IMT), into a Houston Incident Management Team. This project is expected to effectively broaden the scope of the existing GOM IMT, which is currently focused primarily on GOM based operational assets, to provide an all hazards response capability supporting all assets, office locations and risks throughout the Americas and Africa Region. Capability development framework redesign will continue with actions underway for the progression of company incident management frameworks. The resulting training framework is expected to deliver a fit for risk program, to ensure our response personnel are prepared to respond to major incidents. Work will also continue on Company Crisis and Emergency Management and Hydrocarbon Spill Preparedness Assurance programs into a common, fit for purpose, global assurance program. Delivery of Crisis and Emergency Management projects, coupled with the ongoing execution of our standard preparedness program, Woodside remains ready and capable to collaboratively respond to and recover from major incidents across our global activities and time zones. S ection 4 . 5 Woodside Energy Group Ltd \| 97

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Section 5 : APPENDICES — Woodside employees at Mia Yellagonga. 98 \| Sustainable Development Report 2022

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Our stakeholders Woodside seeks to apply a consistent approach to stakeholder engagement, focused on meaningful discussions. Insights from these engagements inform our approach and help us to manage potential impacts as well as understand stakeholder interests, expectations and opportunities for shared outcomes. Stakeholder How we listen What matters What we do Customers • Regular engagements to manage delivery of natural gas liquids, LNG, new energy and domestic gas • Proactive engagements to understand short-, mediumand long-term needs • In country representatives with marketing offices in various locations • Reliable and safe product delivery • Production and operational risks management • Production quality and cost • Health and safety performance including shipping operations • Working sustainably • Focus on safe and reliable operations • Develop projects to meet customers' energy needs, including new energy opportunities • Deliver supply arrangements tailored to customer requirements Employees • Regular feedback sessions, performance reviews and personal development plans • Our Voice culture and engagement surveys • Regular CEO and Executive Leadership Team employee engagements • Group and team townhalls and team meetings • Feeling engaged and being enabled to do their job • Being able to bring their whole self to work, embracing diversity and demonstrating inclusion • Regular performance feedback • Career development opportunities • Fostering a values led organisational culture that optimises performance • Health and safety performance, including mental health and wellbeing • Our Values as our culture and behavioural guide • Ongoing employee health, safety and wellbeing initiatives. • Annual staff briefing with the CEO and senior executives • Electronic communications Investors, banks and rating agencies • Regular meetings with investor representatives, banks and rating agencies • Optimise value and shareholder returns • Management of financial and non-financial risks • High quality corporate governance • Climate change risk management • Health and safety performance • Investor briefings • Full year and half year results briefings • Annual General Meeting • Announcements to the Australian Securities Exchange, London Stock Exchange and the New York Stock Exchange S ection 5 . 1 Woodside Energy Group Ltd \| 99

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Stakeholder How we listen What matters What we do Joint venture participants • Regular meetings with joint venture committees • Participation in business reviews and audits • Health and safety management • Reliability of supply, product quality, cost and delivery • Environment and social impact management Including greenhouse gas management; engagement with First Nations communities • Growth opportunities • Governance and transparency Work collaboratively to: • Safely deliver operations and growth • Protect reputation and manage risk • Identify and engage with stakeholders First Nations Communities • Maintaining a presence in Roebourne and Karratha • Formal and informal engagements with First Nations representative groups • Maintain accessibility for open and regular communication with First Nations stakeholders • Quarterly cultural heritage meetings • Input into social impact assessments and community perception surveys • Community grievance mechanism • Participation and engagement at community events • Local social media channels • Detailed consultation on projects and activities • Heritage surveys and on country fieldwork • Engagement with representative bodies • Community forums on specific issues • Local employment and contracting opportunities • Economic benefits • Cultural heritage management • Cost of living and potential impacts on local services • Cultural safety • Climate change risk management • Environmental impacts • Social investment • We work to ensure cultural heritage management is thorough, transparent and underpinned by consultation and ongoing continued engagement • Commit to avoiding damage or disturbance to cultural heritage and, if avoidance is not possible, minimising and mitigating the impacts, in close consultation with First Nations communities • Implement Reconciliation Action Plan commitments • Develop and implement First Nations Land Use and Relationship agreements • Partner and engage with First Nations communities to create positive economic, social and cultural outcomes • Ensure the voices, views and aspirations of First Nations communities are heard and understood within Woodside • Being guided by the United Nations Declaration on the Rights of Indigenous Peoples • Organise cultural awareness training • Support training and education and career pathways 100 \| Sustainable Development Report 2022

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Stakeholder How we listen What matters What we do Local communities • Regular community meetings • Community perception surveys • Social Impact Assessments • Community grievance mechanism • Community events and information sessions • Local social media channels • Local employment and contracting opportunities • Economic benefits • Social Investment • Cost of living and potential impacts on local services • Construction impacts • Regular community consultations • Local jobs portal and suppliers' forums • Targeted social investment programs • Monitor community and stakeholder sentiment • Monitor community social indicators Local, state and national governments • Ongoing dialogue with regulators, government agencies and a broad range of political stakeholders • Economic benefits • Uninterrupted local energy availability and affordability • Responsible oil and gas resource and new energy development • Environmental, cultural heritage, social and financial performance • Response to climate change and greenhouse gas emissions management • Regulatory compliance • Transparency • Regular engagement with all levels of government in support of operations, new developments, and decommissioning • Direct submissions to state and national governments' consultation processes • Contribute to domestic and international industry association activities and advocacy • Adhoc engagement with political parties in support of our business strategy to exchange information and to constructively inform policy development and decisionmaking Non-government organisations • Input into social and environmental impact assessments • Consultation as part of environmental approvals • Regular participation in industry forums and associations • Face to face meetings • Respond to climate change and greenhouse gas emissions management • Environmental impacts • Anti-bribery and corruption • Transparency • Human rights • Engagement on growth projects • Commitment to international climate initiatives and reporting frameworks • Participation in environmental research • Participation in the Extractive Industries Transparency Initiative • Actively engage in the Voluntary Principles on Security and Human Rights Woodside Energy Group Ltd \| 101

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Stakeholder How we listen What matters What we do Suppliers and contractors • Supplier networking events and Contractor Forums • Workshops with local business networks • Regular reciprocal supplier performance reviews • Tender debrief and feedback sessions • Embedded supplier relationship management with our tier one suppliers • Supply opportunities for growth projects • Sustainable long-term opportunities beyond Construction phase into Operations • Health and safety • On time payment of invoices • Visibility of work plans and look ahead • Supporting First Nations and local contractors • Collaborate to deliver tangible safety improvements • Provide supplier forums for growth projects • Implementation of invoice payment cycle time improvements • Increased visibility and sharing of forward work plans • Collaborate to ensure First Nations engagement outcomes • Support programs to develop local business capacity and capability — Woodside employees in Houston. 102 \| Sustainable Development Report 2022

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Glossary Biodiversity Biological diversity means the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are a part; this includes diversity within species, between species and of ecosystems.1 CCUS Carbon capture utilisation and storage. COâ,,-e CO2 equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis.2 Contractors Non-Woodside employees, working within Woodside to support specific activities. COP-15 The United Nations Convention on Biological Diversity (CBD) 15th Conference of the Parties (COP-15) took place in Montreal, Canada, December 2022. COP-26 The 26th Conference of the Parties to the United Nations Framework Convention on Climate Change, meeting in Glasgow, Scotland, November 2021. 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. Equity greenhouse gas emissions Woodside sets its Scope 1 and 2 greenhouse gas emissions reduction targets on an equity basis. This ensures that the scope of its emissions reduction targets is aligned with its economic interest in its investments. Equity emissions reflect the greenhouse gas emissions from operations according to Woodside's share of equity in the operation. Its equity share of an operation reflects its economic interest in the operation, which is the extent of rights it has to the risks and rewards flowing from the operation.3 Executive Leadership Team The most senior leadership group in the company, previously known as the Executive Committee. First Nations The Indigenous people of a country. They are the first occupants, and they are Nations as First Peoples formed nations not small groups. Flaring The controlled burning of gas found in oil and gas reservoirs. Frequency rates Frequency rates are calculated per million work hours. FPIC Free, Prior and Informed Consent. For further information, please see Woodside's First Nations Communities Policy. GHG or Greenhouse gas The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); methane (CH4); nitrous oxide (N20); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6).2 GRI The Global Reporting Initiative is a network-based organisation that promotes sustainability reporting worldwide. The GRI reporting framework sets out principles and indicators that organisations can use to measure and report their environmental, social and governance performance. High-consequence work-related injury Work-related injury that results in a fatality or in an injury from which the worker cannot, does not, or is not expected to recover fully to pre-injury health status within six months. Human factors Using what is known about people, organisations and work design to influence performance. IFRS Foundation International Financial Reporting Standards Foundation. For more information see www.ifrs.org Incident Is one, or more, of the following: an unplanned release of energy that actually resulted in injury, occupational illness, environmental harm or damage to assets, a near miss, damage or potential damage to company reputation, breach of regulatory compliance and/or legislation, security breach (including cybersecurity breach). Just transition Please see page 52 of the Climate Report 2022 for more information on just transition. Leverage The measure of any additional resources contributed to a community organisation or activity that come from sources other than the company i.e. joint ventures, employees, government or another corporate organisation. LGBTIQ+ An acronym which signifies the collective community of those who are Lesbian, Gay, Bisexual, Transgender, Queer and Intersex. The 'plus' is used to signify all of the gender identities and sexual orientations that are not specifically covered by the other six initials. Loss of primary containment (LOPC) An unplanned or uncontrolled release of any material from primary containment, including non-toxic and non-flammable materials (e.g. steam, hot condensate, nitrogen, compressed CO2 or compressed air). S ection 5 . 2 Woodside Energy Group Ltd \| 103

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Lost time injury (LTI) An LTI is an incident that results in a fatality, disability or time lost from work. The number of LTIs is the sum of these. Lower carbon Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity. Lower carbon services Woodside uses this term to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions. Net equity greenhouse gas emissions Woodside's equity share of net greenhouse gas emissions. Net greenhouse gas emissions Woodside has set its Scope 1 and 2 greenhouse gas emissions reduction targets on a net basis, allowing for both direct emissions reductions from its operations and emissions reductions achieved from the use of offsets. Net greenhouse gas emissions are equal to an entity's gross greenhouse gas emissions reduced by the number of retired carbon credits. Net Zero Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period. Where multiple greenhouse gases are involved, the quantification of net zero emissions depends on the climate metric chosen to compare emissions of different gases (such as global warming potential, global temperature change potential, and others, as well as the chosen time horizon).4 New energy Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, that are emerging in scale but which are expected to grow during the energy transition due to having lower greenhouse gas emissions at the point of use than conventional fossil fuels. 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. OGCI Oil and Gas Climate Initiative. For more information see www.ogci.com Operator, Operated and non-operated Oil and gas joint venture participants will typically appoint one company as the operator, which will hold the contractual authority to manage joint venture activities on behalf of the joint venture participants. Where Woodside is the operator of a joint venture in which it holds an equity share, this report refers to that joint venture as being operated. Where another company is the operator of a joint venture in which Woodside holds an equity share, this report refers to that joint venture as being non-operated. Philanthropy The cash contributions the company pays in support of a community organisation or projects (e.g. small grants and donations) and in-kind contributions of the company's corporate resources (e.g. IT equipment, used furniture or housing). Potential risks This is an environmental, social or governance related-risk, that if it occurs over the next 12 months, could cause an actual or a perceived negative impact on the business or on our activities. Process safety event (PSE) (Tier 1 and Tier 2) An unplanned or uncontrolled loss of primary containment (LOPC) of any material including non-toxic and nonflammable materials from a process, or an undesired event or condition. Process safety events are classified as Tier 1 – LOPC of greatest consequence or Tier 2 – LOPC of lesser consequence. As defined by American Petroleum Institute (API) recommended practice 754. Salient Salient human rights risks, are those human rights that are at risk of the most severe negative impacts through a company's activities or business relationships.5 Scope 1 greenhouse gas emissions Direct GHG emissions. These occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process equipment. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist.3 Scope 2 greenhouse gas emissions 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 the organisational 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 accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian National Greenhouse and Energy Reporting (NGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist.3 Scope 3 greenhouse gas emissions 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 the company. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services. Please refer to the data table on page 58 of the Climate Report 2022 for further information on the Scope 3 emissions categories reported by Woodside.3 104 \| Sustainable Development Report 2022

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Secure by Design Secure by Design is a cybersecurity principle where solutions are designed from the very start to be secure. Following secure by design principles, ensures security is embedded natively into Information Technology and Operational Technology projects, helping to prevent security flaws that can impact the confidentiality, integrity and availability of data and systems. Significant environmental incidents A significant environmental incident is considered to be an incident that has moderate, medium-term impact on ecosystems, species, habitat or physical or biological attributes. Strategic partnerships Strategic partnerships are more proactive and strategic than philanthropic donations. They centre on a smaller number of larger-scale, longer-term partnerships, rather than a donation to a community organisation. These partnerships address the social issue(s) that the company has identified as being relevant to both the company and the community in which it operates. They are linked to a corporate strategy, are measured, and expected to help protect the long-term corporate interests and reputation of the business. TCFD Task Force on Climate-related Financial Disclosures. For more information see www.fsb-tcfd.org/about Total employees Total number of employees including permanent, fixed-term and part-time. Does not include secondees or contractors. Total recordable injury rate (TRIR) The number of recordable injuries (fatalities + lost work day cases + restricted workday cases + medical treatment cases + permanent partial disability) per million work hours. Total social spend globally Sum of strategic partnerships, philanthropy, volunteering and mandatory contributions. Total turnover Permanent and fixed-term employees who left Woodside voluntarily or involuntarily. Traditional Owners and Custodians Members of the local Indigenous group with traditional rights and responsibilities in relation to the land and water in which we operate. Upstream Industry term for operations relating to exploring for, developing and producing as well as marketing crude oil and natural gas. This includes transporting crude oil, natural gas and petroleum products by pipeline or marine vessel. Voluntary turnover Permanent and fixed-term employees who left Woodside voluntarily for reasons not initiated by the company. Volunteering The cost to the company of the paid working hours contributed by employees to a community organisation or activity during paid working time (i.e. team-based volunteering, skills-based volunteering and secondments). 1 Convention on Biological Diversity (1992). 2 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 a updated definition of Paris-Aligned scenarios Woodside has retained use of the previous edition. 3 World Resources Institute and World Business Council for Sustainable Development (2004). "GHG Protocol: a corporate accounting and reporting standard". 4 IPCC, 2018: Annex I: Glossary [Matthews, J.B.R. (ed.)]. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty [Masson-Delmotte, V., P. Zhai, H.-O. Portner, D. Roberts, J. Skea, P.R. Shukla, A. Pirani, W. Moufouma-Okia, C. Pean, R. Pidcock, S. Connors, J.B.R. Matthews, Y. Chen, X. Zhou, M.I. Gomis, E. Lonnoy, T. Maycock, M. Tignor, and T. Waterfield (eds.)]. In Press. Page 555. 5 The Corporate Responsibility to Human Rights: An Interpretive Guide. https://www.ohchr.org/Documents/Publications/HR.PUB.12.2_En.pdf Woodside Energy Group Ltd \| 105

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Terms and units Terms AIMS Australian Institute of Marine Science ALARP As low as reasonably practicable API American Petroleum Institute ASX Australian Securities Exchange ATO Australian Taxation Office BIPOC Black, Indigenous, or People of Color Board Woodside's governing body – the Board of Directors CCS Carbon capture and storage CEO Chief Executive Officer EITI Extractive Industries Transparency Initiative ESG Environmental, Social and Governance FID Final investment decision FIFO Fly in fly out FPSO Floating production storage and offloading HSE Health, safety and environment IOGP International Association of Oil and Gas Producers Ipieca International Petroleum Industry Environmental Conservation Association: the global oil and gas industry association for environmental and social issues. ISO International Organization for Standardization. IUCN International Union for Conservation of Nature KBSF King Bay Supply Facility KGP Karratha Gas Plant LNG Liquefied natural gas MAC Murujuga Aboriginal Corporation NGER National Greenhouse and Energy Reporting NGL Natural gas liquids NPI National Pollutant Inventory NYFL Ngarluma Yindjibarndi Foundation Limited RAP Woodside's 2021-2025 Reconciliation Action Plan TRI Total recordable injury TRIR Total recordable injury rate VPSHR Voluntary Principles on Security and Human Rights UNSDG United Nations Sustainable Development Goals UWA The University of Western Australia WA Western Australia S ection 5 . 3 106 \| Sustainable Development Report 2022

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Units A$ Australian dollars bbl barrel CO2-e carbon dioxide equivalent kt kilotonne kVA kilo Volt Amps m3 cubic metre mg/L milligrams per litre mt million tonne MW megawatt Sm3 standard cubic metre Tonnes (t and kt) In this report, "t" means tonne and "kt" means kilotonne, being one thousand tonnes. tCO2-e tonnes of carbon dioxide equivalent TJ terajoule tpd tonnes per day US$ US dollars Woodside Energy Group Ltd \| 107

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GRI content index Woodside Energy Group Ltd has reported with reference to the GRI Standards for the period 1 January 2022 to 31 December 2022. Applicable GRI Sector Standards: GRI 11 OIL AND GAS SECTOR 2021 Omission Sector standard GRI standard / Other source Location Ref. No. Requirement(s) Omitted Reason Explanation General disclosures GRI 2: General Disclosures 2021 2-1 Organisational details SDR: ii, 8-9, Back cover 2-2 Entities included in the organisation's sustainability reporting SDR: ii-iii AR 2-3 Reporting period, frequency and contact point SDR: ii-iii 2-4 Restatement of information SDR: ii-iii 2-5 External assurance SDR: ii-iii, 118-126 2-6 Activities, valve chain and other business relationships SDR: ii-iii, 6, 8-9, 66-67 AR 2-7 Employees SDR: 68-77, 77-79 2-8 Workers who are not employees Yes Information unavailable Information not collected. Consideration to be given to data collection in next reporting period 2-9 Governance structure and composition SDR: 7, 12-16, 89-90 AR 2-10 Nomination and selection of the highest governance body AR 2-11 Chair of the highest governance body AR 2-12 Role of the highest governance body in overseeing the management of impacts AR 2-13 Delegation of responsibility for managing impacts AR 2-14 Role of the highest governance body in sustainability reporting SDR: 7, 89 2-15 Conflicts of interest AR 2-16 Communications of critical concerns SDR: 89 2-17 Collective knowledge of the highest body SDR: 89 AR 2-18 Evaluation of the performance of the highest governance body AR 2-19 Remuneration policies AR 2-20 Process to determine remuneration AR 2-21 Annual total compensation ratio AR 2-22 Statement on sustainable development strategy SDR: 12-15 2-23 Policy commitments SDR: 68-76,80-81, 89-90 Website 2-24 Embedding policy commitments Website S ection 5 .4 Legend: SDR – Sustainable Development Report 2022 CR – Climate Report 2022 AR – Annual Report 2022 Website 108 \| Sustainable Development Report 2022

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Omission Sector standard GRI standard / Other source Location Ref. No. Requirement(s) Omitted Reason Explanation 2-25 Processes to remediate negative impacts SDR: 59-67 Website 2-26 Mechanisms for seeking advice and raising concerns SDR: 59-67, 89-90 Website 2-27 Compliance with laws and regulations SDR: 95 2-28 Membership associations SDR: 95 Website 2-29 Approach to stakeholder engagement SDR: 99-102 2-30 Collective bargaining agreements Yes Information unavailable Information not specified Material topics GRI 3: Material Topics 2021 3-1 Process to determine material topics SDR: 7 3-2 List of material topics SDR: 10, 27-31, 32-47, 47-49, 53-58, 83-88 GRI 11.1 GHG Emissions GRI 3: Material Topics 2021 3-3 Management of material topics SDR: 27-31, 48-49 CR AR Website 11.1.1 GRI 302: Energy 2016 302-1 Energy consumption within the organisation SDR: 48-49 11.1.2 302-2 Energy consumption outside of the organisation CR 11.1.3 302-3 Energy intensity SDR: 48-49 11.1.4 GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions SDR: 48-49 11.1.5 305-2 Energy indirect (Scope 2) GHG emissions SDR: 48-49 11.1.6 305-3 Other indirect (Scope 3) GHG emissions SDR: 48-49 CR 11.1.7 305-4 GHG emissions intensity SDR: 29, 48-49 11.1.8 GRI 11.2 Climate adaptation GHG Emissions GRI 3: Material Topics 2021 3-3 Management of material topics SDR: 27-31, 48-49 CR 11.2.1 GRI 201: Economic Performance 2016 201-2 Financial implications and other risks and opportunities due to climate change Yes Data not available Data not available 11.2.2 GRI 305: Emissions 2016 305-5 Reduction of GHG emissions SDR: 27-31, 48-49 CR 11.2.3 Additional Sector Disclosure SDR: 27-31, 48-49 CR 11.2.4 GRI 11.3 Air Emissions GRI 3: Material Topics 2021 3-3 Management of material topics SDR: 27-31, 48-49 CR 11.3.1 GRI 305: Emissions 2016 305-7 Nitrogen oxides (NOx), sulphur oxides (SOx), and other significant air emissions SDR: 48-49 CR Yes Data not available Information not available in required format for POP HAP and PM 11.3.2 Woodside Energy Group Ltd \| 109

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Omission Sector standard GRI standard / Other source Location Ref. No. Requirement(s) Omitted Reason Explanation GRI 416: Customer Health and Safety 2016 416-1 Assessment of the health and safety impacts of product and service categories Yes Not applicable Our approach to health and safety management is applicable to activities under Woodside operational control 11.3.3 GRI 11.4 Biodiversity GRI 3: Material Topics 2021 3-3 Management of material topics SDR: 32-47 11.4.1 304: Biodiversity 2016 304-1 Operational sites owned, leased, managed in or adjacent to, protected areas and areas of high biodiversity value outside protected areas Yes Data not available Information not collected. Consideration to be given to data collection in the next reporting period 11.4.2 304-2 Significant impacts of activities Yes As above As above 11.4.3 304-3 Habitats protected or restored SDR: 32-47 11.4.4 304-4 IUCN Red List Yes As above As above 11.4.5 GRI 11.9 Occupational health and safety GRI 3: Material Topics 2021 3-3 Management of material topics SDR: 83-86, 87-88 11.9.1 GRI 403: Occupational Health and Safety 2018 403-1 Occupational health and safety management system SDR: 83-86, 87-88 Website 11.9.2 403-2 Hazard identification, risk assessment, and incident investigation SDR: 83-86, 87-88 Website 11.9.3 403-3 Occupational health services SDR: 83-86 11.9.4 403-4 Workers participation, consultation, and communication on occupational health and safety SDR: 83-86 11.9.5 403-5 Worker training on occupational health and safety SDR: 83-86, 87-88 11.9.6 403-6 Promotion of worker health SDR: 83-86 11.9.7 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships SDR: 83-86 11.9.8 403-8 Workers covered by an occupational health and safety management system SDR: 83-86, 87-88 11.9.9 403-9 Work-related injuries SDR: 83-86, 87-88 11.9.10 403-10 Work-related ill health SDR: 83-86, 87-88 11.9.11 GRI 11.17 Rights of indigenous peoples GRI 3: Material Topics 2021 3-3 Management of material topics SDR: 53-58 11.17.1 GRI 411: Rights of Indigenous Peoples 2016 411-1 Incidents of violations involving rights of indigenous peoples Yes Not applicable See First Nations cultural heritage and engagement 11.17.2 GRI 416: Customer Health and Safety 2016 Additional sector disclosure SDR: 53-58 11.17.3 Additional sector disclosure SDR: 53-58 11.17.4 110 \| Sustainable Development Report 2022

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Omission Sector standard GRI standard / Other source Location Ref. No. Requirement(s) Omitted Reason Explanation Topics in the applicable GRI Sector Standards determined as not material Topic Explanation Applicable GRI Sector Standards GRI 11 OIL AND GAS SECTOR 2021 GRI 11.6 Water and effluents Omission—not identified as a material topic through the materiality process GRI 11.7 Closure and rehabilitation Omission—not identified as a material topic through the materiality process GRI 11.8 Asset integrity and critical incident management Omission—not identified as a material topic through the materiality process GRI 11.10 Employment practices Omission—not identified as a material topic through the materiality process GRI 11.11 Non-discrimination and equal opportunity Omission—not identified as a material topic through the materiality process GRI 11.12 Forced labour and modern slavery Omission—not identified as a material topic through the materiality process GRI 11.13 Freedom of association and collective bargaining Omission—not identified as a material topic through the materiality process GRI 11.14 Economic impacts Omission—not identified as a material topic through the materiality process GRI 11.15 Local communities Omission—not identified as a material topic through the materiality process GRI 11.16 Land and resources rights Omission—not identified as a material topic through the materiality process GRI 11.18 Conflicts and security Omission—not identified as a material topic through the materiality process GRI 11.19 Anti-competitive behaviour Omission—not identified as a material topic through the materiality process GRI 11.21 Anti-corruption Omission—not identified as a material topic through the materiality process GRI 11.22 Public policy Omission—not identified as a material topic through the materiality process Woodside Energy Group Ltd \| 111

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Ipieca sustainability reporting guidance (4th edition, 2020) index Indicators Location Omissions Module 2: Governance and business ethics (2020) GOV-1: Governance and management systems—Governance approach C1, C2, C3, C4, C5, A1, A2, A3, A4, A5, A6, A7 SDR: 89-95 AR Website GOV-2: Governance and management systems—Management systems C1, C2, C3, C4, A1, A2, A3, A4, A5 SDR: 89-95 AR Website GOV-3: Business ethics and transparency—Preventing corruption C1, C2, C3 SDR: 89-92 Website C4 SDR: 89-92 GOV-4: Business ethics and transparency—Transparency of payments to host governments C1 SDR: 92-94 Website C2 SDR: 92-95 C3 SDR: 92-95 C4 SDR: 92-94 A2, A3 SDR: 92-95 Website A4 SDR: 92-94 GOV-5: Business ethics and transparency—Public advocacy and lobbying C1, C2 SDR: 94 Module 3: Climate change and energy (2020) CCE-1: Climate strategy and risk—Climate governance and strategy C1, C2, C3, C4 SDR: 27-31 CR CCE-2: Climate strategy and risk—Climate risk and opportunities C1, C2, C3, C4 CR CCE-3: Technology—Lower-carbon technology C1, C2 CR CCE-4: Emissions—Greenhouse gas emissions C1, C2, C3, C4, A1, A2, A3, A7 SDR: 48-49 CR CCE-5: Emissions—Methane emissions C1 SDR: 15, 20 CR C2, A1, A2, A3, A4 CR CCE-6: Energy use C1 SDR: 48-49 C2 SDR: 27-31 CR S ection 5 . 5 Legend: SDR – Sustainable Development Report 2022 CR – Climate Report 2022 AR – Annual Report 2022 Website 112 \| Sustainable Development Report 2022

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Indicators Location Omissions CCE-7: Flaring—Flared gas C1 SDR: 48-49 C2 Not reported C3, C4, C5, A3 SDR: 27-31, 48-49 Module 4: Environment (2020) ENV-1: Water—Freshwater C1, C2 SDR: 48-49 C3, C4, C5 Not reported ENV-2: Water—Discharge to water C1 SDR: 48-49 C2 Not applicable ENV-3: Biodiversity—Biodiversity policy and strategy C1, C2, C3 SDR: 32- 47 Website ENV-4: Biodiversity—Protected and priority areas for biodiversity conservation C1 Not reported C2 SDR: 32-47 Website ENV-5: Air emissions—Emissions to air C1 SDR: 48-49 C2 SDR: 32-47, 48-49 Website ENV-6: Spills to the environment C1, C2 SDR: 32-47, 48-49 C3 Not reported C4 SDR: 97 ENV-7: Material management C1, C2, C3 SDR: 32-47, 48-49 ENV-8: Decommissioning C1 SDR: 50-51 C2 Not reported A1, A2 SDR: 50-51 A4 AR Module 5: Safety, health and security (2020) SHS-1: Workforce protection—Safety, health and security engagement C1, C2, C3 SDR: 83-86 SHS-2: Workforce protection—Workforce and community health C1, C2, C3 SDR: 83-86 SHS-3: Workforce protection—Occupational injury and illness incidents C1, C2, C3, C4 SDR: 83-86, 87-88 SHS-4: Workforce protection—Transport safety C1, C2, C3, C4 Not applicable SHS-5: Product health, safety and environmental risk—Product stewardship C1, C2, C3 Not applicable SHS-6: Process safety C1, C2 SDR: 83-86, 87-88 C3 SDR: 83-86 SHS-7: Security—Security risk management C1, C2 SDR: 97 C3 SDR: 96 Module 6: Social (2020) SOC-1: Human rights management—Human rights due diligence C1, C3, C5 SDR: 80-81 Website C2 SDR: 59-67, 89-95 Website Woodside Energy Group Ltd \| 113

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Indicators Location Omissions C4 Not reported A1, A2, A3 SDR: 80-81 SOC-2: Human rights management—Suppliers and human rights management C1 SDR: 80-81 Website C2, A1 SDR: 80-81 SOC-3: Human rights management—Security and human rights C1, C2, C3 SDR: 80-81 SOC-4: Labour practices—Site-based labour practices and worker accommodation C1, C2, C3 Not reported A5 SDR: 80-81 Website SOC-5: Labour practices—Workforce diversity and inclusion C1, A1 SDR: 68-76 C2, C3 SDR: 77-79 SOC-6: Labour practices—Workforce engagement C1, C2, A4 SDR: 68-76 A1 SDR: 77-79 SOC-7: Labour practices—Workforce training and development C1, C2 SDR: 68-76, 77-79 A2 SDR: 68-76 SOC-8: Labour practices—Workforce non-retaliation and grievance mechanisms C1 SDR: 68-76 SOC-9: Community engagement—Local community impacts and engagement C1, C2, C3, A1, A2 SDR: 59-67 SOC-10: Community engagement—Engagement with Indigenous peoples C1, A1, A2 SDR: 53-58 SOC-11: Community engagement—Land acquisition and involuntary resettlement C1 Not applicable C2 SDR: 53-58 SOC-12: Community engagement—Community grievance mechanisms C1, C2, A1, A3 SDR: 53-58 SOC-13: Community engagement—Social investment C1, C2, A1, A2, A3, A4, A5 SDR: 53-58 SOC-14: Local content—Local procurement and supplier development C1, A1, A2, A5, A6, A7, A8 SDR: 66-67 SOC-15: Local content—Local hiring practices C1 Not reported 114 \| Sustainable Development Report 2022

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— Woodside employees in Houston. Woodside Energy Group Ltd \| 115

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Disclaimer Performance and forward looking statements The information included in this report and in any oral statements made in connection with it include "forward looking statements" within the meaning of applicable securities laws. Such statements may be identified by words such as "may," "could," "project," "believe," "anticipate," "expect," "estimate," "potential," "plan," "forecast" and other similar words. All statements other that statements of historical facts included in this report that address current intention, statements of opinion and expectations regarding Woodside's present and future operations, possible future events and future financial prospects and impacts are forward-looking statements. In particular, this report contains forward looking statements pertaining to, but not limited to, information with respect to the following: Woodside's strategic plan, priorities, outlook and expected performance; sustainability goals, strategies, priorities and initiatives, including, among others, greenhouse gas emissions reduction, investment in the energy transition, inclusion and diversity, health, safety and wellbeing, planned or proposed renewable and lower carbon services and new energy projects, investment in certain communities, and our Reconciliation Action Plan targets; our plans to achieve our sustainability goals and to monitor and report our progress thereon; commitments and disclosure; and other related items. Such statements are not statements of fact and may be affected by a variety of known and unknown risks, variables and changes in underlying assumptions or strategy that could cause Woodside's actual results or performance to differ materially from the results or performance expressed or implied by such statements. Risks that could cause actual results and financial condition to differ materially from those described in forward-looking statements can be found in this report, in Woodside's reports to the ASX, filings with the SEC and other disclosures available on our corporate website at https://www.woodside.com/. There can be no certainty of outcome in relation to the matters to which the statements relate, and the outcomes are not all within the control of Woodside. Further information on some important factors that could cause actual results or performance to differ materially from those projected in such statements is contained in the Annual Report 2022 and Climate Report 2022. Readers are cautioned not to place undue reliance on any forward looking statements contained in this report. While this report describes potential future events and matters that may be significant, and with respect to which we may use the words "material" or "materiality", the potential significance of these events and matters should not be read as equating to "materiality" as the concept is used in connection with Woodside's required disclosures made in response to SEC and exchange rules and regulations. For the purposes of Woodside's sustainability reporting we classify the topics into three categories of material, significant or important. For these purposes, 'Material topic' means a 2022 sustainability topic described in this report, determined as part of the 2022 materiality assessment process undertaken by Woodside. Classification of any topic as material, significant or important should not be read as a determination of whether that topic may necessarily rise to the level of materiality of disclosures required by law, including the laws of Australia, the United States and the United Kingdom. Moreover, while we have provided information on several sustainability topics, there are inherent uncertainties in providing such information, due to the complexity and novelty of many methodologies established for collecting, measuring, and analysing sustainability data. While we anticipate continuing to monitor and report on certain sustainability information, we cannot guarantee that such data will be consistent year-to-year, as methodologies and expectations continue to evolve. Woodside makes no representation, warranty (express or implied) assurance or guarantee as to the accuracy, completeness or correctness or likelihood of fulfilment of any forward looking statements in any forward looking statements. Unless otherwise provided, the information contained in this report is expressly not incorporated by reference into any filing of Woodside made with the SEC, or any other filing, report, application, or statement made by Woodside to any governmental authority. S ection 5 . 6 116 \| Sustainable Development Report 2022

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The forward looking statements in this report are not guidance, forecasts, guarantees or predictions that future events will or are likely to occur or of future performance. The forward looking statements in this report reflect management's expectations, judgments, assessments, assumptions, estimates and other information available at the date of this report and/or the date of our planning processes. Except as required by applicable law or the Australian Securities Exchange (ASX) Listing Rules, Woodside does not undertake to provide ongoing market updates on any forward looking statements, or discussion of future financial prospects, whether as a result of new information or of future events. This report has not been prepared as financial or investment advice or to provide any guidance in relation to our future performance. Past performance cannot be relied on as a guide to future performance. It should be read in conjunction with our periodic reporting and other announcements made to the Australian Securities Exchange, New York Stock Exchange and London Stock Exchange. This report is not intended to, and does not constitute, form part of, or contain an offer or invitation to sell to Woodside (or any other person) or a solicitation of an offer from Woodside (or any other person) in any jurisdiction. This presentation may contain industry, market and competitive position data that is based on industry publications and studies conducted by third parties as well as Woodside's internal estimates and research. While Woodside believes that each of these publications and third party studies is reliable and has been prepared by a reputable source, Woodside has not independently verified the market and industry data obtained from these third party sources and cannot guarantee the completeness or accuracy of such data. Undue reliance should not be placed on any of the industry, market or competitive position data contained in this report. 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, including those uncertainties set out in the GHD Assurance Statement on page 124-125. Further information regarding the calculation of Woodside's greenhouse gas emissions is contained in the supporting table of climate-related data provided in the Climate Report 2022. There may be differences in the way third parties calculate or report greenhouse gas emissions compared to Woodside, which means third party data may not be comparable to Woodside's data. NOTE: Data in the Environment table on page 48-49 has been prepared with reference to the Global Reporting Initiative (GRI) Standards, Oil and Gas Standards and with reference to the Ipieca, API and IOGP (2020) Sustainability Reporting Guidance for the oil and gas industry. Woodside Energy Group Ltd \| 117

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S E CTION 5 . 7 External assurance statements Deloitte Touche Tohmatsu ABN 74 490 121 060 Grosvenor Place 225 George Street Sydney NSW 2000 Sydney NSW 1220 Australia Tel: +61 2 9322 7000 www.deloitte.com.au Independent Limited Assurance Report to the Directors and Management of Woodside Energy Group Limited Conclusion We have undertaken a limited assurance engagement on Woodside Energy Group Limited's ("Woodside") Selected Performance Indicators in the Sustainable Development Report ('Subject Matter Information') disclosed in Woodside's Sustainable Development Report 2022 detailed below for the reporting period 1 January 2022 to 31 December 2022. Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that, the 'Subject Matter Information' is not prepared, in all material respects, in accordance with the 'Reporting Criteria' detailed below for the reporting period 1 January 2022 to 31 December 2022. Subject Matter Information and Reporting Criteria The 'Subject Matter Information' and Reporting Criteria for our limited assurance engagement for the reporting period 1 January 2022 to 31 December 2022 is as follows: SD Report Performance Indicators ('Subject Matter Information') Reporting Criteria Health and Safety Performance Data in Woodside's Sustainable Development Report 2022: - Workforce exposure (hours) - Number of incidents (fatalities, recordable injuries, lost time injury events, high potential incidents, recordable occupational illnesses) - Frequency rates (Total recordable injury rate, Lost time injury Woodside's Sustainable frequency rate, High potential incident frequency rate, Total Development Report 2022 recordable occupational illness frequency rate) Basis of Preparation - Total recordable injury rate by region documents - Total recordable occupational illness frequency rate by region - Number of lost days by region - Training time spent on health and safety by region (hours) - Number of process safety events Environmental Performance Data in Woodside's Sustainable Development Report 2022: - Non-greenhouse gas emissions - Refrigerants - Water (freshwater use and intensity, Produced formation Woodside's Sustainable water) Development Report 2022 - Waste and waste disposal Basis of Preparation - Environmental incidents (Total number of hydrocarbon and documents non-hydrocarbon spills, Total quantity of hydrocarbon and non-hydrocarbon spills) Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation.© 2023 Deloitte Touche Tohmatsu 118 \| Sustainable Development Report 2022

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SD Report Performance Indicators ('Subject Matter Information') Reporting Criteria People Data in Woodside's Sustainable Development Report 2022: - Number of staff by gender, employment type, employment category, region, age - Number of contractors - Number of employees per category according to Indigenous workforce - Employee turnover by gender, region, age group (number) Woodside's Sustainable - Employees in graduate program (number) Development Report 2022 - Total hours and average per person hours of training by Basis of Preparation gender (including professional/ management) documents - Total hours and average per person hours of training by employee type - Percentage of employees receiving regular performance and career development reviews, by gender (%) - Returning from parental leave (percentage) Selected assertions made in relation to the four material topics in Woodside's Sustainable Development Report 2022: - Climate change resilience and transition GRI 1: Foundation 2021 - - Biodiversity Reporting Principles - First Nations cultural heritage and engagement - Health, safety, and wellbeing Basis for Conclusion We conducted our limited assurance engagement in accordance with Australian Standard on Assurance Engagements ASAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information ("ASAE 3000"), issued by the Australian Auditing and Assurance Standards Board. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management's Responsibilities Management is responsible for: a) Ensuring that the 'Subject Matter Information' is prepared in accordance with the 'Reporting Criteria'; b) Confirming the measurement or evaluation of the underlying 'Subject Matter Information' against the 'Reporting Criteria', including that all relevant matters are reflected in the 'Subject Matter Information'; c) Designing, establishing, and maintaining an effective system of internal control over its operations and financial reporting, including, without limitation, systems designed to assure achievement of its control objectives and its compliance with applicable laws and regulations; and d) The electronic presentation of the 'Subject Matter Information' and our limited assurance report on the website. 2 Woodside Energy Group Ltd \| 119

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Our Independence and Quality Control We have complied with the independence and other relevant ethical requirements relating to assurance engagements and applied Auditing Standard ASQM 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, Other Assurance Engagements and Related Services Engagements in undertaking this assurance engagement. Assurance Practitioner's Responsibilities Our responsibility is to express a limited assurance conclusion on Woodside Energy Group Limited's 'Subject Matter Information' as evaluated against the 'Reporting Criteria' based on the procedures we have performed and the evidence we have obtained. ASAE 3000 requires that we plan and perform our procedures to obtain limited assurance about whether, anything has come to our attention that causes us to believe that the 'Subject Matter Information' is not properly prepared, in all material respects, in accordance with the 'Reporting Criteria'. A limited assurance engagement in accordance with ASAE 3000 involves identifying areas where a material misstatement of the 'Subject Matter Information' is likely to arise, addressing the areas identified and considering the process used to prepare the 'Subject Matter Information'. A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks. The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, we do not express a reasonable assurance opinion about whether the 'Subject Matter Information' has been properly prepared, in all material respects, in accordance with the 'Reporting Criteria'. Our procedures included: • Inquiries with Subject Matter data owners and management responsible for Woodside's Sustainable Development Report 2022 to understand and assess the approach for collating, calculating and reporting the respective 'Subject Matter Information' across the reporting period ended 31 December 2022. • Inspection of documents as part of the walk throughs of key systems and processes for collating, calculating and reporting the respective 'Subject Matter Information' for the Woodside's Sustainable Development Report 2022. • Selection on a sample basis items to test from the selected performance indicators and agree to relevant supporting documentation. • Analytical reviews over material data streams to identify any material anomalies for the 'Subject Matter Information' and investigate further where required. Agreeing overall data sets for the 'Subject Matter Information' to the final data contained in Woodside's Sustainable Development Report 2022. 3 120 \| Sustainable Development Report 2022

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Inherent Limitations Because of the inherent limitations of an assurance engagement, together with the inherent limitations of any system of internal control there is an unavoidable risk that it is possible that fraud, error, or non-compliance with laws and regulations, where there has been concealment through collusion, forgery and other illegal acts may occur and not be detected, even though the engagement is properly planned and performed in accordance with Standards on Assurance Engagements. Other Information Management is responsible for the other information. The other information comprises Woodside's Climate Report 2022 for the reporting period 1 January 2022 to 31 December 2022, but does not include the Sustainable Development Report Performance Indicators listed above. Our opinion on the Subject Matter Information does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our engagement, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the knowledge obtained during the engagement, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Restricted use The applicable criteria used for this engagement was designed for a specific purpose of assisting the directors and management in reporting the 'Subject Matter Information' presented in Woodside's Sustainable Development Report 2022, as a result, the 'Subject Matter Information' may not be suitable for another purpose. This report has been prepared for use by directors and management for the purpose reporting on the subject matter information presented in Woodside's Sustainable Development Report 2022. We disclaim any assumption of responsibility for any reliance on this report to any person other than the directors and management or for any purpose other than that for which it was prepared. It is our understanding that Woodside intends to electronically present the assured Sustainable Development Report and Assurance Report on its internet website. Responsibility for the electronic presentation of the Sustainable Development Report on Woodside's website is that of management of Woodside. The security and controls over information on the web site should be addressed by Woodside to maintain the integrity of the data presented. The examination of the controls over the electronic presentation of the assured Sustainable Development Report on Woodside's web site is beyond the scope of the assurance of Woodside's Sustainable Development Report 2022. DELOITTE TOUCHE TOHMATSU Chi Mun Woo Partner Sydney, 24 February 2023 4 Woodside Energy Group Ltd \| 121

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Deloitte Touche Tohmatsu ABN 74 490 121 060 Grosvenor Place 225 George Street Sydney NSW 2000 Sydney NSW 1220 Australia Tel: +61 2 9322 7000 www.deloitte.com.au Independent Assurance Practitioner's Review Report to the Directors and Management of Woodside Energy Group Limited We have reviewed the attached selected financial information of Woodside Energy Group Limited ("Woodside") which comprises the Financial Information listed in the table below for the period 1 January 2022 to 31 December 2022 ("selected financial information"). SD Report Performance Indicators ('Selected Financial Information') Reporting Criteria Tax paid - Corporate income tax - Petroleum Resource Rent Tax - Federal Royalties - Federal Excise - Payroll Tax - Fringe Benefits Tax Woodside's Sustainable Development Report 2022 Basis of Preparation document Management's Responsibility for the Selected Financial Information Management is responsible for the preparation and fair presentation of the Selected Financial Information and has determined that the basis of accounting described in Woodside's Sustainable Development Report 2022 Basis of Preparation document is appropriate to meet the needs of the directors and management. Management's responsibility also includes such internal control as management determines necessary to enable the preparation of the Selected Financial Information that is free from material misstatement whether due to fraud or error. Assurance Practitioner's Responsibility Our responsibility is to express a conclusion on the Selected Financial Information based on our review. We have conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2405 Review of Historical Information Other than a Financial Report. ASRE 2405 requires us to conclude whether anything has come to our attention that causes us to believe that Woodside's Sustainable Development Report 2022 is not prepared, in all material respects, in accordance with Woodside's Sustainable Development Report 2022 Basis of Preparation document. This Standard also requires us to comply with relevant ethical requirements. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with Australian Auditing Standards. Accordingly, we do not express an audit opinion on the Statement. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the Selected Financial Information for the period 1 January 2022 to 31 December 2022 is not prepared, in all material respects, in accordance with Woodside's Sustainable Development Report 2022 Basis of Preparation document. Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Asia Pacific Limited and the Deloitte organisation.© 2023 Deloitte Touche Tohmatsu 122 \| Sustainable Development Report 2022

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Basis of Accounting and Restriction on Distribution and Use Without modifying our conclusion, we draw attention to page 93 of Woodside's Sustainable Development Report 2022 report to the Selected Financial Information for the reporting period 1 January 2022 to 31 December 2022, which describes the basis of accounting. The Selected Financial Information for the reporting period 1 January 2022 to 31 December 2022 has been prepared for use by the directors and management of Woodside Energy Group Limited for the purpose of enabling Woodside to include the review report in their Sustainable Development Report 2022. As a result, the Selected Financial Information for the reporting period 1 January 2022 to 31 December 2022 may not be suitable for another purpose. Our report is intended solely for the directors and management and should not be distributed to or used by parties other than the directors and management. It is our understanding that Woodside intends to electronically present the assured Sustainable Development Report and Assurance Report on its internet website. Responsibility for the electronic presentation of the Sustainable Development Report on Woodside's website is that of management of Woodside. The security and controls over information on the web site should be addressed by Woodside to maintain the integrity of the data presented. The examination of the controls over the electronic presentation of the assured Sustainable Development Report on Woodside's website is beyond the scope of the assurance of Woodside's Sustainable Development Report 2022. DELOITTE TOUCHE TOHMATSU Chi Mun Woo Partner Sydney, 24 February 2023 Woodside Energy Group Ltd \| 123

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The Power of Commitment 1 Independent Assurance Statement on Woodside Energy Group Ltd's Greenhouse Gas (GHG) Statement – Sustainable Development Report 2022 To the Management of Woodside Energy Group Ltd (Woodside) We have undertaken a reasonable assurance engagement of Woodside's: Scope Metrics Reasonable Assurance Scope Heritage Woodside assets And Heritage BHP assets (Operated) Limited Assurance Scope Heritage BHP assets (non-operated) Greenhouse gas emissions – The total amount of scope 1 and scope 2 greenhouse gas emissions (kt CO2-e) under Woodside's operational control – The total amount of scope 1 greenhouse gas emissions (kt CO2-e) under Woodside's equity ownership – Scope 1 and 2 emissions – equity (net) kt CO2-e) – Scope 1 emissions intensity (kt CO2-e/kt) under Woodside's operational control – Scope 1 emissions intensity (in kt CO2-e/kt and in kt CO2-e/revenue) under Woodside's equity ownership – Greenhouse gas emissions by gas – Greenhouse gas emissions by gas for carbon dioxide and methane (kt CO2-e), and methane intensity – volume percentage (Sm3/Sm3) – Greenhouse gas emissions by source – Greenhouse gas emissions by source for fuel combustion, flare, venting and other sources, in kt CO2-e – Flared gas – Total flaring amounts (tonnes) under Woodside's operational control – Total flaring amounts (tonnes) under Woodside's equity ownership – Flaring intensity (t/kt) under Woodside's operational control – Flaring intensity (t/kt) under Woodside's equity ownership – Fuel Consumption – Total fuel consumption (TJ) and fuel intensity (TJ/kt) under Woodside's equity control – Total fuel consumption (TJ) and fuel intensity (TJ/kt) under Woodside's operational control – Electricity consumption – Grid electricity consumption (TJ) – Hydrocarbon production – The total hydrocarbon production (kt), under Woodside's operational control – The total hydrocarbon production (kt), under Woodside's equity ownership Limited Assurance Scope All assets Greenhouse gas emissions: – Scope 3 emissions (use of sold product), under Woodside's equity ownership and operational control – Revenue – Revenue ($USm), under Woodside's equity ownership. (As reported in the annual financial report. Noting that assurance over any metrics including the revenue figure were limited to confirming that the revenue values reported in the SDR, match those reported in the annual report. No assurance was provided over the derivation of the revenue value) for the year ending 31 December 2022, comprising the 2022 totals shown graphically on pages 27-31 of Woodside's Sustainable Development Report and numerically in the supporting data tables (the subject matter referred to hereafter as Woodside's greenhouse gas (GHG) statement). A multidisciplinary team including assurance practitioners and engineers conducted this engagement. Note, assurance was not provided over any Task Force on Climate Related Financial Disclosures (TCFD) or requirements. Woodside's responsibility for subject matter Woodside is responsible for preparing the GHG Statement on pages 27-31 and supporting data tables of the 2022 Sustainable Development Report. This includes the design, implementation and maintenance of internal control relevant to the preparation of a GHG Statement that is free from material misstatement, whether due to fraud or error. Our independence and quality control We have complied with the relevant ethical requirements relating to assurance engagements, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior. The firm applied Auditing Standard ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements, and accordingly GHD maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Our responsibility Our responsibility is to express an opinion on the GHG Statement based on evidence obtained. We conducted the reasonable assurance engagement in accordance with Australian Standard on Assurance Engagements ASAE 3410 Assurance Engagements on Greenhouse Gas Statements (ASAE 3410). This requires that we plan and perform the engagement to obtain reasonable assurance about whether the GHG Statement is free from material misstatement. 124 \| Sustainable Development Report 2022

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\| Independent Assurance Statement on Woodside Energy Group Ltd's Greenhouse Gas Statement – Sustainable Development Report 2022 2 A reasonable assurance engagement in accordance with ASAE 3410 involves performing procedures to obtain evidence about the quantification of emissions. The nature, timing and extent of procedures selected depend on the assurance practitioner's judgement, including the assessment of the risks of material misstatement, whether due to fraud or error, in the GHG Statement. In making those risk assessments, GHD considered internal control relevant to Woodside's preparation of the subject matter. A reasonable assurance engagement also includes: – Assessing the suitability of Woodside's use of the reporting criteria for the GHG Statement, as the basis for preparing the GHG statement. – Evaluating the appropriateness of quantification methods and reporting policies used, and the reasonableness of estimates made by Woodside. – Evaluating the completeness and accuracy of recording, aggregation and transcription of source data. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Use of our statement This statement has been prepared for Woodside in accordance with our engagement terms dated 25 November 2022. GHD disclaim any assumption of responsibility for any reliance on this statement for any purpose other than that for which it was prepared being the reporting on our reasonable assurance audit. Our agreed engagement only included the metrics described in this assurance for the year ended 31 December 2022. Accordingly, we have not provided assurance over any other GHG data or statements presented elsewhere or any other data or statements contained within Woodside's Sustainable Development Report 2022. Whilst our assurance procedures included reviewing information contained on Woodside's website at the date of this assurance statement, our opinion does not extend to statements, data or information presented therein. It is noted that greenhouse gas emissions quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases. Inherent limitations There are inherent limitations in performing assurance—for example, assurance engagements are based on selective testing of the information being examined—and because of this, it is possible that fraud or error may occur and not be detected. An assurance engagement is not designed to detect all misstatements, as an assurance engagement is not performed continuously throughout the period that is the subject of the engagement and the procedures are performed on a test basis. The opinion expressed in our Independent Assurance Statement has been formed on the above basis. Further Limitations This report has been prepared by GHD for Woodside Energy Group Ltd and may only be used and relied on by Woodside Energy Group Ltd for the purpose of reporting on the GHG Statement presented in Woodside's 2022 Sustainable Development Report. GHD otherwise disclaims responsibility to any person other than Woodside Energy Group Ltd arising in connection with this report. GHD also excludes implied warranties and conditions, to the extent legally permissible. The services undertaken by GHD in connection with preparing this report were limited to those specifically detailed in the report and are subject to the scope limitations set out in the report. The opinions, conclusions and any recommendations in this report are based on conditions encountered and information reviewed at the date of preparation of the report. GHD has no responsibility or obligation to update this report to account for events or changes occurring subsequent to the date that the report was prepared. Reasonable Assurance Opinion In our opinion, the metrics in Woodside's GHG Statement for the year ended 31 December 2022 on pages 27—31 and supporting data tables of Woodside's Sustainable Development Report 2022 (over which we have provided reasonable assurance), have been prepared correctly, in all material respects. Limited Assurance Opinion Nothing has come to our attention to suggest that the metrics in Woodside's GHG Statement for the year ended 31 December 2022 on pages 27—31 and supporting data tables of Woodside's Sustainable Development Report 2022 (over which we have provided limited assurance), have not been prepared correctly in all material respects. Tom Young Lead Greenhouse Gas Auditor, RGEA Category 2, GHD Pty Ltd 22 February 2023 Woodside Energy Group Ltd \| 125

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Verification Statement from Business for Societal Impact (B4SI) – 2023 Business for Societal Impact (B4SI) helps businesses improve the measurement, management and reporting of their corporate community investment programs. It covers the full range of contributions (cash, time and in-kind contributions) made to community causes. As managers of B4SI, we can confirm that we have worked with Woodside Energy to verify its understanding and application of the model with regards to the wide range of community investment programs supported. Our aim has been to ensure that the evaluation principles have been correctly and consistently applied and we are satisfied that this has been achieved. It is important to note that our work has not extended to an independent audit of the data. We can confirm that Woodside Energy has invested the following amounts in AUD to the community in this 2023 B4SI reporting year as defined by the methodology. Cash $21,332,114 Time $1,954,914 In-kind $—Management costs $1,868,241 TOTAL $25,155,269 Mandatory contributions, required by contract or law and therefore not voluntary, of $2,157,737 were also reported. In addition to verified figures, Woodside Energy also reported the following outputs in their submission: Leverage\*\* $18,892,726 Revenue foregone^ $—\*\*leverage refers to additional third-party contributions facilitated by the company ^the revenue foregone for community benefit on fees, products and services provided free or discounted Please refer to Business for Societal Impact for detailed definitions as required Verified by Simon J. Robinson On behalf of Business for Societal Impact January 2023 126 \| Sustainable Development Report 2022

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Head Office Woodside Energy Group Ltd Mia Yellagonga 11 Mount Street Perth WA 6000 Postal Address GPO Box D188 Perth WA 6840 Australia T +61 8 9348 4000 F +61 8 9214 2777 E companyinfo@woodside.com Woodside Energy Group Ltd ABN 55 004 898 962 woodside.com