Q4 2025 Woodside Energy Group Ltd Earnings Call

Speaker #1: Thank you for standing by, and welcome to the Woodside Energy Group Ltd full-year 2025 results. All participants are in a listen-only mode. There will be a presentation, followed by a question-and-answer session.

Operator: Thank you for standing by, welcome to the Woodside Energy Group Limited Full Year 2025 Results. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key, followed by 1 on your telephone keypad. I would now like to hand the conference over to Liz Westcott, Acting Chief Executive Officer. Please go ahead.

Speaker #1: If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Liz Westcott, Acting Chief Executive Officer.

Speaker #1: Please go ahead.

Speaker #2: Good morning, and welcome to Woodside's 2025 full-year results presentation. We are presenting from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal people of the Eora Nation.

Liz Westcott: Good morning, welcome to Woodside's 2025 Full Year Results Presentation. We are presenting from Sydney, I would like to begin by acknowledging the traditional custodians of this land, the Gadigal people of the Eora Nation, pay my respects to the elders, past and present. Today, I'm joined on the call by our Chief Financial Officer, Graham Tiver. Together, we will provide an overview of our full year 2025 performance before opening up to Q&A. Please take time to read the disclaimers, assumptions, and other important information. I'd like to remind you that all dollar figures in today's presentation are in US dollars, unless otherwise indicated. I am very pleased to present an outstanding set of full year results today, which highlight the disciplined execution of our strategy throughout 2025.

Speaker #2: And pay my respects to their elders, past and present. Today, I'm joined on the call by our Chief Financial Officer, Graham Tiver. Together, we will provide an overview of our full-year 2025 performance before opening up to Q&A.

Speaker #2: Please take time to read the disclaimers, assumptions, and other important information. I'd also like to remind you that all dollar figures in today's presentation are in US dollars, unless otherwise indicated.

Speaker #2: I am very pleased to present an outstanding set of full-year results today, which highlight the disciplined execution of our strategy throughout 2025. We delivered on our commitments, leveraging our track record of operational excellence, world-class project execution, and financial discipline to reward our shareholders today while positioning Woodside for future value and growth.

Liz Westcott: We delivered on our commitments, leveraging our track record of operational excellence, world-class project execution, and financial discipline to reward our shareholders today while positioning Woodside for future value and growth. In 2025, we achieved record annual production of 198.8 million barrels of oil equivalent, exceeding our full year guidance range. This was driven by the exceptional performance at Sangomar and world-class reliability across our operating portfolio. We progressed major cash generative growth projects to budget and schedule, including excellent progress on our Scarborough Energy Project, which was 94% complete at year-end and remains on track for first LNG cargo in Q4 2026. We recorded strong underlying net profit after tax of $2.6 billion, where record production offset lower realized prices when compared to full year 2024 underlying net profit after tax.

Speaker #2: In 2025, we achieved record annual production of 198.8 million barrels of oil equivalent, exceeding our full-year guidance range. This was driven by the exceptional performance at Sangamar and world-class reliability across our operating portfolio.

Speaker #2: We progressed major cash-generative growth projects to budget and schedule, including excellent progress on our Scarborough Energy project, which was 94% complete at year-end and remains on track for first LNG cargo in the fourth quarter of 2026.

Speaker #2: We recorded strong underlying net profit after tax of $2.6 billion, where record production offset lower realized prices when compared to full-year 2024 underlying net profit after tax.

Speaker #2: Based on this, I'm pleased to report our Board has determined a final dividend of 59 US cents per share. This brings our total fully franked full-year dividend to 112 US cents per share.

Liz Westcott: Based on this, I'm pleased to report our board has determined a final dividend of $0.59 per share. This brings our total fully franked full year dividend to $1.12 per share. This represents a payout ratio of 80% of underlying NPAT, which is once again at the top end of our range. Additionally, in a testament to the strength of our underlying business, during a period of increased capital expenditure and softer prices, we generated free cash flow of $1.9 billion. We achieved this while continuing to invest in the next phase of value accretive growth. We demonstrated strong sustainability performance, achieving our 2025 target of a 15% reduction in net equity, Scope 1 and 2 greenhouse gas emissions below our starting space. Turning to Slide 6.

Speaker #2: This represents a payout ratio of 80% of underlying NPAT, which is once again at the top end of our range. Additionally, in a testament to the strength of our underlying business during a period of increased capital expenditure and softer prices, we generated free cash flow of $1.9 billion.

Speaker #2: We achieved this while continuing to invest in the next phase of value-accretive growth. We demonstrated strong sustainability performance, achieving our 2025 target of a 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions below our starting base.

Speaker #2: Turning to slide 6, as outlined at our Capital Markets Day in November, we are delivering our strategy to thrive through the energy transition. Our strategy and our approach remain unchanged, our priorities are clear, and we remain firmly focused on disciplined execution to deliver long-term value.

Liz Westcott: As outlined at our Capital Markets Day in November, we are delivering our strategy to thrive through the energy transition. Our strategy and our approach remains unchanged. Our priorities are clear, and we remain firmly focused on disciplined execution to deliver long-term value. We are doing this by maximizing performance from our base business, delivering cash generative projects, and creating future opportunities for value. In 2025, we delivered across each of these areas. We combined record production with increased efficiency, reducing our unit production costs to AUD 7.80 per barrel of oil equivalent. We achieved first production at Beaumont New Ammonia and achieved significant milestones in the delivery of our Scarborough and Trion projects. We took a final investment decision to develop the 3-train, 16.5 million tons per annum Louisiana LNG project.

Speaker #2: We are doing this by maximizing performance from our base business, delivering cash-generative projects, and creating future opportunities for value. In 2025, we delivered across each of these areas.

Speaker #2: We combined record production with increased efficiency, reducing our unit production costs to $7.80 per barrel of oil equivalent. We achieved first production at Beaumont New Ammonia and achieved significant milestones in the delivery of our Scarborough and Trion projects.

Speaker #2: We took a final investment decision to develop the three-train, 16.5 million tonne per annum Louisiana LNG project. This game-changing investment positions Woodside as a global LNG powerhouse with greater capacity to meet growing energy demand.

Liz Westcott: This game-changing investment positions Woodside as a global LNG powerhouse with greater capacity to meet growing energy demand. We also welcomed high-quality strategic partners to Louisiana LNG, with Woodside's expected share of total capital expenditure now less than 60%. One of these partners, Stonepeak, is funding 75% of 2025 and 2026 project capital expenditure. We continued to actively refine our portfolio, including divestment of our Greater Angostura assets, receiving $259 million in cash. All of this was achieved while maintaining a strong balance sheet and liquidity position with gearing within our target range. Keeping our people safe remains our top priority. During a year of increased activity, we delivered strong safety performance with no high-consequence injuries recorded.

Speaker #2: We also welcomed high-quality strategic partners to Louisiana LNG, with Woodside's expected share of total capital expenditure now less than 60%. One of these partners is Stonepeak, funding 75% of 2025 and 2026 project capital expenditure.

Speaker #2: We continue to actively refine our portfolio, including divestment of our Greater Angostura assets, receiving $259 million in cash. And all of this was achieved while maintaining a strong balance sheet and liquidity position, with gearing within our target range.

Speaker #2: Keeping our people safe remains our top priority. During a year of increased activity, we delivered strong safety performance with no high-consequence injuries recorded.

Speaker #2: We marked significant safety milestones across our global portfolio, with no recordable injuries at our Sangamar project in its first 18 months of operations. And construction of our Scarborough floating production unit marking three years of work without a single lost time incident.

Liz Westcott: We marked significant safety milestones across our global portfolio, with no recordable injuries at our Sangomar project in its first 18 months of operations, and construction of our Scarborough floating production unit, marking 3 years of work without a single lost time incident. These achievements set the required standard for Woodside as we embed a focus on safety, drive safety field leadership, and a culture of continuous learning across our global business. To slide 8. In 2025, we once again showcased Woodside's world-class operational capabilities by delivering reliable energy to customers while driving continuous improvement through cost discipline and efficiency. We have increased production from our growing global portfolio and maintaining operated LNG reliability of approximately 98% over the past 5 years, which compares exceptionally well against our global peers.

Speaker #2: These achievements set the required standard for Woodside as we embed a focus on safety, drive safety field leadership, and a culture of continuous learning across our global business.

Speaker #2: To slide 8, in 2025, we once again showcased Woodside's world-class operational capabilities by delivering reliable energy to customers while driving continuous improvement through cost discipline and efficiency.

Speaker #2: We have increased production from our growing global portfolio and maintained operated LNG reliability of approximately 98% over the past five years, which compares exceptionally well against our global peers.

Speaker #2: This year, we've delivered a 4% reduction in unit production costs through disciplined cost management across the business, while continuing to maximize value from our assets through brownfield developments, portfolio optimization, and leveraging our marketing expertise to capture additional value.

Liz Westcott: This year, we've delivered a 4% reduction in unit production costs through disciplined cost management across the business, while continuing to maximize value from our assets through brownfield developments, portfolio optimization, and leveraging our marketing expertise to capture additional value. In 2026, we will execute major turnarounds to maximize longevity at existing assets and support ramp-up of new production, including at Pluto LNG, in preparation for Scarborough startup. We will also undertake dry dock maintenance for some of our Australian oil assets. Let's now turn to Sangomar on Slide 9. During 2025, operational performance continued to be exceptional, with nameplate production of 100,000 barrels per day for most of the year, at almost 99% reliability. This has contributed $2.6 billion to Woodside's EBITDA since startup, demonstrating Sangomar's value to our business.

Speaker #2: In 2026, we will execute major turnarounds to maximize longevity at existing assets and support ramp-up of new production, including at Pluto LNG in preparation for Scarborough startup.

Speaker #2: We will also undertake dry dock maintenance for some of our Australian oil assets. Let's now turn to Sangamar on slide 9. During 2025, operational performance continued to be exceptional, with nameplate production of 100,000 barrels per day for most of the year, at almost 99% reliability.

Speaker #2: This has contributed $2.6 billion to Woodside's EBITDA since startup, demonstrating Sangomar's value to our business. Based on strong early performance, we will be assessing options for a potential Phase 2, which would leverage the existing FPSO and the subsea infrastructure to unlock additional value.

Liz Westcott: Based on strong early performance, we will be assessing options for a potential phase 2, which would leverage the existing FPSO and the subsea infrastructure to unlock additional value. In December 2025, our Beaumont New Ammonia project commenced production of first ammonia. We expect full handover of the project by OCI in the first half of 2026. The production of lower carbon ammonia, which will be made possible by the supply of carbon-abated hydrogen and ExxonMobil's CCS facility becoming operational, is currently targeted for the second half of 2026. Pleasingly, we have seen strong early customer uptake from Beaumont, securing offtake agreements with leading global customers to supply conventional ammonia from the facility. These contracts reflect prevailing market prices, and we are now advancing additional agreements to align with expected future output, including for lower carbon ammonia.

Speaker #2: In December 2025, our Beaumont New Ammonia project commenced production of first ammonia. We expect full handover of the project by OCI in the first half of 2026.

Speaker #2: The production of lower-carbon ammonia, which will be made possible by the supply of carbon-abated hydrogen and ExxonMobil's CCS facility becoming operational, is currently targeted for the second half of 2026.

Speaker #2: Pleasingly, we have seen strong early customer uptake from Beaumont, securing offtake agreements with leading global customers to supply conventional ammonia from the facility. These contracts reflect prevailing market prices, and we are now advancing additional agreements to align with expected future output, including for lower-carbon ammonia.

Speaker #2: In 2025, we continued to make excellent progress at our Scarborough energy project, which was 94% complete at year-end and on track for first LNG cargo in the fourth quarter of this year.

Liz Westcott: In 2025, we continued to make excellent progress at our Scarborough Energy Project, which was 94% complete at year-end and on track for first LNG cargo in the Q4 of this year. Major milestones included the assembly and subsequent to the period, safe arrival of the floating production unit at the Scarborough field. The drilling campaign for all eight development wells were successfully completed in line with pre-drill expectations. During the period, we completed the tie-in to the Pluto domestic gas export line as construction activities at Pluto Train 2 continued. We also commissioned the Integrated Remote Operations Centre at our Perth headquarters, enabling Pluto and Scarborough to be operated remotely from more than 1,500 kilometers away. Moving to Trion on slide 12. We are targeting first oil in 2028, with the project 50% complete at year-end.

Speaker #2: Major milestones included the assembly and, subsequent to the period, safe arrival of the floating production unit at the Scarborough field. The drilling campaign for all eight development wells was successfully completed in line with pre-drill expectations.

Speaker #2: During the period, we completed the tie-in to the Pluto domestic gas export line as construction activities at Pluto Train 2 continued. We also commissioned the integrated remote operations centre at our Perth headquarters, enabling Pluto and Scarborough to be operated remotely from more than 1,500 kilometres away.

Speaker #2: Moving to Trion on slide 12, we are targeting first oil in 2028, with the project 50% complete at year-end. During the year, we advanced construction of both the floating production unit and floating storage and offloading unit, with major field activity set to start in 2026.

Liz Westcott: During the year, we advanced construction of both the floating production unit and floating storage and offloading unit, with major field activity set to start in 2026. The image shown on the slide, taken this month, is the lifting of the first of three modules onto the hull of the FPU. Preparations for the drilling and completion campaign also progressed, with the deepwater drill ship expected to commence drilling in early 2026. Following FID in April, we have maintained strong momentum on our Louisiana LNG project. As outlined on Slide 13, the project was 22% complete at year-end and is targeting first LNG in 2029. Key ongoing activities in 2025 included the construction of LNG tanks, soil excavation, pile installation for the main marine berth, and the establishment of material offloading facilities.

Speaker #2: The image shown on the slide, taken this month, is the lifting of the first of three modules onto the hull of the FPU. Preparations for the drilling and completion campaign also progressed.

Speaker #2: With the deepwater drill ship expected to commence drilling in early 2026, following FID in April, we have maintained strong momentum on our Louisiana LNG project.

Speaker #2: As outlined on slide 13, the project was 22% complete at year-end and is targeting first LNG in 2029. Key ongoing activities in 2025 included the construction of LNG tanks, soil excavation, pile installation for the main marine berth, and the establishment of material offloading facilities.

Speaker #2: We have now secured foundational transportation capacity, a key milestone in providing access to diverse and abundant supply sources. In support of feed gas supply, we also entered into a long-term agreement with BP for the supply of up to 640 billion cubic feet of natural gas to the project, starting in 2029.

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

Speaker #2: We will continue to layer in agreements like this, ensuring access to multiple supply sources. The project's value proposition was reinforced during the year as we brought in high-quality partners.

Speaker #2: This included the 40% sell-down of Louisiana LNG infrastructure to Stonepeak, and sale to Williams of a 10% interest in Louisiana LNG LLC, an 80% interest, and operatorship of Driftwood Pipeline LLC.

Speaker #2: The project is expected to be the primary supply source for long-term sale and purchase agreements that Woodside signed during the year with European customers, targeting delivery from 2029.

Liz Westcott: The project is expected to be the primary supply source for long-term sale and purchase agreements that Woodside signed during the year with European customers, targeting delivery from 2029. We will continue to progress further sell downs and offtake agreements in 2026, in response to ongoing interest received from potential high-quality partners and customers. Woodside views strong sustainability performance as an essential component of our overall business success and ability to make a positive contribution where we live and work. Our approach enables us to focus on the right areas, manage key risks and impacts, drive responsible decision making, and set plans and targets that add value to our business and meet the expectations of our stakeholders. In 2025, we made positive progress across key sustainability areas.

Speaker #2: We will continue to progress further sell-downs and offtake agreements in 2026 in response to ongoing interest received from potential high-quality partners and customers. Woodside views strong sustainability performance as an essential component of our overall business success and ability to make a positive contribution where we live and work.

Speaker #2: Our approach enables us to focus on the right areas, manage key risks and impacts, drive responsible decision-making, and set plans and targets that add value to our business and meet the expectations of our stakeholders.

Speaker #2: In 2025, we made positive progress across key sustainability areas. A particular highlight of 2025 was the World Heritage listing of the Murujuga Cultural Landscape, which Woodside was pleased to support in collaboration with traditional custodians.

Liz Westcott: A particular highlight of 2025 was the World Heritage listing of the Murujuga cultural landscape, which Woodside was pleased to support in collaboration with traditional custodians. We continued making significant contributions to local economies and communities, including $9.3 billion spent globally on goods and services. We also achieved our 2025 net equity Scope 1 and 2 greenhouse gas emissions reduction target through a combination of underlying emissions performance at our facilities and the use of carbon credits. Our gross equity Scope 1 and 2 greenhouse gas emissions were fewer than the previous year, despite higher oil and gas production. This strong underlying performance allowed us to reduce our use of carbon credits to offset emissions, and holds us in good stead as we progress towards our 2030 target.

Speaker #2: We continued making significant contributions to local economies and communities, including $9.3 billion spent globally on goods and services. We also achieved our 2025 net equity Scope 1 and 2 greenhouse gas emissions reduction target through a combination of underlying emissions performance at our facilities and the use of carbon credits.

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

Speaker #2: I look forward to providing investors with a more detailed overview of Woodside's sustainability planning and performance at our investor briefing scheduled for next month in Sydney.

Liz Westcott: I look forward to providing investors with a more detailed overview of Woodside's sustainability planning and performance at our investor briefing, scheduled for next month in Sydney. Let's now turn to the global market landscape. Oil is a core product for Woodside, underpinned by a robust demand outlook. The difficulty of decarbonizing hard-to-abate sectors, such as heavy transport and petrochemicals, means that oil demand is forecast to remain resilient as the world's energy mix evolves. Customer demand for Sangomar oil has been strong over its first 18 months of operations, and we are very confident in continued demand for oil, including for our Trion project, which is targeting first oil in 2028. Moving to Slide 16. As countries around the world prioritize energy security and affordability while also pursuing decarbonization, we are confident in ongoing demand for LNG as a reliable and flexible energy source.

Speaker #2: Let's now turn to the global market landscape. Oil is a core product for Woodside, underpinned by a robust demand outlook. The difficulty of decarbonising hard-to-abate sectors such as heavy transport and petrochemicals means that oil demand is forecast to remain resilient as the world's energy mix evolves.

Speaker #2: Customer demand for Sangama oil has been strong over its first 18 months of operations, and we are very confident in continued demand for oil, including for our TRION project, which is targeting first oil in 2028.

Speaker #2: Moving to slide 16, as countries around the world prioritise energy security and affordability, while also pursuing decarbonisation, we are confident in ongoing demand for LNG as a reliable and flexible energy source.

Speaker #2: This underpins our investments in long-life LNG projects like Scarborough and Louisiana LNG, which we expect to drive a step change in future sales volumes and cash flow.

Liz Westcott: This underpins our investments in long-life LNG projects like Scarborough and Louisiana LNG, which we expect to drive a step change in future sales, volumes, and cash flow. While periods of demand supply imbalance may occur in the near term, we believe these are unlikely to persist. Woodside's experience reinforces this long-term demand outlook as we continue to layer new contracts to support our growing supply portfolio. Over the last year, we have contracted 4.7 million tons of new LNG supply to tier one end customers with significant gas and LNG experience. This contracting activity speaks to our credentials as a proven operator, and the growing importance placed on reliable access to energy by end users. Approximately 75% of our LNG volumes for 2026 to 2028 are contracted, with most oil-linked and some gas hub link exposure.

Speaker #2: While periods of demand-supply imbalance may occur in the near term, we believe these are unlikely to persist. Woodside's experience reinforces this long-term demand outlook as we continue to layer new contracts to support our growing supply portfolio.

Speaker #2: Over the last year, we have contracted 4.7 million tonnes of new LNG supply to Tier 1 end customers with significant gas and LNG experience.

Speaker #2: This contracting activity speaks to our credentials as a proven operator and the growing importance placed on reliable access to energy by end users. Approximately 75% of our LNG volumes for 2026 to 2028 are contracted, with most oil-linked and some gas hub-linked exposure.

Speaker #2: This mixture provides diversification, portfolio resilience, and the ability to capture value from market dislocations, as well as manage risks as additional supply comes online.

Liz Westcott: This mixture provides diversification, portfolio resilience, and the ability to capture value from market dislocations, as well as manage risks as additional supply comes online. Some of our new contracts will see Woodside's LNG supplied into Asia and Europe through to the 2040s, further demonstrating ongoing long-term demand. Our achievements in 2025 have further supported Woodside's resilience and ability to deliver enduring value. Our financial discipline and performance underpins Woodside's strength in the near term, allowing us to fund our operations and growth projects while delivering solid shareholder returns, even in tighter market conditions. Our operational excellence and balanced portfolio are central to our resilience through the cycle. High reliability and a contracted portfolio help reduce volatility while preserving upside exposure to favorable market conditions.

Speaker #2: Some of our new contracts will see Woodside's LNG supplied into Asia and Europe through to the 2040s, further demonstrating ongoing long-term demand. Our achievements in 2025 have further supported Woodside's resilience and ability to deliver enduring value.

Speaker #2: Our financial discipline and performance underpins Woodside's strength in the near term, allowing us to fund our operations and growth projects while delivering solid shareholder returns, even in tighter market conditions.

Speaker #2: Our operational excellence and balanced portfolio are central to our resilience through the cycle. High reliability and a contracted portfolio help reduce volatility while preserving upside exposure to favourable market conditions.

Speaker #2: Our long-term resilience is reinforced by a diverse portfolio of high-quality assets that supports consistent production and creates optionality for future growth and value. I'll now hand over to Graham to provide an overview of our financial strategy and performance.

Liz Westcott: Our long-term resilience is reinforced by a diverse portfolio of high-quality assets that supports consistent production and creates optionality for future growth and value. I'll now hand over to Graham to provide an overview of our financial strategy and performance.

Speaker #2: Thanks, Liz. And hello, everyone. I'm pleased to present a strong set of financial results. In 2025, we maintained a focus on cost control and maximising returns from our producing assets, and driving down unit cost production.

Graham Tiver: Thanks, Liz. Hello, everyone. I'm pleased to present a strong set of financial results. In 2025, we maintained a focus on cost control, maximizing returns from our producing assets, and driving down unit cost production. In addition, in exploration and new energy, we delivered over AUD 200 million in cost reductions. For 2026, we will continue to focus on costs, including delivering maintenance campaigns to schedule and budget. This is particularly relevant for our Pluto major turnaround scheduled for Q2 2026, where in addition to maintenance, we will complete important tie-ins for Scarborough. We maintained discipline in our investment decisions, adhering to our clear capital allocation framework.... Our divestment of the Greater Angostura assets in Trinidad and Tobago highlight this disciplined investment approach.

Speaker #2: In addition, in exploration and new energy, we delivered over $200 million in cost reductions. For 2026, we will continue to focus on costs, including delivering maintenance campaigns to schedule and budget.

Speaker #2: This is particularly relevant for our Pluto major turnaround scheduled for the second quarter of 2026, where, in addition to maintenance, we will complete important tie-ins for Scarborough.

Speaker #2: We maintained discipline in our investment decisions, adhering to our clear capital allocation framework. Our divestment of the Greater Angostura assets in Trinidad and Tobago highlights this disciplined investment approach.

Speaker #2: Attracting strategic partners to our major growth projects brings complementary skills and de-risks our investment. This is demonstrated through our partnerships with Stonepeak and Williams on Louisiana LNG.

Graham Tiver: Attracting strategic partners to our major growth projects brings complementary skills and de-risks our investment. This is demonstrated through our partnerships with Stonepeak and Williams on Louisiana LNG. Following the completion of these sell downs, Woodside's expected total capital expenditure is now $9.9 billion, which is less than 60% of the total project cost announced at FID. Williams also brings complementary capabilities in US natural gas infrastructure and an existing gas sourcing platform to benefit the project. We also maintained a strong balance sheet, supporting our investment-grade credit rating, while progressing developments and distributing robust returns to shareholders. We actively manage liquidity, and where appropriate, we expect to hedge a modest portion of our oil volumes to provide cash flow certainty and manage price volatility.

Speaker #2: Following the completion of these sell-downs, Woodside's expected total capital expenditure is now $9.9 billion, which is less than 60% of the total project cost announced at FID.

Speaker #2: Williams also brings complementary capabilities in U.S. natural gas infrastructure and an existing gas sourcing platform to benefit the project. We also maintained a strong balance sheet supporting our investment-grade credit rating while progressing developments and distributing robust returns to shareholders.

Speaker #2: We actively manage liquidity. And where appropriate, we expect to hedge a modest portion of our oil volumes to provide cash flow certainty and manage price volatility.

Speaker #2: Our full-year 2025 Brent hedges were in a positive position, and we have progressively hedged 18 million barrels for 2026 at approximately $70. Moving to our capital management framework, which remains unchanged, this framework underpins our disciplined approach with clear targets to ensure the strength of our underlying business and provides certainty for our shareholders.

Graham Tiver: Our full year 2025 Brent hedges were in a positive position, and we have progressively hedged 18 million barrels for 2026 at approximately $70. Moving to our capital management framework, which remains unchanged. This framework underpins our disciplined approach with clear targets to ensure the strength of our underlying business and provide certainty for our shareholders. We are disciplined in how we position the balance sheet to achieve our goals and remain committed to an investment-grade credit rating. Our target gearing range is 10% to 20% through the cycle, and as I've stated previously, although we may at times temporarily sit outside this range during capital-intensive periods, we manage it very closely. This approach provides us with flexibility to fund value-accretive growth while delivering solid shareholder returns.

Speaker #2: We are disciplined in how we position the balance sheet to achieve our goals and remain committed to an investment-grade credit rating. Our target gearing range is 10 to 20 percent through the cycle.

Speaker #2: And as I've stated previously, although we may at times temporarily sit outside this range during capital-intensive periods, we manage it very closely. This approach provides us with flexibility to fund value-accretive growth while delivering solid shareholder returns.

Speaker #2: Our dividend policy is to pay a minimum of 50% of our underlying net profit after tax, and we target a range of 50% to 80%.

Graham Tiver: Our dividend policy is to pay a minimum of 50% of our underlying net profit after tax. We target a range of 50% to 80%. We know how important returns are to our shareholders, and over the last decade, we have consistently paid at the top end of this range. In 2025, we continued to deliver outstanding returns from our base business. Ongoing exceptional production performance from Sangomar, disciplined cost control, the divestment of later life assets in Trinidad and Tobago, and gains on hedging, predominantly driven by favorable Brent positions, contributed to an EBITDA margin of over 70% and an underlying NPAT of AUD 2.6 billion. Furthermore, the strength of our underlying business, coupled with the cash received from Stonepeak and Williams, contributed to AUD 1.9 billion of free cash flow.

Speaker #2: We know how important returns are to our shareholders, and over the last decade, we have consistently paid at the top end of this range.

Speaker #2: In 2025, we continued to deliver outstanding returns from our base business. Ongoing exceptional production performance from Sangomar, disciplined cost control, the divestment of later-life assets in Trinidad and Tobago, and gains on hedging—predominantly driven by favourable Brent positions—contributed to an EBITDA margin of over 70% and an underlying NPAT of $2.6 billion.

Speaker #2: Furthermore, the strength of our underlying business, coupled with the cash received from Stonebeacon Williams, contributed to $1.9 billion of free cash flow. Our gearing of 18.2% has remained within the target range during our period of increased capital expenditure, and we closed the year with a strong liquidity position of $9.3 billion.

Graham Tiver: Our gearing of 18.2% has remained within the target range during a period of increased capital expenditure, and we closed the year with a strong liquidity position of $9.3 billion. We maintain credit ratings of BBB+ or equivalent, and continue to have access to debt markets, including the US SEC-registered bond market. On average, cash breakeven of less than $34 per barrel makes us resilient to less favorable price scenarios. We are very well positioned to progress our growth projects and create future value-generating opportunities, while continuing to deliver solid shareholder distributions. As highlighted on slide 23, these achievements translated into a fully franked final dividend of $1.1 billion, bringing our total full year dividend to $2.1 billion.

Speaker #2: We maintain credit ratings of BBB+ or equivalent and continue to have access to debt markets, including the US SEC-registered bond market. On average, cash break-even of less than $34 per barrel makes us resilient to less favourable price scenarios.

Speaker #2: And we are very well positioned to progress our growth projects and create future value-generating opportunities, while continuing to deliver solid shareholder distributions. As highlighted on slide 23, these achievements translated into a fully franked final dividend of 1.1 million billion dollars, I should say, bringing our total full-year dividend to $2.1 billion.

Speaker #2: Our ongoing business performance means consistent returns for our shareholders, having returned approximately $11 billion in dividends since 2022, while reinvesting in the business and maintaining a strong balance sheet.

Graham Tiver: Our ongoing business performance means consistent returns for our shareholders, having returned approximately $11 billion in dividends since 2022, while reinvesting in the business and maintaining a strong balance sheet. We have consistently paid at the upper end of our target range for over a decade, demonstrating our commitment to shareholder returns. Thank you, and I'll now hand back to Liz.

Speaker #2: We have consistently paid at the upper end of our target range for over a decade, demonstrating our commitment to shareholder returns. Thank you, and I'll now hand back to Liz.

Speaker #1: Thanks, Graham. Turning to the final slide, this outlines the priorities for myself and the Woodside Executive Leadership Team. First, we will continue maximising performance from the base business by operating safely, reliably, and efficiently.

Liz Westcott: Thanks, Graham. Turning to the final slide, this outlines the priorities for myself and the Woodside executive leadership team. First, we will continue maximizing performance from the base business by operating safely, reliably, and efficiently. We will maintain disciplined cost control across our business, including our 2026 maintenance program, which involves a major turnaround at Pluto. We will also continue to optimize our marketing portfolio and layer in Louisiana LNG offtake. Second, we will deliver cash generative growth, including ramp up at Beaumont, deliver first LNG from Scarborough, and continue progressing Louisiana LNG and Trion to schedule and budget. These are major generators of long-term value for Woodside. Third, we will continue creating future value through disciplined capital management. We will maintain strong liquidity, apply strict capital allocation discipline, and actively manage the portfolio to protect long-term value.

Speaker #1: We will maintain disciplined cost control across our business, including our 2026 maintenance program, which involves a major turnaround at Pluto. We will also continue to optimise our marketing portfolio and layer in Louisiana LNG offtake.

Speaker #1: Second, we will deliver cash-generative growth, including ramp-up at Beaumont, deliver first LNG from Scarborough, and continue progressing Louisiana LNG and Trion to schedule and budget.

Speaker #1: These are major generators of long-term value for Woodside. Third, we will continue creating future value through disciplined capital management. We will maintain strong liquidity, apply strict capital allocation discipline, and actively manage the portfolio to protect long-term value.

Speaker #1: And underpinning all of this is our continued focus on sustainability and innovation. Our achievements in 2025 demonstrate the underlying strength of our business and the execution of our strategic priorities.

Liz Westcott: Underpinning all of this is our continued focus on sustainability and innovation. Our achievements in 2025 demonstrate the underlying strengths of our business and execution of our strategic priorities, providing the foundation for long-term shareholder value. Thank you. I'll now open the call to your questions. Please limit your questions to 2 each, so everybody has an opportunity.

Speaker #1: Providing the foundation for long-term shareholder value. Thank you. I'll now open the call to your questions. Please limit your questions to two each so everybody has an opportunity.

Speaker #3: Thank you. If you wish to ask a question, please press star one (*) on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two (*2).

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

Speaker #3: If you're on speakerphone, please pick up the handset to ask your question. Your first question comes from Nick Burns with Jardine Australia. Please go ahead.

Speaker #4: Yes, hi. Liz and Graham, and thanks for taking my question today. First question, just on Louisiana LNG: you've just offered an update on the whole co-sell-down progress.

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

Speaker #4: It's been 10 months since you sanctioned the project. At a recent Capital Markets Day, Meg said that the initial 10% tranche sale had sent a message to other interested parties that they needed to move quickly here if they wanted to participate.

Speaker #4: I'm just wondering how comfortable you are with this sell-down process. Is that the same peak carry largely runs out at the end of this year?

Speaker #4: So, how confident are you they'll be able to complete your sell-downs in the first half of this year? Thank you.

Speaker #1: Yes, thank you. Look, we are very happy with how the process is going on the sell-down for Louisiana LNG. In a short amount of time, as you noted, we've brought in Stonepeak on the infrastructure side, and we've got Williams at the HoldCo level.

Liz Westcott: Yeah. Thank you. Look, we are very happy with how the process is going on the sell down for Louisiana LNG. In a short amount of time, as you noted, we've brought in Stonepeak on the infrastructure side, and we've got Williams at the wholeco level. We continue to target up to another 20% of wholeco sell down. Importantly, these transactions with Stonepeak and Williams have reduced the capital commitment for Woodside to $9.9 billion, or 57% of the total CapEx, and it's really solved the infrastructure and pipeline capital spend, which is positioning us well for other partners. As you noted, Stonepeak's contribution is 75% of the capital in 2025 and 2026, and this structure has really allowed us to reduce our capital requirement ahead of full year of revenue from Scarborough in 2070.

Speaker #1: And we continue to target up to another 20% of whole co-sell-down. Importantly, these transactions with Stonepeak and Williams have reduced the capital commitment for Woodside to $9.9 billion, or 57% of the total capex, and it's really solved the infrastructure and pipeline capital spend, which has positioned us well for other partners.

Speaker #1: As you noted, Stone Peak's contribution is 75% of the capital in 2025 and 2026, and this structure has really allowed us to reduce our capital requirement ahead of a full year of revenue from Scarborough in 2027.

Speaker #1: And so there really has been no change in our process or momentum, but we are taking a disciplined approach. We are very committed to getting value over speed with our continued sell-downs.

Liz Westcott: There really has been no change in our process or momentum. We are taking a disciplined approach. We are very committed to getting value over speed with our continued sell downs. We do have strong interest from counterparties. We are looking for strategic partners that complement the skills and experiences of Woodside and that value long-term relationships. I'm very pleased with the interest that we continue to have in this.

Speaker #1: We do have strong interest from counterparties. We are looking for strategic partners that complement the skills and experiences of Woodside, and that value long-term relationships.

Speaker #1: And I'm very pleased with the interest that we continue to have in this.

Speaker #5: I think, Nick, it's Graham, as well as probably worthwhile adding as well that, you know, where the balance sheet is—you know, gearing well within the range—with $9.3 billion in liquidity, we have time to ensure, as Liz said, that we find the right partner.

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

Speaker #5: For the long term, and at the right value. Very similar to what we did for Scarborough, but encouraged by progress.

Nik Burns: That's great. Thanks for that. Maybe another one for you, Graham. Just on slide 23, you title there, "Delivering consistent, reliable re-return." Certainly, the payout ratio of 80% has been consistent for the last few years, the absolute dividend has tracked underlying NPAT lower. I was wondering how much you've looked at 2026, where consensus, the full year consensus dividend is just AUD 0.55 a share and 80% payout, which is obviously less than the final dividend just announced here.

Speaker #4: All right. Thanks for that. Maybe another one for you, Graham. Just on slide 23, your title there—delivering consistent, reliable returns—certainly the payout ratio of 80% has been consistent for the last few years, but obviously, the absolute dividend has tracked underlying NPAT lower.

Speaker #4: I don't know how much you've looked at 2026, where consensus sits, but the full-year consensus dividend is just $0.55 a share. And 80% payout, which is obviously less than the final dividend you've just announced here.

Speaker #4: I appreciate luck and heaven through the year, but just after, I wonder if you could provide some observations on where consensus sits at the moment and, hypothetically, if we do turn out to be right for a change, are you comfortable with this level of dividend in '26, or would you see this additional flexibility for the company—potentially to top up the dividend, say, if you complete the sell-downs of additional equity at Louisiana LNG WholeCo?

Nik Burns: I appreciate a lot can happen through the year, but just after, I was wondering if you could provide some observations on where consensus sits at the moment, and hypothetically, if we do, we turn out to be right for a change, are you comfortable with this level of dividend in 2026, or would you see this additional flexibility for the company potentially top up the dividend, say, if you complete the sell downs of additional equity at Louisiana LNG wholeco? Thanks.

Speaker #4: Thanks.

Speaker #5: Thanks, Nick. Yeah, you will know from our capital management framework that we do have that flexibility through the framework to be able to, you know, look at things like special dividends or buybacks.

Graham Tiver: Thanks, Nik. Yeah, you will know from our capital management framework that we do have that flexibility through the framework to be able to, you know, look at things like special dividends or buybacks. What I would say first and foremost is that, you know, 2026 is very much a transition year. We have the major Pluto turnaround, which is, which is, you know, we do every 3 or 4 years, and then a part of that is doing the tie-ins relating to Scarborough. We also have Scarborough coming online in Q4 and delivering the first cargo. Look, I think there's some critical work that has to happen, and we'll see how work progresses through the year, and we can start to narrow that range on production.

Speaker #5: But what I would say first and foremost is that, you know, 2026 is very much a transition year. We have the major Pluto turnaround, which is, you know, we do every three or four years, and then a part of that is doing the tie-ins relating to Scarborough.

Speaker #5: And then we also have Scarborough coming online in Q4 and delivering the first cargo. So, look, I think there's some critical work that has to happen.

Speaker #5: And we'll see how work progresses through the year, and we can start to narrow that range on production. We'll also have a look at what prices are doing.

Graham Tiver: We'll also have a look at what prices are doing. We'll have a look at how Sangomar and the rest of the business is performing, and then we'll determine where we're at. Certainly, the capital management framework allows for it. First and foremost is we need to guide through 2026, where it's, it is a big year for us. We have a lot to do, and we'll continue to update you through the quarterlies on that.

Speaker #5: We'll have a look at how Sangamar and the rest of the business are performing, and then we'll determine where we're at. But certainly, the capital management framework allows for it.

Speaker #5: But first and foremost, we need to guide through 2026, where it is a big year for us. We have a lot to do.

Speaker #5: And we'll continue to update you through the quarterlies on that.

Nik Burns: Got it. Thanks, Graham.

Speaker #4: Got it. Thanks, Graham.

Speaker #3: Your next question comes from Rob Coe with M.N. Please go ahead.

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

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

Speaker #4: Good morning. Thank you very much for the result. May I ask for some color on decommissioning activities this year and, in particular, I guess, Bass Strait platform removal and where that sits in the timing—if it's not this year, or where is it over the next few years?

Speaker #1: Yeah, thanks, Rob. Decommissioning activities—it's an important part of our portfolio. In 2025, we achieved some good highlights there. We importantly completed all the drilling and abandonment—sorry, the production and abandonment of our wells across our closed facilities at Stybarrow, Griffin, Minerva, and we completed the Enfield program.

Liz Westcott: Yeah. Thanks, Rob. Decommissioning activities, it's an important part of our portfolio. In 2025, we achieved some good highlights there. We importantly completed all the drilling and abandonment, sorry, the production and abandonment of our wells across our closed facilities at Scarborough, Griffin, Minerva. We completed the Enfield program. Our results include good progress on these legacy closed assets. Moving forward, we've guided that we'll be in that range of $500 to 800 million of expenditure in 2026. Bass Strait is going to be the major campaign coming forward, with platform removals targeted for 2027. Work will continue on decommissioning, but it is now part of the everyday business of Woodside in Australia.

Speaker #1: And so, our results include good progress on these legacy closed assets. Moving forward, we've guided that we'll be in that range of $500 to $800 million of expenditure in 2026.

Speaker #1: And Bass Strait is going to be the major campaign coming forward, with platform removals targeted for 2027. And so we'll continue on decommissioning, but it is now part of the everyday business of Woodside in Australia.

Speaker #4: Yep, thank you. Thank you so much. Second question: just wondering if you can give us a sense, with your unit production costs—obviously good performance there in 2025—but the composition of costs is changing slightly with Beaumont coming in.

Rob Koh: Yep, thank you. Thank you so much. Second question. Just wondering if you can give us a sense with your unit production costs, obviously good performance there in 2025. The composition of costs are changing slightly with Beaumont coming in. Can you give us and my understanding is that the processing costs there don't necessarily fall into your into your unit production costs. Could you perhaps just give us a sense of how you're thinking about the overall cost structure of the business this year?

Speaker #4: Can you give us a— and my understanding is that the processing costs there don't necessarily fall into your unit production costs. Could you perhaps just give us a sense of how you're thinking about the overall cost structure of the business?

Speaker #1: Yeah, maybe I'll kick off with that question, Rob, and then pass across to Graham. The operating assets continue to have cost efficiency focuses year on year.

Liz Westcott: Maybe I'll kick off with that question, Rob Koh, and then pass across to Graham Tiver. The operating assets continue to have cost efficiency focuses year on year, and as we saw in our results in 2025, we had an outstanding outcome, both in absolute costs and in unit costs. 2026 has the Pluto turnaround. This will impact not just the production outlook for the year, but it also comes with costs. We will see in 2026 increased costs at the Pluto asset. As we start to bring on Scarborough, we will have a new asset. That comes with additional costs.

Speaker #1: And as we saw in our results in 2025, we had an outstanding outcome, both in absolute costs and in unit costs. 2026 has the Pluto turnaround.

Speaker #1: So this will impact not just the production outlook for the year, but it also comes with costs. And so we will see, in 2026, increased costs at the Pluto asset.

Speaker #1: As we start to bring on Scarborough, we will have a new asset, and so that comes with additional costs. Beaumont New Ammonia will feature in 2026 as that asset continues to come up online.

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

Speaker #1: And we have made the distinction between production costs, where we have our existing assets—running facilities with upstream facilities—and the costs associated with either tolling or feedstock at Beaumont New Ammonia.

Speaker #1: And so these will be separate line items that will be guiding you on during the course of the year.

Speaker #5: No, I think Liz captured it well. I think, if anything, Rob, we're trying to increase transparency on the costs of the business going forward.

Graham Tiver: No, I think Liz, Liz captured it well. I think if anything, Rob, we're trying to increase transparency on it, on the costs of the business going forward. You know, as, as Liz touched on, production is more about our traditional business, production costs more about our traditional business and very much around what we control and getting down to operational cost efficiencies, et cetera. As with the new line that we've provided for 2026 guidance on, as a part of the Q4 production report, feed gas services and processing costs, you know, that's including Beaumont New Ammonia and some of the tolling and feed gas processing costs.

Speaker #5: You know, as Liz touched on, production is more about our traditional business production costs—more about our traditional business—and very much around what we control, and getting down to operational cost efficiencies, et cetera.

Speaker #5: And then, as with the new line that we've provided for 2026 guidance on as a part of the Q4 production report—feed gas services and processing costs—you know, that's including Beaumont new ammonia.

Speaker #5: And some of the tolling and feed gas processing costs. So, you know, there'll be good transparency in our line items, and you'll be able to see that flow through.

Graham Tiver: You know, there, there'll be good transparency in our line items, and you'll be able to see that flow through, and it started with the guidance for FY 26.

Speaker #5: And it started with the guidance for FY26.

Rob Koh: Great, thanks so much.

Speaker #4: Great. Thanks so much.

Speaker #3: Your next question comes from Saul Kavanagh with MSP. Please go ahead.

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

Speaker #4: Thank you, Liz and Graham. The first question, Liz: could you give us perhaps a sphere on your thinking where, hopefully, we see sell-downs sooner rather than later? But, in the event that sell-downs take a bit longer, do you see sell-downs being a precondition to sanctioning Trains Four and Five at Louisiana?

Saul Kavonic: Thank you, Liz and Graham. The first question, Liz, can you give us perhaps a steer on your thinking, where like hopefully we see sell downs sooner than later, but in the event that sell downs take a bit longer, do you see our sell downs being a precondition to sanctioning Trains 4 and 5 at Louisiana? Or would you, you know, if sell downs haven't happened yet, would you prefer to, you know, go ahead with Trains 4 and 5 anyway, because it's more optimal from a cost and development perspective? How do you lean in your thinking between those two options?

Speaker #4: Or would you, you know, if sell-downs haven't happened yet, would you prefer to, you know, go ahead with trades for um five anyway because it's more optimal from a cost of development perspective?

Speaker #4: How do you lean in your thinking between those two options?

Speaker #1: Yeah, thanks, Saul, for the question. Trains 4 and 5 are a great opportunity for Woodside. They would be a highly advantaged development for us because they're able to take advantage of the installed infrastructure that trains 1, 2, and 3 already have.

Liz Westcott: Yeah, thanks, Saul, for the question. Trains 4 and 5 are a great opportunity for Woodside. They would be a highly advantaged development for us, because they're able to take the benefits of the installed infrastructure that Trains 1, 2, and 3 already have. Importantly, the site where we're installing Louisiana LNG has all the permits in place to enable two additional trains, and FID was completed. We have a lot of a head start on Trains 4 and 5. As you referenced, the important feature for us, particularly in 2026, is getting further sell down in the whole co-level for Trains 1, 2, and 3.

Speaker #1: Importantly, the site where we're installing Louisiana LNG has all the permits in place to enable two additional trains. And FEED was completed, so we have a lot of a head start on Trains four and five.

Speaker #1: But as you reference, the important feature for us, particularly in 2026, is getting further sell-down in the whole Co level for Trades One, Two, and Three.

Speaker #1: And the foundation partners of Stonepeak and Williams, they've got opportunity to participate in expansion, if that's something that is progressing. But our focus does continue to be on whole co-sell-down of Tranches 1, 2, and 3.

Liz Westcott: The foundation partners of Stonepeak and Williams, they've got opportunity to participate in expansion if that's something that is progressing, but our focus does continue to be on whole co-sell down of Trains 1, 2, and 3. It's also worth noting that we have a number of opportunities to do additional developments on our assets. We talked to Trains 4 and 5, and in Capital Markets Day, we showed the benefit of expansion in 4 and 5 in terms of our sales volume growth and our cash flow benefit. We also have additional opportunities that will be competing with Trains 4 and 5 for capital. We'll be very disciplined around our assessment of where to invest further.

Speaker #1: I think it's also worth noting that we have a number of opportunities to do additional developments on our assets. We talked to Trades Forum 5, and in Capital Markets Day we showed the benefit of expansion in Forum 5 in terms of our sales volume growth and our cash flow benefit.

Speaker #1: We also have additional opportunities that will be competing with Trades Forum Five for capital. So we'll be very disciplined around our assessment of where to invest further.

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

Speaker #1: The capital allocation framework remains unchanged, as Graham mentioned. And all our investments will need to be assessed against that. And then they will actually need to compete with each other for capital going forward.

Saul Kavonic: Thanks. Second question on Scarborough. You've got the floater on site now. You're giving yourself, I think about a 9-plus month window into your 1st cargo. That's 2x the time, for example, that Santos targeted for Barossa. Can you give us some color as to why that time is so lengthy, and what your level of confidence is on, you know, Scarborough starting in September versus 1st cargo out just after Christmas?

Speaker #4: On Scarborough, you've got the floater on site now. You're giving something that I think is about a nine-plus month window into your first cargo. That's double the length of time, for example, that Santos targeted for Barossa.

Speaker #4: Can you give us some color as to why that timeline is so lengthy, and what your level of confidence is on Scarborough starting in September versus first cargo out just after Christmas?

Liz Westcott: Thank you. Yes, Scarborough Energy Project at year-end was 94% complete, as you noted, we continue to be on track for that Q4 cargo, the first cargo. Let me help you understand what's ahead of us, though. Offshore, we need to complete the installation of the floating production unit, and we need to pull in the risers and the umbilical. We need to go through a process of dewatering subsea equipment, and then we complete the commissioning of the topside. That allows us to start opening up the wells and flowing hydrocarbons and pressuring the trunk line. I think importantly, these offshore activities are subject to weather conditions, and so there is variation in the assumptions on how long all of this will take.

Speaker #3: Yeah, thank you. Yeah, Scarborough energy project at year-end was 94% complete, as you noted. And we continue to be on track for that fourth quarter cargo, for first cargo.

Speaker #3: Let me help you understand what's ahead of us, though. Offshore, we need to complete the installation of the floating production unit, and we need to pull in the risers and the umbilical.

Speaker #3: Then we need to go through a process of dewatering, subsea equipment. And then we complete the commissioning of the topsides. And then that allows us to start opening up the wells and flowing hydrocarbons and pressuring the trunkline.

Speaker #3: And I think, importantly, these offshore activities are subject to weather conditions, and so there is variation in the assumptions on how long all of this will take.

Speaker #3: Onshore, though, we need to complete construction and commissioning activities at Pluto Train 2. And once we have the gas from Scarborough, we then go through a process of startup activities. Working from the front to the back of the train, you go through cooling down of the systems and then achieving steady-state operation.

Liz Westcott: Onshore, though, we need to complete construction and commissioning activities at Pluto Train 2. Once we have the gas from Scarborough, we then go through a process of startup activities, working from the front to the back of the train. You go through cooling down of the systems and then achieving steady state operation. We are absolutely laser-like focused on delivery of this project. So we are confident in our ability to meet our Q4 2026 delivery.

Speaker #3: We are absolutely laser-light focused on delivery of this project, and so we are confident in our ability to meet our fourth quarter 2026 delivery.

Speaker #4: Thank you. Next one too.

Saul Kavonic: Thank you. Next question.

Speaker #3: Thank you. Your next question comes from Dale Condersworth, Baron Jolly. Please go ahead.

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

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

Speaker #6: Morning, Liz and Graham. I was hoping—maybe it's a question for Graham—you could help us understand what the contracting status is for Beaumont in terms of gas supply and ammonia.

Speaker #6: You know, what prices they're exposed to if this is spot. And with the ramp-up of the project, how do you think that earnings growth will come through over the next 12 or 18 months?

Speaker #5: Did you?

Graham Tiver: Did you-

Speaker #1: Yeah, thanks, Dale. Look, I might kick off and then I'll pass across to Graham. So, the Beaumont new ammonia project—we achieved first ammonia, as we highlighted, in December 2025.

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

Graham Tiver: Yep.

Liz Westcott: The Beaumont New Ammonia project, we achieved first ammonia, as we highlighted, in December 2025, and we're in a process of ramping up the full capacity of that facility. OCI continued to be the operator of Beaumont until we reached the performance conditions. They'll pass that facility across to Woodside, targeted for the first half of this year. As we move into 2026, we'll be progressively moving to a lower carbon opportunity as we get the facilities from Linde up and running, and the CCS project that Exxon Mobil is doing will commence operations. Regarding supply, the supply of both nitrogen and hydrogen is done by others supporting the project. Our investment in ammonia was the ammonia element of the project. We are reliant on upstream suppliers meeting their obligations to supply the facility.

Speaker #1: And we're in a process of ramping up the full capacity of that facility. OCI will continue to be the operator of Beaumont until we reach the performance conditions, and they'll pass that facility across to Woodside, targeted for the first half of this year.

Speaker #1: And then as we move into 2026, we'll be progressively moving to a lower-carbon opportunity as we get the facilities from Linde up and running, and the CCS project that ExxonMobil is doing.

Speaker #1: We'll commence operations. Regarding supply, the supply of both nitrogen and hydrogen is done by others, supporting the project. Our investment in ammonia was the ammonia element of the project.

Speaker #1: And so we are reliant on upstream suppliers meeting their obligations to supply the facility. And so those contracts continue to operate through 2026, and we look forward to ramping up the facility going forward.

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

Speaker #1: In terms of off-take, we have seen genuine interest in the ammonia products, both the conventional gray ammonia as well as the lower-carbon ammonia.

Speaker #1: And so we continue to layer contracts and commitments with customers as the facility continues to ramp up its production.

Speaker #5: Yeah, and I think all I would add is, the approach the marketing team and BNA team are taking is, you know, we want that flexibility through ramping up to full production, and I think the way the team are lowering in contracts is good.

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

Speaker #5: We have a good fair share of the volumes locked away, mostly domestically. And it's worthwhile noting—it could change tomorrow, Dale—but, you know, the domestic prices in the US for ammonia at the moment are over $600 a ton.

Speaker #5: So, we are coming online in a healthy environment at this point in time.

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

Speaker #6: Yeah, thanks, Graham. I guess the question is, you've previously said that the project would be earnings accretive when you get to the clean ammonia stage.

Speaker #6: But given that real strength in pricing domestically, it seems like you might actually see earnings contribution sooner.

Speaker #5: Yeah, look, it will come down to the startup, the ramp-up, and how it progresses. But yes, I would like to think, you know, from a cash cost perspective, we should be in a favorable position.

Graham Tiver: Yeah, look, it will come down to the startup, the ramp up, and how it progresses. Yes, I would like to think, you know, from a cash cost perspective, we should be in a favorable position. There's a lot of water to pass under the bridge. There's a lot of work to do as we ultimately take control or operatorship and then start to ramp up. It's a healthy market. Yes, I'd love to be in a position to report back on these results in a year's time, talking about how well it's performing and the cash flows it's generating. This first year. You know, there's a lot of things we need to work through.

Speaker #5: But there's a lot of water to pass under the bridge. There's a lot of work to do as we ultimately take control or operatorship, and then start to ramp up.

Speaker #5: But it's a healthy market. Yes, I'd love to be in a position to report back on these results in a year's time, talking about how well it's performing and the cash flow it's generating.

Speaker #5: But this first year will, you know, there's a lot of things we need to work through.

Speaker #6: Okay, thanks, guys.

Dale Koenders: Okay. Thanks, guys.

Speaker #3: Your next question comes from Tom Allen with UBS. Please go ahead.

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

Tom Allen: Good morning, Liz, Graham, and the broader team. Saw a big beat on tax today, despite the guidance released in January. Looking into 2026, what we expect to step up in Petroleum Resource Rent Tax with Scarborough coming online. I was hoping you could provide some commentary on how we should be scoping that lift in PRRT into 2067 relative to 2025, and whether you could clarify some of the key uncertainties that might dictate where PRRT lands.

Speaker #4: Good morning, Liz, Graham, and the broader team. Sort of big beat on task today. Despite the guidance released in January, but looking into 2026, what we expect to step up in Petroleum Resource Rent Tax with Scarborough coming online is hoping you could provide some commentary on how we should be scoping that lift in PRRT into 2026 and 2027 relative to 2025.

Speaker #4: And whether you could clarify some of the key uncertainties that might dictate where PRRT lands.

Speaker #5: Yep, I can take that, Tom. Look, I think before I answer your question, it's worthwhile calling out that, you know, as we mentioned in our results, our all-in effective tax rate globally was 45%.

Graham Tiver: Yep. I can take that, Tom. Look, I think before I answer your question, it's worthwhile calling out that, you know, as we mentioned in our results, our all-in effective tax rate globally was 45%, and also for Australia it was 44%. PRRT is only one component of the taxes we pay from our business in Australia. You know, we are, in 2023, 2024, the ATO noted that we were Australia's largest PRRT payer, and we're the eighth largest corporate taxpayer. Look, I just want to give a little bit of context and background to what we do pay. It's more than just PRRT. You know, North West Shelf alone, through its royalties and excise, has paid AUD 40 billion at 100% since its inception.

Speaker #5: And also, for Australia, it was 44%. PRRT is only one component of the taxes we pay from our business in Australia. You know, we are, in 2023, 2024, the ATO noted that we were Australia's largest PRRT payer.

Speaker #5: And we're the eighth-largest corporate taxpayer. So, look, I just want to give a little bit of context and background to what we do pay.

Speaker #5: It's more than just PRRT. You know, Northwest Shelf alone, through its royalties and excise, has paid $40 billion at 100% since its inception. So it's only one component of a broader basket of taxes.

Graham Tiver: It's only one component of a broader basket of taxes that we pay, which brings our all up, all-in effective underlying tax rate in Australia of 44%. I just wanted to put that first, Tom, so you could hear that loud and clear. In terms of PRRT, you know, it is a broad calculation. It relies a lot on prices. But in theory, with what you're saying, with Scarborough coming online and the changes in the PRRT legislation back in 2024, yeah, Scarborough will be paying PRRT, and that should increase the overall amount of PRRT we're paying. But, you know, as I said, a lot of it relies on the pricing that we're incurring. The higher the prices, the more PRRT we pay.

Speaker #5: That we pay, which brings our all-up, all-in effective underlying tax rate in Australia to 44%. So I just wanted to put that first, Tom, so you could hear that loud and clear.

Speaker #5: In terms of PRRT, you know, it is a broad calculation that relies a lot on prices. But in theory, with what you're saying, with Scarborough coming online and the changes in the PRRT legislation back in 2024, yeah, Scarborough will be paying PRRT.

Speaker #5: And that should increase the overall amount of PRRT we're paying. But, you know, as I said, a lot of it relies on the pricing that we're incurring.

Speaker #5: The more—the higher the prices, the more PRRT we pay. So there's a lot of moving variables. But all up, we pay our fair share of tax in Australia at 44% all-in.

Graham Tiver: There's a lot of moving variables, but all up, we pay our fair share of tax in Australia at 44% all in.

Speaker #6: Yeah, no, thanks, Graham. That came through loud and clear on the tax contribution. I'm sure the Journal has heard too. But just to follow that, are you able to provide some sort of guide just on the year-on-year movement in PRRT?

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

Speaker #6: It's obviously difficult to forecast, but it becomes an important part of getting our underlying impact and dividend outlook right. Any type of quantitative guidance you can share on where that might move over the next couple of years?

Speaker #6: On your planning assumptions?

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

Speaker #5: We haven't put anything out on that, Tom, so I prefer not to say at this point in time, just on the basis that there are so many moving parts.

Speaker #5: As we have a greater line of sight on the ramp-up of Scarborough, we'll provide more insight to PRRT.

Speaker #4: That's helpful, thank you. Last comment from me was just that the North West Shelf Joint Venture continues to be reshaped. We're reading that Shell is now, following Chevron over 12 months ago, seeking an exit from that joint venture.

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

Speaker #4: Can you comment on the indicative capex and key activities at Woodside intended to progress around backfill for the joint venture, and in particular, Browse over the next couple of years?

Speaker #1: Yeah, thanks, Tom. Yeah, as you note, you know, Shell has shared that they're looking to take an offtake for their equity in the North West Shelf.

Liz Westcott: Yeah. Thanks, Tom. Yeah, as you note, you know, Shell has shared that they're looking to take an offtake for their equity in the North West Shelf. We stay across that. The North West Shelf joint venture, though, continues to be interested in taking third-party gas. It's important to note that it already is doing that, the Karratha gas plant. It processes gas through the Pluto-KGP Interconnector for the Pluto joint venture. It also processes gas from Waitsia, and so it's demonstrated its capability at processing third-party gas, and really, the opportunity is to see whether Browse could be processed through Karratha gas plant. The Browse joint venture remains committed with three very important activities needed before progression can be seen.

Speaker #1: So we stay across that. The North West Shelf Joint Venture, though, continues to be interested in taking third-party gas. It's important to note that it already is doing that at the Karratha Gas Plant.

Speaker #1: It processes gas through the Pluto Interconnector for the Pluto Joint Venture. It also processes gas from Waitsia, and so it's demonstrated its capability. It processes third-party gas.

Speaker #1: And really, the opportunity is to see where the Browse could be processed through Craffer Gas Plant. The Browse joint venture remains committed, with three very important activities needed before progression can be seen.

Speaker #1: We need to ensure that we have an investable project, and that the concept continues to be refined to enable that. We need to have commercial agreements in place between the Browse Joint Venture and the North West Shelf Joint Venture, which continue to be worked.

Liz Westcott: We need to ensure that we have an investable project and that the concept continues to be refined to enable that. We need to have commercial agreements in place between the Browse Joint Venture and the North West Shelf Joint Venture, which continue to be worked, and we need environmental approvals. The Browse project is very committed to progressing each of those work streams, and that will then enable work to progress, and we can see whether the Karratha gas plant will be the solution for Browse.

Speaker #1: And we need environmental approvals, and so the Browse project is very committed to progressing each of those work streams. That will then enable work to progress.

Speaker #1: And we can see whether the Craffer Gas Plant will be the solution for Browse.

Speaker #4: Thanks, Liz. Thanks, Graham.

Tom Allen: Absolutely. Thanks, Graham.

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

Speaker #3: Your next question is from Gordon Ramsay with RBC Capital Markets. Please go ahead.

Speaker #4: Well, thank you, Liz and Graham, for the presentation today. I’ve got another question on Beaumont New Ammonia. Just trying to understand how you move forward with Phase Two in that project.

Gordon Ramsay: Oh, thank you, Liz and Graham, for the presentation today. I got another question on Beaumont New Ammonia. Just trying to understand how you move forward with phase 2 in that project and how dependent you are on signing up contracts for clean ammonia sales, if there's not legislation globally to encourage that. You know, what are, what are the key factors that will move that project forward? I know, Liz, you mentioned obviously, the carbon sequestration by ExxonMobil and, and hydrogen and nitrogen supplies are, are obviously critical. Assuming they're there, is there a potential for this project to slow down if you aren't going to be able to sell the ammonia at a premium price because it's, it's classified as, as low carbon or clean ammonia?

Speaker #4: And how dependent you are on signing up contracts for clean ammonia sales. If there's not legislation globally to encourage that, you know, what are the key factors that will move that project forward?

Speaker #4: I know, Liz, you mentioned, obviously, the carbon sequestration by ExxonMobil and hydrogen. And nitrogen supplies are obviously critical. But, assuming they're there, is there a potential for this project to slow down if you aren't going to be able to sell the ammonia at a premium price because it's classified as low-carbon or clean ammonia?

Speaker #1: Yeah, thanks, Gordon. As you highlight—look, our focus at the moment is on phase one of the project, and building out not only the production from the facility but understanding the customer appetite for lower-carbon ammonia.

Liz Westcott: Yeah. Thanks, Gordon. As you highlight, look, our focus at the moment is on, on the phase one of the project and, and building out, not only the production from the facility, but understanding the customer in appetite for lower carbon ammonia. We're, we're targeting three key regions for our customers. We're looking at the US domestic market, we're looking at Europe and Asia Pacific. You know, it's fair to say that while there's interest in lower carbon ammonia, it's, the uptake in demand is slower than we had forecast, and so we remain attuned to where customers are at in their desire for lower carbon ammonia. That's gonna be an important part in playing into the timing of a phase two development at Beaumont itself.

Speaker #1: We're targeting three key regions for our customers: we're looking at the US domestic market, we're looking at Europe, and Asia Pacific. And, you know, it's fair to say that while there's interest in lower-carbon ammonia, the uptake and demand is slower than we had forecast.

Speaker #1: And so we remain attuned to where customers are at in their desire for lower-carbon ammonia. That's going to be an important part in playing into the timing of a Phase Two development at Beaumont itself.

Speaker #1: So, we have a really great opportunity to be able to expand that facility. It will be able to take advantage of all the installed capital to date.

Liz Westcott: we, we have a really great opportunity to be able to expand that facility. It will be able to take advantage of all the installed capital to date, it will be advantaged economically as a project, but it absolutely needs to have a customer market for it. That's something that we'll continue to keep a watch on. It'll need to meet our capital allocation framework, so we're gonna be very disciplined with what we progress.

Speaker #1: And so it will be advantaged economically, as a project. But it absolutely needs to have a customer market for it. And so that's something that we'll continue to keep a watch on.

Speaker #1: And it'll need to meet our capital allocation framework, so we're going to be very disciplined with what we progress.

Gordon Ramsay: Okay, thank you, Liz. My second question relates to, I think when you were discussing slide 8, you mentioned there was going to be dry dock maintenance of some of the Australian oil assets. Can you provide a bit more detail on what that involves?

Speaker #4: Yeah, thank you, Liz. And my second question relates to—I think when you were discussing slide eight, you mentioned there was going to be dry dock maintenance of some of the Australian oil assets.

Speaker #4: Can you provide a bit more detail on what that involves?

Speaker #1: Yeah, so all of our assets undertake periodic turnarounds, and for FPSOs, that often involves a dry dock. And so we do have two of our assets going for dry dock this year.

Liz Westcott: Yeah. All of our assets undertake periodic turnarounds, and for FPSOs, that often involves a dry dock. We do have 2 of our assets going for dry dock this year. It's on a, you know, sort of 5-year type cycle that they do. That's something that's normal course of business for us, just like it is to have turnarounds at our LNG facilities. Yeah, teams are well progressed for that, and that just features in our production outlook for the year.

Speaker #1: It's on a, you know, sort of five-year type cycle that they do. And so that's something that's normal course of business for us, just like it is to have turnarounds at our LNG facilities.

Speaker #1: And yeah, teams are well progressed for that. And that just features in our production outlook for the year.

Gordon Ramsay: Can you mention the assets in the downtime? Is that possible?

Speaker #4: You mentioned the assets and the downtime. Is that possible?

Speaker #1: Look, I think, you know, we'll get the team maybe to follow up offline with you on details like that. But it's just a normal part of our maintenance program for the year.

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

Speaker #4: Yes, thank you.

Gordon Ramsay: Thank you.

Speaker #3: Your next question comes from Henry Mayer with Goldman Sachs. Please go ahead.

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

Speaker #5: Thanks, Liz and Graham. Firstly, on production—guidance for the employees is quite a steep decline in oil production. I'm guessing that's primarily from the Sangamara as it comes off plateau, which is normal.

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

Speaker #5: But it's obviously a function of lots of different variables. So, hoping you could step through what the annual decline rate you're expecting at Sangamara is for this year and maybe the next few years, before it tapers off to 10–15 percent, let's say?

Speaker #1: Yeah, thanks, Henry, for that question. As you noted, there are a lot of different variables that go into the guidance for 2026. And for the liquids production, it's important to note there isn't a particular target range—we've got a range, sorry, rather than a single-point outlook here.

Liz Westcott: Yeah. Thanks, Henry, for the, for that question. As you noted, there are a lot of different variables that go into the guidance for 2026 and, and for the liquids production. It's important to note there isn't a particular target range. We've got a range, sorry, rather than a single point outlook here, and there's a, a number of little factors. I'll give you a sense of them. We do have natural field decline across both our Australia assets as well as our Gulf of America assets, and so that's built into the outlooks. We also have the Julimar-Brunello transaction occurring, which is built in the FPSO maintenance program that we just spoke about. They're all built in. The Pluto turnaround is also built in into liquids outlooks. We had the divestment in Angostura, and then we have Sangomar.

Speaker #1: And there's a number of little factors. I'll give you a sense of them. We do have natural field decline across both our Australia assets as well as our Gulf of Mexico assets.

Speaker #1: And so that's built into the outlooks. We also have the Julema-Brunello transaction occurring, which is built in. The FPSO maintenance program that we just spoke about.

Speaker #1: So they're all built in. The Pluto turnaround is also built into liquids outlooks. We had the divestment in Angostura. And then we have Sangomar, so Sangomar has done fantastically well with sitting on plateau for the bulk of 2025.

Liz Westcott: Sangomar has done fantastically well with sitting on plateau for the bulk of 2025, and it is now commencing decline. A variable for us is understanding that decline curve, as you're asking. We've made our best assessment, but we'll continue to guide during the course of 2026 as we understand how Sangomar performs.

Speaker #1: And it is now commencing decline, and so a variable for us is understanding that decline curve, as you were asking. And so we've made our best assessment.

Speaker #1: But we'll continue to guide during the course of 2026 as we understand how Sangamara performs.

Speaker #6: And I think, as we touched on earlier in the call, Henry, the three key drivers for us this year in terms of, you know, overall production performance and business performance are the Pluto turnaround.

Graham Tiver: I think as, as we touched on earlier in the call, Henry, the three, the three key drivers for us this year in terms of, you know, overall production performance and business performance is the Pluto turnaround. It's Scarborough coming online and that first cargo, cargo in Q4, and then it's the Sangomar reservoir performance. As Liz touched on, it has come off plateau, but it continues to perform very, very well. We'll keep you updated through the quarterly production reports on how that's progressing.

Speaker #6: It's Scarborough coming online in that first cargo in the fourth quarter. And then it's the Sangamara reservoir performance. And as Liz touched on, it has come off plateau.

Speaker #6: But it continues to perform very, very well. But we'll keep you updated through the quarterly production reports on how that's progressing.

Speaker #5: Thank you. Thanks, both. And maybe a follow-up on the guidance for the services and processing costs for the year, which is good to get that transparency.

Henry Meyer: Okay. Thanks, boys. Maybe a follow-up on the guidance for the services and processing costs for the year, which is good to get that transparency. Could you split that down to a few different components, if possible? Particularly, how much of that tolling cost should be Scarborough gas going through Pluto that we could expect in the second half and then ramping up to 2027 as we hit capacity?

Speaker #5: Could you split that down to a few different components, if possible—particularly how much of that tolling cost should be Scarborough gas going through Pluto that we could expect in the second half, and then ramping up in 2027 as we hit capacity?

Speaker #6: Yeah, so we haven't provided that exact breakdown at this point in time, Henry. As I said, there's a lot of moving variables. But, obviously, the core components are your BNA operating costs, including the gas purchases, et cetera.

Graham Tiver: Yeah. We haven't provided that exact breakdown at this point in time, Henry. As I said, there's a lot of moving variables, but obviously, the core components are your BNA operating costs, including, you know, the gas purchases, et cetera. And then, you know, it will include the tolls for Scarborough, which is really the Q4. You know, you can sort of draw a few dots together and, and, you know, a lot of that will relate to Beaumont New Ammonia. As, as we have more insight to ramp up and how Scarborough is progressing as well, we can provide more clarity on that over time.

Speaker #6: And then, you know, it will include the tolls for Scarborough, which is really the fourth quarter. So, you know, you can sort of draw a few dots together, and, you know, a lot of that will relate to Beaumont new ammonia.

Speaker #6: But as we have more insight to ramp-up, and how Scarborough is progressing as well, we can provide more clarity on that over time.

Speaker #5: Okay, thanks, Graham.

Henry Meyer: Okay. Thanks, Graham.

Speaker #3: Your next question comes from Tom Wellington with CISI. Please go ahead.

Operator: Your next question comes from Tom Wellington with Citi. Please go ahead.

Speaker #7: Hi, team. Thanks for the update. Just on the marketing division performance, we saw margins soften through the second half on higher trading activity. And noting that the segment contributed around 8 percent of group-level EBIT for the year, driven by a stronger first-half performance, I was hoping that you could perhaps clarify some of the reasons behind this margin compression.

Tom Wellington: Hi, team. Thanks for the update. Just on the marketing division performance, we saw margins soften through H2 on higher trading activity and noting that the segment contributed around 8% of group level EBIT for the year, driven by a stronger H1 performance. I was hoping that you could perhaps clarify some of the reasons behind this margin compression and I guess to what extent this was driven by tighter JKM and Henry Hub spreads, or if there were potentially fewer arbitrage opportunities or any portfolio mix factors, to have been considered.

Speaker #7: And I guess to what extent this was driven by tighter JKM–Henry Hub spreads, or if there were potentially fewer arbitrage opportunities, or any portfolio mix factors to have been considered?

Speaker #1: Yeah, thanks for your question, Tom. As we sort of highlighted in our opening presentation, marketing continues to be a very important part of the value equation for Woodside.

Liz Westcott: Yeah, thanks for your question, Tom. As we sort of highlighted in our opening presentation, marketing continues to be a very important part of the value equation for Woodside, and it's consistently contributed around 10% of our earnings before income and tax for the last 3 years. That's no, that's no change. However, we do see some quarter-to-quarter volatility, and we will see movement in certain line items depending on our optimization strategy. So in Q3, for example, we had an opportunity with timing of produced equity cargoes, where we're able to purchase a third-party cargo at gas hub prices and deliver it into a crude link contract.

Speaker #1: And it's consistently contributed around 10 percent of our earnings before income and tax for the last three years, and that's no change. However, we do see some quarter-to-quarter volatility.

Speaker #1: And we will see movement in certain line items depending on our optimization strategy. So in the third quarter, for example, we had an opportunity with timing of produced equity cargos, where we were able to purchase a third-party cargo at gas hub prices and deliver it into a crude-linked contract.

Speaker #1: The way this turns out in the accounts can make it harder to see some of these benefits. But we're very committed to understanding the benefit marketing brings to us.

Liz Westcott: The way this turns out in the accounts, can make it harder to see some of these benefits, but we're very committed to understanding, the benefit marketing brings to us, and we're very comfortable that, you know, we continue to see great uplift from the marketing activities.

Speaker #1: And we're very comfortable that, you know, we continue to see great uplift from the marketing activities.

Speaker #7: Yeah, great. Thanks for that. And I guess just to, you know, lead into—I'm trying to get a gauge for how we should think about, you know, these margins through the cycle.

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

Speaker #7: Obviously, given the context of Louisiana LNG and Woodside's trading and optimization capabilities as being a key lever that it can pull, in terms of getting to that 13% internal rate of return, is there any further confidence or guide that you can give us that might see some uplift or support from this particular segment?

Speaker #7: Thank you.

Speaker #1: Yes, thanks, Tom. Look, marketing is going to continue to be very important to us. But I think the best guidance we can give you is that its contribution is 10 percent of EBIT year on year.

Liz Westcott: Yes. Thanks, Tom. Look, marketing is gonna continue to be very important to us, but I think the best guidance we can give you is, is this contribution of 10% EBIT year-over-year, and our three-year track record demonstrates that that's something we achieve. I think where we sit today, that's gonna be the best guidance for you.

Speaker #1: And our three-year track record demonstrates that that's something we achieve. I think, where we sit today, that's going to be the best guidance for you.

Speaker #7: Great. Thank you, Cheez.

Tom Wellington: Great. Thank you. Cheers.

Speaker #3: Your next question comes from Baden Moore with CDC CLSA. Please go ahead.

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

Speaker #5: Hi, good morning, everyone. Starting on the hedging component that you talked to, I think it was 16 million barrels in 2026. Just wondering what metric you're targeting through that kind of program.

Baden Moore: Hi, good morning, everyone. Just on the hedging, component that you talked to, I think it was 16 million barrels in 2026. Just wondering what metric you're targeting, targeting through that kind of, program. Is it a credit metric or just struggling to understand why-

Speaker #5: Is it a credit metric, or just strongly understanding why—what that is—that's getting you? And whether you, how we think about whether you'd roll that forward.

Liz Westcott: Yeah.

Baden Moore: What that is getting you, and whether you... How, how do we think about whether you'd roll that forward? What would you target to roll that forward into 2027?

Speaker #5: What do you—what would you target to roll that forward into 2027?

Speaker #6: Yeah.

Liz Westcott: Yeah.

Baden Moore: Is my first question. Second question, just it's been a bit in the press on the CEO's succession, obviously. Just wondering if there's any updates on timing for that process.

Speaker #5: This is my first question. And then, second question, there's been a bit in the press on the CAO succession, obviously. Just wondering if there are any updates on timing for that process.

Speaker #6: Okay, I'll take the hedging. I'll leave the second one to Liz. But yeah, look, it's a good question, Baden. And let's be very clear.

Liz Westcott: Okay. I'll, I'll take the hedging. I'll leave the second one to Liz. Yeah, look, it's a good question, Baden. Let's be very clear, we, we don't hedge to take a crystal ball on where prices will be. We, we very much hedge from a defensive perspective in the context of a heavy capital period for us. Over the last few years, we've hedged around the 30 million barrels, and that provides a baseload certainty on cash flows for us, and that allows us, you know, in very simple language, to be able to pay our bills. We're not trying to second guess or take a position on oil prices. We're just trying to lock in a certain stream or flow of cash flows for the business.

Speaker #6: We don't hedge to take a crystal ball on where prices will be. We very much hedge from a defensive perspective, in the context of a heavy capital period for us.

Speaker #6: Over the last few years, we've hedged around the 30 million barrels, and that provides a base load certainty on cash flows for us. And that allows us, you know, in very simple language, to be able to pay our bills.

Speaker #6: And so we're not trying to second-guess or take a position on oil prices. We're just trying to lock in a certain stream or flow of cash flows for the business.

Liz Westcott: You know, where our business sits, you know, it's unlikely you'll see us hedge on a forward curve below, below $70. Anything above 70, we will look at that. You know, as I've said, we've got a past history of going up to 30, but we'll just wait and see what the forward curve looks like. It's very much defensive, and it's about securing and locking in a certain volume of cash, if you want to call it. All right, moving to your next question, CEO succession. I just want to acknowledge that the appointment of the CEO is a very important activity, and I know everyone's very interested in the outcome.

Speaker #6: You know, where our business sits, it's unlikely you'll see us hedge on a forward curve below $70. But anything above $70, we will look at that.

Speaker #6: You know, as I said, we've got a past history of going up to $30. But we'll just wait and see what the forward curve looks like.

Speaker #6: But it's very much defensive, and it's about securing and locking in a certain volume of cash, if you want to call it that.

Speaker #1: All right. Moving to your next question, CEO succession. I just want to acknowledge that the appointment of the CEO is a very important activity.

Speaker #1: And I know everyone's very interested in the outcome. But I want to reinforce that what I'm interested in, and what I know is very important—along with the rest of the executive leadership team—is that we continue to execute against our strategy.

Liz Westcott: I want to reinforce that what I'm interested in and what I know is very important, along with the rest of the executive leadership team, is that we continue to execute against our strategy and deliver shareholder value through our disciplined decision making and our operational excellence. As we outlined in Capital Markets Day, we have a lot of priorities for 2026, and they're very clear. We need to have safe and efficient operations. We have a lot of projects that we will be executing, and our focus continues to be on the strategy that we shared at the end of 2025. The chair has made it clear that the board is assessing a number of internal candidates and external talent, and that they intend to make an announcement in the Q1 of 2026. We'll all wait to see that.

Speaker #1: And deliver shareholder value, through our disciplined decision-making and our operational excellence. As we outlined in Capital Markets Day, we have a lot of priorities for 2026.

Speaker #1: And they're very clear. We need to have safe and efficient operations. We have a lot of projects that we will be executing. And our focus continues to be on the strategy that we shared at the end of 2025.

Speaker #1: So the Chair has made it clear that the Board is assessing a number of internal candidates and external talent, and that they intend to make an announcement in the first quarter of 2026.

Speaker #1: So, we'll all wait to see that.

Speaker #5: Thank you.

Baden Moore: Thank you.

Speaker #1: Yeah.

Liz Westcott: Yeah.

Speaker #3: Your next question comes from Sierra Kerr with Harbor North. Please go ahead. Thanks, Liz and Graham. Just my first question, starting in the US.

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

Sarah Kerr: Thanks, Liz and Graham. Just my first question, starting in the US. We start the year with a tug-of-war for gas demand between LNG facilities and domestic demand, and we're seeing an ever-increasing demand coming from utilities, especially with more and more data centers being more and more power hungry. I was just wondering, how do you see Louisiana LNG in that landscape? Does that give you confidence in the market, again, going forward, that you can get feedstock at a reasonable price?

Speaker #3: So, we saw it at the start of the year: a winter tug-of-war for gas demand between LNG facilities and domestic demand. And we're seeing ever-increasing demand coming from utilities.

Speaker #3: Especially with more and more data centers being more and more power-hungry, we're just wondering, how do you see Louisiana LNG in that landscape? And does that give you confidence in the market, I guess, going forward that you can get feedstock at a reasonable price?

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

Speaker #1: Thank you for the question. Look, the Louisiana LNG project is ideally situated to benefit from the supply in the US. We have a very large opportunity with domestic supply in the US.

Speaker #1: Notwithstanding the interest from data centers and others in accessing domestic gas, more than 1.1 trillion cubic feet of gas is available to LNG projects and others to use.

Speaker #1: We have a lot of transport infrastructure that we've already committed. The foundation requirements we need with pipeline options. And we've got a foundational contract with BP for supply.

Speaker #1: So we're confident that our project will be able to access the gas it needs going forward, and we continue to see opportunity as an LNG producer to be able to access gas.

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

Speaker #3: Thank you. And just a quick question: in Australia, looking at Bass Strait, are you seeing a renewed exploration phase going through offshore there?

Speaker #3: We're seeing some discoveries as well. There are also some fantastic projects that smaller developers have close to Woodside's infrastructure. Just wondering, is Woodside looking at doing more of your own organic backfill?

Speaker #3: Or looking to possibly tie in and partner with the small developers?

Speaker #1: Yeah. Bass Strait supplies approximately 40 percent of the East Coast gas demand, and it's been a real backstay of the East Coast gas market over decades.

Liz Westcott: Yeah, Bass Strait supplies approximately 40% of the East Coast gas demand, and there's been a real backstay of the East Coast gas market over decades, and we'll be taking operatorship from ExxonMobil in the middle of 2026. As part of that decision, as operator, we've identified 4 potential development wells that we believe could be progressed to develop to deliver up to 200 petajoules of sales gas to the market. We'll be taking those through the technical development phases as we take over operatorship. We continue to be interested in available development for the Bass Strait and look forward to being the operator going forward.

Speaker #1: And we'll be taking operatorship from ExxonMobil in the middle of 2026. As part of that decision, and as operator, we've identified four potential development wells that we believe could be progressed to deliver up to 200 petajoules of sales gas to the market.

Speaker #1: And so we'll be taking those through the technical development phases as we take over operatorship. And so we continue to be interested in available development for the Bass Strait.

Speaker #1: And I look forward to being the operator going forward.

Speaker #3: Thanks so much.

Sarah Kerr: Thanks so much.

Speaker #1: Now, I might recognize the time here and call the end to questions. Thank you, everybody, for listening in and participating today. Just a reminder, we will be hosting our Sustainability Investor Briefing on the 16th of March.

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

Speaker #1: Which I invite you all to join. And I look forward to speaking with you at other upcoming events. Thank you.

Sarah Kerr: The conference is now being recorded.