Woodside Energy Group Ltd Q2 FY2025 earnings call

• Strong half-year performance across the portfolio, with efficient execution of major projects like Scarborough and Trion. - Exceptional performance at Sangomar, maintaining high production reliability. - Safety milestones achieved with no high consequence injuries during heightened activity. - Progress in sustainability efforts, including net equity Scope 1 and 2 greenhouse gas emissions reductions. - Strategic moves such as assuming operatorship of Bass Strait assets and partnerships with Uniper and China Resources for LNG sales.

In the first half of 2025, Woodside achieved an outstanding production of 548,000 barrels of oil equivalent per day and total production of 99.2 million barrels of oil equivalent. Sangomar was a key contributor, generating almost $1 billion in revenue in the first half alone, with gross production maintained at nameplate capacity of 100,000 barrels per day and nearly 99% reliability. The marketing and trading business delivered a strong contribution of $144 million, representing approximately 8% of total earnings. Louisiana LNG is targeting first LNG in 2029, with construction of Train 1 22% complete. Beaumont New Ammonia's Train 1 was 95% complete, with first ammonia production targeted for late 2025.

• Narrowed full-year production guidance to the upper end of the range despite the divestment of the Greater Angostura assets. - Louisiana LNG is targeting first LNG in 2029, with construction of Train 1 at 22% complete. - Beaumont New Ammonia's first ammonia production is targeted for late 2025.

• Decommissioning challenges at legacy fields like Griffin, Minerva, and Stybarrow, resulting in cost impacts. - Delays in federal approval for the Northwest Shelf extension. - Uncertainties in the sell-down negotiations for Louisiana LNG, with considerations of competitive projects and political environments.

Q: Gordon Ramsay asked about the performance of the S400 sand units in Sangomar and unit production cost reduction.

A: Marguerite Eileen O’Neill mentioned initial positive signs in the S400s with reserve additions, and unit production costs were reduced due to Sangomar's strong performance and business-wide cost-control efforts.

Q: Tom Allen inquired about Louisiana LNG sell-downs.

A: Marguerite Eileen O’Neill stated Louisiana LNG is an advantaged project, and the company is being disciplined in selecting partners to secure fair value for shareholders.

Q: Adam Martin asked about decommissioning costs and Bass Strait decommissioning.

A: Marguerite Eileen O’Neill explained decommissioning challenges with legacy fields but noted Bass Strait decommissioning work remains on track with ongoing engineering and planning.

Q: Nik Burns questioned the dividend and marketing strategy.

A: Graham Tiver and Marguerite Eileen O’Neill discussed the dividend being at the top end due to strong underlying performance, and the marketing strategy leveraging gas hub exposure for premium pricing.