Woodside Energy Group Ltd Q4 FY2025 earnings call

Key managerial messages include: 2025 saw record production, strong underlying net profit after tax of $2.6 billion, free cash flow of $1.9 billion, and a final dividend of $0.59 per share. Progressed major growth projects like Scarborough and Louisiana LNG. Demonstrated strong sustainability performance with 15% reduction in net equity Scope 1 and 2 greenhouse gas emissions. Maintained world - class operational capabilities with operated LNG reliability of ~98% over past 5 years. 2026 will execute major turnarounds at existing assets and dry dock maintenance for Australian oil assets.

In 2025, Woodside achieved record annual production of 198.8 million barrels of oil equivalent. Unit production costs were reduced to $7.80 per barrel of oil equivalent. Sangomar performed exceptionally. The Scarborough Energy project was 94% complete at year - end and on track for first LNG cargo in Q4 2026. The Beaumont New Ammonia project achieved first production. The Louisiana LNG project took final investment decision, 22% complete at year - end. Divested Greater Angostura assets for $259 million. Sangomar contributed $2.6 billion to EBITDA since startup. Revenue contribution: Sangomar is valuable, Scarborough and Louisiana LNG are key for future growth.

2026 will focus on cost control including Pluto major turnaround. Maintain disciplined investment decisions. Dividend policy targets 50% - 80% of underlying NPAT. 2026 is a transition year with important projects. Decommissioning expenditure guided to $500 million - $800 million in 2026 with Bass Strait platform removals targeted for 2027.

Risks include market price volatility affecting净利润 and dividends. Project progress affected by external factors like weather. Uncertainty in achieving sustainability targets. Strategic partner investment progress impact on projects. Tax policy changes affecting PRRT and overall tax burden.

Q: Just on Louisiana LNG. You just offered an update on the HoldCo sell - down progress...

A: Yes. Thank you. Look, we are very happy with how the process is going on the sell - down for Louisiana LNG...

Q: May I ask for some color on decommissioning activities this year...

A: Yes. Thanks, Rob. Decommissioning activities, it's an important part of our portfolio...

Q: The first question, Liz, could you give us perhaps a steer on your thinking where...

A: Yes. Thanks, Saul, for the question. Trains 4 and 5 are a great opportunity for Woodside...

Q: I got another question on Beaumont New Ammonia...

A: Yes. Thanks, Gordon. As you highlight, look, our focus at the moment is on the Phase 1 of the project...

Q: Firstly, on production, guidance for the year implies quite a steep decline in oil production...

A: Yes. Thanks, Henry, for that question. As you noted, there are a lot of different variables that go into the guidance for 2026...

Q: Just on the Marketing division performance...

A: Yes. Thanks for your question, Tom. As we sort of highlighted in our opening presentation...

Q: Just on the hedging component that you talked to...

A: Okay. I'll take the hedging. I'll leave the second one to Liz. But yes, look, it's a good question, Baden...

Q: Just my first question is starting in the U.S. So we start the year with a total war for gas demand...

A: Thank you for the question. Look, the Louisiana LNG project is ideally situated to benefit from the supply in the U.S...

Q: And just a quick question in Australia. So looking at Bass Strait...

A: Yes. Bass Strait supplies approximately 40% of the East Coast gas demand...