Woodside Energy Half-Year Report for Period Ended 30 June 2026

Woodside Energy Group (ASX: WDS) (NYSE: WDS):

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260824865396/en/

Disciplined execution

Operational excellence and project delivery

• Recorded operating revenue of $7,446 million, up 13% from H1 2025.
• Delivered production of 478 Mboe/d (86.5 MMboe) and unit production costs of $8.8/boe.¹
• Progressed major projects with Scarborough 98%, Trion 64%, and Louisiana LNG 28% complete.
• Maintained high asset reliability, with operated LNG facilities achieving 98.7% reliability, Sangomar 99.5%, and Shenzi 99.1%.
• Safely executed the Pluto planned turnaround campaign on schedule and within budget, including key integration activities supporting the Scarborough Energy Project, with more than 400,000 hours worked and zero lost-time injuries.

Delivering value

• Determined a fully franked interim dividend of 57 US cents per share (cps).
• Achieved net profit after tax (NPAT) of $1,672 million (underlying NPAT $1,334 million).¹
• Delivered EBITDA of $4,647 million from underlying base business.¹
• Delivered operating cash flow of $3,013 million and free cash flow of $352 million.
• Disciplined capital management resulted in strong liquidity of $8,189 million.¹
• Gearing of 20.6%, marginally outside the target range of 10 - 20%, impacted by $655 million of new lease liabilities, a $419 million net cash outflow from hedge settlements, and a $101 million increase in trade receivables.¹

This page and the following 66 pages comprise the half-year information given to the ASX under Listing Rule 4.2A and should be read in conjunction with Woodside’s Annual Report 2025.

Woodside delivered strong half-year production of 478 thousand barrels oil equivalent per day (86.5 million barrels of oil equivalent total) and reported a half-year net profit after tax (NPAT) of $1,672 million. Underlying NPAT was $1,334 million, compared to $1,247 million in the corresponding period in 2025. Operating revenue rose 13% year-on-year to $7,446 million.

During the half, the Middle East conflict disrupted the global supply of LNG and oil resulting in strengthening commodity prices and an increase in customer demand for products. Woodside’s Marketing and Trading division continued to optimise the portfolio to manage risk and maximise value while fulfilling customer commitments.

The directors have determined a fully franked interim dividend of 57 US cents per share (cps), representing an 80% payout ratio of underlying NPAT, and an annualised yield of 5.9%.⁹

Woodside CEO Liz Westcott said the company delivered a resilient first half performance, remaining a secure and reliable supplier to customers throughout a period of global volatility.

“We once again delivered strong production, cash flow and shareholder returns, while continuing to execute the next phase of growth.

“Keeping our people safe remains our highest priority. We recorded one high consequence injury during the period while undertaking over 11 million work hours. This reinforces the need for ongoing focus on critical risk management, strong safety leadership and disciplined execution of safe work practices across our operations.

“We maintained operational excellence at our assets. Operated LNG reliability was more than 98% and the planned turnaround at Pluto LNG was completed on budget and schedule, derisking the Scarborough Energy Project schedule in the process. We achieved exceptional performance at Sangomar, which produced at near nameplate capacity with 99.5% reliability.

“The Scarborough Energy Project is now 98% complete and remains on track to deliver first LNG cargo in the fourth quarter of 2026. During the half, we completed all upstream infrastructure, and subsequent to the period, achieved ready for start-up and first gas at the floating production unit. Our focus remains on disciplined commissioning and start-up of all facilities to ensure safe and reliable operations from day one.

“The Trion Project offshore Mexico also made strong progress and is now 64% complete, targeting first oil in 2028. Key construction and drilling milestones achieved in the first half included completion of the topsides lift onto the floating production unit and drilling of the first three of 24 subsea wells.

“At Louisiana LNG, key milestones were achieved relating to the LNG tanks and marine infrastructure. The project’s foundation development was 28% complete at the end of the half, with first LNG targeted for 2029.

“In July, Woodside assumed operatorship of the Gippsland Basin assets, creating greater flexibility for future development opportunities while reinforcing our commitment to supporting energy security in the eastern Australian domestic market.

“We continued to deliver on our sustainability commitments during the half, taking forward biodiversity initiatives in Western Australia and Louisiana, and enhancing methane emissions reporting across the Sangomar and North West Shelf operations.

“As we focus on Woodside’s next phase of disciplined delivery, we have announced a series of actions to lift performance and sharpen our focus on value. We have set an annual cost savings target of $350 million from 2028 to be delivered through the structured review of our business.”

Results for announcement to the market

More information is available on page 48.

The following table summarises the variance between the H1 2025 and H1 2026 results for the contribution of each line item to NPAT.

Woodside’s capital management framework provides us with the flexibility to optimise value and shareholder returns delivered from the portfolio of opportunities.

Interim dividend and dividend reinvestment plan

A 2026 fully franked interim dividend of 57 US cps has been determined, representing an annualised dividend yield of 5.9% .²¹ The total amount of the interim dividend payment is $1,084 million which represents 80% of underlying NPAT for the first half of 2026.²²

The dividend reinvestment plan remains suspended.

Liquidity and balance sheet

In H1 2026, Woodside generated $3,013 million of cash flow from operating activities and delivered positive free cash flow of $352 million, which includes the $1,725 million in capital contributions received from Stonepeak and Williams for the development of Louisiana LNG.^22,23

During this period, Woodside repaid a $600 million Syndicated Term Loan approximately 6 months prior to maturity.

At the end of the period, Woodside had cash and cash equivalents of $4,339 million, liquidity of $8,189 million, and drawn debt of $11,450 million, including $800 million of ten-year bonds due in September 2026.²²

Woodside’s gearing as at 30 June 2026 was 20.6%, marginally outside the target range of 10 to 20%.²² Woodside’s gearing may at times fall outside the target range as the balance sheet is managed through the investment cycle.

Net debt and gearing were impacted by:

• $655 million of lease liabilities recognised in the first half of 2026, for the Woodside Bilangara LNG vessel and Trion construction related vessels.²⁴
• Net cash outflow of $419 million for hedge settlements.
• Higher pricing driving a $101 million increase in trade receivables that were received in July 2026.

Woodside’s commitment to an investment-grade credit rating remains unchanged and supports the aim of providing sustainable returns to shareholders, both now from the strong existing business and in the future from the growth opportunities, in accordance with Woodside’s capital management framework.

Commodity price risk management

As at 30 June 2026, approximately 62% of the 30 MMboe of 2026 oil-linked production previously hedged (at an average price of $74.23 per barrel) had been cash settled and 10 MMboe of 2027 oil-linked production was hedged at an average price of $76.76 per barrel.

Commodity swaps were used to continue managing risk associated with the Corpus Christi LNG volumes.

For the period ended 30 June 2026, pre-tax hedge losses of $64 million primarily relating to Corpus Christi LNG hedges and foreign exchange hedges were recognised, and hedge settlements resulted in a net cash outflow of $419 million. The hedge settlement net cash outflow in H1 2026 is primarily due to timing with oil-linked hedge losses cash settled ahead of the related revenue recognition, and expected to be offset by higher revenue from Q2 price lag realisation in H2 2026.

Embedded commodity derivative

In 2023, Woodside entered a revised long-term gas sale and purchase agreement with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model.

As there is no long-term urea forward curve, TTF continues to be used as a proxy to simulate the value of the derivative over the life of the contract. For the half-year ended 30 June 2026, an unrealised loss of $135 million has been recognised through other expenses.

Pluto LNG

Pluto LNG is a gas processing facility in the Pilbara region of Western Australia, comprising an offshore platform and one onshore LNG processing train.

Woodside’s share of production in H1 2026 was 20.6 MMboe. This was an 18% decrease compared with 25.0 MMboe in H1 2025, primarily due to the impact of a planned turnaround and Severe Tropical Cyclone Mitchell in the reporting period. H1 2026 production included 3.9 MMboe of Pluto gas processed at Karratha Gas Plant through the Interconnector.

Pluto LNG achieved reliability of 98.7% in H1 2026, reflecting the asset's strong operating performance.

In H1 2026, drilling of the XNA-03 infill well was completed and preparations continue for start-up targeted for H2 2026.

The planned turnaround in May 2026 was successfully delivered safely, on schedule and within budget, including critical integration scopes supporting the Scarborough Energy Project. The turnaround involved over 1,500 personnel on site to deliver a safe lost time injury-free campaign with more than 400,000 hours worked.

Woodside is operator and holds a 90% participating interest.

North West Shelf Project

The North West Shelf Project (NWS) consists of three offshore platforms and the onshore Karratha Gas Plant (KGP) which includes four onshore LNG processing trains and two domestic gas trains.

Woodside’s share of production in H1 2026 was 14.0 MMboe. This was a 7% decrease compared with H1 2025 due to natural reservoir decline and impacts from Severe Tropical Cyclone Narelle.

Despite these impacts, the NWS achieved LNG reliability of 98.7% in H1 2026, highlighting the continued dependability and efficiency of the integrated facilities.

In H1 2026, the NWS Joint Venture approved the drilling rig contract for the Greater Western Flank Phase 4 Project with drilling targeted to commence in 2027, and targeting first production in 2028.

Preparations are continuing for a planned turnaround for a single LNG Train targeted to commence in September 2026.

The NWS is continuing with infrastructure retirement planning at KGP while maintaining the capacity to provide processing services for third-party gas.

During H1 2026, three legal proceedings continued in the Federal Court of Australia, and one in the Western Australian Supreme Court, associated with the NWS Project Extension Commonwealth and State environmental approvals. Subsequent to the period, hearings on the three Federal Court proceedings took place in July 2026, and the Western Australian Supreme Court proceeding is currently scheduled in Q4 2026.

Woodside is operator and holds a 33.33% participating interest.

Following completion of the asset swap agreement with Chevron announced in 2024, Woodside’s participating interest will increase to 50%. The asset swap remains targeted for completion in Q4 2026.²⁵

Wheatstone and Julimar-Brunello

Wheatstone is an LNG processing facility near Onslow, Western Australia, comprising an offshore production platform and two onshore LNG production trains. It processes gas from several offshore gas fields, including Julimar and Brunello.

Woodside’s share of Wheatstone production in H1 2026 was 4.4 MMboe. This was a 30% decrease compared with H1 2025 due to the impacts of Severe Tropical Cyclone Narelle.

The Julimar Phase 3 Project, a subsea tie-back to the existing Julimar field production system, completed its subsea construction and drilling campaign in H1 2026 and remains targeted for start-up in H2 2026.

In parallel, decommissioning of three Julimar–Brunello exploration wells commenced in H1 2026. Completion of both activities are condition precedents to the Chevron asset swap.

Woodside is operator and holds a 65% participating interest in the Julimar-Brunello fields.

Woodside holds a 13% non-operating participating interest in the Wheatstone Project.

Following completion of the asset swap agreement with Chevron announced in 2024, Woodside will no longer have an interest in Wheatstone and Julimar-Brunello. The asset swap remains targeted for completion in Q4 2026.²⁶

Bass Strait

Bass Strait is located in the south east of Australia and produces gas through a network of offshore platforms, pipelines and onshore processing facilities. The Bass Strait assets include the Gippsland Basin Joint Venture (GBJV) and the Kipper Unit Joint Venture (KUJV).

Woodside’s share of production from Bass Strait was 8.4 MMboe in H1 2026, an 8% decrease from H1 2025 predominantly due to reduced available capacity through scheduled maintenance programs and domestic gas demand.

In H1 2026, drilling of the five wells under the Turrum Phase 3 Project was completed. The Turrum Phase 3 Project is targeting delivery of gas to the eastern Australian domestic gas market by H1 2027 from the Turrum and North Turrum fields with topsides modifications to the Marlin B platform.

Subsequent to the period, on 1 July 2026, the transfer of operatorship of the Bass Strait assets from ExxonMobil to Woodside occurred, following the satisfaction of the conditions precedent to the transaction.²⁷

Woodside continues to progress technical maturation of four potential development wells that could deliver up to 200 PJ of sales gas to the market. Technical maturity and the impact of the Federal Government’s new domestic gas reservation scheme will influence whether these opportunities are progressed to a final investment decision. Subject to a final investment decision, these would be developed solely by Woodside through the Bass Strait infrastructure.

Woodside became operator on 1 July 2026 and holds a 50% participating interest in the GBJV and a 32.5% participating interest in the KUJV.

Other Australian oil and gas assets

Woodside operates three floating production storage and offloading (FPSO) facilities off the north west coast of Western Australia. These are the Ngujima-Yin FPSO (Woodside participating interest: 60%), Pyrenees FPSO (Woodside participating interest: 40% in WA-43-L and 71.4% in WA-42-L) and Okha FPSO (Woodside participating interest: 50%).

Following completion of the asset swap agreement with Chevron announced in 2024, Woodside’s participating interest in the Okha FPSO will increase to 66.67%. The asset swap remains targeted for completion in Q4 2026.²⁶

Woodside’s share of production from the FPSO assets was 2.2 MMboe in H1 2026. This was a 39% decrease from H1 2025 primarily due to the planned shipyard maintenance and a subsea mooring system defect for the Okha FPSO and Severe Tropical Cyclone Narelle impacting in-field infrastructure at Pyrenees FPSO.

Woodside also operates Macedon (Woodside participating interest: 71.4%), a gas project located near Onslow, Western Australia which produces pipeline gas for the Western Australian domestic gas market.

Woodside’s share of production from Macedon was 4.0 MMboe, a 5% decrease from H1 2025 primarily reflecting natural field decline. The Macedon facility delivered approximately 16% of the Western Australian domestic gas market supply in H1 2026.

Woodside Solar

Woodside is progressing a potential opportunity to reduce gross Scope 1 greenhouse gas emissions at Pluto LNG by utilising solar energy from the proposed Woodside Solar Project.

Woodside continued activities to progress the proposed Woodside Solar Project, including arrangements to secure access to new and existing common-user transmission infrastructure required to transmit renewable energy to Pluto LNG. Development of this infrastructure is being led by the Western Australian Government and APA Group.

Sangomar

The Sangomar Field Development Phase 1 is a deepwater project with a stand-alone FPSO facility moored approximately 100 km offshore Senegal.

Woodside’s share of production was 15.0 MMboe in H1 2026, a 4% increase from H1 2025 due to continued strong reservoir performance, high reliability and optimisation of wells, flow lines and system hydraulics.

In H1 2026, Sangomar continued to deliver strong operational performance, averaging 99 Mbbl/d (100% basis, 83 Mbbl/d Woodside share) at 99.5% production reliability.²⁸ Reservoir performance continues to exceed expectations, particularly in the S500 reservoirs. Greater-than-anticipated aquifer pressure support, combined with well and network optimisation has enabled an extended initial production plateau and reduced the impact of reservoir decline. Although ongoing optimisation activities continue to moderate decline rates, production is expected to increasingly reflect the underlying reservoir decline profile.

H1 2026 sales of Sangomar crude oil were directed to Europe and South Asia during the Middle East conflict, attracting strong premiums.

Evaluation of future development opportunities is ongoing. A potential Phase 2 development leveraging existing installed capacity would include wells targeting the upper S400 reservoirs. Engagements are ongoing with Petrosen (18% participating interest) and the Senegalese Government for Phase 2.

Woodside is operator and has an 82% participating interest.

Shenzi

Shenzi is a conventional offshore oil and gas field developed through a tension leg platform located offshore in the Gulf of America.

Woodside’s share of production in H1 2026 was 4.1 MMboe at 99.1% reliability. This was a 12.8% decrease compared with H1 2025 due to natural field decline and reduced pressure support from a major water injector.

Woodside is operator and holds a 72% participating interest.

Atlantis

Atlantis is a conventional offshore oil and gas development in the Gulf of America. It includes a semi-submersible facility and is one of the largest producing fields in the United States.

In H1 2026, water injection commenced on a new well, and the Atlantis Major Facility Expansion Project progressed. Subsequent to the period, the Major Facility Expansion project achieved start-up. The project added subsea infrastructure and upgraded water injection equipment.

Woodside’s share of production in H1 2026 was 6.3 MMboe. This was a 5% increase compared with H1 2025 due to high reliability and production from the Drill Center 1 Expansion which started production in H2 2025.

Woodside holds a 44% non-operating participating interest.

Mad Dog

Mad Dog is an offshore conventional oil and gas field located in the Gulf of America and is currently producing from two offshore facilities, A-Spar and Argos. The Argos facility was installed as part of the Mad Dog Phase 2 Project, an ongoing development of the southern flank of the Mad Dog field.

The third and final Mad Dog Southwest Extension well was brought online in Q1 2026, completing the project that began with production from the first production well in August 2025.

Woodside’s share of production in H1 2026 was 5.8 MMboe. This was a 9% increase compared with H1 2025 due to five new producing wells starting production over the last 12 months.

Woodside holds a 23.9% non-operating participating interest.

Beaumont New Ammonia

Beaumont New Ammonia (BNA) is a 1.1 Mtpa ammonia synthesis plant located in Beaumont, Texas. First production of ammonia commenced in December 2025 and Woodside assumed operational control of BNA in March 2026 following successful completion of performance testing and handover from OCI Global.

Woodside's production in H1 2026 was 279 kT with reliability of 87.6% including the start-up and commissioning period.²⁹ Production remained below capacity due to feedstock constraints arising from construction delays at third-party suppliers, with Q2 production averaging 69% of capacity. These constraints are expected to continue into 2027. Lower-carbon ammonia production remains targeted for 2027, subject to commissioning of Linde’s low-carbon hydrogen facilities and startup of ExxonMobil’s CCS infrastructure, including approval of the relevant CCS permitting process.³⁰

Woodside is operator and holds a 100% participating interest.

Revenue and trading

Revenue increased 13% to $7,446 million in H1 2026, reflecting higher average realised prices. Stronger commodity prices amid global supply disruptions, together with realisation of premiums increased the average realised price to $74.0/boe, up 20% compared with H1 2025.

Portfolio optimisation activities captured higher value opportunities across multiple trades, including redirecting Woodside cargoes to higher price markets, and using third-party purchases to meet long-term customer commitments. The value from these activities are realised as cargoes are delivered, resulting in fluctuations in earnings between reporting periods. Further value from trading activities in H1 2026 is expected to be realised in H2 2026.

The marketing segment delivered EBIT of $54 million in H1 2026, representing approximately 3% of total EBIT.³¹ Pre-tax hedge losses of $62 million were recognised in the segment, primarily relating to Corpus Christi LNG hedges, reducing EBIT.

In H1 2026, approximately 39% of LNG sold was linked to gas hub indices impacted by lower volumes available due to the Pluto planned turnaround.

Shipping

Woodside has signed five long-term time charter parties for LNG vessels all commencing in 2029, and added the Woodside Bilangara to Woodside’s fleet of LNG vessels during the period to support the start-up of the Scarborough Energy Project, bringing Woodside’s total number of long-term chartered vessels on the water to nine.

Pipeline gas

Throughout H1 2026, Western Australia domestic gas spot volume pricing held steady at approximately A$5.50/GJ, not impacted by fluctuations in global markets.

Woodside executed incremental pipeline gas sales agreements for 58.6 PJ to be delivered to the Western Australian market from 2026 to 2029, including an agreement for the supply of 31.1 PJ with Alcoa.

Woodside also executed incremental pipeline gas sales agreements for 47 PJ to be delivered to the east coast of Australia across 2026, 2027 and 2028.

On the east coast of Australia, Woodside commenced an expression of interest for 20 PJ of Bass Strait supply across 2027 and 2028 and is progressing in line with its obligations under its Ministerial Exemption to the Gas Market Code. Interest has been received from a wide variety of gas users including power generators, retailers and manufacturers with final offers expected in Q3 2026.

A total of 1,271 TJ of Trucked LNG, equivalent to approximately 1,200 trailers, was delivered in H1 2026 to customers in northern Western Australia. Since the commencement of operations at the Pluto LNG Truck Loading Facility in 2019, Woodside has delivered 6,892 trailers of LNG (7,100 TJ), offering a lower-carbon alternative to diesel.

The Australian Government has released a draft framework for its proposed Domestic Gas Reservation Scheme. Woodside is participating in the consultation process and will continue engaging with government and industry on the design of the scheme. It is important that the final arrangements support national energy security, economic growth and ongoing investment in the new gas supply, helping maintain Australia’s position as a reliable energy supplier to domestic and international customers.

Scarborough Energy Project

The Scarborough gas field is located in the Carnarvon Basin, approximately 375 km off the coast of Western Australia.

The development includes installation of a floating production unit (FPU) with eight wells drilled in the initial phase and 13 wells drilled over the life of the Scarborough field. Expansion of the Pluto LNG facility includes construction of a second LNG train (Pluto Train 2), installation of additional domestic gas processing facilities and supporting infrastructure, and modifications to Pluto Train 1 to allow it to process Scarborough gas.

The project includes the construction of an integrated remote operations centre (IROC) at Woodside’s headquarters. The IROC will have the capacity to operate the FPU and the Pluto LNG facility from Perth.

The project was 98% complete at the end of H1 2026, excluding Pluto Train 1 modifications. First LNG cargo is on-track for Q4 2026.

The FPU achieved significant milestones throughout the first half of 2026. All upstream infrastructure is now in place, following completion of FPU mooring and hook up to the subsea production system. Subsequent to the period, upstream commissioning and preparations for the introduction of hydrocarbons was completed, and the FPU achieved ready for start-up status and first gas.

Construction and commissioning activities at the Pluto Train 2 site continued, including completion of the gas turbine generator synchronisation with the Pluto site power grid and mechanical runs of three of the six liquefaction compressors.

Modifications which will allow processing of Scarborough gas through Pluto Train 1 have been ongoing, including successful execution of tie-ins during the Pluto Train 1 planned turnaround in the reporting period. The final module for Pluto Train 1 modifications departed the fabrication yard in Thailand and subsequent to the period, arrived at site. Civil, structural, piping and electrical works continue.

Woodside is operator and holds a 74.9% participating interest in Scarborough, a 51% participating interest in Pluto Train 2 and a 90% participating interest in Pluto Train 1.

Trion

Trion is an offshore oil development located in Mexico, approximately 180 km off the Mexican coastline and 30 km south of the United States/Mexico maritime border. The development includes a 24 subsea well development, a semi-submersible FPU capable of producing and transferring 100,000 barrels of oil per day, and a floating storage and offloading (FSO) facility.

The project was 64% complete at the end of H1 2026. First oil is targeted for 2028.

Drilling of 24 subsea wells commenced in March 2026 with three production wells drilled during the period.

The FPU achieved key H1 2026 milestones, including completion of topsides and living quarters lifts onto the hull, and commencement of integration and pre-commissioning. FSO construction with dry mega block assembly in dry dock continue to progress in accordance with plan. Fabrication and testing of the disconnectable buoy of the FSO has been completed

Subsea equipment fabrication, including drill centre and central manifolds, three trees, static umbilicals, mooring systems and anchor piles, has been completed and delivered to Mexico ahead of installation commencing in Q3 2026. Remaining subsea production system components are progressing to plan and are in the final stages of fabrication.

Woodside is the operator and holds a 60% participating interest.

Louisiana LNG

Louisiana LNG is a fully permitted, under-construction LNG production and export terminal located near Lake Charles, Louisiana. The project is structured as a scalable development with a total permitted capacity of 27.6 Mtpa across five LNG trains and supporting infrastructure.

In April 2025, Woodside approved an FID to develop the foundation phase of the project, comprising three LNG trains with a capacity of 16.5 Mtpa.

The foundation development was 28% complete at the end of the period, with Train 1 35% complete, Train 2 25% complete, and Train 3 18% complete. The project is targeting first LNG in 2029.

Key construction progressed during the period included structural steel erection and commencement of above-ground piping installation, advancement of LNG tanks, and marine infrastructure works, including commissioning of the material offloading facility and commencement of dredging.

Bechtel sources structural steel for Louisiana LNG from its fabrication facility in the United Arab Emirates. In response to ongoing supply chain risks associated with disruptions in the Middle East, the project is proactively assessing and implementing mitigation measures, including alternative logistics routes and fabrication sources, to support continuity of steel supply and maintain planned construction schedules beyond 2026.

Woodside completed the transition of Driftwood Pipeline LLC operatorship to Williams, with execution of the Line 200 lateral pipeline progressing under Williams as operator, including advancing engineering, procurement, and right of way activities.

With foundational transportation and storage capacity secured in 2025, Woodside continued to advance feed gas procurement in line with its gas supply strategy.

Ongoing engagement with high-quality counterparties for equity participation and LNG offtake continues to support progress on the Louisiana LNG sell-down process.

Woodside is operator with a 90% interest in Louisiana LNG LLC. Louisiana LNG LLC owns a 60% interest in Louisiana LNG Infrastructure LLC and Woodside is operator. Woodside has a 20% non-operating interest in Driftwood Pipeline LLC.

Hydrogen Refueller @H2Perth

The Hydrogen Refueller @H2Perth is a self-contained hydrogen production, storage and refuelling station located in Perth, Western Australia.³²

Commissioning activities continued on site and the facility has now been handed over to Woodside from the contractor following successful leak testing and cold commissioning. Ready for start-up is now targeted for Q3 2026 and first hydrogen production is targeted for Q4 2026.

Woodside is operator and holds a 100% participating interest.

Woodside continued execution of planned decommissioning activities in H1 2026, spending approximately $274 million across its portfolio.

In H1 2026, well decommissioning activities continued across multiple assets, including commencing offshore plug and abandonment (P&A) operations for eight subsea wells across the North West Shelf and Julimar-Brunello fields, with P&A completed for two wells so far.

Offshore execution has also progressed at the Stybarrow and Griffin fields in north-west Western Australia. At Stybarrow, more than 18 km of flexible flowlines and umbilicals were removed in H1 2026, while approximately 8 km of flexible flowlines have been removed from Griffin.

Following the completion of planned infrastructure recovery from Enfield in 2025, a final seabed survey was completed in H1 2026, with results planned to be submitted to the regulator in H2 2026. Consultation with relevant persons for the development of the Environment Plan to remove the remaining Minerva infrastructure was also completed during H1 2026.

At Bass Strait, GBJV made strong progress on P&A activities during the period, completing plugging operations on the West Kingfish and Cobia platform wells and commencing platform rig operations on the Halibut and Tuna platforms. This completed all P&A activities for platforms scheduled for removal in Bass Strait Offshore Platform Removal Campaign 1, which is set to commence in Q3 2027.

Preparation for the campaign also advanced, with the National Offshore Petroleum Safety and Environmental Management Authority accepting the Environmental Plan and upgrades commencing at the onshore reception centre at Barry Beach Marine Terminal.

Browse

The Browse development comprises the Calliance, Brecknock and Torosa gas and condensate fields located approximately 425 km north of Broome, Western Australia.

During H1 2026, work continued to advance regulatory approvals, advance technical definition and progress commercial arrangements for processing Browse volumes through the Karratha Gas Plant. Contractors were engaged to progress pre-FEED engineering scopes for the FPSO facilities. Invitations to tender for the design and construction of the Browse FPSO facilities were issued that will provide market pricing and schedule assumptions to inform a FEED entry decision. Engineering studies commenced to assess downstream modifications required for processing Browse gas at Karratha Gas Plant with a three-train development concept.

The gas processing agreement has been progressed, and will establish the commercial framework and terms for processing Browse gas at the North West Shelf Project’s Karratha Gas Plant.

Woodside continued to engage with regulators as it progresses the primary environmental approvals for Browse. In June 2026, following a determination by the Federal Environment Minister that the Browse CCS Project can be assessed wholly under the amended Environment Protection and Biodiversity Conservation Act 1999 (Cth), Woodside submitted a revised environmental referral to the Commonwealth regulator. The resubmission does not involve any significant changes to the nature, scope or intent of the project.

In June 2026, Woodside exercised its pre-emption right to acquire CNPC's 10.67% interest in the Browse Joint Venture (BJV). The terms of the transaction include an amount payable on completion of $225 million plus reimbursement of CNPC's BJV cash call contributions from 30 June 2025 to completion. A contingent payment of $175 million is payable upon a final investment decision for the development of all of the Brecknock, Calliance and Torosa fields on or before 30 June 2032.³³

Subsequent to the period, the Browse to NWS Project was granted State Significant Project status under the Lead Agency Framework by the Western Australian State Government. State Significant Project status provides the highest level of support, helping coordinate engagement on approvals and project development.

Woodside is operator and holds a 30.6% participating interest. Woodside’s equity interest in the BJV after completion of the acquisition of CNPC’s interest will increase from 30.6% to 41.27%.

Sunrise

The Sunrise development comprises the Sunrise and Troubadour gas and condensate fields, located approximately 450 km north-west of Darwin and 150 km south of Timor-Leste.

The Sunrise Joint Venture participants continued to engage with the Governments of Timor-Leste and Australia to advance the fiscal and regulatory frameworks supporting the potential development of Sunrise.

Technical and commercial activities progressed under the Timor-Leste Cooperation Agreement to support maturation of a potential Timor‑based LNG concept.

Woodside is operator and holds a 33.44% participating interest.

Calypso

Calypso is a discovered resource located approximately 220 km off the coast of Trinidad in 2,100m water depth.

Woodside is operator and holds a 70% participating interest. Subsequent to the period, Woodside entered an agreement to divest its 70% operated interest in Calypso to joint venture participant bp.³⁴

Liard

The Liard field is an unconventional gas field located in British Columbia, Canada.

Woodside holds a 50% non-operating participating interest.

Exploration

Woodside’s exploration activities focused on maturing current opportunities, consistent with its disciplined exploration strategy.

In the US, Woodside was awarded 10 blocks from Gulf of America Lease Sales Big Beautiful Gulf 1 and Big Beautiful Gulf 2. Woodside also participated in the Bandit-1 well which reached total depth during H1 2026 and resulted in a Miocene discovery.³⁵ Post-well analysis continues in order to inform a potential appraisal decision. Woodside continued to actively manage its acreage position across the central and western Gulf of America.

Woodside continued to pursue disciplined portfolio optimisation, including exiting blocks no longer considered prospective. In Australia, the expiry of exploration permit WA-28-P concluded 57 years of exploration activity on the permit. Woodside also allowed its Marine XX permit to expire offshore the Republic of Congo following the completion of its permit terms.

H2Perth

The H2Perth Project is a proposal to develop Australia’s first commercial-scale liquid hydrogen production and export facility in Western Australia, located in the Rockingham Industry Zone and Kwinana.

In May 2026, the Environmental Protection Agency approved Woodside’s application under section 43A of the Environmental Protection Act 1986 (WA) to amend the proposal for the Project from its previous concept of a liquified hydrogen and ammonia production facility to a liquefied hydrogen only facility.

Woodside is operator and holds a 100% participating interest.

NeoSmelt

The NeoSmelt project aims to demonstrate a potential lower-emissions steelmaking pathway for Pilbara iron ores, involving Direct Reduced Iron and Electric Smelting Furnace (DRI-ESF) technology.³⁶

During the reporting period, work on the pilot plant continued, with the design phase now approximately 90% complete.

Woodside holds a 20% non-operating participating interest. The other participants in the project are BHP, BlueScope, Mitsui Iron Ore Development and Rio Tinto.

Carbon capture and storage (CCS)

Woodside progressed proposed CCS opportunities in Australia and the Asia-Pacific, including the operated Angel CCS (Woodside participating interest: 20%) and non-operated Bonaparte CCS opportunities (Woodside participating interest: 21%).³⁷

In H1 2026, the proposed Angel CCS Project completed engineering studies as part of pre-FEED and commenced domestic and international engagement with potential customers for CCS services.

The Bonaparte CCS Assessment Joint Venture, operated by INPEX with TotalEnergies and Woodside continues to progress pre-FEED activities.

Carbon credits portfolio

During H1 2026, environmental planting activities under Woodside’s Native Reforestation Project, including site preparation and seedling installation, were carried out on Woodside-owned properties in Western Australia and New South Wales. Approximately 4,400 hectares are forecast to be planted in 2026 and these activities were 25% complete at the end of H1 2026.

Health, safety and wellbeing

There were zero fatalities recorded in H1 2026, and zero Tier 1 or Tier 2 process safety events. One high-consequence injury was recorded during the period, across more than 11 million work hours. The year-to-date lost time injury frequency rate was 0.17, compared with 0.26 for full-year 2025, and the total recordable injury rate was 2.09, compared to 1.64 recorded for full-year 2025.

Subsequent to the period, a sustainability focus session was held on 22 July 2026 with investors on Woodside’s approach to process safety.

Indigenous Peoples cultural heritage and engagement

Woodside continued to engage with around 43 Traditional Owner representative bodies in Australia to discuss current and potential future activities. This included consultation on the Browse to North West Shelf Geophysical and Geotechnical Surveys and Minerva Field Decommissioning Environment Plans. In addition, archaeological and ethnographic surveys with some Traditional Custodians were also undertaken.

Subsequent to the period, the Global Indigenous Peoples Strategy (2025-2030) was launched and is now available on Woodside's website.

Social and economic impact

Woodside published its 2025 Social Contribution Report in April 2026. The report highlighted the positive impacts of Woodside’s A$39.8 million social contribution in 2025, which was directed through strategic partnerships, philanthropy initiatives, the value of time employees spent volunteering, and payments required by government regulations or contractual agreements with Indigenous Peoples.

Woodside paid over A$1 billion in Australian taxes, royalties and levies to the Federal and State governments in H1 2026. Additionally Woodside paid more than US$450 million in international corporate taxes, royalties and production entitlements in H1 2026 (excludes Australia).

Environment and biodiversity

In H1 2026, there were zero hydrocarbon or hazardous non-hydrocarbon spills that resulted in a moderate environmental impact.³⁸

During the half, Woodside launched the Sam Houston Jones Restoration Project, supporting restoration of threatened habitats and key wildlife species in Louisiana.

In H1 2026, the Watheroo Biodiversity Project in Western Australia was also formally launched, with the establishment of a long-term funding agreement with Department of Biodiversity, Conservation and Attractions.

Climate and the energy transition

In Q1 2026, Woodside published AASB S2 climate-related disclosures in the 2025 Annual Report.

Woodside Sustainability Briefing 2026 was held on 16 March 2026, highlighting Woodside’s 2025 sustainability performance with regards to its 2025 material topics.³⁹ This included content relevant to its 2025 material sustainability topics.

In H1 2026, Woodside submitted its second annual Oil and Gas Methane Partnership 2.0 (OGMP2.0) implementation plan to the United Nations Environment Programme (UNEP), including first-time Level 5 reporting for Léopold Sédar Senghor FPSO and Karratha Gas Plant methane emissions. Level 5 is OGMP 2.0’s highest data quality standard, requiring reconciliation of granular source-level estimates with independent site-level measurements.

The directors of Woodside Energy Group Ltd present their report (including the review of operations of Woodside Energy Group Ltd and its controlled entities (Group) set out on pages 1 – 15 which forms part of this report) together with the Half-Year Financial Statements of the Group.

Board of directors

The names of directors in office during or since the end of the 2026 half-year are as follows:

Rounding of amounts

Woodside Energy Group Ltd is an entity to which the Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 (ASIC Instrument 2026/183) applies. Amounts in this report have been rounded in accordance with ASIC Instrument 2026/183. This means that amounts contained in this report have been rounded to the nearest million dollars, unless otherwise stated.

Auditor’s Independence Declaration

The Auditor’s Independence Declaration, as required under section 307C of the Corporations Act 2001, is set out on page 17 and forms part of this report.

Signed in accordance with a resolution of the directors.

R J Goyder, AO
Chair
Melbourne, Victoria
25 August 2026

Auditor’s Independence Declaration

As lead auditor of Woodside Energy Group Ltd's financial report for the half-year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been:

1. no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review of the financial report; and
2. no contraventions of any applicable code of professional conduct in relation to the review of the financial report.

HALF-YEAR FINANCIAL STATEMENTS

for the half-year ended 30 June 2026

CONTENTS

Significant changes in the current reporting period

The financial performance and position of the Group were affected by the following:

• Geopolitical developments in the Middle East contributed to increased volatility in oil and LNG prices and broader market uncertainty during the period. The full impact of higher LNG prices has not yet been realised due to lagged pricing mechanisms.
• In July 2025, the Group completed the disposal of the Greater Angostura assets in Trinidad and Tobago to Perenco Energies International Limited (Perenco), which impacted revenue for the first half of 2026 relative to the comparative period, when the assets contributed $145m of revenue.
• The Group recognised an additional $596 million in Pluto PRRT deferred tax assets and a $90 million income tax deferred tax asset relating to heritage Woodside US net operating loss carryforwards (Refer to Note A.5).
• As at 30 June 2026, the Group recognised impairment losses of $178 million, comprising $135 million on the Calypso exploration and evaluation asset following the decision to divest its 70% operated interest in the Calypso Project, and $43 million on the H2OK Project following the decision to retire the assets (Refer to Note B.3).
• The Group recognised $138 million of other income from the release of deferred income associated with the Pluto Train 2 Global Infrastructure Partners (Pluto Train 2 GIP) transaction, reflecting updated expectations that potential construction cost overruns and liquidated damages will not crystallise.
• The Group recognised approximately $655 million of new lease liabilities, primarily relating to the three-year leases for the Trion drilling campaign and the Woodside Bilangara vessel.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the half-year ended 30 June 2026

About these statements

Woodside Energy Group Ltd (Woodside or the Group) is a for-profit entity limited by shares, incorporated and domiciled in Australia. Its shares are publicly traded on the Australian Securities Exchange (ASX) and on the New York Stock Exchange (NYSE) (in the form of Woodside American Depositary Shares). The nature of the operations and principal activities of the Group are described in the Australia Operations, International Operations, Marketing and Trading, Projects, Decommissioning, Developments and Exploration and Carbon Solutions sections.

The condensed consolidated half-year financial statements were authorised for issue in accordance with a resolution of the directors on 25 August 2026.

Statement of compliance

The condensed consolidated half-year financial statements are condensed general purpose financial statements, which have been prepared in accordance with Australian Accounting Standard (AASB) 134 Interim Financial Reporting as issued by the Australian Accounting Standards Board and the Australian Corporations Act 2001. These condensed consolidated half-year financial statements also comply with International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board.

The condensed consolidated half-year financial statements do not include all notes of the type normally included in annual financial statements. Accordingly, these condensed consolidated half-year financial statements are to be read in conjunction with the Financial Statements within the Annual Report for the year ended 31 December 2025 (2025 Financial Statements).

The Group’s accounting policies are materially consistent with those disclosed in the Group’s 2025 Financial Statements. Adoption of new or amended standards and interpretations effective 1 January 2026 did not result in any significant changes to the Group’s accounting policies. Refer to Note E.2 for more details.

The significant accounting estimates and judgements are consistent with those disclosed in the 2025 Financial Statements. Estimates have been revised, where required, to reflect current market conditions including the impact of climate change.

Currency

The functional and presentation currency of Woodside and all its material subsidiaries is US dollars.

Transactions in foreign currencies are initially recorded in the functional currency of the transacting entity at the exchange rates ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the rates of exchange ruling at that date. Exchange differences in the consolidated financial statements are taken to the condensed consolidated income statement.

Rounding of amounts

The amounts contained in the condensed consolidated half-year financial statements have been rounded to the nearest million dollars under the option available to the Group under Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 dated 24 March 2026, unless otherwise stated.

Basis of preparation

The condensed consolidated half-year financial statements have been prepared on an historical cost basis, except for derivative financial instruments and certain other financial assets and financial liabilities, which have been measured at fair value adjusted for changes in fair value attributable to the risks that are being hedged in effective hedge relationships. Where not carried at fair value, if the carrying value of financial assets and financial liabilities does not approximate their fair value, the fair value has been included in the notes to the condensed consolidated half-year financial statements.

The condensed consolidated half-year financial statements comprise the financial results of the Group for the period ended 30 June 2026. Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date at which the Group ceases to have control.

The material subsidiaries of the Group apply the same reporting period and accounting policies as the parent company in preparation of the condensed consolidated half-year financial statements. All intercompany balances and transactions, including unrealised profits and losses arising from intra-group transactions, have been eliminated in full.

Non-controlling interests are allocated their share of the net profit after tax in the condensed consolidated income statement; their share of other comprehensive income, net of tax, in the condensed consolidated statement of comprehensive income; and are presented within equity in the condensed consolidated statement of financial position, separately from parent shareholders’ equity.

Comparative information

The condensed consolidated half-year financial statements provide comparative information in respect of the previous period. Where required, a reclassification of items in the financial statements of the previous period has been made in accordance with the classification of items in the condensed consolidated half-year financial statements of the current period. Refer to Note A.1 for more details.

Reporting segments

Refer to the 2025 Financial Statements for details of the Group’s operating segment information.

A. Earnings for the period

A.1 Segment revenue and expenses

A.2 Finance costs

A.3 Dividends paid and proposed

Woodside Energy Group Ltd, the parent entity, paid and proposed dividends as set out below:

A.4 Earnings per share

A.5 Taxes

B. Production and growth assets

B.1 Exploration and evaluation assets

B.2 Property, plant and equipment

B.3 Impairment of exploration and evaluation assets, property, plant and equipment and goodwill

Impairment of Calypso exploration and evaluation asset

As at 30 June 2026, the Calypso exploration and evaluation asset was assessed as not fully recoverable following the Group's decision to pursue a divestment of its 70% operated interest in the Calypso Project. Consequently, an impairment loss of $135 million (2025: nil) was recognised in the International segment of Note A.1 for the half-year ended 30 June 2026. Refer to Note E.3 for details of the subsequent agreement to sell the Group's interest in the Calypso Project.

Impairment of H2OK Project

As at 30 June 2026, the remaining H2OK Project assets were assessed as not recoverable following the decision to retire the assets. Consequently, an impairment loss before tax of $43 million (2025: $143 million) was recognised in the Corporate segment of Note A.1 for the half-year ended 30 June 2026 reducing the carrying value of the assets to nil.

B.4 Intangible assets

B.5 Transactions with equity holders of the Group

Sell-down arrangement with Stonepeak

During 2025, the Group and Stonepeak entered into an agreement for Stonepeak to acquire a 40% interest in Louisiana LNG Infrastructure LLC, a subsidiary within the Group. Stonepeak will provide up to $5,700 million towards the expected capital expenditure for the foundation development of Louisiana LNG on an accelerated basis, contributing 75% of the expected project capital expenditure in both 2025 and 2026. As at 30 June 2026, total payment of $4,262 million was received.

Under the agreement, the Group still controls Louisiana LNG Infrastructure LLC, while Stonepeak now holds a non-controlling interest. Transactions that do not result in the Group's loss of control are treated as equity transactions. When ownership percentages change, the carrying amounts of both controlling and non-controlling interests are adjusted based on their relative interest in the subsidiary. Any difference between the adjustment to non-controlling interests and consideration received is recorded in a separate equity reserve. Stonepeak’s non-controlling interest percentage is based on the proportion of total contributions to date and will fluctuate during the construction phase. The non-controlling interest percentage will to revert to 40% when the project starts generating revenue. Refer to Note E.4 Subsidiaries.

C. Debt and capital

C.1 Interest-bearing liabilities and financing facilities

There were no new covenants or other material changes to interest-bearing liabilities and financing facilities.

Fair value

The carrying amounts of interest-bearing liabilities approximate their fair values, with the exception of the Group’s unsecured bonds and the medium-term notes. The unsecured bonds have a carrying amount of $8,541 million (31 December 2025: $8,535 million) and a fair value of $8,636 million (31 December 2025: $8,665 million). The medium-term notes have a carrying amount of $200 million (31 December 2025: $200 million) and a fair value of $198 million (31 December 2025: $197 million). Fair value is determined by reference to quoted market prices for these instruments and is classified as Level 1 within the fair value hierarchy.

C.2 Contributed equity

Issued and fully paid shares

All shares are a single class with equal rights to dividends, capital distributions and voting. The Company does not have authorised capital nor par value in respect of its issued shares.

Reserved shares

Reserved shares are the Company’s own equity instruments, which are used in employee share-based payment arrangements or the Dividend Reinvestment Plan (DRP). The DRP was suspended on 27 February 2023. These shares are deducted from equity.

D. Other assets and liabilities

D.1 Segment assets and liabilities

D.2 Provisions

D.3 Other financial assets and liabilities

Hedging activities

As at 30 June 2026, the Group had the following principal unrealised commodity hedging positions:

• 36 MMboe of oil production volumes hedged at an average price of $75 per barrel through to 2027.
• Corpus Christi LNG volumes hedged through Henry Hub (HH) and Title Transfer Facility (TTF) commodity swap contracts.

The following table presents the Group’s derivative financial instruments designated as hedges, measured and recognised at fair value:

Embedded commodity derivative

In 2023, the Group entered into a revised long-term gas sale and purchase contract (GSPA) with Perdaman, where a component of the selling price is linked to the price of urea. The contract was assessed to contain an embedded commodity derivative that is required to be separated and recognised at fair value through profit and loss. The carrying value of the embedded derivative at 30 June 2026 amounted to a net liability of $347 million (31 December 2025: net liability of $212 million). The derivative is remeasured to fair value at each reporting date. For the half-year ended 30 June 2026, an unrealised loss of $135 million has been recognised through other expense (30 June 2025: unrealised gain of $162 million through other income).

D.3 Other financial assets and liabilities (continued)

Fair value

Except for the other financial assets and other financial liabilities set out in this note, there are no other material financial assets or financial liabilities carried at fair value. Other financial assets and other financial liabilities set out in this note are classified as Level 2 on the fair value hierarchy with market observable inputs, with the exception of the embedded commodity derivative which has been classified as Level 3 on the fair value hierarchy with no market observable inputs. Refer to key estimates and judgements for further details. During the period, there were no reclassifications between the fair value hierarchy levels.

There were no changes to the Group’s valuation processes, valuation techniques and types of inputs used in the fair value measurements during the period.

Financial risk factors

The Group’s activities expose its financial instruments to a variety of market risks, including foreign exchange, commodity price and interest rate risk. The half-year financial statements does not include all financial risk management information and disclosures required in the Annual Report and, as such, should be read in conjunction with the Group’s 2025 Financial Statements. There have been no significant changes in risk management policies since 31 December 2025. Refer to the embedded commodity derivative key estimates and judgements section below for the sensitivity assessment on discount rates and pricing.

Key estimates and judgements

(a) Embedded commodity derivative

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

• Inflation rate – 2.50%.
• Discount rate – a pre-tax interest rate curve (range: 5.04% to 8.07%).
• Domestic gas pricing – forecast sales are subject to urea pricing. Price assumptions are based on the best market information available at measurement date and derived from short- and long-term views of global supply and demand, building upon past experience of the industry and consistent with external sources. The long-term urea price is determined with reference to the prevailing gas hub (TTF) prices available in the market.

The embedded derivative is most sensitive to changes in discount rates and pricing, which may result in unrealised gains or losses recognised in other income/expenses. The nominal impacts of the effects of changes to discount rate and long-term price assumptions are estimated as follows. The valuation is over a contract period of 20 years and the below change in assumptions applies a linear increase or decrease in inputs over the life of the contract. A spot increase is not represented by the sensitivity below.

E. Other items

E.1 Contingent liabilities and assets

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

The Group has contingent assets of $31 million as at 30 June 2026 (31 December 2025: $30 million).

E.2 New standards and interpretations

New and amended accounting standards adopted

A number of amended standards became applicable for the current reporting period, including the amendments to AASB/IFRS 7 and AASB/IFRS 9 disclosed in Financial Statements within the Annual Report for the year ended 31 December 2025. The Group did not make any significant changes to its accounting policies and did not make retrospective adjustments as a result of adopting these amended standards. These amendments did not materially impact the accounting policies or amounts disclosed in the condensed consolidated half-year financial statements of the Group.

New standards and interpretations not yet adopted

Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the 30 June 2026 reporting period and have not been early adopted by the Group. Except for AASB 18/IFRS 18 Presentation and Disclosure in Financial Statements, these pronouncements are not expected to have a material impact on the Group’s consolidated financial statements in the current or future reporting periods. AASB/IFRS 18 will replace AASB 101/IAS 1 Presentation of Financial Statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though AASB/IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, particularly those related to the consolidated income statement and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the Group’s financial statements. The Group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required.

E.3 Events after the end of the reporting period

Operatorship of Bass Strait assets

On 29 July 2025, the Group agreed with ExxonMobil Australia (ExxonMobil) to assume operatorship of the Bass Strait production assets, the Longford Gas Plant, the Long Island Point gas liquids processing facility and associated pipeline infrastructure. The Group’s and ExxonMobil’s equity interest in the Joint Venture’s assets and current decommissioning plans and provisions remain unchanged. The transaction was completed and effective on 1 July 2026, subsequent to the report date.

As part of the transaction, Woodside acquired ExxonMobil’s employing entity for the Bass Strait employees which includes employee-related assets and liabilities for the consideration of $1. The employee expenses will continue to be funded by the Bass Strait joint venture partners based on their equity interests. The acquisition of the employing entity will to be treated as a business combination and will be accounted for in the 2026 Annual Report.

E.3 Events after the end of the reporting period (continued)

Browse Joint Venture pre-emption right

On 12 June 2026, the Group exercised its pre-emption right to acquire a 10.67% participating interest in the Browse Joint Venture. The acquisition consideration comprises a payment of $225 million, reimbursement of certain joint venture cash call contributions and a contingent payment of $175 million subject to specified future conditions. The transaction is subject to customary conditions precedent, including regulatory approvals, and had not completed at the reporting date. Upon completion, the Group's participating interest in the Browse Joint Venture will increase to 41.27%.

Calypso divestment

Subsequent to the reporting date, the Group entered into an agreement to sell its 70% operated interest in the Calypso Project to bp. Completion of the transaction is subject to customary conditions precedent, including government and regulatory approvals, and is expected to occur by the end of 2026. The transaction comprises fixed and contingent consideration. As disclosed in Note B.3, an impairment loss of $135 million was recognised as at 30 June 2026 following the Group's decision to divest its interest in the Calypso Project.

E.4 Subsidiaries

Subsidiaries with non-controlling interests

The Group has two Australian subsidiaries and two International subsidiaries with non-controlling interests (NCI).

E.4 Subsidiaries (continued)

The summarised financial information (including consolidation adjustments but before intercompany eliminations) of subsidiaries with NCI is as follows: