Henry Meyer

Henry Meyer requested a breakdown of the guidance for services and processing costs for the year, specifically asking how much of the tolling cost would be attributed to Scarborough gas going through Pluto in the second half and ramping up into 2027.

Answer

CFO Graham Tiver stated that an exact breakdown has not been provided yet. He indicated that core components include Beaumont New Ammonia operating costs (gas purchases) and Scarborough tolls, primarily in the fourth quarter. He added that more clarity would be provided as insights into ramp-up and Scarborough's progress become available.

Henry Meyer asked about the production guidance for the year, which implies a steep decline in oil production, and sought clarification on the expected annual decline rate at Sangomar for the current year and the next few years. He also requested a breakdown of the 'services and processing costs' guidance for the year, particularly how much of that tolling cost is attributable to Scarborough gas flowing through Pluto in the second half of the year and ramping up into 2027.

Answer

Meg O'Neill (CEO and Managing Director, Woodside Energy Group) explained that the 2026 liquids production guidance incorporates natural field decline across various assets, the Julimar-Brunello transaction, FPSO maintenance, the Pluto turnaround, Angostura divestment, and Sangomar. She confirmed that Sangomar, after performing well on plateau in 2025, is now commencing decline, and Woodside will provide updates as its performance is better understood. Graham Tiver (CFO, Woodside Energy Group) stated that an exact breakdown of 'services and processing costs' was not yet available due to many variables. He noted that core components include Beaumont New Ammonia operating costs (gas purchases) and tolls for Scarborough, primarily in Q4, and more clarity would be provided as ramp-up and Scarborough progress are better understood.

Henry Meyer from Goldman Sachs asked for an update on plans for LNG carriers to support Louisiana cargoes, including the lease-versus-own strategy and potential balance sheet impact. He also asked if the decommissioning cost challenges at Griffin and Minerva have been factored into estimates for other fields.

Answer

CEO & Managing Director Meg O’Neill stated that Woodside's philosophy is to use leased vessels rather than owning them, but it was too early to advise on the number of vessels or balance sheet impact. On decommissioning, she confirmed that learnings are incorporated annually into estimates and are being proactively applied to planning for currently operational assets to avoid similar challenges, citing the successful decommissioning of Enfield as a positive example.