Woodside Energy Capital Markets Day 2026

PERTH, Australia--(BUSINESS WIRE)--Woodside today outlined a clear plan to build on its strong foundations by sharpening operational and project execution and maximising value from its global LNG-led portfolio.

Supported by a new capital framework and shareholder distribution policy, the company is targeting portfolio return on average capital employed of 12-15% by the mid-2030s.

At its Capital Markets Day in Sydney, Woodside CEO and Managing Director Liz Westcott said the company is entering its next phase from a position of strength, giving Woodside greater capacity to invest in value-accretive growth opportunities and return capital to shareholders.

“Long-term demand for reliable energy remains compelling. Woodside’s multi-basin LNG position and deepwater oil capability, combined with sharper execution and capital discipline, position us to meet that demand and deliver value for shareholders.

“Woodside has world-class assets, deep operating and project capabilities and enduring customer relationships. We have returned nearly US$13 billion to shareholders since 2022 while building a portfolio positioned to generate strong cash flows into the next decade.

“Scarborough is 99% complete and on track for first LNG cargo this year, Trion is targeted for first oil in 2028 and Louisiana LNG is targeted for first LNG in 2029. Together with our base business, these projects are expected to support sales volume growth of more than 30% to approximately 280 million barrels of oil equivalent in 2032, and generate more than US$40 billion of adjusted operating cash flow from 2027 to 2032.¹

“Our priority now is to extract more value from our portfolio. We are targeting US$400 million of annual structural cost reductions from 2028, improving operational efficiency and productivity, and actively managing the portfolio to concentrate capital where it earns the highest returns.

“We announced a new distribution policy of 20 – 40% of adjusted operating cash flows. We will prioritise 20% of adjusted operating cash flow as a base dividend, with up to another 20% available for additional dividends and/or buybacks. We also announced our new capital framework under which growth must compete for capital against these additional distributions.

“We are targeting portfolio return on average capital employed of 12–15% by the mid-2030s. Delivery of our committed projects, the structural cost program, active portfolio management and increased value capture through marketing and trading will support this improvement.²

“We have set a new 2035 net equity Scope 1 and 2 greenhouse gas (GHG) emissions intensity target of 30% below Woodside’s 2025 gross equity Scope 1 and 2 GHG emissions intensity baseline.³ The new target reflects our focus on improving operational efficiency where safe, technically and commercially appropriate.”

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^1 In the attached Capital Markets Day 2026 presentation, refer to slides 18, 38, 60 and 61 and the ‘Disclaimer, important notes and assumptions’ for further details on the underlying assumptions.

^2 In the attached Capital Markets Day 2026 presentation, refer to slides 8, 33, 60 and 61 and the ‘Disclaimer, important notes and assumptions’ for further details on the underlying assumptions.

^3 2035 net equity Scope 1 and 2 GHG emissions intensity target is 30% below Woodside's 2025 gross equity Scope 1 and 2 GHG emissions intensity baseline of 33.3 kg CO₂-e/boe. Net intensity includes the utilisation of carbon credits used to meet regulatory obligations. The target may be reviewed and, where appropriate, adjusted to reflect material changes in regulatory requirements or portfolio.

Webcast

Woodside’s Capital Markets Day in Sydney will be webcast live on Thursday, 5 November 2026, commencing at 10:00 am AEDT/7:00 am AWST/5:00 pm CST (Wednesday, 4 November). The webcast can be accessed at https://meetings.lumiconnect.com/300-191-159-742.

A copy of Woodside’s Capital Markets Day 2026 presentation slides is attached to this announcement.

Woodside will also host a Capital Markets Day in New York on Thursday, 12 November 2026, commencing at 1:00 pm EST (6:00 pm GMT), providing a further opportunity to engage with US and international investors. The New York webcast can be accessed at https://meetings.lumiconnect.com/300-755-788-108.

Climate Transition Plan

Woodside’s approach to climate is an integral part of its company strategy. Woodside’s Climate Transition Plan (CTP) explains how climate-related risks and opportunities are integrated into strategy, capital allocation, operations, stakeholder engagement and governance.

Progress against the CTP, including relevant metrics, targets, assumptions and performance information, will be included in Woodside’s Annual Report.

A copy of the refreshed CTP published today is available on Woodside’s website.

Woodside will host a question-and-answer session on its CTP on Monday, 23 November 2026. Further details will be provided on Woodside’s website in advance of the session.

This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

Forward-looking statements

This announcement contains forward-looking statements with respect to Woodside's business and operations, market conditions, results of operations and financial condition, including, for example, but not limited to, outcomes of transactions, statements regarding long-term demand for Woodside’s products and services, development, completion and execution of Woodside’s projects, expectations regarding future capital expenditures and cash flow, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for new energy products and lower-carbon services and investments in, and development of, new energy products and lower-carbon services, expectations and guidance with respect to production, capital and exploration expenditure and gas hub exposure, trends in commodity prices and currency exchange rates, adoption and implementation of new technologies and expectations regarding the achievement of Woodside’s net equity Scope 1 and 2 greenhouse gas emissions reduction and intensity targets and broader sustainability plans. All forward-looking statements contained in this announcement reflect Woodside's views held as at the date of this announcement. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as “aim,” “anticipate,” “aspire,” “believe,” “enable,” “estimate,” “expect,” “forecast,” “foresee,” “guidance,” “intend,” “likely,” “may,” “objective,” “outlook,” “pathway,” “plan,” “position,” “potential,” “project,” “schedule,” “seek,” “should,” “strategy,” “strive,” “target,” “will” and other similar words or expressions.

Forward-looking statements in this announcement are not guarantees or assurances of future events or performance and are based on Woodside’s current expectations and the judgements, estimates, contingencies and assumptions that underpin them. Those statements and any assumptions on which they are based are only opinions, are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives.

A more detailed summary of the key risks relating to Woodside and its business can be found in the "Risk" section of Woodside's most recent Annual Report released to the Australian Securities Exchange and Woodside's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this announcement.

Investors are strongly cautioned that forward-looking statements are subject to significant uncertainties and may not provide to be correct. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements.

All information included in this announcement, including any forward-looking statements, reflects Woodside’s views held as at the date of this announcement and, except as required by applicable law or regulation, Woodside does not undertake to provide additional information or to update or revise any information, forward-looking statements or the assumptions on which they are based as contained in this announcement, whether as a result of new information, future events, or otherwise.