MELBOURNE (S&P Global Ratings) June 21, 2023--Recent strong cash flows give Woodside Energy Group Ltd. the balance sheet resilience to absorb the company's substantial and growing project pipeline. This includes its latest plans, a US$7.2 billion Trion project in the Gulf of Mexico for which Woodside has made a final investment decision. Woodside's share in the Trion project is US$4.8 billion and it expects first oil in 2028. Notwithstanding recent strong cash flows, extensive growth opportunities can test rating stability for the exploration and production company. In our base case, we expect the company can manage execution of its capex pipeline while maintaining capital structure and credit metrics consistent with the rating (BBB+/Stable/--). We note the prospective completion of the
