Cost-competitive operations and long reserve life Asset concentration risk due to limited, albeit improving, geographic diversity Favorable long-term demand outlook for liquefied natural gas (LNG) in Asia-Pacific, although supply to this premium market is increasing Predictable cash flows from long-term take-or-pay domestic gas and LNG contracts, and high reliability of its LNG plants Strong operating performance from Pluto supports improving metrics and adds some diversity to cash flows Expected positive free operating cash flow in the next two years due to lower committed capital expenditure The positive outlook reflects our view that Woodside's operating performance is likely to generate credit metrics that would support a higher rating. Such metrics would include funds from operations (FFO) to debt (adjusted to include
