Long-life gas reserves Low-cost operations Asset concentration to North West Shelf Venture (NWSV) and Pluto Our expectation that Woodside's FFO to debt will be higher than 45% from 2017 onward Strong liquidity Positive free operating cash flow The negative outlook reflects our expectation that weaker oil prices will pressure Woodside Petroleum Ltd.'s credit metrics in the year ending Dec. 31, 2016. We expect the company's funds from operations (FFO)-to-debt ratio will remain less than 45% and would not approach the 45% level until fiscal 2017. We could lower the rating if Woodside is unable or unwilling to restore its FFO-to-debt ratio to about 45% by fiscal 2017. This could occur if: Oil prices remain at low levels and the company
