Low-cost operations Long-life gas reserves, albeit mid-scale globally Cyclical and capital-intensive LNG industry Improved asset and cash flow diversity with commissioning of Wheatstone LNG Earnings sensitivity to oil-price fluctuations Restored balance sheet and financial strength post-equity raising provides flexibility to progress key projects Positive free cash flow generation over the next 12-24 months amid improved oil prices and phase of lower capital intensity The stable outlook on Woodside Petroleum Ltd. reflects S&P Global Ratings' view that the company would maintain its ratio of funds from operations (FFO) to debt above 45% during benign industry conditions and prior to entering the next significant phase of development. We also expect Woodside to generate a ratio of discretionary cash flow to debt of
