Overview Key strengths Key risks Increased scale and diversity post the merger with BHP Petroleum consolidates competitive position relative to peers'. Exposure to volatile oil and LNG prices and to escalating environmental, social and governance (ESG) pressures. Balance sheet strength, with projected debt-to-EBITDA around 1x, provides resilience against volatile hydrocarbon prices. Material medium-term capital expenditure (capex), with inherent execution risks. Highly contracted liquefied natural gas (LNG) portfolio under medium- and long-term arrangements. Challenge of managing financial policy objectives, including balancing large annual dividend payments and growth aspirations. Following the merger with BHP Petroleum in June 2022, Woodside's cash flow, scale, and diversity have improved. The company?s production capacity has materially increased, with about 185 million barrels of oil equivalent (MMboe)
