Woodside Energy Group Ltd.

Overview Key strengths Key risks Sizeable and diverse asset portfolio; geographical advantage to meet Asia LNG demand. 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, providing 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. Management of financial policy objectives, including balancing large annual dividend payments and growth aspirations. The company's projected production capacity for 2024 is about 185-195 million barrels of oil equivalent (Mmboe). This is up from 91.1 Mmboe in 2021, prior to the merger with BHP Petroleum in June 2022. Woodside benefits from its

...Woodside Energy Group Ltd.'s credit quality is underpinned by its diverse asset portfolio, low operating costs, solid free cash flows, strong balance sheet, and supportive financial policies. The company's projected production capacity for 2024 is about 185-195 million barrels of oil equivalent (Mmboe). This is up from 91.1 Mmboe in 2021, prior to the merger with BHP Petroleum in June 2022. Woodside benefits from its long-life gas reserves and low-cost operations. Its LNG contract price structure provides some degree of protection across the portfolio in a low oil price environment. Its sound credit counterparties largely underpin the company's LNG sales. Additionally, we believe Woodside has a geographical advantage in meeting strong LNG demand in Asia....

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