Low-cost and long-life gas assets Several development prospects, which should support strong production growth Robust market outlook for LNG, underpinned by new contract pricing and strong demand from Asia Exposure to gas prices is less than U.S. peers, with LNG pricing linked to oil prices and floor-price protection under offtake agreements for its massive Pluto LNG project Large capital investment in Pluto LNG projects, which will weaken the company's strong credit metrics and result in negative free cash flow in the medium term Limited geographic diversity, albeit improving with the development of new projects Exposure to rising operating and development costs, and a cyclical and capital-intensive industry The ratings on Australian-based oil and gas producer Woodside reflect the company's cost-competitive
