EXPERIENCE THE ENERGY

EXPERIENCE THE ENERGY

Our energy business Woodside is Australia s largest independent oil and gas company with a global portfolio, recognised for our world-class capabilities as an explorer, a developer, a producer and supplier of energy. Our mission is to deliver superior shareholder returns through realising our vision of becoming a global leader in upstream oil and gas. Our assets are renowned for their safety, reliability and efficiency, and we are Australia s most experienced liquefied natural gas (LNG) operator. We operate 8% of global LNG supply. 1 Our producing assets in Australia include the landmark North West Shelf (NWS) Project, which has been operating since 1984. In 2012, we commenced production from the Pluto LNG Plant and will add additional volumes from our nonoperated Wheatstone LNG interests in mid-2017. Today, we continue to be at the forefront of our industry by seeking to grow new markets for LNG. To achieve this we are planning for Australia s first LNG fuel hub to capture growing land and marine LNG fuel markets. We also operate a fleet of floating production storage and offloading (FPSO) facilities. From mid-2019, we will add additional oil production from the Greater Enfield Project via our existing Ngujima- Yin FPSO facility. We continue to expand our capabilities in marketing, trading and shipping and have enduring relationships that span more than 25 years with foundation customers throughout the Asia-Pacific region. As a low-cost energy supplier with a sustainable business model, we are pursuing opportunities to deliver affordable energy to the world s growing markets. Our global exploration portfolio includes emerging and frontier provinces in Australia and the Asia-Pacific region, the Atlantic Margins and Sub-Saharan Africa. We have significant equity interests in high-quality development opportunities in Australia, Senegal, Myanmar and North America, and are pursuing new concepts, technology and contracting strategies to enable the earliest commercialisation of these resources in line with global demand. We believe that technology and innovation are essential to bringing down costs and unlocking future growth. Today, we are pioneering remote support and the application of artificial intelligence and advanced analytics across our operations. We recognise that long-term meaningful relationships with communities are fundamental to maintaining our licence to operate, and we work to build mutually beneficial relationships. Woodside is characterised by strong safety and environmental performance in all locations where we are active and we are committed to upholding our values of integrity, respect, working sustainably, discipline, excellence and working together. Our success is driven by our people and we aim to attract, develop and retain a diverse, high-performing workforce. Our proven track record, distinctive capabilities and ability to manage risk and volatility are underpinned by more than 60 years of experience, making us a partner of choice. 1. Source: Wood Mackenzie LNG Tool, Q2 2017 Karratha Gas Plant, Western Australia.

OUR AREAS OF ACTIVITY Contents Message from our CEO 2 Our economic contribution to Australia 4 OPERATIONS 6 Pluto LNG 8 North West Shelf Project 9 Australia oil 10 PROJECTS AND DEVELOPMENTS 12 LNG Wheatstone LNG 14 Myanmar 15 NWS subsea tiebacks 17 Scarborough 17 Browse LNG 18 Kitimat LNG 19 Other developments 19 OIL Senegal 21 Greater Enfield Project 22 OUR EXPLORATION PORTFOLIO Australia and Asia-Pacific WHEATSTONE LNG SCARBOROUGH NORTH WEST SHELF PROJECT BROWSE DEVELOPMENT CANADA KITIMAT LNG CANADA GRASSY POINT LNG IRELAND Karratha USA PORT ARTHUR LNG MOROCCO AUSTRALIA OIL GREATER ENFIELD PROJECT WESTERN AUSTRALIA SUNRISE LNG PERU 24 AUSTRALIA 28 28 Sub-Saharan Africa 29 30 Taking our energy to the world 32 Technology and innovation 34 Health, safety and environment 37 Building stronger communities 40 Business directory MYANMAR GABON1 Atlantic Margins MARKETING, TRADING AND SHIPPING SENEGAL 43 NEW ZEALAND Perth Woodside Headquarters PRODUCING ASSET Gas Notes on Petroleum Resource Estimates: All petroleum resource estimates in this publication are to be read in conjunction with the Reserves Statement in Woodside s most recent Annual Report, as updated by subsequent ASX announcements available at http://www.woodside.com.au/investors-media/announcements. PROJECTS AND DEVELOPMENTS Oil 1. Woodside farm-in to Luna Muetse block is awaiting final Government approval. APPRAISAL AND EXPLORATION Gas or oil PLUTO LNG

Message from our CEO Pluto Jetty, Pluto LNG Plant, Western Australia. 3 Woodside continues to increase production, progress new projects and acquire oil and gas resources in Australia and globally, delivering strong profits and shareholder returns. Woodside is a proud Australian company with world-class capabilities in exploration, development, production and the supply of oil and gas. We are currently the largest independent oil and gas company in Australia, and the most experienced LNG operator. Our global portfolio is growing rapidly, and much of our exploration focus is turning to our international assets, with plans to further increase our oil and gas production. In the past two years, we have acquired and discovered resources equal to more than 30 years of Woodside s current annual production, which helps set the company up for a strong future. We expect exciting times in the year ahead as we progress towards the commercialisation of our assets, continue our exploration and appraisal activities and consider opportunities to accelerate production from our existing facilities. We have committed a significant portion of our 2017 exploration budget to planned drilling and appraisal in Myanmar. We are now one of the largest acreage holders in Myanmar and exploring the opportunities these assets offer is a priority for Woodside. Further drilling campaigns are also planned in Senegal, following our acquisition in 2016 of a significant position in an underexplored and highly prospective emerging oil province. The Wheatstone Project in Western Australia is a world-class asset delivering near-term production to our expanding LNG portfolio, via our 13% interest in the project. Our Pluto LNG Plant in Western Australia achieved record production in 2016 and we are focused on maximising returns on our investment, with expansion plans including a new LNG hub. Woodside continues to be at the forefront of innovation and technology. We were very proud to launch our first LNGpowered support vessel this year, and we see LNG as a transport fuel becoming a significant market globally. We will continue to progress activities to support selling LNG from Pluto as a transport fuel for the mining and bulkore shipping sectors. The construction of a truck loading facility in the near future is the next step towards achieving Woodside s LNG fuels strategy. We see economic and environmental benefits from the switch to LNG fuelling and welcome the cross-industry interest and the opportunities for collaboration with industry partners. We will continue leading in health, safety, environment and quality performance to protect our people, our communities and the environment. We recognise the opportunities presented by the global challenge to respond to climate change by reducing emissions and are pursuing energy efficiencies and evaluating the resilience of our portfolio. We are committed to championing and supporting the communities in which we operate, both in Australia and overseas. In 2016, our total global social contribution was A$15.7 million. We are one of the largest contributors to Western Australia s economy and local communities. As always, our people remain our most important asset. We continue to grow outstanding leadership, build diverse capability and drive an inclusive highperforming culture enabled by technology. We continue to be a global partner of choice by leveraging strategic partnerships with leading scientific organisations. Our focus is on enabling our people to effectively innovate, collaborate and accelerate their efforts in pursuit of our aim to become a global leader in affordable and sustainable energy. Peter Coleman Chief Executive Officer and Managing Director OUR 2017 KEY PRIORITY AREAS ARE MYANMAR, SENEGAL, BROWSE, WHEATSTONE AND PLUTO

Our economic contribution to Australia At Woodside, we create shared value by paying our fair share of taxes, funding social programs, supporting local businesses and employing local people. In 2016, our contribution included of taxes and royalties paid to the Commonwealth and state governments in Australia. We continue to pay our fair share of tax as an Australian company, with an effective income tax rate in 2016 of We have over 3,500 employees, with wide-ranging experience, deployed across 11 countries, to support our international operations. We also paid in remuneration and benefits to our people. As an operator, Woodside spent ~A$3.9 billion on local content. This represented 83% of our total global local content value. 5

OPERATIONS Pluto LNG Plant, Western Australia. Driven by our world-class capabilities, our operations are characterised by strong safety and environmental performance in remote and challenging locations. 7

Pluto LNG Pluto LNG processes gas from the offshore Pluto and Xena gas fields in Western Australia. Gas is piped through a 180 km trunkline to a single onshore LNG-processing train. Pluto LNG was taken from discovery in 2005 to first production in 2012 a clear demonstration of Woodside s world-class LNG capabilities and expertise. Woodside s long-standing LNG development and operating experience is backed by growing capability in LNG shipping, with Pluto LNG managing an integrated shipping fleet of four LNG vessels. Pluto LNG is underpinned by 15-year sales agreements with Kansai Electric and Tokyo Gas, which each hold a 5% interest in the project. Pluto LNG has delivered a step-change for Woodside s equity production and revenue since start-up in April 2012 and has cemented our place as Australia s largest producer of LNG. Since commencing operations, Pluto s average annualised capacity has increased from 4.3 Mtpa to 4.7 Mtpa. Record LNG production of 40.2 MMboe and record total production of 43.3 MMboe were delivered during 2016, driven by outstanding reliability. Cash flows generated by Pluto LNG contribute to our strong balance sheet and support our growth activities. The Pluto Support Centre in Perth provides remote support for Pluto LNG operations, ensuring improved operational efficiency in a competitive LNG market. Pluto LNG expansion studies are progressing. Trials have been conducted, which demonstrate that the front end of the LNG plant is capable of processing an additional 0.7 mtpa. The focus of these trials is to consider the feasibility of developing and accelerating reserves within the Greater Pluto region. North West Shelf Project The North West Shelf (NWS) Project is Australia s largest producing oil and gas project, and one of the world s premier LNG facilities. A joint venture between six major international companies, the NWS Project supplies oil and gas to Australian and international markets from huge offshore gas, oil and condensate fields in the Carnarvon Basin off the north-west coast of Australia. The NWS offshore production facilities include four natural gas platforms and the oil-producing Okha FPSO facility. WE ARE AUSTRALIA S LARGEST INDEPENDENT OIL AND GAS COMPANY AND MOST EXPERIENCED LNG OPERATOR Onshore facilities include five LNGprocessing trains, two domestic gas trains and three liquefied petroleum gas fractionation units. Under Woodside s operation, the NWS Project has maintained a track record for reliable production and delivery. Natural gas has been produced from the NWS Project for domestic use since 1984, and it is the largest single supplier of pipeline gas in Western Australia. Development of existing NWS Project reserves will ensure this world-class asset continues to generate value for years to come. Annual LNG export capacity of 16.9 Mtpa of LNG. Woodside has delivered 4,000+ LNG cargoes to international customers since 1989. The NWS Project 1/3 contributes about of Australia s oil and gas production. 9

Australia oil Woodside s first oil discovery off North West Cape was the Vincent oilfield in 1998, followed by the nearby Enfield and Laverda oilfields in 1999 and 2000 respectively. Oil production began in 2006 when the Nganhurra FPSO facility started operations from the Enfield oilfield. The Ngujima-Yin FPSO commenced oil production from the Vincent oilfield in 2008. Since start-up of operations, Vincent and Enfield have produced over 130 MMbbl (100% project) of oil. We have developed FPSO capabilities that extend across engineering design, operations and maintenance, allowing us to operate in remote marine environments with extreme weather conditions. We are using new technologies to extend our Australia oil assets via infill wells, near-field tiebacks and increased production reliability. Additional production will be added from the Greater Enfield Project in mid-2019. Please refer to page 22 for more information. Woodside will use its expertise in deepwater drilling, development, operation of subsea infrastructure and FPSOs as it develops and eventually operates oilfields in Senegal. 2016 Production 5.7 MMboe MMboe % Vincent 4.1 72 Enfield 1.1 19 Balnaves 0.3 5 Laminaria-Corallina 0.2 4 WE AIM TO MAXIMISE VALUE FROM OUR FPSO FLEET THROUGH A SUSTAINED FOCUS ON EFFICIENCY AND PRODUCTIVITY 11 Ngujima-Yin FPSO facility.

PROJECTS AND DEVELOPMENTS Inside the Ngujima-Yin FPSO turret. Woodside has developed some of Australia s biggest oil and gas projects. We now have a global portfolio comprising high-quality and near-term production developments and projects. 13

LNG Wheatstone LNG Wheatstone LNG, comprising the Wheatstone and Julimar projects, is a world-class asset that will deliver near-term production to Woodside s LNG portfolio. Woodside has interests in the Wheatstone Project and the Julimar Project. Wheatstone is a key component of Woodside s near-term growth strategy and will contribute over 13 MMboe of annual production (Woodside share) once LNG and domestic gas trains are fully operational. Woodside is the operator of the Julimar Development Project (JDP), which is a subsea development that will supply raw gas and condensate from the Julimar and Brunello fields to the Wheatstone offshore platform. The JDP will supply approximately 20% of the Wheatstone Project s foundation capacity of natural gas. The remaining 80% will be supplied from the Chevron-operated Wheatstone and Iago fields. Woodside s 13% non-operated interest in the Wheatstone Project includes the offshore platform, the pipeline to shore and the onshore plant located near Onslow, in Western Australia s Pilbara region, but excludes the Wheatstone and Iago fields and subsea infrastructure. Wheatstone LNG - courtesy of Chevron Australia. The onshore plant includes a two-train 8.9 Mtpa LNG development and a 200 TJ per day domestic gas plant. LNG and condensate will be exported, and domestic gas will be transported via pipeline to the Dampier-Bunbury Natural Gas Pipeline. In mid-2017 final commissioning of the Wheatstone LNG Train 1 was well advanced and nearing completion. Myanmar Woodside s significant footprint in Myanmar represents an organic, high-value growth opportunity to meet the increasing energy needs of an emerging region. Our early mover strategy in Myanmar delivers competitive advantage in an underexplored region close to major and growing energy markets. Woodside s position in the Rakhine Basin, an area with proven and potential hydrocarbon volumes, aligns with the company s strategy to secure international growth opportunities in frontier and emerging basins that leverage our experience and capabilities in deepwater exploration and development. To meet increased demand from an increasingly urbanised population, Myanmar will require a mix of energy sources to provide a stable and reliable energy supply, with gas likely to play an increasingly crucial role. Myanmar is also well positioned to supply gas to growing Asian energy markets through existing infrastructure. Woodside has established a strong acreage position, with interests in nine offshore blocks, through a combination of successful bid rounds and farm-ins. We are building on our early exploration successes through a substantial exploration and appraisal campaign that includes three exploration wells and two appraisal wells, with a further two contingent wells within the campaign scope. In mid-2017 we made a third gas discovery in Myanmar, our second in the Southern Rakhine Basin and close to our existing Shwe Yee Htun discovery. Woodside is collaborating with international and local organisations to ensure that our company delivers strong and sustainable benefits for local communities. We have entered into a range of partnerships that are focused on building capacity and capability, and creating opportunities in education and employment in Myanmar. Dhirubhai Deepwater KG2, Myanmar. 15

The Persephone Project achieved start-up in mid- 2017, ahead of schedule and under budget. NWS subsea tiebacks Persephone Project The Persephone Project achieved start-up in July 2017, six months ahead of schedule and 30% under budget. The project develops approximately 20 MMboe (2P, Woodside share) and is designed to produce at up to 475 mmscf/d (100% project). The Persephone field produces using a subsea tieback to the existing North Rankin Complex. Greater Western Flank Phase 2 (GWF-2) Project At H2 2017, the GWF-2 Project was 50% complete. The project will develop approximately 50 MMboe (2P, Woodside share) and is designed to produce at up to 800 mmscf/d (100% project). The project remains on budget and is on schedule for start-up in H1 2019. The project continues to pursue opportunities to accelerate completion. Scarborough Our acquisition of a share of the Scarborough area assets increases our resource base close to Woodside-operated infrastructure. The Scarborough area assets include the Scarborough, Thebe and Jupiter gas fields, which are estimated to contain contingent resource (2C) of 2.6 Tcf of dry gas (8.7 Tcf 100%). Adding additional Carnarvon Basin volumes to Woodside s Australian portfolio complements our growth strategy and builds on our existing position in the region. Woodside is committed to achieving the best commercial outcome in developing this resource. Development concepts comprising either a FLNG facility or use of existing LNG infrastructure on the Burrup Peninsula will be investigated and assessed in 2017. 17

Browse LNG The Brecknock, Calliance and Torosa fields collectively known as the Browse resources are estimated to contain contingent resources (2C) of 4.9 Tcf of dry gas and 143 MMbbl of condensate net Woodside share (16 Tcf and 466 MMbbl, 100%). The Browse resources are located in the offshore Browse Basin, approximately 425 km north of Broome in Western Australia. The Browse Joint Venture and the North West Shelf (NWS) Project are progressing joint studies on the technical feasibility of NWS infrastructure processing the Browse resources. The proposed offshore development concept involves two gas FPSOs delivering 10 12 mtpa of processed gas to existing production facilities. The development concept is based on proven technologies The BJV have invested more than $55 million in over two decades on environmental research and studies to better understand the offshore marine environment in the vicinity of the Browse resources. Woodside remains committed to the earliest commercial development of the world-class Browse resources, targeting start-up to meet forecast LNG supply shortfall from 2022 onwards. Kitimat LNG site in British Columbia - courtesy of Chevron Canada. WOODSIDE IS UNLOCKING SIGNIFICANT VALUE BY PURSUING CAPITAL EFFICIENT DEVELOPMENTS TO MEET GROWING DEMAND Kitimat LNG Woodside has a 50% interest in the Kitimat LNG Project, 640 km north of Vancouver in British Columbia, Canada. The development concept comprises a two-train LNG export facility, the proposed 480km Pacific Trail Pipeline and an upstream resource in the Liard and Horn River basins, covering approximately 600,000 acres (100% project). Kitimat LNG remains one of the most advanced LNG opportunities in Canada, located in a politically stable region and is well positioned to supply North American gas given the shorter shipping distances to Asian markets. We continue to maintain engagement with First Nations, government and communities, working to establish a clear, stable and competitive fiscal framework, while working to secure sufficient LNG sales. In progressing the proposed development to commercialisation, we are targeting LNG demand in the mid-2020s. Other developments Sunrise LNG The Greater Sunrise fields were discovered in 1974 and contain contingent resources (2C) of 1.7 Tcf of dry gas and 76 MMbbl of condensate net Woodside share (5.1 Tcf and 226 MMbbl, 100%). The fields are located approximately 150 km south-east of Timor-Leste and 450 km north-west of Darwin, Australia. Woodside (33.44% and operator) is committed to developing the Greater Sunrise fields. We maintain compliance with our title obligations and continued our social investment activities in Timor-Leste. Port Arthur LNG Located about 140 km east of Houston, Texas, the proposed Port Arthur LNG Project includes two natural gas liquefaction trains with a total export capability of approximately 10 Mtpa. In 2016, Woodside entered into a project development agreement with Sempra LNG, and applications were filed with the US Federal Energy Regulatory Commission seeking authorisation to construct and operate the LNG facility. Any decision by Woodside to proceed with a binding arrangement, including the establishment of a joint venture with Sempra LNG in relation to the project, remains subject to further due diligence and necessary internal and external approvals. 19

OIL THE SNE FIELD OFFERS LINE OF SIGHT TO NEW NEAR-TERM OIL PRODUCTION AND A FOUNDATION FOR CREATING A REGIONAL OIL AND GAS HUB Woodside's representative touring the Stena DrillMAX in Senegal. Senegal SNE is one of the largest global deep water oil discoveries made in the past few years. Development of the SNE field, located in the Sangomar Offshore block in Senegal, presents an opportunity to add near term oil production with existing exploration upside to build on this foundation. Following Woodside s successful acquisition of equity into the joint venture in late 2016, Woodside became Development Lead for SNE oil in 2017 and plans to transition to Operator in due course. In addition to the five wells drilled between 2014-2016, a five well exploration and appraisal drilling campaign was undertaken in the first half of 2017, further improving confidence in the SNE development plan. The preliminary foundation development concept for SNE is a stand-alone Floating Production Storage and Offtake facility with an expansion capability for future tiebacks. A phased development initially focused on the less complex lower reservoir units is targeting first oil in 2021-2023. Woodside is committed to working with our joint venture participants and the Government of the Republic of Senegal to achieve the earliest commercialisation of the resources in Senegal. Estimated gross contingent resource for SNE is 560 MMbbl 21

Greater Enfield Project The US$1.1 billion Woodside share (US$1.9 billion, 100%) Greater Enfield Project was approved for development in June 2016. Located 60 km off Exmouth in Western Australia within Commonwealth waters, the project will develop the Laverda Canyon, Norton over Laverda (WA-59-L) and Cimatti (WA-28-L) oil accumulations. These reserves will be produced via a 31 km subsea tieback to the Ngujima-Yin FPSO facility, located over the Vincent oilfield. The project is targeting development of Proved plus Probable (2P) oil reserves of 41 MMbbl Woodside share (69 MMbbl, 100%) from the oil accumulations with initial net oil-production rates estimated to exceed 24,000 bbl per day Woodside share. Building on our proven capabilities and significant experience in delivering major subsea tiebacks, Woodside wll maximise value from the project by collaborating closely with key contractors, applying the latest technology and leveraging the low incremental production costs associated with using existing FPSO infrastructure. Ngujima-Yin FPSO facility. WOODSIDE IS TARGETING FIRST OIL MID-2019 23

OUR EXPLORATION PORTFOLIO Drilling operations in Senegal. Exploration is focused on delivering material oil and gas discoveries to provide sustained growth. Woodside s global exploration portfolio continues to grow in three core areas: Australia and Asia-Pacific, Atlantic Margins and Sub-Saharan Africa. 25

WE EVALUATE NEW GLOBAL EXPLORATION OPPORTUNITIES THAT OFFER A CLEAR LINE OF SIGHT BETWEEN OUR CORE CAPABILITIES AND FUTURE VALUE 2017 high-impact drilling + + Four firm wells and up to one contingent well to be drilled in Myanmar. + + Drilling the Swell-1 exploration well in the Exmouth sub-basin targeting potential backfill of Woodside s Burrup LNG hub. + + Five exploration and appraisal wells completed in Senegal during the 2017 drilling campaign. Woodside s exploration activities continue to deliver outcomes to support our strategy and realise our vision of becoming a global leader in upstream oil and gas. Across our permit interest areas we see an opportunity to leverage our core capabilities, particularly in deepwater exploration, technology and project development, to create value for our shareholders. During 2017 and 2018, a series of drilling campaigns is planned across our portfolio to test new plays and prospects. We are focused on consolidating our positions in areas of high potential, with a view to establishing and growing regional hubs. We remain committed to delivering on our exploration strategy to secure near-term growth opportunities with a clear vision to commerciality. Myanmar Thazin 3D marine seismic survey data. 27

Sub-Saharan Africa Woodside has a strong acreage position in Myanmar with nine blocks. During 2016 and 2017, we were one of the most active and advanced explorers in the region, and planned activities will continue to progress this position. We have equity in exploration permits offshore Western Australia in the Exmouth Plateau, Bonaparte Basin and the Beagle, Dampier and Exmouth sub-basins, covering a gross area of over 21,579 km2. The Atlantic Margins provide evidence of a working Mesozoic petroleum system. Our focus in the region is on play diversity and multiple trapping geometries in emerging and frontier basins, which have the potential to deliver material exploration targets with line of sight to commerciality. We are building a strategic position in both unexplored and underexplored plays in emerging, predominately oil-prone basins in Sub-Saharan Africa, which have proven world-class petroleum systems with significant potential. Our gas discoveries have established the credentials of a working hydrocarbon system in the Rakhine Basin, which has immediate follow-up potential. We are maintaining a program of exploration drilling in offshore Western Australia to build our gas volumes and maximise the value and life of our Australian assets. Currently, Woodside holds exploration permits in Morocco, Ireland, Peru and Senegal. In Gabon, Woodside has a 40% interest in the Doukou Dak and Luna Muetse blocks. Woodside farm-in to Luna twelve In 2017, we are drilling firm wells and one contingent well1 Woodside also acquired a 21.25% interest in Gabon s Diaba Block. Farm-in to this block is awaiting final Government approval. 1. Exploration and appraisal Woodside exploration Country with Woodside exploration Oil-prone basin Gas-prone basin Oil- or gas-prone basin Bubble size: relative unrisked net inventory volume (boe) Ireland Morocco Myanmar Senegal Gabon Peru Australia Experience the Energy Senegal offers the opportunity for Woodside to develop a significant regional hub across the value chain. Exploration prospects are being assessed as tieback or standalone projects for potential future drilling. Muetse block in the Gabon Coastal Basin is awaiting final Government approval. The joint venture plans to drill in the Luna Muetse block in 2018. 29 Atlantic Margins Woodside Australia and Asia-Pacific

MARKETING, TRADING AND SHIPPING Pluto LNG Plant, Western Australia. Global LNG demand grew by 7% in 2016 and is expected to grow by more than 6% per annum over the next five years. Our experience and capabilities in marketing, trading and shipping are key to the expansion of our global LNG supply portfolio to meet future demand. 31

Taking our energy to the world In addition to LNG, Woodside markets crude oil, condensate, LPG and pipeline natural gas. We have been supplying pipeline gas to Western Australian utilities and buyers since 1984. Woodside s marketing and shipping capabilities have long been central to our role as a leading supplier of energy to the Asia-Pacific region. Our strong relationships with customers in major energy markets have been maintained through a track record of reliable delivery and expertise across contracting, marketing and trading. Our expertise also includes offtake management and integrated LNG shipping fleet operation. We continue to build a diverse supply portfolio, underpinned by reliable Australian LNG and supplemented by future Canadian and United States sourced volumes to pursue additional long-term sales arrangements. Woodside has commenced operations with the first LNG-powered support vessel in the southern hemisphere. The five-year contract signed in April 2016 is to charter a vessel with a dual fuel LNGdiesel technology. This vessel is environmentally responsible reducing greenhouse gas and pollutant emissions and the reliance on imported diesel while providing safe and reliable support to Woodside s assets in the Exmouth and Pilbara regions. Our early adoption of this technology means we are well placed to take advantage of growth in Australia s LNG fuel market. Woodside has signed an agreement with GE to work together to support the use of LNG as a fuel in Western Australia. The agreement will provide customers with the option of seamless access to reliable LNG fuel supply and gas-fuelled transport and power generation solutions. We re participating in a joint study with shipping and mining companies to assess the commercial feasibility of LNG-fuelled iron ore bulk carriers. As Australia s leading producer of LNG, we re eager to explore the potential for LNG fuel use by bulk carriers on the Green Corridor trade routes between Australia and China. Siem Thiima, the first LNG-powered support vessel in the southern hemisphere. WOODSIDE IS BECOMING A LEADER IN LNG AS A TRANSPORT FUEL, ESTABLISHING NEW ENERGY MARKETS AND APPLYING NEW TECHNOLOGY 33

Technology and innovation We are taking action across the value chain to enable investment in the next wave of LNG. Our approach to technology will support operational excellence and reduce exploration, development and production costs. We have entered into a collaboration to loan a NASA Robonaut to explore how the robotic technology could improve safety and efficiency at Woodside. We are pioneering the application of advanced analytics and cognitive computing in our operations to leverage our collective knowledge and to support operational excellence. The advanced analytics program is built around a range of statistical tools, updated with live streaming data from our onshore LNG and offshore assets. These tools aid decision making in our engineering and operations teams across a wide range of initiatives including surveillance, optimisation, planning, process control and maintenance. Woodside FutureLab FutureLab is actively building an ecosystem of scientific and technological innovation through collaborations with research institutions, start-ups, entrepreneurs and adjacent leading industries. We continue to deliver business solutions that reduce operating costs for our existing facilities. Our 3D printing program has the potential to reduce operating costs through the printing of spares on demand. In 2016, we grew our capability in 3D printing and installed our first 3D printed parts on our operating facilities. This program allows us to rapidly reproduce parts by accelerating the prototyping, testing and eventually deployment of new gas-processing technology. FutureLab aims to nurture and grow a culture of diversity and innovation, harness new commercial opportunities and secure our ambition to be a leading supplier of affordable and sustainable energy. In 2016, we opened the Woodside FutureLab collaboration centres at Monash University and the University of Western Australia. These centres, in conjunction with our centre at Curtin In 2016, we progressed work under our Offshore Transformation work stream, investigating new technologies that allow for faster exploration and an economical offshore development. These technologies include advances in subsea technologies, offshore seismic interpretation, floating and subsea production systems and exploration and production wells. We believe science, technology, engineering and mathematics (STEM) subjects in schools, specifically mathematics, are essential to our future. This is why we are working together with schools and universities to shape the right skillsets for our future. University, will support the delivery of our Intelligent Enterprise, Plant of the Future and Offshore Transformation work streams. FutureLab is an integral part of our journey, encouraging a collaborative approach to innovation and providing access to capability that will enhance the results of our innovation program. Woodside is advancing its artificial intelligence capabilities. One example is the use of a universal robot with a robotic two-finger gripper. WE ARE APPLYING INNOVATIVE SOLUTIONS TO BUSINESS PROBLEMS AND LOWERING OUR COST OF SUPPLY 35

Health, safety and environment Highlights + + At H1 2017, the total recordable injury rate of 0.79 was our lowest on record and we recorded no tier 1 or 2 process safety events. + + Reduced flaring intensity by greater than 30%. + + Met first-year KPI of target to reduce fuel intensity by 5% over five years. + + Implemented Process Safety Management framework. + + Developed a carbon and climate change strategy. Bicycles are a common mode of transport for our people at Karratha Gas Plant. We focus on health and safety because we believe that everyone has a right to go home in the same condition as they started the day. Our aim is to continuously improve year on year towards our goal of industryleading health and safety performance. To achieve this goal, we expect all our employees and contractors to demonstrate unwavering commitment to their own health and safety, and that of others. This is supported by Woodside s Our Safety Culture framework, which identifies the behavioural expectations required at all levels of the organisation to build and sustain an effective safety culture. The oil and gas industry works with flammable hydrocarbons at high pressure. Woodside s Process Safety Management framework ensures that all our assets and business functions have a standardised approach to managing process safety that is globally applicable. A healthy and productive workforce remains an important factor in Woodside s continuing success as we aspire to lead the way with effective, informative and enjoyable health and wellbeing initiatives. We see our health and safety performance as essential to our business success and growth, and we are making solid progress towards delivering on our goal of industry-leading health and safety performance. 37

Woodside was awarded the APPEA Environment Excellence Award in 2015, 2016 and 2017. Woodside s future success depends on our continued capacity to demonstrate strong environmental performance across our global portfolio. As we enter new regions around the world, Woodside brings with it decades of experience as a successful operator in sensitive marine environments. Wherever we operate, we know that our longterm success depends on our ability to understand the environment and mitigate any potential impacts of our activities. We continue to manage environment risk and make decisions based on robust science delivered in part through our partnerships with researchers and stakeholders. We remain focused on environmental excellence wherever we operate, supported by visible leadership in environmental management. Environmental collaboration and transparency are key to our future success. We have been working with some of the world s leading environmental organisations to better understand the global environments where we have interests. This includes formalising relationships with the World Oceans Council and Fauna and Flora International. SOUND RESEARCH AND TRANSPARENCY ARE KEY ELEMENTS OF WOODSIDE S APPROACH TO THE ENVIRONMENT Woodside recognises the scientific consensus on climate change and the challenge of providing safe, clean, affordable and reliable energy whilst reducing emissions. Woodside is committed to being part of the solution. We are responding by ensuring that our portfolio remains resilient in a carbonconstrained market and improving our energy performance. In 2017, we continue to minimise our impacts on land, sea, air and wildlife with a focus on improving energy and flare efficiency to reduce greenhouse gas emissions. We will expand our alliances with leading scientific organisations to collect robust science to support the management of environment risks associated with our activities and position ourselves as a partner of choice across our growing global portfolio. Wherever we operate, we bring our world-class approach to managing our interface with the environment. 39

REAL CONVERSATIONS GENUINE RELATIONSHIPS STRONGER COMMUNITIES Allery Sandy, Yinjaa-Barni Art Roebourne, Western Australia. Building stronger communities We build and maintain genuine longterm relationships and implement programs that create capacity and capability in local communities. Over the past five years, we ve contributed more than A$60 million in support of our host communities. We have aligned our social contribution to support the United Nations Sustainable Development Goals by focusing on three themes: opportunities, knowledge and resilience. We believe there is shared value for our business and our communities by co-creating opportunities in education, employment and enterprise. To do this, we take the time to improve our knowledge of what is needed, to understand the environments we work in, to minimise our impacts and to maximise the opportunities to work with and support both community and government. This approach helps to build resilience in our host communities so they can take advantage of the opportunities we create. We understand that providing financial support is just one way to support our communities. By building shared value with community, government and industry, and through our pioneering employee volunteering and participation programs, we are helping to build stronger communities. The Woodside Development Fund Launched In 2014, the Woodside Development Fund is a commitment of A$20 million over ten years to support programs and organisations that focus on early childhood development. Helping children develop and grow to achieve their potential is a key way we contribute towards positive long-term improvements for communities in Australia and around the world. We recognise that a collaborative and collective approach is important. As part of the Woodside Development Fund, we work alongside industry, governments and community organisations. Through the Myanmar Education Consortium, Woodside is supporting the delivery of parenting and early childhood education programs to over 1,300 families in south-west Myanmar. Collaborating with communities We have been part of the Australian community for more than 60 years and have a particularly strong relationship with Western Australia s Pilbara region, home to the Woodside-operated NWS Project and Pluto LNG. Woodside places great value on working with Indigenous communities to build and share knowledge on heritage and cultural values in the places where we are active. In 2017, we extended Woodside s Reconciliation Action Plan to ensure that the activities to which we are committed to support outcomes that will have a lasting impact in the community. Pioneering corporate volunteering Over ten years ago we became one of the first companies in Australia to formally introduce paid volunteering leave. We are recognised as a pioneer of corporate volunteering in Australia and a strong advocate for the volunteering movement, its benefits in the workplace and to the community. Supporting innovation and technology Woodside proudly supports innovation and technology programs to make positive contributions to the social and scientific challenges facing the Australian and international community. A key focus is our collaborative relationships with schools, universities and industry to educate and empower students in the areas of Science, technology, engineering and mathematics (STEM). Woodside has committed more than A$25 million towards universities and STEM centres to create world-class infrastructure and resources. contributed to our communities in 2016. A$13.9 million leveraged from other funders contributed through corporate volunteering since 2010, with a value of approximately A$6.3 million in time. More than million * Includes cash value, in-kind and voluntary hours (Woodside share) employee hours community organisations supported in 2016. 41

BECOMING A GLOBAL LEADER IN UPSTREAM OIL AND GAS Business directory Registered Office Perth Woodside Petroleum Ltd 240 St Georges Terrace Perth WA 6000 AUSTRALIA T: +61 9348 4000 Postal address: GPO Box D188 Perth WA 6840 AUSTRALIA Beijing 32/F, Full Tower, 3206 No. 9 East Third Ring Road Chaoyang District Beijing 100020 CHINA T: +8610 8591 0577 F: +8610 8591 0579 Broome 28 Shiba Lane Broome 6725 AUSTRALIA T: 1800 036 654 Calgary Woodside Energy International (Canada) Ltd Suite 3750 421-7 th Avenue SW Calgary Alberta T2P 4K9 CANADA T: +1 855 956 0916 Postal address: Woodside Energy (International) Canada Limited PO Box 22240 Bankers Hall Calgary Alberta T2P 4J6 CANADA Dakar Woodside Energy (Senegal) Ltd 1 st Floor SIA Building Route de Ngor Les Almadies, Dakar SENEGAL T: +221 338 397 050 Dili Palm Business and Trade Centre Block E01-06 Sur kmas, Fatumeta BairroPite Dili TIMOR-LESTE T: + 670 3310804 Dublin 28 Fitzwilliam Place Dublin 2 IRELAND Houston Sage Plaza 5151 San Felipe, Suite 980 Houston TX 77056 USA T: +1 713 401 0000 F: +1 713 401 0088 Karratha 3747 Balmoral Road Karratha WA 6714 AUSTRALIA T: 1800 634 988 Postal address: Woodside Energy Ltd PO Box 517 Karratha WA 6714 AUSTRALIA London 3 rd Floor, Pollen House 10-12 Cork Street London W1S 3NP UNITED KINGDOM T: + 44 20 7009 3900 Seoul 11F Kwanghwamun Building 211, Sejong-daero, Jongno-gu Seoul 110-730 KOREA T: +822 739 3290 F: +822 739 3293 Singapore 12 Marina View Asia Square Tower 2 #18-03 Singapore 018961 SINGAPORE T: +65 6709 8000 Tokyo Imperial Tower 1-1 Uchisaiwaicho 1-Chome Chiyoda-ku Tokyo 100-0011 JAPAN T: +813 3501 7031 F: +813 3581 2689 Yangon 70/LA2 Golden Valley Road Bahan Township Yangon MYANMAR (BURMA) 43

Head Office Woodside Energy Ltd Woodside Plaza 240 St Georges Terrace Perth WA 6000 Australia Postal Address GPO Box D188 Perth WA 6840 Australia T +61 8 9348 4000 F +61 8 9214 2777 E companyinfo@woodside.com.au Follow Us woodside.com.au September 2017