BHP Group Limited — Investor Presentation 2021

Aug 16, 2021

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ASX Announcement

Tuesday, 17 August 2021

ASX: WPL OTC: WOPEY

Woodside Petroleum Ltd. ACN 004 898 962

Mia Yellagonga 11 Mount Street Perth WA 6000 Australia T +61 8 9348 4000 www.woodside.com.au

WOODSIDE MERGER TELECONFERENCE AND INVESTOR PRESENTATION

A teleconference providing an overview of the proposed merger between Woodside and BHP’s petroleum business will be hosted by Woodside Chairman Richard Goyder, CEO Meg O’Neill and CFO Sherry Duhe at 16.00 AWST (18.00 AEST) today.

We recommend participants pre-register via the following link:

https://s1.c-conf.com/diamondpass/10015927-1t2b3c.html

Following pre-registration, participants will receive the teleconference details and a unique access passcode.

An investor presentation follows this announcement and will be referred to during the conference call.

The presentation is to be read in conjunction with the announcement “Woodside and BHP to create a global energy company” released to the ASX earlier today.

Contacts:

INVESTORS

MEDIA

Damien Gare Christine Forster W: +61 8 9348 4421 M: +61 484 112 469 M: +61 417 111 697 E: christine.forster@woodside.com.au E: investor@woodside.com.au

This ASX announcement was approved and authorised for release by Woodside’s Disclosure Committee .

Page 1 of 1

WOODSIDE AND BHP PETROLEUM MERGER

INVESTOR PRESENTATION

17 August 2021

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www.woodside.com.au

investor@woodside.com.au

INTRODUCTION

Disclaimer, important notes and assumptions

Transaction and presentation of information on a pro forma, post-merger basis

• The proposed combination of Woodside Petroleum Limited (“ Woodside ”) and BHP Group Limited’s (“ BHP ”) oil and gas business by an all-stock merger as outlined in this presentation (“ Transaction ”) is non-binding and indicative only and is subject to (i) further due diligence, negotiation and execution of definitive transaction documents, targeted for October 2021, and (ii) the satisfaction or waiver of certain regulatory and third party conditions precedent, including obtaining the approval of Woodside shareholders. Details of the key terms of the Transaction are outlined in the ASX announcement ‘Woodside and BHP to create a global energy company’ released 17 August 2021.

• There is no certainty or assurance that the parties will conclude negotiations and execute definitive transaction documents on the intended schedule or at all. Nevertheless, all information in this presentation is presented on a post-merger, pro forma basis unless indicated to the contrary.

Information

• This presentation contains information in summary form that is current as of the date of this presentation. This information does not purport to be complete, comprehensive or to comprise all the information which a shareholder or potential investor may require in order to determine whether to deal in any securities. It should be read in conjunction with Woodside’s and BHP’s other announcements released to the Australian Securities Exchange, available at www.asx.com.au.

• This presentation has been prepared by Woodside and includes information provided by BHP (“ BHP Information ”), including information that relates to BHP petroleum estimates. Although Woodside has taken steps to confirm the BHP Information, it has not independently verified it and expressly disclaims any responsibility for it, to the maximum extent permitted by law. No representation or warranty, express or implied, is made as to the fairness, currency, accuracy, adequacy, reliability or completeness of the BHP Information.

• Woodside has been undertaking a due diligence process in respect of the Transaction, which relies in part on the review of financial and other information provided by BHP. In addition, due diligence is ongoing. Despite making reasonable efforts, Woodside has not been able to verify the fairness, currency, accuracy, adequacy, reliability or completeness of all of the information which was provided to it. If any information provided to, and relied upon by, Woodside in its due diligence and its preparation of this presentation proves to be incorrect, incomplete or misleading, there is a risk that the actual financial position and performance of BHP’s oil and gas business (and the combined entity) may be materially different to the expectations reflected in this presentation.

• Shareholders and investors should also note that there is no assurance that the due diligence conducted was conclusive, and that all material issues and risks in respect of the Transaction have been identified or managed appropriately. Therefore, there is a risk that issues may arise which also have a material impact on Woodside (for example, Woodside may later discover liabilities or defects which were not identified through due diligence or for which there is no contractual protection for Woodside). This could also affect the operations, financial performance and/or financial position of Woodside.

• Certain market and industry data used in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Woodside nor its representatives or advisers have independently verified any market or industry data provided by third parties or industry or general publications.

• To the maximum extent permitted by law, Woodside and its related bodies corporate and affiliates (and each of their respective directors, officers, employees, partners, consultants, contractors, agents, advisers and representatives) (together, the “ Beneficiaries ”) exclude and expressly disclaim all duty and liability (including for fault or negligence) for any expenses, losses, damages or costs incurred by you as a result of the information in this presentation being inaccurate or incomplete in any way for any reason.

No advice

• Nothing in this presentation constitutes financial product, investment, legal, tax or other advice. It does not take into account the investment objectives, financial situation or needs of any particular shareholder or investor. You should consider the appropriateness of the information in this presentation having regard to your own investment objectives, financial situation and needs and with your own professional advice, when deciding whether to deal in any securities.

General

• Statements made in this presentation are made only as at the date of this presentation. The information in this presentation remains subject to change without notice. Woodside may in its absolute discretion, but without being under any obligation to do so, update or supplement this presentation. However, except as required by law, none of Woodside or its Beneficiaries intends to, or undertakes to, or assumes any obligation to, provide any additional information or revise the statements in this presentation, whether as a result of a change in expectations or assumptions, new information, future events, results or circumstances.

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2

INTRODUCTION

Disclaimer, important notes and assumptions

Forward looking statements

• This presentation contains forward-looking statements. The words ‘anticipate’, ‘believe’, ‘aim’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘target’, ‘plan’, ‘forecast’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’ and other similar words or expressions are intended to identify forward-looking statements. These forwardlooking statements are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Woodside and its Beneficiaries and could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by those forward-looking statements or any projections or assumptions on which those statements are based.

• The forward-looking statements are subject to risk factors, including those associated with the oil and gas industry as well as those in connection with the Transaction. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates.

• Investors are strongly cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant uncertainty and disruption caused by the COVID-19 pandemic. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. These statements may assume the success of the Transaction, BHP’s oil and gas portfolio or Woodside’s business strategies, the success of which may not be realised within the period for which the forward-looking statements may have been prepared, or at all. No guarantee, representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns, statements or tax treatment in relation to future matters contained in this presentation.

• Past performance and pro forma historical information is given for illustrative purposes only. It should not be relied on and is not indicative of future performance, including future security prices.

Estimates of petroleum reserves

• Refer to Appendix titled ‘Notes to petroleum resource estimates’ on slide 28 of this presentation.

Key assumptions

The following assumptions apply to information in this presentation unless stated otherwise.

• Financial data is presented as at 30 June 2021 or for the 12-month period to 30 June 2021. Woodside’s financial reporting otherwise will continue to be on a January to December basis. All figures are USD unless otherwise stated.

• Pro forma financial data does not give effect to any pro forma adjustments.

• Production data is for the 12-month period to 30 June 2021.

Woodside reserves data is an approximate representation of the reserves position at 30 June 2021 and is based on the reserves statement dated 31 December 2020; updated by the ASX announcement dated 15 July 2021; adjusted for half-year production to 30 June 2021 and a 9.1 MMboe reduction in Greater Enfield 2P reserves in H1 2021. This presentation does not constitute a re-statement of Woodside’s reserves.

• BHP reserves data is presented as at 30 June 2021.

• Any forecasts set out in this presentation have been estimated on the basis of a variety of assumptions including:

• Brent oil price of US$65 per barrel (2020 real terms, inflated at 2.0%)

• Foreign exchange rate long term of 0.75 USD per 1.00 AUD

• Currently sanctioned projects being delivered in accordance with their current project schedules

• A positive final investment decision on Scarborough and Pluto Train 2 in 2021

• The merged entity holding equity interests of 100% of Scarborough, 82% of Sangomar and 51% of Pluto Train 2.

• Woodside applies a conversion factor of 5.7 Bcf of dry gas per 1 MMboe. BHP applies a conversion factor of 6.0 Bcf of dry gas per 1 MMboe.

• Figures, amounts, percentages, estimates, calculations of value and other fractions used in this presentation are subject to the effect of rounding.

Additional information for US investors

• Refer to Appendix titled ‘Additional information for US investors’ on slide 29 of this presentation.

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3

OVERVIEW

Transaction summary

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+ All-stock merger of Woodside and BHP Petroleum Petroleum

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TRANSACTION OVERVIEW

GOVERNANCE

Meg O’Neill appointed Chief Executive Officer and Managing Director

All-stock , issuing new Woodside shares to BHP shareholders

on BHP director representation Woodside’s Board after completion

Pro forma equity ownership of 52% Woodside and 48% BHP shareholders reflective of assets contributed

Headquartered in Perth

Combined market capitalisation of ~A$41 billion[1]

ASX primary listing with secondary listing venues to be considered

Cash flow per share accretive after 2022 and estimated annual synergies in excess of US$400 million[2]

Woodside’s emissions targets extended to combined portfolio

1. Market capitalisation assumes Woodside closing share price of A$22.19 on 13 August 2021.

2. Refer to slide 21 for details of identified opportunities.

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CONDITIONS AND TIMING

Merger commitment deed signed today and targeting SPA signing in October 2021

Subject to full form agreements, and regulatory and third-party approvals

Woodside shareholder vote

planned for Q2 2022

Transaction expected to complete in Q2 2022

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4

OVERVIEW

Compelling rationale

PORTFOLIO QUALITY

CASH GENERATION AND BALANCE SHEET

SHAREHOLDER RETURNS AND CAPITAL DISCIPLINE

DEVELOPMENT OPTIONALITY

ENERGY TRANSITION LEADERSHIP

SYNERGIES AND VALUE CREATION

Complementary, long-life, high margin, tier 1 assets

Strengthens cash generation and balance sheet

Supports superior returns through continued capital discipline

Enhanced portfolio of high return growth options

Increased capacity to deliver the energy transition

Opportunities to deliver ongoing attractive synergies

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5

PORTFOLIO QUALITY

International portfolio of tier 1 assets

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~200 MMboe Senegal
Sangomar
2021 production [1]
378 41
Oil Gas
Top 10 independent [2]
East coast Australia
Bass Strait
Houston
Gulf of Mexico
29 148 240
Shenzi | Wildling | Atlantis |
10.6 Mt Mad Dog | Trion Production Oil Gas
LNG production [3] 26 1,216 115
Production Oil Gas
Top 10 global [4]
Western Australia
Scarborough | Pluto | North West Shelf | Pyrenees | Perth
Trinidad & Tobago Macedon | Wheatstone | Ngujima-Yin | Okha
MMboe Angostura | Ruby | Calypso |
2,023 T&T South 133 397 4,397
2P reserves [5]
9 12 559 Production Oil Gas
All figures in MMboe
MMboe Production Oil Gas
8,356 Gas
2C resources [5] Oil [6] 2C 2P
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~
$8 per boe
Portfolio unit
production cost [1]
$4.7 billion
2021 EBITDA [1]
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Strong alignment towards Scarborough FID Attractive near-term GOM developments

1. Combined Woodside and BHP for the 12 months to 30 June 2021, not giving effect to any pro forma adjustments. Includes Algeria production of 3 MMboe. Neptune production volume is included in GOM but divested in May 2021.

2. Source: Wood Mackenzie Corporate Benchmarking Tool production forecasts as at 31 July 2021. Woodside analysis.

3. Equivalent to 95 MMboe.

4. Source: LNG Output, Wood Mackenzie LNG Tool, Q2 2020 data set. Woodside and BHP 12 months to 30 June 2021. Woodside analysis.

5. Combined portfolio. Woodside as at 31 December 2020, updated by ASX announcement dated 15 July 2021 and adjusted for half-year production to 30 June 2021. BHP as at 30 June 2021. Total 2P reserves and 2C resources also include Sunrise, Myanmar, Liard and Algeria which are not shown on the map above. BHP volumes for NWS and Greater Scarborough are based on Woodside estimates.

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1. Oil includes crude, condensate and NGLs.

6

PORTFOLIO QUALITY

Increased emissions reduction commitments

COMMITMENTS EXTENDED TO ENLARGED PORTFOLIO

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Reaffirmed targets extended to the
combined portfolio
Clear emissions targets aligned with
Paris Agreement
Reporting all equity emissions
(operated and non-operated)
Equity emissions reduction targets [1]
15% 30% Net zero
aspiration by 2050
by 2025 by 2030
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A CLEAR PLAN TO DELIVER ON COMMITMENTS
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8
6 BHP
30% reduction
4
WPL
2
0
Scope 1 and 2 2021-2030 net Design out Operate out Offset 2030 net equity
baseline production emissions
growth
-e)
2
Scope 1 and 2 emissions (Mtpa CO
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1. Baseline is set as the gross average equity Scope 1 and 2 emissions over 2016-2020 and may be adjusted (up or down) for potential equity changes in producing or sanctioned assets, with an FID prior to 2021. Baseline will be adjusted to incorporate combined portfolio.

7

PORTFOLIO QUALITY

Gulf of Mexico

Low-cost production assets with growth optionality

Among the largest fields in the Gulf of Mexico

Multiple high margin tie-back opportunities to existing infrastructure

Mad Dog Phase 2 on track for first oil in 2022

Shenzi North FID taken by BHP, targeting first oil in 2024

Trion oil project moved into FEED phase[1]

1. BHP holds a 60% participating interest and PEMEX Exploration & Production Mexico holds a 40% interest.

2. For the year ended 30 June 2021. Other includes Neptune.

3. BHP share as at 30 June 2021. Neptune divested May 2021. Includes Trion.

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2021 production – by product [2]
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Asset map

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Gas
5%
Shenzi
(BHP: 72%)
26
MMboe Atlantis
(BHP: 44%)
Liquids
95% Mad Dog
(BHP: 23.9%)
BHP leases
Fields
BHP operated
2021 production – by asset [[2]] Key metrics [3]
Other
3% 1P Reserves 291 MMboe
Mad Dog
19%
2P Reserves 472 MMboe
26 Atlantis
MMboe 47% 2P + 2C 1,331 MMboe
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2021 production – by asset[[2]]

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Other
3%
Mad Dog
19%
26 Atlantis
MMboe 47%
Shenzi
31%
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8

PORTFOLIO QUALITY

Diversified, large scale, low risk portfolio

Attractive conventional portfolio in low risk jurisdictions[2]

Balanced product mix (2021 production)[1]

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LNG (46%)

Oil and condensate (29%)

Western Australia domestic gas (7%) East coast Australia domestic gas (10%) LPG, NGLs and other natural gas (8%)

Geographic diversification (2021 production)[1]

Other (1%) East coast Australia (14%)

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Western Australia (67%)

Trinidad and Tobago (5%) US Gulf of Mexico (13%)

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Greater 100%
conventional
production (%)
94% OECD
100% conventional
Majority of global
majors
50%
Majority of US
independents
0%
0% 50% 100%
Greater OECD
production (%)
Majors US independents Other APAC
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1. Combined Woodside and BHP for the 12 months to 30 June 2021, not giving effect to any pro forma adjustments. Other natural gas volumes includes T&T and US GOM. Other includes Algeria production of 3 MMboe. Neptune production volume is included in GOM but divested in May 2021.

2. Source: Wood Mackenzie estimates based on 2020 production of peers with market capitalization >US$10 billion, excluding NOCs and companies with free float below 60%. Woodside analysis. Chart approximates positions of various companies based on this data. Dataset: BP, Chevron, ConocoPhillips, Continental, Devon, Diamondback, ENI, EOG, Exxon, Hess, Inpex, Occidental, Pioneer, Repsol, Santos, Shell, Total and Woodside. Santos is shown on a pro forma basis after the proposed merger with Oil Search.

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9

PORTFOLIO QUALITY

Complementary and sustained production profile

Strong and sustained oil production

Long-life LNG with oil price exposure Clear alignment towards Scarborough FID

Proved plus Probable (2P) Developed and Undeveloped Reserves[1]

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MMboe
2,023
Gas Liquids
59% 41%
Best Estimate Contingent (2C) Resources [1]
MMboe
8,356
Scarborough Gas Liquids
23% 60% 17%
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Optionality for other
Production profile by December 2021 [[2]]
growth projects including
Trion and Calypso
250
Unsanctioned GOM and
Western Australia subsea
tiebacks
Scarborough
200
(BHP share)
Scarborough
(Woodside share)
150
100 BHP petroleum
50
Woodside
0
2022 2023 2024 2025 2026 2027
MMboe
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Production profile by December 2021[[2]]

1. Woodside as at 31 December 2020, updated by ASX announcement dated 15 July 2021 and adjusted for half-year production to 30 June 2021. BHP as at 30 June 2021. BHP volumes for NWS and Greater Scarborough are based on Woodside estimates.

2. Indicative. Assumes current sanctioned projected delivered in accordance with their targeted schedules. Assumes 82% Sangomar and 51% Pluto Train 2. Scarborough FID assumed by 31 December 2021.

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10

PORTFOLIO QUALITY

High growth, high margin, long life portfolio

Strong combination of high growth, margins and reserves life[1,2]

Strong production growth

Attractive portfolio relative to global oil and gas companies

~20 year reserves life[1]

1. Shown on a combined basis and incorporates existing production, sanctioned and unsanctioned tieback projects in US GOM and selected extension projects in Australia. Woodside post-merger reserve life calculated based on combined 2P and Scarborough’s 11.1 Tcf 2C resources divided by combined Woodside and BHP production for the 12 months to 30 June 2021.

2. Source: Wood Mackenzie Booked Reserves. Inpex based on reported 1P over 2020 production (not part of Wood Mackenzie data file). Woodside analysis.

3. Vertical and horizontal dotted lines denote average EBITDAX margin and production CAGR for all companies excluding Woodside.

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Production CAGR (CY21-27)
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Asia Pacific
Bubble size indicates reserve life
EBITDAX margin (CY20)
Majors US independents Other Europe & APAC Average [3]
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Dataset: BP, Chevron, ConocoPhillips, Continental, Devon, Diamondback, ENI, EOG, Exxon, Hess, Inpex, Occidental, Pioneer, Repsol, Santos, Shell, Total and Woodside. Santos is shown on a pro forma basis after the proposed merger with Oil Search.

11

CASH GENERATION AND BALANCE SHEET

Strong and sustained cash flow generation

Operating cash flow profile[1]

Operating cash flow supports funding of Scarborough, GOM tiebacks and other growth projects

Sustained free cash flow generation through investment cycle

1. Indicative. Assumes US$65/bbl (real 2020) Brent oil price and Scarborough FID by 31 December 2021. Includes unsanctioned GOM and Western Australia subsea tiebacks. Assumes 82% Sangomar, 100% Scarborough and 51% Pluto Train 2. Excludes financing costs and proceeds from sales.

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8
Net operating cash flow
6
BHP petroleum
4
2 Woodside
0
2022 2023 2024 2025 2026 2027
Free cash flow profile [1]
8
6 Combined portfolio cash flow supports Scarborough funding Net free cash flow
BHP petroleum
4
2 Woodside
0
-2
2022 2023 2024 2025 2026 2027
$ billion
$ billion
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12

CASH GENERATION AND BALANCE SHEET

Strong balance sheet

Liquidity of ~$6 billion

Low gearing supported by unlevered BHP assets

Pro forma liquidity and debt maturity profile[1]

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6,000 Undrawn
facilities
4,000
Cash
2,000
0
Liquidity 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Drawn Undrawn
$ million
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Comparative gearing[2]

Commitment to investment grade credit rating throughout the investment cycle

1. As at 30 June 2021.

2. Indicative. Assumes Woodside closing share price of A$22.19 on 13 August 2021. Source: Capital IQ data as at 26 July 2021. Gearing defined as net debt / net debt + shareholders’ equity (at the date of analysis). Woodside gearing is shown on a combined basis. Includes oil and gas companies with market capitalization >US$10 billion, excluding NOCs and free float below 60%.

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80%
60%
40%
20% 12%
0%
Majors US independents Other Europe & APAC Woodside target range (15 – 35%)
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Dataset: BP, Chevron, ConocoPhillips, Continental, Devon, Diamondback, ENI, EOG, Exxon, Hess, Inpex, Occidental, Pioneer, Repsol, Santos, Shell, Total and Woodside. Santos is shown on a pro forma basis after the proposed merger with Oil Search.

13

SHAREHOLDER RETURNS AND CAPITAL DISCIPLINE

Continued capital discipline

PRUDENT CAPITAL MANAGEMENT

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LOW COST, HIGH MARGIN OPERATIONS
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ENDURING CASH FLOW
DISCIPLINED INVESTMENT
ATTRACTIVE
IN VALUE ACCRETIVE
SHAREHOLDER RETURNS
OPPORTUNITIES
Track record of strong Near term, high margin oil
franked dividends
Long-term LNG
Enhanced cash flow supports
ongoing attractive dividend Energy transition
INVESTMENT GRADE CREDIT RATING
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Operating cash flow funds development optionality

Substantial balance sheet capacity supports Scarborough and other future investment

Pluto Train 2 sell-down releases capital

Carbon management is a key consideration in capital allocation decisions

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14

SHAREHOLDER RETURNS AND CAPITAL DISCIPLINE

Capital allocation aligned with energy transition

• OIL GAS NEW ENERGY Hydrogen,

• Type of project Offshore Pipeline LNG ammonia, CCS

• • • • • High cash Stable long-term Long-term cash flow Developing market • •

• generation cash flow profile Upside potential Lower capital

• Project • •

• Shorter payback Strong forecast requirement

• characteristics period demand

• • Quick to market

• • • • • Core competency Resilient to Core competency Low carbon

• • • • Portfolio flexibility commodity pricing Supports customers’ Customer led

• Additional • •

• Supports local decarbonisation goals Adjacent to core

• considerations economies • Leverages existing competencies infrastructure

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15

DEVELOPMENT OPTIONALITY

Opportunity hopper

Substantial growth optionality beyond Scarborough

Attractive Gulf of Mexico tiebacks to existing infrastructure

Large, longer-term LNG and other potential development opportunities

Business evolution towards adjacent new energy opportunities such as hydrogen, ammonia and CCS

Oil

Gas

New energy Exploration

Size of bubble approximates relative size of project or market. Dotted circles are estimates of market or resource size.

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OPPORTUNITY
DEVELOPMENT
UNSANCTIONED PROJECTS
PRODUCING ASSETS, SANCTIONED
PROJECTS AND TIEBACKS
CCS
Ammonia
Browse Sangomar
Pluto
Hydrogen Macedon
Carbon
Sunrise
offsets Wheatstone
Scarborough Mad Dog Bass
Strait
Senegal
Australia Liard Basin Shenzi &
Wildling
Atlantis
Angostura
Western Trion and Ruby
Korea Eastern Canada GoM NWS
Myanmar Central Calypso H2TAS Myanmar A-6 Exmouth Pyrenees
GoM
Congo
Barbados
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Optionality to develop the increased set of credible growth opportunities at the right time

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16

DEVELOPMENT OPTIONALITY

Scarborough and Pluto Train 2

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Scarborough
floating
production unit Pluto platform
Pluto LNG
Proposed Pluto
Train 2
Dampier to
Bunbury
Natural Gas Domestic gas
Pipeline infrastructure
Pluto-KGP
Interconnector ~5km Proposed
Existing
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• Offshore facilities connected by ~430km pipeline to Pluto Train 2 at Pluto LNG

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DEVELOPMENT
CONCEPT
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• The lowest carbon intensity LNG development in Australia

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~
11.1 Tcf 8 Mtpa 0.1 %
(1,949 MMboe, 2C) (195,000 boe per day) CO2 in reservoir
resource size, 100% LNG production
capacity
Pluto Train 2: 5 Mtpa
Production capacity Pluto Train 1: 3 Mtpa
KEY Domestic gas: 250 TJ/day
INFORMATION
Estimated capex (100%) $12 billion
Wells 13
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17

Conceptual image, not to scale. Development is subject to joint venture approvals, regulatory approvals, appropriate market conditions and relevant commercial arrangements.

DEVELOPMENT OPTIONALITY Scarborough de-risked

De-risks Scarborough funding through increased operating cash flow

Strong alignment towards Scarborough FID in H2 2021

>12 % ~$6.8 per MMBtu internal rate of return[1] globally competitive cost of supply[2]

COMPETITIVE AND VALUE ACCRETIVE

• BHP option to sell entire Scarborough interest if

• COMMERCIAL the joint venture takes FID by 15 December 2021 AGREEMENTS

• Option exercisable in H2 2022

Assists in realisation of significant shareholder value

  - Existing sell-down processes continue

• EQUITY SALES PROCESSES • Pluto Train 2 sell-down releases over $3 billion of capital

• US$65/bbl (real terms 2022) Brent oil price. Integrated Scarborough and Pluto.

• Woodside integrated LNG DES North Asia. At 10% discount rate.

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18

DEVELOPMENT OPTIONALITY

Mad Dog Phase 2

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• Extension of Mad Dog field following successful Mad Dog South appraisal well

DEVELOPMENT CONCEPT

• New semi-submersible floating production facility near the existing Mad Dog platform 140 kbpd 2022

365 MMboe[1] 140 kbpd

total 2P reserves production capacity and 2C resources

targeted first oil

Project status 93% complete Estimated capex KEY $9 billion (100%) INFORMATION Field life 35 years 22 subsea wells: 14 Wells producing, 8 water injection

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All dates are BHP targets (unless otherwise indicated). Information provided by BHP. 1. Includes the entire Mad Dog area. 2P reserves of 192 MMboe and 2C resources of 173 MMboe. BHP share (23.9%).

19

ENERGY TRANSITION LEADERSHIP

A credible decarbonisation strategy

CORE CAPABILITY

Emissions management embedded across our business

All emissions and offsets reported under reputable standards

<$20 per tonne targeted portfolio carbon cost

Mature and scalable carbon business with a diverse portfolio to deliver the increased commitments

CASH FLOW FOR INVESTMENT

EXPANDING OPPORTUNITIES

Cash flow and balance sheet facilitates investment into energy transition

Opportunities in hydrogen, ammonia and CCS

~ ha 2,400 area of native reforestation in 2020

~ 59 % gas advantaged portfolio[1]

Commitment to transparent reporting including a Scope 3 strategy

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20

1. Combined portfolio, Proved plus Probable (2P) Developed and Undeveloped Reserves.

SYNERGIES AND VALUE CREATION

Identified opportunities to deliver synergies

$ 400+ million estimated annual savings

EXPLORATION

High-graded exploration focused on existing acreage and high-quality prospects

Integrate exploration program focusing on the most competitive prospects Optimise studies, seismic and appraisal

ASSETS

Re-phase development opportunities prioritising highest return options

Withdraw from low value titles and licences Leverage best in class technical capability from both organisations

CORPORATE

Enhance functional workflows

Align systems and processes across portfolio Integrate and optimise offices

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21

TIMETABLE

Completion targeted for Q2 2022

17 August 2021

October 2021

Merger commitment deed executed and announced Merger commitment deed Transaction documents

Target execution of full form sale agreement and integration and transition agreement

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Second uarter 2022 q

Target for Woodside shareholder meeting to approve transaction Target completion date and new Woodside shares to be distributed to BHP shareholders Effective date 1 July 2021

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Due diligence

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Consents and approvals
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22

SUMMARY

Compelling rationale

PORTFOLIO QUALITY

CASH GENERATION AND BALANCE SHEET

SHAREHOLDER RETURNS AND CAPITAL DISCIPLINE

DEVELOPMENT OPTIONALITY

ENERGY TRANSITION LEADERSHIP

SYNERGIES AND VALUE CREATION

Complementary, long-life, high margin, tier 1 assets

Strengthens cash generation and balance sheet

Supports superior returns through continued capital discipline

Enhanced portfolio of high return growth options

Increased capacity to deliver the energy transition

Opportunities to deliver ongoing attractive synergies

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23

ADDITIONAL INFORMATION

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APPENDIX

BHP petroleum portfolio

Producing assets1
Asset	Description	Operator	BHP ownership	FY21 Production (MMboe)	End of field life	1P3	2P3	2P+2C3
Shenzi2	Oil asset located in the US Gulf of Mexico with TLP (tension leg platform) development.	BHP	72%	8.1	2030s	74	105	294
Atlantis	One of the largest fields in the US Gulf of Mexico, with field production average of ~93,000 bopd over the last 5 years and base decline offset via infill drilling and successful workovers.	BP	44%	12.1	2040s	79	175	398
North West Shelf	Integrated LNG project with material remaining resource position. Five LNG trains allowing transition towards a third party gas tolling facility extending operations for decades to come.	Woodside	12.5% – 16.67% across 9 separate joint venture agreements	24.8	2040s	151	186	222
Mad Dog	Original development with a Truss Spar host (A-Spar): Dry trees, floating spar hull, with integrated drilling and production capabilities of ~4,400 feet of water depth.	BP	23.9%	4.8	2040s	137	192	365
ROD Integrated Development	The Rhourde Ouled Djemma (ROD) Integrated Development, which consists of the ROD, Sif Fatima – Sif Fatima North East (SF SFNE) and four satellite oil fields.	Joint Sonatrach/ENI	29.3% effective interest in the ROD Integrated Development	3.1	2020s	9	13	45
Bass Strait	Major integrated asset consisting of offshore facilities, onshore plants and associated pipeline infrastructure. Advantaged gas position with modest investable opportunities.	Exxon	Gippsland Basin Joint Venture (GBJV): 50.0% Kipper Unit Joint Venture (KUJV): 32.5%	28.5	2030s	107	179	387
Pyrenees	Subsea oil development in 200m water depth tied back to a FPSO.	BHP	WA-42-L permit: 71.43% WA-43-L permit: 39.999%	3.0	2030s	12	21	36
Macedon	Subsea gas development in 200m water depth tied back to an onshore domestic gas plant.	BHP	71.43%	8.4	2030s	43	54	72
	Angostura: Discovered by BHP in 1999, phase 2 included a new gas export platform and two pipelines with
Trinidad and Tobago (Angostura and Ruby)	gas sales to Trinidad & Tobago commencing in 2011. Ruby: Developed through a wellhead program, tied back to the Angostura infrastructure. Offsets declining	BHP	45.0% Block 2(c) 68.46% effective interest in Block 3(a) Project Ruby	9.3	2030s	52	86	120
	production from Angostura.

Growth projects
Asset	Description	Operator	BHP ownership	Potential execution timing (FID)	Potential first production	FY22 – FY30 Capex (BHP share, nominal US$bn)	1P3	2P3	2P+2C3
Scarborough	Large offshore gas development exporting gas from a floating production unit to the Pluto LNG facility for onshore processing.	Woodside	26.5%	CY21	CY26	~2 bn	-	-	532
Trion	Large greenfield development in the deepwater Mexico GoM. Resource uncertainty reduced with recent successful appraisal drilling of 2DEL and 3DEL wells. Recently moved into FEED phase.	BHP	60%	CY22	CY26	<5 bn	-	-	275
	Operated deepwater advantaged gas discovery in Trinidad & Tobago, well positioned to existing regional
Calypso	infrastructure and with low CO2content / low greenhouse gas intensity. Multiple development concepts under	BHP	70%	CY26	CY27-28	~3 bn	-	-	409
	evaluation.

1. Includes all sanctioned and brownfield projects.

2. Includes Shenzi North & Wildling.

3. Based on FY21; corrected for Shenzi WI acquisition. Scarborough estimates include Thebe and Jupiter.

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25

APPENDIX

BHP petroleum portfolio

Sanctioned projects (in execution)
Asset	Description	Operator	BHP ownership	Potential first production	Estimated peak production capacity	FY22 – FY30 Capex (BHP share, nominal US$bn)
Shenzi SSMPP	Shenzi Subsea Multi-Phase Pumping (SSMPP); subsea pumping to increase production rates from existing wells.	BHP	72%	CY22	6.5 kbpd in CY22	<0.25bn
Mad Dog A Spar	3-4 infill wells tied to Mad Dog A Spar.	BP	23.9%	CY23	18 kbpd in CY26	<0.25bn
Mad Dog Phase 2	Semi-submersible platform with 22 subsea wells (14 producing wells and 8 water injection wells).	BP	23.9%	CY22	140 kbpd in CY23	~0.75bn
Atlantis Phase 3	8-well subsea tieback achieved first production in CY20.	BP	44%	CY20	35 kbpd in CY24	<0.5bn
Pyrenees Phase 4	Well re-entry program comprising infill drilling and water shut off operation.	BHP	71.43%	CY23	13.5 kbpd in CY23	<0.25bn
NWS Lambert Deep & GWF 3	4-well subsea tieback to existing infrastructure.	Woodside	17%	CY22	250 MMscfd in CY22	<0.25bn
Shenzi North	2-well subsea tieback to Shenzi TLP. IRR of over 35%1, a breakeven of ~$25/bbl and a payback of <2 years.	BHP	72%	CY24	30 kbpd in CY24	<0.5bn

Unsanctioned projects
Asset	Description	Operator	BHP ownership	Potential execution timing (FID)	Potential first production	FY22 – FY30 Capex (BHP share, nominal US$bn)
Wildling	2-well subsea tieback to Shenzi TLP via Shenzi North.	BHP	100%	CY22 – 23	CY24 – 25	<0.75bn
Shenzi growth opportunities	Additional infill opportunities to increase production with 3 producing and 2 water injection wells tied back to Shenzi TLP.	BHP	72%	CY22 – 25	CY24 – 26	~0.5bn
Atlantis growth opportunities	Additional development opportunities for 12 infill producing wells and 6 additional water injection wells. Opportunity to increase production via Subsea Multi-Phase Pumping (SSMPP) and topside modification.	BP	44%	CY23 – 28	CY25 – 29	~2bn
Mad Dog Phase 2 growth opportunities	Additional opportunities to increase the Mad Dog Phase 2 production beyond the initial investment scope with 9 new wells tied back to existing facility.	BP	23.9%	CY25 – 26	CY26 – 28	~0.5bn
Mad Dog WI expansion	Two water injector wells providing water from Mad Dog Phase 2 facility to increase production at existing A Spar facility.	BP	23.9%	CY24	CY25	<0.25bn
NWS growth opportunities	Low risk investment opportunity to maximise Karratha Gas Plant value through processing other resource owner gas; benefits through tolling fees, cost recovery and life extension.	Woodside	17%	CY24 – 26	CY26 – 28	<0.25bn
Bass Strait growth opportunities	Kipper expansion (additional Phase 1B well & compression) for acceleration and incremental resource capture from the Kipper field.	Exxon	GBJV: 50.0% KUJV: 32.5%	CY24 – 27	CY27 – 28	~0.5bn

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26

1. At consensus pricing, 10% nominal discount rate. BHP analysis.

APPENDIX

Woodside portfolio

Producing assets
Asset	Description	Operator	Woodside ownership	CY20 Production (MMboe)	2P1 (MMboe)	2C1 (MMboe)	2P+2C1 (MMboe)
Pluto LNG	LNG facility processing gas from the offshore Pluto, Xena and Pyxis gas fields in Western Australia. Gas is piped from the offshore Pluto-A platform to a 4.9 Mtpa LNG processing train.	Woodside	90%	44.6	419	234	653
Wheatstone	8.9 Mtpa LNG facility processing gas from the offshore Wheatstone, Iago, Julimar and Brunello gas fields. The onshore plant consists of two LNG trains, a domestic gas plant and associated infrastructure.	Chevron	13%	15.2	224	4	228
North West Shelf Project	LNG facility processing gas and condensate from the offshore North Rankin and Goodwyn-A offshore platforms. Onshore facilities include 5 LNG trains with 16.9 Mtpa capacity, condensate trains and a domestic gas plant.	Woodside	16.67%	30.8	189	78	266
Australia Oil	Two stand-alone oil developments offshore Western Australia, comprising the Nguyjima-Yin FPSO and Okha FPSO.	Woodside	Various	9.7	30	88	118

**Projects and growth **	options
Asset	Description	Operator	Woodside ownership	Potential execution timing	Potential first production	2P1 (MMboe)	2C1 (MMboe)	2P+2C1 (MMboe)
				(FID)
Key projects:
Scarborough / Pluto Train 2	The proposed development of the 11.1 Tcf (100%) Scarborough offshore gas resource comprises a new floating production facility, trunkline to shore and expansion of the existing Pluto LNG onshore facility (including construction of Pluto Train 2).	Woodside	73.5% / 100%	H2 CY21	CY26 (first cargo)	-	1,598	1,598
Sangomar	Senegal's first oil development comprises a stand-alone FPSO and subsea infrastructure, located approximately 100km south of Dakar. FID was taken in 2020 and first oil is targeted for 2023.	Woodside	82%	Jan 2020	CY23	149	270	419
Options:
Browse	Located in the offshore Browse Basin, approximately 425km north of Broome in Western Australia, comprising the Brecknock, Calliance and Torosa fields.	Woodside	30.6%			-	866	866
Sunrise	Comprises the Sunrise and Troubadour gas and condensate fields, collectively known as Greater Sunrise, located between Australia and Timor-Leste.	Woodside	33.44%			-	377	377
Myanmar Block A-6	Offshore gas-prone resource in the Bay of Bengal, offshore Myanmar.	Woodside	40%			-	110	110
Liard Basin	Upstream gas resource in British Columbia, Canada, provides an option to investigate potential future natural gas, ammonia and hydrogen opportunities.	Chevron	50%			-	2,345	2,345

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27

1. Woodside as at 31 December 2020, updated by ASX announcement dated 15 July 2021 and adjusted for half-year production to 30 June 2021.

APPENDIX

Notes to petroleum resource estimates

1. Unless otherwise stated, all petroleum resource estimates in this presentation are expressed on a pro forma, post-merger basis as a combination of (by arithmetic summation):

2. a) Woodside petroleum resource estimates sourced from, and quoted as at the balance date (i.e. 31 December) of the Reserves Statement in Woodside’s most recent Annual Report released to the Australian Securities Exchange (ASX) and available at https://www.woodside.com.au/news-and-media/announcements, net Woodside share at standard oilfield conditions of 14.696 psi (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees Celsius). The Woodside Reserves Statement dated 31 December 2020 has been subsequently updated by the information in the ASX announcement dated 15 July 2021; and

3. b) BHP petroleum resource estimates sourced from, and quoted as at the balance date (i.e. 30 June) of, the Additional Information in BHP’s most recent Annual Report released to ASX.

4. Other than as identified in paragraph 1(a) above, Woodside is not aware of any new information or data that materially affects the information included in the Woodside Reserves Statement. All the material assumptions and technical parameters underpinning the estimates in the Woodside Reserves Statement continue to apply and have not materially changed.

5. Woodside has conducted (and is continuing to conduct) due diligence in relation to BHP’s petroleum estimates and the merger transaction but has not independently verified all such information and expressly disclaims any responsibility for it, to the maximum extent permitted by law. No representation or warranty, express or implied, is made as to the fairness, currency, accuracy, adequacy, reliability or completeness of BHP’s petroleum estimates. Given Woodside has not independently validated BHP’s petroleum estimates, it should not be regarded as reporting, adopting or otherwise endorsing those estimates. Woodside is not aware of any new information or data that materially affects the information in relation to BHP petroleum estimates in the BHP Additional Information.

6. Woodside reports its reserves net of the fuel and flare required for production, processing and transportation up to a reference point. For Woodside’s offshore oil projects, the reference point is defined as the outlet of the floating production storage and offloading facility (FPSO), while for its onshore gas projects the reference point is defined as the inlet to the downstream (onshore) processing facility.

7. Woodside uses both deterministic and probabilistic methods for estimation of its petroleum resources at the field and project levels. Unless otherwise stated, all Woodside petroleum estimates reported at the company or region level are aggregated by arithmetic summation by category. Note that the aggregated Proved level may be a very conservative estimate due to the portfolio effects of arithmetic summation.

8. ‘MMboe’ means millions (10[6] ) of barrels of oil equivalent. Dry gas volumes, defined as ‘C4 minus’ hydrocarbon components and non-hydrocarbon volumes that are present in sales product, are converted to oil equivalent volumes via a constant conversion factor, which for Woodside is 5.7 Bcf of dry gas per 1 MMboe. Volumes of oil and condensate, defined as ‘C5 plus’ petroleum components, are converted from MMbbl to MMboe on a 1:1 ratio.

9. The estimates of Woodside’s petroleum resources are based on and fairly represent information and supporting documentation prepared under the supervision of Mr Jason Greenwald, Woodside’s Vice President Reservoir Management, who is a full-time employee of the company and a member of the Society of Petroleum Engineers. Mr Greenwald’s qualifications include a Bachelor of Science (Chemical Engineering) from Rice University, Houston, Texas, and more than 20 years of relevant experience. The estimates have been approved by Mr. Ian Sylvester, Woodside’s Vice President Corporate Reserves.

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28

APPENDIX

Additional information for US investors

Disclosure of reserve information and cautionary note to US investors

• Unless expressly stated otherwise, all estimates of oil and gas reserves and contingent resources disclosed in this presentation have been prepared using definitions and guidelines consistent with the 2018 Society of Petroleum Engineers (SPE)/World Petroleum Council (WPC)/American Association of Petroleum Geologists (AAPG)/Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management System (PRMS). Estimates of reserves and contingent resource in this presentation will differ from corresponding estimates prepared in accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”) and disclosure requirements of the U.S. Financial Accounting Standards Board (“FASB”), and those differences may be material. For additional information regarding BHP’s reserves, please see BHP’s annual report on Form 20F filed with the SEC.

• This presentation also includes estimates of contingent resources. Estimates of contingent resources are by their nature more speculative than estimates of proved reserves and would require substantial capital spending over a significant number of years to implement recovery. Actual locations drilled and quantities that may be ultimately recovered from our properties will differ substantially. In addition, we have made no commitment to drill, and likely will not drill, all of the drilling locations that have been attributable to these quantities.

• In connection with the Transaction, it is expected that a registration statement will be filed with the SEC. Such registration statement will be required to include, among other things, disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, "SEC requirements"). The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC's definitions of such terms. In addition, the registration statement will include notes to the financial statements included therein that include supplementary disclosure in respect of oil and gas activities, including estimates of proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure will be presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting.

No offer or solicitation

• This communication relates to the proposed Transaction between Woodside and BHP. This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the Transaction or otherwise, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities in the United States shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.

Important additional information

• In connection with the proposed Transaction, Woodside intends to file with the US Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 (the “Registration Statement”) to register the Woodside securities to be issued in connection with the proposed Transaction (including a prospectus therefor). Woodside and BHP also plan to file other documents with the SEC regarding the proposed Transaction. This communication is not a substitute for the Registration Statement or the prospectus or for any other document that Woodside or BHP may file with the SEC in connection with the Transaction. US INVESTORS AND US HOLDERS OF WOODSIDE AND BHP SECURITIES ARE URGED TO READ THE REGISTRATION STATEMENT, PROSPECTUS AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTION (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS TO THOSE DOCUMENTS) THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT WOODSIDE, BHP AND THE PROPOSED TRANSACTION. Shareholders will be able to obtain free copies of the Registration Statement, prospectus and other documents containing important information about Woodside and BHP once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of such documents may also be obtained from Woodside and BHP without charge.

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29

APPENDIX

Glossary

$, $m, $B	US dollar unless otherwise stated, millions of dollars, billions of dollars
APAC	Asia-Pacific
A$, AUD	Australian dollar
ASX	Australian Securities Exchange
2P	Provedplus Probable reserves
2C	Best Estimate of Contingent resources
Bcf	Billion cubic feet
boe, MMboe, Bboe	Barrel of oil equivalent, million barrels of oil equivalent, billion barrels of oil equivalent
CAGR	Compound annualgrowth rate
CCS	Carbon capture and storage
CCUS	Carbon capture, utilisation and storage
	Conventional resources exist in porous and permeable rock with pressure equilibrium.
Conventional	The hydrocarbons are trapped in discrete accumulations related local geological
	structure feature and/or stratigraphic condition
DES	Delivered ex-ship
EBITDA	Calculated as a profit before income tax, PRRT, net finance costs, depreciation and amortisation and impairment
EBITDAX	Calculated as a profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment and exploration and evaluation expense
FEED	Front-end engineeringdesign
FID	Final investment decision
FPSO	Floating production storage and offloading
FPU	Floating production unit
Free cash flow	Cash flow from operatingactivities less cash flow from investingactivities
Gearing	Net debt divided by net debt and equity attributable to the equity holders of the parent
GOM	Gulf of Mexico
HOA	Heads of agreement

IRR	Internal rate of return
JV	Joint venture
kbpd	Thousand barrelsper day
KGP	Karratha Gas Plant
kt	Kilotonnes(metric)
LNG	Liquefied naturalgas
LPG	Liquefiedpetroleumgas
MMbbl	Million barrels
MMBtu	Million British thermal units
mmscf/d	Million standard cubic feetper day
Mtpa	Million tonnesper annum
NGLs	Nongas liquids
NOC	National oil company
NPAT	Netprofit after tax
NWS	North West Shelf
OECD	Organisation for Economic Co-operation and Development
PRRT	Petroleum Resource Rent Tax
RFSU	Readyfor start-up
SPA	Sale andpurchase agreement
T&T	Trinidad and Tobago
Tcf	Trillion cubic feet
Ullage	Available capacity
USD	United States dollar
Unitproduction cost	Production cost divided by production volume
YTD	Year to date

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30

Head Office:

Woodside Petroleum Ltd Mia Yellagonga 11 Mount Street Perth WA 6000

Postal Address: GPO Box D188 Perth WA 6840 Australia T: +61 8 9348 4000 F: +61 8 9214 2777 E: companyinfo@woodside.com.au

Woodside Petroleum Ltd

ABN 55 004 898 962

woodside.com.au

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