WOODSIDE ENERGY GROUP LTD — Earnings Release 2008

Feb 17, 2009

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ASX Announcement

Wednesday, 18 February 2009

2008 FULL YEAR RESULTS BRIEFING– REVISED PRESENTATIONS

Reissue of 2008 Full Year Results Briefing presentation slides to replace version released earlier today with updated slide 47.

Contacts: MEDIA

Roger Martin W: +61 8 9348 4591 M: +61 413 018 674 E: roger.martin@woodside.com.au

INVESTORS

Mike Lynn W: +61 8 9348 4283 M: +61 439 691 592 E: investor@woodside.com.au

2008 Full Year Results Briefing

Don Voelte Managing Director and CEO 18 February 2009

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Disclaimer and important notice

This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

References to “Woodside” may be references to Woodside Petroleum Ltd. or its applicable subsidiaries.

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Slide 2

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Financial overview

Production: 81.3 Mmboe, up 15%

• strong foundation performance and new production delivered

Revenue: $5.99 billion, up 56%

• higher production and commodity prices

Cashflow: $3.78 billion, up 52%

• fifth consecutive year of increase

Reported NPAT: $1.79 billion, up 73%

• record full year reported and underlying profit

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Slide 3

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Delivered in 2008

NWS Train 5 Angel Neptune & Power Play Vincent Enfield

first production August 2008 first production October 2008 first production July & June 2008 first production August 2008 successful intervention

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Slide 4

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Delivering long term value

Pluto LNG project Pluto Train 2 Browse, Sunrise North Rankin redevelopment 23% complete NWS oil redevelopment 18% complete

almost 50% complete

site preparation nearing completion progressing towards theme select, reservoir appraisals nearly complete 23% complete

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Slide 5

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Our sustainability performance

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Safety

• elevated to CEO direct report

• contractor safety engagement forum

Environment

• continuing footprint reduction initiatives

Governance

• Sustainability Committee at Board level

Staff

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Incident frequency
6 3
4.3
0.56
0 0
2004 2005 2006 2007 2008
Safety (TRCF)
Environment (REI)
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• Positive staff survey results

• Successful recruitment and higher retention

Diversity

• Indigenous Cadetship Program initiated

• Indigenous workforce increased 42% in 2008

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Slide 6
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Reserves growth

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1800
Proved + Probable
1.7 billion boe
Gas Proved reserves (1P)
Oil 1.33 billion boe
Condensate
Pluto
Developed
Undeveloped 800
2004 2005 2006 2007 2008
Reserves (MMboe)
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Reserves growth outpaces record production Reserves Replacement Ratio 318% (3yr average, 2P organic)

Pluto reserves now > North West Shelf (WPL share) Growth at Proved (1P) and Proved + Probable (2P) levels Contingent Resources 1.9 billion boe

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Slide 7

Financial Results

Mark Chatterji Executive Vice President and CFO

18 Februar 2009 y

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15% production growth (2008)

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81.3
82
70.6
67.9
59.7
57.4
52
2004 2005 2006 2007 2008
42% growth
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• Full year production from Stybarrow & Otway • New production from Angel, Vincent, Neptune, Power Play • Additional production from NWS oil

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Slide 9

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56% revenue growth*

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5,990
6,000
3,841
3,475
2,747
2,125
1,500
2004 2005 2006 2007 2008
due to:
• Production growth ~$1.0 billion
• Price increases ~$1.3 billion
partially offset by exchange rate movements
in continuing operations
56% growth
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Slide 10

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Lifting costs

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8 Oil ($7.77)
$6.20
Gas ($3.93)
0
2004 2005 2006 2007 2008
Oil : Gas:
• new production costs additional facilities for maintenance
• one off costs ~$47 million
• extra fractionation unit & jetty, Train 5
• some service and equipment cost increases • offshore PoG, Angel
• natural field decline • A$3.93 / boe
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• underlying lifting cost: A$6.20 / boe US$5.21 / boe

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• ~US$3.30 / boe or US$0.57 / mcf

PoG= Perseus over Goodwyn

Slide 11

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Cost competitive with the majors

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(3 yr, US$/boe)
$20 $60
Finding and Development cost
Finding cost
(2007 3yr, US$/boe) CVX
(2007 3yr, US$/boe) E E
CVX [MRO]
MRO
[COP]
COP [BG] WPLTOT RDS/A [BG] [OXY]
OXY
RDS/A XOM [BP]
WPL [TOT]
XOM [BP]
$0 $0
$16 Corporate cost RDS/A $16 (3yr US$/boe)Lifting cost
(2007 annual US$/boe) (2007 3yr, US$/boe) COP
M RO OXY XOM
XOM TOT M RO [RDS/A] BP WPL
E
OXY CVX
CVX
E
TOT
BG BG
COP
WPL BP
$0 $0
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Data source : JS Herold, 2007 data for comparison purposes. 2008 data not yet available due to different reporting periods

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Slide 12

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52% increase in cash flow

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4,000 3,784
2,482
1,933
1,381
1,198
500
2004 2005 2006 2007 2008
>200% growth
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52% increase in annual operating cash flow > 200% increase on 2004 cash flow

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Slide 13

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Reported Profit

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3,500 1,068 (236)
(725)
17 (253)
1,317
(377)
(294) 239 1,786
1,030
0
NPAT Price & Volume Hedge Cost Other Other PRRT Income Discontinued NPAT
2007 FX impact impact Losses Of income expenses tax operations 2008
Sales
A$ million
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Slide 14

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Impact of significant items on profit

Net profit after tax – before significant items Underlying NPAT Add / (subtract) significant items after tax Sale of Legendre Sale of Woodside Petroleum (PNG) Pty Ltd Sale of Woodside Petroleum Timor Sea 1 Pty Ltd Sale of Mauritanian assets Pluto equity sell-down Sale of Vermillion and High Island Sale of Geodynamics Success fee on Kitan Oceanway write-down NPAT as reported 2008 1,832 - - - - 19 12 13 12 78 1,786 2007 1,182 57 8 16 233 - - - - - 1,030 ( ) ( ) ( )

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Slide 15

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Increasing dividend

140 135 126 104 93 59 0 2004 2005 2006 2007 2008 Fully underwritten DRP for full year dividend

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Slide 16

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Funding Outlook

Update

• US$1.05 billion undrawn facilities at 31 Dec 2008

• US$800 million in new facilities since 31 Dec 2008

• Currently working on additional debt facilities

• DRP remains activated for 2008 final dividend

Initiatives

• Implemented reduction and deferrals of expenditure

• Non-core assets under review (outside WA or Timor Sea)

Target US$1 – US$1.7 billion for remainder of 2009*

• At prevailing forward prices

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Slide 17

• Investment amounts include capitalised interest

Outlook

Don Voelte Managing Director and CEO

18 Februar 2009 y

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Production performance

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15% Woodside 2008
WPL
2007
10%
5%
0%
-5%
Woodside
JS Herold, 2007
-10%
• 15% growth in 2008 WPL TOT CVX BG XOM E COP BP RDS/A OXY MRO
• 4 years of consistent growth
86 86
• majority is organic growth
81
2009 production guidance
remains unchanged
52
JS Herold: 2007 data for comparison purposes
JS Herold conversion factors differ from those used by Woodside 2004 2005 2006 2007 2008 2009
2008 comparison unavailable due to different reporting periods
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Slide 19

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Proved Reserves: outperforming the majors

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300%300%
Woodside 302% (2008)
WPL
2007
Reserves replacement ratio
(2007 3yr, organic)
100%
0%
WPL XOM RDS/A BP TOT MRO BG COP OXY E CVX
300%300%
Woodside 302% (2008)
WPL
2007 Reserves replacement ratio
(2007 3yr, inc A&D)
100%
0%
WPL MRO COP OXY XOM BP RDS/A CVX BG TOT E
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WPL Woodside 17 years (2008) 18 2007 Reserves : producti ~~on~~ Reserves Liferatio Average (12.1 years)

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Average 12 years
18
WPL XOM OXY MRO BP COP TOT CVX E RDS/A BG
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Majors 9-14 years, average 12 years

Data source : JS Herold, 2007 data for comparison purposes 2008 comparison unavailable due to different reporting periods A&D = acquisition and divestment

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Slide 20

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LNG pricing into Asia

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above
oil parity
LNG price
US$/mmbtu
JCC oil price US$/bbl
Provisional pricing
‘S’ curve
Straight-line
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• Pricing time-lag delays effect of oil price volatility

• Pricing formulae tend to cushion effect of low oil prices

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Slide 21

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Pluto Train 1: meeting the milestones

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Award hook-up Burrup Materials Facility
contract Phase 1 completed
Commence deck Commence pipe-lay Commence 2nd drilling Jacket sail-away
stacking operations campaign from yard
Q4 Q1 Q2 Q3
2008 2009 2009 2009
Ship first 10 modules Heat exchangers Compressor delivered Liquefaction module
from Thailand delivered ready for load-out
Complete Commence site All major construction
accommodation village mechanical engineering contracts awarded
offshore
onshore
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Slide 22

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Pluto: progressing construction, now almost 50%

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Construction at Laem Chabang, Thailand
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Slide 23

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Thailand: power generation unit

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Gas turbine power generation unit under construction at Laem Chabang, Thailand

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Slide 24

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Pluto liquefaction module in Thailand

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Train 5 liquefaction module on route to KGP, 2007
Pluto liquefaction module under construction at Laem Chabang, Thailand
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Slide 25

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China: jacket construction

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Pluto jacket under construction at Shenzen Chiwan Sembawang Angel jacket, 2007

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Slide 26

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Malaysia: topsides construction

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Pluto topsides construction in Ramunia, Malaysia
Angel topsides 2008
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Slide 27

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Pluto LNG ship under construction in Korea

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Slide 28

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Pluto Train 1 site: preparing to receive modules

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Slide 29

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Pluto Train 1: first 57 modules delivered

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Slide 30

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Pluto Train1: condensate tanks

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Slide 31

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Developing LNG

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Sunrise
Browse
Pluto Train 2 & 3
Pluto
7
Train 1
6
5
4
NWS
Train 5 3
NWS
Train 4
2
NWS NWS Train 3
Train 1&2 1
0
1989 1992 2004 2008 2010
Mtpa (Woodside share)
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Slide 32

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Pluto 2: finished breaking new ground

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Train 3 site
Train 2 site
Train 1 site
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Slide 33

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Pluto 2: site preparation works nearing completion

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Train 1
Train 2
site
site
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Slide 34

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Pluto 2: Supply options

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Capacity OPTION 1
supply from future
Woodside discoveries
WA-353-P Pluto / Xena
Time
Capacity OPTION 2
WA-347-P
WA-348-P capacity available
to third parties
WA-404-P
Martell
Pluto / Xena
WA-269-P
Time
Capacity OPTION 3
capacity available
Pluto
to third parties
supply from future
Woodside discoveries
Pluto / Xena
Time
Acceleration
Train 2
Train 1
Train 2
Train 1
Train 2
Train 1
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Slide 35

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Browse

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Karratha option
Karratha gas plant
Pluto LNG Project
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World class resource (14 Tcf gas, 370 MMbbl condensate) Three fields: Torosa, Brecknock, Calliance

2008

• Drilled 3 appraisal wells

• 11 appraisal wells since 2005

• Narrowed to Karratha and Kimberley options

Karratha option

• Takes gas into either NWS or Pluto

• Uses pre-existing infrastructure, land access and environmental approvals

• Requires 1000 km pipeline

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Slide 36

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Browse

Kimberley option

Significant progress by State Government:

James Price Point

• Focus on LNG precinct in Kimberley area

• Selection of James Price Point as preferred site

• Consultation with Traditional Owners, industry and other stakeholders

• Target of 31 March 2009 for commercial terms

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Slide 37

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Sunrise

Darwin LNG option

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Floating LNG option

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Concept Select : 2H 2009

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Slide 38

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Leveraged to LNG

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1200
Tonnes of LNG Equity
Market Capitalisation
2008 2013 2018
0
Woodside Shell BG Total Chevron BHP BP ConocoPhillips ENI ExxonMobil
Billiton
Poten and Partners equity estimate , Market Capitalisation at 31 December 2008, US$M
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Slide 39

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Maintaining the momentum

Growing production

Projects progressing

• Cossack Pioneer redevelopment (2010)

• North Rankin redevelopment (2013)

Progressing potential new projects

• Pluto Train 2 +/or Train 3

• Sunrise LNG

• Browse LNG

…no change to FID guidance

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Slide 40

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2009 planned exploration

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1 1
Exploration spend 1
250
1
GPA
Seismic
Drilling Laminaria / Sunrise
Corallina
up to 8
A$M Browse
NWSV
Pluto
Mutineer & Exeter
Stybarrow Vincent Northern
Enfield Territory
Queensland
Western
0 Australia South
Australia
Australia USA International
New South Wales
Victoria
Producing
Otway
Development
Tasmania
Potential development
Exploration wells
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Slide 41

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Weathering the storm

• World class assets

• Experienced management

• Access to capital markets

Core growth projects continue to progress

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Slide 42

Appendices

18 Februar 2009 y

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NPAT Sensitivities

Oil price WTI, US$1 / bbl +A$30 million increase Exchange rate 1 cent decrease +A$20 million

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Slide 44

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Unrealised Exchange Impacts

A$’M US$‘M (222) Other liabilities 142 Cash 192 Debtors^ Net impact (21) Hedge of Net Investment Adjustment 21 972 USD Investments – Net asset position (2,050) USD Debt Facilities Effect on balance sheet Balance as at Dec 08 Sensitivity to 1 cent move in AUD:USD Rate*	A$’M (5) 3 4 21 (44) Unrealised FX effect on P&L
	(21)

• It is not possible to accurately forecast this impact as the following information would be required: • Monthly USD debt balance

• FX monthly movement

• Monthly net asset position of USD investments

*Calculations are based on a 0.01 movement in the exchange rate – 0.69 to 0.68

^USD debtors as at December 2008 was approximately 90% of total trade debtors balance converted at the year end exchange rate.

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Slide 45

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Capital expenditure

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8
Pluto T2
Pluto
Exploration
6,000 Exmouth ~$5.5 billion
86
GoM
5,000
Africa
Aus other
4,000 NWS
3512
Other
3,000
1030
2,000 485 459
374
346
403
795 442
426 236 102
71 187
84
1,000 239 387 219 195 22
79 230262 319 394 82 40199 726
183
0 0 76 136 129 369 247 228
2004 2004 2004 2005 2005 2005 2006 2006 2006 2007 2007 200720082008 2008
Investment amounts include capitalised interest
A$ billion
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Slide 46

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Production rates

Average daily production			End 2009 Q4 2008
Australian NWS		Net	Gross
pipeline gas	TJ	243	629
LNG	t	6,273	39,464
condensate	bbl	24,720	119,264
LPG	t	385	2,397
oil	bbl	17,352	52,057
Laminaria-Corallina oil	bbl	7,275	11,148
Mutineer-Exeter oil	bbl	867	10,579
Enfield oil	bbl	25,472	42,453
Stybarrow oil	bbl	29,587	59,174
Vincent oil	bbl	18,203	30,338
Otway
pipeline gas	TJ	65	126
condensate	bbl	827	1,604
LPG	t	93	180
	USD
Algeria - Ohanet	million	13.6	N/A
Gulf of Mexico
oil	bbl	6,100	N/A
gas	MMBtu	27,269	N/A
condensate	bbl	278	N/A

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Slide 47

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Wells drilled 2008

Well Name Basin Title Target % Equity Comment Australia Ixion-1 Carnarvon WA-370-P Gas 50 Dryhole Calthorpe-1 Exmouth WA-271-P Oil 60 Dryhole Snarf-1 Browse WA-275-P Gas 25 Dryhole Adams-1 Carnarvon WA-26-L Oil 8.2 Dryhole Bellatrix-1 Carnarvon WA-370-P Gas 50 Dryhole Nereus Carnarvon WA-28-P Gas 15.78 Dryhole LambertWest Carnarvon WA-16-L Oil-Gas 33.33% / 16.67% Appraisal/ Gas discovery Libya A1-NC208 Sirte NC208 Oil 45 Non-commercial hydrocarbons D1-NC206 Sirte NC206 Gas 45 Gas encountered E1-NC210 Murzuq NC210 Gas 45 Suspended, consideringfurthertesting E1-NC206 Sirte NC206 Gas 45 Dryhole F1-NC210 Murzuq NC210 Oil-Gas 45 Oiland gas discovery B1-NC205 Sirte NC205 Oil 45 Dryhole Brazil Panoramix-1 Santos S-M-674 Gas 12.5 Gas and oildiscovery

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Slide 48

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2009 planned exploration wells

	Well Name Basin Title Target % Equity Australia Martell-1 Pluto WA-404-P Gas 50 Deimos Pluto WA-269-P Gas 40 4 x Wells Pluto WA-404-P Gas 50 Seraph NWS WA-3-L Gas 15.78 Libya C1-NC205 Sirte NC205 Oil 45 USA Rickenbacker GOM KC426 Oil 15 Sierra Leone Venus B Sierra Leone - Liberia Block SL-6 Oil-Gas 25 Brazil Vampira Santos S-M-789 Oil-Gas 25

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Slide 49

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Woodside: Brazil, Santos Basin Assets

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Repsol 40%
Petrobras 35%
WEL 12.5%
Vale 12.5% (Pending government approval)
Other
Panoramix
Vampira
0 Km 100
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Slide 50

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Libya – EPSA 3 Discoveries (2006-2008)

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NC205
NC208/9
NC206
Tocra Zahra
Gas discovery Oil discovery
F1-NC210 NC207
Atchan Field SIRTE BASIN
Oil and gas
discovery A1/B1/C1-NC210
Gas discoveries
MURZUQ BASIN
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Slide 51