Woodside Petroleum : 2021 Annual General Meeting

ASX Announcement	Woodside Petroleum Ltd.
	ACN 004 898 962
	Mia Yellagonga
Thursday, 15 April 2021	11 Mount Street
	Perth WA 6000
ASX: WPL	Australia
OTC: WOPEY	T [phone]
	www.woodside.com.au

AGM ADDRESS BY CHAIRMAN RICHARD GOYDER AND CEO PETER COLEMAN

In accordance with the Listing Rules, please see attached announcement relating to the above, for release to the market.

Contacts:
INVESTORS	MEDIA
Damien Gare	Christine Forster
W: [phone]	M: [phone]
M: [phone]	E: [e-mail]
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This ASX announcement was approved and authorised for release by Woodside's Disclosure Committee.

Woodside Petroleum Ltd.

2021 Annual General Meeting

Thursday, 15 April 2021

Chairman Richard Goyder

Good afternoon. My name is Richard Goyder and, as Woodside's Chairman, I would like to thank shareholders, Woodside staff and guests for attending today's meeting.

The COVID-19 pandemic is not over yet but it's pleasing that we are able to gather here today. I would also like to welcome those shareholders who cannot be here but are able to watch online.

This is an important event in our company calendar and one that the Board looks forward to every year, as it gives us a chance to hear directly from all our shareholders and respond to your questions.

I'm joined here on stage by CEO Peter Coleman, along with CFO Sherry Duhe and Company Secretary Warren Baillie.

We are joined here in Perth by Meg O'Neill, who the Board has announced will be Acting CEO from next week. I'll talk more about the CEO succession later, but I do want to say that the Board is grateful to Peter for his decade of leadership and pleased that Meg will be acting in the role.

Also here with us in Perth are Directors Frank Cooper and Gene Tilbrook.

Our Directors Larry Archibald, Swee Chen Goh, Chris Haynes, Ian Macfarlane, Ann Pickard and Sarah Ryan are unable to attend due to travel restrictions associated with COVID-19, but are participating via the webcast.

Mark Cunningham, representing our auditors Ernst and Young, is also present.

Just a reminder that as Woodside reports its results in US dollars, any reference to dollars this afternoon will be in US currency unless stated otherwise.

2020 was a tough year for Woodside, as it was for many individuals and businesses.

But there was a lot which we did right during this challenging period.

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In 2020, as the world went through a massive shock, we delivered an exceptional operational performance and kept our people safe and COVID-free and our finances robust.

We used time wisely, preparing to progress our growth plans as the market continues to improve. And significantly, we matured our climate strategy, taking steps along our pathway to net zero for our direct emissions by 2050.

When we met last year, we talked about how Woodside was managing the challenges arising from the global pandemic.

I don't want to dwell today on the challenges, but I do want to acknowledge the incredible effort from the Woodside team and thank those who went above and beyond to protect our business through extraordinarily difficult circumstances.

That includes all those who had to spend long periods of time away from home working at our assets in Western Australia's north-west and staff in our international offices in countries severely impacted by the global pandemic.

Our resilience as a business is based on the commitment of our people. And in 2020, our people stepped up.

For the first time in our company's history, annual production topped 100 million barrels of oil equivalent.

And, importantly, we achieved our best ever safety outcomes.

Our underlying profit of $447 million was smaller than usual but was still a very sound result, given the scale of the challenges. If you recall a year ago, our industry was dealing with the shockwaves arising from the confluence of demand contraction from the pandemic and a price war between OPEC and Russia that resulted in global oversupply of oil.

Our reported loss, of just over $4 billion, reflects the major writedowns of our assets announced in July. At a time of extreme volatility and uncertainty in global markets, we took a prudent view on the carrying value of those assets.

I know that 2020 was also a tough year for shareholders as our share price reflected the difficult environment I have spoken about, and even though we were able to pay dividends, they were consequently less than in previous years.

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We continue to work to build value and progress our plans for the future.

The Board is excited about the world-class Scarborough resource, which can make a very significant contribution to our company's future and to the Australian economy.

Scarborough is a globally competitive project that is located close to core Asian markets - and, crucially, it's a development with a low emissions intensity and very low CO2 content in the reservoir.

Key regulatory approvals are now in place for the development and commercial arrangements are progressing for the proposal to process Scarborough gas through a second LNG Train at Pluto.

We're seeing strong interest in Scarborough from customers and have already contracted half of our expected equity offtake gas.

As we've said before, we will be looking to sell down our stake in Pluto Train 2 and opportunistically assess interest in further investment in the upstream component. We expect there will be strong interest given the high quality of this resource and the forecast robust demand for LNG in the years ahead.

The Board is actively engaged with the senior executive team as the Scarborough Joint Venture progresses towards a target final investment decision later this year.

In Senegal, our team continues to progress the Sangomar Field Development Phase 1, ahead of the development drilling campaign, which is targeted to commence in mid-2021.

We have increased our equity in Sangomar, resulting in a simplified Joint Venture structure and we are looking to simplify the JV further through a current transaction. Our ultimate target is to reduce our equity to 40 to 50%.

While pursuing these near-term growth opportunities in our core business, we are also building our position in new energy, centred on hydrogen and ammonia - products that produce zero emissions at the point of use.

As I've already mentioned, we matured our climate change strategy in 2020 and continued to meet with investors to understand their expectations.

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I observed at our last AGM that many of my conversations with our large shareholders began with discussion about climate change and our role in responding to it.

Even in a year when a global pandemic has challenged the world economy, climate change was still of primary concern for our investors.

It's a strategic issue for us and one that our Board is actively engaged with, as we aim to support key United Nations Sustainable Development Goals and the objectives of the Paris Agreement.

We have demonstrated our willingness to listen to our investors, including by continuing to enhance our annual reporting in line with recommendations of the Taskforce on Climate-related Financial Disclosures and publishing a review last year of the climate policy positions of industry associations.

In 2020, we outlined our decarbonisation pathway as we aim for net zero by 2050, targeting a 15% reduction in net equity Scope 1 and 2 emissions by 2025 and a 30% reduction by 2030.

We think our net emissions have peaked and will be declining going forward, barring any major new acquisitions.

We will continue meeting with key shareholders to better understand their expectations ahead of giving shareholders the opportunity next year to vote on our climate reporting.

As we progress our strategy of building on our experience as an LNG producer and doing this in a sustainable way, we want to bring shareholders with us on the journey.

Peter will talk more about what we're doing to deliver the emissions reduction targets and the steps we are taking to mature new energy opportunities that are the right fit for Woodside.

In a year that was challenging for many in our community, Woodside continued to provide valuable support to a range of community partners, making a social contribution totaling more than A$23 million.

The role that businesses play as part of the community is so important and Woodside does it well, partnering with groups who work with society's most vulnerable people, as well as organisations working across education, culture and the arts.

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